1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Palm oil is mainly driven by macro factors and is undergoing a correction; soybean oil lacks driving force from US soybeans and is also in a correction phase [1] - The Malaysian Palm Oil Council (MPOC) expects Malaysian palm oil prices to remain above 4,300 ringgit, supported by biodiesel demand, tightening soybean oil supply, and a slowdown in palm oil supply growth [2] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Prices and Changes**: Palm oil's day - session closing price was up 0.57%, and night - session down 1.06%; soybean oil's day - session rose 0.07%, and night - session fell 1.99%; rapeseed oil's day - session rose 0.47%, and night - session fell 1.32%. The Malaysian palm oil futures fell 0.07% in the day - session and 1.00% in the night - session, and CBOT soybean oil futures fell 2.78% [1] - **Trading Volume and Open Interest Changes**: Palm oil's trading volume decreased by 145,401 hands, and open interest by 25,027 hands; soybean oil's trading volume decreased by 63,139 hands, and open interest by 35,479 hands; rapeseed oil's trading volume decreased by 15,682 hands, and open interest by 3,935 hands [1] - **Spot Prices and Changes**: The spot price of 24 - degree palm oil in Guangdong increased by 140 yuan/ton, while the spot prices of first - grade soybean oil in Guangdong and fourth - grade imported rapeseed oil in Guangxi remained unchanged [1] - **Basis and Spread**: The basis and spreads of palm oil, soybean oil, and rapeseed oil showed different changes, such as the basis of palm oil in Guangdong being 122 yuan/ton, and the spread between rapeseed oil and palm oil futures changing from 242 to 210 yuan/ton [1] 3.2 Macro and Industry News - The Malaysian Palm Oil Council (MPOC) expects Malaysian palm oil prices to stay above 4,300 ringgit due to biodiesel demand, tight soybean oil supply, and slow palm oil supply growth [2] - As of August 17, EU's 2025/26 soybean imports were 1.74 million tons (compared to 1.86 million tons last year), rapeseed imports were 0.33 million tons (compared to 0.57 million tons last year), and palm oil imports were 0.29 million tons (compared to 0.5 million tons last year) [4] - Brazil's estimated soybean exports in August are 8.9 million tons (previously 8.8 million tons), soybean meal exports are 2.33 million tons (previously 2.27 million tons), and corn exports are 8.05 million tons (previously 7.97 million tons) [4] - ProFarmer's crop survey estimates that in 2025, Ohio's corn yield will be 185.69 bushels per acre (compared to 183.29 bushels per acre in 2024), South Dakota's corn yield will be 174.18 bushels per acre (compared to 156.51 bushels per acre in 2024), Ohio's average soybean pod number will be 1,287.28 (compared to 1,229.93 in 2024), and South Dakota's average soybean pod number will be 1,188.45 (compared to 1,025.89 in 2024) [5] 3.3 Trend Intensity - The trend intensity of palm oil and soybean oil is - 1, indicating a relatively bearish outlook [6]

Core Points - The U.S. has imposed punitive tariffs of up to 50% on Brazilian goods since August 6, 2025, severely impacting multiple export industries in Brazil [1][2] - The Brazilian government has quickly implemented economic relief measures and is seeking to diversify trade to reduce reliance on the U.S. market [1][11] Impact on Exports - Over 50% of Brazil's exports are affected by the U.S. tariffs, with approximately 35.9% facing a direct 50% tariff and an additional 19.5% facing global tariffs of 25% to 50% [5][2] - The most affected sectors include agriculture (tariffs increased from 4% to 40.8%), chemicals (from 2.3% to 40.1%), minerals (especially steel, from 0.5% to 38.7%), and machinery (from 0.8% to 38.2%) [5][2] - Specific products like coffee and beef are significantly impacted, with coffee exports to the U.S. projected at nearly $2 billion in 2024, and beef exports at 532,000 tons generating $1.6 billion [5][2] Regional Impact - The northeastern region of Brazil, heavily reliant on exports to the U.S., faces severe consequences, with 96% of its exports subject to the 50% tariff [6] - Seafood exports, particularly tuna, are critically affected, with over 70% of these products going to the U.S. [6] - The southern and southeastern regions benefit from some exemptions for high-value industrial products, providing temporary relief [5] Industry-Specific Effects - The orange juice industry, while exempt from the 50% tariff, still faces significant losses due to tariffs on related products and a drop in international prices, leading to an estimated loss of 1.54 billion reais (approximately $200 million) [10][9] - The overall average price of orange juice exported to the U.S. has decreased by over 20%, compounding the financial strain on the industry [10] Government Response - The Brazilian government has initiated the "Brazil Sovereignty Plan" to support affected exporters, including financial backing and tax relief [11] - Local governments are also implementing aid programs, such as São Paulo's release of tax credits and Ceará's inclusion of affected products in public procurement [12][13] Trade Diversification Efforts - Brazil is actively pursuing trade diversification to lessen dependence on the U.S. market, with plans to engage with BRICS nations and other international partners [14][15] - The government aims to sign international agreements to reduce trade barriers and promote Brazilian products in new markets [14][15]

