Core Viewpoint - China's goods trade showed resilience in the first five months of the year, with a total import and export value of 17.94 trillion yuan, a year-on-year increase of 2.5% [1] Trade Performance - Exports increased by 7.2% while imports decreased by 3.8% in the first five months [1] - In May, the total trade value was 3.81 trillion yuan, up 2.7% year-on-year, with exports growing by 6.3% and imports declining by 2.1% [1] - The general trade method accounted for 64.2% of total foreign trade, with a year-on-year increase of 0.8% [1] Key Export and Import Products - Mechanical and electrical products remained the main export category, with a value of 6.4 trillion yuan, a 9.3% increase, making up 60% of total exports [1] - Notable growth in specific products included industrial robots (55.4%), electric vehicles (19%), integrated circuits (18.9%), and construction machinery (10.7%) [1] - Major commodities like iron ore, crude oil, and coal saw a decline in import prices, while the import value of mechanical and electrical products increased [1] Trade Partners and Market Dynamics - Private enterprises were the largest trading entities, with a total import and export value of 10.25 trillion yuan, a 7% increase, accounting for 57.1% of total foreign trade [2] - The top three trading partners were ASEAN, the EU, and the US, with trade values of 3.02 trillion yuan (up 9.1%), while trade with the US decreased by 8.1% [2] - Trade with Belt and Road countries reached 9.24 trillion yuan, a 4.2% increase, and trade with African countries hit a record high of 963.21 billion yuan, up 12.4% [2] Future Outlook - The export growth in May indicates ongoing external demand resilience, while the narrowing decline in imports suggests marginal improvement in domestic demand [3] - The activity of foreign-funded enterprises reached a near five-year high, with over 73,000 companies engaged in import and export activities, reflecting China's long-term attractiveness to foreign investment [3] - Expectations for June include continued export growth due to the "export rush" effect and proactive market expansion by foreign trade companies [3]

2025年5月20日，中共中央政治局委员、外交部长王毅在京会见美国亚洲协会会长康京和。王毅说，中 国对美政策保持连续性和稳定性，始终遵循习近平主席提出的相互尊重、和平共处、合作共赢三原则。 近期中美经贸高层会谈取得进展，这再次说明，平等对话、相互尊重、妥善处理彼此合理关切符合中美 两国共同利益。但与此同时，美方继续遏制打压中国的正当发展权利，近日竟然试图对中国芯片进行全 面封杀，这是赤裸裸的单边霸凌，中方坚决反对。(外交部网站) ...

| | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/5/19 | | | | 能源化工研究中心 | 陈胜 | 从业资格号:F3066728 | | | | 指标 | 2025/5/15 | 2025/5/16 | 变动值 | 行情综述 | | SC | INE原油(元/桶) PTA-SC(元/吨) | 463. 2 1431.9 | 456. 2 1458. 7 | -7.00 26. 87 | 成交情况: PTA:PTA行情下跌,大宗化工品气氛整体转弱,市场 回吐贸易谈判之后的部分涨幅。下游聚酯大厂释放减 | | | PTA/SC(比价) | 1.4254 | 1. 4400 | 0. 0146 | 产言论,但大概率只是调整聚酯分产品产量,可能整 体聚酯负荷波动有限,对PTA市场利空影响暂时有限。 | | | CFR中国PX | 854 | 838 | -16 | | | PX | PX-石脑油价差 | 264 | 273 | 9 | | | | PTA主力期价 ...

