Core Viewpoint - The tug-of-war between growth and inflation in the U.S. remains unresolved, with significant uncertainties surrounding the impact of global tariff policies and the effectiveness of fiscal stimulus in offsetting the burdens of import taxes [1] Group 1: Economic Indicators - The influence of global tariff policies has not yet fully manifested, creating uncertainty in economic forecasts [1] - The effectiveness of fiscal stimulus in counteracting the negative effects of import taxes is still a major unknown [1] Group 2: Market Reactions - Despite significant disappointments in the foreign exchange and interest rate markets, the direction of the Federal Reserve's monetary policy remains clear [1] - The foreign exchange and interest rate markets have misjudged the process and timing of policy implementation [1]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The I2601 contract of iron ore may continue to fluctuate with a bullish bias, and attention should be paid to the operation rhythm and risk control. The macro - level shows an increased expectation of loose monetary policies in China and the US. On the industrial side, iron ore shipments, arrivals, and port inventories have increased, the spot market remains generally firm, traders have a fair enthusiasm for selling, and steel mills mostly purchase as needed. The resumption of work and production in Beijing, Tianjin, and Hebei supports the iron ore price to run strongly [7]. 3. Summary According to Relevant Catalogs 3.1 Week - to - Week Summary - **Price**: As of September 5, the closing price of the main iron ore contract was 789.5 (+2) yuan/ton, and the price of Macfayden powder at Qingdao Port was 837 (+9) yuan/dry ton [5]. - **Shipment**: From August 25 - 31, 2025, the global iron ore shipment volume was 3556.8 million tons, a week - on - week increase of 241 million tons. The total iron ore shipment from Australia and Brazil was 2902.1 million tons, a week - on - week increase of 141.7 million tons [5]. - **Arrival**: From August 25 - 31, 2025, the arrival volume at 47 ports in China was 2645.0 million tons, a week - on - week increase of 182.7 million tons; the arrival volume at 45 ports was 2526.0 million tons, a week - on - week increase of 132.7 million tons; the arrival volume at six northern ports was 1300.8 million tons, a week - on - week increase of 147.8 million tons [5]. - **Demand**: The daily average hot - metal output was 228.84 million tons, a week - on - week decrease of 11.29 million tons and a year - on - year increase of 6.23 million tons [5]. - **Inventory**: As of September 5, 2025, the inventory of imported iron ore at 47 ports in China was 14425.72 million tons, a week - on - week increase of 37.7 million tons and a year - on - year decrease of 1653.23 million tons. The inventory of imported ore at 247 steel mills was 8939.87 million tons, a week - on - week decrease of 67.32 million tons [5]. - **Profitability**: The profitability rate of steel mills was 61.04%, a week - on - week decrease of 2.60 percentage points and a year - on - year increase of 56.71 percentage points [5]. 3.2 Futures and Spot Market - **Futures Price**: This week, the I2601 contract fluctuated with a bullish bias and was stronger than the I2605 contract. On the 5th, the price difference was 24.5 yuan/ton, a week - on - week increase of 0.5 yuan/ton [13]. - **Warehouse Receipt and Net Position**: On September 5, the number of iron ore warehouse receipts at the Dalian Commodity Exchange was 1900, with no week - on - week change. The net short position of the top 20 holders of the iron ore futures contract was 25009, an increase of 3138 compared to the previous week [20]. - **Spot Price**: On September 5, the price of 61% Australian Macfayden powder ore at Qingdao Port was 837 yuan/dry ton, a week - on - week increase of 9 yuan/dry ton. This week, the spot price of iron ore was stronger than the futures price. On the 5th, the basis was 47 yuan/ton, a week - on - week increase of 7 yuan/ton [26]. 