美方对华轮番加征畸高关税已经沦为数字游戏，在经济上已无实际意义，只会更加暴露出美方将关税工 具化、武器化，搞霸凌胁迫的伎俩，并沦为笑话。如果美方继续关税数字游戏，中方将不予理会。但 是，倘若美方执意继续实质性侵害中方权益，中方将坚决反制，奉陪到底。 4月9日，中国政府发布《关于中美经贸关系若干问题的中方立场》白皮书，重申了中方关于中美经贸关 系的一贯立场。中美经贸关系的本质是互利共赢。贸易战没有赢家，保护主义没有出路。中方对与美方 磋商持开放态度，但威胁施压不是同中方打交道的正确方式。美方应在相互尊重的基础上，与中方通过 平等对话妥善解决分歧。中方将坚定不移办好自己的事，以自身的确定性应对外部环境的各种不确定因 素，继续作动荡世界的稳定锚。 4月11日，国务院关税税则委员会发布公告：调整《国务院关税税则委员会关于调整对原产于美国的进口商品 加征关税措施的公告》（税委会公告2025年第5号）规定的加征关税税率， 由84%提高至125% 。鉴于在目前 关税水平下，美国输华商品已无市场接受可能性， 如果美方后续对中国输美商品继续加征关税，中方将不予 理会。 随后，商务部新闻发言人就中方针对美方再次提高对华关税实施反 ...

"如果美方继续关税数字游戏，中方将不予理会。但是，倘若美方执意继续实质性侵害中方权益，中方 将坚决反制，奉陪到底。" 4月11日，财政部网站发布《国务院关税税则委员会关于调整对原产于美国的进口商品加征关税措施的 公告》（税委会公告2025年第6号），称2025年4月10日，美国政府宣布对中国输美商品征收"对等关 税"的税率进一步提高至125%。美方对华加征畸高关税，严重违反国际经贸规则，也违背基本的经济规 律和常识，完全是单边霸凌胁迫做法。 上述公告表示，根据《中华人民共和国关税法》《中华人民共和国海关法》《中华人民共和国对外贸易 法》等法律法规和国际法基本原则，经国务院批准，自2025年4月12日起，调整对原产于美国的进口商 品加征关税措施。 其中，调整《国务院关税税则委员会关于调整对原产于美国的进口商品加征关税措施的公告》（税委会 公告2025年第5号）规定的加征关税税率，由84%提高至125%。鉴于在目前关税水平下，美国输华商品 已无市场接受可能性，如果美方后续对中国输美商品继续加征关税，中方将不予理会。 国务院关税税则委员会办公室并在声明中表示，即便美方继续加征再高关税，已经没有经济意义，而且 还将沦 ...

| | | 国务院新闻办公室4月9日发布《关于中美经贸关系若干问题的中方立场》白皮书。 白皮书中提到"中国是美国农产品、集成电路、煤、石油气、药品、汽车的重要出口市场。 中国是美国大豆、棉花的第一大出口市场，集成电 路、煤的第二大出口市场，医疗器械、石油气、汽车的第三大出口市场。 根据联合国数据，2 0 2 4年美国出口中5 1 . 7%的大豆、2 9 . 7%的棉花、 1 7 . 2%的集成电路、1 0 . 7%的煤、1 0 . 0%的石油气、9 . 4%的医疗器械、8 . 3%的载人机动车都销往中国。" 同时，白皮书中附上了2 0 2 4年中国自美进出口的前十大类商品具体数据，可以看到， 精密仪器排在自美进口商品的第四位，占比7 . 8%。 4月4 日，中国财政部宣布对原产于美国的所有进口商品，在现行适用关税税率基础上加征3 4%关税。 对自美进口比重如此高的科学仪器行业来说， 加征3 4%关税的影响必然是变革性的。 4月4日小编第一时间撰写文章进行了分析，详情可点击下述标题查看： 中国对美加征3 4%关税，仪器行业将受到哪些影响或颠覆？ 领取方式：关注本号，后台回复" 3 2 4 "无门槛免费领取 （如 ...

不锈钢产业日报 2025-04-09 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 12655 | -120 05-06月合约价差:不锈钢(日,元/吨) | -70 | 20 -5573 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -5795 | 940 主力合约持仓量:不锈钢(日,手) | 66977 | | | | 仓单数量:不锈钢(日,吨) | 199970 | -4937 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 13725 | -150 市场价:废不锈钢304:无锡(日,元/吨) | 9700 | 0 | | | SS主力合约基差(日,元/吨) | 915 | 220 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.33 | 0.17 | | | 进口数量:精炼镍及合金(月,吨) | | 7898.16 ...

| | | 沪镍产业日报 2025-04-09 对镍需求不利；新能源汽车需求继续爬升，但占比较小影响有限，镍库存去化表现不佳。技术面，成交放 研究员: 王福辉 期货从业资格号F03123381 期货投资咨询从业证书号Z0019878 量，多空交投分歧。操作上，建议暂时观望。 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪镍(日,元/吨) | 118950 | -330 05-06月合约价差:沪镍(日,元/吨) | -90 | 50 | | | LME ...

