Core Viewpoint - The article highlights the continuous efforts of Wujin District in Changzhou to optimize the business environment and stimulate market vitality through innovative reforms and initiatives aimed at high-quality development [1][5]. Group 1: Business Environment Initiatives - The establishment of the "Business Environment Experience Officer" system, which involves 14 professionals from various sectors to provide feedback on government services and policies, aims to create a collaborative business environment [1]. - The "One Town, One Product" initiative encourages towns to leverage their industrial characteristics for targeted development, addressing regional disparities and diverse business needs [2]. Group 2: Service Improvement Measures - The transition from "waiting for approval" to "proactive problem-solving" in government services is exemplified by the upgraded "Land Clearance List System," which has benefited companies like Jianshibo [3]. - The integration of resources for enterprises, including approvals, finance, and talent, provides a "one-stop" service for innovative companies [4]. Group 3: Technological Empowerment - The trial operation of intelligent customer service applications aims to enhance the level of service automation and efficiency [5]. - Continuous reforms and improvements in the business environment have led to high satisfaction rates among private enterprises, positioning Wujin as a leader in creating a market-oriented, law-based, and international business environment [5].

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]

据央视新闻，当地时间8月28日，欧盟委员会提出两项立法提案，为落实欧盟与美国关于关税的联合声明迈出关键一步。据称，这些措施旨在确保美国自8 月1日起对欧盟汽车行业实施的关税减让，并进一步推动跨大西洋贸易和投资关系的稳定与可预见性。 这两项提案是落实欧盟美国联合声明第一部分承诺的必要立法步骤。接下来，欧洲议会和欧盟理事会需通过普通立法程序批准，相关关税措施方可生效。 根据提案，欧盟将取消部分美国工业品关税，给予部分海产品和非敏感农产品优惠市场准入，并延长龙虾免关税待遇。与此同时，美国承诺将欧盟汽车及 零部件关税从27.5%降至15%，并自9月1日起对软木、飞机及零部件、仿制药及化学前体等若干产品实施零关税或近零关税。 ...

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]

美国与其他经济体达成贸易协议的内容与影响 ——当前经济与政策思考 证券研究报告/宏观专题报告 2025 年 08 月 28 日 分析师：杨畅 执业证书编号：S0740519090004 分析师：夏知非 执业证书编号：S0740523110007 Email：xiazf01@zts.com.cn 相关报告 请务必阅读正文之后的重要声明部分 报告摘要 近期美国与部分经济体先后达成贸易协议，基于白宫网站发布信息（6 月 17 日英国、 7 月 22 日印度尼西亚、7 月 23 日日本、8 月 21 日欧盟）以及特朗普与白宫官员面向 媒体发布（7 月 3 日越南、7 月 22 日菲律宾、7 月 30 日韩国、泰国、柬埔寨、巴基 斯坦）相关情况梳理（注意：发布情况均为贸易协定概要，最终协议仍待敲定后公布， 细节可能存在变化），涉及内容较多，大致可分为"贸易"与"产业"两大部分。"贸 易"部分又可划分为"对美出口"与"自美进口"两个维度。 以上协议内容所产生的影响并不局限美国与其他经济体之间，而在短期引发全球贸易 格局变形，在中期引发全球产业格局重塑。 风险提示：海外政策风险；地缘政治风险；研究报告中使用的公开资料可能存 ...

gtaxinstitute@essence.com.cn 2025年08月28日 【原油】 隔夜国际油价上行,布伦特10合约涨0.82%。上周美国EIA原油库存超预期下降239.2万桶,汽油及 精炼油库存也录得下降，体现夏季用油高峰尾声需求仍有韧性。布伦特临近70美元/桶已基本定价俄 鸟和谈僵局相关供应风险的利多影响，在地缘风险进一步发酵前原油或转为震荡走势，关注旺季因 素支撑过后原油的再次做空机会。 【责金属】 隔夜美元波动剧烈，贵金属高位震荡。本周特朗普罢免美联储官员加剧美联储独立性担忧冲击美元 信用,被解雇理事库克将提起诉讼。国际金银处于震荡趋势之中继续测试上方关键阻力，中期维持 回调买入多头思路。今日关注美国二季度GDP修正值和周度初请失业金数据。 【铜】 隔夜铜价走低，市场对经济表现仍偏谨慎，同时等待美国PCE指标，且关注特朗普与美联储独立性间 的博弈，美元指数波动快。国内现铜79585元，精铜消费受多省梳理再生铜补贴政策减停而受益， 现需要时间等待国内废铜报价的博弈调整。今日关注社库，整数关胆力强,高位空单持有。 【铝】 氧化铝运行产能处于历史高位，行业库存和上期所仓单均持续上升。供应过剩逐渐显现 ...

