Core Viewpoint - The Chinese government strongly opposes the recent U.S. decision to place multiple Chinese entities on the export control "entity list," viewing it as an abuse of national security claims and a form of unilateral bullying that undermines global market stability and damages legitimate business rights [1]. Group 1 - The U.S. Department of Commerce has announced sanctions against several Chinese entities in sectors such as semiconductors, biotechnology, aerospace, and logistics, citing national security concerns [1]. - The Chinese government accuses the U.S. of prioritizing its own interests over the development rights of other countries, which distorts normal business interactions and disrupts global supply chains [1]. - The Chinese government has called for the U.S. to correct its actions and cease the unreasonable suppression of Chinese enterprises, indicating that it will take necessary measures to protect the legitimate rights of these companies [1]. Group 2 - A bilateral economic and trade dialogue is scheduled to take place in Spain starting September 14, raising questions about the timing of the U.S. sanctions against Chinese companies [1].

Group 1 - The China Internet Association supports the Ministry of Commerce's investigation into anti-dumping measures against imported simulation chips from the United States [1] - The U.S. government's broad interpretation of "national security" and misuse of export controls are seen as unfair practices that undermine global supply chains and harm Chinese internet companies [1] - The association emphasizes the need for an open, fair, and orderly market competition environment for the healthy development of the internet industry [1] Group 2 - The China Internet Association calls for global cooperation to respect market rules and international regulations for the long-term prosperity of the global technology industry [1] - Member companies are encouraged to enhance independent innovation and deepen international collaboration to build a stable and healthy global semiconductor industry ecosystem [1]

Core Viewpoint - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has added 23 Chinese entities to its Entity List, including Shanghai Fudan Microelectronics Group Co., Ltd., citing national security concerns related to advanced computing and semiconductor manufacturing support [1][3]. Group 1: Impact of Entity List Inclusion - Thirteen of the listed entities are related to semiconductors and integrated circuits, with others spanning biotechnology, aerospace, and industrial software [1]. - Fudan Microelectronics is notably the first Chinese IC design company to face such sanctions due to its commercial FPGA/MCU business, with nine other Chinese IC design companies also marked with a specific footnote indicating severe restrictions [3][5]. - The sanctions imply a full process blockade, affecting all manufacturing nodes and limiting access to U.S. equipment and design tools, which could extend R&D cycles and disrupt global supply chains [5]. Group 2: Company Response and Strategy - In response to the sanctions, Fudan Microelectronics issued a public letter emphasizing its commitment to legal and compliant operations, and its strategic reserve of key materials has increased from approximately 600 million yuan at the end of 2020 to about 3.1 billion yuan by mid-2025 [8]. - The company has diversified its supply chain and strengthened collaborations with partners to enhance resilience and production capacity [8]. - Fudan Microelectronics is advancing its R&D in heterogeneous computing architecture chips, with a product range from 4 TOPS to 128 TOPS, and has reported positive progress on its first 32 TOPS product [8]. Group 3: Financial Performance - For the first half of 2025, Fudan Microelectronics reported revenues of 1.839 billion yuan, a year-on-year increase of 2.49%, while net profit fell by 44.38% to 194 million yuan due to increased inventory provisions and reduced government subsidies [11]. - The company's R&D expenditure totaled 533 million yuan, a decrease of 10.80%, representing 28.99% of its revenue, down 4.32 percentage points from the previous year [11]. - As of September 15, 2025, Fudan Microelectronics' A-shares rose by 2.75%, with a market capitalization of 50 billion yuan [12].

