Core Points - The Chinese Ambassador to the U.S., Xie Feng, emphasized the need for rationality from the U.S. side, urging an end to extreme pressure and advocating for dialogue to resolve mutual concerns, rather than escalating trade tensions [1] - Xie Feng stated that trade wars and tariff battles yield no winners, highlighting that both sides suffer and that mutual respect and cooperation are the only viable paths to resolve disputes [1] - The ambassador called for adherence to principles of mutual respect, peaceful coexistence, and win-win cooperation, acknowledging the historical and cultural differences between China and the U.S. while stressing the importance of not allowing biases to dictate decisions [1] Industry and Company Insights - Xie Feng urged for collective efforts to enhance China-U.S. exchanges and cooperation, noting that the relationship requires both top-down strategic guidance and grassroots support [2] - The U.S.-China National Council has played a significant role over the past 60 years as a bridge for civil exchanges and cooperation, contributing to the improvement and development of China-U.S. relations [2] - The business community is identified as a stabilizing force in China-U.S. relations, promoting pragmatic cooperation and cultural exchanges, with many U.S. companies choosing to grow alongside China [2]

转自：北京日报客户端 把握正确方向，排除困难干扰 携手推动中美关系行稳致远——谢锋大使在美中关系全国委员会年度颁 奖晚宴上的致辞 中美关系是当今世界最重要的双边关系，不仅攸关两国民众福祉，更关乎世界前途命运。在两国元首战 略引领下，中美关系前一阶段好不容易降温趋稳，但近日风波又起，牵动着两国民众和国际社会的心。 如何让他们安心、放心，我想谈三点意见： 第一，关税战、贸易战打不得，不会有赢家。过去5个多月，中美经贸团队举行四次会谈，达成积极共 识，稳住了双边经贸关系，让两国民众和世界松了一口气。但是，美方并未停止对华经贸科技遏制打 压，仅9月马德里会谈后短短20多天内，美方又将多家中国实体列入出口管制清单和特别指定国民清 单；通过穿透性规则任意扩大受管制企业范围，影响中方数千家企业；今天更是执意落地对华海事、物 流和造船业301措施，大搞"国别歧视"，对中方拥有、运营甚至只是参与建造的船舶都征收"港口费"。 美方举措严重损害中方正当合法权益，严重冲击国际经贸和海运秩序，严重破坏全球产供链安全稳定。 美方再次威胁大幅提高对华关税后，美国股市汇市应声下挫，并引发全球市场恐慌，给世界经济蒙上阴 影。正反两方面经验和教 ...

Group 1 - The core message emphasizes the need for the U.S. to return to rationality and stop extreme pressure, advocating for dialogue to resolve concerns based on mutual respect and equal consultation [1][2] - The speaker highlights that trade wars and tariff battles yield no winners, and both sides should learn from past experiences that such conflicts only lead to mutual harm [1] - The importance of maintaining a direction of mutual respect, peaceful coexistence, and win-win cooperation is stressed, acknowledging the historical and cultural differences between China and the U.S. [1] Group 2 - The call for collective action to enhance U.S.-China exchanges and cooperation is made, emphasizing the need for both top-down strategic guidance and bottom-up support [2] - The role of the U.S.-China National Council as a bridge for civil exchanges over the past 60 years is recognized, highlighting its contributions to improving bilateral relations [2] - The business community is identified as a stabilizing force in U.S.-China relations, promoting practical cooperation and cultural exchanges [2]

谢锋强调，中国具有独特的制度、市场、产业、人才优势，在产业转型、科技创新、消费扩容、新型城 镇化、基础设施建设、保障改善民生等方面蕴含重大机遇。即将召开的中共二十届四中全会将研究关于 制定"十五五"规划的建议，该规划是未来5年中国经济社会发展的蓝图。中方将坚定不移推进高质量发 展和高水平开放，同包括美国在内的世界各国分享发展红利。欢迎美国朋友用足"240小时过境免 签"和"中国领事"APP在线签证申办等政策利好，多到中国走走看看，亲身感受真实、立体、全面的中 国。 谢锋表示，回顾近半个世纪中美交往史，有风有雨是常态，风雨兼程、克难前行是主流，是大势。面对 变乱交织的世界，我们有一千条理由把中美关系搞好，没有任何借口把中美关系搞砸。有志者事竟成， 办法总比困难多，路在脚下，事在人为。在座各位都是中美关系的利益攸关方，众人拾柴火焰高。值此 中美关系关键时刻，让我们齐心协力，继往开来，把握正确方向，排除困难干扰，推动中美关系沿着正 确轨道行稳致远！ 格隆汇10月15日｜2025年10月14日，谢锋大使应邀出席美中关系全国委员会年度颁奖晚宴并致辞。 谢锋指出，中美关系离不开自上而下的战略引领，也需要自下而上的支撑。近 ...

