豆二主力 (DCE_B) 加自选

周二，上证综指下跌0.44%，收于3385点，而深证综指下跌0.86%，收于10162点，扭转了前一交易日的涨势，因为投资者在美中贸易谈判进一步发展之前变得谨慎。周一，两国贸易官员在伦敦恢复了会谈，重点是稀土运输和可能放宽出口限制。唐纳德·特朗普总统称与中国谈判“不容易”，但表示他从代表团那里收到了“好报告”——这些言论未能缓解投资者的紧张情绪。在国内方面，最近的数据继续反映出经济疲软，持续的通缩压力和令人印象深刻的贸易表现突显了长期贸易冲突的代价。在个股中，跌幅较大的包括东方财富（-2.3%）、中际创新（-0.7%）、贵州茅台（-0.8%）、易通科技（-1.3%）和河北常山（-3.2%）。

The Shanghai Composite fell 0.44% to close at 3,385, while the Shenzhen Component dropped 0.86% to 10,162 on Tuesday, reversing gains from the previous session as investor sentiment turned cautious ahead of further developments in US-China trade negotiations. Trade officials from both countries resumed talks in London on Monday, focusing on rare earth shipments and a potential easing of export restrictions. President Donald Trump described China as “not easy” to negotiate with but said he is receiving “good reports” from his delegation—remarks that failed to ease investor nerves. On the domestic front, recent data continued to reflect economic weakness, with persistent deflationary pressures and underwhelming trade performance highlighting the toll of the prolonged trade conflict. Among individual stocks, notable decliners included East Money (-2.3%), Zhongji Innolight (-0.7%), Kweichow Moutai (-0.8%), Eoptolink Technology (-1.3%), and Hebei Changshan (-3.2%).

周二，离岸人民币兑美元汇率稳定在7.18左右，投资者等待美中贸易谈判取得进一步进展。两国高级官员在伦敦结束了第一天的会谈，双方都称会谈“富有成效”。会谈将于周二上午继续，重点是缓解技术和稀土元素运输方面的紧张局势。会谈是在一个关键时刻进行的，中国面临着越来越大的经济压力，包括持续的通货紧缩和不断恶化的贸易条件。本周公布的数据显示，消费者价格连续第四个月下跌，而生产者通货紧缩达到了两年来的最严重水平。这与最近的贸易数据一致，该数据显示，在需求疲软的情况下，进口下降，而由于美国关税的影响，5月份出口增长放缓至三个月低点。由于市场在谈判取得任何具体成果之前保持谨慎，预计人民币将基本保持不变。

The offshore yuan remained steady to around 7.18 per dollar on Tuesday, as investors awaited further progress over the US-China trade negotiations. Senior officials from both countries wrapped up their first day of talks in London, which both sides described as “productive.” The discussions, focused on easing tensions over shipments of technology and rare earth elements, are set to continue on Tuesday morning. The talks come at a critical juncture, with China facing mounting economic pressures, including persistent deflation and worsening trade conditions. Data released this week showed consumer prices fell for a fourth straight month, while producer deflation hit its worst level in two years. This aligned with recent trade figures showing imports declined amid weak demand, while export growth slowed to a three-month low in May due to the impact of US tariffs. The yuan is expected to remain largely unchanged as markets stay cautious ahead of any concrete outcomes from the negotiations.

周二，上证综指上涨0.1%，收于3403点左右，而深证成分股下跌0.2%，收于10230点，随着中美在伦敦的贸易谈判进入第二天，内地股市正在努力寻找明确的方向。周一，两国贸易代表恢复了讨论，重点是稀土运输和可能放宽出口限制。唐纳德·特朗普总统对会谈发表了评论，称与中国打交道“不容易”，但他指出，他从团队那里收到了“好报告”。在国内方面，最近的经济数据突显了持续的通缩压力和疲软的贸易表现，两者都表明了长期贸易冲突的代价。在个股走势方面，海健信息上涨5.4%，深圳证券上涨5.7%，东方理财下跌0.9%，恒宝公司下跌1.8%。

The Shanghai Composite rose 0.1% to around 3,403 while the Shenzhen Component fell 0.2% to 10,230 on Tuesday, with mainland stocks struggling for clear direction as the Sino-US trade negotiations in London enter a second day. Trade representatives from both countries resumed discussion on Monday, focusing on rare earth shipments and potential easing of export restrictions. President Donald Trump commented on the talks, saying China is “not easy” to deal with but noted he’s receiving “good reports” from his team. On the domestic front, recent economic data highlighted continued deflationary pressure and weak trade performance, both pointing to the toll of the prolonged trade conflict. In individual stock moves, Hygon Information jumped 5.4% and Shenzhen Forms gained 5.7%, while East Money declined 0.9% and Hengbao Co. fell 1.8%.

野村证券 预计6月份中国对美出口将出现反弹。野村证券预计，6月份中国对美出口将出现反弹，称集装箱预订和运费激增是最近贸易中断后复苏的迹象。

Nomura expects a rebound in China's US-bound exports in June.Nomura expects a rebound in China's U.S.-bound exports in June, citing a surge in container bookings and freight rates as signs of a recovery following recent trade disruptions.