投资咨询号: Z0013700 从业资格号:F3023916 投资咨询业务资格:证监许可【2012】31号 铂把数据日报 国贸期货研究院 贵金属与新能源研究中心 ITC 国贸期货 世界500强投资企业 2026/2/26 国贸期货股份有限公司 成为一流的衍生品综合服务商 | | | | 白素姚 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 国内价格 | 指标名称 现货:铂(99.95%) | 现值 | 前値 | 涨跌幅 | 800 | -期货收益价(活跃合约):铂 | 主要图表 - 期货收益价(活跃合约):知 | | | 铂期货主力收盘价 | 586 | 551. 85 | 6. 19% | | | | | | | 568 | 546 | 4. 03% | | | 5 | | (元/克) | 甜:基差(现-期) | -18 | -5. 85 | 207. 69% | | | | | | | | | | 600 | | | | | 锂期货主力收盘价 | 457. 95 | 438. 45 | 4. 45% | | | | | | 现货 ...

Core Viewpoint - The U.S. Supreme Court ruled that the International Emergency Economic Powers Act does not authorize the President to impose large-scale tariffs, leading President Trump to invoke other legal provisions to impose a 15% tariff on imports, raising concerns from the UK and Australia about increased export costs and weakened competitiveness [1][2]. Group 1: Impact on Trade Relations - The new tariffs will increase the tariff rate on UK goods exported to the U.S. from 10% to 15%, excluding items covered by the trade agreement reached last year [1]. - Australian products, which previously benefited from a free trade agreement eliminating most tariffs, may now face higher tariffs due to the new U.S. measures [1][2]. Group 2: Reactions from Officials - UK Chamber of Commerce's trade policy director expressed disappointment, estimating that the increased tariffs will raise the cost of UK exports to the U.S. by £2 to £3 billion (approximately $2.7 to $4.1 billion) [1]. - Australian officials, including the Trade and Tourism Minister, expressed disappointment and urged the U.S. to abandon the new tariffs, emphasizing the need for a rules-based trading order [2]. Group 3: Economic Implications - Analysts suggest that the uncertainty surrounding U.S. tariff policies could have lasting impacts on international trade and add downward pressure to global economic recovery amid ongoing supply chain disruptions and geopolitical tensions [2].

（资料图） 南方财经 21世纪经济报道记者吴斌 上海报道 一场由美国国内法引发的"关税地震"，给世界留下了一个棘手的问题。据央视新闻报道，美国海关与边 境保护局（CBP）表示，从美国东部时间2月24日起停止征收依据《国际紧急经济权力法》（IEEPA） 开征的关税。 美国最高法院20日公布裁决，认定特朗普政府援引《国际紧急经济权力法》实施的大规模关税政策违 法。美国总统特朗普在最高法院裁决公布后宣布，依据美国《1974年贸易法》第122条，对全球商品加 征10%的进口关税，为期150天，以取代被最高法院认定违法的关税。21日，特朗普在社交媒体上发文 称，他前一天宣布对输美商品加征的"全球进口关税"税率将从10%提高到15%。 此外，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。 这场关税政策"过山车"，绝非一次简单的政策回调，而是全球贸易秩序进入深水区的缩影。当"美国优 先"撕裂了曾经由美欧引领的规则共识，传 ...

