Core Viewpoint - The Chinese government firmly opposes the U.S. plan to impose tariffs on the semiconductor industry starting in 2027, arguing that it disrupts global supply chains and hinders the development of the semiconductor industry in various countries, ultimately harming the U.S. itself [1] Group 1 - The Chinese Ministry of Foreign Affairs spokesperson Lin Jian emphasized that the U.S. is abusing tariffs to unjustly suppress Chinese industries [1] - The U.S. actions are seen as a disturbance to the stability of global supply chains, which could negatively impact the semiconductor industry worldwide [1] - China urges the U.S. to correct its erroneous actions and resolve concerns through dialogue based on equality, respect, and mutual benefit [1] Group 2 - Lin Jian stated that if the U.S. continues its unilateral actions, China will take necessary measures to protect its legitimate rights and interests [1] - The statement highlights the importance of maintaining stable and healthy development of China-U.S. relations [1]

Core Viewpoint - The Chinese government firmly opposes the U.S. plan to impose tariffs on Chinese semiconductor products starting in 2027, arguing that such actions disrupt global supply chains and hinder the development of the semiconductor industry worldwide [1]. Group 1: U.S. Tariff Plans - The U.S. intends to impose tariffs on Chinese semiconductor products beginning in 2027 [1]. - The Chinese government views these tariffs as an unreasonable suppression of its industry [1]. Group 2: Chinese Government's Response - The Chinese government urges the U.S. to correct its erroneous actions and to resolve concerns through dialogue based on equality, respect, and mutual benefit [1]. - The Chinese government emphasizes the importance of maintaining stable, healthy, and sustainable development in U.S.-China relations [1]. Group 3: Potential Consequences - If the U.S. continues with its unilateral actions, the Chinese government will take corresponding measures to protect its legitimate rights and interests [1].

今年五月底，美国商务部突然暂停了部分美国企业向中国商飞出口产品和技术许可，直接瞄准C919客机的Leap-1C发动机。 这东西是美法合资CFM公司生产的，GE有大把技术在里面。特朗普政府明摆着是为了回击中国四月份的稀土出口管制，想用卡脖子方式逼中方松口。 商飞生产线有点乱，库存发动机够用一阵，但新订单交付肯定得缓一缓。这招来得猛，但中国航空人早有准备，不是头一遭面对这种事。 中美贸易摩擦又升级，中国商务部四月宣布对镝、铽等七种中重稀土实施出口管制，需要审批和端用户证明。美方依赖中国供应超八成，国防、半导体行业 立马慌了。 电动车、风电这些领域价格直线上涨，特朗普团队觉得这伤到筋骨了，就拿C919反击。GE工厂停发新部件，商飞工程师加班检查备用方案。 C919项目团队Leap-1C推力大，技术先进，但中国早布局国产替代。CJ-1000发动机从2023年地面测试，到今年三月在运-20上完成试飞，数据不错。 成都发动机公司副总在大会上说，下半年就上C919验证。推力13吨级，油耗噪音都跟Leap-1C差不多。支线机的CJ-500也基于这个，风险低。 断供期间，商飞用库存顶着，优先装配已到货的。航空工业集团加大投入， ...

Core Viewpoint - The Chinese government firmly opposes the U.S. plan to impose tariffs on the semiconductor industry starting in 2027, arguing that such actions disrupt global supply chains and hinder the development of the semiconductor industry worldwide, ultimately harming the U.S. itself [1] Group 1 - The Chinese government urges the U.S. to correct its erroneous actions and to resolve concerns through dialogue based on equality, respect, and mutual benefit [1] - The Chinese government emphasizes the importance of maintaining stable, healthy, and sustainable development of China-U.S. relations, guided by the consensus reached by the leaders of both countries [1] - The Chinese government warns that if the U.S. continues its unilateral actions, it will take necessary measures to protect its legitimate rights and interests [1]

