Core Viewpoint - The Chinese government strongly opposes the recent announcement by the U.S. to impose a 100% tariff on Chinese goods starting November 1, in response to China's export controls on rare earths and related items [1]. Group 1: U.S.-China Trade Relations - The U.S. has been continuously implementing a series of restrictions and sanctions against China, which severely harm Chinese interests [1]. - The Chinese government emphasizes that the U.S. should not threaten with high tariffs and should instead engage in dialogue to resolve concerns based on equality, respect, and mutual benefit [1]. Group 2: Response and Future Actions - China urges the U.S. to correct its erroneous practices and to manage differences properly to maintain stable, healthy, and sustainable development of U.S.-China relations [1]. - If the U.S. persists in its unilateral actions, China will take corresponding measures to protect its legitimate rights and interests [1].

本文为转载内容，授权事宜请联系原著作权人 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。 广告等商务合作，请点击这里 来源：中国新闻网 编辑：徐世明 有记者提问：美国总统特朗普表示，美国将从11月1日起对中国商品加征100%关税。他表示，此举是为 了报复中国最近宣布的稀土出口管制措施。外交部对此有何评论？如果美方最终加征关税，中国是否计 划对来自美国的商品征收高额关税？ 林剑：中国商务部发言人已经就此阐明了中方立场。近一段时间来，美方持续出台一系列对华限制和制 裁措施，严重损害中方利益。中方对此坚决反对，美方不仅没有反躬自省，反而以高关税相威胁，这不 是同中方打交道的正确方式。 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，在平等、尊重和互惠基础上，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 也必将坚决采取相应措施，维护自身正当权益。(完) 美方威胁将会从11月1日起对华商品加征100%关税 外交部回应 中新网北京10月13 ...

les & FR 点击下载中国基金报客户端 外交部发言人林剑主持10月13日例行记者会。会上法新社记者提问称：特朗普当地时间10日表 示，针对中方采取的稀土等相关物项出口管制，美国将会从11月1日起对中国商品加征100%关 税，中方对此有何评论？中方对自美进口商品是否会征收新的关税？ 林剑对此表示，中国商务部发言人已经就此阐明了中方的立场。我要强调，近一段时间来，美方 持续出台一系列对华限制和制裁措施，严重损害中方利益。中方对此坚决反对。 林剑称， 美方不仅没有反躬自省，反而以高关税相威胁，这不是同中方打交道的正确方式。 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，在平等尊重和互惠基础上，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，中方也必将坚决采取相应措施，维护自身正当权益。 来源：中国新闻网 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人 ...

Group 1 - The core viewpoint of the article emphasizes that the U.S. is not reflecting on its actions but instead threatening China with high tariffs, which is not the correct way to engage with China [1] - The Chinese Ministry of Foreign Affairs has firmly opposed the series of restrictions and sanctions imposed by the U.S., which severely harm China's interests [1] - China urges the U.S. to correct its erroneous practices and resolve concerns through dialogue based on equality, respect, and mutual benefit, to maintain stable and healthy development of Sino-U.S. relations [1] Group 2 - The article mentions that if the U.S. continues its unilateral actions, China will take resolute measures to safeguard its legitimate rights and interests [1]

林剑对此表示，中国商务部发言人已经就此阐明了中方的立场。我要强调，近一段时间来，美方持续出 台一系列对华限制和制裁措施，严重损害中方利益。中方对此坚决反对。 林剑称，美方不仅没有反躬自省，反而以高关税相威胁，这不是同中方打交道的正确方式。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，在平等尊重和互惠基础上，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，中方也必将坚决采 取相应措施，维护自身正当权益。 据环球网，外交部发言人林剑主持10月13日例行记者会。会上法新社记者提问称：特朗普当地时间10 日表示，针对中方采取的稀土等相关物项出口管制，美国将会从11月1日起对中国商品加征100%关 税，中方对此有何评论？中方对自美进口商品是否会征收新的关税？ ...