Core Insights - The article highlights that Australia has emerged as a significant beneficiary in the ongoing US-China trade war, as China has lifted trade barriers against Australian products, marking a shift in diplomatic relations [1][3][5]. Group 1: Trade Relations - After a period of strained relations, China has removed trade barriers on Australian products, including barley, wine, and beef, leading to a significant increase in exports [3][5]. - In 2023, the bilateral trade between China and Australia reached a record high of $210 billion, with South Australia’s exports to China increasing by 33% [5][11]. - Australia has not been affected by high tariffs from the US, with an average tariff of only 10%, the lowest among all trade partners, due to its critical role in the rare earth supply chain [7][9]. Group 2: Diplomatic Strategy - Australia has successfully navigated the US-China tensions by maintaining a balanced diplomatic approach, benefiting economically from China while ensuring security ties with the US [9][13]. - The strategy of not openly siding with China while still engaging in trade has allowed Australia to thrive amidst the geopolitical rivalry [9][15]. - The article suggests that Australia’s approach serves as a model for other countries, demonstrating the effectiveness of flexible diplomacy in a polarized global environment [15][19]. Group 3: Global Trade Dynamics - The ongoing US-China trade war has led to a reconfiguration of global supply chains, with Australia filling the void left by US products in the Chinese market [11][19]. - The World Trade Organization (WTO) has noted a trend towards regionalization, with third-party countries like Australia playing increasingly important roles in global trade [11][19]. - Australia’s experience reflects a broader shift among middle economies towards prioritizing multilateralism over binary alliances in the face of great power competition [15][17].

具有洞察力的投资观点分享，欢迎关注"睿知投资"，并设为"星标"！ 昨天A股迎来了近期最大的跌幅，就会有些人开始发文证明自己看空的正确性了。如果现在的行情都看不清，那真是难赚钱了。 大盘一路上涨，涨到这么高，出现一定幅度的回调也实属非常正常。而且往往在牛市才会比较常见急跌，熊市都是阴跌的，让你 在不知不觉中亏钱的。而牛市的每次大跌其实就是在洗盘，在释放短期的风险，之后该怎么涨还是会怎么涨的。 所以，在老股民眼中一直有一句话叫作"千金难买牛回头"。对于牛市的下跌，不能看成是风险，而应看成是机会，给没有上车或 是中途下车的人提供了新的买入机会。 而今天的行情看似凶险，其实也基本上市场常规操作。早盘高开后，开始跳水，之后就快速的拉起。最终三大指数都实现了大 涨。估计在中途跳水的过程中，有把很多人吓坏了，丢掉了筹码。等下午拉起来又后悔莫及。 今天全市共成交了约3万亿，较昨天稍有缩量，但仍是在3万亿的高位上，说明市场的交易活跃度依然非常高，市场保持强势的走 势。板块层面，上涨比较快是受政策利好的人工智能板块，股王寒武纪继续大涨15.73%，股价再次超过茅台。另外就是农产品和 军工板块表现也不错，都是处于上涨的态势。当然， ...

