P信期货有限公司 CITIC Futures Company Limited 政府债发行追踪―2025年第52周 研究员:程小庆 从业资格号 F3083989 投资咨询号 Z0018635 甘 青 从业资格号 F03124127 投资咨询号Z0023461 报告日期: 2025/12/29 本周新增专项债发行20亿,环比减少272亿, 截至12/28,新增专项债发行进度为104.0% 下周计划发行145亿 2025 | 近2年均值 - 2025 - 2024 - 2023 - 2022 - 2021 5000 1.2 [ 0. 9 4000 0. 6 3000 0.3 2000 1000 -0. 3 -500 -0.5 第1周 第25周 第29周 第33周 第37周 第41周 第45周 第49周 第53周 第1周 第13周 第17周 第21周 第25周 第29周 第33周 第37周 第41周 第45周 第49周 第5周 第9周 第13周 第17周 第21周 第9周 截至12/28,12月新增一般债累计发行384亿元 截至12/28,12月新增专项债累计发行1204亿元 - 2025 - 2024 - 2023 ...

信期货有限公司 Company Limited 发改委强调优化铜冶炼产能,铜价延续偏强走势 中信期货研究所 有色与新材料团队 最新动态及原因 近期刷价延续偏击老，伦铜价格顺序废12000美元/吨，沪铜价格通近.0W元/吨关口，铜价持续刷新历史新高。消息面来看，国家发展改革委产业发展司发表题为《大力推动传统产业优 化提升》的文章，提出对氧化铝、铜冶炼等强资源约束型产业，关键在于强化管理、优化布局。铜冶炼产能有望得到优化，精炼铜供应端增速收缩的预期进一步加强。 基本面情况 宏观方面，美联猪12月议易会议延续降息，并且宣布12月开始董自扩表、流动性宽松对铜价形成支撑。供需面来看，铜矿供应就动持续增加，印尼Grasberg硕矿城产加剧了铜矿供应的紧张 程度，2026年铜"长单加工费落地，创造了历史的饭值夸美元！吨，腰的所伍的给加工费将影响危險下刺潮。中国铜原料联合谈判小组(CSPT)两次形式论，成员企业达成共识将在 2026年 度降低矿铜产铬负荷10%以上，精炼铜供应端收缩的预期进一步加强。需求端，随着需求淡季来临，终端需求季节性走弱，库存持续累积、国内铜则货再次转为此水状态。 总结及策略 展望后市。随着美联储12月 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Traditional energy: The slowdown in crude oil supply growth may help prices bottom out; tight thermal coal supply is expected to push up coal price levels; LNG supply growth acceleration is exerting downward pressure on global gas price levels [2][3]. - Carbon market: In 2026, China's carbon market is expected to return to a supply - tight state, and carbon prices may rise with fluctuations; European carbon prices are expected to fluctuate within a range, with the central level possibly slightly declining following natural gas prices [3][4]. 3. Summary by Related Catalogs 3.1 Crude Oil - Supply: The supply growth rate has slowed, with geopolitical issues posing risks. OPEC+ continues to increase production but at a slower pace, halting production increases in Q1 2026; US production has entered a plateau phase and may face production cuts later. Non - US and non - OPEC+ supply increase expectations have also decreased. Overall supply remains loose, but the oversupply pressure has eased, and sanctioned countries' supply may decline periodically [9]. - Demand: Global oil demand growth continues to slow. Developed countries and China's oil demand have entered a plateau phase. Terminal demand lacks highlights, but structural contradictions in overseas refined oil markets and inventory replenishment in some regions support demand [10]. - Price: In a weak supply - demand scenario, the oil price center in 2026 may experience volatile bottom - building. The oversupply pressure will be relatively higher in H1, and the price may be lower in H1 and higher in H2 [11]. 3.2 Coal - Market situation: Since 2021, the coal market has been affected by multiple factors. Coal prices bottomed out in H1 2025, with clear cost support. In the medium - to - long - term, prices are likely to move within a range due to peaking coal demand during the energy transition [15]. - Supply control: To adapt to future coal demand changes and ensure energy security, coal supply needs to be controlled through stable production, safety supervision, and environmental monitoring [16]. - Demand: Coal demand remains resilient. New electricity demand, extreme weather, and the role of thermal power in the power system, as well as coal's use in the chemical industry, contribute to this resilience. Coal demand may peak between 2025 - 2027 and then enter a consumption plateau [17]. - Price: In 2026, coal supply has limited upward elasticity, and demand is moderately resilient. The fundamentals will shift from loose to balanced, with the price center potentially moving up to Rmb700 - 900 per tonne. Key factors include policy evolution and energy transition progress, and price dynamics are affected by unusual weather, speculative demand, market sentiment, and policy changes [18]. 3.3 Natural Gas 3.3.1 LNG - 2025 situation: Global supply growth exceeded 4%, but demand growth was less than 3%. By mid - Nov 2025, new production capacity added 42mn t, with a full - year expectation of over 46mn t. The actual supply increase exceeded 18mn t, with a growth rate over 4%, while the trade volume increase for the first ten months was only 9mn t, with a growth rate less than 3%. This led to a price trend of being higher in H1 and lower in H2 [22]. - 2026 outlook: The supply growth rate is expected to exceed 10%, while demand growth will be significantly lower. Capacity utilization will decline, and gas prices will face sustained pressure. Global production capacity is forecast to accelerate to over 60mn t, with actual supply increases potentially exceeding 40mn t, a growth rate of nearly 10%. The incremental output will mainly come from the US, Mexico, Qatar, and Nigeria. The global LNG trade growth rate in 2026 may be 3 - 4% or below 7% [23]. 