我查了下，美国和中国的关税战打了好几年。2018年特朗普对中国输美商品加征关税，当时覆盖了大约3700亿美元的商品（数据来源：美国贸易代 表办公室 2019）。中国也反手对美国的大豆、汽车、化工品征税，直接打到农业州。到2020年，双方达成所谓第一阶段协议，但关税并没有全面撤 回。换句话说，这个包袱一直压在美国企业和消费者头上。 美国人自己受的伤不小。根据彼得森国际经济研究所的数据，到2023年，美国进口商和消费者为这些关税额外多付了大约1560亿美元（数据来源： PIIE 2023）。我想象一下，美国的中小企业每天算账，本来利润就薄，结果进货成本直线上升。特朗普嘴上喊赢了，实际上企业主在背后直摇头。 再看特朗普最近的表现，就很明显。他本来想拿关税继续当选举筹码，但问题是，他要么加不动了，要么担心反噬太大。拜登虽然也没完全撤关 税，但至少在一些领域释放了信号，比如对电动车和清洁能源设备的进口做豁免调整（数据来源：美国商务部 2024）。特朗普再想一刀切，可能自 己先被割伤。 与此巴西和印度的态度也变了。巴西总统卢拉公开批评美国在全球贸易中搞霸权，强调要扩大和中国的农产品合作（数据来源：路透社 2023）。印 ...

Core Points - Mozambique government signed a strategic cooperation agreement worth $20 billion with Qatar-based Al Mansour Holding to promote development in key economic and social sectors [1] - The agreement covers multiple sectors including agriculture, livestock, fisheries, oil and gas, renewable energy, infrastructure, logistics, social housing, and healthcare [1] - Investments will also be made in tourism and social sectors, including the construction of schools, hotels, resorts, and sustainable coastal projects [1] Group 1 - The agreement emphasizes the partnership spirit and historical significance of cooperation between Mozambique and Qatar [1] - Sheikh Mansour Bin Jabor Bin Jassim Al Thani highlighted the importance of transforming natural resources and talent into development engines for future generations [1] - The focus of the development is on creating jobs, empowering youth, and enhancing community cohesion rather than short-term profits [1] Group 2 - The collaboration is framed as a community effort, calling for Africa and the Middle East to work together towards innovation and shared prosperity [1]

Group 1: Economic Development - Pingtan Town aims for high-quality development with a focus on green and low-carbon transformation, urban quality improvement, and rural revitalization, achieving a GDP growth of 6.6% in the first half of the year [1][4] - The industrial economy serves as the main growth engine, with industrial output value reaching 5.957 billion yuan, an increase of 11.4%, and industrial added value growing by 12.0% [4] - Tax revenue increased by 33.9%, amounting to approximately 181 million yuan, providing solid support for regional development [4] Group 2: Urban Quality Improvement - Pingtan Town is enhancing urban quality by establishing a development framework and creating a demonstration route of 8.3 kilometers that integrates tourism and leisure [5][6] - The town has collaborated with central enterprises on seven projects worth approximately 21.948 million yuan, focusing on environmental improvement and public service facilities [6] Group 3: Social Welfare and Livelihood - The town prioritizes social services, improving infrastructure and addressing issues like street vendor management, with 140 new parking spaces created [7] - A total of 8.37 million yuan has been distributed in various forms of financial aid, and community activities have been organized to enhance the quality of life for residents [7] Group 4: Rural Revitalization - Pingtan Town is advancing rural revitalization through initiatives like the "Pingtan Cup" dragon boat competition, which attracted 27 teams and boosted local tourism [10] - Agricultural production has been supported with subsidies totaling 3.322 million yuan, leading to a total agricultural output value of 551 million yuan, a 3.2% increase [10][11] Group 5: Environmental Improvement - Continuous efforts in rural environmental management have led to a 93% sewage treatment rate and a 100% rate for waste disposal and sanitation [7][11] - The air quality in the town has reached a 96.6% good rate, indicating significant progress in environmental standards [11]

Core Viewpoint - The company has entered into a strategic cooperation agreement with Bentley Huajun (Hainan) Food Co., Ltd. to explore potential business collaboration in product sales and marketing in mainland China and Hong Kong [1] Group 1: Strategic Cooperation Agreement - The agreement includes the establishment of a subsidiary, China Bentley Investment Co., Ltd., to jointly develop the Chinese sauce-flavored liquor market with Bentley Huajun [1] - Bentley Huajun will primarily focus on investments in wine, healthcare, artificial intelligence, high-tech agriculture, and supply chain, while the company will handle brand promotion and marketing for the liquor business [1] - Specific details and terms of the business development are pending further negotiation between the parties [1] Group 2: Business Expansion and Synergy - The company is actively seeking joint ventures, business collaborations, and investment opportunities in the Greater Bay Area [1] - The board views the strategic cooperation as a valuable opportunity to expand revenue sources by broadening the business scope [1] - The collaboration aims to leverage Bentley Huajun's expertise in business and sales with the company's marketing services to create synergies for promoting and developing the business in the Chinese market [1]

