● 本报记者 倪铭娅 王舒嫄 春节过后，佛山鑫码电子科技有限公司联合创始人程珍就进入"冲刺状态"——进工厂巡查、召开启动 会、跟进新订单，没有任何缓冲期。程珍的忙碌，正是全国外贸企业节后运营的生动缩影。 订单排期充足 "春节前就在加班加点赶制一批来自土耳其的订单，春节后又马上进入'加速模式'。"四川凯希蜀宇摩托 车有限责任公司董事长邓宇告诉中国证券报记者，"这批1180台出口土耳其的电动车已全面进入交付阶 段，预计2月26日就能全部装完，现在每天都在加班加点装货。" 不仅摩托车企业开足马力，日用品外贸企业的赶工热潮同样扑面而来。"目前公司在手订单已经排到5月 初，初八一开工，公司就满负荷生产。"江苏可士多日用品有限公司总经理屠新宁称，为了鼓励员工快 速返岗、全力赶工，公司特意给正月十二日之前到岗的新老员工准备了大红包。 源源不断的订单，不仅填满了企业的生产排期，更提振了企业出口的信心。"从今年前两个月订单情况 看，海外市场需求旺盛，预计公司一季度出口将实现大幅提升。"屠新宁语气坚定。 扬州民生刷业日化有限公司负责人张德钢也有着同样的底气："从目前情况看，公司一季度订单增长势 头明显，预计同比增长80%，一季度 ...

5月14日12时01分起，中美相互调整后的关税正式实施，美方取消了共计91%的加征关税，中方相应取消了91%的反制关税；美方暂停实施24%的"对等关 税"，中方也相应暂停实施24%的反制关税。 关税降了，全球市场都松了一口气，美国客商更是趁着缓冲期赶紧下订单、提货。然而，对于外贸企业，特别是中小型外贸企业来说，经历了此前关税风 浪带来的挑战，他们在外贸市场的"通关秘籍"已经改变。 但最后，张艳还是顶住了重重压力，抱着"允许客户不下单，但不允许自己不准备"的心态决定"先干了再说"。于是，在十多轮样品的打磨、寄送以及双方 来回沟通后，张艳于当年十月初寄出了第一批货，最终完成订单，赚到了创业路上的"第一桶金"。她至今仍清楚记得，客户叫西米和凯瑞，是美国连锁超 市的供货商。 远隔重洋的买家和卖家，在未曾谋面只通过电话、网络联系的情况下，选择彼此信任，克服重重阻隔，最终达成合作。来自中国廊坊一家小厂房内的乐器 类玩具就这样飘洋过海，为太平洋彼岸的家庭送去了圣诞的乐音。 这家小玩具厂的发展史，恰是此后二十年"中国制造"一路壮大的生动注脚。在中美两国合作互信、商贸往来中，伴随着跨境电商和国际物流的飞速发展， 中国制造的产品 ...

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - The release of the joint statement on China-US economic and trade high - level talks, along with favorable policies from the State Council Information Office, and the positive outcome of the China - US tariff negotiation, are short - term positive factors for the stock market. With the current low valuation levels of major Chinese indices, there is a high cost - effectiveness for medium - and long - term funds to enter the market. It is expected that the stock index will break through upwards, so futures should be treated as bullish, and a wide - straddle buying option strategy can be used for stock index options to capture the trend after the direction is chosen [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 3885.00, 3853.00, 3786.60, and 3749.60 respectively, with increases of 45.80, 47.00, 45.00, and 44.40. The trading volumes were 31355.00, 61843.00, 13346.00, and 3543.00, and the open interest increased by 2092.00, 14106.00, 2998.00, and 1453.00 respectively. The price - to - price spreads of the CSI 300 index were 1.19, 1.23, 1.20, and 1.20 [1] - **IH Contracts**: The previous day's closing prices of IH contracts were 2703.80, 2686.60, 2653.20, and 2649.00, with increases of 20.00, 20.40, 21.20, and 22.20. The trading volumes were 13936.00, 31684.00, 5559.00, and 1311.00, and the open interest increased by 854.00, 7500.00, 1600.00, and 520.00 respectively. The price - to - price spreads of the SSE 50 index were 0.75, 0.77, 0.81, and 0.85 [1] - **IC Contracts**: The previous day's closing prices of IC contracts were 5786.00, 5688.00, 5524.60, and 5417.80, with increases of 81.20, 82.80, 69.60, and 68.20. The trading volumes were 25583.00, 52449.00, 12705.00, and 5584.00. The open interest of the current - month contract decreased by 2319.00, while the others increased by 2505.00, 1668.00, and 1743.00 respectively. The price - to - price spreads of the CSI 500 index were 1.42, 1.48, 1.28, and 1.27 [1] - **IM Contracts**: The previous day's closing prices of IM contracts were 6151.60, 6037.00, 5843.40, and 5702.20, with increases of 94.00, 93.00, 84.60, and 82.20. The trading volumes were 40716.00, 134023.00, 29274.00, and 8380.00. The open interest of the current - month contract decreased by 6527.00, while the others increased by 5031.00, 2040.00, and 1059.00 respectively. The price - to - price spreads of the CSI 1000 index were 1.55, 1.56, 1.47, and 1.46 [1] - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM were - 32.00, - 17.20, - 98.00, and - 114.60 respectively, compared to the previous values of - 31.60, - 17.40, - 97.60, and - 111.00 [1] 3.2 Stock Index Spot Market - **Major Indexes**: The previous values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 3846.16, 2684.01, 5793.67, and 6082.08, with price - to - price spreads of - 0.17, 0.17, 1.26, and - 