Group 1 - The article discusses Canada's strategic missteps in international trade, particularly its decision to impose tariffs on Chinese steel in an attempt to appease the United States, which ultimately backfired [1][9][51] - Canada's steel industry has been severely impacted by a 50% tariff imposed by the U.S., leading to significant job losses and pressure on the government to respond [5][7][51] - The Canadian government's decision to target Chinese steel with a 25% tariff and strict quotas was intended to demonstrate alignment with U.S. trade policies, but it has raised questions about the protection of domestic industries [9][12][14] Group 2 - China's response to Canada's tariffs was swift, launching an anti-dumping investigation into Canadian canola and planning to resume imports of Australian canola, which Canada has historically dominated [20][24][29] - The timing of China's countermeasures was strategic, indicating that it had anticipated Canada's actions and was prepared to respond effectively [22][24] - The shift in canola imports from Canada to Australia represents a significant loss for Canada, which relies heavily on China for its canola exports, with 64% of its canola exports going to China [24][51][56] Group 3 - Australia's successful re-entry into the Chinese market for canola is attributed to its pragmatic approach and efforts to meet Chinese import standards, contrasting sharply with Canada's political maneuvering [36][41][46] - The article emphasizes that Australia's shift from a confrontational stance to one of cooperation has allowed it to regain market access, while Canada faces the risk of losing its market position permanently [41][58] - The overall narrative suggests that middle powers like Canada must adopt independent and pragmatic foreign policies rather than relying on opportunistic strategies to navigate the complexities of international relations [65][67]

Report Industry Investment Ratings There is no information about the report industry investment ratings in the provided content. Core Views of the Report - The short - term gold price is in a volatile state, and the dollar index is expected to weaken in the short term. The stock market needs to observe the Politburo meeting's positioning of the domestic economy and forward - looking policies. The CBOT soybeans rose due to private sales and the Indonesia - US agreement, and the market is concerned about US tariff policies. Various commodities have different price trends and influencing factors, such as steel prices oscillating weakly, coal prices remaining seasonally strong, and copper prices potentially under short - term pressure [11][15][18][25]. Summary According to Relevant Catalogs 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - US June PPI annual rate was 2.3%, the lowest since September 2024, and the monthly rate was 0%. Gold fluctuated sharply due to the news of Trump potentially firing Powell. The fundamentals lack positive factors for gold, and the short - term gold price is in a volatile range. Investment advice is that the short - term gold price will oscillate with increased volatility [10][11][12]. 1.2 Macro Strategy (Foreign Exchange Futures - Dollar Index) - Fed officials believe the current restrictive monetary policy is appropriate. The Fed's Beige Book shows a slight economic uptick with high uncertainty. Trump denied firing Powell, but the dollar index is expected to weaken in the short term [13][15][16]. 1.3 Macro Strategy (Stock Index Futures) - The State Council executive meeting studied policies to strengthen the domestic cycle. On July 17, the stock market was flat at a high level with low trading volume. The market needs to observe the Politburo meeting's stance. Investment advice is to allocate stock indices evenly [18][19]. 1.4 Macro Strategy (US Stock Index Futures) - US banks' performance grew steadily, but the investment banking business was under short - term pressure. The Fed's Beige Book showed a slight economic increase. The market's risk appetite is supported, but risks from Trump's policies exist. The stock index is expected to oscillate, and investors should control their positions carefully [20][22][23]. 