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - Overseas, the market anticipates the possible end of the Russia - Ukraine conflict, leading to a decline in global risk - aversion sentiment. The market awaits the Jackson Hole Economic Policy Symposium for US interest - rate policy clues, with the US dollar remaining volatile and global risk appetite rising. Domestically, China's economic data in July slowed down and fell short of expectations. Policy stimulus expectations are strengthening, and the short - term uncertainty of tariff risks has decreased, leading to an overall increase in domestic risk appetite [2]. - For assets, the stock index is expected to oscillate strongly at a high level in the short term, with a short - term cautious long - position strategy. Treasury bonds are expected to oscillate and correct at a high level, and it is advisable to watch cautiously. In the commodity sector, black commodities are expected to correct in the short term, non - ferrous metals to oscillate, energy and chemicals to oscillate weakly, and precious metals to oscillate at a high level, all with a cautious watching strategy [2]. 3. Summary by Categories Macroeconomic and Financial - **Macroeconomic Situation**: Overseas, the expected end of the Russia - Ukraine conflict reduces global risk - aversion, and the market awaits US interest - rate policy clues. Domestically, economic data in July was weak, but policy stimulus expectations are rising, and the short - term tariff risk uncertainty is reduced [2]. - **Asset Performance and Strategies**: The stock index is expected to oscillate strongly at a high level in the short term (cautious long - position). Treasury bonds are expected to oscillate and correct at a high level (cautious watching). Black commodities are expected to correct (cautious watching), non - ferrous metals to oscillate (cautious watching), energy and chemicals to oscillate weakly (cautious watching), and precious metals to oscillate at a high level (cautious watching) [2]. Stock Index - **Market Performance**: The domestic stock market declined slightly due to the drag of insurance, military, and securities sectors. - **Fundamentals and Policy**: China's economic data in July was weak. Policy stimulus expectations are rising, and the short - term tariff risk uncertainty is reduced. The short - term upward macro - driving force is weakening, and attention should be paid to Sino - US trade negotiations and domestic incremental policies. A short - term cautious long - position strategy is recommended [3]. Precious Metals - **Market Performance**: Precious metals declined slightly on Tuesday. The probability of a September interest - rate cut fell below 90%, and inflation data showed resistance to the decline in inflation. - **Outlook**: The long - term positive logic remains unchanged. Attention should be paid to entry opportunities at key points [4]. Black Metals Steel - **Market Performance**: Steel futures and spot prices continued to decline slightly on Tuesday, with low trading volumes. - **Fundamentals**: Demand is weakening, inventory is rising, and high - temperature and rainy weather restricts building material demand. Supply is showing signs of reduction, and a short - term oscillating and weakening trend is expected [4][5]. Iron Ore - **Market Performance**: Iron ore futures and spot prices continued to decline slightly on Tuesday. - **Fundamentals**: Steel profits are high, but iron - making water production may decline due to approaching events. Supply is increasing, and port inventory is rising. Iron ore prices may weaken in the short term [5]. Ferrosilicon and Silicomanganese - **Market Performance**: Spot and futures prices of ferrosilicon and silicomanganese declined on Tuesday. - **Fundamentals**: Manufacturers' production enthusiasm is high, and production capacity is increasing. A short - term oscillating and weakening trend is expected [6]. Soda Ash - **Market Performance**: The main soda ash contract was weak on Tuesday. - **Fundamentals**: Supply is increasing, demand is weak, and profits are declining. The high - supply, high - inventory, and weak - demand pattern persists, and the upside space is limited [7]. Glass - **Market Performance**: The main glass contract was weak on Tuesday. - **Fundamentals**: Supply is stable, demand is difficult to improve significantly, and profits are decreasing. The price has declined recently [7]. Non - Ferrous Metals and New Energy Copper - **Market Performance**: The US economy is slowing down, and copper demand is expected to weaken. - **Outlook**: Copper prices may not remain strong in the long run as supply is relatively sufficient and demand is weakening [9]. Aluminum - **Market Performance**: Aluminum prices declined on Tuesday, and the overall sentiment in the commodity market was weak. - **Fundamentals**: Domestic social inventory is rising, and the medium - term upside space is limited. The short - term