Market Performance - A-shares experienced fluctuations, with the Shanghai Composite Index rising by 0.12% to 3597.94 points, the Shenzhen Component increasing by 0.44%, and the ChiNext Index up by 0.96%[1] - The Hong Kong Hang Seng Index rose by 0.68% to 25562.13 points, while the Hang Seng Tech Index fell by 0.24%[1] Economic Developments - The U.S.-China trade talks focused on extending the tariff truce and issues like fentanyl, with reports indicating the U.S. has frozen technology export restrictions to China[1] - China announced a nationwide childcare subsidy program, providing 3600 yuan (approximately $502) per child per year for families with children under three years old, expected to benefit over 20 million families annually[1][12] Industry Insights - The pharmaceutical sector saw significant gains, particularly in innovative drugs, contributing to market momentum[1] - China’s budget deficit reached a record high in the first half of the year, with increased fiscal spending aimed at mitigating the impact of tariffs[12]

倒计时48小时，中美将在瑞典展开新一轮谈判，关键时刻,美财长对华交底：美国不愿与中国脱钩。那么，这次谈判可能会有哪些议题？美财长的表态又意 味着什么？ 7月23日，中国商务部宣布，中方高层将于7月27日至30日赴瑞典与美方举行新一轮经贸会谈，并将依据6月5日中美元首通话达成的共识，继续就彼此关切的 问题展开磋商。而在此之前，美方就已经放出风声要和中方对话。 不过，贝森特在采访中也对华交了底，他23日明确提到"美国不希望与中国脱钩"。这是一句直白的表态，清晰地传递了美方希望缓和对华关系、避免彻底撕 裂的态度。可以说这句话也直接亮明美方态度：这次其不为"叫板"而来，而是真的想谈出成果。甚至这个目标贝森特也没有瞒着，他透露，本轮谈判的核心 目标之一，是延长"关税休战"90天，以争取更多磋商空间。 为何会这样定？其实从美方举动中便可见一二。近期以来，特朗普政府正不断对欧盟、日本施加压力。日本已经被收了"5500亿保护费"，另一边，美国和欧 盟则是正在商讨对大部分来自欧盟的商品征收15%的广泛关税，甚至可能扩大至汽车领域。换句话说，特朗普政府的关税战并没有止于中美，而是向全球蔓 延，背后反映的是一种"孤立主义＋强制性谈 ...

Market Overview - A-shares adjusted with the Shanghai Composite Index down 0.33% to 3593.66 points, Shenzhen Component down 0.22%, and ChiNext Index down 0.23%[1] - Hong Kong's Hang Seng Index fell 1.09% to 25388.35 points, with the Hang Seng Tech Index down 1.13% and the Hang Seng China Enterprises Index down 1.16%[1] - The semiconductor sector showed strong gains, with total market turnover reaching 281.7696 billion HKD[1] Trade Agreements - The US and EU reached a trade agreement, setting a 15% tariff on most EU goods exported to the US, including automobiles[1] - US-China officials are set to hold a third round of trade talks in Stockholm, aiming to extend the tariff "truce" and broaden discussion topics[1][9] Economic Indicators - The US stock market saw slight gains, with the Dow Jones up 0.47%, S&P 500 up 0.4% to 6388.64 points, and Nasdaq up 0.24% to 21108.32 points[1] - China's budget deficit for the first half of the year reached a record high of 5.25 trillion RMB (approximately 733 billion USD), a 45% increase year-on-year[13] Corporate Developments - Beijing Construction (925) is moving forward with privatization plans, with a significant shareholder already holding 24.60% of the company[11] - Jiangsu Zhonghui Biotech has submitted a new application for a Hong Kong IPO after previously withdrawing its A-share listing application[11] Market Sentiment - The overall market sentiment remains cautious amid ongoing trade negotiations and economic uncertainties, impacting investor confidence and stock performance[1][13]

