《中美经贸关系的"温度计"》——从TikTok到芯片，稳定中美关系的关键其实是营商环境 你以为TikTok只是跳舞和翻车视频？其实，它正成了中美经贸的"温度计"。上周两国元首第三次通话，中方亮明态度：要稳定关系，就必须有开放、公平、 非歧视的营商环境。这不是"求"，而是合作共赢的底线。回顾40多年，中美贸易额暴涨270多倍，2024年近6883亿美元。美国出口到中国的商品撑起百万就 业岗位，中国市场同样活力无限。所谓"美国吃亏"的说法，不过是政客的噱头，经不起推敲。真正的挑战是，美方近年动辄打"安全牌"，从芯片到社交平 台，清单、审查、限制样样不少。TikTok被政治化，半导体合作受阻，全球供应链跟着心律不齐。说白了，这些操作不但让中国企业受挫，美国公司也"自 断经脉"。中国的态度一贯清晰：分歧可以对话解决，不愿打贸易战，但底线绝不退让。关键是美方要把"欢迎投资"的口号，变成企业能安心发展的现实。 历史早已证明，中美成功不是彼此的负担，而是彼此的机遇。若能守住合作初心，不仅两国共赢，也能让世界经济多点阳光，少点阴霾。（唐加文，笔名金 观平；本文成稿后，经AI审阅校对） ...

上周，中美两国元首在9月19日晚的通话，再次为两国经贸关系发展提供了战略指引。这是今年以 来两国元首的第三次直接沟通，反映出双方对管理世界上最重要双边关系的持续重视。通话传递出中方 对稳定中美经贸关系的明确期望，即美方应为中国企业到美国投资提供开放、公平、非歧视的营商环 境。这一要求的提出基于对中美经贸优势互补、互利共赢本质的深刻认识，稳定中美经贸关系离不开良 好的营商环境。 中美建交40多年来，双边贸易额增长了270多倍，2024年达到近6883亿美元，双向投资存量超过 2600亿美元。如此紧密的联系源于两国经济的深度互补性，而非任何单方面的施予或恩赐。美国企业实 际上从这种合作中获得了巨大利益。数据显示，2024年美国出口中相当大比例的产品销往中国，这支撑 了美国国内近百万人就业。这表明，中美经贸往来若综合考虑货物贸易、服务贸易和本国企业在对方国 家分支机构的本地销售额3项因素，双方获益大致平衡。所谓美国在中美经贸关系中"吃亏"的说法，缺 乏事实依据。 在近期中美经贸磋商中，中方团队展现了平等、尊重和互惠的精神。中方肯定了过去几个月双方团 队通过多轮磋商取得的进展，同时也明确向美方提出严正关切，要求美方避 ...

近年来，美方以"国家安全"为名，对中国企业实施了一系列单边主义和保护主义措施。这些措施包括将 大量中国实体列入出口管制"实体清单"，限制中国高科技产品对美出口，以及阻碍中国企业在美正常投 资运营。美方一些人还滥用"长臂管辖"手段，对中国企业施加不当压力。例如，在TikTok问题上，近年 来美方一些人采取的措施超出了合理范围，将正常的商业活动政治化。这些做法不仅违反了世贸组织规 则和国际经贸秩序，也严重损害了全球产业链供应链的稳定。半导体产业作为高度专业化和国际化的行 业，中美企业间原本存在密切合作，美方的限制措施打破了这种合作生态，最终也会损害美国企业自身 的利益。 经济日报消息，上周，中美两国元首在9月19日晚的通话，再次为两国经贸关系发展提供了战略指引。 这是今年以来两国元首的第三次直接沟通，反映出双方对管理世界上最重要双边关系的持续重视。通话 传递出中方对稳定中美经贸关系的明确期望，即美方应为中国企业到美国投资提供开放、公平、非歧视 的营商环境。这一要求的提出基于对中美经贸优势互补、互利共赢本质的深刻认识，稳定中美经贸关系 离不开良好的营商环境。 中美建交40多年来，双边贸易额增长了270多倍，2024 ...

上周，中美两国元首在9月19日晚的通话，再次为两国经贸关系发展提供了战略指引。这是今年以来两 国元首的第三次直接沟通，反映出双方对管理世界上最重要双边关系的持续重视。通话传递出中方对稳 定中美经贸关系的明确期望，即美方应为中国企业到美国投资提供开放、公平、非歧视的营商环境。这 一要求的提出基于对中美经贸优势互补、互利共赢本质的深刻认识，稳定中美经贸关系离不开良好的营 商环境。 在近期中美经贸磋商中，中方团队展现了平等、尊重和互惠的精神。中方肯定了过去几个月双方团队通 过多轮磋商取得的进展，同时也明确向美方提出严正关切，要求美方避免采取单方面贸易限制措施，防 止冲击已经达成的共识。对于具体问题如TikTok，中方尊重企业意愿，支持企业在符合市场规则基础上 通过商业谈判达成解决方案，但这也必须符合中国法律法规和利益平衡的原则。 中方始终认为，中美作为全球最大的两个经济体，出现经贸分歧是正常的，关键是要通过平等对话妥善 解决。中国不愿打贸易战，但也会坚定维护国家发展权益和人民正当利益。 中美建交40多年来，双边贸易额增长了270多倍，2024年达到近6883亿美元，双向投资存量超过2600亿 美元。如此紧密的联系源 ...

