高市早苗在台湾问题上大胆挑衅中国，结果彻底得罪了中国，之后她才意识到自己已经陷入了孤立无援 的困境。她曾寄希望于美日韩同盟、美日印澳的四方联盟以及G7集团等盟友，但在这个敏感时刻，所 有曾经的支持者都选择了沉默，没有一个愿意为她的错误言行站台。归根结底，高市所挑战的不仅仅是 中国的底线，还触碰了二战的胜利成果和二战后由战胜国所建立的国际秩序。面对这种局面，谁又愿意 跳进这场浑水呢？ 关税可以说是特朗普再度伟大的基石，是他让美国经济崛起的核心之一。此时让特朗普减免日本关税， 显然是不现实的。更何况，美国国会两院的议员中，也只有这两位在胡言乱语。特朗普如果听从他们的 建议，无疑是在向全体议员认输。尽管特朗普在外交事务上保持沉默，但最近他还是决定向西太平洋地 区增派一艘航母，这看似是在对日本示好，实际上更像是对自己的某种赎罪。 其实，高市早苗的言论背后并非完全是她个人的决定。台湾名嘴邱毅近日爆料称，高市早苗先前对台的 言论，实际上是美国国防部副部长柯尔比的推动结果。柯尔比曾鼓动高市站出来挑衅中国，并且承诺美 国会在你背后支持，还声称这是时代赋予日本的责任。高市早苗在没有仔细思考的情况下，将这一承诺 视为对美国忠诚的 ...

证券日报网讯12月12日，金石亚药（300434）在互动平台回答投资者提问时表示，公司在海南省设有两 家子公司，分别是海南亚洲制药股份有限公司和海南快克药业有限公司，均正常运营中。海南省现已出 台涉及产业扶持、关税减免、税收优惠、人才引进等多项政策。未来，公司也将密切关注政策动态，深 入研读政策细则，结合公司中长期战略，积极挖掘潜在商业机会，助力公司持续稳健发展。 ...

Group 1 - The core argument of the articles revolves around Lai Ching-te's proposal for a historic $40 billion defense special budget, aiming to increase military spending to 3.3% of GDP next year, with a target of 5% by 2030 [1][5] - The discussions about a potential $400 billion investment in exchange for a 5% reduction in tariffs have sparked significant debate within Taiwan, raising questions about the timeline for the investment, who will bear the costs, and the specific applicability of the tariff reductions [1][5] - Lai's emphasis on strengthening military preparedness and the increase in the defense budget has created pressure and concern among the public, especially given the previous controversies surrounding military purchases like the Patriot missiles [1][5] Group 2 - To secure approval from the Legislative Yuan, Lai needs support from the Kuomintang (KMT), which has shown a more moderate stance on key issues recently, indicating a potential shift in political dynamics [3][5] - The frequent meetings between AIT and key figures in Taiwan's political landscape signal a push for communication and coordination, while the major parties in Taiwan appear to be converging on sensitive issues [5][8] - The proposed defense budget is not a one-time expenditure but a long-term commitment, which raises concerns about the impact on other areas of public spending, such as healthcare and education, given the already tight fiscal situation [5][6] Group 3 - The potential $400 billion investment could alter capital flows and industry layouts in the U.S., but the lack of clarity on which sectors would benefit from the tariff reduction and any associated conditions has created market anxiety [8][10] - The ongoing discussions about the political rights of mainland spouses highlight deeper issues of political identity and power boundaries, with implications for how policies are framed and implemented [10] - Lai's assertion that wasting time and money undermines the commitment to defense spending reflects internal skepticism about the budget process and the necessity for transparency in military expenditure [10]

Group 1: Economic Policies and Stimulus - The U.S. announced a trade framework agreement with Argentina, Ecuador, Guatemala, and El Salvador to lower food tariffs, aiming to alleviate rising food prices due to tariffs and supply shocks [45][47] - Japan's government introduced a comprehensive economic stimulus plan worth 21.3 trillion yen, focusing on short-term subsidies, crisis management investments, and defense spending to boost GDP [64] Group 2: Market Performance - Major equity markets experienced declines, with the Hang Seng Technology Index down 7.2% and the Nasdaq down 2.7% [3][12] - The S&P 500 sectors showed mixed results, with communication services, healthcare, and consumer staples rising by 3.0%, 1.8%, and 0.8% respectively, while information technology and consumer discretionary fell by 4.7% and 3.3% [8] Group 3: Employment Data - The U.S. added 119,000 non-farm jobs in September, exceeding market expectations, but the unemployment rate rose to 4.4% [73]

