Report Industry Investment Rating No information provided in the content. Core Viewpoints - The report analyzes the market conditions of various financial products including stock indices, bonds, precious metals, non - ferrous metals, black building materials, energy chemicals, and agricultural products. It suggests different trading strategies based on the market trends, policy changes, and supply - demand relationships of each product. For example, in the stock index market, it recommends buying IM index futures when the impact of the tariff storm weakens; in the copper market, it expects the price to be strong in the short term due to supply - demand factors and policy changes [2][4][10]. Summary by Categories Stock Indices - **Market Performance**: The previous trading day saw the Shanghai Composite Index up 0.45%, the ChiNext Index up 1.36%, the STAR 50 up 2.07%, etc. The total trading volume of the two markets was 1348.7 billion yuan, a decrease of 260.8 billion yuan from the previous day [2]. - **Macro News**: China's social financing increment in March was 5.89 trillion yuan, and new RMB loans were 3.64 trillion yuan. The US announced tariff exemptions for some products but may re - review and impose tariffs on electronics. The US Treasury bond sell - off continued, and the yield exceeded 4.5% on Friday [2]. - **Funding and Valuation**: The margin trading balance increased by 2.755 billion yuan. The overnight Shibor rate decreased by 13.40bp to 1.6070%. The P/E ratios of CSI 300, CSI 500, etc. were 12.09, 27.48 respectively [3]. - **Trading Strategy**: It is recommended to buy IM index futures on dips after the impact of the tariff storm weakens. Unilateral trading suggests buying IM index long positions, and no arbitrage strategy is recommended [4]. Bonds - **Market Performance**: On Friday, the main contracts of TL, T, TF, and TS all declined, with TL down 0.36%, T down 0.14%, TF down 0.13%, and TS down 0.07% [5]. - **News**: At the end of March, the year - on - year growth rate of social financing scale was 8.4%, and the RMB loan balance increased by 7.4% year - on - year. The US CPI in March increased by 2.4% year - on - year [5][6]. - **Strategy**: The US tariff policy may lead to a more active domestic monetary policy. It is expected that the interest rate will maintain a downward trend in the medium term, but there may be short - term fluctuations. It is necessary to pay attention to policy risks and take profit opportunities [6]. Precious Metals - **Market Performance**: Shanghai gold rose 1.46% to 763.70 yuan/gram, and Shanghai silver rose 2.79% to 8153.00 yuan/kg. COMEX gold fell 0.24%, and COMEX silver rose 0.20% [7]. - **Market Outlook**: The Fed's hawkish monetary policy may pose a potential risk to the gold price. The current gold price has entered an accelerated upward phase, and there may be a price correction after the positive factors are exhausted [7]. - **Strategy**: It is recommended to hold existing long positions in gold and silver. The reference operating range for the main Shanghai gold contract is 748 - 780 yuan/gram, and for the main Shanghai silver contract is 7804 - 8545 yuan/kg [8]. Non - Ferrous Metals - **Copper**: Last week, copper prices rebounded after a sharp decline. The inventory of the three major exchanges decreased by 34,000 tons. The short - term copper price is expected to be strong due to supply - demand factors and policy changes. The reference operating range for the domestic Shanghai copper main contract is 73,000 - 78,000 yuan/ton, and for LME copper 3M is 8900 - 9500 US dollars/ton [10]. - **Aluminum**: Aluminum prices rebounded after a decline. The domestic inventory decreased, and the short - term price is expected to continue to rebound. The reference operating range for the domestic main contract is 19,200 - 20,200 yuan/ton, and for LME aluminum 3M is 2350 - 2480 US dollars/ton [11]. - **Zinc**: The zinc price fell on Friday. The zinc market is expected to be bearish in the medium term. Due to the large impact of macro events, it is recommended to reduce positions [12]. - **Lead**: The lead price rose slightly on Friday. The lead market is affected by macro uncertainties and supply - demand factors. It is expected to maintain high - volatility and low - level fluctuations, and it is recommended to reduce positions [13]. - **Nickel**: Nickel prices recovered from a low level last week. The short - term price is expected to fluctuate around 120,000 yuan/ton. The reference operating range for the Shanghai nickel main contract is 115,000 - 125,000 yuan/ton, and for LME nickel 3M is 14,500 - 15,500 US dollars/ton [14]. - **Tin**: Tin prices fell sharply last week. The supply is expected to be low, and the demand is expected to weaken. The short - term price is expected to be volatile at a high level. The reference operating range for the Shanghai tin main contract is 250,000 - 270,000 yuan/ton, and for LME tin 3M is 29,000 - 33,000 US dollars/ton [15]. - **Lithium Carbonate**: The spot price of lithium carbonate was stable on Friday, and the contract price