Group 1 - The article discusses the announcement by President Trump to impose high tariffs on imported bathroom products, cabinetry, and other wooden goods, indicating a shift towards protectionist trade policies [1] - The Chinese Foreign Ministry spokesperson, Guo Jia Kun, responded by stating that there are no winners in a trade war and that protectionism is not a viable solution [1] Group 2 - The article mentions a significant reaction in the market, with multiple A-shares announcing suspensions, indicating potential volatility in the stock market due to these tariff announcements [2] - The article highlights the ongoing tension in trade relations, suggesting that the situation may lead to further regulatory scrutiny and actions from the China Securities Regulatory Commission [2]

编辑：万可义 广告等商务合作，请点击这里 中新网北京9月30日电 (记者 李京泽 谢雁冰)中国外交部发言人郭嘉昆9月30日主持例行记者会。 有记者提问：美国总统特朗普日前宣布对进口木材、木制品、橱柜、浴室柜等征收新的高额关税。中方 对此有何评论？ 郭嘉昆：关税战、贸易战没有赢家，搞保护主义没有出路。(完) 来源：中国新闻网 特朗普宣布对进口木材等征收高额关税 中方回应 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 ...

对此，郭嘉昆表示，"关税战、贸易战没有赢家，搞保护主义没有出路。" 据澎湃新闻，9月30日，外交部发言人郭嘉昆主持例行记者会。 路透社记者提问，美国总统特朗普宣布对进口建材、橱柜、浴室用品、梳妆台以及软垫家具征收新的关 税。外交部对此有何评论？ ...

据澎湃新闻，外交部发言人郭嘉昆主持例行记者会。路透社记者提问，美国总统特朗普宣布对进口建材、橱柜、浴室用品、梳妆台以及软垫家具征 收新的关税。外交部对此有何评论？ 对此，郭嘉昆表示，"关税战、贸易战没有赢家，搞保护主义没有出路。" ...

Core Viewpoint - Trump's recent shift in tariff policy has reshaped the U.S. fiscal landscape and significantly impacted global trade relations [1] Group 1: Impact on U.S.-China Trade Relations - The trade war initiated by the Trump administration in 2019, involving a 25% tariff on hundreds of billions of dollars worth of Chinese goods, has led to retaliatory measures from China, including export controls on rare earth elements [3][5] - As a result of these tariffs, U.S. industries faced supply chain disruptions, with notable impacts on Boeing and the automotive sector, leading to a quiet reduction in some tariff rates by the White House [3] - China's export value surpassed 13 trillion yuan in the first half of 2025, reflecting a 7.2% year-on-year growth, indicating the resilience of Chinese manufacturing [3] Group 2: Winners of the Tariff Strategy - U.S. domestic interest groups, particularly in the Great Lakes region's steel industry, Texas oil fields, and Iowa farms, have benefited from the tariff policies, contributing to Trump's electoral support [5] - The new strategy appears to focus on extracting concessions from allies rather than confronting China directly, showcasing a shift in approach [5][7] Group 3: European Trade Dynamics - Trump's imposition of a 25% punitive tariff on EU steel and aluminum, along with a 15% auto tariff, forced the EU to agree to significant investments in the U.S., totaling $600 billion [6] - The U.S. Customs revenue saw a dramatic increase, with a 273% rise in July 2025 to $28 billion, and an annual projection exceeding $300 billion, doubling from 2024 [6] Group 4: Strategic Shift in Negotiation Tactics - The Trump administration's approach has evolved to prioritize pragmatic negotiations, such as demanding Intel to give up 10% of its shares and requiring upfront payments from the Philippines for military cooperation [7] - This shift reflects a more calculated decision-making process, focusing on tangible financial outcomes rather than ideological confrontations, indicating a more business-like approach to international relations [7]

【导读】国际金价再创新高，纳斯达克中国金龙指数涨超2% 美股小幅收涨，美国科技巨头涨跌不一，中国资产整体走高。国际金价飙涨，据报道，瑞士已向美国财长贝森特和贸易代表格里尔提议，投资美国黄金精 炼业。 特朗普"贸易战"打到"文化界"，称将对所有在美国境外制作的电影征收100%关税。美国SEC主席称将加快推进特朗普提议，不再强制要求企业发布季报。 美股三大指数小幅收涨 大型科技股涨跌不一 美东时间9月29日（周一），美股三大指数小幅收涨。 截至收盘，道琼斯指数上涨0.15%，报收于46316.07点；标普500指数上涨0.26%，报收于6661.21点；纳斯达克综合指数上涨0.48%，报收于22591.15点。 | 美股指数 △ | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 46316.07 | 22591.15 | 6661.21 | | +68.78 +0.15% | +107.08 +0.48% | +17.51 +0.26% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 8703.89 | 24816.50 | 6709.25 ...

