Group 1 - Canada has imposed high tariffs on Chinese goods, including a 100% tariff on electric vehicles and a 25% tariff on steel and aluminum, in an attempt to appease the United States [1][3] - The Chinese market is crucial for Canada, with over half of its canola exports relying on China, amounting to nearly 26 billion RMB last year [3] - In response to Canada's actions, China has implemented significant countermeasures, including a 75.8% deposit on canola and anti-dumping investigations on other products [3][5] Group 2 - The U.S. has increased tariffs on Canadian imports, raising the stakes for Canada as it tries to align with U.S. interests while facing backlash from China [3][5] - China's response is framed as a legitimate action under its trade laws, contrasting with the U.S. approach of unilateral tariff increases [5] - The situation highlights the risks of relying on a single market, as Canada may struggle to find alternative buyers like China in the future [7]

Group 1 - The recent suspension of the 24% tariffs between China and the U.S. for 90 days is seen as a positive development for foreign trade enterprises, enhancing market stability and boosting confidence among businesses [1][3]. - In Jiangsu, a transformer company reported that over 50% of its orders are from the U.S., indicating a significant reliance on American markets [3]. - The volume of goods shipped to the U.S. from Suzhou remains stable, with a recent shipment weighing approximately 1.5 tons [5]. Group 2 - Shenzhen Yantian Port, a key hub for North American routes, handles over 25% of China's exports to the U.S. [6]. - The port has maintained a steady schedule of cargo ships to the U.S., with around 60 ships operating in August, averaging 6 ships per day [8]. - A cross-border logistics company near Yantian Port reported a busy warehouse, indicating continued shipping activity in light of the tariff suspension [9]. Group 3 - The A-share shipping and port sector has seen a strong performance, with stocks like Nanjing Port and China National Offshore Oil Corporation experiencing significant gains [10]. - Despite uncertainties in international trade, major ports in China have reported rapid growth in foreign trade container throughput, with over 40 out of 60 major ports showing positive growth in the first half of 2025 [10]. - China's imports and exports to over 190 countries and regions have increased, with emerging markets contributing significantly to this growth [10].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In the short - term, due to repeated digestion of previous policy benefits and unimproved corporate profits, the stock index may face callback risks after continuous rise; for gold, although the market's expectation of a Fed rate cut in September has increased, the easing of global trade tensions may lead to a continuation of the adjustment after the rebound, maintaining a band - short thinking [39][40] - In the medium - to long - term, the stock index's valuation is dragged down by the decline in corporate profit growth, and it is expected to maintain a wide - range shock; gold may face a deep adjustment due to the fading of tariff policy uncertainties and the release of dovish signals by the Fed [40] 3. Summary by Relevant Catalogs 3.1. Macroeconomic Data at Home and Abroad - In July this year, the growth rates of imports and exports both rebounded, mainly due to the rise in commodity prices and the low - base effect of the same period last year. However, domestic and foreign demand remains weak [4] 3.2. Stock Index Fundamental Data 3.2.1. Corporate Profit - The rise in commodity prices helps improve the profits of upstream raw material processing industries, but due to weak terminal demand, enterprises still face great operating pressure, with the phenomenon of increasing revenue but not profit. They have to reduce production and inventory, and the inflection point of profit growth has not arrived [15] 3.2.2. Capital Situation - The margin balance of the Shanghai and Shenzhen stock markets is approaching the 2 - trillion - yuan mark. The central bank conducted 1.1267 trillion yuan of 7 - day reverse repurchase operations this week, achieving a net withdrawal of 536.5 billion yuan [19] 3.3. Gold Fundamental Data 3.3.1. US Economic Data - In June, the number of new non - farm jobs in the US was 73,000, far lower than the expected 110,000, and the unemployment rate rose from 4.1% to 4.2%. In July, the ISM manufacturing PMI dropped to 48, contracting for 5 consecutive months. Fed officials released dovish signals, suggesting that the time window for a rate cut is approaching [23] 3.3.2. Gold Inventory - The warehouse receipts and inventory of Shanghai gold futures have soared, while the New York futures inventory has continued to decline, and the market's bullish sentiment has cooled [36] 3.4. Strategy Recommendation - Short - term: Be cautious of the callback risk of the stock index; for gold, maintain a band - short thinking [40] - Medium - to long - term: The stock index is expected to maintain a wide - range shock; gold may face a deep adjustment [40] 3.5. Next Week's Focus and Risk Warning - Key data such as China's July investment, consumption, industrial added value, US CPI, and speeches by Fed officials [41]