人民币汇率连日来创下14个月新高，升值预期即将破"7"。 自今年4月，中美贸易摩擦引发对出口的担忧，人民币汇率一度贬值，而此后发布的5月等经 济数据超出市场预期，以旧换新等促消费政策阶段性效果显著，加上年底出口数据依然亮 眼，出口商结汇意愿增强等，人民币汇率再次走强。 回顾2025年人民币汇率的波动，离不开经济基本面的预期和美元走弱的影响。 一方面，我国出口强劲，经常账户顺差规模高达6000亿美元，具备经济基本面向好的支撑， 出口端超出了市场预期。另一方面，美元信用走弱，美联储降息带来流动性宽松，全球资产 存在多元化配置的需求，部分配置美元美债的资本跨境回流至本土。 表现最明显的是我国出口商结汇意愿增强，人民币升值的趋势也将延续。不过，资本跨境流 动的规模太大或速度太快，未必是监管层所乐见的。目前，我国央行仍通过人民币中间价引 导市场预期，以及通过降低掉期市场贴息来影响外资流入速度。 未来，人民币汇率破"7"似乎没有悬念，不过明年升值的幅度多大？预期能否达到6.5，甚至 更长周期看有没有可能升值至6.0，仍存在一些不确定因素。 德意志银行中国区首席经济学家熊奕提出，随着出口商结汇意愿增强，人民币汇率有望修复 ...

12月24日，外交部发言人林剑主持例行记者会。 法新社记者提问，美国贸易代表调查结果称"中国实行了不公平的措施，企图主导半导体产业"，美国拟自2027 年起对中国半导体产业加征关税。中方对此有何评论？ 林剑表示，中方坚决反对美方滥施关税、无理打压中国产业。美方的做法扰乱全球产供链稳定，阻碍各国半导 体产业的发展，损人害己。 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 看券商中国 知天下财经 F "我们敦促美方尽快纠正错误做法，以两国元首达成的重要共识为引领，在平等、尊重、互惠的基础上，通过 对话解决各自关切，妥善管控分歧，维护中美关系稳定健康可持续发展。如 ...

（原标题：美国拟对中国半导体产业征收关税，外交部回应） "我们敦促美方尽快纠正错误做法，以两国元首达成的重要共识为引领，在平等、尊重、互惠的基础 上，通过对话解决各自关切，妥善管控分歧，维护中美关系稳定健康可持续发展。如果美方一意孤行， 中方必将坚决采取相应措施，维护自身正当权益。"林剑说。 来源：北京日报客户端 连续大举加仓！ 12月24日，外交部发言人林剑主持例行记者会。 法新社记者提问，美国贸易代表调查结果称"中国实行了不公平的措施，企图主导半导体产业"，美国拟 自2027年起对中国半导体产业加征关税。中方对此有何评论？ 林剑表示，中方坚决反对美方滥施关税、无理打压中国产业。美方的做法扰乱全球产供链稳定，阻碍各 国半导体产业的发展，损人害己。 ...

来源：北京日报客户端 连续大举加仓！ "我们敦促美方尽快纠正错误做法，以两国元首达成的重要共识为引领，在平等、尊重、互惠 的基础上，通过对话解决各自关切，妥善管控分歧，维护中美关系稳定健康可持续发展。 如 果美方一意孤行，中方必将坚决采取相应措施，维护自身正当权益 。"林剑说。 12月24日，外交部发言人林剑主持例行记者会。 法新社记者提问，美国贸易代表调查结果称"中国实行了不公平的措施，企图主导半导体产 业"，美国拟自2027年起对中国半导体产业加征关税。中方对此有何评论？ 林剑表示， 中方坚决反对美方滥施关税、无理打压中国产业。美方的做法扰乱全球产供链稳 定，阻碍各国半导体产业的发展，损人害己。 ...

