2025.08. 26 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 据央视新闻，8月26日，外交部发言人郭嘉昆主持例行记者会。有记者提问，特朗普周一表示，他预 计将在今年或不久之后访问中国。 郭嘉昆表示，中方一贯按照相互尊重、和平共处、合作共赢的原则，处理和推进中美关系，同时坚定 维护自身的主权、安全和发展利益。 我们希望美方相向而行，推动中美关系稳定、健康、可持续发展。 元首外交对中美关系发挥着不可替代的战略引领作用。中美两国元首保持着密切的交往和沟通。 微信编辑 | 小羊 推荐阅读 多地遴选小学教师转岗初中 ...

来源：央视新闻客户端 我们希望美方相向而行，推动中美关系稳定、健康、可持续发展。 8月26日，外交部发言人郭嘉昆主持例行记者会。有记者提问，特朗普周一表示，他预计将在 今年或不久之后访问中国。 郭嘉昆表示，中方一贯按照相互尊重、和平共处、合作共赢的原则，处理和推进中美关系，同 时坚定维护自身的主权、安全和发展利益。 元首外交对中美关系发挥着不可替代的战略引领作用。中美两国元首保持着密切的交往和沟 通。 ...

郭嘉昆表示，中方一贯按照相互尊重、和平共处、合作共赢的原则，处理和推进中美关系，同时坚定维护自身的主权、安全和发展利益。我 们希望美方相向而行，推动中美关系稳定、健康、可持续发展。 法新社记者提问，美国总统特朗普周一表示，他希望今年年内或者尽快访问中国，中国对此持开放态度吗？ 郭嘉昆指出，元首外交对中美关系发挥着不可替代的战略引领作用，中美两国元首保持着密切的交往和沟通。 8月26日，外交部发言人郭嘉昆主持例行记者会。 ...

【环球时报-环球网报道 记者李萌】在8月26日外交部例行记者会上，有记者提问称，美国总统特朗普 周一表示，他预计将于今年或之后不久访问中国。请问特朗普总统是否会访问中国？ 对此，发言人郭嘉昆表示，中方一贯按照相互尊重、和平共处、合作共赢的原则处理和推进中美关系， 同时坚定维护自身的主权、安全和发展利益。我们希望美方相向而行，推动中美关系稳定健康持续发 展。元首外交对中美关系发挥着不可替代的战略引领作用。中美两国元首保持着密切的交往和沟通。 责任编辑：何俊熹 ...

Group 1 - China's rare earth exports to the U.S. surged by 75% in July, reaching 5,577 tons, marking a record high for the year [3][5] - The U.S. relies heavily on Chinese rare earths, which are essential for high-tech products, with China controlling 90% of global rare earth processing capacity [3][5] - The increase in exports from May to July shows a clear trend of growing dependence of the U.S. on Chinese rare earths [5] Group 2 - The U.S. responded to China's goodwill with aggressive actions, labeling China as a "hostile nation" and imposing sanctions on Chinese companies [5][11] - The U.S. Treasury Department sanctioned two Chinese companies under the pretext of aiding Iran, reflecting a strategy to intimidate other nations from engaging with China [9][11] - The U.S. has also targeted Chinese students, subjecting them to unreasonable questioning upon arrival, indicating a broader strategy to disrupt people-to-people exchanges [11][25] Group 3 - The U.S. government's approach towards China has shifted from cooperation to confrontation, with bipartisan consensus on viewing China as a significant threat [19][28] - Historical parallels are drawn to Japan's experience in the 1980s, suggesting that the U.S. may react similarly to perceived threats from China [17][19] - The U.S. is increasingly anxious about China's technological and industrial capabilities, as evidenced by its contradictory actions of seeking rare earths while imposing sanctions [19][26] Group 4 - China has responded to U.S. actions with a clear strategy, emphasizing the importance of international law and the protection of its citizens' rights [21][25] - In the financial sector, China has shifted its assets, including repatriating 4,110 tons of gold and selling $41.3 billion in U.S. Treasury bonds, indicating a strategic realignment [21][22] - China's advancements in technology, such as Huawei's chip performance and agreements with Russia for energy trade, demonstrate its resilience against U.S. sanctions [22][26]

Report Summary 1. Report Industry Investment Rating - Not mentioned in the report 2. Core Viewpoints - Overnight, US soybeans closed slightly higher, and the Dalian Commodity Exchange (DCE) soybean meal may rebound and fluctuate; DCE soybeans No.1 are expected to rebound and fluctuate [1] - The rise of CBOT soybeans is mainly due to the strong rebound of Chicago soybean oil, the rumor that China may resume purchasing US soybeans, and the good performance of US soybean weekly export sales. The potential increase in demand has temporarily outweighed concerns about abundant supply [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: DCE soybeans No.1 2511 closed at 3,985 yuan/ton during the day session, down 28 yuan (-0.70%), and 3,996 yuan/ton during the night session, up 7 yuan (+0.18%); DCE soybean meal 2601 closed at 3,088 yuan/ton during the day session, down 40 yuan (-1.28%), and 3,108 yuan/ton during the night session, up 14 yuan (+0.45%); CBOT soybeans 11 rose 2.25 cents (+0.21%) to 1,058.25 cents/bushel; CBOT soybean meal 12 closed at 291 dollars/short ton, down 2.8 dollars (-0.95%) [1] - **Spot Prices**: In Shandong, the price of soybean meal (43%) was 3,060 - 3,110 yuan/ton, down 20 yuan to unchanged from the previous day; in East China, it was 2,980 - 3,080 yuan/ton; in South China, it was down 30 or 20 yuan from the previous day. Different regions had different basis prices for different months [1] - **Industrial Data**: The trading volume of soybean meal was 13.1 million tons per day, compared with 13.8 million tons per day in the previous trading day; the inventory was not available, while it was 97.4 million tons per week in the previous two trading days [1] 3.2 Macro and Industry News - On August 22, CBOT soybean futures continued to rise, with the benchmark contract up 0.2%, reaching a two - month high since June 23. The main driving forces were the strong rise of soybean oil and the rumor of Chinese buyers inquiring about US soybeans, which enhanced the market's expectation of improved demand [3] 3.3 Trend Intensity - The trend intensity of soybean meal and soybeans No.1 was 0, indicating a neutral trend for the day - session main contract futures prices on the reporting day [3]