Group 1 - The company plans to register and issue medium-term notes not exceeding 1.5 billion yuan to optimize its debt structure and broaden financing channels [1][2] - The issuance will be conducted in installments, with the specific registration scale determined by the approval from the China Interbank Market Dealers Association [1] - The board of directors has proposed to the shareholders' meeting to authorize the board to handle all matters related to the issuance, including determining the issuance plan, hiring intermediaries, and signing relevant contracts [1][2] Group 2 - The board of directors approved the proposal for the medium-term note issuance during a meeting on August 26, 2025, but it still requires approval from the shareholders' meeting [2] - The issuance is subject to approval from the China Interbank Market Dealers Association, and the company will disclose relevant information regarding the issuance process [2]

Group 1: Asset-Backed Securities (ABS) Market - In July 2025, the Asset-Backed Securities (ABS) market saw 153 new registrations with a total scale of 1440.49 billion yuan [1] - The top three ABS underlying assets by registration scale were financing lease receivables (313.66 billion yuan), accounts receivable (309.34 billion yuan), and small loan receivables (247.95 billion yuan) [1] - Six ABS registrations were related to infrastructure public REITs, amounting to 147.33 billion yuan [1] Group 2: Digital Printing Market - In the first half of 2025, China's digital industrial printer market generated revenue of 39.4 billion yuan, marking a year-on-year growth of 10.7% [2] - The large-format digital printing machine market experienced a decline of 2.8%, while the industrial digital textile printing machine market surged by 76.6% [2] - The digital packaging and labeling printing machine market saw a year-on-year increase of 9.3% [2] Group 3: Digital Publishing Industry - The digital publishing industry in China reached a record high revenue of 17,485.36 billion yuan in 2024, reflecting an 8.07% increase from the previous year [2] - The digitalization of books and periodicals showed steady growth, with significant revenue increases in online gaming, online education, and online animation sectors [2] Group 4: Insurance Sector - China Life Insurance reported a net profit of 40.931 billion yuan for the first half of 2025, representing a year-on-year growth of 6.9% [3] - The company's total revenue for the same period was 239.235 billion yuan, up by 2.1% year-on-year [3] - A cash dividend of 0.238 yuan per share (including tax) is proposed for all shareholders [3] Group 5: E-commerce and Food Delivery - Meituan's second-quarter revenue reached 91.84 billion yuan, showing an 11.7% year-on-year increase [4] - The adjusted net profit for the quarter was 1.49 billion yuan, down 89% year-on-year [4] - The core local business segment's revenue grew by 7.7% to 65.3 billion yuan, but operating profit fell significantly due to irrational competition [4] Group 6: Real Estate Investment Trusts (REITs) - JD Group plans to establish a REIT in Singapore with an asset value exceeding 1 billion USD, expected to be listed on the Singapore Exchange by next year [4] Group 7: Food Industry - Youyou Foods reported a net profit of 108 million yuan for the first half of 2025, a year-on-year increase of 42.47% [5] - The company's revenue for the same period was 771 million yuan, up by 45.59% [5] - A cash dividend of 2.3 yuan per 10 shares (including tax) is proposed for shareholders [5] Group 8: Technology Sector - Huasen Technology achieved a net profit of 1.889 billion yuan in the first half of 2025, reflecting a 46.3% year-on-year increase [6] - The company's revenue surged by 113.06% to 83.939 billion yuan [6] - Puxin Technology reported a net profit of 1.055 billion yuan, up 23.03% year-on-year [7] Group 9: Market Overview - The Shanghai Composite Index fell by 1.76% amid a market downturn, with over 4,700 stocks declining [8] - The total trading volume for the day reached 3.17 trillion yuan, an increase of 486.5 billion yuan from the previous trading day [8] - Key sectors showing strength included computing power and chip stocks, while real estate and consumer goods sectors faced declines [8]

