波黑国家台8月26日报道。波黑克族民主共同体（HDZ BiH）主席德拉甘·乔维奇与该党副主席达里亚娜· 菲利波维奇周二会见了波黑联邦农民联盟（SS）代表团。会议重点讨论了波黑联邦农业领域的现状， 特别关注法律框架与生产者扶持政策的实施情况。双方强调需加强联邦各州的农业咨询服务体系，改进 生产激励制度，并解决生产资料供应和本土农产品销售问题。 乔维奇强调，波黑克族民主共同体始终将农业视为战略性经济产业，将继续大力支持改善农业生产、提 高农民地位的相关倡议。他表示通过持续投入知识创新和现代化建设，能确保农业生产稳定性，为农民 提供安全保障，更能推动农村地区的全面进步。 会议最后，双方一致同意将继续通过扶持性政策和农业发展项目开展合作，鼓励青年在农业领域开拓就 业市场。（驻波黑使馆经商处） 会议重点讨论了波黑联邦2025年农业与农村发展现金补贴计划，以及农村发展与可持续回归项目的公开 招标情况。会议还提出需加大对新技术、数字化和青年农民扶持的投入，以确保农业生产可持续发展和 长期稳定。 ...

Group 1: Commodity Market Overview - On August 28, the domestic commodity futures market experienced more declines than gains, with the main contract for the European shipping index dropping over 3% [1] - The China Securities Commodity Futures Price Index closed at 1432.26 points, down 0.05% from the previous trading day [1] Group 2: Iron Ore and Corn Market - Iron ore saw a recovery with a 1.74% increase, driven by a rebound in domestic steel production, with net inflow of funds around 459 million yuan [2] - Corn prices stabilized due to tight supply and increasing demand expectations, with the main contract rising 1.20% for the third consecutive day [3] Group 3: Shipping and Egg Market - The European shipping index led the market decline with a 3.31% drop, attributed to seasonal pessimism and slow high-price order progress [4] - Egg prices continued to decline, with the main contract closing at 2930 yuan/ton, driven by sharp supply-demand contradictions and high inventory levels [5] Group 4: Lithium Carbonate Market - Lithium carbonate saw a significant drop of 2.33%, although demand increased by 6% in August, indicating a potential rebound in the near future [5]

Industry Investment Ratings Macro Finance - Index Futures: Bullish in the medium to long term, recommend buying on dips [1] - Treasury Bonds: Hold and wait [1] Black Building Materials - Coking Coal: Range trading [1] - Rebar: Range trading [1] - Glass: Weakening with oscillations [1] Non - Ferrous Metals - Copper: Recommend holding a moderate long position at low levels [1] - Aluminum: Recommend buying on dips after a pullback [1] - Nickel: Recommend waiting or shorting on rallies [1] - Tin: Range trading [1] - Gold: Range trading [1] - Silver: Range trading [1] Energy and Chemicals - PVC: Oscillating [1] - Soda Ash: Short 01 contract and long 05 contract for arbitrage [1] - Caustic Soda: Oscillating [1] - Styrene: Oscillating [1] - Rubber: Oscillating [1] - Urea: Oscillating [1] - Methanol: Oscillating [1] - Polyolefins: Wide - range oscillations [1] Cotton Textile Industry Chain - Cotton and Cotton Yarn: Oscillating [1] - Apples: Oscillating [1] - Jujubes: Oscillating [1] Agricultural and Livestock - Hogs: Short on rallies [1] - Eggs: Short on rallies [1] - Corn: Wide - range oscillations [1] - Soybean Meal: Range oscillations [1] - Oils and Fats: Oscillating with a bullish bias [1] Core Views The report provides trading strategies and market analysis for various futures products across different industries. It takes into account factors such as supply and demand, cost, macro - economic policies, and international events to assess the market trends of each product and gives corresponding investment suggestions. Summary by Industry Black Building Materials - **Double Coking Coal**: Expected to oscillate. Coal prices continue to decline, with production gradually resuming after rainfall. Downstream is cautious, and it is recommended to trade within the range, with JM2601 focusing on [1110 - 1250] and J2601 on [1610 - 1780] [5] - **Rebar**: Expected to oscillate. Futures prices are in a narrow - range oscillation. Fundamental data shows changes in demand, production, and inventory. It is recommended to trade within the range, with RB2510 focusing on [3100 - 3200] [5] - **Glass**: Near - month contracts may decline slightly, and it is recommended to take a short - term bearish view. The main 01 contract is recommended to wait and see, focusing on the 1150 - 1200 range breakthrough. High inventory is the main factor suppressing prices [6] Non - Ferrous Metals - **Copper**: Expected to oscillate at a high level. Positive news from the Jackson Hole meeting and domestic policies boost copper prices. Although there are some constraints in the short - term supply and demand, there is potential for price increases in the future. It is recommended to hold a moderate long position at low levels, with the short - term operating range at 79500 - 81000 yuan/ton [8][9] - **Aluminum**: Expected to oscillate at a high level. The price of bauxite is supported, and the production capacity of electrolytic aluminum is increasing. With the arrival of the demand peak season and marginal improvement in inventory, it is recommended to buy on dips [8][9][10] - **Nickel**: Expected to oscillate weakly. The nickel industry has an oversupply situation in the medium to long term, and it is recommended to wait or short on rallies [12] - **Tin**: Expected to oscillate. Supply improvement is limited, and demand is weak in the off - season. It is recommended to trade within the range, with