外交部长王毅在吉隆坡会见美国国务卿鲁比奥。双方就中美关系以及共同关心的问题交换了意见。王毅全面阐述了中方对发展中美关系的原则立场，强调双方应将两国元首重要共识转化为具体政策和行动。希望美方以客观、理性、务实态度看待中国，以和平共处、合作共赢为目标制定对华政策，以平等、尊重、互惠方式同中方打交道，共同找到一条新时期中美正确相处之道。双方一致认为会晤是积极、务实、建设性的，同意加强外交渠道及各领域各层级沟通对话，发挥外交部门在推动两国关系中的作用，在管控分歧的同时，探索扩大合作领域。（央视）外汇交易员 (@myfxtrader):美国国务卿鲁比奥：与中方的会晤非常有建设性，但显然有些问题亟待解决。美中两国必须保持关系，必须进行沟通。特朗普与习近平会晤的可能性很高，但尚未确定具体日期。 ...

王毅全面阐述了中方对发展中美关系的原则立场，强调双方应将两国元首重要共识转化为具体 政策和行动。希望美方以客观、理性、务实态度看待中国，以和平共处、合作共赢为目标制定 对华政策，以平等、尊重、互惠方式同中方打交道，共同找到一条新时期中美正确相处之道。 双方一致认为会晤是积极、务实、建设性的，同意加强外交渠道及各领域各层级沟通对话，发 挥外交部门在推动两国关系中的作用，在管控分歧的同时，探索扩大合作领域。 据央视新闻，2025年7月11日，中共中央政治局委员、外交部长王毅在吉隆坡会见美国国务卿 鲁比奥。双方就中美关系以及共同关心的问题交换了意见。 ...

Summary of Nvidia's Conference Call Company Overview - **Company**: Nvidia - **Industry**: Semiconductors Key Points and Arguments 1. **New AI Chip Launch**: Nvidia plans to launch a new AI chip specifically designed for the Chinese market as soon as September, with CEO Jensen Huang visiting China to reaffirm the company's commitment [5][12] 2. **Compliance with Export Controls**: The new chip is a modified version of Nvidia's existing Blackwell RTX Pro 6000 processor, adjusted to comply with US export control regulations [6] 3. **Removal of Advanced Technologies**: The new product will lack advanced technologies such as high-bandwidth memory (HBM) and NVLink, which are essential for faster data transfers [6] 4. **Market Capitalization Milestone**: Nvidia became the first company to reach a market capitalization of $4 trillion, recovering from earlier stock price declines due to US export controls [7][8] 5. **Geopolitical Challenges**: Huang is increasing diplomatic efforts with Chinese and US leaders as Nvidia navigates geopolitical tensions while trying to maintain its market position [8] 6. **Meetings with Chinese Officials**: Huang is expected to meet with top Chinese officials, including Premier Li Qiang, to discuss Nvidia's operations in China [9][10] 7. **Market Share Decline**: Nvidia's market share in China has decreased from 95% four years ago to 50%, attributed to US export restrictions prompting local companies to accelerate their own AI product development [11] 8. **Potential Market Size**: Nvidia anticipates competing in a Chinese AI market valued at $50 billion in the near future [11] 9. **Financial Impact of Export Restrictions**: Multiple rounds of export restrictions have resulted in Nvidia losing billions in business, yet the company remains committed to the Chinese market [12] 10. **Testing and Demand**: Chinese clients have begun testing samples of the new chip and have shown interest in significant orders, despite its performance being inferior to local competitors [14] 11. **Concerns Over Dependency**: Chinese companies are increasingly wary of relying on Nvidia products due to uncertainties in US policy, with major players like Alibaba and Tencent exploring alternatives from local producers [16] 12. **Inventory and Financial Risks**: Launching the new product and ensuring uninterrupted supply will require building a large inventory, which poses financial risks if export policies remain uncertain [18] 13. **Revenue from China**: China is Nvidia's fourth-largest market, contributing $17.1 billion in revenue, which accounts for 13% of its total sales [18] Additional Important Content - **Performance Comparison**: Although the new chip's performance does not match that of top local products, clients are willing to purchase it to avoid the high costs associated with switching from Nvidia's Cuda software system [15] - **Demand Expectations**: Demand for the new chip is not expected to reach the levels of the previous H20 product, which was effectively banned in April, leading to a $5.5 billion writedown for Nvidia [15] This summary encapsulates the critical insights from Nvidia's conference call, highlighting the company's strategic moves in the semiconductor industry, particularly in relation to the Chinese market and ongoing geopolitical challenges.

