美国与欧盟的贸易谈判传来利好信号。 据最新消息，欧盟计划加速与美国谈判，从而避免大西洋两岸发生"贸易战"。当地时间5月26日，欧盟发言人 透露，欧盟贸易和经济安全事务专员塞夫科维奇将于当地时间周一下午与美国商务部长卢特尼克进行通话。 "现在谈判有了新的动力。"欧盟委员会发言人保拉·皮尼奥周一表示，"双方同意加快贸易谈判进程，并保持密 切联系。" 保拉·皮尼奥表示，欧盟委员会主席冯德莱恩与美国总统特朗普的通话为贸易谈判注入了新的动力。欧盟贸易 和经济安全事务专员塞夫科维奇将于当地时间周一下午与美国商务部长卢特尼克进行通话。 保拉·皮尼奥进一步表示，在与美国的谈判中，欧盟提出的"零关税对零关税"提案仍在谈判桌上。 在此之前，特朗普表示，欧盟请求将关税谈判期限延长至7月9日，他已同意这一请求。 这一消息瞬间点燃了市场的乐观情绪，欧洲多国股市周一集体大涨，截至发稿，丹麦OMX20指数大涨超2%， 欧洲斯托克50指数、德国DAX 30指数、法国CAC 40指数、意大利富时MIB指数均涨超1%。 但分析人士警告称，尽管美国总统特朗普推迟了对欧盟征收50%关税的计划，但投资者仍需"系好安全带"，因 为潜在的贸易战风险尚未完 ...

美国政策引发全球航运业面临新挑战，或将迎来最艰难时刻，航运价格后续走势如何？ 相关链接 期货热点追踪 ...

