1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For the nickel market, the refined nickel market is in a supply - surplus situation, with the short - term upward momentum weakening. The recommended strategy is to wait for short - term operations and maintain a long - term strategy of selling hedges at high prices. The estimated price range is between 117,000 - 118,000 and 122,000 - 123,000 [1][2] - For the stainless steel market, the market confidence is insufficient, and the nickel - iron price is expected to be weak in the short term. The recommended strategy is similar to that of nickel, with an estimated price range between 124,000 - 125,000 and 130,000 - 131,000 [2][3] 3. Summary by Related Catalogs Nickel Variety Market Analysis - On July 14, 2025, the Shanghai Nickel main contract 2508 opened at 120,960 yuan/ton and closed at 121,100 yuan/ton, a change of - 0.07% from the previous trading day. The trading volume was 80,732 lots, and the open interest was 59,940 lots. The trading volume and open interest decreased compared to the previous day. The short - term callback demand exists, and the 117,000 level is a strong support in the medium - to - long term. The spot market prices of mainstream brands decreased, and the premium of refined nickel decreased but remained at a high level, providing support for the futures price [1] - The previous trading day's Shanghai Nickel warehouse receipt volume was 21,296 (854.0) tons, and the LME nickel inventory was 206,580 (402) tons [1] Strategy - Short - term operations are recommended to be postponed. The long - term strategy is to sell hedges at high prices. The estimated upper limit of the price range is 122,000 - 123,000, and the lower limit is 117,000 - 118,000. Unilateral trading should be range - bound, and there are no recommendations for inter - delivery, cross - variety, spot - futures, and options trading [2] Stainless Steel Variety Market Analysis - On July 14, 2025, the stainless steel main contract 2508 opened at 12,745 yuan/ton and closed at 12,715 yuan/ton. The trading volume was 92,687 lots, and the open interest was 66,494 lots. The trading volume and open interest decreased significantly compared to the previous day due to partial position shifting. The pressure levels are around 12,700 and 13,100, and the 12,400 level is a strong support in the medium - to - long term. The spot market prices in the morning were mostly flat, and increased by 50 yuan/ton in the afternoon, but the trading volume did not improve, and market confidence was still insufficient. The nickel - iron price is expected to be weak in the short term [2] Strategy - Short - term operations are recommended to be postponed. The long - term strategy is to sell hedges at high prices. The estimated upper limit of the price range is 13,000 - 13,100, and the lower limit is 12,400 - 12,500. Unilateral trading is neutral, and there are no recommendations for inter - delivery, cross - variety, spot - futures, and options trading [3]

Group 1 - OpenAI CEO Sam Altman expresses feeling "politically homeless," criticizing the Democratic Party for not supporting a culture that encourages innovation and entrepreneurship [1] - Altman advocates for "tech capitalism," emphasizing the need to encourage wealth creation while finding ways to distribute wealth broadly [1] - His comments appear to be a response to New York City Democratic mayoral candidate Zohran Mamdani's statement against billionaires, highlighting a fundamental divide between tech executives and some Democratic politicians on wealth distribution and economic policy [1][2] Group 2 - Altman argues that wealth creation and distribution must go hand in hand, stating, "You cannot just raise the bottom line without raising the top line" [1] - He expresses a preference for discussions on how to enable everyone to have what billionaires possess, rather than eliminating billionaires [3] - This reflects two contrasting views on wealth: one advocating for limiting wealth to achieve equality, and the other promoting overall wealth enhancement to reduce disparities [3]

铜产业链周度报告 国泰君安期货研究所·季先飞·首席分析师/有色及贵金属 组联席行政负责人 投资咨询从业资格号：Z0012691 日期：2025年06月08日 Special report on Guotai Junan Futures 1 Guotai Junan Futures all rights reserved, please do not reprint 铜：现货端偏紧，宏观存不确定性，价格持续震荡 强弱分析：中性，价格区间：76000-80000元/吨 Special report on Guotai Junan Futures 2 COMEX和LME铜价差扩大至1000美元/吨附近 0 50000 100000 150000 200000 250000 300000 350000 01-01 01-12 01-23 02-03 02-14 02-25 03-08 03-19 03-30 04-10 04-21 05-02 05-13 05-24 06-04 06-15 06-26 07-07 07-18 07-29 08-09 08-20 08-31 09-11 09-22 10-03 10-1 ...

