郭嘉昆回应，中方一贯按照相互尊重、和平共处、合作、共赢的原则，处理和推进中美关系，同时坚定 维护自身的主权、安全和发展利益。 "我们希望美方相向而行，推动中美关系稳定、健康可持续发展。"郭嘉昆指出，元首外交对中美关系发 挥着不可替代的战略引领作用，中美两国元首保持着密切的交往和沟通。 综合自：环球网、央视新闻 对此，发言人郭嘉昆表示，我们已经就关税问题多次阐明中方立场。 法新社记者提问，美国总统特朗普周一表示，他希望今年年内或尽快访问中国，中国对此持开放态度 吗？ 8月26日，外交部发言人郭嘉昆主持例行记者会。 据环球网，在8月26日外交部例行记者会上，德新社记者提问，美国总统特朗普周一表示，中国必须确 保美国的稀土磁铁供应，否则将面临200%的关税。中方对此有何评论？ ...

Report Investment Ratings - **Buy with Caution**: Soybean Meal, Rapeseed Meal, Rapeseed Oil, Corn, and Live Pigs [1] - **Hold for Observation**: Soybean, Egg [1] - **Buy Opportunistically**: Soybean Oil and Palm Oil [1][4] Core Views - Short - term focus on weather, policies, and import soybean performance for domestic soybeans; cautiously optimistic about the soybean meal market; consider buying soybean and palm oil at low prices; maintain the judgment of short - term rebound in rapeseed futures prices; and expect Dalian corn futures to continue to be weak at the bottom [2][3][4][6][7] Summary by Category Soybean - Domestic soybean prices recovered quickly after a sharp drop, with a provincial reserve rotation auction of 0.65 tons this Friday. The weather is generally favorable for growth, and the price gap with imported soybeans has rebounded. In the US, soybean pod numbers in some states are positive, and the US Soybean Association urges to reopen the Chinese market [2] Soybean & Soybean Meal - The latest good - to - excellent rate of US soybeans is 68%, higher than expected. Future weeks may see less rain in the US. Domestically, soybean meal spot prices have risen, and the supply of imported beans in the fourth quarter is uncertain. The market is cautiously optimistic about soybean meal [3] Soybean Oil & Palm Oil - US crop inspections show positive soybean pod numbers. The market is worried about bio - fuel exemptions in the US, which has pressured soybean oil prices. Domestically, soybean and palm oil have seen a position - reducing correction. Consider buying at low prices in the long - term [4] Rapeseed Meal & Rapeseed Oil - Rapeseed meal is in a weak rebound, and rapeseed oil has fallen with the vegetable oil sector but with the smallest decline. The supply of Australian rapeseed is tight before the new crop arrives in November. A rapeseed oil trading event involving 4574 tons will be held this Friday [6] Corn - As of August 19, 15 auctions of imported corn by Sinograin totaled about 347.6 tons, with a low成交 rate of 36.38%. New - season Xinjiang corn has affected market expectations, and Dalian corn futures may continue to be weak [7] Live Pigs - Live pig futures have weakened with increased positions. Spot prices are slightly stronger, but secondary fattening is cautious. The supply of live pigs is expected to be high in the second half of the year. It is recommended to hedge at high prices [8] Eggs - Egg futures have rebounded slightly, while spot prices are weak. In the medium - term, high production capacity may lead to price drops. Short - term attention should be paid to capital and seasonal factors [9]

