据知情人士透露，欧盟将寻求在本周末前快速推进立法，以取消对所有美国工业品的关税，这是美国总 统特朗普提出的一项要求，作为美国降低对该集团汽车出口关税的前提。 如果欧盟在本月底前提出该立法，那么对欧洲汽车征收的15%关税税率将追溯至8月1日生效。汽车是该 集团对美国最重要的出口商品之一，仅德国在2024年就向美国出口了价值349亿美元的新车和零部件。 AI播客：换个方式听新闻 下载mp3 负责为欧盟处理贸易事务的欧盟委员会，还将对某些海产品和农产品给予优惠关税税率。 音频由扣子空间生成 欧盟已承认，与特朗普达成的这项贸易安排有利于美国，但该协议对于为企业提供稳定性和确定性是必 要的。欧盟委员会主席冯德莱恩此前曾将其描述为"虽不完美但成效显著"。 此举发生之际，特朗普已威胁要对那些对美国网络服务征税的国家征收关税和其他惩罚，但他没有具体 说明他将针对哪些国家，以及欧盟是否会牵涉其中。 长期以来，特朗普一直猛烈抨击欧盟对包括谷歌母公司Alphabet和苹果公司在内的美国科技巨头进行的 技术和反垄断监管。 目前，欧盟的汽车和汽车零部件对美出口面临27.5%的关税。尽管美国和欧盟已达成一项贸易协议，将 使美国对几乎所有 ...

