12月18日，商务部召开例行新闻发布会，介绍近期商务领域重点工作情况。新闻发言人何亚东表示，中 方注意到，欧委会近期密集对中国企业发起《外国补贴条例》(FSR)调查，先后对中车集团、同方威视 发起深入调查，甚至对中国数字平台进行现场突袭检查，做法恶劣，指向性和歧视性明显，中方对此强 烈反对。（封面新闻记者 粟裕 编辑 谢丽娟） ...

Core Viewpoint - The Chinese government strongly opposes the European Commission's investigations into Chinese companies under the Foreign Subsidies Regulation (FSR), arguing that these actions create trade and investment barriers and negatively impact Chinese enterprises operating in Europe [2][3]. Group 1: Investigations and Trade Barriers - The European Commission has initiated multiple FSR investigations against Chinese companies, including CRRC Group and Tongfang Weishi, which are seen as discriminatory and excessive [2]. - The Chinese Ministry of Commerce has identified significant issues with the FSR investigations, including insufficient evidence for cases, excessive enforcement, reversed burden of proof, and lack of transparency in procedures [2]. - In 2023, the EU has launched 12 trade remedy investigations and 3 foreign subsidy investigations against China, further restricting Chinese companies' participation in public procurement and greenfield investments in EU member states [3]. Group 2: Call for Fair Trade Practices - The Chinese government urges the EU to cease its unreasonable pressure on foreign investment enterprises, including those from China, and to create a fair, just, and predictable business environment for companies operating in Europe [2][3]. - There is a call for both sides to adhere to the consensus reached during high-level meetings, opposing protectionism and maintaining an open market [3]. Group 3: Rare Earth Export Licenses - China has begun issuing longer-term rare earth export licenses to European companies, indicating a shift in policy as Chinese exporters meet the basic requirements for applying for general licenses [4][5].

Market Overview - The Hong Kong stock market experienced low-level fluctuations influenced by a collective decline in US tech stocks, with the Hang Seng Index closing up 0.12% at 25,498.13 points, while the Hang Seng Tech Index fell 0.73% to 5,418.29 points [1] - Major tech stocks showed mixed performance, with Alibaba down 1.3%, JD Group down 0.09%, and Xiaomi down 2.47%, while NetEase, Meituan, Kuaishou, and Bilibili saw slight gains [1] - Airline stocks continued to rise, with China Eastern Airlines increasing by over 7%, while coal stocks strengthened in the afternoon, with Huayi Resources up over 9% [1] - Lithium battery stocks faced significant declines, with CATL down over 3%, and new consumption concept stocks weakened, with Miniso down over 3% [1] Company News - Ronshine China reported a total contract sales of approximately 3.492 billion yuan in the first 11 months, reflecting a year-on-year decline [2] - Corning Jereh Pharmaceutical's IND application for JSKN027 has been officially accepted by the CDE [2] - Yanda Pharmaceutical's globally innovative radiopharmaceutical GPN01530 has been approved for clinical research in the US [2] - Harmony Auto's subsidiary iCar Group Limited may engage new investors for further equity financing, involving 40 million USD [2] - China CRRC signed significant contracts totaling approximately 53.31 billion yuan over the past three months [3] - Minth Group entered into a strategic cooperation agreement with a robotics company [4] - Xunce began its IPO subscription today, offering 22.5 million H-shares [5] Stock Buybacks - Budweiser APAC appointed Bernardo Novick as CFO, effective April 1, 2026 [6] - China Metallurgical Group plans to repurchase up to 2 billion yuan of A-shares and 500 million yuan of H-shares [7] - Kuaishou repurchased 1.283 million shares for 83.037 million HKD at prices ranging from 63.9 to 65.55 HKD [8] - Tencent repurchased 1.057 million shares for 636 million HKD at prices between 595 and 605.5 HKD [9] - Techtronic Industries repurchased 500,000 shares for 44.91 million HKD at prices from 89.35 to 90.50 HKD [10] - Country Garden Services repurchased 3.697 million shares for 23.1748 million HKD at prices between 6.22 and 6.33 HKD [11] - Giga Bio repurchased 400,000 shares for 13.9713 million HKD at prices from 34.62 to 35.22 HKD [12] Institutional Insights - According to China Merchants Securities, the recent weakness in the Hong Kong market is attributed to southbound capital returning to A-shares due to new public fund benchmark regulations, concerns over IPO financing, and an upcoming peak in unlocks, alongside profit downgrades and overseas liquidity disturbances [13] - Huatai Securities noted that while the market's downside is manageable, the upside potential remains limited, with sentiment indicators still in a pessimistic range [13] - Ping An International expects the market to maintain a volatile stance in the short term, with potential rotation in investment styles and main lines [14] - Jianyin International suggests buying on dips before the spring market in early 2025, focusing on high-yield stocks and sectors like technology, high-end manufacturing, and new energy [14]

