Group 1: Macro Economic Insights - The report highlights that after the implementation of the "Equal Tariff 2.0," industry tariffs may become a key new variable in Trump's tariff policy, aiming to reduce the trade deficit and promote manufacturing job recovery in the U.S. [5][8][9] - The U.S. has reached trade agreements with several countries, but most are temporary framework agreements lacking specific content, with significant tariff rate disparities remaining [5][6][7]. - The report notes that the U.S. collected approximately $94.719 billion in tariffs from April to July 2025, indicating a partial achievement of the goal to supplement U.S. fiscal revenue through tariffs [8]. Group 2: Industry Performance - The report indicates that in July 2025, the sales of new energy vehicles in nine European countries reached 217,000 units, a year-on-year increase of 41.6%, with a penetration rate of 27.5% [32]. - The report suggests that the European electric vehicle market is expected to grow further due to new carbon emission regulations and the introduction of new electric vehicle models by various manufacturers [34]. - The agricultural sector, particularly companies like BioShares, is experiencing growth driven by accelerated vaccine development and a strong product pipeline, with revenue for the first half of 2025 reaching 620 million yuan, a year-on-year increase of 1.28% [36][39]. Group 3: Company-Specific Updates - The report states that TaxFriend Co. is expected to benefit from the deepening of fiscal and tax reforms, with projected net profits for 2025-2027 at 212 million, 332 million, and 498 million yuan respectively [46]. - JiBit Co. reported a significant revenue increase of 28.49% year-on-year for the first half of 2025, driven by the success of new game launches and a high dividend payout ratio of 73% [51][52]. - JiaBiyou Co. anticipates continued growth in the second half of 2025, with a projected net profit of 192 million yuan for 2025, supported by favorable market conditions and ongoing restructuring efforts [55][56].