2. Commodity News and Reviews 2.1 Agricultural Products (Soybean Meal) - Private exporters sold 120,000 tons of soybeans, and Indonesia will buy $4.5 billion of US agricultural products, causing CBOT soybeans to rise. The market is concerned about US tariff policies. The domestic and foreign futures prices are oscillating, and the market should monitor US soybean production area weather and tariff policies [24][25][26]. 2.2 Ferrous Metals (Rebar/Hot - Rolled Coil) - The steel price is oscillating weakly. The probability of over - expected policy stimulus is low. The steel price is expected to oscillate in the short term. Investment advice is to use a rebound hedging strategy for the spot market [27][28][29]. 2.3 Ferrous Metals (Steam Coal) - High - temperature weather supports coal consumption, and the coal price is expected to remain seasonally strong [30]. 2.4 Ferrous Metals (Iron Ore) - The iron ore price is oscillating at a high level. The supply is not expected to increase significantly this year, and the demand is under pressure. The price is difficult to break through the $100 resistance level [31][32]. 2.5 Non - Ferrous Metals (Lead) - The Middle East will impose tariffs on Chinese lead - acid battery enterprises. The lead price is falling, but the price center of Shanghai lead is expected to rise. Investment advice includes looking for short - term buying opportunities and considering internal - external inverse arbitrage [33][34][35]. 2.6 Non - Ferrous Metals (Zinc) - Vedanta's zinc concentrate production increased in Q2 2025. The zinc price oscillated widely. The zinc market is under pressure, and investment advice includes short - term short - selling, positive arbitrage in the long - term month spread, and internal - external positive arbitrage [36][38]. 2.7 Non - Ferrous Metals (Lithium Carbonate) - Zimbabwe plans to build a lithium ore processing plant. The supply side of lithium carbonate has uncertainties. The price is expected to be strongly oscillating in the short term. Investment advice is to look for short - term long - buying and positive arbitrage opportunities [39][40]. 2.8 Non - Ferrous Metals (Copper) - Kazakhstan will restrict non - ferrous metal exports and resume gallium production. The copper price may be under short - term pressure. Investment advice is to take a bearish approach for single - side trading and wait and see for arbitrage [41][45]. 2.9 Non - Ferrous Metals (Nickel) - Indonesia will shorten the mining quota period from 2026. The nickel price is expected to oscillate at a low level in the short term and decline in the medium term. Investment advice is to look for short - selling opportunities [46][47]. 2.10 Energy and Chemicals (Liquefied Petroleum Gas) - The PDH unit of Guoheng stopped due to a malfunction. US C3 inventory increased, and the domestic market is weakly oscillating with insufficient upward momentum [48][49][50]. 2.11 Energy and Chemicals (Crude Oil) - EIA commercial crude oil inventory decreased, but gasoline and refined oil inventories increased. The oil price fell slightly. The short - term oil price is expected to oscillate [51][52][53]. 2.12 Energy and Chemicals (Caustic Soda) - The price of caustic soda in Shandong remained stable. The supply increased, and the demand was good. It is difficult for the price to continue rising [54][55]. 2.13 Energy and Chemicals (Pulp) - The price of imported wood pulp is weakening. The upward space of the pulp price is limited [56]. 2.14 Energy and Chemicals (PVC) - The price of PVC powder decreased. The PVC market followed the rebound but has limited upward potential due to inventory changes [57][58]. 2.15 Energy and Chemicals (Bottle Chips) - Bottle chip factories are implementing production cuts. The supply pressure will be relieved, and investors can look for opportunities to expand processing fees [59][60]. 2.16 Energy and Chemicals (Soda Ash) - The soda ash market is weakly stable. The supply is high, and the demand is average. Investment advice is to short - sell at high prices in the medium term [61]. 2.17 Energy and Chemicals (Float Glass) - The price of float glass decreased slightly. The glass market is weak, and investment advice includes considering cross - variety arbitrage [62][63]. 2.18 Shipping Index (Container Freight Rates) - The Port of Long Beach will expand. The freight rate of the European line's 10 - contract retreated after rising. The 08 - contract's oscillation range moved up, but there are potential negative factors [64][65].

