Core Viewpoint - The Chinese Foreign Ministry spokesperson criticized the recent report from the U.S. House of Representatives' "China Special Committee," labeling it as politically motivated and lacking credibility. The spokesperson emphasized the mutual benefits of U.S.-China educational exchanges and urged the U.S. to uphold its commitment to welcoming Chinese students [1]. Group 1 - The U.S. report is seen as an attack on China with no credibility [1] - China has lodged a formal protest against the actions of the U.S. committee [1] - Educational exchanges between the U.S. and China are described as mutually beneficial and important for enhancing understanding between the two nations [1] Group 2 - The spokesperson condemned the actions of certain U.S. politicians for broadening the concept of national security, which disrupts normal educational and cultural exchanges [1] - There is a call for the U.S. to honor previous statements made by former President Trump regarding welcoming Chinese students [1] - China will closely monitor U.S. actions and take necessary measures to protect its legitimate rights and interests [1]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Views of the Report - The Fed may further ease monetary policy this year, which has an impact on various financial and commodity markets [1][11]. - During the National Day holiday, the cross - regional passenger flow in China increased by 6.2% year - on - year, and Chinese equity assets rose slightly but underperformed globally [2]. - The supply side is the key factor affecting the price trends of various commodities, and different commodities face different supply and demand situations [3][4][5]. 3. Summary by Relevant Catalogs 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - Trump announced that Israel and Hamas signed the first phase of the peace plan, and the Fed's meeting minutes indicated that further easing might be appropriate this year [10][11]. - Gold prices rose to a record high of $4059 and then fell back, increasing by about 5% during the holiday due to risk - aversion sentiment. Short - term, the positive factors are fully priced, and there is a risk of a pullback [11]. - Investment advice: Be cautious of the risk of a decline due to long - position profit - taking after the price hits a new high [12]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Macron plans to appoint a new prime minister, Trump said Israel and Hamas reached an agreement on hostage release and troop withdrawal, and the Fed's interest - rate meeting minutes showed internal differences on the number of interest - rate cuts [13][14][15]. - The US dollar index will fluctuate in the short term, and the market's risk appetite continues to rise [16][17]. - Investment advice: The US dollar index will remain volatile in the short term [18]. 3.1.3 Macro Strategy (US Stock Index Futures) - Meta and Apple are about to reach a settlement with the EU Commission on antitrust cases, and the US Senate rejected the bipartisan temporary appropriation bill again [19][20]. - The Fed's meeting minutes showed internal differences among officials, but the market's optimistic sentiment towards AI and interest - rate cuts remains high, and the market is expected to remain strong [21]. - Investment advice: The US stock market is expected to maintain a strong trend after a small adjustment [22]. 3.1.4 Macro Strategy (Stock Index Futures) - China's Ambassador to the US called for expanding China - US cooperation, and the cross - regional passenger flow during the National Day holiday increased by 6.2% year - on - year [23][24]. - Chinese equity assets rose slightly during the holiday but underperformed globally. The market is still in a structural pattern, and the rhythm is more important than the position [25][26]. - Investment advice: The market is in a structural pattern, and rhythm is more important than position [26]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The manufacturing PMI in September was 49.8%, and the central bank conducted a 7 - day reverse repurchase operation of 2422 billion yuan [27][28]. - The bond market is expected to fluctuate in the first half of October and may strengthen after the 14th Five - Year Plan policies are implemented [28]. - Investment advice: The bond market is expected to fluctuate and bottom out in the short term. Short - term trading should be cautious, and medium - term long positions can be considered on dips [28]. 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Indonesia is about to start the B50 road test [29]. - During the holiday, Malaysian palm oil led the rise in the overseas oil market. The market predicts that Malaysia's palm oil inventory will decline slightly in September [30]. - Investment advice: The domestic market is expected to make up for the rise after the holiday, but be cautious of a pullback after a high opening. In the long - term, go long after the clear signal of production reduction in the producing areas in the fourth quarter [30]. 3.2.2 Black Metals (Steam Coal) - The safety inspection in the Ordos steam coal market remains strict, and the coal price is expected to remain weak seasonally in October [31]. - Investment advice: The coal price is expected to remain weak in October, and pay attention to the policy game after the long - term agreement price [31]. 