Group 1 - ASEAN is the largest trading partner, with a total trade value of 4.29 trillion yuan, an increase of 9.4%, accounting for 16.7% of total foreign trade [1] - The EU is the second largest trading partner, with a total trade value of 3.35 trillion yuan, an increase of 3.9%, accounting for 13% of total foreign trade [1] - The US is the third largest trading partner, with a total trade value of 2.42 trillion yuan, a decrease of 11.1%, accounting for 9.4% of total foreign trade [1]

Group 1 - Zhejiang Southeast Huanyu International Trade Co., Ltd. has been established with a registered capital of 20 million yuan, focusing on the sales of electronic special materials, integrated circuit chips and products, and biomass fuels [1][2] - The company is wholly owned by Zhejiang Southeast Network Framework Co., Ltd. (002135) [1][3] - The business scope includes a variety of sales activities, such as metal ores, chemical products (excluding licensed chemical products), and machinery and electrical equipment [2]

Core Viewpoint - Hengbo Co., Ltd. (301225.SZ) announced the establishment of a wholly-owned subsidiary, Hainan Hengbo Haichuang Technology Co., Ltd., to support its business development needs and expand its international presence [1] Group 1: Company Strategy - The establishment of Hengbo Haichuang aims to serve as a platform for technological innovation, cooperation, and operations targeting overseas markets [1] - The core objective of this strategic deployment is to expand the company's business footprint onto the international stage [1] Group 2: Business Focus - The company plans to deepen its layout and expansion in multiple dimensions, including technological innovation, international trade, and investment management [1]

Core Viewpoint - The International Monetary Fund (IMF) has revised its global economic growth forecasts for the next two years, expecting growth rates of 3% and 3.1% respectively, which is an upward adjustment of 0.2 and 0.1 percentage points compared to the previous forecast in April [1] Economic Growth Projections - The upward revision in global economic growth expectations is attributed to better-than-expected international trade, lower average effective tariff levels in the U.S., improved global financial conditions, and fiscal expansion in major economies [1] - The most significant upward adjustment in growth forecasts was for China, with the IMF raising its expected growth rate for this year by 0.8 percentage points compared to the April forecast [1] Factors Influencing China's Growth - The adjustment for China's economic growth is primarily due to stronger-than-expected economic activity in the first half of the year and significant reductions in U.S.-China tariffs [1] - The IMF also raised its growth forecast for China in 2026 by 0.2 percentage points, indicating a positive long-term outlook [1] - The strong export performance of China, particularly to regions outside the U.S., has offset the decline in exports to the U.S., contributing to the economic growth [1] - Fiscal policies supporting consumption have also played a role in driving China's economic growth [1] Recommendations for Policy - The IMF suggests that countries should promote clear and transparent trade frameworks to reduce policy-induced uncertainties [1] - Central banks are advised to carefully calibrate monetary policies based on specific national conditions to maintain price and financial stability amid ongoing trade tensions and changing tariffs [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In July, there were frequent international trade news, and the growth of oilseed crops was generally normal. The soybean market was affected by US trade negotiations and domestic policies, while the rapeseed meal market was influenced by Canadian production adjustments and the resumption of Australian rapeseed imports [3][4] Summary by Relevant Catalogs I. Market Review (6.30 - 7.29) - **External Market**: The November contract of US soybeans closed at 1011.25, with a decline of 1.49%; the December contract of US soybean meal closed at 279.4, with a decline of 3.12%; the July contract of ICE rapeseed closed at 723.1 CAD/ton, with an increase of 3.33% [7] - **Domestic Market**: The latest price of soybean meal 2509 was 2977, with an increase of 1.19%; the latest price of rapeseed meal 2509 was 2635, with an increase of 3.01% [7] II. Soybean Meal Market Overview 2.1 International Supply and Demand - **Trade Negotiations**: In July, the US was in a period of intensive trade negotiations. The US Treasury Secretary announced economic and trade talks with China in Sweden from July 27 - 30. The US has been negotiating "reciprocal tariffs" and multilateral trade frameworks with many countries [16] - **Crop Conditions**: As of July 27, the soybean flowering rate was 76%, the pod - setting rate was 41%, and the good - to - excellent rate was 70%. About 8% of the US soybean planting area was affected by drought as of July 22 [17][18] - **Supply from South America**: Brazil's soybean supply is sufficient before September. Anec slightly lowered the estimated soybean exports in July to 12.11 million tons and raised the estimated soybean meal exports to 2.4 million tons. Argentina increased its 2024/25 soybean production forecast to 50.9 million tons [19] - **US Exports**: As of July 17, 2024/25 US soybean cumulative sales were 50.81 million tons, with a year - on - year increase of 5.67 million tons. The 2025/26 US soybean weekly net export sales were 238,800 tons, lower than market expectations [19] 2.2 Domestic Supply and Demand - **Trade Talks and Policies**: The Sino - US economic and trade talks in Sweden at the end of July were undecided. In July, China lowered the import tariff on US soybeans back to 3%. August is a crucial month for US soybean production and exports to China [25] - **Price and Import**: On July 24, domestic soybean meal prices plummeted due to multiple factors. China's soybean imports in June reached a record high of 12.26 million tons, a year - on - year increase of 10.3%. In the first six months of 2025, China's cumulative imports of Brazilian soybeans decreased by 7.5% year - on - year, while imports of US soybeans increased by 33% [25][26][27] III. Rapeseed Meal Market Overview 3.1 International Rapeseed Supply and Demand - **Canadian Supply**: In July, the Canadian Ministry of Agriculture adjusted its 2025/26 rapeseed production forecast to 17.8 million tons, a decrease of 7.2% from the previous year. Exports are expected to be 6 million tons, a decrease of 36.8% from the previous year [35] - **Australian Supply**: Around July 18, Australia and China were close to reaching an agreement to allow Australia to export 15 - 25 tons of experimental rapeseed to China, restarting the trade after a 5 - year hiatus [38] - **Global Forecast**: The USDA's WASDE report in July estimated the global rapeseed production in 2025/26 to be 89.54 million tons [38] 3.2 Domestic Rapeseed Supply and Demand - **Inventory and Price**: As of July 25, the basis of rapeseed meal in Nantong, Jiangsu was - 155 yuan/ton. The 2509 spread between soybean meal and rapeseed meal was about 350 yuan/ton, and the 2601 spread was about 650 yuan/ton, returning to a reasonable level [51] - **Policy and Trade**: Since 2024, Sino - Canadian trade frictions have affected the spread between soybean meal and rapeseed meal. In June 2025, China allowed the import of Uruguayan soybean meal and rapeseed meal [51][53]