Economic Overview - The core viewpoint of the article highlights the differentiation between new and old economic drivers in the context of China's economic performance, with a GDP of 66.05 trillion yuan in the first half of the year, reflecting a year-on-year growth of 5.3% [1] - Fixed asset investment increased by 2.8%, while real estate development investment saw a significant decline of 11.2% [1] - Industrial added value for June grew by 6.8% year-on-year, and retail sales of consumer goods increased by 4.8% [1] Stock Market Insights - The U.S. stock indices experienced a general decline, with the communication sector leading gains and the coal sector facing losses, while market turnover reached 1.64 trillion yuan [2] - The financing balance increased by 9.738 billion yuan to 1.872324 trillion yuan, indicating a favorable environment for long-term investments in the capital market [2] - A-shares are considered to have high investment value, particularly the CSI 500 and CSI 1000 indices, which are expected to benefit from supportive policies [2] Bond Market Analysis - The yield on the 10-year government bond fell to 1.6575%, with the central bank conducting a net injection of 173.5 billion yuan to maintain liquidity [3] - The U.S. CPI rose by 2.7% year-on-year, raising concerns about inflation and trade tensions, which affected U.S. Treasury yields [3] - The central bank is expected to maintain a supportive monetary policy, which may provide some support for bond prices amid increasing global economic uncertainties [3] Lithium Carbonate Market - Weekly lithium carbonate production decreased by 644 tons to 18,123 tons, with upstream production cuts potentially affecting future output expectations [4] - Demand for lithium materials is projected to grow, with phosphate iron lithium production expected to increase by 3% in July [4] - Market sentiment is improving, but there are pressures from hedging activities and no signs of upstream production cuts, suggesting a volatile market environment [4] Consumer Goods and Retail - In June, retail sales of consumer goods reached 42.287 billion yuan, growing by 4.8% year-on-year, with non-automotive retail sales also increasing by 4.8% [8] - For the first half of the year, total retail sales amounted to 245.458 billion yuan, reflecting a year-on-year growth of 5.0% [8]

Group 1 - The core issue revolves around the U.S. imposing a 30% tariff on the EU, which has led to significant frustration among EU member states [1][2] - The EU initially attempted to negotiate a balanced tariff of 10% but ended up facing a unilateral 30% tariff, indicating a failure in their negotiation strategy [1] - EU Commission President Ursula von der Leyen's decision to delay countermeasures against the U.S. has been criticized as a missed opportunity for a strong response [1][2] Group 2 - The U.S. government is focused on implementing new customs tariffs rather than considering the impact on consumer prices, showcasing a hardline stance [2] - The EU's response has been perceived as weak, with the Commission acting as a spokesperson for U.S. policies rather than defending EU interests [2] - The situation highlights the vulnerability of the EU in the face of U.S. trade policies, suggesting that the EU may be seen as a tool for U.S. interests rather than a unified entity [2]

Core Point - Canada has delayed its plans to impose retaliatory tariffs on U.S. aluminum and steel, according to two senior officials cited by Politico [1] Group 1 - The decision to postpone the tariffs indicates a potential shift in trade relations between Canada and the U.S. [1] - This delay may reflect ongoing negotiations or discussions aimed at resolving trade tensions [1] - The move could have implications for the aluminum and steel industries in both countries, affecting pricing and supply chains [1]

Group 1 - The Chinese Ministry of Commerce announced the continuation of anti-dumping duties on imports of stainless steel billets from the EU, UK, South Korea, and Indonesia for a period of five years starting July 1 [1][3] - The anti-dumping tax imposed by China on EU companies is as high as 43.0%, reflecting the significant dumping margin from the EU [3] - The EU's steel industry is facing challenges due to rising energy costs and pressures for green transformation, leading to a sharp decline in domestic demand and a reliance on exports to China, the largest stainless steel consumer market [3][5] Group 2 - The recent anti-dumping measures are partly a response to the EU's stance towards China, particularly comments made by EU Commission President Ursula von der Leyen at the G7 summit, which were perceived as provocative [5][7] - Despite the tensions, China remains open to dialogue and values the relationship with the EU, indicating a willingness to discuss cooperation during the 50th anniversary of diplomatic relations [7]

