1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Macroeconomic data shows a mixed picture, with some indicators stable and others showing fluctuations. For example, GDP growth remained stable in Q1 2025, while manufacturing and non - manufacturing PMIs declined in April [1]. - The commodity market has various developments, including adjustments in oil prices, potential supply - demand changes in metals, and progress in energy and agricultural sectors [2][3][6][7]. - In the financial market, there are significant changes in bond yields, exchange rates, and stock market trends, influenced by factors such as monetary policy, trade policies, and corporate events [19][24][29]. 3. Summary by Related Catalogs 3.1 Macro Data - GDP growth in Q1 2025 was 5.4% year - on - year, unchanged from the previous quarter but slightly higher than the same period last year [1]. - Manufacturing PMI in April 2025 dropped to 49.0%, down from 50.5% in the previous month and 50.4% in the same period last year [1]. - Non - manufacturing PMI: Business activity in April 2025 was 50.4%, lower than 50.8% in the previous month and 51.2% in the same period last year [1]. - Social financing scale increment in April 2025 was significantly lower than the previous month, at - 658 billion yuan compared to 5896.1 billion yuan in March [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Domestic refined oil prices are expected to be cut by about 230 yuan/ton on May 19, 2025, the fifth decrease this year [2]. - After the mutual tariff cuts between China and the US, freight volume between the two countries has recovered and increased, and US merchants are seeking new cooperation in China [2][11]. - Anti - dumping duties will be imposed on imported copolymerized polyoxymethylene from the US, the EU, Taiwan region, and Japan starting from May 19, 2025 [2]. 3.2.2 Metal - The London Metal Exchange plans to set a position limit to curb excessive speculation [3]. - With the upcoming US copper and aluminum tariffs, the US is experiencing a rush to import copper, with imports surging from about 70,000 tons per month to 500,000 tons per month [3]. - Morgan Stanley believes that the global copper and aluminum markets will be in a state of supply - demand balance to oversupply in 2025 [3]. 3.2.3 Coal, Coke, Steel, and Minerals - Hyundai Steel will close its rebar factory in Incheon, South Korea, in April [4]. 3.2.4 Energy and Chemicals - China's first offshore CCUS well has been drilled in the Enping 15 - 1 platform in the South China Sea, with the potential to inject over 1 million tons of carbon dioxide into the seabed in 10 years and increase oil production by 200,000 tons [6]. - The construction of the 2 - gigawatt CNGD Delingha solar - thermal storage integrated project in Qinghai is in full swing [6]. - As of the end of February 2025, China's non - fossil energy power generation capacity reached 2 billion kilowatts for the first time, accounting for 58.8% of the total power generation capacity [6]. 3.2.5 Agricultural Products - The spring sowing of grain in China has covered over 35 million mu, with progress similar to last year. Early rice seedlings are over half - grown, and nearly 10% has been transplanted [7]. - In 2024, the global coffee price soared by 38.8%, and Brazil's domestic coffee price increased by nearly 40%, affecting the cooperation model between international buyers and Brazilian exporters [7]. - The US Department of Agriculture reported that the number of pigs and piglets in the US is 74.512 million [7]. 3.3 Financial News Compilation 3.3.1 Open Market - The central bank net - withdrew 475.1 billion yuan from the open market last week, and 486 billion yuan of reverse repos will mature this week [9]. - On May 16, the central bank conducted 106.5 billion yuan of 7 - day reverse repos at an interest rate of 1.40%, resulting in a net injection of 2.95 billion yuan [9]. 3.3.2 Key News - The National Bureau of Statistics will release April economic data on Monday, and the State Council Information Office will hold a press conference to introduce the economic situation [10]. - Financial regulators have expressed support for Beijing's development in the financial sector, including promoting technology finance and strengthening the function of the national financial management center [10]. - The pilot of spot - housing sales is being promoted, but the timing for full implementation is not yet mature [10][11]. 3.3.3 Bond Market - Treasury bond futures declined slightly, and most bond yields increased. The overnight and 7 - day repurchase rates for deposit - taking institutions rose significantly [19]. - The issuance of two batches of technological innovation bonds by New Hope Group and Tongwei Co., Ltd. was successful, with issuance scales of 500 million yuan each [14]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.2037 on May 16, up 95 points from the previous trading day, and rose 424 points last week [24]. - The US dollar index rose 0.15% in late New York trading, and most non - US currencies declined [24]. 3.3.5 Research Report Highlights - CICC believes that after the Sino - US Geneva talks, bilateral tariff cuts will reduce the risk of a US economic recession and make the Fed more concerned about inflation [26]. - Guosheng Fixed - Income argues that credit demand is still bottoming out in April, and the loose monetary policy environment may continue [26]. 3.4 Stock Market Key News - The Hong Kong stock market has been performing well this year, and a major new energy company will list on the HKEX on May 20, making Hong Kong the world's leading IPO market in terms of fundraising [29]. - Since May, the A - share market has seen increasing institutional research, with a focus on high - end manufacturing, semiconductors, and healthcare [29]. - CITIC Construction Investment maintains a range - bound view of the A - share market but raises the oscillation center to near the half - year line [30].