3.3.2 Regional Market - Europe: The natural gas supply tends to ease due to global LNG capacity addition. Although Russian gas imports face uncertainty, the global supply increase can cover potential gaps. Residential and commercial gas usage will remain stable, and industrial gas consumption may slightly recover but is limited by energy transition. The gas price center faces downward pressure, and inventory replenishment pace is a key variable for seasonal prices [28]. - US: The market maintains a tight balance. Supply growth is expected to slow down, with some regions still having production potential, but associated gas production growth may decline. Domestic commercial and residential gas consumption may weaken, while industrial and power - sector demand are resilient. Exports will continue to grow strongly. The market is expected to continue inventory drawdown, with the price center staying at relatively high levels and regional structural contradictions becoming more pronounced [29]. 3.4 Carbon 3.4.1 Chinese Market - CEA: In 2026, the "tightening constraint" on quota carryovers in the national carbon market will disappear, and the market may return to the "reluctance to sell" logic. The net surplus of quotas will further decrease, and new demand from three new sectors may lead to carbon prices rising with fluctuations [31][32][33]. - CCER: The national CCER market is accelerating its "expansion". By Nov 6, 2025, 13 projects have completed emission reduction registration, with an initial volume of approximately 15.0428mt, and 11 projects are expected to complete registration in the next 6 months, adding about 7.5276mt of CCERs. The Ministry of Ecology and Environment has released more methodologies, and more may be issued in the future [34][35][38]. 3.4.2 European Market - EUA: European carbon prices will fluctuate within a range, with the central level potentially following natural gas prices to a slight downward adjustment. In 2026, natural gas supply will be more relaxed, and demand will be moderate. In the long - term, as the EU reduces the cap on allowances, carbon prices are likely to have a floor support [37].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The chemical industry shows a continued differentiation. The polyester industry chain is in a seasonal off - peak, while the styrene industry chain has both supply and demand increasing. Polyolefins have weak supply and demand overall [2]. - Geopolitical factors are disturbing the crude oil market, and liquid chemical inventories are high, so the chemical industry's rebound will be volatile [3]. 3. Summary by Related Catalogs 3.1 Market Overview - International crude oil futures are in a Christmas holiday. Domestic SC has been relatively strong recently, and its near - end structure has turned back to Back. Ukraine attacked a Russian refinery, and the conflict between Russia and Ukraine continues. Cold snaps in China may boost coal demand [1]. 3.2 Sector Analysis 3.2.1 Polyester Industry Chain - Polyester and weaving开工 continue to decline. PTA开工 increases by 0.7% month - on - month, and ethylene glycol开工 increases by 0.2% month - on - month. The industry chain remains relatively healthy [2]. - PTA: The market is testing the downstream's ability to bear low processing fees. Prices follow costs to oscillate at high levels, and processing fees remain within a range. Consider going long on the TA05 contract on pullbacks and taking partial profits around 5100 - 5200. Also, consider a positive spread trade on TA05 - 09 [14][15]. - Short - fiber: The pattern of strong upstream and weak downstream is prominent, with serious differentiation and compressed profits. Prices follow the upstream to oscillate strongly, and processing fees are under short - term pressure [24][25]. - Bottle - chip: Upstream raw material costs support prices. The absolute value follows raw materials to fluctuate, and processing fees are slightly under pressure [26]. 