Summary of the Conference Call for Jiaao Environmental Protection Company Overview - **Company**: Jiaao Environmental Protection - **Industry**: Biofuels, specifically focusing on bio-jet fuel and biodiesel Key Points and Arguments Sales and Revenue Performance - In Q3 2025, Jiaao Environmental Protection sold **105,000 tons** of bio-jet fuel, benefiting from delayed shipments from June, with an average monthly shipment of **30,000 tons** from July to September [2][3] - The price of bio-jet fuel increased from **11,500 RMB/ton** in July to over **15,000 RMB/ton** in September, with an expected price of **17,000 RMB/ton** in October (approximately **2,500 USD**) [2][5] - The company reported a net profit of **53 million RMB** in Q3 2025, with a loss of **40 million RMB** from its main business, while the bio-jet fuel segment contributed **90 million RMB** to the profits [3] Business Challenges - The biodiesel segment faced instability in orders and frequent production stoppages, leading to losses [2][6] - Funding was primarily allocated to the Lianyungang project and raw material procurement, limiting the production capacity of biodiesel [6] Market Dynamics - SaaS prices are rising due to insufficient market supply and strong demand, particularly in Europe, where production capacity is limited [2][7] - The second-generation biodiesel in China is at a disadvantage due to anti-dumping issues, exacerbating supply-demand imbalances [7] Future Projections - The company anticipates that low-carbon policies, such as B24 (24% biodiesel mixed with 76% low-sulfur fuel), may help mitigate losses in the biodiesel segment in Q4 [6] - Price expectations for Q1 2026 are projected to remain high, with stability expected in Q4 2025 and Q1 2026, but uncertainty exists for the following quarters [8] Strategic Partnerships - Jiaao Environmental Protection has a long-term cooperation agreement with BP, ensuring a stable supply chain and fixed annual supply volumes, with prices adjusted according to market conditions [13] - The company plans to increase its stake in Lianyungang Jiaao due to improved profitability [15] Project Developments - The progress of the second-phase project is contingent on domestic policies, with potential construction starting in 2026 and production in 2027 [2][9] - The investment for the second phase is expected to be significantly lower than the first phase, with reduced unit depreciation costs [10][11] Pricing Strategies - Domestic bio-jet fuel prices may adopt a guiding pricing mechanism to stabilize production, contrasting with the market-driven pricing in international markets [12] - The pricing mechanism for products like Dafu is based on average prices, which may reflect in the following month's performance due to a lag effect [16] Market Opportunities - The impact of Haike Chemical's **300,000 tons** capacity on the market is noted, with a call for China to seize the opportunity to expand supply amid European project delays [9] Additional Important Insights - The company is focused on ensuring long-term stable procurement from partners like China National Aviation Fuel, which aligns with their investment strategies [14]

Core Viewpoint - China has adopted rapid and firm countermeasures in response to a new round of trade provocations from the United States, showcasing a new strategy and rhythm in trade negotiations [1] Group 1: China's Countermeasures - The Ministry of Transport in China has introduced new regulations to impose special port fees on U.S.-flagged vessels, mirroring previous U.S. actions against Chinese vessels [1] - The Chinese government has implemented a uniform 34% tariff on all U.S. imports, marking a significant escalation in retaliatory measures [5][6] - China has also imposed export controls on seven categories of rare earth elements, emphasizing its strategic position in critical supply chains [6] Group 2: Targeted Sanctions - The Ministry of Commerce has blacklisted the South Korean company Hanwha Ocean's U.S. subsidiary for its involvement in U.S. anti-subsidy investigations against China's shipping industry, reflecting a strategy of precise targeting [3] - This approach aims to deter other third-party companies from cooperating with U.S. actions against China, signaling that such cooperation will incur costs [3] Group 3: U.S. Response and Domestic Pressure - Following China's countermeasures, the U.S. has softened its tone, expressing willingness to continue negotiations and inviting Chinese representatives for discussions, indicating domestic pressures such as inflation and consumer sensitivity to price increases [3][6] - Small businesses in the U.S. have filed lawsuits against the government, arguing that the imposition of tariffs without Congressional approval is unconstitutional [8] Group 4: Global Trade Implications - The U.S. unilateral tariff policies violate the most-favored-nation principle