1. Report Industry Investment Ratings - **Bullish**: Gold, Silver, Copper, Crude Oil, Fuel Oil, Pork, Bitumen (bullish on short - term rebound), Liquefied Petroleum Gas (LPG), Combustion Fatigue [1] - **Bearish**: Asphalt, Short - fiber, Hemp, Urea (limited upside), PE (price oscillates weakly), Container Shipping to Europe [1] - **Neutral (Oscillating)**: Treasury Bonds, Aluminum, Alumina, Zinc, Nickel, Stainless Steel, TV4E, Polysilicon, Lithium Carbonate, Rebar, Hot - rolled Coil, Iron Ore, Manganese Silicon, Ferrosilicon, Glass, Soda Ash, Coke, Coal Coke, Cotton, Sugar, New - season Corn, New - season Soybeans, Pulp, Logs, PTA, Ethylene Glycol, PVC, Spot Goods [1] 2. Core Viewpoints - The current market liquidity is still abundant, with A - share trading volume exceeding 2 trillion, and the Shanghai Composite Index breaking through the previous high of "924". Under internal and external favorable factors, market sentiment is good, and stock index futures may continue to run strongly [1]. - The asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term interest rate risk warning suppresses the upward space [1]. - The dovish stance of the Fed Chairman boosts the September interest - rate cut expectation, which is beneficial to precious metals and copper prices in the short term [1]. - In the non - ferrous metal sector, most varieties are affected by macro - sentiment and their own fundamentals, showing different trends such as oscillation and rebound [1]. - In the black metal sector, most varieties are in an oscillating state due to neutral valuation, unclear industrial drive, and warm macro - drive [1]. - In the agricultural product sector, different varieties are affected by factors such as supply - demand relationship, seasonal factors, and policy, showing different trends [1]. - In the energy and chemical sector, different products are affected by factors such as production capacity, supply - demand relationship, and macro - policy, with different investment ratings [1]. 3. Summary by Related Catalogs Macro - finance - **Stock Index Futures**: May continue to run strongly due to abundant liquidity and good market sentiment [1] - **Treasury Bonds**: Oscillate as the asset shortage and weak economy are beneficial, but the central bank warns of interest - rate risks [1] - **Gold and Silver**: Bullish as the Fed Chairman's dovish stance boosts the September interest - rate cut expectation [1] - **Copper**: Bullish as the Fed Chairman's dovish stance boosts the Fed's interest - rate cut expectation [1] - **Aluminum**: Oscillates as the Fed's interest - rate cut expectation rises, but domestic downstream demand is under pressure in the off - season [1] - **Alumina**: Consider far - month long - position layout opportunities as production and inventory increase, but bauxite shipments decline in the rainy season in Guinea [1] Non - ferrous Metals - **Zinc**: Rebounds due to improved macro - sentiment, but the upside space is limited due to large domestic fundamental pressure [1] - **Nickel**: Oscillates and rebounds following the macro - situation, with attention paid to supply and macro - changes. Long - term excess of primary nickel still suppresses prices [1] - **Stainless Steel**: Oscillates and rebounds in the short term, affected by the macro - situation. Pay attention to the actual production of steel mills and short - term trading opportunities [1] - **Tin**: The tin price is boosted by improved macro - sentiment, with short - term weak supply and demand. Pay attention to the seasonal maintenance of Yunnan smelters [1] Energy and Chemicals - **TV4E**: Oscillates due to supply resumption in the southwest and northwest, large hedging pressure, and strong market sentiment [1] - **Polysilicon**: Oscillates with long - term production - capacity reduction expectation, low terminal installation willingness, and considerable profits [1] - **Lithium Carbonate**: Oscillates due to frequent resource - end disturbances and limited subsequent restocking space after large short - term restocking by downstream [1] Black Metals - **Rebar and Hot - rolled Coil**: Oscillate as the valuation returns to neutral, the industrial drive is unclear, and the macro - drive is warm [1] - **Iron Ore**: Oscillates as the near - month is restricted by production cuts, but the commodity sentiment is good, and the far - month has upward opportunities [1] - **Manganese Silicon and Ferrosilicon**: Oscillate, following the black - metal sector in the short term with long - term anti - involution [1] - **Glass and Soda Ash**: Oscillate weakly as the reality is weak, and the market focuses on fundamentals [1] - **Coke and Coal Coke**: Oscillate weakly as the steel inventory accumulates faster than seasonally, and the market suppresses supply by lowering steel prices [1] Agricultural Products - **Palm Oil, Soybean Oil, and Rapeseed Oil**: Have different price trends due to factors such as supply - demand relationship, production reduction, and policy [1] - **Cotton**: Increases in the short term, with the near - month squeeze - out logic dominant. Pay attention to the time window and quota release [1] - **Sugar**: Runs strongly but with limited upside. Pay attention to the 5600 - 6000 range [1] - **New - season Corn and New - season Soybeans**: Oscillate at low levels or due to factors such as harvest pressure and import - cost support [1] - **Pulp**: Consider the 11 - 1 reverse spread as the 11 - contract is under pressure from old warehouse receipts [1] - **Logs**: Oscillate between 790 - 810 yuan/m³ as the valuation is reasonable [1] - **Pork**: Bullish as the near - month contract is weak, and there are peak - season expectations for 11 and 01 contracts [1] Energy and Chemicals - **Crude Oil and Fuel Oil**: May rebound in the short term as the previous pessimistic expectation is corrected, OPEC+ continues to increase production, and there is a short - term rebound demand [1] - **Asphalt**: Bearish as the short - term supply - demand contradiction is not prominent, and the "14th Five - Year Plan" rush - work demand is likely to be falsified [1] - **Natural Rubber and BR Rubber**: Have different trends due to factors such as rainfall in domestic producing areas, inventory, and market sentiment [1] - **PTA and Ethylene Glycol**: Have different supply - demand situations and price trends [1] - **Short - fiber and Hemp**: Bearish due to factors such as increased factory maintenance and weakening market trading [1] - **Urea**: Oscillates with limited upside due to weak export sentiment and insufficient domestic demand, but with cost - end support [1] - **PE, PP, and PVC**: Oscillate due to factors such as maintenance, orders, and macro - sentiment [1] - **LPG**: Runs strongly due to factors such as capacity reduction expectations, tariff extensions, and supply - demand changes [1] Other - **Container Shipping to Europe**: The freight rate is expected to decline as the September supply exceeds the same - period level, and the high - price quotes are expected to converge [1]

Group 1 - The EU aims to legislate the removal of tariffs on US industrial goods in exchange for the US reducing tariffs on automobile imports [1][2] - The current tariff on EU automobile exports to the US is 27.5%, significantly impacting EU exports, particularly from Germany, which exported $34.9 billion worth of cars and parts to the US in 2024 [1] - The agreement would lower US tariffs on nearly all European goods to 15%, but the reduction on automobiles is contingent upon the EU's legislative action to remove tariffs on US industrial products [1] Group 2 - To expedite the legislative process, the EU Commission will bypass the standard impact assessment procedure, aiming for a swift agreement to alleviate high tariffs on EU automobiles [2]

