Group 1 - The U.S. Treasury Secretary, Janet Yellen, is set to meet with Chinese Vice Premier He Lifeng in Madrid from September 14 to 17 [1] - The discussions will focus on U.S. unilateral tariff measures, the abuse of export controls, and economic issues related to TikTok [1]

新华财经北京9月12日电据财政部12日消息，2025年9月9日，财政部副部长廖岷在京会见汇丰银行、淡 马锡、联博等13家国际投资机构代表，就宏观经济形势与政策、中美经贸关系等议题交换意见。 （文章来源：新华财经） 廖岷表示，今年以来，随着更加积极的财政政策靠前发力、各项宏观政策协同显效，中国经济运行保持 稳中有进发展态势。中国经济具有多重优势，有能力和底气应对各类风险挑战，实现持续稳定健康发 展。欢迎国际投资者积极参与中国市场，分享发展机遇。中美经贸合作本质上是互利共赢的，有利于两 国，也有利于世界。中方愿与美方在平等和相互尊重基础上加强对话磋商，推动中美经贸关系稳定健康 发展，共同为世界经济注入更多确定性和稳定性。 国际投资机构代表表示，始终看好中国经济前景和市场潜力，愿依托自身经济金融服务专长和全球网络 布局，共享中国经济高质量发展机遇。 ...

Core Viewpoint - The Chinese economy is showing a stable and progressive development trend, supported by proactive fiscal policies and coordinated macroeconomic measures, which enhances its ability to address various risks and challenges [1] Group 1: Economic Outlook - The Chinese economy is characterized by multiple advantages, enabling it to achieve sustained and stable development [1] - The fiscal policies implemented this year have been effective in maintaining economic stability [1] Group 2: International Investment - International investors are encouraged to actively participate in the Chinese market to share in the development opportunities [1] - Representatives from international investment institutions express confidence in the prospects and market potential of the Chinese economy [1] Group 3: Sino-U.S. Trade Relations - The essence of Sino-U.S. economic and trade cooperation is mutual benefit, which is advantageous for both countries and the world [1] - China is willing to strengthen dialogue and consultation with the U.S. on the basis of equality and mutual respect to promote stable and healthy development of Sino-U.S. trade relations [1]

【文/观察者网 阮佳琪】 据贝森特日前透露，7月的中美斯德哥尔摩经贸会谈中并未涉及TikTok相关议题。在这一轮谈判前，美 国商务部长卢特尼克7月受访时，曾再次威胁停止TikTok的在美运营，并扬言美国"必须控制"支撑 TikTok运行的算法。 就涉TikTok问题，中方已多次阐明原则。中方将依据中国的法律法规处理相关问题。美方应为中国企业 在美经营提供开放、公平、公正和非歧视的营商环境。 基于7月的中美斯德哥尔摩经贸会谈成果，双方发布联合声明称，美方承诺自8月12日起90天内继续暂停 实施24%的对等关税，中方亦承诺，自同日起继续暂停实施24%对美加征关税以及有关非关税反制措 施，期限同样为90天。 美方近日透露，斯德哥尔摩会谈后，中美很快将迎来第四次经贸高层会面。当地时间9月11日，路透社 报道称，美国财政部长贝森特计划于下周在西班牙马德里与中方高级官员会面，继续就贸易、经济及国 家安全议题展开讨论。 据悉，此次会面是贝森特9月12日至18日访问西班牙和英国行程的一部分。17日至19日，他还将陪同美 国总统特朗普对英国进行正式国事访问，与英国国王查尔斯会面。 美财长贝森特受访时称，两三个月内将再与中方会面 ...

