Market Performance - The Shanghai Composite Index closed at 3497.48, up 0.70% with an increase of 24.35 points [2] - The Shenzhen Component Index rose by 1.47%, closing at 10588.39, with an increase of 152.89 points [2] - The CSI 300 Index increased by 0.84%, closing at 3998.45, with an increase of 33.28 points [2] - The ChiNext Index led the gains with a rise of 2.39%, closing at 2181.08, increasing by 50.89 points [2] - The STAR 50 Index closed at 991.95, up 1.40%, with an increase of 13.66 points [2] - The North Exchange 50 Index rose by 1.36%, closing at 1420.99, with an increase of 19.07 points [2] Sector Performance - The top-performing sectors included Communication (up 2.89%), Electric Equipment (up 2.30%), and Electronics (up 2.27%) [3] - The underperforming sectors were Utilities (down 0.37%), Banks (down 0.24%), and Household Appliances (up 0.21%) [3] - Concept sectors that performed well included BC Battery (up 4.13%), Silicon Energy (up 4.02%), and PCB Concept (up 3.86%) [3] - Underperforming concept sectors included Shipbuilding System (down 0.45%) and Biomass Power Generation (up 0.03%) [3] Market Outlook - The market showed a general upward trend with the Shanghai Composite Index approaching 3500 points, and the ChiNext Index leading the gains [4] - The trading volume in the Shanghai and Shenzhen markets reached 1.45 trillion, an increase of 245.3 billion compared to the previous trading day [7] - The report anticipates that the domestic economy will maintain resilience, with a lower likelihood of unexpected policy changes in the short term [7] - The report highlights that July is a period for tariff negotiations and economic observation, with a focus on the upcoming Politburo meeting at the end of the month [7] - The external environment for A-shares is expected to stabilize, with reduced disturbances from international factors [7]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The pure benzene market shows a pattern of increasing supply and demand. Supply is boosted by the restart of some plants and new production lines, while demand has mostly recovered to pre - second - quarter levels. Port inventory is likely to accumulate, and the potential early production of Yulong Petrochemical's pure benzene plant has affected market sentiment and widened the price difference with styrene [3]. - The styrene market's supply - demand pattern is weakening. Supply pressure is increasing as weekly production reaches a historical high, and demand from downstream industries is softening. Port inventory is rising, and styrene has entered an inventory - building phase. Attention should be paid to the basis adjustment rhythm and the commissioning progress of Yulong Petrochemical's disproportionation unit [4]. 3. Summary by Directory 3.1. Daily Market Summary - **Fundamentals**: - **Price**: On July 7, the styrene main contract closed down 0.04% at 7337 yuan/ton, with a basis of 303 (+13 yuan/ton). - **Cost**: The Brent crude oil main contract closed at 67.0 dollars/barrel (+0 dollars/barrel), WTI crude oil at 68.3 dollars/barrel (-0.5 dollars/barrel), and the East China pure benzene spot price was 5880 yuan/ton (+0 yuan/ton). - **Inventory**: Styrene sample factory inventory was 19.4 million tons (-0.6 million tons), a 3.0% de - stocking, while Jiangsu port inventory was 9.9 million tons (+1.4 million tons), a 16.2% inventory build - up. - **Supply**: Styrene's maintenance devices are gradually returning, with a weekly output of 36.7 million tons (+0 million tons) and a factory capacity utilization rate of 80.0% (-0.1%). - **Demand**: The capacity utilization rates of downstream 3S industries have declined. EPS is at 55.9% (-3.84%), ABS at 65.0% (-1.0%), and PS at 52.4% (-5.0%) [2]. 3.2. Industrial Chain Data Monitoring - **Prices**: - **Styrene**: The futures main - contract price dropped 0.04% to 7337 yuan/ton, and the spot price rose 0.13% to 7914 yuan/ton. The basis increased 4.48% to 303 yuan/ton. - **Pure Benzene**: The East China price remained unchanged at 5880 yuan/ton, the South Korea FOB price dropped 0.42% to 711.5 dollars/ton, the US FOB price rose 2.29% to 817.8 dollars/ton, and the China CFR price dropped 0.41% to 727.5 dollars/ton. - **Spreads**: The pure benzene internal - benefit - CFR spread increased 6.60% to -398.1 yuan/ton, and the pure benzene East China - Shandong spread decreased 71.43% to -120.0 yuan/ton. - **Upstream**: Brent crude oil was flat at 67.0 dollars/ton, WTI crude oil dropped 0.73% to 68.3 dollars/ton, and naphtha dropped 0.39% to 7751.5 yuan/ton [6]. - **Output and Inventory**: - **Output**: China's styrene output was 36.7 million tons (-0.07%), and pure benzene output was 43.3 million tons (+0.16%). - **Inventory**: Jiangsu styrene port inventory increased 16.24% to 9.9 million tons, domestic styrene factory inventory decreased 2.99% to 19.4 million tons, and the national pure benzene port inventory increased 3.51% to 17.7 million tons [7]. - **Capacity Utilization**: - **Pure Benzene Downstream**: Styrene's capacity utilization dropped 0.05% to 80.0%, caprolactam rose 6.41% to 95.7%, phenol dropped 0.46% to 78.5%, and aniline dropped 0.10% to 69.2%. - **Styrene Downstream**: EPS dropped 3.84% to 55.9%, ABS dropped 0.96% to 65.0%, and PS dropped 5.00% to 52.4% [8]. 3.3. Industry News - Trump believes there is no need to extend the July 9 tariff deadline, and the US Treasury Secretary admits it may be difficult to complete all negotiations. - Trump may lead a delegation to China, and US officials are formulating a plan for him to visit China with dozens of CEOs later this year. - The US Senate passed the Trump tax - reform bill in a key procedural vote with a 51 - 49 margin [9].

