1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - During the upcoming National Day holiday (October 1 - 8), the market has certain seasonal patterns, such as the risk of pre - holiday adjustment in the stock index and post - holiday upward movement, and pre - holiday depreciation and post - holiday repair of the RMB exchange rate. Gold has a relatively low risk for holding positions during the holiday, and there may be opportunities in commodity sectors like coking coal, steel, and non - metallic building materials in the month after the holiday [1]. - The gap between strong domestic expectations and weak reality has intensified. In August, China's economic data showed signs of weakness, and external tariff pressure increased. Recently, the government has frequently mentioned pro - growth policies, and attention should be paid to post - holiday policy expectations and the possible correction of the current "off - peak in peak season" expectation [1]. - The outlook for US inflation is clearer. The US economic data in August shows a mixed picture, with the ISM manufacturing index in contraction, CPI rising, PPI falling, and employment data underperforming expectations, which further supports the Fed's interest rate cut. The Fed has cut interest rates by 25 basis points, and the subsequent interest rate cut cycle is expected to be smooth. Meanwhile, the risk of a US government shutdown has increased, and the US has imposed additional tariffs [2]. - In the commodity market, the black and new energy metal sectors are sensitive to domestic supply - side factors, while precious metals and agricultural products are related to overseas inflation expectations. Different commodity sectors have different fundamentals and investment opportunities [3]. 3. Summary by Relevant Catalogs Market Analysis - **Holiday Risk Management**: During the National Day holiday, there are 6 overseas trading days. Historically, the stock index has a risk of pre - holiday adjustment and post - holiday rise, and the RMB exchange rate has a pattern of pre - holiday depreciation and post - holiday repair. Gold has a low risk for holding positions during the holiday, and post - holiday opportunities can be found in coking coal, steel, and non - metallic building materials. Important events during the holiday include the US government's temporary spending bill, US September non - farm payroll data, and the OPEC+ meeting [1]. - **Domestic Economic Situation**: In August, China's economic data showed "slow industry, weak investment, and sluggish consumption". External tariff pressure increased, and the government has frequently mentioned pro - growth policies. Attention should be paid to post - holiday policy expectations and the possible correction of the "off - peak in peak season" expectation [1]. US Economic Situation - **Inflation and Interest Rates**: The US ISM manufacturing index in August was in contraction for the sixth consecutive month, with new orders improving and the price index falling again. The CPI rose to 2.9% year - on - year, while the PPI growth slowed. The employment data was worse than expected, supporting the Fed's interest rate cut. The Fed cut interest rates by 25 basis points, and the subsequent interest rate cut cycle is expected to be smooth [2]. - **Other Economic Indicators**: The US retail sales in August increased by 0.6% month - on - month, and new home sales unexpectedly soared to an annualized 800,000 units. The risk of a US government shutdown has increased, and the US has imposed additional tariffs on various imported products [2]. Commodity Market - **Black and New Energy Metal Sectors**: These sectors are sensitive to domestic supply - side factors. The black sector is still dragged down by downstream demand expectations, and attention should be paid to the "anti - involution" situation. The long - term supply limitation in the non - ferrous sector has not been alleviated, but the marginal supply has slightly increased recently [3]. - **Precious Metals and Agricultural Products**: Precious metals and agricultural products are related to overseas inflation expectations. Although gold experienced "selling on the fact" after the Fed's interest rate cut, it is still expected to strengthen due to the de - dollarization trend and the interest rate cut cycle. Agricultural products are driven by tariffs and inflation expectations in the short term but need fundamental support and are subject to Sino - US negotiation disturbances [3]. - **Energy and Chemical Sectors**: The medium - term fundamental supply of energy is considered relatively loose, as OPEC+ plans to increase production in October. In the chemical sector, the "anti - involution" space of products like methanol, PVC, caustic soda, and urea is worth noting [3]. Strategy - For commodities and stock index futures, it is recommended to allocate long positions in industrial products and precious metals at low prices [4]. Macroeconomic Data - **US Economic Heat Map**: It shows various economic indicators such as GDP growth, investment, employment, inflation, consumption, fiscal revenue and expenditure, and trade from January 2024 to September 2025, reflecting the overall economic situation of the US [7]. - **European Economic Heat Map**: Presents data on GDP growth, industrial confidence, investment, employment, consumption, inflation, trade, credit, and fiscal surplus in Europe from October 2024 to September 2025 [8]. - **Chinese Economic Heat Map**: Displays China's GDP growth, trade, investment, consumption, inflation, financial, and fiscal data from September 2024 to August 2025, showing the characteristics of China's economic operation [9].

