面对美国欲用免除钢铝关税换得欧洲放宽科技监管的"诱惑"，欧盟给出了否定的答案。 24日，美国商务部部长卢特尼克表示，如果欧盟希望美国降低对其钢铝制品征收的50%的关税，获得一 项"优惠的钢铝"协议，就必须放松对科技公司的监管。 当日晚间，欧盟委员会副主席里贝拉（Teresa Ribera）在一份声明中表示："欧洲的数字监管规则不容谈 判。欧洲制定这些规则是为了确保市场公平，保护消费者权益，同时保障欧洲的数字化未来。" 简而言之，美欧贸易协议规定美国对多数欧盟输美商品征收15%关税，而欧盟则承诺取消对美国工业产 品以及部分农产品和食品的关税。 不过，欧盟方面一直担心，目前超过400种商品受到50%钢铝关税的影响，以及未来美国可能继续以行 业为切入点，对不同产品征收更高的关税，这将会削弱欧盟与美国达成的贸易协议以及双方商定的15% 关税上限。 在此次访问中，卢特尼克等人会见了欧盟委员会负责技术主权事务的执行副主席维尔库宁（Henna Virkkunen），并讨论了数字监管问题。据欧盟委员会称，维尔库宁强调了欧盟两项核心技术法规—— 《数字服务法》和《数字市场法》的重要性，这两项法规对在线平台和市场进行监管。 此前 ...

Group 1 - Japanese companies are facing significant impacts from the U.S. government's steel and aluminum tariffs, which now include at least 720 products categorized as "derivative goods" [1] - The complex tariff structure imposes a 50% steel and aluminum tariff on the portion of products that use these materials, while a "countervailing duty" of 15% applies to Japan [1] - The expansion of the tariff list to include "derivative goods" has raised concerns among foreign companies and industry organizations, as it appears to be aimed at protecting U.S. domestic manufacturing [1] Group 2 - The Japan Construction Equipment Manufacturers Association has requested the Japanese government to negotiate with Washington to exclude construction machinery from the steel and aluminum tariffs [2] - Exports of construction and mining equipment from Japan to the U.S. were valued at over 800 billion yen in FY2024, but saw a 26% year-on-year decline in August [2] - The inclusion of cutlery products in the "derivative goods" category has negatively impacted manufacturers in Niigata Prefecture, with one company expressing concerns about potential price increases leading to reduced consumer demand [2] Group 3 - A recent agreement between Japan and the U.S. established a 15% tariff rate on Japanese exports, making it easier for companies to strategize around additional costs, but the steel and aluminum tariffs have complicated this [2] - The Japanese Minister of Economy, Trade and Industry has stated efforts will be made to assess the impact of the expanded tariffs and coordinate with relevant industries [2] - The U.S. Department of Commerce has initiated an investigation to determine if specific tariffs or import restrictions should be applied to machine tools, industrial robots, and medical devices, causing the Japanese machine tool industry to remain cautious [2]

Core Points - The U.S. Department of Commerce has announced the opening of an application window for additional steel and aluminum derivative products to be included under tariffs authorized by President Trump, starting from September 15, 2025, and closing on September 29, 2025 [1][2] - This initiative follows previous announcements and actions taken by the Trump administration to adjust tariffs on aluminum and steel imports, including the establishment of a process to include more derivative products under Section 232 of the Trade Expansion Act of 1962 [3][5] Summary by Sections Application Process - The application window for including more derivative products under tariffs will be open for two weeks, with submissions required to be sent to the Defense Industrial Base Programs inbox [3] - Approved applications will be published for public comment under the document number BIS-2025-0023 [3] Tariff Adjustments - In February 2025, the Trump administration announced adjustments to aluminum and steel imports, imposing specific tariff rates on certain derivative products [3] - The tariffs on steel and aluminum were increased to 25% in March 2025, with further increases to 50% announced in June 2025, expanding the scope of products subject to these tariffs [5][6] Impact on Trade - The recent expansions in tariff coverage have affected a wide range of products, including consumer goods packaging, industrial products, and heavy machinery [6] - Approximately 673 steel derivative products and 188 aluminum derivative products have been included, representing about 3.5% of all U.S. Harmonized Tariff Schedule (HTSUS) codes [6] Regulatory Environment - The U.S. Customs and Border Protection updated the list of exempt products under Section 232, with new tariffs taking effect without prior notice to importers [6] - The scope of the tariffs can be modified at the discretion of the President, allowing for broad inclusion of various products under the existing tariff framework [7]