1.23 respectively. The trading volumes (in billion lots) were 119.39, 32.78, 135.82, and 189.22, and the total trading amounts (in billion yuan) were 2166.98, 603.26, 1994.27, and 2428.10 [1] - **Industry Indexes**: Among the CSI 300 industry indexes, the price - to - price spreads of energy, raw materials, industry, optional consumption, major consumption, medical and health, real estate and finance, information technology, telecommunications services, and public utilities were 0.32%, - 0.45%, - 0.17%, 0.06%, 0.27%, 0.18%, 0.37%, - 1.80%, - 0.93%, and 0.59% respectively [1] 3.3 Futures - Spot Basis - **IF Contracts**: The previous values of the basis between IF contracts (current month, next month, next quarter, and far - quarter) and the CSI 300 index were - 5.61, - 37.61, - 104.01, and - 141.01, compared to the previous two - day values of - 5.96, - 37.56, - 102.56, and - 139.36 [1] - **IH Contracts**: The previous values of the basis between IH contracts and the SSE 50 index were - 0.51, - 14.71, - 47.91, and - 51.91, compared to the previous two - day values of - 5.90, - 24.30, - 56.70, and - 59.70 [1] - **IC Contracts**: The previous values of the basis between IC contracts and the CSI 500 index were - 19.32, - 116.92, - 265.92, and - 370.92, compared to the previous two - day values of - 21.81, - 113.81, - 258.61, and - 361.01 [1] - **IM Contracts**: The previous values of the basis between IM contracts and the CSI 1000 index were - 25.88, - 136.88, - 322.48, and - 461.28, compared to the previous two - day values of - 30.48, - 139.28, - 328.08, and - 465.88 [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3342.00, 10126.83, 6294.71, and 2011.77, with price - to - price spreads of - 0.30%, - 0.69%, - 0.62%, and - 0.87% respectively [1] - **Overseas Indexes**: The previous values of the Hang Seng Index, Nikkei 225, S&P Index, and DAX Index were 22867.74, 37503.33, 5659.91, and 23499.32, with price - to - price spreads of 0.40%, 1.56%, - 0.07%, and 0.63% respectively [1] 3.5 Macro Information - China - US economic and trade high - level talks released a joint statement. The US will cancel 91% of the additional tariffs, and China will cancel 91% of the counter - tariffs. Both sides will suspend the implementation of 24% "reciprocal tariffs" and relevant counter - measures. A mechanism will be established for further consultations [2] - The Xinhua News Agency published a commentary, stating that rational expectations should be held for the China - US economic and trade talks, and the long - term, complex, and arduous nature of eliminating differences should be recognized [2] - The Minister of Commerce, Wang Wentao, held a round - table meeting with foreign - trade enterprises, indicating that the Ministry of Commerce will coordinate domestic economic work and international economic and trade struggles to support foreign - trade enterprises [2] - The State Council Information Office released the first white paper on "China's National Security in the New Era" [2] 3.6 Industry Information - In April 2025, China's automobile production and sales were 2.619 million and 2.59 million, with year - on - year increases of 8.9% and 9.8% respectively. New - energy vehicle production and sales were 1.251 million and 1.226 million, with year - on - year increases of 43.8% and 44.2% respectively. Automobile exports were 517,000, with a year - on - year increase of 2.6%. From January to April 2025, the production and sales exceeded 10 million for the first time [2] - Since the implementation of the automobile trade - in policy in 2024, the cumulative subsidy applications have exceeded 10 million. As of May 11, 2025, the subsidy applications reached 3.225 million, with new - energy vehicles accounting for over 53% [2] - Ping An Trust plans to lower the threshold of insurance - trust products to below 1 million yuan, which would be the first in the trust industry [2]