Report Industry Investment Rating - There is no information about the overall industry investment rating in the report. Core Viewpoints of the Report - The A-share market showed a trend of opening low and rising high, with the military sector remaining hot. The bond market is expected to be volatile and may strengthen in the medium term. The prices of precious metals are under pressure in the short term but may rise in the long term. The shipping index is expected to have a seasonal peak, and the prices of non-ferrous metals, black metals, agricultural products, and energy chemicals are affected by various factors such as supply and demand, policies, and macroeconomics [2][6][9] Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The A-share market opened low and rose high, with major indices rising. The four major stock index futures contracts also increased, but all had negative basis. The A-share trading volume decreased, and the central bank conducted reverse repurchase operations. It is recommended to sell out-of-the-money put options or go long on the June IM contract [2][3][4] - **Treasury Futures**: Treasury futures closed higher, and the yields of major interest rate bonds decreased. The central bank conducted reverse repurchase operations, and the capital interest rate decreased. It is recommended to go long on dips and pay attention to the capital interest rate, fundamentals, and tariff negotiations [5][6] Precious Metals - Gold prices fell significantly due to the easing of trade risks and the outflow of long funds. Silver prices were relatively stable. In the long term, gold prices may rise due to economic recession risks and diversification needs. In the short term, they are under pressure due to the improvement of risk appetite. It is recommended to be cautious in unilateral operations or sell out-of-the-money call options [9][10][11] Container Shipping Index - The quotes of leading shipping companies were relatively stable. The SCFIS European line index decreased, while the US West line index increased. The global container shipping capacity increased, and the demand in the eurozone and the US was weak. It is recommended to go long on the August contract or widen the August - June spread [12][13] Commodity Futures Non-Ferrous Metals - **Copper**: The spot price of copper decreased, and the premium decreased. The supply was affected by the accident at the Antamina copper mine, and the demand was stable. The price is expected to fluctuate, and it is recommended to pay attention to the pressure level of 77,500 - 78,500 [13][16][18] - **Zinc**: The spot price of zinc increased, but the trading volume was poor. The supply of zinc ore was loose, but the production of refined zinc was affected by maintenance. The demand was weak, and the price is expected to fluctuate weakly. It is recommended to pay attention to the range of 21,500 - 23,500 [18][19][21] - **Tin**: The spot price of tin increased, and the trading volume increased slightly. The supply of tin ore was tight, but the supply is expected to recover. The demand was improved by policies, but the outlook is pessimistic. It is recommended to have a short - biased view on rebounds [21][22][23] - **Nickel**: The spot price of nickel decreased, and the trading volume was average. The supply of nickel ore was tight, and the price of nickel iron decreased. The price is expected to fluctuate, and it is recommended to pay attention to the range of 122,000 - 128,000 [23][26] - **Stainless Steel**: The spot price of stainless steel was stable, and the trading volume was poor. The supply was excessive, and the demand was slowly recovering. The price is expected to fluctuate weakly, and it is recommended to pay attention to the range of 12,600 - 13,000 [27][29] - **Lithium Carbonate**: The spot price of lithium carbonate decreased, and the trading volume was light. The supply increased, and the demand was average. The price is expected to be weak, and it is recommended to pay attention to the range of 63,000 - 68,000 [31][34] Black Metals - **Steel**: The spot price of steel decreased, and the production was high. The demand decreased during the May Day holiday, and the inventory increased. The profit of blast furnace steel mills was stable, while that of electric furnace steel mills was in loss. It is recommended to wait and see in unilateral operations and pay attention to the arbitrage operation of going long on steel and short on raw materials [35][36] - **Iron Ore**: The spot price of iron ore decreased, and the futures price also decreased. The demand for iron ore was high, but the supply increased. The inventory decreased slightly. The price is expected to be under pressure, and it is recommended to pay attention to the policy and the terminal demand of steel products [37][38] - **Coke**: The spot price of coke had demand support, but the second price