中国商业联合会分析认为，"五一"假日消费有利于商品经营类企业发挥线下优势，扩大经营规模，5月 线下商品零售预期相对较好，假期外出购物依然是家庭消费的重要选择。 电商经营类指数为50.0%，较上月微降0.1个百分点，电商经营类企业总体处于稳定发展期。。构成电商 经营类CRPI的2个正向分指数电商实物总销售额和电商在线总商品数处于临界点以上，1个正向分指数 电商客单价水平和反向分指数电商经营总成本处于临界点以下。电商实物总销售额指数为50.6%，较上 月下降1.3个百分点。电商在线总商品数指数为52.0%，较上月微降0.5个百分点，表明本月电商经营类 企业备货意愿保持稳定。电商客单价水平指数为48.9%，较上月小幅上升0.6个百分点，分析认为，商品 客单价水平上升，呈现积极的消费趋势。电商总成本反向指数为49.3%，较上月上升1.1个百分点，表明 电商经营类企业成本投入有所减少。 5月零售业景气度呈现如下特点：CRPI各项分指数对比显示，5月零售业整体表现向好，商品经营类指 数明显回升，表明线下商品经营预期有所改善；数据显示，5月租赁经营类景气指数受平均单店租金收 入和经营场所增减影响出现下行，表明租赁经营类企业 ...

Group 1 - Tokyo stock market rebounded on the 23rd, with the Nikkei 225 index rising by 174.60 points to close at 37160.47, an increase of 0.47% [1] - The Tokyo Stock Exchange stock price index increased by 18.43 points, closing at 2735.52, reflecting a rise of 0.68% [1] - The rise was influenced by the overnight increase in the Nasdaq index, particularly in high-tech stocks, and a slight depreciation of the yen, which boosted expectations for improved performance from export-related companies [1] Group 2 - Over 80% of the 33 industry sectors on the Tokyo Stock Exchange saw gains, with other products rising by 3.62% and non-ferrous metals increasing by nearly 3% [1] - However, six sectors, including mining, securities and commodity futures trading, and electric and gas industries, experienced slight declines [1] - Despite improvements in Japanese corporate sentiment and a better PMI report from the US, the Tokyo stock market has struggled to maintain trading enthusiasm, with the 200-day moving average acting as a resistance level [2]

Core Viewpoint - The company has successfully issued a total of 2 phases of perpetual corporate bonds, with the second phase having a total issuance scale of 1 billion RMB and a final coupon rate of 2.59% [1][3]. Group 1: Bond Issuance Details - The company has received approval from the China Securities Regulatory Commission for the issuance of perpetual corporate bonds totaling up to 2.5 billion RMB [1]. - The first phase of the bond issuance was completed on April 28, 2025, while the second phase concluded on May 22, 2025 [1][3]. - The second phase of bonds has a basic term of 3 years, with the option to extend for an additional 3 years at the end of each interest period [2][3]. Group 2: Participation and Underwriting - The bond issuance did not involve participation from the company's directors, supervisors, senior management, or shareholders holding more than 5% of the shares [3]. - The lead underwriter, CITIC Securities Co., Ltd., subscribed to 30 million RMB of the bonds, ensuring compliance with fair pricing and procedural regulations [3].

Core Viewpoint - The article discusses a dramatic turnaround in the shipping orders from China to the U.S. following the recent tariff adjustments, highlighting a surge in demand and operational challenges faced by ports and logistics companies [3][4][5]. Group 1: Shipping and Logistics - After the announcement of tariff reductions, shipping orders from China to the U.S. skyrocketed, with container bookings increasing by nearly 300% [6]. - Ports like Shenzhen's Yantian and Ningbo experienced a significant influx of orders, leading to a situation where shipping capacity was stretched thin, with a 30% shortfall in available space [6][5]. - The rapid increase in orders forced many companies to work overtime to meet the demand, with some factories operating at full capacity to fulfill U.S. orders [5][6]. Group 2: Market Dynamics - The article emphasizes that despite previous expectations, U.S. companies are struggling to shift their supply chains away from China due to high costs and inefficiencies in alternative locations [13][14]. - Many U.S. businesses have found that relocating production to Southeast Asia or other regions is not feasible, leading them to return to Chinese suppliers [14]. - Chinese manufacturers have diversified their markets, reducing reliance on the U.S. and expanding into Europe and other regions, which has provided them with more stability [15]. Group 3: Historical Context - The article draws parallels between current tariff policies and historical events, specifically referencing the Smoot-Hawley Tariff Act of 1930, which led to economic downturns rather than the intended protection of domestic industries [15]. - It suggests that the current administration should learn from history to avoid repeating past mistakes related to high tariffs [15].

2024年全年实现归母净利润8000余万元的炬申股份(001202)，将从子公司合计获得9570万元分红。 5月21日晚间炬申股份披露，全资子公司广东炬申仓储有限公司（下称"炬申仓储"）、无锡市炬申仓储 有限公司（下称"无锡炬申"）、江西炬申仓储有限公司（下称"江西炬申"）、佛山市三水炬申仓储有限 公司（下称"三水炬申"）、石河子市炬申供应链服务有限公司（下称"石河子炬申"）、新疆炬申陆港联 运有限公司（下称"新疆炬申"）为实现股东的投资收益，决定向公司进行利润分配。截至公告披露日， 上市公司已收到了上述全资子公司全部分红款合计9570万元。 截至2024年6月公告披露日，上市公司已收到了上述全资子公司全部分红款合计5800万元。 2024年度，炬申股份实现营业收入10.4亿元，同比上升4.59%；归属净利润8157.11万元，同比上升 31.17%；经营活动产生的现金流量净额1.59亿元，同比下降1.26%。 21日晚间炬申股份公告中称，炬申仓储、无锡炬申、江西炬申、三水炬申、石河子炬申、新疆炬申均为 公司纳入合并报表范围内的全资子公司，本次所得分红将增加母公司2025年度净利润，但不增加公司 2025年度 ...

