近日，美国国会通过的"2026财年国防授权法案"签署成法，其中包含涉华消极内容。该法案延续 一贯遏华基调，渲染"中国威胁"，粗暴干涉中国内政，损害中方核心利益，我们对此表示强烈不 满和坚决反对。 新华社北京12月25日电 12月25日，针对美方将"2026财年国防授权法案"签署成法，全国人大外事 委员会发言人许东发表谈话。全文如下： 我们希望美方客观理性看待中国发展和中美关系，与中方相向而行，共同落实好中美元首釜山会 晤达成的重要共识。我们强烈敦促美方摒弃零和思维与意识形态偏见，不得实施上述法案中的涉 华消极条款。如美方一意孤行，中方将依法采取有力措施，坚决捍卫国家主权安全发展利益。 ...

Group 1 - The core viewpoint emphasizes the importance of stable and cooperative Sino-U.S. relations amidst global economic fluctuations, highlighting the need for dialogue and collaboration rather than competition and confrontation [1][2][3] - The historical context of Sino-U.S. cooperation during World War II is referenced, suggesting that both nations can work together for a common future and shared responsibilities [2] - The ongoing economic interactions between China and the U.S. are shown to have significant implications for global economic dynamics, affecting various regions and industries worldwide [2] Group 2 - The Chinese government is committed to expanding openness and promoting trade innovation, which will create broader opportunities for cooperation with the U.S. and other global partners [3] - The call for responsible decision-making by both nations is highlighted, with an emphasis on the potential for joint efforts to address global challenges and enhance international stability [3] - The narrative stresses that cooperation between China and the U.S. is essential for global peace and prosperity, while conflict would lead to global concerns [3]

来源｜新华社 编辑 ｜瑜见 12月25日，针对美方将"2026财年国防授权法案"签署成法，全国人大外事委员会发言人许东发表谈 话。全文如下： 近日，美国国会通过的"2026财年国防授权法案"签署成法，其中包含涉华消极内容。该法案延续一贯 遏华基调，渲染"中国威胁"，粗暴干涉中国内政，损害中方核心利益，我们对此表示强烈不满和坚决 反对。 我们希望美方客观理性看待中国发展和中美关系，与中方相向而行，共同落实好中美元首釜山会晤达成 的重要共识。我们强烈敦促美方摒弃零和思维与意识形态偏见，不得实施上述法案中的涉华消极条款。 如美方一意孤行，中方将依法采取有力措施，坚决捍卫国家主权安全发展利益。 ...

Group 1 - The core viewpoint of the article highlights the recent increase in gold prices, driven by macroeconomic factors and the growing interest in gold ETFs as a means for investors to gain exposure to the gold market [2] - Gold ETF scales are rapidly expanding, with several products experiencing significant daily inflows, indicating a strong alignment between capital allocation behavior and market trends [2] - The recent rise in gold prices is attributed to the monetary policies of major central banks, particularly the US and Japan, which have led to a general uptrend in asset prices, including precious metals [2] Group 2 - Despite a recent pullback in gold prices, both Shanghai gold and New York gold remain above key psychological levels, indicating resilience in the market [2] - The current macroeconomic environment, characterized by increased uncertainty and pressure from US Treasury supply, is contributing to the attractiveness of gold as a low-barrier, liquid investment option [2] - The market may experience cautious behavior domestically due to the lack of international market guidance during the upcoming holiday period, potentially leading to high-level fluctuations in gold prices [2]

针对美国拟自2027年起对中国半导体产业征收关税，外交部发言人林剑24日在例行记者会上表 示，中方坚决反对美方滥施关税，无理打压中国产业。美方的做法扰乱全球产供链稳定，阻碍 各国半导体产业发展，损人害己。 来源丨新华社 编辑丨江佩佩 见习编辑张嘉钰 SFC 林剑说，我们敦促美方尽快纠正错误做法，以两国元首达成的重要共识为引领，在平等、尊 重、互惠的基础上，通过对话解决各自关切，妥善管控分歧，维护中美关系稳定健康可持续发 展。如果美方一意孤行，中方必将坚决采取相应措施，维护自身正当权益。 ...