Report Summary Industry Investment Rating - The report gives a bullish outlook on the four major stock indices in the long - term, suggesting investors to look past short - term fluctuations. The specific ratings for stock index futures are: IH (long), IF (long), IM (slightly long), IC (slightly long) [1][2] Core View - The decline in deposit rates below 1% continues to be positive for the market. The reduction of deposit rates by the six major banks is expected to drive household savings and insurance funds into the stock market. The market style is expected to shift towards the cyclical value style represented by the Shanghai 50 Index. The global re - allocation of financial assets will prompt overseas institutional funds to pour into the A - share market [1][2] Summary by Related Catalogs Market Review - On Wednesday, the value - cycle indices of the two markets strengthened. The trading volume of the two markets was 1.17 trillion yuan, with little change. The Shanghai 50 Index closed at 2728 points, up 11 points or 0.43%; the CSI 300 Index closed at 3916 points, up 18 points or 0.47%; the CSI 500 Index closed at 5757 points, up 10 points or 0.18%; the CSI 1000 Index closed at 6132 points, down 13 points or - 0.23%. Among industry and theme ETFs, gold stock ETFs, non - ferrous 50 ETFs, coal ETFs, battery ETFs, and new energy vehicle ETFs led the gains, while semiconductor leading ETFs, machine tool ETFs, and chip ETFs led the losses. Among the sector indices of the two markets, precious metals, batteries, commercial vehicles, coal mining, and industrial metals indices led the gains, while PEEK materials, general equipment, aquatic products, industrial mother machines, and industrial software indices led the losses. The futures settlement funds of the CSI 1000, CSI 300, and Shanghai 50 indices had net outflows of 900 million, 500 million, and 100 million yuan respectively [1] Important Information - The central bank will support key areas such as technological innovation, consumption, private small and micro - enterprises, and foreign trade stability, and improve the quality and efficiency of financial support for the real economy [1] - On May 20, China and ASEAN announced the full completion of the negotiation of the China - ASEAN Free Trade Area 3.0 [1] - Due to the rush - out effect in the sprint window period, shipping companies have raised prices. The quotation for 40 - foot containers (FEU) on the Shanghai - US West Line in mid - June has reached $9100, more than three times the average price of about $2250 at the beginning of May [1] - Dalio said that inappropriate interest - rate cuts would have a negative impact on the bond market, leading to higher long - term interest rates, a weaker US dollar, and a rising gold price [1] - The annual inflation rate in the UK in April reached 3.5%, higher than analysts' expectations [1] - The Japanese bond market had no bids for the second consecutive day, and the yields of 30 - year and 40 - year Japanese government bonds reached record highs, with the 20 - year government bond yield reaching 2.57%, the highest since October 2000 [1] - The St. Louis Fed President pointed out that the Fed needs to prevent the rise of inflation expectations [1] - COT data shows that there has been large - scale short - selling in the US stock market, reaching $11.1 billion, with hedge funds as the main short - sellers. The cumulative short - selling amount of hedge funds in the last three COT reports reached $25 billion, the largest in at least a decade [2] - The open - interest data of the Chicago Mercantile Exchange (CME) confirms that a large number of positions are betting that the 10 - year Treasury yield will rise to 5% in the coming weeks [2] - Institutions predict that the tax - cut bill will increase public debt by at least $3.3 trillion by the end of 2034, raising the debt - to - GDP ratio from the current 100% to a record 125% [2] - Multiple US officials said that Israel is preparing to attack Iran's nuclear facilities, which may trigger a wider regional conflict in the Middle East [2] Market Logic - On Wednesday, the value - related indices of the two markets continued to strengthen, and the reduction of deposit rates was still positive for the market. The six major banks lowered RMB deposit rates. The three - month, six - month, one - year, and two - year fixed - deposit rates were all cut by 15 basis points to 0.65%, 0.85%, 0.95%, and 1.05% respectively; the three - year and five - year rates were cut by 25 basis points to 1.25% and 1.3% respectively. The one - year deposit rate falling below 1% is expected to drive household savings and insurance funds into the stock market, and free - cash - flow ETFs strengthened collectively [1][2] Future Outlook - The value - related indices of the two markets continued to strengthen on Wednesday, and the reduction of deposit rates continued to be positive for the market. In 2024, A - share listed companies paid a total of 2.4 trillion yuan in dividends and repurchased shares worth 147.6 billion yuan, both hitting record highs, and the dividend yield of the CSI 300 Index was close to 3.6%. The one - year deposit rate cut to 0.95% is expected to accelerate the transfer of household savings and insurance funds to the stock market. Free - cash - flow ETFs and dividend - based ETFs are expected to benefit the most. The global re - allocation of financial assets will drive overseas institutional funds to pour into the A - share market. The market is expected to shift to the cyclical value style represented by the Shanghai 50 Index. The four major indices are bullish in the long - term, and short - term fluctuations should be ignored [2] Trading Strategy - For stock index futures directional trading: With the one - year deposit rate falling below 1%, household savings and insurance funds are expected to flow into the stock market. The market style is expected to shift to the cyclical value style represented by the Shanghai 50 Index. The four major stock indices are bullish in the long - term, and short - term fluctuations should be ignored [2] - For stock index option trading: The market is in a consolidation phase to repair technical indicators. It is recommended to suspend far - month deep - out - of - the - money call options [2]

近期，A股市场再次迎来一波回购增持热潮。 据证券时报·数据宝统计，截至5月21日，2025年第二季度以来发布回购和增持预案的上市公司数量合计 达到394家（剔除定向回购），相比第一季度的246家上市公司，增长超过六成。 20家公司拟回购金额上限超10亿元 以预告回购金额上限计算，截至5月21日，4月以来发布回购预案的上市公司，公告回购金额上限合计达 到778.2亿元。 具体来看，公告回购金额上限在10亿元及以上的20家上市公司中，宁德时代、徐工机械和美的集团回购 金额上限最高，分别为80亿元、36亿元和30亿元。 上市公司重要股东对公司发展、行业前景更加了解，其增持行为表明了对公司内在价值的认可，对上市 公司股价有一定的提振作用。 据数据宝统计，首次发布增持预案至最新收盘日，重要股东拟增持的公司股价平均上涨超9%，宁波海 运、小商品城等5家公司股价累计涨幅在30%以上，成交活跃度显著增加。 宁波海运4月9日收盘后发布增持计划，控股股东的一致行动人拟增持公司不超过2413.07万股股份，占 公司总股本的比例不超过2%。受益于航运板块热度上升，公司股价自5月13日开始连续5个交易日涨 停，近两个交易日连续回调，增 ...