1. Report Industry Investment Ratings - Cotton: Neutral [3] - Sugar: Neutral [6] - Pulp: Neutral [9] 2. Core Views - Cotton: The USDA in August significantly adjusted global cotton production and ending stocks, shifting the supply - demand pattern from loose to tight. However, the production adjustments for some countries may not be sufficient, and the realization of the production cut expectation is uncertain. In China, the commercial cotton inventory is at a historical low, and the new cotton is expected to increase in production. The quota policy has a limited impact on the market [2]. - Sugar: The estimated sugar production in Brazil's central - southern region has been lowered, which limits the decline of raw sugar prices. But Brazil is in the peak crushing season, and the northern hemisphere has an increasing production expectation. In China, the import volume is expected to increase, putting pressure on sugar prices [5][6]. - Pulp: In the first half of 2025, the import volume of wood pulp increased. There will be more pulp production capacity put into operation in the second half of the year. The port inventory is high, and the demand is weak. The overall pulp market lacks positive drivers [8]. 3. Summary by Related Catalogs Cotton Market News and Important Data - Futures: The closing price of the cotton 2601 contract was 14,100 yuan/ton, down 20 yuan/ton (-0.14%) from the previous day [1]. - Spot: The Xinjiang arrival price of 3128B cotton was 15,235 yuan/ton, up 135 yuan/ton; the national average price was 15,334 yuan/ton, up 99 yuan/ton [1]. - Market Information: As of the week ending August 23, Brazil's cotton harvest progress was 60.3%, 11.4 percentage points higher than the previous week but 15.8% slower than the same period last year. As of August 25, India's weekly cotton market volume was 0.8 million tons, a 20% year - on - year decline [1]. Market Analysis - International: The USDA adjusted the global cotton balance sheet, but the production adjustment for some countries may not be in place, and the realization of the production cut expectation is uncertain. The US cotton balance sheet is expected to improve, supporting international cotton prices [2]. - Domestic: The "anti - involution" is over, and the Sino - US tariff truce is extended. The commercial cotton inventory is at a historical low, supporting cotton prices. The sliding - scale quota policy has limited impact on the market. The new cotton is expected to increase in production, and there will be hedging pressure during the new cotton listing period [2]. Strategy - Be neutral. Pay attention to the peak - season demand. If the demand improves, cotton prices may be strong before the new cotton is listed; otherwise, there will be pressure during the listing period [3]. Sugar Market News and Important Data - Futures: The closing price of the sugar 2601 contract was 5,632 yuan/ton, down 56 yuan/ton (-0.98%) from the previous day [4]. - Spot: The spot price of sugar in Nanning, Guangxi was 5,950 yuan/ton, down 20 yuan/ton; in Kunming, Yunnan it was 5,860 yuan/ton, unchanged [4]. - Market Information: Conab predicted that Brazil's 2025/26 sugarcane production would be 668.8 million tons, a 1.2% year - on - year decrease. The harvest area increased by 1%, but the yield per unit decreased by 2.1% [4]. Market Analysis - International: The estimated sugar production in Brazil's central - southern region has been lowered, limiting the decline of raw sugar prices. Brazil is in the peak crushing season, and the northern hemisphere has an increasing production expectation, so raw sugar prices are expected to fluctuate [5]. - Domestic: The profit of out - of - quota sugar imports has been high for months, and the import volume in July increased significantly. The import supply in August - September is expected to increase, putting pressure on sugar prices [6]. Strategy - Be neutral. The negative impact of import expectations has been reflected in the market. Sugar prices are expected to fluctuate in the short term. In the medium term, due to low inventory and late - growing sugarcane, there may be a price increase in the fourth quarter [6]. Pulp Market News and Important Data - Futures: The closing price of the pulp 2511 contract was 5,070 yuan/ton, down 66 yuan/ton (-1.29%) from the previous day [7]. - Spot: The spot price of Chilean Silver Star softwood pulp in Shandong was 5,790 yuan/ton, unchanged; the price of Russian softwood pulp was 5,110 yuan/ton, down 40 yuan/ton [7]. - Market Information: The import wood pulp spot market had individual price fluctuations. The trading volume of imported softwood pulp did not improve significantly, and the cost was under pressure. Some prices of imported hardwood pulp increased, while the supply and demand of imported natural pulp and chemical mechanical pulp were weak [7]. Market Analysis - Supply: In the first half of 2025, the import volume of wood pulp increased, and more pulp production capacity will be put into operation in the second half of the year. The port inventory is high, and the supply pressure remains, with hardwood pulp being more abundant than softwood pulp [8]. - Demand: The pulp consumption in Europe and the US is weak, and the inventory pressure of global pulp mills is increasing. The domestic demand is weak, the finished paper inventory is high, and the paper mills' raw material procurement is cautious. The terminal demand improvement in the second half of the year is limited [8]. Strategy - Be neutral. The pulp market fundamentals have not improved significantly, and pulp prices are expected to continue to fluctuate at a low level in the short term [9].

