Core Points - The conversation between Wang Yi, a member of the Political Bureau of the CPC Central Committee and Foreign Minister, and U.S. Secretary of State Rubio emphasized the need for China and the U.S. to work together and avoid deviations in their relationship [1] - Wang Yi criticized recent negative actions from the U.S. that harm China's legitimate rights and interfere in China's internal affairs, particularly regarding core interests like Taiwan [1] - Both parties acknowledged the importance of strategic leadership from the heads of state to manage differences and explore practical cooperation for stable development of China-U.S. relations [1] Summary by Categories Strategic Leadership - Emphasis on the necessity of adhering to the strategic guidance from the leaders of both countries to prevent deviation and maintain momentum in bilateral relations [1] - The call was deemed timely and necessary, highlighting the effectiveness of high-level diplomatic engagement [1] U.S.-China Relations - Wang Yi expressed strong opposition to U.S. actions that undermine China's interests and called for caution, especially regarding sensitive issues like Taiwan [1] - The conversation aimed to manage differences and promote cooperation to address global challenges and responsibilities as major powers [1]

Market Overview - US stock indices closed mixed, with the S&P 500 up 0.3% and the Dow Jones down 0.48%, while the Nasdaq Composite rose 0.03%, continuing to set new closing highs [2] - Oracle's stock surged 36%, reaching a record high and increasing its market value by approximately $250 billion (about 1.74 trillion RMB) [2] - Major tech stocks mostly declined, with Amazon and Apple dropping over 3%, while Nvidia rose over 3% [2] - Chinese concept stocks mostly fell, with the Nasdaq China Golden Dragon Index down 0.95% [2] - COMEX gold futures fell 0.05% to $3680.4 per ounce, while silver futures rose 0.75% to $41.65 per ounce [2] - International oil prices rose, with WTI crude oil up 1.79% to $63.75 per barrel [2] Economic and Policy Developments - The State Council approved the establishment of the Huangyan Island National Nature Reserve, aimed at protecting the ecological diversity and stability of the area [4][5] - Six departments in China launched a three-month special campaign to rectify online chaos in the automotive industry, focusing on illegal profits and false advertising [6] - The National Development and Reform Commission emphasized maintaining policy continuity and stability to stabilize employment, enterprises, and market expectations [7] - The Ministry of Finance highlighted the importance of strengthening domestic circulation in future economic policies [7] Corporate News - NIO announced a $1 billion equity offering, pricing approximately 18.2 million Class A ordinary shares at $5.57 per American depositary share [18] - Oracle co-founder Larry Ellison became the world's richest person with a net worth of $393 billion following a significant rise in Oracle's stock price [26] - Novo Nordisk plans to lay off about 9,000 employees globally as part of a company transformation to streamline operations [27] - The three major Chinese telecom operators are set to launch eSIM services, enhancing digital transformation in the communication market [11]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The domestic soybean meal market is in a game between weak reality and strong expectations. Short - term soybean meal futures prices face pressure in rebound and will run with a weak and volatile trend. The trading logic will return to the weak reality of the industrial chain [6]. - The market expects that the increase in Malaysia's palm oil inventory this week may be limited due to lower production and strong exports. Short - term palm oil futures prices will fluctuate around energy attributes and industrial changes, mainly with wide - range oscillations [8]. 3. Summary by Related Catalogs Soybean Meal (M) - **Viewpoints**: Intraday view is weakly volatile, medium - term view is volatile, and the reference view is weakly volatile [6]. - **Core Logic**: The domestic market is in the game between weak reality and strong expectations. Changes in Sino - US relations affect the procurement rhythm of imported soybeans and the South American soybean premium, which are continuously transmitted to the soybean meal market [6]. Palm Oil (P) - **Viewpoints**: Intraday view is weakly volatile, medium - term view is volatile, and the reference view is weakly volatile [8]. - **Core Logic**: The market expects that the increase in Malaysia's palm oil inventory this week may be limited due to lower production and strong exports. The spill - over effect of recent international oil price fluctuations on the oil market continues to be reflected, and palm oil is still highly sensitive to crude oil futures price fluctuations [8]. Other Related Futures Contracts - **Soybean Meal 2601**: Short - term, medium - term, and intraday views are all weakly volatile. Influencing factors include import arrival rhythm, customs clearance inspection, oil mill operation rhythm, and stocking demand [7]. - **Soybean Oil 2601**: Short - term, medium - term, and intraday views are all weakly volatile. Influencing factors include US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [7]. - **Palm 2601**: Short - term, medium - term, and intraday views are all weakly volatile. Influencing factors include biodiesel attributes, Malaysian palm production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrivals, inventory, and substitution demand [7].

