11月20日，外交部发言人毛宁主持例行记者会。 在回答有关日本水产品输华的相关问题时，毛宁表示，关于日本水产品输华问题，中方有关部门将进行 科学评估，并依法依规进行严格审核，确保相关水产品符合中方规准。但是正如我昨天所说，由于日本 领导人在台湾等重大原则问题上发表错误言论，激起中国民众的公愤，当前形势下，即使日本水产品向 中国出口也没有市场。 （文章来源：央视新闻） ...

Core Viewpoint - Platinum has become the latest precious metal experiencing a price surge and heightened market squeeze concerns, with spot contracts trading at a premium over futures, indicating a rush for physical platinum [1] Group 1: Price Movements and Market Dynamics - The London spot platinum price surged by 6.4% to $1,646.03 per ounce, marking the largest intraday increase since 2020 [1] - Platinum spot prices have risen by 60% since May, reaching a 12-year high in October, significantly outperforming gold and silver [1] - The premium of the spot platinum contract over futures reached $53.45 per ounce, up from $28 the previous day, indicating a rare widening price gap [1] Group 2: Supply and Demand Factors - The market is experiencing a rush for physical platinum, similar to the recent silver market squeeze, driven by both institutional and retail investors [2] - Despite a record monthly export of approximately 140,000 ounces of platinum products from China, the liquidity in the platinum market is under pressure [2] - Deutsche Bank's strategy team highlighted that platinum and palladium are likely candidates for tariff actions due to concentrated supply chains and geopolitical risks [3] Group 3: Policy and Regulatory Environment - The U.S. Commerce Secretary's overdue report on critical minerals, which includes platinum and palladium, is expected to assess the impact of imports on national security [3] - Potential trade restrictions could exacerbate existing supply tightness in the platinum market, with leasing rates for platinum group metals currently above normal levels [3] - Platinum's industrial applications, including automotive catalytic converters and chemical processing, underscore its critical role beyond investment and decorative uses [3]

Core Viewpoint - The G7 and the EU are planning to intervene in China's rare earth market by setting a price floor and imposing tariffs and carbon taxes on certain Chinese rare earth exports, aiming to sanction China's rare earth industry [1] Group 1: Rare Earth Market Dynamics - Australia, which previously exported 540,000 tons of canola to China, is now leaning towards the US and preparing to take action regarding China's rare earth resources, raising questions about the future of cooperation [3] - The G7 and Australia's new plan for the rare earth supply chain appears to be an attempt to reduce dependence on China, highlighting China's dominant position in the global rare earth sector, which causes anxiety among the US and Western countries [3] - China's export controls on critical minerals implemented in April have led to concerns among Western companies reliant on Chinese rare earths, with calls for addressing a potential "rare earth shortage" [3] Group 2: US and Australia Relations - The US Department of Defense has invested hundreds of millions in American rare earth companies to address the shortfall in the rare earth sector, emphasizing the critical reliance of advanced industries on rare earths [5] - Australia's position is complex; while it seeks to assert its importance in the rare earth supply chain through G7 collaboration, it continues to align with the US, potentially jeopardizing its own trade interests with China [5] - Australia's dependence on China for processing its rare earth resources complicates its stance against China, as any dissatisfaction from China could risk its exports, including canola [5] Group 3: Canada and Trade Lessons - Canada, once a major supplier of canola to China, faced backlash from China due to discriminatory trade practices, leading to anti-dumping duties on Canadian canola, serving as a cautionary tale for Australia [6] - The recent trade dynamics between China and Australia, particularly in canola, have become precarious as Australia openly seeks to reduce reliance on China while attempting to develop its own rare earth industry to support the US [6] Group 4: Global Implications - The shift in Australia's approach towards rare earths raises concerns about the stability of global supply chains, as conflicts over rare earth issues could adversely affect both China and Australia's economic interests [7]

Group 1 - The Ministry of Commerce in China has initiated two investigations into the U.S. semiconductor sector following the expansion of the restricted trade list by the Trump administration, which added 23 Chinese firms [3]

Core Viewpoint - The United States has imposed penalties on two Chinese firms involved in acquiring U.S. chipmaking equipment for China's leading chipmaker SMIC, adding them to a restricted trade list that includes 32 entities, with 23 of them based in China [1] Group 1 - The U.S. government has added two Chinese firms to its Commerce Department's restricted trade list [1] - A total of 32 entities were added to this list, indicating a broader crackdown on foreign firms involved in sensitive technology acquisitions [1] - Among the 32 entities, 23 are located in China, highlighting the focus on Chinese companies in the U.S. trade policy [1]

Group 1 - Canada has announced new trade measures against China shortly after a meeting between the foreign ministers of both countries, raising concerns about the state of Sino-Canadian relations [1][3] - Despite the pressure from the U.S. regarding tariffs and other issues, Canada has chosen to target China instead of retaliating against the U.S., which may harm economic cooperation between China and Canada [1] - Canada's recent actions contradict its earlier expressed willingness to strengthen cooperation with China during the ASEAN meeting, leading to questions about its sincerity in fostering bilateral relations [3] Group 2 - China maintains an open and cooperative attitude towards countries that genuinely wish to enhance economic ties, but it will firmly protect its interests against those attempting to undermine them [6] - Canada's economy is already under pressure from the U.S., and losing access to the Chinese market could further jeopardize its economic outlook, suggesting that Canada should act cautiously to avoid becoming a pawn in U.S. strategies [6]