贝恩还说，美最高法院裁决明确的是总统在相关法律框架下的权限边界，并未消除企业面临的不确 定性。此外，裁决还带来一系列问题，包括美国进口商是否可申请退还已缴纳的关税，以及出口商能否 获得部分退款。 英国工业联合会欧洲与国际事务主管肖恩·麦圭尔表示，实际关税若从10%提高至15%，将"侵蚀企 业利润空间，削弱英国商品在美国市场的竞争力，并给已在更碎片化和不可预测的全球贸易环境中承压 的出口商带来更大压力"。 新华社伦敦/墨尔本2月24日电 综述｜不降反增 英澳反对美新关税措施 新华社记者赵小娜 徐海静 美国最高法院日前裁决，美国《国际紧急经济权力法》未授权总统征收大规模关税。此后，美国总 统特朗普宣布援引其他法律条款对进口商品加征15%关税。英国和澳大利亚相关人士对此表示强烈关 切，认为此举将推高出口成本，削弱企业竞争力，进一步加剧全球贸易环境的不确定性。 特朗普政府宣布新增关税后，除英美去年达成的贸易协议涵盖的商品外，英国输美商品关税税率将 从10%升至15%。澳大利亚与美国的自由贸易协定取消了几乎所有澳大利亚输美商品的关税，如今澳大 利亚产品实际可能面临更高关税。 英国商会贸易政策主管威廉·贝恩23日说，英国 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 铜：铜价高位震荡，关注复工情况 假期间伦铜震荡运行于12500-13000美元区间。 宏观中性偏空。2月21日特朗普宣布将对全球对等关税上调至15%，贸易政策不确定性叠加美国伊朗谈判无果，市场避险情绪升温。 基本面中性。假期间LME累库约3万吨至24万吨，COMEX铜累库0.8万吨至54.46万吨。节前国内加工企业开工率大幅下滑，关注节后复工情况。 总体来看，受中国假期影响海外铜价波动放缓，节后在下游复工推动下，铜价具备一定韧性，预计价格有望企稳回暖。今日沪铜主力运行参考9.9万-10.25万 元/吨。策略上，逢低布局远月多单。 重要声明 本报告中的信息均来源于公开可获得资料，中信建投期货力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构 成个人投资建议，也没有考虑到个别客户特殊的投资目标、财务状况或需要。客户应考虑本报告中的任何意见或建议是否符合其特定状况。（虞璐 彦/Z0023596，仅供参考） 镍&不锈钢：宏观方面，美国关税走向不确定性扰动市场，地缘风险亦有担忧。消息面上，WBN的RKAB配额被削减至1 ...

21日，印度贸易部表示正在研究该裁决及美国后续声明的影响。 据路透社2月22日报道，印度贸易部一名消息人士22日表示，印度已推迟原定本周派遣贸易代表团前往 华盛顿的计划，主要原因是美国最高法院推翻特朗普总统加征的关税后，局势出现不确定性。 来源 | 参考消息 该消息人士补充说，此次推迟主要源于20日判决后关税政策的不确定性。 此前，美印两国已就一个框架达成一致：美国将降低对印度部分出口商品加征的25%惩罚性关税，这些 商品与印度采购俄罗斯石油相关。代表团原定于22日启程赴美，以敲定一份临时贸易协定。 这是亚洲国家对该裁决作出的首批具体反应之一。此前，在法院驳回相关关税措施后，特朗普21日宣布 对所有国家输美商品加征15%的临时关税，这是法律允许的最高税率。 要求匿名的消息人士称："推迟访问的决定是经两国官员磋商后作出的。目前尚未确定新的访问日期。" ...

亚洲交易时段早盘，韩国首尔综指高开1.6%，美元和美股期货双双走低，投资者开始为美国资产定价更高风险溢价。 韩国首尔综指高开1.6%，标普500指数期货下跌0.4%，美元指数下滑0.2%。由于日本假期，亚洲现货市场债券交易暂停，但美国国债期货走低。 黄金和白银上涨，而油价下跌，投资者同时在评估美国与伊朗达成核协议的可能性。亚洲股市指数上涨0.5%，主要受科技类重磅股涨幅推动。 AT Global Markets首席市场分析师Nick Twidale表示："我们对特朗普已经有很多经验了，我们认为他不会善罢甘休。不确定性增加以及围绕特朗 普下一步行动的问号，盖过了关税降低和潜在回报的任何积极因素。" 周一早盘的市场走势表明，投资者正开始为美国资产定价更高的风险溢价，美国贸易政策缺乏明确性可能令全球前景蒙上阴影。 据央视新闻，美国最高法院20日裁决美国政府征收大规模关税政策"越权"后，美总统特朗普立即祭出新的行政令，宣布自2026年2月24日起，对来 自所有国家和地区的商品加征10%的进口关税。21日，特朗普又宣布，把这项新征收的"全球进口关税"税率由10%提升至15%。贸易政策缺乏明确 性可能导致全球前景蒙上阴影 ...