Core Insights - The ongoing US-China trade war is reshaping international dynamics, with Australia unexpectedly benefiting from the situation as China lifts trade barriers against it [1][3] - Australia has strategically improved its relationship with China under Prime Minister Albanese, resulting in significant economic opportunities [1][3] Trade Relations - China has terminated anti-dumping and countervailing duties on Australian barley and is set to remove similar measures on Australian wine, indicating a warming relationship [3] - In the past year, the bilateral trade volume between Australia and China reached $210 billion, with South Australia’s exports to China surging by 33% [3] Diplomatic Strategy - Australia has effectively leveraged the US-China tensions to enhance its market presence in China, filling the void left by reduced US imports [3] - The Albanese government has adopted an independent foreign policy, recognizing the importance of trade with China over reliance on the US, with Trade Minister Farrell stating that trade with China is ten times more important than trade with the US [5] Regional Cooperation - Australian states are actively pursuing closer cooperation with China, exemplified by Queensland's trade minister establishing an office in the Guangdong-Hong Kong-Macau Greater Bay Area [7] - Despite economic progress, Australia maintains close ties with the US on regional security issues, participating in joint military exercises with the Philippines, reflecting a balance between economic benefits and traditional alliances [7]

Report Industry Investment Ratings - Not provided in the content Core Views of the Report - In the financial futures market, the Fed's policy shows marginal loosening, and the dollar index is in a short - term shock pattern. The RMB exchange rate is expected to run below 7.20 in the short term. The stock index adjustment amplitude and duration are to be observed, the treasury bond may rebound further, and the container shipping index may continue to fall or shock, with the risk of low - level rebound for some contracts [1][2][3][4] - In the commodity market, precious metals are expected to be strong in the short - term; copper prices may continue to decline in the short - term; aluminum is expected to be strong in the short - term, while alumina is expected to be weak; zinc is in a short - term stalemate; nickel and stainless steel are expected to be strong; tin is slightly strong; lithium carbonate may have short - term rebound opportunities; industrial silicon and polysilicon are in a shock adjustment stage; lead is in a narrow - range shock; steel products are in a weak pattern; iron ore is expected to shock; coking coal and coke have price constraints; silicon iron and silicon manganese have supply pressure; crude oil is recommended to short at high prices; LPG is expected to be weak in the short - term; PTA - PX and MEG - bottle chips are affected by cost and sentiment; PP is in a short - term shock pattern; PE is recommended to buy at low prices; pure benzene and styrene are in a shock - falling pattern; fuel oil is under downward pressure; low - sulfur fuel oil is recommended to be long; asphalt is mainly affected by cost; rubber is expected to be in a range - shock pattern; urea is in a pattern with support and suppression; glass, soda ash, and caustic soda are expected to be weak [6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48][49][50][51][52][53][54] Summaries by Relevant Catalogs Financial Futures Macro - The Ministry of Commerce will introduce policies to expand service consumption in September, and service consumption may become a key area. Industrial enterprise profits are still in negative growth, and the overall domestic economic contradiction remains unchanged. The Fed's policy is marginally loosening, and the dollar index is in a short - term shock pattern [1] RMB Exchange Rate - The on - shore RMB against the US dollar closed down slightly. The Fed's policy and other factors affect the exchange rate. The short - term dollar - RMB spot exchange rate is expected to run below 7.20 [1][2] Stock Index - The stock index fell sharply, with increased trading volume. Due to profit - taking and policy expectations, the short - term adjustment may continue, but the amplitude and duration are to be observed [2][3] Treasury Bond - The treasury bond rebounded. The stock market's high - level adjustment may provide room for the treasury bond to rebound further [3] Container Shipping - The container shipping index futures prices fell. The current spot price situation and market sentiment are negative for the futures price, and there is a risk of low - level rebound for some contracts [3][4] Commodities Precious Metals (Gold & Silver) - The precious metals market was slightly strong. The market focuses on the Fed's interest - rate cut expectations and personnel adjustment. The short - term is expected to be strong, and it is recommended to buy on dips [6][7] Copper - The copper price fell slightly. The dollar index's rebound and demand factors put pressure on the copper price, and