美国劳工统计局周二公布报告显示，美国3月JOLTS职位空缺大幅不及预期，较上月显著回落，降至自去年9月以来的最低水平，显示出在经济不确定性加剧 的背景下，劳动力需求趋于疲软。 自2022年3月创下1218万人的纪录以来，由于美联储大幅加息导致需求放缓，JOLTS职位空缺在大部分时间里大体呈现下降的态势。此前几个月伴随着美联 储降息，JOLTS数据一度出现反弹。当前JOLTS职位空缺水平已接近2020年时的水平。 职位空缺与失业人数的比率在下降。衡量劳动力供需平衡的一个关键指标——每名失业者对应的职位空缺数量，下降至1.0，这是自去年9月以来的最低水 平。这一比例是美联储高度关注的。2022年3月时这一比例创下超过2的纪录水平。该比例在新冠疫情前为1.2，目前已经低于疫情前的水平。 分行业来看，大多数行业的职位空缺数量均出现下降，其中建筑业、交通运输业、私立教育和房地产业尤为明显。唯一出现职位空缺增长的是金融和保险 业。 不过，裁员数量有所下降，招聘活动保持稳定，且更多员工自愿辞职，在一定程度上缓解了职位空缺数据的疲软： 美国3月JOLTS职位空缺719.2万人，预期750万人，2月前值从756.8万人下修至7 ...

天眼查App显示，近日，河北陆港航空物流有限公司成立，法定代表人为高皓天，注册资本300万人民 币，由石家庄陆港科技集团有限公司全资持股。 序号股东名称持股比例1石家庄陆港科技集团有限公司100% 经营范围含航空运输货物打包服务;航空运输设备销售;航空商务服务;航空运营支持服务;货物进出口;进 出口代理;技术进出口;日用品销售;国内货物运输代理;互联网销售（除销售需要许可的商品）;技术服 务、技术开发、技术咨询、技术交流、技术转让、技术推广;道路货物运输站经营;会议及展览服务;销售 代理;国内贸易代理;外卖递送服务（除依法须经批准的项目外，自主开展法律法规未禁止、未限制的经 营活动）许可项目：公共航空运输;通用航空服务;民用机场运营;城市配送运输服务（不含危险货物）; 道路货物运输（不含危险货物）;道路货物运输（网络货运）;公共铁路运输（依法须经批准的项目，经 相关部门批准后方可开展经营活动，具体经营项目以批准文件或许可证件为准） 企业名称河北陆港航空物流有限公司法定代表人高皓天注册资本300万人民币国标行业交通运输、仓储 和邮政业>航空运输业>航空客货运输地址河北省石家庄市裕华区体育南大街399号亿博大厦5 ...

经营范围含公共事业管理服务；市政设施管理；停车场服务；交通设施维修；技术服务、技术开发、技 术咨询、技术交流、技术转让、技术推广；物业管理；机械设备租赁；安防设备销售；安全技术防范系 统设计施工服务；物联网应用服务；电子、机械设备维护（不含特种设备）；软件开发；软件销售；信 息系统集成服务；广告制作；广告发布；广告设计、代理；信息咨询服务（不含许可类信息咨询服 务）；工程管理服务；电动汽车充电基础设施运营；集中式快速充电站；机动车充电销售；充电控制设 备租赁；充电桩销售；信息技术咨询服务；智能输配电及控制设备销售；配电开关控制设备销售；储能 技术服务。(除依法须经批准的项目外，凭营业执照依法自主开展经营活动) 企业名称捷顺智城（西安）停车管理有限公司法定代表人戴京泉注册资本500万人民币国标行业交通运 输、仓储和邮政业>道路运输业>公路旅客运输地址陕西省西安市经济技术开发区文景路西北国金中心 23幢2单元13层01号企业类型有限责任公司（非自然人投资或控股的法人独资）营业期限2025-4-28至无 固定期限登记机关西安市市场监督管理局经开区分局 来源：金融界 天眼查App显示，近日，捷顺智城（西安）停车管理有 ...