法新社记者提问，美国贸易代表调查结果称"中国实行了不公平的措施，企图主导半导体产业"，美国 拟自2027年起对中国半导体产业加征关税。中方对此有何评论？ 12月24日，外交部发言人林剑主持例行记者会。 "我们敦促美方尽快纠正错误做法，以两国元首达成的重要共识为引领，在平等、尊重、互惠的基础 上，通过对话解决各自关切，妥善管控分歧，维护中美关系稳定健康可持续发展。如果美方一意孤行， 中方必将坚决采取相应措施，维护自身正当权益。"林剑说。 来源｜北京日报 林剑表示，中方坚决反对美方滥施关税、无理打压中国产业。美方的做法扰乱全球产供链稳定，阻碍各 国半导体产业的发展，损人害己。 编辑 ｜ 钉钉 ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - The gold market shows strength with the Fed's expected rate - cut, suggesting a long - position for gold and a wait - and - see approach for silver [1]. - For base metals, different strategies are recommended for each metal based on their market performance, fundamentals, such as buying copper on dips, expecting aluminum to oscillate in the short - term, and predicting alumina to decline with oscillations [2]. - In the black industry, a wait - and - see approach is generally recommended, with attempts to short certain contracts like螺纹2605 and焦煤09 [5]. - In the agricultural products market, various trading strategies are proposed according to the supply - demand situation of different products, such as trading South American soybean bumper harvest expectations and weak exports for soybeans, and shorting sugar futures [6]. - For energy and chemical products, different trading strategies are given based on the supply - demand balance, including short - term oscillations and long - term improvement for some products, and short - selling for others [7][8]. 3. Summary by Category Gold and Precious Metals - **Market Performance**: International gold prices broke through and strengthened, standing above $4400 per ounce, and domestic gold prices exceeded 1000 yuan. Silver inventories showed different trends in different markets [1]. - **Fundamentals**: Fed officials' statements, geopolitical events, and inventory changes in gold and silver affected the market. For example, the Fed may not cut rates until next spring, and there were changes in gold and silver inventories in different exchanges and ETFs [1]. - **Trading Strategy**: Long gold and wait - and - see for silver [1]. Base Metals Copper - **Market Performance**: Copper prices oscillated [2]. - **Fundamentals**: The implementation time of US refined copper tariffs may be postponed, and the supply of copper mines remained tight [2]. - **Trading Strategy**: Buy on dips [2]. Aluminum - **Market Performance**: The closing price of the electrolytic aluminum main contract increased by 0.16% compared to the previous trading day [2]. - **Fundamentals**: Aluminum plants maintained high - load production, and the weekly aluminum product start - up rate decreased slightly [2]. - **Trading Strategy**: Expect aluminum prices to oscillate in the short - term within the current high - level range [2]. Alumina - **Market Performance**: The closing price of the alumina main contract decreased by 0.08% compared to the previous trading day [2]. - **Fundamentals**: Alumina plants' operating capacity remained stable, and electrolytic aluminum plants maintained high - load production [2]. - **Trading Strategy**: Expect alumina prices to decline with oscillations [2]. Zinc - **Market Performance**: The closing price of the沪锌2601 contract increased by 0.09% compared to the previous trading day, and social inventories increased [3]. - **Fundamentals**: LME zinc inventories increased significantly, and the consumption off - season deepened [3]. - **Trading Strategy**: Short on rallies [3]. Lead - **Market Performance**: The closing price of the沪铅2601 contract increased by 0.27% compared to the previous trading day, and social inventories decreased [3]. - **Fundamentals**: The supply of primary lead recovered after maintenance, while the supply of recycled lead decreased significantly. The lead battery start - up rate decreased slightly [3]. - **Trading Strategy**: Trade within a range, with a focus on long - positions at low prices [3]. Industrial Silicon - **Market Performance**: The main 05 contract decreased by 1.09% compared to the previous trading day, and the position increased [3]. - **Fundamentals**: The number of open furnaces decreased, and social inventories decreased. The demand from related industries remained stable [3]. - **Trading Strategy**: Expect the price to oscillate weakly in the range of 8000 - 9000, and adopt a wait - and - see approach [3]. Lithium Carbonate - **Market Performance**: LC2605 increased by 2.7% [3]. - **Fundamentals**: The price of Australian lithium concentrate increased, production increased, and demand decreased in some sectors. December saw inventory reduction [3]. - **Trading Strategy**: Expect short - term price increase with oscillations [3]. Polysilicon - **Market Performance**: The main 05 contract decreased by 2.32% compared to the previous trading day, and the position decreased [4]. - **Fundamentals**: Supply remained stable, demand decreased, and inventories increased slightly [4]. - **Trading Strategy**: Consider long - positions on dips after the price returns to the spot trading range [4]. Black Industry Steel - **Market Performance**: The螺纹2605 contract increased by 25 yuan/ton compared to the previous night - session closing price [5]. - **Fundamentals**: Steel mills continued to make losses, production might decline marginally, and