1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The report predicts that the Shanghai nickel will have a wide - range and slightly upward adjustment in the short - term, and suggests paying attention to the range of 143,000 - 155,000 yuan/ton [4] - The probability of the US government shutting down again before January 31 has soared to nearly 80%. The import volume of nickel ore is in a downward trend due to the rainy season in the Philippines, and the planned reduction of the RKAB quota in Indonesia next year and the expected sharp increase in the domestic trade base price in Indonesia lead to concerns about tight raw material supply. The production of nickel iron in Indonesia remains high, and the amount flowing back to China is expected to increase. The domestic refined nickel production capacity is large, and with the recent rise in nickel prices, the production profit has room for profit, so the refined nickel production is expected to rise again. The profit of stainless steel plants has improved, and the production volume is expected to be high. The production and sales of new energy vehicles continue to climb, and ternary batteries contribute a small incremental demand. The domestic nickel inventory is on an upward trend, and the market mainly buys on dips, with high spot premiums; the overseas LME inventory continues to increase. Technically, with the reduction of positions and price adjustment, the long - position sentiment is cautious, and it is expected to be mainly wide - range and slightly upward [3] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 146,110 yuan/ton, with a week - on - week increase of 730 yuan/ton; the price difference between the 02 - 03 contracts of Shanghai nickel is - 260 yuan/ton, with a week - on - week increase of 90 yuan/ton [3] - The price of LME 3 - month nickel is 18,590 US dollars/ton, with a week - on - week decrease of 120 US dollars/ton; the position of the main contract of Shanghai nickel is 40,119 lots, with a week - on - week decrease of 15,899 lots [3] - The net long position of the top 20 futures holders of Shanghai nickel is - 69,268 lots, with a week - on - week increase of 600 lots; the LME nickel inventory is 285,552 tons, with a week - on - week increase of 1,824 tons [3] - The inventory of nickel in the Shanghai Futures Exchange is 50,794 tons, with a week - on - week increase of 2,614 tons; the cancelled warrants of LME nickel total 10,788 tons, with a week - on - week increase of 1,506 tons [3] - The warrant quantity of Shanghai nickel is 42,499 tons, with a week - on - week decrease of 18 tons [3] 3.2 Spot Market - The spot price of SMM 1 nickel is 148,100 yuan/ton, with a week - on - week decrease of 5,700 yuan/ton; the average spot price of 1 nickel plate in the Yangtze River Non - ferrous Metals Market is 147,900 yuan/ton, with a week - on - week decrease of 5,800 yuan/ton [3] - The CIF (bill of lading) price of Shanghai electrolytic nickel is 210 US dollars/ton, with a week - on - week increase of 125 US dollars/ton; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 210 US dollars/ton, with a week - on - week increase of 125 US dollars/ton [3] - The average price of battery - grade nickel sulfate is 33,750 yuan/ton, with no week - on - week change; the basis of the main NI contract is 1,990 yuan/ton, with a week - on - week decrease of 6,430 yuan/ton [3] - The LME nickel (spot/three - month) premium is - 208.96 US dollars/ton, with a week - on - week decrease of 6.27 US dollars/ton [3] 3.3 Upstream Situation - The monthly import volume of nickel ore is 199.28 million tons, with a month - on - month decrease of 134.67 million tons; the total port inventory of nickel ore is 1,228.62 million tons, with a week - on - week decrease of 