Core Viewpoint - The Chinese government maintains a stable policy towards the United States, emphasizing mutual respect, peaceful coexistence, and win-win cooperation in handling Sino-U.S. relations [1] Group 1 - The Chinese side expresses concern over contradictory signals from the U.S., particularly regarding comments from U.S. Treasury Secretary Yellen labeling China as an unreliable partner, juxtaposed with President Trump's recent positive remarks about discussions with Chinese leaders [1] - China is committed to safeguarding its sovereignty, security, and development interests while striving for healthy and stable development of Sino-U.S. relations, which aligns with the fundamental interests of both nations and the expectations of the international community [1]

Group 1 - Recent fluctuations in US-China relations are influencing global strategies, with India and Russia becoming more active in their responses [1][3] - India has significantly increased its oil purchases from Russia, capitalizing on discounted prices, saving nearly $90 per ton compared to other sources, which could fund a medium-sized infrastructure project annually [3][5] - The Indian government is prioritizing energy security, as it relies on imports for nearly 90% of its oil, making it cautious about abruptly changing suppliers [5][6] Group 2 - The US has considered imposing tariffs on India but is currently hesitant due to the need to focus on US-China relations, allowing India to leverage this situation for its benefit [6][10] - Russia is concerned about being marginalized in the event of improved US-China relations, prompting it to strengthen its military position in Ukraine and seek closer ties with China [8][11] - Russian Prime Minister Mishustin's visit to China aims to enhance economic cooperation, particularly in energy and trade, as Russia faces significant economic pressure from Western sanctions [10][11] Group 3 - The dynamics of US-China relations are central to global geopolitical strategies, with countries like India and Russia adjusting their positions to maximize their advantages [13] - The ongoing competition between the US and China creates a complex international landscape where nations must carefully navigate their interests to avoid being sidelined [13]

中美元首会晤结束后，美国财长贝森特在韩国吹牛称，美国对中国立规矩之后，各国日后正在争相效仿，继续给中国压力。 中美元首在韩国釜山结束会晤后，美国财长贝森特没有跟随特朗普乘专机返回美国，而留在韩国继续出席APEC 峰会其它相关活动，他一改此前对中方"恭 恭敬敬"的态度，在中美谈出成果后，开始吹嘘美方在会晤中取得的成果。 贝森特吹牛称，美方设立了一个标准，如果世界其他国家不纷纷效仿，他反倒会觉得意外。贝森特暗示，美方在中美会晤中处于"优势"一方，让中方作出了 让步，其他有意与中方对抗的国家，可以效仿美国的做法来对付中国。 贝森特补充称，欧盟、英国、澳大利亚，加拿大、日本等美国的盟友，已经或正在对中国征收关税或者计划使用贸易工具，限制中国商品涌向世界。 加拿大总理卡尼对中方表示，加方期待抓住两国关系改善发展的机遇，重拾建交初心，找回失去时间，重启双边合作，以务实和建设性方式推动加中关系取 得更多成果；日本首相高市早苗与中方就推进战略互惠关系达成一致；韩国总统李在明在与中方的会谈中，则希望韩中加强战略沟通并共同朝方重返对话， 同时将继续推动两国经济互利发展。 奉劝贝森特少吹点牛，一次会晤解决不了中美之间存在的所有问题 ...

Core Viewpoint - The article discusses the potential of China's semiconductor industry and highlights comments from NVIDIA CEO Jensen Huang, who believes that the U.S. has underestimated China's technological capabilities and that China can now rely on its own semiconductor production without depending on U.S. technology [2][4]. Group 1: U.S.-China Relations and Technology - Jensen Huang stated that the U.S. has imposed export controls on NVIDIA's advanced AI chips to China, aiming to curb China's technological development, yet he remains hopeful for improved U.S.-China relations to allow NVIDIA to re-enter the Chinese market [4][5]. - Huang emphasized that during Trump's first term, U.S. tech companies could compete in China, which helped establish "American standards" for technology, allowing the U.S. to lead globally [4]. Group 2: China's Semiconductor Capabilities - Huang claimed that China is now capable of producing millions of AI chips independently, indicating a significant shift in reliance from U.S. technology [2][4]. - He noted that Chinese companies prefer NVIDIA products due to their leading technology and cost-effectiveness, which enhances production efficiency [4]. Group 3: Market Dynamics - Huang revealed that NVIDIA has not applied for U.S. export licenses for its latest chips to China, suggesting that the Chinese market may not currently desire these products [4]. - He pointed out that as NVIDIA exits the Chinese market, local chip companies' stock prices have surged, signaling a need for the U.S. government to act quickly to facilitate NVIDIA's return to China [5].