1. Report Industry Investment Rating - Short - term, maintain a cautious long position for the four major stock index futures (IH/IF/IC/IM) in A - shares; maintain a cautious wait - and - see attitude for commodities and government bonds. The ranking is: stock index > government bonds > commodities. Among commodities, the ranking is: precious metals > non - ferrous metals > energy > black metals [2] 2. Core Viewpoints - Domestically, in April, China's exports increased by 8.1% year - on - year, far exceeding expectations, and the trade surplus was 96.81 billion US dollars, a year - on - year increase of 34%. China and the US will hold trade talks, and the central bank has unexpectedly cut the reserve requirement ratio by 0.5% and interest rates by 10BP, which will boost domestic risk appetite in the short term. Internationally, the US economic activities are still expanding steadily, the US - UK has reached a limited trade agreement, and the US - China trade negotiation has made progress. The Fed maintains the federal funds rate target range at 4.25% - 4.5%, and the dollar rebounds in the short term, leading to an overall increase in global risk appetite [2] 3. Summary by Directory 3.1 Last Week's Important News and Events - On May 5th, the US President announced to impose a 100% tariff on all foreign - made movies entering the US and will announce tariff measures on pharmaceutical products in the next two weeks. On May 6th, the US March trade deficit widened to a record 140.5 billion US dollars, and the US refused to cancel some tariffs on Japan. On May 7th, the Fed kept interest rates unchanged, and the US and the EU are in trade negotiations. On May 8th, the UK and the US reached a tariff trade agreement, and the EU announced a retaliatory list of 95 billion euros of US goods. On May 9th, the US President said that the US and China will conduct substantial trade negotiations this weekend, and the current 145% tariff on China will be lowered [3][4][5][6][10] 3.2 This Week's Important Events and Economic Data Reminders - From May 12th to May 16th, there will be a series of industrial data releases, including electrolytic aluminum inventory, iron ore shipping and arrival volume, etc., as well as important economic data such as the US CPI, PPI, and GDP data of various countries [11] 3.3 Global Asset Price Trends - Stock markets: Different stock indices in various countries have different price trends and changes. Bond markets: Yields of 10 - year bonds in different countries have different fluctuations. Commodity markets: Prices of various commodities such as steel, non - ferrous metals, and energy have different changes. Exchange rate markets: Exchange rates of major currencies have different degrees of fluctuations [12] 3.4 Domestic High - Frequency Macroeconomic Data - Upstream: Includes data on commodity price indices, energy prices, coal inventories, and iron ore prices. Mid - stream: Covers data on steel prices, production, and inventory, non - ferrous metal prices and inventory, building material prices and inventory, and chemical product prices and inventory. Downstream: Involves data on real estate transaction area, automobile sales, and agricultural product prices [13][42][71] 3.5 Domestic and Foreign Liquidity - Global liquidity: Shown by the US Treasury yield curve. Domestic liquidity: Reflected by central bank open - market operations, inter - bank lending rates, and bond yields [82][84] 3.6 Global Financial Calendar - From May 13th to May 16th, there are important economic data releases in the EU, the US, Germany, Japan, etc., including CPI, PPI, GDP, and other data [105]

美国总统特朗普：美国和英国将建立铝和钢铁交易区。 ...