44.76 million tons [3] - The average monthly import price of nickel ore is 75.53 US dollars/ton, with a month - on - month increase of 3.36 US dollars/ton; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, with no week - on - week change [3] 3.4 Industry Situation - The monthly production of electrolytic nickel is 29,430 tons, with a month - on - month increase of 1,120 tons; the total monthly production of nickel iron is 21,400 metal tons, with a month - on - month decrease of 700 metal tons [3] - The monthly import volume of refined nickel and alloys is 23,861.23 tons, with a month - on - month increase of 11,020.74 tons; the monthly import volume of nickel iron is 99.61 million tons, with a month - on - month increase of 10.07 million tons [3] 3.5 Downstream Situation - The monthly production of 300 - series stainless steel is 174.72 million tons, with a month - on - month decrease of 1.45 million tons; the total weekly inventory of 300 - series stainless steel is 53.93 million tons, with a week - on - week increase of 0.08 million tons [3] 3.6 Industry News - The Chinese Ministry of Commerce is willing to manage differences and promote cooperation with the US, and will introduce policies and measures to expand inbound consumption [3] - Zou Lan, the deputy governor of the People's Bank of China, supports increasing the RMB business fund arrangement scale in Hong Kong from 100 billion yuan to 200 billion yuan [3] - Forecast market data shows that the probability of a new shutdown of the US government is close to 80% [3]

| | 周二国债现券收益率集体走弱，到期收益率1.7Y上行0.35-0.75bp左右，10Y、30Y到期收益率 | | --- | --- | | | 平收，TL主力合约下跌0.33%。资金面持续收敛，DR007加权利率回升至1.58%附近震荡。国 | | | 分别上行0.55、1.30bp左右至1.83%、2.26%。周二国债期货涨跌不一，TS、TF、T主力合约 | | | 内基本面端，我国2025年第四季度GDP同比增长4.5%，全年GDP增速达5.0%，圆满实现预期 | | | 增长目标。12月工增高于市场预期，固投规模持续收敛，社零低于前值。12月金融数据超预 | | | 期，社融增速持续回落，政府债造成较大拖累；信贷小幅少增，企业中长期融资需求边际改 | | | 善，但居民去杠杆趋势延续，信贷表现依然偏弱。12月全国规上工企业利润同比5.3%，全年 | | 观点总结 | 利润实现增长，扭转连续三年下行趋势。消息面上，今年首批936亿元超长期特别国债支持设 | | | 备更新资金已下达，将带动总投资超过4600亿元。海外方面，美国2025第三季度GDP终值年 | | | 化环比4.4%，为近两年来最快 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 不锈钢产业日报 2026-01-27 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 14540 | -105 02-03月合约价差:不锈钢(日,元/吨) | -20 | -80 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -14746 | 5558 主力合约持仓量:不锈钢(日,手) | 137091 | -18198 | | | 仓单数量:不锈钢(日,吨) | 39654 | 716 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 15050 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9750 | 0 | | | 基差:不锈钢(日,元/吨) | 130 | 55 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.14 | -0.07 | | | 进口数量 ...

合成橡胶产业日报 2026-01-27 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价:合成橡胶(日,元/吨) | 13045 | -220 主力合约持仓量:合成橡胶(日,元/吨) | 79495 | -12159 | | | 合成橡胶3-4价差(日,元/吨) | 15 | -25 仓单数量:丁二烯橡胶:仓库:总计(日,吨) | 9320 | 600 | | 现货市场 | 主流价:顺丁橡胶(BR9000,齐鲁石化):山 | 12900 | 200 主流价:顺丁橡胶(BR9000,大庆石化):山 | 12900 | 200 | | | 东(日,元/吨) 主流价:顺丁橡胶(BR9000,大庆石化):上 | 12900 | 东(日,元/吨) 200 主流价:顺丁橡胶(BR9000,茂名石化):广 | 12900 | 200 | | | 海(日,元/吨) 基差:合成橡胶(日,元/吨) | -145 | 东(日,元/吨) 120 | | | | | 布伦特原油(日,美元/桶) ...

| | | 沪锌产业日报 2026-01-27 货升水维持低位。技术面，持仓减量高开调整，多头氛围谨慎。观点参考：预计沪锌偏强调整，关注区间2. 45-2.55。 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。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 沪锌主力合约收盘价(日,元/吨) | 24950 | 225 02-03月合约价差:沪锌(日,元/吨) | -55 | 25 | | | LME三个月锌报价(日,美元/吨) | 3342.5 | 73.5 沪锌总持仓量(日,手) | 230617 | -4179 | ...

甲醇产业日报 2026-01-27 05合约短线建议在2250-2350区间交易。 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 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力合约收盘价甲醇(日,元/吨) | 2304 | -43 甲醇5-9价差(日,元/吨) | -25 | -12 | | | 主力合约持仓量:甲醇(日,手) | 846819 | -8731 期货前20名持仓:净买单量:甲醇(日,手) | -126378 | -3535 | | | 仓单数量:甲醇(日,张) | 7695 | 0 | | | | 现货市场 | 江苏太仓(日,元/吨) | 2265 | -30 内蒙古(日 ...