Group 1 - A-shares have shown a structural market characteristic, with strong performance in consumer sectors such as food and beverage, and retail, as well as certain technology sectors like AI applications and innovative pharmaceuticals [2][4] - The top five performing industries in A-shares include agriculture, media, food and beverage, electrical equipment, and retail, indicating a growing interest in agricultural assets and a recovery in consumer spending [2] - The bottom five performing industries in A-shares are electronics, steel, basic chemicals, non-ferrous metals, and storage chips, with the decline in non-ferrous metals linked to proposed US tariffs on copper [2] Group 2 - In the Hong Kong market, the healthcare sector has seen a rise due to active innovative drug concepts, despite potential US tariffs on pharmaceuticals [3] - The top three performing industries in Hong Kong include healthcare, industrial, and energy, while the bottom three are materials, information technology, and real estate, reflecting external pressures from US tariff policies and global tech supply-demand imbalances [3] - The current market characteristics indicate that A-shares are driven by policy and sectoral improvements, while Hong Kong stocks are more influenced by external factors such as US tariffs and global technology cycles [4] Group 3 - Short-term market hotspots are concentrated around policy-driven sectors and improving industry conditions, with a focus on performance in the upcoming earnings reports [4] - The breakthrough of the Shanghai Composite Index above 3500 points is expected to further boost market confidence, with potential policy signals from the July Politburo meeting influencing capital flows [4]

Core Viewpoint - The company, Guangdong Mingzhu Group, is facing challenges in meeting its performance commitments due to declining production and sales of iron concentrate, while experiencing significant growth in sand and gravel revenue, attributed to previous operational restrictions. Financial Performance - The company reported a total revenue completion rate of only 64.43% for the annual performance commitments from 2022 to 2024, with a total shortfall of 446.77 million yuan [6][7]. - For iron concentrate, the revenue was 341 million yuan with a gross margin of 62.55%, while sand and gravel revenue reached 83 million yuan, marking a year-on-year increase of 132.08% [1][2]. Iron Concentrate Analysis - In 2024, the production of iron concentrate was 495,100 tons, a decrease of 42.21% from 2023, with sales volume dropping by 45.20% to 487,200 tons [2][3]. - The average selling price of iron concentrate fell by 3.48% to 699.50 yuan per ton, while the gross margin decreased by 7.85 percentage points compared to the previous year [2][3]. - The increase in production costs was primarily due to the depletion of iron ore reserves and operational difficulties, including safety-related shutdowns [4][14]. Sand and Gravel Performance - The company saw a significant increase in sand and gravel production, with output rising by 99.03% to 2,411,200 tons and sales volume increasing by 170.84% to 2,552,800 tons [5][6]. - The sales revenue for sand and gravel reached 83.36 million yuan, driven by the resumption of operations after previous restrictions [5][6]. - The average selling price for sand and gravel decreased by 14.31% to 32.66 yuan per ton, reflecting broader industry trends [5][15]. Comparison with Industry Peers - The gross margin for iron concentrate at Mingzhu Group was higher than that of comparable companies, with margins of 62.55% compared to 43.81% and 57.86% for other firms [3][4]. - In contrast, the sand and gravel sales revenue of comparable companies like Dazhong Mining decreased by 13.94%, highlighting Mingzhu's relative performance in a challenging market [5][6]. Future Outlook - The company anticipates that the significant growth in sand and gravel sales in 2024 may not be sustainable, given the lack of improvement in infrastructure investment and real estate demand [5][6]. - The operational challenges and declining production levels are expected to continue impacting the company's ability to meet future performance commitments [6][14].

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - From June 30 to July 4, 2025, both global and domestic major asset classes including stocks, bonds, and commodities closed higher. Globally, stocks outperformed commodities, which in turn outperformed bonds when measured in US dollars. Domestically, the same pattern of stocks > commodities > bonds was observed. Attention should be paid to whether the US tariff policy will be upgraded as President Trump's latest remarks on tariffs may impact major asset prices [3]. 3. Summary by Relevant Catalogs 3.1 Global Major Asset Overall Performance: Stocks, Bonds, and Commodities Closed Higher Weekly - The number of new non - farm jobs added in the US in June was higher than expected. On July 4, local time, Trump signed the "big and beautiful" tax and spending bill. The US dollar index continued to decline weekly, while stocks, bonds, and commodities closed higher. Overall, in US dollar terms, stocks > commodities > bonds [3][6]. 3.2 Global Stock Market Overview: US Stocks Led the Gains - From June 30 to July 4, market sentiment was relatively positive, but the performance of global major stock markets was divergent. Geographically, US stocks led the gains, while the Asia - Pacific region underperformed. Emerging markets performed worse than developed markets. The VIX index fluctuated at a low level weekly [8]. 