Group 1 - The core point of the news is that Trump's approval of a $11 billion arms sale to Taiwan, including advanced weaponry, may escalate tensions in US-China relations, potentially ending the current "truce" in the trade war [1] - The US Congress has approved a $3.5 billion loan aid package to the Philippines, which includes $1 billion in interest-free loans and $2.5 billion in military assistance, aimed at strengthening defense support against perceived threats from China [3] - The arms sale to Taiwan is expected to benefit US arms manufacturers and could lead to a rise in stock market indices, while the aid to the Philippines is viewed as a less beneficial move, as it may not significantly alter the geopolitical dynamics in the South China Sea [5] Group 2 - Trump's actions, including the arms sale to Taiwan and military aid to the Philippines, may serve to divert China's attention from Japan, a key US ally, amidst rising tensions in the region [7] - Japan's government is facing internal challenges, including public discontent over tax increases to fund military spending, which may undermine the effectiveness of US support in alleviating Japan's pressures from China [8] - The political landscape in the Philippines is uncertain, with concerns that the country could become embroiled in a conflict similar to Ukraine, raising questions about the actual implementation of the military aid approved by Congress [5][8]

Core Viewpoint - The U.S. Secretary of State, Rubio, expressed confidence in maintaining a strong partnership with Japan while also seeking productive cooperation with China [1] Group 1: U.S.-Japan Relations - The U.S. views Japan as a very close ally, and the long-standing tensions between Japan and China are seen as a dynamic factor that needs to be balanced in the Asia-Pacific region [1] - Rubio emphasized the commitment to a strong and stable partnership with Japan, indicating that this relationship will not hinder efforts to find constructive ways to engage with China [1] Group 2: U.S.-China Relations - Rubio stated that the U.S. must maintain a relationship with China, recognizing it as a wealthy and powerful country that plays a significant role in geopolitics [1] - He highlighted the necessity of finding areas for cooperation, acknowledging that both countries will face tensions but should act responsibly to seek collaborative opportunities [1]

【文/观察者网 王恺雯】"每当孙悟空难以驾驭，唐僧就念起紧箍咒。"谈及中国稀土出口管制对美国的 影响，新加坡前外长杨荣文（George Yeo）如此形容。 12月22日，香港《南华早报》刊登对杨荣文的专访文章，他在对话中谈及中美关系、台海局势、近期的 中日摩擦，以及香港和新加坡之间的竞争等问题。 杨荣文表示，中美双方关系正趋于稳定，但仍会偶尔出现动荡。谈及稀土问题，他认为，这张牌早在上 世纪90年代初期就已经摆在桌上，美国却对此视而不见，以为可以向中国施压而中国不会反击。现在， 中国是被迫打出了"稀土牌"。 他补充道，某种意义上，中美双方对彼此都有一道"金箍"：美国一直在有计划地阻止关键技术流向中 国，中国则努力克服这些问题；而中国若拒绝供应稀土，美国和欧洲众多产业将陷入瘫痪。 杨荣文认为，眼下特朗普需要与中国保持稳定的关系，在特朗普的剩余任期内，美国和中国可能会"贸 易休战"，因为特朗普需要应对中期选举，如果美国经济形势恶化，共和党保住两院控制权的机会也会 减少。 谈及台湾问题，杨荣文表示，台湾之所以有分裂势力，只是因为美国的存在，如果某天美国资金短缺， 选民在黄油和枪炮之间选择了前者，美国不得不从西太平洋 ...