the reference range of the SHFE Tin 09 contract at 25.9 - 27.6 million yuan/ton [13] - **Silver and Gold**: Expected to oscillate. Powell's dovish speech and other factors support precious metal prices. It is recommended to buy on dips after a price correction, with the reference range of the SHFE Silver 10 contract at 8900 - 9600 and the SHFE Gold 10 contract at 765 - 810 [13][14] Energy and Chemicals - **PVC**: Expected to oscillate weakly. High inventory, uncertain export sustainability, and large upstream production pressure lead to a weak supply - demand situation. It is recommended to pay attention to the 5100 level pressure on the 01 contract [15][16][17] - **Caustic Soda**: Expected to oscillate. Spot price increases slow down, and there is a short - term correction. It is recommended to pay attention to the 2650 level support on the 01 contract [17][18] - **Styrene**: Expected to oscillate weakly. Supply and demand are under pressure, and it is recommended to pay attention to the 7300 level pressure [19][20] - **Rubber**: Expected to oscillate. New rubber supply is slow, and inventory is decreasing. It is recommended to pay attention to the 15400 - 16500 range [20][21] - **Urea**: Expected to be neutral. Supply is increasing, demand is scattered, and inventory is accumulating. It is expected to be weak first and then strong, with the support level at 1680 - 1720 [22] - **Methanol**: Expected to oscillate weakly. Supply is increasing, demand has some positive factors, but port inventory is accumulating rapidly [23] - **Polyolefins**: Expected to oscillate. The cost of coal - based olefins provides strong support, supply and demand show different trends for polyethylene and polypropylene, and inventory is decreasing. It is recommended to pay attention to the 7200 - 7500 range for L2601 and 6900 - 7200 for PP2601 [24][25] - **Soda Ash**: It is recommended to short the 01 contract and long the 05 contract for arbitrage. The spot market is weak, and there is a large inventory pressure in the short term, while the far - month contract may be relatively strong [26][27][28] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Expected to oscillate. Global cotton supply and demand are improving, but new cotton production is expected to increase significantly, and it is recommended to prepare for hedging [29] - **Apples**: Expected to oscillate. Early - maturing apples are on the market, and the inventory of Fuji apples is stable. It is expected to maintain a high - level oscillation based on low inventory and growth factors [30] - **Jujubes**: Expected to oscillate. The growth of jujubes is in the expansion period, and it is expected that the price will oscillate upward in the near future [30] Agricultural and Livestock - **Hogs**: Overall under pressure. There is a short - term expectation of price increases at the end of the month, but the supply is large in the medium to long term. It is recommended to take profit on short positions on 11 and 01 contracts and wait for rallies to add short positions, and also pay attention to the long 05 and short 03 arbitrage [32][33][34] - **Eggs**: It is recommended to short on rallies. The current supply is sufficient, and the long - term high supply situation may be difficult to reverse. It is recommended to wait for rallies to short on the main 10 contract or hold put options, and take a bearish view on the 12 and 01 contracts [34] - **Corn**: Expected to oscillate within a range. The supply is sufficient in the short term, and new corn production is expected to be good. It is recommended to wait for rallies to short on the 11 contract and take profit on the 11 - 1 reverse arbitrage [35][36] - **Soybean Meal**: Expected to have limited upside. Domestic arrivals are abundant from September to October, and prices are under pressure, but there is support at the bottom. It is expected to trade within the [3030, 3130] range in the short term [35][38] - **Oils and Fats**: Expected to oscillate at a high level. The fundamentals of palm oil, soybean oil, and rapeseed oil are mixed. It is recommended to trade within the range, with the support and pressure levels for the 01 contracts of soybean oil, palm oil, and rapeseed oil as mentioned, and also pay attention to the long palm oil 1 - 5 spread arbitrage strategy [39][40][41][42][43][44][45]

