Group 1 - The Ministry of Transport announced the suspension of special port fees for U.S. vessels and related investigations for one year, effective from November 10, 2025, at 13:01 Beijing time [1] - This decision aligns with the consensus reached during the 2025 China-U.S. Kuala Lumpur economic and trade consultations, approved by the State Council [1] - The suspension includes the implementation of various announcements related to maritime, logistics, and shipbuilding industries [1] Group 2 - The Ministry of Commerce decided to suspend countermeasures against five U.S. subsidiaries of Hanwha Ocean Corporation for one year, starting from November 10, 2025 [3] - This decision follows the U.S. announcement on November 9, 2025, to suspend its 301 investigations into China's maritime, logistics, and shipbuilding industries for one year [3] - The suspension is based on the Anti-Foreign Sanctions Law and its implementation regulations [3]

Group 1 - The core viewpoint of the articles indicates that gold prices are experiencing volatility due to mixed market signals, with geopolitical tensions in the Middle East providing support for gold while trade environment improvements are suppressing its safe-haven appeal [1][3] - Gold prices rose to around $3962 per ounce during Asian trading on October 29, following a significant drop to a three-week low of $3886 per ounce the previous day [1] - The market is currently influenced by a combination of factors, including the positive signals from US-China trade negotiations and escalating geopolitical risks in the Middle East, which are creating a complex environment for gold prices [3] Group 2 - Short-term outlook suggests that gold may face downward pressure, with the $3886 low not necessarily being the end of the current adjustment phase [3] - In the medium to long term, if the Federal Reserve continues its rate-cutting process or if geopolitical conflicts escalate, gold prices may return to an upward trend [3] - The $4000 level is identified as a significant resistance point for gold prices, which investors should monitor closely [3]

Report Overview - Industry: Soybean Meal [1] - Date: August 28, 2025 [2] - Research Team: Agricultural Products Research Team [4] 1. Report Industry Investment Rating - Not provided in the content 2. Report's Core View - In the short - term, the soybean meal has pulled back due to the expected Sino - US trade consultations and the better - than - expected good rate of US soybeans. In the medium - term, considering the 23% tariff on imported US soybeans, China may mainly import Brazilian soybeans and some Argentine soybeans in the fourth quarter, with a possible small import gap to be filled by state - reserve auctions. The cost of imported soybeans is likely to rise steadily in the fourth quarter, and the market should be treated as bullish after corrections [7] 3. Summary by Related Catalogs 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Market Review**: - For the futures contracts of soybean meal, the prices of contracts 2601, 2509, and 2511 all decreased. For example, the closing price of the 2601 contract was 3045, down 52 or 1.68% from the previous settlement price; the 2509 contract closed at 2992, down 54 or 1.77%; and the 2511 contract closed at 3010, down 59 or 1.92%. The trading volume and changes in open interest also varied among different contracts [6] - The US soybean futures contracts on the external market fluctuated, with the main contract at 1045 cents. The recent pull - back of soybean meal was mainly due to the expected Sino - US trade consultations and the better - than - expected good rate of US soybeans. The approaching US soybean harvest season has increased the pressure on US farmers, and China has not purchased new - season US soybeans yet. The USDA's latest reported good rate of US soybeans is 69%, the highest in the past five years [7] - **Operation Suggestions**: In the medium - term, with the 23% tariff on imported US soybeans remaining unchanged, the market should be treated as bullish after corrections [7] 3.2行业要闻 (Industry News) - Pro Farmer predicts that the average yield per acre of US corn will reach a record 182.7 bushels per acre, with a total output of 1.6204 billion bushels. For soybeans, the average yield per acre is also expected to set a new record at 53.0 bushels per acre, with a total output of 424.6 million bushels [10] - Pakistan is expected to sign an important procurement agreement with major US soybean exporters, planning to import about 1.1 million tons of soybeans with a total transaction value of about $500 million [10] - A Brazilian federal judge approved a ban, temporarily suspending a decision of the Brazilian antitrust regulatory agency CADE, which had required grain traders in the world's largest soybean exporter to stop the so - called "Amazon soybean ban" plan [11] 3.3数据概览 (Data Overview) - The content provides multiple data charts, including the ex - factory price of soybean meal, the basis of the 09 contract, the 1 - 5 spread, the 5 - 9 spread, the US dollar - RMB central parity rate, and the US dollar - Brazilian real exchange rate, but specific data analysis is not provided [13][16][19]

