Group 1 - The core focus of the US-China trade talks in London is the rare earth issue, which has become a critical point of contention amid the complex evolution of US-China relations and global economic adjustments [1][5] - The US delegation includes key figures such as Treasury Secretary Yellen, Commerce Secretary Raimondo, and Trade Representative Tai, indicating the importance and complexity of the negotiations [3] - The US is facing economic challenges, including slowing growth and rising inflation, which necessitate a search for certainty through these negotiations [3] Group 2 - The unexpected early exit of Treasury Secretary Yellen from the talks raised speculation about the progress of the negotiations, with some suggesting that most agendas may have been settled [5] - The US has expressed a desire for China to restore rare earth supply levels to those before April, indicating a reliance on China for rare earth materials [5][7] - China's firm stance on rare earth export controls is based on the dual-use nature of these materials, and it is unlikely to agree to restore supplies fully, especially for military applications [7][8] Group 3 - The negotiations are seen as a test of both parties' sincerity and determination, emphasizing the need for equal, mutually beneficial, and respectful communication to foster stable bilateral trade relations [8]

智通财经6月14日电，经济日报头版文章指出，中国美国商会近日发布的一项调查显示，尽管中美贸易 摩擦给在华经营的美国企业带来压力，但多数企业并无撤离中国市场的打算。调查反映出一个重要事 实：在错综复杂的国际形势下，在华美企始终坚持"现实主义"的决策逻辑，市场导向、效率优先依旧是 其核心考量。美方若真正关心本国企业发展，应当顺势而为，与中方相向而行，共同营造稳定可预期的 市场环境，推动中美经贸关系重回正轨。当前，全球经济面临复苏压力与结构调整等多重挑战，各国企 业比以往任何时候都更需要稳定开放的国际经贸环境。美国企业深知，刻意"脱钩"不仅违背市场规律， 更会削弱自身在全球市场中的竞争力。美方应清醒认识到，与其在零和对抗中内耗，不如回归务实理 性、推动互利合作，为本国企业创造真正可持续的发展预期。 经济日报：美企对中国市场仍有信心 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The Shanghai aluminum market has shown a pattern of stable supply and slightly shrinking demand. The aluminum price is supported by low inventory levels and an improving aluminum - water ratio but is limited by seasonal off - peak demand. The alumina market is in a stage of loose supply and stable demand [6]. - It is recommended to lightly short - sell the Shanghai aluminum main contract on rallies and trade the alumina main contract in a volatile manner, paying attention to operation rhythm and risk control [7]. - Considering that the aluminum price is expected to be under pressure and fluctuate in the future, a double - selling strategy can be considered to short the volatility [59]. 3. Summaries According to Relevant Catalogs 3.1 Weekly Highlights Summary - **Market Performance**: Shanghai aluminum oscillated strongly, with a weekly increase of 1.84% to 20,440 yuan/ton. Alumina oscillated weakly, with a weekly decrease of 1.69% to 2,852 yuan/ton [6]. - **International Situation**: In May 2025, the US PPI increased by 2.6% year - on - year, and the core PPI increased by 3% year - on - year, indicating mild producer price increases [6]. - **Domestic Situation**: The Ministry of Commerce stated its stance on opposing unilateral tariff - imposing measures and urged the US to abide by WTO rules to promote stable and sustainable development of Sino - US economic and trade relations [6]. - **Fundamentals**: Bauxite prices were stable, and port inventories declined slightly. Alumina supply was loose with slightly accumulated inventory, and demand was stable. Electrolytic aluminum supply was stable, and demand was affected by the off - season [6]. 