当地时间5月10日至11日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝森 特和贸易代表格里尔在瑞士日内瓦举行中美经贸高层会谈。双方围绕落实今年1月17日中美元首通话重要 共识进行了坦诚、深入、具有建设性的沟通，在经贸领域达成一系列重要共识。当地时间5月12日上午 9:00，双方发布《中美日内瓦经贸会谈联合声明》。商务部新闻发言人就此发表谈话。 2025年4月以来，美国政府在此前单边加征关税的基础上，又对华加征所谓"对等关税"，中国进行了坚决 正当反制。随后美方轮番升级关税措施，将对华"对等关税"税率从第一轮的34%先后提升至84%和125%。 美高额关税严重损害双边正常经贸往来，严重破坏国际经贸秩序。本次会谈达成了联合声明，是双方通过 平等对话协商解决分歧迈出的重要一步，为进一步弥合分歧和深化合作打下了基础、创造了条件。 双方在联合声明中达成多项积极共识。双方认识到双边经贸关系对两国和全球经济的重要性，认识到可持 续的、长期的、互利的双边经贸关系的重要性，本着相互开放、持续沟通、合作和相互尊重的精神，继续 推进相关工作。双方同意共同采取以下措施： 美方承诺取消根据2025年4月8日第1 ...

林剑表示，关于中美经贸高层会谈，中方已经发布了消息。我们刚拿到这个相关的情况，双方已经发布了会谈 达成的联合声明，你可以具体查阅。 商务部新闻发言人就中美日内瓦经贸会谈联合声明发表谈话 当地时间5月10日至11日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝森特和 贸易代表格里尔在瑞士日内瓦举行中美经贸高层会谈。双方围绕落实今年1月17日中美元首通话重要共识进行 了坦诚、深入、具有建设性的沟通，在经贸领域达成一系列重要共识。当地时间5月12日上午9:00，双方发布 《中美日内瓦经贸会谈联合声明》。商务部新闻发言人就此发表谈话。 2025年4月以来，美国政府在此前单边加征关税的基础上，又对华加征所谓"对等关税"，中国进行了坚决正当 反制。随后美方轮番升级关税措施，将对华"对等关税"税率从第一轮的34%先后提升至84%和125%。美高额关 税严重损害双边正常经贸往来，严重破坏国际经贸秩序。本次会谈达成了联合声明，是双方通过平等对话协商 解决分歧迈出的重要一步，为进一步弥合分歧和深化合作打下了基础、创造了条件。 双方在联合声明中达成多项积极共识。双方认识到双边经贸关系对两国和全球经济的重要性， ...

Group 1 - The Hong Kong stocks related to Apple saw significant gains, with companies like Highway Electronics rising nearly 18%, BYD Electronics up 15%, Sunny Optical Technology increasing by 15%, and AAC Technologies gaining 14% [2] - The FTSE China A50 Index futures experienced a sharp rise, with an increase of over 1.5% as of 15:30 [2] Group 2 - Spot gold prices saw a decline, with intraday losses expanding to 3%, and the latest drop recorded at 2.89%, priced at $3,230.48 per ounce [4] Group 3 - The offshore RMB against the US dollar rose sharply by over 100 basis points, briefly surpassing the 7.2 mark [6] - A joint statement from the US-China economic talks indicated that both parties committed to specific actions by May 14, 2025, including modifications to tariffs on goods from China and the US [6][7] - The US will suspend the 24% tariff on Chinese goods for the initial 90 days while retaining a 10% tariff, and will also cancel additional tariffs imposed under previous executive orders [6][7] - China will similarly modify its tariffs on US goods, suspending the 24% tariff for 90 days and maintaining a 10% tariff, while also taking necessary measures to suspend or cancel non-tariff countermeasures against the US [7]

每经编辑｜黄胜 5月12日，商务部发布中美日内瓦经贸会谈联合声明后，现货黄金5分钟内下跌约20美元/盎司，报3255.62美元/盎司，日内跌超2%。 离岸人民币兑美元一度涨超400点，报7.1988。 欧洲斯托克50指数开盘1.7%，德国DAX指数1.5%，英国富时100指数0.8%，法国CAC 40指数1.2%。 | ■ 德国DAX30 | 23,864.05 | 23,924.05 | 23,702.05 | +374.61 | +1.59% | 15:10:44 | | --- | --- | --- | --- | --- | --- | --- | | 类国富时100 | 8,620.30 | 8,640.05 | 8,576.55 | +65.50 | +0.77% | 15:10:42 | | 法国CAC40 | 7,847.30 | 7,859.24 | 7,800.18 | +103.55 | +1.34% | 15:10:3( | | □ 欧洲斯托克50 | 5,409.15 | 5,416.85 | 5,348.55 | +99.41 | +1.87% | 15:10:44 | | 二 ...

