香港置业：5月二手住宅注册量按月下跌 仍创半年次高 金十数据6月5日讯，香港置业研究部董事王品弟表示，据土地注册处资料显示，5月二手住宅（包括二 手私人住宅及二手公营房屋）录3795宗注册，较4月的4427宗减少约14.3%；5月注册量主要反映4月份 市况，当时环球股市受关税战冲击，连带影响本港楼市交投放缓。尽管如此，宗数仍创半年次高。随着 5月关税战降温，加上近期按息回落，带动楼市气氛回暖，预计主要反映5月市况的6月注册量将会回 升。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall economic data in April declined to some extent compared with March but remained resilient under the background of the tariff war. The year-on-year growth rate of social retail sales was 5.1%, which was significantly supported by the "trade-in" policy. The social credit demand in April was weak. The cumulative new RMB loans in April reached 10.06 trillion yuan, a year-on-year increase of 2.86%. The year-on-year growth rate of M2 in April was 8%. The joint statement issued by China and the United States laid a good foundation for further trade negotiations, exceeding market expectations. Recently, the three departments held a joint press conference. The central bank announced a reserve requirement ratio cut and interest rate cut policy to reduce the cost of the liability side of enterprises. The Financial Regulatory Administration emphasized that it would vigorously promote the entry of medium - and long - term funds into the market and support, stabilize and activate the capital market through a quasi - flat fund. The CSRC said it would optimize the fee model of active equity funds. The internal policy drive is the main line for the stock index in 2025. In terms of financial reports, in the first quarter, the decline rate of the full - market revenue growth of A - share listed companies narrowed for three consecutive quarters, but was still lower than the policy interest rate. The net profit increased year - on - year by about 4%, but the ROE was still in the stage of bottoming out and stabilizing. These measures are conducive to helping enterprises repair their balance sheets and promoting the stable development of the real economy, leading to a stable increase in stock market valuations. The stock index is expected to fluctuate [1]. - On the day of the bond futures closing, the 30 - year main contract rose 0.10%, the 10 - year main contract rose 0.09%, the 5 - year main contract rose 0.07%, and the 2 - year main contract rose 0.04%. The capital market remained loose, with DR007 rising 1BP to 1.56%. In June, it is difficult for the bond market to have a trending market. After macro - level disturbances, the bond market will fluctuate following the capital market and economic fundamentals again. After the reserve requirement ratio cut and interest rate cut, the capital market is unlikely to fluctuate significantly in the short term, the expectation of incremental policies in the short term has cooled, and the economic resilience remains. The bond market shows a sideways shock pattern again after adjustment [1][2]. 3. Summary by Relevant Catalogs 3.1 Research Viewpoints - **Stock Index Futures**: The stock index is expected to fluctuate. The internal policy drive is the main line in 2025. The measures are conducive to the stable development of the real economy and the stable increase of stock market valuations [1]. - **Bond Futures**: The bond market is expected to fluctuate. In June, it is difficult to have a trending market. After adjustment, it shows a sideways shock pattern [1][2]. 3.2 Daily Price Changes | Variety | 2025 - 06 - 04 | 2025 - 06 - 03 | Change | Change Rate | | --- | --- | --- | --- | --- | | IH (Stock Index Futures) | 2,673.6 | 2,668.6 | 5.0 | 0.19% | | IF (Stock Index Futures) | 3,842.4 | 3,824.8 | 17.6 | 0.46% | | IC (Stock Index Futures) | 5,688.8 | 5,638.4 | 50.4 | 0.89% | | IM (Stock Index Futures) | 6,054.0 | 5,998.0 | 56.0 | 0.93% | | Shanghai Composite 50 (Stock Index) | 2,690.8 | 2,687.3 | 3.5 | 0.13% | | CSI 300 (Stock Index) | 3,868.7 | 3,852.0 | 16.7 | 0.43% | | CSI 500 (Stock Index) | 5,739.0 | 5,694.8 | 44.2 | 0.78% | | CSI 1000 (Stock Index) | 6,123.2 | 6,070.0 | 53.1 | 0.88% | | TS (Bond Futures) | 102.40 | 102.35 | 0.044 | 0.04% | | TF (Bond Futures) | 106.04 | 105.96 | 0.075 | 0.07% | | T (Bond Futures) | 108.77 | 108.69 | 0.08 | 0.07% | | TL (Bond Futures) | 119.57 | 119.45 | 0.12 | 0.10% | [3] 3.3 Market News - On June 4, local time, the results of the South Korean presidential election were announced. Lee Jae - myung of the Democratic Party was elected president with a vote - share of 49.42% (17.2875 million votes). His term officially began at 6:21 am on June 4, and his inauguration ceremony was held at the National Assembly at 11 am on the same day [4]. 3.4 Chart Analysis - **Stock Index Futures**: There are charts showing the trends of IH, IF, IM, IC main contracts, and the basis trends of IH, IF, IC, IM [6][7][10][11]. - **Bond Futures**: There are charts showing the trends of bond futures main contracts, bond spot yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [13][15][17]. - **Exchange Rates**: There are charts showing the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [20][21][24][25].