Report Industry Investment Rating - Not provided Core Viewpoints - The fundamentals of Shanghai copper may be in a stage of stable supply and warming demand, with continuous destocking of domestic inventories. However, the uncertainties caused by short - term global trade disputes, such as reduced demand expectations and economic slowdown, cannot be ignored. The option market sentiment is bullish, and the implied volatility has slightly decreased. It is recommended to conduct short - term long trades at low prices with a light position, while paying attention to controlling the rhythm and trading risks [2] Summary by Relevant Catalogs Futures Market - The closing price of the Shanghai copper futures main contract was 72,130 yuan/ton, down 1,230 yuan; the LME 3 - month copper price was 8,671.50 US dollars/ton, up 83.50 US dollars. The main contract's inter - month spread was 130 yuan/ton, down 20 yuan; the main contract's open interest of Shanghai copper was 155,202 lots, down 5,752 lots. The net position of the top 20 futures holders of Shanghai copper was - 7,349 lots, down 5,677 lots; the LME copper inventory was 213,450 tons, up 3,225 tons. The inventory of cathode copper in the Shanghai Futures Exchange was 225,736 tons (weekly), down 9,560 tons; the LME copper cancelled warrants were 92,900 tons, down 800 tons. The warehouse receipts of cathode copper in the Shanghai Futures Exchange were 97,393 tons, down 2,856 tons [2] Spot Market - The price of SMM 1 copper spot was 72,330 yuan/ton, down 1,215 yuan; the price of 1 copper spot in the Yangtze River Non - ferrous Metals Market was 72,450 yuan/ton, down 1,225 yuan. The CIF (bill of lading) price of Shanghai electrolytic copper was 102 US dollars/ton, unchanged; the average premium of Yangshan copper was 88 US dollars/ton, up 3 US dollars. The basis of the CU main contract was 200 yuan/ton, up 15 yuan; the LME copper cash - to - 3 - month spread was 12 US dollars/ton, down 81 US dollars [2] Upstream Situation - The import volume of copper ore and concentrates was 218.25 million tons (monthly), down 34.88 million tons. The rough smelting fee (TC) of domestic copper smelters was - 26.40 US dollars/kiloton (weekly), down 2.26 US dollars. The price of copper concentrates in Jiangxi was 62,740 yuan/metal ton, down 1,210 yuan; the price of copper concentrates in Yunnan was 63,440 yuan/metal ton, down 1,210 yuan. The processing fee of blister copper in the South was 1,150 yuan/ton (weekly), up 50 yuan; the processing fee of blister copper in the North was 950 yuan/ton (weekly), up 50 yuan [2] Industry Situation - The output of refined copper was 124.20 million tons (monthly), up 10.90 million tons. The import volume of unwrought copper and copper products was 420,000 tons (monthly), unchanged. The social inventory of copper was 41.82 million tons (weekly), up 0.43 million tons. The price of 1 bright copper wire scrap in Shanghai was 51,190 yuan/ton, down 700 yuan; the price of 2 copper scrap (94 - 96%) in Shanghai was 62,900 yuan/ton, down 1,050 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper was 600 yuan/ton, unchanged [2] Downstream and Applications - The output of copper products was 227.28 million tons (monthly), up 13.23 million tons. The cumulative completed investment in power grid infrastructure was 436.20 billion yuan (monthly), down 5,646.38 billion yuan. The cumulative completed investment in real estate development was 10,719.74 billion yuan (monthly), down 89,560.48 billion yuan. The monthly output of integrated circuits was 4,277,402.80 thousand pieces, up 521,990.50 thousand pieces [2] Option Situation - The 20 - day historical volatility of Shanghai copper was 28.85%, up 0.41%; the 40 - day historical volatility of Shanghai copper was 21.42%, up 0.36%. The implied volatility of the current - month at - the - money IV was 27.28%, down 0.0397; the call - to - put ratio of at - the - money options was 1.25, up 0.0405 [2] Industry News - China issued the "China's Position on Several Issues Regarding China - US Economic and Trade Relations" white paper to clarify facts, explain policies, and oppose unilateralism and protectionism. The US plans to impose an additional 104% tariff due to China's non - cancellation of retaliatory measures. BlackRock believes that US tariff policies have disrupted internal and external expectations and increased the probability of a US recession. Federal Reserve officials have different views on policies and tariff - related inflation risks. Chinese leaders emphasized international cooperation and domestic economic stability, and relevant departments launched policies to support urban renewal and listened to the opinions of private enterprises on the economic situation [2]

中共中央政治局委员、中央财办主任何立峰8日在京会见美国布鲁金斯学会名誉主席桑顿，双方就中美 经贸关系、宏观经济形势交换看法。何立峰表示，面对世界百年变局，我们坚持办好自己的事，加快建 设全国统一大市场、释放消费潜力，因地制宜发展新质生产力，进一步全面深化改革，扩大高水平对外 开放，以高质量发展的确定性应对外部环境的不确定性。桑顿表示，美中关系非常重要，愿继续为增进 两国民间交往、促进双边关系稳定发挥作用。(新华社) ...