（文章来源：环球网） 美方威胁将会从11月1日起对中国商品加征100%关税，林剑对此表示，中国商务部发言人已经就此阐明 了中方的立场。我要强调，近一段时间来，美方持续出台一系列对华限制和制裁措施，严重损害中方利 益。中方对此坚决反对。林剑称，美方不仅没有反躬自省，反而以高关税相威胁，这不是同中方打交道 的正确方式。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，在平等尊重和互惠基 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，中方也必将坚决采取相应措施，维护自身正当权益。 ...

Core Viewpoint - The recent announcement by the Chinese Ministry of Transport to impose special port fees on U.S. vessels starting October 14, 2025, has led to significant movements in the port and shipping stocks, indicating a potential short-term increase in shipping rates due to heightened cost transfer motivations among shipping companies [1][5][7]. Group 1: Market Reactions - Nanjing Port's stock price surged to the daily limit, while Lianyungang and several shipping stocks also experienced notable increases, with some stocks rising over 6% [1][3]. - The announcement has triggered a collective rally in the shipping sector, with various companies showing strong upward movements in their stock prices [2][3]. Group 2: Policy Implications - The special port fees will be charged based on net tonnage, starting at 400 RMB per net ton in 2025 and increasing to 1120 RMB by 2028 [6]. - The policy targets U.S.-owned or operated vessels, which could significantly impact the operational costs for shipping companies involved in U.S.-China trade [5][6]. Group 3: Investment Opportunities - Analysts suggest that the shipping sector may present investment opportunities due to the expected increase in shipping rates driven by the new fees and the ongoing trade tensions [7][9]. - The potential for increased freight rates is particularly pronounced in the VLCC market, where supply-demand fundamentals are already strong [8][9]. - Companies with no U.S. affiliations may benefit from reduced competition and increased pricing power in the shipping market [9][10].

Trade Relations - Recent escalation in China-U.S. trade tensions, with the U.S. imposing 232 tariffs on wooden products and additional fees on Chinese vessels[6] - China has responded with countermeasures, including export controls on critical industries and technologies, particularly rare earth materials[6] - The U.S. plans to impose a 100% tariff on Chinese goods and export controls on key software starting November 1, indicating a strategy to negotiate with China[6] Market Impact - Despite trade tensions, China's export share remains historically high, with WTO data showing resilience even during peak trade friction[6] - China's rare earth exports to countries like Japan and South Korea have resumed, excluding the U.S., complicating the situation for American industries reliant on these materials[6] Agricultural Dynamics - China, as the largest importer of U.S. soybeans (60% of global imports), has not booked any U.S. soybean shipments for Q4, raising concerns for U.S. agricultural states[6] - The U.S. soybean harvest season typically begins in September, and the lack of Chinese orders has led to fluctuating support rates for Trump in key agricultural states[6] Future Outlook - The report suggests that the current trade tensions are a short-term issue, with expectations for continued negotiations by the end of October[6] - The potential for U.S. soybean exports to China remains, as China's remaining import needs are comparable to last year's U.S. exports[6] - The report anticipates that global trade policy uncertainty will stabilize, allowing capital goods related to global industry migration to remain strong in exports[6]

