Report Overview - The report is the Shanghai Copper Industry Daily Report dated July 23, 2025 [1] Industry Investment Rating - Not mentioned in the report Core Viewpoints - The Shanghai copper main contract fluctuated weakly, with an increase in open interest, spot premium, and strengthening basis. The copper concentrate TC spot index rebounded slightly but remained in the negative range. The domestic supply of copper may increase steadily and slightly, while demand is temporarily weak due to the seasonal consumption off - season. However, due to the strengthening of macro - policy benefits, the industry outlook is gradually being repaired. The option market sentiment is bullish, and the implied volatility has slightly increased. It is recommended to conduct light - position oscillatory trading, paying attention to controlling the rhythm and trading risks [2] Summary by Directory Futures Market - The closing price of the Shanghai copper futures main contract was 79,590 yuan/ton, down 150 yuan; the LME 3 - month copper price was 9,887 dollars/ton, down 32.5 dollars. The main contract's open interest in Shanghai copper increased by 6,169 to 172,895 hands, while the top 20 long - short positions decreased by 915 to 668 hands. LME copper inventory increased by 2,775 tons to 124,850 tons, and the LME copper cancelled warrants decreased by 325 tons to 12,250 tons. The Shanghai Futures Exchange's cathode copper inventory increased by 3,094 tons to 84,556 tons, and the warehouse receipts decreased by 2,856 tons to 15,535 tons [2] Spot Market - The SMM 1 copper spot price was 79,790 yuan/ton, up 35 yuan; the Yangtze River Non - ferrous Market 1 copper spot price was 79,805 yuan/ton, up 110 yuan. The CU main contract basis was 200 yuan/ton, up 185 yuan. The LME copper cash - 3 months spread was - 68.24 dollars/ton, down 1.28 dollars. The Shanghai electrolytic copper CIF (bill of lading) price was 65 dollars/ton, unchanged, and the Yangshan copper average premium was 48.5 dollars/ton, unchanged [2] Upstream Situation - The import volume of copper ore and concentrates was 234.97 million tons, down 4.58 million tons. The TC for domestic copper smelters increased by 0.34 to - 43.45 dollars/kiloton. The prices of copper concentrates in Jiangxi and Yunnan increased by 70 yuan/metal ton to 70,030 yuan/metal ton and 70,730 yuan/metal ton respectively. The processing fees for blister copper in the South and North remained unchanged at 800 yuan/ton and 750 yuan/ton respectively [2] Industry Situation - The monthly output of refined copper was 130.2 million tons, up 4.8 million tons; the import volume of unwrought copper and copper products was 460,000 tons, up 30,000 tons. The social inventory of copper increased by 0.43 million tons to 41.82 million tons. The price of 1 bright copper wire in Shanghai increased by 50 yuan/ton to 55,740 yuan/ton, and the price of 2 copper (94 - 96%) in Shanghai remained unchanged at 68,100 yuan/ton [2] Downstream and Application - The monthly output of copper products was 221.45 million tons, up 11.85 million tons. The cumulative grid infrastructure investment was 291.1 billion yuan, up 87.114 billion yuan. The cumulative real - estate development investment was 46,657.56 billion yuan, up 10,423.72 billion yuan. The monthly output of integrated circuits was 4,505,785,400 pieces, up 270,785,400 pieces [2] Option Situation - The 20 - day historical volatility of Shanghai copper was 11.59%, up 0.02%; the 40 - day historical volatility was 10.03%, up 0.01%. The current - month at - the - money IV implied volatility was 13.12%, up 0.0072. The at - the - money option long - short ratio was 1.46, down 0.0735 [2] Industry News - US Treasury Secretary Besent said that the new round of Sino - US negotiations may discuss China's purchase of oil from Russia and Iran. The Chinese Ministry of Foreign Affairs responded, expressing the hope that the US side would work with China to promote the stable, healthy, and sustainable development of Sino - US relations. Fed Governor Bowman emphasized the Fed's independence in monetary policy and the responsibility for transparency and accountability. At the end of the second quarter, the balance of RMB real - estate loans was 53.33 trillion yuan, with a year - on - year increase of 0.4%. The balance of real - estate development loans was 13.81 trillion yuan, with a year - on - year increase of 0.3%. The balance of individual housing loans was 37.74 trillion yuan, with a year - on - year decrease of 0.1%. The International Copper Study Group (ICSG) reported that the global refined copper market had a surplus of 97,000 tons in May, compared with a shortage of 80,000 tons in April. In the first five months of this year, the global refined copper market had a surplus of 272,000 tons, similar to the surplus of 273,000 tons in the same period last year [2]

据美国彭博社21日报道，美国财政部长贝森特表示，下一轮美中会谈可能讨论中国购买俄罗斯和伊朗石 油的问题。对于上述消息，在7月22日举行的中国外交部例行记者会上，外交部发言人郭嘉昆在回应外 媒记者"中方对此有何评论"的提问时表示，在关税问题上，中方立场是一贯和明确的，希望美方同中方 一道落实两国元首通话达成的重要共识，发挥中美经贸磋商机制的作用，通过对话沟通增进共识、减少 误解、加强合作，推动中美关系稳定健康可持续发展。具体情况请向主管部门询问。(环球网) ...