特朗普谈及中美问题时称他认为中美在竞争激烈的同时"相处得很好"，美国可以通过与中国合作变得更 好、更强大，而不用只想着打压中方。 利好突袭，大涨！ 11月2日，美国CBS播出特朗普接受《60分钟》栏目的采访，采访中，特朗普自备道具"邀功"，称自己 上任后8个月内解决了8场战争。整个采访约70分钟，提及中国41次，远超俄罗斯和日本，欧洲几国未被 提及。此前，特朗普指控该节目偏袒竞选对手哈里斯，起诉其母公司派拉蒙索赔100亿美元；派拉蒙最 终赔偿1500万美元与特朗普和解。 （原标题：70分钟里，特朗普提到8次日本，14次俄罗斯，41次中国…...） 来源：央广网、看看新闻、智通财经 ...

Core Viewpoint - The necessity of maintaining a baseline of non-conflict and non-confrontation in Sino-U.S. relations is emphasized, highlighting the importance of mutual respect for core interests and major concerns [1] Group 1: Key Points on Sino-U.S. Relations - Disagreements and occasional friction between China and the U.S. are inevitable, but dialogue is preferred over confrontation, and cooperation is better than zero-sum games [1] - The four red lines for China include Taiwan, human rights, institutional paths, and development rights, urging the U.S. not to provoke or cross boundaries [1] - The current priority is to implement the consensus reached during the meetings between the leaders of China and the U.S., as well as the joint arrangements from the Kuala Lumpur economic discussions, to provide reassurance to both nations and the global economy [1] Group 2: Globalization and Mutual Interests - In today's globalized world, the common interests between China and the U.S. far exceed their differences, and avoiding engagement is unrealistic [1] - Viewing each other as partners allows for problem-solving, while treating each other as adversaries can create new issues even when none exist [1] - A broader perspective and long-term planning are necessary to explore the correct way for China and the U.S. to coexist in the new era [1]

Geopolitical Relations - Avoiding conflict and confrontation is a fundamental principle [1] - Taiwan, democracy and human rights, path and system, and the right to development are China's four red lines [1] - The industry suggests the US should avoid provoking or crossing boundaries [1] - Trade wars, including tariff, capacity, and technology wars, are unproductive [1] - Viewing each other as partners facilitates problem-solving, while treating each other as rivals creates new issues [1]

11月2日，美国CBS播出特朗普接受《60分钟》栏目的采访，采访中，特朗普自备道具"邀功"，称自己 上任后8个月内解决了8场战争。整个采访约70分钟，提及中国41次，远超俄罗斯和日本，欧洲几国未被 提及。此前，特朗普指控该节目偏袒竞选对手哈里斯，起诉其母公司派拉蒙索赔100亿美元；派拉蒙最 终赔偿1500万美元与特朗普和解。 特朗普谈及中美问题时称他认为中美在竞争激烈的同时"相处得很好"，美国可以通过与中国合作变得更 好、更强大，而不用只想着打压中方。 来源：央广网、看看新闻、澎湃新闻 利好突袭，大涨！ ...