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints of the Report - The report predicts that Shanghai Tin will experience short - term wide - range adjustments, with attention on the MA10 support and a price range of 420,000 - 460,000 yuan/ton [3]. - On the supply side, the resumption of production in Myanmar and the end of the rainy season have led to an increase in domestic tin ore imports, which are expected to continue rising in Q1. The tin ore supply shortage has shown signs of easing. However, smelting production is currently limited due to low raw material inventories, year - end maintenance, and losses for most enterprises, but there is pressure for production to rebound after the Chinese New Year. The increase in Indonesian tin exports has opened the import window and increased import pressure [3]. - On the demand side, the strong development prospects of the AI field will drive a significant increase in solder demand. Recently, tin prices have risen again, and downstream buyers purchase on price dips. Inventories are stable, with a spot premium of 500 yuan/ton. LME inventories have increased significantly, and the spot premium has declined [3]. - Technically, the price has risen while the position has decreased, and attention should be paid to the battle at the 440,000 - yuan mark [3]. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for Shanghai Tin is 451,160 yuan/ton, with a month - on - month increase of 25,820 yuan/ton. The closing price of the February - March contract for Shanghai Tin is - 940 yuan/ton, with a month - on - month decrease of 560 yuan/ton [3]. - The price of LME 3 - month tin is 54,232 US dollars/ton, with a month - on - month decrease of 2,373 US dollars/ton. The position of the main Shanghai Tin contract is 55,071 lots, with a month - on - month decrease of 162 lots [3]. - The net position of the top 20 futures for Shanghai Tin is - 4,150 lots, with a month - on - month increase of 823 lots. The total LME tin inventory is 7,065 tons, with a month - on - month decrease of 130 tons [3]. - The Shanghai Futures Exchange inventory of tin is 9,720 tons (weekly), with a month - on - month increase of 171 tons. The LME tin cancelled warrants are 230 tons, with a month - on - month decrease of 115 tons [3]. - The Shanghai Futures Exchange tin warrants are 8,553 tons (daily), with a month - on - month decrease of 71 tons [3]. Spot Market - The SMM 1 tin spot price is 428,400 yuan/ton, with a month - on - month decrease of 6,450 yuan/ton. The Yangtze River Non - ferrous Market 1 tin spot price is 426,170 yuan/ton, with a month - on - month decrease of 11,030 yuan/ton [3]. - The basis of the main Shanghai Tin contract is - 22,760 yuan/ton, with a month - on - month decrease of 32,270 yuan/ton. The LME tin premium (0 - 3) is - 243 US dollars/ton, with a month - on - month increase of 2 US dollars/ton [3]. Upstream Situation - The import volume of tin ore and concentrates is 1.76 million tons (monthly), with a month - on - month increase of 0.25 million tons. The average processing fee for 40% tin concentrate (Antaike) is 14,500 yuan/ton, with no month - on - month change [3]. - The average price of 40% tin concentrate is 414,400 yuan/ton, with a month - on - month decrease of 6,450 yuan/ton. The average price of 60% tin concentrate is 418,400 yuan/ton, with a month - on - month decrease of 6,450 yuan/ton [3]. - The average processing fee for 60% tin concentrate (Antaike) is 10,500 yuan/ton, with no month - on - month change [3]. Industry Situation - The monthly output of refined tin is 14,000 tons, with a month - on - month decrease of 1,600 tons. The monthly import volume of refined tin is 2,239.1 tons, with a month - on - month increase of 323.25 tons [3]. Downstream Situation - The price of 60A solder bars in Gejiu is 270,070 yuan/ton, with a month - on - month decrease of 4,260 yuan/ton. The cumulative output of tin - plated sheets (strips) is 1.5287 million tons (monthly), with a month - on - month increase of 0.1387 million tons [3]. - The monthly export volume of tin - plated sheets is 142,900 tons, with a month - on - month decrease of 45,000 tons [3]. Industry News - The Chinese Ministry of Commerce stated that China is willing to manage differences and promote cooperation with the US and will introduce policies and measures to expand inbound consumption [3]. - Zou Lan, the deputy governor of the People's Bank of China, announced support for increasing the scale of RMB business fund arrangements in Hong Kong from 100 billion yuan to 200 billion yuan [3]. - Reports indicate that the probability of a new US government shutdown is nearly 80% according to prediction markets [3].