Core Viewpoint - The Chinese government has issued the "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action," emphasizing the integration of AI across various sectors to enhance productivity and improve living standards, ultimately contributing to China's modernization efforts [1][3]. Summary by Relevant Sections Six Key Actions - The "Artificial Intelligence+" initiative includes six major actions aimed at enhancing scientific technology, industrial development, consumer quality, public welfare, governance capabilities, and global cooperation [2][3]. Action 1: AI in Scientific Technology - AI is transforming the research sector from an "experience-driven" approach to a "data-driven" model, facilitating breakthroughs in fields like biomedicine and new materials, while also aiding in public policy formulation [4]. Action 2: AI in Industrial Development - The initiative aims to elevate three industrial sectors: - **Industrial Sector**: Transitioning from scale expansion to lean production through global optimization and precise control [5]. - **Agricultural Sector**: Addressing traditional farming challenges and promoting digital transformation across the agricultural supply chain [5]. - **Service Sector**: Redefining service models to enhance consumer experience and improve logistics and financial services [5]. Action 3: AI in Consumer Quality - This action focuses on upgrading demand-side consumption, expanding intelligent consumption scenarios in areas such as culture, tourism, health, and home goods, shifting from "product consumption" to "intelligent quality consumption" [6]. Action 4: AI in Public Welfare - AI is set to enhance public services by improving healthcare access, personalizing education, and upgrading elderly care from basic support to intelligent wellness solutions [8]. Action 5: AI in Governance Capabilities - AI technologies are expected to improve public governance efficiency, enhancing social security monitoring and optimizing government service processes [8]. Action 6: AI in Global Cooperation - The initiative encourages international collaboration in AI, promoting the global expansion of China's AI-related industries and enhancing its influence in the global value chain [8]. Long-term Value - The implementation of the "Opinions" is seen as a catalyst for profound productivity transformation, with AI expected to integrate deeply into various sectors, fostering new infrastructure, technology systems, industrial ecosystems, and job opportunities, thereby driving China's modernization in the intelligent era [9].

Core Viewpoint - Panzhihua, a city in Sichuan known for its vanadium-titanium resources, is leveraging financial innovation to drive green transformation and high-quality development as a pilot area for common prosperity in China [1][9]. Group 1: Financial Innovation and Support Mechanisms - The Panzhihua municipal government has established a financial coordination mechanism to enhance the role of finance in urban transformation, aiming to create a green finance innovation pilot area in Sichuan [2]. - A comprehensive plan for financial support of green low-carbon transformation has been issued, outlining key support areas and measures [2]. - The city has initiated the first local vanadium-titanium steel transformation loan, marking a significant step in financial innovation [1][4]. Group 2: Development of Transformation Standards - Panzhihua has developed the first local vanadium-titanium steel transformation financial guidelines, which include 23 areas and 143 transformation paths, providing a clear framework for financial institutions [3]. - The guidelines aim to address the financing challenges faced by the high-carbon vanadium-titanium steel industry [3]. Group 3: Agricultural Transformation Financing - Panzhihua has been selected as one of the first national agricultural transformation financial pilot areas, establishing a project library for selected agricultural projects [4]. - By July 2025, the city had issued five agricultural transformation loans totaling 16.87 million yuan, demonstrating the effective deployment of financial resources in agriculture [4]. Group 4: Innovative Financial Mechanisms - A "carbon effect floating interest rate" mechanism has been established, linking energy consumption data with funding costs, incentivizing companies to reduce energy use [5]. - This innovative model has facilitated the issuance of a 300 million yuan vanadium-titanium transformation loan, aligning financial products with carbon reduction efforts [5]. Group 5: Policy Collaboration and Market Activation - The People's Bank of China in Panzhihua has successfully integrated local banks into carbon reduction support tools, enhancing the financial ecosystem for green projects [6]. - A green low-carbon industry fund of 100 million yuan has been established, along with a 50 million yuan photovoltaic risk-sharing fund, to stimulate market activity [6]. Group 6: Formation of a Green Financial Ecosystem - Panzhihua Rural Commercial Bank has developed a transformation financial development plan, becoming one of the first local banks to outline a roadmap for transformation finance [8]. - The "Green Rongrong" platform has facilitated the connection of low-carbon projects, with a loan balance of 95.04 million yuan, reflecting a 27.14% year-on-year increase [8]. Group 7: Overall Transformation and Development - Panzhihua has achieved significant breakthroughs in local vanadium-titanium steel transformation standards, financial policy collaboration, and dynamic carbon effect-linked mechanisms [9]. - The city is actively writing a new chapter in high-quality development for resource-based cities through green finance initiatives [9].

