Core Viewpoint - The U.S. Trade Representative's office announced a suspension of the Section 301 investigation measures against China's shipbuilding industry, effective November 10, for one year, indicating a step towards mutual cooperation between the U.S. and China in trade relations [1] Group 1: U.S. Actions - The U.S. will suspend the imposition of port fees on relevant Chinese ships and will also halt additional tariffs on Chinese shore cranes and other equipment [1] - This suspension is part of the efforts to implement the consensus reached during the U.S.-China economic consultations in Kuala Lumpur [1] Group 2: China's Response - China's Ministry of Commerce acknowledged the U.S. announcement and stated that it will also suspend related countermeasures [1] - China expressed willingness to engage in communication and negotiation with the U.S. based on mutual respect and equal consultation [1] Group 3: Market Implications - Both countries aim to maintain a fair competitive environment in the international shipping and shipbuilding markets, which could enhance stability and certainty in U.S.-China economic cooperation and the global economy [1]

Core Points - The Chinese Ministry of Transport announced the suspension of certain maritime and shipping industry measures against the U.S. starting from November 10, 2025, as part of the consensus reached during the 2025 China-U.S. Kuala Lumpur trade negotiations [1] Group 1 - The suspension includes the final measures of the 301 investigation related to China's maritime, logistics, and shipbuilding industries [1] - The suspension will also affect the special port service fees imposed on U.S. vessels and related implementation measures [1] - The investigation into the impact on the shipping, shipbuilding, and related supply chain industries will be paused for one year [1]

（原标题：商务部就美方暂停实施对华造船等行业301调查措施答问） 有记者问：美东时间11月9日，美国贸易代表办公室发布公告，宣布将于11月10日暂停实施对华造船等 行业301调查措施。请问商务部对此有何评价？ 答：中方注意到，美方于当地时间11月9日发布公告，宣布将于11月10日0时01分暂停实施对华造船等行 业301调查措施一年，具体包括暂停对相关中国船舶征收港口费、暂停对中国船岸起重机等设备加征关 税等。这是美方与中方相向而行、共同落实中美吉隆坡经贸磋商共识的重要一步。同日，中方也相应暂 停实施相关反制措施。 中方愿本着相互尊重、平等协商的原则与美方就相关问题进行沟通磋商，并期待美方继续与中方相向而 行，共同维护国际航运和造船市场的公平竞争环境，为中美经贸合作和世界经济注入更多确定性和稳定 性。 ...

1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Views of the Report - In the short - term, supported by risk - aversion sentiment, loose capital, and policy expectations, Treasury bond futures are expected to remain strong. However, attention should be paid to the subsequent progress of Sino - US games and the possible fluctuations caused by the release of important domestic economic data [9]. - In the medium - to - long - term, the lack of effective demand is the main challenge for China's economic development. With the new normal of the marginal decline in the economic pulling effect of land finance and debt - driven models, and the potential impact of trade frictions in the Trump 2.0 era, total demand is unlikely to fundamentally recover in the short term, and deflation is likely to continue. Therefore, the fundamentals are favorable for bond futures, and the logic of a bond bull market is expected to continue under the support of a loose monetary cycle [9]. 3. Summary by Relevant Catalogs Part One: Main Views - **Weekly Market Review**: Early in the week, market sentiment was relatively stable, with the main contracts of Treasury bond futures showing mixed gains and losses and small fluctuations. On Thursday and Friday, the market was weaker, and contracts of all maturities generally closed down. In general, long - term contracts (such as 30 - year and 10 - year) performed slightly weaker than short - term contracts [4]. - **Incremental Information**: In October 2025, the central bank resumed open - market operations of buying and selling Treasury bonds, achieving a net investment of 20 billion yuan, which increased market demand and smoothed market fluctuations. To address the liquidity gap of about 2 trillion yuan in November, the central bank conducted equivalent roll - overs of 70 billion yuan in 3 - month repurchase agreements and may increase the roll - over of 6 - month repurchase agreements. In October 2025, in US dollar terms, exports were $305.353 billion, a year - on - year decrease of 1.1% and a month - on - month decrease of 7%; imports were $215.279 billion, a year - on - year increase of 1.0% with a growth slowdown of 6.4 percentage points compared to September and a month - on - month decrease of 9.5%; the trade surplus was $90.07 billion, a year - on - year decrease of 5.9%, and the surplus was lower than market expectations [4]. Part Two: Liquidity Tracking The content mainly presents various charts related to liquidity, including open - market operations (volume and price), medium - term lending facilities (volume and price), reverse repurchase rates, capital prices (deposit - type pledged repurchase, SHIBOR, etc.), R007&DR007 trading volume and spreads, inter - bank certificate of deposit issuance rates, excess reserve ratios, LPR, deposit reserve ratios, Treasury bond yields, Treasury bond term spreads, US Treasury bond yields, and US Treasury bond term spreads, but no specific text analysis is provided [10][11][13]. Part Three: Treasury Bond Futures Arbitrage Indicator Tracking The content shows various charts of Treasury bond futures arbitrage indicators, including basis, net basis, internal rate of return (IRR), and implied interest rates for 2 - year, 5 - year, 10 - year, and 30 - year Treasury bond futures, but no specific text analysis is provided [42][45][54].

