1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Copper**: Overnight LME copper first declined and then rose, falling 0.2% to $9,643.5 per ton; SHFE copper main contract fell 0.34%. The market is worried about the intensification of trade conflicts. Trump's threat to impose a 50% tariff on copper from August 1st has caused market discussions. From the price difference between US copper and LME copper, the market has priced in 25%. In the short - term, copper may still be weak, and the implementation of the 50% copper tariff will cause strong price fluctuations [1]. - **Aluminum**: Alumina fluctuated strongly, while Shanghai aluminum fluctuated weakly. Guinea's implementation of the bauxite index has raised concerns about cost expansion. In the short - term, the near - month contracts will continue to be strong, and it is recommended to buy low and sell high in the 20,000 range. The off - season effect of aluminum alloy is more obvious [1][2]. - **Nickel**: Overnight LME nickel fell 1.12%, and Shanghai nickel fell 1.08%. The Indonesian government will evaluate the work plans and budgets of the mining and coal industries. The cost support of stainless steel has shifted down slightly, and the overall inventory remains high. The demand for nickel sulfate in July has increased slightly month - on - month. In the short - term, it will still fluctuate, and be vigilant against overseas policy disturbances [2]. 3. Summary by Directory 3.1 Research Views - **Copper**: Macroscopically, overseas focuses on tariffs, and some economies have made counter - measures. Domestically, China's June social financing and export data are positive. In terms of inventory, LME, Comex, and domestic social inventories have all increased. The demand is still weak due to the off - season. The 50% copper tariff may cause price fluctuations [1]. - **Aluminum**: Alumina prices rose, while Shanghai aluminum prices were weak. The implementation of the bauxite index in Guinea and the low inventory support the price. The off - season effect of aluminum alloy is obvious [1][2]. - **Nickel**: LME and SHFE nickel prices fell. The Indonesian government's evaluation of the industry and the decline in nickel ore prices have an impact on the market. The cost of stainless steel has decreased, and the demand for nickel sulfate has increased slightly [2]. 3.2 Daily Data Monitoring - **Copper**: The price of flat - water copper decreased, and the inventory of LME, COMEX, and social inventory increased. The import loss of the active contract widened [3]. - **Lead**: The average price of 1 lead decreased, and the inventory of LME and SHFE increased [3]. - **Aluminum**: The prices of Wuxi and Nanhai aluminum decreased, and the inventory of LME, SHFE, and social inventory of alumina increased [4]. - **Nickel**: The price of Jinchuan nickel decreased, and the inventory of LME, SHFE, and social inventory increased [4]. - **Zinc**: The main settlement price and spot price decreased, and the inventory of LME, SHFE, and social inventory increased [5]. - **Tin**: The main settlement price increased slightly, and the inventory of LME increased while SHFE decreased [5]. 3.3 Chart Analysis - **Spot Premium**: Charts show the spot premium trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [7][9][11]. - **SHFE Near - Far Month Spread**: Charts display the near - far month spread trends of copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [15][18][21]. - **LME Inventory**: Charts present the LME inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [24][26][28]. - **SHFE Inventory**: Charts show the SHFE inventory trends of copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [31][33][35]. - **Social Inventory**: Charts display the social inventory trends of copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [37][39][41]. - **Smelting Profit**: Charts present the trends of copper concentrate index, rough copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless steel 304 smelting profit rate from 2019 - 2025 [44][46][48]. 3.4 Team Introduction - **Zhan Dapeng**: A master of science, the director of non - ferrous research at Everbright Futures Research Institute, with more than a decade of commodity research experience [51]. - **Wang Heng**: A master of finance from the University of Adelaide, Australia, an analyst focusing on aluminum and silicon [50][51]. - **Zhu Xi**: A master of science from the University of Warwick, UK, an analyst focusing on lithium and nickel [52].

