Macro Dynamics - The Vice Minister of Commerce, Li Chenggang, met with a U.S. agricultural trade delegation, discussing the importance of stable Sino-U.S. economic relations and agricultural trade [2] - Li emphasized that both countries are significant agricultural trade partners, and recent trade fluctuations stem from unilateral tariff measures by the U.S. [2] - The U.S. delegation expressed the importance of the Chinese market for U.S. agricultural exports and the desire to maintain a positive bilateral trade relationship [2] Financial Institutions - The Hong Kong Stock Exchange reported that the total fundraising amount for new listings in the first three quarters of 2025 reached HKD 188.3 billion, more than triple that of the same period in 2024 [7] - The average daily trading volume for northbound and southbound stock connect reached record highs, increasing by 67% and 229% respectively compared to the previous year [7] Market Data - As of November 5, the Shanghai Composite Index rose by 0.23%, while the Shenzhen Component Index increased by 0.37%, and the ChiNext Index saw a rise of 1.03% [8] - The total trading volume in the Shanghai and Shenzhen markets was CNY 1.87 trillion, a decrease of CNY 45.3 billion from the previous trading day [8] - The electric grid equipment sector saw significant gains, with nearly 20 stocks hitting the daily limit up [9] Company Dynamics - Michael Burry, a well-known short-seller, has bet over USD 1 billion against Nvidia and other tech companies, purchasing put options to profit from potential stock price declines [12] - Seres announced the successful listing of its H-shares, raising approximately HKD 14.016 billion, with the stock trading on the Hong Kong Stock Exchange [13] - The second-largest shareholder of Huanfu China warned of rapid price declines due to excessive stock price increases, which have risen by 95.21% over seven consecutive trading days [14] - Wintime Technology announced plans for a share reduction by a major shareholder, potentially reducing holdings by up to 3% [16] - Sanjiang Shopping's second-largest shareholder also plans to reduce its stake by up to 3% due to business arrangements [17] - Zhongtian Technology has been approved for a major technology project focused on the development of low-cost all-solid-state lithium-ion batteries [18]

在中美关系长期处于高压态势的背景下，特朗普突然规矩了一回，他不仅没有在惯常的时间点掀桌子，反而按时签署行政令，履行了在釜山会晤中作出的对 华关税减让承诺。 特朗普这人，他说合作时，没准下一秒就能翻脸；他承诺让利时，往往也附带几十页的"但书"。这次他确实动了，给中国让了一点利。 11月初，特朗普签署了两道对华关税调整的行政令。第一道将对中国部分出口商品中原本征收的20%"芬太尼关税"下调至10%，并定于11月10日正式生效。 第二道则是宣布延缓原定于年底恢复的24%"对等关税"，将暂停期再延长一年，至2026年11月10日。 看上去，美国这次是带头迈步，先于中方履行了承诺，颇有点展现诚意的意思。但仔细看文件内容就会发现，这并不是一张不可撤销的协议，而是一份可随 时修改的命令。 特朗普在声明中直接写明：美国将持续监督中国履行会晤中达成的内容，若发现中方"未履行承诺"，美方将视情况调整或撤销相关政策。 这不是一次无条件的政策让步，而是一次带有可逆机制的交易性安排。说白了，这是一份特朗普式的试用版合约，没有售后服务，也没有违约赔偿，随时可 以推倒重来。 从过去几年的美中经贸交锋经验来看，所谓"中方是否履约"一直是美方 ...

问：有消息称，根据中美吉隆坡经贸磋商共识，中方将调整一批针对美国的非关税措施。请问在出口管 制管控名单方面有什么考虑？ 答：根据出口管制相关法律法规规定，商务部于2025年3月4日和4月4日分别发布了2025年第13号和21号 公告，合计将31家美国实体列入出口管制管控名单，禁止向其出口两用物项。为落实中美吉隆坡经贸磋 商共识，中方决定自2025年11月10日起，对第13号公告的15家美国实体停止上述相关措施；对第21号公 告的16家美国实体继续暂停上述相关措施1年。出口经营者如需向上述实体出口两用物项，应当根据 《中华人民共和国两用物项出口管制条例》相关规定向商务部提出申请，商务部将依法依规进行审查， 符合规定的将准予许可。 问：有消息称，根据中美吉隆坡经贸磋商共识，中方将调整一批针对美国的非关税措施。请问在不可靠 实体清单方面有什么考虑？ 答：根据《中华人民共和国反外国制裁法》《不可靠实体清单规定》及有关规定，不可靠实体清单工作 机制于2025年3月4日和4月4日发布公告，将一批美国实体列入不可靠实体清单，采取相应措施。为落实 中美吉隆坡经贸磋商共识，中方决定自2025年11月10日起，继续暂停4月4日公 ...

