Core Points - The meeting on September 24 involved Li Chenggang, the international trade negotiation representative and vice minister, discussing Sino-US economic and trade relations with representatives from the international business community [1] - Topics included the development of foreign enterprises in China, indicating a focus on enhancing foreign investment and cooperation [1] Group 1 - The meeting aimed to address Sino-US economic and trade relations [1] - Discussions included the development of foreign enterprises in China, highlighting the importance of foreign investment [1]

Core Viewpoint - The meeting held by Wang Wentao, Minister of Commerce, in New York emphasized the importance of maintaining and expanding practical cooperation between Chinese enterprises in the U.S. and their American counterparts, amidst challenges posed by unilateralism and protectionism [1] Group 1: Meeting Overview - The roundtable included representatives from over ten Chinese enterprises in the U.S. across various sectors such as finance, logistics, cross-border e-commerce, petrochemicals, telecommunications, rail transit, auto parts, new energy, and pharmaceuticals [1] - Wang Wentao highlighted the strategic guidance from the leaders of both countries, which has clarified the principles and direction for the development of Sino-U.S. economic and trade relations [1] Group 2: Challenges and Recommendations - The current global trade landscape is facing severe impacts from unilateralism and protectionism, necessitating that enterprises adapt to the situation and focus on diversified layouts and compliant operations [1] - Companies are encouraged to seek certainty amid uncertainty, collaborate closely, and oppose internal competition and external pressures [1] Group 3: Government Support - The Ministry of Commerce is committed to stabilizing Sino-U.S. economic and trade cooperation and safeguarding the legitimate rights and interests of Chinese enterprises [1] - Efforts will be made to create a favorable environment for mutual cooperation between enterprises from both countries [1]

Group 1 - The Ministry of Commerce of China held a roundtable meeting in New York with Chinese enterprises in the U.S., discussing business conditions and cooperation proposals in various sectors including finance, logistics, and new energy [1] - Wang Wentao emphasized the importance of the strategic guidance from the leaders of both countries for the development of Sino-U.S. economic and trade relations, highlighting previous agreements that have helped stabilize these relations [1] - The meeting addressed the challenges posed by unilateralism and protectionism in the global trade landscape, urging companies to adapt and seek certainty amid uncertainties [1] Group 2 - Recent talks between China and the U.S. in Madrid focused on economic issues, including the TikTok situation, with both sides reaching a basic framework consensus on cooperation to resolve these issues and reduce investment barriers [3][4] - The Chinese government reiterated its stance against politicizing economic and technological issues, emphasizing the need for a fair business environment for Chinese companies operating in the U.S. [3][4] - The discussions included a commitment to provide an open, fair, and non-discriminatory business environment for Chinese enterprises, which is crucial for the stability and sustainability of Sino-U.S. economic relations [4]

Core Viewpoint - TikTok is emerging as a "thermometer" for Sino-U.S. economic relations, highlighting the need for an open, fair, and non-discriminatory business environment to stabilize relations between the two countries [2] Group 1: Trade Relations - Over the past 40 years, Sino-U.S. trade has surged by more than 270 times, with projections for 2024 nearing $688.3 billion [2] - U.S. exports to China support millions of jobs, indicating the vitality of the Chinese market [2] Group 2: Political Challenges - The U.S. has increasingly politicized trade, using "security" as a justification for restrictions on various sectors, including semiconductors and social media platforms [2] - Actions taken by the U.S. not only hinder Chinese companies but also adversely affect American firms, disrupting global supply chains [2] Group 3: Future Cooperation - China maintains a clear stance that differences can be resolved through dialogue and expresses a reluctance to engage in trade wars, while firmly upholding its bottom line [2] - Historical evidence suggests that Sino-U.S. cooperation is mutually beneficial, presenting opportunities rather than burdens [2]

