4月18日，经国务院同意，商务部印发《加快推进服务业扩大开放综合试点工作方案》，并制定了新一 轮任务清单，明确了155项试点任务。其中，"推进符合实体经济发展需要的产能预售、订单交易等交易 模式创新"被列为重点任务之一，同时也为大宗商品现货交易平台和产业电商平台推进模式创新指明了 方向。围绕业界关心的热点问题，期货日报与期报传媒（北京）有限公司将召开"产能预售及订单交易 合规创新研讨会"，从理论到实践深度剖析这两种业务模式的合规性和风险点，为行业答疑解惑。 把握政策机遇，合规开展产能预售、订单交易，并结合产业优势发掘创新点，要求从业人员不仅对交易 模式有深刻的理解，更对风险点有足够的把握。因此，在开展模式创新之前必须做足功课，反复思考： 什么是产能预售？订单交易与中远期交易有何本质区别？如何区分这几种交易模式？其中潜在哪些风险 点？怎样根据产业特色进行模式创新？如何吸引客源？ 本次研讨会将邀请行业专家通过前沿的理论指导、真实的案例解析、宝贵的经验分享，为与会嘉宾带来 一场生动的实操课，共同探讨创新交易模式、提升服务能力的新方法、新路径。 会议将于5月27日在青岛国际能源交易中心召开。国内大宗商品领域可信仓单、 ...

产能预售与订单交易模式通过"以销定产"优化资源配置，已成为大宗商品领域转型升级的关键抓手。在 业内人士看来，进一步取得实质性的政策支持，并在此基础上不断完善相关法律规范和监管制度，有利 于推动交易平台加强模式应用和创新。 从浙江国际油气交易中心的"产能预售+稳价订单"模式，到天津国际油气交易中心推出的"LNG订单 通"，近年来，在政策引导下，不少地方交易场所都在积极探索产能预售和订单交易模式创新。 2022年3月发布的《中共中央 国务院关于加快建设全国统一大市场的意见》提出"加快推进大宗商品期 现货市场建设，不断完善交易规则"，为进一步开展产能预售和订单交易等模式创新奠定了坚实的制度 基础，强调"打破地方保护和市场分割，促进大宗商品跨区域流通"，并提出"推动现货市场与金融市场 深度融合"，为订单交易模式创新提供了良好的政策环境。 2023年9月发布的《浦东新区推进大宗商品贸易稳增长促创新的实施方案》提到，支持大宗商品贸易企 业开展虚拟工厂、产能预售等业务模式创新，推动采销一体、贸工一体、仓运配一体建设，强化期现结 合、价格发现、供需匹配功能。 产能预售、订单交易的核心在于通过预先锁定未来产能和销售，帮助买卖双 ...

5 月 12 日，中美发布日内瓦经贸会谈联合声明，宣布同步调整对对方商品加征的关税措施。政策落地 后，中国输美海运集装箱订单量激增近 300% ，中国出口企业忙得热火朝天，美国进口商疯狂 "囤货"。 可这边厢中国订单呈井喷式增长，那边厢中国市场却没掀起大量采购美国商品的热潮，这让特朗普着实 有些无奈。 先看中国输美订单暴增这一情况。贸易追踪机构 Vizion 数据显示，截至 5 月 14 日的七天，从中国到美 国的集装箱运输预订量飙升 277%，达到 21530 个标准集装箱，相比此前的 5709 个，近乎涨了 3 倍。 浙江义乌作为 "世界小商品城"，感受尤为明显。美国客户纷纷催促发货，当地商户订单接到手软。有 从事工艺品生产的商家表示，此前因关税滞留的货物，早已转销其他市场，如今美国市场大门再度敞 开，订单量迅速回升。还有无缝内衣生产企业，关税政策调整后，美国老客户直接下单 30 万双袜子， 企业开足马力生产。 特朗普（资料图） 不仅如此，美线航运也迎来反弹，多家货代公司表示，5 月底发货的船只舱位接近满舱，部分船公司还 上调了运价。这一系列现象表明，中美关税大幅下调后，美国市场对中国商品的需求瞬间被点燃 ...

Core Insights - The report highlights a significant increase in the market share of the analyzed sector, with a growth rate of 91% in the last quarter, indicating strong demand and potential for further expansion [2][4]. - The report projects a 24% increase in revenue for the upcoming fiscal year, driven by strategic initiatives and market trends [2][4]. - Inflation rates are expected to stabilize around 2.3%, which may influence consumer spending and investment strategies within the industry [4]. Industry Overview - The industry is experiencing a robust growth trajectory, with key performance indicators showing a consistent upward trend in market demand and profitability [2][4]. - The report notes that the sector's performance is closely tied to global economic conditions, particularly in relation to commodity prices and supply chain dynamics [4][5]. - Emerging technologies and innovations are expected to play a crucial role in enhancing operational efficiencies and driving competitive advantages [4][6]. Financial Performance - The financial metrics indicate a strong balance sheet, with a projected increase in net income by 36% year-over-year, reflecting effective cost management and revenue growth strategies [4][6]. - Key financial ratios, such as return on equity (ROE) and profit margins, are expected to improve, suggesting a healthy financial outlook for the company [4][6]. - The report emphasizes the importance of maintaining liquidity to navigate potential market fluctuations and capitalize on investment opportunities [4][6]. Strategic Initiatives - The company is focusing on expanding its product offerings and entering new markets to diversify revenue streams and mitigate risks [2][4]. - Strategic partnerships and collaborations are being pursued to enhance market reach and leverage complementary strengths [4][6]. - The report outlines plans for increased investment in research and development to foster innovation and maintain a competitive edge [4][6].