Group 1 - The fund social media index for April 2025 shows stability in the overall rankings, with few changes in the institutions listed [1] - New entrants include Xingzheng Global Fund and Huafu Fund, replacing Yongying Fund and Dongfanghong Asset Management from the previous month [1] - The trending topics on Douyin for funds have shifted with the seasons, highlighting the platform's ability to drive traffic through current events [1] Group 2 - The top content on video platforms includes diverse themes such as financial analysis, brand promotion, and event marketing, indicating a growing demand for varied financial content [2] - Notable performances include Guotai Fund discussing the implications of tariffs and Harvest Fund analyzing the investment value of gold amid market uncertainties [2] - Brand promotions from various funds, such as the 27th anniversary celebrations of Huaxia Fund, showcase their commitment to connecting with different generations of investors [2] Group 3 - The wealth account platform primarily features graphic content, with a notable live broadcast focusing on new product launches [3] - The top article on public accounts is a celebratory piece from Huaxia Fund, which achieved over 100,000 views, demonstrating effective cross-platform promotion [3] - Other popular content includes promotional activities centered around cash rewards, reflecting a strategy to engage users [3]

反对声四起 根据美国国际贸易委员会数据，美国进口钢铁的主要来源地包括加拿大、墨西哥、巴西等，进口铝的主 要来源地是加拿大等。美提高钢铝关税引发加拿大、欧盟、日本等多方批评，欧盟表示可能对美方进行 反制。 加拿大总理办公室3日晚发表声明说，美方加倍征收钢铝关税"非法且不合理"。加拿大新政府正与美方 进行谈判，争取取消这些关税和其他关税。 加拿大钢铝业界强烈反对美方措施。加拿大钢铁生产商协会表示，提高关税将"对整个供应链造成大规 模破坏和负面影响"。 欧盟委员会发言人奥洛夫·吉尔2日重申，欧盟对美方的决定深表遗憾。这一决定为全球经济增加了更多 不确定性，提高了大西洋两岸消费者和企业的成本，也破坏了欧盟与美国达成谈判解决方案的努力。 他说，欧盟与美国的谈判正在进行，如果无法达成双方都可接受的解决方案，现有以及可能新增的欧盟 反制措施将于7月14日自动生效，或在必要时提前生效。 新华财经北京6月5日电（记者俞懋峰）美国白宫3日发布公告，以应对所谓"国家安全威胁"和提高国内 钢铝产业竞争力为由，宣布从4日起将进口自除英国外所有贸易伙伴的钢铝产品关税从目前的25%上调 至50%。 美国政府这一举措招致贸易伙伴批评和反对。 ...