Core Viewpoint - The article discusses the escalating trade tensions between the EU and the US, particularly in light of President Trump's announcement of a 30% tariff on EU and Mexican imports, which has led to increased market volatility and concerns over economic impacts [1][7][4]. Group 1: Trade Negotiations - The EU is preparing to strengthen cooperation with countries also threatened by US tariffs, including Canada and Japan, potentially coordinating response measures [2][6]. - EU Commission President Ursula von der Leyen stated that while the EU has paused retaliatory measures until August 1, it is preparing further countermeasures to ensure readiness [10][11]. - The EU's current countermeasure list could affect approximately €210 billion (about $245 billion) of US goods, with an additional list of around €720 billion being prepared [11]. Group 2: Market Reactions - Following Trump's tariff announcement, European stock indices fell, with the Euro Stoxx 50 index down 0.6% and the German DAX index down 0.7% on July 14 [3][7]. - US stock markets also experienced declines, with the Dow Jones down 0.15% and the S&P 500 down 0.2% [8]. Group 3: Economic Impact - Analysts warn that if the 30% tariff is fully implemented, the effective tariff rate on the EU could rise to 26 percentage points, potentially leading to a cumulative GDP decline of 1.2% in the Eurozone by the end of 2026 [4][24]. - The uncertainty surrounding tariffs may lead to increased inflation and volatility in interest rates and exchange rates, impacting risk assets and commodities [24]. Group 4: Political Responses - French President Macron expressed strong dissatisfaction with Trump's tariff threats, urging the EU to prepare credible countermeasures if no agreement is reached by August 1 [13]. - German Chancellor Merz indicated that failure to resolve the trade conflict through negotiations would fundamentally impact European exporters [14]. Group 5: Ongoing Negotiations - Key issues in the ongoing EU-US negotiations include automotive and agricultural tariffs, with discussions about a preliminary agreement that may involve a 10% tariff on most EU exports [16][17]. - There is skepticism among EU officials regarding Trump's commitment to the 30% tariff, viewing it as a negotiation tactic rather than a definitive policy [18].

Core Viewpoint - The article discusses the escalating trade conflict between the U.S. and Japan, highlighting Japan's strong response to potential U.S. tariffs and the significant economic implications for both countries. Group 1: Economic Impact - Japan's automotive industry contributes 8% to the national GDP and relies on the U.S. market for 28.3% of its exports, making it a critical area in the trade conflict [1] - If the U.S. imposes a 25% tariff, Japanese automotive companies could face annual losses of 4.46 trillion yen, putting 120,000 jobs at risk [1] - Japan currently imposes a 778% tariff on imported rice, which is a key political issue for the ruling Liberal Democratic Party [3] Group 2: Financial Leverage - Japan holds a significant amount of U.S. Treasury bonds, and officials have indicated readiness to sell these bonds in response to U.S. tariff actions [3] - A previous sale of $20 billion in U.S. bonds by Japan led to a spike in U.S. ten-year Treasury yields to 4.5% [3] - If Japan were to sell a trillion dollars in bonds, it could lead to U.S. mortgage rates exceeding 8% and significantly increase corporate borrowing costs [3] Group 3: Employment Concerns - Japanese companies employ 880,000 workers in the U.S., with Toyota alone supporting 27,000 American families in Kentucky [3] - 23 Japanese companies, including Honda and Nissan, have prepared plans to withdraw investments from the U.S. [3] - Toyota's recent decision to redirect a planned $3.6 billion investment from Texas to Mexico is seen as a direct response to U.S. trade policies [3] Group 4: Political Dynamics - The upcoming Japanese Senate elections are influencing the government's stance, with pressure from agricultural lawmakers against any concessions [6] - The threat of U.S. tariffs has reportedly increased voter turnout by 70% [6] - Japanese automotive companies are initiating domestic production plans to reduce reliance on U.S. parts, aiming to cut 34% of their U.S. component orders [6] Group 5: Historical Context - The article draws parallels to the 2008 financial crisis, noting that Japan's sale of $23 billion in bonds at that time caused a 7.3% drop in the Dow Jones index [6] - Current warnings suggest that a similar bond sell-off could have severe repercussions for the U.S. economy, including a potential 15% increase in supermarket prices [6]

当地时间7月12日，美国总统特朗普宣布自8月1日起对欧盟输美商品征收30%的关税，此举迅速引发德 国各界反应。 德国联邦经济部长赖歇表示，尽管局势再次升级，仍然希望能够达成一个"务实的谈判结 果"。赖歇表示，在剩余的时间里，欧盟必须努力与美国就主要的、关键的冲突点达成解决方案。欧盟 委员会在这一谈判方向上得到了德国的支持。她还指出，美国所威胁征收的关税不仅会损害欧洲的出口 企业，还会"对大西洋彼岸的经济和消费者产生重大影响"。 德国工业联合会（BDI）将特朗普政府的举 措视为对大西洋两岸工业界的警告信号。该联合会执行委员会成员沃尔夫冈·尼德马克表示，"欧盟和美 国这两个紧密交织的经济区域之间的贸易冲突，会损害经济复苏、创新实力，并最终损害对国际合作的 信任"。他说，"在8月1日关税生效前的几周时间里，必须进行平等的谈判"。 德国对外贸易协会 （BGA）呼吁欧美就关税争端展开谈判。特朗普宣布征收30%的关税是"美国总统精心策划的谈判策略 的一部分"。该协会主席德克·詹杜拉解释说，欧洲绝不能被此吓倒，而必须冷静地在谈判桌上平等地寻 求解决方案。此外，欧洲必须减少对美国市场的依赖。与东盟国家建立自由贸易区，并迅速批 ...

