金十期货4月30日讯，南部半岛棕榈油压榨商协会（SPPOMA）数据显示，2025年4月1-25日马来西亚棕 榈油单产增加12.46%，出油率增加0.37%，产量增加14.74%。 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The overall global risk appetite is rising as U.S. Treasury yields decline. In China, the economy started well in Q1, and the government will adopt more proactive macro - policies, which will support the domestic market risk appetite in the short term. Different asset classes have different trends and investment suggestions [2][3]. Summary by Related Catalogs Macro - Financial - Overseas: The U.S. President plans to set "fair" tariff prices, and a trade agreement is expected to be reached in three to four weeks. Market expectations of a缓和 in the Sino - U.S. trade war and speculation about the Fed's potential interest - rate cuts have led to a decline in U.S. Treasury yields and an increase in global risk appetite. - Domestic: The Q1 domestic economy was better than expected, and the industrial enterprise profits in March turned positive year - on - year. The Politburo meeting signaled more proactive macro - policies, which will support the domestic market risk appetite in the short term. For assets, the stock index may rebound in the short term, and it is advisable to be cautiously long; the treasury bond may fluctuate at a high level in the short term, and it is advisable to be cautiously long; the black commodity may fluctuate weakly in the short term, and it is advisable to wait and see; the non - ferrous metals may rebound in the short term, and it is advisable to be cautiously long; the energy and chemical products may rebound in the short term, and it is advisable to be cautiously long; the precious metals may fluctuate at a high level in the short term, and it is advisable to be cautiously long [2]. Stock Index - The domestic stock market declined slightly due to the drag of sectors such as precious metals, energy metals, and biomedicine. However, the good economic start in Q1 and the expected proactive macro - policies will support the domestic market risk appetite in the short term. It is advisable to be cautiously long in the short term [3]. Precious Metals - The precious metals market was volatile last week. Gold reached a record high and then fell back. Uncertainty in tariff policies and the ambiguity of the Fed's interest - rate cut path have increased the volatility of precious metals. In the long - term, the upward trend of gold remains unchanged, but in the short term, it may be volatile. Silver may follow gold passively and be weaker than gold. Key economic data in the U.S. need to be monitored next week [3][5]. Black Metals - **Steel**: The spot and futures prices of steel rebounded on Friday, but the apparent consumption of five major steel products declined, and the demand may have peaked. Although there are rumors of crude steel reduction, the steel output is still rising, and the short - term steel market may fluctuate within a range [5]. - **Iron Ore**: The spot and futures prices of iron ore declined on Friday. The iron - water output is high, but there are rumors of crude steel reduction, and the supply of iron ore may increase in the second quarter. It is advisable to view the short - term iron ore market as a range - bound one and pay attention to the peak of iron - water output [6]. - **Silicon Manganese/Silicon Iron**: The spot prices of silicon manganese and silicon iron were flat. The demand for ferroalloys is okay, but the supply is declining. The short - term prices of ferroalloys may fluctuate within a range [7][8]. Energy and Chemicals - **Crude Oil**: The oil price will remain in a narrow - range shock in the short term. Although there is support from current demand and inventory reduction, the increase in supply may put pressure on the price if demand weakens later [9]. - **Asphalt**: The short - term driving factors come from the macro - environment and crude oil. The asphalt supply is at a low level, and the demand has been slightly boosted before May Day. It will continue to fluctuate with crude oil [9]. - **PX**: After the stabilization of crude oil prices, the PX price rebounded. It will maintain a tight - balance state and may test the pressure level, showing a volatile pattern [9]. - **PTA**: The downstream start - up