Core Viewpoint - The European Union's international standing is declining due to various factors including the Russia-Ukraine conflict, U.S. tariff policies, and recent U.S.-Russia talks [3]. Group 1: EU's Security and International Position - German Vice Chancellor and Finance Minister Olaf Scholz stated that the EU's security is under constant threat [3]. - The ongoing Russia-Ukraine conflict and U.S. trade policies are contributing to the EU's diminishing international status [3]. Group 2: U.S. Tariff Policies - The U.S. government announced the implementation of a trade agreement with the EU, imposing a 15% tariff on EU imported cars and automotive products starting August 1 [3]. - President Trump previously confirmed the new trade agreement, indicating that the 15% tariff rate was the best outcome achievable by the European Commission [3].

与此同时，关税领域也有新消息传出。特朗普政府24日发布正式公告，实施美国与欧盟达成的贸易协 议，确认自8月1日起，对欧盟进口汽车及汽车产品征收15%的关税。 来看详细报道！ 特朗普：联合国发生三件"非常险恶"事件 据央视新闻报道，当地时间9月24日，美国总统特朗普在其社交媒体"真实社交"上发文表示，联合国23 日发生了三件"非常险恶"的事件。 特朗普说，首先，通往主发言层的自动扶梯突然停了下来，如果他和夫人梅拉尼娅没有紧紧抓住扶 手，"后果不堪设想"。特朗普说，这绝对是"蓄意破坏"。其次，提词器也在他发表演讲时坏了，大约15 分钟后才恢复。此外，在演讲结束后，特朗普被告知，演讲厅里的音频也出现故障，除非世界各国领导 人使用口译员的耳机，否则什么也听不到。 特朗普表示，这些事件并非巧合，他将把这篇帖文的副本发送给联合国秘书长，并要求其立即展开调 查。特朗普称，自动扶梯上的所有安全录像都应该保存下来，尤其是紧急停止按钮部分。此外，特勤局 也已介入该事件。 特朗普生气了！ 美国总统特朗普当地时间24日表示，联合国23日发生了三件"非常险恶"的事件，他已要求联合国秘书长 立即展开调查。 当地时间7月27日，美国总统特 ...

今日周四（9月25日）亚盘时段，黄金期货目前交投于850附近，截至发稿，黄金期货暂报853.22元/ 克，跌幅0.63%，最高触及861.22元/克，最低下探852.40元/克。目前来看，黄金期货短线偏向看跌走 势。 打开APP，查看更多高清行情>> 【要闻速递】 在国际贸易与能源领域，一系列重大动态引人关注。美国特朗普政府郑重发布正式公告，着手落实与欧 盟所达成的贸易协议。依据该协议安排，自8月1日起，针对从欧盟进口的汽车及各类汽车相关产品，将 统一征收15%的关税。与此同时，相关文件还细致明确了部分商品的关税豁免范畴，涵盖某些药物化合 物、飞机零部件以及其他特定进口商品。 而在能源方面，美国能源部长赖特公开表态，美国已然"整装待发"，具备充足准备以取代所有原本进入 欧洲市场的俄罗斯天然气和石油产品。他进一步强调，美国拥有强大的实力和能力，完全能够满足欧洲 地区的能源需求。据其阐述，这一举措旨在助力实现特朗普所倡导的"和平议程"。 然而，值得注意的是，美国石油和天然气行业内部却暗流涌动。此前，该行业对特朗普总统的能源政策 虽心存不满但多为私下议论，如今这种不满情绪已显著升级。他们严正警告，当前的一些政策失误 ...