oscillation trend is expected, but the rebound foundation is weakening [9]. Aluminum Alloy - **Market Performance**: The supply of scrap aluminum is tight, and production costs are rising. - **Outlook**: The short - term price is expected to oscillate strongly, but the upside space is limited due to weak demand [9]. Tin - **Market Performance**: The combined operating rate in Yunnan and Jiangxi decreased slightly. Terminal demand is weak, and inventory decreased this week. - **Outlook**: The price is expected to oscillate in the short term, but the upside space is restricted by high - tariff risks, production resumption expectations, and weak demand [10]. Lithium Carbonate - **Market Performance**: The main lithium carbonate contract declined on Tuesday. - **Fundamentals**: There is a short - term positive impact on supply, and the industry profit is improving. It is expected to oscillate at a high level [11]. Industrial Silicon - **Market Performance**: The main industrial silicon contract declined on Tuesday. - **Outlook**: It is expected to oscillate within a range as black commodities weaken and polysilicon oscillates [11]. Polysilicon - **Market Performance**: The main polysilicon contract declined on Tuesday. - **Fundamentals**: The number of warehouse receipts is increasing, and the industry is promoting self - regulation. It is expected to oscillate at a high level [12][13]. Energy and Chemicals Crude Oil - **Market Performance**: Oil prices declined slightly as the market assesses the prospects of a cease - fire in the Russia - Ukraine conflict. - **Outlook**: Oil prices are expected to remain weak in the long term [14]. Asphalt - **Market Performance**: The asphalt price is following the decline of crude oil, and the spot market is weak. - **Outlook**: It is expected to remain in a weak oscillation pattern as inventory reduction is limited [14]. PX - **Market Performance**: Crude oil price decline led to a correction in the energy - chemical sector. PX is in a tight supply situation in the short term. - **Outlook**: It is expected to oscillate and wait for changes in PTA plants [14]. PTA - **Market Performance**: Pakistan's anti - dumping on PTA exports has a limited impact. Downstream demand has rebounded slightly. - **Outlook**: The supply is limited, and demand is rising slightly. The price is supported but the upside space is restricted [15]. Ethylene Glycol - **Market Performance**: Port inventory has decreased slightly, and downstream demand has rebounded. - **Outlook**: Supply and demand are expected to increase slightly, and it will maintain an oscillating pattern [15]. Short - Fiber - **Market Performance**: The short - fiber price declined due to sector resonance. Terminal orders have increased slightly. - **Outlook**: It may continue to be short - sold in the medium term, waiting for further improvement in terminal orders [15]. Methanol - **Market Performance**: There is a regional differentiation, with the inland strong and the port weak. - **Outlook**: It is expected to oscillate weakly in the short term [16][17]. PP - **Market Performance**: Supply pressure is increasing, and downstream demand is rising slightly. - **Outlook**: The 09 contract is expected to oscillate weakly, and the 01 contract should be monitored for peak - season restocking [17]. LLDPE - **Market Performance**: Supply pressure remains high, and demand is showing signs of improvement. - **Outlook**: The 09 contract is expected to oscillate weakly, and the 01 contract should be monitored for demand and restocking [17]. Agricultural Products US Soybeans - **Market Performance**: The CBOT November soybean contract declined. The market is waiting for the results of the ProFarmer crop tour. - **Field Conditions**: The number of soybean pods in some states is higher than average, and moist soil may promote growth [18]. Soybean and Rapeseed Meal - **Market Performance**: The pressure of soybean and soybean meal inventory in domestic oil mills has eased. - **Supply Situation**: Canadian rapeseed imports are restricted, but the purchase of Australian rapeseed may diversify supply sources [19]. Soybean and Rapeseed Oil - **Market Performance**: Rapeseed oil port inventory is decreasing, and soybean oil has high - inventory pressure in the short term. - **Outlook**: Rapeseed oil supply is expected to shrink, and soybean oil's supply - demand situation will improve in the fourth quarter [19]. Fats and Oils - **Market Performance**: International crude oil and Chicago soybean oil prices declined, which will drag down the Malaysian palm oil market. - **Fundamentals**: Palm oil production has a small increase, and exports have improved significantly. However, the inverted price difference may affect future demand [19]. Corn - **Market Performance**: Northeast corn prices are weak, and the market is inactive. - **Supply Outlook**: New corn will be listed in August, and the supply is expected to be sufficient. Corn futures are weak [20]. Pigs - **Market Performance**: The spot pig price is weak, and the supply is increasing. - **Outlook**: The price decline has slowed down, and attention should be paid to the consumption peak during the start of the school term [20][21].