德国工业协会：欧盟与美国之间的贸易冲突损害经济复苏和国际信任。呼吁德国、欧盟和美国尽快寻求 解决方案，避免事态升级。 ...

Group 1 - The A-share market closed above the 3500-point mark, indicating a continued recovery in market risk appetite, with the Shanghai Composite Index breaking the high point from November 8, 2024 [1][3] - The recent market uptrend is a response to the U.S. adjusting tariff rates for 14 countries, suggesting that the market has become desensitized to tariff impacts and has formed sufficient expectations regarding these changes [1] - Key support factors for the ongoing rise in A-shares include the sustained low interest rate environment and the potential for early interest rate cuts by the Federal Reserve [1] Group 2 - The outlook for July suggests that the A-share market may continue to experience event-driven thematic trading, with a high likelihood of sector rotation between high and low-performing segments [2] - The focus on expanding domestic demand and consumption is a key task for 2025, with expectations for policy support in the consumer sector, particularly in areas like dairy products, IP consumption, leisure tourism, and medical aesthetics [2] - The trend of robot localization and integration into daily life is expected to continue into 2025, with opportunities arising in sensor, controller, and robotic hand sectors as products evolve from humanoid to functional robots [2] Group 3 - The market saw over 2900 stocks rise, with significant gains in sectors such as real estate, oil and petrochemicals, steel, non-bank financials, and coal, while sectors like automotive, media, military, electronics, and utilities faced declines [3] - The military industry is anticipated to see a rebound in orders by 2025, with signs of recovery already evident in Q1 reports across various military sub-sectors [2] - The innovative drug sector is expected to reach a turning point in fundamentals by 2025, following a period of adjustment, with positive net profit growth observed for three consecutive quarters since Q3 2024 [2]

1. Report Industry Investment Ratings No industry investment ratings are provided in the given content. 2. Core Views of the Report - The A - share market is testing key positions with some resistance, and the four major stock index futures contracts have declined. Consider a bull spread strategy for index futures [2][3][4]. - Treasury bond futures are likely to show a narrow - range oscillation in the short term, and it is recommended to allocate more on dips and pay attention to the capital interest rate [5][7]. - Gold has a long - term upward trend, but short - term fluctuations are affected by trade agreements and inflation data. Silver is supported by industrial demand [10][11]. - The container shipping futures market is expected to have a small increase in August if quotes do not fall, and a cautious and bullish attitude towards the 08 contract is recommended [12][13]. - For various metals, such as copper, zinc, and tin, prices are affected by factors like supply - demand, tariffs, and inventory, with different short - term trends and operation suggestions [15][24][27]. - In the black metal sector, steel prices are in a volatile state during the off - season, and iron ore is expected to be volatile and strong in the short term and bearish in the medium - long term [43][47]. - For agricultural products,粕类 markets are bottom - grinding, the pig market has potential supply pressure, and corn prices are in a narrow - range oscillation [55][58][60]. 3. Summaries According to the Catalog Financial Derivatives - Financial Futures Stock Index Futures - **Market Situation**: On Thursday, major indices first rose in the morning and then fluctuated down in the afternoon. The Shanghai Composite Index fell 0.13%, and most stock index futures contracts declined. The base spreads of the four major stock index futures contracts were repaired [2][3]. - **News**: The CPI in June increased by 0.1% year - on - year, and the PPI decreased by 3.6% year - on - year. The US delegation is expected to meet with Chinese officials in August to discuss trade issues [3][4]. - **Funding**: On July 9, the A - share trading volume increased, and the central bank conducted 755 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 23 billion yuan [4]. - **Operation Suggestion**: Consider a bull spread strategy for index futures as the index has broken through the short - term shock range, but be cautious when testing key positions [4]. Treasury Bond Futures - **Market Performance**: Most treasury bond futures closed up, and the yields of most major interest - bearing bonds in the inter - bank market moved up [5]. - **Funding**: The central bank conducted 755 billion yuan of 7 - day reverse repurchase operations on July 9, with a net withdrawal of 23 billion yuan. The capital market was