Core Viewpoint - The Colombian Minister of Trade, Industry, and Tourism, Morales, stated that the U.S. withdrawal of drug certification does not impose economic or trade sanctions and does not directly affect bilateral relations [1] Group 1: Trade Negotiations - The Colombian government is actively negotiating with the U.S. regarding a 10% tariff, aiming to protect domestic industry and ensure fair export conditions [1] - Despite other regional countries facing higher tariffs, Colombia maintains a 10% tariff level, reflecting successful negotiations and providing a competitive advantage [1] Group 2: Import Regulations - The current rules for automobile imports will be extended until August 2026, continuing to recognize U.S. standards and aligning with United Nations regulations to ensure smooth trade and road safety [1] Group 3: International Relations - Morales announced the resumption of negotiations for an economic partnership agreement with Japan [1]

据《华尔街日报》报道，特朗普政府与韩国达成的贸易协定正摇摇欲坠：美国商务部长霍华德·卢特尼 克（Howard Lutnick）在谈判中态度强硬，而韩国部分官员私下向美国盟友表示，白宫正在"临时改变 规则"。 据了解谈判情况的人士（包括一名韩国政府顾问）透露，卢特尼克近期与韩国官员沟通时提出，希望韩 国在7月承诺向美国投入3500亿美元的基础上小幅增加金额，且最终总额需更接近日本承诺的5500亿美 元。 部分知情人士（包括一名美国官员）表示，这位商务部长还私下告知韩国官员，特朗普政府希望韩国提 供更多以现金形式而非贷款的资金支持。 美韩贸易协议的成败至关重要 特朗普政府与韩国的贸易协定能否落地，是衡量美国与数十个国家"关税谈判整体进展"的关键指标。在 这些协议中，包括美韩协议在内的多项均为口头约定，并未签署正式文件。 7月底，特朗普曾表示，美国已同意将韩国的对等关税及汽车关税从拟议的25%降至15%。作为交换， 韩国承诺向美国投资3500亿美元，并额外购买1000亿美元的美国能源产品。 特朗普当时在社交媒体上称，韩国投资所支持的项目将由他亲自选定，资金分配也将由其政府掌控。但 他并未进一步透露协议结构的细节，而 ...

嘉昆 资料图 图源：外交部网站 郭嘉昆对此表示，具体问题建议向中方的主管部门进行了解。我要强调的是，关税战、贸易战不符合任 何一方的利益，双方应该在平等、尊重、互惠的基础之上协商解决有关问题。 外交部发言人郭嘉昆主持9月23日例行记者会。会上有外媒记者提问称：作为与美国关税谈判的一部 分，中国是否打算从美国增加购买大豆？ 校对：任鑫恚 外交部发言人郭 来源：环球时报-环球网/索炎琦 编辑：王丹 审核：苏芳 ...

外交部发言人郭嘉昆主持9月23日例行记者会。会上有外媒记者提问称：作为与美国关税谈判的一部分，中国 是否打算从美国增加购买大豆？ 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 F 校 对： 彭其华 百万用户都在看 炸裂！英伟达，超级大动作！ 紧急通知！停工、停业、停市、停运、停课！超强台风，即将登陆！ 见证历史！集体大涨！ 突发！A股公司董事长，被留置！ 突然！尾盘，多只牛股异动！发生了什么？ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 郭嘉昆对此表示，具体问题建议向中方的主管部门进行了解。我要强调的是，关税战、贸易战不符合任何一方 的利益，双方应该在平等、尊重、互惠的基础之上 ...

韩国财政部：认为美联储降息对韩国的影响有限。韩国将密切监控关税谈判、家庭债务问题，也将监控 房地产和石化行业。 ...

Group 1 - The core focus of the recent US-China trade talks in Madrid is not on tariffs but rather on a "specific enterprise" that needs to resolve its business operations in the US by September 17 [1][4][6] - The US is not planning to make any concessions on tariffs, maintaining a 30% tariff rate on Chinese goods, while Southeast Asian countries have a lower rate of around 20% [3][6] - China is strategically delaying any significant commitments, using the situation to maintain leverage over the US, especially with the upcoming APEC summit providing a potential opportunity for further discussions [3][4][6] Group 2 - The US is attempting to introduce new topics such as "anti-money laundering" and tariffs on Russian oil purchases to pressure China during negotiations [6][7] - The negotiations are unlikely to resolve fundamental issues, but both sides aim to keep communication open to avoid further deterioration of relations [9] - Spain, as the host of the talks, may benefit diplomatically and economically, especially given its strong ties with China and the recent imposition of tariffs on EU pork imports [9]