3.3 Global Bond Market Overview: The Yield of 10 - Year US Treasury Bonds Rose Weekly - Better - than - expected non - farm data cooled the market's expectation of a US dollar interest rate cut. The yields of medium - and long - term US Treasury bonds increased. The yield of 10 - year US Treasury bonds rose 6BP to 4.35% weekly. The bond market rose weekly. Globally, high - yield bonds > credit bonds > government bonds [15]. 3.4 Global Foreign Exchange Market Overview: The US Dollar Index Declined Weekly - From June 30 to July 4, although recent US economic and employment data remained resilient, the US dollar index still declined slightly weekly. Most major non - US currencies appreciated against the US dollar, and the RMB exchange rate closed slightly higher. The US dollar index fell 0.28% weekly [16]. 3.5 Global Commodity Market Overview: International Oil and Gold Prices Closed Higher Weekly - The expectation of traditional peak - season consumption supported the rebound of international oil prices. Due to the high uncertainty in the global economic operation, international gold prices also rebounded. Most major agricultural products rose, while non - ferrous metal prices showed mixed performance [18]. 3.6 Domestic Major Asset Performance: Stocks, Bonds, and Commodities All Closed Higher - From June 30 to July 4, the China Manufacturing PMI in June was 49.7%, up 0.2 percentage points from the previous month. The China Non - Manufacturing Business Activity Index in June was 50.5%, up 0.2 percentage points from the previous month. The Caixin China Manufacturing PMI in June was 50.4%, consistent with the trend of the official manufacturing PMI. The Caixin China Services PMI in June was 50.6%. Stocks, bonds, and commodities closed higher weekly. Overall, stocks > commodities > bonds [19]. 3.7 Domestic Stock Market Overview: Most Major Broad - Based A - Share Indexes Rose - The expectation of "anti - involution" in industries increased. Most major broad - based A - share indexes rose. The average daily trading volume of the two markets decreased compared with the previous week. In terms of style, large - cap blue - chips performed prominently. In terms of sectors, steel and banks led the gains, while the comprehensive finance sector underperformed. The Shanghai Composite Index rose 1.40% weekly [20]. 3.8 Domestic Bond Market Overview: The Bond Market Ran Strongly - From June 30 to July 4, the central bank's open - market operations resulted in a net withdrawal of 137.53 billion yuan. The overall liquidity remained stable. The bond market fluctuated strongly weekly. Overall, government bonds > credit bonds > corporate bonds [22]. 3.9 Domestic Commodity Market Overview: The Commodity Market Rebounded - The domestic commodity market closed higher weekly. Among major commodity sectors, the black sector led the gains [23]. 3.10 Major Asset Price Outlook: Pay Attention to Whether the US Tariff Policy Will Be Upgraded - Overall, President Trump's latest remarks on tariffs may have an impact on major asset prices. Attention should be paid to the outcome of the US tariff negotiations [27].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The A-share market showed an upward trend last week, reaching a new high on Friday driven by the financial sector with moderate trading volume. However, short-term adjustment risks are accumulating, and the possibility of repeated oscillations is increasing as the index enters the volume accumulation area of last October [3]. - Looking ahead to next week, the endogenous growth momentum of domestic demand is insufficient, and external demand is vulnerable to tariff impacts. Therefore, favorable policies to stabilize economic demand and market expectations are needed in the second half of the year, which is the main logic for the current stock index rebound [4][5]. - The profit expectations of non-financial sectors are approaching the bottom, investors' patience has improved but confidence still needs to be restored. Specific policies to counter involution and boost domestic demand are expected, and the market is just waiting for a catalytic factor [5]. 3. Summaries According to Related Contents Market Performance - Last week, the performance of the four stock index futures varieties was differentiated. CSI 500 and CSI 1000 fluctuated and consolidated, while SSE 50 and CSI 300 oscillated and rebounded. The basis of all four stock index futures varieties turned into a futures discount mode, and the inter - period spread of futures strengthened [3]. - In the A-share market last week, the steel and glass industries remained stable, and the banking industry showed an obvious breakthrough path. The steel industry had a 3 - day increase of 4.78%, and the banking industry had a 3 - day increase of 2.36% [3]. Market Outlook - The market's mid - term capital direction remains unchanged, but the rotation speed of sectors may increase next week [3]. - Although the index has broken through the short - term pressure line, it is difficult to break through the volume accumulation area of last October without a large amount of funds, and the possibility of repeated oscillations is increasing [3].