Group 1 - The Trump administration has announced an expansion of the 50% tariffs on steel and aluminum imports, which will include hundreds of derivative products, effective August 18 [1] - The U.S. Department of Commerce has added 407 product codes to the tariff list due to their steel and aluminum content, with specific tariffs applicable to non-steel and aluminum components [1] - The tariffs on steel and aluminum are the highest since the 1930s, leading to increased production costs for manufacturers and potentially higher prices for consumers [2] Group 2 - U.S. Aluminum Company reported a $20 million increase in production costs in Q1 due to tariff policies, and a $115 million increase in Q2 as a result of tariffs on Canadian products [2] - Approximately 70% of aluminum produced by the U.S. Aluminum Company in Canada is sold to the U.S., where customers are now paying higher prices than in other global markets [2] - The Producer Price Index (PPI) for July rose by 0.9%, significantly higher than June's zero growth, indicating rising cost pressures for U.S. businesses [4] Group 3 - President Trump announced plans to impose semiconductor tariffs, potentially reaching up to 300%, within two weeks [3] - The PPI increase was primarily driven by the service sector, with a notable 1.1% rise in service producer prices, the largest since March 2022 [4] - Core PPI, excluding food and energy, also saw a 0.9% month-over-month increase, with a year-over-year rise of 3.7%, indicating persistent inflationary pressures [4]

Core Viewpoint - The recent fluctuations in gold prices are influenced by multiple factors, including calls for interest rate cuts by the U.S. Treasury Secretary, tariff policies, geopolitical tensions, and economic data performance [3][4]. Group 1: Gold Price Movements - Domestic gold price (99.95%) is quoted at 775.08 CNY per gram, down 0.01% [1]. - International gold price is reported at 3,385.0 USD per ounce, up 0.07% [2]. Group 2: Influential Factors - U.S. Treasury Secretary's call for interest rate cuts has heightened market expectations for a rate reduction next month, which typically supports non-yielding gold prices [3]. - Tariff policies and geopolitical issues, including statements from Trump regarding tariffs on semiconductors and pharmaceuticals, as well as tensions in regions like Israel and Ukraine, have increased market risk aversion, impacting gold prices [3]. - Economic data, such as the July CPI showing moderate inflation, supports the expectation for a rate cut by the Federal Reserve, influencing gold investment demand [3]. Group 3: Price Outlook - Short-term outlook suggests that expectations for a September rate cut by the Federal Reserve may support gold prices, although rising U.S. stock markets and easing geopolitical tensions could limit safe-haven demand [4]. - Long-term factors such as global economic uncertainty, geopolitical risks, and central bank gold purchases are likely to drive gold prices higher, although improvements in U.S. economic data or unexpected Federal Reserve policy changes could restrict price increases [4].

黄金市场上周：国际黄金遇阻回落收跌，几乎收复前两周涨幅，但仍处于中轨上方，且布林带也趋向缩口，暗示后市仍将维持震荡调整为主波动，并在方 向上方，仍趋向向上攀升。 具体走势上，金价自周初开于3398.34美元/盎司，便先行录得当周高点3404.51美元后，则遇阻回落，日跌超1.6%，跌幅55美金，虽而收取止跌形态，周三 到周四也止跌震荡回升表现，但周四反弹的多头未能持稳，最终回落收复前两日反弹涨幅，微幅刷新周二低点至3329.84美元当周低点，周五震荡偏弱， 收于3336.11美元，周振幅74.67美元，收跌62.23美元，跌幅1.83%。 影响上，受到中美再次暂停实施24%关税90天，以及黄金税谣言的破除等，金价遇阻回落，虽然由于特朗普再次炮轰鲍威尔应立即降息，美财长也甚至建 议降息50个基点，投资者也基本锁定美联储9月降息，令金价止跌震荡回升； 张尧浠：地缘会晤压力有限、降息加关税预再助金价多头 周图，金价自去年开涨攀升以来，如期第4次回踩中轨线支撑展开震荡调整，虽然附图指标一直处于空头信号发展，但持续处于中轨上方的震荡调整，也 是在消耗空头压力，那么对于后市来讲，大概率也将震荡调整之后，再度向上走强攀升。 ...