上周，中美两国元首在9月19日晚的通话，再次为两国经贸关系发展提供了战略指引。这是今年以 来两国元首的第三次直接沟通，反映出双方对管理世界上最重要双边关系的持续重视。通话传递出中方 对稳定中美经贸关系的明确期望，即美方应为中国企业到美国投资提供开放、公平、非歧视的营商环 境。这一要求的提出基于对中美经贸优势互补、互利共赢本质的深刻认识，稳定中美经贸关系离不开良 好的营商环境。 中美建交40多年来，双边贸易额增长了270多倍，2024年达到近6883亿美元，双向投资存量超过 2600亿美元。如此紧密的联系源于两国经济的深度互补性，而非任何单方面的施予或恩赐。美国企业实 际上从这种合作中获得了巨大利益。数据显示，2024年美国出口中相当大比例的产品销往中国，这支撑 了美国国内近百万人就业。这表明，中美经贸往来若综合考虑货物贸易、服务贸易和本国企业在对方国 家分支机构的本地销售额3项因素，双方获益大致平衡。所谓美国在中美经贸关系中"吃亏"的说法，缺 乏事实依据。 在近期中美经贸磋商中，中方团队展现了平等、尊重和互惠的精神。中方肯定了过去几个月双方团 队通过多轮磋商取得的进展，同时也明确向美方提出严正关切，要求美方避 ...

Core Points - The recent phone call between the leaders of China and the U.S. emphasizes the importance of a stable economic relationship and the need for a fair business environment for Chinese companies investing in the U.S. [1] - The bilateral trade volume has increased over 270 times since the establishment of diplomatic relations, reaching nearly $688.3 billion in 2024, with mutual investment stock exceeding $260 billion [1] - The U.S. benefits significantly from trade with China, with a large portion of U.S. exports going to China, supporting nearly a million jobs domestically [1] Group 1 - The U.S. has implemented unilateral and protectionist measures against Chinese companies under the guise of "national security," including export controls and restrictions on investment [2] - The semiconductor industry, which relies on close cooperation between U.S. and Chinese firms, has been adversely affected by these restrictions, ultimately harming U.S. interests [2] - China advocates for resolving trade differences through equal dialogue and does not wish to engage in a trade war, while also emphasizing the need to protect its development rights [2] Group 2 - During recent trade discussions, the Chinese team demonstrated a spirit of equality and respect, acknowledging progress while expressing concerns over unilateral trade restrictions [3] - China supports companies like TikTok in seeking solutions through market-based negotiations, provided they comply with Chinese laws and principles of interest balance [3] - A stable economic relationship requires the U.S. to translate commitments into actions, recognizing that a good business environment is mutually beneficial [3]

上周，中美两国元首在9月19日晚的通话，再次为两国经贸关系发展提供了战略指引。这是今年以来两 国元首的第三次直接沟通，反映出双方对管理世界上最重要双边关系的持续重视。通话传递出中方对稳 定中美经贸关系的明确期望，即美方应为中国企业到美国投资提供开放、公平、非歧视的营商环境。这 一要求的提出基于对中美经贸优势互补、互利共赢本质的深刻认识，稳定中美经贸关系离不开良好的营 商环境。 在近期中美经贸磋商中，中方团队展现了平等、尊重和互惠的精神。中方肯定了过去几个月双方团队通 过多轮磋商取得的进展，同时也明确向美方提出严正关切，要求美方避免采取单方面贸易限制措施，防 止冲击已经达成的共识。对于具体问题如TikTok，中方尊重企业意愿，支持企业在符合市场规则基础上 通过商业谈判达成解决方案，但这也必须符合中国法律法规和利益平衡的原则。 中方始终认为，中美作为全球最大的两个经济体，出现经贸分歧是正常的，关键是要通过平等对话妥善 解决。中国不愿打贸易战，但也会坚定维护国家发展权益和人民正当利益。 中美建交40多年来，双边贸易额增长了270多倍，2024年达到近6883亿美元，双向投资存量超过2600亿 美元。如此紧密的联系源 ...

