Core Insights - Cambodia's international trade volume exceeded $36.3 billion from January to July 2025, marking a year-on-year increase of 16.5% [1] - Exports from Cambodia reached $17.16 billion, growing by 16.2%, while imports totaled $19.16 billion, up by 16.7% [1] - Trade with China amounted to $11 billion, a significant increase of 26.1% compared to the same period last year [1] Trade Relationships - Cambodia's exports to China were $890 million, reflecting a decline of 8.9%, while imports from China were $10.11 billion, showing a growth of 30.5% [1] - The United States remains Cambodia's second-largest trading partner, with a trade volume of $7.13 billion, which is a 25.8% increase year-on-year [1] - Exports to the U.S. reached $6.93 billion, up by 25.7%, while imports from the U.S. were $200 million, increasing by 30.8% [1] Government Initiatives - The Cambodian government, under Prime Minister Hun Manet's leadership, is actively working to enhance trade relations and attract foreign investment [1] - The increase in approved investment projects by the Cambodian Development Council has contributed to the growth in production, processing, and import-export of raw materials [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In the short - term, due to repeated digestion of previous policy benefits and unimproved corporate profits, the stock index may face callback risks after continuous rise; for gold, although the market's expectation of a Fed rate cut in September has increased, the easing of global trade tensions may lead to a continuation of the adjustment after the rebound, maintaining a band - short thinking [39][40] - In the medium - to long - term, the stock index's valuation is dragged down by the decline in corporate profit growth, and it is expected to maintain a wide - range shock; gold may face a deep adjustment due to the fading of tariff policy uncertainties and the release of dovish signals by the Fed [40] 3. Summary by Relevant Catalogs 3.1. Macroeconomic Data at Home and Abroad - In July this year, the growth rates of imports and exports both rebounded, mainly due to the rise in commodity prices and the low - base effect of the same period last year. However, domestic and foreign demand remains weak [4] 3.2. Stock Index Fundamental Data 3.2.1. Corporate Profit - The rise in commodity prices helps improve the profits of upstream raw material processing industries, but due to weak terminal demand, enterprises still face great operating pressure, with the phenomenon of increasing revenue but not profit. They have to reduce production and inventory, and the inflection point of profit growth has not arrived [15] 3.2.2. Capital Situation - The margin balance of the Shanghai and Shenzhen stock markets is approaching the 2 - trillion - yuan mark. The central bank conducted 1.1267 trillion yuan of 7 - day reverse repurchase operations this week, achieving a net withdrawal of 536.5 billion yuan [19] 3.3. Gold Fundamental Data 3.3.1. US Economic Data - In June, the number of new non - farm jobs in the US was 73,000, far lower than the expected 110,000, and the unemployment rate rose from 4.1% to 4.2%. In July, the ISM manufacturing PMI dropped to 48, contracting for 5 consecutive months. Fed officials released dovish signals, suggesting that the time window for a rate cut is approaching [23] 3.3.2. Gold Inventory - The warehouse receipts and inventory of Shanghai gold futures have soared, while the New York futures inventory has continued to decline, and the market's bullish sentiment has cooled [36] 3.4. Strategy Recommendation - Short - term: Be cautious of the callback risk of the stock index; for gold, maintain a band - short thinking [40] - Medium - to long - term: The stock index is expected to maintain a wide - range shock; gold may face a deep adjustment [40] 3.5. Next Week's Focus and Risk Warning - Key data such as China's July investment, consumption, industrial added value, US CPI, and speeches by Fed officials [41]

Group 1 - ASEAN is the largest trading partner, with a total trade value of 4.29 trillion yuan, an increase of 9.4%, accounting for 16.7% of total foreign trade [1] - The EU is the second largest trading partner, with a total trade value of 3.35 trillion yuan, an increase of 3.9%, accounting for 13% of total foreign trade [1] - The US is the third largest trading partner, with a total trade value of 2.42 trillion yuan, a decrease of 11.1%, accounting for 9.4% of total foreign trade [1]

Group 1 - Zhejiang Southeast Huanyu International Trade Co., Ltd. has been established with a registered capital of 20 million yuan, focusing on the sales of electronic special materials, integrated circuit chips and products, and biomass fuels [1][2] - The company is wholly owned by Zhejiang Southeast Network Framework Co., Ltd. (002135) [1][3] - The business scope includes a variety of sales activities, such as metal ores, chemical products (excluding licensed chemical products), and machinery and electrical equipment [2]