Group 1 - The article highlights the global attention on China's military parade, showcasing its rise and contrasting it with the previous dominance of the United States [1][3] - Trump's response to the parade indicates a shift in his diplomatic stance, as he downplays the significance of China's display of power, stating that China needs the U.S. and that he has a good relationship with them [3][5] - The article discusses Trump's historical approach to foreign policy, characterized by a "soft on strong" strategy, where he becomes more accommodating when faced with a formidable opponent like China [5][9] Group 2 - The military advancements of China, including the introduction of new aircraft and missiles, have surpassed U.S. expectations, leading to a reevaluation of U.S. military capabilities [7][9] - The article mentions specific military assets, such as the DF-61 intercontinental ballistic missile and the DF-5C liquid intercontinental strategic nuclear missile, which are perceived as direct threats to U.S. naval power in the Western Pacific [9][11] - Trump's recent comments reflect a sense of urgency regarding U.S. economic stability, as he fears the potential consequences of losing tariff policies that he believes are crucial for maintaining U.S. global standing [11][13] Group 3 - The internal challenges faced by Trump, including legal setbacks regarding his tariff policies and conflicts with the Federal Reserve, are highlighted as factors contributing to his weakened position [13][15] - The article concludes that Trump's inability to effectively respond to China's military advancements and his domestic issues signify a decline in U.S. hegemony and an acknowledgment of China's growing influence [15]

Core Points - The U.S. Supreme Court ruled 7-4 that the tariff measures implemented by the Trump administration were illegal, marking a significant legal setback for the administration [2] - Trump has shifted his stance towards a more amicable approach, emphasizing the importance of friendly relations with other countries, which contrasts sharply with his previous hardline policies [2][4] - The recent change in Trump's rhetoric appears to be influenced by the issue of Chinese students in the U.S., with a goal to increase their numbers to 600,000 within two years, a stark contrast to previous policies that restricted Chinese student visas [4][6] Group 1 - Trump's acknowledgment that rejecting Chinese students was disrespectful and his emphasis on the importance of international friendly relations [6] - The contribution of Chinese students to the U.S. education system, with a warning that their absence could lead to a collapse of the system [6] - The contradiction in U.S. policy, as the Department of Homeland Security announced plans to tighten international student visa regulations shortly after Trump's positive remarks [6][8] Group 2 - Economic considerations are driving Trump's policy shift, as Chinese students contributed over $14 billion to the U.S. economy in 2023, highlighting their importance for job creation and the stability of the university system [8] - The recent talks between the U.S. and China indicate a desire to improve economic relations, suggesting a broader adjustment in U.S. strategy towards China [8] - Despite the positive rhetoric, there is skepticism regarding the actual implementation of policies that protect the rights of Chinese students in the U.S., as the administration's stance remains inconsistent [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The essence of the victory narrative lies in the logic that victory equals justice, which is closer to a communication concept. The probability of continuous easing of Sino-US relations may be higher than that of escalation of confrontation. Steepening the US Treasury yield curve may have high cost-effectiveness, and interest rate cuts and order shocks are expected to form a double drive for the gold price [1]. Summary by Relevant Catalogs Victory Narrative Connotation - The victory narrative requires both "substance" and "appearance." The Trump administration seizes every political achievement for publicity to create a "substance" of victory and maximizes the use of ambiguous events through public opinion to form the "appearance" of victory. It is more of a communication concept, with objective facts as the basis and "secondary processing" as the key [2][15]. Victory Narrative Essence - The essence is the narrative logic that victory equals justice. The Trump administration needs to strengthen the victory narrative because Trump's maverick style conflicts with traditional politicians, and the internal camp opposition in the US is intensifying. The Trump administration emphasizes material interests and downplays ideology, and needs continuous victory to justify its actions and boost market sentiment [3][17]. Sino-US Relations from the Perspective of Victory Narrative - The complementary economic characteristics of China and the US are the basis for judging the current Sino-US relations. The inflation problem in the US hinders Trump's interest rate cut proposal, while stable or expanding Chinese exports to the US can help ease US inflation. Based on Trump's policy demands and the economic environment, the probability of continuous easing of Sino-US relations is higher than that of escalation of confrontation [4][27]. Trends of Major Asset Classes under the Background of Victory Narrative - For short - duration US Treasuries, the key is how much interest rate cut expectations are included in the current interest rate; for long - duration US Treasuries, risks such as secondary inflation from tariffs and fiscal deficit monetization cannot be ignored. A strategy of going long on short - duration and short on long - duration to steepen the curve may have high cost - effectiveness. For gold, interest rate cuts and order shocks are expected to form a double drive [5].

