1. 七部门：建立债券市场"科技板" 将优质企业科创债纳入基准做市品种 2. 收评：沪指涨0.86%重回3400点 大金融板块集体爆发 3. 腾讯控股：一季度本土市场游戏收入429亿元，同比增长24% 4. 新款iPhone大降价 最高降2500元 5. 中国结算启动一季度异常账户核查 【宏观要闻】 今天值得关注的国内外新闻有： 外交部：中方对美芬太尼反制仍然有效 外交部发言人林剑表示，中美双方在日内瓦的经贸会谈达成多项积极共识，同意大幅降低双边关税水 平。美方承诺取消91%关税，暂停实施24%的对等关税，相应的中方也取消91%反制关税，暂停实施 24%的反制关税，双方各自保留10%的关税。美方以芬太尼为借口，对中国无理加征两轮关税，中方均 第一时间采取包括关税和非关税措施在内的反制举措，坚定维护自身正当权益，这些反制措施仍然有 效。（央视新闻） 七部门：建立债券市场"科技板" 将优质企业科创债纳入基准做市品种 科技部、中国人民银行、金融监管总局、中国证监会、国家发展改革委、财政部、国务院国资委印发 《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》，健全债券市场服务科技创 新的支持机制。建立 ...

Core Insights - The "Linked Unloading" model has been successfully implemented, marking a significant innovation in customs supervision and enhancing the integration of ports in the Yangtze River Delta region [1][2] - This model allows for direct customs clearance at Lusi Port, reducing logistics costs and improving efficiency for businesses in the region [1][2] Group 1: Implementation and Benefits - The first batch of goods using the "Linked Unloading" model departed from Lusi Port to Yangshan Port, indicating the model's successful launch in Nantong [1] - The model eliminates traditional customs procedures, allowing goods to be directly transported from Lusi Port to Yangshan Port, thus saving logistics costs by 400 yuan per container and shortening delivery times [1][2] - In Q1 of this year, the customs supervision at Lusi Port managed 71,000 tons of import and export goods, a year-on-year increase of 36.8%, with container throughput reaching 49,000 TEUs, up 41.43% [1] Group 2: Future Developments - The customs authority plans to hold a promotional meeting to summarize pilot experiences and optimize regulatory processes for the "Linked Unloading" model [2] - There are ongoing efforts to enhance the "Smart Port" initiative, utilizing IoT technology for real-time tracking of goods and sharing regulatory data with Yangshan Port to improve logistics services [2]

Core Viewpoint - Lianyungang Port Group is focusing on the deep integration of port logistics industry chain and supply chain, emphasizing the development of "train + sea transport" linkage, enhancing platform construction, enriching channel layout, innovating service formats, and concentrating on digital empowerment to reduce comprehensive costs in modern port logistics [1][2] Group 1: Platform Construction and Service Enhancement - The company has successfully established and is operating the Lianyungang-Kazakhstan Logistics Cooperation Base and the SCO Maritime Base, creating an important gathering center for Eurasian cross-border transportation [1] - The efficient operation of COSCO's participation in the Kazakhstan Horgos Dry Port is being advanced, with business linkage, personnel exchange, information sharing, and resource sharing between the Lianyungang Logistics Cooperation Base and the dry port [1] - The construction of the two bases and the linkage of the two hubs effectively enhance the service capability of the new Eurasian land-sea intermodal transport corridor [1] Group 2: Channel Advantage and Cross-Border Transport - The company is expanding its international cross-border transport channels, establishing five exit ports including Alashankou and Horgos, and launching six train routes to Central Asian countries as well as to China-Kyrgyzstan-Uzbekistan, China-Mongolia, and China-Russia [1] - New business formats such as Wuxi and Yancheng connecting trains, JSQ container special trains, and China-Kyrgyzstan-Uzbekistan sea-rail-road multimodal transport are being developed [1] - The company is collaborating to build and operate the Xuzhou-Lianyungang Container Transfer Center, launching Xuzhou-Lianyungang rail-sea intermodal trains, and creating unique logistics products like "Lian-Shen Fast Shipping + Railway + Land Bridge" to form cross-regional logistics element aggregation and scale effects [1] Group 3: Innovative Service Models and Digital Empowerment - The company has introduced 13 innovative cases related to international trains under the "Free Trade Zone + Train" model, with the "ship-car direct pick-up" zero-waiting model saving 75% of transfer operation time and the "collective to scattered" direct loading model compressing the entire transit time by 60% [2] - A multimodal transport "one order system" service model has been launched, promoting the "one container system" business and the "railway container water discharge" model to further enhance the comprehensive management efficiency and service level of multimodal transport [2] - An intelligent information system has been established at the Lianyungang-Kazakhstan Logistics Cooperation Base, integrating data with customs and railways, and the developed international train timeliness analysis system compresses overall customs clearance time by over 30% [2]

