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济南市(历城区、钢城区、历下区、市中区、章丘区、商河县、平阴县、济阳区、天桥区、莱芜区、槐荫区、长清区)









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滁州市(天长市、明光市、全椒县、琅琊区、来安县、南谯区、定远县、凤阳县)

对美国资产的不安情绪日益加剧,引发长期美国国债的大规模抛售,收益率随之飙升。这种不安情绪在期权市场上有所体现,防范更大损失的溢价飙升至2021年“闪崩”以来的最高水平。

所谓的美国国债期权倾斜度已大幅扩大,投资者大举推高了用于对冲收益率飙升风险的看跌期权的价格。上一次如此偏向看跌期权是在2021年2月25日,当天美国国债市场出现了不寻常的“闪崩”事件,在流动性紧张的情况下,债券价格突然下跌。

美国国债期权倾斜度

这种极端的仓位配置反映出许多投资者的焦虑日益加深。由于担心美国总统唐纳德·特朗普激进的贸易政策以及他不断施压美联储主席杰罗姆·鲍威尔降息可能带来的经济和市场影响,投资者对美国资产的信心受到了动摇。与此同时,美国财政前景仍然充满挑战,导致交易员要求对持有长期美国国债的风险进行更多补偿。这可以从所谓的期限溢价上升中看出。

近期市场动荡和政策担忧导致投资者平仓,也加剧了近几个交易日收益率的上行压力。截至美东时间周二下午,30年期美国国债收益率为4.88%,接近三个月高点。

LPLFinancial首席固定收益策略师LawrenceGillum表示:“毫无疑问,外资已经开始抛售美元资产,并加剧了市场波动。再加上对美联储独立性的担忧,以及过早降息可能造成的政策失误,长期美国国债收益率持续走高也就不足为奇了。”

现货市场对美国国债缺乏信心的现象也显而易见。摩根大通的每周客户调查显示,中性仓位升至今年以来的最高水平。

摩根大通美债客户调查

诚然,期权市场的仓位可能会迅速逆转。2021年出现的严重市场混乱是短暂的,如果贸易谈判能达成新协议,并且特朗普停止对鲍威尔领导的美联储的口诛笔伐,那么类似的情况现在可能会发生。周二,美国股市上涨,长期收益率小幅走低,因为交易员们对白宫将与主要合作伙伴达成贸易协议持乐观看法。

然而,政策仍在不断变化,诸多不确定性依然让交易员紧张不安。这一点也体现在美国股市上,期权交易员越来越青睐看跌期权,以防范科技七巨头的股价进一步下跌。

BMOCapitalMarkets董事总经理兼美国利率策略主管IanLyngen周二表示:“遗憾的是,我们对‘抛售美国’交易即将得到缓解没有多大信心。”

  周三日韩股市高开,日经225指数高开1.7%,报34787.93点。韩国KOSPI指数开盘上涨1.4%,至2520.56点。

电商平台“仅退款”或将成为过去时。

4月22日,澎湃新闻记者发现,包括拼多多、淘宝、抖音、快手、京东在内的多个电商平台修改售后规则并征求意见,主要涉及“仅退款”相关条款和表述,明确平台不主动介入消费者的仅“退款”申请,部分平台预计新规4月30日生效。

当天早些时候,据媒体报道,拼多多、淘宝、抖音、快手、京东等多个电商平台将全面取消“仅退款”,消费者收到货后的退款不退货申请,将由商家自主处理。

4月22日晚间,淘天集团向澎湃新闻记者确认,为平衡实现商家权益保护与消费者体验提升,后续平台将不主动介入消费者在已收到货后的不退货退款售后申请,由卖家先行与消费者协商处理。

当天晚间,淘宝官网发布《关于平台优化售后服务保障相关举措的意见征集》显示,淘宝平台鼓励商家以积极主动的服务,获得更多消费者的青睐,后续将不主动介入消费者在已收到货后的不退货退款售后申请,由卖家先行与消费者协商处理。与此同时,平台拟逐步对现行售后相关规则进行修改完善,明确相关退货退款情形,并设立退货退款规则专区,帮助商家和消费者更好理解。上述措施预计于7月陆续实施。

