Market Overview - The US Producer Price Index (PPI) remained flat in June, with a year-on-year increase of 2.3%, the smallest since September[12] - The Shanghai Composite Index fell by 0.03% to 3503.78 points, while the Shenzhen Component and ChiNext both dropped by 0.22%[1] - The Hong Kong Hang Seng Index decreased by 0.29% to 24517.76 points, with the Hang Seng Tech Index down 0.24%[1] Sector Performance - In the A-share market, the pharmaceutical and automotive sectors showed notable gains, while the overall market remained weak[1] - The European stock indices closed slightly lower, while the three major US indices saw modest gains: Dow Jones up 0.53%, S&P 500 up 0.32%, and Nasdaq up 0.25%[1] Economic Policies - The Chinese government is taking measures to curb irrational competition in the new energy vehicle sector, emphasizing cost investigations and price monitoring[12] - The US economy is showing slight growth, as indicated by the Beige Book, despite the cautious approach of manufacturers in passing on tariff costs[12] Trading Activity - The total trading volume in the Hong Kong market reached 2589.506 million HKD[1] - The IPO of Valiant Bio-B (9887) attracted over 5 billion HKD in subscriptions, with cornerstone investors planning to invest approximately 690 million USD (about 5.42 billion HKD)[10]

金十数据7月17日讯，印度在与美国进行贸易谈判时寻求比印尼和越南更低的关税，而特朗普则暗示将 达成"相当不错的协议"。据周四的一份报告称，一名印度官员表示，在与特朗普政府进行的贸易谈判 中，印度希望达成一项比印尼和越南更有利的税率协议。 特朗普周二表示，将对印尼征收19%的关 税，并可实现美国商品对印尼零关税出口。这一税率较4月宣布的32%有所下调。越南的关税税率则降 至20%。外媒此前报道称，美国和印度正致力于达成一项协议，将拟议税率降至20%以下。印度相信， 其与美国的贸易协议将优于印尼和越南，因为美国并不视其为像其他东南亚国家那样的转运枢纽。 印度寻求与美达成比印尼和越南更低的关税协议 ...

锌：承压运行 莫骁雄 投资咨询从业资格号：Z0019413 moxiaoxiong@gtht.com 2025 年 07 月 17 日 请务必阅读正文之后的免责条款部分 1 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 22030 | -0.25% | 伦锌 3M 电子盘收 | 2701.5 | -1.13% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 75299 | -43739 | 伦锌成交量（手） | 12169 | 2607 | | （手） | | | | | | | 沪锌主力持仓量 | 101973 | 17669 | 伦锌持仓量（手） | 187176 | -7174 | | （手） | | | | | | | 上海 0# 锌升贴水 | 30 | 0 | LME CASH-3M 升 | -9.95 | -4.45 | | （元/吨） | | | 贴水（美元/吨） | | | | 广东 0# 锌升贴水 | - ...

Market Overview - The Shanghai Composite Index closed at 3503.78, maintaining the 3500-point level despite a slight decline of 0.03% [2][4] - The Shenzhen Component Index and the ChiNext Index also experienced minor declines, indicating a mixed market performance [2][4] Sector Performance - The top-performing sectors included Social Services (1.13%), Automotive (1.07%), and Pharmaceutical Biology (0.95%) [3] - Conversely, the sectors that underperformed were Steel (-1.28%), Banking (-0.74%), and Non-bank Financials (-0.43%) [3] - Concept sectors showing strong performance included Animal Vaccines (2.91%) and Consistency Evaluation of Generic Drugs (2.67%), while sectors like Metal Lead (-1.27%) and Silicon Energy (-1.22%) lagged [3] Future Outlook - The report anticipates that the Shanghai Composite Index will consolidate around the 3500-point level in the short term, following a recent rebound [4][5] - It is suggested to maintain a balanced portfolio and focus on high-performing stocks as the half-year reporting period approaches [5]

