7月10日外交部发言人毛宁主持例行记者会，有记者问：美国总统特朗普昨天宣布将对进口铜征收50% 的关税，理由是国家安全，请问中方对此有何评论？ 毛宁表示，这个问题我们立场非常明确，我们一贯反对泛化国家安全概念，我们也始终认为关税战、贸 易战没有赢家，滥施关税不符合任何一方的利益。（央视新闻） ...

Core Viewpoint - The article discusses the announcement by Trump to impose a 50% tariff on copper, highlighting the ongoing trade tensions and the stance of the Chinese government against such measures [1]. Group 1 - Trump announced a 50% tariff on copper on July 9 [1] - The Chinese government, represented by spokesperson Mao Ning, expressed a clear opposition to the broadening of national security concepts and emphasized that trade wars have no winners [1] - The Chinese stance indicates that excessive tariffs do not align with the interests of any party involved [1]

【外交部：美对铜加征关税不符合任何一方利益】当地时间7月9日，特朗普宣布对铜征50%关税。今 天，中国外交部发言人毛宁对此表示：这个问题我们立场非常明确，我们一贯反对泛化国家安全概念， 我们也始终认为关税战、贸易战没有赢家，滥施关税不符合任何一方的利益。（央视新闻） ...

1. Hot News - Houthi rebels attacked the Greek - operated, Liberian - flagged vessel "ETERNITY C" near Hodeidah, Yemen, resulting in two deaths. It's the first seaman - fatality incident in the Red Sea since June 2024 [2] - In June, domestic retail sales of new - energy passenger vehicles reached 1.111 million, a year - on - year increase of 29.7%. In the first six months, the cumulative domestic retail sales reached 5.468 million, a year - on - year increase of 33.3% [2] - Trump said on the 7th that starting from August 1st, he will impose tariffs ranging from 25% to 40% on imported products from 14 countries including Japan and South Korea. China's Foreign Ministry Spokesperson Mao Ning stated that tariff and trade wars have no winners, and protectionism harms the interests of all parties [2] - Australian Prime Minister Albanese will make an official visit to China from July 12th to 18th at the invitation of Chinese Premier Li Qiang [2] - US Treasury Secretary Bessent said on the 7th that he expects to meet with Chinese officials in the coming weeks to promote consultations on trade and other issues [2] 2. Key Focus - Key commodities to focus on are coking coal, pure benzene, methanol, urea, and asphalt [3] 3. Night - session Performance - In the night - session, different commodity sectors had varying performances. Non - metallic building materials rose 2.82%, precious metals 27.55%, oilseeds and oils 12.51%, non - ferrous metals 20.69%, soft commodities 2.84%, coal - coke - steel - ore 13.84%, energy 3.11%, chemicals 12.69%, grains 1.18%, and agricultural and sideline products 2.77% [3] 4. Plate Positions - The chart shows the position changes of commodity futures sectors in the past five days, covering various sectors such as agricultural and sideline products, grains, chemicals, energy, coal - coke - steel - ore, non - ferrous metals, etc. [4] 5. Performance of Major Asset Classes - **Equity**: The Shanghai Composite Index rose 0.70% daily, 1.54% monthly, and 4.35% annually; the S&P 500 fell 0.07% daily but had a 0.33% monthly and 5.85% annual increase; the Hang Seng Index rose 1.09% daily, 0.31% monthly, and 20.38% annually [5] - **Fixed - income**: 10 - year Treasury bond futures fell 0.08% daily, had a 0.11% monthly increase, and a 0.09% annual increase; 5 - year Treasury bond futures fell 0.08% daily, 0.02% monthly, and 0.38% annually [5] - **Commodities**: The CRB Commodity Index rose 1.01% daily, 1.69% monthly, and 1.88% annually; WTI crude oil rose 0.47% daily, 5.00% monthly, but fell 5.10% annually; London spot gold fell 1.07% daily, 0.05% monthly, but rose 25.78% annually [5] - **Others**: The US Dollar Index fell 0.06% daily, had a 0.74% monthly increase, and a 10.13% annual decrease; the CBOE Volatility Index remained unchanged daily, had a 6.34% monthly increase, and a 2.54% annual increase [5] 6. Trends of Major Commodities - The report presents the trends of multiple major commodities, including the Baltic Dry Index (BDI), CRB Spot Index, WTI crude oil, London spot gold, LME copper, CBOT soybeans, and CBOT corn, as well as the ratios of gold to oil and copper to gold, and the risk premiums of some stock indices [6]