Core Viewpoint - The article highlights the ongoing efforts to attract overseas Chinese businesspeople to invest in Wanning, Hainan, as the region prepares for the full implementation of the Hainan Free Trade Port by December 18 this year [1][2]. Group 1: Investment Opportunities - Wanning is a key area for overseas Chinese, with over 460,000 overseas Chinese and more than 210,000 returned overseas Chinese and their families, providing a significant advantage for investment [2]. - The local government is actively inviting global Chinese businesspeople to become "partners" in Wanning, emphasizing the city's potential as a new platform for their business ventures [2]. - Recent policies in Hainan, such as zero tariffs and low tax rates, are designed to stimulate cross-border capital flow and attract talent, positioning Wanning as a favorable investment destination [2]. Group 2: Community Engagement - Overseas Chinese from Wanning have historically contributed to local development, investing in businesses that create jobs and improve income levels for residents [2]. - In the past two years, the local community has received donations totaling 380,000 yuan from the overseas Chinese community, aimed at supporting underprivileged students and disaster recovery efforts [2]. Group 3: Promotion and Media Engagement - The "Chasing Dreams of China: Setting Sail for the Free Trade Port" event has brought together overseas Chinese media representatives from ten countries to promote Wanning's investment potential [3]. - The local government aims to leverage overseas Chinese media as a platform to share Wanning's development story and its unique cultural and natural resources [3][4].

Report Industry Investment Ratings No relevant information provided. Core Views of the Report - The overall market shows a complex situation with different trends in various sectors. Policy factors, supply - demand relationships, and market sentiment all have significant impacts on prices. For example, the Fed's stance affects the prices of precious metals and non - ferrous metals, and the "anti -内卷" policy impacts the iron alloy market. In the short term, most sectors are expected to be volatile, and investors need to pay attention to policy changes, supply - demand dynamics, and market sentiment [3][6][33] Summaries by Related Catalogs Macro - Financial Stock Index - **News**: The Ministry of Industry and Information Technology promotes the application of satellite - connected terminal devices; global hedge funds increase their bets on Chinese stocks in August; 14 wealth management companies see a net increase of about 1.8 trillion yuan in management scale in July; Zhongji Xuchuang expects mass production and shipment of 1.6T products and samples of liquid - cooled products [2] - **Futures Basis Ratio**: Different contracts of IF, IC, IM, and IH have different basis ratios. The trading logic is that although the market may fluctuate in the short term after continuous rises, the general direction is to go long on dips [3] Treasury Bond - **Market**: On Wednesday, the main contracts of TL, T, TF, and TS all rose. The national industrial enterprise profit from January to July decreased by 1.7% year - on - year, and the Ministry of Commerce will introduce policies to promote service exports. The central bank conducted 4058 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1745 billion yuan [4] - **Strategy**: The economy shows resilience in the first half of the year, but July's social financing and credit data are weaker than expected. Exports may face pressure. With the central bank's support, funds are expected to be loose. Interest rates may decline, but the stock - bond seesaw effect needs attention, and the bond market may be volatile in the short term [6] Precious Metals - **Market**: Shanghai gold and silver, COMEX gold and silver all rose. The New York Fed Chairman's neutral - dovish stance increases the probability of a Fed rate cut. The market expects a 25 - basis - point rate cut in September and December. Historically, gold benefits from fiscal deficits, and silver is driven by Fed easing expectations. It is recommended to go long on silver at low prices [7][8] Non - Ferrous Metals Copper - **Market**: LME copper and Shanghai copper prices decline. LME copper inventory increases, and domestic copper inventory shows different trends. The Fed's dovish stance increases the probability of a September rate cut, but the equity market's optimism fades. Copper prices are expected to be strong and volatile [10][11] Aluminum - **Market**: LME aluminum and Shanghai aluminum prices decline. Domestic aluminum inventory is low, and demand is