increase was blocked. The supply increased, and the demand was stable. The inventory decreased. It is recommended to hold the strategy of going long on hot - rolled coils and short on coke [39][40][41] - **Coking Coal**: The spot price of coking coal decreased, and the futures price also decreased. The supply was high, and the demand was average. The inventory was high. It is recommended to hold the strategy of going long on hot - rolled coils and short on coking coal [42][44] - **Silicon Iron**: The spot price of silicon iron was stable, and the futures price increased slightly. The supply decreased slightly, and the demand was weak. The price is expected to fluctuate [45][46] - **Manganese Silicon**: The spot price of manganese silicon decreased, and the futures price increased slightly. The supply decreased, and the demand increased slightly. The inventory increased. The price is expected to fluctuate weakly [48][50] Agricultural Products - **Meal Products**: The price of US soybeans fluctuated, and the price of domestic soybean meal followed weakly. The domestic soybean meal market price was mixed, and the trading volume increased. The supply of US soybeans was sufficient, and the domestic soybean arrival was abundant. It is recommended to pay attention to the support near 2,900 [51][53] - **Hogs**: The spot price of hogs fluctuated slightly. The supply of hogs was stable, and the demand was weak. The price is expected to remain volatile, and it is recommended to pay attention to the performance of secondary fattening and slaughter [54][55] - **Corn**: The spot price of corn was strong, and the price was in a high - level shock. The supply of corn was tight, and the demand was limited. The price is expected to be supported in the long term but may be under pressure in the short term. It is recommended to go long on dips [57][58] - **Sugar**: The price of raw sugar fluctuated weakly, and the domestic sugar price followed. The supply of sugar was expected to increase, and the domestic supply - demand situation was loose. It is recommended to have a short - biased view on rebounds in the medium - long term [59]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report analyzes various financial derivatives and commodity futures, including stock index futures, treasury bond futures, precious metals, shipping indices, non - ferrous metals, ferrous metals, agricultural products, etc. The overall market is affected by factors such as Trump's statement on tariff reduction, Fed's economic "Beige Book", and supply - demand fundamentals of different commodities. Suggestions for different products range from trading strategies like selling out - of - the - money put options, to long - short strategies and interval operations [2][3][5]. Summary according to the Table of Contents Financial Derivatives Financial Futures - **Stock Index Futures**: The export chain is picking up, and the trading sentiment of the index has risen. Although most of the four major stock index futures contracts fell, the A - share market may trade on the potential incremental stimulus policies from the Politburo meeting at the end of the month. It is recommended to sell out - of - the - money put options to earn premiums [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures closed down across the board. In the short term, it is necessary to pay attention to the issuance of ultra - long - term special treasury bonds and the MLF roll - over. The bond market is expected to fluctuate in the short term and may rise after the implementation of reserve requirement ratio cuts and interest rate cuts. Suggested strategies include interval operations, positive spread arbitrage for TS contracts, and steepening the yield curve [5][6]. Precious Metals - **Gold and Silver**: Gold and silver prices showed a differentiated trend. Gold continued to correct, while silver strengthened due to its industrial properties. In the long - term, gold still has upward momentum, but in the short term, it may be volatile. Silver is expected to fluctuate in the range of $32 - 34. It is recommended to hold long positions in silver lightly [9][10][11]. Shipping Index (European Line) - **SCFIS**: The spot prices of some leading shipping companies have adjusted, and the shipping index has shown different trends. The market expects the supply - demand situation to improve in May, and the news of tariff reduction may boost the market. It is recommended to take a long position and consider widening the spread between August and June contracts [12][13]. Commodity Futures Non - Ferrous Metals - **Copper**: The spot price of copper has increased, and the supply of copper mines is tight. The demand side is strong, and the inventory is decreasing. The copper price is expected to fluctuate strongly in the short term, with the main contract reference range of 76,000 - 79,000 yuan/ton [14][17][18]. - **Zinc**: The spot price of zinc has increased, and the supply of zinc mines is abundant. The demand side is weak after the peak season. The zinc price may fluctuate in the short term, with the main contract reference range of 21,500 - 23,500 yuan/ton. It is recommended to take a short - selling approach in the medium - long term [19][20][21]. - **Tin**: The supply side is gradually recovering, and the demand side is uncertain. It is recommended to hold short positions on rebounds, with the short - term view of high - level fluctuations [21][22][23]. - **Nickel**: The market sentiment is stable, and the nickel price is expected to fluctuate. The cost has a certain support, but the medium - term supply is abundant. The main contract is expected to operate in the range of 122,000 - 128,000 yuan/ton [24][25][26]. - **Stainless Steel**: The market sentiment has recovered, but the fundamentals still have pressure. The price is expected to fluctuate weakly, with the main contract reference range of 12,600 - 13,000 yuan/ton [27][28][29]. - **Lithium Carbonate**: The supply pressure is obvious, and the demand is general. The inventory is high. The price is expected to fluctuate weakly, with the main contract reference range of 66,000 - 72,000 yuan/ton [30][31][33]. Ferrous Metals - **Steel**: The peak of apparent demand has passed, and the cold - hot spread is narrowing. The supply is high, and the demand is expected to weaken in the second quarter. The inventory has decreased. It is recommended to wait and see for single - side trading and pay attention to the support at the previous low for the long - steel short - ore strategy [34][35][36]. - **Iron Ore**: The iron ore price rebounded due to macro factors. The iron water output is high, and the supply is expected to increase. The inventory is decreasing. The price is expected to fluctuate widely [37][38]. - **Coke**: The first round of price increase has been implemented, and the second round may be proposed this week. The supply and demand situation has improved marginally. It is recommended to hold the long - coke short - coking coal strategy [39][40][41]. - **Coking Coal**: The market auction has weakened again, and the inventory is high. The price may still fall. It is recommended to use arbitrage strategies and continue to hold the long - coke short - coking coal strategy [42][43][44]. - **Silicon Ferrosilicon**: The price has decreased compared with the previous period. The supply has decreased, and the demand has increased slightly. The price is expected to fluctuate weakly [45][46][47]. - **Manganese Silico - manganese**: The steel procurement price has decreased. The supply has decreased, and the demand has also decreased slightly. The price is expected to fluctuate widely [48][50][51]. Agricultural Products - **Meal**: The domestic soybean meal basis is strong, while the US soybean lacks upward momentum. The Brazilian supply pressure is still being realized. It is recommended to close short positions and consider long - term long positions at low prices [52][53][54]. - **Pigs**: The consumption support is insufficient. The spot price fluctuates. It is necessary to pay attention to the performance of second - round fattening pigs' sales. The 09 contract is expected to fluctuate in the range of 14,000 - 14,800 yuan/ton [55][56][57]. - **Corn**: The spot price is stable and strong. The supply is tightening in the long - term, but the short - term increase is limited. The price is expected to fluctuate within a range [58]. - **Sugar**: The international raw sugar price fluctuates weakly, and the domestic sugar price maintains a high - level shock. The market expects an increase in production in the 25/26 season, which will suppress the price in the long - term [59]. - **Cotton**: The US cotton is bottom - oscillating, and the domestic demand has no obvious increase. It is necessary to pay attention to the weather and macro factors [61].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The tariff issue continues to disrupt the market, causing significant fluctuations in risk assets. The suspension of reciprocal tariffs by the US has led to a rapid increase in market risk appetite, but the escalation of China-US tariffs is beneficial for gold. - The US dollar index has weakened due to the suspension of reciprocal tariffs on most countries by Trump, and it is expected to remain volatile in the short term. - The stock index futures market has been boosted by China's tariff countermeasures against the US, but the subsequent macro - level changes will increase market volatility. - The commodity market is generally under pressure. The prices of palm oil, coal, iron ore, and some energy - chemical products are affected by various factors such as market sentiment, supply - demand relationships, and tariff policies. Summary by Directory 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - Event: Trump approved a 90 - day suspension of reciprocal tariffs on over 75 countries, during which the reciprocal tariffs will be reduced to 10%. - Review: Gold prices soared by over 3%, once rising by over $100, setting a record for the largest single - day increase. The suspension of tariffs increased market risk appetite, but the escalation of China - US tariffs is beneficial for gold. Gold is a good tool to hedge against the decline in the US dollar's credit. - Investment advice: Adopt a bullish approach in the short - term volatile market [14]. 