Report Summary 1. Investment Rating - No investment rating is provided in the report. 2. Core View - On Tuesday, the HC2601 contract opened lower and moved lower. The weekly output of hot - rolled coils continued to increase, with a capacity utilization rate of 83.4%. Demand declined slightly and inventory increased. Overall, hot - rolled coil production remained at a high level, terminal demand had strong resilience, and the steel market was intertwined with long and short factors, so the futures price might fluctuate. Technically, the 1 - hour MACD indicator of the HC2601 contract showed that DIFF and DEA were adjusting downward with an enlarged green column. It is recommended to conduct short - term trading and pay attention to rhythm and risk control [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the HC main contract was 3,340 yuan/ton, down 40 yuan; the position volume was 1367093 lots, down 15676 lots; the net position of the top 20 in the HC contract was - 97,783 lots, up 14344 lots; the HC10 - 1 contract spread was 50 yuan/ton, up 10 yuan; the HC warehouse receipt at the Shanghai Futures Exchange was 38151 tons, down 280 tons; the HC2601 - RB2601 contract spread was 185 yuan/ton, down 10 yuan [2]. 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,410 yuan/ton, down 40 yuan; in Guangzhou was 3,370 yuan/ton, down 30 yuan; in Wuhan was 3,430 yuan/ton, down 30 yuan; in Tianjin was 3,330 yuan/ton, down 20 yuan. The basis of the HC main contract was 70 yuan/ton, unchanged; the spread between Hangzhou hot - rolled coils and rebar was 90 yuan/ton, down 20 yuan [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 797 yuan/wet ton, down 9 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,290 yuan/ton, unchanged; the price of Hebei Q235 billet was 3,030 yuan/ton, down 20 yuan. The inventory of iron ore at 45 ports was 13,804.22 million tons, down 48.91 million tons; the inventory of coke at sample coking plants was 42.21 million tons, down 1.55 million tons; the inventory of coke at sample steel mills was 644.90 million tons, up 11.29 million tons; the inventory of Hebei billets was 121.73 million tons, down 7.22 million tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 84.00%, up 0.15 percentage points; the blast furnace capacity utilization rate was 90.38%, up 0.18 percentage points. The output of hot - rolled coils of sample steel mills was 326.49 million tons, up 1.35 million tons; the capacity utilization rate of hot - rolled coils was 83.40%, up 0.34 percentage points. The inventory of hot - rolled coils at sample steel mills was 81.30 million tons, up 0.42 million tons; the social inventory of hot - rolled coils in 33 cities was 296.69 million tons, up 4.25 million tons. The domestic crude steel output was 7,737 million tons, down 229 million tons; the net export volume of steel was 901.00 million tons, down 38.00 million tons [2]. 3.5 Downstream Situation - The monthly output of automobiles was 281.54 million vehicles, up 22.43 million vehicles; the monthly sales of automobiles were 285.66 million vehicles, up 26.32 million vehicles. The monthly output of air conditioners was 1,681.88 million units, down 377.77 million units; the monthly output of household refrigerators was 945.32 million units, up 72.25 million units; the monthly output of household washing machines was 1,013.18 million units, up 135.75 million units [2]. 3.6 Industry News - On September 23, the National Energy Administration released the data on全社会 electricity consumption in August, reaching 1015.4 billion kWh, a year - on - year increase of 5.0%. The全社会 electricity consumption exceeded 1 trillion kWh in July and August, which was the first time globally. The Ministry of Ecology and Environment held the 2025 air pollution prevention and control work conference in Beijing [2].

人民财讯9月23日电，9月22日，商务部国际贸易谈判代表兼副部长李成钢会见美国中西部地区政商领袖 代表团，双方就中美经贸关系、中美省州经贸合作等议题进行交流。 ...

Group 1 - A bipartisan delegation from the U.S. Congress visited China, marking the first visit by House members since 2019, indicating a potential thaw in U.S.-China relations after years of tension [3][6] - The delegation's six-day visit includes discussions with various Chinese departments, emphasizing the U.S. intention to enhance mutual understanding [3] - Economic relations between the two countries appear to be stabilizing, with previously planned tariff increases postponed to November 10, suggesting effective communication mechanisms in the economic domain [3] Group 2 - Military dialogue between the U.S. and China is highlighted as a critical area needing improvement, with concerns raised about the lack of effective communication potentially leading to risks [3][6] - The upcoming Xiangshan Forum will see a lower-level U.S. representation compared to previous years, indicating insufficient military exchanges [3] - The visit is seen as a potential opportunity to establish new channels for dialogue across various sectors, which is essential for the long-term stability of U.S.-China relations [6]