Report Industry Investment Rating - The investment view on asphalt is weak and volatile [3]. Core Viewpoint - Crude oil prices have dropped from short - term highs, and asphalt has continued to decline due to poor fundamentals. The supply and demand of asphalt in China have both declined this week. The overall inventory is in a destocking pattern, and the cost is influenced by the fluctuation of crude oil prices. The overall trend of asphalt continues to follow the fluctuation of crude oil [3]. Summary by Directory 1. Main Views and Strategy Overview - **Supply**: In November, the production plan of domestic asphalt refineries decreased. The planned output of domestic asphalt refineries in November 2025 was 1.312 million tons, a month - on - month decrease of 292,000 tons (18.2%) and a year - on - year decrease of 91,000 tons. This week, both supply and demand of domestic asphalt declined. The decline in supply was mainly due to the active reduction of production capacity by some refineries and the suspension of production in some others [3]. - **Demand**: Affected by the capital situation and cold air in the north, the markets in Shandong and North China were sluggish. The demand in the north gradually stopped, and the downstream demand in the south increased and decreased intermittently. The overall demand declined. This week's total shipment volume was 445,000 tons, a week - on - week decrease of 5.1%. It is expected that the industry's shipment volume will further decline next week [3]. - **Inventory**: This week, the factory and warehouse inventories in various regions of China showed a mixed trend of increase and decrease, and the overall inventory continued to be destocked. The destocking performance in East China was particularly prominent [3]. - **Cost**: At the beginning of this week, international oil prices rose slightly for three consecutive days due to multiple positive factors. In the later part of the week, oil prices fell for two consecutive days due to concerns about interest rate cuts, rising risk - aversion sentiment, and other factors. Overall, the oil price at the end of this week dropped compared with last week, and the average price this week also decreased compared with last week [3]. - **Investment View and Trading Strategy**: The investment view is weak and volatile. The trading strategy for unilateral trading is weak and volatile, and there is no arbitrage strategy [3]. 2. Price - The document provides the mainstream market prices of heavy - traffic asphalt in different regions (Shandong, East China, South China, North China) from 2025/01 to 2025/11 [5]. 3. Spread, Basis, and Delivery Profit - **Spread**: The document shows the asphalt crack spread (BU - (SC*6.35)) and the spread between asphalt and coker feedstock from 2021 to 2025 [15]. - **Basis**: It presents the basis of asphalt in main regions (South China, East China, Shandong) from 2024/01 to 2025/10 [16]. 4. Supply - **Production Plan Expectation**: It shows the monthly production plan and actual production of asphalt in China from 2025 - 01 to 2025 - 10, as well as the production in North China, South China, Shandong, and East China in different years [19][23][26]. - **Capacity Utilization**: It provides the capacity utilization rates of heavy - traffic asphalt in China, Shandong, East China, North China, and South China from 2021 to 2025 [31][33][35][37]. - **Maintenance Loss**: It shows the weekly and monthly maintenance loss of asphalt production in China from 2018 to 2025 [42]. 5. Cost and Profit - **Production Gross Margin**: It shows the production gross margin of asphalt in Shandong from 2021 to 2025 [45][46]. - **Diluted Asphalt**: It provides the price, premium/discount, port inventory in China and Shandong of diluted asphalt from 2022 to 2025 [49][50]. 6. Inventory - **Factory Inventory**: It shows the factory inventory and inventory rate in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [54][57]. - **Social Inventory**: It presents the social inventory in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [60]. 7. Demand - **Shipment Volume**: It shows the shipment volume of asphalt in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [63]. - **Downstream开工率**: It provides the开工率 of road - modified asphalt, modified asphalt, building asphalt, and waterproofing membranes from 2018 to 2025 [66][67][69]. - **Modified Asphalt开工率**: It shows the开工率 of modified asphalt in China, Shandong, East China, North China, South China, and Northeast China from 2022 to 2025 [72].