Group 1: Report Information - Report Name: Grease Morning Report - Date: 2025 - 12 - 22 - Analyst: Wang Mingwei - Qualification Number: F0283029 - Investment Consultation Number: Z0010442 - Tel: 0575 - 85226759 [1] Group 2: Investment Ratings - No investment ratings provided in the report Group 3: Core Views - The prices of oils and fats are in a volatile consolidation phase, with a loose domestic fundamental situation and stable domestic oil and fat supply - Sino - US relations are tense, which puts pressure on the price of new US soybeans due to受挫 exports - Malaysian palm oil inventory is neutral, demand has improved, Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026 - The domestic oil and fat fundamentals are neutral, and the import inventory is stable [2][3][4] Group 4: Daily Views on Different Oils Soybean Oil - Fundamental: MPOB report shows that Malaysian palm oil production in August decreased by 9.8% month - on - month to 1.62 million tons, exports decreased by 14.74% month - on - month to 1.49 million tons, and the end - of - month inventory decreased by 2.6% month - on - month to 1.83 million tons. The report is neutral, and the production reduction is less than expected. Currently, the export data of Malaysian palm oil this month shows a 4% increase month - on - month, and the supply pressure of palm oil will decrease as it enters the production - reduction season. The situation is neutral - Basis: The spot price of soybean oil is 8124, with a basis of 412, indicating that the spot price is at a premium to the futures price. It is bullish - Inventory: On September 22, the commercial inventory of soybean oil was 1.18 million tons, an increase of 20,000 tons from the previous 1.16 million tons, and an 11.7% increase year - on - year. It is bearish - Disk: The futures price is running below the 20 - day moving average, and the 20 - day moving average is downward. It is bearish - Main position: The long positions of soybean oil's main contract increased. It is bullish - Expectation: Soybean oil Y2605 will fluctuate in the range of 7500 - 7900 [2] Palm Oil - Fundamental: Similar to soybean oil's fundamental situation. However, palm oil will enter the production - increase season, so the supply will increase. The situation is neutral - Basis: The spot price of palm oil is 8330, with a basis of 38, indicating that the spot price is at a premium to the futures price. It is bullish - Inventory: On September 22, the port inventory of palm oil was 580,000 tons, an increase of 10,000 tons from the previous 570,000 tons, and a 34.1% decrease year - on - year. It is bullish - Disk: The futures price is running below the 20 - day moving average, and the 20 - day moving average is downward. It is bearish - Main position: The short positions of palm oil's main contract decreased. It is bullish - Expectation: Palm oil P2605 will fluctuate in the range of 8100 - 8500 [3] Rapeseed Oil - Fundamental: Similar to the above two oils. Rapeseed oil will enter the production - increase season, so the supply will increase. The situation is neutral - Basis: The spot price of rapeseed oil is 9381, with a basis of 637, indicating that the spot price is at a premium to the futures price. It is bullish - Inventory: On September 22, the commercial inventory of rapeseed oil was 560,000 tons, an increase of 10,000 tons from the previous 550,000 tons, and a 3.2% increase year - on - year. It is bearish - Disk: The futures price is running below the 20 - day moving average, and the 20 - day moving average is downward. It is bearish - Main position: The long positions of rapeseed oil's main contract decreased. It is bearish - Expectation: Rapeseed oil OI2605 will fluctuate in the range of 8500 - 8900 [4] Group 5: Recent利多利空Analysis -利多: The US soybean inventory - to - sales ratio remains around 4%, indicating tight supply -利空: The prices of oils and fats are at a relatively high historical level, and the domestic oil and fat inventory is continuously increasing. The macro - economy is weak, and the expected production of relevant oils and fats is high - Main logic: The global oil and fat fundamental situation is relatively loose [5] Group 6: Supply and Demand Charts - Supply - related charts include: import soybean inventory, soybean oil inventory, soybean meal inventory, oil mill soybean crushing volume, palm oil inventory, rapeseed oil inventory, rapeseed inventory, and domestic total oil and fat inventory [6][7][9][11][17][19][21][23] - Demand - related charts include: soybean oil apparent consumption and soybean meal apparent consumption [13][15]

鲁比奥称，日本是美国非常亲密的盟友，中日之间的紧张关系长期存在，是亚太地区需要平衡的动态因素之一，而美国有信心找到这一平衡。他 说："我们坚信，我们能够继续与日本保持强有力、稳固的伙伴关系与同盟关系，并且以一种能够让我们继续找到与中国合作的建设性方式来实现 这一点。" 关于对华关系，鲁比奥进一步解释称，美国必须与中国维持关系。"中国如今是、未来也将是富裕强大的国家，更是地缘政治中的重要因素。美国 必须与中国维持关系、开展交往，并探寻可合作的领域。"他认为，中美双方均足够成熟，能够认识到当前及可预见的未来两国间仍会存在一些紧 张因素。不过，鲁比奥同时重申，美国与中国的合作"不会损害或以任何方式削弱美方对印太地区伙伴的坚定承诺"。 【环球时报报道 记者 李萌 刘雅婷】美国国务卿鲁比奥19日在年末新闻发布会上称，美国有信心在继续与日本保持牢固伙伴关系和同盟关系的同 时，找到与中国政府进行富有成效合作的方式。这一表态引发外界对美国亚太政策导向的关注。 综合彭博社、"美国之音"等多家美媒报道，此次新闻发布会时长约两小时，鲁比奥重点阐述了美国在缓解俄乌冲突、巴以冲突中的作用，并为美 国政府加大对委内瑞拉军事压力的举措进行 ...