尽管政府重启后，明年第一季度经济增长可能因此回升2.2个百分点，但仍将有约110亿美元的经济活动 遭受永久性损失。作为对比，2018至2019年曾持续35天的史上最长政府停摆（仅影响部分机构）对GDP 的影响仅为0.02%，远低于本次停摆所造成的冲击。 另外美国高级官员周四表示，已与多个拉丁美洲国家签署贸易协议，将对部分咖啡及水果等进口商品实 施关税减免。在当前经济环境下，咖啡已成为民众评判特朗普政府经济政策时"负担能力危机"的一个象 征，正如鸡蛋在拜登政府时期所代表的角色。 【最新现货白银行情解析】 周四在试探前期高点54.5后，出现了大跌空间，最低在52附近，不过午夜和早盘已经出现了上涨，收盘 在53附近，所以可以看到趋势还是趋势，上涨依旧是主力行为。 周五白银价格在早盘最后一盘中跃升，准备触及关键阻力位54.40美元，主要看涨趋势占主导地位，并 在短期基础上与支撑该赛道的小趋势线一起交易，此外，相对强弱指标上出现积极的重叠信号，在达到 超卖水平后，与价格走势相比被夸大了，表明开始形成正背离，这加强了看涨势头。 今日周日，白银市场休市。周三白银突破50.02-51.07美元的关键回撤区域，进一步强化了白银 ...

Core Points - The White House has issued a 98-page document detailing exemptions to tariffs on a wide range of products, indicating a significant rollback of tariffs [1][3] - Products exempted from tariffs include coffee, bananas, tomatoes, avocados, mangoes, limes, beef, and copper, which are heavily imported into the United States [2][4] - This move is seen as an effort by the White House to address affordability concerns in American politics and to lower the costs of products that have been increasing for consumers [3][4]

Core Viewpoint - The White House is shifting focus towards affordability and is negotiating new tariff deals with countries in Latin America to potentially lower costs for American consumers [2][3][4]. Group 1: Economic Strategy - The administration is promoting the idea of sending $2,000 dividend checks to Americans as part of a strategy to distract from rising costs of living [3]. - There is an emphasis on long-term solutions regarding tariffs, with the administration considering the overall benefits rather than short-term economic pain [5][12]. Group 2: Tariff Negotiations - New tariff agreements are being pursued, particularly with Latin American countries, to alleviate costs on food items and other goods [8][9]. - The administration is looking to lower standards for tariff exemptions on certain food goods, indicating a focus on providing relief in the food sector [9][12]. Group 3: Political Context - The push for affordability comes amid ongoing political challenges, with the administration facing pressure from Democrats on the cost of living issue [4][6]. - The potential for rebate checks and tariff reductions is seen as a critical strategy leading up to the midterm elections [10][11].

