Core Viewpoint - The meeting between China's Minister of Commerce Wang Wentao and Apple's CEO Tim Cook highlights the importance of stable Sino-U.S. economic relations and the commitment of both parties to enhance cooperation in the face of recent trade tensions [1] Group 1: Sino-U.S. Economic Relations - Wang emphasized that since May, the economic teams of both countries have held four meetings to stabilize trade relations, but recent U.S. restrictions have negatively impacted the atmosphere for negotiations [1] - The Chinese government aims to maintain overall stability in Sino-U.S. economic relations and encourages mutual efforts to find solutions through equal dialogue [1] Group 2: Apple's Commitment to China - Cook reaffirmed Apple's commitment to deepening its presence in China and participating in the country's high-quality development [1] - He stated that a good Sino-U.S. economic relationship is crucial not only for both nations but also for global economic stability and development [1]

风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 10月16日，商务部部长王文涛会见美国苹果公司首席执行官库克。双方就中美经贸关系、苹果公司在华 业务发展等进行了交流。 王文涛表示，在中美两国元首战略指引下，双方经贸团队5月以来举行了四次 会谈，推动中美经贸关系回稳。近期中美经贸关系出现波动，主要原因是美方在马德里经贸会谈后，密 集出台一系列对华限制措施，严重损害中方利益，破坏双方经贸会谈氛围。维护中美经贸关系总体稳 定，需要双方相向而行。希望美方与中方一道，以两国元首通话重要共识为引领，通过平等对话协商寻 找解决问题的办法，为两国企业开展合作提供更加稳定的预期和环境。 王文涛指出，中国政府将坚定 不移推进高水平对外开放，持续优化营商环境，让外资企业共享中国发展机遇。欢迎苹果公司继续深化 对华合作，加大在华投入。 库克表示，苹果公司将继续坚定扎根中国、深耕中国，积极参与中国高质 量发展。良好的美中经贸关系不仅对两国意义重大，也有利于全球经济稳定和发展，苹果公司愿 ...

南都讯 记者杨文君 发自北京 美国贸易代表贾米森·格里尔（Jamieson Greer）近日表示，是否避免美国 对中国产品实施100%的新关税取决于中国，他还称自己相信仍有机会解决关于关键矿产限制的争议。 对此，商务部新闻发言人何咏前在10月16日的例行新闻发布会上进行了回应。 何咏前说，我想强调的是，中美马德里经贸会谈后，不顾中方反复劝阻，短短20余天，美方密集出台20 项对华打压措施，严重损害中方利益，破坏双方经贸会谈氛围。特别是9月底，美方出台了出口管制实 体清单穿透性规则，事实上将数千家中国企业延伸列入"实体清单"；同时，不顾中方磋商诚意，美方执 意于10月14日落地对华造船"301"调查港口费措施，对中方利益造成严重损害，消极影响极为恶劣。 何咏前表示，中方对美方一系列做法强烈不满，坚决反对。希望美方珍惜经贸会谈成果，立即纠正错误 做法，中方愿与美方在相互尊重基础上，通过平等对话的方式妥善解决各自关切。 何咏前还表示，中方在措施出台前，已通过双边出口管制对话机制向包括美国在内的各有关国家和地区 进行了通报，澄清政策目标，减少误解误判，部分国家和地区表示理解，愿意并正在与中方积极开展沟 通协作。 ...

Group 1 - The Chinese government maintains a consistent and clear stance, advocating for dialogue and negotiation based on equality, respect, and mutual benefit, rather than pressure and intimidation from the U.S. [3] - The Chinese Ministry of Commerce criticized U.S. Treasury Secretary's comments as a serious distortion of facts, emphasizing that the Chinese delegation's visit to Washington was in line with discussions on U.S.-China economic relations [4][6] - The Chinese side has been actively engaging with the U.S. regarding the 301 investigation and related restrictions, while the U.S. has shown a negative attitude, insisting on implementing restrictive measures [6] Group 2 - The U.S. measures against Chinese shipbuilding and related industries are characterized as unilateralism and protectionism, which harm China's industrial interests and could increase inflation in the U.S., affecting port competitiveness and employment [6] - The Chinese government views its countermeasures as necessary defensive actions to maintain a fair competitive environment in international shipping and shipbuilding markets [6] - The Chinese side hopes the U.S. will recognize its erroneous actions and return to the correct path of dialogue and negotiation [6]