落，哈萨克斯坦故障油田正在恢复，国际油价高位回落。前期宏观利好消化，后市供需宽松预期给到盘面 免责声明 一定压力。BZ2603日度区间预计在5880-6050附近。 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。 纯苯产业日报 2026-01-27 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 主力收盘价:纯苯(日,元/吨) | 5990 | -88 主力结算价:纯苯(日,元/吨) | 6009 | -74 | | | 主力成交量:纯苯(日,手) 市场价:纯苯:华东市场:主流价(日,元/吨) | 23312 6025 | -78 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - As the Spring Festival approaches, the visible inventory of styrene enters the seasonal accumulation stage, and the current inventory pressure is not significant. Affected by the strong styrene spot, the profitability of integrated and non - integrated processes deepens. With the gradual resumption of plants, the tight supply - demand situation of styrene spot eases. In terms of cost, the market's concern about the Iranian situation has subsided, the troubled oil field in Kazakhstan is recovering, and international oil prices have fallen from high levels. In the short term, EB2603 is expected to show a volatile trend, with the daily range expected to be around 7470 - 7700 [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the futures main contract of styrene was 7649 yuan/ton, a decrease of 53 yuan; the trading volume was down 56,375; the long position of the top 20 holders was 444,140 lots, a decrease of 420; the closing price of the March contract of styrene was 7649 yuan/ton, a decrease of 53 yuan; the open interest was down 28,663; the net long position of the top 20 holders was up 2,739; the short position of the top 20 holders was 472,803 lots, a decrease of 3,159; the total number of warehouse receipts was 2,480 lots, an increase of 500 [2] Spot Market - The spot price of styrene was 7,748 yuan/ton, a decrease of 6 yuan; the mainstream price in Northeast China was 7,675 yuan/ton, an increase of 175 yuan; the mainstream price in South China was 7,940 yuan/ton, an increase of 70 yuan; the mainstream price in North China was 7,775 yuan/ton, a decrease of 50 yuan; the mainstream price in East China was 7,905 yuan/ton, an increase of 85 yuan [2] Upstream Situation - The CFR Northeast Asia intermediate price of ethylene was 706 US dollars/ton, unchanged; the FD US Gulf price of ethylene was 424 US dollars/ton, a decrease of 8.5 US dollars; the CIF price of pure benzene in Taiwan was 776.29 US dollars/ton, unchanged; the FOB price of pure benzene in the US Gulf was 285 cents/gallon, unchanged; the FOB price of pure benzene in Rotterdam was 899 US dollars/ton, a decrease of 12 US dollars; the market price of pure benzene in South China was 5,900 yuan/ton, unchanged; the market price of pure benzene in East China was 6,025 yuan/ton, an increase of 85 yuan; the market price of pure benzene in North China was 5,940 yuan/ton, unchanged [2] Industry Situation - The total styrene operating rate was 69.63%, a decrease of 1.23 percentage points; the national styrene inventory was down 9,950 tons; the total inventory of the East China main port was 100,600 tons, an increase of 7,100 tons [2] Downstream Situation - The operating rate of EPS was 58.71%, an increase of 4.66 percentage points; the operating rate of ABS was 66.8%, a decrease of 3 percentage points; the operating rate of PS was 57.3%, a decrease of 0.1 percentage point; the operating rate of UPR was 38%, a decrease of 1 percentage point; the operating rate of styrene - butadiene rubber was 82.92%, unchanged [2] Industry News - From January 16th to 22nd, the overall output of Chinese styrene plants was 349,300 tons, a month - on - month decrease of 1.72%; the plant capacity utilization rate was 69.63%, a month - on - month decrease of 1.23%. From January 16th to 22nd, the consumption of EPS, PS, and ABS increased by 1.2% month - on - month to 270,800 tons. As of January 22nd, the styrene plant inventory was 151,200 tons, a month - on - month decrease of 6.17%. As of January 26th, the styrene inventory at the East China port was 100,600 tons, a month - on - month increase of 7.59%; the styrene inventory at the South China port was 15,000 tons, a month - on - month increase of 25%. EB2603 fell and then rebounded, closing at 7,649 yuan/ton. A 300,000 - ton plant in North China had a fault and shut down last week, and the load of some plants in Northeast and South China was adjusted, resulting in a month - on - month decrease in styrene production and capacity utilization. The EPS operating rate increased significantly, while the operating rates of other downstream products mainly decreased. The consumption of EPS, PS, and ABS increased month - on - month. As of January 26th, the non - integrated profit of styrene was 682.07 yuan/ton, and the integrated profit of styrene was 1,477.16 yuan/ton [2]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoint On Tuesday, the RB2605 contract decreased with reduced positions. Macroeconomic factors, such as Trump's threat