Group 1 - Report's investment rating of the industry: Not provided Group 2 - Core view of the report: The industry is operating at a low level, with short - term downward pressure, and attention should be paid to the narrowing of the spread between hot - rolled coils and rebar [3] Group 3 - Macro situation: The U.S. tariff war against China has reignited, causing significant macro - level fluctuations and potentially pressuring steel products [2] - Steel production data: Last week, the blast furnace iron - making capacity utilization rate of 247 steel mills was 90.55%, a 0.10 - percentage - point decrease from the previous week; the steel mill profitability rate was 56.28%, a 0.43 - percentage - point decrease; the daily average hot - metal output was 2.4154 million tons, a decrease of 0.0027 million tons. In late September, the average daily output of crude steel from key steel enterprises was 1.889 million tons, a daily output decrease of 8.9% compared to the previous period; the steel inventory was 14.67 million tons, a 4.1% decrease from the previous ten - day period and an 18.6% increase from the beginning of the year [2] - Market performance: Last week, there were only two trading days, and finished products fluctuated and rebounded slightly, continuing to consolidate at the current low level. The weekly steel data was relatively calm, and changes in inventory and apparent demand were more affected by holidays. There was a slight divergence between rebar and hot - rolled coils, with hot - rolled coils under more pressure [2] - Later concerns: Macro - policies and downstream demand conditions [3]

商 品 研 究 2025 年 10 月 13 日 铜：宏观情绪扰动，价格下跌 【基本面跟踪】 铜基本面数据 | | | 昨日收盘价 | 日涨幅 | 昨日夜盘收盘价 | 夜盘涨幅 | | --- | --- | --- | --- | --- | --- | | | 沪铜主力合约 | 85,910 | -0.97% | 83030 | -3.35% | | | 伦铜3M电子盘 | 10,374 | -3.73% | - | - | | | | 昨日成交 | 较前日变动 | 昨日持仓 | 较前日变动 | | 期 货 | 沪铜主力合约 | 212,468 | 74,652 | 216,115 | -5,600 | | | 伦铜3M电子盘 | 41,097 | -3,685 | 322,000 | 3,981 | | | | 昨日期货库存 | 较前日变动 | 注销仓单比 | 较前日变动 | | | 沪铜 | 29,964 | 261 | - | - | | | 伦铜 | 139,400 | -75 | 5.99% | -0.05% | | | | | 昨日价差 | 前日价差 | 较前日变动 | | | LME铜升贴水 ...

Core Viewpoint - China has implemented export controls on rare earth materials to enhance its export control system, citing the importance of these materials in military applications and the need to maintain global peace and regional stability [2][3]. Group 1: Export Control Measures - The export control measures are a legitimate action by the Chinese government based on laws and regulations, aimed at ensuring national security and international safety [2][4]. - China emphasizes that the export controls are not a ban on exports; applications that meet the criteria will be approved, and the government is open to facilitating compliant trade [3][4]. Group 2: Response to U.S. Actions - The U.S. has announced a 100% tariff on Chinese rare earth exports and additional export controls on key software, which China views as a double standard and a violation of fair trade practices [4][5]. - China has expressed strong opposition to the U.S. actions, which it believes undermine the atmosphere for economic talks and harm mutual interests [5][6]. Group 3: Bilateral Relations and Future Cooperation - China urges the U.S. to correct its erroneous practices and to engage in dialogue based on mutual respect and equality to resolve concerns and manage differences [5][7]. - The Chinese government has indicated that it will take necessary countermeasures to protect its legitimate rights and interests in response to U.S. unilateral actions [6][7].

