Group 1 - The EU is working to reach a trade agreement with the US by the end of the month, while President Trump plans to announce further tariffs on unspecified countries [1][2] - Trump announced a 50% tariff on imported copper and plans to implement tariffs on semiconductors and pharmaceuticals, escalating trade tensions and impacting global economic outlook [1] - The US has seen its effective tariff rate rise to 17.6%, the highest level in nearly 90 years, following Trump's announcement of increased tariffs on imports from 14 countries [3] Group 2 - The US Treasury has reported approximately $100 billion in tariff revenue so far, with an expectation of an additional $300 billion by the end of the year [6] - Historically, the US has generated around $8 billion annually from tariffs, but recent measures have significantly increased this revenue [6] - Despite promises of reaching 90 agreements within 90 days, only two agreements have been made with the UK and Vietnam, with negotiations with India nearing completion [7]

[工业] 现代产业体系加速构建 1-5月，肇庆全市规模以上工业增加值同比增长4.4%，与1-4月持平。分三大门类看，制造业、电力热力 燃气及水生产和供应分别增长4.5%、5.2%；采矿业下降22.7%。从主要行业看，计算机通信和其他电子 设备制造业、电气机械和器材制造业、汽车制造业发挥支撑作用，分别增长15.1%、28.2%、15.0%，拉 动全市规上工业增加值增长1.39、1.36、0.92个百分点。现代产业方面，先进制造业增长17.7%、装备制 造业增长21.6%、先进装备制造业增长33.7%。 [投资] 基础设施投资快速增长 1-5月，全市固定资产投资同比下降7.8%。分领域看，基础设施投资增长17.4%；建安工程投资持平；工 业投资下降10.3%；房地产开发投资下降42.3%。 商品房销售面积79.60万平方米，同比下降34.1%；销售额45.52亿元，下降35.1%。 南都讯 记者蔡雯 日前，南都记者从肇庆市统计局获悉，1-5月，全市经济运行基本面稳定，部分行业展 现增长活力。其中，肇庆市进出口继续保持高速增长，外贸进出口总值169.4亿元人民币，比上年同期 增长15.5%。其中，出口121.3亿元 ...

作为中国面向东盟开放合作的前沿窗口，广西防城港市依托独特的区位优势和资源禀赋，以开展招大引 强突破年、重大项目突破年和改革攻坚突破年"三个突破年"行动为抓手，加快构建特色优势现代化产业 体系。2025年一季度，防城港市地区生产总值同比增长7.3%，规上工业增加值同比增加12.2%，工业投 资增长40.2%，新兴产业增加值占比提升至35%，高质量发展动能强劲。 "智改数转网联"在防城港钢铁产业实现技术突破。广西钢铁集团加快落地全自动铁水罐加盖、无人行车 智能库、全自动机械臂拉伸试验系统等应用，持续提升产线智能制造水平。该集团3800毫米宽厚板生产 线去年11月正式投产，可生产用于海洋工程、风电设备的高端钢材，达产后年新增产值近100亿元。 目前，防城港市有色金属产业形成以广西金川有色金属有限公司、广西华昇新材料有限公司等企业为核 心的产业集群，同时加速向精深加工延伸。广西金川有色金属有限公司保持全球单套铜系统产量最高纪 录，五金铜材卫浴产业园等项目加快建设，推动产业延链补链。 升级传统产业 走进位于防城港经济技术开发区的广西华昇新材料有限公司，记者看到，"四横四纵"的氧化铝大模型架 构，生动重现并模拟了氧化铝的 ...

Core Viewpoint - The company, Hangzhou Huaguang Welding New Materials Co., Ltd., plans to initiate a hedging business for raw material tin with a contract value not exceeding RMB 20 million and a maximum margin balance of RMB 5 million, aimed at mitigating the adverse effects of price fluctuations on its operations [1][2]. Group 1: Hedging Business Overview - The hedging business will be limited to raw material tin related to the company's production operations [2]. - The funding for the hedging business will come from the company's own funds and will not involve raised capital [2]. - The authorization for decision-making and signing relevant legal documents will be granted to the chairman of the board within the specified limits and duration [2]. Group 2: Necessity and Risk Management - The necessity for the hedging business arises from the continuous growth of the company's microelectronic welding tin-based solder business, leading to increased procurement of raw material tin [1]. - The company aims to avoid speculative trading and will focus on normal production operations to reduce the impact of raw material price volatility [1][2]. - The company has established a risk management framework to ensure compliance with relevant accounting standards and to mitigate potential risks associated with the hedging operations [2][4]. Group 3: Previous Hedging Business Situation - In a prior meeting on April 2, 2025, the company approved a hedging business plan with a total contract value not exceeding RMB 200 million and a maximum margin balance of RMB 50 million, covering copper and silver in addition to tin [5]. - The cumulative planned hedging business value is now up to RMB 220 million, with a maximum margin balance of RMB 55 million, covering tin, copper, and silver [5].

沪铜产业日报 2025/6/25 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建 议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发， 需注明出处为瑞 达研究瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 助理研究员: 陈思嘉 期货从业资格号F03118799 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 78,810.00 | +170.00↑ LME3个月铜(日,美元/吨) | 9,699.00 | +30.00↑ | | 期货市场 | 主力合约隔月价差(日,元/吨) | 180.00 | +40.00↑ 主力合约持仓量:沪铜(日,手) | 137,637.00 | -12728.00↓ | | ...

