Core Insights - The People's Bank of China reported that as of May 2025, the total social financing scale reached 426.16 trillion yuan, reflecting a year-on-year growth of 8.7% [1] Summary by Category - **Social Financing Scale**: The total social financing scale in China stood at 426.16 trillion yuan as of May 2025, indicating a significant increase compared to the previous year [1] - **Year-on-Year Growth**: The growth rate of 8.7% year-on-year highlights a robust expansion in the financing environment within the Chinese economy [1]

股指日报 股指期货日报 2025年5月15日 王梦颖（Z0015429）、廖臣悦 (F03120676) 投资咨询业务资格:证监许可【2011】1290号 缩量调整 市场回顾 今日股指集体收跌，以沪深300指数为例，收盘下跌0.91%。从资金面来看，两市成交额回落1643.32亿 元。期指方面，各品种均缩量下跌。 重要资讯 1.央行发布数据显示，4月末，我国社会融资规模存量同比增长8.7%，M2余额同比增长8%，较上月增速 加快。 核心观点 今日股指缩量调整，大盘股指相对抗跌。四月社会数据昨晚公布，整体来看政府端发力明显，企业信贷和 居民贷款或是受前期关税影响，表现偏弱，需求修复有待提振。随着中美贸易关系缓和，外围不确定性有 所减弱，国内利好政策托底、稳定股市以及国内外流动性宽松的预期较为明确，为指数提供支撑，预计短 期下方空间有限，不过当前指数的驱动以情绪面为主，持续性有待观察，因此建议观望为主，多单可继续 持有。 策略推荐 观望为主 股指日报期指市场观察 | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | 主力日内涨跌幅（%） | -0.74 ...

早盘速递 2025/5/15 热点资讯 1、中方针对美方芬太尼关税的反制措施仍然有效。外交部发言人林剑表示，美方以芬太尼为借口对中国无理加征两轮关税，中 方均第一时间采取包括关税和非关税措施在内的反制举措，坚定维护自身正当权益。这些反制措施仍然有效。 2、商务部新闻发言人表示，为落实中美经贸高层会谈共识，自5月14日起，暂停28家美国实体列入出口管制管控名单90天，暂 停17家美国实体不可靠实体清单措施90天。对于开展加强战略矿产出口全链条管控工作，商务部新闻发言人表示，对于铤而走 3、美国调整对华加征关税，于美东时间5月14日凌晨0时01分，撤销对中国商品加征的共计91%的关税，调整实施34%的对等关税 措施，其中24%的关税暂停加征90天，保留剩余10%的关税。同时，美方还将对中国小额包裹的国际邮件从价税率由120%下调至 54%，撤销原定于6月1日起将从量税由每件100美元调增为200美元的措施。 4、央行发布数据显示，4月末，我国社会融资规模存量同比增长8.7%，M2余额同比增长8%，较上月增速加快。今年前四个月， 人民币贷款增加10.06万亿元，社会融资规模增量16.34万亿元。4月，企业新发放贷款 ...

Core Viewpoint - The prices of copper, aluminum, and zinc on the London Metal Exchange (LME) reached their highest levels since early April due to the U.S. adjusting tariffs on Chinese imports, which temporarily increased the risk appetite for metals reliant on economic growth [1][3]. Price Movements - As of May 14, 2023, LME three-month copper rose by $7 to $9,606.50 per ton, having previously hit a peak of $9,664, the highest since April 2 [1][2]. - Three-month aluminum reached $2,543.5 per ton, marking its highest point since April 1 [1]. - Three-month zinc increased by 2.22%, closing at $2,765.00 per ton [1][2]. Tariff Adjustments - The U.S. has rescinded a total of 91% of tariffs on Chinese goods and modified a 34% tariff, with 24% of it suspended for 90 days, while retaining 10% [3]. - The adjustments are in line with the consensus reached during high-level economic talks between the U.S. and China [3]. Market Conditions - The U.S. dollar has weakened following disappointing consumer inflation data, providing further support to the market [4]. - China's social financing scale stock was reported at 424 trillion yuan at the end of April 2025, reflecting an 8.7% year-on-year growth, indicating future demand for industrial metals [4]. - The premium of COMEX copper over LME copper has decreased from 18% at the end of March to around 10% currently, with COMEX copper inventories increasing by 77% since late February [4].