Report Summary 1. Report Industry Investment Rating - The report gives a short - sell rating for coking coal and coke in the black sector [1] 2. Core View - The report analyzes the coking coal and coke market, stating that the steel market is experiencing inventory accumulation, the second - round price increase of coke is expected to be postponed, and the US tariff increase remarks may have a negative impact on the raw material end. It is predicted that the double - coking futures market will be stable with a downward trend, and the market may open bearishly [1] 3. Summary by Related Contents Market Review - Last week, the main coking coal contract Jm2601 closed at 1,161.0 yuan/ton, up 3.13% from the week's opening; the main coke contract J2601 closed at 1,666.5 yuan/ton, up 2.49% from the week's opening [1] Important Information - China's export controls are not a ban on exports, and the impact on the supply chain is limited. If the US acts willfully, China will take corresponding measures [1] - The approved loan amount for the national white - list real estate projects has exceeded 7 trillion yuan, and the second - hand housing trading volume in 15 provincial - level regions has exceeded that of new houses [1] - Guo Bin was appointed as the director, general manager, and deputy secretary of the Party Committee of Ansteel Group Co., Ltd. [1] Market Logic - The mainstream coking enterprises believe that the steel market is accumulating inventory, and the coke market is not ready for a price increase. The second - round price increase of coke is expected to be postponed, and the US tariff increase remarks may negatively affect the raw material end, causing the double - coking futures market to be stable with a downward trend [1] Trading Strategy - The market may open bearishly. It is recommended to control the position of last week's long positions and pay attention to market sentiment changes [1]

Group 1: Copper Market - Copper prices increased, with Shanghai copper closing at 85,910 yuan/ton. Domestic output remains relatively low for the year, while the influence of overseas mines on copper prices has weakened. The widening price gap between domestic and international markets has led to increased export expectations and a decline in import expectations [1][3] - Demand for copper is showing weakness, with some downstream companies expressing concerns about October consumption due to high prices. Market volatility has raised concerns about order execution, increasing operational risks [3] Group 2: Aluminum Market - Aluminum prices rose, with Shanghai aluminum closing at 20,980 yuan/ton. Supply has slightly decreased due to capacity transfer from Shandong to Yunnan and maintenance in some electrolytic aluminum enterprises in Shanxi. Overall, theoretical operating capacity in the electrolytic aluminum industry has slightly reduced [3] - The price of domestic alumina continues to decline, with an average price of 2,979.29 yuan/ton, down 35.46 yuan/ton from the previous week. The theoretical cost of electrolytic aluminum is expected to decrease [3] Group 3: Precious Metals - Gold and silver prices increased, with domestic gold averaging 871.03 yuan/gram, up 3.99% from the previous week, and silver averaging 10,856 yuan/kilogram, up 6.72%. The rise is driven by strong safe-haven demand amid U.S. government shutdown concerns and declining bond yields [4] - COMEX silver inventory decreased by 1.04% to 52,612.43 million ounces, while Shanghai Futures Exchange silver delivery inventory fell by 1.95% to 1,169.06 tons [4] Group 4: Antimony Market - The antimony market continues to operate weakly, with prices for various grades of antimony ingots decreasing by 1,000 yuan/ton. The supply side faces challenges due to declining mining grades and restrictions on mining volumes [5] - Demand remains cautious, with no significant replenishment observed post-holiday, leading to a focus on just-in-time purchasing [5] Group 5: Rare Earth Market - The Ministry of Commerce and the General Administration of Customs announced four export control policies for the rare earth industry, aiming to strengthen the entire industry chain. This is expected to enhance China's competitive advantage in the rare earth sector [2][6] - Prices for light rare earths decreased by 0.6%, while medium and heavy rare earths saw slight increases. The integration of separation plants is ongoing, with processing fees rising above 20,000 yuan [6]

