Trade Relations - The meeting between President Trump and Canadian Prime Minister Carney focused on trade issues, with Trump announcing plans to impose tariffs on Canada, which he believes Canada will accept willingly [1][2] - The trade relationship between the U.S. and Canada, valued at $900 billion, is under significant strain due to ongoing tariff disputes [3] - Canada’s exports to the U.S. have dropped to their lowest level since 2021, while imports have returned to 2022 levels, indicating a decline in trade activity [4] Tariffs and Economic Impact - U.S. tariffs on steel, aluminum, automobiles, and lumber are severely impacting key Canadian industries, leading to job losses and a slowdown in business investment [4] - Trump increased tariffs on non-compliant goods under the USMCA from 25% to 35%, exacerbating the trade conflict [4] - Carney's government has attempted to ease tensions by canceling most retaliatory tariffs on U.S. products, focusing only on sectors still affected by U.S. tariffs [4] Future Agreements and Cooperation - Carney aims to negotiate a short-term agreement to lower or eliminate certain industry tariffs, with a focus on collaboration in various sectors [4] - The Canadian government is also preparing for the 2026 review of the North American Free Trade Agreement, indicating a long-term strategy for trade relations [4] - In response to U.S. criticisms regarding defense spending, Canada has committed to reaching NATO's defense spending target of 2% of GDP this year, with plans to increase it to 5% by 2035 [5]

I recommended buying Lam Research twice in 2025. The stock has risen by 85.18% since the March 17 publication and by 53.16% since the publication of my June 24 article , to its marketI have been a Merchant Seaman that has traveled the world for over 30 years. Within the last 15 years, I developed a very intense interest in investing. I learned a lot of what I know about investing from The MF. Also because I have a engineering background, I often tend to gravitate to Tech stocksAnalyst’s Disclosure:I/we have ...

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Group 1 - The core message emphasizes that success often appears effortless but is the result of significant hard work and dedication [4][14][23] - The article draws parallels between the challenges faced in sports and those in investing, highlighting the importance of resilience and learning from failures [4][30][53] Group 2 - The first lesson shared is that the perception of "effortless" success is a myth, as true achievement requires immense effort [14][16][23] - The second lesson discusses the inevitability of failure, illustrating that even top athletes experience losses and must learn to move forward [30][43][50] - The third lesson emphasizes that life extends beyond the confines of sports, advocating for a broader perspective that includes personal growth and social contributions [54][58][66]

Core Insights - The success or failure of investments primarily depends on the accurate judgment of profitability, which is rooted in the depth of understanding [1] - Reading is emphasized as a crucial tool for enhancing cognitive abilities and recognizing investment value over a longer time horizon [1] Summary by Sections Investment Philosophy - Howard Marks and Charlie Munger highlight the importance of aligning cognition with value to achieve desired outcomes in investments [1] - The article suggests that understanding historical perspectives and engaging with timeless knowledge can help investors break free from contemporary limitations [1] Recommended Reading - Chen Wei, Chairman of Dongfang Fuhai, recommends "A Brief History of Artificial Intelligence" by Nick, emphasizing its relevance in understanding the ongoing technological revolution and its implications for investment strategies [4] - The book is noted for its engaging narrative and clear structure, making it a valuable resource for investors to comprehend the evolution of the AI industry and its impact on traditional sectors [4]

Core Viewpoint - The article discusses the recent performance of the Sci-Tech Innovation 50 Index, highlighting its significant rise and high price-to-earnings ratio of 180, raising questions about sustainability and future expectations in the investment landscape [1]. Group 1 - The Sci-Tech Innovation 50 Index has experienced continuous growth, leading to a price-to-earnings ratio of 180, which is notably high compared to historical averages [1]. - There is a growing concern among investors regarding the sustainability of such high valuations and the potential impact on future investment returns [1]. - The article prompts readers to reflect on their investment expectations and strategies in light of the current market conditions [1].

