中美在西班牙就有关经贸问题举行会谈 （文章来源：中国证券报） 当地时间9月14日，中美双方在西班牙马德里就有关经贸问题举行会谈。 ...

9月12日，商务部新闻发言人就中美在西班牙举行会谈事答记者问。 有记者问：美方消息称，美国财长贝森特近日将在西班牙马德里与国务院副总理何立峰举行会谈，请问商务部可否确认该消 息？ 答：经中美双方商定，中共中央政治局委员、国务院副总理何立峰将于9月14日至17日率团赴西班牙与美方举行会谈。双方将 讨论美单边关税措施、滥用出口管制及TikTok等经贸问题。 来源：商务部网站、新华社 （文章来源：中国基金报） ...

9月12日， 商务部新闻发言人就中美在西班牙举行会谈事答记者问。 有记者问：美方消息称，美国财长贝森特近日将在西班牙马德里与国务院副总理何立峰举行会 谈，请问商务部可否确认该消息？ 来源：商务部网站、新华社 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜( 〔 〔 中国基金报 〕即刻获取财经资讯 答：经中美双方商定，中共中央政治局委员、国务院副总理何立峰将于9月14日至17日率团赴西 班牙与美方举行会谈。双方将讨论美单边关税措施、滥用出口管制及TikTok等经贸问题。 ...

美国财政部官网显示，美国财长贝森特将在9月12-18日访问西班牙与英国。根据日程，贝森特将在西班牙马德里与中美经贸中方牵头人、国务院副总理何立峰何立峰会面，讨论关键国家安全、经济和贸易问题，包括TikTok以及在打击洗钱网络方面的合作。 https://t.co/SwgJPLIvr6 ...

Group 1: Energy - Brent crude oil's November contract rose 1.04% overnight, while the US market was closed for Labor Day. The medium - term supply - demand of crude oil is loose, but short - term fund net long positions at a low level make oil prices sensitive to geopolitical positives. Consider shorting SC's November contract on rallies [1]. - Gold is boosted by the rising expectation of Fed rate cuts and concerns about Fed independence. International gold prices are expected to hit a new record high. Hold long positions and focus on the US non - farm payrolls data on Friday [2]. - Copper prices fell overnight. The probability of copper prices breaking through the 80,000 - yuan mark and expanding the rally in the short - term is increasing. Hold short - term long positions based on the MA5 moving average and pay attention to the increase in the premium of call options with a strike price of 82,000 yuan for the 2510 contract [3]. - Aluminum prices fluctuated overnight. The downstream start - up rate has been rising seasonally for four weeks, and inventory is likely to be low this year. However, the inventory of aluminum ingots and bars increased slightly at the beginning of the week. The short - term trend of Shanghai aluminum is oscillatory, with resistance at the 21,000 - yuan area [4]. - Cast aluminum alloy follows the trend of Shanghai aluminum. The spot price of Baotai remains at 20,300 yuan. The supply of scrap aluminum is tight, and the expected tax policy adjustment increases enterprise costs. The cross - variety spread between the spot and Shanghai aluminum is likely to narrow further [5]. - Alumina's operating capacity is at a historical high, with rising industry inventory and Shanghai Futures Exchange warrants. Supply surplus is emerging, and the northwest tender price has dropped significantly. Alumina is in a weak position, but it is not expected to fall deeply after breaking below the cost of high - cost production capacity [6]. - Zinc prices are under pressure as SMM zinc social inventory continues to rise to 146,300 tons. In September, smelter maintenance will increase, and zinc ingot output is expected to decrease month - on - month. Shanghai zinc has strong support at the 22,000 - yuan mark. Consider shorting on rebounds in the medium - term when the price reaches the 23,000 - 23,500 - yuan range [7]. - The supply and demand of aluminum are both weak, and the SMM aluminum social inventory remains at 67,100 tons. In September, the maintenance of primary and recycled aluminum smelters increases, reducing supply pressure. Terminal consumption shows no improvement. Shanghai aluminum is expected to oscillate between 16,600 - 17,300 yuan [8]. - Nickel prices rebounded sharply overnight. The Fed rate cut expectation may imply greater overseas economic pressure. Concerns about political unrest in Indonesia may push up the price of the nickel industry chain. Temporarily view nickel as oscillatory [9]. - Tin prices showed a positive trend after strong two - way fluctuations. The inventory of LME Singapore warehouses has decreased significantly. There is a shortage of concentrate in the domestic tin market. Hold short - term long positions at low levels based on 271,000 yuan, and do not chase the rise [10]. - Lithium carbonate futures prices are in a weak oscillation. The total market inventory decreased slightly by 400 tons to 141,000 tons. Adopt a bullish view in the short - term and control risks [11]. - Industrial silicon futures rose slightly, driven by the sentiment of polysilicon. In September, the supply surplus is expected to intensify. Temporarily observe the effectiveness of the support at 8,300 yuan/ton. If it is effectively broken, consider shorting lightly [12]. - Polysilicon futures rose significantly, mainly due to a leading polysilicon enterprise revealing details of a "industry restructuring plan". The spot price of polysilicon rod - shaped silicon rose to 55,000 yuan/ton. Pay attention to the previous policy - expected resistance level of 53,000 yuan/ton and control positions [13]. Group 2: Metals - Steel prices continued to decline slightly overnight. The apparent demand for rebar improved month - on - month, production increased, and inventory continued to accumulate. For hot - rolled coils, both demand and production declined slightly, and inventory also continued to accumulate. The market is under short - term pressure, and the fluctuation may intensify [14]. - Iron ore prices oscillated overnight, and the basis has remained low recently. Global iron ore shipments increased significantly month - on - month, hitting a new high this year. It is expected to oscillate at a high level [15]. - Coke prices rebounded at the end of the session. The first round of coke price cuts was partially implemented. The overall inventory of coke decreased slightly. The price is under short - term pressure and has high volatility [16]. - Coking coal prices mainly declined during the session and rebounded at the end. The total inventory of coking coal decreased month - on - month. The price is under short - term pressure and has high volatility [17]. - Ferrosilicon manganese prices oscillated downward and rebounded at the end, driven by black - series varieties. The weekly output of ferrosilicon manganese continued to increase, and the inventory has not yet accumulated. Observe the support strength at the previous low [18]. - Ferrosilicon prices oscillated downward and rebounded at the end, driven by black - series varieties. The supply of ferrosilicon has been increasing significantly, and the inventory has decreased slightly [19]. Group 3: Shipping - The spot freight rate of the container shipping index (European line) is still in a downward channel. The main shipping companies lowered their quotes for the second week of September by about $200/FEU. The market is under pressure, and the focus this week is on the shipping companies' empty - sailing plans for the National Day Golden Week [20]. Group 4: Fuels and Chemicals - By the end of July, Singapore's marine fuel sales decreased by 1.7% year - on - year, and China's bonded marine fuel bunkering demand decreased by 1% year - on - year. Under the lack of positive support from the cost side and the fundamentals of low - sulfur fuel oil, LU is under downward pressure, while FU is relatively stronger due to geopolitical premiums [21]. - Asphalt futures rose against the trend. The factory and social inventories continued to decline. It is expected to oscillate strongly in the short - term. Consider a spread strategy of going long on the cracking spread between BU and SC's October contract [22]. - The 9 - month CP of liquefied petroleum gas remained stable. After the gas off - season, it showed certain resilience. The short - term futures market is strong in the near - term and weak in the far - term [23]. - Urea's daily output decreased slightly but remained high year - on - year. The inventory of urea production enterprises continued to rise. Pay attention to the market sentiment before and after India's tender opening [24]. - Methanol's autumn maintenance is coming to an end, and domestic supply is increasing. The market is expected to be strong in the future [25]. - Pure benzene prices continued to be weak, breaking below 6,000 yuan/ton overnight. There is an expectation of supply - demand improvement in the third quarter, but the current demand is weak [26]. - Styrene's trend is weak. The supply - demand contradiction is increasing, and the fundamentals are weak [27]. - For polypropylene, plastics, and propylene: The inventory pressure of