Report Industry Investment Rating No relevant content provided. Core View of the Report The report presents the latest market data, macro news, and morning meeting views on various commodity futures and financial markets. It analyzes the supply - demand situation, price trends, and investment suggestions for different sectors such as agriculture, energy and chemicals, industrial metals, and financial options [4][6][12]. Summary by Related Catalogs 1. Market Data - **Chemical Products**: On April 24, 2025, most chemical product futures prices declined compared to the previous day. For example, crude oil dropped by 3.255% to 487.40, and fuel oil decreased by 2.640% to 2,987.00 [4]. - **Agricultural Products**: The prices of some agricultural products rose, while others fell. Yellow soybean No.1 increased by 1.226% to 4,292.00, and rapeseed meal rose by 1.306% to 2,714.00. Meanwhile, white sugar decreased by 0.819% to 5,937.00 [4]. 2. Macro News - Diplomatic responses were given to the US statements on tariffs and trade agreements. China hopes the US to stop threats and conduct dialogues on an equal, respectful, and reciprocal basis [6]. - China and Azerbaijan established a comprehensive strategic partnership, including cooperation in trade, investment, and other fields, and signed a visa - exemption agreement [6]. - The EU appealed against a WTO dispute case, and China will handle it according to relevant rules to safeguard its legitimate rights [6]. - The Fed's "Beige Book" showed little change in economic activity, with uncertainties in international trade policies [6]. - The US President may exempt some tariffs on automakers and steel and aluminum, and the US Commerce Department launched a truck import investigation [7]. - International oil prices weakened due to concerns about OPEC+ production increases and global economic uncertainties [8]. - Zhengzhou plans to adjust the upper age limit for housing provident fund loans [8]. 3. Morning Meeting Views on Main Varieties Agricultural Products - **Peanuts**: The spot market is stable with increased supply. Focus on the 5 - 10 positive spread and consider short - selling on rebounds [12]. - **Oils and Fats**: The overall commodity atmosphere is weak, and the oil market is expected to decline. Palm oil and soybean oil inventories have changed, and total trading volume decreased [12]. - **Sugar**: The market has both long and short factors. It is recommended to buy low and sell high in the 5950 - 6050 range, with key levels at 5950 and 6050 [12]. - **Corn**: The market is also mixed. Technically, pay attention to the 2300 support level, and consider going long lightly if it holds, with a stop - loss for inventory pressure [12]. - **Pigs**: Spot prices are stable with fluctuations. Futures are in high - level oscillations, and short - term operations are recommended [13]. - **Eggs**: Spot prices are falling. There is short - term support from pre - May Day demand, but medium - term pressure is increasing, and short - selling opportunities can be considered [13]. Energy and Chemicals - **Urea**: Supply is high, and demand is weak. Futures prices may continue to oscillate weakly, and weather and macro factors should be monitored [13]. - **Caustic Soda**: The market is relatively stable, and the 2509 contract continues to operate at a low level [13]. - **Coking Coal and Coke**: The coking coal market is weakening, and there is still an expectation of a second - round price increase for coke. Short - term, they are in low - level oscillations [13]. Industrial Metals - **Copper and Aluminum**: Prices rebounded on April 23. Pay attention to the filling of the gap. Copper and aluminum inventories have decreased [13][16]. - **Alumina**: The supply - demand fundamentals are still in surplus. In the medium - to - long - term, prices are under pressure, and a bearish approach is recommended [16]. - **Steel Products**: Spot market transactions improved, and prices rebounded in a range. Pay attention to the 3200 pressure for rebar and 3300 for hot - rolled coils [16]. - **Ferroalloys**: They are in short - term low - level oscillations. Steel tenders are approaching the end [16]. - **Lithium Carbonate**: The market is in a situation of weak supply and demand. Technically, it is recommended to wait and see, and consider going long lightly if the 69500 pressure is broken [16]. Financial Options - **Stock Indexes**: Driven by policy benefits, relevant concept sectors are active. The market shows resilience, and trading volume is above 1 trillion yuan. Consider short - term opportunities for index futures and combination arbitrage strategies [18]. - **Options**: Different index options have different performance in terms of volume, open interest, and implied volatility. Trend investors can defend or use arbitrage strategies, and volatility investors can buy wide - straddles after volatility reduction [20].