| | | | | | | | | | 研究中心农产品团队 2025/08/20 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 玉米/淀粉 | | | | 玉米 | | | | | | 淀粉 | | | 日期 | 长春 | 锦州 | 潍坊 | 蛇口 | 基差 | 贸易利润 | 进口盈亏 | 黑龙江 | 潍坊 | 基差 | 加工利润 | | 2025/08/13 | 2230 | 2250 | 2428 | 2390 | -29 | 5 | 413 | 2900 | 2980 | 204 | -38 | | 2025/08/14 | 2230 | 2270 | 2428 | 2410 | -11 | 5 | 425 | 2900 | 2980 | 207 | -31 | | 2025/08/15 | - | 2270 | 2428 | 2400 | 80 | -5 | 336 | 2900 | 2980 | 241 | -31 | | 2025/08/18 | - | 2260 | 2468 | ...

龙泉驿水蜜桃、都江堰猕猴桃、崇州枇杷茶……日前，成都市农业农村局代表团赴香港参加2025香港国际茶 展和美食博览会，既借助省级平台扩大"天府源"品牌影响力，又通过专场推介精准对接市场需求，推动成都优质 特色农产品拓展粤港澳大湾区市场。据统计，成都农企与香港商超、餐饮企业、经销商、采购商等达成意向订单 1000余万元、合作意向20余项，涉及产品供应、渠道共建等多个领域。 在四川省农业农村厅主办的"天府粮仓"特色农产品品鉴之夜活动中，成都代表团精选的郫县豆瓣等多款优质 农产品成为展示"天府味"的重要载体。活动以"展示+体验"的形式进行，现场设置产品展示区与互动交流区，邀请 川港两地约200位嘉宾客商参与洽谈。四川睿禾亮农业科技发展有限公司等成都农企与香港商家达成合作意向。 成都市农业农村局相关负责人表示，香港是成都农产品"出川出海"的重要门户，经"产品输出+经验输入"的双 向赋能，使"蓉字号"成为连接内陆与海外市场的金色名片。未来，成都将持续深化与粤港澳大湾区的农业合作， 让更多"蓉字号"农产品"落户"香港、飘香海外。（记者 文铭权） 其间，由成都市农业农村局主办的"成都市优质特色农产品（香港）推介活动"在香港会 ...

新华财经昆明8月19日电（记者浦超）记者从8月19日在云南省迪庆州举行的第四届香格里拉论坛上了解到，今年以来当地已通过航空发送松茸超583吨。 云南是松茸的主产区之一，产量占全国的40%。迪庆州的松茸产量占云南省产量的65%左右，当地松茸菌肉细嫩、香味浓厚，不仅在国内市场热销，还出口 到日本、韩国、欧美等地。 据统计，今年以来截至8月18日，迪庆香格里拉机场松茸全货机运输起降58架次，累计运送松茸583.7吨，比2024年同期增长13.4%，其中有一天发送量达到 30吨，创下单日发送量新高。 （文章来源：新华社） 这是8月19日拍摄的云南省迪庆州一家企业准备发送出去的松茸。新华社记者浦超摄 松茸作为珍贵食材，对运输时效和品质要求极高，为了让松茸新鲜抵达远方的餐桌，从2021年起，迪庆州与"顺丰速运"合作开通松茸全货机，今年7月进入 松茸采摘季以来，当地通过货机把一箱箱新鲜松茸运往全国各地。同时，实现航空与高铁、公路运输高效协同，最大化减少脱温，实现跨省最快7小时送 达。 ...

格隆汇8月19日丨WANG ON GROUP(01222.HK)公布，于2025年8月19日，洛阳宏进（中国农产品的全 资附属公司，而中国农产品为公司拥有约57.09%权益的上市附属公司）与江苏金融就租赁资产的售后 回租订立售后回租协议，售价为人民币20,000,000元。租赁付款总额约人民币22,000,000元。 租赁资产为洛阳宏进拥有的若干设备，包括高低压输电设备、电力变压器系统设备及低温大冷库制冷设 备。 ...