was weak. The short - term price is expected to fluctuate at the bottom. The reference operating range for the main contract of the Guangzhou Futures Exchange is 69,300 - 71,000 yuan/ton [16]. - **Alumina**: The alumina index rose on April 11. The supply is still in excess, and it is recommended to wait and see. The reference operating range for the domestic main contract AO2505 is 2650 - 2950 yuan/ton [17]. - **Stainless Steel**: The stainless steel main contract rose slightly on Friday. The supply exceeds demand, and the price is expected to be volatile. [18] Black Building Materials - **Steel**: The prices of rebar and hot - rolled coil declined on the previous trading day. The short - term price of steel products is expected to be weak and volatile due to trade frictions and supply - demand factors [20][21]. - **Iron Ore**: The iron ore main contract rose slightly on Friday. The supply is stable, and the demand is under pressure. The short - term price is expected to be weak, and it is necessary to control positions [22]. - **Glass and Soda Ash**: The glass price declined slightly, and the soda ash price was stable. The glass inventory decreased, and the soda ash inventory was under pressure. It is recommended to wait and see for both [23][24]. - **Manganese Silicon and Ferrosilicon**: The prices of manganese silicon and ferrosilicon were volatile last week. The supply is relatively strong, and the demand is weak. It is recommended to wait and see [25][26]. - **Industrial Silicon**: The price of industrial silicon continued to decline on April 11. The supply is in excess, and the demand is weak. It is recommended to wait and see or use short - term trading strategies [30][31]. Energy Chemicals - **Rubber**: The global financial market rebounded, and the rubber market was affected by macro factors. The supply and demand of rubber were in a state of contradiction. It is recommended to operate conservatively, shorten the decision - making and holding periods, and reduce positions [34][38]. - **Crude Oil**: As of Friday, WTI crude oil futures rose 2.08%, Brent crude oil futures rose 1.88%, and INE crude oil futures fell 1.50%. It is recommended to take profit on dips and wait for the inflection point [39][41]. - **Methanol**: The methanol price was affected by macro factors. The supply is expected to increase in the future, and it is recommended to short on rallies [42]. - **Urea**: The urea price is expected to be supported by supply - demand factors. It is recommended to buy on dips and use positive arbitrage strategies for the inter - month spread [43]. - **Styrene**: The styrene price rebounded in the short term. It is recommended to close short positions. In the long term, it is recommended to short on rallies [44]. - **PVC**: The PVC price declined slightly. The short - term fundamentals are supported, but the medium - term outlook is weak. [46] - **Ethylene Glycol**: The ethylene glycol price rose slightly. The supply is expected to decrease, and the demand is affected by tariffs. It is recommended to wait and see [47]. - **PTA**: The PTA price rose slightly. The supply is in the maintenance season, and the demand is affected by tariffs. It is recommended to wait and see [48]. - **Para - Xylene**: The PX price fell slightly. The PX market is in the maintenance season, and the inventory is expected to decrease. It is recommended to wait and see [49]. - **Polyethylene (PE)**: The price of PE is expected to decline in the medium - term due to increased supply and decreased demand [50]. - **Polypropylene (PP)**: The price of PP is expected to be volatile and bearish in April due to supply and demand factors [51]. Agricultural Products - **Hogs**: The domestic hog price rose over the weekend. The short - term price is expected to be stable with a slight increase in some areas. It is recommended to short on rallies [53]. - **Eggs**: The domestic egg price was stable over the weekend with a slight increase in some areas. The short - term sentiment is positive, but the medium - term outlook is bearish. It is recommended to wait for short - selling signals [54]. - **Soybean and Rapeseed Meal**: The price of soybean meal is expected to rise in the short term and then decline. The medium - term price is expected to be range - bound. It is recommended to use a buy - on - dips strategy [55][56]. - **Oils and Fats**: The palm oil price was affected by production, export, and crude oil prices. It is recommended to pay attention to the supply - demand situation in the producing areas. The medium - term outlook for oils and fats may be supported if the macro situation stabilizes [57][59]. - **Sugar**: The Zhengzhou sugar futures price fell slightly on Friday. The short - term sugar price may be volatile, and the medium - term price is affected by weather conditions [60][61]. - **Cotton**: The Zhengzhou cotton futures price was volatile on Friday. The short - term price is affected by tariffs, and the medium - term price depends on downstream consumption. The possibility of a price decline is relatively high [62][63].