Group 1: China's Anti-Dumping Measures - China has decided to impose anti-dumping duties on imported chlorpyrifos from India, with rates ranging from 48.4% to 166.2% starting May 7, 2025 [3][4] - The anti-dumping investigation was initiated due to significant price drops in Indian chlorpyrifos exports to China, which fell from 89,675 RMB per ton in 2019 to 51,950 RMB per ton in 2023, a decrease of 42.07% [4] - The move aims to protect China's domestic chlorpyrifos industry and ensure fair competition, as well as stabilize the agricultural supply chain [5] Group 2: U.S. Port Trade Volume Decline - The largest U.S. port has experienced a significant drop in trade volume, influenced by high inflation, rising interest rates, and declining consumer confidence [8] - Changes in supply chain dynamics, with companies relocating production to Southeast Asia and India, have reduced cargo volumes at traditional U.S. ports [9] - The decline in port activity has adverse effects on local economies, leading to reduced revenues in logistics and transportation sectors, and potentially increasing unemployment rates [10] Group 3: Federal Reserve's Interest Rate Decisions - The Federal Reserve has maintained interest rates steady over three consecutive meetings, reflecting concerns over inflation and economic growth disparities [12][13] - The Fed is cautious about lowering rates too soon due to uncertainties in inflation trends and the potential for market instability [14] - Conditions for future rate cuts include achieving stable inflation around 2%, sustainable economic growth across sectors, and maintaining financial market stability [15][16]

Core Viewpoint - The article discusses the increasing trend of expatriates leaving Singapore despite its attractive qualities, highlighting the challenges faced by new immigrants and the local population's resistance to foreign influences [5][10][12]. Group 1: Reasons for Leaving Singapore - The article mentions that many expatriates, including successful entrepreneurs, are choosing to relocate due to a lack of genuine social connections and a narrow worldview among locals [6][9]. - Data from the National Population and Talent Division indicates a rise in Singaporeans living abroad, increasing from 185,800 in 2022 to 215,300 in 2024 [5]. Group 2: Singapore's Attractiveness - Singapore is recognized for its geographical advantages, a well-educated workforce, a strong legal system, and low tax rates, making it a desirable destination for wealthy individuals [5]. - The 2024 Private Wealth Migration Report ranks Singapore as the third most popular destination for high-net-worth individuals, with 3,500 immigrants [5]. Group 3: Cultural and Social Dynamics - The article highlights a strong boundary consciousness among locals, leading to a lack of acceptance of new ideas from expatriates, particularly from Chinese immigrants [9][14]. - The cultural integration in Singapore is described as superficial, with various ethnic groups maintaining their distinct identities without meaningful interaction [10][14]. Group 4: Government and Economic Structure - Singapore's government is portrayed as efficient and focused on maintaining a stable economy, often compared to a corporation in its operational style [16][19]. - The article notes that a significant portion of Singapore's wealth is generated overseas, indicating a global economic presence [11].

Core Viewpoint - XuZhou Port Group is enhancing its logistics and marketing strategies to optimize resource allocation and improve operational efficiency, thereby contributing to the regional economy and expanding its customer base. Group 1: Marketing and Business Model Innovation - XuZhou Port Group is implementing a "mine-port-factory" marketing model, focusing on direct resource transportation from upstream coal mines to downstream customers in the power and steel industries, aiming to develop long-term direct sales channels [2] - The company is leveraging the WaRi Railway freight policy to reduce logistics costs for western resources transported to XuZhou Port, enhancing the logistics service for surrounding steel and power plants [2] Group 2: Customer Development and Service Enhancement - The company is actively exploring customer needs by visiting key enterprises in the western region, achieving a coal import of 15.17 million tons from Xinjiang in the first quarter [3] - XuZhou Port Group has introduced a "grain bulk to container" service model, significantly reducing logistics costs for local grain enterprises by approximately 200 yuan per container [3] Group 3: Functional Upgrades and Service Improvements - The dual building operation area has connected with international railway ports, establishing XuZhou as a comprehensive logistics hub with multi-modal transport capabilities [4] - The company has been recognized as a new benchmark enterprise for the integration of logistics and manufacturing in XuZhou, with its dual building operation area awarded a "three-star multi-modal transport operator" honor [4] Group 4: Global Logistics Network Expansion - XuZhou Port Group is enhancing cooperation with other ports to create new iron-water transport channels, reducing logistics costs for local enterprises by 15% [5] - The company is developing an international logistics distribution system by integrating various transport modes, enhancing the operational capacity of the China-Europe Railway Express [5]