智通财经7月8日电，美国和日本同意继续就关税问题展开积极谈判。 (第一财经) ...

Group 1: US-China Trade Negotiations - The US and China reached partial agreement on export controls, with the US lifting restrictions on EDA software and aircraft engines, while China eased controls on certain materials[4] - The core issues in US-China trade talks include a 20% tariff on fentanyl and a 24% deferred tariff, with expectations that the 20% tariff may be reduced, but the 24% tariff will require longer negotiations[5] - The deadline for trade negotiations is July 9, with potential outcomes affecting the future of the fentanyl tariff discussions[5] Group 2: US Trade Agreements with Other Countries - The US has reached trade agreements with Vietnam and Cambodia, but negotiations with the EU, Japan, India, and Canada have not made significant progress[3] - The US plans to impose a 40% tariff on re-exported goods from Vietnam, which may set a precedent for future agreements with other countries regarding China[6] - The Trump administration is expected to adopt a strategy of "increasing some tariffs while delaying others" to exert pressure on trade negotiation countries[5] Group 3: Tariff and Trade Policy Implications - Future unfavorable tariff clauses against China may include increased tariffs on re-exported goods, reduced supply chain reliance on China, and anti-dumping investigations targeting specific industries[6] - The US is accelerating Section 232 investigations, focusing on key industries such as pharmaceuticals and copper, with existing tariffs of 50% on steel and aluminum and 25% on automobiles[33] - The potential for a judicial battle over tariffs could shift the trade war paradigm from comprehensive tariffs to targeted structural tariffs[6]

柬埔寨副总理：美国关税从49%降至36%对柬埔寨来说是第一阶段谈判的巨大成功。 ...

2025.07. 08 本文字数：2132，阅读时长大约4分钟 作者 | 第一财 经 潘寅茹 当地时间7日，美国总统特朗普再度挥舞"关税大棒"。据央视新闻报道，7日，美国总统特朗普在社 交媒体平台上发布了致日本首相石破茂、韩国总统李在明的信件，宣布美国将自2025年8月1日起对 所有日本和韩国输美产品征收25%的关税。 在这两封内容几乎完全相同的信中，特朗普写道："请理解，25%这一数字远远低于消除我们与贵国 之间贸易逆差所需的水平。"他还警告称，如果日韩两国以提高关税作为回应，美国也将在25%的基 础上再提高同等额度的关税。 韩国通商产业部在发布的新闻稿中表示，李在明政府成立不久，本着国家利益优先的原则同美方就关 税问题展开了谈判，但因时间有限，难以就所有议题达成共识。美方新举措意味着美方暂缓征收所 谓"对等关税"至8月1日，将在剩余时间内加快谈判进程，力争达成互利共赢的谈判成果，尽早消除 关税问题引发的不确定性。 韩国通商产业部还提出，将推动国内制度改革，并优化监管体系，以减少美国对韩贸易逆差。 目前，从日本和韩国政府的公开回应来看，都提到将力争在8月1日前加紧谈判。不过，接受第一财 经记者采访的日韩问题 ...