3.3 Industry Situation - **Arrival Volume**: From August 25 - 31, 2025, the global iron ore shipment volume was 3556.8 million tons, a week - on - week increase of 241 million tons. The total iron ore shipment from Australia and Brazil was 2902.1 million tons, a week - on - week increase of 141.7 million tons. The arrival volume at 47 ports in China was 2645.0 million tons, a week - on - week increase of 182.7 million tons [31]. - **Port Inventory**: This week, the total inventory of imported iron ore at 47 ports was 14425.72 million tons, a week - on - week increase of 37.70 million tons; the average daily port clearance volume was 330.33 million tons, a decrease of 3.81 million tons. In terms of components, the inventory of Australian ore was 6017.02 million tons, a decrease of 113.29 million tons; the inventory of Brazilian ore was 5492.96 million tons, an increase of 66.20 million tons; the inventory of traded ore was 9169.96 million tons, a decrease of 58.06 million tons [34]. - **Steel Mill Inventory**: This week, the total inventory of imported iron ore at steel mills was 8939.87 million tons, a week - on - week decrease of 67.32 million tons; the current daily consumption of imported ore by sample steel mills was 280.67 million tons, a week - on - week decrease of 15.43 million tons; the inventory - to - consumption ratio was 31.85 days, a week - on - week increase of 1.43 days [34]. - **Inventory Availability Days**: As of September 4, the average inventory availability days of imported iron ore at large and medium - sized domestic steel mills was 21 days, a week - on - week increase of 1 day. On September 4, the Baltic Dry Index (BDI) was 1963, a week - on - week decrease of 62 [39]. - **Import Volume and Mine Capacity Utilization**: In July 2025, China imported 10462.3 million tons of iron ore and its concentrates, a decrease of 132.5 million tons from the previous month, a month - on - month decrease of 1.3%. From January to July, the cumulative import volume was 69656.9 million tons, a year - on - year decrease of 2.3%. As of September 5, the capacity utilization rate of 266 sample mines was 60.55%, a decrease of 2.1% from the previous period; the daily average output of concentrate powder was 38.2 million tons, a week - on - week decrease of 1.33 million tons; the inventory was 34.1 million tons, a week - on - week increase of 1.29 million tons [42]. - **Domestic Iron Ore Concentrate Output**: In July 2025, China's iron ore raw ore output was 8632.5 million tons, a year - on - year increase of 21.8%. From January to July, the cumulative output was 59591.4 million tons, a year - on - year decrease of 5.4%. In July, the output of iron concentrate powder of 433 iron mines was 2311.9 million tons, a month - on - month decrease of 18.5 million tons, a decrease of 0.8%. From January to July, the cumulative output was 16087.2 million tons, a cumulative year - on - year decrease of 1070.4 million tons, a decrease of 6.2% [46]. 3.4 Downstream Situation - **Crude Steel Output**: In July 2025, the national crude steel output was 7966 million tons, a year - on - year decrease of 4.0%. From January to July, the cumulative national crude steel output was 59447 million tons, a year - on - year decrease of 3.1% [49]. - **Steel Import and Export**: In July 2025, China exported 983.6 million tons of steel, an increase of 15.8 million tons from the previous month, a month - on - month increase of 1.6%. From January to July, the cumulative steel export volume was 6798.3 million tons, a year - on - year increase of 11.4%. In July, China imported 45.2 million tons of steel, a decrease of 1.8 million tons from the previous month, a month - on - month decrease of 3.8%. From January to July, the cumulative steel import volume was 347.6 million tons, a year - on - year decrease of 15.7% [49]. - **Blast Furnace Operating Rate and Hot - Metal Output**: On September 5, the blast furnace operating rate of 247 steel mills was 80.4%, a week - on - week decrease of 2.80 percentage points and a year - on - year increase of 2.77 percentage points; the blast furnace iron - making capacity utilization rate was 85.79%, a week - on - week decrease of 4.23 percentage points and a year - on - year increase of 2.19 percentage points. The daily average hot - metal output of 247 steel mills was 228.84 million tons, a week - on - week decrease of 11.29 million tons and a year - on - year increase of 6.23 million tons [52]. 3.5 Options Market - With the steel market entering the peak season, there is a possibility of a rebound in hot - metal output in the later stage, which may increase the spot demand for iron ore. It is recommended to buy slightly out - of - the - money call options [55].