expected to improve as the off - season transitions to the peak season. The Fed's dovish signal strengthens the expectation of a September rate cut. Aluminum prices are expected to be supported in the short term [12] Zinc - **Market**: Shanghai zinc index rises slightly, and LME zinc falls. Zinc ore inventory rises, and refined zinc imports decrease. The Fed's dovish stance strengthens the support for zinc prices, and it is difficult for zinc prices to fall significantly in the short term [13] Lead - **Market**: Shanghai lead index falls, and LME lead falls. Lead ore inventory rises slightly, and downstream demand recovers. In the short term, lead prices are supported, but there is a risk of decline in the medium term [14][16] Nickel - **Market**: Shanghai nickel price rises slightly. Nickel ore supply is loose, and stainless steel demand is weak. Although the macro environment is positive, the supply - demand situation restricts nickel price increases. Nickel prices are expected to be volatile in the short term [17] Tin - **Market**: Shanghai tin price rises slightly. Myanmar's tin production recovery is slow, and domestic tin smelting enterprises' operating rates are low. Electronic and photovoltaic demand is weak. Tin prices are expected to be volatile in the short term [18] Lithium Carbonate - **Market**: The spot index is flat, and the futures price falls. Lithium mica supply decreases, and the price has bottom support. The market awaits new drivers and needs to pay attention to overseas supply and industry news [19] Alumina - **Market**: The alumina index falls. Domestic and overseas ore supply disturbances support prices. The Fed's dovish stance drives the non - ferrous sector. The short - term decline space is limited, and it is recommended to wait and see [20] Stainless Steel - **Market**: The stainless steel futures price rises slightly. Social inventory increases, and short - term demand is weak. As the peak season approaches, demand is expected to improve [21] Casting Aluminum Alloy - **Market**: The AD2511 contract rises. The downstream is transitioning from the off - season to the peak season, and inventory increases. The cost is supportive, and market activity increases. However, the large futures - spot price difference may cause delivery pressure [22][23] Black Building Materials Steel - **Market**: The prices of rebar and hot - rolled coil fall. The overall commodity market cools down. Steel production is high, demand is weak, and inventory accumulates. If demand does not improve, prices may continue to fall [25][26] Iron Ore - **Market**: The iron ore futures price falls slightly. Overseas iron ore shipments are stable, and port inventory rises slightly. Steel mill profitability declines, and iron water production growth is limited. Iron ore prices are expected to be volatile in the short term [27][28] Glass and Soda Ash - **Glass**: The spot price is stable, and inventory increases slightly. Although the fundamentals are under pressure, the price adjustment space is limited. In the short term, it is expected to be weakly volatile, and in the long term, it depends on policy and demand [29] - **Soda Ash**: The spot price is stable, and inventory decreases. The downstream glass industry's operating rate changes. Soda ash prices are expected to be volatile in the short term and may rise gradually in the long term, but the upside is limited [30] Manganese Silicon and Ferrosilicon - **Market**: Manganese silicon and ferrosilicon prices fall. The "anti -内卷" sentiment fades, and the market is affected by emotions. It is recommended that speculative funds wait and see, and hedging funds can seize opportunities. Manganese silicon supply pressure remains, and ferrosilicon supply also rises [31][33][34] Industrial Silicon - **Market**: The industrial silicon futures price rises slightly. The industry has over - capacity, high inventory, and weak demand. The price is expected to be volatile, and attention should be paid to industry policies [35][36] Polysilicon - **Market**: The polysilicon futures price falls. The market is in a "weak reality, strong expectation" pattern. Production increases, and inventory transfers to the futures market. The price may adjust in the short term, and attention should be paid to demand and inventory pressure [37] Energy and Chemicals Rubber - **Market**: NR and RU are volatile. Bulls expect price increases due to seasonality and demand, while bears are concerned about uncertain macro expectations and weak demand. The medium - term view is bullish, and the short - term view is to be neutral - bullish [39][43] Crude Oil - **Market**: WTI and Brent crude oil futures