今日早间，离岸人民币兑美元拉升逾200点，一度升破7.19。 分析称，特朗普关税不确定性继续令美股承压。据媒体援引来自英国和美国官员的消息报道称，英国接近与美国达成一项贸易协议，其中包括降低英国钢 铁和汽车关税的出口配额，该协议可能将于本周签署。报道称，该协议将使部分英国出口商品得以避免特朗普对钢铁和汽车额外征收25%关税所带来的全 部冲击。 今日早间，商务部新闻发言人就中美经贸高层会谈答记者问：近期，美方高层不断就调整关税措施放风，并通过多种渠道主动向中方传递信息，希望就关 税等问题与中方谈起来。中方对美方信息进行了认真评估。在充分考虑全球期待、中方利益、美国业界和消费者呼吁的基础上，中方决定同意与美方进行 接触。何立峰副总理作为中美经贸中方牵头人，将在访问瑞士期间，与美方牵头人美国财长贝森特举行会谈。 美股收跌 隔夜美股三大指数集体收跌，道指跌0.95%，纳指跌0.87%，标普500指数跌0.77%。 热门中概股多数上涨，纳斯达克中国金龙指数收涨0.42%。 欧洲三大股指收盘涨跌不一，德国DAX指数跌0.41%，法国CAC40指数跌0.40%，英国富时100指数涨0.01%。 欧美关税谈判方面，据知情人士 ...

晨报 成材 成材：缺乏驱动 钢价整理 逻辑：中国人民银行副行长邹澜表示，中国人民银行将用好用足适度 宽松的货币政策，根据国内外经济形势和金融市场运行情况，适时降准降 息，保持流动性充裕，创设新的结构性货币政策工具，围绕稳就业稳增长 重点领域精准加力，做好金融支持。4 月 28 日 Mysteel 统计 76 家独立电 弧炉建筑钢材钢厂平均成本为 3351 元/吨，日环比增加 2 元/吨，平均利 润为-69 元/吨，谷电利润为 36 元/吨，日环比增加 11 元/吨。4 月 21 日 -4 月 27 日，全球船厂共接获 16 艘新船订单。其中中国船厂接获 10 艘新 船订单；韩国船厂接获 6 艘新船订单。 证监许可【2011】1452 号 成 材：武秋婷 成文时间： 2025 年 4 月 29 日 重要声明： 后期关注/风险因素：宏观政策；下游需求情况。 整理 投资咨询业务资格： 负责人：赵 毅 从业资格号：F3059924 投资咨询号：Z0002978 电话：010-62688526 从业资格号：F3078638 投资咨询号：Z0018248 电话：010-62688555 从业资格号：F3038114 投资 ...