Market Overview - US stock indices opened higher but experienced slight declines before rebounding slightly, with the Dow Jones at 44060.38 (+0.08%), Nasdaq at 20686.21 (+0.04%), and S&P 500 at 6246.34 (+0.04%) [2] - Chinese concept stocks showed weakness, with the Nasdaq Golden Dragon China Index down over 2% [4] Economic Data - The US Producer Price Index (PPI) for June unexpectedly came in lower than expected, with a year-on-year increase of 2.3%, the lowest since September 2024, compared to an expected 2.5% and a previous value of 2.6% [2] - Month-on-month PPI remained flat, marking the lowest since January, against an expected increase of 0.2% [2] Company-Specific News - ASML, a leading Dutch lithography equipment manufacturer, saw its stock drop over 10% due to concerns over the impact of US tariffs on its growth prospects [2][3] - ASML's CEO indicated that the company may not achieve growth by 2026 due to the effects of US tariff policies [3] - The semiconductor industry, including ASML, is increasingly vulnerable to potential US trade restrictions, with rising machine and chip prices amid geopolitical uncertainties [4] Chinese Tech Stocks - Major Chinese tech stocks experienced declines, with Baidu down over 7%, Alibaba down over 2%, and JD.com down nearly 2% [5][6] - The Wande Chinese Technology Leaders Index fell by 1.38%, and the Wande Chinese Stocks 100 Index decreased by 2.11% [5] Commodity Market - Domestic commodity futures mostly declined, with copper down 0.19%, alumina down 1.24%, and coking coal down over 1% [6] - International crude oil, silver, and gold prices also saw significant drops [6] Economic Outlook - Bank of America forecasts that the Federal Reserve will not lower interest rates before next year, with expectations of moderate economic growth of about 1.5% by year-end [7] - The CEO of Bank of America noted that both personal and corporate clients continue to spend, seeking certainty in the market [7]

Core Viewpoint - India has imposed restrictions on certain imports from Bangladesh, which may impact trade dynamics between the two countries [1] Group 1 - The restrictions are aimed at specific products, potentially affecting the supply chain and pricing in the Indian market [1] - This move is part of India's broader strategy to protect domestic industries and manage trade deficits [1] - The decision may lead to increased tensions in trade relations between India and Bangladesh, influencing regional economic cooperation [1]

Core Viewpoint - Russian President Putin opposes trade wars and restrictions, emphasizing the need for open trade relations [1] Group 1 - Russia's stance against trade wars indicates a commitment to maintaining international trade partnerships [1] - The opposition to restrictions suggests a potential for increased collaboration with other nations [1]

Core Viewpoint - The article discusses the counterproductive effects of U.S. export controls on AI chip development in China, as highlighted by Nvidia CEO Jensen Huang, suggesting that these restrictions may weaken the U.S. competitive advantage in the AI sector [1][2]. Group 1: U.S. Export Controls and Their Impact - Jensen Huang warns that U.S. efforts to block China's development of advanced AI chips and software are backfiring, undermining the U.S. position in the global tech landscape [2]. - Huang argues that the assumption that China cannot manufacture AI chips is fundamentally flawed, as China is now capable of developing its own AI tools [2][3]. - The "fortress" strategy employed by Washington is accelerating innovation in China and escalating geopolitical competition [2]. Group 2: Investment Trends and Market Dynamics - From 2000 to 2023, Chinese venture capital invested $184 billion in AI startups, with the industry projected to reach a value of $1.4 trillion by 2030, including related sectors [2]. - Among approximately 4,300 AI companies, six major players dominate the market, indicating a concentrated competitive landscape [2]. - The cost of developing high-performance AI models has been significantly reduced, as demonstrated by Chinese startup DeepSeek, which achieved comparable quality to OpenAI at a fraction of the cost [3]. Group 3: Comparative Analysis of U.S. and Chinese Tech Companies - The U.S. has 690 private tech companies valued over $1 billion, totaling $2.53 trillion, while China has only 162 companies valued at $702.46 billion, highlighting a disparity in market capitalization [3]. - Despite the U.S. having a lead in AI models, assessments indicate that this advantage is diminishing as competitors in China advance in education, capital markets, and technology [3]. Group 4: Nvidia's Business Implications - Nvidia's quarterly report acknowledges that restrictions on China will harm its business, with $8 billion in planned H20 chip orders needing to be canceled due to tightened export licenses [4]. - The interdependence between U.S. chip companies and China is significant, with 40% of revenues for companies like Qualcomm, Intel, and Broadcom coming from the Chinese market [4]. - The Chinese semiconductor market is expected to reach $204.03 billion this year, growing at a compound annual growth rate of 8.24% [4].