Group 1 - The American Petroleum Institute (API) warns that the U.S. oil industry cannot comply with President Trump's regulations on Chinese vessels, as there are currently no U.S.-built ships capable of transporting LNG [1] - The U.S. Trade Representative (USTR) announced that starting in 180 days, port fees will be imposed on Chinese vessels, with restrictions on foreign ships transporting LNG to the U.S. beginning in three years [1] - The USTR's measures are intended to encourage the use of U.S.-built ships over a 22-year period, but the API believes compliance is impossible due to the lack of suitable vessels [1] Group 2 - Analysts indicate that LNG producers will struggle to meet USTR's transportation standards due to higher costs of U.S. shipbuilding compared to foreign yards [2] - Currently, Chinese-built vessels account for approximately 7% of the global LNG fleet, but China holds about 28% of the global LNG vessel order volume [2] - The API expresses concerns that USTR's policy could harm the LNG export industry, which generates $34 billion annually, and may lead to future government actions that could suspend export licenses [2] Group 3 - The new USTR regulations have prompted lobbying from other exporters, warning that it will increase shipping costs [3] - Reports indicate that the cost for car carriers docking at U.S. ports could exceed $1 million, effectively acting as a new tariff on imported cars [3] - The Japanese Ministry of Land, Infrastructure, Transport and Tourism is assessing the impact of these regulations on Japanese car exports to the U.S. [3]

Core Viewpoint - Jiangsu's foreign trade exports reached 904.99 billion yuan in the first quarter, showing a year-on-year growth of 9.6%, reflecting the province's resilience amid complex international trade conditions [1] Group 1: Trade Performance - Jiangsu's foreign trade growth of 9.6% in the first quarter is notable against the backdrop of rising trade protectionism and de-globalization [1] - The province's performance is indicative of China's foreign trade transformation and upgrading, supported by policy tools and enterprise innovation [1] Group 2: Policy Support - In 2024, China has optimized foreign trade foreign exchange processes and introduced six policy measures to facilitate trade, including simplifying customs procedures for special regulatory areas [2] - Jiangsu's imports and exports to ASEAN increased by 22.3% year-on-year, driven by the benefits of free trade agreements [2] Group 3: Innovation and Competitiveness - Jiangsu enterprises have demonstrated remarkable innovation capabilities, with examples such as Moteng Sports capturing niche markets and Changzhou Guangyang Motor enhancing electric vehicles with smart systems [3] - Traditional industries are adapting by shortening delivery cycles to under one week, exemplifying a shift from price competition to value-driven strategies [3] Group 4: Dual Circulation Strategy - The implementation of the dual circulation strategy is evident in practices like the mixed loading of domestic and foreign trade containers, which has reduced logistics costs by over 10% [4] - Innovations such as the "same package, same vehicle" model by Jinling Customs have further lowered transaction costs, enhancing the resilience of the supply chain [4]

Financial Performance - The total operating revenue for the first quarter of 2025 was 372 million yuan, a year-on-year decrease of 1.44% [1] - The net profit attributable to shareholders was 37.92 million yuan, down 19.83% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 38.02 million yuan, a decline of 17.94% year-on-year [1] Accounts Receivable and Cash - Accounts receivable increased significantly, with a year-on-year growth of 49.47%, reaching 169 million yuan [3] - Cash and cash equivalents amounted to 166 million yuan, a substantial decrease of 47.63% compared to the same period last year [3] Debt Situation - The company had interest-bearing liabilities of 2.084 billion yuan, an increase of 1.95% year-on-year [4] - The interest-bearing asset-liability ratio was 39.06%, indicating a relatively high level of debt [4] Business Model and Capital Expenditure - The company's performance is primarily driven by capital expenditure, with a total financing amount of 497 million yuan and total dividends of 53.47 million yuan, resulting in a dividend financing ratio of 0.11 [5] - Attention is needed regarding the rationality of capital expenditure projects and potential funding pressures [5] Summary - Overall, the financial performance of the company in the first quarter of 2025 was disappointing, with declines in both revenue and profit [6] - The company needs to pay special attention to cash flow, debt levels, and management of accounts receivable [6] Key Financial Ratios - Gross margin was 26.35%, a decrease of 21.92% year-on-year [7] - Net margin was 10.59%, down 35.43% year-on-year [7] - Operating expenses accounted for 10.5% of revenue, a decrease of 17.2% year-on-year [7] - Earnings per share was 0.20 yuan, a decrease of 28.04% year-on-year [7] - Operating cash flow per share was 0.40 yuan, down 27.13% year-on-year [7] - Book value per share was 11.01 yuan, an increase of 11.44% year-on-year [7]

