Core Point - Argentina has reduced the import tariff on video game consoles from 35% to 20% [1] Group 1 - The reduction in tariffs is expected to lower the cost of video game consoles for consumers [1] - This move may stimulate the local gaming market and encourage more investments in the industry [1] - The change in tariff policy aligns with Argentina's efforts to boost technology and entertainment sectors [1]

Group 1 - Argentina has reduced the tariff on video game machines from 35% to 20% [1]

Group 1 - The technology industry warns that Trump's tariff policy could lead to an annual increase of over $123 billion for American consumers on 10 common consumer tech products [1] - The Consumer Technology Association (CTA) estimates that prices for non-exempt Chinese imports will rise significantly, with video game consoles potentially exceeding $1,000, reflecting a 69% increase [1][2] - The CTA predicts that price changes in just 10 popular tech products could result in an annual economic contraction of $69 billion in the U.S. [2] Group 2 - The CTA highlights that even small price increases, such as $5 for headphones or $60 for speakers, could lead to over $2.5 billion in economic losses nationwide [2] - By 2023, China is expected to account for 87% of U.S. video game console imports, 78% of smartphones, 79% of laptops and tablets, and 67% of monitors, indicating a heavy reliance on Chinese manufacturing [2] - The CTA advocates for more exemptions and urges the Trump administration to reconsider the use of tariffs to force manufacturing back to the U.S., noting that such efforts could lead to a loss of consumer purchasing power [5]

