Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - China announces new climate targets, aiming to reduce greenhouse gas net emissions by 7% - 10% from the peak by 2035, increase non - fossil energy consumption to over 30%, and achieve other goals [2] - Six departments jointly issue a work plan for the building materials industry, targeting green building materials revenue to exceed 300 billion yuan in 2026 [2] - The US and the EU finalize a tariff agreement, with a 15% tariff on EU cars and parts from August 1st and some EU products on the tariff exemption list from September 1st [2] - Zhengshang Institute and Shangqi Institute adjust trading margin standards and price limit ranges for multiple futures contracts from September 29th [3] 3. Summaries by Related Catalogs Hot News - China's new climate targets include reducing greenhouse gas emissions, increasing non - fossil energy use, and more by 2035 [2] - The building materials industry work plan aims to boost green building materials revenue and control traditional capacity [2] - The US - EU tariff agreement involves tariffs and exemptions on various products [2] - Futures exchanges adjust trading margins and price limits for multiple contracts [3] Key Focus - Focus on commodities such as urea, Shanghai copper, polysilicon, crude oil, and PP [4] Night - session Performance - Different commodity futures sectors show various night - session performance, with precious metals up 33.25%, non - metallic building materials up 2.66%, etc. [4] Plate Holdings - The chart shows the changes in commodity futures plate holdings in the past five days [5] Major Asset Performance - Different asset classes have different daily, monthly, and annual returns. For example, the Shanghai Composite Index has a daily increase of 0.83%, an annual increase of 14.97%, etc. [7] Main Commodity Trends - The report presents the trends of major commodities through various charts, including the BDI index, WTI crude oil, London spot gold, etc. [9]

Group 1 - The European Commission proposed two legislative measures on August 28 to implement the joint statement on tariffs between the EU and the US, marking a significant step forward [2] - The measures aim to ensure the reduction of tariffs on the EU automotive industry by the US, effective from August 1, and to further stabilize and enhance transatlantic trade and investment relations [2] - The EU will eliminate certain tariffs on US industrial products, provide preferential market access for some seafood and non-sensitive agricultural products, and extend the zero-tariff treatment for shrimp [2] Group 2 - The US has committed to reducing tariffs on EU automobiles and parts from 27.5% to 15%, and will implement zero or near-zero tariffs on several products, including softwood, aircraft and parts, generics, and chemical precursors starting September 1 [2] - These proposals are necessary legislative steps to fulfill the commitments outlined in the first part of the EU-US joint statement, pending approval from the European Parliament and the EU Council through the ordinary legislative procedure for the tariff measures to take effect [2]

Group 1 - The European Commission proposed two legislative measures on August 28 to implement the joint statement on tariffs between the EU and the US, marking a significant step forward [1] - The measures aim to ensure the reduction of tariffs on the EU automotive industry by the US, effective from August 1, and to further promote stability and predictability in transatlantic trade and investment relations [1] - The EU will eliminate some tariffs on US industrial products, provide preferential market access for certain seafood and non-sensitive agricultural products, and extend zero-tariff treatment for shrimp [1] Group 2 - The US has committed to reducing tariffs on EU automobiles and parts from 27.5% to 15%, and will implement zero or near-zero tariffs on several products, including softwood, aircraft and parts, generics, and chemical precursors starting September 1 [1] - These proposals are necessary legislative steps to fulfill the first part of the commitments outlined in the EU-US joint statement, requiring approval from the European Parliament and the EU Council through the ordinary legislative procedure for the tariff measures to take effect [1]

Group 1 - The U.S. is conducting a significant tariff investigation on imported furniture, with potential tariffs to be determined within 50 days [1] - Following the announcement, stock prices of several U.S. furniture retailers dropped significantly, with Wayfair down 10%, RH down 9.9%, and Williams-Sonoma down 6.7%, while La-Z-Boy, which primarily produces furniture in North America, saw a 3% increase [2] - The investigation is part of a broader inquiry under Section 232 of the Trade Expansion Act, which allows tariffs on goods deemed critical to national security, with results expected within 270 days from the start date of March 10 [5] Group 2 - The Trump administration has also initiated a national security investigation into wind energy imports, reflecting ongoing scrutiny of various industries including steel, aluminum, copper, and automobiles [6]

