11:23 黄金ETF持仓报告 公布机构：美国SPDR Gold Trust 当前总持仓 936.51 吨黄金 黄金ETF总持仓变化 基本面消息，5月13日，美国劳工部公布的数据显示，美国4月关键通胀指标降温，核心CPI同比增长2.8%，为自2021年3月以来的最低水平。CPI年率增长 2.3%，为2021年2月以来最小增幅。 数据公布之后，交易员继续押注美联储将于9月进行首次降息，将于10月第二次降息。分析指出，虽然特朗普政府的关税政策普遍预计将推高通胀，但企业 可能仍在消化大量库存，尚未开始全面提价。 分析指出，通胀降温，一定程度上延后美联储降息时间，从而抑制金价走势，再加上贸易紧张局势的缓和，金价基本面整体仍然承压，周二反弹的部分原因 在于大跌之后的稍作休整。在投资者聚焦接下来的关税协议进展之际，黄金或围绕当前的水平进行震荡盘整，但是技术面似乎存在一些下行压力。 EBC黄金ETF持分报告解读 ·III 5G 截至5月13日，全球最大的黄金ETF SPDR Gold Trust持仓量为936.51吨，较前一个交易日减少2.58吨。5月13日，现货黄金小幅上涨，盘中最高升至3265.67美 元/盎司，收报3 ...

美国通胀降温，4 月 CPI 同比 2.3%，为自 2021 年 2 月以来最低水平。沙特 承诺向美国投资 6000 亿美元，覆盖军火、科技、波音飞机、基建和数据中心。 美国或允许阿联酋进口超百万英伟达先进芯片，支持 OpenAI 在联酋建数据 中心。贝森特：欧盟可能在贸易方面存在"集体行动问题"。整体来看，中 美谈判进程超预期，而市场表现冷静，在关税前的位置附近，没有明显上探， 股指或震荡运行。 ◆ 策略建议： 震荡运行 金融期货日报 股指 ◆ 核心观点： 长江期货股份有限公司交易咨询业 务资格：鄂证监期货字{2014}1 号 金融期货团队 研究员： 国债 ◆ 核心观点： 对于仓位较低或者久期较低的机构，左侧交易的动力或者空间可能较为充足， 短期内可能体现为一波 5BP 的波段交易。但如果本身着眼于更长趋势交易的 投资者，当前的位置并未充分反应宏观形势的阶段性好转带来的预期变化， 参与的赔率仍然偏低。后续还有政府债密集供给、税期和经济数据等因素的 轮番扰动，市场波折尚未完全结束，关注短期内市场机构充分调仓后进一步 的方向选择。 ◆ 策略建议： 短期看好 研究咨询部 2025-05-14 公司资质 彭博 从业 ...

中辉有色观点 | 200 | 111 | 197 | 1 | I | 1 | 2 | | --- | --- | --- | --- | --- | --- | --- | | N | C | 1 | E | | | | 金银：关税谈判情绪和通胀降温影响，黄金震荡 表 1：产业高频数据 | 盘面信息 | 最新 | 最新 | 前值 | 涨跌 | 上周 | 周变化 | | --- | --- | --- | --- | --- | --- | --- | | 黄金 | SHFE黄金 | 767.68 | 772.28 | -0. 60% | 804 | -4. 46% | | | COMEX黄金 | 3255 | 3242 | 0. 39% | 3310 | -1.69% | | 白银 | SHFE 白 银 | 8245 | 8232 | 0. 16% | 8235 | 0. 12% | | | COMEX白银 | 33 | 33 | 0. 90% | 33 | 1.47% | | | 上海金银比 | 93. 40 | 93.81 | -0. 44% | 97.37 | -4. 07% | | 比价 | COME ...

