Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core Viewpoints - Due to geopolitical conflicts, tariff hikes, and high negotiation difficulty, it is recommended to participate with light positions or stay on the sidelines [4]. - The short - term market may rebound. Risk - takers are advised to take light long positions below 1300 for the 2510 contract, partially take profits, and take light short positions for the EC2512 contract, paying attention to subsequent market trends and setting stop - losses [4]. - In the context of international turmoil, the market is mainly in a positive spread structure with large fluctuations. It is recommended to wait and see or take light positions for arbitrage strategies [4]. - For long - term strategies, it is recommended to take profits when the contracts rise, wait for the market to stabilize after a pullback, and then determine the subsequent direction [4]. 3) Summary by Related Content Market Conditions - On July 28, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2400.50 points, down 0.9% from the previous period; the SCFIS for the US West route was 1301.81 points, up 2.8% from the previous period [3]. - On July 25, the Ningbo Export Container Freight Index (NCFI) composite index was 1110.57 points, down 3.26% from the previous period; the NCFI for the European route was 1422.9 points, down 1.20% from the previous period; the NCFI for the US West route was 1120.51 points, down 5.19% from the previous period [3]. - On July 25, the Shanghai Export Container Freight Index (SCFI) composite index was 1592.59 points, down 54.31 points from the previous period; the SCFI for the European route was 2090 USD/TEU, up 0.53% from the previous period; the SCFI for the US West route was 2067 USD/FEU, down 3.50% from the previous period [3]. - On July 25, the China Export Container Freight Index (CCFI) composite index was 1261.35 points, down 3.2% from the previous period; the CCFI for the European route was 1787.24 points, down 0.9% from the previous period; the CCFI for the US West route was 880.99 points, down 6.4% from the previous period [3]. - On July 30, the main contract 2510 closed at 1468.7, down 0.45%, with a trading volume of 66,300 lots and an open interest of 54,900 lots, an increase of 4148 lots from the previous day [4]. Economic Data - The preliminary value of the Eurozone's June manufacturing PMI was 49.4, expected to be 49.8, the same as the previous value; the preliminary value of the service PMI was 50, a two - month high; the preliminary value of the composite PMI was 50.2, expected to be 50.5, the same as the previous value; the Sentix investor confidence index was 0.2, expected to be - 6, higher than the previous value of - 8.1 [3]. - The Caixin China Manufacturing PMI in June was 50.4, 2.1 percentage points higher than in May, the same as in April, back above the critical point [3]. - The preliminary value of the US Markit manufacturing PMI in June was 52, the same as in May, higher than the expected 51, the highest since February; the preliminary value of the service PMI was 53.1, lower than the previous value of 53.7, higher than the expected 52.9, a two - month low; the preliminary value of the composite PMI was 52.8, lower than the previous value of 53, higher than the expected 52.1, a two - month low [3]. Policy and Event Impact - Trump continued to impose tariffs on many countries, mainly in Southeast Asia, which further hit re - export trade. Some shipping companies announced freight rate increases [4]. - The Trump administration postponed the tariff negotiation date to August 1. The spot market price range has been determined, with a slight price increase [4]. - The China - US economic and trade talks ended. It was stated that the 24% part of the US reciprocal tariffs that had been suspended and China's counter - measures would continue to be extended for 90 days. The overall market sentiment was strong, and the market rose and then fell back [4]. Trading Strategies - Short - term strategy: Risk - takers are advised to take light long positions below 1300 for the 2510 contract (with a profit margin of over 300 points), partially take profits; take light short positions for the EC2512 contract, pay attention to subsequent market trends, and set stop - losses [4]. - Arbitrage strategy: In the context of international turmoil, it is mainly in a positive spread structure with large fluctuations. It is recommended to wait and see or take light positions [4]. - Long - term strategy: Take profits when the contracts rise, wait for the market to stabilize after a pullback, and then determine the subsequent direction [4]. Contract Adjustments - The up - limit and down - limit for contracts 2508 - 2606 are adjusted to 18% [4]. - The margin for contracts 2508 - 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts 2508 - 2606 is 100 lots [4].