1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - The overall market presents a complex and diverse situation. In the overnight night - market, London basic metals mostly declined, international oil prices fell, and international precious metals generally rose. There are also significant policy adjustments and industry - specific news in various sectors such as macro, energy - chemical, metal, black - series, and agricultural products futures, as well as in the financial and industrial fields [3][4][5]. 3. Summary by Relevant Catalogs Overnight Night - Market Trends - London basic metals: LME tin dropped 4.61% to $35,350/ton, with a weekly decline of 5.62%; LME copper fell 4.54% to $10,374/ton, with a weekly decline of 3.19%; LME aluminum dropped 1.88% to $2,746/ton, with a weekly increase of 1.35%; LME nickel fell 1.79% to $15,215/ton, with a weekly decline of 1.41%; LME zinc dropped 0.86% to $2,984.50/ton, with a weekly decline of 1.65%; LME lead fell 0.76% to $2,014.50/ton, with a weekly decline of 0.27% [3]. - International oil prices: WTI crude oil's main contract fell 5.32% to $58.24/barrel, with a weekly decline of 4.34%; Brent crude oil's main contract fell 4.8% to $62.09/barrel, with a weekly decline of 3.78% [4]. - International precious metals: COMEX gold futures rose 1.58% to $4,035.50/ounce, with a weekly increase of 3.24%; COMEX silver futures rose 0.76% to $47.52/ounce, with a weekly decline of 0.94% [5]. Important News Macroeconomic News - The Ministry of Transport will start charging a special port fee for US - related ships from October 14 to safeguard the legitimate rights and interests of Chinese shipping enterprises [8]. - The Ministry of Commerce urges the US to correct its wrong actions regarding the inclusion of Chinese entities in the export control "Entity List" [8]. - Israel achieved its combat goals after announcing a cease - fire in the Gaza Strip [8]. - The trading rules of the container shipping index (European route) futures contracts will be adjusted, including changes in the daily limit and trading margin ratio, and a limit on the maximum number of intraday opening positions [8]. - As of October 10, 2025, the Shanghai Export Containerized Freight Index rose 45.9 points compared to the previous period, while the China Export Containerized Freight Index fell 6.7% [9]. - China's economy has a stable foundation, many advantages, strong resilience, and great potential, and will continue to expand high - level opening - up [11]. - A Fed governor is worried about the weakening labor market [11]. - China's export control is not a ban on exports, and compliant applications for civilian use can be approved [11]. - Hamas will counterattack if Israel resumes military operations in Gaza [12]. Energy - Chemical Futures - The trading rules of butadiene rubber, natural rubber, 20 - number rubber, pulp, and offset printing paper futures contracts on the Shanghai Futures Exchange and Shanghai International Energy Exchange will be adjusted, including changes in the daily limit and trading margin ratio [14][16]. - Last week, the sample demand for ethylene glycol in China increased by 1.18% to 553,600 tons [16]. Metal Futures - The trading rules of nickel and tin futures contracts on the Shanghai Futures Exchange will be adjusted, including changes in the daily limit and trading margin ratio [18]. - Last week, copper, aluminum, zinc, and nickel inventories increased, while lead and tin inventories decreased [19]. - In September, the estimated wholesale sales of new energy passenger vehicles in China reached 1.5 million, a year - on - year increase of 22% and a month - on - month increase of 16% [19]. - Dynamic Mining expects the bauxite mining volume to increase by more than 50 million tons [19]. - A large recycled lead smelter in East China resumed production and is expected to produce over 15,000 tons of refined lead in October [20]. - An accident occurred at BHP's Escondida copper mine in Chile, resulting in the death of a worker [21]. - Australia is considering setting a minimum price for key minerals and investing in new rare - earth projects [23]. Black - Series Futures - In September, the total steel export volume of 32 domestic ports increased by 2.17% month - on - month, with different trends in different ports [25]. - Liansteel's CSP production line will be shut down for renovation from October 12, affecting the daily hot - rolled production by 4,000 tons [26]. - The iron ore inventory at 47 and 45 ports increased, while the daily ore - handling volume decreased [26]. - The blast furnace operating rate of 247 steel mills decreased slightly, and the daily pig iron output decreased [26]. - Mainstream coke enterprises believe that the coke market is not ready for a price increase and should control or suspend coal procurement [26]. - In late September 2025, the steel inventory of key steel enterprises decreased, and the daily output of crude steel and pig iron decreased, while the daily output of steel increased [28]. Agricultural Product Futures - As of the end of September, Malaysia's palm oil inventory increased by 7.20%, production decreased by 0.73%, and exports increased by 7.69% [30]. - Malaysia expects the production of crude palm oil to increase in 2026, with an average price of RM3,900 - 4,100 per ton [30]. - From October 1 - 10, Malaysia's palm oil exports increased by 9.86% (ITS data) and 19.37% (AmSpec data) compared to the same period last month [31][32]. - In the 41st week, the actual soybean crushing volume of oil mills was 1.2893 million tons, with an operating rate of 35.99%, lower than the forecast [32]. - In September, Guangxi's sugar sales decreased, and the industrial inventory of sugar in Guangxi and Yunnan increased [34]. Financial Market Finance - A - share market: After reaching a new stage high, the three major A - share indexes adjusted. Institutions believe that the core factors driving the market remain unchanged, and focus on policy - focused and high - performance sectors [36]. - Brokerage strategies: Brokers are optimistic about the fourth - quarter and cross - year market, focusing on technology growth and cyclical sectors [36]. - A - share performance: As of October 12, 82.35% of the 51 A - share listed companies that disclosed their third - quarter performance forecasts were positive [36]. - IPO and inspection: Two companies were selected for on - site inspection of their IPOs, and some companies passed the Hong Kong Stock Exchange's listing hearing [37][40]. - Fund issuance: In October, the number of newly issued funds increased significantly, with equity funds accounting for 76.7% [39]. - Company responses: Some companies responded to market rumors, such as Zhongji Innolight and Zhipu [39][40]. - Brokerage views: CITIC Securities recommends focusing on upstream resource and traditional manufacturing sectors [40]. Industry - The 138th Canton Fair will open on October 15, with record - high exhibition scale, indicating that China's foreign trade may continue to grow resiliently [41]. - The supervision of personal business loans flowing into the real estate market has been strengthened, and the risks of such loans are emerging [43]. - "Report - price consistency" will be implemented in the non - auto insurance field to promote high - quality development [43]. - China's manned deep - sea exploration has achieved important progress during the "14th Five - Year Plan" period [44]. - Australia is considering setting a minimum price for key minerals and investing in rare - earth projects [44]. - The global 300mm wafer factory equipment expenditure is expected to reach $374 billion from 2026 - 2028 [44]. Overseas - South Korea's economic deputy prime minister will visit the US to discuss economic and financial issues with the US Treasury Secretary [45]. - Ray Dalio warns that the US government's debt growth is too fast [47]. - South Korea's 20 - 29 - year - old population was surpassed by the over - 70 - year - old population last year [48]. International Stock Market - Global central bank governors will discuss stock market bubbles and potential crash risks [49]. - NVIDIA's CEO Huang Renxun has cashed out $113 million by selling company stocks in October [49]. - Warner Bros Discovery rejected Paramount Skydance's acquisition proposal [50]. Commodity - International spot gold prices exceeded $4,000/ounce, and banks issued risk warnings [51]. - The silver price rose above $50/ounce, causing chaos in the London silver market [52].

