特朗普称美国将对加拿大征收关税，他认为加拿大会非常乐意接受，美国将公平对待加拿大。（央视） 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Macro factors include China's September LPR remaining unchanged, potential bank deposit - rate cuts in Q4, and various overseas trade policies such as US tariff hikes and South Korea's anti - dumping duties. Supply has been rising since mid - May, inventory has increased significantly, and costs and demand have changed. Technically, the manganese silicon main contract's weekly K - line is bearish. The market is expected to be weak after the holiday, and it is recommended to reduce or empty positions [6]. 3. Summary by Directory 3.1 Week - ly Key Points Summary - **Macro**: China's September LPR: 5 - year above at 3.5%, 1 - year at 3%. Guangdong prepared for Typhoon "Hua Jiasha". More banks may cut deposit rates in Q4. Overseas, the US will impose high tariffs on certain products from October 1, and South Korea imposed anti - dumping duties on steel products [6]. - **Supply and Demand**: Production has been rising since mid - May, inventory increased significantly. Imported manganese ore port inventory decreased by 25.3 tons, and hot metal production returned to previous levels. Inner Mongolia's spot profit is - 80 yuan/ton, and Ningxia's is - 190 yuan/ton. HeSteel Group's September silicon - manganese price is 6000 yuan/ton, down 200 yuan/ton [6]. - **Technical**: The manganese silicon main contract's weekly K - line is below the 60 - day moving average, indicating a bearish trend [6]. - **Strategy**: Before the holiday, funds reduced positions, market sentiment declined, and the sector was weak. After the holiday, prices are expected to be weak. It is recommended to reduce or empty positions [6]. 3.2 Futures and Spot Market - **Futures Market**: As of September 26, the silicon - manganese futures contract's open interest decreased by 50,300 lots to 501,000 lots, and the 5 - 1 contract spread increased by 8 points to 46. Manganese silicon warehouse receipts decreased by 4,563 to 56,113, and the manganese silicon - ferrosilicon January contract spread decreased by 8 points to 220 [12][16]. - **Spot Market**: As of September 26, Inner Mongolia's silicon - manganese spot price was 5,700 yuan/ton, down 50 yuan/ton, and the basis was - 138 yuan/ton, up 56 points [23]. 3.3 Industry Chain - **Industry**: Manganese silicon inventory increased rapidly, and production declined from its peak. The national 187 - enterprise sample's capacity utilization was 44.18%, down 1.50%. Daily production was 29,490 tons, down 335 tons. Five major steel products' silicon - manganese weekly demand was 122,484 tons, up 0.87%, and national production was 206,430 tons, down 1.12% [25]. - **Inventory**: As of September 25, the national 63 - enterprise sample's inventory was 233,800 tons, up 34,900 tons. Inner Mongolia decreased by 1,500 tons, Ningxia increased by 30,600 tons, etc. [30]. - **Upstream**: As of September 26, Tianjin Port's South32 South African semi - carbonate lump was 34.3 yuan/ton - degree, down 0.2. Ningxia and Inner Mongolia's electricity prices were flat. Imported manganese ore port inventory decreased by 25.3 tons to 427.2 tons. South African manganese ore arrivals decreased by 25%, while Australian, Gabonese, and Ghanaian arrivals increased [34][40]. - **Profit**: On September 26, the northern region's spot production cost was 5,830 yuan/ton, up 20, and the profit was - 140 yuan/ton, down 50. The southern region's cost was 6,230 yuan/ton, up 20, and the profit was - 530 yuan/ton, down 40 [44]. - **Downstream**: Daily hot metal production was 2.4236 million tons, up 13,400 tons week - on - week and 175,000 tons year - on - year. HeSteel Group's September silicon - manganese price was 6,000 yuan/ton, down 200 yuan/ton [48].

美国政府对机器人、工业机械和医疗器械的进口展开调查，为唐纳德·特朗普总统实施新的关税打下基 础。根据《联邦公报》上发布的通知，美国商务部正在根据《贸易扩展法》第232条进行调查。调查于9 月2日启动。根据这部法律，美国总统可以针对被认为对国家安全至关重要的商品征收关税，商务部有 270天的时间提出政策建议。特朗普希望通过提高进口成本来鼓励关键行业的国内制造，新宣布的调查 使得更多行业面临可能被征收关税的风险。目前，美国针对药品、半导体、飞机、关键矿产、中重型卡 车和其他产品的进口调查仍在进行之中。特朗普政府已经利用这部法律对汽车、铜、钢和铝征收关税。 ...

当地时间9月24日，美国特朗普政府发布正式公告，实施美国与欧盟达成的贸易协议，确认自8月1日起，对欧盟进口汽车及汽车产品征收15%的关 税。此外，文件还列出了对某些药物化合物、飞机零部件及其他进口商品的关税豁免。 当地时间7月27日，美国总统特朗普表示，美国已与欧盟达成新贸易协议，对欧盟输美商品征收15%的关税。欧盟委员会主席冯德莱恩称，15%税 率是欧委会能够达成的最佳结果。 ...