Report Summary 1. Investment Rating - No investment rating is provided in the report. 2. Core View - On Tuesday, the HC2601 contract opened lower and moved lower. The weekly output of hot - rolled coils continued to increase, with a capacity utilization rate of 83.4%. Demand declined slightly and inventory increased. Overall, hot - rolled coil production remained at a high level, terminal demand had strong resilience, and the steel market was intertwined with long and short factors, so the futures price might fluctuate. Technically, the 1 - hour MACD indicator of the HC2601 contract showed that DIFF and DEA were adjusting downward with an enlarged green column. It is recommended to conduct short - term trading and pay attention to rhythm and risk control [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the HC main contract was 3,340 yuan/ton, down 40 yuan; the position volume was 1367093 lots, down 15676 lots; the net position of the top 20 in the HC contract was - 97,783 lots, up 14344 lots; the HC10 - 1 contract spread was 50 yuan/ton, up 10 yuan; the HC warehouse receipt at the Shanghai Futures Exchange was 38151 tons, down 280 tons; the HC2601 - RB2601 contract spread was 185 yuan/ton, down 10 yuan [2]. 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,410 yuan/ton, down 40 yuan; in Guangzhou was 3,370 yuan/ton, down 30 yuan; in Wuhan was 3,430 yuan/ton, down 30 yuan; in Tianjin was 3,330 yuan/ton, down 20 yuan. The basis of the HC main contract was 70 yuan/ton, unchanged; the spread between Hangzhou hot - rolled coils and rebar was 90 yuan/ton, down 20 yuan [2]. 3.3 Upstream Situation - The price of 61.5% PB iron ore fines at Qingdao Port was 797 yuan/wet ton, down 9 yuan; the price of Hebei quasi - first - grade metallurgical coke was 1,490 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,290 yuan/ton, unchanged; the price of Hebei Q235 billet was 3,030 yuan/ton, down 20 yuan. The inventory of iron ore at 45 ports was 13,804.22 million tons, down 48.91 million tons; the inventory of coke at sample coking plants was 42.21 million tons, down 1.55 million tons; the inventory of coke at sample steel mills was 644.90 million tons, up 11.29 million tons; the inventory of Hebei billets was 121.73 million tons, down 7.22 million tons [2]. 3.4 Industry Situation - The blast furnace operating rate of 247 steel mills was 84.00%, up 0.15 percentage points; the blast furnace capacity utilization rate was 90.38%, up 0.18 percentage points. The output of hot - rolled coils of sample steel mills was 326.49 million tons, up 1.35 million tons; the capacity utilization rate of hot - rolled coils was 83.40%, up 0.34 percentage points. The inventory of hot - rolled coils at sample steel mills was 81.30 million tons, up 0.42 million tons; the social inventory of hot - rolled coils in 33 cities was 296.69 million tons, up 4.25 million tons. The domestic crude steel output was 7,737 million tons, down 229 million tons; the net export volume of steel was 901.00 million tons, down 38.00 million tons [2]. 3.5 Downstream Situation - The monthly output of automobiles was 281.54 million vehicles, up 22.43 million vehicles; the monthly sales of automobiles were 285.66 million vehicles, up 26.32 million vehicles. The monthly output of air conditioners was 1,681.88 million units, down 377.77 million units; the monthly output of household refrigerators was 945.32 million units, up 72.25 million units; the monthly output of household washing machines was 1,013.18 million units, up 135.75 million units [2]. 3.6 Industry News - On September 23, the National Energy Administration released the data on全社会 electricity consumption in August, reaching 1015.4 billion kWh, a year - on - year increase of 5.0%. The全社会 electricity consumption exceeded 1 trillion kWh in July and August, which was the first time globally. The Ministry of Ecology and Environment held the 2025 air pollution prevention and control work conference in Beijing [2].

人民财讯9月23日电，9月22日，商务部国际贸易谈判代表兼副部长李成钢会见美国中西部地区政商领袖 代表团，双方就中美经贸关系、中美省州经贸合作等议题进行交流。 ...

Group 1 - A bipartisan delegation from the U.S. Congress visited China, marking the first visit by House members since 2019, indicating a potential thaw in U.S.-China relations after years of tension [3][6] - The delegation's six-day visit includes discussions with various Chinese departments, emphasizing the U.S. intention to enhance mutual understanding [3] - Economic relations between the two countries appear to be stabilizing, with previously planned tariff increases postponed to November 10, suggesting effective communication mechanisms in the economic domain [3] Group 2 - Military dialogue between the U.S. and China is highlighted as a critical area needing improvement, with concerns raised about the lack of effective communication potentially leading to risks [3][6] - The upcoming Xiangshan Forum will see a lower-level U.S. representation compared to previous years, indicating insufficient military exchanges [3] - The visit is seen as a potential opportunity to establish new channels for dialogue across various sectors, which is essential for the long-term stability of U.S.-China relations [6]