Core Viewpoint - The article discusses the extensive experience of a partner at RIA Advisors, highlighting a contrarian approach to investment analysis and commentary on market and economic trends [1] Group 1: Company Overview - RIA Advisors is based in Houston, Texas, and focuses on investment management, private banking, and venture capital [1] - The company publishes a weekly subscriber-based newsletter, RIA Pro, which covers economic, political, and market topics relevant to investors [1] Group 2: Investment Philosophy - The investment philosophy emphasizes a common-sense approach and clear explanations, often diverging from mainstream views [1] - The managing partner's experience spans over 25 years, providing a wealth of knowledge in analyzing investor psychology and macroeconomic factors [1] Group 3: Communication and Outreach - The company maintains a daily blog that reaches thousands of readers, including both individual and professional investors [1] - The newsletter and blog serve as platforms for disseminating insights on how economic and political developments impact personal finance and investment strategies [1]

Core Insights - The article addresses common investment challenges such as market volatility, missing out on quality stocks, and ineffective style switching, emphasizing the need for a solution [1] - "Investment Hui" is introduced as a professional platform designed to help investors navigate these challenges by providing expert insights and practical strategies [1] Group 1: Investment Challenges - Investors are often trapped by market fluctuations and unclear directions, leading to difficulties in making informed decisions [1] - The inability to identify industry trends and quality investment opportunities results in missed chances for profit [1] - Style switching can lead to poor performance, making stable profits seem unattainable [1] Group 2: Investment Hui Offerings - "Investment Hui" features top-tier experts including chief economists, strategy analysts, and industry researchers who provide valuable insights [1] - The platform offers two participation plans to cater to different investor needs, promoting a structured approach to investment learning [1] - Key benefits include direct access to expert analysis, real-time interaction during live sessions, and practical application of learned methods in actual investments [1] Group 3: Pricing and Packages - A limited-time package is available for 1999 yuan, offering access to four live sessions, interactive Q&A, and lifetime access to recorded content [1] - Individual session purchases are priced at 799 yuan, allowing investors to select specific topics of interest [1]

Core Viewpoint - The article emphasizes the challenges investors face in navigating market volatility, identifying industry trends, and achieving stable profits, while introducing "Investment Hui" as a solution to these investment dilemmas [1]. Group 1: Investment Hui Offerings - "Investment Hui" provides three core benefits aimed at enhancing investment learning and decision-making [2]. - Two participation plans are available to cater to different needs: a four-session package priced at 1999 yuan (originally 2599 yuan) that includes access to four live sessions, real-time interaction, and permanent playback [4]. - A single session can be purchased for 799 yuan, allowing participants to choose one out of four live sessions, which includes interaction and playback options [6]. Group 2: Professional Value and Learning Outcomes - The program features insights from top analysts who simplify institutional-level research logic for participants [5]. - The live interaction aspect is highlighted as a unique opportunity for real-time Q&A with experts, ensuring participants do not miss out on valuable insights [5]. - The learning outcomes are designed to be practical, enabling participants to apply the knowledge gained directly to their investment strategies [5].

