Core Viewpoint - The Ministry of Commerce of China has announced a preliminary ruling on anti-subsidy investigations into dairy products imported from the EU, confirming that these products are subsidized and have caused substantial harm to the domestic dairy industry, with a causal relationship established between the subsidies and the harm [1][2]. Group 1: Impact on Domestic Industry - The domestic dairy industry in China is facing unprecedented difficulties, characterized by a prolonged decline in raw milk prices for over 40 months, the lowest nominal purchase prices in over a decade, and significant losses across the industry, with up to 90% of surveyed farms potentially facing losses or exiting the market [2][3]. - The challenges faced by the domestic dairy industry are attributed to both internal factors, such as slowing consumer growth and overcapacity, and external factors, particularly the impact of subsidized imports from the EU [2][3]. Group 2: Role of Subsidies - EU dairy products benefit from subsidies that create price advantages, which directly impact the domestic dairy processing industry that is still in its growth phase. This has led to a suppression of the domestic processing industry, which is struggling to compete [3][4]. - Subsidies are a crucial component of EU dairy farmers' income and incentivize production, which can lead to increased exports that further impact other countries' dairy industries [3][6]. Group 3: Temporary Anti-Subsidy Measures - The implementation of temporary anti-subsidy measures is viewed as a critical step for the domestic industry to gain breathing space. Industry associations have expressed strong support for these measures, which are expected to help mitigate the impact of imported subsidized products [4][5]. - The current low prices of raw milk may create opportunities for emerging processing companies to develop, as they can utilize lower-cost raw materials to produce value-added products like cream and cheese [5][6]. Group 4: Future Outlook - The anti-subsidy measures are not merely protective but are seen as a necessary response to the long-standing issue of EU subsidies, aiming to create a more equitable competitive environment for both EU and Chinese dairy farmers [6]. - The industry is encouraged to leverage the current policy window to diversify product lines and improve processing efficiency, which could enhance competitiveness against future imports [5][6].

Group 1 - The Chinese Ministry of Commerce announced a preliminary ruling that imported dairy products from the EU, including fresh cheese, processed cheese, and cream, are subject to subsidies, leading to a temporary anti-subsidy tax deposit of up to 42.7% starting from December 23 [1] - The investigation into EU dairy products was initiated after the China Dairy Industry Association and the China Dairy Products Industry Association submitted a request on July 29, 2024, citing adverse effects on the domestic industry due to increased inventory and a shift from profit to loss [1] - The Ministry of Commerce's Trade Relief Investigation Bureau indicated that substantial evidence shows the EU provided significant subsidies to its dairy sector through the Common Agricultural Policy, resulting in material harm to the Chinese domestic industry [1] Group 2 - The Trade Relief Investigation Bureau reiterated that China has been cautious and restrained in using trade relief measures, having not initiated any new investigations against the EU since 2025, while the EU has initiated multiple trade relief cases against China [2] - The Chinese side opposes the abuse of trade relief measures and expresses willingness to resolve trade frictions through dialogue and consultation to maintain the overall economic and trade cooperation between China and the EU [2]

Group 1 - The Ministry of Commerce initiated an anti-subsidy investigation into dairy products imported from the EU on August 21, 2024, following a domestic industry application [1] - The investigation period was extended to February 21, 2026, as announced on August 18, 2025 [1] - Preliminary evidence indicates that the EU provided substantial subsidies to its dairy sector through the Common Agricultural Policy, adversely affecting the Chinese domestic industry [1] Group 2 - The preliminary ruling on December 22, 2025, determined that the sampled companies' tax rates ranged from 21.9% to 42.7%, with a uniform rate of 28.6% for cooperating EU companies [2] - Since 2025, China has not initiated any new trade remedy investigations against the EU, contrasting with the EU's initiation of 18 trade remedy cases against China during the same period [2] - China remains committed to a cautious approach regarding trade remedy measures and is open to dialogue with the EU to resolve trade frictions [2]

今天下午，商务部召开例行新闻发布会，介绍近期商务领域重点工作情况。 发布会上，新闻发言人何亚东回应了安世半导体相关问题。 何亚东表示，近日，闻泰科技向安世（荷兰）独立董事和股权托管人发出了函件，邀请对方来华，就企业控制 权和恢复供应链稳定与畅通开展协商，展现了解决问题的诚意。 中方已通过荷驻华使馆，要求荷经济部落实 与中方磋商共识，推动安世（荷兰）尽快派人来华。 安世半导体问题是荷政府对企业经营的不当行政干预造成的。希望荷方采取实际行动，推动解决安世半导体问 题。 新闻发言人何亚东还就中欧双方本周进行的贸易救济对话进行了回应。 商务部新闻发言人 何亚东：中欧双方本周刚刚举行了贸易救济对话，并将在下周继续磋商。中方欢迎欧方再 次重启价格承诺磋商，赞赏欧方回到通过对话化解分歧的轨道上。在这里我想强调的是，中国机电商会受不同 类型中国企业的委托，提出了代表行业整体立场的解决方案，中欧双方就此进行了多轮磋商，取得了一定成 果。如果欧方在与中方磋商的同时，又与个别企业单独磋商，不利于维护双方的互信，也不利于整体推进效 率。希望欧方切实落实中欧领导人会晤的重要共识，严格遵守非歧视原则，在前期努力的基础上，通过对话、 磋商 ...