Group 1 - A delegation of U.S. corporate executives visited China, including representatives from Boeing, Otis, Apple, and Thermo Fisher Scientific, focusing on industries affected by U.S. tariffs [1] - The China Council for the Promotion of International Trade (CCPIT) and the U.S.-China Business Council discussed enhancing exchanges between the two countries' business communities [1] - Chinese Commerce Minister Wang Wentao met with nearly ten U.S. corporate executives to discuss U.S. companies' development in China and the overall U.S.-China economic relationship [1][2] Group 2 - Wang Wentao emphasized that the U.S.-China economic relationship is crucial for both nations and that dialogue is key to resolving differences [2] - The Chinese market is highlighted as having significant growth potential and innovation capacity, welcoming foreign investment, including from U.S. companies [2] - The U.S.-China Business Council expressed support for ongoing dialogue between the two governments and the positive signals sent by China regarding reform and openness [2] Group 3 - Chinese Foreign Minister Wang Yi encouraged the U.S. business community to foster a correct understanding of China and contribute positively to U.S.-China relations [3] - The Chinese government maintains that it will act in its national interest regarding energy security and that there are no winners in a trade war [3]

Core Viewpoint - The stability of China-U.S. economic and trade relations has transcended bilateral scope and is directly related to the pulse of the global economy [1] Group 1: Economic Cooperation - The Geneva consensus and the London framework have been established, providing valuable certainty to the world economy [1] - The Stockholm economic talks inject new momentum into further consolidating consensus and deepening mutual trust between the two parties [1] Group 2: Dialogue and Negotiation - Both sides are encouraged to adhere to the important consensus of their leaders and maintain equal dialogue to reduce misunderstandings and strengthen cooperation [1] - China expresses 100% sincerity in negotiations while firmly upholding its bottom line and emphasizing respect for each other's core concerns [1] Group 3: Trade Issues - China's position on the U.S. unilateral imposition of "reciprocal tariffs" is clear and consistent, viewing it as a unilateral and protectionist act that violates WTO rules [1] - China is willing to resolve differences through dialogue, but insists that such discussions must be equal [1] Group 4: Long-term Perspective - Deep-seated and structural issues in China-U.S. economic relations cannot be resolved overnight, but progress is being made along the right track from Geneva to London to Stockholm [1] - There is hope that both sides will translate the important consensus and positive intentions from their talks into concrete actions to stabilize bilateral economic relations [1]

王毅会见美中贸易全国委员会董事会代表团 2025年7月30日，中共中央政治局委员、外交部长王毅在北京会见了美中贸易全国委员会董事会代表 团。王毅强调，无论国际形势如何变化，中国对美政策都将保持连续性和稳定性，愿意与美方加强沟 通、避免误判、管控分歧、探索合作，推动中美关系稳定、健康、可持续发展。他还表示，中国将扩大 高水平对外开放，期待美国企业继续看好中国、投资中国，实现互利共赢。美中贸委会董事会主席等代 表表示，美中关系是当今世界最重要的双边关系，美国工商界将继续扎根中国、深耕中国，扩大贸易、 投资、科技创新、绿色发展、医疗卫生等领域合作，促进中国与世界进一步联通。 美企高管排队来华谈合作 据玉渊谭天消息，7月30日，商务部部长王文涛在北京会见了包括波音、苹果公司在内的近十家美国企 业，双方就中美经贸关系、美资企业在华发展等议题交换意见。会见前，美企代表排队同中方握手寒 暄；会见结束后，美中贸易全国委员会会长谭森专门向中方表达感谢。 强降雨致河北承德六道河镇部分村受灾，已造成8人遇难、18人失联 7月30日，据河北省承德市兴隆县抢险救灾指挥部消息，受本轮强降雨影响，兴隆县六道河镇部分村受 灾。经核实，承德兴 ...

中美经贸关系体量巨大、涉及面广，深刻影响两国企业和民众福祉。在双方共同努力下，此次会谈传递 出积极信号，继续推动已暂停的美方对等关税24%部分以及中方反制措施如期展期90天，这一共识为各 方所乐见。关税少一分，合作就多一分。中美双方在对话协商进程中推动做出此类务实安排，不仅有助 于积累互信、推进整体谈判进程，也再一次印证，通过对话磋商解决经贸分歧，效率更高，成本更低。 本轮会谈延续了中美经贸团队在两国元首通话重要共识引领下形成的积极势头。此前日内瓦和伦敦的经 贸会谈，分别达成日内瓦共识和伦敦框架，有效推动两国经贸摩擦去火降温。中美秉持相互尊重、和平 共处、合作共赢原则，平等对话协商解决经贸分歧，是两国各界和国际社会的共同期待。通过持续沟通 对话，双方对彼此关切的了解在增多，化解分歧、扩大合作的共识在增多。此次会谈中，中方表示，稳 定、健康、可持续的中美经贸关系不仅有利于实现各自的发展目标，也有利于促进世界经济的发展与稳 定。美方也表示，稳定的美中经贸关系对两国乃至全球经济具有重要意义，愿与中方一道，继续通过美 中经贸磋商机制协商解决经贸领域分歧，推动取得更多磋商成果，进一步稳定美中经贸关系。 言必信，行必果。 ...