Report Summary 1) Report Industry Investment Rating No industry investment rating is provided in the report. 2) Core Viewpoints - The overall view for bean meal, palm oil, and soybean oil in the short - term, medium - term, and intraday is "oscillating weakly". The core logics for these commodities are affected by multiple factors such as Sino - US relations, policies, production, exports, inventories, and cost support [5][6][7]. 3) Summary by Variety Bean Meal (M) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [5][6]. - **Core Logic**: With the US Treasury Secretary's statement that it is not certain to impose a 100% tariff on Chinese goods, market sentiment has fluctuated. The expectation of tightened domestic long - term soybean supply has cooled, weakening the support for the futures price of the 2601 contract of domestic bean meal. Also, factors like Sino - US relations, import arrival rhythm, oil mill start - up rhythm, and inventory pressure affect it [5][6]. Palm Oil (P) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6][7]. - **Core Logic**: The spill - over effect of the pressure on international oil prices on the oil market continues. Also, the weakening of the palm oil market industrial chain exerts obvious pressure. Macro - sentiment's influence on the oil market has significantly increased. Before the market sentiment recovers, the palm oil futures price will continue to be under pressure following the external market. Additionally, factors like biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrivals, inventories, and substitution demand play a role [6][7]. Soybean Oil (Not elaborated in detail in the core logic section like the above two, but listed in the summary table) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6]. - **Core Factors**: Sino - US relations, US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6].

Report Industry Investment Rating - Not provided Core Viewpoints - The prices of oils and fats are expected to fluctuate. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. Sino - US relations are tense, which puts pressure on the price of US soybeans. The inventory of Malaysian palm oil is neutral, and demand has improved. Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The domestic fundamentals of oils and fats are neutral, and the import inventory is stable [2][3][4] - The current main logic is centered around the relatively loose global fundamentals of oils and fats. The main bullish factor is that the US soybean inventory - to - sales ratio remains around 4%, indicating tight supply. The main bearish factors are that the prices of oils and fats are historically high, domestic inventories of oils and fats are continuously increasing, the macro - economy is weak, and the expected production of related oils and fats is high [5] Summary by Related Catalogs Daily Views - Soybean Oil - The MPOB report shows that in August, Malaysian palm oil production 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% month - on - month increase, and the supply pressure of palm oil will decrease in the subsequent production - reduction season [2] - The basis of soybean oil is 180, with the spot price higher than the futures price, which is bullish. The commercial inventory of soybean oil on August 22 was 1.18 million tons, a month - on - month increase of 20,000 tons and a year - on - year increase of 11.7%, which is bearish. The futures price is below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish. The short positions of the main soybean oil contract are increasing, which is bearish. It is expected that soybean oil Y2601 will fluctuate in the range of 8,000 - 8,400 [2] Daily Views - Palm Oil - The MPOB report for August shows a decrease in Malaysian palm oil production, exports, and inventory. The report is neutral, and the production reduction is less than expected. Currently, the export data shows a 4% month - on - month increase, and the supply will increase in the subsequent production - increase season [3] - The basis of palm oil is - 70, with the spot price lower than the futures price, which is bearish. The port inventory of palm oil on August 22 was 580,000 tons, a month - on - month increase of 10,000 tons and a year - on - year decrease of 34.1%, which is bullish. The futures price is below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish. The long positions of the main palm oil contract are decreasing, which is bullish. It is expected that palm oil P2601 will fluctuate in the range of 9,100 - 9,500 [3] Daily Views - Rapeseed Oil - The MPOB report indicates a decrease in Malaysian palm oil production, exports, and inventory in August. The report is neutral, and the production reduction is less than expected. Currently, the export data shows a 4% month - on - month increase, and the supply will increase in the subsequent production - increase season [4] - The basis of rapeseed oil is 201, with the spot price higher than the futures price, which is bullish. The commercial inventory of rapeseed oil on August 22 was 560,000 tons, a month - on - month increase of 10,000 tons and a year - on - year increase of 3.2%, which is bearish. The futures price is above the 20 - day moving average, and the 20 - day moving average is upward, which is bullish. The long positions of the main rapeseed oil contract are decreasing, which is bullish. It is expected that rapeseed oil OI2601 will fluctuate in the range of 9,700 - 10,100 [4] Recent Bullish and Bearish Analysis - Bullish factor: The US soybean inventory - to - sales ratio remains around 4%, indicating tight supply [5] - Bearish factors: The prices of oils and fats are historically high, domestic inventories of oils and fats are continuously increasing, the macro - economy is weak, and the expected production of related oils and fats is high [5]