of the World Trade Organization, raising concerns about the global trade outlook [9][15] - China's actions reflect a mature strategy, adhering to proportionality in its countermeasures while maintaining a cautious approach compared to the U.S.'s broad tariff increases [9][11] Group 5: Industry-Specific Impacts - The semiconductor sector is particularly affected, with China initiating anti-dumping investigations into U.S. imported analog chips, which have seen a significant price drop despite increasing market share [13] - Various industries, such as electronics, textiles, and automotive, face different levels of impact from the tariffs, with some experiencing price pressures and others accelerating domestic replacements [13][16] Group 6: Long-term Strategic Shifts - The trade friction is prompting China to enhance its industrial capabilities and reduce reliance on U.S. technology, while also diversifying its export markets towards ASEAN, the Middle East, and Latin America [13][16] - The ongoing trade conflict is expected to reshape the global economic landscape, with the evolution of the global trade system heavily influenced by the outcomes of the U.S.-China trade negotiations [16]

Report Industry Investment Ratings - Industrial silicon: Ranging pattern [1] - Polysilicon: Recommended to buy on dips [2] Core Viewpoints - The report presents detailed fundamental data of industrial silicon and polysilicon, including price, profit, inventory, etc., and also mentions relevant macro and industry news [2] Summary by Relevant Catalogs Fundamental Tracking - **Futures Market**: Si2511 closed at 8,605 yuan/ton, with a volume of 209,588 lots and an open interest of 131,649 lots; PS2511 closed at 52,575 yuan/ton, with a volume of 266,129 lots and an open interest of 78,885 lots [2] - **Basis**: Industrial silicon's spot premium/discount varies with different benchmarks; polysilicon's spot premium/discount (against N - type re - investment) is +1385 yuan/ton [2] - **Price**: Xinjiang 99 - silicon is 8750 yuan/ton, Yunnan Si4210 is 9950 yuan/ton, and polysilicon - N - type re - investment material is 52750 yuan/ton [2] - **Profit**: Silicon plant profit in Xinjiang (new standard 553) is - 2699.5 yuan/ton, and polysilicon enterprise profit is - 14.0 yuan/kg [2] - **Inventory**: Industrial silicon's social inventory is 56.2 million tons, enterprise inventory is 16.8 million tons, and polysilicon's manufacturer inventory is 25.3 million tons [2] Macro and Industry News - On September 29, 2025, India's Ministry of Commerce and Industry issued an anti - dumping affirmative final ruling on solar cells from China, recommending a 3 - year anti - dumping tax based on CIF. Different Chinese producers have different tax rates [2][4] Trend Intensity - Industrial silicon trend intensity: 0; polysilicon trend intensity: 1 [4]

Report Industry Investment Ratings - **Macro - Finance**: Index futures are recommended to be bought on dips in the medium - long term; Treasury bonds are advised to be kept under observation [1][5] - **Black Building Materials**: Coking coal and rebar are for range trading; Glass is recommended to be kept under observation [1][8][9] - **Non - ferrous Metals**: Copper is recommended to be held long on dips; Aluminum is advised to set up long positions on pullbacks; Nickel is recommended to be kept under observation or shorted on rallies; Tin is for range trading; Gold is to be bought on dips; Silver is for range trading [1][11][13][18] - **Energy Chemicals**: PVC, caustic soda, styrene, rubber, urea, methanol are expected to oscillate; Polyolefins are to have wide - range oscillations; Soda ash 01 contract is for a short - selling strategy [1][21][23][24][31] - **Cotton Textile Industry Chain**: Cotton and cotton yarn are expected to oscillate; PTA is for narrow - range oscillations; Apples and jujubes are expected to oscillate strongly [1][33][35][36] - **Agricultural and Livestock**: Pigs are to be shorted on rallies; Eggs are to be shorted on rallies; Corn is for wide - range oscillations; Soybean meal is for low - level oscillations; Oils are expected to have limited pullbacks [1][38][40][44][45][50] Core Views - The overall market is affected by various factors such as macro - policies, international trade relations, supply - demand fundamentals, and seasonal factors. Different industries and varieties have different investment strategies based on their specific situations [5][8][11] Summaries by Categories Macro - Finance - **Index Futures**: On October 13, the A - share market opened low and closed high. The market may oscillate, but is optimistic in the medium - long term, with a strategy of buying on dips [5] - **Treasury Bonds**: Treasury futures rebounded. The bond market may oscillate around the theme of Sino - US game, and it is advisable to keep under observation [5] Black Building Materials - **Coking Coal**: Affected by