Group 1 - The approval rating of Prime Minister Kishida's cabinet has reached a record low of 22%, down 2 percentage points from the previous survey, with a disapproval rating of 62% [1] - The cabinet has been in the "danger zone" for three consecutive months, with a rating below 30% considered critical and below 20% seen as a potential for resignation [1] - The primary reason for disapproval is a lack of expectations for economic policies, cited by 39.5% of respondents, with over half (51.7%) of the ruling party's supporters calling for food tax reductions [1] Group 2 - There is growing internal dissent within the ruling Liberal Democratic Party regarding economic policies, with concerns that young candidates may face defeat in upcoming elections [2] - The opposition parties are criticizing the government's economic strategies as lacking direction, aiming to leverage this for the upcoming summer elections [2] - The Chief Cabinet Secretary Yoshihide Suga has refrained from commenting on the survey results but emphasized the need to address public demands and focus on policies to combat rising prices [2]

美国总统特朗普第二个任期执政将满百日。据参考消息援引外媒报道，美国总统特朗普将于当地时间4 月29日在密歇根州举行集会庆祝执政100天，这将是他重返白宫以来首次举行集会。 而据央视新闻报道，当地时间4月27日，美国广播公司、《华盛顿邮报》以及益普索集团联合进行的一 项最新民意调查结果显示，特朗普的执政百日支持率为39%，创下过去80年来美国历任总统的最低执政 百日支持率。 这肯定是不会让特朗普高兴的数据，而特朗普恐怕很难把这一调查结果视作对他的又一次构陷或者攻 击。事实上，近期《经济学人》、YouGov、拉斯穆森公司、密歇根大学、昆尼皮亚克大学等美国主要 民调机构的调查数据，均给出了相似的结论。 就连一向亲共和党的福克斯新闻的独家民调也显示,尽管特朗普执政百日内推行的边境政策取得了超过 半数的支持率,然而，对他的经济政策表示支持的只有38%,支持其关税政策的更是仅有33%。 在3月份的首次国会演讲中，特朗普曾夸耀他第二次大选获胜是"几十年来从未见过的民意授权"。然 而，近期不同机构的调查结果都显示，除了无条件支持特朗普的"基本盘"外，他的民意支持率流失之 快，或许才是"几十年未见"的。当然，这个结果绝对谈不上 ...

总体而言，约4/10的美国人支持特朗普。在共和党人中，这一数字大约是前者两倍。大约1/3的美国成 年人对副总统万斯评价积极，其中绝大部分是共和党人。 4月30是美国总统特朗普第二个任期执政满百日之际，各媒体和机构已提前进行民意调查。结果发现， 他的支持率跌入谷底，选民对他处理经济的处理方式感到不满。 美联社-NORC公共事务研究中心的联合调查发现，许多美国人不认可特朗普迅速制定、推动议程的激 进方式，甚至连共和党人内部也不认为他把注意力用在了正确的地方。 此外，约4/10的美国人表示第二任期的特朗普是"可怕"的总统，约1/10的人表示他"糟糕"。相比之下， 约1/3的受访者说他表现"很好"，而不到2/10的人说"一般"。 自3月以来，特朗普在女性（下降36%）和拉美裔（28%）中的支持率显著下降。党派阵营对特朗普的 看法仍呈现两极分化，86%的共和党人表示认可，93%的民主党人不认可。但在政治独立人士中，特朗 普的支持率降至31%。 特朗普试图解决的所有重大问题几乎都陷入了困境，公众对他处理这些问题的能力的信心也在下降。由 于关税计划的推出导致了股市的剧烈波动和对物价上涨的担忧，自3月初以来，特朗普在经济问题 ...

中共中央政治局会议：统筹国内经济工作和国际经贸斗争，根据形势变化及时推出增量储备政 策。 中国一季度规模以上工业企业利润由降转增，同比增长0.8%。 中国六部门：下调离境退税起退点至200元，现金退税限额上调至2万元。 国家市场监管总局：长和港口交易各方不得采取任何方式规避反垄断审查。 今年核电项目开闸，国常会核准10台新机组，拉动超2000亿投资。 特朗普：谈成200份协议，美日协议"非常接近"，关税不太可能再暂缓90天。 美联储金融稳定报告：多种资产估值处高位，美债收益率高企，贸易升至头号风险。 俄方称普京与美特使确认，俄愿无先决条件与乌谈判，双方讨论了恢复俄乌直接谈判的可能性。 泽连斯基公布与特朗普会晤细节，强调实现全面、无条件停火。 美伊第三轮间接会谈结束，伊朗会后称双方仍存在分歧；媒体称特朗普表示愿与哈梅内伊或佩泽 希齐扬会面。 印巴周四晚在克什米尔实控线附近小规模交火，巴防长发出"全面战争"警告；地缘冲突升级，周 五印度股债汇三杀。 提醒：周一中国国新办将就稳就业稳经济推动高质量发展政策措施有关情况举行发布会。 ...