Group 1 - The core viewpoint is that gold prices have sharply declined due to easing global trade tensions, which has reduced concerns about a potential economic recession and diminished gold's appeal as a safe-haven asset [2] - On Wednesday, gold prices fell by $50 in just three hours, breaking below the $3200 mark [2] - The U.S. has revoked tariffs on Chinese goods, which has contributed to a rise in investor risk appetite and impacted gold prices [4][5] Group 2 - Following trade negotiations, stock markets have surged, reducing investor interest in safe-haven assets like gold, which had previously driven prices to record highs [5] - If gold falls below the $3200 level, there is a risk of further declines, potentially testing the $3165 level [5] - Despite the ongoing decline in gold prices, UBS's Asia Wealth Management head believes that demand for gold may not have weakened, as wealthy clients are increasingly shifting from dollar assets to gold, cryptocurrencies, and China [5]

申请入围"中国IC独角兽" 中国将（一）相应修改税委会公告2025年第4号规定的对美国商品加征的从价关税，其中，24%的关 税在初始的90天内暂停实施，同时保留对这些商品加征剩余10%的关税，并取消根据税委会公告2025 年第5号和第6号对这些商品的加征关税；（二）采取必要措施，暂停或取消自2025年4月2日起针对美 国的非关税反制措施。 加入"中国IC独角兽联盟"，请点击进入 半导体高质量发展创新成果征集 投稿 、 商务合作 请微信 dolphinjetta 是说芯语，欢迎关注分享 5月12日，《中美 日内瓦经贸会谈联合声明 》发布。 中国和美国同意在未来90天内降低关税 ，这标 志着世界两大经济体之间的贸易战大幅降温。 根据在日内瓦达成的协议，美国将把对中国商品的关税从145%降至30%，中国将把对美国进口商品的 关税从125%降至10%。 该声明指出， 中国和美国认识到双边经贸关系对两国和全球经济的重要性；认识到可持续的、长期 的、互利的双边经贸关系的重要性；鉴于双方近期的讨论，相信持续的协商有助于解决双方在经贸领域 关切的问题；本着相互开放、持续沟通、合作和相互尊重的精神，继续推进相关工作；双方承诺将 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The soybean meal futures price has a risk of giving back the accumulated risk premium due to the expected easing of Sino - US trade tensions. After giving back the trade and supply risk premiums, the internal - external linkage is expected to be restored. The soybean meal futures price is expected to be strongly volatile in the short - term [6]. - The palm oil price is under pressure due to the expected increase in Malaysian palm oil inventory at the end of April and weak demand. The decline in international oil prices also affects the outlook for Indonesian biofuel demand. With the opening of the import profit window, domestic palm oil inventory is rising, and its short - term trend is weakly volatile [8]. 3. Summary by Variety 3.1 Soybean Meal (M) - **Time - cycle Views**: Short - term (within a week): oscillating; Medium - term (two weeks to one month): oscillating; Intraday: strongly volatile; Reference view: strongly volatile [7]. - **Core Logic**: The short - term trend is affected by factors such as import arrival rhythm, customs clearance inspection, North American spring sowing weather, oil refinery operation rhythm, and stocking demand. After the holiday, the soybean meal futures price was weaker than the external market, and it is expected to be strongly volatile in the short - term due to the expected easing of Sino - US trade tensions and the restoration of internal - external linkage [6][7]. 3.2 Palm Oil (P) - **Time - cycle Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: weakly volatile; Reference view: weakly volatile [7]. - **Core Logic**: The price is affected by factors such as Malaysian palm oil production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrival and inventory, and substitution demand. With the expected increase in Malaysian palm oil inventory and weak demand, along with the decline in international oil prices and the increase in domestic inventory, the short - term trend is weakly volatile [7][8]. 3.3 Soybean Oil - **Time - cycle Views**: Short - term: oscillating; Medium - term: oscillating; Intraday: weakly volatile; Reference view: weakly volatile [7]. - **Core Logic**: The price is influenced by factors such as US tariff policies, US soybean oil inventory, biodiesel demand, domestic oil refinery inventory, and channel stocking demand [7].