Core Viewpoint - The U.S. Treasury Secretary, Bessent, stated that the dialogue between the U.S. and China regarding economic and trade issues has been "very good" and anticipates another meeting before November [1][3]. Group 1: U.S.-China Economic Dialogue - The U.S. and China have engaged in constructive discussions, with expectations for further meetings to continue the dialogue [3]. - A joint statement was released on August 12, indicating that the U.S. will suspend the implementation of a 24% reciprocal tariff on Chinese goods for 90 days starting from that date [3]. - China has also agreed to suspend the implementation of a 24% tariff on U.S. goods and related non-tariff countermeasures for the same 90-day period [3]. Group 2: Background of the Talks - The U.S.-China economic talks took place in Stockholm from July 28 to 29, focusing on mutual economic concerns and macroeconomic policies [3]. - The discussions were characterized as candid, in-depth, and constructive, reaffirming previous agreements made during earlier talks in Geneva and London [3]. - The Chinese side expressed a desire to continue deepening dialogue and collaboration to achieve more win-win outcomes [3].

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core Viewpoints of the Report - Last week, the four stock index futures varieties showed a continuous upward trend, with relatively large increases in CSI 1000 and CSI 500. The basis of the four stock index futures varieties remained in the futures discount mode, and the discount depth improved. The A - share market continued to break through and reach a new high, with small - cap growth styles relatively dominant, and sectors such as communication, electronics, and power equipment leading the way, while the banking sector declined significantly. There was a certain market rotation, and in the long run, industries supported by national policies will maintain an upward - trending oscillation [3]. - In July, external demand remained resilient beyond expectations, but domestic demand - related indicators declined. Extreme weather and investment decline dragged down industrial production, and the growth rate of the service production index also slightly declined. Investment growth in July dropped significantly, especially in manufacturing and real estate development. Social retail growth declined in July due to the gap in subsidy funds and the overdraft of subsequent consumption by the "618 Shopping Festival". It is expected that Sino - US economic and trade relations will remain in a phased stable state, and exports in the second half of the year are expected to maintain strong resilience [4][5]. - Next week, the stock index will continue to rise with oscillations in an environment of high trading volume and rapid sector rotation. To break through the integer mark and the previous bull - market high of 3731, both the weight and technology sectors need to work together [5]. 3. Summary by Related Contents Market Performance - Last week, the four stock index futures varieties showed a continuous upward trend. The basis of the futures - spot of the main contracts of stock index futures was 13.52 for IH, 7.05 for IF, - 37.57 for IC, and - 31.3 for IM. The A - share market continued to break through and reach a new high, with small - cap growth styles relatively dominant. Only the banking sector closed down, and there was a certain market rotation [3]. Macroeconomic Situation - In July, external demand remained resilient, but domestic demand - related indicators declined. Extreme weather and investment decline dragged down industrial production, and the growth rate of the service production index also slightly declined. Investment growth dropped significantly, especially in manufacturing and real estate development. Social retail growth declined due to the gap in subsidy funds and the overdraft of subsequent consumption by the "618 Shopping Festival". It is expected that exports in the second half of the year will maintain strong resilience [4][5]. Market Outlook - Next week, the stock index will continue to rise with oscillations in an environment of high trading volume and rapid sector rotation. To break through the integer mark and the previous bull - market high of 3731, both the weight and technology sectors need to work together [5].

新华社北京8月12日电8月12日，中美双方发布《中美斯德哥尔摩经贸会谈联合声明》。美方承诺继续调 整对中国商品(包括香港特别行政区和澳门特别行政区商品)加征关税的措施，自8月12日起继续暂停实 施24%的对等关税90天。中方自8月12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90 天。 ...

Core Viewpoint - The Chinese government maintains a consistent and clear stance on Sino-U.S. economic and trade issues, suggesting that inquiries about specific matters should be directed to the relevant authorities [1] Group 1 - The U.S. President Trump expressed a desire for China to triple its soybean orders, which he believes would significantly reduce the trade deficit between the U.S. and China [1] - The Chinese Foreign Ministry spokesperson, Lin Jian, responded that specific questions should be directed to the appropriate departments [1]

Core Insights - The continuation of mutual tariff reductions between China and the US is aimed at establishing a mechanism for long-term strategic communication, as highlighted in the joint statement from the Stockholm trade talks [2][10][15] - The agreement includes a 90-day "cooling-off period" during which a 24% tariff will be suspended, while a 10% baseline tariff will remain in place, allowing for adjustments in supply chains and market expectations [2][13][15] - The trade negotiation mechanism has shifted from crisis management to institutional dialogue, focusing on phased compromises and dynamic adjustments to alleviate short-term trade frictions and address deeper issues [2][14][15] Industry and Company Focus - High export exposure industries, such as home appliances and consumer electronics, are expected to benefit from the reduction in tariffs, enhancing their profit elasticity [2][18] - The drive for technological self-sufficiency, particularly in sectors like semiconductors and high-end manufacturing, is supported by domestic substitution and policy incentives [2][18] - High-growth sectors, including domestic computing power (GPU/servers/optical modules), industrial mother machines, and defense industries, are recommended for attention due to their potential for significant development [2][18]