Group 1 - The official announcement indicates a basic consensus on a transaction framework to address TikTok-related issues, aiming to reduce investment barriers and promote economic cooperation [1] - The negotiations are part of a broader discussion that includes tariffs, agricultural products, critical minerals trade agreements, fentanyl regulation, and chip exports [2] - Current tariff situation includes a 10% temporary reciprocal tariff, a 20% fentanyl tax, and a 25% Section 301 tax, totaling up to approximately 55% [3] Group 2 - The reciprocal tariff window has been extended twice, with the latest deadline set for November 10, and potential reductions in Section 301 tariffs by 5% to 15% if negotiations proceed smoothly [4] - Interest in foreign investment in Chinese assets may increase if political uncertainties are resolved, and lower tariffs would benefit export companies and improve profits [4] - Investment and demand for critical technology companies will remain strong, as self-sufficiency is a key direction [5]

Core Viewpoint - Economic officials are convening in Madrid to address the impending tariff deadline set for November, aiming to prevent potential economic disruptions [1] Group 1 - The meeting is focused on discussing strategies to mitigate the impact of tariffs on international trade [1] - Officials are concerned about the potential negative effects of tariffs on economic growth and stability [1] - The urgency of the meeting is underscored by the approaching deadline, which could lead to significant changes in trade policies [1]

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, particularly highlighting the growth potential in the non-woven fabric sector and the performance of sportswear brands like Lululemon in China [2][3]. Core Insights - The textile and apparel sector outperformed the market, with the SW textile and apparel index rising by 1.4% from August 29 to September 5, 2025, surpassing the SW All A index by 2.8 percentage points [3][5]. - The report emphasizes the recovery in the non-woven fabric industry, with significant growth in revenue and profit for key players like Nobon and Jieya, indicating a positive trend in the sector [12][15]. - Lululemon's second-quarter performance in China showed a 25% increase in revenue, reinforcing the strong alpha in the sports market [15][16]. Summary by Sections Textile Sector - The non-woven fabric production peaked in 2020 but has seen a recovery post-pandemic, with a narrowing supply-demand gap. By the first half of 2025, revenue and profit for the non-woven fabric industry are expected to grow by 3.1% and 8.4% year-on-year, respectively [12][13]. - Nobon reported a 33% increase in revenue and a 48% increase in net profit for the first half of 2025, exceeding market expectations [12][13]. - The report suggests focusing on companies like Nobon for their growth potential in the non-woven fabric sector, particularly in personal care and new tobacco products [12][13]. Apparel Sector - Lululemon's global revenue grew by 7% to $2.5 billion in the second quarter of 2025, with international business revenue increasing by 22% and a notable 25% growth in mainland China [15][16]. - The report highlights the strong performance of high-end and cost-effective brands in the sportswear sector, with companies like Anta and Li Ning showing resilience despite market challenges [16][17]. - The report recommends investment in sportswear brands such as Anta, Li Ning, and 361 Degrees, as well as discount retailers like Hailan Home [16][17]. Market Trends - The retail sales of clothing, shoes, and textiles in China reached 837.1 billion yuan from January to July 2025, reflecting a year-on-year growth of 2.9% [29][32]. - The textile and apparel export value for the first seven months of 2025 was $170.74 billion, with a slight increase of 0.6% year-on-year, although clothing exports saw a decline of 0.3% [32][36]. - Cotton prices have shown a slight decline, with the domestic cotton price index at 15,297 yuan per ton as of September 5, 2025, down 0.3% [36][37].

Group 1 - The core issue of the US-Japan trade agreement revolves around a 15% tariff, with Japan interpreting it as an increase for products currently under 15%, while the US views it as applicable to all products [3] - Japan has committed to invest $550 billion, with 90% of the profits going to the US, but there is a disagreement over the control of this investment, as Japan wants to maintain autonomy while the US demands full access to both principal and profits [3] - The cancellation of the planned visit by Japan's economic minister indicates significant divisions between the US and Japan regarding the tariff negotiations [4] Group 2 - The ongoing pressure from the US on Japan and the EU suggests a potential shift in strategy, as both regions begin to resist excessive demands, although the effectiveness of this resistance remains uncertain [5] - The situation highlights a missed opportunity for Japan and the EU to unite against US tariffs alongside China, which has successfully leveraged its rare earth supply to gain leverage over the US [5]