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Event: Summers warned that the US is far from out of danger and has lost a lot of credibility. The Fed meeting minutes showed that the US economy faces risks. Trump suspended reciprocal tariffs on most countries. - Review: The suspension of tariffs led to a significant rebound in market risk appetite, causing the US dollar index to weaken. The reciprocal tariffs are in a temporary adjustment phase, and the US dollar index is expected to remain volatile. - Investment advice: The US dollar is expected to be volatile in the short term [15][16][17]. 1.3 Macro Strategy (US Stock Index Futures) - Event: China increased tariffs on US imports from 34% to 84%. The Fed meeting minutes showed that inflation is slightly high and economic uncertainty has increased. Trump suspended tariffs on some countries but raised tariffs on China to 125%. - Review: The China - US tariff negotiation is at a deadlock, and policy uncertainty remains high. The financial market is volatile, and the risk of a liquidity shock has not been eliminated. - Investment advice: Adopt a bearish approach and avoid chasing high prices [20][21][22]. 1.4 Macro Strategy (Stock Index Futures) - Event: The Chinese Premier held a symposium on the economic situation. China increased tariffs on US imports from 34% to 84%. - Review: The A - share market rebounded, and market sentiment was boosted. However, subsequent macro - level changes will increase market volatility. - Investment advice: Adopt a risk - averse approach in the short term [23][24][26]. 1.5 Macro Strategy (Treasury Bond Futures) - Event: China released a white paper on China - US economic and trade relations. The central bank conducted a 7 - day reverse repurchase operation, with a net withdrawal of 111 billion yuan. - Review: The main logic of the treasury bond market is clear. The probability of a short - term easing of trade conflicts is low, and the expectation of loose monetary policy is difficult to be falsified. The upward trend of treasury bonds is likely to continue. - Investment advice: Hold positions and wait for the implementation of loose policies, or add positions on dips [27][28][29]. 2. Commodity News and Reviews 2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Event: Indonesian palm oil industry and farmer groups urged the government to reduce export tariffs to 0% to offset the impact of US tariffs. - Review: The global market sentiment is low, and the price of palm oil has fallen. China's counter - tariffs on the US may be beneficial for far - month soybean oil. The possibility of Indonesia reducing palm oil export tariffs is low. - Investment advice: Consider closing previous short positions and pay attention to the MPOB report [30][31]. 2.2 Agricultural Products (Cotton) - Event: As of the end of March, China's commercial cotton inventory decreased, and India's cotton planting area may increase. The CCI has purchased a large amount of cotton, and its sales volume is not high. - Review: The CCI's purchase and sales situation, as well as the trade war, may affect India's cotton production, consumption, and import estimates. The price of Zhengzhou cotton has fallen, but the decline may slow down. - Investment advice: The cotton price is expected to be weakly volatile. Pay attention to macro - policies, planting, weather, and industry conditions in major producing countries [32][35][37]. 2.3 Black Metals (Steam Coal) - Event: China's coal demand is expected to increase slightly in 2025. - Review: The coal price has been relatively stable. The power plant's inventory is at a neutral level, and the price is expected to be supported in May but lacks elasticity. - Investment advice: The power plant may replenish coal inventory in May, but the price increase is limited [38]. 2.4 Black Metals (Iron Ore) - Event: JFE Steel in Japan plans to shut down a blast furnace, reducing its annual crude steel production capacity by about 4 million tons. - Review: The black metal market has continued to decline, but the short - term deterioration of fundamentals is not severe. Pay attention to the risk of liquidity. - Investment advice: Maintain a bearish approach and wait for a better opportunity to short after a rebound [39][40][41]. 