本报讯在9月8日开幕的第二十五届中国国际投资贸易洽谈会上，商务部、国家统计局和国家外汇管理局 联合发布的《2024年度中国对外直接投资统计公报》显示，2024年我国对外直接投资净额为1922亿美 元，比上年增长8.4%。 公报还显示，我国对外投资互利共赢效果显著，对世界经济贡献日益凸显。2024年，我国对外投资带动 货物出口2110亿美元，增长13%；境外企业实现销售收入3.6万亿美元，向投资所在地纳税821亿美元。 (齐宣) 数据显示，我国企业投资规模继续位居世界前列。2024年中国对外直接投资占全球份额的11.9%，较上 年提升0.5个百分点，连续13年列全球前三，连续9年占全球份额超过一成。 公报表明，我国企业境外投资分布广泛，年度经营状况良好。截至2024年年底，我国3.4万家境内投资 者共在全球190个国家和地区设立境外企业5.2万家，七成境外企业盈利或持平。对亚洲、拉丁美洲、欧 洲和大洋洲的投资持续增长，对共建"一带一路"国家直接投资增长超两成。 公报显示，2024年，我国对外直接投资涵盖了国民经济的18个行业门类，其中流向批发零售、租赁和商 务服务、制造、金融、采矿五领域的投资均超过百亿美元。 ...

期货日报网讯(记者杨美见习记者肖佳煊)9月8日，海关总署发布数据显示，2025年前8个月，我国货物 贸易延续平稳增长态势，进出口总值29.57万亿元人民币，同比(下同)增长3.5%。其中，出口17.61万亿 元，增长6.9%；进口11.96万亿元，下降1.2%，降幅较前7个月收窄0.4个百分点。 海关总署统计分析司司长吕大良介绍，今年前8个月，我国进出口累计增速较上半年加快0.6个百分点， 其中8月当月出口、进口均增长，已连续3个月实现双增长。面对严峻复杂的外部环境，我国外贸韧性持 续彰显、活力不断释放。 8月当月，我国货物贸易进出口总值3.87万亿元，增长3.5%。其中，出口2.3万亿元，增长4.8%；进口 1.57万亿元，增长1.7%，出口、进口连续3个月实现双增长。 ...

图为期债主力合约收盘价 8月份，30年期国债期货主力合约下跌1.73%；10年期国债期货主力合约下跌0.38%；5年期国债期货主 力合约下跌0.06%；2年期国债期货主力合约持平。8月30年期国债活跃券收益率上行10.4BP，至 2.018%；10年期活跃券收益率上行7.45BP，至1.78%；5年期活跃券收益率上行3.5BP，至1.5975%；2年 期活跃券收益率下行2BP，至1.395%。10年期和2年期活跃券利差扩张9.45BP。 8月期债市场以下行为主，市场情绪较7月进一步回落，股债"跷跷板"效应尤为明显。在通胀预期降温、 实体需求不振的情况下，债市情绪进一步走弱，流动性由债市向权益市场转移的特征非常明显。从基本 面角度看，债市走势依然弱于预期，权益市场走强压制债市多头情绪只是表象，资产配置风格切换才是 实质。股市赚钱效应增强，吸引流动性由固收类产品流出，因此在流动性总体宽松的局面下，债市跌幅 仍不小。 笔者认为，本轮期债市场调整和以往的调整相比有所不同，流动性在资产之间的转移带来了持续性更 强、力度更大的调整。展望后市，即使权益市场回落，期债市场也可能承压。未来定价逻辑回归基本面 后，流动性还存在收 ...

Group 1: Market Overview - The overall performance of domestic rubber products has been flat, with the RU2601 contract facing resistance from previous high levels, and the market's ability to replicate last September's strong rally remains to be observed [1] - Supply from major producing regions is affected by weather conditions, leading to a decrease in Thai rubber prices to 54.2 THB/kg, down 15% from 64.4 THB/kg a year ago, while Yunnan rubber prices slightly increased by 0.7% to 14,500 CNY/ton [2] - Cumulative imports of natural rubber from January to July reached 1.6534 million tons, a year-on-year increase of 35.01%, while mixed rubber imports totaled 1.9067 million tons, up 12.47% year-on-year, indicating a total import growth of 21.92% [2] Group 2: Demand Dynamics - In July, there were signs of improvement in the market, with the capacity utilization rate of all-steel tires significantly increasing both month-on-month and year-on-year, and heavy truck sales showing a strong year-on-year growth [3] - Tire exports reached a record high in July, with 812,600 tons exported, representing an 8.87% month-on-month increase and an 11.48% year-on-year increase, while cumulative exports from January to July totaled 4.9339 million tons, up 7.18% year-on-year [3] - The inventory of sample enterprises for all-steel tires remains low, with available days of inventory at 39.22 days, down 0.23 days from the previous month and 4.12 days from the same period last year, indicating potential supply constraints [3] Group 3: Seasonal Trends and Future Outlook - Historically, there is a high probability of price increases for all-steel tire products before and after the Mid-Autumn Festival, as this period typically sees significant restocking by channels and end stores [4] - Continuous rainfall has disrupted natural rubber production in major producing areas, leading to supply increases falling significantly below expectations, while demand remains resilient with strong heavy truck sales [4] - The price trend of raw materials will be a key variable affecting future market conditions, with the recommendation for investors to maintain a low-position long strategy supported by both fundamental and macroeconomic factors [4]