relatively abundant [5][6]. - **Fundamentals**: The CPI in June increased by 0.1% year - on - year, and the PPI decreased by 3.6% year - on - year. The CPI increase was mainly due to the recovery of industrial consumer goods prices [6]. - **Operation Suggestion**: Consider allocating more on dips for treasury bond futures and pay attention to the capital interest rate. The T2509 may fluctuate between 108.8 - 109.2 [7]. Financial Derivatives - Precious Metals - **Market News**: Trump announced tariffs on multiple countries, and the EU - US trade dispute focuses on tariffs in specific industries. The Fed's internal officials have differences in decision - making due to the impact of tariffs on the economy and inflation [8][9]. - **Market Performance**: Gold prices showed a V - shaped reversal after a decline, closing up 0.37%. Silver prices were dragged down by copper prices, closing down 0.99% [10]. - **Outlook**: Gold has a long - term upward trend, and short - term fluctuations are affected by trade agreements and inflation data. Silver is supported by industrial demand [10][11]. Container Shipping Futures - **Spot Quotes**: As of July 10, the quotes of major shipping companies were provided [12]. - **Indices**: As of July 7, the SCFIS European line index rose 2.3% month - on - month, and the US West line index fell 1.4% month - on - month [12]. - **Fundamentals**: The global container shipping capacity increased by 8.1% year - on - year as of July 8. The PMI data of the Eurozone and the US in June were also provided [12]. - **Logic and Suggestion**: The futures market rose on the previous day. If quotes do not fall, there may be a small increase in August. A cautious and bullish attitude towards the 08 contract is recommended [13]. Commodity Futures - Non - ferrous Metals Copper - **Spot**: As of July 9, copper prices and premiums decreased. Downstream demand was weak, and the supply was not tight [15]. - **Macro**: Trump plans to impose a 50% tariff on imported copper, and the new tariff may take effect at the end of July [15]. - **Supply**: The supply of copper concentrate is restricted, and the production of electrolytic copper in June decreased slightly but is expected to increase in July [16]. - **Demand**: Short - term domestic demand has resilience, but the "rush - to - export" demand has overdrawn Q3 demand [17]. - **Inventory**: Global visible inventories, LME inventories, and Chinese social inventories are low, while COMEX inventories are at a historical high [17]. - **Logic and Suggestion**: The short - term trading is driven by US copper tariffs. The price is expected to be volatile and weak, and the main contract may range from 76,000 - 79,500 [18]. Other Non - ferrous Metals - **Aluminum Oxide**: Spot prices are tightening, and the price is expected to be strong in the short term but with limited upside. It is recommended to short on rallies in the medium term [18][20]. - **Aluminum**: The spot discount has widened, and the inventory has slightly increased. The price is expected to be under pressure at high levels, and the main contract may range from 20,000 - 20,800 [20][22]. - **Aluminum Alloy**: The market is in a weak state with both supply and demand being weak. The main contract may range from 19,200 - 20,000 [23][24]. - **Zinc**: The supply is expected to be loose, and the demand is weak. The main contract may range from 21,500 - 23,000 [24][27]. - **Tin**: The short - term macro - environment is volatile. It is recommended to hold short positions at high levels, and the market is expected to be in a wide - range oscillation [27][31]. - **Nickel**: The macro - risk has increased, and the industry has over - supply. The main contract may range from 118,000 - 126,000 [31][33]. - **Stainless Steel**: The market is in a narrow - range oscillation. The main contract may range from 12,500 - 13,000 [35][37]. - **Lithium Carbonate**: The price is relatively strong, but the fundamentals are under pressure. The main contract may range from 60,000 - 65,000 [38][42]. Commodity Futures - Black Metals Steel - **Spot**: Steel prices were stable, and the basis weakened [43]. - **Cost and Profit**: The cost of raw materials has limited upside potential, and the profit order is billet > hot - rolled coil > rebar > cold - rolled coil [43]. - **Supply**: The production decreased slightly from the high level, with a more significant decrease in rebar production [44]. - **Demand**: The apparent demand for the five major steel products was stable at a high level, and the demand in the off - season was resilient [44]. - **Inventory**: The inventory of the five major steel products was basically unchanged, with rebar inventory decreasing and hot - rolled coil inventory increasing slightly [44]. - **View**: The steel price is expected to be