Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View - Although the US restarts the tariff war, the market has become somewhat insensitive after previous fluctuations in trade relations. With the release of semi - annual performance forecasts of listed companies, the market is optimistic about their H1 earnings. The series of growth - stabilizing policies to counter tariff impacts are taking effect, and the PMI, an economic leading indicator, remains in the expansion zone, driving positive expectations for Q2 economic data. Fundamental improvement supports the stock market. As the July Politburo meeting approaches, market bulls may pre - arrange, pushing the stock market up. It is recommended to buy on dips with a light position [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - **Contract Prices**: IF, IH, IC, and IM main and sub - main contracts all increased. For example, the IF main contract (2509) rose to 3958.6, up 39.2; the IH main contract (2509) rose to 2727.8, up 18.8; the IC main contract (2509) rose to 5858.0, up 106.6; the IM main contract (2509) rose to 6235.8, up 123.0 [2]. - **Contract Spreads**: All contract spreads increased, such as the IF - IH monthly contract spread rising to 1249.4, up 18.0, and the IM - IC monthly contract spread rising to 421.8, up 13.8 [2]. - **Quarter - to - Month Spreads**: All quarter - to - month spreads increased, like the IF current quarter - monthly spread rising to - 23.8, up 3.2 [2]. 3.2 Futures Positions - The net positions of the top 20 in IF, IH, IC, and IM all increased. For example, the IF top 20 net position rose to - 31,201.00, up 744.0; the IH top 20 net position rose to - 14,840.00, up 1692.0 [2]. 3.3 Spot Prices - **Index Prices**: The Shanghai and Shenzhen 300, Shanghai 50, CSI 500, and CSI 1000 all increased. The Shanghai and Shenzhen 300 rose to 3998.45, up 33.3; the Shanghai 50 rose to 2747.19, up 15.7; the CSI 500 rose to 5977.74, up 77.3; the CSI 1000 rose to 6407.70, up 80.6 [2]. - **Basis**: The basis of IF, IH, IC, and IM main contracts all increased. The IF main contract basis rose to - 39.9, up 7.3; the IH main contract basis rose to - 19.4, up 4.1; the IC main contract basis rose to - 119.7, up 33.1; the IM main contract basis rose to - 171.9, up 43.6 [2]. 3.4 Market Sentiment - **Trading Volume and Balance**: A - share trading volume reached 14,746.13 billion yuan, up 2475.46 billion yuan; the margin trading balance was 18,593.80 billion yuan, up 64.53 billion yuan [2]. - **Other Indicators**: The proportion of rising stocks was 79.06%, up 18.98%; the IO at - the - money call option closing price (2507) rose to 27.40, up 11.60; the IO at - the - money put option closing price (2507) fell to 46.00, down 22.40 [2]. 3.5 Market Strength - Weakness Analysis - All A - shares, technical, and capital aspects showed improvement. All A - shares rose to 7.60, up 2.20; the technical aspect rose to 7.90, up 1.90; the capital aspect rose to 7.20, up 2.30 [2]. 3.6 Industry News - US President Trump announced tariff letters to 14 countries on social media, with different tariff rates ranging from 25% to 40%, to take effect on August 1st, and postponed the tariff negotiation deadline to August 1st. He also threatened to impose a 10% new tariff on BRICS countries [2].

Group 1 - The U.S. Senate passed a significant piece of legislation known as the "Beautiful Law," which is expected to have profound impacts on the U.S. economy and society [2] - The Trump administration announced a 104% tariff on Chinese goods, which has sparked widespread debate and criticism regarding its mathematical validity [4] - Key goods such as rare earth minerals, semiconductors, gold, and pharmaceuticals remain at a 20% tariff level, highlighting contradictions in U.S. trade policy [6] Group 2 - China's restrictions on rare earth exports have created a bottleneck, significantly affecting the U.S. military-industrial complex, which relies heavily on these materials [11] - The U.S. Department of Defense initiated a "rare earth replacement plan," but developing new resources is estimated to take at least ten years, which is insufficient to meet current demands [12] - The U.S. is heavily dependent on China for rare earth materials, with 90% of global production capacity controlled by China, impacting companies like Tesla and SpaceX [12] Group 3 - U.S. companies, including Boeing and Intel, are in a state of panic due to the potential scarcity of rare earth materials, prompting urgent diplomatic efforts to secure supply [14] - Tensions between Trump and Musk escalated over the "Beautiful Law," particularly regarding electric vehicle subsidies that significantly benefit Tesla [18][19] - Musk's public criticism of the Republican Party and his decision to potentially relocate Tesla's factory to Mexico due to supply chain reliability have raised concerns among U.S. political figures [21] Group 4 - The passage of the "Beautiful Law" has led to a decline in the U.S. dollar index, marking one of the worst performances for the first half of the year since 1973 [30] - The law's implementation could result in an increase of 12 million uninsured individuals by 2034, exacerbating wealth inequality in the U.S. [28]

7月8日，外交部发言人毛宁主持例行记者会。 综合自：北京日报、央视新闻 澳大利亚总理阿尔巴尼斯将于7月12日至18日对中国进行正式访问。有记者提问，发言人能否介绍此访背景情 况和中方期待？ 毛宁表示，阿尔巴尼斯总理此访正值中澳全面战略伙伴关系开启第二个10年，在两国领导人的引领和双方共同 努力下，中澳关系不断改善发展。中方愿同澳方一道以此访为契机，加强沟通，增进互信，拓展务实合作，推 动中澳全面战略伙伴关系向前发展。 有记者提问，美国财政部长贝森特表示，他预计将在未来几周内与中方官员会面，以推动两国就贸易和其他议 题的讨论。 "这个问题建议向中方的主管部门询问。"毛宁说。 有记者提问，美国总统特朗普7日表示，将从8月1日起分别对来自日本、韩国等14个国家的进口产品征收25% 至40%不等的关税。外交部对此有何评论？此外，你有关于中美贸易谈判的最新情况吗？ 毛宁表示，在关税问题上，中方的立场是一贯的，也是非常明确的，关税战、贸易战没有赢家，搞保护主义损 害各方利益。你关心中美之间的这个谈判，建议你向中方的主管部门了解。 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 责编：罗 ...