rainfall and weak demand, the pit - mouth price shows a differentiated trend. There is an expected increase in demand for early heating, and it is for range trading [8] - **Rebar**: The price oscillated down on Monday. The static valuation is low, and the demand in October is to be focused on. It is expected to be weak first and then strong, with a suggestion to go long around 3000 for RB2601 [8] - **Glass**: Some enterprises raised prices slightly, but the shipment was restricted. The supply increased, and the inventory rose. The demand is weak. It is advisable to keep under observation, focusing on the changes in Shahe production lines [9][10] Non - ferrous Metals - **Copper**: Affected by Sino - US trade relations, the price may have high - level oscillations. The long - term supply - demand outlook is optimistic, and it is recommended to hold long on dips [11] - **Aluminum**: The bauxite price declined, the production capacity increased steadily, the demand is in the peak season, and the inventory accumulation is normal. It is advisable to set up long positions on pullbacks [13] - **Nickel**: The new RKAB policy brings uncertainty. The supply is in surplus in the medium - long term. It is recommended to keep under observation or short on rallies [18] - **Tin**: The supply of tin ore is tight, and the downstream consumption is warming up. It is for range trading, with a reference range of 260,000 - 290,000 yuan/ton for the SHFE tin 11 contract [18] - **Gold and Silver**: Affected by US economic data and interest - rate cut expectations, they are expected to oscillate. It is advisable to trade cautiously and build positions after sufficient pullbacks [19][20] Energy Chemicals - **PVC**: The supply is at a high level, the demand is weak, and the inventory is accumulating. It is expected to oscillate weakly, with the 01 contract temporarily focusing on the 4850 pressure [21][22] - **Caustic Soda**: The supply is high, the demand is increasing marginally, and it is expected to oscillate, with the 01 contract focusing on the 2380 - 2530 range [23][24] - **Styrene**: The cost - profit situation is not good, the inventory is high, and it is expected to oscillate weakly, with a focus on the 6600 - 6900 range [24][25] - **Rubber**: The supply is expected to increase, and the price may oscillate, with a focus on the 15,000 support [26][27] - **Urea**: The supply is increasing, the demand is scattered, and the inventory is accumulating. It is expected to oscillate, focusing on factors such as compound fertilizer production and exports [28] - **Methanol**: The supply is recovering, the demand from the main downstream is strong, and it is expected to oscillate [30] - **Polyolefins**: The supply pressure is large after the festival, the demand is weak, and the inventory is accumulating. The PE 2601 and PP 2601 contracts are expected to oscillate weakly, focusing on the 6900 and 6600 supports respectively [30][31] - **Soda Ash**: The supply is increasing, the demand is weak after the festival, and the inventory is accumulating. The 01 contract is for a short - selling strategy [32] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The global cotton supply - demand situation has changed, and there is uncertainty in Sino - US relations. The market may oscillate with a bearish expectation [33][34] - **PTA**: The crude oil price is weak, the cost support is insufficient, and the PTA is accumulating inventory. It is for narrow - range oscillations in the 4500 - 4750 range [34][35] - **Apples**: Affected by weather, the supply time of red apples is postponed. The quality is lower, and the price may oscillate strongly [35][36] - **Jujubes**: The sales during the National Day were flat. The new - season jujubes are about to be harvested, and the price may oscillate strongly [36] Agricultural and Livestock - **Pigs**: The short - term price is under pressure, and the supply is large in the medium - long term. Different contracts have different strategies, such as reducing short positions for the 11 contract and short - selling for the 01, 03, 05 contracts in the long - term [38][39] - **Eggs**: The demand is weak after the festival, and the supply is sufficient. The short - term price may oscillate at a low level. The 11 - contract short positions can be partially closed, and the 12 and 01 contracts are to wait for rallies to short - sell [40][41][42] - **Corn**: The new corn is on the market, and the supply is sufficient in the short term. The demand is weak, and the price may oscillate. The 11 - contract is for a short - selling strategy, and an attention is to be paid to the 1 - 5 reverse spread [43][44] - **Soybean Meal**: Affected by the harvest pressure and slow exports of US soybeans, the domestic soybean meal may oscillate at a low level, focusing on the support of 2900 - 2930 for the M2601 contract [45] - **Oils**: The short - term pullback is limited. The 01 contracts of soybean oil, palm oil, and rapeseed oil should focus on the support levels of 8200 - 8250, 9200 - 9300, and 9800 - 9900 respectively, with a strategy of going long after the pullback [50]

