Core Viewpoint - The Chinese government maintains a firm stance on protecting the legitimate rights and interests of its companies, particularly regarding TikTok, and emphasizes the importance of data privacy and security [1] Group 1: TikTok Discussions - A meeting between Chinese and American teams is scheduled for September 14 in Spain to discuss issues related to TikTok [1] - China urges the U.S. to engage in dialogue based on mutual respect and equal consultation to address concerns regarding TikTok and ensure a fair operating environment for Chinese companies in the U.S. [1] Group 2: Data Privacy and Security - The Chinese government has never required companies or individuals to collect or provide data from foreign territories in violation of local laws [1] - China emphasizes its commitment to data privacy and security, asserting that it will handle TikTok issues in accordance with laws and regulations [1]

Group 1 - The upcoming talks in Spain between China and the US will address unilateral tariff measures, export controls, and issues related to TikTok [1][2] - The US Treasury Secretary is scheduled to meet with Chinese officials to discuss trade, economic, and national security issues, including cooperation against money laundering networks [1][2] - China emphasizes its commitment to protecting the legitimate rights of its companies and insists on a fair business environment for Chinese enterprises operating in the US [2] Group 2 - The meeting in Madrid is the fourth significant face-to-face discussion between high-level economic officials from both countries this year [2] - Previous discussions in Geneva, London, and Stockholm led to a temporary suspension of a 24% tariff for 90 days, indicating a potential thaw in negotiations [2] - Analysts suggest that the upcoming talks could be crucial for reaching a comprehensive trade agreement before November 10 [3]

Core Viewpoint - The Chinese Ministry of Finance, represented by Vice Minister Liao Min, emphasizes the resilience and potential of the Chinese economy amidst global challenges, encouraging international investors to engage with the Chinese market for mutual benefits [1] Group 1: Economic Outlook - The Chinese economy is maintaining a steady and progressive development trend due to proactive fiscal policies and coordinated macroeconomic measures [1] - China possesses multiple advantages and is capable of addressing various risks and challenges to achieve sustained and stable growth [1] Group 2: International Cooperation - The Ministry of Finance is actively promoting international financial cooperation, expanding bilateral relationships, and enhancing dialogue with the U.S. to stabilize economic relations [1] - International investment institutions express optimism about China's economic prospects and market potential, indicating a willingness to leverage their expertise and global networks to capitalize on high-quality development opportunities in China [1]

Group 1 - The core viewpoint of the article is the confirmation of a meeting between U.S. Treasury Secretary and Chinese Vice Premier to discuss economic and trade issues, including unilateral tariffs and export controls [2] - The meeting is scheduled to take place in Madrid, Spain from September 14 to 17, with a focus on significant topics such as TikTok and other trade matters [2]

Group 1 - The U.S. Treasury Secretary, Janet Yellen, is set to meet with Chinese Vice Premier He Lifeng in Madrid from September 14 to 17 [1] - The discussions will focus on U.S. unilateral tariff measures, the abuse of export controls, and economic issues related to TikTok [1]

Core Insights - The Chinese economy is maintaining a stable and progressive development trend due to proactive fiscal policies and coordinated macroeconomic measures [1] - China possesses multiple advantages and is capable of addressing various risks and challenges to achieve sustained and healthy development [1] - International investors are encouraged to actively participate in the Chinese market to share in development opportunities [1] Economic Outlook - The meeting involved discussions on macroeconomic conditions and policies, as well as China-U.S. trade relations [1] - The Chinese government expresses a willingness to strengthen dialogue and consultation with the U.S. on a basis of equality and mutual respect [1] International Investor Sentiment - Representatives from international investment institutions remain optimistic about the prospects and market potential of the Chinese economy [1] - These institutions are eager to leverage their financial services expertise and global networks to capitalize on high-quality development opportunities in China [1]

Core Viewpoint - The Chinese economy is showing a stable and progressive development trend, supported by proactive fiscal policies and coordinated macroeconomic measures, which enhances its ability to address various risks and challenges [1] Group 1: Economic Outlook - The Chinese economy is characterized by multiple advantages, enabling it to achieve sustained and stable development [1] - The fiscal policies implemented this year have been effective in maintaining economic stability [1] Group 2: International Investment - International investors are encouraged to actively participate in the Chinese market to share in the development opportunities [1] - Representatives from international investment institutions express confidence in the prospects and market potential of the Chinese economy [1] Group 3: Sino-U.S. Trade Relations - The essence of Sino-U.S. economic and trade cooperation is mutual benefit, which is advantageous for both countries and the world [1] - China is willing to strengthen dialogue and consultation with the U.S. on the basis of equality and mutual respect to promote stable and healthy development of Sino-U.S. trade relations [1]

