Core Viewpoint - The Chinese and U.S. trade teams engaged in in-depth and candid discussions on various trade issues, leading to constructive exploration of solutions and preliminary consensus on key topics [1] Group 1: Discussion Topics - The discussions covered multiple issues, including export control topics, extension of the suspension period for reciprocal tariffs, fentanyl tariffs, fentanyl anti-drug cooperation, and U.S. 301 vessel fee measures [1] - Both sides expressed strong positions, with the U.S. maintaining a hardline stance while China remained firm in protecting its interests [1] Group 2: Outcomes and Next Steps - After over a day of intense discussions, both parties explored constructive solutions to address mutual concerns and reached a preliminary consensus [1] - Each side will proceed with internal approval processes to formalize the agreements reached during the discussions [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The overall supply pressure in the soybean market remains significant, and the price center of the soybean system is expected to shift downward. The domestic soybean meal and rapeseed meal markets are in a state of relatively loose supply and demand, and the upward space for prices is limited. It is recommended to adopt a wait - and - see strategy for unilateral trading and conduct M11 - 1 positive spreads for arbitrage. For options, sell a wide - straddle structure [3][7][9][10]. 3. Summary by Relevant Catalogs Market Review - The U.S. soybean futures showed an obvious rebound due to macro - level improvement. The domestic soybean meal and rapeseed meal futures also rebounded, with soybean meal being less affected by market information and rapeseed meal showing a phased rebound after a deep decline. The inter - month spreads of soybean meal showed a rebound, while those of rapeseed meal had limited changes. Spot supply was relatively small, and transactions were mainly based on basis [2]. Fundamental Analysis International Market - For U.S. soybeans, the carry - over stock of the old crop increased slightly, and the new crop supply increased slightly. The price decline space is limited, but it may face downward pressure if exports are not boosted. South American old - crop soybeans are in a state of loose supply and demand, and Brazilian farmers' slow selling progress may put pressure on prices. The international soybean meal supply pressure is significant, with an expected increase in soybean crushing volume in major producing areas and only a slight increase in imports in major importing countries [3]. Domestic Market - The domestic soybean meal supply pressure has improved but remains relatively loose. As of October 17, the actual soybean crushing volume was 2.1662 million tons, the开机率 was 59.59%, the soybean inventory was 7.687 million tons (up 0.38% from last week and 27.49% year - on - year), and the soybean meal inventory was 0.9762 million tons (down 9.54% from last week and up 4.16% year - on - year). The rapeseed meal demand has weakened, the开机率 has decreased, and the supply pressure still exists. As of the week of October 17, the rapeseed crushing volume in coastal oil mills was 12,000 tons, the开机率 was 3.2%, the rapeseed inventory was 6,000 tons (down 12,000 tons from last week), and the rapeseed meal inventory was 7,800 tons (down 3,700 tons from last week) [7]. Macro - economic Analysis - Reports indicate that Sino - U.S. communication has reduced concerns about trade conflicts, but the Madrid negotiations did not provide clear information on soybeans. The market is still worried about supply uncertainty, and the upward space for the domestic soybean meal futures is limited as China's long - term demand for U.S. soybeans decreases [8]. Logical Analysis - The market showed a slight rebound with limited changes. New negative factors are scarce after previous negative factors were fully reflected. The overall supply pressure is significant due to the progress of U.S. soybean harvesting and the increase in Brazilian new - crop planting area, so the upward space for the futures is limited. The domestic soybean meal supply and demand are relatively loose, and the inventory is high. The rapeseed meal inventory is low, but demand is average, and prices may face pressure. The inter - month spreads of soybean meal are significantly affected by the macro - economy, while those of rapeseed meal are affected by supply uncertainty and may face downward pressure [9]. Trading Strategies - Unilateral: Wait and see. - Arbitrage: M11 - 1 positive spreads. - Options: Sell a wide - straddle structure [10][11].