7月8日，外交部发言人毛宁主持例行记者会。 澳大利亚总理阿尔巴尼斯将于7月12日至18日对中国进行正式访问。有记者提问，发言人能否介绍此访背 景情况和中方期待？ 毛宁表示，阿尔巴尼斯总理此访正值中澳全面战略伙伴关系开启第二个10年，在两国领导人的引领和双方 共同努力下，中澳关系不断改善发展。中方愿同澳方一道以此访为契机，加强沟通，增进互信，拓展务实 合作，推动中澳全面战略伙伴关系向前发展。 有记者提问，美国财政部长贝森特表示，他预计将在未来几周内与中方官员会面，以推动两国就贸易和其 他议题的讨论。 "这个问题建议向中方的主管部门询问。"毛宁说。 有记者提问，美国总统特朗普7日表示，将从8月1日起分别对来自日本、韩国等14个国家的进口产品征收 25%至40%不等的关税。外交部对此有何评论？此外，你有关于中美贸易谈判的最新情况吗？ 毛宁表示，在关税问题上，中方的立场是一贯的，也是非常明确的，关税战、贸易战没有赢家，搞保护主 义损害各方利益。你关心中美之间的这个谈判，建议你向中方的主管部门了解。 综合自：北京日报、央视新闻 责编：李丹 校对：刘星莹 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人 ...

据央视新闻，7月8日，外交部发言人毛宁主持例行记者会。有记者提问，美国总统特朗普7日表示， 将从8月1日起分别对来自日本、韩国等14个国家的进口产品征收25%至40%不等的关税。外交部对 此有何评论？此外，你有关于中美贸易谈判的最新情况吗？ 毛宁表示，在关税问题上，中方的立场是一贯的，也是非常明确的， 关税战、贸易战没有赢家，搞 保护主义损害各方利益。 你关心中美之间的这个谈判，建议你向中方的主管部门了解。 ...

外交部发言人毛宁表示，在关税问题上，中方的立场是一贯的，也是非常明确的，关税战、贸易战 没有赢家，搞保护主义损害各方利益。 据央视新闻消息，今日，外交部发言人毛宁主持例行记者会。有记者提问，美国总统特朗普7日表 示，将从8月1日起分别对来自日本、韩国等14个国家的进口产品征收25%至40%不等的关税。 ...

特朗普推迟"对等关税"至8月1日生效 外交部回应 智通财经7月8日电，据北京日报，记者提问，美国总统特朗普签署行政令，推迟"对等关税"至8月1日生 效，中方对此有何评论？能否介绍中美经贸磋商情况最新进展？毛宁指出，在关税问题上，中方的立场 是一贯的，也是非常明确的。关税战、贸易战没有赢家，搞保护主义损害各方利益。"你关心中美之间 的谈判，建议向中方的主管部门了解。"毛宁说。 ...

今日，外交部发言人毛宁主持例行记者会。美国总统特朗普7日表示，将从8月1日起分别对来自日本、 韩国等14个国家的进口产品征收25%至40%不等的关税。请问有何看法？外交部发言人毛宁表示，在关 税问题上，中方的立场是一贯的，也是非常明确的，关税战、贸易战没有赢家，搞保护主义损害各方利 益。(央视新闻) ...

Group 1 - Brazilian President Lula criticized Trump's tariff threats against BRICS nations as "wrong and irresponsible," emphasizing that the world has changed and countries do not need an "emperor" dictating their choices [1][2] - Lula stated that if the U.S. imposes tariffs on other countries, those countries can reciprocate with tariffs on the U.S. [1] - The Chinese Foreign Ministry reiterated that the BRICS mechanism promotes cooperation among emerging markets and developing countries, advocating for open and inclusive trade without targeting any specific nation [1] Group 2 - At the BRICS summit, leaders condemned U.S. tariff increases, warning that such actions could threaten global trade [2] - Lula highlighted the need for trade relations that do not rely on the U.S. dollar, advocating for discussions among central banks of BRICS nations [3] - Other BRICS leaders, including South Africa's President Cyril Ramaphosa, stated that the organization does not seek competition with any major powers [3] Group 3 - Trump expressed support for former Brazilian President Bolsonaro, who is facing trial for attempting to overturn the 2022 election results, claiming Bolsonaro is "being persecuted" [4][6] - Lula firmly rejected any foreign interference in Brazil's sovereignty, asserting that the country has its own laws and that the Brazilian people are the true owners of the nation [6]

月度CPI数据波动大，不能完全代表整体趋势。 二季度部分CPI分项数据可能超预期。 发生严重贸易战的可能性已降低。 澳洲联储主席布洛克：等待确认CPI能否持续稳定在2.5%的目标轨道上。 认为（政策）沟通"进展相当顺利"。 今日（利率）决定关乎时机而非方向。 需确保通胀得到控制。 将参加8月政府生产力圆桌会议。 ...