3.2.2 Styrene Industry Chain - The styrene industry chain has both supply and demand increasing. Its own开工 increases by 2.25% month - on - month, and downstream开工 also rises, especially the weekly开工 of PS increases by 4.1% [2]. - Styrene: Exports affect the market, and it is strong intraday. It is about to enter a period of inventory accumulation, and the upstream has difficulty in destocking. Exports can stimulate short - term rebounds [19][20]. 3.2.3 Polyolefin Industry Chain - Polyolefins have weak supply and demand overall. A 500,000 - ton full - density plant in South China has started trial production, increasing pressure on PE. Low - price promotions by upstream suppliers have led to a decline in the overall inventory of production enterprises in the industry chain [2]. - PP: Basis support is limited, and it oscillates. The supply - demand pattern remains under short - term pressure [35]. - LLDPE: Maintenance needs time to increase, and it oscillates. The demand is gradually entering the off - peak season [34]. 3.3 Variety Analysis - **Crude Oil**: Peace negotiations between Russia and Ukraine are accelerating, and it continues to oscillate. The market may return to a pattern of weak supply - demand and continuous inventory accumulation after the geopolitical situation stabilizes [8]. - **LPG**: The strong reality is weakening. Pay attention to the implementation of downstream production cuts [3]. - **Asphalt**: The US is containing Venezuela without taking direct action. Its futures price oscillates higher. The absolute price is over - estimated [9]. - **High - sulfur Fuel Oil**: Its futures price oscillates higher. The demand outlook is currently suppressed by high - level floating storage in the Asia - Pacific region [9]. - **Low - sulfur Fuel Oil**: Its futures price oscillates higher. It is affected by factors such as the decline in shipping demand and green energy substitution, but its current valuation is low [9]. - **Methanol**: The inland market is weak, and the coastal market remains stable. It is generally considered to oscillate [3][29][30]. - **Urea**: Demand follows up, and sentiment is boosted. The price rises and then oscillates. Supply pressure persists, and demand support may not be long - lasting [30][31]. - **Ethylene Glycol**: Domestic supply reduction is slow, and there is no continuous positive news. Short - term prices are expected to oscillate within a range, and long - term inventory accumulation pressure remains large [21][22]. - **PX**: Short - term sentiment fermentation takes time. It remains high in China, but downstream negative feedback may increase as the off - peak season deepens [13]. - **PVC**: Overseas production capacity is exiting, and it is supported again. Although supply has improved marginally, the rebound space may be limited [37][38]. - **Caustic Soda**: Market sentiment has weakened, and it oscillates downward. The medium - term fundamental outlook is poor, but the valuation is low [39][40]. 3.4 Variety Data Monitoring 3.4.1 Energy and Chemical Daily Index Monitoring - **Inter - period Spreads**: Different varieties have different inter - period spread values and changes, such as Brent's M1 - M2 being 0.44 with a change of - 0.07, and PX's 1 - 5 month spread being - 52 with a change of 30 [42]. - **Basis and Warehouse Receipts**: Each variety has corresponding basis and warehouse receipt data, for example, asphalt's basis is - 75 with a change of 1, and its warehouse receipts are 54,100 [43]. - **Inter - variety Spreads**: There are also different inter - variety spread values and changes, like 1 - month PP - 3MA being - 218 with a change of - 3 [45]. 3.4.2 Chemical Basis and Spread Monitoring No specific data summaries are provided in the given text for this part. 3.5 Index Data - On December 25, 2025, the comprehensive index of CITIC Futures commodities is 2327.86, down 0.14%; the commodity 20 index is 2669.31, down 0.12%; the industrial products index is 2254.18, down 0.17% [287]. - The energy index on December 25, 2025, has a daily decline of 0.23%, a 5 - day increase of 3.15%, a 1 - month decline of 0.91%, and a year - to - date decline of 10.00% [289].