中美关税战暂时停火，抢运大潮或将开启，供需关系迅速趋紧，洲际干线运价有望迎来触底回升。重点 推荐洲际集装箱航运龙头中远海控。 油轮板块：油价下跌有望带动原油需求回暖 兴业证券发布研报称，集装箱航运行业值得重点关注。短期来看，中美贸易谈判下，5-7月或将出现抢 运大潮，带动美线运价大幅度上涨;长期来看，东南亚正逐渐成为中国产品出口和产能出口的主阵地， 中国-东南亚航线有望长期受益。近期重点推荐标的中远海控（601919），公司是全球集装箱航运龙 头，以洲际集装箱航运为主业，有望受益本轮抢运大潮;长期建议关注标的锦江航运（601083），公司 是东北亚区域航线龙头企业，正向东南亚稳步扩张，将其极具价值的快航业务复制到东南亚市场，抢占 区域先机。 兴业证券主要观点如下： 集装箱航运板块：中美贸易谈判取得初步成果，关注美线抢出口大潮 需求端，中美5月12日在日内瓦发布联合声明，互相仅保留10%加征关税，暂停24%加征关税90天，并 取消所有后续加征的关税。在此背景下，外贸商或将抓住90天窗口期进行"抢出口"，美线运输需求或急 速抬升。 供给端，红海绕行年内势难解决，一定程度上提供了良好的支撑;中美航线运力恢复尚需时日 ...

Group 1: Aviation Industry - The aviation industry in China is expected to benefit from the easing of US-China trade tensions and improving supply-demand dynamics, leading to enhanced pricing power [2][1] - Recommended stocks include China National Aviation (00753), Eastern Airlines (00670), Southern Airlines (01055), and Spring Airlines (601021.SH) [2] - Guangzhou Baiyun Airport (600004.SH) is favored as a defensive choice due to its lower exposure to duty-free business and high dividend yield amid consumer pressure [2][1] Group 2: Shipping Industry - Geopolitical factors are impacting freight rates, but oversupply of capacity remains a primary concern for the next 12 to 24 months [3] - The oil tanker segment is expected to benefit from OPEC+ production increases and tighter regulations on "shadow fleets," with recommendations to increase holdings in China Merchants Energy (601872.SH) and COSCO Shipping Energy (01138) [3] - For dry bulk shipping, Pacific Basin Shipping (02343) is recommended for its stable shareholder returns, while container shipping stocks like COSCO Shipping Holdings (01919) and Orient Overseas International (00316) are advised to be reduced [3] Group 3: Express Delivery Industry - The express delivery sector is anticipated to face intensified price competition and ongoing industry consolidation from 2025 onwards [4] - ZTO Express (ZTO.US) is viewed as the most promising stock in the next 12 to 24 months, while SF Express (002352.SZ) shows strong profit growth potential [4] - Companies leveraging artificial intelligence, such as ZTO, SF Express, and YTO Express (600233.SH), are also highlighted for their growth prospects [4]

证券代码：603162 证券简称：海通发展 公告编号：2025-048 根据福建海通发展股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日召 开了第四届董事会第二十二次会议和第四届监事会第十七次会议，审议通过了《关 于公司 2024 年股票期权与限制性股票激励计划首次授予第一个行权期行权条件成就 的议案》。公司 2024 年股票期权与限制性股票激励计划（以下简称"激励计划"） 股票期权首次授予第一个行权期采用自主行权模式行权，主要安排如下： 份有限公司系统自主进行申报行权 行权所得股票可于行权日（T 日）后的第二个交易日（T+2）日上市交易。目前公司 尚未向中国证券登记结算有限责任公司上海分公司申请办理行权相关事宜，后续公 司将按照有关规定向中国证券登记结算有限责任公司上海分公司申请办理行权相关 事宜并明确具体行权安排，本次行权期间以公司后续公告为准。 福建海通发展股份有限公司 关于公司 2024 年股票期权与限制性股票激励计划 首次授予第一个行权期采用自主行权模式的 提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整 ...