Core Viewpoint - The fourth round of China-U.S. economic and trade talks resulted in a constructive dialogue, focusing on resolving the TikTok issue, reducing investment barriers, and promoting economic cooperation [2][3]. Group 1: TikTok Issue - The resolution of the TikTok issue emerged as the core outcome of the recent economic talks, with the U.S. seeking a swift resolution as a key demand, especially with the upcoming midterm elections [3]. - A new agreement was signed by Trump to establish a TikTok U.S. data security company, allowing the U.S. to gain majority ownership at a lower valuation while ensuring transparency in user data and algorithm compliance [3]. - China retains less than 20% ownership and maintains control over core business operations, marking a significant easing of previous U.S. demands for outright sale or ban [3]. Group 2: Leadership Meeting - Both sides reached a consensus on facilitating a meeting between their leaders, with a phone call occurring on September 19, confirming a meeting during the APEC summit in November [4]. - For the U.S., this meeting is crucial to demonstrate cooperation amidst political pressure from the midterm elections, while for China, it serves as an opportunity to showcase strategic stability and advance specific economic topics [4]. - The effectiveness of the negotiation mechanism has improved, with four rounds of talks this year focusing on core issues, reducing the risk of negotiation breakdowns and enhancing efficiency [4]. Group 3: Overall Negotiation Mechanism - The established negotiation mechanism has proven effective, allowing for focused discussions on key issues, which benefits both nations and contributes to global stability [4]. - Despite ongoing strategic competition, this mechanism ensures a balance of localized negotiations without complete breakdowns, aligning with the interests of both countries [4].

商务部新闻发言人何亚东25日表示，关于大豆贸易，美方应采取积极行动，取消相关不合理关税，为扩 大双边贸易创造条件。 在商务部当天举行的例行新闻发布会上，有记者问，商务部国际贸易谈判代表兼副部长李成钢日前会见 了美国中西部地区政商领袖代表团，请问这是否预示着中国将购买该地区的大豆？请问能否介绍下双方 就此议题的交流情况？ 这名记者还问道，美国驻华大使庞德伟称，中国购买更多波音飞机的协议谈判已经进入最后几天或几 周，能否就相关谈判进展介绍更多情况？ 何亚东说，中美经贸关系的本质是互利共赢，中美两国在经贸领域拥有广泛共同利益和广阔合作空间。 当前影响中美正常经贸合作的最大障碍在于美单边限制措施，希望美方与中方相向而行，为中美经贸关 系稳定、健康、可持续发展创造有利条件。 资讯编辑：沈一冰 021-26093395 资讯监督：乐卫扬 021-26093827 资讯投诉：陈跃进 021-26093100 何亚东说，中美关系"活力在地方"。中美省州经贸合作是中美经贸关系不可或缺的组成部分，也是双方 加强经贸往来的重要平台和渠道。关于大豆贸易，美方应采取积极行动，取消相关不合理关税，为扩大 双边贸易创造条件，也为全球经济发 ...

据新华社，当地时间9月25日，国务院总理李强在纽约同美国友好团体座谈。美中贸易全国委 员会、美中关系全国委员会、美国商会、对外关系委员会代表以及学者和企业负责人出席。 准确 快速 权威 专业 7x24h电报 头条新闻 实时盯盘 VIP资讯 李强强调，中美关系的基础在民间，其健康发展需要两国民间合力推动。希望美国各界人士采 取更多积极行动，增进两国相互了解，拓展各领域务实合作，为促进两国发展、增进两国友好 作出更大贡献。 与会美方人士表示，中国近年来在经济增长、科技创新、社会发展等领域取得的成就令人钦 佩。美中关系关乎两国、影响世界。希望美中保持高层交往，扩大各领域对话，加强互利合 作，密切人文交流，发展长期稳定的美中关系，为国际社会注入更多确定性。美国企业界看好 中国经济发展前景，将继续扩大在华投资，为促进两国合作、增进相互了解发挥桥梁作用。 下载财联社APP获取更多资讯 李强在认真听取美方人士发言后表示，中美关系是世界上最重要的双边关系，两国可以成为、 也应当成为伙伴和朋友。回顾历史，中美两国的友好往来是主流和大势。着眼未来，中美两国 需要找到新时期正确相处之道。正如习近平主席所讲，宽广的太平洋可以容纳中美 ...