Report Industry Investment Rating - No relevant content provided. Core Viewpoints of the Report - The main contract price of rebar fluctuated and stabilized, with a daily increase of 0.19%. Currently, rebar supply is contracting, but the positive effect is weak under high inventory. Demand remains weak, and the fundamentals have not improved substantially. Steel prices are prone to downward pressure. Attention should be paid to the post - holiday demand recovery [4]. - The main contract price of hot - rolled coil rose in a fluctuating manner, with a daily increase of 0.37%. During the holiday, the production of plate mills was stable, the supply pressure was high, demand was weak, the fundamentals were weak, inventory increased significantly, and prices continued to be under pressure. Attention should be paid to the post - holiday demand performance [4]. - The main contract price of iron ore strengthened, with a daily increase of 0.96%. During the holiday, the overseas commodity market atmosphere was warm, supporting the ore price. However, ore supply returned to a high level, and demand was expected to weaken. The contradictions in the iron ore fundamentals were accumulating. Under the game of multiple and short factors, the ore price was expected to fluctuate at a high level. Attention should be paid to the performance of steel [4]. Summary by Relevant Catalogs Industry Dynamics - The WTO significantly lowered the global goods trade growth forecast for 2026 to 0.5%, down from the 1.8% forecast in August. The growth rate of global service exports is expected to drop from 6.8% in 2024 to 4.6% in 2025 and further to 4.4% in 2026. Trade restrictions and policy uncertainties spreading to more economies and industries pose major downward risks [6]. - In September 2025, China's heavy - truck market sold about 105,000 vehicles (wholesale basis, including exports and new energy), a 15% increase from August and an 82% increase from the same period last year. The heavy - truck market has achieved six consecutive months of growth, with an average growth rate of 39% from April to September [7]. - From January to September 2025, the China Trade Remedy Information Network announced more than 120 anti - dumping and counter -vailing investigations or rulings against Chinese steel products by foreign countries. The涉案 varieties include carbon steel alloy wire rods, steel fences, large - diameter welded pipes, etc. [8]. Spot Market - The spot prices of rebar in Shanghai and Tianjin are 3,210 yuan, and the national average price is 3,258 yuan. The spot prices of hot - rolled coil in Shanghai and Tianjin are 3,350 yuan and 3,290 yuan respectively, and the national average price is 3,398 yuan. The price of Tangshan steel billet is 2,950 yuan, and the price of Zhangjiagang heavy scrap is 2,150 yuan. The spread between hot - rolled coil and rebar is 140 yuan, and the spread between rebar and scrap is 1,060 yuan. The price of 61.5% PB powder at Shandong ports is 783 yuan, and the price of Tangshan iron concentrate is 802 yuan. The sea freight from Australia is 10.34 yuan, and from Brazil is 25.46 yuan. The SGX swap (current month) is 105.29 yuan, and the Platts Index (CFR, 62%) is 103.90 yuan [9]. Futures Market - The closing price of the rebar futures active contract is 3,096 yuan, with a daily increase of 0.19%. The trading volume is 823,683 lots, a decrease of 136,145 lots, and the open interest is 1,908,129 lots, an increase of 34,297 lots. - The closing price of the hot - rolled coil futures active contract is 3,286 yuan, with a daily increase of 0.37%. The trading volume is 369,788 lots, a decrease of 141,323 lots, and the open interest is 1,374,586 lots, an increase of 24,718 lots. - The closing price of the iron ore futures active contract is 790.5 yuan, with a daily increase of 0.96%. The trading volume is 240,766 lots, an increase of 45,587 lots, and the open interest is 459,565 lots, an increase of 12,200 lots [11]. Relevant Charts - The report provides charts on steel inventory (including rebar and hot - rolled coil inventory), iron ore inventory (including 45 - port inventory, 247 - steel - mill inventory, etc.), and steel - mill production conditions (including blast - furnace operating rate, capacity utilization rate, etc.) [13][20][28]. 