博拓生物晚间公告，2025年度营业总收入4.48亿元，同比下降19.85%；净利润4679.57万元，同比下降 72.39%。2025年上半年，由于美国政府多次加征关税引发市场重大波动，公司对美出口销售下滑；受 行业竞争加剧及部分传染病检测市场周期性波动影响，国内呼吸道检测产品以及拉美地区登革热等蚊媒 类产品销售收入同比减少。 ...

随着美国最高法院那纸裁决落下，几乎所有人都以为，特朗普的"关税大棒"，要暂时收一收了。出乎预 料的是，特朗普举动更疯狂了，但对中国却一改往日态度。 最高法院的判决墨迹未干，特朗普就迅速亮出了另一张牌——《美国贸易法》第122条。这条法案，赋 予总统在所谓"国际收支出现紧急情况"或"美元汇率受到威胁"等特定条件下，可以绕开冗长的国会辩论 和程序，直接对进口商品加征关税。 （特朗普再次宣布全球加税） 随后，特朗普宣布，将对全球所有进口商品，无差别地加征10%到15%的附加关税。就在这个时候，一 个戏剧性的转折出现了。美国贸易代表格里尔很快站出来"补充说明"，但这个说明，更像是在全球统一 的强硬姿态上，亲手撕开了一道口子。 他明确表示，美国计划将部分国家的关税税率从刚实施的10%上调至15%及以上，但是不对中国加征新 关税，将严格遵守与中方达成的协议。 全球加税，唯独对中国"网开一面"？为什么会出现这样的情况？ 一方面，这暴露了美方的被动与困境。特朗普看似嚣张的全球加税令，实则有虚张声势的成分。国内经 济数据糟糕，那些深度嵌入全球产业链、尤其依赖中国零部件的美国企业早已叫苦不迭，纷纷施压政府 寻求与中国的友好贸易关 ...

| 项目类别 | 数据指标 环比 最新 | 最新 | 数据指标 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 铂金主力合约收盘价（日，元/克） 11.55↑ 钯金主力合约收盘价（日，元/克） | 589.50 | | 446.55 | -10.35↓ | | | 主力合约持仓量:铂金(日,手) -277.00↓ 主力合约持仓量:钯金(日,手) | 10387.00 | | 3179.00 | +90.00↑ | | 现货市场 | 7.58↑ 长江钯金现货平均价 上金所铂金现货价（Pt9995） | 591.60 | | 436.00 | 5.00↑ | | | 铂金主力合约基差(日,元/克) -3.97↓ 钯金主力合约基差(日,元/克) | 2.10 | | -10.55 | 15.35↑ | | 供需情况 | 铂金CFTC非商业多头持仓（周，张） 9966.00 -243.00↓ 钯金CFTC非商业多头持仓（周，张） | | | 3003.00 | -342.00↓ | | | 供应量:铂金:总计(年,吨):2025预计 -0.80↓ 供应量 ...

一觉醒来，发现白银价格直接飞了，黄金也跟着上涨，全球市场像炸锅一样。 这到底发生了什么？ 普通人关心的钱包，突然就被一场美国式"骚操作"搅得天翻地覆。 其实那天中国市场还在春节假期，真正推高价格的，是美国自己。 白银和黄金的涨幅远超日常波动，资本像洪水一样涌过去。 你以为这是技术性调整？ 其实是恐慌情绪的集中爆发。 有人说是特朗普，又有人怪美联储，还有人干脆把锅甩给伊朗。 其实，这些表面上的波动背后，藏着美国政治经济一系列自作聪明的操作——但说实话，真正吃亏的还是他 们自己。 先说市场吧。 2月20日那天，白银疯狂暴涨超过8%，黄金也不甘示弱，涨了2%。 投资者像跑马一样冲向贵金属避险。 有人问，是不是中国大妈又出手了？ 这场风暴的导火索，就是特朗普。 美国总统特朗普突然宣布，要对全世界所有卖到美国的商品再加征10%关税。 这不是普通的关税，是在原本已经有的关税基础上加码。 你觉得这个操作有脑子吗？ 其实就是典型的"自作聪明"：一边摊手让市场承受压力，一边想着用关税威胁世界。 为什么特朗普要这么干？ 背后是美国最高法院给他添堵。 法院判决他之前搞的大规模关税不合法，理由是缺乏明确法律授权。 一场裁决让美国企业 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 当地时间23日，美国媒体报道称美国政府正考虑以"国家安全"为由，对约六个行业加征新一轮关税。知 情人士称，拟议关税可能涵盖大型电池、铸铁及铁制配件、塑料管道、工业化学品以及电网和电信设备 等行业。这些新关税将独立于近期宣布的全球15%关税措施单独实施。（央视新闻） 风险提示及免责条款 ...

据美国方面21日消息，在美国总统特朗普宣布将新一轮全球关税提高至15%后，美国洛杉矶港负责人表 示，美国企业面临更大的不确定性。洛杉矶港执行董事吉恩·塞罗卡表示，在政策走向不明的情况下， 企业难以进行人才、投资和技术方面的长期战略规划。他预计，未来美国经济将面临一段"颠簸之路"， 消费者可能会感受到价格上涨带来的压力。 （文章来源：央视新闻） ...