Group 1 - The Ministry of Commerce of China urges the EU to immediately stop unreasonable suppression of foreign investment enterprises, including those from China [1][3] - The spokesperson highlighted that the essence of China-EU economic and trade relations is mutual benefit and complementarity, influenced by various factors such as economic development stages and market demand changes [1] - The EU has intensified trade restrictions against China, initiating 12 trade remedy investigations and 3 foreign subsidy investigations this year, which hindered several Chinese companies from participating in public procurement and greenfield investments in EU member states [1] Group 2 - The Ministry of Commerce expresses strong opposition to the EU's recent investigations under the Foreign Subsidies Regulation (FSR), which are seen as discriminatory and harmful to Chinese enterprises operating in Europe [2][3] - A report from the EU-China Chamber of Commerce indicates that 63% of surveyed Chinese companies in Europe have been affected by FSR, with 12% experiencing direct impacts and 51% reporting damage to their business image and confidence [2] Group 3 - Ongoing negotiations between China and the EU regarding electric vehicle tariffs and minimum price schemes are taking place, with China advocating for dialogue to resolve differences and create a stable market environment [4][5] - The Ministry of Commerce appreciates the EU's willingness to restart price commitment negotiations, emphasizing the importance of maintaining mutual trust and efficiency in discussions [5] - The use of trade defense tools by the EU, particularly the anti-subsidy investigation into Chinese electric vehicles, has introduced new uncertainties in China-EU economic relations, affecting Chinese automotive companies' market performance and business planning [5]

商务部新闻发言人何亚东在12月18日举行的例行新闻发布会上说，中方注意到，欧委会近期密集对中国企业发起《外国补贴条例》 （FSR）调查，先后对中车集团、同方威视发起深入调查，甚至对中国数字平台进行现场突袭检查，做法恶劣，指向性和歧视性明显。 中方对此强烈反对。希望欧方立即停止对包括中国在内的外国投资企业的无理打压，审慎使用FSR调查工具，为在欧投资经营企业创造 公平、公正、可预期的营商环境。中方密切关注欧方有关动向，将采取必要措施，坚决维护中国企业合法权益。 商务部：强烈反对欧委会密集对多家中国企业发起调查。 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 来源：新华社 ...

编辑 ｜ 钉钉 商务部新闻发言人何亚东在12月18日举行的例行新闻发布会上说，中方注意到，欧委会近期密集对中 国企业发起《外国补贴条例》（FSR）调查，先后对中车集团、同方威视发起深入调查，甚至对中国数 字平台进行现场突袭检查，做法恶劣，指向性和歧视性明显。中方对此强烈反对。希望欧方立即停止对 包括中国在内的外国投资企业的无理打压，审慎使用FSR调查工具，为在欧投资经营企业创造公平、公 正、可预期的营商环境。中方密切关注欧方有关动向，将采取必要措施，坚决维护中国企业合法权益。 来源｜新华社 ...

商务部新闻发言人何亚东在12月18日举行的例行新闻发布会上说，中方注意到，欧委会近期密 集对中国企业发起《外国补贴条例》（FSR）调查，先后对中车集团、同方威视发起深入调 查，甚至对中国数字平台进行现场突袭检查，做法恶劣，指向性和歧视性明显。中方对此强烈 反对。希望欧方立即停止对包括中国在内的外国投资企业的无理打压，审慎使用FSR调查工 具，为在欧投资经营企业创造公平、公正、可预期的营商环境。中方密切关注欧方有关动向， 将采取必要措施，坚决维护中国企业合法权益。 来源丨新华社 编辑丨金珊 SFC ...