Core Insights - The corn prices in various regions of China show a mixed trend, with some areas experiencing a decline while others remain stable [1][2] - The U.S. corn export inspection report indicates no exports to mainland China for the week ending August 14, maintaining a zero export volume for consecutive weeks [3] - The USDA's crop progress report shows a slight decline in the good-to-excellent rating for U.S. corn, with the current rating at 71%, compared to 72% the previous week [3] Price Trends - North Port corn prices range from 2290 to 2310 CNY/ton, down by 10-20 CNY/ton; South Port prices remain stable at 2390-2400 CNY/ton [1] - A detailed price list for yellow corn across various provinces shows prices ranging from 2120 CNY/ton in Heilongjiang to 2480 CNY/ton in Shandong [2] - The futures market closed at 2170.00 CNY/ton, reflecting a decrease of 0.60% with a trading volume of 353,719 contracts [2] Market Analysis - The ongoing auction of imported corn in Northeast China and the good growth of the new season corn are putting pressure on the current market sentiment, leading to a more active selling behavior among grain holders [4] - The demand from feed enterprises remains weak, with many deep processing companies continuing to adjust their inventory based on supply and demand [4]

Report Information - Report Type: Fixed Income Report - Release Date: August 19, 2025 - Analysts: Liang Weichao, Cui Chao [2] Core Views - The overall heat of the production end is rising, with the operating rates of blast furnaces and semi-steel tires decreasing, and those of coke ovens, asphalt, PX, PTA, and all-steel tires increasing [2][29] - The real estate market is weakening marginally, with both the transaction volume of commercial housing and the land supply area decreasing [2][29] - The price trend is diverging. Crude oil, non-ferrous metals, and rebar prices are decreasing, while coking coal prices are slightly increasing. Agricultural product prices are generally rising, at the beginning of the seasonal upward trend, with pork and fruit prices decreasing and egg and vegetable prices increasing [2][29] - Shipping indices are declining, including SCFI, CCFI, and BDI, indicating potential pressure on global foreign trade. Short-term focus should be on the implementation of a new round of stable growth stimulus policies, the recovery of the real estate market, and the impact of international geopolitical changes [2][29] Production - Coke ovens: The capacity utilization rate increased by 0.38 pct. On the week of August 15, the capacity utilization rate of coke ovens was 74.13%, up 0.38 pct from the previous week [7] - Blast furnaces: The operating rate decreased by 0.16 pct. On the week of August 15, the operating rate of blast furnaces was 83.59%, down 0.16 pct from the previous week [7] - Rebar: The output decreased by 0.73 tons. On the week of August 15, the output of rebar was 220.45 tons, down 0.73 tons from the previous week, and the inventory increased by 4.06 tons [7] - Petroleum asphalt: The operating rate increased by 1.2 pct. On the week of August 13, the operating rate of petroleum asphalt was 32.9%, up 1.2 pct from the previous week [7] - Chemical industry: The operating rate of PX increased by 2.28 pct, and that of PTA increased by 1.91 pct. On August 14, the operating rate of PX was 84.63%, up 2.28 pct from the previous week, and the operating rate of PTA was 76.7%, up 1.91 pct from the previous week [7] - All-steel tires: The operating rate increased by 2.09 pct. On the week of August 14, the operating rate of all-steel tires was 63.09%, up 2.09 pct from the previous week [8] - Semi-steel tires: The operating rate decreased by 2.28 pct. On the week of August 14, the operating rate of semi-steel tires was 72.07%, down 2.28 pct from the previous week [8] Demand - Real estate: The transaction area of commercial housing decreased marginally, and the inventory-to-sales ratio increased. The land supply area decreased, and the transaction premium rate of residential land decreased. On the week of August 10, the transaction area of commercial housing in 30 large and medium-sized cities was 129.45 million square meters, down 35.64 million square meters from the previous week. The inventory-to-sales ratio of commercial housing in 10 large cities was 119.01, up 3.95 from the previous week. The land supply area in 100 large and medium-sized cities was 1168.53 million square meters, down 214.86 million square meters from the previous week. The transaction premium rate of residential land in 100 large and medium-sized cities was 2.45%, down 1.49 pct from the previous week [12] - Movie box office: It decreased by 137 million yuan. On the week of August 10, the total box office revenue of movies in China was 1615.24 million yuan, down 137.3286 million yuan from the previous week [12] - Automobiles: The daily average retail sales of