中共中央政治局常委、国务院副总理丁薛祥10日在北京会见美国前财政部长保尔森。丁薛祥表示，前不 久，习近平主席应约同特朗普总统通话，两国元首达成重要共识。中美本着相互尊重、和平共处、合作 共赢的原则加强合作，有利于中美关系持续健康发展，可以造福两国、惠及世界。中国是当前动荡世界 的最大确定性因素。希望美方正确看待中国发展，尊重中方核心利益和重大关切，发展互利稳定的经贸 关系，共同承担大国责任。欢迎保尔森基金会和美国企业来华开展合作，为促进中美互信与合作发挥积 极作用。保尔森表示，美中关系事关全球经济稳定和发展，双方应加强沟通，增进互信。他愿为此发挥 积极作用。(新华社) ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 纯碱主力合约收盘价(日,元/吨) | 1231 | 37 玻璃主力合约收盘价(日,元/吨) | 1083 | 48 | | | 纯碱与玻璃价差(日,元/吨) | 148 | -11 纯碱主力合约持仓量(日,手) | 1427563 | -187579 | | | 玻璃主力合约持仓量(日,手) | 1372230 | -154075 纯碱前20名净持仓 | -391471 | -1826 | | | 玻璃前20名净持仓 | -386664 | 5285 纯碱交易所仓单(日,吨) | 3736 | -297 | | | 玻璃交易所仓单(日,吨) | 799 | -3 纯碱9月-1月合约价差 | -43 | -3 | | | 玻璃合约9月-1月价差 | -97 | 0 纯碱基差(日,元/吨) | -26 | -6 | | | 玻璃基差(日,元/吨) | 41 | -10 | | | | | 华北重碱(日,元/吨) | 1174 | 6 华中重 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The Shanghai copper main contract fluctuates slightly, with a decrease in open interest, spot premium, and a weakening basis. The supply of copper concentrates is expected to improve, and domestic supply has room for a small increase. Demand is currently weak due to the traditional off - season, and social inventories are slightly accumulating. Overall, the fundamentals are in a state where supply is boosted, demand is weak, but the macro - environment provides support and industry expectations are positive. The options market sentiment is bullish, and the implied volatility rises slightly. It is recommended to conduct light - position short - term long trades at low prices, paying attention to controlling the rhythm and trading risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the Shanghai copper futures main contract is 78,600 yuan/ton, up 200 yuan; the LME 3 - month copper price is 9,664 dollars/ton, up 33.5 dollars. The main contract's inter - month spread is 140 yuan/ton, down 60 yuan; the open interest of the Shanghai copper main contract is 181,068 lots, down 12,931 lots. The top 20 long positions in Shanghai copper futures are 9,545 lots, down 5,230 lots. The LME copper inventory is 107,125 tons, up 4,625 tons; the Shanghai Futures Exchange's cathode copper inventory is 84,589 tons, up 3,039 tons; the LME copper cancelled warrants are 38,250 tons, up 1,150 tons; the Shanghai Futures Exchange's cathode copper warrants are 21,729 tons, down 2,856 tons [2]. 3.2 Spot Market - The SMM 1 copper spot price is 78,615 yuan/ton, down 575 yuan; the Yangtze River Non - ferrous Market 1 copper spot price is 78,610 yuan/ton, down 645 yuan. The Shanghai electrolytic copper CIF (bill of lading) price is 65 dollars/ton, unchanged; the Yangshan copper average premium is 40.5 dollars/ton, up 5 dollars. The CU main contract basis is 15 yuan/ton, down 775 yuan; the LME copper cash - 3 months spread is 22.37 dollars/ton, down 28.94 dollars [2]. 