几天前，美国与中国双方相继发表声明，宣布将于瑞典举行经贸会谈，这是自今年五月份以来两国进行的第三轮贸易谈判。这一消息受到广泛关注，因为它 可能对这两个全球最大经济体之间的关系产生深远影响。 根据中国商务部的公告，中方官员定于7月27日至30日赴瑞典，与美方进行经贸磋商。同时，美国财政部长贝森特也公布，他将于7月28日和29日在瑞典首都 斯德哥尔摩与中方代表进行贸易谈判。此次会谈被外界高度关注，双方的具体讨论内容和未来合作可能的方向都成为大众热议的话题。 贝森特在谈到这次谈判的目的时表示，此次会议的主要目标是延长目前的"关税休战"，并进一步扩大双方的讨论范围。有消息透露，中美双方可能计划将现 有的休战期延长三个月，加上之前的90天，最终实现为期六个月的关税暂时豁免。这一发展无疑是对两国经济的积极信号，承诺了在某种程度上降低贸易摩 擦的可能性。 据了解，特朗普提出的计划包含大约90项具体建议。与拜登政府对于全球高端AI芯片限制的政策有所不同，特朗普政府的主张则是促进美国AI软件和硬件 的出口，同时打击那些被认为对AI发展限制过多的地方性法律。他在发布该计划时，直言不讳地指出美国与中国在科技竞争中的利害关系，并强调 ...

Group 1 - The core point of the news is the upcoming trade talks between China and the U.S., scheduled for July 27-30 in Sweden, aimed at extending the "tariff truce" and expanding the discussion topics [1][2] - U.S. Treasury Secretary Becerra indicated that the negotiations will cover China's export controls on rare earths, market access issues, and overall tariff levels [1] - The Chinese government has paused the antitrust investigation against DuPont China Group, signaling a potential easing of tensions following a series of retaliatory measures taken by China in response to U.S. tariffs [1] Group 2 - Experts emphasize the importance of these talks in building on the outcomes of previous discussions, particularly in resolving tariff issues related to fentanyl and enhancing economic cooperation between the two nations [2] - There is a general expectation from analysts that the new round of talks in Sweden will lead to further consensus, as dialogue is preferred over confrontation to create a more predictable environment for businesses [2]

Core Viewpoint - The Trump administration is actively reshaping global trade rules by imposing significant tariffs on allies and restricting trade with China, which has led to a notable decline in trade volumes between the U.S. and China [1][3]. Trade Impact - U.S. tariffs have resulted in a 20.8% year-on-year decline in trade between the U.S. and China in the second quarter, reversing the growth seen in the first quarter [3]. - In the first half of the year, the total trade value between China and the U.S. was 2.08 trillion yuan, a decrease of 9.3% compared to the previous year [1]. Trade Recovery Signs - June data showed a recovery in trade, with imports and exports between China and the U.S. exceeding 350 billion yuan, a significant increase from May's figures [3]. - The recovery is attributed to a temporary agreement reached in May, which paused tariff increases for 90 days, leading to increased imports from China as U.S. importers stockpiled goods [3]. China's Trade Resilience - Despite U.S. pressures, China's total goods trade in the first half of the year reached 21.79 trillion yuan, a 2.9% increase year-on-year, with exports growing by 7.2% [3][5]. - China has diversified its trade partnerships, with significant growth in trade with ASEAN (9.6% increase) and Africa (14.4% increase) [5]. U.S. Domestic Policy Disputes - There are increasing divisions within the U.S. regarding tariff policies, with some officials advocating for a more cautious approach to avoid negative economic consequences [5]. - The uncertainty surrounding U.S. trade policy is reflected in the internal conflicts within the Trump administration regarding the Federal Reserve's leadership [5]. Future Trade Negotiations - As the deadline for the tariff pause approaches, there is speculation about the potential for further negotiations between the U.S. and China, with both sides showing a willingness to avoid escalating tensions [8][10]. - China's recent trade agreements and zero-tariff policies for least developed countries are seen as efforts to stabilize its trade amidst external pressures [8].

Group 1 - The U.S. Department of Commerce announced an investigation into foreign imports of drones and polysilicon, which may serve as leverage in trade negotiations with China [1][2] - China dominates the drone and polysilicon industries, with a 92.08% share of global polysilicon production in 2023 [2] - The investigation is based on Section 232 of the Trade Expansion Act, which allows the U.S. government to impose tariffs if imports are deemed a threat to national security [2][3] Group 2 - Experts suggest that even if tariffs are imposed, the impact on Chinese industries may not be substantial, but it could strengthen hardline voices within China [5][6] - The U.S. has previously targeted Chinese drones, with restrictions dating back to 2016, and continues to view companies like DJI as security threats [7][10] - DJI holds a significant market share, controlling approximately 90% of the U.S. commercial drone market and 80% of the global consumer drone market [7][10] Group 3 - The demand for drones in the U.S. is expected to continue growing, with various sectors relying on them for applications such as agriculture, construction, and emergency response [10] - Despite efforts to promote domestic drone manufacturing, U.S. companies struggle to compete with DJI's performance and pricing [10] - The U.S. government has initiated measures to ensure that the drone supply chain is not reliant on foreign control, emphasizing the need for domestic production [10]