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - Precious metal prices showed a differentiation. Shanghai gold futures contracts fluctuated slightly at high levels, while Shanghai silver futures contracts rose by over 4% overnight, hitting a new record high. In the short - term, the risk of high - level volatility in silver increased, but in the quarterly level, the long logic of gold and silver remained smooth. Gold had a relatively high price safety margin as its historical volatility was at the end - of - year low [1]. - The core factors driving the upward movement of gold prices, such as geopolitical factors, the weakening of the US dollar, continuous central bank gold purchases, and the expectation of US interest rate cuts in the next year, remained unchanged. The expectation of loose liquidity was the core logic driving gold up in the quarterly level. The period from the nomination to the assumption of office of the new Fed chair was considered the most favorable time for trading liquidity expectations and Fed independence risks. Geopolitical tensions led to active safe - haven demand [6]. - In the short - term, silver prices might face increased volatility after a continuous sharp rise. In the long - term, the core drivers of silver price increases remained unchanged, and the upward elasticity of silver was expected to be further released in 2026. The silver spot structural shortage problem might still recur in the first quarter. The gold - silver ratio was expected to decline [7]. 3. Summary by Related Catalogs 3.1 Key Information - On December 25, the offshore RMB against the US dollar broke through the 7.0 mark, reaching 6.9985 at the highest, the first time since September 2024. The offshore RMB had appreciated by 4.6% against the US dollar this year, and the on - shore RMB was approaching the 7 mark, with an annual appreciation of 4% [2]. - On December 25, the Ukrainian Air Force launched a missile attack on a Russian refinery in Rostov Oblast, which was one of the largest oil product suppliers in southern Russia with a storage tank capacity of over 210,000 cubic meters [2]. - A US official said on December 24 that the White House had ordered the US military to focus on the "blockade" of Venezuelan oil for at least the next two months, preferring economic pressure over military action [2]. - On December 24, Ukrainian President Zelensky announced a 20 - point draft of the latest Russia - Ukraine "peace plan", but the core territorial issues remained unresolved [2]. - On December 25, Japanese Prime Minister Kaoi Sanae announced a 2026 fiscal year budget of 122.3 trillion yen (about 5.5 trillion RMB), a 6.3% increase from 2025, the highest in Japanese history. The government planned to issue about 29.6 trillion yen in new bonds to support this large - scale expenditure [3]. - Guotou Silver LOF announced that the fund would be suspended from trading from the opening on December 26, 2025, to 10:30 and resume trading at 10:30. If the premium rate of the secondary market trading price did not decline effectively, the fund had the right to apply for temporary suspension or extended suspension to warn the market [3]. 3.2 Price Logic - Gold: After hitting a record high, Shanghai gold futures adjusted slightly, possibly due to some traders taking profits before the New Year. The core factors driving gold prices up remained, and the expectation of loose liquidity was the main driver in the quarterly level. The period around the Fed chair nomination was favorable for related trading. Geopolitical tensions maintained active safe - haven demand [6]. - Silver: Shanghai silver futures rose by over 4% overnight, hitting a new record high. In the short - term, there was a risk of increased volatility, and investors needed to manage their positions. In the long - term, the core drivers of price increases remained unchanged, and in 2026, silver was expected to have greater upward elasticity and the gold - silver ratio might decline. The silver spot structural shortage problem might still occur in the first quarter [7]. 3.3 Outlook - In the short - term, the price range of London gold was expected to be between 4200 and 4550 US dollars per ounce, and that of London silver between 60 and 75 US dollars per ounce [8]. 3.4 Commodity Index - On December 25, 2025, the comprehensive commodity index was 2327.86, down 0.14%; the commodity 20 index was 2669.31, down 0.12%; the industrial products index was 2254.18, down 0.17% [49]. - The precious metals index was 3927.63 on December 25, 2025, with a daily decline of 0.77%, a 5 - day increase of 6.01%, a one - month increase of 16.51%, and a year - to - date increase of 77.53% [51].

