Group 1 - The extension of the US-China tariff truce for 90 days has led to immediate retaliatory measures from China against Canada and Japan [1][3] - China imposed a temporary anti-dumping deposit of 75.8% on Canadian canola seeds, following a year-long investigation that concluded Canada engaged in dumping practices [1][3] - The canola seed industry in Canada, which exports approximately CAD 5 billion annually to China, is significantly impacted by this high deposit, leading to a drop in canola prices [3][5] Group 2 - China also targeted Japan, imposing anti-dumping measures on halogenated butyl rubber, with Canadian companies facing a maximum deposit of 40.5% and Japanese companies 30.1% [3][5] - Japan's recent cooperation with the US to limit China's strategic advantages, including reducing reliance on Chinese rare earths and restricting semiconductor exports, has contributed to its negative standing in China [3][5] - The Chinese government has indicated that countries aligning with the US against China will face consequences, as seen in the recent actions against Canada and Japan [5][8] Group 3 - In addition to Canada and Japan, China has taken retaliatory measures against the EU, specifically targeting two Lithuanian banks due to sanctions imposed by the EU on Chinese financial institutions [5][6] - The Chinese Ministry of Commerce's actions against the EU are framed as a response to perceived violations of international law and damage to Chinese enterprises [6][8] - China's series of retaliatory measures signal a clear message that while negotiations with the US may continue, other nations should reconsider their alignment with US policies that harm Chinese interests [8]

Group 1 - Global stock markets rose due to optimism regarding the US-China tariff truce and potential Federal Reserve interest rate cuts [1] - The S&P 500 and Nasdaq indices in the US both reached record closing highs [1] - The Nasdaq Golden Dragon China Index increased by 1.49%, with Chinese concept stocks like Tencent Music and NIO rising over 10% [1] Group 2 - European stock markets also saw gains, with the French CAC-40 index up by 0.71% and the UK FTSE 100 index slightly increasing by 0.2% [1] - In the A-share market, the Shanghai Composite Index and Shenzhen Component Index both rose by over 0.5%, marking a "seven consecutive days" increase for the Shanghai Composite Index [1]

