据发布会消息，《若干措施》从推进综合改革、重大平台建设、经贸产业合作、优化发展环境等4个方 面推出了23项高含金量支持措施，加快推进上合示范区扩能提质，助力打造高水平对外开放新高地。 搭平台，打造"上合工具箱" 作为全国唯一面向上合组织和共建"一带一路"国家开展地方经贸合作的国际化平台，上合示范区的一大 任务就是"搭平台"。 5年来，上合示范区围绕中国与上合组织成员国地方经贸合作方面存在的物流通道不畅、金融支持保障 不足等五大类26方面堵点、难点问题，逐步构建起多层次、上合强属性的功能载体服务体系，打造 了"上合工具箱"，培育了一系列发展平台，包括综合服务类、专业服务类、基础支撑类三个大类11个强 属性平台载体。其中，综合服务类，以上合经贸综服平台、上合国际资本港、中国—上海合作组织经贸 学院、鲁港科技创新中心为代表。专业服务类，主要包括青岛国际能源交易中心、上合国际绿色农产品 博览中心、上合组织生态环保创新基地、"丝路电商"综合服务基地等。基础支撑类，包含青岛国际枢纽 港、青岛空港综合保税区、上合之珠国际博览中心等。 上合经贸综服平台通过"贸易+通关+物流+金融"一站式服务2.2万家注册企业；青岛国际能源交 ...

Group 1 - Trump announced plans to significantly increase trade with India and Pakistan, although no discussions have taken place yet [2] - Following a trade agreement with the UK, the US Commerce Secretary indicated that India is making efforts to reach a trade deal and could be one of the next countries to do so [3] - On May 10, Trump claimed that India and Pakistan agreed to a comprehensive ceasefire, although Indian officials stated that the ceasefire was reached through direct negotiations between the two countries [3][4] Group 2 - A US federal judge ruled that the Trump administration cannot proceed with a large-scale layoff plan for federal agencies, which was initiated by an executive order in February [5][6] - The temporary restraining order, effective for two weeks, prohibits the government from approving or executing plans aimed at large-scale layoffs or significant restructuring of agencies [6] Group 3 - The US GDP contracted by 0.3% in the first quarter of 2025, marking the worst quarterly performance since 2022, attributed to the impact of increased tariffs [7] - Economists believe that ongoing uncertainty in trade policy may pose challenges to economic growth in the coming quarters, with potential for recession [8]

【文/观察者网 齐倩】 中国稀土出口管制的影响正在迅速显现。"美国面临两个选择，要么供应链中断，要么和中国谈。这将是痛苦的。"在业界不断的叫苦 声中，美国政府也是真的急了。 据国务院5月9日消息，当天，国家出口管制工作协调机制办公室组织商务部、公安部、国家安全部、海关总署、最高人民法院、最高 人民检察院、国家邮政局等部门在广东省深圳市召开打击战略矿产走私出口专项行动现场会，部署各项具体工作。 会议指出，加强战略矿产资源出口管制事关国家安全和发展利益。国家对镓、锗、锑、钨、中重稀土等战略矿产实施出口管制以来， 部分境外实体与境内不法人员相互勾结，不断翻新走私出口手法，试图逃避打击。为避免战略矿产非法外流、遏制走私势头、切实维 护国家安全，同时促进合规贸易、保障产供链稳定，打击战略矿产走私出口成为当前迫切且重要的工作任务。 5月9日，彭博社援引消息称，特朗普政府正考虑大幅降低对华关税，同时希望中方采取同等举措，并取消对美稀土出口限制。值得注 意的是，同日，中国国家出口管制工作协调机制办公室部署开展多部门专项行动，重点打击战略矿产走私出口。 "请中方取消出口限制，是美国重要目标" 据知情人士所称，在美国的愿望清单上 ...