投资咨询业务资格：证监许可【2012】669号 股指反弹持续，贵金属小幅回调 ——中信期货晨报20251226 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。 | | | | 金融市场涨跌幅 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 板块 | 品种 | 现金 | | | 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 | | | | 股指 | 沪深300期货 | 4610.6 | 0.344 | 1.85% | 3.09% | -0.16% | 11729X | | | 上证50期货 | 3034 | 0 23% | 0.92% | 2.53% | 1.51% | 13.29% | | | 中证500期货 | 7320.6 | 1 00 00 % | 3.76% | 7.64% | 0.41% | 28 ...

钢材淡季延续去库，钢⼚复产叠加冬储补库预期仍存，炉料下⽅存在 ⽀撑。但热卷库存压⼒尚存，下游补库意愿偏低，铁矿港⼝库存累 积，煤焦产业链库存增加，基本⾯乏善可陈，盘⾯表现承压。 钢材淡季延续去库，钢厂复产叠加冬储补库预期仍存，炉料下方存在 支撑。但热卷库存压力尚存，下游补库意愿偏低，铁矿港口库存累 积，煤焦产业链库存增加，基本面乏善可陈，盘面表现承压。 1. 铁元素方面：铁水基本持稳，港口库存大幅累积，钢厂少量补 库，上下游博弈较强，短期矿价预计震荡运行。废钢供弱需稳，钢厂 去库，基本面边际转强，短期电炉利润尚可，短流程钢企废钢需求仍 有支撑，预计现货价格震荡。 2. 碳元素方面：焦炭成本端已有企稳迹象，且进入一月后钢厂有复 产预期，随着中下游冬储补库逐渐开启，焦炭供需结构或将逐渐变 紧，基本面对价格支撑仍在，盘面预计跟随焦煤震荡运行。随着年关 将近，冬储力度逐渐加大，且进入一月后进口压力将有所缓解，焦煤 基本面将延续边际改善，盘面估值仍拥有修复空间。 投资咨询业务资格：证监许可【2012】669号 中信期货研究|⿊⾊建材策略⽇报 2025-12-26 现实端压⼒尚存，盘⾯表现承压 3. 合金方面：锰硅供需宽 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-12-26 股市热点轮动，债市预期反复 股指期货：沪指七连涨，热点轮动快 股指期权：波动低位运⾏，市场⽆过多担忧 国债期货：宽货币预期反复 股指期货方面，周四沪指收获七连涨，鉴于北向休假而全市场成交额 环比持平，实际放量近2000亿元。向上高度受制于缺乏主线，热点轮动较 快，指数呈现小步慢走。早盘保险强势，受益于央行货政例会，大市值中 期将迎增量资金；后续商业航天接力，国防军工板块再度领涨，板块博弈 属性加强。而贵金属、能源金属板块跟随商品价格调整，波动变大，导致 有色行业领跌。内资主导环境中，预计仍以板块热点炒作为主，预计年末 难出现系统性机会，保留多头仓位，等待元旦后的加仓机会，暂以高股 息、涨价链作为配置主线，大市值优于小市值。 股指期权方面，周四标的市场延续乐观表现，500ETF及中证1000领 涨，其余品种基本收涨，期权市场总成交额70.80亿元，相较前一日下降 7.55%，基本仍处于缩量通道。情绪指标方面，关注到近日各品种比值PCR 基本低位运行，同时偏度指数也相对较低，认沽整体成交偏虚，且没有明 显波动抬 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究（有⾊每⽇报告） 2025-12-26 铂钯走势分化，假期临近谨慎交易为宜 12⽉25⽇，铂钯⾛势分化，GFEX铂主⼒合约再度收涨，收盘价为686. 95元/克，涨幅4.51%；钯主⼒合约收盘价为529.05元/克，跌幅7.65%。 临近圣诞和元旦假期，部分资⾦在经历过⼀波⼤涨后开始逐步获利了结， 需继续警惕价格⾼位⼤幅波动⻛险。 铂观点：现货紧缺叠加市场流动性偏宽松，铂价走势偏强 主要逻辑：铂金再次收涨，内外价差维持高位，因外盘圣诞假期休市，截 至12月24日收盘，广期所铂金主力合约国内收盘时点与NYMEX铂金（含 税）溢价54. 4元/克，大幅高于进口成本，存在无风险套利机会，因此未 来价差存在收敛倾向。不过由于套保额度限制等方面的问题，短期价差或 仍然偏高。当前波动加剧需高度警惕风险。展望未来，供给方面，南非作 为全球铂族金属的主要供应国，未来仍存在电力供应以及极端天气风险。 需求方面，铂金市场整体处于结构性扩张阶段，汽车催化剂领域需求保持 相对稳定，氢能产业为未来重要增长点，首饰和投资需求扩张，同时"降 息+软着陆"组合将进一步放大远期价格弹 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On December 25th, equity index futures rose while CGB futures declined; most commodities advanced, with Poly-Silicon, Platinum, and Silver leading the gains, and Palladium, Nickel, and Tin leading the decliners [2][10][12]. - TikTok will establish a joint venture in the United States, and the Chinese government hopes enterprises reach a solution compliant with Chinese laws and regulations and balanced in interests [1][37]. - China firmly opposes the US imposition of Section 301 tariffs on Chinese semiconductor products and has lodged strong representations [38]. - China actively promotes and facilitates compliant trade regarding possible relaxation of restrictions on rare earth magnet exports to the US [39]. 