Macro Strategy Overview - The report indicates that the current bull market is experiencing a pause and is undergoing a phase of consolidation, with expectations of continued volatility in the near term [1][6]. - The U.S. Federal Reserve is likely to continue its interest rate cuts in December, with a high probability of a 25 basis point reduction, as inflation remains manageable and the job market shows signs of weakness [6][29]. - The economic performance in the first three quarters of 2025 has exceeded expectations, with GDP growth at 5.2%, but there are increasing pressures on domestic demand [6][43]. Overseas Economic Environment - Following the U.S.-China trade negotiations, tariffs on Chinese goods have been reduced by 10%, although ongoing tensions between the two countries are expected to persist [6][30]. - The overall impact of tariffs on U.S. inflation has been limited, with inflation expected to remain stable due to insufficient demand [6][20]. Domestic Economic Environment - Domestic consumption and investment are showing signs of decline, while external demand remains relatively strong, indicating a divergence in economic performance [6][43]. - The report highlights that the policy environment is expected to remain stable, with a focus on infrastructure investment to support economic growth [6][55]. A-Share Market Strategy - The A-share market is currently in a phase of consolidation, with a shift towards a more balanced investment style as external disturbances ease [7][12]. - The report suggests a cautious approach to investment in the A-share market, with a focus on sectors that are expected to benefit from technological innovation in the medium to long term [7][8]. Asset Allocation Insights - The report presents a neutral outlook for major asset classes, including A-shares, Hong Kong stocks, and U.S. stocks, indicating a shift from a relatively optimistic stance in previous reports [8]. - The recommendation is to adopt a balanced asset allocation strategy while remaining vigilant for opportunities in technology and other growth sectors [8][7].

李成钢指出，中美互为重要的农产品贸易伙伴。今年以来中美农产品贸易出现了一些波动，根 源在于美方的单边关税措施。事实上，两国在自然禀赋、市场、资金、技术等领域各有优势， 互补性强，合作空间广阔。希望美方与中方一道，着眼大局，为农业等领域务实合作营造有利 氛围。 美方代表团成员表示，中国是美国农产品重要出口市场，美国农业界珍视对华伙伴关系，致力 于与中方共同做大合作蛋糕。稳定的中美经贸关系对两国农业贸易至关重要，期待双边经贸关 系维持良好发展态势。 11月4日，李成钢国际贸易谈判代表兼副部长在京会见美国农产品贸易代表团。双方就中美经 贸关系、农产品贸易等进行了交流。 李成钢表示，良好的中美经贸关系有利于两国，也有利于世界。今年5月以来，双方经贸团队 以两国元首重要共识为战略指引，举行了五次会谈，推动中美经贸关系回稳。这充分证明，中 美双方秉持平等、尊重和互惠的精神，通过开展对话与合作，能找到解决问题的办法。 来源丨央视新闻 编辑丨金珊 SFC ...

Core Viewpoint - Satellite Chemical responded to investor inquiries on November 5, indicating that both China and the U.S. have made adjustments to tariffs based on previous high-level economic talks, and that raw material imports are currently normal [2] Group 1 - The company confirmed that adjustments to tariffs were made in accordance with the consensus reached during past China-U.S. economic and trade high-level meetings [2] - The company referenced specific details available in news reports and announcements from the Tariff Commission regarding these adjustments [2] - Current status of raw material imports is reported to be normal, indicating stable supply conditions [2]