Group 1 - The core viewpoint of the articles emphasizes the importance of stable Sino-U.S. economic relations, which are crucial not only for the two countries but also for the global economy [1][2][3] - The recent economic talks in Stockholm represent the third meeting in three months, indicating a commitment to dialogue and consensus-building between the two nations [1] - Both sides agreed to extend the suspension of U.S. tariffs and China's countermeasures for an additional 90 days, signaling a willingness to work towards mutual understanding [1] Group 2 - The discussions reflect a mutual recognition of the need for a cooperative approach, with both sides acknowledging that a stable economic relationship benefits both countries and the global economy [2] - China emphasized its commitment to protecting its core interests while expressing a willingness to engage in dialogue to resolve differences [3] - The articles highlight the deep economic integration between China and the U.S., suggesting that their economic interdependence creates a strong foundation for cooperation that cannot be easily disrupted by tariffs [2][3]

Core Points - The recent economic talks between China and the U.S. in Stockholm signify a continued effort to foster dialogue and consensus, following previous meetings in Geneva and London [1] - Both parties agreed to extend the suspension of U.S. tariffs and China's countermeasures for an additional 90 days, sending a positive signal to the global economy [1] - The stability of U.S.-China economic relations is crucial not only for the two countries but also for the global economic landscape, providing certainty amid ongoing negotiations [1][2] Summary by Sections Economic Dialogue - The economic discussions in Stockholm are a manifestation of the commitment to transform the consensus reached by the leaders of both nations into actionable policies [2] - The essence of U.S.-China economic relations is mutual benefit, with both sides recognizing that cooperation leads to shared advantages while conflict results in mutual harm [2] Commitment to Cooperation - China has expressed full sincerity in negotiations while maintaining its core interests, emphasizing that unilateral tariffs imposed by the U.S. contradict WTO rules and represent protectionism [3] - The deep economic integration between the two countries creates a strong interdependence that cannot be easily disrupted by artificial tariff barriers [2][3] Future Directions - Both sides are encouraged to continue dialogue based on mutual respect and cooperation, aiming for more win-win outcomes [2] - The ongoing discussions are seen as a step towards resolving deeper structural issues in U.S.-China economic relations, with hopes for a return to a stable and healthy development trajectory [3]

Group 1 - The core viewpoint of the article emphasizes the importance of maintaining stable and healthy Sino-U.S. economic relations, highlighting that both countries are significant economic partners despite challenges [4][5]. - Wang Wentao, the Minister of Commerce, reiterated that China's policy of opening up will continue to expand, welcoming foreign investment, particularly from U.S. companies, to share development opportunities [4][5]. - The article mentions that recent dialogues between the two countries' economic teams have taken place, indicating ongoing efforts to resolve differences through equal dialogue and consultation [4][5]. Group 2 - The meeting included representatives from major U.S. companies such as Boeing and Apple, indicating a high level of engagement from American businesses in China [1]. - The U.S.-China Business Council expressed optimism about the ongoing dialogue and the positive signals sent by China regarding further reforms and openness, which enhances market confidence [4][5]. - Wang Wentao highlighted that the Chinese consumer market remains one of the largest globally, with significant growth potential and innovation vitality, making it an attractive destination for foreign investment [4].

Group 1 - The core viewpoint emphasizes the importance of maintaining stable and healthy Sino-U.S. economic relations, highlighting that "decoupling" is not feasible and that equal dialogue is key to resolving differences [1] - The Chinese government is committed to further opening up its market, indicating that the policy for utilizing foreign investment remains unchanged and will continue to expand [1] - The Chinese consumer market is noted for its significant growth potential and innovative vitality, welcoming investments from U.S. companies and others to share development opportunities [1] Group 2 - The U.S.-China Trade Committee expresses optimism about the ongoing dialogue between the two governments and the positive outcomes achieved, which enhance market confidence [1] - The committee and its member companies are dedicated to long-term development in China and will contribute constructively to expanding Sino-U.S. economic cooperation [1]

Core Viewpoint - The article highlights the continuation of discussions between China and the United States regarding trade relations, emphasizing the importance of maintaining a stable and healthy economic relationship between the two countries [1]. Group 1: Trade Talks - The recent round of trade talks took place in Stockholm on July 28-29, where both sides engaged in constructive dialogue on significant economic issues [1]. - Chinese Commerce Ministry's representative Li Chenggang stated that both parties will push for the extension of the previously suspended U.S. tariffs and China's countermeasures [1]. Group 2: Economic Policy Exchange - During the talks, there was a comprehensive exchange regarding each country's macroeconomic policies, reflecting a mutual understanding of the importance of stable trade relations [1]. - The discussions also included a review of previous agreements made in Geneva and London, with both sides expressing satisfaction with the implementation of these frameworks [1]. Group 3: Future Communication - The Chinese and U.S. economic teams will maintain close communication to ensure timely exchanges on trade issues, aiming for the stable and healthy development of bilateral economic relations [1].