Supply and Demand - Construction starts show a structural positive change, with infrastructure cement usage exceeding the same period in 2024[2] - Industrial production remains at a seasonally high level, with the chemical chain operating at historical highs[2] - Demand in construction is weak, while automotive and home appliance demand is improving, with rolling sales of passenger cars showing a year-on-year increase[3] Price Trends - International commodity prices show a mixed trend, with oil and gold prices declining while base metals are rising[4] - Domestic industrial products are experiencing a slight rebound, with rebar prices recovering and some chemical and building material prices showing signs of rebound[4] - Food prices are trending downward, with agricultural product prices fluctuating downwards and pork prices remaining stable[4] Real Estate and Liquidity - New housing transactions remain at historical lows, although first-tier cities show improvement, with transaction area in major cities up 2% week-on-week[5] - Second-hand housing transactions in Beijing and Shenzhen show a marginal year-on-year decline, while Shanghai's second-hand housing transactions continue at historical highs[5] - Liquidity is tightening, with funding rates declining; as of May 16, R007 was at 1.63% and DR007 at 1.64%[5] Export Performance - High-frequency export data has not significantly rebounded, with May exports expected to be around 0% year-on-year as of May 17[6] - Port throughput data indicates a potential decline in exports, with daily export transport data showing some resilience but not a substantial recovery[6] Risk Factors - Risks include unexpected fluctuations in commodity prices and potential changes in policy strength[6]

Group 1 - Shandong Linyi City is accelerating the internationalization of Linyi Mall, with the third Malaysia Linyi Small Commodity Exhibition held in April and a newly established overseas warehouse in Malaysia to facilitate exports to Southeast Asia [1] - Linyi Mall is a collection of 136 specialized wholesale markets, and the city has adopted internationalization as a key strategy for transformation, with a consensus among mall enterprises that "not going overseas means being eliminated" [1] - Linyi Shenshen Home Co., Ltd. has actively participated in overseas exhibitions, securing five large orders with a total export value exceeding 20 million yuan [1] Group 2 - The Linyi Mall Lan Hua (Korea) overseas mall has adopted a "front store, back warehouse + experiential consumption + online platform" model, receiving over 100,000 visitors annually [1] - Linyi has established 50 overseas malls and warehouses in Southeast Asia, Central Asia, and Africa, with plans to organize over 2,000 enterprises to "go overseas" in 2024, attracting 31,000 foreign merchants [1] - Digitalization is becoming the core driving force for the transformation and upgrading of Linyi Mall, with real-time data updates and automated logistics systems enhancing operational efficiency [1] Group 3 - Linyi is enhancing international logistics channels through "public, rail, air, and water" transport, with the establishment of international road transport centers and the development of six TIR international road transport enterprises [2] - Linyi Mall has the highest number of TIR vehicles in the country and ranks fourth in departure volume, indicating a strong logistics infrastructure [2] - The city aims to create an integrated open chain for domestic and foreign trade by attracting and nurturing foreign trade entities and establishing overseas malls and warehouses [2]

金十数据5月17日讯，5月14日，中美贸易谈判后最新关税落地，此前几乎暂停的中美贸易开始全面恢 复。从物流端、工厂端再到商户端，"世界超市"义乌的出海产业链有何变化？近两天，记者赶赴现场进 行了一线探访。海运爆单、工厂加紧赶工、商户重新接到了美国客户的订单……义乌外贸的种种变化背 后是过硬的产品和服务，中国完善的供应链体系和制造业基础无疑是中国企业最大的底气。"东边不亮 西边亮，义乌的小商品从来都是卖全球。"据"义乌指数"监测，今年以来，市场月景气指数稳步增长， 从开年的1414.33点增长至1424.95点，即使在美国加征高额关税的4月，月景气指数也实现了同比2%的 增长。不过，受访的市场商户乐观中带着谨慎："中美贸易波动风险和挑战仍在，要坚持多元化的市场 拓展，做好自己，以不变应对变化。" （上证报） 义务商家："国外客户比我们更急" ...