Group 1 - The core trading logic of methanol futures revolves around the "weak reality" and "strong expectations" in the market, with weak demand and high inventory pressures on the spot market [2] - Methanol supply is high, with port inventories reaching a five-year high and domestic methanol production rates at 86.63% as of September 4, leading to downward pressure on prices [2] - The downstream demand for methanol has not yet entered a peak season, with low operating rates in formaldehyde and acetic acid production, limiting support for methanol prices [2] Group 2 - Market expectations for future improvements in methanol are strong, driven by three core factors: pre-holiday stocking demand, MTO plant restarts, and seasonal gas supply restrictions in Q4 [3] - Iran, a key source of methanol imports for China, is expected to limit natural gas supplies before December, potentially leading to reduced methanol production [3] - The market has begun to factor in expectations of overseas winter gas restrictions earlier than usual, with trading activity reflecting concerns about future supply reductions [4] Group 3 - Seasonal trends indicate that methanol futures contracts typically exhibit "high contango," influenced by seasonal supply fluctuations and pre-holiday stocking [4] - There is an expectation that methanol inventories may decrease in September as MTO plants restart and demand improves, potentially alleviating supply pressures [4] - The market's focus will be on whether expectations regarding gas restrictions and production restarts are realized, which could lead to significant opportunities in the methanol market [5]

Core Viewpoint - The domestic rubber market is currently experiencing a lackluster performance, with the RU2601 contract facing resistance from previous high levels, and the potential for a strong upward trend similar to September of last year depends on market momentum changes [1] Supply Side Analysis - Supply from major producing regions is affected by weather conditions, with Thailand's rubber water price at 54.2 THB/kg, down 15% from 64.4 THB/kg last year, while Yunnan's rubber water price slightly increased by 0.7% to 14,500 CNY/ton [2] - From January to July, China imported a total of 1.6534 million tons of natural rubber, a year-on-year increase of 35.01%, while mixed rubber imports reached 1.9067 million tons, up 12.47% year-on-year, totaling 3.56 million tons with a 21.92% increase [2] - Monthly data shows a narrowing increase in natural rubber imports since June, turning negative in July, primarily due to frequent rainfall in Southeast Asia delaying rubber tapping operations, leading to tighter supply [2] Demand Side Analysis - In July, there were signs of improvement in demand, with the capacity utilization rate of all-steel tires significantly increasing both month-on-month and year-on-year, and heavy truck sales showing a strong year-on-year growth [3] - Tire exports reached a record high in July, with 812,600 tons exported, an increase of 8.87% month-on-month and 11.48% year-on-year, while total exports from January to July were 4.9339 million tons, up 7.18% year-on-year [3] - The inventory of sample enterprises for all-steel tires is at a low level, with available days of inventory at 39.22 days, down 0.23 days from the previous month and 4.12 days from the same period last year, indicating some specifications are even out of stock [3] Price Trends and Market Outlook - Historically, there is a high probability of price increases for all-steel tire products before and after the Mid-Autumn Festival, as this period is crucial for channel replenishment [4] - Continuous rainfall has significantly disrupted natural rubber production in major producing areas, leading to supply increases falling short of expectations, while demand remains resilient with strong heavy truck sales [4] - The raw material price trend will be a key variable affecting future market conditions, with the recommendation for investors to maintain a low-position long strategy supported by both fundamental and macroeconomic factors [4]