Core Viewpoint - The U.S. President Trump expresses optimism about upcoming trade agreements with Japan and potentially India, while also advocating for lower oil prices [1] Group 1: Trade Agreements - The U.S. may strictly adhere to the trade agreement reached with Japan [1] - There is a possibility of another trade agreement with India in the future [1] - Trump mentions the intention to announce several significant agreements, particularly targeting 150 smaller countries with which the U.S. currently has limited trade negotiations [1] Group 2: Oil Prices - Trump hopes for a further decrease in oil prices, stating that a price of $64 per barrel is excellent [1]

印尼本地智库"经济与法律研究中心"执行主任比玛·尤迪斯蒂拉认为，短期内，印尼出口的传统优势品 类——鞋类、成衣、橡胶及毛棕榈油等将维持一定规模；中长期来看，更需警惕美国产品大量涌入，对 本地产业带来挤压效应。 印尼青年企业家协会秘书长安加维拉向媒体指出，尽管19%关税在亚洲出口国中不算最高，但考虑到美 国市场对印尼出口的重要性，这一协议可能对国家产业产生冲击。 "这项协议是在一轮艰难谈判之后最终达成的。"普拉博沃如此形容双方达成协议的过程。 印尼渔业加工与营销企业协会主席布迪·维博沃一语道破："问题不在于(关税)从32%降到19%，而是从 0%跳到19%。哪怕是10%，我们已经很吃力了。" 中新社雅加达7月16日电 (记者李志全)在美国总统特朗普15日宣布与印尼达成协议，美方将对印尼商品 征收19%关税后，印尼总统普拉博沃16日在社交平台回应，称已与特朗普通话，双方一致同意推动两国 贸易迈入"互利共赢"的新阶段。 表面看，美方将原本拟定的32%关税削减至19%，印尼则作出让步，同意给予美国商品进入印尼市 场"零关税、零非关税壁垒"待遇。 印度尼西亚大学东盟—中国研究中心主任亨弗里·阿纳尔多·拉塞尔表示，特朗普 ...

瑞士政府称，与美国的贸易协议正在等待特朗普政府的批准。 美元兑瑞郎目前涨0.5%，报0.8055。 ...

Market Performance - On July 16, 2025, the Shanghai Composite Index fell by 0.03%, the Shenzhen Component Index decreased by 0.22%, and the ChiNext Index also dropped by 0.22%[3] - The total market turnover was 1,441.85 billion yuan, a decrease of 169.95 billion yuan compared to the previous trading day[3] - Out of 5,276 stocks, 3,329 rose while 1,947 fell[3] Sector and Style Analysis - The top-performing sectors included Automotive (up 1.05%), Consumer Services (up 0.98%), and Pharmaceuticals (up 0.94%)[19] - The worst-performing sectors were Steel (down 1.24%), Banking (down 0.48%), and Construction (down 0.45%)[19] - Fund-heavy stocks outperformed the CSI All Share Index[19] Capital Flow - On July 16, 2025, the net outflow of main funds was 19.67 billion yuan, with large orders seeing a net outflow of 10.11 billion yuan and small orders experiencing a net inflow of 20.75 billion yuan[23] - Southbound capital recorded a net inflow of 1.60 billion HKD, with the Shanghai-Hong Kong Stock Connect seeing a net inflow of 2.01 billion HKD[25] ETF Trading - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant decreases in trading volume, with changes of -5.32 billion yuan and -13.41 billion yuan respectively[28] - The total trading volume for the CSI 500 ETF was 10.00 billion yuan, showing a slight increase of 0.40 billion yuan[28] Global Market Trends - On July 16, 2025, major Asia-Pacific indices generally declined, with the Hang Seng Index down 0.29% and the Nikkei 225 down 0.04%[5] - European indices also fell, with the DAX down 0.42% and the FTSE 100 down 0.66%[32] - In the U.S., the Dow Jones Industrial Average decreased by 0.98%, while the Nasdaq Composite rose by 0.18%[32]