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - The divergence within the Fed has increased, making the December interest rate cut more uncertain. With the easing of Sino - US relations, the safe - haven sentiment has cooled significantly, and gold may迎来 a major cycle inflection point. It is expected to be in a high - level shock in the medium term [1]. - For rubber, although the overall shipment pressure remains high in November and the utilization rate of production capacity is restricted, the low inventory and low warehouse receipts in China provide medium - term support, and the downward space of rubber prices may be limited [2]. - Steel prices may fluctuate weakly in the short term due to the digestion of macro - positive news, the low - level operation of the real estate market, the end of the traditional peak demand season, and the expected reduction of blast furnace hot metal production [4]. - The coke spot market is running strongly. Although the coking profit is under pressure and the steel mill's production is restricted, the hot metal is expected to rebound after a short - term decline, and the third round of price increase has started [5]. - For silicon iron, the high cost and high steel output support the price, but the loose supply - demand relationship restricts the upward space [6]. - The economic downward pressure increases, and the bond market is expected to be slightly bullish in the medium term due to factors such as the need for counter - cyclical adjustment and the possible open - market operation of government bonds [6]. - For silver, the short - term is in a shock, and it is still bullish in the long term due to the increasing economic downward pressure in the US and the increasing demand for counter - cyclical interest rate cuts [7]. - For rapeseed meal, the rigid shortage of supply and low inventory of coastal oil mills reduce the risk of price decline, and it is recommended to go long at low prices [8]. - Palm oil is expected to run weakly in the short term due to the significant increase in Malaysian palm oil production in October and the expected inventory accumulation [8]. - The price of live pigs is expected to adjust weakly in the near future due to the increase in supply and insufficient demand growth [9]. - Methanol is expected to fluctuate weakly in the short term, with the upper pressure at 2160, and it is recommended to wait and see [10]. - PX should be treated with a shock perspective. Although the load of Asian and domestic PX will remain at a relatively high level and the PXN processing fee is under pressure, the stable crude oil provides support for the lower price [11]. - Crude oil prices have stabilized, but there is still supply pressure in the remaining period of the year, and the price may be in a shock state. Only when the geopolitical conflict intensifies can the price center rise [13]. - Polypropylene is expected to run in a shock in the short term, with the upper pressure at 6590, and it is recommended to hold short positions cautiously [13]. - Soda ash is expected to run in a shock in the short term, with the upper pressure at 1205, and it is recommended to wait and see [14]. 3. Summary by Commodity Metals - **Gold**: The divergence within the Fed makes the December interest rate cut uncertain. Sino - US relations ease, and gold may迎来 a major cycle inflection point. It is expected to be in a high - level shock in the medium term [1]. - **Silver**: The US economic downward pressure increases, which is bearish for silver in the short term, but the increasing demand for counter - cyclical interest rate cuts is bullish in the long term. It is in a shock - bullish state with limited downward space [7]. - **Steel (including rebar)**: Steel prices may fluctuate weakly in the short term due to factors such as the digestion of macro - positive news, the low - level operation of the real estate market, and the expected reduction of blast furnace hot metal production [4]. - **Coke**: The coke spot market is running strongly. The third round of price increase has started, and the futures price is expected to be stable [5]. - **Silicon Iron**: The high cost and high steel output support the price, but the loose supply - demand relationship restricts the upward space [6]. Agricultural Products - **Rapeseed Meal**: The rigid shortage of supply and low inventory of coastal oil mills reduce the risk of price decline. It is recommended to go long at low prices and pay attention to Sino - Canadian trade policies [8]. - **Palm Oil**: Malaysian palm oil production increased significantly in October, and it is expected to accumulate inventory. The domestic market is weak in the short term [8]. - **Live Pigs**: The price is expected to adjust weakly in the near future due to the increase in supply and insufficient demand growth [9]. Energy and Chemicals - **Rubber**: The overall shipment pressure is high in November, but the low inventory in China provides medium - term support, and the downward space of rubber prices may be limited [2]. - **Methanol**: It is expected to fluctuate weakly in the short term, with the upper pressure at 2160, and it is recommended to wait and see [10]. - **PX**: It should be treated with a shock perspective. The high load of Asian and domestic PX and the pressure on PXN processing fees coexist with the support from stable crude oil [11]. - **Crude Oil**: The price has stabilized, but there is still supply pressure in the remaining period of the year, and it may be in a shock state [13]. - **Polypropylene**: It is expected to run in a shock in the short term, with the upper pressure at 6590, and it is recommended to hold short positions cautiously [13]. - **Soda Ash**: It is expected to run in a shock in the short term, with the upper pressure at 1205, and it is recommended to wait and see [14]. Bonds - **Long - term Treasury Bonds**: The economic downward pressure increases, and the bond market is expected to be slightly bullish in the medium term due to factors such as the need for counter - cyclical adjustment and the possible open - market operation of government bonds [6].

Core Viewpoint - The necessity of maintaining a baseline of non-conflict and non-confrontation in Sino-U.S. relations is emphasized, highlighting the importance of mutual respect for core interests and major concerns [1] Group 1: Key Points on Sino-U.S. Relations - Disagreements and occasional friction between China and the U.S. are inevitable, but dialogue is preferred over confrontation, and cooperation is favored over zero-sum games [1] - The four red lines for China include Taiwan, human rights, political systems, and development rights, with a call for the U.S. to avoid provocation and crossing boundaries [1] - The current urgent task is to implement the consensus reached during the meetings between the leaders of China and the U.S., as well as the joint arrangements from the Kuala Lumpur economic discussions, to provide reassurance to both nations and the global economy [1] Group 2: Globalization and Cooperation - The importance of mutual respect, peaceful coexistence, and win-win cooperation is highlighted as the correct path for Sino-U.S. relations in the context of globalization [1] - The shared interests between China and the U.S. are stated to be greater than their differences, and the idea of changing each other is deemed unrealistic [1] - Viewing each other as partners rather than adversaries is essential for finding solutions to problems, while treating each other as competitors can lead to unnecessary issues [1]