据悉,去年7月淘宝曾率先松绑“仅退款”。如今,在调整优化“仅退款”等售后服务规则的同时,淘宝天猫将于同期上线新版店铺评价体系“真实体验分”,根据商品质量、物流速度、服务保障三方面,建立真实、客观、透明的消费者体验反馈机制,让真实体验分成为消费者未来重要的购物决策依据。同时“真实体验分”与搜索、推荐、营销、广告等核心场域直接挂钩,激励商家提升商品和服务质量。

澎湃新闻记者查询拼多多平台显示,4月22日发布《拼多多售后服务规则》更新意见征集。拼多多表示,一方面进一步支持商家与消费者通过自主协商方式解决相关售后问题,平台非必要不主动介入消费者在已收到货后的不退货全额退款售后申请;另一方面明确相关售后退货退款相关规则。

4月22日更新的《拼多多售后服务规则》显示,面对已经发货但申请退款的商品,商家应在用户提交退款无需退货申请后36小时内进行处理(系统支持极速退款时,不受该时效限制)。

如商家同意用户退款无需退货申请的,系统将退款给用户;如商家逾期未处理的(即商家未在平台规定时限内处理用户申请,履行售后义务),平台将视实际情形判定是否支持退款给用户。平台有权基于用户申请、用户投诉和/或店铺售后等因素自行决定适当缩短商家处理时限。

据抖音电商学习中心,4月22日,抖音发布《关于修订<售后服务相关规则>的意见征集》提到,在变更前,消费者可自付款时起至商家售后服务有效期内在线上发起仅退款/退货退款/换货/补寄/维修申请(以产品显示为准);在变更后,“仅退款”变为“退款”。

快手电商在《2024年快手电商体验报告》中提到,2024年平台对《快手小店售后服务管理规则》进行全面升级,避免“仅退款”一刀切,将更多自主判定权留给商家,同时对轻微违规经营者先给予警告并提供改正机会,部分轻微违规行为不再设违约金处罚。

而在4月22日发布的快手电商《售后规则意见征集》显示,如果出售的商品确实存在质量问题的,消费者申请快手小店介入的,快手小店将支持消费者退货退款要求,并且退换货产生的所有运费由商家承担。若快手小店介入判定商家所售商品确实存在质量问题的,商家应为消费者办理售后退换货处理,并在48小时内审核售后服务单,若超时未审核,快手小店有权将商家售后地址提供给消费者,在确认商品退回商家售后所在地后,快手小店有权以扣除保证金的形式为消费者优先赔付,由此产生的损失或费用将由商家自行承担。

此外,快手方面还表示,因商品质量、禁售等商家原因导致的退货,如消费者寄回商品受到物流限制的,商家需要协助客户取回商品。如商品无法取回的,平台支持仅退款处理。

京东方面公告称,进一步优化消费者与商家自主协商解决问题中的责任分配,对《京东开放平台售后服务管理规则》及相关规则进行修订,规则预计于2025年4月30日生效。

修订内容主要针对“仅退款”做了集中性修改,根据修订内容显示,在第二章第二节自助售后处理流程中,将“仅退款、不退货仅退款”文案修改为“退款、退款不退货”;第三章第十九条中,删除“平台有权执行退款不退货”文案;第三章第二十二条中,修改平台执行仅退款文案。在第四章第二节售后服务标准中,将“仅退款、不退货仅退款”文案修改为“退款、退款不退货”;在第四章第四节售后争议处理中,删除“退款不退货”。

近年来,多个电商平台相继推出的“仅退款”功能,是指在电商平台购物过程中,当遇到商品质量问题、与描述不符等情况,并符合平台相关政策时,消费者可以选择向卖家提出仅退款请求,而无需将商品退回给卖家的一种服务。早期的“仅退款”服务,需要商家和买家协商,商家同意后执行,总体上有利于消费者的,也不损害商家的利益。

据央视新闻报道,各大电商平台争夺存量市场份额,用户体验至关重要,通过“仅退款”服务,电商平台能够快速响应消费者的需求,提升用户满意度和忠诚度,从而增加平台的用户黏性,“仅退款”服务进而成了电商平台服务标配之一,如果商家在48或者72个小时内,无法与提出“仅退款”的消费者达成一致,平台会先支持消费者“仅退款”诉求,商家有诉求需要向平台举证。遭遇“仅退款”的一些商家表示,客服所谓的申诉,他们都曾尝试过多次,但平台依旧没有反馈,或者不予以通过。商家只能独自承担所有成本,在所有的“退款”订单中,所有的费用都照扣不误。商家在遭遇不公正退款时,虽可通过平台申诉,但往往难以获得满意结果。