Report Summary Industry Investment Rating No industry investment rating information is provided in the report. Core Viewpoints - The central bank restarted the 14 - day reverse repurchase operation to regulate cross - quarter funds and maintain liquidity. The reform of the capital market is expected to support the A - share market. The lithium - ion battery export continues to grow, and the energy equipment industry is expected to expand. If the cobalt export ban in Congo (Kinshasa) is extended, the cobalt price may rise. Attention should be paid to the progress of Sino - US leaders' meeting. The domestic economic activity in August weakened comprehensively [2][3][4][5][7] - The real estate sales in September showed a short - term rebound but will face a high - base effect in the fourth quarter. The port activities were slightly active, while the auto sales were weak. The government may increase fiscal support and cut policy interest rates in the future [6][9] Summary by Related Catalogs Macro - economic News - The central bank carried out 300 billion yuan of 14 - day reverse repurchase operations and 240.5 billion yuan of 7 - day reverse repurchase operations on September 22, aiming to regulate cross - quarter funds and maintain liquidity [2] - The China Securities Regulatory Commission Chairman introduced the achievements of the capital market during the "14th Five - Year Plan" period, and the reform is expected to support the A - share market [2] - The Ministry of Foreign Affairs stated that the Sino - US leaders maintain close communication, and the progress of the meeting needs to be closely watched [3] - From January to August, the export volume of domestic lithium - ion batteries was 3.003 billion, with a year - on - year increase of 18.66%, and the export value was 48.296 billion US dollars, with a year - on - year increase of 25.79%. In August 2025, the export value was 7.153 billion US dollars, with a year - on - year increase of 23.51%, and the export volume was 436 million, with a year - on - year increase of 18.24%. Attention should be paid to relevant companies with a high proportion of lithium - ion battery business [4] - The National Energy Administration and other departments proposed that by 2030, China's energy key equipment industry chain and supply chain will achieve self - control. Attention should be paid to energy equipment manufacturing companies [4] - Congo (Kinshasa) will extend the cobalt export ban until October 15 and implement an annual export quota from October 16. The short - term cobalt price may rise [5] - In August, domestic economic activities weakened comprehensively. Fixed - asset investment, real estate, consumption, industry, services, and exports all declined to varying degrees [7] - Chinese banks are guided to issue loans to local government - related entities to repay their debts. Local governments are accelerating the issuance of "special new local government bonds" for debt replacement and repayment [8] - The government may increase fiscal support by about 0.5% of GDP and cut policy interest rates by 20 basis points in the next 2 - 3 quarters [9] Economic Data - The sales growth rate of 30 - city real estate rebounded from - 10% in August to 15% in early September. The port cargo throughput growth rate rebounded from 5% in August to 7% in early September, and the container throughput growth rate rebounded from 8% to 12%. The steel production decline rate narrowed slightly, and the auto sales and wholesale declined. The net issuance of national debt and new special local government bonds slowed down [6] Market Data - The 10 - year Treasury bond yield was 1.863, with a change of - 1.50BP; DR007 was 1.489, with a change of - 2.08BP; USDCNH was 7.1157, with a decline of 0.05%; the US dollar index was 97.31, with a decline of 0.35% [10][12] - The latest A - share market turnover was 2142.5 billion yuan, the turnover rate was 3.92%, and the margin trading balance was 2381.6 billion yuan (as of September 19, 2025) [20] - The top three rising industries were electronics, computer, and non - ferrous metals. The top three industries with net capital inflows on the day were electronics, computer, and machinery equipment. The top three industries with net capital inflows at the end of the session were electronics, computer, and non - banking finance [23][25] - From September 19 to 22, the proportion of TMT trading volume increased by 3.20%, while that of other sectors decreased to varying degrees [30]

何立峰表示，9月19日，习近平主席与特朗普总统通话，达成重要共识，为下阶段中美关系稳定发展作 出战略指引。中美双方拥有广阔的合作空间和广泛的共同利益，希望美方同中方按照相互尊重、和平共 处、合作共赢的原则坦诚沟通、增信释疑，推动中美经贸关系稳定、健康、可持续发展。希望美国国会 议员积极搭建沟通渠道，加强对话交流，为两国共同发展发挥积极作用。 中共中央政治局委员、国务院副总理何立峰9月22日下午在人民大会堂会见美国国会众议员代表团史密 斯一行。 推动中美经贸关系稳定、健康、可持续发展。 ...

何立峰表示，9月19日，习近平主席与特朗普总统通话，达成重要共识，为下阶段中美关系稳定发展作 出战略指引。中美双方拥有广阔的合作空间和广泛的共同利益，希望美方同中方按照相互尊重、和平共 处、合作共赢的原则坦诚沟通、增信释疑，推动中美经贸关系稳定、健康、可持续发展。希望美国国会 议员积极搭建沟通渠道，加强对话交流，为两国共同发展发挥积极作用。（新华社） 中共中央政治局委员、国务院副总理何立峰9月22日下午在人民大会堂会见美国国会众议员代表团史密 斯一行。 ...