截至周三晚间，该案文件尚未在最高法院的在线案卷中公开。 经济利害 仅就经济利益而言，此案已是最高法院受理过的最大规模案件之一。 SHMET 网讯：美国总统特朗普已请求美国最高法院维持其全球关税政策，寻求对一桩可能影响数 万亿美元贸易、并赋予他对世界经济广泛新杠杆力的案件进行复审。 根据彭博新闻社查阅的法律文件，该上诉要求将案件纳入高度加速的审理日程，并在11月初进行口 头辩论。此前一家联邦上诉法院裁定，特朗普不能通过援引旨在应对国家紧急状态的1977年法律来实施 大规模进口征税。 被挑战的关税包括特朗普4月2日实施的"解放日"关税，该关税根据来源国对大多数美国进口商品征 收10%至50%的税款。4月2日的关税代表了自1930年以来美国进口税的最大幅度增长，使该国平均适用 关税率达到一个多世纪以来的最高水平。 特朗普将关税描绘成在长期贸易逆差中为美国企业和工人创造公平竞争环境的关键。但政府官员公 开淡化了此次诉讼的影响，称其大部分关税可以通过其他方式实施。特朗普对钢铁、铝和汽车征收的关 税是依据不同法律实施的，因此不直接受本次上诉影响。 彭博经济分析师克里斯·肯尼迪（Chris Kennedy）指出，若特朗普败 ...

目前联邦上诉法院允许这些关税继续有效，以便特朗普有时间寻求最高法院的审查。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 美国总统唐纳德·特朗普要求美国最高法院维护他的全球关税政策，寻求对此案进行审查。 上诉文件显示，特朗普政府要求最高法院加快审理程序，于11月初进行辩论。此前，一家联邦上诉 法院裁定，特朗普不能援引1977年旨在应对国家紧急状态的一项法律，来征收大规模进口税。 仅凭涉及的经济利益规模，此案就成为最高法院有史以来审理的最大案件之一。据估计，如果特朗 普败诉，美国目前16.3%的平均有效关税税率将至少降低一半，并可能迫使美国退还数百亿美元的已收 关税。那也可能会颠覆特朗普与一些国家达成的初步贸易协议。 ...

Group 1: Report Information - Report Title: Precious Metals Data Daily [4] - Report Date: September 3, 2025 [5] - Research Institution: ITG Guomao Futures [3] - Research Center: Macroeconomic and Financial Research Center [5] - Analyst: Bai Suna [5] Group 2: Price Tracking Spot and Futures Prices - On September 2, 2025, London Gold Spot was at $3,486.02/ounce, London Silver Spot at $40.70/ounce, COMEX Gold at $3,556.10/ounce, and COMEX Silver at $41.70/ounce. The prices of AU2510, AG2510, AU (T+D), and AG (T+D) were 804.32 yuan/gram, 9,824 yuan/kilogram, 799.94 yuan/gram, and 9,797 yuan/kilogram respectively [5]. - Compared to September 1, 2025, the price increases were 0.2% for London Gold Spot, 0.5% for London Silver Spot, 0.3% for COMEX Gold, 0.8% for COMEX Silver, 0.5% for AU2510, 0.5% for AG2510, 0.4% for AU (T+D), and 0.5% for AG (T+D) [5]. Price Spreads and Ratios - On September 2, 2025, the gold TD - SHFE active price spread was -4.38 yuan/gram, the silver TD - SHFE active price spread was -27 yuan/kilogram, the gold internal - external (TD - London) price spread was 3.19 yuan/gram, and the silver internal - external (TD - London) price spread was -633 yuan/kilogram. The SHFE gold - silver ratio was 81.87, and the COMEX gold - silver ratio was 85.29. The spreads between AU2512 - 2510 and AG2512 - 2510 were 1.86 yuan/gram and 21 yuan/kilogram respectively [5]. - Compared to September 1, 2025, the price spread changes were 12.0% for gold TD - SHFE active price spread, -3.6% for silver TD - SHFE active price spread, 86.6% for gold internal - external (TD - London) price spread, 0.1% for silver internal - external (TD - London) price spread, 0.0% for SHFE gold - silver ratio, -0.5% for COMEX gold - silver ratio, 13.4% for AU2512 - 2510 spread, and -8.7% for AG2512 - 2510 spread [5]. Group 3: Position Data Non - commercial Positions in COMEX - As of August 26, 2025 (weekly data), COMEX gold non - commercial long positions were 275,767 contracts, non - commercial short positions were 61,456 contracts, and non - commercial net long positions were 214,311 contracts. COMEX silver non - commercial long positions were 68,227 contracts, non - commercial short positions were 21,761 contracts, and non - commercial net long positions were 46,466 contracts [5]. ETF Positions - On August 29, 2025, the gold ETF - SPDR held 977.68 tons, and the silver ETF - SLV held 15,309.99769 tons. Compared to August 28, 2025, the changes were 1.01% for gold ETF - SPDR and -0.15% for silver ETF - SLV [5]. Group 4: Inventory Data SHFE and COMEX Inventories - On September 2, 2025, SHFE gold inventory was 40,191 kilograms, and SHFE silver inventory was 1,215,228 kilograms. On August 29, 2025, COMEX gold inventory was 38,925,853 troy ounces, and COMEX silver inventory was 518,232,360 troy ounces. Compared to the previous period, the