中新网江西崇仁8月27日电(巫发阳 杨文辉)初秋时节，走进江西抚州市崇仁县三山乡，云雾缭绕，绿意 盎然，全国农村青年致富带头人、乡友聂国军带领村民穿梭在林间查看灵芝生长情况。 "瞧，这品相，就是咱罗山的'黑金子'。"灵芝基地负责人聂国军笑着说，灵芝种植过程中不施化肥不喷 农药，所以品质优良、绿色生态，药材质量有保障。 图为崇仁县三山乡灵芝种植基地内的灵芝。崇仁县委统战部供图 如何驯化野生灵芝？聂国军远赴福建、安徽拜师学艺，潜心钻研菌种技术，并系统学习中医药知识，经 过多年的试验、观察，终于成功摸索出灵芝林下栽培技术，栽培出来的灵芝畅销日韩等国际市场。 产业兴、百姓富，蓬勃发展的灵芝种植产业不仅成为乡村振兴新亮点，也成为当地村民增收的"金饭 碗"，靠的是"公司+合作社+基地+农户"四方联动运营机制。 "以前在外打工，顾不了家，现在回村种灵芝，一年能赚3万元，包技术、包销路，在家门口就把钱挣 了。"合作社社员老张笑得合不拢嘴。 如今，聂国军不仅完成了让5000亩山林"点绿成金"的"仙草梦"，也带领当地村民走出了一条"地生金、 勤致富"的乡村振兴新路径。据了解，在聂国军的影响下，崇仁县野生灵芝原产基地种植面积超11 ...

Economic Overview - Cameroon, often referred to as "Africa in miniature," faces significant challenges in economic and social development due to international instability and terrorism threats [1] - The country has a diverse geography and rich natural resources, with a land area of over 470,000 square kilometers and a population exceeding 28 million [2] - Cameroon is known as the "granary of Central Africa," with fertile lands and a variety of agricultural products, including rubber, bananas, and palm oil [2] Resource Potential - The forest area in Cameroon covers 22.5 million hectares, accounting for approximately 46.3% of the country's land, with a timber reserve of 4 billion cubic meters [2] - The country has abundant water resources, with hydropower potential representing 3% of the world's total [3] - Major ports, such as Douala and Kribi, facilitate trade for neighboring landlocked countries [3] Historical Context - Cameroon has a complex colonial history that has led to divisions between English-speaking and French-speaking regions, resulting in ongoing social and political tensions [4] - The English-speaking regions, which make up about 20% of the population, have experienced significant unrest and conflict since 2017, leading to thousands of deaths and displacements [4] Economic Challenges - The rise of extremist groups like Boko Haram has severely impacted local communities and hindered development [5] - Fluctuations in international oil and gas prices have adversely affected Cameroon’s economy, with crude oil export revenues decreasing by 25.6% and liquefied natural gas revenues down by 33.3% year-on-year [5] Government Initiatives - The Cameroonian government is actively seeking economic transformation through a national development strategy for 2020-2030, focusing on manufacturing and agricultural modernization [6] - Key industrial projects are planned, including mining, aluminum production, and fertilizer manufacturing, to drive economic growth [6] - Infrastructure projects, such as the Kribi deep-water port expansion, aim to enhance the country's economic structure and facilitate the processing and export of raw materials [6] Political Landscape - The upcoming presidential election in October 2025 is anticipated to influence the political stability and economic trajectory of Cameroon, with the current president, Paul Biya, announcing his candidacy [7]

每日市场观察 2025 年 8 月 27 日 【今日关注】 周二指数互有涨跌，成交额 2.71 万亿，比上一交易日减少约 4,700 亿。 行业涨跌各半，农业、化工、传媒等行业涨幅居前，医药、非银、钢铁、 军工、通信等行业跌幅居前。 中国 ETF 规模正式进入 5 万亿时代。最新数据显示，国内 ETF 规模达 到 5.07 万亿元，仅用 4 个月就完成了 4 万亿到 5 万亿的跨越，当前 ETF 基金数量为 1271 只。全市场 101 只 ETF 规模超百亿，6 只超千亿。 周二指数缩量调整，但幅度不大。从全天分时图看，盘中调整中有主动 性承接，但主动上推的力量有所弱化，在短期快速上涨获利盘较多情况 下，此种市场表现当属正常。行业方面，前期涨幅较大的创新药、军工、 半导体跌幅相对较大，主要系获利盘短期了结所致，但并未显示恐慌情 绪。农业、传媒、化工以及消费电子上涨具有低位补涨性质，虽然如此， 科技主线由于前期巨大的赚钱效应，尚不能断定市场主线会就此切换。 市场资金仍然充裕，需注意到近日人民币的表现强势，继续有助于外部 资金流向中国资产。 鉴于此前较大涨幅，整体市场短线仍可能延续震荡整理，操作上需规避 追涨动 ...