以下文章来源于教你挖掘基 ，作者挖掘基 教你挖掘基 . 投资理财有方法，我们手把手教你挖掘牛基~ 2025年的春天，全球资本市场在特朗普政府的"关税风暴"中剧烈颠簸。 全球股市曾在单周蒸发10万亿美元、黄金一度冲上3500美元/盎司……市场用脚投票，诠释了何为"不确定性定 价"。 今日凌晨，全球投资者的目光再度聚焦中美对话的瑞士日内瓦。 午后3点，《中美日内瓦经贸会谈联合 声明》超预期出炉，关税冲突首次出现了重大缓和信号。 来源：新华社、中国政府网 当关税疑云终于迈出了实质性进展，大类资产将如何重新定价？ 历史不会简单重复，但资产配置的底层逻辑始终如一： 在周期的波动中寻找确定性，用分散化应对不 可预测的冲击。 01 本轮关税冲突全复盘 ——大国博弈之下的"跌宕起伏" 要理解此刻的变局，需回溯这场关税战的完整脉络。 这场始于2025年2月的较量，本质上是两个超级大国对于全球产业链话语权的终极角逐。 回顾自特朗普1月20日正式上任以来关税政策，大致可以划分为三个阶段。 第一阶段（2-3月）：威胁与试探 特朗普政府率先发难，波及的国家有我国、加拿大和墨西哥。同时，针对特殊行业如钢铁和铝，特朗普 方也单独制定了相关 ...

北京商报讯（记者 李海颜）中美经贸会谈释放积极信号，黄金上涨却遇到阻碍。5月12日，国际金价急 速"跳水"，截至17时10分，伦敦现货黄金报3226美元/盎司，跌幅达3.04%，最低触及3215.78美元/盎司； COMEX黄金期货报3234.5美元/盎司，跌幅达3.26%，最低触及3219.2美元/盎司。 "国际金价之所以出现大幅下跌，主要是中美经贸高层会谈取得实质性进展，大幅降低双边关税水平。"苏 商银行特约研究员武泽伟说道。 据悉，5月10日至11日，中美双方在瑞士日内瓦举行经贸高层会谈。5月12日，中美日内瓦经贸会谈联合声 明发布，双方达成多项积极共识，会谈取得实质性进展。根据联合声明，中美双方大幅降低双边关税水 平，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。 武泽伟表示，黄金是典型的避险资产，与世界地缘政治局势密切相关。因此，在中美经贸谈判取得成果 时，由于市场风险偏好下降，国际金价就有回调风险。 回顾国际金价走势，受地缘政治冲突、美联储降息等因素的影响，2025年开年以来，国际金价便延续了去 年的强势表现 ...

5月10日至11日的周末，全世界都关注着在瑞士日内瓦举行的中美经贸高层会谈。于瑞士时间5月12日上午9时，双方 发布《中美日内瓦经贸会谈联合声明》。 商务部新闻发言人就此发表谈话：双方在联合声明中达成多项积极共识，美方承诺取消根据2025年4月8日第14259号 行政令和2025年4月9日第14266号行政令对中国商品加征的共计91%的关税，修改2025年4月2日第14257号行政令对中 国商品加征的34%的对等关税，其中24%的关税暂停加征90天，保留剩余10%的关税。 相应地，中方取消对美国商品加征的共计91%的反制关税；针对美对等关税的34%反制关税，相应暂停其中24%的关 税90天，剩余10%的关税予以保留。中方还相应暂停或取消对美国的非关税反制措施。 双方一致同意建立中美经贸磋商机制，就经贸领域各自关切保持密切沟通，开展进一步磋商。 受此消息带动，全球资产出现异动。 富时中国A50期货一度涨超2%。 据指美国对冲基金期望中美贸易谈判取得进展，而看好中资股，增加了对中资股的押注。 另一方面，美股期货也飙升，其中标普500期货指数攀升2.8%，纳斯达克100期货上涨3.78%，道琼斯期货也一度大涨 90 ...

Group 1 - The core viewpoint of the articles indicates that the international gold price is experiencing fluctuations due to the progress in China-US trade talks, with a notable drop in gold prices following the announcement of tariff adjustments [1][3][4] - On May 12, gold prices fell significantly, with London gold spot prices dropping by 2.99% to $3227.12 per ounce and COMEX gold falling by 3.39% to $3230.8 per ounce [4] - The recent high of international gold prices was above $3500 per ounce, but they have since retreated, with declines exceeding 1% since May [4] Group 2 - The decline in gold prices is attributed to several factors, including reduced international risk sentiment due to the easing of tensions from the China-US trade talks and a decrease in geopolitical confrontation [4][5] - Despite the short-term drop in gold prices, the long-term structural benefits for gold remain intact, suggesting that the current price adjustments may be temporary [5][6] - Investment analysts suggest that it may be a good time to consider buying physical gold or gold ETFs during this price correction, as the long-term outlook for gold remains positive [6]