当地时间2月20日，美国总统特朗普表示，他将签署一项命令，依据美国《1974年贸易法》第122条，在 目前已经征收的常规关税基础上，额外对全球商品加征10%的关税。 （文章来源：央视新闻） ...

Group 1 - The SPDR Gold Trust, the world's largest gold ETF, reported a holding of 1,086.53 tons of gold as of January 22, an increase of 6.87 tons from the previous trading day [1] - As of January 23, the spot gold price closed at $4,986.45 per ounce, reflecting a daily increase of 1.05%, with an intraday high of $4,989.52 and a low of $4,899.65 [1] Group 2 - U.S. President Trump announced a 10% tariff on all goods exported from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland starting February 1, contingent upon negotiations for the "complete and total purchase of Greenland" [3] - If no agreement is reached by June 1 regarding the sale of Greenland, the tariff will increase to 25% [3] - Several European countries, including Sweden, the UK, and France, expressed their disapproval and commitment to defending European sovereignty [3] - On January 20, Japan experienced a significant sell-off of long-term government bonds, with 30-year and 40-year bond yields rising over 25 basis points in a single day, marking the first time in over 30 years that 40-year bond yields exceeded 4% [3] - U.S. Treasury yields for 10-year, 20-year, and 30-year bonds also increased by approximately 8 basis points [3] - The Danish pension fund AkademikerPension plans to "liquidate" its holdings in U.S. Treasuries, citing that the U.S. is "no longer a high-quality credit entity," with approximately $100 million in U.S. debt held until the end of 2025 [3]

Core Viewpoint - Botao Bio is forecasting a significant decline in net profit for 2025, with an expected net profit of approximately 45 million yuan, representing a year-on-year decrease of about 73.45% [1] Revenue Impact - The company's revenue is expected to be adversely affected in the first half of 2025 due to multiple tariff increases imposed by the U.S. government, leading to a decline in exports to the U.S. [1] - Domestic demand for respiratory testing products and mosquito-borne disease products in Latin America has also decreased year-on-year, further impacting overall revenue [1] Expense Impact - The company is focusing on innovation and team incentives, which has led to increased research and development expenses and costs associated with employee stock ownership plans [1] - Financial income from foreign exchange gains and interest has decreased year-on-year, contributing to a significant decline in profits [1] Non-Operating Income Impact - In the previous period, the company benefited from a $5 million advance payment and transportation fees from overseas customers for COVID-19 testing products, which were recognized as revenue in 2024, leading to increased net profit [1] - The current reporting period did not experience similar non-operating income, which has negatively affected profit figures [1]

Market Overview - The main copper futures contract on the Shanghai Futures Exchange opened at 101,020 CNY/ton and closed at 101,280 CNY/ton, a slight increase of 0.05% from the previous trading day [2] - The night session saw the main copper contract open at 100,550 CNY/ton and close at 100,260 CNY/ton, remaining stable compared to the afternoon close [2] Spot Market - SMM reported that the spot price for 1 electrolytic copper was quoted at a discount of 280 to 80 CNY/ton against the current month contract, with an average discount of 180 CNY/ton, down 30 CNY/ton from the previous day [3] - The price range for electrolytic copper was between 99,820 and 100,300 CNY/ton, with the market showing a clear differentiation in supply [3][15] - Downstream purchasing showed structural characteristics, with leading enterprises actively accepting deliveries, particularly when copper prices fell below 99,500 CNY/ton [15] Important News - The geopolitical situation regarding Greenland has improved, with U.S. President Trump announcing an agreement framework with NATO Secretary General Stoltenberg, which could benefit the U.S. and NATO members [4] - Economic forecasts indicate that most economists expect the Federal Reserve to maintain the benchmark interest rate unchanged this quarter, with potential rate cuts anticipated later in the year [4][5] Mining Sector - Rio Tinto reported a copper production of 240,000 tons in Q4 2025, a 5% increase year-on-year, and a total production of 883,000 tons for the year, exceeding the revised guidance [5][17] - The Democratic Republic of the Congo is opening its doors to U.S. capital for strategic mineral projects, including copper and cobalt, as part of a new investment initiative [5][17] Smelting and Imports - The London Metal Exchange (LME) reported a significant premium for spot copper prices compared to future contracts, with the "tom/next" spread reaching its highest level since the 2021 supply squeeze [6][18] - The copper market is experiencing a new round of volatility, with recent prices exceeding 13,400 USD/ton [6][18] Inventory and Warehouse Data - LME warehouse stocks decreased by 8,875 tons to 159,400 tons, while SHFE stocks fell by 2,612 tons to 145,581 tons [7][19] - As of January 21, domestic electrolytic copper stocks were at 329,400 tons, a decrease of 850 tons from the previous week [19] Strategy - The outlook for copper is neutral, with recent tariffs on semiconductors affecting demand projections for non-ferrous metals [20] - Current copper prices are expected to remain in a range between 99,500 CNY/ton and 110,000 CNY/ton due to high prices and low downstream demand [20]