Group 1 - MSCI Nordic Countries Index increased by 1.1%, reaching 363.74 points, with the healthcare sector leading the gains [1] - Vattenfall's stock surged by 14.5%, outperforming other constituents [1] - The Trump administration has rescinded the order to halt Equinor's $5 billion project off the coast of New York [1]

Group 1 - The core viewpoint indicates that industrial production in the Eurozone and EU showed significant month-on-month growth in March 2025, with Eurozone production increasing by 2.6% and EU production by 1.9% [1] - The strongest monthly growth in production was observed in capital goods and durable consumer goods, both around 3% in the Eurozone [1] - Non-durable consumer goods production in the Eurozone grew by 2.3%, while energy production saw a decline of 0.5% [1] Group 2 - Year-on-year, Eurozone industrial production rose by 3.6%, with the highest growth in non-durable consumer goods at 15.7% [2] - Ireland experienced the highest monthly industrial production increase at 14.6%, while the largest decline was in Luxembourg at 6.3% [1] - The only sector that saw a decline in year-on-year production was intermediate goods, which fell by 0.2% [2]

作 者 | Louis Stevens 编译 | 华尔街大事件 毫无疑问，2025 年第一季度对特斯拉（NASDAQ：TSLA）是一个艰难的季度。 特斯拉电动汽车交付量同比下降13%，伴随而来的是汽车收入下降20%，公司整体营业利润率 进一步下降。 但是，尽管本季度和 2024 年对特斯拉来说都是艰难的，特斯拉依旧有利好的一面。 首先，电动汽车年总销量仍有很长的增长空间，即使市场份额较低，随着时间的推移，这种总 体增长也应该会拉动特斯拉的年汽车销量，尽管增幅很小（相对于过去几年的预期而言）。 特斯拉在其最重要的市场也遭遇了市场份额的损失。 一个有吸引力的模式是，一家较为成熟的公司经营着一条持久且盈利的业务线；在此基础上， 它又拓展了新的、令人兴奋的、快速增长的业务，这些业务可以促进盈利增长，并随着时间的 推移拉高股价。 过去十年来，苹果公司就是这样一个非常著名的例子。 此外， 2025年第一季度交付量 大幅下滑，其中一个主要原因是Model Y的更新换代，而更新 换代恰逢工厂改造。实际上，Model Y的生产在2025年第一季度停产了数周。 正如我之前提到的，在第一季度，我们推出了过去两年来最畅销的车型，并在 ...

欧盟27个成员国外长当天批准了一项路线图，该路线图将根据叙利亚实际情况暂停对叙制裁。首批可能 放松的限制措施涉及 银行、能源和运输行业。 ...

超预期的关税"降级"，引爆外资大动作。 先是对冲基金在中美会谈前"埋伏"，摩根士丹利称美国对冲基金5月9日前"重新投入"了中国资产。 5月12日中美经贸会谈声明发布引爆港股后，外资买入步伐并没有就此停滞。 LSEG Lipper 数据显示，截至5月15日，全球投资者本月合计向4只在美上市的中国股票ETF注入4.017亿美元。 周一，摩根士丹利董事总经理沈黎在深交所全球投资者大会上再提：超80%投资者近期可能增加中国股票投资敞口。 关税超预期下降，港股领衔中国股市反弹，上周恒生指数上涨2.1%，MSCI中国、恒生科技与恒生国企分别上涨2.3%、2.0%与1.9%。 如今市场都在关注，港股的下一步要走向何方。 1 从市场情绪来看，恒生指数的风险溢价降至6.1%（数值越大，市场的相对估值越低），已经低于"对等关税"前的6.4%，与去年10月市场高点对应的水平 相当。 目前的情况变成：关税超预期下调+"对等关税"跌幅完全收复+风险溢价回到去年情绪高点的水平。 中金认为，后续行情取决于能否在关税、宏观整体和个股基本面上找到更多支撑。 港股如今在什么位置？ 从指数角度来看，截至上周五，港股三大指数已经全部收复"对等关税" ...

Core Insights - The global liquefied natural gas (LNG) market is gradually stabilizing following a reduction in gas supply through pipelines from Russia to Europe, with strong supply from the United States and expected capacity increases from Qatar later in the decade [1] - Demand for LNG in both Asian and European markets remains weak, and prices have not yet recovered to pre-2020 levels due to a sharp decline in global LNG demand from late 2021 to 2023 [1] - A seminar will analyze anticipated supply growth trends and identify LNG receiving terminal projects that are expected to reach financial closure and commence construction in the coming years [1] Group 1 - The LNG research team will present at the LSEG Academy webinar discussing the LNG supply and demand outlook for 2025 [1] - The seminar will delve into the impact of recent demand reductions on the LNG market and pricing [1] Group 2 - Key speakers at the seminar include Samuel Good, Shruti Shah, and Olumide Ajayi, all experts in LNG research at LSEG [2] - The agenda for the seminar includes discussions on supply growth and market dynamics [3]