Report Industry Investment Rating - The report does not explicitly mention an industry investment rating, but it suggests a cautious approach to short - selling methanol [1][23] Core Viewpoint - The recent decline in the methanol futures market is mainly due to high port inventories and weak demand. Although domestic methanol production has rebounded recently, multiple units are scheduled for maintenance in mid - October, and Iranian plants may shut down due to gas restrictions in winter, which will relieve supply pressure. The current basis convergence also limits the downside space. However, due to the escalation of Sino - US trade frictions and the decline in crude oil prices, methanol prices may be affected. In the fourth quarter, there is a high probability that Iranian plants will reduce production or shut down due to gas restrictions, which could support a rise in methanol prices [2][23] Summary by Directory 1. Market Trend Review - During the National Day holiday, the methanol market was quiet with weak prices due to limited trading. After the holiday, the macro situation was poor, and the concentrated release of crude oil price drops during the holiday led to a decline in the energy and chemical sector. The main methanol contract fell below 2,300 yuan/ton, reaching a new low since June. Spot prices in multiple regions decreased, with ports weaker than inland areas. On October 10, the import price in Taicang was 2,225 yuan/ton, down 17 yuan/ton from before the holiday, and the basis in East China ports converged significantly [6] 2. Supply Side - Domestic: From January to September, the cumulative domestic methanol production was 75.4 million tons, a year - on - year increase of 8.05 million tons or 11.96%. In September, the production was 8.0914 million tons, a year - on - year increase of 280,000 tons but a month - on - month decrease of 260,000 tons. After the National Day, production rebounded significantly, with the capacity utilization rate reaching 89.53% on October 10. According to the maintenance plan, starting from October 10, some northwest units will undergo large - scale maintenance, which may cause domestic production to decline again [7][8] - Overseas: The overseas plant operating rate has recovered significantly compared to before the holiday. As of October 10, the overseas methanol plant capacity utilization rate was 72.1%, and the weekly output exceeded 1 million tons. There were rumors that Iran may limit production or conduct maintenance due to gas supply shortages in mid - to - late October [10] 3. Demand Side - After the holiday, the restocking demand of downstream enterprises was limited. The operating rates of methanol downstream units were mixed. The MTO capacity utilization rate increased to 93.19% on October 10. However, most traditional downstream units' operating rates declined due to losses and maintenance plans [13][15] 4. Inventory - During the holiday, factory inventories increased, but the pressure was not large. After the holiday, factory inventories may decline. Port inventories increased again due to reduced提货 volume during the holiday. In September, the arrival volume was about 1.37 million tons, lower than expected, and some shipments were postponed to October. On October 10, the total social inventory of methanol was 1.5432 million tons, with port inventories at 1.8826 million tons [17] 5. Cost Side - After the holiday, coal prices rebounded. On the supply side, coal production was basically stable, but strict supervision limited production growth, and the Datong - Qinhuangdao Railway's autumn inspection affected coal transportation. On the demand side, electricity demand was relatively limited, but there was some rigid restocking demand after the holiday. It is expected that coal prices will fluctuate, and it is not advisable to be overly bearish in the short term [19] 6. Crude Oil - International crude oil prices have dropped significantly. The cease - fire agreement in Gaza led to the withdrawal of geopolitical risk premiums, and trade tensions and concerns about demand prospects also put pressure on prices. If WTI crude oil prices cannot recover above the $60/barrel mark, it will suppress the energy and chemical sector [22]

Group 1 - The report highlights that U.S. stocks experienced significant declines on "Black Friday" due to comments from Trump regarding tariffs on China, which may lead to a cycle of "threat-negotiation-exemption" [1][7] - The Federal Reserve officials expressed concerns about the labor market, with expectations of potential interest rate cuts increasing, particularly a 25 basis point cut in October [1][8] - The report emphasizes the importance of monitoring U.S.-China tariff negotiations and the impact of government shutdowns on data releases, while suggesting a favorable outlook for gold as a safe-haven asset [1][7] Group 2 - The report indicates mixed performance in global equity markets, with the Nikkei 225 showing the highest increase of 5.07%, while the Hang Seng Index and Dow Jones Industrial Average saw declines of 3.13% and 2.73%, respectively [2][29] - In the commodities market, COMEX silver and gold saw increases of 2.75% and 2.68%, respectively, while NYMEX light crude oil experienced a significant drop of 4.04% [24][43] - The report notes that the U.S. labor market remains a concern, with initial jobless claims data not being released due to the government shutdown, highlighting the uncertainty in economic indicators [8][29]