【环球时报综合报道】"强劲的出口提振了中国经济，中国经济增长速度预计将超过政府设定的目标。"美国彭博社14日称。中国海关总署当天发布的数据显 示，今年上半年，我国货物贸易进出口21.79万亿元人民币，同比增长2.9%，创历史同期新高。其中出口13万亿元，增长7.2%；进口8.79万亿元，下降 2.7%。日本《朝日新闻》称，中美贸易战在今年4月激化，美国对中国商品加征的关税税率一度高达145%，中国对美出口连续3个月同比下降，但中国通过 拓展其他市场，依然实现了出口增长。同期，中国对东盟、欧盟、韩国、日本等国家和地区的进出口都实现了增长。《华尔街日报》称，中美5月会谈后达 成关税休战协议，贸易紧张局势缓和，中国6月份的出口增长速度加快，超出市场预期。15日，中国国家统计局将发布另一项重要数据：2025年上半年国内 生产总值（GDP）数据。彭博社等多家外媒认为，出口增速加快，进口增长恢复，国内消费提振，这一系列积极信号有助于中国实现2025年GDP增长"5%左 右"的预定目标。 数据显示，东盟继续稳居我国第一大贸易伙伴地位。今年上半年，中国对东盟进出口总值为3.67万亿元，同比增长9.6%。在日前召开的中国—东盟 ...

当福克斯新闻主持人试图诱导特朗普指责中国"敌对行为"时，这位素来口无遮拦的总统却罕见地为中国 说起"好话"。 6月29日播出的专访中，当福克斯主持人试图诱导他指责中国"敌对行为"时，特朗普没有顺势发难，不 仅强调与中国"相处融洽"，更反将一军指出美国同样采取过对抗行动，反而罕见承认"美国也对中国采 取了很多敌对行动"，让主持人都一时语塞。 特朗普为啥突然口风突变？一方面是他要访华了，抵达北京前要是出现一些"反华"舆论对谁都不好。 另一方面，就是美国设下的关税大限将至，特朗普又表示不会延长期限，换言之他已经抡起大棒准备砸 到盟友头上，但中国是个例外，特朗普并不想将刚刚拿到手的稀土给"吐出来"，更不想让持续数月的谈 判努力付诸东流。 时间拨回4月，美国政府宣布对欧盟、日本等经济体暂停加征钢铝关税90天。值得注意的是，当时这 份"豁免名单"里并没有中国。 美方好不容易和中方达成协议，若此时再度翻脸，最受损了就是特朗普的基本盘了，即便是为了这个， 特朗普都不敢对中国轻举妄动。 可见中方一次次的对等反制成功让美国心生忌惮，而中方手握的筹码更令特朗普投鼠忌器。 因为直到5月12日日内瓦会谈后，中美才达成相互暂停24%关税 ...

【环球时报综合报道】当地时间6月9日至10日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头 人、美国财政部长贝森特及商务部长卢特尼克、贸易代表格里尔在英国伦敦举行中美经贸磋商机制首次 会议。双方进行了坦诚、深入的对话，就各自关心的经贸议题深入交换意见，就落实两国元首6月5日通 话重要共识和巩固日内瓦经贸会谈成果的措施框架达成原则一致，就解决双方彼此经贸关切取得新进 展。消息传出，亚洲股市普遍上涨。香港韩礼士基金会贸易政策主管黛博拉·埃尔姆斯告诉卡塔尔半岛 电视台，经过两轮"激烈"的谈判，中美双方似乎都重申了避免局势进一步升级的意愿，并开始使未来前 进道路更加清晰，但相关谈判绝非易事。日本《日经亚洲》引述哈佛大学肯尼迪政府学院高级研究员安 德鲁·科利尔的话强调，虽然伦敦会谈并不是最终章，但这是积极的一步，表明中美双方的共识比第二 届特朗普政府上任之初预期的要多。他说，对抗的缓和可能会使中美经贸关系"重启"，避免"破裂"。 当地时间10日晚，为期两天的中美经贸磋商机制首次会议在伦敦结束。美国哥伦比亚广播公司称，此次 会议于9日持续了6个小时，10日又进行到深夜。 何立峰表示，本次会议是在两国元首今年6月5日战 ...