Core Viewpoint - The recent market downturn in September does not signify the end of the upward trend, as the underlying logic supporting the market's rise remains intact [3][4][8]. Group 1: August Market Performance - The market's rise in August was supported by coordinated fiscal and monetary policies, with M2 growth at 8.8% year-on-year, indicating a high level of liquidity [5][6]. - Government bond issuance reached 8.9 trillion yuan from January to July, accounting for 75% of the annual target, which is significantly higher than the five-year average of 47% [6]. - The central government's budget expenditure increased by 3.4% year-on-year, providing direct financial support to infrastructure and related industries [6][7]. Group 2: Continued Market Support - Despite the September adjustment, the core logic supporting the bull market remains unchanged, with ongoing policy support and expectations of a 25 basis point rate cut by the Federal Reserve [9][10]. - A total of 5424 A-share companies reported a slight revenue increase of 0.02% year-on-year, with net profits rising by 2.45%, indicating a gradual economic recovery [9][10]. - The average daily trading volume in August reached approximately 2.3 trillion yuan, marking a historical high, and remained robust at 2.67 trillion yuan in the first four trading days of September [10]. Group 3: Market Adjustment as an Opportunity - As of September 4, the Shanghai Composite Index had retraced 3.03% from its recent peak, but this remains within a reasonable range compared to the overall gains for the year [12]. - Historical data suggests that market pullbacks often present new investment opportunities, particularly for previously sidelined funds [12][14]. - The current equity-to-bond yield ratio stands at 4.02, indicating that the stock market remains attractive relative to the bond market, historically suggesting positive performance ahead [12][14].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report The trade war uncertainty remains, the demand expectation for the container shipping index (European route) is weak, and the futures price fluctuates greatly. It is recommended that investors be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data in a timely manner [1]. 3) Summary by Relevant Catalogs Futures Market - EC2510 (main contract) closed at 1291.4, up 19.4; EC2511 (sub - main contract) closed at 1640.9, up 78.3. The main contract increased by 1.53%, and the far - month contracts increased by 1 - 5% [1]. - The spread between EC2510 and EC2512 was +15.7 higher; the spread between EC2510 and EC2602 was - 115, up 32.1 [1]. - The EC contract basis was 488.6, down 240.6 [1]. - The main contract's open interest was 52271 lots, down 989 [1]. Spot Market - SCFIS (European route) was 1773.6, down 216.6 week - on - week, a 10.9% decline; SCFIS (US West Coast route) was 1013.9, down 27.48 [1]. - SCFI (composite index) was 1445.06, up 29.7 week - on - week; container ship capacity was 1227.97 (ten thousand TEUs), up 0.07 [1]. - CCFI (composite index) was 1156.32, down 18.55 week - on - week; CCFI (European route) was 1685.8, down 71.94 [1]. - The Baltic Dry Index was 2025, down 8; the Panamax Freight Index was 1847, up 27. The average charter price of Panamax ships was 14170, down 224; that of Capesize ships was 26105, up 782 [1]. Industry News - Chinese official Li Chenggang visited the US to discuss Sino - US economic and trade relations [1]. - Trump's global tariff policy and the prosecution of dismissing Fed Governor Cook are facing a final ruling by the US Supreme Court [1]. - Japan and the US are discussing measures such as reducing tariffs and a joint document on a $550 billion investment in the US [1]. Market Analysis - The "price war" in the container shipping industry has put continuous pressure on the fundamentals. The US employment data in July was far below expectations, and the expectation of interest rate cuts has soared. The internal demand in the eurozone is still weak [1]. Key Data to Focus On - Eurozone's preliminary August CPI annual rate at 17:00 on September 2nd - US August S&P Global Manufacturing PMI final value at 21:45 on September 2nd - US August ISM Manufacturing PMI at 22:00 on September 2nd [1]

