王毅表示，中美关系牵动世界的走向，一个健康、稳定、可持续的双边关系符合两国长远利益，也是国 际社会共同期待。习近平主席和特朗普总统都是世界级领袖，长期交往、彼此尊重，这已成为中美关系 最宝贵的战略资产。前段时间，中美经贸关系再次出现波折。通过吉隆坡经贸会谈，双方澄清了立场， 增进了理解，就对等解决当前紧迫的经贸问题达成框架共识。这再次证明，只要双方不折不扣落实两国 元首达成的重要共识，秉承平等、尊重、互惠精神，坚持通过对话化解矛盾，摒弃动辄施压的做法，就 有可能推动两国关系稳下来、向前走。希望双方相向而行，为中美高层互动做好准备，为两国关系发展 创造条件。 来源｜新华社 编辑｜瑜见 鲁比奥表示，美中关系是世界上最重要的双边关系，期待通过高层互动，向世界发出积极信号。 10月27日，中共中央政治局委员、外交部长王毅同美国国务卿鲁比奥通电话。 ...

来源丨央视新闻 编辑丨刘雪莹 SFC 王毅表示，中美关系牵动世界的走向，一个健康、稳定、可持续的双边关系符合两国长远利 益，也是国际社会共同期待。习近平主席和特朗普总统都是世界级领袖，长期交往、彼此尊 重，这已成为中美关系最宝贵的战略资产。前段时间，中美经贸关系再次出现波折。通过吉隆 坡经贸会谈，双方澄清了立场，增进了理解，就对等解决当前紧迫的经贸问题达成框架共识。 这再次证明，只要双方不折不扣落实两国元首达成的重要共识，秉承平等、尊重、互惠精神， 坚持通过对话化解矛盾，摒弃动辄施压的做法，就有可能推动两国关系稳下来、向前走。希望 双方相向而行，为中美高层互动做好准备，为两国关系发展创造条件。 10月27日，中共中央政治局委员、外交部长王毅同美国国务卿鲁比奥通电话。 鲁比奥表示，美中关系是世界上最重要的双边关系，期待通过高层互动，向世界发出积极信 号。 ...

王毅表示，中美关系牵动世界的走向，一个健康、稳定、可持续的双边关系符合两国长远利 益，也是国际社会共同期待。习近平主席和特朗普总统都是世界级领袖，长期交往、彼此尊 重，这已成为中美关系最宝贵的战略资产。前段时间，中美经贸关系再次出现波折。通过吉隆 坡经贸会谈，双方澄清了立场，增进了理解，就对等解决当前紧迫的经贸问题达成框架共识。 这再次证明，只要双方不折不扣落实两国元首达成的重要共识，秉承平等、尊重、互惠精神， 坚持通过对话化解矛盾，摒弃动辄施压的做法，就有可能推动两国关系稳下来、向前走。希望 双方相向而行，为中美高层互动做好准备，为两国关系发展创造条件。 鲁比奥表示，美中关系是世界上最重要的双边关系，期待通过高层互动，向世界发出积极信 号。 来源：新华社 10月27日，中共中央政治局委员、外交部长王毅同美国国务卿鲁比奥通电话。 ...

据央视新闻，10月27日，中共中央政治局委员、外交部长王毅同美国国务卿鲁比奥通电话。 王毅表示，中美关系牵动世界的走向，一个健康、稳定、可持续的双边关系符合两国长远利益，也是国际社会共同期待。习近平主席和特朗普总统 都是世界级领袖，长期交往、彼此尊重，这已成为中美关系最宝贵的战略资产。前段时间，中美经贸关系再次出现波折。通过吉隆坡经贸会谈，双 方澄清了立场，增进了理解，就对等解决当前紧迫的经贸问题达成框架共识。这再次证明，只要双方不折不扣落实两国元首达成的重要共识，秉承 平等、尊重、互惠精神，坚持通过对话化解矛盾，摒弃动辄施压的做法，就有可能推动两国关系稳下来、向前走。希望双方相向而行，为中美高层 互动做好准备，为两国关系发展创造条件。 鲁比奥表示，美中关系是世界上最重要的双边关系，期待通过高层互动，向世界发出积极信号。 ...

10月23日，中共中央对外联络部副部长陆慷会见由美军前太平洋总部司令、美前国家情报总监布莱尔率 领的美中关系全国委员会代表团，双方就中美关系等共同关心的问题交换看法。（环球网） ...

针对中美元首互访的提问，中国外交部发言人郭嘉昆表示，元首外交对中美关系发挥着不可替代的重要引领作用，中美元首之间保持着密切的沟通与交往，关于具体问题，目前没有可以发布的消息。（央视） ...