rise, while INE crude oil futures fall. U.S. EIA data shows inventory changes. Although geopolitical premiums have disappeared and the macro situation is bearish, the current oil price is undervalued, and it is a good time for left - hand side layout [44] Methanol - **Market**: The methanol futures price falls. Coal prices rise, domestic and overseas supply increases, and demand is weak. It is recommended to wait and see in the short term and pay attention to positive spread opportunities in the future [45] Urea - **Market**: The urea futures price is stable. Supply pressure is high, and demand is weak. Exports are the main demand variable. The price is expected to be range - bound, and it is recommended to go long on dips [46] Styrene - **Market**: The styrene spot and futures prices fall. The BZN spread is low and has room for upward repair. Supply increases, and inventory accumulates. Demand is rising at the end of the off - season. The price may rebound when inventory decreases [47] PVC - **Market**: The PVC futures price falls. Supply is strong, demand is weak, and inventory is high. The cost support is weak. It is recommended to short on rallies [49] Ethylene Glycol - **Market**: The ethylene glycol futures price falls. Supply increases, and demand recovers from the off - season. The port inventory may accumulate in the medium term, and the valuation may decline [50] PTA - **Market**: The PTA futures price falls. Supply decreases due to unexpected maintenance, and demand improves. The processing fee is expected to repair, and it is recommended to go long on dips following PX [51] Para - Xylene - **Market**: The PX futures price falls. PX load is high, and downstream PTA has many unexpected maintenance. PX inventory is expected to be low, and the valuation has support. It is recommended to go long on dips following crude oil [52] Polyethylene (PE) - **Market**: The PE futures price falls. The market expects favorable policies from the Chinese Ministry of Finance. Inventory is high but decreasing, and demand may improve in the peak season. The price may rise in the long term [53] Polypropylene (PP) - **Market**: The PP futures price falls. Supply increases, and demand is weak. Inventory pressure is high. It is recommended to go long on the LL - PP2601 contract on dips [55] Agricultural Products Live Pig - **Market**: Pig prices mostly fall. The short - term logic is to relieve pressure through weight reduction. Policy support may suppress bearish sentiment, and the far - month contract has a reverse spread strategy [57] Egg - **Market**: Egg prices mostly rise. Supply is stable, and demand is slow. The supply - demand negative cycle remains. It is recommended to reduce short positions or short on rebounds [58] Soybean Meal and Rapeseed Meal - **Market**: U.S. soybeans fall slightly, and domestic soybean meal is weak. U.S. soybean production may decrease, but global supply is abundant. The domestic soybean meal market has strong supply and demand. It is recommended to go long on dips in the cost range [59][61] Edible Oils - **Market**: Domestic edible oils are volatile and weak. Malaysian palm oil exports increase, and production shows different trends. Domestic soybean oil inventory may increase, and rapeseed oil inventory may decrease. The price is expected to be strong and volatile [62][63] Sugar - **Market**: Zhengzhou sugar futures price falls. Brazil's sugar production may be affected by weather, and the international and domestic sugar supply is expected to increase. The price is likely to continue to fall [64][65] Cotton - **Market**: Zhengzhou cotton futures price is volatile. The downstream market may improve in the peak season, and domestic inventory is low. The price may rise in the short term [66]

Economic Cooperation and Trade - The Shanghai Cooperation Organization (SCO) summit will be held in Tianjin from August 31 to September 1, 2025, focusing on economic cooperation as a key area [1] - In 2024, trade between China and other SCO member countries is expected to reach approximately $512.4 billion, marking a historical high and a 2.7% year-on-year increase [1][2] - China imported nearly $90 billion worth of energy products from SCO member countries last year, accounting for about 20% of its total imports [1] - Exports of electromechanical products from China to SCO member countries reached $210 billion, representing 63% of total exports [1] Investment and Industrial Cooperation - Investment cooperation among SCO member countries has been expanding, with China signing upgraded investment agreements with Russia, Kazakhstan, and Tajikistan, and a service trade and investment agreement with