燃油主力 (SHF_FU) 加自选

中国内阁会议：将加大逆周期调整力度。将加大逆周期调整力度。将努力稳定就业、外贸。

China Cabinet Meeting: Will step up counter-cyclical adjustment.Will step up counter-cyclical adjustment. Will strive to stabilise employment, foreign trade.

2025年第一季度，流入中国的外国直接投资（FDI）比上年下降10.8%，至约369亿美元。这一结果是在2024年暴跌27.1%之后得出的，这是有记录以来外国直接投资的最大跌幅，数据可追溯到2008年。这一下降继续反映了外国对中国经济中最大项目的信心减弱，这是由于通货紧缩螺旋式上升的风险以及政府推迟刺激反应的观点造成的压力，最近美国政府的关税威胁加剧了这一观点。此外，制造商和服务提供商不透明的资产负债表让外国投资者感到不安。尽管如此，政府经济支持的迹象以及中国共产党可能放松对科技行业严格控制的暗示，在今年年初提高了人们对中国证券投资的信心，这可能会在今年晚些时候转化为更高的直接投资。

Foreign direct investment (FDI) into China sank by 10.8% from the previous year to about $36.9 billion in the first quarter of 2025. The result followed the 27.1% slump in 2024, which was the sharpest decline in foreign direct investment on record with data going back to 2008. The decline continued to reflect weaker foreign confidence into largest projects in the Chinese economy, pressured by risks of a deflationary spiral and the view that the government delayed in its stimulus response, recently magnified by the threat of tariffs from the United States governemnt. Additionally, opaque balance sheets for manufacturers and service providers held the unease of foreign investors. Still, signs of economic support from the government and hints that the CCP may relax its tight control on the tech sector raised sentiment for portfolio investments in China at the turn of the year, potentially translating into higher direct investments later in the year.

中国最高立法机构将于本月27日至30日举行会议。这次的主要议程是继续审查私营部门促进法草案。在某种情况下，该草案于去年10月发布，以征求公众意见。

China's top legislature to meet on 27-30 April this month.The main agenda this time around is to continue reviewing draft private sector promotion law. For some context, the draft was released for public consultations during October last year.

周五，上证综指下跌0.11%，收于3277点，结束了连续八天的上涨，因为投资者在中美贸易关系持续存在的不确定性中保持谨慎。本周早些时候，北京为与美国进行新的谈判设定了条件，呼吁给予更大的尊重、政策的一致性，以及在特朗普总统的全力支持下明确指定的美国谈判代表。与此同时，特朗普表示，与中国的贸易紧张局势可能会缓和，他表示不希望关税进一步上升，甚至可能考虑在某个时候降低关税。中国目前对其货物征收145%的高额关税，同时对美国进口商品征收125%的关税作为报复。永辉（-4.7%）、寒武纪（-1.1%）和上海贝岭（-5%）的跌幅显著。尽管周五有所回落，上证综指本周仍上涨1.19%，为五年来首次单周上涨。

The Shanghai Composite shed 0.11% to close at 3,277 on Friday, snapping an eight-day winning streak as investors remained cautious amid ongoing uncertainty in Sino-US trade relations. Earlier this week, Beijing set conditions for entering new talks with the US, calling for greater respect, policy consistency, and a clearly designated US negotiator with full backing from President Trump. Meanwhile, Trump indicated a possible de-escalation of trade tensions with China, stating he does not want tariffs to rise further and may even consider reducing them at some point. China currently faces a hefty 145% tariff on its shipments, while retaliating with a 125% duty on US imports. Notable losses were seen from Yonghui (-4.7%), Cambricon (-1.1%), and Shanghai Belling (-5%). Despite Friday’s pullback, the Shanghai Composite gained 1.19% this week for its first weekly rise in five.