3.2.3 Black Metals (Iron Ore) - Japan's Nippon Steel and Champion Iron are promoting the Kami iron ore project [32]. - During the holiday, the iron ore price fluctuated narrowly around $104. The downstream finished - product market was weak, and the iron ore price is expected to continue to fluctuate narrowly [32][33]. - Investment advice: The iron ore price is expected to continue to fluctuate narrowly [33]. 3.2.4 Agricultural Products (Soybean Meal) - In September, China's soybean imports and crushing volume decreased month - on - month, and the US soybean old - crop inventory as of September 1 was lower than expected [34][35]. - The Brazilian soybean sowing progress reached 8.2% as of October 4. The CBOT soybean price rose slightly during the holiday. The US government shutdown suspended the release of relevant reports [37]. - Investment advice: The soybean meal price is expected to fluctuate temporarily, and Sino - US relations are the main influencing factor [37]. 3.2.5 Black Metals (Rebar/Hot - Rolled Coil) - The EU plans to impose a 50% tariff on steel imports outside the quota [40]. - During the holiday, the overseas metal prices rose slightly, and the steel price is expected to rise slightly after the holiday, but the inventory accumulation during the holiday will suppress the spot price. Pay attention to the terminal demand [40]. - Investment advice: Treat the market with a range - bound mindset after the holiday and pay attention to the demand intensity [41]. 3.2.6 Agricultural Products (Red Dates) - The red date price in the Guangzhou Ruyifang market was stable, and the futures price of the main contract CJ601 fell [42]. - The supply in Xinjiang is normal, and the demand in the north - south distribution areas is stable. The new - season output and old - crop inventory are still being debated [42]. - Investment advice: Hold a wait - and - see attitude or conduct short - term operations in the short term, and pay attention to the fruit development in the producing areas and downstream consumption [42]. 3.2.7 Non - Ferrous Metals (Copper) - The ICSG predicts that the global copper mine production will increase by 1.4% in 2025 and 2.3% in 2026, and there will be a supply surplus in 2025 and a shortage in 2026 [43][44]. - Teck Resources lowered its copper production forecast for its Chilean flagship mine, and Aurubis raised the European copper premium for 2026 [45][46]. - Investment advice: Adopt a long - position strategy unilaterally, and pay attention to the domestic - foreign positive arbitrage [47]. 3.2.8 Non - Ferrous Metals (Lead) - The resumption of production of a small lead - zinc mine in Fujian was postponed to the end of October [48]. - The supply of lead has improved, and the demand is stable. The Shanghai lead price may fluctuate upward [50]. - Investment advice: Go long on dips unilaterally and pay attention to the positive arbitrage of the monthly spread [50]. 3.2.9 Non - Ferrous Metals (Zinc) - 29Metals withdrew its zinc production guidance due to an earthquake, and the resumption of production of a small lead - zinc mine in Fujian was postponed to the end of October [51][52]. - The LME zinc price is supported, and the domestic zinc export window may open. The inventory is expected to rise after the holiday [53]. - Investment advice: Adopt a wait - and - see attitude unilaterally, and pay attention to the medium - term positive arbitrage opportunity brought by the opening of the export window [53]. 3.2.10 Non - Ferrous Metals (Polysilicon) - The expansion project of Xinjiang Dongfang Hope New Energy Co., Ltd.'s polysilicon plant is under environmental protection acceptance [54][55]. - The polysilicon price may remain flat, and the component price is expected to fluctuate in the short term [55][56]. - Investment advice: The market may fluctuate widely between 49,000 - 55,000 yuan/ton in October. Pay attention to the range - bound operation opportunities [57]. 3.2.11 Non - Ferrous Metals (Industrial Silicon) - The SASAC called for抵制 "involution - style" competition [58]. - The inventory of industrial silicon is expected to accumulate slightly in September - October and decrease slightly in November - December [59]. - Investment advice: It is more cost - effective to go long on dips, but be cautious when chasing the price [59]. 3.2.12 Non - Ferrous Metals (Nickel) - Indonesia will re - implement the annual RKAB system in 2026 [60]. - During the holiday, the LME nickel price was strong. The nickel ore price is expected to rise, and the nickel iron and intermediate product prices are expected to remain strong, but the refined nickel inventory is under pressure [61]. - Investment advice: Conduct range - bound trading in the short term, and go long at low levels from a configuration perspective [62]. 3.2.13 Energy and Chemicals (Liquefied Petroleum Gas) - Saudi Arabia's October CP official prices fell, and the US C3 inventory decreased [63][64]. - The PG price is expected to be easy to rise and difficult to fall in the short term. Pay attention to the start - stop changes of PDH plants after the import cost drops [64]. - Investment advice: Pay attention to the start - stop changes of PDH plants after the import cost drops [64]. 