Company Overview - Tian Gong Co., Ltd. is recognized as a national-level specialized and innovative "little giant" in the titanium alloy sector, primarily engaged in the research, production, and sales of titanium and titanium alloy materials [1][2] - The company processes titanium sponge into various titanium products, including titanium plates, pipes, ingots, and rods, which are widely used in high-tech industries such as consumer electronics, aerospace, marine engineering, chemical energy, biomedical, and 3D printing [1][2] Business Performance - The company has established a deep partnership with Changzhou Soloman, a key player in Apple's supply chain, leading to significant revenue growth [2] - In 2024, sales to Soloman and its affiliates are projected to reach 575 million yuan, a fivefold increase from 2022, with revenue contribution rising from 27.88% to 71.72% [2] - The company is also expanding its product offerings in aerospace and medical applications, having obtained relevant certifications and achieving breakthroughs in high-end applications [2] Industry Insights - The titanium processing industry in China has shown stable growth, with production increasing from 48,600 tons in 2015 to 159,100 tons in 2023, representing a compound annual growth rate (CAGR) of 15.97% [3] - Sales volume in the same period grew from 43,700 tons to 148,400 tons, with a CAGR of 16.51% [3] Financial Performance - The company reported revenues of 383 million yuan, 1.035 billion yuan, and 801 million yuan for the years 2022, 2023, and 2024, with year-on-year growth rates of 35.65%, 170.05%, and -22.59% respectively [3] - Net profit attributable to shareholders was 70 million yuan, 170 million yuan, and 172 million yuan for the same years, with growth rates of 244.00%, 142.57%, and 1.57% respectively [3] IPO and Strategic Investors - Tian Gong Co., Ltd. plans to issue 69 million shares, raising 272 million yuan, with the funds allocated for a project to build a production line for 3,000 tons of high-end titanium and titanium alloy rods and wires [3] - The company has attracted a prestigious group of 12 strategic investors, with 30% of the shares allocated for strategic placement, indicating strong institutional confidence [4] Market Sentiment and Valuation - The company is expected to perform well on its first trading day, with potential price increases based on recent trends in new stock listings [5][6] - The dynamic price-to-earnings ratio at the time of issuance is 14.8 times, significantly lower than the average of 51 times for comparable companies, suggesting a strong valuation advantage [6][7] - The initial offering price of 3.94 yuan is relatively low compared to recent new listings, which may lead to speculative trading [7][8]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The freight futures price of the container shipping index (European line) rose significantly on Monday, with most contracts closing up 16.0%. The improvement in the trade war situation drove the futures price to rise rapidly. Although the trade war situation and geopolitical situation are fluctuating, they are gradually improving, and the expectation of the demand recovery of the container shipping index (European line) will also improve. If the US tariff increase on Europe is better than expected, the performance of the far - month futures price may be better than that of the near - month contracts. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and closely monitor the US policies towards Europe and China - EU foreign trade data [1] Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 202.2 (up), EC sub - main contract closing price: 1466.200, with a increase of 247.40 [1] - EC2506 - EC2508 spread: - 48.80 (down), EC2506 - EC2510 spread: - 327.80, with a decrease of 4.40 [1] - EC contract basis: - 87.13, with a decrease of 216.40 [1] - EC main contract open interest: 37399, unchanged [1] Spot Market Data - SCFIS (European line) (weekly): 1302.62, down 76.45 points from last week, a 5.5% week - on - week decline; SCFIS (US West line) (weekly): 1455.31, up 134.62 [1] - SCFI (composite index) (weekly): 1340.93, down 4.24; container ship capacity: 1227.97 (ten thousand TEUs), up 0.13 [1] - CCFI (composite index) (weekly): 1121.08, up 14.70; CCFI (European line) (weekly): 1497.15, up 51.91 [1] - Baltic Dry Index (daily): 1299.00, up 17.00; Panamax Freight Index (daily): 1353.00, up 10.00 [1] - Average charter price (Panamax ship): 9963.00, down 99.00; average charter price (Capesize ship): 13668.00, down 691.00 [1] Industry News - The US will adjust the tariff rate on Chinese goods, suspending the collection of 24 percentage points for 90 days, and canceling the additional tariffs imposed on these goods according to relevant executive orders [1] - The China - US high - level economic and trade talks from May 10th to 11th in Geneva were candid, in - depth, and constructive, reaching important consensus and making substantial progress. The two sides agreed to establish a China - US economic and trade consultation mechanism [1] - Japanese Prime Minister Ishiba Shigeru plans to reach a trade agreement with the US around the July Senate election. He hopes to revoke the additional tariffs on Japanese cars rather than just reducing them [1] Key Data to Watch - UK unemployment rate in April on May 13th at 14:00 [1] - German ZEW Economic Sentiment Index in May on May 13th at 17:00 [1] - Eurozone ZEW Economic Sentiment Index in May on May 13th at 17:00 [1] - US unadjusted core CPI annual rate in April on May 13th at 20:30 [1] - US unadjusted CPI annual rate in April on May 13th at 20:30 [1]