后市研判 - Rebar: During the holiday, the spot price of construction steel was stable. The pre - holiday supply - demand pattern of rebar continued to improve marginally. The production of construction steel mills was stable, and the weekly output of rebar increased slightly. Considering the poor profitability of steel mills, the short - term production increase momentum is weak, and the supply will run stably at a low level. However, the inventory increase pressure during the holiday is large, and the positive effect is weak. The pre - holiday demand improved due to downstream restocking, but both supply and demand are at low levels in recent years, and the improvement space of peak - season demand is expected to be insufficient. The steel price is prone to downward pressure, and attention should be paid to the post - holiday demand recovery [35]. - Hot - rolled coil: During the holiday, the spot price of hot - rolled coil was stable. The pre - holiday supply - demand pattern of hot - rolled coil weakened, inventory continued to increase, the production of plate mills was weakly stable, the weekly output of hot - rolled coil was at a high level, and the inventory was relatively high. There was also off - balance - sheet production transfer, resulting in high supply pressure. The demand for hot - rolled coil began to weaken, and high - frequency indicators continued to decline. Although the output of the main downstream cold - rolled products returned to a high level, due to the accumulated industrial contradictions, it was still likely to drag down the demand for hot - rolled coil. Coupled with limited improvement in external demand, the demand resilience of hot - rolled coil is expected to weaken. The price will continue to be under pressure, and attention should be paid to the post - holiday demand performance [35]. - Iron ore: During the holiday, the SGX iron ore swap fluctuated higher, and the spot price increased. However, the pre - holiday supply - demand pattern of iron ore weakened. The production of steel mills was stable, the terminal consumption of ore remained at a high level, and the demand performance was acceptable, supporting the ore price. However, the positive effect of restocking was weakening, and the contradictions in the steel market were accumulating. The post - holiday demand may weaken. At the same time, the arrival volume of iron ore at domestic ports returned to a high level, overseas ore shipments were active under high ore prices, and domestic ore supply recovered. The iron ore supply returned to a high level. The ore price is expected to fluctuate at a high level under the game of multiple and short factors, and attention should be paid to the performance of steel [36].

Group 1 - The U.S. Department of Commerce made a final ruling on anti-dumping and countervailing investigations against Chinese molded pulp products, with the law firm Dentons representing the top two exporters, achieving the lowest national tax rates [2] - The countervailing tax rate for the client was set at 7.56%, significantly lower than the industry average of 62.66% and the punitive rate of 319.92% [2] - The combined anti-dumping and countervailing tax rate for the client is approximately 1/8 of the main competitor's rate and 1/14 of the punitive rate [2] Group 2 - In a similar investigation regarding Vietnamese molded pulp products, only two companies received a combined tax rate of 6.44%, while other Vietnamese companies faced rates between 217.33% and 412.97% [3] - The Dentons team also represented the largest Chinese exporter of paper plates to the U.S., achieving a preliminary anti-dumping tax rate of 0% [8] - The firm has filed an administrative lawsuit against the U.S. Department of Commerce's adverse facts rule, successfully obtaining a court order to stop the imposition of anti-dumping duties on their client's paper plate exports [8] Group 3 - The investigation into the anti-dumping and countervailing duties on Chinese molded pulp products has now entered the stage of investigating industry damage, with the Dentons team closely monitoring the proceedings [8]

Core Viewpoint - The Chinese Ministry of Commerce has announced preliminary anti-dumping measures against EU imports of pork and pork by-products, imposing a deposit ranging from 15.6% to 62.4%, which is seen as a protective measure for the domestic pig industry [1][6] Group 1: Market Impact - The EU is the largest exporter of pork to China, with exports expected to account for 47% of its total exports to China in 2024, valued at 4 billion euros [2] - The anti-dumping measures are projected to reduce EU pork exports to China by 30% to 50% by 2025 [2] - The reduction in EU pork supply will create a market space of approximately 8 to 10 billion RMB annually for the domestic pork industry [5][9] Group 2: Domestic Industry Conditions - Domestic pork prices have been declining, with the average price of lean pork dropping below 17 RMB/kg, a year-on-year decrease of over 30% [6] - The influx of low-priced EU pork has severely impacted local profit margins, particularly for by-products like pig ears and feet, which are priced about 60% lower than domestic products [6] - The anti-dumping measures aim to create a fairer trading environment, providing stability for domestic producers