Group 1 - The company, Lihong Inspection (01586), announced a conditional agreement to acquire 45% equity in Shaanxi Huaxia Lihong Commodity Inspection Co., Ltd. for RMB 50 million [1] - The acquisition aligns with the company's strategy of embracing AI industry opportunities and aims to enhance its international development blueprint through technological innovation [1][2] - This acquisition is expected to strengthen the company's strategic control, improve decision-making efficiency, and enhance overall core competitiveness [1] Group 2 - The company emphasizes long-term sustainable development and prioritizes shareholder returns, aiming to optimize resource integration for sustainable business growth [2] - By leveraging AI technology, the company seeks to enhance service capabilities and strengthen market competitiveness, solidifying its leading position in the energy bulk inspection sector [2] - The acquisition is part of the company's strategy to maximize enterprise value and optimize shareholder value and returns [2]

谨以此文献给：最后一轮买单之王、追涨杀跌派虔诚教徒、我才高八斗要你管死硬分子、股市小作文深度 阅读爱好者的大——散——户——们！ 作者 | 贝壳XY 编辑 | 小白 前脚喜提交易所《终止上市事先告知书》，后脚就把高价聘请的年审机构告上法庭，临死也要拉个垫 背的，这样的A股奇葩你听说了吗？ *ST恒立（000622.SZ）的传（wu）奇（chi）故事，老铁们值得一看。 年报难产、终止上市：一切都是审计所的错？ （来源：*ST恒立公告20250508） 熟悉A股的老铁们肯定知道，每年的年报披露季总会有几个迟到选手，怎么就*ST恒立直接要被终止 上市呢？ 罗马不是一天建成的，退市也不是毫无征兆的：2023年，*ST恒立就因"净利润为负值、且营业收入 低于1亿元"，被实施退市风险警示。 现有《深圳证券交易所股票上市规则（2025 年修订）》规定，这类公司如果2024年不能"在法定期限 内披露过半数董事保证真实、准确、完整的年度报告"，就直接退市。 但*ST恒立早已经左支右绌， 顾头不顾腚 了，因为之所以它没来得及披露年报，是在努力规避另一 道退市红线——2024年实现盈利，或者营收不低于3亿。 5月7日晚，*ST恒立 ...

生产：关税扰动下，工业生产边际放缓。4 月，工业增加值同比增速 6.1%，低于前值，高于万得一致预期，环比增速弱于季节性，指向关税政 策扰动下，企业倾向于审慎观望，生产意愿边际回落，造成工业生产边际 放缓。4 月，出口交货值同比增速 0.9%，较上月大幅下降。总体看，工 业生产整体依旧较强：4 月工业增加值累计增速 6.4%，高出 2024 年全年 增速 0.6 个百分点，与一季度增速基本持平。产品产量上看，主要工业品 产量增速分化。上游传统能源类产量增速降低。下游消费品中，智能手 机、微型计算机、移动通信手持机等产量增速下降至负增区间，或指向电 子产品受关税政策扰动出现减产倾向。但 4 月中旬，美国海关与边境保护 局宣布对智能手机、电脑、芯片等电子产品免除"对等关税"，后续相关 电子产品产量或迎来修复。此外，新能源汽车、工业机器人、光伏电池等 代表新质生产力工业产品产量高增。 投资：固定资产投资增速略有回落，韧性依旧。基建方面，广义基建累计 增速 10.9%，略低于前置，整体依旧较强。但 4 月沥青开工率相对偏低， 主因化债背景下，按财务支出法统计时，基建投资与实物工作量情况存在 偏差。4 月，新增专项债累 ...

李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金(Managed Positions)在当地期货市场的各种部署，继而反映 现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据，记录日为刚过 去的周二(如果过去一周原本工作日是假日的话数据出炉会延期)。 | 概要 | | --- | | 市场对美联储减息步伐转趋保守，试问现在美股强势是哪来的底气？ | | 市场对美国今年减息幅度转趋保守，问题是美国经济也随着各种折腾而出现衰退迹象，却迟迟未 | | 减息，根本就是妥妥的熊市。评级机构Moody将美国的主权评级从最高分Aaa下调至Aa1，更将展 | | 望从稳定转至负面，主要原因是利率成本高企及美国的债务难以再以高速度增长。 | | 另外，桥水基金的创始人达利欧于今年首季买了价值3.19亿美元的黄金矿业公司ETF。今年黄金矿 | | 业股票ETF GDX回报达31.1%，远远跑赢黄金ETF的19.9%。 | LSEG Workspace用户可以搜寻CFTC寻找最新数据： | | | COMEX黄金 | | CO ...

陈茂波：合资格大宗商品贸易活动半税优惠条例将尽快提交立法会 金十数据5月21日讯，香港财政司司长陈茂波表示，行政长官去年施政报告提出，建立大宗商品交易生 态圈，今年1月香港获伦敦金属交易所纳入全球仓库网络内许可交付地点，使仓储设施更接近内地工业 中心和消费中心，他形容进度良好，至今已经有7个仓库获得许可，最快今年7月起陆续投入营运，特区 政府会继续推展政策，推动相关发展，为合资格大宗商品贸易活动提供半税优惠的条例草案，将尽快提 交立法会。 ...