当天港股开盘后走势波动，接近午盘前下行至日内低点回升，午后继续上涨，尾盘大幅拉升，主板成交 额超3224亿港元。截至收盘，上涨股票1461只，下跌689只，收平976只。当日，港股通（南向）净流出 超过185亿港元。 盘面上，多数板块上涨，科网、汽车、券商等股涨幅靠前，半导体、银行、保险等港股集体走强，黄 金、半导体、生物科技等股多数下跌。 个股方面，快手涨6.15%，百度集团涨5.03%，比亚迪股份涨7.39%，理想汽车涨7.23%，国泰海通涨 3.7%，华泰证券涨5.78%，中芯国际涨3.37%，工商银行涨0.73%，中国平安涨3.87%，紫金矿业涨 0.92%，赤峰黄金跌11.07%，百济神州跌8.97%，药明康德涨2.78%。 新华财经香港5月12日电（记者李柏涛）12日港股主要指数高开高走，截至收盘，恒生指数上涨2.98% 至23549.46点，恒生科技指数上涨5.16%至5447.35点，国企指数上涨3.01%至8559.23点。 成交额前三的个股中，阿里巴巴涨6.15%，成交超210亿港元；腾讯控股涨4.63%，成交超183亿港元； 小米集团跌1.46%，成交超178亿港元。 消息面上，5月12 ...

本周，美国4月消费者物价指数（CPI）将公布，美国4月零售销售数据也将公布。 上周，现货黄金市场呈现"先扬后抑"的走势，黄金一度突破3438美元，但随后因多头动能衰竭和高位获利了结，最终收报于3303.70美元，周内涨幅收窄 至约3.1%。今日欧市盘中，黄金大幅下跌，目前在3227美元附近徘徊。 中美贸易史诗级利好！ 上周，美股三大指数均下跌，道指、纳指、标普500指数分别累计下跌0.16%、0.27%、0.47%。 北京时间5月13日，美国将公布4月CPI数据。 新华社日内瓦5月12日电，中美日内瓦经贸会谈联合声明：中华人民共和国政府("中国")和美利坚合众国政府("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。 双方承诺将于2025年5月14日前采取以下举措： 美国将(一)修改2025年4月2日第14257号行政令中规定的对中国商品(包括香港特别行政区和澳门特别行政区商品)加征的从价关税，其中，24%的关税在初 ...

Core Insights - The recent US-China Geneva trade talks have led to optimism in the market regarding the easing of trade tensions, resulting in significant gains in US stock futures and the US dollar [1][4]. Market Reactions - Dow futures rose by 1.83%, S&P 500 futures increased by 2.40%, and Nasdaq futures surged by 3.45% [2]. - The US dollar index (DXY) climbed by 1.27%, reaching 101.61 [1]. - Safe-haven assets such as the euro, yen, and Swiss franc experienced declines, while the 10-year US Treasury yield rose by approximately 7 basis points to 4.447% [2]. Trade Agreement Details - The US and China reached a series of important agreements during the Geneva talks, with a joint statement issued on May 12, 2025, outlining commitments to modify tariffs [1][3]. - The US will suspend 24% of tariffs on Chinese goods for the first 90 days while retaining a 10% tariff, and will cancel additional tariffs imposed under previous executive orders [1][3]. - China will similarly suspend tariffs on US goods and take necessary measures to halt non-tariff retaliatory actions [3]. Market Analyst Comments - Analysts express cautious optimism about the trade agreement, noting that while the initial agreement is a positive step, uncertainties remain regarding its implementation and potential future complications [4]. - Market sentiment has shifted, with the dollar being viewed as a risk asset, and there is a general sense of relief regarding the potential impacts of tariffs on the economy [4]. - The trade tensions' de-escalation is seen as beneficial for both the US economy and global markets, although the temporary nature of the tariff reductions is acknowledged [4].

据报道，当地时间5月10日至11日，中美双方在瑞士日内瓦举行经贸高层会谈。会谈达成一系列重要共识，取得实质性进展。当地时间5月12日，中美发表日 内瓦经贸会谈联合声明。双方承诺将于2025年5月14日前采取以下举措： 美国将(一)修改2025年4月2日第14257号行政令中规定的对中国商品(包括香港特别行政区和澳门特别行政区商品)加征的从价关税，其中，24%的关税在初始 的90天内暂停实施，同时保留按该行政令的规定对这些商品加征剩余10%的关税;(二)取消根据2025年4月8日第14259号行政令和2025年4月9日第14266号行政 令对这些商品的加征关税。 智通财经APP获悉，随着市场对中美贸易战局势缓和做出反应，美元跳涨，美债遭遇抛售。截至发稿，美元指数(DXY)涨1.34%，报101.69;基准10年期美债 收益率则攀升约7个基点，至4.45%，为近一个月来新高。 值得一提的是，在此前资金撤离美元资产期间成为避险工具的欧元大幅走软，截至发稿，欧元兑美元汇率跌1.42%，至1.1088，创今年以来最大单日跌幅。 受避险资金青睐的瑞士法郎和日元同样走软——瑞士法郎兑美元汇率跌1.74%，报1.1818;日 ...