Report Title - "Sino-US to Conduct a New Round of Economic and Trade Talks, Overseas Fed Rate Cut to Be Implemented Soon - Guoxin Futures Macro Weekly Report" [2] Report Industry Investment Rating - Not provided Core Viewpoints - Sino-US will hold a new round of economic and trade talks, with non-tariff economic and trade issues likely to be important topics, and US unilateral tariff measures remaining a key point. Overall, there is cautious optimism about this economic and trade talk. The US Department of Commerce's abuse of export controls may be an attempt to gain more leverage in the talks. China's Ministry of Commerce's anti-discrimination and anti-dumping investigations against the US will benefit domestic substitution industries for analog chips. Domestically, the economy showed positive signs in August, with exports growing slightly, price levels improving, and money supply and social financing also showing positive changes. Overseas, the US inflation is relatively moderate, and the market highly anticipates a Fed rate cut. Other events such as political changes in France and Japan also have an impact on the market [8][9] Summary by Directory Part 1: Weekly Review (0908 - 0914) - **Domestic Data**: In August 2025, China's total import and export value was $541.29 billion, with exports at $321.81 billion (up 4.4% year-on-year), imports at $219.48 billion (up 1.3% year-on-year), and a trade surplus of $102.33 billion. The CPI in August decreased by 0.4% year-on-year, and the PPI decreased by 2.9% year-on-year with a narrowing decline. At the end of August, M2 increased by 8.8% year-on-year, M1 by 6.0% year-on-year, and M0 by 11.7% year-on-year. The stock of social financing scale increased by 8.8% year-on-year, and the increment in August was 2.57 trillion yuan. On September 15, the central bank will conduct a 600 billion yuan 6 - month repurchase operation [5][6] - **Overseas Data**: In the US, the CPI in August was 2.9% year-on-year, and the core CPI was 3.1% year-on-year. The European Central Bank maintained its three major policy interest rates unchanged. As of September 12, the market expected a 93.9% probability of a 25 - basis - point Fed rate cut on September 18, and the cumulative rate cut for the year might be 75 basis points [6][9] - **Political Events**: On September 9, French Prime Minister Belleru submitted his resignation. On September 7, Japanese Prime Minister Ishiba Shigeru announced his resignation [9][10] - **Economic and Trade Talks**: From September 14 - 17, Chinese Vice - Premier He Lifeng will lead a delegation to Spain to hold talks with the US on issues such as US unilateral tariff measures, abuse of export controls, and TikTok [7] - **Trade Frictions**: The US added multiple Chinese entities to the export control "Entity List," and China's Ministry of Commerce launched anti - discrimination and anti - dumping investigations against the US [7][8] Part 2: High - Frequency Data - **Domestic Commodities**: From 0908 - 0912, the wholesale price of pork was stable at 19.88 yuan/kg, the wholesale price of vegetables decreased slightly to 5.07 yuan/kg, and the wholesale price of fruits decreased slightly to 6.75 yuan/kg [14] - **International Commodities**: From 0908 - 0912, the CRB Spot Composite Index was stable at 551.72 [17] - **Money Market**: From 0908 - 0912, DR007 and R007 both increased slightly to 1.4575% and 1.4651% respectively [20] - **Foreign Trade Market**: From 0908 - 0912, the Baltic Dry Index (BDI) increased to 2126 points, and the China Containerized Freight Index (CCFI) continued to decline to 1125.30 [24][29] Part 3: Major Asset Classes (0908 - 0912) - **Stock Market**: A - share major indices all rose, with the Shanghai Composite Index up 1.52%, the Shenzhen Component Index up 2.65%, and the ChiNext Index up 2.10% [33] - **Treasury Bond Futures Market**: The closing prices of treasury bond futures varied, with the 2 - year treasury bond futures down 0.04%, the 5 - year up 0.07%, and the 30 - year down 1.08% [33] - **Foreign Exchange Market**: The US dollar index fell 0.13%, the on - shore US dollar against the Chinese yuan fell 0.22%, and the euro against the Chinese yuan fell 0.12% [35] - **Commodity Market**: Crude oil fell 1.39%, Shanghai gold rose 2.28%, live pigs fell 0.53%, Shanghai copper rose 1.15%, and rebar fell 0.51% [35] Part 4: Weekly Focus (0915 - 0921) - September 14 - 17: Sino - US economic and trade talks in Madrid, Spain - September 15: China's August industrial added value, fixed asset investment, and retail sales data - September 16: US August retail sales month - on - month - September 17: Bank of Canada interest rate decision - September 18: Federal Reserve interest rate decision and Bank of England interest rate decision - September 19: Bank of Japan interest rate decision [38]

Group 1: US-China Trade Talks - The US and China held trade talks in Madrid on September 14, focusing on issues such as unilateral tariffs, export controls, and TikTok [1][2][3] - The talks are seen as an opportunity to extend the truce in the ongoing trade war, which has impacted the global economy [3] - The US announced sanctions against 32 entities, including 23 from mainland China, prior to the talks, indicating stricter export controls on advanced chips [4][5] Group 2: China's Response - China initiated two investigations against the US, including a discrimination investigation related to integrated circuits and an anti-dumping investigation on imported simulation chips from the US [6][7] - The anti-dumping investigation was prompted by a significant increase in imports from the US, with a reported cumulative growth of 37% from 2022 to 2024, while prices dropped by 52% [7][8] - The Chinese Ministry of Commerce emphasized that the US's actions are seen as a form of unilateralism and bullying, which distorts the global market and harms legitimate business interests [5][6] Group 3: Implications for Semiconductor Industry - The semiconductor industry is particularly affected, with the US imposing stricter controls on high-end chips while simultaneously engaging in price dumping of simulation chips [4][8] - The investigation into simulation chips highlights the significant market share of US imports in China, which rose from 47.81% in 2022 to 62.14% in 2024 [8] - The ongoing trade tensions and investigations are expected to impact the stability of the global semiconductor supply chain [6][8]