日度报告——综合晨报 4 月经济数据同比回落 [T报ab告le_日R期an：k] 2025-05-20 宏观策略（外汇期货(美元指数)） 美联储官员频频为降息泼冷水 特朗普和普京的谈话结束，特朗普表态俄乌立刻谈判，但是分 歧存在的情况下，预计难以实现。 宏观策略（股指期货） 中国 4 月经济数据同比回落 综 4 月份经济数据同比增速回落，反映出外部冲击和内需走弱的双 重压力。下一阶段政策应竭力呵护房地产市场，持续巩固"止 跌回稳"态势，缓解居民资产收缩压力，释放消费潜力。 合 农产品（豆粕） 晨 美豆种植率高于预期 报 巴西 CNF 升贴水继续下降，国内进口大豆成本随之下行。随着 进口大豆到港及油厂开机增加，上周豆粕库存继续小幅上升， 昨日沿海豆粕现货报价以下跌为主。 有色金属（铜） 中国 4 月未锻轧铜及铜材进口量同比增加 0.2% 短期美元指数承压运行而支撑铜价，但国内基本面阶段转弱预 期升温而抑制铜价，总体上，铜价短期震荡偏弱运行可能性更 大。 能源化工（原油） 欧盟或向 G7 提议将俄罗斯石油价格上限降至 50 美元/桶 油价窄幅波动。 | 杨云兰 | 高级分析师 （农产品） | | --- | -- ...

新加坡《海峡时报》 5 月 13 日文章，原题：创新放缓正在摧毁美国政治 如果说有一件事情能让所有美国 人达成共识，那就是政治已经变得残酷无情。背后原因有很多，从选区划分到党派争锋，美国两党在意 识形态上日益趋同。我想补充一个因素，这往往也是最容易被忽视的一点，那就是美国在计算机领域之 外的技术放缓正在摧毁美国政治。 科学摘取 " 低垂的果实 " 技术是经济增长最重要的驱动力之一，其快速发展使得政治争端集中在如何最佳分配利益上。这很容易 理解，但当技术停滞不前、增长放缓、政治游戏变成"零和博弈"时，情况就变得愈发艰难。过去几年， 新技术的出现有望帮助我们摆脱这种困境，但现在的美国政府却在浪费这个机会。 技术放缓的想法似乎有悖常理，但美国乔治梅森大学经济学家泰勒·考恩收集到了令人信服的证据，表 明除计算机领域外，几乎所有领域都在发生着类似情况。例如，莱特兄弟于1903年首次让"飞行者一 号"翱翔天际，在此后的不到70年时间里，波音747和协和式飞机陆续诞生。如果你向莱特兄弟展示其中 任何一种型号的飞机，他们都会以为自己出现了幻觉。再过半个世纪，波音747和现代客机之间的差异 已经微乎其微，没有任何民用飞机的速度 ...

Group 1: Commodity Price Trends - The World Bank's report indicates a general decline in commodity prices, predicting a 12% drop by 2025 and an additional 5% drop in 2026 [1] - Energy prices, particularly oil, are the main drivers of this decline, with Brent crude oil expected to average $64 per barrel in 2025, a 21% decrease from 2024 [1] - Coal prices are projected to fall by 27% in 2025 due to weakened demand and high inventory levels [1] Group 2: Metal and Mineral Prices - Metal and mineral prices are also on a downward trend, with copper prices expected to drop by 10% to approximately $8,200 per ton by 2025 [2] - Basic metals like aluminum, zinc, and nickel are forecasted to decline by 10% to 13% [2] - The decrease in metal prices may lower manufacturing costs but is unlikely to stimulate consumer demand [2] Group 3: Agricultural Commodity Prices - Agricultural commodity prices are generally declining, with wheat, corn, and rice expected to drop by 10.5% in 2025 due to ample supply and slowing demand [2] - Oilseed and edible oil prices are projected to decrease by 3% to 6% due to increased production and improved global inventories [2] - Prices for agricultural raw materials like cotton, rubber, and tobacco are anticipated to fall by 2% to 10% due to weak downstream demand and high inventory levels [2] Group 4: Economic Impacts of Commodity Price Declines - The decline in commodity prices will have varying impacts on different countries, helping to curb inflation and stabilize consumption in importing countries [3] - Energy and food price reductions are expected to lower the consumer price index (CPI) globally, particularly benefiting developed economies [3] - Resource-dependent economies, particularly those reliant on oil, gas, metals, and agricultural exports, will face challenges such as declining fiscal revenues and economic growth [3]

Group 1 - The core index of the commodity sector, the China Securities Commodity Stock Index, closed at 4799.89 points with a trading volume of 31.653 billion yuan, showing a slight increase of 0.03% [1] - Over the past month, the index has risen by 1.75%, by 0.02% over the last three months, and by 0.82% year-to-date [1] - The index is composed of the top 100 commodity-related listed companies selected from the China Securities 800 Index, reflecting the overall performance of commodity securities [1] Group 2 - The top ten weighted stocks in the index include Chifeng Jilong Gold Mining (1.58%), Kaisa Biological (1.36%), and Yara International (1.33%) among others [1] - The index's holdings are primarily from the Shanghai Stock Exchange (54.56%) and the Shenzhen Stock Exchange (45.44%) [1] - In terms of industry composition, non-ferrous metals account for 35.02%, chemicals for 20.58%, and energy for 17.67% of the index [2] Group 3 - The index is adjusted semi-annually, with sample adjustments occurring on the next trading day after the second Friday of June and December [2] - The weight factors are generally fixed until the next scheduled adjustment, with a maximum sample adjustment ratio of 10% [2] - Public funds tracking commodities include the China Merchants China Securities Commodity Fund [3]