Group 1 - The core point of the news is the significant reduction of tariffs between the US and China, as announced in the joint statement from the Geneva trade talks [1][3] - Following the announcement, gold prices dropped nearly $50, while the US dollar index rose above the 101 mark [1] - Oil prices surged over 3% on the day of the announcement, indicating a positive market reaction to the tariff reductions [1] Group 2 - The US has committed to modifying tariffs on Chinese goods by suspending 24% of the tariffs for the first 90 days and retaining a 10% tariff, while also canceling additional tariffs imposed under previous executive orders [3] - China will reciprocate by suspending 24% of tariffs on US goods for the first 90 days and retaining a 10% tariff, along with canceling additional tariffs as per their announcements [3] - Both parties will establish a mechanism for ongoing consultations regarding trade relations, with representatives from both sides designated for future discussions [3]

中美日内瓦经贸会谈联合声明：美方承诺将于2025年5月14日前采取以下举措，美国将修改2025年4月2 日第14257号行政令中规定的对中国商品加征的从价关税，其中，24%的关税在初始的90天内暂停实 施，同时保留按该行政令的规定对这些商品加征剩余10%的关税；取消根据2025年4月8日第14259号行 政令和2025年4月9日第14266号行政令对这些商品的加征关税。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The iron ore market is expected to show a volatile trend. The supply is generally loose as overseas shipments are on the rise and major mines' shipments are gradually recovering, despite a decline in arrivals last week. On the demand side, although steel mills' profitability improved last week, leading to increased production and a slight rise in molten iron output, downstream demand weakened, and molten iron output is expected to decline in the next period. At the macro - level, domestic growth - stabilizing policies have been implemented, and significant progress has been made in China - US economic and trade talks [1][5]. 3. Summary by Relevant Catalogs 3.1 Transaction Data | Contract | Closing Price | Change | Change Rate (%) | Total Trading Volume (Lots) | Total Open Interest (Lots) | Price Unit | | --- | --- | --- | --- | --- | --- | --- | | SHFE Rebar | 3022 | -74 | -2.39 | 8123194 | 2893444 | Yuan/ton | | SHFE Hot - Rolled Coil | 3157 | -47 | -1.47 | 2485168 | 1395031 | Yuan/ton | | DCE Iron Ore | 696.0 | -7.5 | -1.07 | 1895858 | 699233 | Yuan/ton | | DCE Coking Coal | 877.5 | -53.0 | -5.70 | 1356112 | 418835 | Yuan/ton | | DCE Coke | 1446.5 | -91.5 | -5.95 | 98662 | 50876 | Yuan/ton | [2] 3.2 Market Review - **Demand Side**: Last week, steel mills' profitability improved, leading to active production and a slight increase in molten iron output. However, downstream demand weakened, and molten iron output is expected to decline in the next period. The blast furnace operating rate of 247 steel mills was 84.62%, a 0.29 - percentage - point increase from the previous week and a 3.12 - percentage - point increase year - on - year. The blast furnace iron - making capacity utilization rate was 92.09%, a 0.09 - percentage - point increase from the previous week and a 4.42 - percentage - point increase year - on - year. The steel mill profitability rate was 58.87%, a 2.59 - percentage - point increase from the previous week and a 6.92 - percentage - point increase year - on - year. The daily average molten iron output was 2.4564 million tons, a 0.22 - million - ton increase from the previous week and an 11.14 - million - ton increase year - on - year [4]. - **Supply Side**: Last week, both shipments and arrivals declined month - on - month, maintaining a medium level. The total iron ore shipments from Australia and Brazil were 25.404 million tons, a decrease of 2.18 million tons from the previous week. Australian shipments were 17.692 million tons, a decrease of 2.26 million tons from the previous week, and the amount shipped from Australia to China was 15.184 million tons, a decrease of 1.288 million tons from the previous week. Brazilian shipments were 7.712 million tons, an increase of 0.08 million tons from the previous week. The total global iron ore shipments were 30.505 million tons, a decrease of 1.377 million tons from the previous week. The inventory of imported iron ore at 47 ports across the country was 147.6471 million tons, a decrease of 0.8356 million tons from the previous week, and the daily average port clearance volume was 3.2851 million tons, a decrease of 0.1673 million tons [5]. 3.3 Industry News - China - US economic and trade high - level talks were held in Geneva, Switzerland, from May 10th to 11th. The talks were candid, in - depth, and constructive, reaching important consensus and making substantial progress. The two sides agreed to establish a China - US economic and trade consultation mechanism [9]. - In April, the Manufacturing Purchasing Managers' Index (PMI) was 49.0%, a 1.5 - percentage - point decrease from the previous month, indicating a decline in the manufacturing prosperity level [9]. - The Federal Reserve announced to maintain the target range of the federal funds rate between 4.25% and 4.50%, which was in line with market expectations. This was the third consecutive time since January this year that the Fed kept the interest rate unchanged. After the Fed's interest rate decision was announced, traders still expected the Fed to cut interest rates before July and predicted three interest rate cuts this year [9]. - On May 7th, three departments issued a package of financial policies to stabilize the market and expectations. The central bank announced ten policy measures, including a 0.5 - percentage - point comprehensive reserve requirement ratio cut, a 0.1 - percentage - point reduction in policy interest rates, a 0.25 - percentage - point reduction in the interest rates of structural monetary policy tools and provident fund loans, and the establishment of a 500 - billion - yuan "service consumption and elderly care re - loan". The Financial Regulatory Administration will introduce eight incremental policies, including accelerating the introduction of a financing system suitable for the new real - estate development model and approving a 60 - billion - yuan long - term investment pilot for insurance funds. The China Securities Regulatory Commission will fully support Central Huijin to play the role of a quasi - "stabilization fund" and introduce policies and measures to deepen the reform of the Science and Technology Innovation Board and the Growth Enterprise Market [9]. 3.4 Related Charts The report provides multiple charts showing the trends of futures and spot prices, basis, production, inventory, and consumption in the iron ore and steel industries, including the trends of rebar, hot - rolled coil, iron ore futures and spot prices, steel mill profits, steel production, and port inventories [7][10][12].