Trade Agreements Overview - The Trump administration has reached trade agreements with the UK, EU, Japan, and South Korea, covering 38.6% of total US goods imports and 49.8% of the US trade deficit in 2024 (excluding the UK) [3] - The US-UK trade agreement includes a 10% base tariff and industry export quotas, with ongoing negotiations on specific details [4] - The US-Vietnam trade agreement proposes a 20% base tariff and a 40% tariff on re-exported goods, reflecting a significant imbalance in tariff rates [5] Tariff Structures and Economic Impact - The US-Japan trade agreement imposes a 15% base tariff on exports, with Japan committing to invest $550 billion in the US, aiming to boost domestic industrial production [5] - The US-EU agreement also includes a 15% base tariff, with the EU required to invest $600 billion in the US and purchase $750 billion in US energy by 2028 [5] - The tariffs on steel, aluminum, and copper range from 25% to 50%, with an estimated $70.7 billion in tariffs expected from these metals in 2024 [5] Future Implications - Industry tariffs are likely to become a central focus of Trump's trade policy, aimed at reducing the trade deficit and promoting domestic manufacturing [5] - The potential for increased tariffs on sectors such as pharmaceuticals, semiconductors, and rare minerals is anticipated, with ongoing investigations into these industries [5] - The overall tariff revenue for the US is projected to exceed $28 billion by July 2025, indicating a significant reliance on tariff income [5]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - China's financial data in July showed steady growth, and the A-share market strengthened with increased trading volume. The economy in July still had resilience, with positive policies and various economic indicators showing certain trends. For example, China's July exports increased, and the narrowing M2 - M1 gap indicated improved capital circulation efficiency. In the US, the July non - farm data was below expectations, but the service PMI improved, and inflation showed different trends [2]. - Attention should be paid to the impact of "reciprocal tariffs." The US has set new tariff standards, and the current tariff situation may affect goods with high external demand. Concerns about interest rate hikes and market liquidity shortages have increased, and the demand for Japanese government bond auctions has decreased [3]. - Different commodity sectors have different characteristics. The black and new energy metal sectors are sensitive to the domestic supply - side, the energy and non - ferrous sectors benefit from overseas inflation expectations, and the "anti - involution" space of some chemical products and the follow - up trends of "anti - involution" in the market are worthy of attention [4]. - The strategy for commodities and stock index futures is to allocate long positions in industrial products on dips [5]. Summary by Relevant Catalogs Market Analysis - China's economic data in July: The official manufacturing PMI in July dropped to 49.3, the new order index dropped to 49.4, non - manufacturing remained in expansion, exports increased by 7.2% year - on - year, CPI was flat year - on - year, PPI's month - on - month decline narrowed, new social financing was 1.16 trillion yuan, and the M2 - M1 gap narrowed. The US's July non - farm data was below expectations, but the service PMI improved, and inflation showed different trends. On August 13, the A - share market strengthened, and trading volume exceeded 2 trillion yuan [2]. Tariff and Interest Rate - The US has set new "reciprocal tariff" standards, and the current tariff situation is in a "stagnant" stage, which may affect external - demand - sensitive goods. After the July interest rate meeting, the Fed's attitude towards interest rate cuts is uncertain, and concerns about interest rate hikes and market liquidity shortages have increased, leading to a decrease in the demand for Japanese government bond auctions [3]. Commodity Analysis - Different commodity sectors: The black sector is still dragged down by downstream demand expectations, the supply shortage in the non - ferrous sector persists, the energy sector's medium - term supply is expected to be relatively loose (OPEC + plans to increase production by 548,000 barrels per day in August), and the "anti - involution" space of some chemical products is worthy of attention. Agricultural products have limited short - term fluctuations. After the start of the "anti - involution" market in July, major varieties have retreated to some extent, and future trends will depend on the restoration of the economic fundamentals before the introduction of reciprocal tariffs in April and the implementation of "anti - involution" [4]. Strategy - The strategy for commodities and stock index futures is to allocate long positions in industrial products on dips [5]. Key News - China's financial data from January to July: RMB loans increased by 12.87 trillion yuan, deposits increased by 18.44 trillion yuan. At the end of July, M2 was 329.94 trillion yuan (up 8.8% year - on - year), M1 was 111.06 trillion yuan (up 5.6% year - on - year), M0 was 13.28 trillion yuan (up 11.8% year - on - year), and the net cash injection in the first seven months was 465.1 billion yuan. The social financing scale from January to July was 23.99 trillion yuan [6]. - Other news: The IEA predicts that the global oil market will face a record supply surplus next year. Trump will meet with Putin to discuss the Ukraine crisis. The A - share market strengthened on August 13, and the trading volume of the Shanghai, Shenzhen, and Beijing stock markets exceeded 2 trillion yuan [2][4][6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The US Treasury market reversed dramatically last week due to policy signals and economic data. The Treasury Department's statement supported the long - end of the yield curve, while Powell's hawkish tone pressured the short - end. The disappointing jobs report on Friday sent September rate - cut probabilities soaring to 87% [3][5]. - China's credit bonds were generally stable before widening on Friday. Investment - grade and high - yield bonds widened by 5bps and 40bps respectively, and China CDS and iTraxx Asia ex - Japan IG CDS widened by 3bps and 2bps respectively [4][6]. - Different sectors in the bond market had mixed performances. The financial sector was mixed, the tech sector was largely steady, other IG bonds were affected by interim results, and the high - yield corporate sector was softer [5][6][8]. 3. Summary by Related Catalogs Secondary Market Recap - **US Treasury**: Yields on 2 - year, 5 - year, and 10 - year Treasury notes fell 24bps, 20bps, and 17bps respectively. The 9 - month rate - cut probability changed from 40% to 87% due to the jobs report [3][4][5]. - **China Credit Bonds**: Before Friday, they were stable. China IG and HY bonds widened 5bps and 40bps respectively, and China CDS and iTraxx Asia ex - Japan IG CDS widened 3bps and 2bps respectively [4][6]. - **Financial Sector**: Leasing names once outperformed. FRESHK 28s and AVOL 30s tightened 5bps and 3bps before Friday. FWDGHD bonds' performance stalled. AT1s edged better, and in AMC, CFAMCI curve rose 0.2 - 0.4pt [6][7]. - **Tech Sector**: Benchmark BABA and TENCNT curves were stable. High - beta bonds like MEITUA 30s were muted. AACTEC 31s once tightened 9bps but reversed the change on Friday [8][11]. - **Other IG Bonds**: Sinopec's 1H net income fell 40 - 44%, SINOPE 30s was flattish. HNINTL 30s tightened 8bps. ZHOSHK 28s tightened 19bps. GWFOOD 30s had a gain then reversed most of it. HKAA 28s tightened 17bps [9][12]. - **High - yield Corporate Sector**: Chinese property stocks fell as home sales slumped in July. VNKRLE 27s fell 1.5pts, and Logan considered deeper haircuts in offshore - debt restructuring [10][12]. Primary Market - China Cinda HK Holdings issued RMB5.3bn bonds, with 3.5Y and 5Y priced at 2.35% and 2.43% respectively, significantly tighter than the initial pricing thoughts [16]. Recent Rating Changes - Moody's revised AAC Technologies Holdings' outlook to positive from stable due to profitability improvement and business diversification. It downgraded Shandong Energy's and Yankuang Energy's ratings to Ba2 with a stable outlook [19].