increases were 1.12% for SHFE gold inventory, 0.66% for SHFE silver inventory, 0.42% for COMEX gold inventory, and 0.20% for COMEX silver inventory [5]. Group 5: Interest Rates, Exchange Rates, and Stock Market Data Exchange Rates and Interest Rates - On September 2, 2025, the USD/CNY central parity rate was 7.11. On August 29, 2025, the US Dollar Index was 97.85, the 2 - year US Treasury yield was 3.59%, the 10 - year US Treasury yield was 4.23%, the VIX was 15.36, the S&P 500 was 6,460.26, and NYMEX crude oil was $64.01/barrel [5]. - Compared to the previous period, the changes were 0.02% for the USD/CNY central parity rate, -0.02% for the US Dollar Index, -0.83% for the 2 - year US Treasury yield, 0.24% for the 10 - year US Treasury yield, 6.44% for the VIX, -0.64% for the S&P 500, and -0.48% for NYMEX crude oil [5]. Group 6: Key News - On August 29, 2025, the US Court of Appeals ruled that most of the global tariff policies implemented by former President Trump were illegal, and these additional tariffs could be maintained until October 14 to allow the US government to appeal to the Supreme Court. Chinese Vice Minister of Commerce Li Chenggang visited the US and held talks with relevant US government officials and business representatives [5]. - The preliminary Eurozone CPI annual rate in August 2025 was 0.2% (previous value 0.00%), the preliminary Eurozone PPI annual rate was 2.1% (expected 2%, previous value 2.00%), and the preliminary Eurozone core PPI annual rate was 2.3% (expected 2.3%, previous value 2.4%) [5]. - Due to market expectations of Germany's investment plan and potential increase in defense spending in Eurozone countries, Eurozone ultra - long - term government bonds faced selling pressure. The yield of Germany's 30 - year government bonds reached a 14 - year high, and the yields of 30 - year government bonds in the UK and France reached their highest levels in many years [5]. - Bank of Japan Deputy Governor Himino Ryozo stated that it is appropriate to continue raising interest rates based on the improvement of the economy and prices [5]. Group 7: Market Analysis Short - term Logic - On September 2, 2025, the main contract of Shanghai gold futures rose 1.21% to 804.32 yuan/gram, and the main contract of Shanghai silver futures rose 2.33% to 9,824 yuan/kilogram [5]. - The short - term logic is that the overall US PCE in July 2025 met expectations, indicating that the Fed's inflation control target is controllable. The decline in the University of Michigan Consumer Sentiment Index in August further strengthened the market's expectation of a Fed rate cut. The Fed's independent stance boosted the rebound of precious metal prices. Additionally, due to fiscal concerns and rising debt levels, Eurozone ultra - long - term government bonds faced selling pressure, and local geopolitical tensions increased market risk aversion, supporting precious metal prices. However, the rise in the US Dollar Index due to government bond risks may slow down the rise of precious metal prices. It is expected that the gold price will remain high in the short term, and long positions are recommended to be held. Silver is approaching the 10,000 - yuan mark, and the potential suppression of its commodity attributes by the fermentation of European debt risks should be watched out for [5]. Medium - and Long - term Logic - In the medium - and long - term, with the expectation of Fed rate cuts, continuous global geopolitical uncertainties, intensifying major - power competition, and the wave of de - dollarization, central banks around the world will continue to buy gold, and the medium - and long - term center of the gold price is likely to continue to rise [5].