随着金价突破历史新高，美国财政部2.615亿盎司的黄金储备价值已超1万亿美元，但其官方账面价值 仍固定在1973年的每盎司42.22美元（约110亿美元）。若按市价重估，将为美国财政部释放约9900 亿美元资金。在政府面临债务上限约束的背景下，这笔资金无疑颇具诱惑力。 随着金价飙升并刷新历史新高，美国财政部持有的黄金储备市场价值已首次突破1万亿美元大关。 周一，金价一度突破每盎司3824.5美元，今年累计涨幅高达45%，推动了美国这笔全球最大黄金储备 的价值攀升。涨势背后，是投资者在贸易战、地缘政治紧张局势以及对美国潜在政府融资危机的日益 担忧中寻求安全庇护。此外，黄金交易所交易基金（ETF）的持续资金流入和美联储重启降息周期也 为金价上涨提供了强劲动力。 不过， 美国政府资产负债表上的黄金官方价值仍固定在110亿美元出头，这一估值基于国会1973年设 定的每盎司42.22美元价格。 两者之间的巨大差距意味着美国黄金储备的市场价值是账面价值的 90多 倍。 若按当前市价重估黄金储备， 将为美国财政部释放约9900亿美元资金 。今年早些时候，美国财政部 长贝森特的一句即兴评论曾引发市场猜测，认为美国政府可能将其 ...

更让农民们担心的是就算现在和中国谈成了协议，也赶不上今年的大豆收获季了。 2025年第二季度中国从巴西、阿根廷等南美国家买的大豆总量超过了3000万吨，创下了新纪录，对美国大豆的需求降到了20年来最低，而特朗普政府却还在 坚持关税政策，认为虽然短期内会有影响，但最终美国农民会赚得更多，这种盲目乐观让农民们越来越焦虑。 这么一看墨西哥这次妥协，好像是"没办法才这样做"，但仔细琢磨其实他们根本没算清楚自己多依赖中国商品。 中国不买美国大豆了，美国农民急得提醒特朗普赶紧想办法，但美国国土安全部却坚持关税不能停，这到底说明了什么？ 根据最新报道美国新一季的大豆已经开始出口了，但卖给中国的订单却是零，和去年同期的情况完全不一样，同时美国国土安全部还明确表示，就算9月30 日后美国政府停摆，关税征收这些事也不会停。 一边是美国农民卖不出去大豆，生活压力越来越大，另一边是政府还在死撑关税政策，特朗普的贸易决策让美国陷入了两难境地，美国大豆协会主席拉格兰 甚至说这对美国农民来说简直是"五级火警"，非常紧急。 比如墨西哥最重要的汽车产业，出口到美国的整车里，有35%的零部件都是从中国买的，如果对中国零部件加税，汽车生产成本至少 ...

Core Insights - Gold prices have reached a historic high of $3,824.5 per ounce, leading to the total value of U.S. Treasury's gold reserves exceeding $1 trillion [1][3] - The official book value of these gold reserves, based on a price set in 1973, is just over $11 billion, indicating a significant disparity with the current market value [3] - Factors such as anticipated interest rate cuts by the Federal Reserve, geopolitical conflicts, and trade wars have contributed to the rising gold prices, which have increased by 45% this year [3] Group 1 - The U.S. Treasury's gold reserves total approximately 261.5 million ounces [3] - The current market value of gold reserves is over 90 times the official book value [3] - Analysts from institutions like Goldman Sachs and Deutsche Bank expect the upward trend in gold prices to continue [3] Group 2 - Gold prices are projected to achieve a third consecutive quarter of increases [3] - The recent surge in gold prices is attributed to various economic and geopolitical factors [3] - The speculation regarding the revaluation of gold reserves by the U.S. government has been denied by Treasury Secretary [3]