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others in the special steel and pipe sectors [5]. Core Insights - The expansion of U.S. steel and aluminum tariffs has put pressure on steel prices, leading to a notable contraction in steel mill profits [5]. - The report highlights that the long-term focus will remain on capacity management, with a combination of market-oriented and administrative measures expected to optimize crude steel supply [5]. - The report indicates that the seasonal decline in steel demand, coupled with a vacuum in supply-side policies, has resulted in a significant narrowing of steel mill profits [5]. Price Trends - As of August 22, 2025, steel prices have decreased, with Shanghai's 20mm HRB400 rebar priced at 3,270 CNY/ton, down 30 CNY/ton from the previous week [3][11]. - The prices for various steel products have shown a downward trend, with hot-rolled and cold-rolled steel also experiencing price reductions [3][11]. Production and Inventory - As of August 22, 2025, the production of five major steel products increased to 8.78 million tons, with total inventory rising by 264,300 tons to 10.1621 million tons [4]. - The apparent consumption of rebar was estimated at 1.948 million tons, reflecting a week-on-week increase of 48,600 tons [4]. Profitability - The report notes a decline in steel profitability, with margins for rebar, hot-rolled, and cold-rolled steel decreasing by 58 CNY/ton, 50 CNY/ton, and 42 CNY/ton respectively [3][5]. Recommendations - The report recommends specific companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and Xianglou New Materials, CITIC Special Steel in the special steel sector [5].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The fundamentals of the aluminum industry are neutral due to carbon - neutral policies controlling capacity expansion, weak downstream demand, and a soft real - estate market, along with volatile short - term macro sentiment. The basis shows a neutral state with a spot price of 20690 and a basis of 100, indicating a premium over the futures. The inventory on the Shanghai Futures Exchange increased by 7093 tons to 120653 tons, also neutral. The closing price is above the 20 - day moving average which is moving downwards, a neutral signal. The main positions are net long but the long positions are decreasing, showing a slightly bullish tendency. In the long run, carbon - neutral policies will drive the transformation of the aluminum industry and benefit aluminum prices, but the US expanding steel and aluminum tariffs creates a situation where bullish and bearish factors are intertwined, leading to an oscillating aluminum price [2]. 3) Summary by Relevant Catalogs a. Daily View - Fundamentals: Carbon - neutral policies control capacity expansion, downstream demand is not strong, the real - estate market remains weak, and short - term macro sentiment is volatile; neutral [2]. - Basis: Spot price is 20690, basis is 100, premium over futures; neutral [2]. - Inventory: Shanghai Futures Exchange aluminum inventory increased by 7093 tons to 120653 tons; neutral [2]. - Disk: Closing price is above the 20 - day moving average which is moving downwards; neutral [2]. - Main Positions: Main net long positions, long positions decreasing; slightly bullish [2]. - Expectation: Carbon - neutral policies will drive the transformation of the aluminum industry and benefit aluminum prices in the long run, but the US expanding steel and aluminum tariffs creates a situation where bullish and bearish factors are intertwined, and the aluminum price will oscillate [2]. b. Recent Bullish and Bearish Analysis - Bullish Factors: Carbon - neutral policies control capacity expansion; geopolitical disturbances between Russia and Ukraine affect Russian aluminum supply; interest rate cuts [3]. - Bearish Factors: The global economy is not optimistic, and high aluminum prices will suppress downstream consumption; the export tax rebate for aluminum products is cancelled [3]. - Logic: There is a game between interest rate cuts and weak demand [3]. c. Daily Summary - Spot Prices: Shanghai's yesterday's spot price was 70770, down 375; Nanchu's was 70690, down 450; today's Yangtze River's was 70870, down 400 [4]. - Inventory: Shanghai Futures Exchange warehouse receipts increased by 699 to 70798 tons; LME inventory decreased by 425 to 74750 tons; Shanghai Futures Exchange inventory (weekly) increased by 29728 to 136300 tons [4]. d. Supply - Demand Balance | Time | Production (10,000 tons) | Net Imports (10,000 tons) | Apparent Consumption (10,000 tons) | Actual Consumption (10,000 tons) | Supply - Demand Balance (10,000 tons) | | ---- | ---- | ---- | ---- | ---- | ---- | | 2018 | 3609 | 7.03 | 3615.03 | 3662.63 | - 47.61 | | 2019 | 3542.48 | - 0.64 | 3541.84 | 3610.44 | - 68.61 | | 2020 | 3712.44 | 105.78 | 3818.22 | 3816.92 | 1.3 | | 2021 | 3849.2 | 150.33 | 3994.63 | 4008.83 | - 14.2 | | 2022 | 4007.33 | 46.55 | 4053.88 | 4083.86 | - 29.98 | | 2023 | 4151.3 | 139.24 | 4290.51 | 4294.81 | - 4.31 | | 2024 | 4312.27 | 196.16 | 4502.5 | 4487.5 | 15 | [22]