Core Viewpoint - The article discusses the impact of the US-China trade war on China's economy, emphasizing the need for effective policy responses to external shocks and the importance of domestic demand stimulation in the current economic context [2][4][18]. Group 1: Economic Context and Historical Comparison - The article highlights the differences in China's economic development stages compared to previous crises, noting that per capita GDP has significantly increased, reaching approximately $13,451 in 2024, nearing high-income status [7]. - It compares the external demand shocks from the 1998 Asian Financial Crisis and the 2008 Global Financial Crisis, indicating that the average negative GDP impact was 0.63 percentage points from 1999-2001 and 1.87 percentage points from 2009-2011, totaling a cumulative impact of 5.6 percentage points [3]. - The current economic environment is characterized by a "strong supply, weak demand" scenario, with average GDP growth from 2022-2024 projected at 4.4%, significantly below potential growth rates [8][9]. Group 2: External Economic Environment - China's trade surplus reached a record high in 2024, with total exports amounting to $3.6 trillion and a surplus close to $1 trillion, accounting for approximately 36%-37% of global trade surplus [9][10]. - The article notes that the US has shifted from monetary to fiscal stimulus policies, leading to challenges in maintaining export growth and trade surpluses due to rising inflation and fiscal discipline concerns [10]. - The structure of China's trade surplus has diversified, with significant growth in high-tech product surpluses, indicating competitive advantages in both high and low-end products [11]. Group 3: Policy Responses and Recommendations - The article suggests that China should adopt direct measures to counteract the US's trade pressures while maintaining an open dialogue for resolution [18]. - It emphasizes the need for a balanced approach to stimulate domestic demand, particularly through targeted fiscal transfers to low-income populations, to enhance consumption and economic rebalancing [18]. - The article advocates for structural reforms to improve social security systems, which have historically supported consumption growth and reduced trade surplus levels [17].

Core Viewpoint - Warren Buffett expresses a long-term commitment to investing in Japanese trading companies, aiming to hold their stocks for at least 50 years, regardless of short-term market fluctuations [1][2] Investment Decision and Sentiment - Buffett's interest in Japan's five major trading companies began six years ago when their stock prices were perceived as undervalued. He appreciates their strong operational history and the unique cultural aspects of these companies [1] - The performance of major companies like Apple, American Express, and Coca-Cola in Japan further reinforces Buffett's positive sentiment towards Japanese enterprises [1] Investment Situation - As of the end of 2024, Berkshire Hathaway's total investment in Japan's five major trading companies amounted to $13.8 billion, with a market value of $23.5 billion. Expected dividend income from these investments in 2025 is approximately $812 million, while interest costs on yen-denominated debt are around $135 million [1] - Berkshire has invested about $20 billion in the Japanese market, with aspirations to increase this to $100 billion [1] Market Valuation Insights - The current valuation metrics for the Nikkei 225 index indicate a price-to-earnings ratio of 17.52, placing it in the 34.82 percentile, and a price-to-book ratio of 1.74, in the 46.17 percentile. The dividend yield stands at 1.94%, in the 70.30 percentile, suggesting that the index is not overly expensive [2] Fund Investment Options - Several QDII passive index funds are available for investing in Japan, managed by companies such as Huaxia Fund, ICBC Credit Suisse Fund, and E Fund. The largest fund by scale is the Nikkei 225 ETF [4][5] Economic and Market Dynamics - Japan's economic recovery is supported by rising wages, with a 5.28% increase in the latest salary negotiations, which is expected to bolster domestic inflation [7][21] - The Bank of Japan's decision to abandon negative interest rates marks a significant step towards normalizing monetary policy, although the market remains cautious about potential risks [8][21] - The Japanese stock market is anticipated to benefit from ongoing governance reforms and increased shareholder returns, including stock buybacks [22][23] Short-term and Long-term Factors - Key short-term factors to monitor include actual wage growth, adjustments in corporate earnings guidance, and the progress of governance reforms [22] - Long-term factors supporting the Japanese stock market include the end of deflation, rising global investor interest, and ongoing corporate governance improvements [21][22]