点击上图 ▲立即报名 三部门延续失业保险稳岗惠民措施 4月22日消息，人力资源社会保障部、财政部、税务总局三部门联合印发《关于延续实施失业保险稳岗惠民政策措施的通知》，支持企业稳定岗 位，助力提升职业技能，兜牢失业保障底线。其中提到，对不裁员少裁员的参保企业继续实施稳岗返还政策至2025年底。 ｜点评｜ 受关税政策影响，今年广交会的境外采购商出现了明显变化。采购商的构成更加多元，直观反映出中国出口商品对美国的依赖度正不 断下降。去年底钱凯港投入运营，南美洲与亚洲的货物运输时间大幅缩短，货运上减少了对巴拿马运河航线的依赖。加上部分南美洲国家的去 美元化进程加快，进一步带来了对外经济往来的空间。关税壁垒下，南美市场在我国出口的占比有望提升，南美洲采购商的参展数也显著增 加。 不过，南美市场带来的出口增长有限，开拓市场同样需要时间。面对充满不确定性的关税政策，出口转内销成为当下不少外贸企业积极求生的 方式。从长期来看，凭借供应链优势，我国在国际贸易体系中的地位较难被撼动。只是对于企业来说，渡过眼下难关更为迫切。在这一特殊时 期，也需要政策发力扶持，以内需托举起外贸企业。 自贸区提升战略意见发布 4月22日消息，近日 ...

Group 1 - The A-share market experienced a significant trading volume of 1.09 trillion, with the Shanghai Composite Index achieving an "eight consecutive days" rise, indicating strong market resilience despite external pressures from the US stock market and dollar index declines [1] - The performance of dividend stocks has stabilized and even reached historical highs, contributing positively to market sentiment [1] - The A-share market has entered a concentrated disclosure period for Q1 financial reports, which is expected to influence market atmosphere [1] Group 2 - The cross-border payment concept stocks surged due to favorable policies aimed at enhancing the functionality and global coverage of the RMB cross-border payment system [2] - The large market concept stocks also performed well, supported by policies promoting the development of free trade zones and adjustments in global trade tariffs, which may lead companies to reassess their supply chain strategies [2] - Agricultural chemical stocks showed strong performance as spring farming preparations began, leading to increased demand and rising prices for various pesticide products [2] Group 3 - Gold stocks strengthened as spot gold prices surpassed $3,500 per ounce, driven by concerns over US economic recession and credit risks associated with US debt, leading to a consensus on the "weak dollar-strong gold" narrative [3] - The A-share market's ability to rise despite external market declines suggests a strong underlying strength, with potential for further upward movement if the current trend continues [3]

Market Overview - The market showed unexpected performance today, opening low but closing high, with over 4,300 stocks rising, indicating a strong market sentiment [3] - The index approached the 3,300 point but faced resistance, suggesting a lack of confidence despite favorable policy guidance [3] Sector Performance - Key sectors to watch include the electric power sector and cross-border payment sector, with notable performances from companies like Leshan Electric and Sifang Precision [4][6] - The natural gas sector had a modest performance, ultimately closing up by 1.1% after a volatile session [4] Policy Impact - The Central Committee of the Communist Party and the State Council issued an opinion on enhancing the strategy for free trade zones, which may lead to renewed interest in trade-related concepts [6]

4月27日是中国(广东)自由贸易试验区深圳前海蛇口片区挂牌成立10周年，10年来，前海蛇口自贸片区 通过构建贸易自由、投资自由、资金自由、运输自由、人员从业自由、信息快捷联通等"五自由一便 利"开放体系，外贸进出口总值由2015年的712亿元升至2024年的5379.8亿元，年均增长超25%。(深圳特 区报) ...

