Report Overview - Report Date: July 23, 2025 [1] - Report Title: "Soybean Meal: Market sentiment is strong, and the market fluctuates strongly; Soybean No.1: Technically fluctuates strongly" [1] - Analyst: Wu Guangjing [1] Industry Investment Rating - Not provided in the report Core Viewpoints - The market sentiment of soybean meal is strong, and the market fluctuates strongly; the technical aspect of soybean No.1 fluctuates strongly [1] - The core factors affecting soybean prices in the near term are Sino-US trade dynamics and weather conditions [3] Summary by Directory 1. Fundamental Tracking Futures - DCE Soybean No.1 2509: The daytime closing price was 4,232 yuan/ton, up 56 yuan (+1.34%); the night session closing price was 4,241 yuan/ton, up 28 yuan (+0.66%) [1] - DCE Soybean Meal 2509: The daytime closing price was 3,086 yuan/ton, up 27 yuan (+0.88%); the night session closing price was 3,092 yuan/ton, up 16 yuan (+0.52%) [1] - CBOT Soybean 11: The price was 1,026 cents/bushel, down 0.75 cents (-0.07%) [1] - CBOT Soybean Meal 12: The price was 286.9 dollars/short ton, up 2 dollars (+0.70%) [1] Spot - Shandong: The price of soybean meal (43%) was 2,930 - 2,950 yuan/ton, M2509 + 0/+30, basically flat to up 20 yuan compared to the previous day [1] - East China: The price of soybean meal in Taizhou Huifu was 2,910 yuan/ton, up 10 yuan compared to the previous day [1] - South China: The price of soybean meal was 2,930 - 2,970 yuan/ton, M2601 + 90, down 20 yuan to up 20 yuan compared to the previous day [1] Main Industry Data - Trading volume: The trading volume of soybean meal was 12.15 million tons/day, compared with 14.95 million tons/day two days ago [1] - Inventory: The inventory of soybean meal was 90.83 million tons/week, compared with 84.29 million tons/week two days ago [1] 2. Macro and Industry News - On July 22, CBOT soybean futures closed lower. The good weather in the US Midwest boosted the crop yield outlook, putting pressure on prices [3] - Sino-US trade negotiations are about to resume, which improves market sentiment and provides support [3] - The US Treasury Secretary announced that he will meet with the Chinese Finance Minister in Stockholm next week to discuss the possibility of reaching a trade agreement before August 12 to avoid the implementation of high tariffs [3] - The market is also waiting to see if the US will implement the tariff deadline for global trading partners on August 1 [3] 3. Trend Intensity - The trend intensity of soybean meal is +1; the trend intensity of soybean No.1 is +1 (only referring to the price fluctuation of the main contract in the daytime session on the report day) [3]

日本汽车股集体走强。丰田汽车、本田汽车、日产汽车三大车企股价同步拉升。 受到相关消息影响，今天（7月23日）上午日本股市大涨，日经225指数盘中站上40000点整数关 口。 日经 225 N225 40811.77 今开 40189.18 最高 40850.70 最低 40087.86 -- 振幅 1.92% 2.61% 1036.85 总量 昨收 39774.92 52周高 40852.54 52周低 30792.74 相关基金 日经 ETF 1.152 2.49% 跟踪误差 2 0.69% > 分时 五日 日K (0) 均价：40640.44 最新：40811.77 1036.85 2.61% 40850.70 2.70% wn a ma 20771-92 38699.14 -2.70% 成交量 ▼ 0 分时量:0 - 现量: -- 2025.07. 23 本文字数：199，阅读时长大约1分钟 据央视新闻消息，当地时间7月22日，美国总统特朗普通过社交媒体宣布美国与日本达成贸易协议： 对日 关税税率为15%及日本5500亿美元对美投资 。 | | 2786.0 +289.5 +11.60% | | | | ...

Group 1 - The US and Japan have reached a trade agreement, reducing the reciprocal tariff rate from 25% to 15%, with Japan committing to invest $550 billion and open its agricultural market, including rice [1] - Following the announcement, the Japanese stock market experienced a significant surge, with the Nikkei 225 index surpassing the 40,000-point mark, showing an intraday increase of over 2% [2] - The Tokyo Stock Exchange index also saw a notable rise, breaking the 2,900-point threshold with an increase exceeding 2.4% [4] Group 2 - Japanese automotive stocks were the highlight of the market surge, with Mazda's stock rising over 17%, Subaru's over 14%, Toyota's over 10%, Honda's over 9%, and Nissan's over 9% [5] - The automotive sector is crucial to Japan's economy, and the previous announcement of a 25% tariff on Japanese automotive exports had been a significant point of contention in US-Japan trade negotiations [5]

Core Viewpoint - The article discusses the recent trade agreement between the United States and Japan, which includes a reduction in tariffs and significant Japanese investment in the U.S. [1] Group 1: Trade Agreement Impact - The U.S. and Japan have reached a trade agreement that lowers the reciprocal tariff rate from 25% to 15% [1] - Japan is set to invest $550 billion in the U.S. and will open its market for rice and other agricultural products [1] Group 2: Market Reaction - Following the announcement, the Japanese stock market experienced a significant surge, with the Nikkei 225 index surpassing the 40,000-point mark, showing an intraday increase of over 2% [2][4] - Major automotive stocks in Japan saw substantial gains, with companies like Mazda, Subaru, Toyota, Honda, and Nissan reporting increases of over 9% to 17% [10] Group 3: Sector Performance - The automotive sector was highlighted as a key driver of the market rally, with collective gains among major car manufacturers [9][10] - Other large companies in Japan, including TDK, Yamaha, and Panasonic, also saw their stock prices rise significantly [6]

