谭森表示，美中关系保持稳定对美工商界在华营商至关重要，期待双方继续通过对话解决分歧、加强合 作。美中贸委会愿继续为增进美中相互了解和理解发挥积极作用。 人民财讯8月1日电，7月31日，中共中央对外联络部副部长陆慷在北京会见美中贸易全国委员会会长谭 森，介绍中共中央政治局7月30日会议精神，欢迎美工商界关注将于今年10月召开的中共二十届四中全 会。 陆慷强调，中国对美政策始终保持连续性和稳定性，中方愿同美方一道落实好两国元首共识，推动中美 关系实现稳定、健康、可持续发展。希望美工商界进一步发挥建设性作用，向美各界介绍真实的中国和 中国共产党。 ...

7月31日，中共中央对外联络部副部长陆慷在北京会见美中贸易全国委员会会长谭森，介绍中共中央政 治局7月30日会议精神，欢迎美工商界关注将于今年10月召开的中共二十届四中全会。陆慷强调，中国 对美政策始终保持连续性和稳定性，中方愿同美方一道落实好两国元首共识，推动中美关系实现稳定、 健康、可持续发展。希望美工商界进一步发挥建设性作用，向美各界介绍真实的中国和中国共产党。谭 森表示，美中关系保持稳定对美工商界在华营商至关重要，期待双方继续通过对话解决分歧、加强合 作。美中贸委会愿继续为增进美中相互了解和理解发挥积极作用。 ...

Core Insights - The report indicates a significant adjustment in the equity market, with major indices such as the Shanghai Composite Index and CSI 300 experiencing declines of 1.18% and 1.82% respectively, while the bond market is showing signs of recovery [2][4] - The manufacturing PMI has decreased to 49.3%, indicating a marginal economic slowdown, which has further pressured market risk appetite and bolstered bond market sentiment [4][5] - Institutional confidence is gradually recovering, with funds returning to the bond market, particularly into balanced and index bond funds, suggesting a potential acceleration of the bond bull market [5][9] Domestic Market Performance - The Shanghai Composite Index closed at 3573.21, down 42.51 points or 1.18%, while the CSI 300 Index closed at 4075.59, down 75.65 points or 1.82% [1] - The bond market saw a slight increase in the 7-10 year national development bond index, which rose by 0.12% [1] Market Adjustments - The equity market is undergoing a correction phase, with significant outflows from stock ETFs totaling 25.3 billion yuan since July 24, indicating a shift in institutional sentiment [7] - The afternoon session saw a notable decline in the market following concerns over Nvidia's chip safety issues, which affected risk appetite [6][9] Future Outlook - The report suggests that the bond bull market may be entering an accelerated phase, with a focus on long-duration bonds as institutional investors show renewed interest [5] - The ongoing adjustments in U.S.-China trade relations are expected to influence market expectations, potentially driving funds back to safe-haven assets like bonds [5][6]

Group 1 - Wang Yi emphasized that China maintains a consistent and stable policy towards the U.S., focusing on mutual respect, peaceful coexistence, and win-win cooperation [3] - The Chinese economy showed resilience and positive growth in the first half of the year, with plans to expand high-level opening-up and create a favorable business environment for foreign investment [5] - The U.S. business community is encouraged to continue investing in China, contributing to mutual growth and cooperation in various sectors such as trade, technology, and healthcare [7] Group 2 - The U.S.-China trade relationship is deemed one of the most important bilateral relationships globally, with both countries being significant economic partners despite challenges [9] - The Chinese government remains committed to opening its market further, welcoming foreign investment, including from U.S. companies, to share development opportunities [9][10] - The U.S.-China Trade Council expressed its intention to enhance bilateral economic cooperation and cultural exchanges, aiming for a stronger and more balanced relationship [7][9]

Core Viewpoint - The meeting between Wang Yi and the US-China Business Council delegation emphasizes the importance of stable and healthy US-China relations, highlighting mutual respect, cooperation, and win-win principles as essential for both nations' development [4][6]. Group 1: Economic Cooperation - Wang Yi stated that China will continue to expand high-level opening-up and create a market-oriented, law-based, and international business environment, encouraging US companies to invest in China for mutual benefits [6][11]. - The US-China Business Council representatives expressed optimism about China's commitment to further opening up, which is crucial for foreign enterprises, including those from the US, to invest and operate in China [6][11]. - Wang Wentao emphasized that the US and China remain important economic partners despite challenges, and that dialogue and consultation are key to resolving differences [11]. Group 2: Strategic Communication - Both sides agreed on the necessity of establishing more communication channels to avoid misunderstandings and manage differences, aiming for a stronger, balanced, and mutually beneficial relationship [4][7]. - The representatives from the US business community indicated their commitment to deepening trade, investment, and cooperation in various sectors, including technology and healthcare, contributing to China's high-quality development [6][11]. - Wang Yi and Wang Wentao both highlighted the importance of maintaining stable and sustainable economic relations, with a focus on equal dialogue and collaboration [11].