Report Title - "The Divergence of Long - Short Term Spreads - Credit Spread Weekly Report (5/4)" [1][6] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From April 27th to April 30th, most bond yields declined. For 0.5 - 1Y industrial bonds, commercial bank second - tier capital bonds, securities company subordinated bonds, and securities company perpetual bonds, most yields dropped by over 2bp; for 0.5 - 1Y urban investment bonds and commercial financial bonds, most yields decreased by over 1bp; for 2Y industrial bonds and commercial financial bonds, most yields declined by over 1bp; the 2Y securities company subordinated bond yield rose by over 2bp; and the 3 - 5Y commercial financial bond yield dropped by over 2bp. Regarding credit spreads, the 0.5Y industrial bonds and commercial bank second - tier capital bond credit spreads mostly narrowed by over 5bp; the 1Y commercial bank second - tier capital bond credit spread narrowed by over 3bp; the 2Y securities company subordinated bonds and securities company perpetual bond credit spreads widened by over 3bp; and the 5Y urban investment bonds and industrial bond credit spreads mostly widened by over 2bp [2][6] Summary by Relevant Catalogs Yield and Spread Overview Yield and Spread of Each Maturity - Treasury bond yields at 0.5Y, 1Y, 2Y, 3Y, and 5Y were 1.47%, 1.46%, 1.45%, 1.48%, and 1.52% respectively, with weekly changes of - 3.5bp, 0.9bp, - 2.2bp, - 2.5bp, and - 2.2bp. Their historical quantiles were 11.9%, 13.2%, 8.7%, 6.2%, and 3.9% respectively. Similar data for other bond types such as national development bonds, local government bonds, etc., are also presented in detail [14] Credit Spread and Its Changes for Each Maturity - The 0.5Y, 1Y, 2Y, 3Y, and 5Y credit spreads of local government bonds were -, 12.01bp, 13.93bp, 14.34bp, and 14.37bp respectively, with weekly changes of -, 0.1bp, 0.2bp, - 1.5bp, and - 2.8bp. Their historical quantiles were -, 44.9%, 43.7%, 45.1%, and 38.6% respectively. Similar data for other bond types are also provided [16] Credit Bond Yields and Spreads by Category (Hermite Algorithm) Urban Investment Bonds by Region - In terms of yields, from April 27th to April 30th, most provincial urban investment bond yields declined. For example, the 5Y Guizhou urban investment bond yield dropped by about 35bp. In terms of credit spreads, the 0.5 - 1Y urban investment bond credit spreads mostly narrowed; the 2Y urban investment bond credit spreads mostly widened; the 3 - 5Y urban investment bond credit spreads showed differentiation, with the 3 - 5Y Guizhou urban investment bond credit spreads narrowing significantly [7] Industrial Bonds by Industry - From April 27th to April 30th, industrial bond yields generally declined. The 0.5 - 1Y industrial bond credit spreads generally narrowed, the 2 - 3Y industrial bond credit spreads showed differentiation, and the 5Y industrial bond credit spreads generally widened [7] Financial Bonds by Subject - From April 27th to April 30th, financial bond yields generally declined, with the 5Y city commercial bank second - tier capital bond yield dropping by about 55bp. The 0.5 - 1Y financial bond credit spreads generally narrowed, and the 2 - 5Y financial bond credit spreads showed differentiation [7] Credit Bond Yields and Spreads by Category (Balance Average Algorithm) Urban Investment Bonds by Region - Based on the balance average algorithm, from April 27th to April 30th, the 5Y Yunnan urban investment bond could target a return of over 3.2%, and the 5Y Qinghai urban investment bond could target a return of 3.0% or more. The 5Y Yunnan urban investment bond credit spread was significantly higher than that of medium - and short - term bonds, with high riding returns [8] Real Estate Private Enterprise Bonds - From April 27th to April 30th, the yields of real estate private enterprise bonds at all maturities were higher than those of other bond types, and the 0.5 - 1Y real estate private enterprise bond yields dropped by over 17bp [8] Financial Bonds - From April 27th to April 30th, the financial bond credit spreads generally narrowed, and the 3 - 5Y private securities company subordinated bonds could target a return of 4.7% or more [8]