1. Report Industry Investment Ratings - **Buy with Caution (★☆☆)**: Soybean Meal, Rapeseed Meal, Rapeseed Oil, Corn, Live Hogs [1] - **Neutral (☆☆☆)**: Soybean Oil, Palm Oil [1] - **Analysis Unclear**: Soybean, Eggs [1] 2. Core Views - **Soybean & Soybean Meal**: USDA's August report was bullish for US soybeans, and dry conditions in the US may challenge new - season soybean growth. China's soybean supply is sufficient in the short - term but uncertain in the long - term. The soybean meal market is cautiously bullish, and investors can enter on pullbacks [3]. - **Soybean Oil & Palm Oil**: Indonesian policies and market expectations have driven up palm oil prices. In the short - term, there is a risk of increased volatility or correction, but in the long - term, a strategy of buying on dips is recommended [4]. - **Rapeseed Meal & Rapeseed Oil**: The rapeseed market was pressured by import expectations last week. However, considering the possible timing of Australian rapeseed imports, there may be a short - term rebound in rapeseed futures prices, and a short - term long strategy is advisable [6]. - **Corn**: The continuous release of imported corn has affected market expectations. Dalian corn futures may continue to be weak at the bottom [7]. - **Live Hogs**: Supply pressure will keep live hog prices weak in the second half of the year. The 11 - contract has rebounded and then fallen, and industrial players are advised to hedge on rallies [8]. - **Eggs**: High production capacity has pressured egg prices. In the short - term, there is a risk of profit - taking by short - selling funds, and the market is in a contango situation [9]. 3. Summary by Commodity Soybean - Last week, soybean prices fluctuated greatly due to the influence of surrounding varieties and the preliminary anti - dumping ruling on rapeseed. However, due to weak fundamentals, prices quickly fell after a short - term rise. The price difference between domestic and imported soybeans is shrinking. Short - term attention should be paid to weather and policy impacts [2] Soybean Meal - USDA's August report was bullish for US soybeans. In the next two weeks, dry conditions in the US may challenge new - season soybean growth. China's soybean supply is sufficient in the short - term but uncertain in the long - term. The soybean meal market is cautiously bullish, and investors can enter on pullbacks [3] Soybean Oil & Palm Oil - Indonesian policies and market expectations have driven up palm oil prices. The strength of the palm oil market is mainly driven by the Indonesian market. The relative valuation of palm oil is not low. In the short - term, there is a risk of increased volatility or correction, but in the long - term, a strategy of buying on dips is recommended [4] Rapeseed Meal & Rapeseed Oil - The rapeseed market was pressured by import expectations last week. Canadian rapeseed production is expected to be good. There is a possibility that Australian rapeseed will enter the Chinese market, but it is uncertain when. The rapeseed futures prices may rebound in the short - term, and a short - term long strategy is advisable [6] Corn - As of August 18th, the low - volume trading of imported corn auctions has affected market expectations. Dalian corn futures may continue to be weak at the bottom [7] Live Hogs - The supply of live hogs is expected to be high in the second half of the year, and prices are likely to remain weak. The 11 - contract has rebounded and then fallen, and industrial players are advised to hedge on rallies [8] Eggs - High production capacity has pressured egg prices. In the short - term, there is a risk of profit - taking by short - selling funds, and the market is in a contango situation [9]

电解铝 ：海外降息预期反复 铝库存渐至峰值支撑铝价 研究员：陈婧 期货从业证号：F03107034 投资咨询从业证号：Z0018401 策略展望 GALAXY FUTURES 1 宏观：（1）美国7月PPI同比涨幅从前月的2.3%飙升至3.3%，为今年2月以来最高水平，并且远超预期的2.5%，美国7月PPI环比0.9%，为2022年6月以来最大涨幅。数据公 布后，交易员减少了对美联储将在9月降息的押注。（2）美国对等关税延期到期前与更多国家/地区达成协议，但与日本及印度的税率或仍有分歧；印度2024-25财年（截至 2025年3月）铝产量为383.6万吨，美国与印度间关税问题引发铝市场的关注。（3）据俄新社14日报道，俄罗斯总统助理乌沙科夫当天表示，俄美总统将于莫斯科时间15日 22时30分（北京时间16日凌晨3时30分）与美国开始举行会晤，地点是美国阿拉斯加州最大城市安克雷奇。 产业供应：8月预计国内电解铝行业运行产能仍将继续缓慢增加至4430万吨附近，主要增量仍来自安顺铝厂和百色银海两大项目的复产之上。云南宏泰、云南宏合、新疆信发 兵准项目、双元铝业技改扩能项目等置换转移项目也有投产计划，但考虑到新旧产能 ...

Group 1 - A recent poll indicates that a majority of Swiss citizens oppose making concessions to the U.S. regarding tariffs, despite the potential negative impact on the Swiss economy [1][3] - Approximately two-thirds of respondents believe that the new U.S. tariff measures will severely impact the Swiss economy, with only 5% believing there will be little to no damage [3] - The U.S. has imposed a 39% tariff on Swiss imports, the highest among European countries, which poses significant pressure on the export-oriented Swiss economy [5] Group 2 - About 18% of Swiss exports are directed to the U.S., and nearly 60% of goods exported to the U.S. will be affected by the new tariffs [5] - Half of the respondents in the poll believe that Switzerland should rely more on domestic products, even if it leads to higher prices [3] - 41% of respondents oppose significant investments by Swiss companies in the U.S. [3]