and improving price expectations for small and medium-sized farms [6][9] Group 3: Opportunities for Improvement - The market space created by the anti-dumping measures will depend on the domestic industry's ability to enhance competitiveness through quality improvement and efficiency [7] - The industry should focus on standardized and large-scale farming, improving pork quality and production efficiency [7] - Slaughter and processing companies need to enhance cold chain logistics and optimize product structures to meet consumer trends [7] Group 4: Policy Support - The government is implementing various policies to stabilize pig production and market supply, including promoting standardized farming and increasing frozen pork reserves [9] - By 2026, the self-sufficiency rate of pork by-products is expected to rise to 85%, reducing reliance on imports [9] - The anti-dumping measures provide a critical adjustment window for the domestic pig industry, allowing for a shift from quantity expansion to quality enhancement [9]

反补贴终裁结果方面，美国商务部对来自中国和越南的"热成型模压纤维制品"做出了反补贴终裁。众鑫 股份为强制应诉企业，税率为97.82%，中国其他生产商／出口商的税率为7.56%-319.92%。 新华财经北京9月28日电 众鑫股份公告，公司于近日获悉，美国商务部于美国时间2025年9月25日发布 公告，对原产自中国、越南热成型模塑纤维产品反倾销、反补贴调查作出终裁。 反倾销终裁结果方面，美国商务部对来自中国和越南的"热成型模压纤维制品"做出了反倾销终裁。众鑫 股份为强制应诉企业，税率为283.89%，中国其他生产商／出口商的税率为49.08%-477.97%。 众鑫股份表示，美国商务部对原产自中国、越南热成型模塑纤维产品反倾销、反补贴调查作出终裁结果 阻断了该行业从中国出口产品到美国，美国市场的客户将被迫寻找中国以外的供应源，致全球供应链格 局重组。该行业在国内的产能将出现富余，在非美市场上的竞争会明显加剧，对中国纸浆模塑生产企业 造成较大冲击。 众鑫股份称，公司将加大对非美市场的拓展及销售。积极筛选高潜力目标市场，搭建多元化销售渠道， 推进产品在多领域多用途的应用。持续优化产能布局和产品结构，打造适应新形势下 ...

Group 1: Anti-Dumping Investigation on Pecans - The Ministry of Commerce announced the initiation of anti-dumping investigations on imported pecans from Mexico and the United States, citing evidence of sales below normal value and significant market entry increases [1][2] - The investigation period for dumping is set from January 1, 2024, to December 31, 2024, while the industry damage investigation period is from January 1, 2022, to December 31, 2024 [2] - The product under investigation is defined as "fresh or dried pecans," specifically "Carya illinoensis," and falls under the tariff code 08029990 [3] Group 2: Trade Investment Barrier Investigation on Mexico - The Ministry of Commerce has initiated a trade investment barrier investigation regarding Mexico's proposed increase in import tariffs on products from non-free trade partners, including China [6] - The investigation will cover various product categories, including automobiles, textiles, plastics, steel, and household appliances, among others [6] - The investigation is expected to conclude within six months from the announcement date, with a possible extension of up to three months under special circumstances [6]

Core Viewpoint - The Ministry of Commerce of China has initiated an anti-dumping investigation into imported pecans from Mexico and the United States, citing evidence of dumping and substantial harm to the domestic industry [2][16]. Group 1: Investigation Announcement - The investigation is based on preliminary evidence indicating that imported pecans are sold at prices lower than their normal value, leading to a significant increase in import volume and a decrease in prices, which harms the domestic industry [2][3]. - The investigation period for dumping is set from January 1, 2024, to December 31, 2024, while the period for assessing industry damage is from January 1, 2022, to December 31, 2024 [2][16]. Group 2: Product and Scope - The products under investigation include fresh or dried pecans, specifically Carya illinoensis, which are primarily consumed as food [4][5]. - The relevant customs tariff number for these products is 08029990, and other products under this tariff are not included in the investigation [6]. Group 3: Participation and Information Submission - Interested parties must register to participate in the investigation within 20 days from the announcement date, providing necessary information regarding their identity and the quantities and values of the products involved [7][8]. - Comments on the investigation can also be submitted within the same 20-day period [11]. Group 4: Investigation Methodology - The Ministry of Commerce may use various methods such as questionnaires, sampling, hearings, and on-site verifications to gather information from relevant parties [12]. - Specific questionnaires will be issued to exporters, domestic producers, and importers to collect detailed operational and financial information [12][13]. Group 5: Consequences of Non-Compliance - Non-compliance or failure to provide accurate information may result in the Ministry making determinations based on the best available information [15]. Group 6: Contact Information - The Ministry of Commerce has provided contact details for further inquiries, including phone numbers and the official website for accessing investigation-related information [17][18].