1. Report Industry Investment Rating - Goldman Sachs maintains an "Overweight" stance on Chinese stocks; Standard Chartered Bank maintains an "Overweight" rating on Chinese stocks in its "2025 H2 Global Market Outlook" [38] 2. Core Viewpoints of the Report - China's economic sentiment generally continues to expand, with the official manufacturing PMI, non - manufacturing PMI, and composite PMI in August showing month - on - month increases [2][20] - The overseas business of futures companies is accelerating development, driven by policy support and the concentrated overseas expansion of Chinese enterprises [3] - The bond market is expected to have limited adjustment space and may continue to consolidate in the short term [26] - The A - share market may show a phased shock consolidation feature in September, with market hotspots in a rotation state [38] 3. Summary by Directory 3.1 Macro Data Overview - In Q2 2025, GDP at constant prices increased by 5.2% year - on - year, slightly lower than the previous quarter [1] - In August 2025, the manufacturing PMI was 49.4%, up 0.1 percentage points from the previous month; the non - manufacturing business activity PMI was 50.3%, up 0.2 percentage points [1][2][20] - In July 2025, M1 and M2 increased by 5.6% and 8.8% year - on - year respectively, showing an upward trend [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Personal consumer loan interest subsidies will be available from September 1st, with multiple banks promoting related products [2] - Many domestic commodity futures showed inventory changes on August 29th, with some increasing and some decreasing [4][5] - China and the US held economic and trade talks, emphasizing cooperation and the management of differences [6] 3.2.2 Metals - As of mid - August 2025, the price of electrolytic copper increased by 0.94% month - on - month [7] - London's basic metals generally rose on August 29th, with domestic copper demand expected to improve [7] - International precious metal futures generally closed higher due to weak US economic data [8] 3.2.3 Coal, Coke, Steel and Minerals - In H1 2025, the coking industry faced difficulties, with most listed coke companies reporting losses [9] - As of mid - August 2025, the prices of most coal products increased, while the price of rebar decreased slightly [9] 3.2.4 Energy and Chemicals - China is promoting policies to support private enterprises in major projects and consumer replacement [11][12] - China has achieved large - scale thermal recovery of offshore heavy oil, with production hitting a record high [12] - As of mid - August 2025, the prices of most oil and gas products decreased [12] 3.2.5 Agricultural Products - As of mid - August 2025, the prices of most agricultural products increased [14][15] - China is strengthening the management of crop varieties and protecting permanent basic farmland [15] - A batch of Russian rapeseed oil was imported into Chengdu, marking a new breakthrough in international grain and oil trade [16] 3.3 Financial News Compilation 3.3.1 Open Market - This week, 22.731 trillion yuan of reverse repurchases will mature, and 1 trillion yuan of 91 - day repurchase agreements will mature on Friday [18] - On August 29th, the central bank conducted 782.9 billion yuan of 7 - day reverse repurchases, resulting in a net investment of 421.7 billion yuan [19] 3.3.2 Important News - The economic sentiment in China continues to expand, and policies are being promoted to support private enterprises and consumer replacement [20] - The sales of TOP100 real estate enterprises from January to August decreased by 13.3% year - on - year, and the market may recover moderately in September [22] - Many small and medium - sized banks have recently cut deposit rates [23] 3.3.3 Bond Market Summary - The bond market was generally strong, with yields of major interest - rate bonds in the inter - bank market declining slightly [26] - Most Vanke bonds rose, and the CSI Convertible Bond Index fell [26] 3.3.4 Foreign Exchange Market - The on - shore RMB rose against the US dollar, while the US dollar index fell slightly [29][30] 3.3.5 Research Report Highlights - After Powell's speech, the market's expectation of a Fed rate cut in September increased [31] - The Trump administration may interfere with the Fed's personnel, potentially leading to monetary easing [31] 3.3.6 Today's Reminder - On September 1st, 121 bonds will be listed, 64 bonds will be issued, 82 bonds will be paid, and 604 bonds will have principal and interest repaid [33][34] 3.4 Stock Market News - Next week, 29 A - shares will be lifted from lock - up, with a total market value of 18.877 billion yuan [35] - In H1 2025, Shanghai - listed companies' revenues decreased slightly, while profits increased [35] - As of the end of August, the scale of Shanghai ETFs exceeded 3.7 trillion yuan, with significant capital inflows [36]