美国正式公告：实施美欧贸易协议，征收欧盟汽车15%关税。 当地时间9月2 4日，美国特朗普政府发布正式公告，实施美国与欧盟达成的贸易协议，确认自8月1日起，对欧盟进口汽车及汽车产品征 收15%的关税。此外，文件还列出了对某些药物化合物、飞机零部件及其他进口商品的关税豁免。 当地时间7月2 7日，美国总统特朗普表示，美国已与欧盟达成新贸易协议，对欧盟输美商品征收15%的关税。欧盟委员会主席冯德莱恩 称，15%税率是欧委会能够达成的最佳结果。 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c ne ne rgy） 责编丨李慧颖 国际返程深研究院 在右工業周正被布货座研究院 新质生产力人才计划 暨2025ESG能源青年企业家 创新创业TOP30 案例征集 指定申报邮箱 zqnyb_2009@163.com 咨询电话 010-6536 7131 / 9485 / 9497 来源：央视新闻客户端 征集时间 2025年6月-9月30日 寻找ESG新商业文明时代的定义者 让世界听到青年企业家商业向善的声音 ...

关税最新。 当地时间9月24日，美国特朗普政府发布正式公告，实施美国与欧盟达成的贸易协议，确认自8月1日起，对欧盟进口汽车及汽车产品征收15%的关税。此外， 文件还列出了对某些药物化合物、飞机零部件及其他进口商品的关税豁免。 冯德莱恩：15%税率是欧委会能够达成的最佳结果 当地时间7月27日，在与特朗普宣布欧盟美国达成重大贸易协议后，欧盟委员会主席冯德莱恩对外解释其在对美贸易谈判中的部分决定。 冯德莱恩称，欧盟目前仍然过度依赖俄罗斯液化天然气，因此，从美国进口更多价格可承受的液化天然气是非常受欢迎的。 在关税安排方面，冯德莱恩确认，协议中对汽车行业的关税统一定为15%。她表示，在当前形势下，15%的关税水平是欧委会能够达成的最佳结果。 此外，她还证实，欧盟与美国在医药行业也达成一致，将实施15%的统一关税税率。冯德莱恩承认，欧盟与美国尚未就烈酒领域做出决定，当天签署的贸易 协定框架的细节将在未来几周内公布。 总台记者观察丨美欧新贸易协议：一次欧盟的"屈服"与"失败" 近日，美欧达成新贸易协议。其中，汽车关税看似降至15%，实则远高于特朗普重返白宫之前的关税，与此同时，欧盟还将对美汽车关税降至零，凸显了该 协议 ...

2025.09. 25 本文字数：319，阅读时长大约1分钟 据央视新闻，当地时间9月24日，美国特朗普政府发布正式公告，实施美国与欧盟达成的贸易协议， 确认自8月1日起， 对欧盟进口汽车及汽车产品征收15%的关税 。此外，文件还列出了对某些药物 化合物、飞机零部件及其他进口商品的关税豁免。 当地时间7月27日，美国总统特朗普表示，美国已与欧盟达成新贸易协议，对欧盟输美商品征收 15%的关税。欧盟委员会主席冯德莱恩称，15%税率是欧委会能够达成的最佳结果。 微信编辑 | 七三 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 捷豹路虎3.3万名员工被告知"停工停产" t查询行者 2 代 H t a a 二十 11 - - . . 7 图 ND ROVER the state res HDR W a a ...

Group 1 - The core viewpoint of the article highlights the implementation of a trade agreement between the United States and the European Union, which includes a 15% tariff on EU imported cars and automotive products starting from August 1 [1] - The announcement was made by the Trump administration on September 24, confirming the details of the trade agreement [1] - EU Commission President Ursula von der Leyen stated that the 15% tariff rate was the best outcome achievable by the European Commission [1]

当地时间9月24日，美国特朗普政府发布正式公告，实施美国与欧盟达成的贸易协议，确认自8月1日起，对欧盟进口汽车及汽车产品征收15%的关 税。此外，文件还列出了对某些药物化合物、飞机零部件及其他进口商品的关税豁免。 当地时间7月27日，美国总统特朗普表示，美国已与欧盟达成新贸易协议，对欧盟输美商品征收15%的关税。欧盟委员会主席冯德莱恩称，15%税 率是欧委会能够达成的最佳结果。 ...

据央视新闻，美 国特朗普政府当地时间9月24日发布正式公告，实施美国与欧盟达成的贸易协议，确认自8月1日起，对欧盟进口汽车及汽车产品征 收15%的关税。此外，文件还列出了对某些药物化合物、飞机零部件及其他进口商品的关税豁免。 当地时间7月27日，美国总统特朗普表示，美国已与欧盟达成新贸易协议，对欧盟输美商品征收15%的关税。欧盟委员会主席冯德莱恩称，15%税率 是欧委会能够达成的最佳结果。 ...