Core Viewpoint - The 137th Canton Fair showcased China's economic resilience and the confidence of Chinese enterprises amidst global trade disruptions caused by U.S. tariffs, with an intended export transaction volume of $25.44 billion [1]. Group 1: Company Insights - Li Hongmei, chairman of Mingyihu Group, highlighted the production and sales of 600 million mobile phone films annually, indicating a significant market presence [3]. - The mobile phone films produced cover hundreds of models, with production lines in Hunan adapting to market dynamics [5]. - Li's company has become a "national specialized and innovative small giant," supplying products to major Chinese smartphone brands like Huawei, Xiaomi, OPPO, and VIVO [5]. Group 2: Market Performance - Li's tempered glass film products hold a 30% share of the global market, with annual sales in the U.S. maintaining around 50 million units, peaking at 100 million units [7][18]. - The company completed transactions worth 12.65 million yuan during the Canton Fair, with new customer orders from five Central Asian countries on the way [18]. Group 3: Industry Challenges and Responses - Li expressed concerns about the impact of tariffs on employment and the manufacturing sector, emphasizing the need for innovation and resilience in the face of challenges [12][20]. - The South China Sea Port has been optimizing logistics and trade structures to mitigate the cost pressures from tariffs, with a reported 18% year-on-year increase in cargo volume expected in 2024 [30][36]. Group 4: Historical Context and Current Strategies - The historical context of customs and tariffs in China, particularly post-Opium War, serves as a reminder of the importance of trade sovereignty [25][28]. - The South China Sea Port's diverse logistics network aims to reduce reliance on single markets and enhance efficiency, which is crucial for navigating tariff impacts [41][45].

Core Viewpoint - The article discusses the dual nature of Singapore as a destination for expatriates and its challenges regarding cultural integration and acceptance of new immigrants, particularly from China. It highlights the increasing trend of Singaporeans moving abroad despite the country's advantages, indicating a growing discontent with local social dynamics and cultural limitations [4][11]. Group 1: Reasons for Leaving Singapore - Singapore's appeal includes its strategic location, bilingual talent pool, efficient governance, and low tax rates, attracting wealthy individuals and families [4]. - However, there is a rising trend of Singaporeans living abroad, with numbers increasing from 185,800 in 2022 to 215,300 in 2024 [4]. - The local social environment is perceived as insular, with a strong boundary among locals and a lack of genuine friendships with newcomers, leading to dissatisfaction among expatriates [5][7]. Group 2: Cultural Dynamics - The article emphasizes the strong sense of boundary consciousness among Singaporeans, which can lead to a defensive attitude towards outsiders and a perception of coldness [12][13]. - New immigrants often face a ceiling in their professional growth due to local resistance to new ideas, particularly from Chinese expatriates [7]. - The cultural integration in Singapore is described as fragmented, with various ethnic groups maintaining their distinct identities rather than blending into a cohesive society [8][9]. Group 3: Governance and Social Structure - Singapore's governance is likened to a corporate model, focusing on efficiency and strict management of public life, which can stifle individual expression [15][16]. - The government promotes a narrative of global citizenship while simultaneously managing the population's behavior and expectations [9][16]. - The article suggests that the societal structure creates a dichotomy between elite governance and the general populace, leading to a lack of cultural identity among citizens [16].

对此，美国很有名的物流行业平台FreightWaves首席执行官Craig Fuller在X上发帖警告称： "洛杉矶港口的卡车运输量同比下降了23%，如果贸易战不解决，未来几周可能会跌到50%！" 来源 | 华尔街见闻 关税冲击下，全美最大港口要凉。 美东时间周三，船运追踪系统Port Optimizer最新数据显示，从本周日开始， 洛杉矶港的进口量将急剧下降 。洛杉矶港是美国最大的港口，也是 西半球最大的集装箱枢纽。 | Quickview Dashboard VESSELS AT BERTH Current | RAGE TIME AT BERTH | ed on Last 30-Day Rolling Average | TOTAL PLANNED VESSELS | TOTAL PLANNED CONTAINERS | | | --- | --- | --- | --- | --- | --- | | 13 | 4.2 | DAYS | 94 | 211,560 | | | Import Volumes | | | | | | | APR 20 - APR 26 (WK 17) | | APR 27 ...

货少了，港口先遭殃 媒体指出，关税对南加州物流圈造成了五大连锁反应。 关税冲击下，全美最大港口要凉。 美东时间周三，船运追踪系统Port Optimizer最新数据显示，从本周日开始， 洛杉矶港的进口量将急剧下降 。洛杉矶港是美国最大的港口，也是西半球最大的 集装箱枢纽。 对此，美国很有名的物流行业平台FreightWaves首席执行官Craig Fuller在X上发帖警告称： "洛杉矶港口的卡车运输量同比下降了23%，如果贸易战不解决，未来几周可能会跌到50%！" "西海岸的卡车司机，很快就要面临大规模裁员。" 这表明，关税冲击已经影响到了全美最繁忙的港口——洛杉矶港。现在海外货物越来越少，运到美国洛杉矶港的集装箱少了，负责把这些货再从港口拉出去的 卡车也没活干了。 1、海外进口量下滑。 港口是靠进出的集装箱赚钱的，现在海外来的集装箱少了，紧接着收入也跟着大减，像装卸费、租赁费、服务费统统缩水。 2、人开始失业 。 由于货物减少，码头工人和港口员工的工作时间减少，部分员工面临裁员或无薪假期。尤其是南加州物流重地如安大略、河滨市等，这里堆了超2亿平方英尺 的仓库，现在货没了，卡车司机和仓库工人可能遭遇大批裁员 ...