Group 1 - Recent US-China trade talks took place from August 27 to 29, with a focus on discussing the current state of economic relations and implementing previous agreements, but no significant breakthroughs were achieved [1] - Chinese Vice Minister of Commerce Li Chenggang emphasized the need for equal dialogue and cooperation to resolve differences, indicating a lack of positive response from the US side [1] - The atmosphere of the talks was described as calm, with both sides mainly reiterating their positions rather than reaching substantial outcomes [1] Group 2 - Tensions between Trump and the Federal Reserve are escalating, with a lawsuit filed by Fed Governor Cook against Trump for attempting to control Fed policy [3] - A recent court ruling deemed most of Trump's new tariff measures illegal, although existing tariffs will remain until October 14, necessitating an appeal to the Supreme Court [5] - Former National Security Advisor Sullivan criticized Trump's approach to China, claiming it has weakened US international standing and relationships with allies, while strengthening China's position [7]

Group 1 - The Ministry of Commerce's international trade representative Li Chenggang met with U.S. officials to discuss U.S.-China economic relations and the implementation of agreements reached by the two countries' leaders [2] - The Ministry of Commerce expressed opposition to the U.S. decision to revoke the "validated end user" status of three semiconductor companies, emphasizing the negative impact on the global semiconductor supply chain [3] - The Ministry of Education issued a warning for students planning to study in the Philippines due to rising security concerns [3] Group 2 - The 2025 China Urban Planning Annual Conference emphasized the need for innovative urban planning to promote high-quality urban development [4] - The National Data Bureau announced the open-source release of a high-quality synthetic dataset for embodied intelligence robots, which includes over 9.5 million high-quality grasping poses [5] - Major banks in Shanghai have adjusted their housing loan interest rate mechanisms, no longer differentiating between first and second homes [5] Group 3 - Central Huijin increased its holdings in 12 ETF products, spending over 210 billion yuan, with total ETF holdings reaching a record high of 1.28 trillion yuan [8] - The six major state-owned banks announced a total cash dividend of 204.66 billion yuan for the first half of 2025, reflecting strong financial health [8] - Huawei's executive revealed details about its collaboration with SAIC Motor, highlighting a strategic partnership despite resource constraints [9] Group 4 - Huawei's rotating chairman stated that the HarmonyOS ecosystem is still in the introduction phase, urging developers to enhance applications and encouraging participation in the open-source community [11] - Ping An Life has increased its stake in Agricultural Bank of China for the third time this year, indicating confidence in the bank's future [12] - Xingyin Fund appointed a new chairman, which may lead to strategic changes within the company [13]

Group 1 - The core viewpoint of the article highlights the tension between the U.S. and China regarding trade policies, particularly in light of recent court rulings against Trump's tariffs [2][8][27] - The Chinese delegation, led by Vice Minister Li Chenggang, engaged in extensive talks with U.S. officials, focusing on the implementation of agreements made during previous high-level discussions [3][5] - The U.S. court ruling declared that most tariffs imposed by the Trump administration were illegal due to lack of congressional authorization, which undermines Trump's trade policy [8][10] Group 2 - Trump's immediate reaction to the court ruling was to label it as politically biased and to announce plans to appeal, emphasizing his commitment to maintaining tariffs [10][13] - The article notes that the soybean trade has become a critical issue, with China significantly reducing its purchases from the U.S. and instead sourcing from Brazil, impacting American farmers [15][17] - Data indicates that since the trade war began, U.S. manufacturing has not benefited from tariffs, and many companies are struggling with increased costs and supply chain disruptions [19][21] Group 3 - The article suggests that the U.S. consumer is bearing the brunt of the tariffs, with a significant portion of the costs being passed down, leading to consumer fatigue regarding high tariffs [21] - China's response to the U.S. court ruling and Trump's statements has been measured, indicating a desire to maintain control over the narrative and not be drawn into political disputes [23][25] - The future of U.S.-China trade relations is framed as being determined by market realities rather than political rhetoric, with an emphasis on cooperation as the path forward [27]