the futures were at a large discount [5]. - **Trading Strategy**: Adopt a wait - and - see approach and attempt to short螺纹2605 [5]. Iron Ore - **Market Performance**: The铁矿2605 contract decreased by 1.5 yuan/ton compared to the previous night - session closing price [5]. - **Fundamentals**: Iron ore supply and demand were weak, and the port inventory increased [5]. - **Trading Strategy**: Adopt a wait - and - see approach [5]. Coking Coal - **Market Performance**: The焦煤2605 contract increased by 19 yuan/ton compared to the previous night - session closing price [5]. - **Fundamentals**: Coking coal supply and demand were weak, and the futures were at a premium [5]. - **Trading Strategy**: Adopt a wait - and - see approach and attempt to short焦煤09 [5]. Agricultural Products Market Soybean Meal - **Market Performance**: The CBOT soybean rebounded overnight [6]. - **Fundamentals**: Global soybean supply - demand is expected to be loose, with strong US soybean crushing and slow exports [6]. - **Trading Strategy**: Trade South American soybean bumper harvest expectations and weak exports, and the domestic market is driven down by cost in the short - term [6]. Corn - **Market Performance**: Corn futures prices are weak, and spot prices slightly declined [6]. - **Fundamentals**: The grain - selling progress slowed down, and downstream demand decreased [6]. - **Trading Strategy**: Futures prices are expected to oscillate [6]. Oils and Fats - **Market Performance**: The Malaysian palm oil market rose in the short - term [6]. - **Fundamentals**: Supply is in seasonal decline but with year - on - year growth, and demand shows an increase in exports [6]. - **Trading Strategy**: Oils and fats may enter an oscillation phase with product differentiation [6]. Sugar - **Market Performance**: The郑糖05 contract increased by 0.41% [6]. - **Fundamentals**: International sugar prices rebounded slightly, and the domestic market followed with a smaller increase. The long - term global sugar production is expected to increase [6]. - **Trading Strategy**: Short sugar futures and sell call options [6]. Eggs - **Market Performance**: Egg futures prices are weak, and spot prices increased [6]. - **Fundamentals**: The inventory of laying hens decreased, and demand is affected by price changes [6]. - **Trading Strategy**: Futures prices are expected to oscillate weakly [6]. Pigs - **Market Performance**: Pig futures prices oscillate, and spot prices show a north - up and south - down pattern [6]. - **Fundamentals**: Supply is still abundant, and demand is expected to increase seasonally [6]. - **Trading Strategy**: Futures prices are expected to oscillate [6]. Energy and Chemical Products LLDPE - **Market Performance**: The LLDPE main contract continued to decline slightly [7]. - **Fundamentals**: Supply pressure eases, and demand weakens in the agricultural film sector [7]. - **Trading Strategy**: Short - term oscillation with a downward trend, and long - positions on dips for far - month contracts [7]. PVC - **Market Performance**: V05 decreased by 1.7% [7]. - **Fundamentals**: Supply increases, demand weakens, and inventory is at a high level [7]. - **Trading Strategy**: Short - sell or use reverse spreads [7]. PTA - **Market Performance**: PX and PTA prices are at certain levels with a specific basis [7]. - **Fundamentals**: PX supply is high, and PTA has short - term supply decline and medium - term inventory accumulation pressure [7]. - **Trading Strategy**: Long - position PX in the medium - term and look for opportunities to long PTA processing margins in 05 [7]. Glass - **Market Performance**: fg05 decreased by 1.5% [7]. - **Fundamentals**: Glass prices decline, and inventory accumulates. Supply and demand are both weak [7]. - **Trading Strategy**: Use reverse spreads [7]. PP - **Market Performance**: The PP main contract continued to decline slightly [8]. - **Fundamentals**: Supply increases, demand weakens, and the export window opens [8]. - **Trading Strategy**: Short - term oscillation with a downward trend, and long - positions on dips for far - month contracts [8]. MEG - **Market Performance**: MEG has a certain spot price and basis [8]. - **Fundamentals**: Supply is high, inventory accumulates, and demand weakens in the off - season [8]. - **Trading Strategy**: Take profit in the short - term and look for inventory reduction opportunities in the medium - term for 05 [8]. Crude Oil - **Market Performance**: Oil prices rose due to short - term supply reduction [8]. - **Fundamentals**: Supply pressure is large, and demand is in the off - season [8]. - **Trading Strategy**: Short - sell crude oil on rallies [8]. Styrene - **Market Performance**: The EB main contract rebounded slightly [8]. - **Fundamentals**: Supply is weak in the short - term, and demand is in the off - season [8]. - **Trading Strategy**: Short - term oscillation with a downward trend, and long - positions on dips for styrene and related spreads in the second quarter [8]. Soda Ash - **Market Performance**: sa05 decreased by 0.8% [9]. - **Fundamentals**: Supply increases with new device production, and demand from photovoltaic glass is weak with high inventory [9]. - **Trading Strategy**: Use reverse spreads [9].