3.2 Futures and Spot Market - **Price Movement**: As of June 13, 2025, the Shanghai aluminum closing price was 20,860 yuan/ton, up 3.5% from June 6. The LME aluminum closing price on June 12 was 2,519.5 US dollars/ton, up 1.8% from June 6. The electrolytic aluminum Shanghai - LME ratio was 8.21, up 0.36 from June 6 [10][11]. - **Position Change**: As of June 13, 2025, the Shanghai aluminum position was 603,083 lots, an increase of 15.25% from June 6. The net position of the top 20 in Shanghai aluminum increased by 12,959 lots [14]. - **Price Spread Change**: As of June 13, 2025, the aluminum - zinc futures price spread was 1,375 yuan/ton, down 940 yuan/ton from June 6. The copper - aluminum futures price spread was 57,570 yuan/ton, down 1,290 yuan/ton from June 6 [18]. - **Spot Price**: As of June 13, 2025, the A00 aluminum ingot spot price was 20,760 yuan/ton, up 2.87% from June 6. The spot discount was 230 yuan/ton, down 310 yuan/ton from the previous week [23]. - **Inventory Change**: As of June 12, 2025, LME electrolytic aluminum inventory decreased by 2.8%, the SHFE electrolytic aluminum inventory decreased by 6.91% as of June 13, and domestic electrolytic aluminum social inventory decreased by 8.78% as of June 12. SHFE electrolytic aluminum warehouse receipts decreased by 3.35% as of June 13, and LME electrolytic aluminum registered warehouse receipts decreased by 0.02% as of June 12 [27]. 3.3 Industry Situation - **Bauxite**: In April 2025, the monthly import of bauxite was 20.684 million tons, a month - on - month increase of 25.67% and a year - on - year increase of 45.44%. From January to April, the cumulative import was 67.7011 million tons, a year - on - year increase of 34.2% [30]. - **Alumina**: As of June 13, 2025, the alumina futures price was 2,978 yuan/ton, down 2.07% from June 6. In April 2025, the alumina output was 7.323 million tons, a year - on - year increase of 6.7%. From January to April, the cumulative output was 29.919 million tons, a year - on - year increase of 10.7%. In April, the import was 10,700 tons, a month - on - month decrease of 4.16% and a year - on - year decrease of 90.12%, and the export was 260,000 tons [33][36]. - **Electrolytic Aluminum**: In April 2025, the electrolytic aluminum import was 250,500 tons, a year - on - year increase of 14.7%. From January to April, the cumulative import was 833,900 tons, a year - on - year decrease of 11.32%. The output in April was 3.754 million tons, a year - on - year increase of 4.2%. From January to April, the cumulative output was 14.793 million tons, a year - on - year increase of 3.4% [41][44]. - **Aluminum Products**: In April 2025, the aluminum product output was 5.764 million tons, a year - on - year increase of 0.3%. From January to April, the cumulative output was 21.117 million tons, a year - on - year increase of 0.9%. The import was 370,000 tons, a year - on - year decrease of 3.8%, and the export was 520,000 tons, a year - on - year decrease of 0.3% [47]. - **Aluminum Alloy**: In April 2025, the aluminum alloy output was 1.528 million tons, a year - on - year increase of 10.3%. From January to April, the cumulative output was 5.76 million tons, a year - on - year increase of 13.7%. The import was 86,800 tons, a year - on - year decrease of 30.66%, and the export was 16,600 tons, a year - on - year increase of 23.9% [50]. - **Real Estate**: In April 2025, the real estate development climate index was 93.86, down 0.09 from the previous month and up 2.06 from the same period last year. From January to April 2024, the new housing construction area decreased by 24.13% year - on - year, and the housing completion area decreased by 3.37% year - on - year [53]. - **Infrastructure and Automobiles**: From January to April 2024, infrastructure investment increased by 10.85% year - on - year. In April 2025, the Chinese automobile sales volume was 2,589,610 units, a year - on - year increase of 9.78%, and the output was 2,618,769 units, a year - on - year increase of 8.86% [56]. 3.4 Option Market Analysis - Given the expected oscillatory and pressured operation of the aluminum price in the future, a double - selling strategy can be considered to short the volatility [59].