国务院关税税则委员会公布公告调整对原产于美国的进口商品加征关税措施 为落实中美经贸会谈共识，根据《中华人民共和国关税法》、《中华人民共和国海关法》、《中华人民共 和国对外贸易法》等法律法规和国际法基本原则，经国务院批准，国务院关税税则委员会公布公告，自 2025年8月12日12时01分起，调整《国务院关税税则委员会关于对原产于美国的进口商品加征关税的公 告》（税委会公告2025年第4号）规定的加征关税措施，在90天内继续暂停实施24%的对美加征关税税 率，保留10%的对美加征关税税率。 本次中美继续暂停实施部分双边加征关税，是进一步落实两国元首6月5日通话重要共识的举措，有利于 实现双方各自的发展目标，有利于促进世界经济的发展与稳定。 来源：国务院关税税则委员会 责编：叶舒筠 校对： 刘星莹 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 事关我国第一大税种！两部门重磅 丨 A股，全线爆发！近4200股飘红 丨 降息概率90%？美联储 重磅！ 丨 突发公 ...

Core Viewpoint - The State Council Tariff Commission announced a suspension of the 24% additional tariffs on U.S. imports, retaining a 10% tariff, effective from August 12, 2025, as part of the implementation of the consensus reached during the China-U.S. economic talks [1]. Group 1 - The decision to suspend the additional tariffs is aimed at further implementing the important consensus reached during the phone call between the two countries' leaders on June 5 [1]. - This measure is expected to benefit both countries in achieving their respective development goals [1]. - The suspension is also seen as a move to promote global economic development and stability [1].

Core Viewpoint - The State Council Tariff Commission has announced adjustments to the tariffs on imports from the United States, reflecting the consensus reached in the China-U.S. economic and trade talks, with a suspension of the 24% tariff for 90 days while maintaining a 10% tariff [1] Group 1 - The adjustment will take effect from August 12, 2025, at 12:01 PM [1] - The decision is based on the laws and regulations of the People's Republic of China, including the Customs Law and the Foreign Trade Law [1] - The announcement is part of the broader context of China-U.S. trade relations and aims to facilitate ongoing negotiations [1]

中华人民共和国政府（"中国"）和美利坚合众国政府（"美国"）， 忆及2025年5月12日达成的中美日内瓦经贸会谈联合声明（"日内瓦联合声明"）；以及 本联合声明基于中美斯德哥尔摩经贸会谈讨论情况。本次会谈是根据日内瓦联合声明所建立的机制框架 下召开的会议。中方代表是国务院副总理何立峰，美方代表是财政部长斯科特·贝森特和美国贸易代表 贾米森·格里尔。 （新华社北京8月12日电） 双方忆及日内瓦联合声明下所作承诺，并同意于2025年8月12日前采取以下举措： 一、美国将继续修改2025年4月2日第14257号行政令中规定的对中国商品（包括香港特别行政区和澳门 特别行政区商品）加征从价关税的实施，自2025年8月12日起再次暂停实施24%的关税90天，同时保留 按该行政令规定对这些商品加征的剩余10%的关税。 二、中国将继续（一）修改税委会公告2025年第4号规定的对美国商品加征的从价关税的实施，自2025 年8月12日起再次暂停实施24%的关税90天，同时保留对这些商品加征的剩余10%的关税；并（二）根 据日内瓦联合声明的商定，采取或者维持必要措施，暂停或取消针对美国的非关税反制措施。 （文章来源：证券时报） 考 ...

Group 1 - The core viewpoint of the article is the agreement between China and the United States to suspend certain tariffs on each other's goods as part of ongoing trade negotiations [2][3] - The United States will suspend the implementation of a 24% tariff on Chinese goods for 90 days starting from August 12, 2025, while retaining a 10% tariff [2] - China will also suspend the implementation of a 24% tariff on American goods for 90 days starting from August 12, 2025, while maintaining a 10% tariff and will take necessary measures to suspend or cancel non-tariff countermeasures against the U.S. [2] Group 2 - The joint statement is based on discussions from the Stockholm economic and trade talks, which were held under the framework established by the Geneva joint statement [3] - The Chinese delegation was led by Vice Premier He Lifeng, while the U.S. delegation included Treasury Secretary Scott Bessenet and U.S. Trade Representative Jamison Greer [3]