propylene production enterprises is controllable. The supply pressure of polyethylene is increasing, and the fundamentals of polypropylene are weak [28]. - PVC is weak. The supply pressure is high, and the demand is weak. The price of caustic soda is relatively firm, but it is not expected to rise or fall significantly [29]. - PX and PTA oscillated. The demand is improving, but the actual improvement is limited. Pay attention to the actual operation of the devices, the direction of oil prices, and the pace of polyester load increase [30]. - Ethylene glycol prices fell back to the 4,400 - yuan/ton mark overnight. It is expected to oscillate within a range [31]. - Short - fiber's supply - demand is stable, and the price mainly follows the cost. For bottle - grade polyester chips, the long - term over - capacity is a pressure. Consider a long position in short - fiber in the medium - term if the demand improves [32]. Group 5: Building Materials - Glass prices continued to be weak. The spot price decline has narrowed, and the glass factory's inventory has decreased. The price is expected to have limited downward space, and consider a long position near the coal cost [33]. - For 20 - standard - rubber, natural rubber, and butadiene rubber: The supply of rubber is increasing, and the demand expectation is weakening. Adopt a wait - and - see strategy [34]. - Soda ash prices continued to decline. The long - term supply is under high pressure, and consider shorting on rallies [35]. Group 6: Agricultural Products - For soybeans and soybean meal: The international oil - strong and meal - weak situation may continue. There may be a supply gap in domestic soybeans in the first quarter of next year. The market may oscillate in the short - term and is cautiously bullish in the medium - long - term [36]. - For soybean oil and palm oil: Both showed a rebound trend overnight. Pay attention to the Sino - US trade situation and the palm oil production cycle. Consider going long on dips in the long - term [37]. - For rapeseed and rapeseed oil: The global rapeseed supply will be in a stage of relaxation. The domestic rapeseed supply - demand is expected to be in a tight - balance state. The futures may stabilize in the short - term [38]. - For domestic soybeans: The price rebounded after digesting the negatives. The supply of new domestic soybeans is expected to increase in September. Pay attention to the opening price of new - season soybeans [39]. - Corn prices rose with increased positions overnight. New - season corn production is expected to be good. The futures may continue to be weak at the bottom after the enthusiasm for new - grain procurement fades [40]. - For live pigs: The futures price opened high and closed low. The pig price is under downward pressure, and pay attention to the policy and supply release rhythm [41]. - For eggs: The futures price increased in positions. There is a possibility of accelerating the elimination of old hens. Consider going long on the far - month contracts for next year's first half [42]. - For cotton: US cotton oscillated weakly. Zhengzhou cotton is expected to oscillate, with strong support below and limited upside space in the short - term. Consider buying on dips [43]. - For sugar: US sugar oscillated. The domestic sugar price is expected to oscillate [44]. - For apples: The futures price oscillated at a high level. The short - term price may continue to rise, but there is a lack of long - term supply - side positives. Adopt a wait - and - see strategy [45]. - For timber: The futures price oscillated. The domestic supply is expected to remain low. Adopt a wait - and - see strategy [46]. - For pulp: The futures price rose slightly. The port inventory is high, and the demand is average. Adopt a wait - and - see or range - trading strategy [47]. Group 7: Financials - The stock market oscillated strongly, and the ChiNext Index was relatively strong. Increase the allocation of the technology - growth sector, and also pay attention to opportunities in the consumption and cyclical sectors [48]. - Treasury bond futures rose across the board. The yield curve is expected to steepen [49].