1. Report Industry Investment Rating - Short - term maintain A - share four major stock index futures (IH/IF/IC/IM) as short - term cautious long; commodities as cautious wait - and - see; treasury bonds as cautious wait - and - see; ranking: stock index > treasury bonds > commodities [2] - Commodity strategy ranking: precious metals > non - ferrous metals > energy > black metals [2] 2. Core Viewpoints - Domestically, in Q1 2025, the economy grew strongly and exceeded market expectations. The US's signal of trade relaxation and the Politburo meeting's indication of new incremental policies supported the domestic market sentiment. Internationally, the US economy slowed due to the decline in service - sector prosperity, but the US released positive signals on tariffs, which affected the dollar and global risk appetite. Overall, the domestic market rebounded in the short term, with the stock index maintained for cautious long, the bond market in high - level short - term oscillation, and the commodity market showing different trends [2] 3. Summary by Directory 3.1 Last Week's Important News and Events - The IMF significantly lowered the global economic growth forecast in its April report, with the US economic growth forecast cut by 0.9 percentage points in 2025 [3] - The US President called for the Fed to cut interest rates, mentioned cryptocurrency regulation, and said the US - China trade tension would ease and might "significantly reduce" tariffs on China [3][4] - The Fed's Beige Book showed that international trade policy uncertainty led to a slowdown in the US economic outlook [4] - US economic data such as PMI, initial jobless claims, durable goods orders, consumer confidence index, and inflation expectations were released, showing a mixed economic situation [4][5] - The European Central Bank's president mentioned the negative impact of tariffs on economic growth, and the ECB's survey adjusted the euro - zone economic growth and inflation forecasts [5][9] - China's 4 - month LPR remained unchanged, and the central bank increased liquidity support through MLF operations. The Politburo meeting proposed a series of economic stimulus policies [7][8][9] 3.2 This Week's Important Events and Economic Data Reminders - From April 28 to May 2, various industrial data, economic sentiment indices, consumer confidence indices, and housing price indices in different regions will be released [10] 3.3 Global Asset Price Movements - Stock markets: Different stock indices showed different daily, weekly, monthly, and year - to - date changes, with some rising and some falling [11] - Bond markets: Yields of 10 - year bonds in different countries changed, with some rising and some falling [11] - Commodity markets: Prices of various commodities such as steel, iron ore, copper, aluminum, oil, and precious metals had different price changes [11] - Exchange rates: The dollar index, exchange rates between major currencies also had corresponding fluctuations [11] 3.4 Domestic High - Frequency Macroeconomic Data - Upstream: Data on commodity price indices, energy prices, coal consumption and inventory, and iron ore prices and inventory were presented through various charts [13][16][23] - Midstream: Information on steel prices, production, and inventory, non - ferrous metal prices and inventory, building material prices and capacity utilization, and chemical product prices and inventory were shown [41][51][57] - Downstream: Data on real estate transaction area, automobile sales and tire production, and agricultural product prices were provided [70][72][79] 3.5 Domestic and Foreign Liquidity - Global liquidity: The US Treasury yield curve and its weekly changes were presented [81] - Domestic liquidity: Central bank's open - market operations, reverse - repurchase maturities, and domestic interest rates such as inter - bank lending rates and bond yields were shown [83][90][94] 3.6 Global Financial Calendar - From April 27 to May 2, important economic indicators such as industrial enterprise profits, economic sentiment indices, consumer confidence indices, housing price indices, GDP, inflation rates, employment data, and central bank policy announcements in different countries and regions will be released [102]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report analyzes various financial derivatives and commodity futures markets, including financial futures (stock index futures, treasury bond futures), precious metals (gold, silver), shipping index, and multiple commodity futures such as non - ferrous metals, black metals, agricultural products, energy chemicals, and special commodities. It provides market conditions, news, fundamentals, and operation suggestions for each category, highlighting the impact of factors like tariffs, economic data, and supply - demand relationships on prices [1][2][3]. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The domestic economy had a good start in Q1. The A - share market showed mixed performance, with blue - chip indices rising in the afternoon. Four major stock index futures contracts had different trends, and all were at a discount. Given the current situation, it is recommended to sell put options on the CSI 300 and CSI 1000 at low levels to collect premiums [2][3][5]. - **Treasury Bond Futures**: The capital market remained stable, and the bond market closed higher. Although Q1 economic data exceeded expectations, the bond market priced more on the impact of declining external demand. It is suggested to go long on treasury bond futures on dips, participate in positive basis strategies, and consider steepening the yield curve [6][7][8]. Precious Metals - **Gold and Silver**: The sudden US tariffs on China caused market turmoil. Safe - haven funds pushed up the gold price to a new high. Gold has long - term upward drivers, and it is recommended to conduct intraday trading and sell out - of - the - money put options for profit protection. Silver is affected by economic downturn and high inventory, and its price is expected to fluctuate between 29 - 34 dollars [9][11][12]. Shipping Index (European Line) - The shipping index showed a downward trend. The current spot supply - demand pattern is cold, and it is recommended to consider going long on the over - sold contracts in June and August in the medium term [13][14][16]. Commodity Futures Non - Ferrous Metals - **Copper**: It presents a combination of "strong reality and weak expectation". Tariff policies increase price volatility. The short - term price is expected to fluctuate, and the main contract should focus on the 76000 - 77000 pressure level [17][20][22]. - **Zinc**: Tariff policies cause price fluctuations. The supply is strong, and the demand is relatively stable. In the long - term, a short - selling strategy is recommended, and the main contract should focus on the 20500 - 21500 support level [22][23][25]. - **Tin**: The macro situation is weak, and the supply side is gradually recovering. It is recommended to hold short positions and adopt a short - selling strategy on rebounds [25][26][28]. - **Nickel**: The Indonesian policy has been implemented, and the price is expected to oscillate and recover. The main contract is expected to operate between 120000 - 126000 [28][29][31]. - **Stainless Steel**: There is still macro uncertainty, and the supply - demand game continues. The price is expected to oscillate weakly, and the main contract is expected to operate between 12600 - 13000 [32][33][34]. - **Lithium Carbonate**: The macro sentiment has been digested, but the fundamentals are under pressure. The price is expected to oscillate weakly, and the main contract is expected to operate between 68000 - 72000 [36][37][38]. Black Metals - **Steel**: The de - stocking of five major steel products has slowed down, and the expectation of weakening long - term demand has increased. It is recommended to wait and see for single - side trading and consider a long - steel and short - ore arbitrage strategy [39][40]. - **Iron Ore**: The molten iron output is rising, and the port inventory is decreasing. It is expected to oscillate in the short term [41][42][43]. - **Coke**: The first round of price increase has been implemented, and the supply - demand situation has improved marginally. It is recommended to go long on coke and short on coking coal in the short term [44][45][46]. - **Coking Coal**: The market auction has improved slightly, but the inventory is high. It is also recommended to go long on coke and short on coking coal in the short term [46][47][49]. - **Silicon Iron**: The supply is decreasing rapidly, and the price is expected to oscillate weakly [50][51][52]. - **Manganese Silicon**: The mainstream steel procurement has shrunk, and the inventory pressure remains. The price is expected to oscillate weakly [53][54][55]. Agricultural Products - **Meal**: The low domestic开机 rate boosts the basis, and US soybeans lack upward drivers. The price may face a short - term correction [56][57][58]. - **Hogs**: The secondary fattening transactions have declined, and the consumption support is insufficient. The pig price lacks the power to rise continuously [59][60]. - **Corn**: The market trading is light, and the price is expected to oscillate in the short term and be strong in the long term [62][63]. - **Sugar**: The raw sugar price oscillates weakly, and the domestic price maintains a high - level oscillation. A short - selling strategy on rebounds is recommended in the long term [64][65].

证券代码：600507 证券简称：方大特钢 公告编号：临2025-019 方大特钢科技股份有限公司 2024 年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 方大特钢科技股份有限公司（以下简称"公司"）根据《上海证券交易所 上市公司自律监管指引第 3 号——行业信息披露》的相关规定，现将 2024 年度 主要经营数据公告如下： 一、主营业务分行业情况 上述主要经营数据来源于公司报告期内财务数据，仅供投资者及时了解公司 生产经营概况所用，敬请广大投资者理性投资，注意投资风险。 单位：万元 特此公告。 | | | 主营业务分行业情况（2024 | 年 1-12 月） | | | --- | --- | --- | --- | --- | | 分行业 | 营业收入 | 营业成本 | 营业收入比上年 | 营业成本比上年 | | | | | 同期增减（%） | 同期增减（%） | | 钢铁业 | 2,117,711.95 | 2,037,643.51 | -19.46 | -17.58 | | 采掘业 | 33,6 ...