Core Viewpoint - The meeting between China's Vice Minister of Commerce Li Chenggang and the U.S. agricultural trade delegation emphasizes the importance of stable Sino-U.S. economic and trade relations for both countries and the global economy [1] Group 1: Sino-U.S. Economic Relations - Li Chenggang highlighted that good Sino-U.S. economic relations benefit both nations and the world, with five meetings held since May to stabilize trade relations based on the consensus of the two heads of state [1] - The dialogue and cooperation between the two countries demonstrate that solutions can be found through mutual respect and equality [1] Group 2: Agricultural Trade - China and the U.S. are significant agricultural trade partners, with recent fluctuations in trade attributed to unilateral tariff measures from the U.S. [1] - Both countries possess complementary advantages in natural endowments, markets, capital, and technology, indicating a broad space for cooperation in agriculture [1] - The U.S. agricultural representatives expressed the importance of the Chinese market for U.S. agricultural exports and their commitment to enhancing the partnership [1]

Core Viewpoint - The meeting between Chinese and American agricultural trade representatives highlights the importance of stable Sino-U.S. economic relations for both countries and the global economy, emphasizing the need for dialogue and cooperation to address trade issues [1] Group 1: Sino-U.S. Economic Relations - Li Chenggang, the Chinese international trade representative, stated that good Sino-U.S. economic relations benefit both nations and the world [1] - Since May, both sides have held five meetings guided by the consensus of the two heads of state, which has helped stabilize Sino-U.S. economic relations [1] - The dialogue and cooperation between China and the U.S. demonstrate that solutions can be found through mutual respect and equality [1] Group 2: Agricultural Trade Dynamics - China and the U.S. are significant trading partners in agricultural products, with some fluctuations in trade observed this year due to unilateral tariff measures from the U.S. [1] - Both countries possess unique advantages in natural endowments, markets, capital, and technology, indicating strong complementarity and broad cooperation potential [1] - The U.S. agricultural representatives expressed the importance of the Chinese market for American agricultural exports and their commitment to enhancing cooperation [1]

国务院关税税则委员会公布公告调整对原产于美国的进口商品加征关税措施 11月5日，国务院关税税则委员会发布两则公告，停止实施对原产于美国的部分进口商品加征关税措 施，调整对原产于美国的进口商品加征关税措施。 国务院关税税则委员会公布公告停止实施对原产于美国的部分进口商品加征关税措施 为落实中美经贸磋商达成的成果共识，根据《中华人民共和国关税法》《中华人民共和国海关法》《中 华人民共和国对外贸易法》等法律法规和国际法基本原则，经国务院批准，国务院关税税则委员会公布 公告，自2025年11月10日13时01分起，停止实施《国务院关税税则委员会关于对原产于美国的部分进口 商品加征关税的公告》（税委会公告2025年第2号）规定的加征关税措施。 本次中美停止实施部分双边加征关税，符合两国和两国人民的根本利益，也符合国际社会的期待，有利 于推动双边经贸关系不断迈向更高水平。 为落实中美经贸磋商达成的成果共识，根据《中华人民共和国关税法》《中华人民共和国海关法》《中 华人民共和国对外贸易法》等法律法规和国际法基本原则，经国务院批准，国务院关税税则委员会公布 公告，自2025年11月10日13时01分起，调整《国务院关税税则委 ...

中美经贸领域"合则两利、斗则俱伤"的特征十分突出。 中美经贸关系作为全球最重要的双边经济纽带之一，其本质是建立在资源互补与市场共享基础上的互利 共赢关系。中美经贸领域"合则两利、斗则俱伤"的特征十分突出。过去几年，由美国发起的对华贸易 战，从关税摩擦到技术封锁，从供应链"脱钩"到市场准入限制，让以往作为双边关系"压舱石"的经贸往 来成为了大国博弈的主战场，双边经贸关系经历了剧烈的摩擦，给双方以及全球经贸发展都带来巨大的 挑战。因此，不仅中美，全球都在关注中美经贸未来的走向。通过中美双方团队在吉隆坡经贸磋商中达 成的相关共识与安排，更让我们看到那些支撑"中美经贸关系的本质是互利共赢"的论据依旧坚挺且值得 重视。 总之，中美经贸关系绝非"零和博弈"。过去几十年的发展已经说明，从宏观经济结构互补，到中观产业 链深度融合，再到微观消费市场相互依存，中美通过经贸合作，各自获得了巨大的发展红利，实现了真 正意义上的互利共赢。期待未来双方认真落实两国元首达成的共识，继续本着平等、尊重、互惠的原则 谈下去，不断压缩问题清单，拉长合作清单，让经贸继续成为中美关系的压舱石和推进器。 （本文作者为中国社科院美国研究所助理研究员 刘 ...