Group 1: Report Summary - The report provides investment analysis and views on coking coal and coke in the black commodity futures sector on April 11, 2025 [1][5][6] Group 2: Investment Ratings - No specific industry investment ratings are provided in the report Group 3: Core Views - For coking coal, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a weak bias" respectively, with an overall "oscillation approach" [1][5] - For coke, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillation with a weak bias" respectively, with an overall "oscillation approach" [1][6] Group 4: Summary by Variety Coking Coal (JM) - Core logic: During the Sino - US trade friction, the US increased import tariffs on Chinese goods to 125%, and China retaliated. The direct impact on coking coal supply - demand is limited, mainly affecting black terminal exports. The US recently suspended relevant measures for 90 days for non - retaliatory countries, reducing the tariff to 10%. Market sentiment has improved, and black commodities rebounded. However, the long - term loose pattern of coking coal remains unchanged, with high supply and imports, and slow improvement in real estate and infrastructure demand. There is still export pressure from the US and high policy uncertainty, so short - term coking coal will fluctuate widely with market sentiment [5] Coke (J) - Core logic: The US increased tariffs on China but postponed the implementation for over 75 countries for 90 days, reducing the tariff to 10%. There are still re - export channels, and the market atmosphere has slightly eased. Coke futures are oscillating at a low level. Domestically, coking plants proposed a price increase on April 9, but steel mills have not implemented it. There are long - term concerns on the cost and demand sides. Coking coal supply is loose, providing insufficient cost support, and Sino - US trade friction brings export risks. The short - term improvement in fundamentals and long - term bearish expectations are intertwined, and the US tariff policy increases concerns about external demand. It is advisable to monitor domestic policies to boost domestic demand [6]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：001279 证券简称：强邦新材 公告编号：2025-009 安徽强邦新材料股份有限公司 关于美国关税政策调整对公司影响的自愿性信息披露公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 近日，美国政府宣布实施"对等关税"政策加征关税，安徽强邦新材料股份有限公司（以下简称"公司"） 持续密切关注政策动态，及时评估政策变化对公司业务的影响，现就相关事项说明如下： 一、本次加征关税对公司业务的影响 公司自成立之日起就开始实施国际化战略布局，积极开拓海外市场，在国内建立完善的销售网络的同 时，也在欧洲、东亚、东南亚等国家和地区建立了销售服务体系，公司2024年前三季度外贸报关出口销 售数量同比2023年前三季度增长17.93%，通过长期耕耘，已在全球多个国家和地区树立了品牌形象， 与众多国际客户建立了稳定合作关系，形成了多元化的市场格局，降低了对单一国家或地区的依赖程 度，增强了公司整体抗风险能力。 因此美国的对等关税政策调整对公司出口业务暂无直接影响。 二、此次美国加征关税背景下公司后续的发展举措 虽然 ...

TrendForce集邦咨询表示，美国对等关税政策可能冲击各终端产品应用需求，尤其是关税全面上升将增加 物价上涨机率，进而影响消费信心。在消费者预算有限的情况下，不排除消费性电子装置的需求将受影 响，其中电视、笔电等需求可能因此下滑。IT市场中，原先预期今年商务需求有望开始恢复，但在市场前 景不明下，企业可能会提前开始控管相关IT支出与费用，将延缓商务市场回温速度。 Apr. 9, 2025 产业洞察 根据TrendForce集邦咨询最新调查，美国于当地时间4月9日起实施对等关税，由于主要以贸易逆差作为考 量因素，长期为消费性电子供应链重镇的亚洲也受波及，尤其是东南亚地区。预期显示器产业可能面临光 学膜片与AMOLED有机发光材料被加征关税的情况，终端可能面临需求下降与产品售价调升的风险。 观察面板与相关零组件供应链，绝大部分以亚洲为主要生产地，并未直接出口美国，因此原有的液晶显示 器面板与相关零组件供应链在现阶段关税措施中暂未被波及。 