Group 1 - The US dollar has increased by 0.40% against the Canadian dollar, currently at 1.3695 [1] - Kevin Hassett, Director of the White House National Economic Council, described Canada's digital services tax as "almost criminal" [1] - The Trump administration is advancing "over 20" trade frameworks [1]

Core Viewpoint - The U.S. Treasury Secretary, Janet Yellen, indicated a tendency for the U.S. Trade Representative to initiate a Section 301 investigation into digital services taxes [1] Group 1 - The potential investigation is aimed at addressing concerns regarding digital services taxes imposed by other countries [1] - This move could have significant implications for international trade relations, particularly with countries that have implemented such taxes [1] - The investigation may lead to tariffs or other trade measures against countries that the U.S. deems to be unfairly taxing American companies [1]

美元兑加元涨0.4%，暂报1.3699。 美国商务部长卢特尼克宣称，（加拿大、英国等国家的）数字服务税不公平地对待美国科技公司。 ...

美国商务部长卢特尼克：数字服务税不公平地针对美国科技公司。 ...

据央视新闻，当地时间6月27日，美国总统特朗普在社交媒体平台上发文表示，美国刚刚获悉，加拿大 宣布将对美国科技公司征收数字服务税。特朗普称，这是对美国的"直接且赤裸裸的攻击"，称加拿大显 然是在效仿欧盟。 特朗普表示，鉴于这项令人震惊的税收，美国特此终止与加拿大的所有贸易谈判，立即生效。美国将在 未来七天内告知加拿大与美国开展贸易将支付的关税。 ...

据央视新闻，当地时间6月27日，美国总统特朗普在社交媒体平台上发文表示，美国刚刚获悉，加拿大 宣布将对美国科技公司征收数字服务税。特朗普称，这是对美国的"直接且赤裸裸的攻击"，称加拿大显 然是在效仿欧盟。特朗普表示，鉴于这项令人震惊的税收，美国特此终止与加拿大的所有贸易谈判，立 即生效。美国将在未来七天内告知加拿大与美国开展贸易将支付的关税。 ...

Group 1 - The U.S. Treasury Department is nearing an agreement that could render the so-called "retaliatory tax" irrelevant, alleviating concerns among Wall Street investors about punitive tax measures against foreign investors [1][2] - The OECD is facilitating global corporate tax negotiations, with some proposals facing opposition from the U.S. As the U.S. approaches a global agreement with European and other countries implementing a minimum tax rate for multinational corporations, Republicans are considering whether to eliminate the retaliatory tax provision [2][4] - The provision, referred to as the retaliatory tax, would only increase tax rates for countries deemed to have discriminatory tax policies against U.S. companies, which critics argue could hinder foreign investment and contradict the Trump administration's goals of boosting manufacturing and business activity [2][3] Group 2 - The 899 provision, if included in its current form in the "Beautiful Law," could lead to additional annual debt servicing costs of $2 million to $10 million for companies investing in the U.S. [3] - The National Association of Manufacturers supports targeted modifications to the 899 provision to ensure the Treasury has the necessary discretion in negotiations without penalizing foreign manufacturers investing in the U.S. [3] - The 899 provision is currently under review in the Senate, where lawmakers have yet to determine its compliance with budget rules [4]

Core Viewpoint - The Trump administration is pushing for trade agreements with partner countries to eliminate the need for the "retaliatory tax" included in the tax reform bill [1] Group 1: Trade Agreements - The White House's National Economic Council Director, Hassett, stated that if countries make announcements soon, Congress could remove Section 899 of the tax reform bill this week [1] - The "retaliatory tax" increases taxes on foreign companies and investors from countries deemed to impose unfair taxes on U.S. companies, including Canada, the UK, France, and Australia [1] Group 2: Digital Services Tax - The Trump administration and Republican lawmakers have criticized the digital services tax as discriminatory [1] - It is politically popular in European countries, making it unlikely for multiple nations to suddenly eliminate or even promise to eliminate the digital services tax before Congress votes on the tax reform bill this weekend [1]