1. Report Industry Investment Rating No information provided in the text. 2. Core Views of the Report - Today, precious metals fluctuated upwards, with the main Shanghai gold contract closing up 1.35% and the main Shanghai silver contract closing up 3.92%. The short - term investment strategy for both gold and silver suggests that conservative investors should wait and see, while aggressive investors can buy on dips. It is recommended to manage positions well and set strict stop - losses and take - profits [1][2][6]. - The short - term core logic for gold includes increased trade - war concerns, ongoing worries about the Fed's independence, rising risks of U.S. economic stagflation, weakening employment, and moderate inflation, leading to the realization of the Fed's interest - rate cut expectations. Trump's new tariffs from the national to the industry level have broken the relatively calm trade situation, and there are still geopolitical disturbances in regions such as Russia - Ukraine and the Middle East. The Fed has cut interest rates by 25 basis points and hinted at further cuts. The market expects a 90% probability of a 25 - basis - point rate cut in October and about 2 more cuts this year. The dollar index and U.S. Treasury yields have fallen under pressure. The CRB commodity index's rebound is under pressure, and the appreciation of the RMB is negative for domestic prices. Precious metals are expected to fluctuate upwards in the short term and rise in a step - like manner in the long term [1]. - The gold price trend is the anchor for the silver price. In terms of capital, CFTC silver net longs and iShare silver ETF have slightly increased their positions. In terms of inventory, the recent visible inventory of silver has slightly decreased [5]. 3. Summary by Related Catalogs Gold - **Price Data**: International prices (Comex gold and London gold) and domestic prices (Shanghai gold and gold T + D) have all increased compared to the previous day and week. For example, the Comex gold主力 contract's closing price increased by 0.25% compared to the previous day and 1.89% compared to the previous week [2]. - **Position and Inventory Data**: Comex gold positions increased by 3.76% compared to the previous week, while Shanghai gold主力 positions decreased by 0.87% compared to the previous day but increased by 10.05% compared to the previous week. LBMA gold inventory remained unchanged, and Comex gold inventory decreased by 1.08% compared to the previous week [2]. - **Futures Company Member Net Position Ranking**: The top 20 long - position members' net long positions totaled 183,220, an increase of 3,550 (41.27% daily increase). The top 20 short - position members' net short positions totaled 23,066, a decrease of 251 (5.20% daily increase) [3]. Silver - **Price Data**: International prices (Comex silver and London silver) and domestic prices (Shanghai silver and silver T + D) have all increased compared to the previous day and week. For example, the Comex silver主力 contract's closing price increased by 3.07% compared to the previous day and 8.00% compared to the previous week [6]. - **Position and Inventory Data**: CFTC silver net longs and iShare silver ETF slightly increased their positions. The recent visible inventory of silver slightly decreased. For example, the total visible inventory decreased by 0.45% compared to the previous week [5][6]. - **Futures Company Member Net Position Ranking**: The top 20 long - position members' net long positions totaled 188,609, a decrease of 18,061 (22.28% daily increase). The top 20 short - position members' net short positions totaled 95,783, a decrease of 1,179 (11.31% daily increase) [7]. Fundamental Key Data - **Monetary Attribute Data**: The federal funds target rate upper limit and the discount rate decreased by 0.25%. The Fed's total assets decreased by 0.00%. M2 increased by 0.23% year - on - year. The 10 - year U.S. Treasury real yield increased by 0.83% compared to the previous day [8]. - **Inflation Data**: CPI increased by 0.20% year - on - year, and core CPI increased by 0.10% year - on - year. The PCE price index increased by 0.14% year - on - year, and the core PCE price index increased by 0.05% year - on - year [10]. - **Economic Growth Data**: GDP decreased by 0.30% year - on - year in annualized terms but increased by 4.40% quarter - on - quarter in annualized terms. The unemployment rate increased by 0.10% [10]. - **Other Data**: Geopolitical risk index remained unchanged, VIX index increased by 3.14% compared to the previous day, CRB commodity index increased by 0.55% compared to the previous day, and the offshore RMB increased by 0.39% compared to the previous day [11]. - **Fed Interest - Rate Expectations**: According to the CME FedWatch tool, the probability of a 25 - basis - point rate cut in October 2025 is 89.3%, and the probability changes over different meeting dates in the future [12].