2.5 Black Metals (Coking Coal/Coke) - Event: The coking coal market in East China has remained stable. Some coal mines in Shanxi have reduced production, and downstream coke enterprises have started to increase prices. - Review: The coking coal spot market has improved, but the futures market faces pressure. The coke spot market may continue to increase prices, but the medium - long - term supply is expected to be loose. - Investment advice: The spot market has stabilized, but the futures market faces pressure from subsequent demand and warehouse receipts [42][43]. 2.6 Agricultural Products (Corn Starch) - Event: The operating rate of corn starch enterprises has decreased significantly, but inventory has only decreased slightly. - Review: High raw material prices and weak downstream demand have led to a decrease in the operating rate. The futures price difference between corn starch and corn is expected to remain stable. - Investment advice: The CS05 - C05 price difference is expected to remain around the normal processing fee of 380 yuan [44][45][47]. 2.7 Agricultural Products (Corn) - Event: The inventory at northern ports has decreased for two consecutive weeks, and the price of corn in the production area is relatively firm. - Review: The outflow of corn from Northeast China has accelerated, and the weak basis has suppressed the futures price. The 07 contract is considered undervalued. - Investment advice: Maintain the view that the 07 contract is undervalued and pay attention to whether the acceleration of inventory reduction in Northeast China can boost trader sentiment [48]. 2.8 Black Metals (Rebar/Hot - Rolled Coil) - Event: The retail sales of passenger cars in March increased significantly year - on - year. - Review: The steel price has rebounded, and market sentiment has improved. However, the demand for building materials is weak, and the demand for hot - rolled coils is declining slowly. - Investment advice: Adopt a cautious approach in the short term and hedge on the spot market when prices are high [49][50][51]. 2.9 Agricultural Products (Pigs) - Event: The sales volume of three major listed pig enterprises increased in March, and the average selling price slightly increased. - Review: The short - term fluctuation of pig prices has increased, but it will eventually return to the fundamental situation. The spot price may face downward pressure. - Investment advice: Continuously pay attention to short - selling opportunities on rebounds [52][53][54]. 2.10 Non - Ferrous Metals (Industrial Silicon) - Event: Yunnan Nengtou Group's Yongchang Silicon's 100,000 - ton hydropower silicon project was put into operation. Some production capacity in Xinjiang was reduced, and some new production capacity in the southwest is expected to be put into operation. - Review: The supply has decreased, but the demand is weak, and the fundamental situation of industrial silicon is difficult to change. - Investment advice: The futures price may range from 9,000 to 10,500 yuan/ton. Pay attention to short - selling opportunities on rebounds and Si2511 - Si2512 reverse arbitrage opportunities [55][56][57]. 2.11 Non - Ferrous Metals (Lead) - Event: The LME lead spread was at a discount, and the price of refined lead decreased. - Review: The lead price is expected to be volatile in the short term. Although the medium - term outlook is bullish, macro risks have not been eliminated. - Investment advice: Adopt a wait - and - see approach in the short term and look for buying opportunities on dips. Continue to hold the internal - external reverse arbitrage [58][59][60]. 2.12 Non - Ferrous Metals (Copper) - Event: The blockade of Glencore's Antapaccay copper mine in Peru was suspended. Codelco plans to significantly increase copper production this year. Indonesia will increase mining royalties. - Review: The short - term macro factors have a relatively uncertain impact on copper prices. The short - term supply and demand in China are strong, and the inventory is expected to decrease. - Investment advice: The copper price is expected to be volatile in the short term. Adopt a wait - and - see approach and pay attention to positive arbitrage opportunities in Shanghai copper [61][62][64]. 2.13 Non - Ferrous Metals (Zinc) - Event: The LME zinc spread was at a discount, and the Shanghai - Guangdong price difference widened. - Review: The zinc price is mainly affected by macro factors. The market is cautious, and the export of zinc may be suppressed. - Investment advice: Adopt a wait - and - see approach in the short term and look for short - selling opportunities on rebounds in the medium term. Adopt a wait - and - see approach for arbitrage [65][66][67]. 