1、中国反制韩国造船企业，外部扰动加大？ 本篇评级为★★★，主要围绕以下内容展开： 今日中美关系总体保持缓和、平稳。美国财长贝森特对外明确表示，10月底中美元首会谈大概率如期举 行——这是美方高层自此前风波以来首次给出明确预期，属软化、缓和姿态。 不少投资者留意到，中方今日对韩国某造船厂在美五家分公司实施新制裁，担忧这是否意味着新一轮中 美摩擦起点，资本市场会否"血雨腥风"？个人判断，其级别尚不足以构成重大冲击。当前中美关系态势 已相对明朗：不掀桌子，小争执不断。不掀桌子意味着双方仍可谈判，甚至实现高层会晤并达成重大成 果；小动作不断则体现于具体产业层面，双方为各自利益频繁出招——今日或涉造船，明日或涉港口 费，后日或涉高端芯片，再后日或涉新能源。此类小摩擦、小冲突恐将伴随中美关系多年，但只要大逻 辑不破裂、大方向仍可坐下来谈，资本市场便会逐步"心理脱敏"，反应渐弱。因此，今日外部扰动并非 市场波动主因。 本文为妙投付费内容，上述仅为摘要，购买本专栏即可解锁完整内容。新用户可免费领本专栏7天阅读 体验机会，在妙投APP-我的-权益兑换 输入"妙投888"即可领取。 新闻解读评级说明：五星重磅，四星重要，三星级 ...

Core Viewpoint - China's Ministry of Commerce announced new export controls on specific rare earth technologies, particularly those related to military applications, which has sparked significant reactions from the U.S. and other countries [4][9][11]. Group 1: Export Control Announcement - On October 9, China's Ministry of Commerce decided to implement export controls on certain rare earth technologies, including extraction and separation processes for metals like terbium, erbium, and dysprosium [4]. - The policy aims to manage the use and flow of these technologies, particularly in areas that may pose national security risks, rather than completely halting exports [9][11]. Group 2: U.S. Reaction and Misinterpretations - The U.S. response was immediate, with Treasury Secretary Janet Yellen suggesting that China's move was a sign of economic distress and a distraction from other issues, such as the Middle East situation [6][11]. - The U.S. interpretations of China's motives reflect a misunderstanding of China's strategic intentions, which are based on compliance and sustainable resource management rather than economic desperation [6][8]. Group 3: Importance of Rare Earth Elements - Rare earth elements are critical for modern industries, including electric vehicles, batteries, wind power, semiconductors, and military equipment, making China's export controls significant on a global scale [4][11]. - The U.S. heavily relies on China for rare earth materials, with military applications being particularly sensitive, as seen in the F-35 fighter jet, which requires over 400 kilograms of rare earth materials per unit [11]. Group 4: Broader Implications and Strategic Context - The situation highlights the growing geopolitical tensions and the U.S.'s tendency to politicize trade and resource management issues, viewing them through a lens of national security [13][15]. - China's export control policy is part of a broader strategy to align with international responsibilities and ensure the sustainable use of its resources, contrasting with the U.S.'s approach of imposing restrictions on China in various sectors [9][13]. Group 5: Call for Dialogue - The article emphasizes the need for constructive dialogue between China and the U.S. to address mutual concerns about resource management and industry security, rather than engaging in speculation and misunderstanding [15][17]. - Establishing transparent rules and collaborative efforts for sustainable development is presented as a more effective approach than adversarial posturing [17].