Core Viewpoint - India, traditionally cautious in its diplomatic strategies, has unexpectedly chosen to confront the United States amidst the backdrop of Trump's impending "reciprocal tariffs" policy, signaling a significant shift in its approach to U.S. relations [1][3][5]. Group 1: India-U.S. Trade Relations - India has been under pressure from the Trump administration to lower tariffs on U.S. goods, especially as the U.S. has become one of India's largest trading partners [5][7]. - Despite a history of friendly relations, the U.S. demands, particularly regarding agricultural products, have led to a stalemate, with India unwilling to compromise on its agricultural market [8][10]. - On July 4, India announced retaliatory tariffs on U.S. goods worth approximately $725 million, marking a public counteraction against U.S. trade strategies [11]. Group 2: Diplomatic Maneuvers - India's stance at the BRICS summit has shifted, moving from a supportive role of U.S. interests to a more confrontational position, indicating a strategic pivot in its international relations [12][15]. - India is also seeking to undermine U.S. influence on the global stage by collaborating with other international organizations and advocating for reforms in the International Monetary Fund (IMF) [13][15]. Group 3: Domestic Considerations - The Indian government's response to U.S. demands is influenced by domestic political factors, particularly the religious and cultural implications of agricultural policies, which are critical to Prime Minister Modi's political standing [17][19]. - Modi's firm stance on agricultural market control reflects the need to maintain support from significant voter demographics, particularly those influenced by Hindu religious beliefs [17][19]. Group 4: Broader Implications - The ongoing trade tensions between India and the U.S. could have wider repercussions, potentially affecting U.S. trade strategies and its broader geopolitical objectives, including its approach to China [19][20]. - India's awareness of China's trade negotiations with the U.S. has prompted it to adopt a more assertive position, as it seeks to enhance its own standing on the global economic stage [20].

Group 1 - The U.S. has taken a harsh stance against Japan, despite Japan's past support during the Gulf War and alignment with U.S. strategies in the Indo-Pacific region [1][3] - Japan's purchase of F-35 fighter jets is seen as both a payment for U.S. protection and a show of support for U.S. strategies [1] - The U.S. has previously exploited Japan's economy through the Plaza Accord, which forced the appreciation of the yen and weakened Japan's economic growth [3] Group 2 - Japan has overestimated its influence and the strength of its alliance with the U.S., leading to a lack of compromise in negotiations [5] - The U.S. has imposed a 25% tariff on Japan, contrasting with its more lenient approach towards the UK, indicating a targeted strategy against Japan [7] - Japan's economic development has relied on U.S. industrial transfers, and the current U.S. policies are seen as a means to extract further economic benefits from Japan [9]

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a holding of 946.51 tons of gold as of July 8, 2025, reflecting a decrease of 1.15 tons from the previous trading day. The decline in gold holdings coincided with a significant drop in spot gold prices, influenced by recent tariff announcements from former President Trump, which have increased risk appetite and pressured gold prices [6]. Group 1: Gold ETF Holdings - As of July 8, 2025, SPDR Gold Trust's total holdings stand at 946.51 tons of gold [6]. - The holdings decreased by 1.15 tons compared to the previous trading day [6]. Group 2: Gold Price Movement - On July 8, spot gold prices fell significantly, reaching a low of $3286.68 per ounce before closing at $3301.56 per ounce, down $34.74 or 1.04% [6]. - The decline in gold prices is attributed to increased risk appetite stemming from tariff news and rising U.S. dollar and bond yields [6]. Group 3: Market Sentiment and Future Outlook - Investors are closely monitoring upcoming U.S. Federal Reserve meeting minutes and key inflation indicators, with expectations of a dovish tone that may lead to interest rate cuts starting in September [7]. - Despite the current bearish sentiment, analysts maintain a long-term bullish outlook on gold due to geopolitical uncertainties and potential buying interest during significant price corrections [7]. - Technical analysis indicates limited upside potential for gold prices, with key support levels at $3270 and $3250, while resistance is noted at $3320 and $3350 [7].