Group 1 - The current global uncertainty is at a decades-high level, driven by events such as Trump's tariff announcements and the Israel-Iran conflict [1][8] - The U.S. is facing a potential doubling of import tariffs if no trade agreements are reached by the end of the 90-day grace period [8] - The U.S. Commerce Department is expected to impose new tariffs or import restrictions on various goods, including semiconductors and pharmaceuticals, following ongoing investigations [8] Group 2 - The existing tariffs could raise U.S. inflation by 0.9 percentage points over the next 12 months, with further increases if tariffs are restored to higher levels [11] - The impact of the proposed budget plan on inflation is minimal compared to the immediate effects of tariff increases [11] - If oil prices rise significantly due to geopolitical tensions, the inflation rate could increase by up to 2 percentage points, surpassing the effects seen in the UK and Eurozone [11] Group 3 - Despite rising risk indicators, U.S. stock investors remain optimistic, with the market currently overvalued by 15% compared to fundamental economic levels [13] - Historical data suggests that such overvaluation often leads to an average 7% correction in the S&P 500 index over the following three months [14] - The resilience of the U.S. stock market may be tested if uncertainties lead to high inflation or economic slowdown [16]

Group 1 - The core viewpoint of the articles highlights the impact of geopolitical tensions and economic indicators on metal prices, particularly copper, aluminum, and zinc [1][2] - The three-month copper price increased by 0.46% to $9,713 per ton, influenced by a weaker US dollar, while risk aversion due to conflicts in the Middle East limited further gains [1] - The US dollar index fell by 0.1%, making dollar-denominated commodities cheaper for investors holding other currencies [1] Group 2 - Concerns over oil supply in the Middle East have led to rising oil prices, which could negatively affect global economic growth and potentially increase inflation [1] - Recent data indicates a slowdown in US economic growth, with May retail sales declining more than expected, linked to changes in US tariff policies [1] - China's imports of aluminum ore and its concentrates rose by 29.4% year-on-year in May 2025, totaling 17.51 million tons, while the first five months of 2025 saw a 33.1% increase to 85.18 million tons [1] Group 3 - In other base metals, three-month aluminum prices fell by 0.02% to $2,550 per ton, while zinc prices rose by 0.55% to $2,653 per ton [2] - Lead prices increased by 0.18% to $1,979.5 per ton, nickel prices slightly rose by 0.24% to $14,960 per ton, and tin prices saw a 1.11% increase to $32,625 per ton [2]

沪铜产业日报 2025/6/12 | 项目类别 | 数据指标 环比 数据指标 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:沪铜(日,元/吨) | 78,610.00 | -680.00↓ LME3个月铜(日,美元/吨) | 9,657.00 | +9.00↑ | | 期货市场 | 主力合约隔月价差(日,元/吨) | 160.00 | +70.00↑ 主力合约持仓量:沪铜(日,手) | 203,273.00 | -6250.00↓ | | | 期货前20名持仓:沪铜(日,手) | -2,398.00 | +2053.00↑ LME铜:库存(日,吨) | 119,450.00 | -950.00↓ | | | 上期所库存:阴极铜(周,吨) | 107,404.00 | +1613.00↑ LME铜:注销仓单(日,吨) | 70,700.00 | 0.00 | | | 上期所仓单:阴极铜(日,吨) | 32,785.00 | -2856.00↓ | | | | | SMM1#铜现货(日,元/吨) | 79,075.00 ...

Group 1 - The first meeting of the China-US economic and trade consultation mechanism took place in London, with both sides achieving a principled consensus on addressing economic concerns and enhancing cooperation [2][3] - China emphasized the mutual benefits of the economic relationship, stating that trade wars yield no winners and expressing a willingness to engage in dialogue to resolve differences [2] - The US side reported positive outcomes from the meeting, aiming to stabilize bilateral economic relations and implement the consensus reached [3] Group 2 - The China Automobile Industry Association reported that from January to May, automobile production and sales reached 12.826 million and 12.748 million units, respectively, marking year-on-year increases of 12.7% and 10.9% [4] - New energy vehicle production and sales during the same period were 5.699 million and 5.608 million units, reflecting year-on-year growth of 45.2% and 44%, with new energy vehicles accounting for 44% of total new car sales [4] Group 3 - The Zhejiang Provincial Department of Commerce and 17 other departments issued measures to support the overseas expansion of the gaming industry, including increased financial support [5] - Companies such as Silver Wheel Co. plan to establish joint ventures to enter the intelligent robot parts market, while Tian Ci Materials intends to build an integrated production base for electrolytes and raw materials in Morocco [7]

Core Viewpoint - The Yunnan Provincial Government has issued the "Three-Year Action Plan for the Doubling of Specialized, Refined, Characteristic, and Innovative Enterprises (2025-2027)", focusing on cultivating national-level "little giant" enterprises in key sectors, leveraging Yunnan's advantages to promote new product development and industry expansion [1] Group 1: Industry Development Focus - The plan emphasizes the deepening of the non-ferrous metal industry chain, particularly in aluminum and copper, aiming to strengthen the production of aluminum materials, copper materials, and their downstream end products [1] - It aims to enhance the rare metal new materials industry, focusing on indium, germanium, and platinum, with developments in high-purity indium, ITO targets, indium phosphide, solar cells for satellites, germanium optical components, and platinum group metal functional materials and catalysts [1] - The plan promotes the vertical integration of the new energy battery industry chain by utilizing phosphorus resources, encouraging the development of the entire industry chain from "phosphate rock - phosphoric acid - cathode materials - batteries" [1] Group 2: Information Industry Development - The initiative aims to cultivate an outward-oriented information industry targeting South Asia and Southeast Asia, driven by the construction of a digital information corridor [1]