Group 1 - The U.S. stock market experienced a rebound on October 13, following a significant drop the previous weekend, coinciding with President Trump's softened stance on imposing high tariffs on China [1][3] - Trump's initial threat to impose tariffs came after China's announcement of restrictions on rare earth exports, but he later expressed optimism about U.S.-China relations, stating "everything will be fine" [1][3] - Major stock indices responded positively to Trump's change in tone, with the Nasdaq index leading the gains at 2.2% and the Dow Jones Industrial Average rising by 630 points, or 1.4% [3] Group 2 - Analyst Adam Sarhan from 50 Park Investments noted that Trump's attitude shift sent a positive signal to the market, indicating a potential improvement in U.S.-China relations [3] - Market reactions to Trump's statements have led to frustration among professional investors, with Patrick O'Hare from Briefing commenting on the market's susceptibility to Trump's social media posts [3] - O'Hare highlighted the fragility of market pricing, suggesting that stock prices are easily influenced by threats to optimistic market outlooks [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The overall price of oils and fats is expected to fluctuate and consolidate. The domestic fundamentals are loose, and the domestic supply of oils and fats is stable. Sino - US relations are tense, which puts pressure on the price of new US soybeans due to受挫 exports. The inventory of Malaysian palm oil is neutral, and the demand has improved. Indonesia's B40 policy promotes domestic consumption, and the B50 program is expected to be implemented in 2026. The domestic fundamentals of oils and fats are neutral, and the import inventory is stable [2][3][4]. - The main logic currently centers around the relatively loose global fundamentals of oils and fats. The main risk point is the El Nino weather [5]. 3. Summary by Related Catalogs Daily Views of Different Oils Soybean Oil - **Fundamentals**: The 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 with less - than - expected production cuts. Currently, the export data of Malaysian palm oil this month shows a 4% month - on - month increase. Subsequently, it will enter the production - reduction season, reducing the supply pressure of palm oil. The overall assessment is neutral [2]. - **Basis**: The spot price of soybean oil is 8462, with a basis of 194, indicating that the spot price is at a premium to the futures price, which is bullish [2]. - **Inventory**: On August 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, a month - on - month increase of 20,000 tons and a year - on - year increase of 11.7%, which is bearish [2]. - **Market**: The futures price is running below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [2]. - **Main Position**: The short positions of the main soybean oil contract have decreased, which is bearish [2]. - **Expectation**: The soybean oil contract Y2601 is expected to fluctuate in the range of 8000 - 8500 [2]. Palm Oil - **Fundamentals**: Similar to soybean oil, the MPOB report is neutral with less - than - expected production cuts. Currently, the export data of Malaysian palm oil this month shows a 4% month - on - month increase. Subsequently, it will enter the production - increase season, increasing the supply of palm oil. The overall assessment is neutral [3]. - **Basis**: The spot price of palm oil is 9422, with a basis of - 58, indicating that the spot price is at a discount to the futures price, which is bearish [3]. - **Inventory**: On August 22, the port inventory of palm oil was 580,000 tons, an increase of 10,000 tons from the previous 570,000 tons, a month - on - month increase of 10,000 tons and a year - on - year decrease of 34.1%, which is bullish [3]. - **Market**: The futures price is running below the 20 - day moving average, and the 20 - day moving average is downward, which is bearish [3]. - **Main Position**: The long positions of the main palm oil contract have decreased, which is bullish [3]. - **Expectation**: The palm oil contract P2601 is expected to fluctuate in the range of 9100 - 9500 [3]. Rapeseed Oil - **Fundamentals**: The same as above, the MPOB report is neutral with less - than - expected production cuts. Currently, the export data of Malaysian palm oil this month shows a 4% month - on - month increase. Subsequently, it will enter the production - increase season, increasing the supply of palm oil. The overall assessment is neutral [4]. - **Basis**: The spot price of rapeseed oil is 10228, with a basis of 206, indicating that the spot price is at a premium to the futures price, which is bullish [4]. - **Inventory**: On August 22, the commercial inventory of rapeseed oil was 560,000 tons, an increase of 10,000 tons from the previous 550,000 tons, a month - on - month increase of 10,000 tons and a year - on - year increase of 3.2%, which is bearish [4]. - **Market**: The futures price is running above the 20 - day moving average, and the 20 - day moving average is upward, which is bullish [4]. - **Main Position**: The long positions of the main rapeseed oil contract have decreased, which is bullish [4]. - **Expectation**: The rapeseed oil contract OI2601 is expected to fluctuate in the range of 9800 - 10200 [4]. Recent利多利空Analysis - **利多Factors**: The US soybean stock - to - use ratio remains around 4%, indicating tight supply [5]. - **利空Factors**: The price of oils and fats is at a relatively high historical level, and the domestic inventory of oils and fats continues to accumulate. The macro - economy is weak, and the expected production of related oils and fats is high [5].