is high, but the terminal start - up is declining. The short - term price may rebound slightly but is limited by downstream conditions and will mainly fluctuate [10]. - **Ethylene Glycol**: The obvious inventory - reduction time of ethylene glycol will be postponed, and it will maintain a weak - shock pattern [12]. - **Short - Fiber**: The demand is weak, and the short - fiber will maintain a weak - level shock [12]. - **Methanol**: The supply is less than expected, and the demand has led to inventory decline before the festival. The short - term price will repair in a shock, and it is advisable to wait and see cautiously [12]. - **PP**: The short - term supply - demand contradiction of PP is not prominent, but there may be a negative demand feedback in the long - term. Attention should be paid to the maintenance progress [12]. - **LLDPE**: The PE downstream is basically stable. It is expected to fluctuate weakly before the festival, and it is advisable to wait and see cautiously [12]. Non - Ferrous Metals - **Copper**: The Politburo meeting proposed more proactive macro - policies, and the U.S. may lower tariffs on China. The supply of copper is at a high level, and the demand is in the peak season with declining inventory. The short - term market sentiment may be boosted, but the medium - term rebound height is limited [13]. - **Aluminum**: The production of electrolytic aluminum is at a high level, and the demand is strong with declining inventory. It is advisable to take partial profits on previous long positions [14]. - **Tin**: The supply may increase, and the demand is differentiated. The short - term price may rebound, but the rebound height is limited due to macro risks and the news of production resumption in Wa State [14]. Agricultural Products - **U.S. Soybeans**: The net long positions of U.S. soybean funds are increasing. Weather conditions in the U.S. soybean - producing areas need to be monitored, and the price may be easy to rise and difficult to fall at the beginning of sowing [15]. - **Soybean Meal**: The spot basis of domestic soybean meal has declined, and the short - term decline space of the 09 contract may be limited. It is advisable to reduce the short - position risk exposure [15]. - **Soybean and Rapeseed Oil**: The domestic oil - mill start - up is low, and the soybean oil inventory is decreasing rapidly. The rapeseed oil is in the off - season with high inventory and weak basis [16][17]. - **Palm Oil**: If the U.S. biofuel policy is favorable, the palm oil demand is expected to be stable. The production of Malaysian palm oil is increasing, and the price may fluctuate within a range and be relatively strong [17]. - **Pigs**: The market is mainly trading seasonal trends. The spot price may be under pressure before May Day, and the futures may be dominated by risk - aversion sentiment and decline [17]. - **Corn**: Drought in Henan has led to a strong rebound in the corn price. The upper limit of the price range is restricted by weak demand and high inventory, while the lower limit is supported by low inventory in production areas, risk premium, and policy expectations. There is a possibility of the C05 contract declining to narrow the basis [18].

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0300 | -0.0300 | 0 | -0.0300 | | 每股净资产（元） | 2.95 | 3.21 | -8.1 | 3.43 | | 每股公积金(元) | 0.79 | 0.79 | 0 | 0.79 | | 每股未分配利润(元) | 1.09 | 1.34 | -18.66 | 1.56 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 0.57 | 0.53 | 7.55 | 0.25 | | 净利润(亿元) | -0.46 | -0.34 | -35.29 | -0.34 | | 净资产收益率(%) | -1.14 | -0.78 | -46.15 | -0.76 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 56721.13万股，累计占流通股比： 42.18%，较上期变化： -1271.93万 ...

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日度报告——综合晨报 美国对等关税暂缓 90 天执行 [T报ab告le_日R期an：k] 2025-04-10 宏观策略（黄金） 美国对等关税暂缓 90 天执行 金价大涨超 3%，一度涨超 100 美金创下单日最大涨幅，关税问 题继续扰动市场，美国暂缓对多数国家加征对等关税后市场风 险偏好快速拉升，但中美关税是进一步升级利多黄金。 宏观策略（外汇期货(美元指数)） 萨默斯：美国远未脱离险境 已丧失大量信誉 综 特朗普暂缓了多数国家的对等关税，市场风险偏好大幅度反弹， 美元指数走弱。 合 宏观策略（股指期货） 晨 国务院总理召开经济形势专家和企业家座谈会 报 中国宣布对美实施关税反制，加征税率再次升高 50%。市场情 绪得以提振。后续宏观面的反复变化会加大市场波动，仍建议 保持定力，做右侧交易。 农产品（豆油/菜油/棕榈油） 印尼棕榈油行业组织敦促政府将棕榈油出口税降至 0% 市场情绪延续悲观，棕榈油继续下跌。 有色金属（铜） 秘鲁原住民团体暂停封锁嘉能可 Antapaccay 铜矿 宏观预期短期不确定性较大，可能对铜价带来一定波动，基本 面角度短期铜价仍有托底支撑，总体上看，短期铜价震荡运行 可能性更大，建议 ...