Market Performance - A-shares showed poor performance on Monday, with the Shanghai Composite Index closing at 3,473 points, up 0.02%, while the Shenzhen Component Index fell by 0.7% and the ChiNext Index dropped by 1.21%[15] - The Hang Seng Index and the Hang Seng China Enterprises Index slightly declined by 0.12% and 0.01% respectively, while the Hang Seng Tech Index rose by 0.25%[11] - In the U.S., the Dow Jones Industrial Average fell by 422 points or 0.94%, closing at 44,406 points, while the S&P 500 and Nasdaq dropped by 0.79% and 0.92% respectively[9] Trade and Tariff Developments - The U.S. announced a 25% tariff on Japanese and South Korean goods, and a 30% tariff on South African products, contributing to market uncertainty and declines in U.S. stocks[9] - The deadline for new tariffs has been extended to August 1, which has led to cautious trading in European markets, with the DAX rising by 1.20% and the FTSE 100 declining by 0.13%[9] Commodity and Currency Movements - International oil prices rose over 1% following Saudi Arabia's unexpected increase in major crude oil prices, with NYMEX crude up 1.39% to $67.93 per barrel[25] - The gold price initially fell but stabilized later, while industrial metals in London faced declines due to tariff risks[25] Fixed Income Market - The U.S. long-term treasury bonds led the decline, with the yield curve steepening; the 10-year treasury yield rose to 4.38% and the 30-year yield to 4.92%[29] - Asian bond markets experienced mixed trading, with a slight bias towards selling, and spreads widening by 1-2 basis points[29] Key Corporate News - Tesla's stock fell by 6.8% after CEO Elon Musk announced the formation of a new political party, raising investor concerns about potential impacts on the company's brand image[9] - Goldin Financial Holdings reported a significant increase in revenue, with a 20.57% year-on-year growth in Q1 2025, driven by expansion in overseas markets[18]

Group 1: US-China Trade Negotiations - The US and China reached partial agreement on export controls, with the US lifting restrictions on EDA software and certain aerospace products, while China eased some rare earth controls[2] - The core issues in the negotiations include a 20% tariff on fentanyl and a 24% deferred tariff, with expectations that the 20% tariff may be reduced, but the 24% tariff will require longer negotiations[3] - The deadline for observing the outcome of the fentanyl tariff discussions is July 9, with significant implications for future negotiations[3] Group 2: US Trade Agreements with Other Countries - The US has reached trade agreements with Vietnam and Cambodia, but negotiations with the EU, Japan, India, and Canada have not made significant progress[4] - The agreement with Vietnam includes a 40% tariff on transshipment trade, which may set a precedent for future agreements that include unfavorable terms for China[4] - The US is expected to adopt a strategy of "increasing some tariffs while delaying others" to exert pressure on trade partners[4] Group 3: Potential Risks and Future Developments - There is a risk that the US will impose high tariffs on specific countries and industries, particularly if the trade negotiations do not progress favorably[6] - The US is conducting a 232 investigation into ten strategic products, with tariffs already in place for steel (50%) and aluminum (25%), which could lead to a baseline tariff structure of 10% plus additional tariffs for key industries[5] - Future developments to watch include the progress of US-China trade agreements, the outcome of negotiations with other major economies, and potential new conflicts in the Middle East[5]

日本政府内部越来越多观点认为，由于8月启动新关税，"谈判期限实际上已延长"。不过，日本7月3~20 日处于参议院选举期间，即使磋商推迟，能否达成协议也要看选举结果…… 日美关税谈判出现停滞迹象。美国总统特朗普于美东时间7日中午（北京时间8日凌晨）开 始，向贸易伙伴国通报将从8月1日起实施的新关税税率。首先已通告日本和韩国将征收25% 的关税，并警告如果采取报复措施，将进一步提高税率。日美未能就汽车关税缩小分歧，仍 未达成协议。参议院选举期间日本难以让步，谈判的进展将取决于选举结果。 日本政府内部越来越多观点认为，由于8月启动新关税，"谈判期限实际上已延长"（经济部门 高官）。 日美之间围绕汽车关税问题分歧很大。负责谈判的日本经济财政再生相赤泽亮正4~6月7次访 美，持续进行部长级磋商。但双方的对话未能达成一致，一度引发了9日之前会再次访美的猜 测。 在日本，从7月3日公示到20日投计票，处于参议院选举期间。特朗普表示，可能将对日本进 口商品征收的关税税率提高至"30%或35%"。日本首相石破茂6日在日本放送协会（NHK） 节目中就日美关税谈判强调称，"不会轻易妥协，需要时间。" 美国方面，贝森特指出，"日本将 ...

韩国贸易部长：延长三周关税暂停时间不足以完成谈判，必须加快谈判进程。 ...