商务部：希望欧方通过对话磋商尽早妥善解决摩擦 中新网12月11日电 在商务部12月11日召开的例行新闻发布会上，商务部新闻发言人何亚东就中欧双方 本周进行的贸易救济对话进行了回应。 何亚东表示，中欧双方本周刚刚举行了贸易救济对话，并将在下周继续磋商。中方欢迎欧方再次重启价 格承诺磋商，赞赏欧方回到通过对话化解分歧的轨道上。 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 何亚东强调，中国机电商会受不同类型中国企业委托，提出了代表行业整体立场的解决方案，中欧双方 就此进行了多轮磋商，取得了一定成果。如果欧方在与中方磋商的同时，又与个别企业单独磋商，不利 于维护双方互信，也不利于整体推进效率。 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 何亚东称，希望欧方切实落实中欧领导人会晤重要共识，严格遵守非歧视原则，在前期努力基础上，通 过对话磋商尽早妥善解决摩擦，为中欧产业发展营造开放、稳定的市场环境。 来源：中国新闻网 ...

今天下午，商务部召开例行新闻发布会，新闻发言人就中欧双方本周进行的贸易救济对话进行了回应。 （总台央视记者 吴昊 宋菀） 商务部新闻发言人 何亚东：中欧双方本周刚刚举行了贸易救济对话，并将在下周继续磋商。中方欢迎 欧方再次重启价格承诺磋商，赞赏欧方回到通过对话化解分歧的轨道上。在这里我想强调的是，中国机 电商会受不同类型中国企业的委托，提出了代表行业整体立场的解决方案，中欧双方就此进行了多轮磋 商，取得了一定成果。如果欧方在与中方磋商的同时，又与个别企业单独磋商，不利于维护双方的互 信，也不利于整体推进效率。希望欧方切实落实中欧领导人会晤的重要共识，严格遵守非歧视原则，在 前期努力的基础上，通过对话、磋商，尽早妥善解决摩擦，为中欧产业发展营造开放、稳定的市场环 境。 ...

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: Measures Against U.S. Companies - The U.S. Department of Commerce has added three companies to the unreliable entity list, prohibiting them from engaging in import and export activities related to China and from making new investments in China [1] - Three U.S. entities have been placed on the export control list, prohibiting the export of dual-use items to these companies, and all ongoing related export activities must cease immediately [1] Group 2: Trade Relief and Barrier Investigations - A preliminary anti-dumping investigation has been initiated against imported pecans from Mexico and the U.S., as evidence suggests dumping practices that harm domestic prices and cause substantial damage [2] - A trade barrier investigation has been launched regarding Mexico's proposed increase in import tariffs on products from non-free trade partners, which could severely impact Chinese enterprises' trade and investment interests [2] Group 3: Clarification of Multilateral and Bilateral Trade Positions - China has submitted a position paper to the WTO stating it does not seek new special and differential treatment in current and future negotiations, aiming to promote WTO reform and support global development initiatives [3] - The Chinese government urges the U.S. to eliminate unreasonable tariffs on soybean trade to create favorable conditions for expanding bilateral trade and enhancing global economic stability [3] - The Chinese government has indicated that the main obstacle to normal Sino-U.S. economic cooperation is unilateral restrictions imposed by the U.S., calling for mutual efforts to create favorable conditions for stable and sustainable development of Sino-U.S. economic relations [3]

Core Viewpoint - The Ministry of Commerce of China has initiated an anti-discrimination investigation against the United States regarding measures taken in the integrated circuit sector, citing potential discriminatory practices under Chinese trade law [1][2]. Investigation Details - The investigation targets U.S. measures related to integrated circuits, including tariffs imposed since 2018 and restrictions on exports of semiconductor products and manufacturing equipment to China [1][2]. - Specific measures under scrutiny include rules limiting U.S. participation in Chinese semiconductor projects and restrictions on the use of advanced Chinese computing chips [2]. - The investigation will utilize various methods such as written questionnaires, hearings, and on-site investigations to gather evidence [3]. Investigation Timeline - The investigation commenced on September 13, 2025, with a standard duration of three months, subject to extension under special circumstances [5]. Public Participation - Stakeholders can access public information related to the investigation through the Ministry of Commerce's website and submit written comments within 30 days of the announcement [6][7]. - Requests for hearings can be submitted within 20 days of the announcement [8]. Government Consultation - The U.S. government has the option to request intergovernmental consultations with China within 30 days of the announcement to address the impacts of the investigated measures [9].

Core Viewpoint - The Ministry of Commerce of China has initiated an anti-discrimination investigation against the United States regarding measures taken in the integrated circuit sector, citing potential discriminatory practices under Chinese trade law [1][2]. Investigation Details - The investigation targets U.S. measures related to integrated circuits, including tariffs imposed since 2018 and restrictions on exports of semiconductor products and manufacturing equipment to China [1][2]. - Specific measures under scrutiny include rules limiting U.S. participation in Chinese semiconductor projects and restrictions on advanced computing integrated circuits from China [2]. - The investigation will utilize various methods such as written questionnaires, hearings, and on-site investigations to gather evidence [3]. Investigation Timeline - The investigation commenced on September 13, 2025, with a typical duration of three months, extendable under special circumstances [5]. Public Participation - Stakeholders can access public information regarding the investigation through the Ministry of Commerce's website and are encouraged to submit written comments within 30 days of the announcement [6][7]. - Requests for hearings can be submitted within 20 days of the announcement [8]. Government Consultation - The U.S. government has the option to request intergovernmental consultations with China within 30 days to address the impacts of the investigated measures [9].