Core Viewpoint - The article discusses the key points from the press conference of the 14th National People's Congress, highlighting the importance of the Private Economy Promotion Law and the mutual benefits of China-US economic relations [1][3][5]. Legislative Developments - The draft of the Private Economy Promotion Law was first reviewed by the National People's Congress (NPC) Standing Committee in December last year and has undergone further review recently. This law aims to ensure equal legal protection for various ownership economies and promote fair market competition [3]. - Since the second session of the 14th NPC, the NPC Standing Committee has reviewed 39 legal proposals, passing 24 of them, which includes the formulation of 6 new laws and amendments to 14 existing laws [8]. China-US Economic Relations - The essence of China-US economic relations is mutual benefit, with trade volume increasing over 200 times since the establishment of diplomatic relations. The total bilateral investment stock is approximately $250 billion [5]. - The article emphasizes the need for dialogue and negotiation to resolve differences, while firmly maintaining national sovereignty and development interests [6]. Technological Innovation - The progress of DeepSeek represents the rise of Chinese companies in the AI sector, showcasing China's innovation and inclusivity in technology development. The Chinese government is committed to protecting data privacy and promoting global AI governance [10]. Economic Outlook - Despite facing challenges, the fundamentals of the Chinese economy remain strong, with a resilient foundation and significant potential for long-term growth. The government is actively managing local government debt to ensure sustainable economic development [12][13].

Group 1: National People's Congress (NPC) Meeting - The 14th NPC's third session will last for 7 days, starting on March 5 and concluding on March 11, with a total of 7 agenda items including the review of the government work report [2] - The NPC aims to enhance the People's Congress system to support the modernization of China, focusing on legislative and supervisory roles, and maintaining close ties with the public [3] Group 2: Legislative Achievements - Since the last NPC session, 39 legal proposals were reviewed, with 24 passed, including 6 new laws and 14 amendments, reflecting progress in the legislative work [4] - Legislative outcomes are aimed at accelerating new productive forces, ensuring citizens' aspirations for a better life, and supporting high-level openness [4] Group 3: Economic Outlook - The Chinese economy showed a significant recovery with a GDP surpassing 130 trillion yuan, achieving a 5% growth, despite facing external challenges and domestic demand issues [10] - The government remains confident in the long-term positive trend of the economy, emphasizing its resilience and potential [10] Group 4: Private Economy Development - The draft Private Economy Promotion Law is under review, aiming to ensure equal legal protection for all forms of ownership and promote healthy development of the private sector [6] Group 5: International Relations - The essence of China-U.S. economic relations is mutual benefit, with trade volume increasing over 200 times since diplomatic relations were established [7] - China emphasizes the importance of stable and healthy China-Europe relations, highlighting mutual benefits and cooperation in various fields [11] Group 6: Defense Budget - China's defense budget has maintained a single-digit growth for nine consecutive years, with the defense expenditure as a percentage of GDP remaining below 1.5%, lower than the global average [14] Group 7: Regional Development - The Guangdong-Hong Kong-Macao Greater Bay Area has seen significant economic growth, with a total economic output exceeding 14 trillion yuan, and improved connectivity among the three regions [16] Group 8: Global South Cooperation - China has been a participant and leader in South-South cooperation, contributing significantly to global economic growth, and aims to strengthen legislative exchanges with other developing countries [17]

Group 1: DeepSeek and AI Development - DeepSeek's significant advancements in AI represent the rise of Chinese companies in the technology sector, showcasing innovation and inclusivity [2][3] - The open-source approach of DeepSeek promotes global application of AI technology, contributing "Chinese wisdom" to the world [3] - The evolution of mobile communication technologies illustrates the importance of open collaboration in achieving market recognition and success [3] Group 2: Private Economy Promotion Law - The Private Economy Promotion Law is crucial for ensuring equal legal protection for various ownership types and enhancing the business environment for private enterprises [6][7] - The law aims to incorporate the Party's policies on private economic development into legal norms, promoting healthy and high-quality growth [7] Group 3: Sino-US Economic Relations - The essence of Sino-US economic relations is mutual benefit, with trade volume increasing over 200 times since diplomatic relations were established [8][10] - China's stance is to resolve trade disputes within the framework of the World Trade Organization, opposing unilateral tariff increases by the US [10][11] Group 4: China's Economic Outlook - Despite facing unprecedented external challenges, China's economy showed resilience with a GDP growth of 5% and a total GDP surpassing 130 trillion yuan [12][13] - The government emphasizes the importance of deepening reforms and expanding high-level opening-up to stimulate economic vitality [13][14] Group 5: Sino-European Relations - Sino-European relations are characterized by mutual benefits and complementary advantages, with significant contributions to global supply chain stability [15][16] - The collaboration between Chinese and Spanish companies exemplifies successful partnerships that create local employment and revitalize brands [16] Group 6: Local Government Debt Management - The issuance of 20 trillion yuan in replacement bonds has commenced to manage local government debt effectively, ensuring fiscal stability [17][18] - The National People's Congress plays a vital role in supervising government debt management and preventing new hidden debt risks [18]