Group 1 - The United States and Indonesia have reached a new trade agreement, with Indonesia agreeing to a 19% tariff on all exports to the U.S., significantly lower than the previously threatened 32% [1] - In exchange, Indonesia has committed to purchasing $15 billion in energy, $4.5 billion in agricultural products, and 50 Boeing aircraft [1] - The agreement allows U.S. products to enter Indonesia with "zero tariffs and zero barriers," while imposing penalties for goods transiting through third countries to evade tariffs [1] Group 2 - Indonesia's central bank has lowered its key interest rate by 25 basis points to 5.25%, marking the fourth rate cut since September of the previous year [2] - The central bank's governor indicated that the trade agreement with the U.S. is expected to positively impact exports and the economy, providing certainty to financial markets [2] - Despite the positive outlook, Indonesia faces structural challenges, particularly in non-oil exports like footwear and textiles, which may be pressured by rising tariffs [2] Group 3 - The U.S. government views the trade agreement as a success in reducing the trade deficit with Indonesia, with average tariff rates expected to reach their highest level since 1933 [2] - Recent inflation data shows a 2.7% year-over-year increase in the U.S. Consumer Price Index (CPI) for June, raising concerns about the inflationary effects of tariffs on consumer goods [2] - The European Union has indicated potential retaliatory tariffs on approximately $84.1 billion worth of U.S. products if negotiations fail, reflecting a hardening stance in trade discussions [3]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The prices of container shipping index (European line) futures varied on Wednesday. The main contract EC2510 rose 1.4%, while the far - month contracts had a decline of -1% to -2%. The recent rebound of the spot index indicates that the price increase by leading shipping companies is likely to be implemented, reducing market concerns about peak - season freight rates. With the change of the main contract, the basis repair logic drove the sharp rise of near - month contracts. However, various economic data in the US suggest future economic activities may face greater challenges, and the container shipping index (European line) has weak demand expectations and large price fluctuations. But the rapid rebound of spot - end price indicators may drive the futures price to rise in the short term. Investors are advised to be cautious and pay attention to operation rhythm and risk control [1] 3. Summary by Relevant Catalogs 3.1 Futures Market Data - EC2510 main contract closed at 2153.00, up 62.3; EC2508 - EC2510 spread was 554.90, up 84.50; EC2508 - EC2512 spread was 394.00, up 104.00; EC contract basis was 268.94, down 27.00; EC main contract open interest was 18747, down 2808 [1] 3.2 Spot Market Data - SCFIS (European line) (weekly) was 2421.94, up 163.90; SCFIS (US West line) (weekly) was 1266.59, down 291.18; SCFI (composite index) (weekly) was 1733.29, down 30.20; CCFI (composite index) (weekly) was 1313.70, down 29.29; CCFI (European line) (weekly) was 1726.41, up 32.11; Baltic Dry Index (daily) was 1866.00, down 83.00; Panama Freight Index (daily) was 1990.00, down 41.00; average charter price of Panama - type ships was 14883.00, up 422.00; average charter price of Cape - type ships was 16909.00, up 914.00 [1] 3.3 Economic News - China's GDP in the first half of the year was 66.05 trillion yuan, a year - on - year increase of 5.3%. Fixed - asset investment increased by 2.8%, and real estate development investment decreased by 11.2%. In June, the added value of industrial enterprises above designated size increased by 6.8% year - on - year, and social consumer goods retail总额 increased by 4.8% [1] - The US and Indonesia reached an agreement. Indonesia will buy US energy worth $15 billion, US agricultural products worth $4.5 billion and 50 Boeing aircraft. The US will impose a 19% tariff on all Indonesian imports, and US exports to Indonesia will enjoy duty - free and non - tariff barrier treatment. The original plan was to impose a 32% tariff on Indonesia starting from August 1 [1] - The EU has no intention to take any trade counter - measures before August 1. If trade negotiations with the US fail, the implementation of counter - measures may be postponed to August 6 [1] 3.4 Economic Indicators in the US - The US S&P Global Composite PMI index in June dropped slightly from 53 in May to 52.8. Price pressure increased significantly. In May, core PCE increased by 2.7% year - on - year, slightly exceeding the market expectation of 2.6%. Real personal consumption expenditure decreased by 0.3% month - on - month, the largest decline since the beginning of the year. Personal income decreased by 0.4% month - on - month, the largest decline since 2021 [1] 3.5 Eurozone Economic Situation - The German ZEW economic sentiment index reached a three - year high. The CPI in May was stable at 2.3%, but industrial output decreased by 2.4% month - on - month, and the manufacturing industry was still under pressure [1]