当地时间6月3日，美国白宫发表声明称，美国总统特朗普宣布将进口钢铁和铝及其衍生制品的关税从 25%提高至50%。该关税政策自美国东部时间2025年6月4日凌晨00时01分起生效。 美国特朗普政府宣布扩大对钢铁和铝进口征收50%关税的范围，扩大的关税清单将于8月18日正式生 效。 当地时间8月15日，美国特朗普政府宣布扩大对钢铁和铝进口征收50%关税的范围，将数百种衍生产品 纳入加征关税清单。 美国商务部在当天晚间发布的《联邦公报》公告中表示，工业与安全局已将407个产品编码加入《美国 协调关税表》，这些产品将因所含钢铁和铝成分而被加征额外关税。 公告称，这些产品中非钢铁和铝的部分，将适用特朗普总统对特定国家商品所征收的关税税率。扩大的 关税清单将于8月18日正式生效。 美国劳工部发布的最新数据显示，美国7月份PPI（生产者价格指数）环比上涨0.9%，大幅高于6月份的 零增长和市场预期的0.2%，为2022年6月以来的最大涨幅；该指数同比涨幅为3.3%，大幅高于6月份的 2.3%和市场预期的2.6%，为今年2月以来的最高水平。 美国劳工部的数据还显示，7月份PPI上涨主要被服务业驱动。服务业生产者价格指数当月环 ...

Group 1 - The Trump administration announced an expansion of tariffs on steel and aluminum imports, increasing the tariff rate to 50% on hundreds of derivative products, effective August 18 [1] - The U.S. aluminum company reported that the tariff policy increased its production costs by $20 million in Q1 and $115 million in Q2 due to tariffs on Canadian products [2] - The current steel and aluminum tariffs are the highest since the 1930s, leading to increased prices for these materials and potentially higher costs for manufacturers and consumers [2] Group 2 - The latest data from the U.S. Labor Department shows a significant increase in the Producer Price Index (PPI), rising 0.9% in July, the largest increase since June 2022, driven mainly by the service sector [4] - The core PPI, excluding food and energy, also rose by 0.9% month-on-month and 3.7% year-on-year, indicating persistent inflationary pressures [4] - Chicago Fed President expressed concerns about inflation due to the uncertainty surrounding tariffs, suggesting that service prices may not be temporary and are on the rise [4]

公告称，这些产品中非钢铁和铝的部分，将适用特朗普总统对特定国家商品所征收的关税税率。扩大的 关税清单将于8月18日正式生效。 当地时间6月3日，美国白宫发表声明称，美国总统特朗普宣布将进口钢铁和铝及其衍生制品的关税从 25%提高至50%。该关税政策自美国东部时间2025年6月4日凌晨00时01分起生效。 美国商务部在当天晚间发布的《联邦公报》公告中表示，工业与安全局已将407个产品编码加入《美国 协调关税表》，这些产品将因所含钢铁和铝成分而被加征额外关税。 ...

日本政府近期公布一系列经济数据，上市企业近来也密集披露今年第二季度财报，共同印证了一个结 果：特朗普汽车关税和"对等关税"政策重创日本汽车产业，掣肘日本经济复苏。 财务省公布的贸易统计数据显示，4月至6月，受特朗普关税政策影响，日本对美出口连续3个月同比下 降，且降幅现扩大之势。由于美国汽车关税自4月起由2.5%大幅提升至27.5%，日本对美汽车出口额锐 减，6月日本对美汽车出口额同比下降26.7%。 《日本经济新闻》援引财务省数据报道说，6月日本国内对美汽车出口降幅最大的是九州地区，出口量 同比减少67.8%，出口额同比减少76.3%。报道指出，汽车产业是日本经济的核心产业，辐射范围广 泛，出口大降将波及到零部件相关产业，对区域经济造成打击。 此间媒体和专家评论说，汽车及汽车零部件出口约占日本对美出口总额的三分之一，美国对汽车类产品 加征25%关税对日本出口影响巨大。为了对冲关税政策影响，日本汽车制造商被迫采取降价策略，这势 必挤压厂商的盈利空间。 日本汽车制造商中马自达和斯巴鲁在美国市场的销售对出口依赖度最高，受汽车关税的冲击最为严重。 马自达此前发表财报说，今年第二季度公司虽然在日本国内市场销量增长，但 ...

Core Viewpoint - The Trump administration has expanded the scope of tariffs on steel and aluminum imports to include hundreds of derivative products, with a 50% tariff set to take effect on August 18, 2023 [1]. Group 1: Tariff Details - The U.S. Department of Commerce announced the addition of 407 product codes to the U.S. Harmonized Tariff Schedule, which will incur additional tariffs due to their steel and aluminum content [1]. - The expanded tariff list primarily includes intermediate and semi-finished products containing steel and aluminum, as well as metal structures, containers, and fasteners made from these materials [1]. Group 2: Impact on Exports - In 2024, China's steel export volume is projected to be 111 million tons, with only 470,000 tons directly exported to the U.S., accounting for 0.4% of total exports [2]. - The direct impact of the tariff policy on China's steel exports is expected to be minimal, but indirect exports may be affected due to a high proportion of steel being routed through third countries [2]. - China's steel exports to Vietnam, a significant intermediary for U.S. exports, are projected to be 12.76 million tons in 2024, with Vietnam exporting nearly 2 million tons to the U.S. [2]. Group 3: Industry Implications - The tariff policy may lead to a decline in China's steel exports, negatively impacting related products such as steel billets and plates [3]. - The policy could also significantly affect the export of steel-intensive products like construction machinery, home appliances, and new energy vehicles, which have a high demand for steel, particularly plates [3]. - An estimated 14.5 million tons of steel may be indirectly exported to the U.S. through steel derivatives in 2024 [3]. Group 4: Market Reactions - The futures market is expected to react negatively to the tariff policy, with a potential decline in steel prices due to increased inventory levels and weakening demand [4]. - The price spread between different steel products has widened, indicating market volatility, and the tariff policy is likely to have a more direct impact on plate exports [4]. - Despite the tariff policy, the domestic futures market is primarily influenced by macroeconomic and industrial policies, which may help mitigate the impact of the tariffs [4][5].