Group 1: Market Overview - The Hong Kong stock market rebounded after three consecutive days of decline, with the Hang Seng Index closing at 24,148 points, up 260 points or 1.09% [2] - The trading volume increased to 213.3 billion HKD, a rise of 10.1% compared to the previous day [2] - Northbound trading recorded a slight net inflow of 387 million HKD, a decrease of 96.8% from the previous day [2] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, 7 sectors rose while 5 fell, with the leading sectors being Consumer Discretionary, Materials, and Information Technology, which increased by 1.77% to 1.31% [3] - The lagging sectors included Utilities, Real Estate & Construction, and Consumer Discretionary, with increases ranging from 0.47% to 0.32% [3] Group 3: Company Analysis - Tianlun Gas (1600.HK) - Tianlun Gas has a strong position in the industrial and commercial user segment, particularly in Gansu province, where demand for natural gas is growing rapidly due to industrial transfers from the eastern regions [8][9] - The company’s gas sales volume in Gansu is expected to grow significantly, with the sales volume in Baiyin and Jingyuan projected to account for 3.5% of total sales by 2024 [9] - The company’s financial indicators show a projected retail gas sales growth of 4%-5% for the year, with a slight recovery in gross margin expected [10][11] Group 4: Financial Health - As of the end of 2024, the company’s total liabilities are projected to be 9.648 billion RMB, with a debt-to-asset ratio of 60.6% and an average financing cost of 5.5% [10] - The company has secured a green loan of 125 million USD from the Asian Development Bank at an interest rate of approximately 3.8%, which will help optimize its debt structure [10] - The dividend payout is expected to increase, with a target core payout ratio of 35% for the year, resulting in an attractive dividend yield of around 5% [11]

KVB PRIME发现周二，黄金作为传统的避险资产价格出现下跌，这一走势受到多重因素的综合影响。 一方面，市场对美国与贸易伙伴的谈判抱有乐观情绪，使得风险偏好有所上升；另一方面，美元走强以 及美国国债收益率上升，进一步对黄金价格形成了压力。 截至发稿时，现货黄金日内跌幅达到 1.00%，价格跌破 3300 美元 / 盎司。与此同时，基准 10 年期美国 国债收益率触及了逾两周以来的高点，这一变化降低了无息黄金的投资吸引力；而美元指数则涨至近两 周高点，美元的强势表现也对以美元计价的黄金构成了压制。 亚洲经济强国日本和韩国在周二纷纷表示，将尝试与美国进行谈判，目的是减轻特朗普计划从 8 月初开 始征收的关税所带来的影响。特朗普在周一重启了贸易战，警告 14 个国家将面临更高的关税。不过， 由于关税生效日期被推迟至 8 月 1 日，特朗普实际上为各国打开了一个新的三周窗口期，各国正抓紧利 用这段时间争取更宽松的待遇。 然而，特朗普在周二晚些时候通过 truth social 重申，根据前一天发给多国的信函，以及将在接下来几天 和未来短期内陆续发出的其他信函，关税将于 2025 年 8 月 1 日起正式开始征收。他 ...

Group 1 - The U.S. has threatened tariffs on 14 countries, with rates as high as 40%, violating international trade rules and disregarding the most-favored-nation principle [1][3] - The U.S. is using national security as a justification for these tariffs, which has been criticized by the WTO as inappropriate in non-war situations [1][3] - Developing countries, such as Laos, are particularly vulnerable to these tariff threats, which could significantly increase their operational costs [3][5] Group 2 - The U.S. is perceived as engaging in hegemonic behavior, with other countries expressing frustration and calling for a reevaluation of the U.S.'s role in the WTO [3][5] - There is a growing sentiment among nations to potentially exclude the U.S. from the WTO, although achieving this requires a significant consensus [1][3] - The long-term implications of U.S. tariff policies may lead to a decline in the dollar's dominance and the emergence of new currencies for trade settlements [5]