3.3 Upstream Situation - The import volume of copper ore and concentrates is 239.52 million tons, down 50.98 million tons. The copper smelter's rough smelting fee (TC) is - 44.25 dollars/kiloton, up 0.56 dollars. The copper concentrate price in Jiangxi is 68,900 yuan/metal ton, down 660 yuan; in Yunnan, it is 69,600 yuan/metal ton, down 660 yuan. The southern processing fee for blister copper is 800 yuan/ton, unchanged; the northern processing fee is 750 yuan/ton, unchanged [2]. 3.4 Industry Situation - The refined copper output is 125.4 million tons, unchanged. The import volume of unwrought copper and copper products is 430,000 tons, down 10,000 tons. The social inventory of copper is 41.82 million tons, up 0.43 million tons. The price of 1 bright copper wire in Shanghai is 55,590 yuan/ton, down 400 yuan; the price of 2 copper (94 - 96%) in Shanghai is 67,700 yuan/ton, down 400 yuan. The ex - factory price of 98% sulfuric acid of Jiangxi Copper is 600 yuan/ton, unchanged [2]. 3.5 Downstream and Application - The copper product output is 209.6 million tons, up 1.5 million tons. The cumulative completed investment in power grid infrastructure is 203.986 billion yuan, up 63.169 billion yuan. The cumulative completed investment in real estate development is 3,623.384 billion yuan, up 850.427 billion yuan. The monthly output of integrated circuits is 4,235 million pieces, up 68 million pieces [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai copper is 10.89%, down 0.37%; the 40 - day historical volatility is 9.98%, down 0.35%. The implied volatility of the current - month at - the - money IV is 12.66%, up 0.0180%; the call - put ratio of at - the - money options is 1.63, up 0.1377 [2]. 3.7 Industry News - The Fed's June meeting minutes show that officials have increasing differences in interest - rate prospects. Trump said that Sino - US relations have improved. The State Council issued new policies to support stable employment. From 2021 to 2024, China's economy maintained an average annual growth rate of 5.5%, with domestic demand contributing 86.4% on average. In June, the CPI rose 0.1% year - on - year and fell 0.1% month - on - month; the PPI fell 3.6% year - on - year and 0.4% month - on - month. The relationship between multinational enterprises and the Chinese market has shifted to "two - way empowerment", and China's new - energy vehicles have globalization opportunities. In 2024, the number of new - energy vehicles in China reached 31.4 million, and the number of innovative drugs under research accounted for about 30% of the global total [2].