10月23日，中共中央对外联络部副部长陆慷会见由美军前太平洋总部司令、美前国家情报总监布莱尔率 领的美中关系全国委员会代表团，双方就中美关系等共同关心的问题交换看法。（中联部网站） ...

Core Viewpoint - The dialogue between Huang Yiping and former U.S. Treasury Secretary Robert Rubin at the 2025 Bund Summit highlighted concerns over U.S. tariffs, employment, inflation, and the challenges of artificial intelligence, reflecting differing perspectives on U.S. economic policies and their global implications [3][4][6]. Group 1: U.S. Tariffs and Economic Policy - Rubin criticized the U.S. tariffs as a misguided policy that undermines economic efficiency and raises prices, with a Goldman Sachs study indicating that approximately 82% of the tariff costs will be borne by Americans [4][5]. - He emphasized that the "America First" policy should align with an open trade system, arguing that globalization has historically benefited the U.S. economy, and current job losses are due to ineffective policy responses to trade liberalization [3][4]. - Rubin described tariffs as a regressive tax that disproportionately affects the poor, making them undesirable from both economic growth and social equity perspectives [5]. Group 2: U.S. Economic Outlook and Monetary Policy - Despite acknowledging the challenges posed by the Trump administration's policies, Rubin expressed long-term optimism about the U.S. economy, highlighting the need for reforms to address the unsustainable debt trajectory [6]. - He suggested eliminating the debt ceiling to prevent crises, while cautioning that this does not resolve the underlying issues of fiscal sustainability [6]. - Rubin noted that Federal Reserve Chairman Jerome Powell has successfully maintained the independence of the Fed amid political pressures, although he refrained from predicting future monetary policy actions [6]. Group 3: Artificial Intelligence and International Cooperation - The discussion on artificial intelligence underscored its potential to impact economic development, national security, and social structures, with Rubin advocating for international cooperation, particularly between the U.S. and China, to address governance challenges [7]. - Huang pointed out the contradictions in U.S. policy, where attempts to limit China's technological advancements coexist with a desire to access the Chinese market, leading to unintended consequences [7]. - Rubin warned that the current U.S. policy direction is heavily influenced by individual decision-makers, increasing uncertainty and unpredictability in both domestic and international contexts [8].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current sanctions have little impact on the European shipping routes, which are in the regular year - end price - holding stage. The first round of price - holding in late October to stop the price decline has shown initial results, and it has entered the second round in early November. There will be multiple rounds of price - holding in the next two months, so the seasonal expectations are in advance. The report suggests a wait - and - see strategy as the short - term peak - season price increase cannot be disproven, and the market is in a relatively strong and volatile state. Future attention should be paid to Sino - US relations, end - of - month loading conditions, and November's empty - sailing situation [6][7] 3. Summary by Relevant Catalogs Shipping Derivatives Data - **China Export Container Freight Rates**: The SCFI - US West index increased by 6.27%, SCFI - US East by 7.11%, SCFI - Northwest Europe by 11.21%, SCFI - Mediterranean by 8.25%, while the comprehensive index SCFI decreased by 1.60%, and SCFIS - US West decreased by 100.00% (the reason for this extreme decrease needs further investigation). The SCFIS - Northwest Europe decreased by 1.43% [3] - **Contract Data**: For contracts such as EC2506, EC5602, etc., the price change rates range from - 0.06% to 1.59%. Regarding the contract positions, for example, EC2606's position increased from 1399 to 1402, while EC2410's position decreased from 5583 to 4818. The month - to - month spreads like 10 - 12, 12 - 2, and 12 - 4 also have corresponding changes [3][4] Market News and Observations - US Treasury Secretary Scott Bessent reached a "very substantial framework agreement" with Chinese Vice - Premier He Lifeng, which will avoid 100% US tariffs on Chinese products and extend China's rare - earth export controls [5] - US President Donald Trump is confident in reaching an agreement with Chinese leaders after the preliminary consensus reached in the Sino - US high - level economic officials' trade consultations [5] - Shipping companies like CMA CGM, Maersk, and MSC are re - flagging some ships to India, indicating the strong future growth potential of the Indian market and the effectiveness of India's maritime development strategy, in contrast to the relatively weak results of the US maritime revitalization in 2025 [5] - The Suez Canal Authority expects its 2026 revenue to reach about $8 billion, up from the current approximately $4 billion [5] - The US and Vietnam have reached an agreement on a "reciprocal, fair, and balanced trade framework agreement" to strengthen bilateral economic relations [5] EC Market - **Market Condition**: The market is in a volatile state. The spot prices vary in late October and early November. In late October, prices range from 1350 to 2600, and in early November, they range from 1350 to 2800 [6] - **Logic**: Sanctions have little impact on the European routes. The routes are in the year - end price - holding stage, with the first round of price - holding in late October showing initial results and entering the second round in early November [6] - **Strategy**: The recommended strategy is to wait and see, as the short - term peak - season price increase cannot be disproven, and the market is in a relatively strong and volatile state [7]