Core Viewpoint - Hengbo Co., Ltd. (301225.SZ) announced the establishment of a wholly-owned subsidiary, Hainan Hengbo Haichuang Technology Co., Ltd., to support its business development needs and expand its international presence [1] Group 1: Company Strategy - The establishment of Hengbo Haichuang aims to serve as a platform for technological innovation, cooperation, and operations targeting overseas markets [1] - The core objective of this strategic deployment is to expand the company's business footprint onto the international stage [1] Group 2: Business Focus - The company plans to deepen its layout and expansion in multiple dimensions, including technological innovation, international trade, and investment management [1]

Core Viewpoint - The ninth Pacific Tuna Forum will be held on October 14-15 in Fiji, organized by the Papua New Guinea National Fisheries Authority, the Fiji Fisheries Department, and INFOFISH, providing a significant platform for stakeholders in the tuna industry to discuss key issues and opportunities in the region [1] Group 1: Event Details - The forum is expected to attract over 200 participants from the public sector, private institutions, and non-governmental organizations across the Asia-Pacific region and globally [1] - Key topics of discussion will include tuna resource management in the Pacific region, market and marketing opportunities for tuna products, international trade and trade barriers, new product development, and investment prospects in the regional tuna industry [1]

Core Viewpoint - The International Monetary Fund (IMF) has revised its global economic growth forecasts for the next two years, expecting growth rates of 3% and 3.1% respectively, which is an upward adjustment of 0.2 and 0.1 percentage points compared to the previous forecast in April [1] Economic Growth Projections - The upward revision in global economic growth expectations is attributed to better-than-expected international trade, lower average effective tariff levels in the U.S., improved global financial conditions, and fiscal expansion in major economies [1] - The most significant upward adjustment in growth forecasts was for China, with the IMF raising its expected growth rate for this year by 0.8 percentage points compared to the April forecast [1] Factors Influencing China's Growth - The adjustment for China's economic growth is primarily due to stronger-than-expected economic activity in the first half of the year and significant reductions in U.S.-China tariffs [1] - The IMF also raised its growth forecast for China in 2026 by 0.2 percentage points, indicating a positive long-term outlook [1] - The strong export performance of China, particularly to regions outside the U.S., has offset the decline in exports to the U.S., contributing to the economic growth [1] - Fiscal policies supporting consumption have also played a role in driving China's economic growth [1] Recommendations for Policy - The IMF suggests that countries should promote clear and transparent trade frameworks to reduce policy-induced uncertainties [1] - Central banks are advised to carefully calibrate monetary policies based on specific national conditions to maintain price and financial stability amid ongoing trade tensions and changing tariffs [1]