3.2.14 Energy and Chemicals (Crude Oil) - Russia will gradually increase oil production, and the US EIA crude oil inventory increased [65][66]. - International oil prices rebounded after falling during the holiday. The release of supply by oil - producing countries is the key factor affecting the price [66]. - Investment advice: The decline of oil prices depends on whether the supply of oil - producing countries can be effectively released [67]. 3.2.15 Energy and Chemicals (Bottle Chips) - The export prices of bottle chip factories were mostly stable, with some slight decreases [68][69]. - The polyester raw material prices fell, and the bottle chip prices were under pressure. The demand is expected to be weak in the long term [70]. - Investment advice: The absolute price of bottle chips is at a low level, and the inventory of factories has decreased. Pay attention to the sustainability of production cuts and new capacity launches [70]. 3.2.16 Shipping Index (Container Freight Rate) - Maersk said that the freight volume from China to Latin America and Africa has increased [71]. - During the National Day holiday, the spot index fell below 1050, and the short - term market may be weak. Pay attention to the low - buying opportunities after the over - decline of the 12 - contract [71]. - Investment advice: Pay attention to the low - buying opportunities after the over - decline of the 12 - contract [72].

Group 1 - The meeting between U.S. and Chinese officials in New York reflects a nuanced shift in U.S.-China relations, highlighting the importance of bilateral ties for American security and prosperity [1] - U.S. Deputy Secretary of State Rand's previous hardline stance on China, particularly regarding 5G, has softened due to multiple domestic pressures, indicating a significant policy shift [1][4] - The economic situation in the U.S. is a driving force behind policy adjustments, with potential tariffs leading to an additional $2,000 annual cost for American families, exacerbating public discontent [1] Group 2 - The agricultural sector in the U.S. is facing unprecedented bankruptcy rates and severe issues with the sale of crops like soybeans, leading to farmer fatigue and skepticism about future recovery [4] - Despite the shift in diplomatic tone, the U.S. continues to impose restrictions on semiconductor exports to China, indicating a mixed approach in maintaining technological dominance [4] - Chinese goods and services are deeply integrated into American life, providing essential support to sectors like clean energy and helping to alleviate inflationary pressures [5] Group 3 - Both sides expressed a willingness to continue dialogue and expand cooperation, with previous U.S. actions like tariff reductions clearing some obstacles for collaboration [5] - The relationship between the two largest economies is framed as a necessity for global economic recovery, emphasizing the need for pragmatic cooperation [5][8] - Achieving stable and sustainable U.S.-China relations requires concrete actions from the U.S. to foster mutual respect and cooperation, while China remains open to creating conditions for collaboration [7][8]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index dropping over 1% and the Hang Seng Tech Index falling more than 1.7% [1][4]. Economic Analysis - According to a report from CMB International, the Hong Kong stock market continued its fluctuating upward trend in September, supported by the resumption of US-China negotiations and expectations of overseas interest rate cuts. The technology sector's rotation also provided significant support to the market [2]. - The resumption of US-China trade talks has led to increased market optimism regarding progress on key issues such as tariff reductions and export controls. Additionally, the stability of macroeconomic policies in mainland China, particularly the "stabilizing growth" measures, has provided fundamental support for the Hong Kong stock market [2]. - The report anticipates a temporary "off-season" for the Hong Kong market due to the National Day and Mid-Autumn Festival holidays, compounded by uncertainties surrounding the US government's short-term financing bill. This could amplify external disturbances [2]. - There remains a divergence in market expectations regarding the timing and extent of potential interest rate cuts by the Federal Reserve, which may lead to continued market volatility in the short term. Some quality sectors in the Hong Kong market are approaching historical high valuations, indicating potential profit-taking pressure [2]. Company Specifics - Xiaomi Group's stock fell nearly 2% during the trading session [4][6]. - A recent incident involving a Xiaomi vehicle reportedly driving away without human operation has gained significant attention on social media. The company responded that the vehicle's movement was due to mobile phone operation, although the car owner disputed this claim, stating that it was unlikely to have been a result of accidental phone interaction [5].