Group 1 - The core viewpoint of the articles highlights the collective decline of Hong Kong's three major indices, with the semiconductor sector remaining strong while tech stocks and automotive shares weakened, particularly Meituan, which fell over 12% [1] - Meituan reported its Q2 2025 earnings, showing revenue of 91.8 billion yuan, a year-on-year increase of 11.7%, but adjusted net profit decreased by 89% to 1.493 billion yuan. The increase in sales costs was attributed to higher delivery transaction volumes, rider subsidies, and expansion in retail and overseas businesses [1] - The Hang Seng Technology Index ETF (513180) has seen trading volume exceed 7 billion yuan, indicating intense capital speculation in the market [1] Group 2 - Despite short-term pressures, the Hang Seng Technology Index still possesses a certain safety margin from a valuation perspective, with a latest P/E ratio of 22.3, which is below 74% of the time since its inception [2] - The current valuation of the Hang Seng Technology Index is considered historically low, suggesting potential upward momentum, especially with expectations of Federal Reserve interest rate cuts and improved external liquidity [2] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Technology Index ETF (513180) [2]

Group 1 - A recent Pew Research Center poll indicates a significant decrease in the number of Americans viewing China as an enemy, with those considering China an enemy dropping by 9 percentage points compared to last year [3] - The percentage of Americans who feel "very negative" towards China has also decreased by 10%, marking the first notable cooling in sentiment over the past five years [3] - 52% of Americans believe that tariffs imposed on China are detrimental to the U.S. as a whole, while 53% feel these tariffs negatively impact their personal circumstances, showing a significant shift in public opinion since 2021 [3][4] Group 2 - Attitudes towards China vary significantly across age groups, with 37% of individuals aged 50 to 64 expressing strong negativity towards China, compared to only 21% of those under 30 [4] - The younger generation is more influenced by social media and personal experiences, leading them to form their own opinions about China rather than relying on political narratives [4] Group 3 - The business community, including leaders like NVIDIA's CEO Jensen Huang, acknowledges the importance of the Chinese market, emphasizing that China is a key player in the global supply chain despite U.S. government restrictions on chip exports [5] - The perception of China as a market of opportunity rather than a threat is gaining traction among the tech and business sectors, countering the narrative pushed by some politicians [5] Group 4 - The interdependence of U.S.-China trade is highlighted, with imports from China helping to control inflation and providing affordable goods for American families [6] - California Governor Gavin Newsom's criticism of federal tariff policies reflects a broader sentiment among Americans who are tired of political manipulation and desire a more practical approach to living [6]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The fundamentals of alumina may be in a stage of sufficient supply and stable demand. It is recommended to trade with a light - position in a volatile manner, controlling the rhythm and trading risks [2]. - The fundamentals of Shanghai aluminum may be in a stage of relatively stable supply and weak demand, with a good long - term consumption expectation. It is also advised to trade with a light - position in a volatile way, paying attention to the rhythm and risks [2]. - The fundamentals of cast aluminum may be in a situation of weak supply and demand, with accumulating industrial inventory. It is suggested to conduct light - position short - selling trading at high prices and control risks [2]. 3. Summary by Related Catalogs 3.1 Futures Market - The closing price of the Shanghai aluminum main contract is 20,625 yuan/ton, up 20 yuan; the main - second - contract spread is 65 yuan, up 10 yuan. The main - contract trading volume decreased by 11,344 lots. The LME aluminum three - month quotation is 2,606 dollars/ton, down 25 dollars; the LME aluminum inventory is 456,100 tons, up 1,825 tons [2]. - The closing price of the alumina futures main contract is 3,326 yuan/ton, up 19 yuan; the main - second - contract spread is 21 yuan, down 7 yuan. The main - contract trading volume decreased by 9,550 lots [2]. - The closing price of the cast aluminum alloy main contract is 20,070 yuan/ton, up 50 yuan; the main - second - contract spread is 110 yuan, up 35 yuan. The main - contract trading volume decreased by 14 lots [2]. 3.2 Spot Market - The average price of Shanghai Non - ferrous Network A00 aluminum is 20,670 yuan/ton, up 50 yuan; the average price of Yangtze River Non - ferrous Market AOO aluminum is 20,580 yuan/ton, up 110 yuan. The alumina spot price in Shanghai Non - ferrous is 3,230 yuan/ton, up 10 yuan [2]. - The basis of cast aluminum alloy is 30 yuan, down 680 yuan; the basis of electrolytic aluminum is 45 yuan, up 30 yuan; the basis of alumina is - 96 yuan, down 9 yuan [2]. - The Shanghai Wumao aluminum premium/discount is - 10 yuan, down 10 yuan; the LME aluminum premium/discount is - 2.67 dollars, down 2.09 dollars [2]. 