to impose tariffs on Canada and the US increasing tariffs on South Korea, have intensified trade tensions. In terms of supply and demand, the weekly output of rebar has stopped falling and rebounded, reaching around 2 million tons, while the apparent demand has declined, and inventory has shifted from decreasing to increasing. Overall, during the off - season, rebar demand continues to shrink, more long - position holders among the mainstream positions are closing their positions, putting pressure on futures prices. Technically, the 1 - hour MACD indicator of the RB2605 contract shows that DIFF and DEA are adjusting downward, with the red bars turning green. It is recommended to conduct short - term trading and pay attention to risk control [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - RB main contract closing price: 3,126 yuan/ton, down 17 yuan [2] - RB main contract open interest: 1,714,659 lots, down 16,197 lots [2] - RB contract top 20 net open interest: - 58,403 lots, up 7,245 lots [2] - RB5 - 10 contract spread: - 48 yuan/ton, up 2 yuan [2] - RB Shanghai Futures Exchange warehouse receipt: 38,283 tons, unchanged [2] - HC2605 - RB2605 contract spread: 163 yuan/ton, up 4 yuan [2] 3.2 Spot Market - Hangzhou HRB400E 20MM (theoretical weight): 3,290 yuan/ton, down 20 yuan [2] - Hangzhou HRB400E 20MM (actual weight): 3,374 yuan/ton, down 21 yuan [2] - Guangzhou HRB400E 20MM (theoretical weight): 3,440 yuan/ton, unchanged [2] - Tianjin HRB400E 20MM (theoretical weight): 3,160 yuan/ton, down 10 yuan [2] - RB main contract basis: 164 yuan/ton, down 3 yuan [2] - Hangzhou hot - rolled coil - rebar spot spread: 20 yuan/ton, up 10 yuan [2] 3.3 Upstream Situation - Qingdao Port 61.5% PB iron ore fines: 798 yuan/wet ton, down 7 yuan [2] - Tianjin Port first - grade metallurgical coke (FOB price): 1,490 yuan/ton, unchanged [2] - Tangshan 6 - 8mm scrap steel (tax - excluded): 2,170 yuan/ton, unchanged [2] - Hebei Q235 billet: 2,950 yuan/ton, unchanged [2] - 45 - port iron ore inventory: 167.6285 million tons, up 2.1204 million tons [2] - Sample coking plant coke inventory: 419,400 tons, up 14,600 tons [2] 3.4 Industry Situation - Sample steel mill coke inventory: 6.6199 million tons, up 117,900 tons [2] - Tangshan billet inventory: 1.562 million tons, up 68,900 tons [2] - 247 steel mill blast furnace operating rate: 78.66%, down 0.16 percentage points [2] - 247 steel mill blast furnace capacity utilization rate: 85.53%, up 0.07 percentage points [2] - Sample steel mill rebar output: 1.9955 million tons, up 92,500 tons [2] - Sample steel mill rebar capacity utilization rate: 43.75%, up 2.03 percentage points [2] - Sample steel mill rebar inventory: 1.4898 million tons, up 63,200 tons [2] - 35 - city rebar social inventory: 3.0312 million tons, up 77,100 tons [2] - Independent electric arc furnace steel mill operating rate: 70.83%, down 1.05 percentage points [2] - Domestic crude steel output (monthly): 68.18 million tons, down 1.69 million tons [2] - China rebar monthly output: 13.75 million tons, up 190,000 tons [2] - Steel net export volume (monthly): 10.78 million tons, up 1.3 million tons [2] 3.5 Downstream Situation - National real estate prosperity index: 91.45, down 0.44 [2] - Cumulative year - on - year growth rate of fixed - asset investment: - 3.80%, down 1.20 percentage points [2] - Cumulative year - on - year growth rate of real estate development investment: - 17.20%, down 1.30 percentage points [2] - Cumulative year - on - year growth rate of infrastructure construction investment: - 2.20%, down 1.10 percentage points [2] - Cumulative value of housing construction area: 659.89 million square meters, down 38.24 million square meters [2] - Cumulative value of new housing construction area: 58.77 million square meters, down 53.13 million square meters [2] - Commercial housing unsold area: 40.236 million square meters, down 8.75 million square meters [2] 3.6 Industry News - Since late January, there has been a fine particulate matter (PM2.5) pollution process in central and eastern China, and the pollution level has recently increased. As of now, 87 prefecture - level and above cities in the Beijing - Tianjin - Hebei and surrounding areas, the Yangtze River Delta, and the middle reaches of the Yangtze River have launched emergency responses to heavy pollution weather warnings to jointly address this cross - regional heavy pollution process [2] - US President Trump recently stated that if Canada reaches a trade agreement with China, the US will impose a 100% tariff on all Canadian imports. In response, Chinese Foreign Ministry Spokesperson Guo Jiakun said at a regular press conference on the 26th that China advocates that countries should handle inter - country relations with the concept of win - win rather than zero - sum and in a cooperative rather than confrontational way [2]