Trade Negotiations - China's Vice Premier He Lifeng will lead a delegation to Spain from September 14-17 to hold talks with the US [1] - The discussions will cover trade issues such as US unilateral tariffs, abuse of export controls, and TikTok [1]

Core Viewpoint - The article discusses the recent U.S. export controls on several Chinese entities, highlighting the Chinese government's strong opposition to these measures and the upcoming U.S.-China trade talks in Spain aimed at addressing these issues [3][4]. Group 1: U.S. Export Controls - The U.S. Department of Commerce has placed multiple Chinese entities on an export control "entity list," affecting sectors such as semiconductors, biotechnology, aerospace, and logistics [3]. - The Chinese Ministry of Commerce criticizes the U.S. for misusing national security as a pretext for unilateral actions that harm global trade and distort the market [3][4]. Group 2: Upcoming Trade Talks - Chinese Vice Premier He Lifeng will lead a delegation to Spain from September 14 to 17 for discussions with U.S. officials on unilateral tariffs, export controls, and issues related to TikTok [4]. - The Chinese government emphasizes its commitment to protecting the legitimate rights of its companies and seeks a fair business environment for Chinese enterprises operating in the U.S. [4][5]. Group 3: Anti-Dumping Investigations - The Chinese Ministry of Commerce has initiated an anti-dumping investigation into imported simulation chips from the U.S., citing a 37% increase in import volume and a 52% decrease in import prices from 2022 to 2024, which negatively impacts domestic producers [6][8]. - The semiconductor industry in China supports the Ministry's actions, advocating for a fair competitive environment and opposing U.S. unilateral measures that disrupt the global supply chain [7][8]. Group 4: Discrimination Investigations - An announcement was made regarding the initiation of a discrimination investigation against U.S. measures in the integrated circuit sector, which are seen as discriminatory and harmful to China's technological development [8]. - The Chinese government asserts that these U.S. actions violate World Trade Organization rules and threaten the stability of the global semiconductor supply chain [8].

Group 1 - The Chinese Ministry of Commerce urges the U.S. to correct its actions and stop the unreasonable suppression of Chinese enterprises, following the U.S. Department of Commerce's announcement of adding multiple Chinese entities to the export control "Entity List" [1][2] - The Chinese government criticizes the U.S. for abusing export controls and distorting the global market, which harms the legitimate rights of enterprises and disrupts the stability of global supply chains [1][4] - A new round of Sino-U.S. economic and trade talks is scheduled to take place in Spain from September 14 to 17, where issues such as unilateral tariffs and export control abuses will be discussed [1][3] Group 2 - The Chinese government emphasizes its commitment to protecting the legitimate rights of its enterprises, particularly regarding the TikTok issue, and calls for a fair and non-discriminatory business environment for Chinese companies operating in the U.S. [2][3] - The Ministry of Commerce has initiated anti-dumping investigations against imported simulation chips from the U.S., citing a significant increase in import volume and a decrease in import prices that harm domestic industries [3][5] - The Chinese Semiconductor Industry Association supports the Ministry of Commerce's investigations against U.S. products and measures, highlighting the need for a fair environment for the healthy development of the semiconductor industry [4][5]

Group 1 - The core discussion points of the meeting between the Chinese delegation led by He Lifeng and the U.S. officials include unilateral tariffs, export controls, and TikTok [1] - The meeting is strategically held in Madrid from September 14 to 17, which is not in the U.S. or China, allowing for a neutral and low-profile environment to explore boundaries and limits [2] - The U.S. Treasury Secretary's visit also involves coordination with the UK, indicating that the topics discussed will encompass transatlantic and transpacific issues, including economic security and anti-money laundering cooperation [2]

商务部网站13日消息：商务部新闻发言人就美将我多家实体列入出口管制"实体清单"事答记者问。 有记者问：我们注意到美东时间2025年9月12日，美商务部宣布将多家中国实体列入出口管制"实体清单"。请问中方对此有何 评论？ 答：中方注意到，美国商务部泛化国家安全、滥用出口管制，对半导体、生物科技、航空航天、商贸物流等领域多家中国实 体实施制裁。美方假借维护国际秩序和国家安全之名，行单边、霸凌主义之实，将一己私利凌驾于他国发展权利之上，打压 遏制包括中国在内的各国企业，破坏其他国家之间正常的商业往来，严重扭曲全球市场，损害企业合法权益，破坏全球供应 链产业链安全稳定，中方对此坚决反对。 9月14日起，中美双方将在西班牙举行经贸会谈。美方此时对中国企业实施制裁，意欲何为？中方敦促美方立即纠正错误做 法，停止对中国企业的无理打压。中方将采取必要措施，坚决维护中国企业的合法权益。 来源：商务部网站 ...