Group 1 - The market sentiment is expected to continue its recovery post-holiday, with domestic stimulus policies entering the implementation phase, presenting a potential trend-following opportunity in the A-share market [1][7] - The S&P 500 index has seen a continuous rise for nine trading days as of May 2, marking the longest streak since 2004, largely due to easing global trade disputes and better-than-expected U.S. non-farm payroll data [1][3] - The Chinese stock market sentiment index showed a slight improvement by the end of April, indicating a change in the trend of declining sentiment, with the A-share market expected to experience a recovery in sentiment post-holiday [2][3] Group 2 - The Chinese economy's GDP grew by 5.4% year-on-year in Q1, with domestic demand and export support being key drivers, suggesting an improvement in economic growth momentum [4][6] - The Central Political Bureau of the Communist Party emphasized the need for proactive macro policies, indicating a faster implementation of fiscal and monetary policies to counter external shocks [6][7] - The A-share market's earnings expectations remain stable, particularly for large-cap indices like the CSI 300 and SSE 50, suggesting resilience in the face of external pressures [5][7] Group 3 - The potential for capital outflow due to significant RMB depreciation highlights the importance of domestic stimulus policies to support demand resilience [2][6] - The offshore RMB's strength has positively impacted the Hong Kong stock market, with the Hang Seng Index rebounding by 1.74% on May 2 [2][3] - The market's trading logic may shift from earnings expectations to valuation levels as the earnings season concludes, with low PE/G ratios indicating subdued profit growth expectations [3][4]

■ 本次超短期融资券发行相关文件详见中国货币网（www.chinamoney.com.cn）和上海清算所网 （www.shclearing.com.cn）。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 浙商中拓集团股份有限公司（以下简称"公司"）于2023年3月31日、2023年4月20日召开的第八届董事会 2023年第二次临时会议、2023年第二次临时股东大会审议通过了《关于公司拟继续申请注册发行超短期 融资券的议案》，批准公司向中国银行间市场交易商协会申请注册发行超短期融资券总额累计不超过50 亿元。公司于2024年5月9日收到中国银行间市场交易商协会出具的《接受注册通知书》（中市协注 [2024]SCP155号），中国银行间市场交易商协会同意接受公司超短期融资券的注册，注册金额为人民币 22.5亿元，注册额度自《接受注册通知书》（中市协注[2024]SCP155号）落款之日起2年内有效。 近日，公司完成2025年度第四期超短期融资券的发行，现将发行结果公告如下： 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000906 证券简称：浙商 ...

Core Viewpoint - Warren Buffett announced his plan to retire by the end of 2025, recommending Greg Abel as his successor as CEO of Berkshire Hathaway [3] Group 1: Financial Performance - As of Q1 2025, Berkshire Hathaway's cash position reached a record high of $347.7 billion, up from $334.2 billion at the end of Q4 2024 [5] - The company's net profit for Q1 2025 was $4.603 billion, a 64% decrease from $12.702 billion in the same quarter the previous year [9][15] - Total revenues for Q1 2025 were $89.725 billion, slightly down from $89.869 billion in Q4 2024 [15] Group 2: Investment Strategy - Since Q2 2023, Buffett's investment strategy has shifted towards cash and U.S. government bonds, outperforming the annualized return of the S&P 500 [12] - The company experienced an investment net loss of $50.38 billion in Q1 2025, contrasting sharply with a profit of $14.8 billion in the same period last year [9][16] - Buffett's cautious stance on AI investments reflects a broader strategy of avoiding high-risk ventures while focusing on stable returns [18] Group 3: Market Outlook - Buffett expressed optimism about the long-term prospects of the Japanese market, despite global economic uncertainties, with Berkshire's investments in Japan valued at approximately $20 billion [19][21] - The Japanese companies in which Berkshire has invested are characterized by low valuation metrics and high dividend yields, making them attractive for long-term investment [24][26] - The current low-interest-rate environment in Japan provides Berkshire with a favorable financing cost, enhancing the profitability of its investments [26]

Group 1 - South Korea is seeking to engage in "calm and orderly" negotiations with the United States regarding trade issues, aiming to reach an agreement before July to avoid additional tariffs [1] - The South Korean delegation, including the Deputy Prime Minister and the Minister of Trade, met with U.S. officials to discuss the potential agreement, coinciding with the expiration of a 90-day tariff suspension by President Trump [1] - The U.S. has been increasingly exerting control over South Korea, with some commentators suggesting that South Korea is becoming a "puppet" of the U.S. in the context of strategic competition with China [3] Group 2 - The South Korean government is maintaining strategic ambiguity in its foreign policy, particularly regarding its stance towards China and the U.S., as it prepares for upcoming elections [5] - The current administration is cautious about rushing into an agreement with the U.S. due to potential political ramifications and the desire to avoid being seen as choosing sides in the U.S.-China rivalry [7] - Former President Moon Jae-in has publicly criticized the current government's actions, indicating a potential shift in South Korea's political landscape and its approach to international relations [7]