Research Views Corn - Corn futures showed a short - term adjustment after a rapid rise. The spot price in the Northeast was rising, and the auction price provided support. In North China, the price remained strong, with Shandong's purchase price up 10 - 20 yuan/ton. The price in the sales area rose 10 - 30 yuan/ton. The near - month contract led the rise, and the spread between near - and far - month contracts widened. The 9 - month contract's performance should be watched, and short - term long positions can be considered [1]. Soybean Meal - CBOT soybeans were weak on Thursday due to rainfall in the US产区 and limited highlights in the USDA June supply - demand report. Domestic protein meal declined following the external market. There are differences between long and short positions. The long - term logic is based on profit repair and supply uncertainty in the fourth quarter, while the short - term logic is related to improved US weather, weak domestic spot, and good Sino - US relations. Hold long positions in the 91 and 15 spreads of soybean meal and adopt a long - only strategy [1]. Oils - BMD palm oil rose and then fell, affected by supply pressure and inventory increase. High - frequency data showed an increase in exports and a decrease in production in early June. The domestic oil market was weak, with soybean oil falling more than palm oil. Both are in the inventory - building stage, and the price center has shifted down. Short - term participation is recommended, and buy the 9 - month contract and sell the 1 - month contract for soybean oil and palm oil [1]. Eggs - Egg futures declined on Thursday, with the 2508 contract down 0.74% and the 2509 contract down 0.38%. The spot price decreased slightly. The supply will continue to increase before August. Although the plum - rain season has a negative impact on egg prices, the downside is expected to be limited. It is recommended to wait and see and pay attention to changes in farmers' culling intentions and feed prices [1][2]. Pigs - The September contract of live pigs led the rise, and the near - month contracts followed. The spot price was weak, with the average price in Henan at 14.00 yuan/kg. The market is in a supply - demand game, and the price is expected to adjust slightly. Technically, the September contract has rebounded, supported by raw material costs and policies. A long - only strategy is recommended [2]. Market Information - The first meeting of the Sino - US economic and trade consultation mechanism discussed and implemented the consensus of the leaders' call on June 5 and the Geneva talks, making new progress in addressing each other's concerns. China opposes unilateral tariff increases [3]. - The IAEA Board of Governors passed a resolution stating that Iran failed to comply with its nuclear safeguards obligations for the first time in nearly 20 years [3]. - Trump is preparing to sign a key part of the US - UK trade agreement, which will reduce tariffs on UK cars exported to the US in exchange for US beef and ethanol producers' access to the UK market. UK officials hope to sign the agreement this weekend [3]. Variety Spreads Contract Spreads - The report presents the 9 - 1 spreads of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but no specific analysis is provided [4][5][7][8][11]. Contract Basis - The report shows the basis of corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and live pigs, but no specific analysis is given [12][13][17][19][26]. Research Team Members - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute, a leader of the top ten research teams at DCE. She has won the "Best Agricultural Product Analyst" title multiple times [28]. - Hou Xueling is an analyst of soybeans at Everbright Futures. She has also won the "Best Agricultural Product Analyst" title and her team has won many awards [28]. - Kong Hailan is a researcher of eggs and live pigs at Everbright Futures Research Institute. Her team has won awards at DCE [28].

Report Industry Investment Rating - No information provided Core Viewpoints - The US inflation data met expectations, and the employment market remained resilient. Market expectations for two Fed rate cuts this year have resurfaced, causing the US dollar index to fall below 98, and the three major US stock indexes to close higher. The domestic market has rebounded in the short term, but market risk appetite has not significantly improved, and market activity has not notably increased. It is expected that the subsequent market will maintain a pattern of sector rotation and upward movement [2] Summary by Directory Market Analysis - US PPI was in line with expectations. Domestically, the Ministry of Foreign Affairs and the Ministry of Commerce made statements regarding Sino-US economic