Group 1 - The stock price of Chongqing Steel is reported at 1.51 yuan as of August 21, 2025, remaining stable compared to the previous trading day, with a trading volume of 1.5953 million hands and a transaction amount of 241 million yuan [1] - Chongqing Steel operates in the steel industry, primarily engaged in the production and sales of steel products, which are widely used in construction and machinery manufacturing [1] - The recent announcement by the U.S. to impose a 50% tariff on 407 categories of steel and aluminum derivatives is expected to have a limited direct impact on Chinese steel companies, as only 0.7% of China's steel exports went to the U.S. in the first half of 2025 [1] Group 2 - Chongqing Steel indicated in its semi-annual report forecast that losses have decreased in the first half of the year [1] - On August 21, 2025, the net inflow of main funds into Chongqing Steel was 23.7737 million yuan, accounting for 0.19% of the circulating market value, with a cumulative net inflow of 48.1723 million yuan over the past five trading days, representing 0.38% of the circulating market value [1]

Group 1 - The stock price of Maanshan Iron & Steel Company (马钢股份) on August 20 was 3.80 yuan, down 0.01 yuan or 0.26% from the previous trading day, with a trading volume of 817,301 hands and a transaction amount of 310 million yuan [1] - Maanshan Iron & Steel operates in the steel industry, primarily engaged in the production and sales of steel products, which are widely used in construction and machinery manufacturing [1] - The U.S. Department of Commerce announced on August 15 that 407 categories of steel and aluminum derivative products would be included in the tariff list, imposing a 50% tariff on these products; however, data shows that in the first half of 2025, China's steel exports to the U.S. will only account for 0.7% of total exports, indicating limited direct impact on domestic steel companies [1] Group 2 - Maanshan Iron & Steel recently indicated in its performance forecast that it has reduced its losses in the first half of the year [1] - On August 20, the net outflow of main funds for Maanshan Iron & Steel was 13.8779 million yuan, accounting for 0.06% of its circulating market value; over the past five days, the net outflow of main funds totaled 161.9163 million yuan, representing 0.71% of its circulating market value [1]

Core Points - The U.S. government has unexpectedly expanded the 50% steel and aluminum tariffs to 407 additional product categories, impacting various industries including wind turbines, heavy machinery, and consumer goods [3][4][6] - The rapid implementation of these tariffs has left importers and customs brokers unprepared, leading to significant operational challenges [3][6][7] - The expansion of tariffs is part of a broader strategy by the Trump administration to strengthen the domestic steel and aluminum industries, with previous increases in tariffs and the removal of exemptions [4][5][10] Industry Impact - The new tariffs are expected to increase costs for a wide range of products, including consumer goods and industrial items, potentially leading to higher prices for consumers [6][11] - The tariffs are projected to affect approximately $328 billion worth of imports, significantly increasing inflationary pressures on the economy [11] - Industries such as construction, automotive, and packaging are likely to face the most severe impacts due to rising steel and aluminum costs, with estimates suggesting that the cost of manufacturing a vehicle could increase by over $2,000 [12] Company Responses - Major steel producers like Cleveland-Cliffs and Steel Dynamics have reported rising product prices, with average steel prices increasing from $998 to $1,134 per ton [12] - Companies like Daimler Trucks North America are attempting to pass on increased costs to consumers, reflecting the broader trend of rising production costs due to tariffs [12]

Core Viewpoint - The U.S. government has unexpectedly expanded the 50% steel and aluminum tariffs to 407 additional product categories, impacting various industries and raising concerns among importers and businesses [3][4][6]. Group 1: Tariff Expansion Details - The recent tariff increase is part of a series of measures initiated by the Trump administration to strengthen the U.S. steel and aluminum industries, with tariffs raised from 25% to 50% [5][12]. - The newly affected products include wind turbine components, heavy machinery, furniture, and various consumer goods, with an estimated 673 steel and 188 aluminum derivative products now subject to tariffs [6][8]. - The rapid implementation of these tariffs has left many importers unprepared, leading to significant operational challenges [6][7]. Group 2: Economic Impact - The expansion of tariffs is expected to affect approximately $328 billion worth of imports, significantly increasing inflationary pressures on prices already rising due to previous tariff measures [12][13]. - The Producer Price Index (PPI) data indicates a 0.9% month-on-month increase in July, the largest in three years, suggesting that the tariffs will exacerbate existing inflation trends [13]. - Industries such as construction, automotive, and packaging are projected to face the most severe impacts, with the cost of manufacturing a vehicle potentially increasing by over $2,000 due to the tariffs [13][14].