Core Viewpoint - A recent poll indicates that despite the potential economic harm from high U.S. tariffs, a majority of Swiss citizens oppose making concessions to the U.S. [1] Group 1: Poll Results - Nearly two-thirds of respondents believe Switzerland should not yield to pressure, even with U.S. tariffs on Swiss goods reaching 39% [1] - Two-thirds of participants think the new tariffs will severely impact the economy, while only 5% believe the economy will be minimally affected [1] - Half of the respondents feel Switzerland should rely more on domestic products, even if it leads to higher prices [1] Group 2: Investment Sentiment - 41% of respondents oppose significant investments by Swiss companies in the U.S., while only 15% support such investments [1] Group 3: Economic Impact - The U.S. tariffs, effective from August 7, are expected to exert significant pressure on Switzerland's export-oriented economy, with nearly 60% of goods exported to the U.S. being affected [1]

瑞士媒体13日援引当日公布的一项民调结果报道称，大多数瑞士人反对在关税问题上向美国作出让步。 这项民调由英国舆观调查公司于8月上旬进行，民调结果显示，近三分之二受访者认为，瑞士不应屈服 于压力。 一半受访者认为，瑞士未来应更多依赖本国产品。41%的受访者反对瑞士企业在美国进行重大投资。 美国对从瑞士进口商品征收39%关税的措施7日生效。瑞士政府发表声明说，美国新关税措施对以出口 为导向的瑞士经济造成巨大压力，瑞士出口至美国的商品中近六成将受到影响。 （文章来源：央视新闻） ...

Core Viewpoint - Apple's announcement to increase its U.S. investment by $100 billion, totaling $600 billion over the next four years, aims to boost sales and leverage recent positive earnings momentum [1][12]. Investment and Manufacturing Strategy - The announcement coincides with new tariffs imposed by the White House, raising concerns for Apple as most iPhones are manufactured in China [2]. - While the announcement does not include plans to build smartphones in the U.S., it outlines partnerships to manufacture several iPhone components domestically through Apple's American Manufacturing Program [3]. - Initial partners in this program include Corning, Coherent, GlobalWafers America, Applied Materials, Texas Instruments, Samsung, GlobalFoundries, Amkor Technology, and Broadcom [4]. - Specific partnerships involve using Corning glass products for iPhones and Apple Watches, and sourcing VCSEL lasers from Coherent for facial recognition [5]. Financial Performance - Apple's fiscal third-quarter earnings report showed a revenue increase of 10% to $94 billion and earnings per share up 12% to $1.57, with product sales rising 8.2% [12]. - Despite the positive earnings, Apple stock has been relatively flat, rising less than 2% over the past 12 months, while competitors like Nvidia and Microsoft have surpassed Apple in market capitalization [8][10]. Market Reaction - Following the announcement, Apple stock experienced a 5% increase, indicating positive market sentiment [6]. - The company's recent commitment to U.S. manufacturing is seen as a strategy to mitigate tariff-related risks and maintain customer loyalty [15].

Core Points - The relationship between the US and India has deteriorated significantly over tariff issues, with Trump imposing a 25% tariff on India and criticizing its continued purchase of Russian oil and weapons [3] - India remains steadfast in its energy policy, emphasizing that its decisions are based on economic factors and not influenced by external pressures [3] - Despite India's strong stance on energy imports, it faces significant pressure regarding tariffs, as it heavily relies on the US market, with a projected trade volume of $128.8 billion in 2024 and a trade surplus of $45.8 billion [3] - India has proposed increasing bilateral trade with the US to $500 billion by 2030, but Trump has not shown willingness to negotiate [3] - Economic experts warn that the 25% tariff could reduce India's economic growth by 40 basis points in 2025-2026, prompting urgency from the Indian government [3] Group 1 - India has reached out to China and Russia for support against US tariffs, but both countries have shown disinterest in forming a coalition [4] - Following the tariff news, India conducted joint naval exercises with the Philippines in the South China Sea, signaling a strengthening of ties between the two democracies [5] - The Philippine President's visit to India aims to enhance peace and stability in the Indo-Pacific region, with expectations of signing at least six agreements [5] Group 2 - India's support for the Philippines in the South China Sea may escalate regional tensions and impact the improving relationship between China and India [7]

Group 1 - The core viewpoint of the article highlights the mixed performance of major US tech companies in their recent earnings reports, with concerns over US trade policies impacting market reactions [2][3] - Amazon reported Q2 revenue of $167.7 billion, a 13% year-over-year increase, and earnings per share of $1.68, surpassing expectations of $1.33 [2] - Apple achieved approximately $94 billion in revenue for Q3, a nearly 10% year-over-year growth, with service business reaching new highs and a notable recovery in Greater China, where revenue was $15.37 billion, up 4% year-over-year [2] Group 2 - Despite strong earnings from several tech giants, the capital market showed a lack of confidence, with major indices continuing to decline after a collective drop on July 31 [2] - The ongoing tariff issues are identified as a significant concern for the market, contributing to investor caution [3]