7月6日，美国总统特朗普表示，将对由中国、俄罗斯等主要新兴国家组成的金砖国家 （BRICS）中"所有附和反美政策的国家"征收10％的额外关税。他在自己的SNS上发文强 调："没有任何例外"。 7月6日，金砖国家在巴西里约热内卢举行首脑会议，并通过了首脑宣言。首脑宣言虽未直接提及美国， 但谴责对金砖成员国伊朗的武力攻击违反国际法…… 7月6日，中国国务院总理李强在金砖国家首脑会议上发表演讲："强权和霸道从来不是解决问 题的正确途径"。 日本经济新闻（中文版：日经中文网）田岛如生 北京报道 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 视频号内容推荐： 特朗普并未就"反美政策"的具体内容做出说明。7月6日，金砖国家在巴西里约热内卢举行首 脑会议，并通过了首脑宣言。 首脑宣言虽未直接提及美国，但谴责对金砖成员国伊朗的武力攻击违反国际法。 中国外交部发言人毛宁在7月7日的记者会上对特朗普的表态表示反对。她明确表示："我们一 贯反对关税战、贸易战，反对以关税作为胁迫施压的工具。肆意加征关税不符合任何一方利 益"。 毛宁同时表示，金砖合作 ...

美国白宫在7月7日宣布，美国计划从8月1日开始，对于所有来自日本和韩国的产品加征20%的关税，这 次是美国公开拿盟友祭旗的节奏。从美国白宫发布的公告来看，首批的14个国家，有两个是美国的坚定 的盟友，也就是日本和韩国。美国总统特朗普通过社交媒体宣布，已经向日韩两国致函，宣布对于日韩 加征相关的关税，而且特朗普态度非常强硬，宣称不许日本和韩国反抗，特朗普威胁要通过加倍的关税 来反制日韩的反抗，为此立即引发了美国股市的波动。 对于为何选择从日本和韩国开始加征25%的关税，美国白宫新闻秘书公开宣称，是因为美国总统谈判的 特权，为此选择从日本和韩国开始。日本和韩国都是美国的盟友，并且常态力挺美国的对外战略，但是 如今却落到了被祭旗的地步，因此也是莫大的悲哀。在美国再打关税战的时候，美国并没有将欧盟纳入 加征关税的行列，为此也是让外界看到了美国和欧盟关系的紧密程度。烽火前站分析认为，欧盟是因为 有可以拿捏美国的条件，为此可以和美国通过协商解决关税问题，而日本和韩国的体量不够大，因此缺 乏和美国较量的基础。 从白宫公布的信息来看，美国仅仅给日本和韩国20天的谈判时间，显然是在迫使日韩尽快让步，美国公 布的税率，不仅仅冲击 ...

日本首相：美方公布的关税信息令人遗憾 将继续进行谈判 据央视新闻报道，针对美国总统特朗普公布的致日本等方面的关税相关信函，8日，日本首相石破茂 称，美方公布的信息令人遗憾。此外，石破茂做出指示，继续与美方就关税进行谈判。8日，日本政 府将于首相官邸召开综合对策本部会议，以应对美国总统特朗普宣布对日本进口商品征收25%关税 一事。石破茂也将出席会议，据测其将指示相关阁僚继续就取消关税进行谈判。 韩总统府今日将举行会议 应对美关税措施 特朗普宣布对南非征收30%关税 南非回应 据环球网援引路透社当地时间7日报道，南非总统办公室就美国总统特朗普宣布对南非征收30%关税一 事作出回应，质疑美方所依据的贸易数据，并表示需等待更多信息才能进一步谈判。路透社援引南非方 面的话称，"南非坚持认为，30%的'对等关税'并不能准确反映当前的贸易数据。根据我们对现有贸易数 据的解读，进入南非的进口商品平均关税为7.6%。重要的是，56%的商品以最惠国待遇零关税进入南 非，77%的美国商品以零关税进入南非市场。"南非方面表示，南非将继续通过外交渠道努力，推动与 美国建立更加平衡、互利的贸易关系，但目前仍在等待美方承诺提供的协议框架模 ...