Company Developments - JD Group issued an open letter addressing the forced "choose one" behavior imposed on part-time delivery riders by competing platforms, which led to delays in some orders. Starting April 21, all orders delayed by over 20 minutes will be free of charge, and JD will increase full-time rider recruitment from 50,000 to 100,000, ensuring no forced "choose one" policy for part-time riders [7] - Meituan responded to rumors regarding the "choose one" requirement for riders, stating that no platform has the motivation or ability to restrict riders' order choices. Meituan has never limited riders from accepting orders on other platforms and continues to support multi-platform work for riders [7] - CATL launched its second-generation supercharging battery, a lithium iron phosphate battery with a range of 800 kilometers and a peak charging power exceeding 1.3 megawatts, capable of achieving over 520 kilometers of range with just 5 minutes of charging [7] - Xianyu initiated a support plan for small foreign trade businesses and individual sellers, offering measures to help them convert inventory into domestic sales [7] - Rock Shares announced that its stock will be subject to delisting risk warnings, with trading suspended for one day on April 22 and the stock name changing to *ST Rock on April 23 [7] - GoerTek reported Q1 revenue of 16.305 billion yuan, a year-on-year decrease of 15.57%, while net profit was 469 million yuan, a year-on-year increase of 23.53% [9] Industry Insights - The Shanghai Stock Exchange held a meeting with over ten leading private equity firms, which expressed that Chinese asset valuations are currently relatively low. With domestic economic restructuring, favorable policies, and global capital rebalancing, there is significant potential for valuation recovery and enhancement in Chinese assets [5] - The China Securities Regulatory Commission reported that as of mid-April, over 1,160 foreign institutions have entered the Chinese bond market, holding a total of 4.5 trillion yuan in bonds, an increase of over 270 billion yuan since the end of 2024. The total scale of China's bond market has reached 183 trillion yuan, ranking second in the world [6]

国际新闻： 1. 关税-①据悉与特朗普将与零售公司会面讨论关税影响 ②消息人士：原定4月23日的泰国-美国贸易谈 判将不再举行 ③万斯会见莫迪，印度寻求特朗普关税减免 ④印度对部分钢铁产品征收12%的关税，为 期200天 ⑤美国拟对从柬埔寨、泰国、马来西亚、越南四国进口的太阳能产品加征新关税 ⑥美国贸易代 表办公室：与印度为互惠贸易谈判敲定了路线图。 12. 隔夜行情-现货黄金日内拉升逾100美元，历史高点至3430，原油结算价跌2.5%、美元跌超1%，一度 跌破98关口、美股三大股指均跌超2%、美债30Y、10Y均涨约9BP。 金十数据整理：昨日今晨重要新闻汇总（4月22日） 国内新闻： 9. 上交所召开私募机构座谈会，与会机构认为，当前中国资产估值处于相对较低水平，将坚定持有中国 优质资产。 1. 中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》。 2. 央行等部门：探索上海黄金交易所特定品种交割国际化，设置境外交收库。 3. 4月共118款国产网游、9款进口网游获批。 4. 京东与美团外卖大战升级，先后发文抨击对方。 5. 国务院国资委：推动央企强化资金统筹，确保及时付款。 6. 中保协：当 ...

首席点评： 3 月 LPR 维持不变 国家领导人在云南考察时强调，要以科技创新为引领做强做优做大资源型产业，积极发展战略性新兴产 业和未来产业。要高质量建设自由贸易试验区，加强交通物流、能源、数字信息等大通道建设。中国 3 月 LPR 出炉， 1 年期 LPR 为 3.1% ， 5 年期以上 LPR 为 3.6% ，连续 5 个月维持不变，符合预期。业 内专家普遍认为，展望后续，政策性降息仍需相机抉择，结构性降息和降准有望优先落地， LPR 下调 时点或后移。国家能源局公布，截至 2 月底，全国累计发电装机容量 34 亿千瓦，同比增长 14.5% 。其 中，太阳能发电装机容量 9.3 亿千瓦，同比增长 42.9% ；风电装机容量 5.3 亿千瓦，同比增长 17.6% 。 重点品种： 尿素、原油、集运 尿素： 尿素期货继续上涨。现货方面，山东地区尿素市场继续上涨，小颗粒主流出厂成交 1810- 1850 元 / 吨。临沂市场一手贸易商出货参考价格 1860-1870 元 / 吨附近，菏泽市场参考价格 1830- 1840 元 / 吨附近。消息方面，受河北、陕西等装置检修及故障影响，本周尿素开工率自高位小幅回 落 ...