Core Points - The Ministry of Transport announced the suspension of special port fees for U.S. vessels and related investigations into the shipping and shipbuilding industries [1][2] - This suspension is part of the consensus reached during the 2025 China-U.S. Kuala Lumpur economic and trade consultations, effective from November 10, 2025 [2] Group 1 - The suspension of special port fees for U.S. vessels will last for one year [2] - The Ministry of Transport's previous announcements regarding the implementation of special port fees and investigations into the shipping and shipbuilding industries are also suspended [2] - The decision aims to align with the final measures of the 301 investigation against China [2]

Core Points - The Chinese Ministry of Finance has officially announced the implementation of a "truce" window in accordance with the agreements between China and the U.S. This includes adjustments to tariffs on certain goods starting from November 10 at 13:01 [1][3] - The adjustments consist of two main components: the complete cessation of additional tariffs on certain goods as per the tax committee's announcement, and the continuation of a 24% additional tariff suspension on another category of goods while retaining a 10% base tariff for one year [3][5] - The timing of the announcement aligns precisely with previous commitments made by the U.S., showcasing China's meticulous execution of the agreement [3][4] Tariff Adjustments - The adjustment includes stopping additional tariffs on specific goods and maintaining a 10% base tariff, indicating that the overall tariff pressure has not been fully lifted [5] - The one-year suspension period for the additional tariffs corresponds with the U.S. policy cycle, allowing for future negotiations [5] Agricultural Cooperation - During the meeting with the U.S. agricultural trade delegation, Chinese Vice Minister Li Chenggang emphasized that fluctuations in agricultural trade stem from unilateral U.S. tariff measures, urging the U.S. to create a favorable atmosphere for practical cooperation [4][7] - The choice of agriculture as a discussion topic is significant, as U.S. agricultural states have a high dependency on exports to China, making them sensitive to tariff countermeasures [4][7] Future Negotiations - The current adjustments and agricultural discussions reflect a willingness to cooperate while also maintaining pressure on the U.S. to reduce unilateral measures [4][7] - The ongoing structural contradictions between the two countries remain unresolved, and future relations will depend on the U.S. reducing pressure and reaching compromises in sensitive areas like technology regulations [7]

Group 1: ASML Semiconductor Issue - The Chinese Ministry of Commerce criticized the Dutch government's interference in ASML Semiconductor's internal affairs, claiming it has caused turmoil in the global semiconductor supply chain [2] - China has approved export license applications from Chinese exporters related to ASML, aiming to stabilize supply and promote the resumption of ASML Semiconductor (China) operations [2] - China urges the Netherlands to adopt a responsible attitude and cease interference in corporate matters to find constructive solutions to the ASML issue [2] Group 2: Rare Earth Export Control - The Ministry of Commerce stated that rare earths have dual-use properties, and China conducts licensing reviews in accordance with laws and regulations [3] - China emphasizes its willingness to enhance communication and cooperation with all parties to optimize the licensing process and ensure compliance in trade of controlled items [3] Group 3: China-US Economic Cooperation - The Ministry of Commerce announced recent outcomes from China-US economic consultations, covering topics such as fentanyl tariffs, agricultural trade, and maritime logistics [4] - China expresses its willingness to work with the US to implement the agreements reached during the consultations and the meeting between the two countries' leaders [4] Group 4: China-EU Cooperation - The Ministry of Commerce noted the EU's efforts to diversify export markets through free trade agreements and highlighted China's commitment to high-level opening-up [5] - China is open to deepening mutually beneficial cooperation with the EU and exploring various economic agreements, including investment agreements, to enhance trade and investment facilitation [5]

Core Points - The Ministry of Commerce held a regular press conference on November 6, announcing the outcomes of the recent China-U.S. economic and trade consultations in Kuala Lumpur [2] - Key areas of consensus include fentanyl tariffs and law enforcement cooperation, agricultural trade, and U.S. maritime logistics and shipbuilding industry 301 measures [2] - Both sides have released official documents regarding tariff adjustments, indicating a willingness to work together to implement the agreements reached during the leaders' meeting and the Kuala Lumpur consultations [2]

中方愿与美方相向而行，共同做好两国元首会晤共识和吉隆坡经贸磋商成果的落实工作。 经济观察网据央视新闻客户端消息，11月6日，商务部召开例行新闻发布会。 商务部新闻发言人何亚东表示，近日，商务部已就中美吉隆坡经贸磋商联合安排发布相关消息，介绍了 磋商达成的主要成果共识，涉及芬太尼关税和执法合作、农产品贸易、美对华海事物流和造船业301措 施等方面。中美双方已就关税调整发布了官方文件。 ...