Core Points - The meeting between Chinese President Xi Jinping and U.S. President Donald Trump on October 30 aimed to stabilize U.S.-China relations, emphasizing the importance of cooperation over conflict [1][3][4] - Both leaders expressed a commitment to enhancing economic and trade cooperation, with Trump praising the meeting as a "huge success" and announcing a reduction in tariffs on Chinese goods [1][6] - The consensus reached during the meeting includes the cancellation of certain tariffs and the suspension of investigations into various sectors, which is expected to provide stability for global investors and businesses [7][8][9] Economic Performance - China's economy showed a growth rate of 5.2% in the first three quarters of the year, with a 4% increase in global trade imports and exports, indicating resilience amid challenges [3][4] - The meeting's outcomes are seen as a positive step towards stabilizing the structural tensions between the two countries, with potential long-term benefits for both economies [6][10] Trade Agreements - Key agreements include the cancellation of the 10% "fentanyl tariff" on Chinese goods and the suspension of a 24% tariff for one year, along with a pause on certain export controls and investigations by the U.S. [7][8] - Both sides agreed to extend some tariff exclusion measures and to continue discussions on various trade issues, including agricultural trade and specific corporate cases [8][9] Future Cooperation - The leaders agreed to enhance cooperation in areas such as energy, cultural exchanges, and addressing global challenges like illegal immigration and public health [5][6] - There is an expectation for regular communication between the two nations to foster understanding and collaboration, with potential visits planned for the following year [5][10]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - On May 14, CBOT soybean futures mostly closed higher, with the benchmark contract reaching a nearly 10 - month high, supported by the 90 - day suspension of high - tariff collection on each other's goods between China and the US and the proposal to extend the US biofuel tax credit. Traders are watching whether China will resume buying US agricultural products, and there's optimism about a long - term second - stage trade agreement [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: DCE Bean No.1 2507 closed at 4174 yuan/ton during the day session, up 14 (+0.34%), and 4183 yuan/ton at night, up 18 (+0.43%); DCE Soybean Meal 2509 closed at 2914 yuan/ton during the day, up 11 (+0.38%), and 2898 yuan/ton at night, unchanged; CBOT Soybean 07 closed at 1076 cents/bu, up 1.0 (+0.09%); CBOT Soybean Meal 07 was at 292 dollars/short ton, down 1.6 (-0.54%) [1]. - **Spot Prices**: In Shandong, the spot price of soybean meal (43%) was 3060 - 3100 yuan/ton, with various changes in basis compared to the previous day. In East China, the price in Taizhou Huifu was 3050 yuan/ton, unchanged. In South China, the price was 3050 - 3200 yuan/ton, unchanged or up 10 yuan/ton compared to the previous day [1]. - **Main Industry Data**: The trading volume of soybean meal was 8.15 million tons per day, compared to 4.1 million tons in the previous two trading days. The inventory was 10.06 million tons per week, compared to 9.71 million tons in the previous two weeks [1]. 3.2 Macro and Industry News - On May 14, CBOT soybean futures mostly closed higher. The benchmark contract rose for five consecutive trading days and reached a nearly 10 - month high, supported by the 90 - day suspension of high - tariff collection on each other's goods between China and the US and the proposal to extend the US biofuel tax credit. Traders are uncertain about what will happen after the tariff suspension expires, but there's optimism about a long - term second - stage trade agreement [3]. 3.3 Trend Intensity - The trend intensity of soybean meal and Bean No.1 is 0, indicating a neutral trend for the day - session main - contract futures price fluctuations on the reporting day [3].