the short - term is expected to continue to decline [7][8][9] Aluminum Industry Chain - Aluminum is expected to be strong in the short - term due to policy and demand factors. Alumina is expected to be weak due to supply surplus. Cast aluminum alloy is expected to be strong due to cost support [9][10] Zinc - The zinc price was slightly up. The supply is in a surplus state, and the demand is stable. The short - term is expected to be in a shock pattern, and an internal - external arbitrage strategy can be considered [10][11][12] Nickel & Stainless Steel - The nickel price rose, and the stainless steel price fell slightly. The market is waiting for a clear signal, and the short - term is expected to be strong, with attention to new energy support [13] Tin - The tin price rose. The supply is relatively tight, and the demand is acceptable. The short - term is expected to be slightly strong [13][14] Lithium Carbonate - The lithium carbonate futures price fluctuated. The market is affected by "small essays", and the short - term may have a rebound opportunity, but the medium - long - term supply is still loose [15][16][17] Industrial Silicon & Polysilicon - The industrial silicon futures price was slightly up, and the polysilicon futures price fell. The market is affected by unverified news, and it is recommended to wait and see or trade with a shock strategy [17][18] Lead - The lead price fell slightly. The supply is weak, and the demand is in a "not - so - prosperous peak season" situation. The short - term is expected to be in a narrow - range shock pattern [19][20] Black Metals Rebar & Hot - Rolled Coil - The prices of rebar and hot - rolled coil continued to be weak. The supply increased, and the demand decreased. The market is affected by coal supply and steel mill production reduction [21][22] Iron Ore - The iron ore price was relatively stable. The previous premium was small, and the short - term price decline space is limited. It is expected to run in a shock pattern [22][23][24] Coking Coal & Coke - The coking coal price was in a shock pattern, and the coke price had a downward pressure. The market is affected by coal supply, steel mill production reduction, and downstream demand [25][26][27] Silicon Iron & Silicon Manganese - The supply of silicon iron and silicon manganese increased, and the demand was not significantly improved. The price is affected by coal price and market sentiment, and it is recommended to try long at the 60 - day moving average [27][28] Energy & Chemicals Crude Oil - The international crude oil market was highly volatile. The EIA data was positive, but the market lacked a one - way trend. The Chinese SC crude oil was weak, and it is recommended to short at high prices [29][30][31] LPG - The LPG price was in a shock pattern. The supply is loose, and the demand is stable. The short - term is expected to be weak [32][33] PTA - PX - The PX - TA prices fluctuated widely. The supply is affected by device news, and the demand is seasonally improved. It is recommended to short the processing fee at high prices and conduct a 1 - 5 reverse arbitrage [34][35][36] MEG - Bottle Chips - The ethylene glycol market had both supply and demand growth. The short - term is expected to be in a shock - strong pattern, and it is recommended to buy on dips [36][37][38] PP - The PP price was in a shock pattern. The supply is under pressure from new capacity, and the demand is gradually recovering. The short - term is expected to continue the shock pattern [38][39][40] PE - The PE price fell slightly. The supply growth is limited, and the demand is expected to increase. It is recommended to buy at low prices, but attention should be paid to the demand recovery [41][42][43] Pure Benzene & Styrene - The pure benzene and styrene prices fell. The supply and demand of pure benzene are in a complex situation, and the supply of styrene is expected to increase, with attention to the inventory and demand [44][45] Fuel Oil - The fuel oil price was under downward pressure. The supply is relatively loose, and the demand is acceptable. The market is affected by sanctions and inventory [46][47] Low - Sulfur Fuel Oil - The low - sulfur fuel oil price was in a shock pattern. The supply is expected to decline, and the demand is weak. The short - term is recommended to be long [47][48] Asphalt - The asphalt price was in a shock pattern. The supply is stable, and the demand is affected by weather and funds. The short - term is mainly affected by cost [48][49][50] Rubber & 20 - Number Rubber - The rubber price was in a shock pattern. The supply is affected by weather, and the demand is expected to be warm in the third quarter. The short - term is expected to be in a range - shock pattern [50][51][52] Urea - The urea price was in a pattern with support and suppression. The demand is affected by the military parade and export, and the short - term is expected to be in a shock pattern [53] Glass, Soda Ash, Caustic Soda - The soda ash price was in a weak pattern. The supply is strong, and the demand is weak. The market is affected by inventory and cost [53][54]