近日，成都立航科技股份有限公司（证券代码：603261，证券简称：*ST立航）发布了关于签订募集资 金专户三方监管补充协议的公告（公告编号：2025 - 037）。 点击查看公告原文>> 2022年，经中国证券监督管理委员会许可[2022]380号文核准，*ST立航首次向社会公开发行人民币普通 股（A股）股票1,925.00万股，发行价格为每股19.70元，募集资金总额达37,922.50万元。扣除不含税的 发行费用4,450.37万元后，实际募集资金净额为33,472.13万元。该笔资金于2022年3月9日由主承销商华 西证券股份有限公司汇入公司募集资金监管账户，并经信永中和会计师事务所（特殊普通合伙）验证。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.c ...

Core Viewpoint - The recent imposition of tariffs by the U.S. on certain Brazilian exports, reaching up to 50%, is seen as a politically motivated challenge to international multilateral trade rules, prompting calls for enhanced coordination among BRICS nations to stabilize trade and diversify trade settlement currencies [1][2]. Group 1: Impact on Trade Relations - The U.S. tariffs represent an unprecedented strain in U.S.-Brazil relations, highlighting the urgency for BRICS to strengthen internal coordination mechanisms and the importance of de-dollarization for member countries to conduct autonomous trade and mitigate risks [1][2]. - The tariffs are perceived as a departure from conventional trade logic, indicating an increase in protectionism and geopolitical risks [1][2]. Group 2: Financial Mechanism Reforms - BRICS nations are accelerating reforms in financial and settlement mechanisms in response to trade disruptions, with Russia notably shifting to alternative currencies after being excluded from the SWIFT system [2]. - The growing role of currencies like the yuan and ruble in bilateral and multilateral trade reflects a strategic move towards greater autonomy and resilience against unilateral trade pressures [2]. Group 3: Strategic Recommendations for Brazil - Brazil is advised to focus more on BRICS mechanisms and South-South cooperation, particularly in manufacturing and high-tech industries, to identify new trade growth points [2]. - Brazilian companies, such as Embraer, are encouraged to diversify their market presence and adapt products to better integrate into emerging markets, especially in light of the complexities involved in developing alternative markets for high-tech products [2]. Group 4: Long-term Economic Implications - The long-term effects of the U.S. tariffs are expected to undermine the multilateral trading system centered around the WTO, leading to instability and increased protectionist sentiments globally [3][4]. - The tariffs are likely to raise costs for U.S. consumers, creating pressure from domestic industries on the government to reassess these tariff practices due to their inflationary impact and potential to hinder the U.S. economy [4].

Core Viewpoint - The U.S. soybean industry is facing a crisis due to tariffs imposed by the Trump administration, leading to a significant loss of market share to Brazil, which has become the primary supplier to China [5][12][21] Group 1: Impact of Tariffs - Following the U.S. imposition of a 10% tariff on China in March 2025, China retaliated with a 10% tariff on U.S. soybeans, resulting in a total tariff rate of 13% [5] - The cost of U.S. soybeans increased by $45 per ton, causing a loss of price competitiveness against Brazilian soybeans, which are priced 20-30% lower [5][12] - U.S. soybean exports to China are projected to drop to 14 million tons in 2025, only one-third of the peak level in 2017 [7] Group 2: Political Ramifications - The agricultural states, traditionally Republican strongholds, are experiencing discontent among farmers due to the tariff policies, with only 38% of farmers in soybean-producing areas indicating continued support for the Republican Party [8] - Trump's urgency to secure soybean orders is driven by the upcoming 2026 midterm elections, as dissatisfaction among farmers could jeopardize his political support [8][11] Group 3: Market Dynamics - Brazil's soybean exports to China are expected to reach 34.5 million tons in the first half of 2025, a year-on-year increase of 18%, indicating a stable supply chain [12] - China is reducing its dependence on U.S. soybeans by adjusting feed formulations, which has led to a 15% decrease in soybean meal usage, equating to a reduction of 15 million tons in import demand [12] - Domestic soybean production in China is projected to increase by 8% in 2025, further mitigating reliance on imports [12] Group 4: Strategic Responses - The U.S. is facing a trade deficit of $295.4 billion, and the ongoing tariff war could result in a permanent loss of the Chinese market for U.S. soybeans [11] - China's response to U.S. trade policies includes diversifying soybean imports and leveraging its position in rare earth exports to pressure U.S. industries [19] - The trade conflict highlights a fundamental clash between two development models, with China strategically navigating external pressures while the U.S. remains entrenched in unilateralism [21]

Group 1 - The U.S. Department of Commerce restored export licenses for EDA software, aviation equipment, and engines to China, marking the end of a recent ban that began in late May [1][2] - The trade dispute escalated with tariffs increasing by 125% between the U.S. and China, leading to significant trade disruptions [2][4] - The U.S. government's ban on exports was a response to China's tightening of rare earth controls, which the U.S. viewed as a retaliatory measure [2][4] Group 2 - China's strict management of rare earth exports is aimed at preventing strategic resources from being used against its interests, creating a counterbalance in negotiations [4][5] - U.S. companies, particularly in the automotive sector, face supply chain disruptions due to China's rare earth export controls, which could lead to production halts [4][6] - The U.S. has relied on smuggling to obtain rare earth materials, but recent crackdowns by China threaten this supply route [6][10] Group 3 - The U.S. export ban on ethane, EDA software, and aviation equipment may backfire, as it could also harm U.S. exports and industries reliant on these markets [12][13] - EDA software is critical for semiconductor design, but China has made significant strides in developing its own alternatives since facing U.S. sanctions [13][18] - The C919 aircraft's engine options include domestically developed alternatives, such as the AEF1200, which is positioned to meet the aircraft's power requirements [15][16][18] Group 4 - The AEF1200 engine, derived from the WS20 military engine, is designed to compete with established Western models like the CFM56, showcasing China's advancements in aviation technology [15][16] - China's approach to building a self-sufficient supply chain in response to U.S. sanctions reflects a long-term strategy to mitigate risks associated with foreign dependencies [18][19] - The recent approval of rare earth exports to major U.S. automakers under strict conditions indicates a strategic compromise to ensure the continued development of China's aviation industry [18]

中美围绕贸易的第2次部长级磋商在伦敦进行（图片由美国财务部提供） 中美经过5月的磋商，将相互加征的关税降低了115%。虽然仍有部分加征的关税，但进一步取消关税的 讨论可能会被推迟。在6月9日开始的第2次磋商中，中美是否放宽相互实施的出口管制成为焦点…… 中美两国政府6月9日在伦敦举行了第二次部长级磋商。这是继5月在瑞士举行会谈之后的再次 磋商，似乎讨论了中国的稀土管制和美国的芯片管制问题。6月10日也在继续展开磋商。 在美国方面，财政部部长贝森特和美国贸易代表办公室（USTR）代表格里尔以及并未参加第 一轮谈判的主管出口管理的商务部长卢特尼克参加了会谈。中国由负责经济政策的副总理何 立峰参加。 当地时间10日上午起进入第2天的磋商。中美是否放宽相互实施的出口管制成为焦点。美国要 求中国解除稀土出口管制。中国4月将用于高性能磁铁的镝等7种稀土列入管制对象，将出口 改为许可制。 中美在5月10日至11日举行的首次部长级磋商中，决定暂停或取消中国关税以外的贸易管 制。美国将达成协议后中国稀土出口依然迟缓视为问题。 正在产生美国、欧洲和日本等国的汽车生产部分停止等影响。此次磋商中有可能优先讨论稀 土问题。 由进驻中国 ...