Tariff Overview - On July 7, Trump signed an executive order extending the suspension period for reciprocal tariffs until August 1, with new rates set to be between 10%-50%[3] - Brazil has the highest new tariff rate at 50%, followed by Myanmar and Laos at 40%, while the EU's rate is 30% and Japan and South Korea's rates are 25%[3][9] Differences in Tariff Rates - The new tariffs will be cumulative with Section 232 tariffs, unlike the previous rates which were not cumulative[11] - New tariffs will impose penalties for transshipment to evade tariffs, ensuring higher rates are applied regardless of routing[12] Trade Negotiation Progress - Trade agreements have been reached with the UK (10% tariff), Vietnam (20% claimed by Trump, 11% claimed by Vietnam), and Indonesia (19%)[4][13] - India is reportedly very close to a temporary agreement, while the EU is exploring solutions to resolve automotive tariff disputes[14] Economic Indicators - The WEI index for the US is at 2.37, indicating stable economic activity, while Germany's WAI index has dropped to -0.38[21] - US retail sales increased by 0.6% in June, exceeding expectations, while PPI inflation was lower than anticipated at 2.3%[16][18]

Group 1 - The U.S. stock market experienced a decline across all three major indices due to concerns over inflation and the announcement of new tariffs [1] - President Trump announced a 30% tariff on imports from Mexico and the EU, set to take effect on August 1, prompting the EU to consider strengthening ties with other countries in response [1] - The Chinese and U.S. foreign ministers met in Kuala Lumpur, agreeing to enhance communication and explore expanded areas of cooperation [1] Group 2 - The EU introduced three supply chain proposals aimed at "de-risking" its economy, with President von der Leyen commenting on the relationship with China [1] - Meituan reported a significant surge in orders, with 150 million orders placed over the weekend and an average delivery time of 34 minutes, highlighting the company's operational efficiency [1] - NVIDIA's CEO Jensen Huang is scheduled to hold a press conference in Beijing on July 16, indicating potential developments in the tech sector [1]

Market Overview - Trump's "Reciprocal Tariff 2.0" threat has been postponed to August 1, 2025, leading to a slight decline in U.S. stocks[1] - The inflation pressure from tariff threats has cooled market rate cut expectations, resulting in a rise in U.S. Treasury yields[1] - The 10-year U.S. Treasury yield increased by 6.75 basis points to 4.409% during the week from July 7 to July 11[1] Economic Indicators - The June FOMC meeting minutes released hawkish signals, with some dovish Fed officials showing caution towards rate cuts due to tariff impacts[1] - The NFIB small business optimism index for June recorded 98.6, unchanged from expectations and slightly down from the previous value of 98.8[1] - The Atlanta Fed's GDPNow model predicts a Q2 2025 U.S. GDP growth of +2.6%[1] Tariff Implications - Trump signed an executive order to extend the tariff deadline to August 1, announcing new tariff rates for 25 countries and regions, including Japan (25%), South Korea (25%), and Brazil (50%)[1] - Market reactions to the tariff threats have been relatively muted, with participants adopting TACO trading strategies, betting on further delays or cancellations of the tariffs[1] - The new tariff rates are seen as a pressure tactic in trade negotiations, with the possibility of further extensions beyond August 1[1]

Core Viewpoint - The article discusses the recent announcement by Trump regarding the implementation of a new round of tariffs, termed "Tariff 2.0," which includes significant increases in tariffs on various countries, indicating a more aggressive trade policy approach. Group 1: Tariff Increases - Trump plans to impose a uniform tariff of 15% or 20% on most trade partners, with specific countries facing much higher rates, such as Brazil at 50%, Canada at 35%, and Vietnam at 20% [1][3][4]. - A total of 14 countries, including Japan, South Korea, and Malaysia, will face tariffs ranging from 25% to 40% starting August 1 [2][3]. - The tariffs on Brazil and Vietnam represent a significant increase from previous levels, with Brazil's tariffs rising from 10% to 50% and Vietnam's from an expected 11% to 20% [3][6]. Group 2: Market Reaction - Despite the aggressive tariff announcements, the market has reacted relatively calmly, with the S&P 500 index nearing record highs and large tech stocks showing gains [7][9]. - The market's indifference is attributed to the perception that Trump's threats may be more of a negotiation tactic rather than a firm policy direction, leading to the concept of "TACO" (Trump Always Chickens Out) [9][10]. - The expectation of a potential retreat from these tariffs is reinforced by the historical pattern of Trump backing down under market pressure [10][11].