Group 1: Trade Agreement Overview - The United States and Japan have reached a significant trade agreement, described by President Trump as potentially the largest trade deal in history [1] - The agreement includes a 15% "reciprocal" tariff on Japanese goods imported into the U.S. and Japan committing to invest $550 billion in the U.S. [1] - The deal is expected to create hundreds of thousands of jobs and opens Japanese markets to U.S. products such as automobiles and agricultural goods [1] Group 2: Market Reactions - Following the announcement, the Japanese yen initially rose by 0.3% against the U.S. dollar but later lost most of its gains, settling at 146.46 [2] - Japanese government bond futures fell by 70 basis points, while the 30-year bond yield increased by 4 basis points to 3.12% [2] - Analysts suggest that the initial strength of the yen reflects market sentiment that the 15% tariff is a favorable outcome for Japan [2] Group 3: Political Implications - The trade agreement may serve as a stabilizing factor for Japanese Prime Minister Kishida's administration, which recently lost its parliamentary majority [4] - Kishida indicated that he would assess the progress of tariff negotiations before deciding on his continuation in office [4] Group 4: Negotiation Context - The negotiations were described as tense, with both sides acknowledging the challenges faced [5] - Key points of contention included rice trade and the automotive industry, with Trump highlighting Japan's limited imports of U.S. rice and cars [5] - The agreement alleviates the threat of a 25% tariff on Japanese goods, potentially giving Japan a competitive edge over U.S. suppliers [5] Group 5: Trade Statistics - Japan is the fifth-largest source of imports for the U.S., exporting $148 billion worth of goods, primarily automobiles and machinery [6] - Prior to the agreement, Japanese goods faced a potential 24% tariff, which was later reduced to a minimum of 10% [6] - The agreement is a continuation of the 2019 U.S.-Japan Trade Agreement, which expanded the range of duty-free goods [6]

Group 1 - The core point of the news is that the United States and Japan have reached a significant trade agreement, with Japan committing to invest $550 billion in the U.S. and imposing a 15% tariff on certain imports [1][2] - The agreement is expected to create thousands of jobs in the U.S. and is described as potentially the largest trade deal in history [1] - Japan will open its markets to U.S. products, including automobiles, rice, and other agricultural goods, which is seen as a major step in U.S.-Japan trade relations [1] Group 2 - The negotiations between the U.S. and Japan have reached a critical point, with a deadline approaching for a potential increase in automobile tariffs from 10% to 25% if no agreement is reached by August 1 [2] - Japan's chief trade negotiator, Akizawa Ryo, has been actively discussing tariff issues with U.S. officials, indicating that the talks are progressing well [2] - The recent electoral defeat of Japan's Prime Minister Shigeru Ishiba has added urgency to the negotiations, as the government views the trade talks as crucial for maintaining its political standing [2]

2025.07. 23 推荐阅读 本文字数：219，阅读时长大约1分钟 三小时搬800箱，一台机器人或可替代约1.4~2名工人！实探智元机器人落地工厂 菲律宾方面目前暂无回应。 微信编辑 | 七三 封图 | 当地时间22日，特朗普在白宫会见到访的菲律宾总统马科斯 据央视新闻，当地时间7月22日，美国总统特朗普在其社交媒体平台"真实社交"上发文称，当天， 他在白宫会见到访的菲律宾总统马科斯，双方达成了贸易协议。 特朗普称， 将 对菲律宾征收19%的关税 。菲律宾将对美国开放市场，并实行零关税。 ...

2025.07. 23 本文字数：317，阅读时长大约1分钟 推荐阅读 三小时搬800箱，一台机器人或可替代约1.4~2名工人！实探智元机器人落地工厂 据央视新闻，当地时间7月22日，美国总统特朗普通过社交媒体宣布美国与日本达成贸易协议：对日 关税税率为15%及日本5500亿美元对美投资 。 截至目前，日本方面暂无回应。 微信编辑 | 七三 特朗普在其社交平台"真实社交"上发文称，美国刚刚与日本达成了一项"巨大的"协议，可能是有史以 来最大的一项。 他表示，按照其指示，日本将向美国投资5500亿美元，美国将获得其中90%的利润。这项协议将创 造数十万个就业岗位。 特朗普还称，或许最重要的是，日本将开放其市场进行贸易，包括汽车、卡车、大米以及其他部分农 产品和商品。日本将向美国支付15%的对等关税。 ...

美国总统特朗普：刚刚与日本签署了历史上最大的贸易协议，这对双方都是一笔好交易，与过去的交易 相比，情况有很大不同，关税收入比预期的更高。 ...

他表示，按照其指示，日本将向美国投资5500亿美元，美国将获得其中90%的利润。这项协议将创 造数十万个就业岗位。 特朗普还称，或许最重要的是，日本将开放其市场进行贸易，包括汽车、卡车、大米以及其他部分 农产品和商品。日本将向美国支付15%的对等关税。 截至目前，日本方面暂无回应。 据央视新闻， 当地时间7月22日，美国总统特朗普通过社交媒体宣布美国与日本达成贸易协议：对 日关税税率为15%及日本5500亿美元对美投资。 特朗普在其社交平台"真实社交"上发文称，美国刚刚与日本达成了一项"巨大的"协议，可能是有史 以来最大的一项。 ...