今年1月,市场监管总局副局长束为曾表示,针对社会集中反映的“仅退款”问题,约谈主要电商平台,就平台利用“仅退款”规则挤压商家生存空间、助长低质低价竞争风气等问题,提出具体整改要求,落实平台企业主体责任。约谈以后,主要电商平台对“仅退款”规则进行了优化,为平台内商家提供了更大自主权。

今年两会期间,国家市场监督管理总局局长罗文在“部长通道”上表示,针对平台滥用仅退款规则,造成商户货款两空的突出问题,将督促平台明确规则的适用范围和具体情形,保障商户正当权益。

  23日早盘,受利好提振,CPO为代表的算力板块应声上攻,创业板人工智能盘初涨逾2%。截至发稿,易盛飙涨超7%,先进数通、中科创达、中际旭创、天孚通信等多股涨超2%。

  热门ETF方面,全市场首只的创业板人工智能ETF华宝(159363)场内高开上涨1.72%,实时成交额超4800万元,资金实时净申购900万份。

  消息面上,海外对华态度缓和!美国总统特朗普当地时间周二(4月22日)在公开场合发表了讲话,他承认美国目前对自中国进口商品的关税过高,预计税率将大幅降低。这标志着特朗普在其标志性的关税政策上态度已出现缓和。周二,美国财政部长贝森特也在摩根大通的一场活动中表示,关税战将很快降温。

  国盛证券指出,目前光模块等行业估值已充分包含关税相关风险,关税落地后风险有望释放。叠加接下来各光模块与其他算力产业链相关企业财报落地,绩优股有望率先获得资金青睐。光模块等行业需求高增情况下,有望出现龙头领衔修复估值、二三线企业紧随其后的情况,继续看好国产算力产链。

  此外,该机构认为,目前AI应用已处于突破阶段,多模态、Agent等驱动下需求上扬、产业景气度高涨迅速进行,短期来看,持仓比例的暂时性下调有避险需要。但长期来看,只要AI叙事逻辑未发生根本性动摇,产业发展仍会按照规律持续进行,由此带来的光模块行业景气度终将回归。

  山西证券表示,国内光通信企业的核心优势在高频电路设计、精密光学封装以及硅光子混合集成工艺等,并不仅是劳动力成本优势,通过全球化产能布局,关税风险可得到有效控制,建议关注光模块、MPOAEC、电源等被对等关税错杀的核心绩优标的估值修复机会。

  把握AI修复机会,建议重点关注市场首只创业板人工智能ETF华宝(159363及场外联接A023407C023408)。资料显示,创业板人工智能ETF华宝(159363)被动跟踪创业板人工智能指数,一键布局算力硬件+算力软件+AI应用三件套,高效地捕捉AI主题行情,“光模块龙头含量高,充分享受全球AI产业链红利。

  数据来源:沪深交易所等。注:“全市场首只”是指首只跟踪创业板人工智能指数的ETF。

  风险提示:创业板人工智能ETF华宝被动跟踪创业板人工智能指数,该指数基日为2018.12.28,发布日期为2024.7.11。创业板人工智能指数2020-2024年年度涨跌幅分别为:20.1%、17.57%、-34.52%、47.83%、38.44%,指数成份股构成根据该指数编制规则适时调整,其回测历史业绩预示指数未来表现。文中指数成份股仅作展示,个股描述不作为任何形式的投资建议,也不代表管理人旗下任何基金的持仓信息和交易动向。基金管理人评估的本基金风险等级为R4-中高风险,适宜积极型(C4)及以上的投资者,适当性匹配意见请以销售机构为准。任何在本文出现的信息(包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等)均只作为参考,投资人须对任何自主决定的投资行为负责。另,本文中的任何观点、分析及预测不构成对阅读者任何形式的投资建议,亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金投资有风险,基金的过往业绩并不代表其未来表现,基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证,基金投资须谨慎。

MACD金叉信号形成,这些股涨势不错! ady9映画网防屏蔽:探索神秘宝藏,揭开隐藏的奇幻冒险之旅!的相关文章 董力希望成为治愈阿诺的那个人的相关文章
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