据央视新闻，美 国特朗普政府当地时间9月24日发布正式公告，实施美国与欧盟达成的贸易协议，确认自8月1日起，对欧盟进口汽车及汽车产品征 收15%的关税。此外，文件还列出了对某些药物化合物、飞机零部件及其他进口商品的关税豁免。 当地时间7月27日，美国总统特朗普表示，美国已与欧盟达成新贸易协议，对欧盟输美商品征收15%的关税。欧盟委员会主席冯德莱恩称，15%税率 是欧委会能够达成的最佳结果。 ...

Core Viewpoint - The U.S. government has appealed a ruling that overturned former President Trump's global tariffs, claiming that the lower court's decision negatively impacts ongoing trade negotiations [1][2] Group 1: Legal Proceedings - The U.S. Department of Justice filed a document urging the Supreme Court to expedite the case, with a decision on whether to accept the case expected by September 10 [1] - The appeal follows a ruling by the U.S. Court of Appeals that upheld a lower court's decision, stating that Trump's invocation of an emergency statute did not authorize most tariffs [2] Group 2: Economic Implications - Treasury Secretary Mnuchin stated that the appellate court's ruling undermines the government's "important negotiating leverage," leading world leaders to question Trump's authority to impose tariffs [1] - If the final ruling is delayed until June 2026, it could result in the collection of $750 billion to $1 trillion in tariffs, with potential significant disruptions if these tariffs are rescinded [1]

Group 1 - The trade relationship between the US and India is rapidly deteriorating, with the cancellation of the US trade representative's visit to New Delhi and the postponement of bilateral trade negotiations [2][3] - The US has announced a 25% tariff on Indian exports as a penalty for India's purchase of Russian oil, which is set to take effect on August 27 [3][4] - India's exports to the US accounted for nearly 20% of its total exports, valued at $86.51 billion in the last fiscal year ending March 2025 [5] Group 2 - The proposed bilateral trade agreement negotiations have stalled after five rounds, primarily due to India's refusal to open its agricultural and dairy markets, which are critical to its economy [4][6] - The imposition of high tariffs by the US could severely impact India's manufacturing ambitions and economic growth, with potential negative effects on small and medium-sized enterprises in the apparel sector [5][6] - Despite the trade conflict, both countries are still open to negotiations, with India having made several concessions, including tariff exemptions on industrial goods [7][8]

Market Performance - The three major U.S. stock indices showed mixed results on August 15, with the Nasdaq and S&P 500 reaching intraday all-time highs. The Dow Jones Industrial Average rose by 0.08%, while the S&P 500 fell by 0.29% and the Nasdaq Composite decreased by 0.4% [1] - For the week, the Dow Jones increased by 1.74%, the S&P 500 rose by 0.94%, and the Nasdaq gained 0.81% [2] Sector Performance - Large tech stocks had mixed performances, with Intel rising nearly 3%, while Tesla fell over 1%. Other tech giants like Microsoft, Apple, and Nvidia saw slight declines [2] - UnitedHealth Group surged nearly 12% after Berkshire Hathaway disclosed a new position in the company [2] - Popular Chinese stocks mostly rose, with the Nasdaq China Golden Dragon Index increasing by 0.74% and a weekly gain of 1.84%. Notable performers included Xunlei, which rose over 26%, and NIO, which increased nearly 8% [2] - The solar energy sector received positive news, with Daqo New Energy rising over 8%, Canadian Solar increasing by more than 7%, and JinkoSolar gaining over 6% [2] Tariff Implications - Reports indicate that former President Trump plans to announce tariffs on imported steel, semiconductors, and chips, with potential rates as high as 300% [3][4] - Trump suggested that initial rates would be lower to encourage domestic manufacturing, but would increase significantly over time [4] - The tariffs on chips and semiconductors are part of an ongoing investigation by the U.S. Department of Commerce, which could take months to conclude [4]

Group 1 - On August 15, KLA Corporation's stock price experienced a significant decline of 8.42%, drawing market attention to the underlying reasons [1] - President Trump announced plans to impose new tariffs on semiconductors and steel within two weeks, negatively impacting investor confidence in the semiconductor equipment industry [1] - An internal stock sell-off occurred on August 12, with insiders selling over 18,800 shares for a total of $17.22 million, raising concerns about the company's future performance [1] Group 2 - KLA Corporation is set to pay a dividend of $1.90 per share on August 18, prompting some investors to sell shares to avoid potential price fluctuations before the ex-dividend date [1] - The combination of tariff announcements and insider selling has contributed to increased market volatility and investor anxiety regarding KLA Corporation's stock [1] - Despite current challenges, the semiconductor industry is believed to have long-term growth potential, suggesting that investors should remain calm and focus on industry trends and future financial performance [2]

Group 1 - The South African Department of International Relations and Cooperation criticized the U.S. State Department's report on human rights in South Africa as "inaccurate and seriously flawed," claiming it does not reflect the democratic reality of the country [1] - The U.S. report indicated a "significant deterioration" in South Africa's human rights situation, particularly citing the controversial Expropriation Bill and alleged actions against minority groups [1] - South Africa's relations with the U.S. have been strained, particularly after the Trump administration cut aid and expelled the South African ambassador over criticisms [2] Group 2 - As of August 7, the U.S. imposed a 30% tariff on South African goods, making it the highest tariffed country in sub-Saharan Africa [3]