美国财政部刚公布了一组数字，说外国投资者手里捏着的美国国债，总数已经超过了9万亿美元，又创了个历史新高。乍一听，好像美国借钱还挺容易，大 家还都挺信任它。但细看里面，有个变化挺显眼：中国又在减少手里拿的美国国债了。这可不是头一回，算上这次，已经是连着仨月这么干了。光五月份一 个月，就抛了9个亿美金。要是把整个季度加起来算算，总共抛了差不多280亿美元。 美国军舰在南海晃悠，这也不是第一次了。但这次挑的时机，让人觉得有点"意思"。这支航母编队，已经在外面漂了240多天了，按常理说，船累人也累， 早该回窝歇歇了。可它偏偏就在这个节骨眼上，硬撑着闯了进来。说它是"正常航行"，恐怕没人信。这更像是一种刻意的"亮肌肉"，明摆着是来刷存在感， 甚至可以说是一种挑衅。 说到谈，就不得不提另外一件挺热闹的传闻。前阵子有消息说，美国前总统特朗普可能会访问中国，甚至有可能赶上咱们9月3号的重要阅兵式。按说这是个 好事儿啊！中美两边的官员最近在瑞士、伦敦这些地方都碰过面了，气氛看着也还行。特朗普那边呢，记者追着问的时候，他也没把话说死，听着好像还挺 有兴致。 中国为啥要这么干？琢磨一下也不难理解。打理好自己的钱袋子： 谁家过日子都 ...

随着中美两国高层进行多轮贸易谈判，特朗普的对华态度开始有了明显的变化，不再像之前那种一谈到对华问题就是各种激进的言论，反而开始有些"软化 对华语调"。 特朗普之前时不时的就把"美国对华巨额贸易逆差及其造成的失业问题"挂在嘴边，并以此来向我国发难，但是现在呢？几乎已经没怎么提了。这是为什么？ 主要还是特朗普现在已经将精力放在了寻求与我国达成新的贸易协议上，所以才不再关注所谓的"贸易失衡"问题。 日前，特朗普在白宫签署"全面遏制芬太尼贩运法案"时，一改往日在芬太尼问题上对中国的无端指责，反而对中国表示赞赏，称中国一直在芬太尼问题上帮 助美国。这番表态与他今年2月对中国加征"芬太尼关税"时的态度形成鲜明对比，不少人猜测特朗普要取消对中国加征的20%的额外关税。 此后中美爆发了激烈的关税战。在瑞士的日内瓦会谈后中美关税战得到缓解，美中互相取消了大部分关税，但中方此前强调，针对反制美方以芬太尼为借口 加征关税的措施仍然有效。 特朗普 日内瓦会谈之后，中方严肃认真执行了协议。美方应实事求是看待取得的进展，撤销对中国实施的消极举措。 特朗普表示，美中关系十分重要。美方乐见中国经济保持强劲增长。美中合作可以做成很多好事。美方 ...

驻美大使谢锋会见CNN总裁汤普森：双方讨论中美关系、媒体发展等问题 金十数据7月21日讯，据中国驻美国大使馆网站消息，2025年7月17日，中国驻美国大使谢锋会见美国有 线电视新闻网（CNN）总裁兼首席执行官汤普森。双方就中美关系、媒体发展等共同关心的问题交换 了意见。谢大使阐述了中方对发展中美关系的原则立场，希望CNN为增进中美两国人民相互理解和友 谊、推动中美关系健康稳定可持续发展发挥建设性作用。 ...

Group 1 - The Trump administration has laid off over 1,300 State Department employees, with total layoffs approaching 3,000, primarily affecting departments focused on China-related issues [1] - The layoffs are part of a broader restructuring plan aimed at reducing government spending, aligning with the goals of the "Department of Government Efficiency" established after Trump's initial election [3] - The affected China-related functions are not entirely eliminated but are being reorganized into other departments, indicating a strategic shift rather than a complete abandonment of these roles [5] Group 2 - Following the layoffs, Chinese Foreign Minister Wang Yi emphasized the importance of strengthening contact, preventing misjudgments, managing differences, and expanding cooperation in U.S.-China relations, reflecting China's expectations from the U.S. [7] - The timing of the layoffs coincides with Trump's upcoming visit to China, suggesting a potential diplomatic gesture to pave the way for improved relations [5][7]