Core Viewpoint - The second Youth Dialogue Conference on Promoting Sino-U.S. Cultural Exchange was held in San Francisco, focusing on seeking peaceful coexistence in a multipolar world, aiming to strengthen the foundation of public opinion for the healthy and stable development of Sino-U.S. relations [1][7]. Group 1: Event Overview - The conference was co-hosted by the Contemporary China and World Research Institute and the Carter Center, with nearly 50 experts and young scholars from various think tanks and universities in China and the U.S. participating [1]. - Key figures such as Yu Yunquan, Li Yafang, and Barbara Smith attended and delivered speeches, emphasizing the importance of youth engagement in Sino-U.S. relations [1][2][3]. Group 2: Key Themes and Discussions - Yu Yunquan highlighted San Francisco as a significant window for Sino-U.S. exchanges, expressing hope for collaboration among strategic and academic circles to support the growth of youth and the stability of Sino-U.S. relations [2]. - Barbara Smith stated that cooperation is a long-term and inevitable strategic choice for both countries, emphasizing the need to manage differences constructively and explore common interests [3]. - Li Yafang described Sino-U.S. cultural exchange as an invisible bridge that fuels bilateral relations, advocating for joint efforts to rebuild trust and enhance understanding among youth [5]. - Scholars at the conference discussed the importance of a "non-zero-sum" approach to redefine bilateral interactions, focusing on cooperation while managing competition and historical ties [7]. Group 3: Future Initiatives - The conference aims to establish a mechanism for dialogue among the next generation of Sino-U.S. scholars, facilitating deep exchanges across regional and cognitive barriers starting in 2024 [7].

Group 1 - The core viewpoint of the article highlights the nuanced approach of the U.S. towards China and India, emphasizing a strategy of "controlled competition" rather than outright confrontation [1][4][6] - The U.S. imposes a 50% tariff on Indian imports as a means to remind India of its position relative to China, indicating a desire to maintain influence over India's rise [2][4] - The U.S. recognizes the importance of China's vast market and supply chains, leading to a more cautious and calculated approach in dealing with China compared to India [4][6] Group 2 - The article suggests that the U.S. sees India as a useful ally but not an indispensable rival, aiming to keep India in a position of dependency while allowing it to compete with China [2][4] - The U.S. strategy involves a balance of pressure and partnership, using tariffs as a tool to manage India's growth without allowing it to reach parity with China [2][4] - The complexity of U.S.-China relations is characterized by a need for economic ties while simultaneously seeking to limit China's influence in strategic areas [4][6]

Core Viewpoint - The commemoration of the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression emphasizes the importance of remembering history, honoring heroes, cherishing peace, and creating a better future [1][2]. Group 1: Historical Context - The victory over Japanese militarism 80 years ago marked a significant turning point for the Chinese nation and was an essential part of the global anti-fascist victory [1]. - The historical struggle of the Chinese people against aggression is highlighted as a foundation for the current achievements and modernization efforts in China [1]. Group 2: Global Cooperation and Peace - The current global landscape is characterized by multipolarity, and cooperation is essential to address challenges, rejecting unilateralism and hegemonic behavior [2]. - Countries must share the responsibility of maintaining peace and pursue a path of peaceful development together [2]. Group 3: Sino-American Relations - The historical friendship between the Chinese and American peoples during World War II is emphasized, showcasing their joint efforts in defending peace and justice [3]. - There is a call for both nations to respect each other, coexist peacefully, and focus on cooperation to foster a better future for both countries and the world [3].

Core Viewpoint - The Chinese Ambassador to the U.S., Xie Feng, emphasized the need for China and the U.S. to pursue a path of mutual respect, peaceful coexistence, and win-win cooperation, asserting that there is no reason for confrontation between the two nations [1] Group 1 - The U.S. politicians and experts are pushing legislation to prohibit China from using the U.S. dollar for transactions while simultaneously advocating for a 600% tariff increase on Chinese goods [1] - Chinese netizens are reportedly supportive of the U.S. actions, indicating a complex public sentiment regarding U.S.-China relations [1] Group 2 - The Chinese side argues that the current U.S.-China competition is fundamentally different from the U.S.-Soviet "Cold War," as a victory for one side would not lead to the collapse of the other's survival model [1] - The economic interdependence between the U.S. and China is highlighted, with the U.S. being described as primarily a financial nation that heavily relies on China, the world's largest industrial nation, for product supply [1] - The issue of rare earths is mentioned, with U.S. trade advisor Navarro acknowledging the inability to detach from Chinese supply chains [1]