巴西总统抨击特朗普关税威胁 智通财经7月8日电，据CCTV国际时讯报道，巴西总统卢拉当地时间7月7日在里约热内卢金砖国家峰会 后的记者会上，严词批评美国总统特朗普通过社交媒体威胁加征关税的行为"极不负责任"，并强调各国 有权采取对等措施。特朗普当地时间7月6日通过社交平台指责金砖国家推行所谓"反美政策"，并威胁对 其成员国加征10%的新关税。中国外交部发言人7月7日对此表示，贸易战、关税战没有赢家，保护主义 没有出路。 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The short - term benefits of US biodiesel have been realized, and the market is waiting for the US biodiesel hearing and the MPOB monthly report. Last week, rapeseed and palm oil stopped falling and rebounded, while the center of soybean oil moved down again. The passing of the 43Z Act has realized short - term benefits, and the US biodiesel policy hearing will be held on the 8th - 9th. The US has launched a new round of tariff wars globally, increasing macro - risks. In the producing areas, institutions expect a 1 - 5% decrease in Malaysian palm oil production in June, a 4 - 12% increase in exports, and a slight 0.24% decrease in end - of - month inventory. Indonesia has raised the reference price of crude palm oil in July to $877.89 per ton. In the US, the soybean planting area in 2025 is 83.4 million acres, and the quarterly inventory as of June 1st is 1.008 billion bushels. In China, the spot trading of soybean oil is average, and there is restocking of palm oil. The soybean crushing rate of oil mills is relatively high, with 4 new palm oil purchase contracts added in July in late June. The inventories of soybean and palm oil have increased to 960,000 tons and 540,000 tons respectively. The rebound space of CBOT soybeans is limited. In June, India's palm oil imports increased by 61% to nearly 1 million tons. Institutions expect an increase in Malaysian palm oil exports, a reverse - seasonal decline in production, and a halt in inventory growth in June. Coupled with the short - term benefits of US biodiesel, BMD crude palm oil has reached the 4000 mark again. The export of Canadian rapeseed is strong, with annual exports exceeding 9 million tons, a year - on - year increase of over 50%. The supply of old - crop rapeseed remains tight, and the producing areas of rapeseed continue to be strong [7]. - In operation, the short - term benefits of US biodiesel have been digested. The market is waiting for the hearing and the MPOB monthly report. Coupled with the resurgence of global tariff disputes, the upward trend of rapeseed and palm oil has slowed down. For long - term unilateral trading, continue to pay attention to opportunities to buy on dips. The spread between September rapeseed and palm oil is in the range of 1100 - 1200, and the strategy of expanding the spread should be held cautiously [8] Summary by Directory 1. Main Views - The short - term benefits of US biodiesel have been realized, and the market is waiting for relevant events. The market situation of various oils at home and abroad is analyzed, including production, inventory, and trading volume. Strategies are proposed based on the above analysis [7]. 2. Market Review - Last week, CBOT soybeans, soybean oil, domestic and foreign palm oil, and Zhengzhou rapeseed oil all stopped falling and rebounded, while the center of Dalian soybean oil moved down [10]. 3. Fundamental Analysis - **External Factors**: The 45Z tax credit act has been passed, realizing short - term benefits for US biodiesel, and the market is waiting for the hearing on the 8th - 9th. The US has restarted a tariff war globally [13]. - **US Soybeans**: The area affected by drought in US soybeans has further shrunk, and the good - to - excellent rate remains at 66%. The US soybean planting area in 2025 is 83.4 million acres, and the quarterly inventory as of June 1st is 1.008 billion bushels. Last week, the premium of Brazilian soybeans reached a maximum of 140 cents per bushel [13]. - **Palm Oil**: Institutions estimate that Malaysian palm oil production in June decreased by 1 - 5%, exports increased by 4 - 12%, and end - of - month inventory decreased slightly by 0.24%. Indonesia has raised the reference price of crude palm oil in July to $877.89 per ton. Institutions estimate that India's palm oil imports in June increased by 61% month - on - month to 953,000 tons, a nearly 11 - month high [13]. - **Import and Crushing**: In late June, 4 new palm oil purchase contracts for July were added. The soybean crushing rate of oil mills is relatively high, with an increase in arrivals. The soybean inventory of oil mills continues to accumulate. The rapeseed crushing rate has continued to decline to a low of 40,000 tons, and the rapeseed inventory of oil mills has stopped decreasing [13]. - **Inventory**: As of the end of June, the soybean oil inventory has accumulated for 9 consecutive weeks to 960,000 tons; the rapeseed oil inventory has dropped below 800,000 tons, a decrease of nearly 100,000 tons from the previous high; the palm oil inventory has increased significantly to 540,000 tons, completely out of the low - inventory range. The accumulation of soybean and palm oil inventories has led to an increase in the total inventory of the three major oils to 2.18 million tons, compared with 1.77 million tons in the same period last year [13]. - **Spot**: Last week, the spot prices of oils fluctuated as a whole. As of July 4th, the price of soybean oil was 8135 yuan per ton, a 1.15% decrease from the previous week; the price of palm oil was 8635 yuan per ton, a slight 0.5% increase from the previous week; the price of rapeseed oil was 9783 yuan per ton, a 1.16% increase from the previous week [13]. - **Demand**: Last week, the overall spot trading volume of oils decreased. The spot trading volume of soybean oil was 32,200 tons, compared with 77,700 tons in the previous week; the trading volume of palm oil was 2432 tons, compared with 7766 tons in the previous week; the trading volume of rapeseed oil was 0 tons, compared with 4000 tons in the previous week [13]. 4. Spread Tracking - Not provided in the content