Group 1: Gold Market - The Shanghai gold futures price is reported at 775.04 CNY per gram, with a decline of 0.14% [1] - The opening price for the day was 776.0 CNY per gram, with a high of 777.22 CNY and a low of 774.76 CNY [1] - Market risk appetite remains high, suggesting short-term fluctuations in gold prices, but potential interest rate cuts in September may provide support for gold prices [2] Group 2: Silver Market - Silver prices are expected to experience short-term range fluctuations, but the medium-term outlook will be driven by fundamental factors [3] Group 3: Macro Economic Developments - The U.S. Department of Justice plans to investigate Federal Reserve Governor Lisa Cook, with a senior official urging Fed Chair Powell to remove her from the board [1] - Cleveland Fed President Loretta Mester does not support interest rate cuts if the Fed is to make a policy decision imminently [1] - According to CME's FedWatch, there is a 25% probability that the Fed will maintain interest rates in September, with a 75% probability of a 25 basis point cut [1] - The Jackson Hole global central bank conference is drawing attention, with Fed Chair Powell scheduled to deliver a keynote speech, which investors are eagerly awaiting for clues on interest rate direction [1] Group 4: U.S.-EU Trade Agreement - The U.S. and EU have reached a consensus on a trade agreement framework, which includes 19 key points covering various sectors such as agricultural products, automobiles, and semiconductors [2] - The framework specifies that the U.S. will apply the most favored nation (MFN) tariff or a 15% reciprocal tariff on EU-origin goods, with certain products facing MFN tariffs starting September 1, 2025 [2] - The agreement aims to reduce the current 27.5% tariff on automobiles and parts to a maximum of 15%, alleviating pressure on the European automotive industry [2]

Core Points - The United States and the European Union have reached an agreement on a trade framework covering various sectors including agriculture, automobiles, aircraft, semiconductors, energy, and digital trade barriers [1][2][5] Group 1: Tariff Changes - The EU will eliminate tariffs on all U.S. industrial products and provide preferential market access for U.S. agricultural products, including nuts, dairy, and processed fruits and vegetables [2] - The U.S. will apply the higher of the Most Favored Nation (MFN) tariff rate or a 15% tariff rate on most EU goods, effective from September 1, 2025, for certain products [3][4] Group 2: Energy and Technology Procurement - The EU plans to purchase U.S. energy products, including liquefied natural gas and oil, with expected purchases reaching $750 billion by 2028 [5] - The EU will also commit to acquiring at least $40 billion worth of U.S. artificial intelligence chips for data center construction in Europe [5] Group 3: Future Negotiations - The EU and the U.S. will continue discussions on further tariff reductions following intensive negotiations led by trade officials from both sides [6]

Core Viewpoint - The article discusses the recent trade agreement framework reached between the United States and the European Union, highlighting key areas of cooperation and tariff adjustments across various sectors [3]. Group 1: Trade Agreement Framework - The trade agreement framework includes 19 key points covering agricultural products, automobiles, aircraft, semiconductor chips, energy, EU investments in the US, environmental regulations, cybersecurity agreements, and digital trade barriers [3]. - The EU will eliminate tariffs on all US industrial products and provide preferential market access for various US agricultural products, including nuts, dairy, fresh and processed fruits and vegetables, processed foods, seeds, soybean oil, and meat products [4]. - The EU will extend the terms regarding lobster from the 2020 agreement, which was set to expire in July 2025, and expand the product range to include processed lobster [4]. Group 2: Tariff Adjustments - The US will apply the higher of the Most Favored Nation (MFN) tariff rate or a 15% tariff rate on most EU goods, which includes automobiles, pharmaceuticals, semiconductor chips, and timber [5][6]. - Starting September 1, 2025, the US will only apply MFN tariffs to certain products from the EU, including non-renewable natural resources, all aircraft and aircraft parts, generic drugs, and their raw materials [6]. Group 3: Energy and Investment Commitments - The EU plans to purchase US energy products, including liquefied natural gas, oil, and nuclear products, with expected purchases reaching $750 billion by 2028 [7]. - The EU commits to acquiring at least $40 billion worth of US artificial intelligence chips for the construction of data centers in Europe [7]. - European companies are expected to invest an additional $600 billion in strategic sectors in the US by 2028 [7]. Group 4: Future Cooperation - The EU will continue discussions with the US to negotiate further tariff reductions and identify additional areas for cooperation [9]. - The European Commission will initiate the implementation of the agreement's main content with the support of EU member states and the European Parliament [9].