Core Points - The Trump administration has reached a trade agreement framework with Argentina, Guatemala, El Salvador, and Ecuador, which includes tariff reductions on certain goods [1][5] - The agreement aims to enhance the ability of U.S. companies to sell industrial and agricultural products in these countries [4] - Specific goods, such as coffee and bananas from Ecuador, are expected to benefit from tariff exemptions [2][5] Group 1: Tariff Reductions - Tariff rates for most goods from Guatemala, El Salvador, and Argentina will remain at 10%, while Ecuador's tariff rate will stay at 15%, with some goods receiving tariff reductions [1][5] - Approximately 70% of goods exported from Guatemala to the U.S. will be exempt from tariffs due to the inability to produce these goods domestically [5] Group 2: Focus on Beef - The agreement with Argentina emphasizes improving market access for beef, with a commitment to mutually beneficial trade conditions [6] - The U.S. is experiencing significant increases in beef prices, with some products rising by 12% to 18% year-over-year [6] - The agreement is expected to exempt Argentine beef from a 10% import tariff, although it may not change the existing export quota limitations for Argentine beef to the U.S. [7] Group 3: Broader Trade Negotiations - The U.S. Trade Representative is also engaging in discussions with Switzerland, indicating ongoing efforts to negotiate trade agreements that may include tariff reductions [7]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Through macro - fundamental and technical analysis, the report predicts the price trends and key support and resistance levels of various futures contracts on November 13, 2025 [2][3][4]. Summary by Directory 1. Macro News and Trading Alerts - China - Spain leaders met and witnessed the signing of 10 cooperation documents in economic, technological, and educational fields [7]. - Chinese and US economic officials emphasized the importance of economic and trade cooperation [7]. - Chinese officials welcomed foreign retail enterprises to invest in China [7]. - Seven Chinese government departments jointly issued an opinion to strengthen science and technology education in primary and secondary schools [7]. - The US House of Representatives will vote on a temporary appropriation bill, potentially ending the 43 - day government shutdown [8]. - The US Treasury Secretary announced upcoming "substantial" tariff news and a "tariff dividend" plan [8]. - Different Fed officials have different views on interest rate cuts [8]. 2. Commodity Futures - related Information - On November 12, US and Brent crude oil futures prices fell, with OPEC lowering its global oil demand forecast [9]. - On November 12, international precious metal futures generally rose, driven by factors such as the approaching end of the US government shutdown and geopolitical risks [9]. - On November 12, most London base metals rose [10]. - The EIA adjusted its 2025 and 2026 crude oil price forecasts [10]. - The IEA believes that global oil and gas demand may continue to grow until 2050 [11]. - OPEC expects the oil market to achieve supply - demand balance in 2026 [11]. - The Simandou iron ore project officially started production, with proven reserves of 4.4 billion tons [11]. - On November 12, the on - shore RMB against the US dollar and the RMB central parity rate both rose [11]. - On November 12, the US dollar index fell slightly, and non - US currencies showed mixed performance [12]. 3. Futures Market Analysis and Forecast 3.1 Stock Index Futures - On November 12, the main contracts of stock index futures showed different trends, with overall weak rebounds [12][13][14]. - A - share markets were volatile on November 12, with some sectors rising and others falling [14]. - The Shanghai Stock Exchange International Investors Conference was held, with officials announcing measures to optimize the capital market [15][16]. - Overseas investors' holdings of A - shares have increased, and institutions are generally optimistic about A - shares in 2026 [15][16]. - On November 12, the Hong Kong stock market rose, with different performances among sectors [16]. - On November 12, US and European stock markets showed different trends, and institutions are cautious about the future performance of US stocks [17]. - It is expected that stock index futures will oscillate and consolidate on November 13, 2025, and will have wide - range oscillations in November [18]. 3.2 Treasury Bond Futures - On November 12, the main contracts of ten - year and thirty - year treasury bond futures rose slightly, with weak rebounds [33][39]. - On November 12, the central bank conducted 195.5 billion yuan of reverse repurchase operations, with a net investment of 130 billion yuan [34]. - On November 12, short - term Shibor rates declined [34]. - It is expected that the main contracts of ten - year and thirty - year treasury bond futures will have wide - range oscillations on November 13, 2025 [36][40]. 3.3 Precious Metal Futures - On November 12, the main contract of gold futures had a slight decline, with weakening upward momentum [40]. - On November 12, the main contract of silver futures rose significantly, hitting a record high [48]. - It is expected that in November 2025, the main continuous contracts of gold and silver futures will have strong wide - range oscillations, and the silver futures will hit a record high. On November 13, 2025, both are expected to oscillate strongly [40][41][49][50]. 3.4 Base Metal Futures - On November 12, the main contracts of copper, aluminum, and tin futures rose slightly, with varying degrees of upward momentum [53][57][61]. - It is expected that in November 2025, the main continuous contracts of copper, aluminum, and tin futures will have strong wide - range oscillations. On November 13, 2025, they are expected to oscillate strongly [53][57][61]. 3.5 Other Commodity Futures - On November 12, the main contracts of polysilicon, lithium carbonate, rebar, hot - rolled coil, iron ore, coking coal, crude oil, fuel oil, and PTA futures showed different trends [65][66][72][75][77][84][89][94][96]. - It is expected that on November 13, 2025, polysilicon and lithium carbonate futures will have wide - range oscillations; rebar, hot - rolled coil, iron ore, coking coal, and PTA futures will oscillate weakly; crude oil and fuel oil futures will oscillate weakly [66][73][75][77][85][89][94][96].

Group 1 - Silver futures are currently trading above 12405, with a reported price of 12535, reflecting a 5.04% increase from the opening price of 12092 [1] - The highest price reached today was 12569, while the lowest was 12036, indicating a short-term volatile trading pattern [1] - The upward trend in silver prices has surpassed previous highs, suggesting continued bullish sentiment in the market [3] Group 2 - U.S. Treasury Secretary Bessent indicated that the economy was in good shape before the government shutdown, describing the situation as a "small hiccup" [1] - Bessent expects that U.S. citizens will feel better about the economy in the first and second quarters of next year, with actual income projected to rise [1] - The Treasury Department is closely monitoring potential long-term changes in demand for U.S. Treasury bonds and will adjust auction sizes accordingly [2]