Report Investment Rating No relevant information provided. Core Viewpoints - The domestic commodity futures night session generally closed down, with most energy and chemical products, black series, and agricultural products falling, and most basic metals also declining [2][47]. - The international precious metal futures generally closed down, and international oil prices weakened, with concerns about oversupply dominating the oil price trend [2][47][49]. - A - share market is expected to continue the stabilization trend since early April, and there is no need to be pessimistic about the medium - term market [27]. Summary by Directory Overnight Night - Market Trends - Domestic commodity futures night session: Energy and chemical products mostly fell (e.g., glass down 2.96%, soda ash down 2.7%), black series all declined (e.g., coking coal down 2.57%), agricultural products mostly dropped (e.g., soybeans down 1.58%), and basic metals all fell (except for a 0.07% rise in Shanghai gold) [2][47]. - International precious metal futures: COMEX gold futures down 1.47% to $3372.60 per ounce, COMEX silver futures down 2.31% to $32.61 per ounce [2][47]. - International oil prices: U.S. oil main contract down 1.93% to $57.95 per barrel, Brent crude main contract down 1.91% to $60.96 per barrel [2][49]. - London basic metals: Most declined, except LME lead up 2.16% [3][49]. - Chicago Board of Trade (CBOT) agricultural products: All futures main contracts fell [3][49]. Important News Macroeconomic News - The central bank cut the deposit - reserve ratio by 0.5 percentage points, provided about 1 trillion yuan in long - term liquidity, and made multiple interest - rate cuts [6]. - Deputy Prime Minister He Lifeng will visit Switzerland from May 9 - 12 and hold talks with the U.S. side [7]. - The estimated wholesale sales of new energy passenger vehicles in April were 1.14 million, a 42% year - on - year increase [7][35]. - China's foreign exchange reserves at the end of April were $32816.62 billion, a $409.97 billion month - on - month increase [9]. - The Fed kept the benchmark interest rate unchanged at 4.25% - 4.50%, and traders still expected three interest rate cuts this year [9]. Energy and Chemical Futures - UAE's Fujairah Port's refined oil inventory rose 0.1% week - on - week, while middle distillates inventory dropped 20% [11]. - China's methanol port inventory increased slightly, with de - stocking in East China and inventory accumulation in South China [11]. - Some quotes of photovoltaic glass in the South China market were lowered, and the market may see a general decline [11]. - U.S. commercial crude inventory decreased by 2032000 barrels, and strategic petroleum reserve inventory increased by 580000 barrels [13][50]. - The national main port's imported coniferous log inventory slightly decreased [13]. Metal Futures - Alphamin Resources lowered its tin mine production guidance from 20000 tons to 17500 tons [15]. Black - Series Futures - The impact of production - restriction news on the Northeast region is limited [17]. - China's gold reserves increased by 70000 ounces at the end of April, the sixth consecutive month of increase [19][50]. - Guinea's government started the process to revoke EGA's mining license [19]. - The coal price at the Bohai Rim ports has dropped by 111 yuan/ton, and experts predict it may fall to 600 yuan/ton [20]. Agricultural Product Futures - Analysts predict the U.S. 2025/2026 soybean yield to be 4.338 billion bushels [22]. - China's oil - mill soybean - crushing volume is expected to rise, and domestic soybean meal and soybean oil inventories will gradually increase [22]. - India's sugar production decreased by 1.833 million tons in the 2024/2025 season as of April 30 [22]. - The predicted trading price of Malaysian palm oil futures from June to November is 3500 ringgit per ton [23]. - Brazil's May soybean export is expected to be 12.6 million tons [24]. Financial Markets Finance - A - shares opened higher but then fell back, with a turnover of 1.5 trillion yuan, and the military industry was strong [27]. - Hong Kong stocks opened high and closed low, with net southbound capital outflows [27]. - The current foreign - held A - share market value is about 3 trillion yuan, and the CSRC will support M&A [27]. - A - share new - account openings in April decreased but remained stable [28]. - CITIC Securities may prepare for the return of Chinese concept stocks [28]. - Shanghai Auntie's dark - market price rose over 62% [28]. - Pop Mart's director sold all shares, cashing out HK$2.267 billion [30]. - Geely will privatize ZEEKR [30]. - BeiGene's Q1 revenue increased by 50.2% [30]. - CATL's potential Hong Kong IPO price may be less than 10% lower than A - shares [30]. - Changan Automobile refuted the merger rumor [31]. Industry - Real - estate loans increased in Q1, and many places implemented the central bank's mortgage - interest - rate cut [32][33]. - Zhuhai introduced new real - estate policies [35]. - The 2025 World Robot Conference will be held in Beijing [35]. - Goldman Sachs predicts the growth of the Chinese Robotaxi market [35]. - Tesla China's April wholesale sales decreased by 6% year - on - year [35]. - The CBRC approved the establishment of Xingyin Financial Asset Investment Co., Ltd. [36]. Overseas - The U.S. and the EU are negotiating, and the EU may take counter - measures [37]. - U.S. drug imports increased by $20 billion in March [37]. - The Bank of Korea may cut interest rates in May [39]. - U.S. electronic product prices may rise due to tariffs [40]. - Brazil's central bank raised interest rates by 50 basis points [41]. International Stock Markets - U.S. stocks rose, with Disney and NVIDIA leading the gains, while Chinese concept stocks generally fell [42]. - European stocks fell [43]. - Asia - Pacific stocks showed mixed performance [43]. - Disney's Q2 revenue increased by 7%, and it raised its annual profit forecast [43]. - Novo Nordisk's Q1 revenue and profit increased, but it lowered its annual profit - growth forecast [45]. - BMW's Q1 sales were lower than expected, and it warned of U.S. tariff impacts [45]. - Uber's Q1 revenue increased by 14% but was lower than expected, while EPS exceeded expectations [45]. - ARM's Q4 adjusted EPS, revenue, and operating profit all exceeded expectations [46]. Commodities - Similar to the overnight market trends, domestic and international commodity futures generally showed a downward trend, with some exceptions in gold and lead [47][49]. - China's gold reserves increased, and U.S. crude - oil - related data changed [50]. - The price of Japanese rice continued to rise [50]. Bonds - The "technology board" of the bond market was launched, with nearly 100 institutions planning to issue over 300 billion yuan of innovation - related bonds [51]. - Domestic bond futures fell, and bond - yield trends were divided [53]. - The central bank conducted reverse - repurchase operations and adjusted the interest rate [53]. - There may be a $2 - trillion demand for U.S. Treasuries from digital assets [53]. - Japanese and U.S. and European bond yields showed different trends [54]. Foreign Exchange - China's foreign exchange reserves increased by 1.27% month - on - month in April [56]. - The on - shore RMB against the U.S. dollar declined, and the dollar index rose [57]. - Indonesia's central bank will maintain its presence in the foreign - exchange market [57].

Core Viewpoint - The Consumer Technology Association predicts significant price increases for consumer electronics due to potential tariffs, with video game consoles possibly rising nearly 70% and smartphones and laptops expected to increase by about 30% if the tariffs are implemented [1] Price Impact - The forecast indicates that if the U.S. government imposes a 25% tariff on products like smartphones and laptops, the prices for these widely used items could rise by approximately 30% [1] - Video game consoles are projected to see an even steeper price increase, potentially nearing 70% under the same tariff conditions [1] Tariff Context - The predictions are based on the potential outcomes of the ongoing Section 232 investigation, which could lead to the imposition of tariffs on various consumer technology products [1]