1. Report Industry Investment Ratings No relevant information provided. 2. Core Views of the Reports Copper - Copper pricing has returned to macro trading. With the US economy weakening, copper prices face pressure on the upside under weak economic expectations. However, based on the Sam Rule, the market has not entered a recession narrative, and the downside space is also difficult to open. In the medium - to - long - term, supply - demand contradictions provide bottom support. In the short term, copper prices are expected to fluctuate within a range, with the main contract referring to 78,000 - 80,000 yuan/ton. Pay attention to the US economic fundamentals data in August [1]. Aluminum - For alumina, short - term supply disturbances and long - term overcapacity will continue to compete. It is expected that the main contract price will fluctuate widely between 3,000 - 3,400 yuan/ton this week, and it is recommended to short at high prices in the medium term. - For aluminum, under the pressure of inventory accumulation expectations, weak demand, and macro disturbances, the short - term price is expected to remain under pressure at high levels. The main contract price this week is expected to be between 20,000 - 21,000 yuan/ton. Follow up on inventory changes and marginal demand changes [4]. Aluminum Alloy - The aluminum - aluminum alloy price difference strategy is the main approach. The market is expected to fluctuate widely, with the main contract running between 19,200 - 20,200 yuan/ton. Focus on upstream scrap aluminum supply and import changes [6][7]. Zinc - The basic situation of loose supply and weak demand provides insufficient support for continuous upward movement of zinc prices, but low inventory levels provide price support. In the short term, zinc prices are expected to fluctuate, with the main contract referring to 22,000 - 23,000 yuan/ton [11]. Tin - The US inflation slowdown and stronger interest - rate cut expectations drive tin prices to be relatively strong. If the supply recovers smoothly, a short - at - high strategy is recommended; if the supply recovery is less than expected, tin prices are expected to continue to oscillate at high levels [14]. Nickel - The mid - term supply is expected to remain loose, restricting the upside space for prices. In the short term, the market is expected to adjust within a range, with the main contract referring to 120,000 - 126,000 yuan/ton. Pay attention to changes in macro expectations [16]. Stainless Steel - The sentiment has improved, and cost support has strengthened, but the fundamentals are still restricted by weak spot demand. In the short term, the market is expected to oscillate strongly, with the main contract running between 13,000 - 13,500 yuan/ton. Follow up on policy trends and supply - demand rhythms [18]. Lithium Carbonate - Lithium carbonate prices are expected to fluctuate widely in a relatively strong range, with the main contract referring to 80,000 - 90,000 yuan/ton. One can appropriately pay attention to the positive spread opportunities between near - and far - term contracts [21]. 3. Summary by Relevant Catalogs Copper Price and Basis - SMM 1 electrolytic copper price remained at 79,150 yuan/ton, SMM Guangdong 1 electrolytic copper price decreased by 0.02% to 78,935 yuan/ton, and SMM wet - process copper price decreased by 0.03% to 78,975 yuan/ton. - The import profit and loss was - 75 yuan/ton, an increase of 24.95 yuan/ton compared to the previous value [1]. Fundamental Data - In July, electrolytic copper production was 113.49 million tons, an increase of 3.94 million tons compared to the previous month; electrolytic copper imports were 25.31 million tons, an increase of 4.74 million tons compared to the previous month. - The domestic mainstream port copper concentrate inventory increased by 9.80 million tons to 61.96 million tons [1]. Aluminum Price and Spread - SMM A00 aluminum price increased by 0.05% to 20,640 yuan/ton, and the Yangtze River A00 aluminum price increased by 0.10% to 20,650 yuan/ton. - The import profit and loss was - 1,363 yuan/ton, an increase of 182.9 yuan/ton compared to the previous value [4]. Fundamental Data - In July, alumina production was 765.02 million tons, a 5.40% increase compared to the previous month; electrolytic aluminum production was 372.14 million tons, a 3.11% increase compared to the previous month [4]. Aluminum Alloy Price and Spread - SMM aluminum alloy ADC12 prices in various regions remained unchanged. - The 2511 - 2512 monthly spread decreased by 5 yuan/ton to 10 yuan/ton [6]. Fundamental Data - In June, the production of recycled aluminum alloy ingots was 62.50 million tons, a 1.63% increase compared to the previous month; the production of primary aluminum alloy ingots was 25.50 million tons, a 2.30% decrease compared to the previous month [6]. Zinc Price and Spread - SMM 0 zinc ingot price decreased by 0.13% to 22,500 yuan/ton. - The import profit and loss was - 1,807 yuan/ton, an increase of 117.55 yuan/ton compared to the previous value [11]. Fundamental Data - In July, refined zinc production was 60.28 million tons, a 3.03% increase compared to the previous month; in June, refined zinc imports were 3.61 million tons, a 34.97% increase compared to the previous month [11]. Tin Spot Price and Basis - SMM 1 tin price increased by 0.97% to 270,600 yuan/ton, and the LME 0 - 3 premium increased by 31.44% to - 47.99 US dollars/ton. - The import profit and loss was - 15,720.30 yuan/ton, a 5.17% increase compared to the previous value [14]. Fundamental Data - In June, tin ore imports were 11,911 tons, an 11.44% decrease compared to the previous month; SMM refined tin production was 13,810 tons, a 6.94% decrease compared to the previous month [14]. Nickel Price and Basis - SMM 1 electrolytic nickel price increased by 0.53% to 123,500 yuan/ton, and the 1 Jinchuan nickel price increased by 0.48% to 124,550 yuan/ton. - The futures import profit and loss was - 1,538 yuan/ton, a 2.29% decrease compared to the previous value [16]. Supply, Demand, and Inventory - China's refined nickel production was 31,800 tons, a 10.04% decrease compared to the previous month; refined nickel imports were 19,157 tons, a 116.90% increase compared to the previous month [16]. Stainless Steel Price and Basis - The price of 304/2B (Wuxi Hongwang 2.0 coil) increased by 0.38% to 13,250 yuan/ton. - The 2509 - 2510 monthly spread increased by 5 yuan/ton to - 75 yuan/ton [18]. Fundamental Data - China's 300 - series stainless - steel crude - steel production (43 companies) was 171.33 million tons, a 3.83% decrease compared to the previous month; stainless - steel imports were 10.95 million tons, a 12.48% decrease compared to the previous month [18]. Lithium Carbonate Price and Basis - SMM battery - grade lithium carbonate average price increased by 4.70% to 78,000 yuan/ton, and SMM industrial - grade lithium carbonate average price increased by 4.84% to 75,800 yuan/ton. - The 2509 - 2511 monthly spread decreased by 120 yuan/ton to - 440 yuan/ton [21]. Fundamental Data - In July, lithium carbonate production was 81,530 tons, a 4.41% increase compared to the previous month; lithium carbonate demand was 96,275 tons, a 2.62% increase compared to the previous month [21].

美国新任驻华大使庞德伟今年5月上旬抵京履职，上任还不到一个月，就获得了王毅外长的会见。这一 速度有些出人意料，因为对比起来，前任大使伯恩斯2022年上任后，足足坐了7个多月的冷板凳才见到 王毅外长，对比实在悬殊。这一会见固然是程序安排，但在中美关税"休战"背景下，恐怕也有一定的深 意。 美财长贝森特提议中美高层会面 一边施加压力，一边威胁恐吓，这是谈判的姿态吗？有记者就此事询问外交部发言人，发言人林剑也不 想多费口舌，只用一句话就打发了：中方已多次阐明在关税问题上的立场，具体问题建议向中方的主管 部门询问。 正是基于美方的所作所为，王毅外长强调，当下中美关系正处于关键路口，对话合作是唯一正确选择， 而美方需为双边关系重回正确轨道创造必要条件。 什么是"必要条件"？停止对华威逼利诱，停止假话连篇，拿出对话诚意。王毅短短几句话，既包含对过 去中美合作的认可，更暗含对美方近期行为的不满，以及期望美方做出正确改变。 王毅外长会见美国新任驻华大使 会谈桌上，王毅外长的话语清晰而有力。他首先肯定了上个月中美在日内瓦达成的经贸共识，强调中方 始终认真、严格地在落实这些协议。这句话不只是客套，它点出了一个重要事实：在关税"休 ...