欧盟将寻求于本周末前加速推进立法程序，取消对美国工业产品的关税。这是美国总统唐纳德·特朗普 提出的要求，只有满足这一条件，美国才会降低对欧盟汽车出口的关税。据知情人士透露，负责处理欧 盟贸易事务的欧盟委员会还将对部分海产品和农产品给予优惠关税税率。欧盟承认与特朗普达成的贸易 安排对美方有利，但强调该协议对保障企业稳定性与确定性至关重要。欧盟委员会主席乌尔苏拉·冯德 莱恩此前称其为"一项强有力的协议，尽管并非完美"。 ...

新华财经北京8月27日电农业农村部发布7月农产品供需形势分析月报。 国内小麦市场供应充足，面粉消费及饲料企业需求放缓，政策性收购支撑市场价格，预计国内小麦价格 以稳为主。北半球小麦收获临近尾声，全球小麦市场供应充足，预计国际小麦价格低位震荡。 玉米 国内市场：储备玉米拍卖对市场情绪影响减弱，国内市场供需总体紧平衡，预计国内玉米价格稳中偏强 运行。国际市场：全球玉米供应充足，增产预期较强，预计国际玉米价格偏弱运行。 大豆 国内市场：新季大豆上市前国内大豆供应以国储和地储拍卖成交的陈豆为主，豆制品仍处于季节性消费 淡季，预计国产大豆价格继续保持稳定。国际市场：美豆处于关键生长期，预计国际大豆价格将受天气 炒作影响震荡运行。 棉花 稻米 国内市场：新季早籼稻和再生稻头茬稻谷丰产上市，市场供应充足，夏季大米消费处于淡季，预计近期 国内稻米价格稳中趋弱。国际市场：国际大米市场呈供应宽松格局，预计国际大米价格持续低位运行。 小麦 油料 国内市场：油菜籽上市量和花生库存量均继续减少，市场购销清淡，价格以稳为主。食用植物油预计价 格趋稳运行。国际市场：加拿大油菜籽丰产预期较强，预计价格稳中偏弱。豆油、棕榈油等用于生物柴 油生 ...

市场资讯汇总：黑龙江哈尔滨市场国标一等蛋白39%蛋白中粒塔粮装车报价2.12元/斤，较昨日跌0.01元/斤；黑龙 江双鸭山宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.11元/斤，较昨日跌0.02元/斤；黑龙江佳木斯富锦市场 国标一等蛋白39%蛋白中粒塔粮装车报价2.10元/斤，较昨日跌0.02元/斤；黑龙江齐齐哈尔讷河市场国标一等蛋白 41%蛋白中粒塔粮装车报价2.22元/斤，较昨日平；黑龙江黑河嫩江市场国标一等蛋白41%蛋白中粒塔粮装车报价 2.19元/斤，较昨日平；黑龙江绥化海伦市场国标一等蛋白41%蛋白中粒塔粮装车报价2.20元/斤，较昨日平。今日 南方产区杂花豆，蛋白42-43%，安徽淮北百善报价2.75元/斤，较昨日平；河南周口报价2.70元/斤，较昨日平。 昨日豆一期货价格震荡运行，东北地区受国储粮竞拍影响，低蛋白价格有所下滑，南方因开学季来临，市场走量 小幅增加，但是对于豆价支撑有限，价格多维持稳定，从供需面来看，供应上新豆即将上市，下游需求可替代食 品种类较多，叠加国储库陈粮持续投放，震荡运行。 油料日报 | 2025-08-27 油料价格偏弱，部分油厂入市 大豆观点 市场分析 期货方面 ...