当地时间9月25日，国务院总理李强在纽约同美国友好团体座谈。美中贸易全国委员会、美中关系全国 委员会、美国商会、对外关系委员会代表以及学者和企业负责人出席。 李强在认真听取美方人士发言后表示，中美关系是世界上最重要的双边关系，两国可以成为、也应当成 为伙伴和朋友。回顾历史，中美两国的友好往来是主流和大势。着眼未来，中美两国需要找到新时期正 确相处之道。正如习近平主席所讲，宽广的太平洋可以容纳中美两国和其他国家。中美作为世界两大力 量，应当相互尊重、和平共处、合作共赢，在相互成就中实现共同繁荣。经贸关系是两国关系的重要组 成部分。中美两国市场结构差异较大、产业结构互补性强，在国际产业链中都占据重要位置，双方加强 经贸合作互利共赢，惠及全球。 李强指出，中国有信心有能力保持经济稳定健康发展，为包括美国企业在内的各国企业创造更多机遇。 无论外部环境如何变化，中国都将竭尽所能为外资企业发展提供更多确定性。一是中国将始终秉持建设 性和负责任态度，同美方在平等、尊重、互惠的基础上，共同促进中美经贸关系企稳向好。二是中国将 始终聚焦发展，推动自身经济稳健增长。中国经济有独特的稳定运行机制，市场潜力加速释放、创新动 力持续迸 ...

Group 1 - The Chinese government emphasizes the importance of state-level economic cooperation in the context of U.S.-China relations, particularly regarding soybean trade [1] - The U.S. soybean industry is significantly impacted by trade disputes, with a potential decline in exports affecting a wide range of sectors, including fertilizers and machinery, amounting to over $400 billion in the U.S. economy [2] - China accounts for approximately 60% of global soybean imports, with U.S. soybean exports to China reaching nearly 25 million tons in the 2023-2024 fiscal year, significantly higher than exports to the EU [1][2] Group 2 - Brazil has overtaken the U.S. as China's largest soybean supplier, with exports to China increasing by over 280% since 2010, highlighting a shift in import sources for China [1] - The U.S. soybean industry is under pressure to reach a trade agreement with China, as prolonged disputes could worsen the situation for American soybean farmers [2] - The U.S. and China have mutual interests in economic cooperation, with ongoing negotiations regarding China's purchase of more Boeing aircraft, indicating potential for further collaboration [2]

格隆汇9月25日｜据一财，商务部举行例行新闻发布会，商务部新闻发言人何亚东表示，中美经贸关系 的本质是互利共赢，中美两国在经贸领域拥有广泛共同利益和广阔合作空间。当前影响中美正常经贸合 作的最大障碍在于美单边限制措施，希望美方与中方相向而行，为中美经贸关系稳定、健康、可持续发 展创造有利条件。 (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 ...

Core Viewpoint - The Chinese Ministry of Commerce emphasizes the importance of state-to-state economic cooperation between China and the U.S., highlighting mutual benefits and the need for the U.S. to remove unreasonable tariffs to facilitate trade [1] Group 1: U.S.-China Trade Relations - The meeting between China's trade representative and U.S. Midwest business representatives may indicate potential soybean purchases from the U.S. [1] - Negotiations for China to purchase more Boeing aircraft are reportedly in the final stages [1] - The essence of U.S.-China economic relations is mutual benefit, with significant common interests and cooperation potential [1] Group 2: Trade Barriers and Cooperation - The biggest obstacle to normal U.S.-China economic cooperation is unilateral restrictions imposed by the U.S. [1] - The Chinese Ministry of Commerce calls for the U.S. to take proactive measures to create favorable conditions for bilateral trade [1] - The Ministry stresses that removing unreasonable tariffs would contribute to global economic stability and certainty [1]

Core Viewpoint - The Chinese Ministry of Commerce emphasizes the importance of local-level economic cooperation in enhancing Sino-U.S. trade relations, particularly in the context of soybean trade and tariff negotiations [1] Group 1: Sino-U.S. Trade Relations - The meeting between China's Vice Minister of Commerce and a U.S. Midwest delegation indicates potential discussions on soybean purchases from that region [1] - The Chinese government calls for the U.S. to take proactive measures by removing unreasonable tariffs to facilitate bilateral trade [1] Group 2: Economic Stability - The Ministry of Commerce highlights that improving trade relations can contribute to greater stability and certainty in the global economy [1]