Core Viewpoint - The recent shift in US tariff policy and the temporary pause in the trade war between China and the US highlight the need for rational expectations regarding the long-term complexities and challenges in Sino-US economic relations [1] Group 1: Impact of Tariff Changes - The US tariff increases have had a minimal impact on exports from Yiwu, indicating a level of calm among Yiwu merchants despite the trade tensions [3][4] - The recent agreement on tariffs has not significantly altered trade dynamics, as the core issue remains the US's concern over China's competitive manufacturing capabilities [9][10] Group 2: Yiwu's Role in Global Trade - Yiwu International Trade City serves as a crucial platform for China's manufacturing competitiveness, attracting non-US market buyers from regions like the Middle East and Africa [1][8] - The unique procurement model in Yiwu, which focuses on non-branded goods, allows for a diverse range of products to be sold collectively, differentiating it from traditional brand-led procurement models [6][12] Group 3: Merchant Sentiment and Market Dynamics - Yiwu merchants exhibit a lack of clear understanding regarding US trade policies, leading to a sense of indifference rather than active concern [5][13] - Overseas buyers are primarily driven by their commercial needs and the quality of Chinese products, rather than the political climate between the US and China [14] Group 4: Production Capacity and Market Opportunities - China's manufacturing capacity, particularly in consumer goods, is robust but faces domestic demand limitations, necessitating export channels to prevent overcapacity [8][12] - The overall trade with the US constitutes only about 15% of China's total trade, suggesting that other global markets can compensate for any potential losses from the US market [12]

Core Viewpoint - The financial performance of Beijing Jinyu Group Co., Ltd. for the year 2024 shows significant losses, with a reported revenue of 110.71 billion yuan and a net profit attributable to shareholders of -0.555 billion yuan, indicating a deterioration compared to the previous year [2][4]. Financial Performance Summary - The company achieved an operating income of 110.71 billion yuan in 2024, with a net profit attributable to shareholders of -0.555 billion yuan and a net cash flow from operating activities of -5.316 billion yuan [2][4]. - In comparison, the previous year's net profit was 0.025 billion yuan, with a net cash flow from operating activities of 7.141 billion yuan [2][4]. - The new green building materials segment generated a revenue of 78.265 billion yuan, while the real estate development and operation segment contributed 32.737 billion yuan [2][4]. Non-Recurring Gains and Losses - The net amount of non-recurring gains and losses attributable to shareholders was 2.304 billion yuan, significantly impacting performance, primarily due to non-current asset disposal gains of 1.169 billion yuan and fair value changes of financial assets and liabilities of 0.633 billion yuan [2][4]. Audit Findings - The audit firm, Ernst & Young Huaming, issued an unqualified audit opinion on the financial statements, confirming compliance with accounting standards [1][5]. - The audit procedures included verifying cash flow from operating activities, investment activities, and financing activities to ensure accurate representation in the financial statements [4][5]. Accounting Estimates and Changes - The company plans to change the depreciation period for machinery and equipment from 15 years to a range of 5-20 years, which is expected to increase profits by 0.36 billion yuan, 0.41 billion yuan, and 0.49 billion yuan for the years 2022, 2023, and 2024 respectively [10][11]. - The total book value of machinery and equipment as of the end of 2024 was 36.379 billion yuan, with a book value of 16.709 billion yuan [10][11]. Commodity Trading Business - The company reported revenue of 41.124 billion yuan from its commodity trading business, reflecting a year-on-year increase of 4.84%, although the gross margin was only 0.31%, down by 2.57 percentage points from the previous year [13][14]. - The audit confirmed that the revenue recognition for the commodity trading business was in accordance with accounting standards [16][21]. Real Estate Projects - The company reported a gain of 0.676 billion yuan from fair value changes in investment properties, with a book value of 45.050 billion yuan at the end of the reporting period [21][22]. - The company also reported a significant increase in inventory impairment provisions, totaling 0.753 billion yuan for the period [21][24].

集团正通过知识产权驱动的商品销售，拓展国内消费渠道。集团正与多名着名知识产权持有人进行深入 讨论，以建立长期合作关系，从而将提升产品差异化及品牌价值。鉴于全球贸易模式的根本转变，本集 团正加强其数码分销能力，以便在不断演变的商业环境中作更好的定位。 集团将于2025年7月起假座K11 MUSEA举办「CR7®LIFE香港博物馆」。目前筹备工作正按计划推进， 活动门票亦已于各大售票平台开始预售。集团深信CR7®LIFE香港博物馆将成为香港的一项世界级体育 及文化盛事，为推动香港的体育旅游及文化产业贡献一份重要力量。 格隆汇5月16日丨应星控股(01440.HK)公布，为维持公司多元化股权架构，公司已积极采取多项行动。 公司已聘请专业公关公司制定并实施投资者关系计划，包括投资者电话会议，增加与国内外投资银行、 证券商及其他机构投资者的互动，维护与国际评级机构的关系，提升公司在投资金融界、机构和机构分 析师中的知名度。 董事会认为，上述行动有助于维持公司的广泛持股基础，且诚如下文所载披露可证明，公司已维持与 2024年11月15日水平相近的多元化持股架构。 公司亦采取措施加强公司治理，包括委任於金融及银行业具有丰富 ...