Group 1 - The transportation industry in China has shown a stable start in the first quarter, achieving a total freight volume of 13.06 billion tons, a year-on-year increase of 4.9%, which is 1 percentage point faster than the growth rate for the entire previous year [1] - Port production also saw growth, with a total cargo throughput of 4.22 billion tons, reflecting a year-on-year increase of 3.2% [1] - Significant progress has been made in building a unified and open market, which is crucial for promoting high-quality development in the transportation sector [1] Group 2 - There are still issues such as regional and urban-rural development imbalances, local protectionism, and administrative monopolies that need to be addressed [2] - A comprehensive transportation system innovation and collaborative development approach is necessary, including the establishment of urban transportation planning and efficient resource allocation [2] - Enhancing the connectivity of different transportation modes and improving the logistics efficiency across various sectors is essential for economic operation [2] Group 3 - Breaking down market segmentation is vital for efficient resource allocation, which includes eliminating institutional barriers and ensuring fair competition among various operators [3] - Encouraging technological innovation in transportation and addressing technical standards and compatibility issues are necessary for seamless operations [3] - A new regulatory mechanism should be established to enhance service innovation and ensure compliance among transportation operators [3]

天眼查App显示，近日，上海远策航行运输有限公司成立，法定代表人为步小龙，注册资本10000万人 民币，由内蒙古蒙太金豆能源有限责任公司全资持股。 序号股东名称持股比例1内蒙古蒙太金豆能源有限责任公司100% 经营范围含许可项目：道路货物运输（不含危险货物）。（依法须经批准的项目，经相关部门批准后方 可开展经营活动，具体经营项目以相关部门批准文件或许可证件为准）货物进出口；技术进出口；农副 产品销售；饲料原料销售；建筑材料销售；耐火材料销售；非金属矿及制品销售；针纺织品销售；日用 百货销售；五金产品批发；木材销售；电子产品销售；家用电器销售；机械电气设备销售；通讯设备销 售；照相机及器材销售；建筑装饰材料销售；卫生陶瓷制品销售；日用陶瓷制品销售；卫生洁具销售； 橡胶制品销售；计算机软硬件及辅助设备批发；照明器具销售；办公设备销售；机械设备销售；汽车销 售；新能源汽车整车销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动） 企业名称上海远策航行运输有限公司法定代表人步小龙注册资本10000万人民币国标行业交通运输、仓 储和邮政业>水上运输业>水上货物运输地址上海市金山区廊下镇金廊公路41号14幢（廊 ...

| 申万期货品种策略日报——股指 | 2025/4/25 | 星期五 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 申银万国期货研究所 贾婷婷（从业资格号：F3056905；交易咨询号：Z0016232 ）jiatt@sywgqh.com.cn;15921620356 | 申银万国期货研究所 柴玉荣 （从业资格号：F03111639；交易咨询号：Z0018586）chaiyr@sywgqh.com.cn;18802979529 | | | | | | | | | | | 一、股指期货市场 | IF当月 | IF下月 | IF下季 | IF隔季 | | | | | | | | 前两日收盘价 | 3765.20 | 3734.00 | 3677.00 | 3652.20 | 前日收盘价 | 3771.20 | 3736.80 | 3681.00 | 3657.20 | | | 涨跌 | 4.20 | 1.60 | 3.80 | 6.00 | 沪深300 | 涨跌幅 | 0.11 | 0 ...