Core Viewpoint - The speech emphasizes the importance of Sino-U.S. relations and the role of youth in shaping the future of these relations, highlighting the need for cooperation and communication between the two countries [1] Group 1: Sino-U.S. Relations - The Chinese Ambassador to the U.S., Xie Feng, addressed the need for both countries to correctly interact with each other to answer the question of whether the world will be better [1] - This year, there have been two phone calls between President Xi Jinping and President Trump, which are seen as steering the direction of Sino-U.S. relations [1] - Both nations are pursuing their dreams, and their peoples aspire to a better life, indicating a potential for partnership and friendship [1] Group 2: Role of Youth - Youth are identified as witnesses and beneficiaries of Sino-U.S. relations, representing the future and hope for both countries [1] - Historical milestones in Sino-U.S. relations have often involved young individuals, such as the youngest Flying Tigers and participants in "Ping Pong Diplomacy" [1] - The future of Sino-U.S. relations is ultimately to be created by the youth of both nations, who are increasingly engaging in collaborative efforts to address 21st-century challenges like artificial intelligence and climate change [1]

Group 1 - The article discusses the ongoing trade tensions between the US and China, highlighting the recent extension of tariffs and the potential for a trade agreement [1][6][11] - It emphasizes the historical context of US-China relations, noting significant changes since the Nixon-Kissinger era, particularly China's rise as a competitive economic power [2][27] - The article mentions the impact of tariffs, with the US imposing up to 145% tariffs on Chinese goods and China retaliating with 125% tariffs, leading to a significant economic decoupling [5][6] Group 2 - The dialogue between the US and China is framed as essential for coexistence, with both nations needing to engage in discussions to resolve trade conflicts [4][10] - The potential for a new trade agreement is discussed, with the expectation that it should be detailed and long-lasting, ideally lasting several years [8][9][10] - The article also touches on the geopolitical implications of the trade relationship, including concerns over military and technological competition [28][27] Group 3 - The article reflects on the broader implications of US foreign policy under Trump, particularly regarding transatlantic relations and the perception of Europe [20][22] - It suggests that Trump's approach has damaged the US's image in Europe and that rebuilding trust will take time and effort [22][23] - The discussion includes the need for a multilateral approach to global order, indicating that a new world order cannot be established solely by the US and China [12][24]

Market Performance - The U.S. stock market indices closed higher, with the Dow Jones Industrial Average up by 0.49%, the Nasdaq up by 0.94%, and the S&P 500 up by 0.61% [1] - Major technology stocks saw collective gains, with Nvidia rising by 1.8% and its market capitalization briefly surpassing $4 trillion; other tech giants like Meta, Amazon, Google, Microsoft, and Netflix also increased by over 1% [1] - However, popular Chinese concept stocks mostly declined, with the Nasdaq China Golden Dragon Index falling by 1.11%, and Alibaba, Bilibili, and JD.com dropping over 3% [1] Employment Policies - The State Council issued a notice to enhance employment support policies, focusing on stabilizing jobs, enterprises, markets, and expectations to promote high-quality economic development [2] - The notice includes measures such as expanding the scope of special loans for job stabilization and increasing the unemployment insurance refund ratio for small and medium-sized enterprises from a maximum of 60% to 90% [2] - It also encourages enterprises to expand hiring by providing social insurance subsidies for small and medium-sized enterprises that employ key groups [2] Corporate Earnings Forecasts - TCL Technology expects a revenue of 82.6 billion to 90.6 billion yuan for the first half of 2025, with a net profit forecast of 1.8 billion to 2 billion yuan, representing a year-on-year increase of 81% to 101% [7] - Jin'an Guoji anticipates a significant increase in net profit excluding non-recurring items, projecting a growth of 4700% to 6300% for the first half of 2025 [8] - Muyuan Foods forecasts a net profit of 10.5 billion to 11 billion yuan for the first half of 2025, marking a growth of 924.60% to 973.39% compared to the previous year [9] - Northern Rare Earth expects a net profit increase of 1882.54% to 2014.71% for the first half of 2025, projecting a profit of 900 million to 960 million yuan [10] Corporate Actions - Alibaba has completed the issuance of zero-coupon convertible bonds totaling 12.023 billion Hong Kong dollars, maturing in 2032 [12] - Shank Intelligent announced a suspension of trading due to the planned change of control involving a share transfer [13] - BGI terminated its major asset restructuring plans due to a lack of consensus on core terms among parties involved [14]

崔天凯提及中美竞争时，明确指出中国的发展目标并非针对美国竞争。这一表态至关重要，它向外界清晰传达了中国在国际舞 台上的独立发展定位。中国的经济腾飞、科技进步、军事现代化等成就的取得，源于自身长期的积累与不懈奋斗，是为了满足 国内民众对美好生活的向往、提升国家综合实力以及保障国家主权安全等多方面需求，而非单纯为了在与美国的较量中占据上 风。中国始终秉持和平发展理念，在国际事务中倡导合作共赢，积极为全球治理贡献智慧与力量，致力于构建人类命运共同 体，而不是陷入无休止的霸权争夺。 据智通财经报道，美国国会众议院以 218 票赞成、214 票反对的表决结果通过了特朗普推动的 "大而美" 税收和支出法案，总 统特朗普也正式签署使其生效。同一时期，第十三届世界和平论坛在北京举行，中国前驻美大使崔天凯在会上就中美关系发表 重要观点。 美国此番税改法案的通过，背后有着复杂的考量与深远的意图。从经济层面来看，税收政策的调整将直接影响企业的运营成本 与投资决策。法案中涉及的各项税收优惠与支出计划，或许能在短期内刺激美国相关产业的发展，为企业创造更有利的经营环 境，进而带动经济增长。然而，这种增长模式能否持续，以及会在多大程度上引 ...