Core Viewpoint - The Trump administration has expanded the scope of tariffs on steel and aluminum imports to include hundreds of derivative products, with a 50% tariff set to take effect on August 18, 2023 [1] Group 1: Tariff Details - The U.S. Department of Commerce announced the addition of 407 product codes to the Harmonized Tariff Schedule, which will incur extra tariffs due to their steel and aluminum content [1] - The expanded tariff list primarily includes intermediate and semi-finished products containing steel and aluminum, as well as metal structures, containers, and fasteners made from these materials [1] Group 2: Impact on China’s Steel Exports - In 2024, China's steel export volume is projected to be 111 million tons, with only 470,000 tons directly exported to the U.S., accounting for 0.4% of total exports [2] - The direct impact of the tariff policy on China's steel exports is minimal, but indirect exports may be affected due to a high proportion of steel being routed through third countries [2] - China's steel exports to Vietnam, a significant intermediary for U.S. exports, are expected to decline, with an estimated impact on transshipment trade of around 3 million tons annually [2] Group 3: Broader Industry Implications - The tariff policy may lead to a decrease in China's steel exports, negatively affecting related products such as steel billets and plates [3] - Industries heavily reliant on steel, such as construction machinery, home appliances, and new energy vehicles, may experience noticeable export impacts due to their high demand for steel, particularly plates [3] - An estimated 14.5 million tons of steel may be indirectly exported to the U.S. through steel derivatives in 2024 [3] Group 4: Market Reactions - The futures market may react negatively to the tariff policy, with expectations of weakened demand and increased inventory levels in the steel market [4] - The price difference between rebar and wire rod has widened significantly, indicating potential market volatility due to the tariff impacts [4] - Despite the tariff policy, domestic macroeconomic and industrial policies are expected to have a more significant influence on the futures market, with a continued upward trend anticipated in the steel and coal industries [4]

Market Overview - US stock market showed mixed results with the Dow Jones Industrial Average reaching a new historical high, closing at 44,946.12 points, up 34.86 points or 0.08% [2] - The Nasdaq Composite Index fell by 0.40% to 21,622.98 points, while the S&P 500 Index decreased by 0.29% to 6,449.80 points [2] - Notable individual stock movements included Meta rising by 0.4%, Amazon slightly up by 0.02%, while Microsoft, Nvidia, and Tesla saw declines of 0.4%, 0.9%, and 1.5% respectively [2] Commodity Prices - International oil prices declined, with WTI crude oil down 1.81% at $62.80 per barrel and Brent crude oil down 1.48% at $65.85 per barrel [3] - Gold prices showed slight fluctuations, with COMEX gold futures for August delivery rising by 0.02% to $3,336.00 per ounce [4] Corporate Announcements - Huahong Semiconductor is planning to acquire the controlling stake in Shanghai Huahong Microelectronics to resolve industry competition issues, with stock suspension effective from August 18, 2025 [9] - China Shenhua announced plans to purchase multiple assets from the National Energy Group and Western Energy, with stock resuming trading on August 18, 2025 [10] - Upstream New Materials reported that its client TPI Composites filed for Chapter 11 bankruptcy, potentially impacting the company's performance, with accounts receivable of approximately $4.1292 million [11] - Dongfang Fortune reported a 37.27% year-on-year increase in net profit for the first half of the year, with total revenue reaching 6.856 billion yuan, up 38.65% [12] Investment Insights - CITIC Securities highlighted the importance of supply-side dynamics and external demand in profit generation, suggesting focus on sectors like rare earths, chemicals, and pharmaceuticals for investment opportunities [13] - China Galaxy Securities noted positive market signals with increased trading volume and investor participation, indicating a shift towards financial assets [13] - Kaiyuan Securities observed a significant increase in market activity, suggesting a favorable environment for growth sectors amid high risk appetite [13]