volatile during the off - season. The main contract of hot - rolled coil may range from 3,150 - 3,300, and the rebar may range from 3,050 - 3,150 [44]. Iron Ore - **Spot and Futures**: The spot prices of mainstream iron ore powders increased slightly, and the futures prices rose [46]. - **Demand**: The daily average pig iron production decreased, and the blast furnace operating rate decreased [46]. - **Supply**: The global iron ore shipment decreased this week, and the arrival volume at 47 ports decreased significantly [46]. - **Inventory**: The port inventory decreased slightly, and the steel mill's imported ore inventory increased slightly [47]. - **View**: Iron ore is expected to be volatile and strong in the short term and bearish in the medium - long term. It is recommended to go long on dips for the 2509 contract and conduct a 9 - 1 positive spread operation [47]. Coking Coal and Coke - **Coking Coal**: The futures prices rose, and the spot market was strong. The supply is expected to increase, and the demand may decline slightly. It is recommended to conduct positive spread operations and consider hedging [48][51]. - **Coke**: The fourth - round price cut was implemented on June 23. The price is approaching the bottom. The supply is expected to increase, and the demand may decline. It is recommended to conduct positive spread operations and consider hedging [52][54]. Commodity Futures - Agricultural Products Meal - **Spot**: The prices of soybean meal were stable, and the trading volume decreased. The price of rapeseed meal increased slightly, and the trading volume was 1,200 tons [55]. - **Fundamentals**: The US soybean export and growth data, Brazilian soybean export data, and EU soybean import data were provided [55][56]. - **Outlook**: The market is bottom - grinding, and the soybean meal price is in a short - term bottom - grinding state [56]. Other Agricultural Products - **Pig**: The spot price is oscillating. The market has potential supply pressure, and the 09 contract has upward pressure [57][58]. - **Corn**: The spot price decreased slightly. The short - term price decline is limited, and the price is expected to be in a narrow - range oscillation. It is recommended to wait and see [59][60].

1. Report Industry Investment Rating No information provided in the content. 2. Core Views - **Overall Market**: As of July 9, domestic futures main contracts mostly rose, with polysilicon up over 5%, coking coal up nearly 4%, and several other commodities up over 1% or 2%. Some contracts like international copper, Shanghai copper, and Shanghai nickel declined over 1%. Stock index futures mostly fell slightly, while treasury bond futures were mixed [7]. - **Commodity - Specific**: - **Coking Coal**: The futures market is strong, downstream purchasing enthusiasm has increased, and coking enterprises have a price - increase expectation. However, the supply - demand surplus situation has not been reversed, and the upside space is expected to be limited, with short - term trading likely to be volatile and slightly strong [3]. - **Copper**: The US copper tariff has been finalized, but the implementation time is uncertain. The supply shortage expectation may improve, and the demand is expected to enter the off - season. Under the current market sentiment of expecting price drops, caution is advised when short - selling [5]. - **Lithium Carbonate**: The futures price is mainly affected by macro - sentiment and deviates from the fundamentals. The supply is still abundant, and the inventory pressure is difficult to relieve in the short term. If the demand recovers as expected, the price may be boosted [10]. - **Crude Oil**: The geopolitical risk in the Middle East has significantly decreased, but the subsequent development of the situation still needs attention. OPEC + plans to increase production, and the oil price is expected to trade in a range [12]. - **Asphalt**: The supply is increasing, the demand is affected by factors such as funds and weather, and the inventory is at a low level. As it gradually enters the peak season, it is recommended to go long on the 09 - 12 spread at low prices [13]. - **PP**: The downstream start - up rate is low, the supply pressure is partially relieved, and it is expected to trade in a low - level range, with attention to the development of the global trade war [15]. - **Plastic**: The downstream start - up rate is low, the supply pressure is partially relieved, and it is expected to trade in a low - level range, with attention to the development of the global trade war [16]. - **PVC**: The supply is expected to decline slightly, the demand has not improved substantially, the inventory pressure is large, and it is expected to trade in a low - level range, with a strategy of shorting at high prices [18]. - **Soybean