Core Points - The Chinese Ambassador to the U.S., Xie Feng, emphasized the importance of maintaining a baseline of no conflict and no confrontation between China and the U.S. to enhance global stability [1][3] - Xie highlighted the historical roles of both nations as major contributors to World War II victory and as key architects of the post-war international order, urging for strengthened communication and cooperation for mutual benefit and global peace [3] Group 1 - Xie Feng stated that both countries should deepen their interests integration and act as partners for mutual success [3] - He called for the management of differences and conflicts to maintain peace and stability [3] - The ambassador stressed the need to respect each other's core interests and major concerns, particularly regarding the Taiwan issue, which he described as the political foundation of U.S.-China relations [3] Group 2 - Xie pointed out that trade wars and tariff battles yield no winners and that artificial decoupling disrupts the world, ultimately harming both nations [3] - He noted that recent progress in U.S.-China economic and trade talks indicates that equal negotiation is the correct path to resolving issues [3] - The event was attended by over 700 representatives from various sectors, including U.S. government officials and international diplomats, highlighting the significance of U.S.-China relations [4]

人民网华盛顿9月30日电 （记者李志伟）9月29日，中国驻美国大使馆隆重举行庆祝中华人民共和 国成立76周年招待会。中国驻美国大使谢锋和夫人王丹，井泉公使、邱文星公使，美国务院、白宫国安 会、商务部等部门代表，华盛顿特区、马里兰州政府代表，世界银行行长彭安杰、伊利诺伊州联邦众议 员杰克逊、各界友好人士、外国驻美使节等700多人出席。 中国驻美国大使谢锋发表致辞。人民网记者 李志伟摄 谢锋说，中美同为二战胜利主要贡献者、战后国际秩序主要构建者，当下作为联合国安理会常任理 事国和世界前两大经济体，更应本着对历史、对人民、对世界负责的态度，加强沟通合作，为两国人民 造福，为世界和平发展出力。中美要深化利益融合，做相互成就的同行者；妥处矛盾分歧，做和平稳定 的维护者；夯实民意根基，做人民友好的促进者。双方要坚持相互尊重不偏航、和平共处不相撞、合作 共赢不失速，携手推动搭载17亿多人民福祉的中美关系巨轮，沿着正确航向穿越风雨、破浪前行。 活动现场播放了《校正航向，驶向共赢》主题视频，费城交响乐团带来《梁祝》《赛马》等乐曲。 来宾们盛赞中国发展成就，期盼中美关系稳定发展。 9月29日，中国驻美国大使馆举行庆祝中华人民共和 ...