据报道，在国际政治军事与经济的大棋盘上，特朗普政府的一系列决策往往牵一发而动全身。就拿其挑起的关税战来说，本以为是一张能制衡对手的"王 牌"，却没想到最终让自己陷入了困境，甚至到了"害怕"的境地，还派出多路代表前往北京"求和"，这背后的故事，值得细细剖析。 这场关税战给我们带来了深刻的启示。在国际竞争中，自身实力才是最坚实的后盾。中国凭借强大的经济韧性、庞大的国内市场以及坚定的政策应对，成功 抵御了美国的关税冲击。同时，这也提醒着世界各国，通过霸权手段获取不正当利益的行为最终只会搬起石头砸自己的脚。未来，中国应继续推动经济高质 量发展，加强科技创新，提升在全球产业链和供应链中的地位，以更加自信的姿态应对各种挑战。 在国际上，特朗普的关税政策也使得美国陷入孤立。对钢铝、半导体等关键产品加征关税，引发了欧盟、加拿大等传统盟友的报复措施。加拿大对美电力出 口加征附加费，欧盟通过"跨大西洋贸易平衡"计划调整关税结构，导致美国出口受阻。而且，特朗普反复无常的关税政策动摇了国际市场对美国的信任，国 际资本加速撤离美国市场，美元作为全球储备货币的信用基础受到冲击。 面对国内经济困境和国际孤立的局面，特朗普政府不得不寻求改变 ...

1. Report Industry Investment Rating - No information provided 2. Core View - The stock index has risen for two consecutive days, but the trading volume in the two markets has not significantly increased, and the basis of index futures has not changed much. Compared with last Friday, the discount has deepened, so market sentiment has not significantly improved. The overseas tariff war continues, and there are many uncertainties in the external environment, which suppresses the A-share market. It is expected that a continuous upward trend is difficult to form. The Lujiazui Forum will be held from June 18th to 19th, and several financial policies will be released. The expectation of policy benefits provides some support for the index, and the downside space is limited. In the short term, it is expected to fluctuate within a range. A breakthrough requires a more definite change in the external environment or the implementation of the next round of domestic favorable policies [6] 3. Summary by Relevant Catalogs Market Review - The stock index closed higher today. Taking the CSI 300 Index as an example, it rose 0.43% at the close. In terms of capital, the trading volume in the two markets increased by 1.16 billion yuan. Index futures rose with shrinking volume [4] Important Information - The US side claimed that China violated the consensus reached at the Geneva talks. The Chinese Foreign Ministry spokesperson Lin Jian stated that the Chinese Ministry of Commerce spokesperson had previously clarified China's solemn position. The Geneva consensus was reached by China and the US under the principles of mutual respect and equal consultation. - US President Trump announced that the tariffs on imported steel, aluminum and their derivative products would be raised from 25% to 50%, effective at 00:01 on June 4, 2025, Eastern Time. The tariffs on steel and aluminum imported from the UK will remain at 25% [5] Strategy Recommendation - Hold positions and wait and see [7] Index Futures Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.41 | 0.16 | 0.76 | 0.82 | | Trading volume (10,000 lots) | 6.9824 | 3.1907 | 5.809 | 15.1505 | | Trading volume change compared to the previous day (10,000 lots) | -0.5368 | -0.8162 | -1.129 | -1.2982 | | Open interest (10,000 lots) | 22.9448 | 7.8806 | 20.6376 | 31.5489 | | Open interest change compared to the previous day (10,000 lots) | -0.6744 | -0.3071 | -0.7279 | -0.5633 | [8] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.42 | | Shenzhen Component Index change (%) | 0.87 | | Ratio of rising stocks to falling stocks | 3.20 | | Trading volume in the two markets (100 million yuan) | 11530.47 | | Trading volume change compared to the previous day (100 million yuan) | 116.38 | [9]

