Report Industry Investment Rating - Not provided in the content Core Viewpoints - Gold: The peer - to - peer tariff policy has been implemented [1] - Silver: It has stabilized and rebounded [2] Summary by Relevant Catalogs 1. Precious Metals Fundamental Data - **Prices and Price Changes**: - For gold, the closing price of Shanghai Gold 2504 yesterday was 719.22 with a daily increase of 0.14%, and the night - session closing price was 719.94 with a night - session increase of 0.58%. Comex Gold 2504 had a closing price of 2973.30 with a 0.18% increase. London Gold Spot was at 3015.40 with a 0.02% increase [2]. - For silver, the closing price of Shanghai Silver 2504 was 7681 with a 0.87% increase, and the night - session closing price was 7704.00 with a 0.39% increase. Silver T + D was at 7689 with a 1.00% increase, while Comex Silver 2504 decreased by 1.11% to 29.750 [2]. - **Trading Volume and Position Changes**: - The trading volume of Shanghai Gold 2504 was 4,290, an increase of 408 compared to the previous day, and the position was 6,414, a decrease of 2,499. Comex Gold 2504 had a trading volume of 191,636, a decrease of 112,003, and a position of 371,028, an increase of 2,435 [2]. - The trading volume of Shanghai Silver 2504 was 5,812, a decrease of 6,168, and the position was 9,228, a decrease of 1,708. Comex Silver 2504 had a trading volume of 71,906, a decrease of 62,542, and a position of 103,924, with no change [2]. - **ETF and Inventory Changes**: - The position of SPDR Gold ETF was 925.92, a decrease of 1. The position of SLV Silver ETF (the day before yesterday) was 13,937.60, an increase of 21 [2]. - The inventory of Shanghai Gold was 15,675 kilograms with no change, and Comex Gold (in troy ounces, the day before yesterday) was 45,064,217, a decrease of 7,479. The inventory of Shanghai Silver was 1,104,782 kilograms, a decrease of 45799, and Comex Silver (in troy ounces, the day before yesterday) was 492,042,423, an increase of 1,965,412 [2]. - **Price Spreads**: - The spread between Gold T + D and AU2412 was - 1.82, an increase of 3.13 compared to the previous day. The spread between Shanghai Gold 2502 and 2504 contracts was 0.88, an increase of 0.24 [2]. - The spread between Silver T + D and AG2502 was 3, a decrease of 16 compared to the previous day. The spread between Shanghai Silver 2502 and 2504 contracts was 8, an increase of 4 [2]. - **Exchange Rates**: - The US Dollar Index was 102.96, a decrease of 0.46%. The US Dollar against the Chinese Yuan (CNY spot) was 7.34, an increase of 0.33% [2]. 2. Macro and Industry News - Li Qiang had a phone call with the President of the European Commission, stating that China and the EU should strengthen communication and coordination, expand mutual opening - up, and safeguard free and open trade and investment [3][5] - The US threatened to further impose a 50% tariff on China, and the Chinese Ministry of Commerce stated that if the US persists, China will surely respond in kind [7] - The US Trade Representative said that the "peer - to - peer tariff" would take effect on April 9 [7] - Trump proposed that if Europe buys 350 billion US dollars of US energy, the US could consider reducing tariffs. The EU may respond to Trump's tariffs as early as next week [7] - Musk strongly criticized Navarro and opposed Trump's tariffs [7] 3. Trend Intensity - The trend intensity of gold is 1, and that of silver is - 1. The trend intensity ranges from - 2 to 2, where - 2 means the most bearish and 2 means the most bullish [6]

特朗普表示鉴于过去五年美国年度商品贸易逆差增长超40%，2024年达1.2万亿美元，反映 出贸易关系的不对称性，已导致国内生产能力（尤其是制造业与国防工业基础）衰退，削弱 美国出口竞争力及生产激励。此类不对称性包括： 关税差异 ：外国贸易伙伴的非对等关税税率； 非关税壁垒 ：技术性贸易壁垒、非科学的卫生与植物检疫规则、知识产权保护不足、消费抑制（如 工资压制）、劳动与环境标准薄弱、腐败等。 Section 3. 实施细则 (a) 关税适用范围 ： (d) 美国含量认定 ： 仅对非美国含量加征关税，前提是商品美国含量占比不低于20%。 对所有贸易伙伴的进口商品加征额外从价税10%； 对附件I列明的贸易伙伴逐步提高税率（详见附件I）。 上述关税将持续实施，直至我认定相关条件已满足、解决或缓解。 除另有规定外，所有进口商品自2025年4月5日起加征10%从价税； 附件I列明的贸易伙伴商品自2025年4月9日起适用特定税率。 (b) 免税商品 ： 附件II列明的商品（如铜、药品、半导体、木材、能源产品等）； 符合美国-墨西哥-加拿大协定（USMCA）原产地规则的商品； 现有加征关税措施（如232条款针对汽车与铝制品） ...

ETF市场日报 | 纳指相关跨境ETF领涨，红利资产韧性凸显 2025年3月24日，Wind数据显示，A股三大指数红盘报收，沪指涨0.15%；深证成指涨0.07%；创业板指涨0.01%。沪深两市成交额达到14507亿，较上周 五缩量1001亿。 涨幅方面，纳指100ETF(513390)上涨近5% | 证券代码 | 证券名称 | ETF涨幅 TOP10 | | | | --- | --- | --- | --- | --- | | | | 涨幅 | 基金管理人 | 投资类型 | | 513390 | 纳指100ETF | 4.98% | 博时基金 | QDII股票型基金 | | 159632 | 纳斯达克ETF | 2.85% | 华安基金 | QDII股票型基金 | | 159509 | 纳指科技ETF | 2.31% | 景顺长城基金 | QDII股票型基金 | | 159529 | 标普消费ETF | 2.28% | 景顺长城基金 | QDII股票型基金 | | 159941 | 纳指ETF | 2. 26% | 广发基金 | QDII股票型基金 | | 513300 | 纳斯达克ETF | 2.23% ...