Group 1 - The core viewpoint of the article emphasizes China's strong dissatisfaction and opposition to the recent U.S. trade measures that have severely harmed Chinese interests and disrupted the atmosphere for economic talks between the two countries [1] - The U.S. has implemented 20 measures against China shortly after the Madrid economic talks, which China views as a violation of mutual respect and dialogue [1] - China's willingness to resolve concerns through equal dialogue is highlighted, indicating a desire for constructive engagement despite the tensions [1] Group 2 - The article mentions that prior to the U.S. measures, China had already engaged in bilateral export control dialogue mechanisms [2]

"中方在措施出台前，已经通过双边出口管制对话机制，向包括美国在内的各有关国家和地区进行了通 报，澄清政策目标，减少误解误判。"何咏前进一步介绍说，"部分国家和地区表示理解愿意，并正在与 中方积极开展沟通协作。" 责任编辑：何俊熹 【环球时报-环球网报道 记者 倪浩】10月16日下午，商务部举行例行新闻发布会。有媒体提问称，美国 贸易代表格里尔表示，是否避免美国对中国产品实施100%的新关税取决于中国，他还称自己相信仍有 机会解决关于关键矿产限制的争议。中方对此有何评论？ 对此，商务部新闻发言人何咏前表示，我想强调的是，中美马德里经贸会谈后，不顾中方反复劝阻，短 短20余天，美方立即出台20项对华打压措施，严重损害中方利益，破坏双方经贸会谈氛围。特别是9月 底，美方出台了出口管制实体清单穿透性规则，事实上将数千家中国企业延伸列入实体清单，同时不顾 中方磋商诚意，执意于10月1日落地；对华造船301调查港口费措施，对中方利益造成严重损害，影响极 为恶劣。 何咏前说，中方对美方一系列做法强烈不满，坚决反对。希望美方珍惜经贸会谈成果，立即纠正错误做 法。中方愿与美方在相互尊重基础上，通过平等对话的方式妥善解决各自关切 ...

Core Viewpoint - The article discusses the potential extension of the suspension of tariffs on Chinese goods by the U.S. in exchange for China delaying its rare earth export control plans, as indicated by U.S. Treasury Secretary Mnuchin [1] Group 1: U.S.-China Trade Relations - U.S. Treasury Secretary Mnuchin hinted at the possibility of extending the suspension of tariffs on Chinese products [1] - The U.S. is considering this move as a bargaining chip to persuade China to postpone its rare earth export control plans [1] - President Trump is reportedly preparing to meet with Chinese leaders in the near future [1] Group 2: China's Position - The Chinese government has reiterated its stance on rare earth export controls and U.S.-China economic issues [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Palm oil: Limited drivers from production areas, continue to hold reverse spreads [1] - Soybean oil: Range-bound operation, pay attention to China-US economic and trade relations [1] 3. Summary by Related Catalogs 3.1 Fundamental Tracking 3.1.1 Futures - Palm oil主力: Closing price (day session) was 9,322 yuan/ton with a decline of 0.09%, closing price (night session) was 9,322 yuan/ton with no change; trading volume was 448,936 hands with a decrease of 77,751 hands, and open interest was 353,041 hands with an increase of 2,263 hands [2] - Soybean oil主力: Closing price (day session) was 8,252 yuan/ton with an increase of 0.15%, closing price (night session) was 8,234 yuan/ton with a decline of 0.22%; trading volume was 206,030 hands with a decrease of 52,905 hands, and open interest was 497,389 hands with an increase of 3,429 hands [2] - Rapeseed oil主力: Closing price (day session) was 9,932 yuan/ton with a decline of 0.27%, closing price (night session) was 9,922 yuan/ton with a decline of 0.10%; trading volume was 203,023 hands with a decrease of 19,449 hands, and open interest was 296,642 hands with a decrease of 3,196 hands [2] - Malaysian palm oil主力: Closing price was 4,474 ringgit/ton with an increase of 0.31%, closing price (night session) was 4,480 ringgit/ton with an increase of 0.07% [2] - CBOT soybean oil主力: Closing price was 50.83 cents/pound with an increase of 0.51% [2] 3.1.2 Spot - Palm oil (24 degrees, Guangdong): Spot price was 9,200 yuan/ton with a decrease of 80 yuan/ton [2] - Grade 1 soybean oil (Guangdong): Spot price was 8,590 yuan/ton with a decrease of 30 yuan/ton [2] - Grade 4 imported rapeseed oil (Guangxi): Spot price was 10,150 yuan/ton with a decrease of 30 yuan/ton [2] - Malaysian palm oil FOB (continuous contract): Spot price was 1,105 dollars/ton with a decrease of 5 dollars/ton [2] 3.1.3 Basis - Palm oil (Guangdong): Basis was -122 yuan/ton [2] - Soybean oil (Guangdong): Basis was 338 yuan/ton [2] - Rapeseed oil (Guangxi): Basis was 218 yuan/ton [2] 3.1.4 Spread - Rapeseed oil - palm oil futures主力 spread: The spread was 610 yuan/ton, compared with 629 yuan/ton two days ago [2] - Soybean oil - palm oil futures主力 spread: The spread was -1,070 yuan/ton, compared with -1,090 yuan/ton two days ago [2] - Palm oil 1 - 5 spread: The spread was 84 yuan/ton, compared with 108 yuan/ton two days ago [2] - Soybean oil 1 - 5 spread: The spread was 202 yuan/ton, compared with 222 yuan/ton two days ago [2] - Rapeseed oil 1 - 5 spread: The spread was 428 yuan/ton, compared with 495 yuan/ton two days ago [2] 3.2 Macro and Industry News - According to shipping survey agency ITS data, Malaysia's palm oil exports from October 1 - 15 were 862,724 tons, a 16.2% increase compared to the same period last month [3] - Indonesia plans to raise the export tax on crude palm oil (CPO) from the current 10% to 15% to fund the transition from the B40 to the B50 biodiesel program. The tax increase plan is still under discussion among ministries [4][5] - Brazil's Institute of Geography and Statistics (IBGE) expects Brazil's soybean production this year to be 165.866 million tons, a 14.4% increase compared to last year's 144.947 million tons [5] 3.3 Trend Intensity - Palm oil trend intensity: 0 - Soybean oil trend intensity: 0 Note: The trend intensity ranges from -2 to 2 (integers). The strength levels are classified as weak, slightly weak, neutral, slightly strong, and strong, where -2 indicates the most bearish and 2 indicates the most bullish [6]