Domestic News - The National Development and Reform Commission and three other departments aim to have over 100,000 high-power charging facilities nationwide by the end of 2027 [3] - China's central bank reported that as of the end of June, the country's gold reserves stood at 73.9 million ounces (approximately 2,298.55 tons), marking the eighth consecutive month of gold accumulation [3] - Changxin Storage, a domestic DRAM memory chip manufacturer, has initiated the listing guidance process [3] International News - Trump announced plans to impose an additional 10% tariff on countries aligning with anti-American policies in BRICS, with a formal letter expected to be sent on Monday [2][3] - The EU reported good progress in trade negotiations with the US [2] - US Treasury Secretary Yellen is set to announce multiple trade-related updates within the next 48 hours [2] - Tesla's stock fell over 7% amid investor concerns following Musk's announcement of forming a new political party [3]

Market Overview - A-shares showed mixed performance today, with the Shanghai Composite Index closing at 3473.13 points, up 0.02%, and the Shenzhen Component Index at 10435.51 points, down 0.70% [1] - The total trading volume reached 476.2 billion yuan for Shanghai and 932.4 billion yuan for Shenzhen [1] Foreign Exchange and Gold Reserves - As of June 2025, China's foreign exchange reserves increased to 331.74 billion USD, up 3.22 billion USD from May, marking a rise of 0.98% [1] - The People's Bank of China has increased its gold holdings for the eighth consecutive month, with a notable rise in the pace of accumulation [1] - A survey indicated that 43% of 72 central banks expect to increase their gold reserves in the next 12 months, a significant increase from 29% last year, marking an eight-year high [1] Investment Opportunities in "Anti-Competition" Policies - The "anti-involution" policy is drawing investor attention, particularly in industries like photovoltaics and electric vehicles, which are experiencing intense competition [2][5] - The focus of the current "anti-involution" initiative is on regulating low-price competition rather than addressing overcapacity [5] - The photovoltaic upstream silicon industry has seen price increases, with multi-crystalline silicon prices rising to 37 yuan/kg, up 2.5 yuan/kg [3] Steel Industry Insights - The steel industry is a key focus of the "anti-involution" policy, with expectations of reduced production leading to potential price increases [5][6] - A forecast suggests that a reduction of 30 million tons in crude steel production could lead to a price increase of 229 yuan/ton for rebar, effectively doubling current industry profits [5] - Steel companies are benefiting from lower raw material costs, which may sustain profit margins and stabilize sales prices [6] Dividend Policies and Investment Strategies - New policies encourage listed companies, especially state-owned enterprises, to enhance dividend policies, which can improve investor returns and market valuations [7] - Investors are advised to consider dividend-focused ETFs and cash flow ETFs, as these are expected to perform well in the current economic climate [7]