Macro Insights - The report indicates a weak export performance, with port container throughput showing a month-on-month decline, suggesting a slowdown in external demand [2][3] - Domestic economic data for May shows a mixed picture, with industrial production slowing and real estate cycles weakening, while consumption growth was boosted by one-off factors [2][3] - The report highlights that some cities are increasing support for the real estate sector, such as Guangzhou's plan to lift purchase restrictions [2] Strategy Insights - The report suggests that short-term risk appetite may not improve, recommending a cautious approach to positions [3] - It notes that high consumer demand is difficult to sustain, with pressures from real estate adjustments and slowing exports becoming more evident [3] - The report emphasizes a focus on large financial sectors and suggests gradual accumulation in sectors with potential for acceleration, such as innovative pharmaceuticals and AI [3] Fixed Income Insights - The report discusses the necessity and limitations of interest rate policies, indicating that while there is a need for rate cuts, the space for such actions is limited [9] - It suggests that the bond market is currently biased towards a bullish direction, but with limited room for significant gains [9] - The report recommends focusing on specific opportunities in medium to long-term bonds and high-quality credit bonds [9] Real Estate Insights - The report tracks the implementation of the stock housing storage policy, noting that while there have been some positive developments, the actual scale of implementation remains limited [11] - It highlights that local governments are gaining more autonomy in the acquisition process, which could enhance the effectiveness of the policy [11] - The report anticipates that continued policy optimization could contribute significantly to stabilizing the real estate sector [11] Power Equipment and New Energy Insights - The report states that inverter exports reached 5.97 billion yuan in May, with a month-on-month increase of 2.7%, indicating strong demand from Southeast Asia [13] - It emphasizes that long-term demand for inverters is expected to remain robust due to factors such as rising electricity prices and increased installations of wind and solar power [13] - The report recommends specific companies in the sector, including DeYue Co., GuDeWei, and SunPower, as having strong performance support [13] Company-Specific Insights - The report initiates coverage on YunDa Co. with a target price of 13.05 yuan, highlighting its strong growth potential driven by domestic and overseas wind power projects [16] - It also covers YaXiang Integration, giving it a target price of 38.40 yuan, citing its competitive position in the cleanroom engineering services market [17] - The report highlights Changjiang Infrastructure as a buy with a target price of 64.73 HKD, noting its strong cash flow and consistent dividend growth [18]

Group 1: EU and US Tariff Negotiations - The EU is attempting to reach a trade agreement with the US similar to the one between the UK and the US, aiming to resolve some disputes before the July 9 deadline to avoid immediate tariff retaliation against the US [2][4] - As of June 19, major European stock indices fell over 1%, indicating market concerns regarding the ongoing tariff negotiations [2] - The US has raised tariffs on EU steel and aluminum products from 25% to 50%, with President Trump threatening to increase tariffs to 50% if no agreement is reached [5] Group 2: Global Investment Risks - The UN warns that due to tariff policy uncertainties and escalating geopolitical tensions, global foreign direct investment (FDI) is at risk of declining for the third consecutive year [3][17] - The UN's report indicates a projected 11% decline in global FDI in 2024, following a significant drop in 2023 [18] - The report highlights that trade tensions have led to a downward adjustment of most FDI outlook indicators, with early 2025 data showing record lows in transaction and project activities [19] Group 3: Internal EU Dynamics - Internal divisions within the EU are weakening its negotiating position, with some countries like France advocating for retaliation against the US, while others like Italy and Hungary prefer continued negotiations [9][10] - The EU is considering a 10% "reciprocal tariff" along with lower tariff quotas in sectors like steel and automobiles, which some member states may reluctantly accept [11] - The EU has proposed increasing purchases of liquefied natural gas and military equipment to reduce its trade surplus with the US, which stands at €198 billion annually [12]