这番赤裸裸的威胁，像一盆冰水浇灭了外界对中美关系缓和的期待。就在三天前，特朗普政府刚释 放"善意"：放宽对华高科技出口限制、拒绝赖清德过境美国请求，甚至双方宣布延长贸易休战期。当媒 斯德哥尔摩首相官邸的谈判桌上，中美经贸团队刚就延长关税休战期90天达成共识，空气里还残留着克 制的暖意。然而不到24小时，美国财政部长贝森特在新闻发布会上冷笑着抛出惊雷："若中国继续购买 俄罗斯石油，将面临100%关税惩罚！" ...

Group 1 - The current global situation is characterized by turmoil, and the China-U.S. relationship is both influenced by and influences global trends. China maintains a consistent and stable policy towards the U.S., focusing on mutual respect, peaceful coexistence, and win-win cooperation [1] - China aims to expand high-level opening-up and create a market-oriented, law-based, and international business environment, encouraging U.S. companies to invest in China for mutual benefits and growth [2] - The U.S. business community recognizes the importance of China's commitment to further opening up, which is crucial for foreign investment, and expresses a willingness to deepen cooperation in trade, investment, technology innovation, and other sectors [3]

Core Viewpoint - The U.S. State Department is undergoing layoffs and restructuring due to rising scale and expenditures, with a focus on enhancing the execution of White House directives regarding China [1][4]. Group 1: Restructuring Details - The "China Affairs Coordination Office," responsible for U.S.-China strategy, will now be led by Joshua Young, who reports directly to Deputy Secretary of State Allison Hook [1][4]. - Young is the fourth coordinator since the office's establishment in 2022, indicating a significant turnover in leadership [1][4]. - The restructuring aims to streamline operations, with nearly 45% of over 700 domestic offices being consolidated or eliminated, resulting in an 18% reduction in staff, equating to approximately 3,448 positions [6][7]. Group 2: Implications for U.S.-China Relations - The restructuring is seen as a move to expedite preparations for a potential visit by President Trump to China, with key figures like National Security Advisor Rubio and Treasury Secretary Mnuchin involved in the planning [4][5]. - The closure of several departments focused on the Indo-Pacific region has raised concerns among experts about the potential decline in the quality of U.S. decision-making and its influence in regional affairs [7]. - Former officials express worry that the layoffs may signal a strategic retreat from U.S. commitments in the region, potentially pushing allies closer to China [7].

Core Viewpoint - The Chinese Ambassador to the U.S., Xie Feng, emphasized the importance of maintaining peace and cooperation between China and the U.S., the world's two largest economies, while rejecting conflict and confrontation [1]. Group 1 - Xie Feng highlighted the need for both countries to adhere to the principles of the one-China policy and the three joint communiqués to prevent conflicts, particularly regarding Taiwan [1]. - The ambassador called for a pragmatic and respectful approach from the U.S. towards China, aiming for mutual benefit and cooperation to stabilize and develop bilateral relations [1]. - He referenced historical cooperation during World War II, underscoring the shared commitment to peace and the importance of the United Nations in maintaining international order [2].

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **A-share market** in China, with a particular emphasis on investor sentiment and regulatory developments impacting the market [1][4]. Core Insights and Arguments - **Improved Investor Sentiment**: A-share investor sentiment has improved significantly, with the weighted Morgan Stanley A-share Sentiment Indicator (MSASI) rising by **10 percentage points** to **90%**, and the simple MSASI increasing by **13 percentage points** to **83%** compared to the previous cutoff date [2][6]. - **Increased Market Activity**: Average daily turnover (ADT) for ChiNext and A-shares increased by **11%** and **5%**, respectively, indicating heightened trading activity [2]. - **Net Inflows**: Southbound trading recorded net inflows of **US$2.1 billion** from July 17-23, contributing to year-to-date net inflows of **US$101.4 billion** [3]. - **Regulatory Developments**: The Chinese government's anti-involution campaign has positively influenced market sentiment, with various regulatory bodies taking steps to manage excessive competition in key industries, including the NEV sector and online food delivery platforms [4]. - **US-China Trade Relations**: Progress in US-China trade negotiations has further bolstered market sentiment, with upcoming economic talks scheduled [4]. Additional Important Insights - **Earnings Guidance**: Despite a challenging macroeconomic backdrop, earnings guidance for Q2 2025 has shown resilience, with A-share pre-announcements improving to **-4.8%** and MSCI China rising by **6.8%** [14]. - **Caution on Overheating**: There is a warning against overestimating the potential for earnings growth recovery, suggesting that a rapid surge in consensus earnings estimates could indicate overly optimistic market expectations [16]. - **Consumer Sentiment**: The MS Consumer Pulse Survey indicates a continued lackluster consumer appetite, with concerns around job and income growth deepening in Q2 [13]. - **Long-term Outlook**: The anti-involution initiative is viewed as a constructive signal for enhancing earnings growth and improving return on equity (ROE) over the next **12-24 months**, although real change may require significant adjustments in local incentives and fiscal policies [15]. Conclusion - The A-share market is experiencing a positive shift in sentiment driven by regulatory support and improving trade relations, although caution is advised regarding the sustainability of this momentum and the underlying consumer sentiment challenges.