and trade consultations. Overseas, the US May PPI increased by 2.6% year-on-year, and the core PPI increased by 3% year-on-year. The number of initial jobless claims last week reached 248,000, the highest since the week of October 5, 2024 [1] - A-share indexes fluctuated. The Shanghai Composite Index rose 0.01% to close at 3402.66 points, and the ChiNext Index rose 0.26%. Sector indexes showed mixed performance, with non-ferrous metals, media, beauty care, and pharmaceutical biology industries leading the gains, while household appliances, coal, food and beverage, and agriculture, forestry, animal husbandry, and fishery industries led the losses. The trading volume of the Shanghai and Shenzhen stock markets remained at 1.3 trillion yuan. Overseas, the three major US stock indexes closed slightly higher, with the Dow Jones Industrial Average rising 0.24% to 42,967.62 points [1] - In the futures market, the basis of stock index futures rebounded. Trading volume decreased, and the IM position increased [1] Strategy - Short-term domestic market rebounds, but market risk preference and activity have not significantly improved. It is expected that the subsequent market will maintain a pattern of sector rotation and upward movement [2] Macro Economic Charts - No specific content provided, but includes charts such as the US dollar index and A-share trends, US Treasury yields and A-share trends, RMB exchange rate and A-share trends, and US Treasury yields and A-share style trends [4][5] Spot Market Tracking Charts - Table 1 shows the daily performance of major domestic stock indexes on June 12, 2025, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, etc. [11] - Charts include the trading volume of the Shanghai and Shenzhen stock markets and margin trading balance [11] Futures Market Tracking Charts - Table 2 shows the trading volume and open interest of stock index futures, including IF, IH, IC, and IM contracts. The trading volume of all index futures decreased on the day, and the IM open interest increased [15] - Charts show the open interest and open interest ratio of various stock index futures contracts, as well as the net open interest of foreign investors in IC and IM contracts [16][19][21][23][33] - Table 3 shows the basis of stock index futures, indicating that the basis of all stock index futures has rebounded [39] - Table 4 shows the inter - delivery spread of stock index futures [43]

Open Market Operations - The central bank announced a 7-day reverse repurchase operation of 119.3 billion yuan at a fixed rate of 1.40% on June 12, with a total bid amount of 119.3 billion yuan and a successful bid amount of 119.3 billion yuan. On the same day, 126.5 billion yuan of reverse repos matured, resulting in a net withdrawal of 7.2 billion yuan [1][2]. Funding Conditions - The overnight pledged repo rate for deposit-taking institutions slightly increased to around 1.37%, while the 7-day pledged repo rate rose by more than 1 basis point [3]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks is around 1.67%, showing little change from the previous day [7]. Government Bond Futures - Most government bond futures closed lower, with the 30-year main contract up by 0.07%, while the 10-year, 5-year, and 2-year main contracts fell by 0.04%, 0.04%, and 0.01% respectively [11]. Key Economic News - The Ministry of Foreign Affairs stated that the first meeting of the China-US economic and trade consultation mechanism achieved a principle consensus on measures to implement the important consensus reached during the June 5 call between the two heads of state. Both sides are expected to enhance cooperation and reduce misunderstandings [12]. - The central bank and the foreign exchange bureau jointly issued measures to support financial integration development in Fujian, promoting high-level cross-border trade openness and capital item cross-border investment facilitation [12]. Bond Market Developments - Huaxia Bank successfully issued the largest 5-year commercial bank technology innovation bond in the market. Additionally, the first batch of private venture capital institution technology innovation bonds was issued in Beijing, and Chongqing Three Gorges Bank issued 3.5 billion yuan of perpetual capital bonds at a coupon rate of 2.69% [16].