Core Viewpoint - Incremental capital is expected to support the market's upward trend, with a focus on the influence of institutional funds on market movements [3][5]. Market Performance - The market continued its upward trend last week, with the CSI 300 index rising by 1.09%, the Shanghai Composite Index by 0.69%, and the CSI 500 index by 1.20%. A broad-based rally was observed, particularly in the communication sector, which recorded the highest weekly gain among industries [3][4]. Economic Indicators - Domestic economic indicators for June showed a slight rebound, including imports and exports, industrial production, retail sales, and money supply. Notably, exports to the U.S. saw a significant increase, while exports to Europe, ASEAN, and other regions weakened, indicating a shift back to direct exports amid improved U.S.-China relations. However, imports remained weak, suggesting a temporary "last sprint" for exports [4][5]. - The overall economic recovery is viewed as a single-month rebound rather than a definitive reversal, with ongoing competition between the U.S. and China expected to persist [4][5]. Technical Analysis - Institutional funds have significantly increased, leading to a consolidation of the market around the critical 3500-point level. This influx of capital is reinforcing the market's upward momentum driven by liquidity [5][6]. Investment Strategy - For the main board, the recommendation is to maintain a high position due to the influence of institutional funds, despite the economic indicators showing only a temporary recovery [6]. - For small and mid-cap sectors, which benefit from the influx of funds but lack strong fundamental support, a high position is also recommended, while maintaining a balanced investment style [6].

2012年，时任国家副主席习近平访美期间生动讲述了这段鼓岭故事。此后，鼓岭故事鼓舞着两国人民特别是青年一代，跨越 大洋架起一座座友谊桥梁。 习近平被这个故事深深打动，立即邀请加德纳夫人访问鼓岭，帮助她完成了丈夫梦回故土的心愿。 "鼓岭鼓岭，第二故乡今犹在；鼓岭鼓岭，在我心中重千斤……" 7月10日至18日，2025年"鼓岭缘"中美青少年合唱周活动在福州、北京举行。当两国青少年的声线如溪流交汇，带着青春朝气 的歌声轻轻叩开记忆的闸门—— 1992年春，时任福州市委书记习近平在报纸上读到一篇题为《啊！鼓岭》的文章。文章讲述了美国人加德纳对中国福州"鼓 岭"儿时故园充满眷念，渴望故地重游却直到去世未能如愿的故事。 2024年6月，习近平主席在致2024年"鼓岭缘"中美青年交流周的贺信中深情写道："青年最富有朝气、最富有梦想，中美关系的 未来在青年。" 青少年是国家的未来，也是友好事业的未来。中美友好由两国人民共同缔造，更需两国青少年发展传承。 "虽然我们来自不同的地方、说不同的语言，但音乐是我们共同的语言""音乐将我们相连是多么美丽的事，让我们看清彼此心 意相通之处""当我们一起合唱时，无需翻译，歌声本身就表达着最 ...

美中贸易全国委员会当地时间16日发布2025年度《中国商业环境调查》报告。美中贸易全国委员会会长谭森表示，尽管面临压力，对美国企业而言，保持在 竞争激烈的中国市场的运营能力依然至关重要。 调查显示，中美关系继续在美国在华企业面临的商业挑战中位列榜首，而在近期两国贸易摩擦再起的背景下，关税问题也从去年的第八位跃升至第二位。约 40%的受访企业表示已经受到美国出口管制政策的负面影响。 82%的受访企业表示其中国业务在2024年实现盈利，然而，对未来持乐观态度的企业不到50%，反映出对关税和政策等问题的担忧。 80%以上的受访企业表示，在华投资是为了服务中国本土市场。几乎所有企业都认为，在华业务对于维系自身在全球范围内的竞争力不可或缺。 "尽管如此，对美国企业而言，保持在竞争激烈的中国市场中的运营能力依然至关重要。这不仅使他们能够受益于中国日渐壮大的中产阶级消费群体，也为 企业试炼保持全球竞争力所需的新技术和新做法提供了实践场景。"谭森说，在当前贸易磋商中，美国在华企业迫切需要的是终止"一刀切"式的关税措施， 以及更公平和可预期的营商环境。 美中贸易全国委员会拥有约270家在华经营的美国会员企业。本次大部分受访企业 ...

Group 1 - The U.S. Department of Commerce announced a preliminary anti-dumping duty of over 90% on certain graphite imports from China, which are deemed critical components for electric vehicles [1] - The Chinese Ministry of Foreign Affairs emphasized the importance of mutual benefit in China-U.S. economic cooperation and urged the U.S. to adhere to market economy rules [1] Group 2 - A report from U.S. Senate Foreign Relations Committee Democrats claimed that China is implementing a long-term strategy to replace the U.S. as a global superpower, enhancing its influence with developing countries [2] - The Chinese government rejected the report's assertions, labeling it as Cold War thinking aimed at suppressing China, and reiterated its commitment to a peaceful and cooperative foreign policy [2] - China called for the U.S. to adopt a correct understanding of China and to engage in actions that promote stable and healthy China-U.S. relations [2]