Core Viewpoint - The Ministry of Commerce responded to the issue of rare earth export controls, indicating adjustments in response to the U.S. actions regarding tariffs [1] Group 1 - The spokesperson for the Ministry of Commerce, He Yongqian, stated that China is considering the cancellation or suspension of export controls on rare earths [1] - The adjustments are in line with the U.S. decision to withdraw or modify additional tariffs on China based on the consensus reached during high-level economic talks [1] - China will correspondingly adjust its tariff and non-tariff countermeasures against the U.S. [1]

大宗商品研究所 能化研发报告 玻璃期货日报 2025 年 5 月 14 日 玻璃期货日报 第一部分 基础数据 | 现货市场（元/吨） | 2025/5/13 | 2025/5/12 | 上周 | 日变化 | 周变化 | | --- | --- | --- | --- | --- | --- | | 沙河长城 | 1181 | 1181 | 1198 | 0 | -17 | | 沙河安全 | 1220 | 1220 | 1228 | 0 | -9 | | 沙河德金 | 1164 | 1164 | 1173 | 0 | -9 | | 沙河大板 | 1190 | 1194 | 1207 | -4 | -17 | | 湖北大板 | 1120 | 1160 | 1160 | -40 | -40 | | 浙江大板 | 1400 | 1400 | 1400 | 0 | 0 | | 华南大板 | 1320 | 1320 | 1320 | 0 | 0 | | 东北大板 | 1240 | 1240 | 1240 | 0 | 0 | | 西北大板 | 1280 | 1280 | 1280 | 0 | 0 | | 西南大板 | 13 ...