Group 1: Macro Insights - The Ministry of Commerce reported on the first meeting of the China-US economic and trade consultation mechanism, which took place in London on June 9-10, achieving a consensus on measures to address mutual economic concerns [3] - China has approved a certain number of compliant applications for rare earth export licenses, emphasizing its responsible role in considering the reasonable needs of other countries [4] Group 2: Bond Market Alerts - Fujian Fusheng Group has reported a new equity freeze involving an amount of 150 million yuan [6] - Sany Group announced the cancellation of the issuance of "25 Sany CP002 (Sci-Tech Bond)" due to recent market volatility [7] - Jin Hong Holdings reported that some of its assets have been frozen by judicial authorities [8] - Guangxi Investment Group announced a change in the use of funds raised from "25 Guangtou Jinkong MTN002" due to financing project delays [9] Group 3: Stock Market Alerts - The first case of a listed company's executives violating public commitments has resulted in full compensation payments to the affected investors [15] - Hengbang Co. reported that its vice president is under bail pending investigation following a safety incident [16] - Jingjin Equipment announced that its actual controller and chairman is under investigation, but the company's operations remain normal [18] - Filinger has completed its stock trading review and will resume trading [19] - *ST Gongzhi's stock will be delisted, with the last trading date expected to be July 10, 2025 [19] Group 4: Overseas Alerts - An Air India Boeing 787 Dreamliner crashed shortly after takeoff, carrying 242 people, marking the first accident for this aircraft model [20] - Elon Musk urged the EU to expedite the approval of Tesla's Full Self-Driving technology, citing safety concerns [20] - HSBC economists predict that the Bank of Japan may raise interest rates in October and slow down bond purchase reductions starting April 2026 [21] Group 5: Financial Industry Alerts - Ant International plans to apply for a stablecoin license in Hong Kong once the relevant channels are opened [23] - The Ministry of Finance and the Financial Regulatory Bureau issued a notice to further implement new insurance contract accounting standards [24] - 15 private equity firms have been deregistered due to failure to contact the regulatory body [24] Group 6: Industry Alerts - The Ministry of Industry and Information Technology supports car manufacturers' commitment to a "60-day payment term" to promote healthy industry development [26] - Counterpoint Research forecasts a 1% decline in global smartphone manufacturing output in 2025 due to tariffs and industry slowdown [27] - The Shanghai Municipal Cyberspace Administration guided platforms like Xiaohongshu and Bilibili to clean up illegal AI product marketing information [28] - Xiaohongshu reported the banning of over 10 million accounts related to fraudulent activities as part of its content governance efforts [30]

Group 1 - The core viewpoint of the news is that the recent China-U.S. economic and trade consultation in London marks a significant step towards stabilizing bilateral relations and enhancing global economic recovery [1][2][3] - The meeting was guided by the strategic consensus of the two leaders, establishing a predictable and rule-based dialogue platform for addressing complex economic issues [1][2] - The constructive attitude of China in promoting consultations and the recognition of mutual benefits in the economic relationship are emphasized, highlighting the importance of cooperation over conflict [2][3] Group 2 - The meeting in London has injected optimism into international markets, showcasing a pragmatic approach and initial results that should be cherished by both parties [3] - The essence of the China-U.S. economic relationship is mutual benefit, with significant American investment in China, totaling over $1.2 trillion across various sectors, indicating a strong interdependence [2] - The expectation is set for both sides to translate the leaders' consensus into concrete actions, moving towards a more mature phase of economic relations that transcends political interference [3]

昨天，外交部发言人、商务部新闻发言人分别就中美经贸磋商机制首次会议答记者问。 商务部新闻发言人何亚东在昨日举行的商务部例行新闻发布会上说，当地时间6月9日至10日，中美经贸 团队在英国伦敦举行中美经贸磋商机制首次会议。双方就落实两国元首6月5日通话重要共识和巩固日内 瓦经贸会谈成果的措施框架达成原则一致，就解决双方彼此经贸关切取得新进展。 "下一步，双方将进一步发挥好中美经贸磋商机制作用，继续保持沟通对话，不断增进共识、减少误 解、加强合作，共同推动中美经贸关系行稳致远。"何亚东说。 在当天的外交部例行记者会上，针对美国总统特朗普日前在社交媒体发表的关于中美经贸磋商机制首次 会议的言论，外交部发言人林剑强调，本次会议是在两国元首的战略指引下举行的，双方就落实两国元 首6月5日通话重要共识和巩固日内瓦经贸会谈成果的措施框架达成原则一致，就解决双方彼此经贸关切 取得新进展。中方一向言必行、行必果。既然达成了共识，双方都应遵守。希望美方同中方一道落实两 国元首通话达成的重要共识，发挥中美经贸磋商机制作用，通过沟通对话增进共识、减少误解、加强合 作。 在回答中美关系相关提问时，林剑表示，中方一向本着相互尊重、和平共处 ...

近期，稀土相关物项的出口管制政策受到多方关注。商务部6月7日消息显示，商务部部长王文涛6月3日 在与欧盟委员会贸易和经济安全委员谢夫乔维奇会谈时进一步澄清了中国出口管制政策，再次强调对稀 土等物项实施出口管制是国际通行做法，同时，中方高度重视欧方关切，愿对符合条件的申请建立绿色 通道，加快审批，并指示工作层就此保持及时沟通。 商务部新闻发言人6月7日在答记者问时也表示，随着机器人、新能源汽车等行业发展，各国对中重稀土 在民用领域的需求量正持续增长。同时明确表示中国已依法批准一定数量的合规申请，并将持续加强合 规申请的审批工作。商务部新闻发言人强调，中方愿就此进一步加强与相关国家的出口管制沟通对话， 促进便利合规贸易。 6月12日，针对当前颇受关注的稀土相关物项出口管制相关问题，商务部新闻发言人何亚东在例行新闻 发布会上再次回应表示，中国作为负责任的大国，充分考虑各国在民用领域的合理需求与关切，依法依 规对稀土相关物项出口许可申请进行审查，已依法批准一定数量的合规申请，并将持续加强合规申请的 审批工作。 今年4月4日，商务部会同海关总署发布关于对钐、钆、铽、镝、镥、钪、钇等7类中重稀土相关物项实 施出口管制措施 ...