2.14 Non - Ferrous Metals (Lithium Carbonate) - Event: An Australian company produced the first batch of lithium carbonate in Argentina. Argentina plans to increase lithium production by 75% in 2025. - Review: The current fundamentals of lithium carbonate are bearish, and the price may continue to decline in the long term. - Investment advice: Consider partial profit - taking on short positions in the short term and pay attention to short - selling opportunities on rebounds in the long term [68][69][70]. 2.15 Non - Ferrous Metals (Nickel) - Event: Indonesia will increase mining and coal royalties in the second week of April. - Review: The nickel price has slightly decreased, and the cost is expected to increase marginally. The market may digest negative sentiment. - Investment advice: Pay attention to buying opportunities on dips after the release of negative sentiment [71][72]. 2.16 Energy and Chemicals (Liquefied Petroleum Gas) - Event: China increased tariffs on US imports to 84%. The US C3 inventory started to accumulate. - Review: The PG price has decreased, but it may strengthen due to the increase in tariffs and the recovery of crude oil prices. However, policy uncertainty should be noted. - Investment advice: The domestic market may experience a valuation - repair market, but reduce risk exposure and participate cautiously [73][74][75]. 2.17 Energy and Chemicals (Crude Oil) - Event: The US EIA crude oil inventory increased. Trump announced the suspension of reciprocal tariffs. - Review: The oil price has rebounded, but there is still a risk of decline due to the uncertainty of the tariff issue and the OPEC+ production policy. - Investment advice: The oil price is expected to be volatile in the short term and still has a downward risk [76]. 2.18 Energy and Chemicals (PTA) - Event: The tariff war has escalated, and the demand for PTA is uncertain. - Review: The PTA price has decreased, and the demand for polyester is affected by tariffs. The impact on PTA pricing is relatively lagged. - Investment advice: The PTA price will mainly follow the crude oil price in the short term and is expected to be weakly volatile [77][78]. 2.19 Energy and Chemicals (Styrene) - Event: The inventory of styrene in the East China main port decreased. - Review: The styrene price has reached a new low and then rebounded. The downstream inventory may accumulate, and the production profit may not be sustainable. - Investment advice: The eb - bz spread may expand in the short term and contract in the long term [78][79]. 2.20 Energy and Chemicals (Caustic Soda) - Event: The price of high - concentration caustic soda in Shandong decreased, and the supply was stable while the demand was weak. - Review: The caustic soda price is expected to decline, and the market is mainly affected by macro factors in the short term. - Investment advice: Adopt a wait - and - see approach [80][82][83]. 2.21 Energy and Chemicals (Pulp) - Event: The price of imported wood pulp decreased. - Review: The pulp price is mainly affected by macro factors, and the market is bearish. - Investment advice: Adopt a wait - and - see approach [84]. 2.22 Energy and Chemicals (PVC) - Event: The spot price of PVC powder decreased. - Review: The PVC price is mainly affected by macro factors, and the market is bearish. - Investment advice: Adopt a wait - and - see approach [85]. 2.23 Energy and Chemicals (Bottle Chips) - Event: The export price of bottle chips decreased, and a polyester bottle chip device in East China restarted. - Review: The bottle chip price has decreased, and the processing fee has been passively repaired, but it is difficult to break away from the low - level oscillation range. - Investment advice: The bottle chip price will follow the cost side and be weakly volatile in the short term [86][88][89]. 2.24 Energy and Chemicals (Soda Ash) - Event: The price of soda ash in the East China market was adjusted slightly. - Review: The soda ash price is in a low - level oscillation, and the supply is expected to increase while the demand is general. - Investment advice: Adopt a short - selling approach on rebounds in the medium term [90]. 2.25 Energy and Chemicals (Float Glass) - Event: The price of float glass in Hubei remained stable. - Review: The float glass price is mainly affected by demand. Although there may be an improvement in the second - quarter demand, the upward space is limited. - Investment advice: The float glass price will be in a low - level range in the short term. Pay attention to buying opportunities on large dips [91][92][93].

金价延续跌势，海外市场恐慌情绪有所缓解，但贸易战短期并 没有明显的缓和迹象，其他国家预期陆续和美国进行谈判，但 中国推出反制措施后，特朗普再度施压。 宏观策略（外汇期货(美元指数)） 贝森特：预计在 4 月 9 日关税上调之前不会达成任何协议 综 特朗普最新表态没有考虑暂停加征关税，短期市场波动加剧， 市场风险偏好短期回升，流动性冲击暂时结束。 日度报告——综合晨报 新关税政策将会产生"重要影响" [T报ab告le_日R期an：k] 2025-04-08 宏观策略（黄金） 美联储理事库格勒：新关税政策将会产生"重要影响" 巴西大豆收获完成 87% 中美贸易战升级为当前市场主要矛盾，CBOT 大豆下跌，昨日巴 西 CNF 升贴水上涨但涨幅有限，昨日我国进口巴西豆成本甚至 较清明小长假前略降、豆粕期价涨幅有限。 有色金属（氧化铝） 西澳地区为主的海外氧化铝成交价格继续回落 氧化铝企业因担心长单客户损失、对成本下降的预期以及储备 现金流和产业链优势等因素，继续维持生产。 能源化工（原油） 合 宏观策略（股指期货） 晨 商务部召开美资企业圆桌会 报 受关税冲击影响，A 股市场暴跌，主要指数跌幅高达 8%以上。 短期内 ...