Core Viewpoint - China has reiterated its stance against tariff increases, emphasizing that trade wars and tariff battles yield no winners and that protectionism is not a viable solution [1][2]. Group 1: China's Position on Tariffs - China has consistently opposed tariff wars and the use of tariffs as tools for coercion, stating that arbitrary tariff increases do not benefit any party involved [2]. - The BRICS mechanism is highlighted as an important platform for cooperation among emerging markets and developing countries, promoting openness and inclusivity without targeting any specific nation [1][2]. Group 2: U.S. Tariff Developments - The U.S. is approaching a deadline for tariff negotiations set for July 9, with President Trump indicating that a combination of letters and agreements will be sent out to various countries [3][4]. - Trump confirmed that the related tariffs are set to take effect on August 1, with potential letters involving different amounts and wording for various economies [4]. - The U.S. has proposed significant "reciprocal tariffs" on allies, with rates as high as 25% for some countries and even higher for Southeast Asian nations [5]. Group 3: Legal and Regulatory Context - The U.S. International Trade Court has ruled that the International Emergency Economic Powers Act (IEEPA) does not grant the President unlimited authority to impose tariffs, leading to questions about the legality of unilateral tariff notifications [7][8]. - Legal experts suggest that unilateral tariff imposition may violate international law and could be challenged in the World Trade Organization (WTO) [8].

Group 1 - Former German Chancellor Merkel's statement emphasizes that the EU should not fear the US and must respond firmly to tariffs imposed by the US [1][6] - The US has imposed significant tariffs on EU products, including a 50% tariff on steel and aluminum and a potential 50% tariff on EU goods if trade negotiations do not progress [1][3] - The US economy is heavily reliant on consumption and investment, with 85% of its GDP coming from these sources, indicating a vulnerability to foreign products despite the tariffs [3][6] Group 2 - Merkel argues that the EU must maintain unity and that major countries like Germany and France should stand firm against US pressure [6][7] - The current trade negotiations between the US and EU are at an impasse, with US economic indicators showing a decline, including a manufacturing PMI dropping to 46.3, the lowest since May 2020 [6][7] - The EU is urged to enhance its strategic autonomy, particularly in defense and energy, to reduce dependence on the US and assert its own influence on the global stage [7][6]

毛宁对此表示，金砖机制是新兴市场和发展中国家合作的重要平台，倡导开放包容、合作共赢，不搞阵营对 抗，不针对任何国家。关于加征关税，中方已经多次阐明了立场，贸易战、关税战没有赢家，保护主义没有出 路。 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 来源：环球时报-环球网报道 责编：汪云鹏 校对： 王锦程 外交部发言人毛宁主持7月7日例行记者会。会上有外媒记者提问称：金砖国家峰会将于今天闭幕，昨天美国总 统特朗普批评金砖国家推行"反美政策"，并威胁对其成员国加征10%的新关税，请问中方对此有何评论？ 百万用户都在看 突发警告！刚刚，美国传出大动作 刚刚！特朗普，签了！ 重大进展！特朗普，传来大消息！ 突发！超10万人爆仓！一则利空，突然引爆！ 午后，突发！直线飙升，发生了什么？ 集体大涨！特朗普，新计划曝光！ ...