6. 美国商品期货交易委员会（CFTC）：截至4月29日当周，WTI原油期货投机性净多头头寸增加2,716 手至116,599手。 7. 美国商品期货交易委员会（CFTC）：截至4月29日当周，NYMEX、ICE市场的天然气期货净多头寸 减少14,904手至185,432手。 金十数据整理：每日全球大宗商品市场要闻速递（5月5日） 能源： 6. 美国商品期货交易委员会（CFTC）：截至4月29日当周，COMEX黄金期货投机性净多头头寸减少 9,857手至115,865手。 1. 欧佩克+同意6月继续加速增产后，可能在6月批准7月再次加速增产41.1万桶/日。 2. 基于欧佩克+供应增加的假设，高盛下调油价预估。 3. 巴克莱下调今明两年布油价格预期，因欧佩克+加速增产。 4. 贝克休斯油服：美国钻井公司三周来首次削减石油和天然气钻机数量。 5. 6个月布伦特原油价差自2023年12月以来首次转为期货溢价。 1. 全球央行3月净购入黄金17吨。 2. 美银：黄金自1月来首次出现周度资金流出。 3. 中国限制出口后稀土价格暴涨超210%。 4. 欧盟对美钢铁出口骤减100万吨 损失20亿欧元。 5. 印度矿业部： ...

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 4 月 28 日星期一 研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | | | | | 【行情复盘】 周五铁矿主力 2509 合约收于 709.0，下跌 1.59%。次主力 2505 合约收于 760.5，下 跌 1.36%。夜盘收跌。 【重要资讯】 1、中共中央政治局 4 月 25 日召开会议，分析研究当前经济形势和经济工作。会议 | | --- | --- | --- | --- | | | | | 指出，要坚持稳中求进工作总基调，完整准确全面贯彻新发展理念，加快构建新发 展格局，统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事，坚定不移扩 | | | | | 大高水平对外开放，着力稳就业、稳企业、稳市场、稳预期，以高质量发展的确定 | | | | | 性应对外部环境急剧变化的不确定性。会议强调，要加紧实施更加积极有为的宏观 | | | | | 政策，用好用足更 ...

Macro Insights - The US March CPI data was weaker than expected, with core CPI month-on-month dropping from 0.23% in February to 0.06%, and year-on-year at 2.8%, below the expected 3.0% [2] - The overall CPI month-on-month fell from 0.22% in February to -0.05%, with year-on-year CPI decreasing to 2.4%, both below expectations [2] - Despite the cooling inflation in March, market reactions were muted due to ongoing concerns about tariffs and their impacts, with little change in Fed rate cut expectations [2] Tariff Policy Analysis - On April 9, Trump announced a 90-day suspension of the reciprocal tariff plan, while imposing a 10% tariff on countries outside China, Mexico, and Canada, and increasing the reciprocal tariff on China to 145% [3] - Tariffs are expected to remain a frequently adjusted tool in Trump's negotiations, with potential for further increases against countries perceived as unfavorable [3] - The market may gradually become desensitized to tariff policy changes, with uncertainty becoming a new norm [3] Energy Price Impact - In March, China's CPI was -0.1% year-on-year, lower than the expected 0%, while PPI was -2.5%, also below expectations [4] - The decline in energy prices has contributed to the downward pressure on PPI, indicating a broader economic impact [4] Fixed Income Market Trends - The 10-year US Treasury yield rose sharply from 4.0% to around 4.5%, despite weakening economic fundamentals [5] - The bond market's significant adjustment occurred without drastic changes in macroeconomic data, raising investor concerns [6] Energy Sector Developments - The National Development and Reform Commission released a plan for upgrading coal power plants to enhance flexibility, indicating a market potential of 100-200 billion yuan annually [9] - Companies like Dongfang Electric are recommended due to their involvement in this transition [9] Aviation and Low-altitude Economy - The low-altitude economy is seen as a key area for investment, with potential market space reaching trillions, driven by regulatory changes and advancements in eVTOL technology [10] Company-Specific Insights - Chongqing Bank is covered for the first time with a buy/hold rating, targeting a PB of 0.70/0.47, benefiting from the Chengdu-Chongqing economic circle [12] - Anta Sports reported strong Q1 performance with retail growth across brands, maintaining a buy rating due to competitive advantages [13] - Yutong Heavy Industries showed a 77% increase in new energy vehicle sales, with a robust cash flow supporting its growth outlook [13] - Pinggao Electric is expected to see significant profit growth due to high voltage business expansion, with a buy rating maintained [17] - Wanfu Biology's international business led to a 10.9% revenue increase, with a buy rating supported by stable cash flow and margin improvements [29]