Core Viewpoint - The renewed threats from President Trump regarding tariffs and the potential acquisition of Greenland have escalated uncertainty in the economy and job market, raising fears of a trade war between the U.S. and Europe [2][9]. Economic Impact - The uncertainty surrounding U.S. trade policy has significantly affected business investment and hiring, contributing to a rise in the unemployment rate [4]. - Economists predict that if tariffs are implemented as proposed, U.S. economic growth could decline by an entire percentage point next year, with GDP growth estimated to drop from 2.8% to 2.3% in 2026 [9][11]. - The potential for tariffs to disrupt global supply chains and increase import costs could lead to inflation, complicating the Federal Reserve's management of interest rates [5]. Business Response - Businesses are delaying expansion and hiring plans due to uncertainty about future tariff rates, which affects their supply chain management and cost assessments [6]. - The aggressive rhetoric from Trump may provoke a stronger response from European leaders compared to previous negotiations, indicating a shift in the trade dynamics [7][8]. Market Reaction - Financial markets reacted negatively to the potential for a trade war, with declines in stock prices, the dollar, and bonds as investors processed the implications of the proposed tariffs [3].

Core Viewpoint - The article discusses the delay in the U.S. Supreme Court's ruling on the Trump administration's tariff case, highlighting market concerns over policy uncertainty and the potential implications for the administration and the economy [3][6]. Group 1: Supreme Court Delays and Market Reactions - The U.S. Supreme Court has not yet ruled on the tariff case, with expectations for a decision possibly on January 21 or 22 [3]. - The delay has led to declines in some consumer stocks, reflecting market anxiety regarding the uncertainty of the ruling [3]. - Analysts suggest that the longer the ruling is delayed, the more favorable it may be for the Trump administration, with Morgan Stanley indicating that each week of delay increases the likelihood of a favorable outcome for the administration [6][8]. Group 2: Legal and Economic Implications - The Trump administration implemented tariffs under the International Emergency Economic Powers Act (IEEPA) without congressional approval, raising questions about the legality of these actions [5]. - The potential refund amount related to the tariffs is estimated at $135 billion, which could have significant financial implications if the Supreme Court rules against the administration [7]. - Despite the potential for refunds, analysts believe that the actual amount refunded may be lower due to companies' reluctance to pursue refunds that could anger the administration [10]. Group 3: Broader Economic Context - The article notes that tariff revenues have increased by $206 billion over the past eight months, but this is not solely from IEEPA tariffs, with estimates suggesting around $130 billion from these specific tariffs [10]. - The current rate of tariff revenue generation is approximately $30.4 billion per month, leading to an annualized revenue of $364.5 billion, although this may decline as companies seek ways to avoid tariffs [10].

Group 1 - The core viewpoint of the articles indicates that the U.S. unemployment rate's decline in December exceeded market expectations, leading to a drop in U.S. Treasury prices and a rise in yields across various maturities, with the highest increase around 3 basis points [1] - Despite the short-term cooling of rate cut expectations, bond traders maintain a forecast of two rate cuts in 2026, with the first potentially occurring around mid-year [1][2] - The December employment data is viewed as a crucial indicator for assessing trends in the U.S. labor market, especially following a six-week government shutdown that delayed labor reports [1] Group 2 - Market sentiment suggests that future rate cuts will depend on the performance of the labor market in the coming months, with some Federal Reserve officials expressing concerns about inflation exceeding policy targets, which may limit the pace of further easing [2] - The U.S. Treasury market experienced a cumulative increase of over 6% last year, marking its best annual performance since 2020, primarily driven by expectations of a cooling labor market [2] - The uncertainty surrounding tariff policies has emerged as another focal point for the bond market, with potential legal rulings on the legitimacy of tariffs that have generated significant revenue for the U.S. government [2][3]