Group 1: Shipping and Port Operations - The shipping industry is crucial for global trade, with ports serving as strategic points for regional economic growth [1] - In the first half of 2025, Shandong Port Group reported a cargo throughput of 950 million tons, a 4% year-on-year increase, and a container volume of 24 million TEUs, up 7.9% [1] - The transformation of traditional ports into smart ecological ports is highlighted by the operational efficiency improvements at the ports [1] Group 2: Supply Chain Integration - The successful implementation of a comprehensive service project for refined oil supply chains at Binzhou Port marks Shandong Port Group's transition from a single port operator to a supply chain service provider [3] - The "Two Ports and One Shipping" model enhances collaboration between ports and shipping companies, significantly reducing cargo turnaround time and logistics costs [4] - Shandong Port Group is expanding this collaborative model to international partnerships, including a recent agreement with Vietnam's Long An International Port [4] Group 3: Digital Transformation - Shandong Port Group is leveraging the "Port Cloud Warehouse" electronic warehouse receipt platform to create an online one-stop supply chain service [5] - The launch of the liquid chemical storage project at Qingdao Port enhances the port's capabilities in liquid chemical storage and logistics [6] - The "Three Document Integration" business model, which combines trade, transport, and financial orders, has been successfully implemented, streamlining processes and reducing time from weeks to hours [9] Group 4: Financial Services - Shandong Port Investment Holding Group is developing a diversified financial service system to support the port and shipping industry, leveraging its 15 types of financial licenses [10] - The "Port Easy Payment" platform offers a comprehensive solution for accounts receivable management and supply chain financing, addressing the financing challenges faced by SMEs [11] - The "Squid Loan" initiative provides a one-stop supply chain financial solution for the squid processing industry, transforming inventory into credible assets for financing [13][14] Group 5: Economic Impact - Shandong Port Group's initiatives are aimed at enhancing the efficiency of supply chains and supporting the high-quality development of the marine economy [14] - The integration of logistics, digital platforms, and diversified financial systems is reshaping the value of ports and driving economic growth [14]

据新华社电万国邮政联盟9月6日在官网发布消息说，美国8月底暂停小额包裹免税待遇当天，寄往美国 的包裹量骤减81%；全球已有88家邮政运营商全面或部分暂停对美包裹寄递。 美国总统特朗普7月30日签署行政令，规定从8月29日起暂停对价值800美元及以下的进口包裹给予免税 待遇，届时小额包裹需缴纳适用的所有税费。 万国邮联说，各邮政运营商通过万国邮联电子网络交换的数据显示，上述行政令生效当天，从万国邮联 成员国寄往美国的包裹量与一周前相比骤减81%。此外，88家邮政运营商告知万国邮联，已暂停部分或 全部对美邮政服务，直到相关解决方案出台。 业内人士指出，美国取消低值免税待遇波及全球邮政网络，受冲击最大的将是依赖跨境电商的小微企 业。 万国邮联是负责国际邮政事务的联合国专门机构，总部设在瑞士首都伯尔尼，目前有192个成员国。 ...

Core Viewpoint - The Zhengzhou Commodity Exchange (ZCE) has announced a comprehensive optimization of the short fiber futures delivery system, which includes new designated delivery warehouses, brands, and fee structures, set to be implemented on September 16, 2025 [1][2]. Group 1: Delivery Warehouse and Brand Management - ZCE has added four new designated delivery warehouses for short fiber futures, located in Zhangjiagang Free Trade Zone, Hangzhou, and Jiangyin [1]. - The brand "Shanli Chemical Fiber" has been designated as a specified delivery brand, while ten companies have been included in the "exempt from inspection" brand list, enhancing the credibility and efficiency of the delivery process [1][2]. Group 2: Delivery Fees and Business Rules - The standard storage fee for short fiber futures is set at 1.2 yuan per ton per day, with total entry and exit fees for delivery warehouses amounting to 36 yuan per ton, payable by the party entering the warehouse [1]. - The recent announcements are part of a broader revision of the ZCE's business rules aimed at reducing financial pressure on industry enterprises and facilitating participation in delivery by non-factory warehouse companies [2]. Group 3: Impact on Industry Participation - The introduction of warehouse delivery and exempt brands is expected to enhance the efficiency of warehouse registration and delivery, strengthen the price linkage between futures and spot markets, and support the healthy development of the short fiber industry [3]. - The changes are anticipated to broaden the range of entities participating in futures hedging and delivery, particularly benefiting traders and small to medium-sized producers [2].

Core Insights - The Shanghai Futures Exchange has recently published a list of market makers for certain futures and options products, following strict evaluation procedures [1] Group 1: Market Makers - A total of 12 market makers have been designated for casting aluminum alloy futures [1] - For fuel oil options, petroleum asphalt options, pulp options, and coated printing paper options, there are 10 market makers each [1]