Core Viewpoint - The U.S. Secretary of Commerce, Gina Raimondo, stated that the decision on whether to reach a trade agreement with India ultimately lies with President Trump [1] Group 1 - The discussion around U.S.-India trade relations is ongoing, with significant implications for both economies [1] - The outcome of the trade negotiations could impact various sectors, including technology and manufacturing [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In July, there were frequent international trade news, and the growth of oilseed crops was generally normal. The soybean market was affected by US trade negotiations and domestic policies, while the rapeseed meal market was influenced by Canadian production adjustments and the resumption of Australian rapeseed imports [3][4] Summary by Relevant Catalogs I. Market Review (6.30 - 7.29) - **External Market**: The November contract of US soybeans closed at 1011.25, with a decline of 1.49%; the December contract of US soybean meal closed at 279.4, with a decline of 3.12%; the July contract of ICE rapeseed closed at 723.1 CAD/ton, with an increase of 3.33% [7] - **Domestic Market**: The latest price of soybean meal 2509 was 2977, with an increase of 1.19%; the latest price of rapeseed meal 2509 was 2635, with an increase of 3.01% [7] II. Soybean Meal Market Overview 2.1 International Supply and Demand - **Trade Negotiations**: In July, the US was in a period of intensive trade negotiations. The US Treasury Secretary announced economic and trade talks with China in Sweden from July 27 - 30. The US has been negotiating "reciprocal tariffs" and multilateral trade frameworks with many countries [16] - **Crop Conditions**: As of July 27, the soybean flowering rate was 76%, the pod - setting rate was 41%, and the good - to - excellent rate was 70%. About 8% of the US soybean planting area was affected by drought as of July 22 [17][18] - **Supply from South America**: Brazil's soybean supply is sufficient before September. Anec slightly lowered the estimated soybean exports in July to 12.11 million tons and raised the estimated soybean meal exports to 2.4 million tons. Argentina increased its 2024/25 soybean production forecast to 50.9 million tons [19] - **US Exports**: As of July 17, 2024/25 US soybean cumulative sales were 50.81 million tons, with a year - on - year increase of 5.67 million tons. The 2025/26 US soybean weekly net export sales were 238,800 tons, lower than market expectations [19] 2.2 Domestic Supply and Demand - **Trade Talks and Policies**: The Sino - US economic and trade talks in Sweden at the end of July were undecided. In July, China lowered the import tariff on US soybeans back to 3%. August is a crucial month for US soybean production and exports to China [25] - **Price and Import**: On July 24, domestic soybean meal prices plummeted due to multiple factors. China's soybean imports in June reached a record high of 12.26 million tons, a year - on - year increase of 10.3%. In the first six months of 2025, China's cumulative imports of Brazilian soybeans decreased by 7.5% year - on - year, while imports of US soybeans increased by 33% [25][26][27] III. Rapeseed Meal Market Overview 3.1 International Rapeseed Supply and Demand - **Canadian Supply**: In July, the Canadian Ministry of Agriculture adjusted its 2025/26 rapeseed production forecast to 17.8 million tons, a decrease of 7.2% from the previous year. Exports are expected to be 6 million tons, a decrease of 36.8% from the previous year [35] - **Australian Supply**: Around July 18, Australia and China were close to reaching an agreement to allow Australia to export 15 - 25 tons of experimental rapeseed to China, restarting the trade after a 5 - year hiatus [38] - **Global Forecast**: The USDA's WASDE report in July estimated the global rapeseed production in 2025/26 to be 89.54 million tons [38] 3.2 Domestic Rapeseed Supply and Demand - **Inventory and Price**: As of July 25, the basis of rapeseed meal in Nantong, Jiangsu was - 155 yuan/ton. The 2509 spread between soybean meal and rapeseed meal was about 350 yuan/ton, and the 2601 spread was about 650 yuan/ton, returning to a reasonable level [51] - **Policy and Trade**: Since 2024, Sino - Canadian trade frictions have affected the spread between soybean meal and rapeseed meal. In June 2025, China allowed the import of Uruguayan soybean meal and rapeseed meal [51][53]

Core Points - Jennifer Nordquist has been appointed as the new Deputy Director-General of the WTO, effective October 1, 2025, succeeding Angela Ellard [1][3] - Nordquist is currently an advisor on the White House Economic Council and has extensive experience in economic and policy strategy [1][3] - The appointment reflects the U.S. commitment to personnel and capacity building within the WTO, despite previous discussions about the U.S. potentially withdrawing from the organization [1][5] Group 1: Appointment Details - Nordquist holds a Master's degree in Journalism from Northwestern University and a Bachelor's degree in Psychology and Communication from Stanford University [3] - She has previously served as a senior advisor at the Center for Strategic and International Studies, Executive Director for U.S. Affairs at the World Bank, and Chief of Staff and Deputy Director of Economic Studies at the Brookings Institution [3] - The WTO currently has four Deputy Directors-General, with the other three continuing their terms for another four years [3] Group 2: Angela Ellard's Contributions - Angela Ellard has been the Deputy Director-General since June 2021 and has played a significant role in areas such as dispute resolution, trade remedies, market access, and ongoing fisheries subsidy negotiations [3][4] - Ellard has been recognized for her core contributions to major trade policy developments over the past 30 years, including her influence on the USMCA [4] Group 3: U.S. Ambassador to WTO - The U.S. Senate Finance Committee has approved the nomination of Joseph Barloon as the U.S. Ambassador to the WTO, with a vote of 14 in favor and 13 against [5] - Barloon has a background in international trade law and previously served as the U.S. Trade Representative's General Counsel [5][6] - The nomination process faced criticism from Democratic leaders regarding past trade policies under the Trump administration [5][6]