特朗普称，若上诉到最高法院，他仍败诉，将造成"一种也许前所未见的震荡"，若胜诉，股市将会"直冲云霄"；不确定性造成股市下跌，周二美股下跌 就是因为上周五上诉法院的全球关税违法裁决；若取消关税，美国"最终可能会成为第三世界国家"。 在美国上诉法院判定特朗普政府今年出台的大多数全球关税违法后，美国总统特朗普表达了坚决推翻裁决的态度，并继续警告败诉的恶劣后果。 美东时间2日周二，特朗普表示，将就全球关税案裁决向美国最高法院提起上诉，并重申，他推出全球关税是鉴于美国处于经济紧急状态。 特朗普称，如果上诉到最高法院后，他仍在全球关税案中败诉，将会造成"一种也许前所未见的震荡"。如果他在关税案中获胜，股市将会"直冲云霄"。 他认为，不确定性造成股市下跌。 特朗普讲话期间，美股保持跌势。美股午盘时段，标普500指数跌约1%，道指跌逾380点、跌约0.8%，纳指跌1.2%，均连续两个交易日日收跌、刷新 至少一周来低位。 而后特朗普说，他将请求最高法院"快速裁决"，希望法院尽早受理、加快审理，尽快做出裁决，推翻上诉法院认定大部分关税非法的裁决。希望"明 天"就上诉到最高法院，"因为我们需要尽早做出裁决"，关税事关"我们国家的财 ...

Core Viewpoint - The U.S. Court of Appeals ruled that most of the global tariff policies implemented by President Trump were illegal, stating that he exceeded his authority in imposing these tariffs [3]. Summary by Relevant Sections - The Appeals Court upheld a previous ruling by the International Trade Court, which found that Trump improperly invoked an emergency powers law to implement these tariffs [3]. - The International Trade Court had previously blocked the tariff policy announced on April 2, citing that the U.S. Constitution grants Congress exclusive power to regulate trade with other nations, and the emergency powers claimed by the President do not supersede this authority [3]. - The Appeals Court has agreed to stay the ruling until October 14, allowing the government time to appeal to the Supreme Court [3].

Core Viewpoint - The U.S. Court of Appeals ruled that most of President Trump's global tariff policies are illegal, stating that the International Emergency Economic Powers Act does not grant the president the authority to impose tariffs, exceeding his powers [1]. Summary by Sections - The Court's Decision: The Washington-based Federal Circuit Court ruled that Trump's tariffs could remain in effect until October 14 to allow the government to appeal to the Supreme Court [1]. - Legal Basis: The court indicated that the International Emergency Economic Powers Act does not explicitly empower the president to impose tariffs, and Trump's actions exceeded his authority [1]. - Impact on Other Tariffs: The ruling does not affect tariffs imposed by the Trump administration under other regulations, such as the steel and aluminum tariffs [1]. - Trump's Response: Trump criticized the appellate court's decision on social media, calling it "wrong" and emphasizing that the current tariffs are still in effect, warning that their removal would lead to a "total disaster" for the U.S. [1]. - Historical Context: After taking office, the Trump administration invoked the International Emergency Economic Powers Act to implement a series of tariffs without congressional approval. In May, the U.S. International Trade Court ruled this action illegal, stating that the Constitution grants Congress exclusive power to regulate trade with foreign nations [1].

Core Viewpoint - The U.S. Court of Appeals ruled that most of President Trump's global tariff policies are illegal, stating that he exceeded his authority in implementing these tariffs [1][2]. Group 1 - The court upheld a previous ruling by the International Trade Court, which found that Trump improperly invoked an emergency powers law to impose tariffs [2]. - In May, the International Trade Court blocked the tariff policy announced by Trump on April 2, citing that he overstepped his authority by imposing comprehensive tariffs on countries that export more to the U.S. than they import [2]. - The court emphasized that the U.S. Constitution grants Congress exclusive power to regulate trade with other nations, and the emergency powers claimed by the President do not supersede this authority [2].

Group 1 - The U.S. Court of Appeals ruled that most of the global tariff policies implemented by President Trump are illegal, stating that these tariffs exceeded his authority [1] - The ruling may have significant implications for U.S. trade policy and international relations, potentially affecting various industries reliant on imports and exports [1]