Core Viewpoint - The recent trade conflict initiated by the U.S. against global partners, particularly Taiwan, has led to significant concessions from the U.S. after China's countermeasures, demonstrating China's resilience and ability to influence global trade dynamics [1][3][8]. Group 1: U.S.-Taiwan Relations - Following the U.S. announcement of a 34% tariff on Taiwan, the Taiwanese government quickly sought to negotiate a "zero tariff" deal in exchange for increased purchases and investments from the U.S. [1] - Taiwan's government has portrayed itself as a key trade partner in negotiations with the U.S., but recent developments have shattered this confidence [1][3]. Group 2: U.S.-China Trade Dynamics - The joint statement from China and the U.S. indicates a return to a 10% tariff status, suggesting that the U.S. did not achieve its objectives in the trade war [3][5]. - China's countermeasures included imposing a 125% tariff on U.S. products, effectively barring them from the Chinese market, which forced the U.S. to retract its additional tariffs announced on April 2 [3][5]. Group 3: Global Trade Implications - China's successful pushback against U.S. tariffs is seen as a model for other trade partners, potentially encouraging them to adopt a firmer stance against U.S. trade policies [5]. - The U.S. stock market has shown noticeable changes following the trade talks, reflecting a shift in investor confidence due to the negotiations between the U.S. and China [5]. Group 4: Internal U.S. Consequences - The trade war has led to rising prices in the U.S., negatively impacting Republican support ahead of the 2026 midterm elections, prompting a shift in U.S. policy [8]. - Taiwan's attempts to appease the U.S. through concessions have backfired, as the U.S. has not provided the expected support, instead exploiting Taiwan's reliance on American backing [8].

Group 1 - The S&P 500 index decreased by 0.09%, the Dow Jones Industrial Average fell by 209 points or 0.47%, and the Nasdaq dropped by 0.04% [1] - The Pakistani Ministry of Finance expressed optimism regarding the potential outcomes of trade negotiations with the United States [1]

Group 1 - The euro has depreciated over 0.6% against the US dollar, currently at 1.1594 [1] - US President Trump stated that progress has been made in trade negotiations with the EU, but the US has already established tariff letters [1] - During a meeting with UK Prime Minister Starmer, the US and UK will enhance their trade agreement [1]

Group 1 - The core viewpoint is that the European Union is currently negotiating trade issues with the United States, while South Korea is also seeking to reach an agreement with the U.S. [1]