Meal**: The short - term inventory pressure is rising, the demand is weak, and it is expected to trade in a range in July, with attention to oil refinery ship purchases and imported soybean arrivals [19][20]. - **Soybean Oil**: The supply is abundant, the demand is weak, and the price may be affected by the oil price. It is necessary to pay attention to the US biodiesel policy [21]. - **Rebar**: The supply contraction is less than expected, the demand has not increased significantly, the inventory may accumulate, and it is expected to trade in a narrow range [22][23]. - **Hot - Rolled Coil**: The supply is increasing, the demand is weak, and it is expected to continue to trade in a volatile manner [24]. - **Urea**: Affected by the improvement of the Indian tender price, the domestic market sentiment is high. Although the demand is weak, the inventory is decreasing, and it is expected to be volatile and slightly strong in the short term, with attention to export policies [27]. 3. Summary by Related Catalogs 3.1 Hot - Spot Varieties - **Coking Coal**: Opened high and closed high, with prices rising. The supply is affected by imports and domestic production, and the demand is affected by downstream profits and production. The price is expected to be volatile and slightly strong in the short term [3]. - **Copper**: The US plans to impose tariffs on imported copper, affecting the price. The supply is expected to improve, and the demand is expected to enter the off - season. Caution is advised when short - selling [4][5]. - **Lithium Carbonate**: Opened low and closed high, with prices rising. The supply is abundant, and the demand is expected to improve. The price is affected by macro - sentiment and fundamentals [10]. - **Crude Oil**: The geopolitical risk in the Middle East has decreased, OPEC + plans to increase production, and the price is expected to trade in a range [11][12]. 3.2 Other Commodities - **Asphalt**: The supply is increasing, the demand is affected by funds and weather, and it is recommended to go long on the 09 - 12 spread at low prices [13]. - **PP**: The downstream start - up rate is low, the supply pressure is partially relieved, and it is expected to trade in a low - level range [15]. - **Plastic**: The downstream start - up rate is low, the supply pressure is partially relieved, and it is expected to trade in a low - level range [16]. - **PVC**: The supply is expected to decline slightly, the demand has not improved substantially, and it is expected to trade in a low - level range, with a strategy of shorting at high prices [18]. - **Soybean Meal**: The short - term inventory pressure is rising, the demand is weak, and it is expected to trade in a range in July [19][20]. - **Soybean Oil**: The supply is abundant, the demand is weak, and the price may be affected by the oil price [21]. - **Rebar**: The supply contraction is less than expected, the demand has not increased significantly, and it is expected to trade in a narrow range [22][23]. - **Hot - Rolled Coil**: The supply is increasing, the demand is weak, and it is expected to continue to trade in a volatile manner [24]. - **Urea**: Affected by the Indian tender price, the domestic market sentiment is high. It is expected to be volatile and slightly strong in the short term [27].

Core Viewpoint - The A-share market is experiencing a gradual upward trend, with a notable recovery in market risk appetite, approaching the 3500-point mark, supported by a low interest rate environment and expectations of policy stimulus [1][2]. Group 1: Market Overview - The A-share market has shown a broad-based rally, with over 4200 stocks rising, indicating a strong profit-making effect and increased trading volume [3]. - The market's upward movement is a response to the U.S. adjusting tariff rates for 14 countries, reflecting a desensitization to tariff impacts [1]. - Key sectors leading the gains include telecommunications, power equipment, electronics, and construction materials, while banking and utilities experienced declines [3]. Group 2: Future Outlook - The market is expected to maintain a slow upward trajectory due to low interest rates and a recovering risk appetite, particularly in high-risk sectors like non-bank finance, media, and military industry [1]. - July is anticipated to be driven by event-based themes, with potential high-low sector rotations, particularly in consumer goods and robotics, as well as semiconductor localization trends [2]. - The innovation drug sector is projected to reach a turning point in fundamentals by 2025, following a period of adjustment [2].

当地时间8日，德国副总理兼财政部长克林拜尔在德国联邦议院提交德国财政预算案时谈及目前欧盟和 美国的关税谈判。克林拜尔表示，欧盟希望能够与美国达成关税协议，但是这份协议必须是公平的，否 则欧盟将会对美国采取反制措施。德国副总理兼财政部长克林拜尔8日称，美国加征关税危及大西洋两 岸的就业，这场贸易冲突对所有人都有害，必须尽快结束。欧盟只有团结一致才能应对全球性挑战。 (央视新闻) ...