3. Summary by Directory 3.1 China Futures 3.1.1 Overview - On December 25th, equity index futures rose (IC rose by 1.0%, IM rose by 1.2%), CGB futures declined (TL dropped by 0.2%), most commodities advanced. The top three gainers in commodity futures were Poly-Silicon (up 4.8% with a 4.0% month-on-month increase in open interest), Platinum (up 4.5% with a 3.9% month-on-month rise in open interest), and Silver (up 2.6% with a 12.8% month-on-month decrease in open interest). The top three decliners were Palladium (down 7.7% with a 10.5% month-on-month decrease in open interest), Nickel (down 1.2% with a 5.1% month-on-month decline in open interest), and Tin (down 1.2% with a 5.0% month-on-month reduction in open interest) [10][11][12]. 3.1.2 Daily Raise - **Platinum**: On December 25, it rose 4.5% to 686.95 yuan per gram. In the medium to long term, the Federal Reserve's independence and liquidity easing provide upside momentum, supply disruption risks exist, and demand will expand steadily. A long-term bullish view is maintained. In the short term, it has entered a correction phase, with expected trading ranges of 1,800 - 2,400 USD per ounce for NYMEX platinum and 510 - 700 CNY per gram for GFEX platinum. Bull positions are recommended to gradually reduce holdings. Opportunities to go long on platinum and short on palladium are suggested when the platinum-palladium spread is low, and inter-market arbitrage opportunities between domestic and overseas markets should be monitored [17][18][19]. - **Silver**: On December 25, it rose 2.6% to 17,397 yuan per kilogram. It is in an accelerated rally, with a monthly gain of over 40% since late November and a 2025 gain nearing 150%. Short-term two-way volatility risks exist, and position risk management is needed. In 2026, the gold-silver bull market will continue, and silver's upside potential will be fully unlocked, with London spot silver targeting 50 - 100 USD/oz [26][27][28]. 3.1.3 Daily Dropped - **Palladium**: On December 25th, it fell 7.7% to 529.05 yuan per gram. In 2026, global palladium mine production and refined production are projected to rise by 0.3% and 2.1% respectively, while demand is expected to drop by 1.7%. A 16.9-tonne surplus in supply relative to demand is anticipated. It is in a long-term oversupply situation but has some downside support in the short term. NYMEX palladium is expected to fluctuate within 1,650 - 2,000 USD per ounce, and GFEX palladium between 460 - 600 CNY per gram. Previously, bull positions were advised to reduce holdings [31][32][33]. 3.2 China News 3.2.1 Macro News - The Chinese government hopes enterprises reach a solution compliant with Chinese laws and regulations and balanced in interests regarding TikTok's plan to establish a joint venture in the US [37]. - China firmly opposes the US imposition of Section 301 tariffs on Chinese semiconductor products and has lodged strong representations [38]. - China actively promotes and facilitates compliant trade regarding possible relaxation of restrictions on rare earth magnet exports to the US [39].