3.3 Upstream Situation - The alumina production in the current month is 774.93 million tons, up 26.13 million tons; the demand for alumina (electrolytic aluminum part) in the current month is 696.19 million tons, down 23.83 million tons; the supply - demand balance of alumina in the current month is 27.14 million tons, up 52.40 million tons [2]. - The average price of crushed raw aluminum in Foshan metal scrap is 16,200 yuan/ton, unchanged; the average price in Shandong metal scrap is 15,700 yuan/ton, unchanged [2]. - China's import volume of aluminum scrap and fragments in the current month is 155,616.27 tons, down 4,084.65 tons; the export volume is 64.33 tons, down 8.11 tons [2]. - The export volume of alumina in the current month is 17 million tons, down 4 million tons; the import volume is 10.13 million tons, up 3.38 million tons [2]. 3.4 Industry Situation - The total capacity of electrolytic aluminum in the current month is 4,520.70 million tons, up 0.50 million tons; the production of electrolytic aluminum in the current month is 192,314.50 tons, down 30,781 tons; the export volume is 19,570.72 tons, down 12,523.35 tons [2]. - The production of aluminum products in the current month is 587.37 million tons, up 11.17 million tons; the export volume of unwrought aluminum and aluminum products in the current month is 49 million tons, down 6 million tons [2]. - The production of recycled aluminum alloy ingots in the current month is 61.89 million tons, up 0.29 million tons; the export volume of aluminum alloy in the current month is 2.58 million tons, up 0.16 million tons [2]. 3.5 Downstream and Application - The completed production capacity of recycled aluminum alloy ingots in the current month is 126 million tons, down 1.10 million tons; the national real - estate prosperity index in the current month is 93.60, down 0.11 [2]. - The production of aluminum alloy in the current month is 166.90 million tons, up 2.40 million tons; the production of automobiles in the current month is 280.86 million vehicles, up 16.66 million vehicles [2]. 3.6 Option Situation - The 20 - day historical volatility of Shanghai aluminum is 10.34%, up 0.01%; the 40 - day historical volatility is 9.30%, down 0.34% [2]. - The implied volatility of the Shanghai aluminum main - contract at - the - money IV is 10.03%, down 0.0073; the call - put ratio of Shanghai aluminum options is 1.28, down 0.0236 [2]. 3.7 Industry News - The IMF raised China's GDP growth forecast for 2025 by 0.8 percentage points to 4.8% and for 2026 by 0.2 percentage points to 4.2%. It also raised the global economic growth forecast for 2025 to 3%, and slightly raised the US economic growth forecast to 1.9% [2]. - A Fed governor will miss the policy meeting, and the committee is likely to keep interest rates unchanged [2]. - The central bank's second - quarter survey shows that over half of entrepreneurs and bankers think the current macro - economy is stable, and residents' employment expectations are cold [2]. - China and the US will continue to promote the extension of the 24% reciprocal tariffs and counter - measures [2]. - The Politburo decided to hold the Fourth Plenary Session of the 20th Central Committee in October to discuss the 15th Five - Year Plan and deploy the second - half economic work [2].

Group 1 - IMF has significantly raised China's economic growth forecast for this year by 0.8 percentage points [1] - The China Council for the Promotion of International Trade president met with representatives from the US-China Business Council [1] - The National Postal Administration held a symposium with express delivery companies [1] Group 2 - The China Photovoltaic Industry Association stated that some media reports on the photovoltaic industry "anti-involution" are severely inconsistent with actual conditions [1] - The Hong Kong Monetary Authority released a series of documents regarding the regulatory framework for stablecoin issuers, effective from August 1 [1] - Jiangsu Province's Medical Insurance Bureau announced the pricing for medical services related to brain-computer interfaces, with a non-invasive brain-computer interface adaptation fee set at 966 yuan per session [1]

Group 1 - The national childcare subsidy plan has been announced, providing 3,600 yuan per child per year for children under three years old starting from January 1, 2025 [2][6] - The subsidy will be calculated based on the number of months eligible for those born before January 1, 2025, and under three years old [6] Group 2 - The China-US economic talks commenced in Stockholm, with a focus on enhancing cooperation and reducing misunderstandings [7] - The Chinese government emphasizes the importance of dialogue and mutual respect in addressing economic issues [7] Group 3 - The Hong Kong securities market will lower the minimum price fluctuation level, effective August 4, which is expected to reduce trading costs and improve efficiency [4][9] - The market regulatory development meeting highlighted the need for high-quality market regulation and the promotion of a strong domestic market [8][10] Group 4 - Companies such as Aiwai Electronics plan to issue convertible bonds worth up to 1.901 billion yuan for AI-related projects [14] - Huicheng Environmental Protection reported a significant decline in net profit for the first half of the year, down 85.63% to 5.0204 million yuan [18] - Wuxi New Materials noted that its stock price has significantly deviated from its current fundamentals [13] Group 5 - The real estate market shows signs of stability, with core city transactions increasing and expectations for policy responses to support the sector [34] - The chemical industry is undergoing a supply-side reform driven by government policies aimed at reducing excess capacity [35]