Group 1 - The Chinese government has announced export controls on lithium batteries, cathode materials, graphite anode materials, and related equipment, marking the first time lithium manufacturing equipment has been included in such regulations [1][2] - The export controls will take effect on November 8 and cover the entire industry chain from key materials to core equipment, aiming to regulate high-end technology while balancing national security and industrial competitiveness [1][2] - The controls specifically target high-end lithium battery products with an energy density of ≥300Wh/kg, focusing on next-generation technologies like semi-solid and solid-state batteries, while mainstream liquid batteries (around 260Wh/kg) are not affected [2] Group 2 - Leading companies in the lithium battery equipment sector, such as HaiMuxing, have demonstrated resilience and strategic stability in response to the policy changes, indicating that the export controls do not prohibit exports but require a license application [3] - Companies like XianDao Intelligent express optimism, noting that their overseas orders primarily come from domestic battery manufacturers and are not subject to the new controls [3] - Industry experts suggest that while the immediate impact of the export controls is limited, they will promote a healthier, more localized, and strategically controlled industry chain in the long term, potentially benefiting compliant and globally experienced leading companies [3]

Core Viewpoint - The Chinese Ministry of Commerce emphasizes that recent export controls on rare earths and related items are not a ban on exports, but rather a legal measure to enhance its export control system, ensuring compliance with regulations [1][3]. Group 1: Export Control Measures - On October 9, the Ministry of Commerce announced two measures to strengthen export controls on rare earth-related items and technologies, including five types of heavy rare earths, lithium batteries, and artificial graphite anode materials [1]. - The Ministry clarified that applications meeting the regulations will be approved, indicating that the export controls are not prohibitive but regulatory [1][3]. Group 2: U.S. Trade Policies - The U.S. has been criticized for its extensive use of export controls, with over 3,000 items on its control list compared to China's 900, which the Ministry claims disrupts international trade and supply chain stability [2]. - The U.S. has recently implemented additional restrictions on Chinese entities, including listing several on export control lists and imposing high tariffs, which China views as a form of unilateralism [2][4]. Group 3: Response to U.S. Measures - In response to the U.S. imposing port fees on Chinese vessels, China has decided to implement countermeasures, including special port fees for U.S.-owned or operated ships, citing the need to protect its legitimate rights and interests [4][5]. - The Ministry of Commerce has stated that these countermeasures are necessary defensive actions aimed at maintaining fair competition in the international shipping and shipbuilding markets [5].

Group 1 - Since September, brokerages have conducted research on over 880 listed companies, primarily in the machinery, electronics, pharmaceuticals, power equipment, basic chemicals, and computer industries [1] - After the National Day and Mid-Autumn Festival holidays, institutions quickly researched 39 listed companies, focusing on machinery, power equipment, basic chemicals, and automotive sectors [1] - Seven companies received attention from at least 10 institutions, including Rongbai Technology, Julite, Sifangda, Guangmai Technology, Alite, Beiqi Blue Valley, and Songsheng Co., Ltd [1] Group 2 - On October 9, the Ministry of Commerce and the General Administration of Customs announced export control measures on five items, including superhard materials, rare earth equipment, and lithium battery materials, set to take effect on November 8 [1] - Following the announcement, several related listed companies held investor communication meetings to discuss the impact of the new export control policies [1]

【环球时报驻美国特约记者 李准 环球时报记者 于睿同 环球时报特约记者 甄翔 于文】商务部新闻发言 人12日就近期中方相关经贸政策措施情况答记者问。针对美方以"中方采取稀土等相关物项出口管制"为 由，威胁将对中方加征100%关税，并对所有关键软件实施出口管制，发言人表示：动辄以高额关税进 行威胁，不是与中方相处的正确之道。对于关税战，中方的立场是一贯的，我们不愿打，但也不怕打。 中方敦促美方尽快纠正错误做法，以两国元首通话重要共识为引领，维护好来之不易的磋商成果，继续 发挥中美经贸磋商机制作用，在相互尊重、平等协商基础上，通过对话解决各自关切，妥善管控分歧， 维护中美经贸关系稳定、健康、可持续发展。如果美方一意孤行，中方也必将坚决采取相应措施，维护 自身正当权益。在美国国内，劝美政府别打贸易战、稳定市场的声音也占了主流。CNBC网站称，美方 发出对中国加征100%的关税威胁后，美股一天蒸发2万亿美元，创下今年4月"解放日"以来最差表现。 《华盛顿邮报》发表社论，建议美国政府和中国谈判，别打贸易战。 美股一天蒸发 2 万亿美元 就在美国总统特朗普10日通过社交平台发出关税威胁当天，美国股市迅速作出反应。据CNB ...