【文/观察者网 阮佳琪】 据贝森特日前透露，7月的中美斯德哥尔摩经贸会谈中并未涉及TikTok相关议题。在这一轮谈判前，美 国商务部长卢特尼克7月受访时，曾再次威胁停止TikTok的在美运营，并扬言美国"必须控制"支撑 TikTok运行的算法。 就涉TikTok问题，中方已多次阐明原则。中方将依据中国的法律法规处理相关问题。美方应为中国企业 在美经营提供开放、公平、公正和非歧视的营商环境。 基于7月的中美斯德哥尔摩经贸会谈成果，双方发布联合声明称，美方承诺自8月12日起90天内继续暂停 实施24%的对等关税，中方亦承诺，自同日起继续暂停实施24%对美加征关税以及有关非关税反制措 施，期限同样为90天。 美方近日透露，斯德哥尔摩会谈后，中美很快将迎来第四次经贸高层会面。当地时间9月11日，路透社 报道称，美国财政部长贝森特计划于下周在西班牙马德里与中方高级官员会面，继续就贸易、经济及国 家安全议题展开讨论。 据悉，此次会面是贝森特9月12日至18日访问西班牙和英国行程的一部分。17日至19日，他还将陪同美 国总统特朗普对英国进行正式国事访问，与英国国王查尔斯会面。 美财长贝森特受访时称，两三个月内将再与中方会面 ...

Core Viewpoint - The recent market downturn in September does not signify the end of the upward trend, as the underlying logic supporting the market's rise remains intact [3][4][8]. Group 1: August Market Performance - The market's rise in August was supported by coordinated fiscal and monetary policies, with M2 growth at 8.8% year-on-year, indicating a high level of liquidity [5][6]. - Government bond issuance reached 8.9 trillion yuan from January to July, accounting for 75% of the annual target, which is significantly higher than the five-year average of 47% [6]. - The central government's budget expenditure increased by 3.4% year-on-year, providing direct financial support to infrastructure and related industries [6][7]. Group 2: Continued Market Support - Despite the September adjustment, the core logic supporting the bull market remains unchanged, with ongoing policy support and expectations of a 25 basis point rate cut by the Federal Reserve [9][10]. - A total of 5424 A-share companies reported a slight revenue increase of 0.02% year-on-year, with net profits rising by 2.45%, indicating a gradual economic recovery [9][10]. - The average daily trading volume in August reached approximately 2.3 trillion yuan, marking a historical high, and remained robust at 2.67 trillion yuan in the first four trading days of September [10]. Group 3: Market Adjustment as an Opportunity - As of September 4, the Shanghai Composite Index had retraced 3.03% from its recent peak, but this remains within a reasonable range compared to the overall gains for the year [12]. - Historical data suggests that market pullbacks often present new investment opportunities, particularly for previously sidelined funds [12][14]. - The current equity-to-bond yield ratio stands at 4.02, indicating that the stock market remains attractive relative to the bond market, historically suggesting positive performance ahead [12][14].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The trade war uncertainty remains, the demand expectation for the container shipping index (European route) is weak, and the futures price fluctuates greatly. It is recommended that investors be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data in a timely manner [1]. 3) Summary by Relevant Catalogs Futures Market - EC2510 (main contract) closed at 1291.4, up 19.4; EC2511 (sub - main contract) closed at 1640.9, up 78.3. The main contract increased by 1.53%, and the far - month contracts increased by 1 - 5% [1]. - The spread between EC2510 and EC2512 was +15.7 higher; the spread between EC2510 and EC2602 was - 115, up 32.1 [1]. - The EC contract basis was 488.6, down 240.6 [1]. - The main contract's open interest was 52271 lots, down 989 [1]. Spot Market - SCFIS (European route) was 1773.6, down 216.6 week - on - week, a 10.9% decline; SCFIS (US West Coast route) was 1013.9, down 27.48 [1]. - SCFI (composite index) was 1445.06, up 29.7 week - on - week; container ship capacity was 1227.97 (ten thousand TEUs), up 0.07 [1]. - CCFI (composite index) was 1156.32, down 18.55 week - on - week; CCFI (European route) was 1685.8, down 71.94 [1]. - The Baltic Dry Index was 2025, down 8; the Panamax Freight Index was 1847, up 27. The average charter price of Panamax ships was 14170, down 224; that of Capesize ships was 26105, up 782 [1]. Industry News - Chinese official Li Chenggang visited the US to discuss Sino - US economic and trade relations [1]. - Trump's global tariff policy and the prosecution of dismissing Fed Governor Cook are facing a final ruling by the US Supreme Court [1]. - Japan and the US are discussing measures such as reducing tariffs and a joint document on a $550 billion investment in the US [1]. Market Analysis - The "price war" in the container shipping industry has put continuous pressure on the fundamentals. The US employment data in July was far below expectations, and the expectation of interest rate cuts has soared. The internal demand in the eurozone is still weak [1]. Key Data to Focus On - Eurozone's preliminary August CPI annual rate at 17:00 on September 2nd - US August S&P Global Manufacturing PMI final value at 21:45 on September 2nd - US August ISM Manufacturing PMI at 22:00 on September 2nd [1]