Sino-US Agricultural Cooperation - The Chinese Ambassador to the US stated that agriculture is a pillar of Sino-US relations, with potential for complementary advantages, but protectionism casts a shadow over cooperation [1] - The Ambassador emphasized that agriculture should not be politicized, and farmers should not pay the price for trade wars [1] - Restrictions on Chinese citizens and enterprises purchasing agricultural land are considered political manipulation under the guise of national security [1] US Soybean Industry Concerns - The US Soybean Association expressed significant financial pressure on soybean farmers due to falling prices and high input costs [1] - The Association stated that US soybean farmers cannot afford a prolonged trade dispute with their largest customer [1]

Group 1 - The meeting between Chinese President Xi Jinping and U.S. President Joe Biden focused on strategic issues in Sino-U.S. relations and major global and regional problems [2][4][11] - Xi emphasized the need for both countries to explore a correct way to coexist and to find the right direction for the development of bilateral relations, aiming to return to a healthy and stable development track [2][5] - Both leaders agreed on the importance of maintaining strategic communication and regular consultations between their diplomatic teams [13] Group 2 - Xi highlighted that the Taiwan issue is a core interest of China and a fundamental political basis for Sino-U.S. relations, urging the U.S. to adhere to the One China policy [7][8] - The leaders discussed the importance of mutual respect and cooperation, emphasizing that competition should be constructive rather than adversarial [9][12] - Xi pointed out that both countries have shared responsibilities to manage differences and prevent misunderstandings from escalating into conflict [12][13] Group 3 - The two leaders acknowledged the significance of cooperation on global challenges such as climate change and food security, agreeing to enhance dialogue and collaboration in these areas [12][13] - Xi reiterated that the U.S. should respect China's development path and not seek to change China's political system, while Biden affirmed that the U.S. does not support Taiwan independence [8][12] - Both sides recognized the need for ongoing communication to ensure that their relationship remains stable and beneficial for both nations and the world [11][13]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - Overnight US stocks tumbled and the stock market corrected yesterday, leading to a subdued market sentiment at today's opening. After the mid - session, optimism resurfaced, possibly influenced by some positive interim report data and the expectation of eased Sino - US relations. Short - term market sentiment remains volatile, with shrinking trading volume, indicating that some funds have become cautious. The market is expected to fluctuate near the pressure line for some time, awaiting signals of the Fed's monetary policy adjustment at the Jackson Hole meeting. Currently, maintain positions and be prepared to hedge against downside risks. Given the continuous rise of futures basis boosted by sentiment, using options for hedging may be a better choice [4]. 3. Summary by Related Catalogs Market Review - Today, the stock index rose with shrinking volume, and the small and medium - cap stocks performed relatively strongly, while the gap between large and small - cap stocks narrowed. In terms of funds, the trading volume of the two markets decreased by 180.1 billion yuan. In the futures index market, all varieties rose with increasing volume [2]. Important Information - The US Treasury Secretary said that the US and China had a "very good dialogue" on economic and trade issues, and the current work is progressing smoothly. - The parade will last about 70 minutes and will showcase some strategic heavy weapons, high - precision strike equipment, and unmanned and anti - unmanned equipment from the land, sea, and air for the first time [3]. Strategy Recommendation - Insurance strategy: Hold spot and buy put options [5]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 1.16 | 1.08 | 1.40 | 1.23 | | Trading volume (10,000 lots) | 13.0668 | 6.3114 | 11.9244 | 29.8722 | | Trading volume change compared to the previous day (10,000 lots) | 2.1399 | 0.0678 | 1.6892 | 6.2534 | | Open interest (10,000 lots) | 26.7018 | 10.6633 | 22.8358 | 40.0625 | | Open interest change compared to the previous day (10,000 lots) | 0.8761 | 0.2909 | 0.7608 | 2.3675 | [5] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 1.04 | | Shenzhen Component Index change (%) | 0.89 | | Ratio of rising to falling stocks | 2.35 | | Trading volume of the two markets (billion yuan) | 2408.234 | | Trading volume change compared to the previous day (billion yuan) | - 180.135 | [6]

Group 1 - The meeting between Trump and Putin on August 15 marks a subtle "thaw" in US-Russia relations, indicating a willingness to address mutual concerns despite no formal agreements being signed [1][3] - Trump's positive remarks about Putin and the meeting's atmosphere suggest a potential shift in diplomatic engagement, although he deflected responsibility for the Ukraine issue onto Zelensky [1][3] - The cancellation of the US Treasury Secretary's visit to India casts a shadow over India's trade prospects, highlighting the complexities of US-India relations amid rising tensions [1][5] Group 2 - Wang Yi's visit to India following the US-Russia meeting is seen as a strategic move by China to strengthen ties with India, especially after recent high-level interactions have improved bilateral relations [3][5] - The economic complementarity between China and India, particularly in manufacturing and services, presents opportunities for collaboration, but security issues must be addressed first [5][7] - India's recognition of the impracticality of a strict alignment with the US indicates a strategic shift towards a more independent foreign policy, seeking to balance relations between China and the US [7]