【环球时报综合报道】据美国媒体报道，美国总统特朗普当地时间14日在社媒平台上称，中国"故意不 购买美国大豆，给美国豆农造成困难"，这构成"经济敌对行为"。他补充说："我们正在考虑终止与中国 在食用油及其他贸易领域的业务往来，以此作为报复。例如，我们自己可以轻松生产食用油，我们不需 要从中国购买。" 彭博社称，特朗普发表上述言论之际，美国农民们正苦于大豆滞销，美国政府曾表示要通过一揽子援助 计划缓解豆农压力，不过该计划因政府停摆而受阻。许多美国豆农也强调，他们更希望与中国达成贸易 协议，而不是接受救济。 美媒提到，废弃食用油进口去年就在美国掀起了讨论，有分析认为，其阻碍美国大豆压榨规模的扩大， 并取代大豆油成为美国生物燃料领域的主力。 美国问题专家吕祥15日接受《环球时报》记者采访时表示，生物燃料并非本届美国政府的发展重点，且 其成本高昂，整体仍属于实验性产业，无论进口量增减，对两国贸易关系的实际影响都较小。吕祥补充 说，相关数据显示，今年中国对美废弃食用油出口量较同期已大幅下降，在这一背景下仍拿此事说事， 几乎没有实际意义。（丁雅栀） 中国外交部发言人林剑15日在例行记者会上回答相关问询时表示，中方在处理中美 ...

2025 年 10 月 15 日 棕榈油：产地驱动有限，关注下方支撑 豆油：区间运行，关注中美经贸关系 | | | 【基本面跟踪】 油脂基本面数据 | | | 单 位 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 | 元/吨 | 9,330 | -0.36% | 9,320 | -0.11% | | | 豆油主力 | 元/吨 | 8,240 | -0.34% | 8,244 | 0.05% | | | 菜油主力 | 元/吨 | 9,959 | -0.63% | 9,918 | -0.41% | | 期 货 | 马棕主力 | 林吉特/吨 | 4,460 | -0.80% | 4,467 | 0.13% | | | CBOT豆油主力 | 美分/磅 | 50.57 | -0.06% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 526,687 | 25422 | 350,778 | 1,573 | | | ...