据环球网报道,《国会山报》援引美国民调公司Civiqs发布的调查结果，在特朗普总统任职满100天之际，美国人对他第二个任期越来越不满，施政满意度呈 下降趋势。即使在那些将他推入白宫的摇摆州（亚利桑那州、佐治亚州、密歇根州、内华达州、北卡罗来纳州、宾夕法尼亚州、威斯康星州）也是如此，在 2024年大选中所有七个摇摆州的支持率都低于50%。 原因是，特朗普政府对华加征的"对等关税"属于越权行为，违反了美国宪法。判决书指出："规范对外贸易是国会专属权力，总统无权以'国家安全紧急状 态'为由，单方面发动关税战。"这一裁决意味着，特朗普的对华关税政策，在法律层面，根本站不住脚。 面对司法挑战，特朗普内阁作出了辩护。国务卿 鲁比奥称，关税政策涉及"国家安全和政治博弈"，法院不应干涉行政特权。商务部长卢特尼克竟将关税政策与印巴冲突强行关联，宣称"正是特朗普的关税 承诺促使双方停火"。 鲁比奥（资料图） 我们完全有理由怀疑，美国法院叫停特朗普"对等关税"可能是特朗普的自导自演。为什么？首先，中美达成联合声明后，双方已经进入到第二阶段博弈，争 取更多国家的支持，目前从中美双方的动作来看，特朗普出访海湾国家，对日本、欧洲加大施压 ...

据报道，在国际政治经济格局风云变幻的当下，美国盟友德国的态度出现了令人意想不到的变化，这一逆转就连特朗普也未曾料到，而中方早已凭借敏锐的 洞察力先一步行动，在外交舞台上展现出大国智慧与担当。 当地时间5月26日，德国总理默茨表示，德国和其他欧盟国家不希望关税争端升级。从德国自身利益出发，加征关税无疑是一把双刃剑，会对德国经济造成 损害。倘若欧美谈判最终破裂，德国将被迫反击美国的关税政策。默茨强调，德国正努力避免关税战的爆发，但也做好了应对一切情况的准备。与此同时， 默茨还指出，美国科技公司在欧盟享受的有利税收环境可能不会长久，欧盟希望与美国共同解决经贸冲突，避免陷入关税战升级的困境。德国在欧美贸易关 系中的这种微妙态度转变，反映出其在维护自身经济利益方面的考量，也暗示着欧洲在国际经济秩序中试图重新寻找平衡的努力。 而在外交层面，中德之间的互动同样引人瞩目。5月19日，中共中央政治局委员、外交部长王毅应约同德国新任外长瓦德富尔通电话。王毅外长首先祝贺瓦 德富尔履新，并着重强调了中德关系的重要性，指出其意义超越双边范畴，对世界经济发展和战略稳定有着深远影响。中德作为全方位战略伙伴，中方希望 德国新政府能够坚守这一 ...

美国民众（资料图） 据大皖新闻报道，美国12个州组成联盟于4月23日共同起诉特朗普政府，指控其关税政策违法。美国国际贸易法院开庭审理此案。当地时间5月21日，在美国 纽约市曼哈顿下城的美国国际贸易法院，三名法官对于12州诉特朗普政府关税违法一案进行了庭审。抗辩双方的都进行了陈述并回答了法官的质疑。其中， 代表原告方面进行陈述的是来自于俄勒冈州总检察长马歇尔。 特朗普（资料图） 这一裁决不仅标志着特朗普的"关税战"首次遭遇联邦法院的实质性否决，宣告了他关税战的彻底战败，同时也打破了他"我就是国王"的幻想。然而，面对司 法系统的明确警告，特朗普并未退缩，反而立刻上诉，并誓言继续推进"美国优先"的极端政策。首先需要明确的是，针对这一裁决，特朗普团队是极为愤怒 的。被称为特朗普"新国师"的白宫副幕僚长史蒂芬·米勒，在社交媒体上怒斥："这是一次司法政变，已经失控。"而发言人库什·德赛更是语出惊人："非民选 法官无权决定如何应对国家紧急状态。" 虽然此次诉讼主体是非盈利、无党派诉讼机构自由正义中心代表五家受关税影响的美国小企业提起，如果围绕法律战要继续打下去，将会是一个漫长的官 司，中美90天关税缓冲期打完之后，或许都没 ...