5月12日，商务部部长王文涛主持召开外贸企业圆桌会。12家外贸企业、6家进出口商会代表及中国宏观经济研 究院有关专家参会，就当前外贸形势、支持外贸企业发展等议题进行交流。商务部国际贸易谈判副代表李詠箑 出席会议。 来源： 商务部新闻办公室 王文涛表示，党中央高度重视外贸工作。今年以来，外部冲击影响加大，外贸形势非常复杂严峻，但我国外贸 运行总体平稳，展现出较强韧性。面对美方无端对我产品全面加征高额关税的行为，中方坚决采取反制措施， 维护了自身利益和国际公平正义，赢得了国际尊重。近日，中美经贸高层会谈达成重要共识，并取得实质性进 展，为进一步弥合分歧和深化合作打下了基础、创造了条件。下一步，商务部将认真贯彻落实党中央决策部 署，统筹国内经济工作和国际经贸斗争，立足商务工作"三个重要"定位，会同相关部门，全力为外贸企业纾困 解难，提供更多支持，帮助外贸企业开拓市场，促进外贸稳定发展。 邮箱：bwb@stcn.com 商务部、财政部、人力资源社会保障部、市场监管总局、金融监管总局等部门代表对企业反映的问题和建议进 行了回应。与会企业和商会代表表示，有信心应对外部冲击，实现业务平稳发展。 责编：汪云鹏 校对： 王蔚 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The macro - environment shows overseas Fed maintaining interest rates and UK - US tariff trade agreement, while domestically, there will be Sino - US economic and trade high - level talks and central bank measures to stabilize the property market. In terms of supply and demand, Australian and Brazilian iron ore shipments and arrivals have decreased, but April's iron ore imports rebounded significantly, with an expected increase in supply. Steel mill blast furnace operating rates are slightly up, and hot metal production remains high. Technically, the iron ore 2509 contract shows a bearish pattern. It is recommended to consider short - selling on rebounds for the iron ore 2509 contract [8]. 3. Summary According to Relevant Catalogs 3.1 Weekly Key Points Summary 3.1.1 Market Review - As of May 9, the iron ore main contract futures price was 696 (-7.5) yuan/ton, and the Macfayden powder at Qingdao Port was 799 (-7) yuan/dry ton. - The total Australian and Brazilian shipments decreased by 218000 tons this period. From April 28 to May 4, 2025, the total Australian and Brazilian iron ore shipments were 25.404 million tons. Australian shipments were 17.692 million tons, and the volume shipped to China was 15.184 million tons. Brazilian shipments were 7.712 million tons. - The arrivals at 47 ports decreased by 45200 tons. From April 28 to May 4, 2025, the total arrivals at 47 ports were 26.344 million tons; at 45 ports, 24.497 million tons; and at the six northern ports, 13.347 million tons. - Hot metal production increased by 220 tons, with a daily average of 2.4564 million tons. - Port inventory decreased by 83000 tons. As of May 9, 2025, the inventory at 47 ports was 147.64 million tons, and the inventory of 247 steel mills was 89.5898 million tons. - The steel mill profitability rate was 58.87%, up 2.59 percentage points week - on - week and 6.92 percentage points year - on - year [6]. 3.1.2 Market Outlook - Macro: Overseas, the Fed maintained the interest rate, and the UK and the US reached a tariff trade agreement. Domestically, Sino - US economic and trade high - level talks will be held, and the central bank took measures to stabilize the property market. - Supply and demand: Australian and Brazilian iron ore shipments and arrivals decreased, and domestic port inventory decreased. However, April's iron ore imports rebounded significantly, with an expected increase in supply. Steel mill blast furnace operating rates were slightly up, and hot metal production remained high. - Technical: The daily K - line of the iron ore 2509 contract was under pressure from multiple moving averages, and the MACD indicator showed DIFF and DEA below the 0 - axis. - Strategy: It is recommended to consider short - selling on rebounds for the iron ore 2509 contract [8]. 3.2 Futures and Spot Market Conditions - Futures prices fluctuated weakly this week. The I2509 contract was stronger than the I2601 contract, with a spread of 26 yuan/ton on the 9th, up 1.5 yuan/ton week - on - week. - Iron ore warehouse receipts remained flat this week, and the net long position of the top 20 holders increased. On May 9, the warehouse receipt volume was 3200 lots, and the net long position of the top 20 in the ore futures contract was 7604 lots, an increase of 7823 lots from last week. - Spot prices declined this week. On May 9, the 61% Australian Macfayden powder at Qingdao Port was 799 yuan/dry ton, down 7 yuan/dry ton week - on - week. This week, spot prices were stronger than futures prices, with a basis of 103 yuan/ton on the 9th, up 1 yuan/ton week - on - week [14][22][28]. 3.3 Industry Situation - The total arrivals at 47 ports in China decreased this period. From April 28 to May 4, 2025, the total Australian and Brazilian iron ore shipments were 25.404 million tons, and the total arrivals at 47 ports were 26.344 million tons. - The utilization rate of mine production capacity decreased, and the BDI index decreased. As of April 25, the utilization rate of 266 mines was 63.06%, and the inventory was 65260 tons. On May 8, the BDI was 1316, down 105 week - on - week. - Iron ore port inventory decreased. This week, the total inventory at 47 ports was 147.6471 million tons, and the daily average port clearance volume was 3.2851 million tons. In April 2025, China imported 103.138 million tons of iron ore and concentrates, a year - on - year increase of 1.3%. - The available days of iron ore inventory in sample steel mills remained flat this week. The total inventory of imported iron ore in steel mills was 89.5898 million tons, and the available days of inventory in large and medium - sized steel mills were 22 days as of May 7 [32][35][40]. 3.4 Downstream Situation - From January to April, steel exports increased year - on - year. In March 2025, the crude steel output was 92.84 million tons, and from January to April, China exported 37.891 million tons of steel and imported 2.072 million tons of steel. - Steel mill blast furnace operating rates increased, and hot metal production increased. On May 9, the blast furnace operating rate of 247 steel mills was 84.62%, and the daily average hot metal production was 2.4564 million tons [46][49]. 3.5 Options Market - With the overall weakness of the black - series and the significant rebound in iron ore imports, the expectation of increased supply is enhanced. It is recommended to buy out - of - the - money put options [52].

据玉渊谭天微博消息，当地时间5月6日，美国财长贝森特在接受媒体采访时回应了中美经贸高层会 谈。当被问及"谁先给对方打的电话"时，贝森特开始含糊其辞，称"没有什么谁先打电话"。 ...