伊维拉表示，诺德奎斯特女士是一位经验丰富的经济和政策战略家，拥有数十年的领导经验。 诺德奎斯特将于2025年10月1日正式出任WTO副总干事一职。 当地时间28日，世贸组织（WTO）总干事伊维拉官宣，任命诺德奎斯特（Jennifer Nordquist）为新任副总干事，接替即将于8月底卸任的埃拉德（Angela Ellard）。 诺德奎斯特现任白宫经济顾问委员会顾问。 "她将作为高级管理团队的一员，与我和其他副总干事一起，推动我们的目标，帮助我们的成员方利用贸易作为提高生活水平、创造就业机会和改善民生的 手段。"伊维拉称。 在特朗普政府上台后，有关美国是否要退出WTO的讨论之声再次甚嚣尘上。不过种种迹象显示，美方仍重视在WTO的人事和能力建设。 最新消息显示，美国参议院财政委员会今日以14票赞成、13票反对的结果通过了巴隆（Joseph Barloon）出任美国驻WTO大使的提名。 白宫经济高官任WTO副总干事 据悉，诺德奎斯特将于2025年10月1日正式出任WTO副总干事一职。 诺德奎斯特拥有西北大学新闻学硕士学位和斯坦福大学心理学与传播学学士学位，曾任美国战略与国际研究中心高级顾问、世界银行美国事务执行主 ...

Group 1 - South Korea has unexpectedly shifted its stance in handling China-US relations, imposing anti-dumping duties on China while showing intentions to engage in Taiwan Strait issues [1][3] - The cancellation of the scheduled US-Korea "2+2" economic talks did not deter the South Korean economic delegation from pursuing tariff negotiations, indicating a strong commitment to international trade cooperation [1][3] - South Korea's Ministry of Trade decided to impose temporary anti-dumping duties on hot-rolled steel plates and single-mode optical fibers from China, aiming to protect domestic industries during formal investigations [3][4] Group 2 - The economic relationship between China and South Korea is closely intertwined, and the imposition of anti-dumping duties by South Korea could disrupt normal trade and cooperation between the two countries [4][6] - Analysts suggest that while South Korea may increase military spending, the likelihood of direct involvement in Taiwan Strait affairs remains low, although vigilance is necessary due to potential trade-offs with the US [6] - China has expressed strong opposition to any actions that sacrifice its interests for US concessions, indicating readiness to take decisive measures to protect its rights in the international trade environment [6]