Report Industry Investment Rating - Not provided Core Viewpoints - Amid geopolitical conflicts and tariff fluctuations, trading is challenging, and it's recommended to participate with a light position or stay on the sidelines [2] - The short - term market may rebound, and risk - takers can consider partial profit - taking when the price surges today. For long - term strategies, take profits when the price rises and wait for the price to stabilize after a pullback before determining the next direction [1][3] Summary by Related Contents Shipping Market Information - On July 7, the Shanghai Export Container Settlement Freight Index (SCFIS) for European routes was 2258.04 points, up 6.3% from the previous period; for the US West routes, it was 1557.77 points, down 3.8% from the previous period. On July 4, the Ningbo Export Container Freight Index (NCFI) composite index was 1285.2 points, down 7.92% from the previous period [1] - On July 4, the Shanghai Export Container Freight Index (SCFI) was 1763.49 points, down 98.02 points from the previous period. The SCFI European line price was 2101 USD/TEU, up 3.50% from the previous period; the US West route was 2089 USD/FEU, down 18.97% from the previous period [1] - The China Export Container Freight Index (CCFI) composite index on July 4 was 1342.99 points, down 1.9% from the previous period; the European route was 1694.30 points, up 3.3% from the previous period; the US West route was 1084.28 points, down 10.5% from the previous period [1] Market News - The Trump administration has continued to impose tariffs on multiple countries, mainly in Southeast Asia, and postponed the tariff negotiation date to August 1. Some shipping companies have announced price increases, and the spot market has a small price increase to test the market [2] - China and the US are expected to hold consultations on trade issues next month. Houthi has stated that it will attack Israeli ships, and the cease - fire negotiation in Gaza is ongoing, with the market full of mixed long and short information [2] Market Data - On July 9, the main contract 2508 closed at 2012.5, up 1.69%. The trading volume was 25,400 lots, and the open interest was 31,300 lots, a decrease of 3709 lots from the previous day [2] Strategy Recommendations - Short - term strategy: The short - term market may rebound. Risk - takers were recommended to go long on the 2510 contract at below 1300 (with a profit margin of over 100 points). Consider partial profit - taking when the price surges today. For the EC2512 contract, go short lightly above 1650 and set stop - loss and take - profit levels [3] - Arbitrage strategy: Due to the volatile international situation, it's recommended to stay on the sidelines for now [3] - Long - term strategy: For each contract, take profits when the price rises, wait for the price to stabilize after a pullback, and then determine the subsequent direction [3] Contract Adjustments - The daily limit for contracts 2506 - 2604 is adjusted to 16% [3] - The company's margin for contracts 2506 - 2604 is adjusted to 26% [3] - The daily opening limit for all contracts from 2506 - 2604 is 100 lots [3]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Although the US restarts the tariff war, the market has become somewhat insensitive after previous fluctuations in the trade situation. With the release of semi - annual performance forecasts of listed companies, the market is optimistic about their H1 earnings. A series of pro - growth policies are taking effect, and the market expects positive Q2 economic data. The fundamental recovery supports the stock market, and with the approaching July Politburo meeting, market bulls may pre - arrange, pushing the stock market up. It is recommended to make light - position purchases on dips [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Contract Prices**: IF, IH, IC, and IM main and secondary contracts all declined. For example, the IF main contract (2509) was at 3952.8, down 6.4; the IH main contract (2509) was at 2724.0, down 4.8; the IC main contract (2509) was at 5823.4, down 24.6; the IM main contract (2509) was at 6214.0, down 12.2 [2] - **Futures Spreads**: Most of the spreads between different contracts declined, such as the IF - IH monthly contract spread was 1247.2, down 2.2; the IC - IF monthly contract spread was 1953.0, down 22.6 [2] - **Futures - Spot Basis**: The basis of IF and IH main contracts increased, while that of IC and IM main contracts decreased. For example, the IF main contract basis was - 38.6, up 1.3; the IC main contract basis was - 130.1, down 10.3 [2] - **Futures Positions**: The net positions of the top 20 in IF, IH, IC, and IM all decreased. For example, the IF top 20 net position was - 27,895.00, down 1197.0 [2] 3.2 Spot Market - **Stock Indexes**: The Shanghai Composite Index fell 0.13%, the Shenzhen Component Index fell 0.06%, and the ChiNext Index rose 0.16%. The CSI 300 was at 3991.40, down 7.1; the SSE 50 was at 2739.92, down 7.3; the CSI 500 was at 5953.49, down 24.3; the CSI 1000 was at 6390.47, down 17.2 [2] - **Market Sentiment Indicators**: A - share trading volume was 15,274.20 billion yuan, up 528.08 billion yuan; margin trading balance was 18,649.31 billion yuan, up 55.51 billion yuan; north - bound trading volume was 1676.66 billion yuan, up 309.01 billion yuan [2] 3.3 Industry News - **US Trade Policy**: Trump announced that tariffs would start on August 1, 2025, and plans to impose tariffs on specific industries including pharmaceuticals, semiconductors, and metals. Each BRICS member will soon be subject to a 10% tariff [2] - **US - China Trade Talks**: The US delegation is expected to meet with Chinese officials next month to discuss trade issues [2] - **China's Economic Data**: In June, China's CPI rose 0.1% year - on - year (from a 0.1% decline in the previous period), and fell 0.1% month - on - month (from a 0.2% decline in the previous period); PPI fell 3.6% year - on - year (from a 3.3% decline in the previous period), and fell 0.4% month - on - month (same as the previous period) [2] 3.4 Key Events to Watch - The Fed's monetary policy meeting minutes on July 10 at 2:00 and China's June financial data (to be determined) [3]

Economic Overview - During the 14th Five-Year Plan period, China's economic total has successively surpassed 110 trillion, 120 trillion, and 130 trillion yuan, with an expected reach of approximately 140 trillion yuan this year [1] - In June, the consumer price index increased by 0.1% year-on-year, while the producer price index for industrial producers decreased by 3.6% year-on-year [2] Trade and Regulatory Developments - The Ministry of Commerce has included eight entities from Taiwan, including Hanxiang Aerospace Industrial Co., Ltd., in the export control list [3] - According to reports, the U.S. Commerce Secretary indicated that a U.S. delegation is expected to meet with Chinese officials next month to discuss trade issues [4] Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.29%, the Shenzhen Component Index increased by 0.36%, and the ChiNext Index gained 0.8%. In contrast, the Hang Seng Index fell by 0.74%, and the Hang Seng Tech Index declined by 1.14% [5]