近期文章精选 TrendForce 就目前关税实际施行状况以及未来是否有调整空间仍充满变数，消费性电子品牌客户为应对此状况，短期 包括暂缓东南亚相关生产据点的出货，品牌或代工 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Gold: The peer - to - peer tariff policy has been implemented [1] - Silver: It has stabilized and rebounded [2] Summary by Relevant Catalogs 1. Precious Metals Fundamental Data - **Prices and Price Changes**: - For gold, the closing price of Shanghai Gold 2504 yesterday was 719.22 with a daily increase of 0.14%, and the night - session closing price was 719.94 with a night - session increase of 0.58%. Comex Gold 2504 had a closing price of 2973.30 with a 0.18% increase. London Gold Spot was at 3015.40 with a 0.02% increase [2]. - For silver, the closing price of Shanghai Silver 2504 was 7681 with a 0.87% increase, and the night - session closing price was 7704.00 with a 0.39% increase. Silver T + D was at 7689 with a 1.00% increase, while Comex Silver 2504 decreased by 1.11% to 29.750 [2]. - **Trading Volume and Position Changes**: - The trading volume of Shanghai Gold 2504 was 4,290, an increase of 408 compared to the previous day, and the position was 6,414, a decrease of 2,499. Comex Gold 2504 had a trading volume of 191,636, a decrease of 112,003, and a position of 371,028, an increase of 2,435 [2]. - The trading volume of Shanghai Silver 2504 was 5,812, a decrease of 6,168, and the position was 9,228, a decrease of 1,708. Comex Silver 2504 had a trading volume of 71,906, a decrease of 62,542, and a position of 103,924, with no change [2]. - **ETF and Inventory Changes**: - The position of SPDR Gold ETF was 925.92, a decrease of 1. The position of SLV Silver ETF (the day before yesterday) was 13,937.60, an increase of 21 [2]. - The inventory of Shanghai Gold was 15,675 kilograms with no change, and Comex Gold (in troy ounces, the day before yesterday) was 45,064,217, a decrease of 7,479. The inventory of Shanghai Silver was 1,104,782 kilograms, a decrease of 45799, and Comex Silver (in troy ounces, the day before yesterday) was 492,042,423, an increase of 1,965,412 [2]. - **Price Spreads**: - The spread between Gold T + D and AU2412 was - 1.82, an increase of 3.13 compared to the previous day. The spread between Shanghai Gold 2502 and 2504 contracts was 0.88, an increase of 0.24 [2]. - The spread between Silver T + D and AG2502 was 3, a decrease of 16 compared to the previous day. The spread between Shanghai Silver 2502 and 2504 contracts was 8, an increase of 4 [2]. - **Exchange Rates**: - The US Dollar Index was 102.96, a decrease of 0.46%. The US Dollar against the Chinese Yuan (CNY spot) was 7.34, an increase of 0.33% [2]. 2. Macro and Industry News - Li Qiang had a phone call with the President of the European Commission, stating that China and the EU should strengthen communication and coordination, expand mutual opening - up, and safeguard free and open trade and investment [3][5] - The US threatened to further impose a 50% tariff on China, and the Chinese Ministry of Commerce stated that if the US persists, China will surely respond in kind [7] - The US Trade Representative said that the "peer - to - peer tariff" would take effect on April 9 [7] - Trump proposed that if Europe buys 350 billion US dollars of US energy, the US could consider reducing tariffs. The EU may respond to Trump's tariffs as early as next week [7] - Musk strongly criticized Navarro and opposed Trump's tariffs [7] 3. Trend Intensity - The trend intensity of gold is 1, and that of silver is - 1. The trend intensity ranges from - 2 to 2, where - 2 means the most bearish and 2 means the most bullish [6]

特朗普表示鉴于过去五年美国年度商品贸易逆差增长超40%，2024年达1.2万亿美元，反映 出贸易关系的不对称性，已导致国内生产能力（尤其是制造业与国防工业基础）衰退，削弱 美国出口竞争力及生产激励。此类不对称性包括： 关税差异 ：外国贸易伙伴的非对等关税税率； 非关税壁垒 ：技术性贸易壁垒、非科学的卫生与植物检疫规则、知识产权保护不足、消费抑制（如 工资压制）、劳动与环境标准薄弱、腐败等。 Section 3. 实施细则 (a) 关税适用范围 ： (d) 美国含量认定 ： 仅对非美国含量加征关税，前提是商品美国含量占比不低于20%。 对所有贸易伙伴的进口商品加征额外从价税10%； 对附件I列明的贸易伙伴逐步提高税率（详见附件I）。 上述关税将持续实施，直至我认定相关条件已满足、解决或缓解。 除另有规定外，所有进口商品自2025年4月5日起加征10%从价税； 附件I列明的贸易伙伴商品自2025年4月9日起适用特定税率。 (b) 免税商品 ： 附件II列明的商品（如铜、药品、半导体、木材、能源产品等）； 符合美国-墨西哥-加拿大协定（USMCA）原产地规则的商品； 现有加征关税措施（如232条款针对汽车与铝制品） ...