据环球时报报道，近日中美发布日内瓦经贸会谈联合声明。商务部新闻发言人表示，本次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。这一举措符合两国生产者和消费者的期待，也符合两国利益和世界共同利益。接受《环球时报》记者采访的专家表示，会谈取得 了实质性成果，好于预期。但也应持谨慎乐观态度，中美还将围绕关税展开持续谈判。根据商务部官网消息，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。 自特朗普上台以来，美国出于种种考虑，悍然对华发动了疯狂无比的贸易战和关税战，对于美国方面的主动进攻，中方不仅亮出了"坚决反 制、奉陪到底"八个大字予以回应，而且还先后打出了包括限制稀土出口、停止接收波音飞机、停止美国部分农产品企业对华输入产品的资质 等。美高额关税严重损害双边正常经贸往来，实际上冻结了原本欣欣向荣的中美贸易，这对世界经济秩序产生了极大的冲击，同时也让原本 就状况不佳的美国经济再受打击。 特朗普（资料图） 而长和选择此时回应的背景值得关注。原计划中，该交易将在5月22日的股东周年大会上讨论，但近期来自股东、媒体及监管部门的密集关 ...

Group 1 - The core viewpoint of the articles is that the recent reduction of tariffs between China and the U.S. has led to a significant rebound in trade activities, with U.S. companies urgently replenishing their inventories due to rising demand from consumers [1][3][6] - Following the tariff reduction, the average booking volume for shipping containers surged by 277% compared to the previous week, indicating a strong recovery in trade [1][3] - U.S. companies are increasing their inventory levels, with some businesses extending their usual stock from 2-3 months to as much as 6 months in anticipation of future uncertainties [3][5] Group 2 - Shipping rates are experiencing significant fluctuations due to the surge in demand, with reports indicating that container shipping costs are set to rise, with one major shipping company notifying clients of a price increase to $10,000 per container [4][5] - The Shanghai Export Container Freight Index (SCFI) showed a notable increase in shipping rates, with prices for routes to the U.S. West Coast rising by 31% and to the East Coast by 22% [5] - Many U.S. companies are actively preparing for increased shipments, with reports of clients pre-booking thousands of containers in China, indicating a strong expectation of heightened trade activity in the coming weeks [3][5] Group 3 - Companies like Airdog are experiencing a resurgence in orders as U.S. customers begin to replenish their stock, with reports of increased consumer inquiries about future product availability and pricing [2][3] - The urgency to ship products is heightened by concerns over potential price increases and shipping delays, prompting companies to expedite their logistics processes [6][7] - The 90-day window for tariff suspension is creating a time-sensitive environment for trade, with companies needing to ship goods by the end of July to maximize the benefits of the reduced tariffs [7]

5月20日，A股全天震荡反弹，截至收盘沪指涨0.38%，深成指涨0.77%，创业板指涨0.77%。 3380.48 10249.17 2048.46 2048.46 2048.48 +0.38% 3040.77% 6040.77% 大家好，一起回顾一下今天市场发生了什么。 A股上涨 宠物经济概念股集体爆发，源飞宠物、依依股份等涨停。 北证50、微盘股指数齐创历史新高。 | 指 | 代码 | 名称 | | 涨幅% | 现价 | | --- | --- | --- | --- | --- | --- | | 1 | | 301335 天元龙初 | | R 20.01 | 44.50 | | IV | 300703 | 创源股份 | | 20.00 | 19.02 | | 3 | 832419 | 路斯股份 | R | 18.10 | 31.78 | | 1 | 838275 | 驱动力 | R | 14.10 | 13.51 | | 5 | 301158 | 美农生物 | R | 13.81 | 24.81 | | B | 301009 | 可靠股份 | R | 12.14 | 15.06 | | 7 | 300 ...