Core Viewpoint - The speech by Peter Walker emphasizes the unrealistic nature of the U.S. strategy to "contain China" and highlights the significant potential for cooperation between the two nations in various fields [1] Group 1: Cultural and Ideological Differences - Walker uses the fundamental differences in Eastern and Western cultures and thinking as a starting point for his analysis of U.S.-China relations [1] Group 2: Future Development Models - The discussion includes insights into the future directions of the development models of both the U.S. and China, suggesting that their interests are highly aligned [1] Group 3: Cooperation Potential - Walker expresses a strong hope that the U.S. will recognize the vast opportunities for collaboration that exist between the two countries across multiple sectors [1]

中国入世谈判：一场历时15年的经济外交博弈 1998年，中国主动提出降低关税，展现诚意，但欧美国家仍以政治因素为由设置障碍。在随后的谈判中，中国与欧洲更换了四任谈判代表，而美国更是换了 五任。美国对中国的警惕由来已久，尤其在苏联解体后，美国将中国视为亚太地区的潜在对手。许多美国政客担心，中国加入WTO后经济腾飞，可能威胁 美国的战略利益。 为何中国必须加入WTO？ 1986年，中国正式向关税及贸易总协定（GATT，世贸组织WTO的前身）递交了重新加入的申请。然而，这场入世之路远比预想的漫长——中国用了15年时 间，历经无数艰难谈判，才最终叩开WTO的大门。这场没有硝烟的"经济外交战争"，见证了中国为融入全球经济体系所付出的巨大努力。 漫长的等待与谈判的开启 尽管中国早在1986年就提交了申请，但由于GATT的审议流程复杂，加上1995年WTO取代GATT的机构调整，中国的入世进程一度停滞。直到1995年底，真 正的多边谈判才正式启动。根据WTO规则，中国需要获得绝大多数成员国的同意才能加入。为此，中国制定了"先亚洲，后欧美"的谈判策略。 1997年，经过艰苦磋商，中国与印度尼西亚等亚洲国家率先达成协议。然而， ...

Core Points - The event celebrated the 76th anniversary of the founding of the People's Republic of China, highlighting the achievements of the Chinese Communist Party in economic development and social stability [1][2] - The Chinese Ambassador to the U.S., Xie Feng, emphasized the importance of mutual respect and cooperation in U.S.-China relations, stating that both countries can achieve common prosperity despite existing differences [1] - Xie Feng reiterated that the essence of U.S.-China economic relations is mutual benefit, arguing that trade wars yield no winners and advocating for equality and respect as solutions to issues [1] Summary by Sections - **Event Overview** - The celebration took place in Bethesda, Maryland, attended by various representatives from the Chinese community and officials including Ambassador Xie Feng and Maryland Secretary of State Susan Lee [1][2] - **Key Messages from Ambassador Xie Feng** - Xie highlighted the significant progress made by China over the past 76 years, noting the transition from standing up to becoming prosperous and strong [1] - He called for practical actions from the U.S. to enhance cooperation and reduce misunderstandings, emphasizing the need to adhere to principles of mutual respect, peaceful coexistence, and win-win cooperation [1] - **Community Engagement** - Xie acknowledged the contributions of the Chinese community in the U.S. to both their homeland and the development of U.S.-China relations, encouraging continued unity and cultural connection [2] - The event was organized by various associations, showcasing the collaborative efforts within the Chinese community in the U.S. [2]

人民网华盛顿9月29日电 （记者李志伟）9月28日，华盛顿侨学界庆祝中华人民共和国成立76周年 晚宴在马里兰州举行。华盛顿都市区的华侨华人社团代表数百人参加活动。 谢锋指出，旅美侨胞勤奋敬业、爱国爱乡，为祖（籍）国革命、建设、改革和中美关系发展贡献良 多。希望大家继续坚守团结统一共同的根，围绕中国文化共同的魂，共逐中华民族伟大复兴共同的梦。 中国驻美使馆将秉持"外交为民"理念，继续尽心竭力为旅美侨胞提供优质服务。 华盛顿地区同乡会联合会会长徐江表示，76年来，我们的祖（籍）国一步一个脚印，经历了无数的 挑战与奋斗，赢得了让世人瞩目的成就。作为海外游子，我们无论身在何处，都为祖（籍）国的进步和 成就感到由衷的骄傲和欣慰。我们坚信中美两国人民之间的交流与合作，能够让彼此更加理解，更加信 任，也更加亲切。作为海外华侨华人，我们愿意为中美两国的理解和友谊铺路架桥、添砖加瓦。愿祖 （籍）国蒸蒸日上、繁荣昌盛。 中国驻美使馆邱文星公使等也出席了晚宴。 中国驻美国大使谢锋应邀出席活动。谢锋发表题为"踏平坎坷成大道 凝心聚力谋复兴"的致辞。谢 锋表示，76年来，中国共产党团结带领全国各族人民，创造了经济快速发展和社会长期稳定 ...