Core Viewpoint - China CRRC Corporation Limited has signed several major contracts totaling approximately 53.31 billion yuan, primarily for wind power and energy storage equipment sales [1] Group 1: Major Contracts - The contracts signed by China CRRC and its subsidiaries include agreements with China Power Construction Group Central South Survey and Design Institute, China Resources New Energy (Yiwuzhou) Co., Ltd., Zhonglv Electric (Ruoqiang) Energy Storage Technology Co., Ltd., and Inner Mongolia Energy Group Kede Electric Storage New Energy Co., Ltd., amounting to a total of about 16.65 billion yuan for wind power and energy storage equipment sales [1] Group 2: Energy Storage Developments - Recently, Hichain Energy signed a cooperation agreement with CRRC Zhuzhou Electric Locomotive Research Institute, committing to supply no less than 120 GWh of energy storage products [2] - The new generation 6.X energy storage platform from CRRC Zhuzhou has achieved mass production, with the 6.25 MWh battery module successfully launched in Yibin, Sichuan [2] - The energy storage system utilizes Hichain Energy's high-capacity battery, featuring a 25% increase in energy density compared to the previous generation, and an efficiency improvement from 86% to 88% [2] - The system includes advanced safety features such as a 21-minute early warning for thermal runaway, significantly reducing safety risks [2] - The system enhances asset utilization by an average of over 20%, with a lifecycle revenue capability improvement of approximately 10% for a 200 MWh energy storage station compared to the previous platform [2]

Capital Operations - Shen Cheng Jiao plans to raise no more than 1.8 billion yuan through a private placement for the research and large-scale application of low-altitude and autonomous driving intelligent transportation equipment and related projects [2] - Ding Gu Ji Chuang's invested company Hang Ju Technology has developed the WS series flexible reusable thermal protection materials, which have been applied to the Blue Arrow Aerospace Zhuque-3 rocket body [2] - Zhen You Technology has ongoing ground core network development projects in both high-orbit and low-orbit satellite communication fields [2] Investment and Operations - Zhongjin Company plans a stock swap merger with Dongxing Securities and Xinda Securities, with stock trading resuming on December 18 [1] - Beiqi Blue Valley aims to continue developing L3 models in the mid-to-high-end brand segment, with some L3 model products currently in the development stage [1] - Xingmin Zhitong's communication domain controller is currently being used in L3 and L4 autonomous vehicles, including Robotaxi and unmanned logistics vehicles [1] Contracts and Collaborations - Pudong Construction's subsidiary recently won contracts totaling 1.649 billion yuan [1] - China Duty Free Group's wholly-owned subsidiary signed a contract for the transfer of duty-free store project operating rights, planning to invest 102 million yuan to establish a joint venture with Shanghai Airport [1] - Shanghai Airport signed a contract with Dufry and China Duty Free Group for the transfer of duty-free store project operating rights, with Dayang Shanghai not renewing the contract [1] - China CRRC and its subsidiaries recently signed contracts totaling 53.31 billion yuan, with wind power and energy storage equipment sales contracts amounting to approximately 16.65 billion yuan [1] Performance - China Nuclear Construction reported a cumulative operating income of 92.03 billion yuan by November 2025 [4] Share Buybacks - Shibao Testing's executives plan to increase their holdings of company shares by 8 million to 12 million yuan [4]

Group 1 - Hainan Free Trade Port officially launched full island closure operations on December 18, marking a significant step in China's commitment to high-level opening-up and building an open world economy [2] - The Ministry of Finance reported that from January to November, the national general public budget revenue reached 200,516 billion yuan, a year-on-year increase of 0.8%, with tax revenue at 164,814 billion yuan, up 1.8% [2] - The National Development and Reform Commission and other departments released guidelines for clean and efficient coal utilization, encouraging upgrades and modifications to existing projects to meet benchmark levels [3] Group 2 - On December 17, lithium carbonate main contract prices surged, with a peak increase of 8.84%, closing at 10.862 million yuan per ton, reflecting an 84.1% increase from the year's low [4] - The State Administration for Market Regulation indicated that requiring merchants to offer "lowest prices online" may constitute abuse of market dominance or monopolistic agreements [5] - The National Development and Reform Commission and the National Energy Administration announced the establishment of a national unified electricity market evaluation system, focusing on operational effectiveness and market competition [6] Group 3 - China International Capital Corporation, Dongxing Securities, and Xinda Securities disclosed major asset restructuring plans and are set to resume trading on December 18 [7] - Baida Group's stock has seen significant short-term price increases, indicating potential risks of rapid declines [8] - China Railway Engineering Corporation plans to repurchase A-shares worth between 1 billion and 2 billion yuan [11]