金十数据5月12日讯，当地时间5月11日，世界贸易组织总干事伊维拉发表声明。伊维拉在声明中 称："我非常高兴看到中美经贸高层会谈取得的积极成果。会谈标志着向前迈出了重要一步，我们希望 这预示着美好的未来。在当前全球紧张的局势下，这一进展不仅对中美两国非常重要，而且对世界其他 国家，包括最脆弱的经济体，也至关重要。" （央视新闻） 世贸组织欢迎中美经贸高层会谈取得积极成果 ...

Group 1 - The core viewpoint of the news is that Lenovo Group is expected to benefit significantly from the recent positive developments in US-China trade relations, particularly through potential adjustments in tariffs that could enhance its market position and profitability [1][2][3] - Lenovo Group's stock reacted positively to the news, with a notable increase of nearly 30% since April 9, and a 5% rise on the morning of May 12 [1] - The company generates over 10% of its total revenue from the US market, making it crucial for Lenovo's business; a reduction in US tariffs could lower product costs and improve competitiveness, potentially increasing market share [1][2] Group 2 - On the import side, a decrease in China's counter-tariffs on key components like CPUs will lower procurement costs for Lenovo, enhancing its gross margin and allowing for greater investment in product development and innovation [2] - Analysts from Guosen Securities maintain a positive valuation outlook for Lenovo Group, suggesting a focus on the company with a 10x PE ratio, anticipating improved performance by 2025 due to favorable trade conditions [3] - Lenovo's CEO, Yang Yuanqing, emphasized the company's resilience to tariff changes, highlighting its experience and established policy response mechanisms to navigate international trade uncertainties [3]

军工股又爆发了。 今天上午A股市场整体强劲上涨，其中国防军工板块走势强劲，一度大涨逾6%，多股盘中涨停，其中华如科技（301302）早盘9:38直线拉升，9:39涨停。 港股市场今天上午整体上行。恒生指数盘中重新突破23000点整数关口。 港股通标的股中，龙蟠科技港股暴涨，盘中涨幅一度超过50%。 国防军工板块爆发 今天上午A股市场整体强劲上涨，主要指数不同程度上涨。截至中午收盘，上证指数上涨0.37%，深证成指上涨1.06%，创业板指上涨1.72%，北证50指数上涨 2.27%。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3354.53 | 10234.09 | 1410.60 | | +12.53 +0.37% | +107.27 +1.06% | +31.29 +2.27% | | 科创50 | 创业板指 | 万得全A | | 1006.18 | 2046.39 | 5109.72 | | -0.14 -0.01% +34.63 +1.72% | | +38.61 +0.76% | | 沪深300 | 中证500 ...