Report Industry Investment Rating - Gold: High-level adjustment ★★ [1] - Silver: High-level adjustment ★★ [1] - Copper: Long-term holding ★★ [1] - Zinc: Rebound ★ [1] - Lead: Strong ★ [1] - Tin: Rebound ★ [1] - Aluminum: Strong ★★ [1] - Nickel: Rebound ★ [1] - Industrial Silicon: Rebound ★ [1] - Polysilicon: Cautiously bullish ★ [1] - Lithium Carbonate: Bullish ★★ [1] Report's Core View - The long-term upward logic of gold remains unchanged, benefiting from global monetary easing, declining US dollar credit, and geopolitical restructuring. Short-term fluctuations are affected by factors such as Sino-US relations and geopolitical situations [1][3]. - Copper is recommended to hold long positions, with cautious chasing of highs. In the long term, copper is optimistic due to its strategic importance and potential demand growth [1][7]. - Zinc is expected to have limited upside after the short-term macro - policy stimulus fades, and it is recommended to sell on rallies in the medium - to - long term [1][10]. - Aluminum prices are expected to remain strong in the short term due to factors such as inventory depletion and cost support [1][14]. - Nickel and stainless steel are recommended to be on the sidelines for now, waiting for downstream consumption improvement [1][18]. - Lithium carbonate's fundamentals have improved, and it is recommended to hold long positions [1][22]. Summary by Related Catalogs Gold and Silver - **Market Review**: Sino-US relations eased, market risk aversion subsided, and gold and silver prices continued to adjust [2]. - **Basic Logic**: Sino-US negotiations achieved results, US data supported further interest rate cuts, geopolitical issues such as the Russia - Ukraine situation and the French political crisis were complex, and gold is expected to have a long - term bull market [3]. - **Strategy Recommendation**: The long - term upward logic remains unchanged. Short - term attention should be paid to the opportunity to enter the market when gold and silver stop falling. Domestic gold pays attention to the 930 support, and silver pays attention to the effectiveness of the 11000 support [4]. Copper - **Market Review**: Shanghai copper oscillated at a high level overnight, and the center of gravity continued to move up [6]. - **Industrial Logic**: Overseas copper mine supply disturbances increased, domestic electrolytic copper production was expected to decline in the fourth quarter, and downstream demand was affected by factors such as real estate and infrastructure [6]. - **Strategy Recommendation**: In the super macro week, it is recommended to continue to hold copper long positions, be cautious about chasing highs, and use trailing stop - loss protection. In the medium - to - long term, copper is still optimistic [7]. Zinc - **Market Review**: Zinc oscillated narrowly overnight, with insufficient upward momentum [9]. - **Industrial Logic**: Domestic zinc concentrate supply was loose, demand was weak, and overseas LME zinc inventory increased slightly [9]. - **Strategy Recommendation**: Zinc continued to rebound, but the overall demand was weak. In the medium - to - long term, it is still a short - side allocation in the sector [10]. Aluminum - **Market Review**: Aluminum prices continued to rise, and alumina prices stabilized [12]. - **Industrial Logic**: Overseas macro - interest rate cut expectations continued. The inventory of electrolytic aluminum decreased, and the alumina market was in an oversupply pattern [13]. - **Strategy Recommendation**: It is recommended to buy on dips in the short term for Shanghai aluminum, paying attention to the changes in the downstream processing enterprise's operating rate [14]. Nickel - **Market Review**: Nickel prices rebounded in the short term, and stainless steel also showed a rebound trend [16]. - **Industrial Logic**: Overseas nickel ore supply disturbances weakened, domestic pure nickel inventory increased significantly, and stainless steel market inventory increased, with weak downstream demand [17]. - **Strategy Recommendation**: It is recommended to wait and see for nickel and stainless steel, paying attention to the improvement of downstream consumption [18]. Lithium Carbonate - **Market Review**: The main contract LC2601 opened slightly higher, encountered resistance and fell back after rising to 81,000, and the gains narrowed at the end of the session [20]. - **Industrial Logic**: The fundamentals improved significantly, with continuous inventory reduction for 10 weeks, strong terminal demand, and a positive feedback loop in the industry was expected to form [21]. - **Strategy Recommendation**: Hold long positions in the 2601 contract within the range of [78800 - 82000] [22].