Core Viewpoint - The United States and the European Union have reached an agreement on a trade framework that includes various sectors such as agriculture, industrial products, and energy, aiming to enhance trade relations and reduce tariffs [1][10]. Group 1: Trade Agreement Details - The trade agreement framework consists of 19 key points covering agricultural products, automobiles, aircraft, semiconductor chips, energy, EU investments in the US, environmental regulations, cybersecurity agreements, and digital trade barriers [1]. - The EU will eliminate tariffs on all US industrial products and provide preferential market access for US agricultural products, including nuts, dairy, fresh and processed fruits and vegetables, processed foods, seeds, soybean oil, and meat products [4][3]. - The US will apply either the most-favored-nation (MFN) tariff rate or a 15% tariff rate on EU-origin goods, with specific products like non-renewable natural resources, aircraft, pharmaceuticals, and chemicals being subject to MFN tariffs starting September 1, 2025 [6][5]. Group 2: Energy and Investment Commitments - The EU plans to purchase US energy products, including liquefied natural gas, oil, and nuclear products, with expected purchases reaching $750 billion by 2028 [8]. - The EU will also commit to acquiring at least $400 billion worth of US artificial intelligence chips for the construction of data centers in Europe [8]. - European companies are expected to invest an additional $600 billion in strategic sectors in the US by 2028 [8]. Group 3: Future Negotiations - The EU will continue discussions with the US to agree on further tariff reductions and identify additional areas for cooperation [10]. - The EU Commission will initiate the implementation of the agreement's main content with the support of EU member states and the European Parliament [10].

Core Points - The recent US-EU trade agreement has sparked public backlash in Europe, with the US imposing a 15% tariff on most EU products while the EU commits to significant purchases of US energy and military equipment [1][2] Group 1: Agreement Details - The agreement reached on July 27 includes a 15% tariff cap on EU goods, applicable to nearly all EU exports subject to reciprocal tariffs, with exceptions for certain products [5][6] - The US will maintain a 15% tariff cap on future tariffs for pharmaceuticals and semiconductors until a decision is made under Section 232 [5] - The EU plans to procure $750 billion (approximately €700 billion) worth of US liquefied natural gas, oil, and nuclear products over the next three years [6][10] Group 2: Legal and Political Implications - The agreement is described as a framework or political agreement, lacking legal binding force, which raises questions about the enforceability of commitments made [3][7] - The use of terms like "intends" and "interested" in the EU's commitments has led to skepticism regarding the actual execution of these promises [10] - The EU and US are expected to negotiate further to solidify the agreement, with a non-binding joint statement anticipated before August 1 [9][10] Group 3: Economic Context - In 2024, trade between the US and EU is projected to exceed €1.6 trillion, with daily exchanges of over €4.2 billion in goods and services [10] - The investment between US and EU companies reached €5.3 trillion in 2022, highlighting the significance of the economic relationship [10]

Group 1 - COMEX silver inventory recorded at 15,561.73 tons on July 25, an increase of 78.28 tons from the previous day [1][2] - COMEX silver price on July 25 closed at $38.33 per ounce, down 2.44%, with a daily high of $39.52 and a low of $38.10 [1] Group 2 - EU is focusing on negotiations with the US despite impending counter-tariff plans, indicating positive progress in trade discussions [3] - The US may impose a 15% baseline tariff on EU goods, significantly lower than the previously threatened 30%, while maintaining a 50% tariff on steel [3] - EU may consider reducing some tariffs, such as the current 10% on car imports, as part of a "tariff for tariff" strategy [3]