Belarus [2] - As of July 2025, China's total investment stock in other SCO member countries exceeded $84 billion, with cooperation expanding into emerging fields such as digital economy and green development [2][4] - Over 3,000 Chinese enterprises have been established in other SCO member countries, creating over 200,000 jobs annually [4] E-commerce and Digital Cooperation - The e-commerce sector is highlighted as a significant area of economic cooperation among SCO countries, with the online retail market size exceeding $3.2 trillion in 2024 [5] - Cross-border e-commerce imports from SCO member countries to China increased by 34% year-on-year [5] - Future initiatives will focus on enhancing e-commerce supply chain cooperation and establishing more direct sourcing bases in SCO countries [5] Multilateral Trade System - The multilateral trade system faces challenges, with some members imposing tariffs that violate WTO rules, impacting global trade [3] - China, as the rotating chair of the SCO, is advocating for the strengthening of the multilateral trade system and addressing global trade disruptions [3] - A commitment to reform the WTO to better protect member interests and adapt to modern development needs is emphasized [3]

Group 1: Industrial Production - Industrial production has shown signs of recovery, with the blast furnace operating rate increasing by 1.1 percentage points year-on-year to 5.9% [2][6] - Midstream production shows a mixed outlook, with PTA and automotive production performing poorly, down 6.6% and 5.9% year-on-year respectively, while soda ash and polyester filament production improved, up 0.1% to 5.8% and 0.9% to 3.1% respectively [2][16] - Cement production continues to improve, with the national grinding operating rate down 1.5 percentage points year-on-year to -5.6%, and cement shipment rates slightly up by 0.8% to -2.9% [28][32] Group 2: Demand Tracking - Daily average transaction area of new homes remains weak, up 2.9 percentage points year-on-year to -6.3%, with first-tier cities showing some recovery [52] - Port cargo throughput related to exports has significantly increased, with cargo throughput and container throughput up 7.1% to 9.7% and 6.1% to 14.8% year-on-year respectively [61][68] - The national migration scale index has decreased by 5.2 percentage points year-on-year to 16.6%, but domestic flight operations have increased by 1.0% to 2.7% [73] Group 3: Price Trends - Agricultural product prices are showing divergence, with pork and fruit prices down 0.1% and 0.8% respectively, while egg and vegetable prices increased by 1.7% and 2.5% [3][101] - The industrial product price index has generally declined, with the Nanhua industrial product price index down 1.4% [113] - The energy and chemical price index decreased by 0.9%, and the metal price index fell by 1.7% [113][120]

Group 1 - The article discusses the diminishing effectiveness of Trump's trade policies, particularly regarding tariffs on China, suggesting that his recent actions indicate a lack of confidence [1][3] - The U.S.-China trade war has resulted in significant financial burdens on American importers and consumers, with an estimated additional cost of $156 billion due to tariffs by 2023 [3] - Trump's initial strategy to use tariffs as leverage in the upcoming elections appears to be faltering, as he faces potential backlash from American businesses affected by high import costs [3][8] Group 2 - Brazil and India are shifting their trade strategies, with Brazil's president criticizing U.S. trade dominance and India increasing imports from China to $101 billion in 2023, indicating a move towards closer economic ties with China [4] - The European Union is experiencing economic stagnation, with the IMF predicting a growth rate of only 0.9% for the Eurozone in 2024, complicating the U.S.'s ability to rely on European support [6] - Japan and South Korea are also looking to strengthen economic ties with China, despite their political alliances with the U.S., highlighting a trend of regional countries balancing their economic interests [6] Group 3 - The ongoing U.S.-China tensions are characterized as a prolonged struggle rather than a decisive conflict, with both sides unlikely to make significant concessions [9] - The article suggests that the U.S. may be pushing its allies further away as it attempts to rally support against China, potentially leading to a new geopolitical landscape where countries like the EU, Japan, and India seek greater autonomy [11] - There is speculation that future tariff threats from Trump may be disregarded by the market, as the reality of economic interdependence becomes more apparent [11]