Report Information - Report Date: September 27, 2025 [1] - Report Title: High - frequency Economic Weekly (2025.9.21 - 2025.9.27) [3] - Analysts: Huang Weiping, Luan Qiang [1] - Research Support: Wang Zheyi [1] Industry Investment Rating No industry investment rating information is provided in the report. Core View The report shows that personnel flow has declined while demand has improved month - on - month. Industrial production is generally stable, personnel and freight flows have changed, consumption shows a mixed picture, investment in construction and the real - estate market has improved, exports have seen some fluctuations, and there have been some important policies and events during the period [3]. Summary by Directory 1. Big - class Assets - This week, bond indices generally declined. The China Bond 7 - 10 - year China Development Bank Bond Index fell the most, with a weekly decline of 0.19%. - Most stock indices rose. The Science and Technology Innovation 50 Index rose the most, with a weekly increase of 6.47%. - Commodities showed mixed performance. The Nanhua Precious Metals Index rose the most, with a gain of 4.48%, while the Nanhua Black Index fell the most, with a decline of 1.95%. - Most foreign currencies depreciated against the RMB. The Japanese yen had the largest decline, with a weekly decline of 0.95%, and the US dollar appreciated against the RMB, with a weekly increase of 0.31% [3] 2. Industrial Production - Production is marginally stable. From the upstream, the weekly coal consumption in the national power plant sample area decreased by 1.27% month - on - month, the weekly operating rate of petroleum asphalt plants increased by 5.70 pcts to 40.10%, the weekly blast furnace operating rate increased by 0.47 pcts to 84.47%, and the weekly crude steel output decreased by 0.67%. - In the real - estate chain, the weekly operating rate of rebar decreased by 2.31 pcts to 40.65%, the operating rate of float glass remained flat at 76.31% compared with last week, and the mill operation rate remained flat at 38.55% compared with last week. - In the consumer goods chain, the operating rate of polyester filament remained flat at 91.54% compared with last week, the PTA operating rate decreased by 0.81 pcts to 76.48%, and the methanol operating rate increased by 0.12 pcts to 79.51%. - In the automotive chain, the operating rate of automobile semi - steel tires decreased by 0.08 pcts to 73.58%, and the operating rate of automobile all - steel tires increased by 0.06 pcts to 65.72% [3] 3. People and Goods Flow - Personnel flow has significantly declined. The 7 - day moving average (7DMA) of the national migration scale index decreased by 7.21% week - on - week. The 7DMA of domestic flight operations decreased by 2.93% week - on - week, and the 7DMA of international flight operations decreased by 1.01% week - on - week. The passenger volume in Beijing and Shanghai increased, while the subway passenger volume in Guangzhou and Shenzhen decreased. - Freight prices decreased slightly. The 4 - week moving average (4WMA) of the road logistics freight rate index decreased by 0.04% week - on - week, and the total volume was higher than the same period in previous years [3] 4. Consumption - Automobile wholesale and retail sales increased year - on - year. In the previous period, the year - on - year growth rates of passenger car market wholesale and retail sales were 6.00% and 9.00% respectively, and both the 4WMA of the wholesale year - on - year growth rate and the 4WMA of the retail year - on - year growth rate increased. - The film box office and the number of moviegoers decreased. The weekly film box office decreased by 55% week - on - week, and the 7DMA of the number of moviegoers decreased by 55% week - on - week. - Agricultural product prices showed a mixed performance. The weekly price of pork decreased by 0.31%, while the weekly price of vegetables increased by 4.23% [3] 5. Investment - Construction showed good performance. The weekly cement inventory - to - capacity ratio increased by 0.4 pcts, the weekly cement price index increased by 2.97%, and the weekly cement shipment rate increased by 0.4 pcts. The rebar inventory decreased by 2.8% week - on - week, the proportion of profitable steel mills nationwide decreased by 0.9 pcts week - on - week, and the apparent demand for rebar increased by 5.0% week - on - week. - The real - estate market improved. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities increased by 21.2% week - on - week. The transaction areas of first - tier, second - tier, and third - tier cities all increased. The 7DMA of the second - hand housing transaction area in 16 cities increased by 1.6% week - on - week, and the national second - hand housing listing price index decreased by 0.1% week - on - week. The land transaction area in 100 cities increased, and the land transaction premium rate decreased week - on - week [3] 6. Exports - Port throughput increased slightly. The weekly port cargo throughput increased by 0.1%, and the weekly container throughput increased by 0.2%. - Most shipping indices declined. The BDI index increased by 2.54% week - on - week, while the SCFI index and the CCFI index decreased by 6.98% and 2.93% respectively week - on - week [3] 7. Important Policies/Events - On September 22, the LPR quotation remained unchanged. - On September 22, the State Council Information Office held a press conference to introduce the development of the financial industry during the 14th Five - Year Plan period, without involving short - term policy adjustments. - On September 24, the central bank announced an operation of 600 billion MLF on September 25. - On September 26, the central bank's third - quarter monetary policy meeting continued to emphasize a "moderately loose" monetary policy [3]