农产品日报 | 2025-08-27 现货价格走弱，豆粕宽幅震荡 粕类观点 整体来看，当前大豆基本面暂无明显变化，本周Profarmer的调研显示本年度美豆生长情况良好，与美国农业部本 月报告给出的53.6蒲式耳/英亩的历史最高单产相符，未来需持续关注新季美豆生长情况。国内方面，当前国内豆 粕库存继续增加，虽低于去年同期，但是100万吨以上的库存使得当前供应仍较为宽松，未来国内大豆到港量依旧 偏高，豆粕库存仍有进一步上涨的空间。另一方面，中美谈判未来仍有变数，近期市场消息频出，需重点关注未 来中美贸易谈判的具体情况。 策略 中性 风险 政策变化 玉米观点 市场要闻与重要数据 期货方面，昨日收盘豆粕2509合约3081元/吨，较前日变动-36元/吨，幅度-1.15%；菜粕2509合约2526元/吨，较前 日变动-21元/吨，幅度-0.82%。现货方面，天津地区豆粕现货价格3070元/吨，较前日变动-30元/吨，现货基差M09-11， 较前日变动+6；江苏地区豆粕现货2990元/吨，较前日变动-20元/吨，现货基差M09-91，较前日变动+16；广东地区 豆粕现货价格2940元/吨，较前日变动跌-20元/吨，现货 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究所 仲鼎 从业资格号F03107932 投资咨询号Z0021450 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 221/221/221 181/181/181 基 础 色 辅 助 色 228/210/172 国内商品期货多数收跌，焦煤、氧化铝跌幅居前 ——中信期货晨报20250827 0/0/0 210/10/16 87/87/87 227/82/4 | | | | 热门行业涨跌幅 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指数 | 行业 | 现价 | 日度涨跌幅 周度涨跌幅 | | 月度涨跌幅 | 李度涨跌幅 | 今年涨跌幅 | | | 农林牧渔 | 5845 | 2.65% | 4.16% | 10.52% | 18.04% | 22.17% | | | 传媒 | 3421 | 1.36% | 2394 | 12.86% | ...

此外，由于9月份受到开学季、中秋节需求拉动，畜禽产品行情上涨概率较大，畜禽行业存在集中出栏 的习惯。卓创资讯预计9月份国内主要畜禽存栏量将降至23.62亿，环比降幅0.85%。其中，白羽肉鸡、 在产蛋鸡均有不同程度下降，生猪存栏量环比增幅2.02%。由于新季玉米存在后熟期，畜禽养殖对陈粮 仍有一定刚需，但难敌供应偏宽松的压力。 综上所述，9月上旬东北新季玉米上市前，饲用玉米需求难有增量，南方市场以执行前期合同为主，小 额成交量难以提振市场行情。轮换粮持续补充市场，进一步满足当地饲用需求，且市场对高价粮源接受 度有限。预计9月上旬东北玉米市场供需关系偏宽松，玉米价格以下行趋势为主，跌幅20元／吨左右。 进入8月份，东北市场轮换粮持续补充，叠加产区贸易商积极出库，国内玉米供应端略显宽松。但需求 端处于季节性低位，市场价格承压并缓慢走低。卓创资讯监测数据显示，截至8月22日，东北玉米市场 日均价由2252元／吨跌至2230元／吨，跌幅0.98%。 后期来看，虽然9月份高温天气消退，畜禽活体采食量缓慢恢复，但饲料产量并没有表现出季节性增长 特点。且从畜禽产能来看，8-9月份养殖、饲料需求仍或偏弱。因此，预计9月上旬东 ...

软商品日报 软商品日报 光大期货软商品日报（2025 年 8 月 27 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 周二，ICE 美棉下跌 0.97%，报收 66.67 美分/磅，CF601 环比下跌 0.11%，报收 14100 元/吨，主力合约持仓环比增加 3455 手至 50.81 万手，新疆地区棉花到厂价为 15235 | 震荡 | | | 元/吨，较前一日上涨 135 元/吨，中国棉花价格指数 3128B 级为 15334 元/吨，较 | | | | 前一日上涨 99 元/吨。国际市场方面，宏观层面仍需持续关注，目前市场已经基本 | | | | 定价 9 月降息 25bp，关注后续是否会有超预期扰动，昨日美元指数与美棉价格共 | | | | 振下行。基本面驱动有限，USDA8 月报环比调减 2025/26 年度美棉产量预期值 30.2 | | | 棉花 | 万吨，关注后续美国干旱扰动。国内市场方面。2025 年棉花滑准税配额发布，20 | | | | 万吨加工贸易进口配额，部分缓解库存短缺担忧。市场关注重心将逐渐转向新棉， | | | | 展 ...