Report Summary 1. Report Industry Investment Rating - No information provided in the report regarding industry investment rating. 2. Core Viewpoint - The Shanghai Gold main contract fluctuated during the session, while the Shanghai Silver contract weakened significantly. The US Department of Commerce's tariff - increasing policy has caused the precious metals market to experience a correction due to the spill - over effect of steel and aluminum tariffs. However, the tariffs have no substantial impact on silver, and the probability of silver being additionally taxed is extremely low. The current correction may be mainly driven by market sentiment. The S&P's confirmation of the US sovereign credit rating has supported the US dollar, and the dollar index has continued its rebound from a low level. The market is currently focusing on the cease - fire expectation between Russia and Ukraine and the expected trading around the Fed's interest - rate cuts at the Jackson Hole meeting on Friday. If Fed Chairman Powell further releases hawkish signals, the dollar index and US Treasury yields may continue to rebound, putting pressure on the upward movement of gold prices. In the short term, if there is no significant progress in the geopolitical situation, the precious metals market is expected to continue to trade within a range, and mid - term interest - rate cuts provide strong support for the bottom of gold prices. The negotiation between Russia and the US may affect the gold price. If the negotiation makes substantial progress, it may further relieve the downward pressure on the gold price; if it fails to meet expectations, it may increase the demand for safe - haven buying. It is recommended to maintain a wait - and - see attitude towards gold in the short term, and pay attention to short - term rebound trading opportunities for silver as it approaches the oversold range. The recommended trading range for the Shanghai Gold 2510 contract is 770 - 800 yuan/gram, and for the Shanghai Silver 2510 contract is 9000 - 9100 yuan/kilogram [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the Shanghai Gold main contract was 772.68 yuan/gram, down 2.38 yuan; the closing price of the Shanghai Silver main contract was 9042 yuan/kilogram, down 145 yuan [2]. - **Positions**: The main - contract positions of Shanghai Gold were 191,474 lots, up 39 lots; the main - contract positions of Shanghai Silver were 318,678 lots, down 23,822 lots. The net positions of the top 20 in the Shanghai Gold main contract were 160,754 lots, down 1365 lots; the net positions of the top 20 in the Shanghai Silver main contract were 114,342 lots, down 5142 lots [2]. - **Warehouse Receipts**: The warehouse - receipt quantity of gold was 36,582 kilograms, up 249 kilograms; the warehouse - receipt quantity of silver was 1,140,199 kilograms, down 9247 kilograms [2]. 3.2现货市场 - **Spot Prices and Basis**: The Shanghai Non - ferrous Metals Network's gold spot price was 768.7 yuan/gram, down 4.2 yuan, and the basis of the Shanghai Gold main contract was - 3.98 yuan/gram. The Shanghai Non - ferrous Metals Network's silver spot price was 9026 yuan/kilogram, down 128 yuan, and the basis of the Shanghai Silver main contract was - 16 yuan/kilogram, down 17 yuan [2]. 3.3 Supply and Demand Situation - **ETF Holdings**: The gold ETF holdings were 962.21 tons, down 3.15 tons; the silver ETF holdings were 15,339.66 tons, down 16.94 tons [2]. - **CFTC Non - commercial Net Positions**: The gold CFTC non - commercial net positions were 229,485 contracts, down 7565 contracts; the silver CFTC non - commercial net positions were 44,268 contracts, down 6390 contracts [2]. - **Supply and Demand Volumes**: The total quarterly supply and demand of gold were both 1313.01 tons, with an increase of 54.84 tons in supply and 54.83 tons in demand. The annual total supply of silver was 987.8 million troy ounces, down 21.4 million troy ounces, and the annual global total demand for silver was 1195 million ounces, down 47.4 million ounces [2]. 3.4 Option Market - **Historical Volatility**: The 20 - day historical volatility of gold was 10.17%, down 0.53%; the 40 - day historical volatility of gold was 10.6%, up 0.12% [2]. - **Implied Volatility**: The implied volatility of at - the - money call and put options for gold was 17.36%, up 0.33% [2]. 3.5 Industry News - The US Department of Commerce added 407 product categories to the steel and aluminum tariff list, with a 50% tax rate. The new list covers a wide range of products, including wind turbines and their components, mobile cranes, railway vehicles, furniture, compressors, and pump equipment [2]. - US President Trump said the US would help Ukraine defend but would not send ground troops, and reiterated that Ukraine would not be allowed to join NATO [2]. - The US and Japan plan to conduct in - depth consultations on implementing a $550 billion investment in the US. The investment involves important fields such as semiconductors, pharmaceuticals, steel, and shipbuilding, and a mechanism to verify national interests will be established [2]. - S&P confirmed the US "AA+/A - 1+" sovereign credit rating with a stable outlook, reflecting the expected continuous resilience of the US economy [2]. - The European Central Bank President Lagarde said the trade agreement between the US and the EU was slightly higher than expected but far from the severe scenario of US tariffs exceeding 20% [2].