automobile manufacturers decreased by 52,000 units, and the daily average wholesale sales decreased by 132,000 units. On the week of August 10, the daily average retail sales of passenger cars were 45,207 units, down 52,284 units from the previous week, and the daily average wholesale sales were 40,253 units, down 131,503 units from the previous week [14] - Shipping indices: SCFI decreased by 1.98%, CCFI decreased by 0.62%, and BDI decreased by 0.34%. On the week of August 15, SCFI was 1460.19 points, down 29.49 points from the previous week. CCFI was 1193.34 points, down 7.39 points from the previous week. BDI was 2044 points, down 7 points from the previous week [17] Prices - Energy: The price of Brent crude oil decreased by 1.11% to $65.85 per barrel. On August 15, the settlement price of Brent crude oil futures was $65.85 per barrel, down $0.74 per barrel from the previous week [19] - Coking coal: The futures price increased by 0.33% to 1223.5 yuan per ton. On August 15, the settlement price of coking coal futures was 1223.5 yuan per ton, up 4 yuan per ton from the previous week [19] - Metals: The futures prices of LME copper, aluminum, and zinc changed by -0.08%, -0.46%, and -1.32% respectively, and the domestic rebar futures price decreased by 1.0%. On August 15, the closing price of LME copper futures was $9760 per ton, down $8 per ton from the previous week. The closing price of LME aluminum futures was $2603 per ton, down $12 per ton from the previous week. The closing price of LME zinc futures was $2796.5 per ton, down $37.5 per ton from the previous week. The settlement price of domestic rebar futures was 3183 yuan per ton, down 32 yuan per ton from the previous week [20] - Agricultural products: The overall price rebounded, with the agricultural product wholesale price 200 index increasing by 0.82%. The prices of pork, eggs, vegetables, and fruits changed by -1.76%, +1.07%, +2.37%, and -1.85% respectively compared with the previous week. On August 15, the agricultural product wholesale price 200 index was 114.88, up 0.94 from a week ago. The average wholesale price of pork was 20.05 yuan per kilogram, down 0.36 yuan per kilogram from a week ago. The average wholesale price of eggs was 7.59 yuan per kilogram, up 0.08 yuan per kilogram from a week ago. The average wholesale price of 28 key monitored vegetables was 4.75 yuan per kilogram, up 0.11 yuan per kilogram from a week ago. The average wholesale price of 7 key monitored fruits was 6.91 yuan per kilogram, down 0.13 yuan per kilogram from a week ago [22][23] Logistics - Subway passenger volume: It increased in Beijing and decreased in Shanghai. On August 15, the seven-day moving average of subway passenger volume in Beijing was 10.5208 million person-times, up 283,300 person-times from the previous week. The seven-day moving average of subway passenger volume in Shanghai was 10.6857 million person-times, down 62,900 person-times from the previous week [25] - Flight volume: Domestic flight volume increased, while international flight volume decreased. On August 16, the seven-day moving average of domestic (excluding Hong Kong, Macao, and Taiwan) flight volume was 14,822.57 flights, up 204 flights from the previous week. The seven-day moving average of domestic (Hong Kong, Macao, and Taiwan) flight volume was 377.57 flights, down 9.14 flights from the previous week. The seven-day moving average of international flight volume was 1891.29 flights, down 4.86 flights from the previous week [27] - Urban traffic: The peak congestion index in first-tier cities increased. On August 16, the seven-day moving average of the peak congestion index in first-tier cities was 1.68, up 0.01 from the previous week [27]

Group 1 - The U.S. has imposed tariffs on certain Indian goods, raising them to as high as 50%, which has caused significant concern among Indian exporters, particularly in agriculture, light industry, and IT products [1][3][5] - The U.S. administration has canceled the planned trade talks in New Delhi, indicating a broader strategy that includes issues like oil imports, trade deficits, and supply chain concerns [3][7] - The imposition of these tariffs is seen as a major blow to India's export-dependent economy, with fears of job losses and order cancellations among small manufacturers and exporters [5][18] Group 2 - In response to the U.S. actions, India is receiving mixed signals from China, with a high-level visit planned and potential restoration of direct flights, indicating a thaw in relations [9][12] - The resumption of direct flights and border trade negotiations could revitalize economic interactions between India and China, which is crucial for local economies [11][16] - The Indian media reflects a divided opinion on the situation, with some advocating for diversification of external relations to mitigate risks associated with reliance on the U.S. market [14][18]