Group 1 - The US stock market has turned positive for the year, driven by a rebound led by tech giants amid easing inflation and a pause in the global trade war [1][3] - The S&P 500 index rose 0.7% and the Nasdaq 100 index surged 1.6%, with both indices achieving positive cumulative gains for 2025 [1] - The "seven giants" including Nvidia, Apple, and Meta saw an 8% increase this week, marking the largest two-day gain since early April [1] Group 2 - The release of the US April CPI data, which was lower than expected, ignited market optimism, leading to full pricing of a potential Fed rate cut in September [1] - JPMorgan has lifted its US economic growth forecast and removed recession warnings following the improved inflation data [1] - The semiconductor sector performed strongly, with Nvidia announcing a partnership with AMD for a project in Saudi Arabia, resulting in a 3% rise in the Philadelphia Semiconductor Index [3] Group 3 - UnitedHealth's stock plummeted 18% after a sudden leadership change, dragging down the healthcare sector within the S&P 500 [4] - The company suspended its full-year earnings guidance due to higher-than-expected medical spending, affecting peers like Elevance Health and CVS [4] Group 4 - Hertz faced its largest single-day drop in over a year, with a 17% decline due to worse-than-expected first-quarter losses [6] - 3D Systems' stock fell 27% after reporting first-quarter product revenue below analyst expectations [6] - First Solar's stock surged 23% following a favorable tax proposal for the solar industry, while Plug Power dropped 10% due to a proposal to eliminate hydrogen production tax credits [6]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The global trade tension has further eased, and metal prices are gradually returning to the fundamental logic. Different metals have different trends due to their own supply - demand relationships and external factors [1][2][3][5][6]. - Copper prices are expected to remain in a high - level shock, aluminum prices are expected to be strong in the short term, nickel prices are expected to be weak and volatile, and tin prices are expected to have increased volatility [1][2][5][6]. 3. Summary by Directory 3.1 Basic Metals - **Copper**: As of May 12, the Shanghai copper main contract 06 rose 0.77% to 78,260 yuan/ton. After the Sino - US trade agreement, the copper price returned to the fundamental logic. With the TC of copper concentrate decreasing, the smelting output may decline, and the consumption is stable but affected by the high monthly spread. It is recommended to trade cautiously in the range of 74,500 - 80,000 yuan/ton [1]. - **Aluminum**: As of May 12, the Shanghai aluminum main contract 06 rose 1.66% to 19,910 yuan/ton. The supply of bauxite is increasing and the price is falling. The alumina production capacity is in a state of complex change, and the electrolytic aluminum production capacity is increasing. The domestic downstream processing enterprise's starting rate has increased slightly, but there is a weakening expectation. The short - term aluminum price is expected to be strong [2]. - **Nickel**: As of May 12, the Shanghai nickel main contract 06 rose 2% to 126,130 yuan/ton. The inflation in the US has cooled down, and the domestic manufacturing PMI has declined. The nickel supply is in an over - supply situation, and it is expected to be weak and volatile [3][5]. - **Tin**: As of May 12, the Shanghai tin main contract 06 rose 0.89% to 263,200 yuan/ton. The domestic refined tin production may decrease, and the supply of tin ore is tight. With the expected resumption of production in the mining end, the price volatility is expected to increase, and it is recommended to trade in the range of 250,000 - 275,000 yuan/ton [6]. 3.2 Spot Transaction Summary - **Copper**: The domestic spot copper price rose, but the spot market transaction was light, with downstream enterprises maintaining rigid demand [7]. - **Aluminum**: The spot aluminum market stabilized from a weak state. The holders were willing to ship, and the downstream rigid demand supported the transaction. The afternoon trading became lighter [8]. - **Alumina**: The spot price of alumina was stable with a small increase, but the trading volume was weak [9]. - **Zinc**: The spot zinc market was affected by shipment pressure and imported goods, with high spot premiums but light trading [10][11]. - **Lead**: The spot lead market was mainly for rigid demand from downstream merchants, and the trading activity needed to be improved [12][13]. - **Nickel**: As the nickel price rebounded to a high level, the spot market was cautious and the purchasing enthusiasm was not high [14]. - **Tin**: In the spot tin market, some merchants were waiting and watching, and the overall transaction was weak [15]. 3.3 Warehouse Receipt and Inventory Report - **SHFE**: The copper futures warehouse receipts increased by 919 tons to 20,084 tons; the aluminum futures warehouse receipts decreased by 2,899 tons to 62,114 tons; the zinc futures warehouse receipts remained unchanged at 1,903 tons; the lead futures warehouse receipts increased by 1,995 tons to 40,961 tons; the nickel futures warehouse receipts decreased by 204 tons to 23,222 tons; the tin futures warehouse receipts decreased by 71 tons to 8,331 tons [17]. - **LME**: The copper inventory decreased by 1,025 tons to 190,750 tons; the tin inventory increased by 85 tons to 2,790 tons; the lead inventory decreased by 1,625 tons to 251,800 tons; the zinc inventory decreased by 475 tons to 169,850 tons; the aluminum inventory decreased by 2,025 tons to 401,525 tons; the nickel inventory increased by 84 tons to 197,754 tons [17].