MILAN — The European Union’s antitrust authority has fined luxury brands Gucci, Loewe and Chloé a total of more than 157 million euros alleging the companies have engaged in anticompetitive pricing practices. Following initial investigations commenced in 2023 and carried out via unannounced inspections at the brands’ premises, the European Commission opened formal proceedings a year later into alleged infringement of so-called resale price maintenance, or RPM. More from WWD According to the antitrust watc ...

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views of the Report - China's September import and export data exceeded expectations, with exports in US dollars up 8.3% year - on - year and imports up 7.4% year - on - year [7][8]. - Glass is short - term weak and medium - term in a volatile market; sugar is under pressure due to supply surplus expectations [9][10]. - Different commodities have different price trends, such as gold continuing to hit new highs, silver approaching a 50 - high, etc. [13] 3. Summaries by Related Catalogs 3.1 Today's Discovery - China's September import and export data in US dollars showed strong growth, with export growth at a six - month high and import growth at a 17 - month high. The acceleration of imports may be related to policy - based financial tools and project starts [7][8]. 3.2 Director's Top Picks Glass - Short - term: Market has large differences on future production cuts, downstream has sufficient inventory, and real - estate market is weak, so the spot market is weak. - Medium - term: Anti - deflation and anti - involution policies are still in the window period, and the previous high futures premium has changed, so be cautious at low levels [9]. Sugar - Brazil's sugar production and export situation: As of September 16, 25/26 season, cumulative sugar production was 3039 million tons, and September exports decreased. - India has a large - scale production increase expectation, with an expected 3490 million tons in the 25/26 season. - China's sugar imports remain at a high level, with an expected import volume of 500 million tons in both 24/25 and 25/26 seasons [10]. 3.3 Commodity Research Morning Report Precious Metals - Gold continues to hit new highs, and silver approaches a 50 - high. The report provides detailed price, trading volume, inventory, and other data [13][17]. Base Metals - Copper: Market sentiment improves, and prices rise. - Zinc: Weakly volatile. - Lead: Domestic inventory reduction limits price decline. - Tin: Pay attention to macro - impacts. - Aluminum: Ranges in a volatile market; alumina's center of gravity moves down; cast aluminum alloy follows electrolytic aluminum [13][23][26]. Other Metals and Minerals - Nickel: Macro - sentiment turns bearish, and prices are low - level volatile. - Stainless steel: Macro and reality jointly exert pressure, and the lower - cost limit restricts price elasticity. - Carbonate lithium: Warehouse receipts are largely liquidated, providing upward momentum. - Industrial silicon: Limited upside space. - Polysilicon: There are many self - discipline meetings this week, warehouse receipts are slightly liquidated, and market sentiment may improve [13][39][42]. Building Materials and Energy - Iron ore: Widely volatile. - Rebar and hot - rolled coil: Weak reality and weakening expectations may lead to a slight decline in steel prices. - Coke and coking coal: Macro - expectations are fluctuating, and prices are weakly volatile. - Logs: Fluctuate repeatedly [13][51][60]. Chemicals - PX and PTA: Weak in the medium term. - MEG: 1 - 5 month spread reverse arbitrage [13][66].

Core Viewpoint - Microsoft is facing a new consumer lawsuit alleging that it illegally inflated the prices of generative artificial intelligence through a secret agreement with OpenAI, the developer of ChatGPT [1] Group 1: Lawsuit Details - The class action lawsuit has been filed in federal court in San Francisco [1] - The lawsuit claims that Microsoft used its exclusive cloud computing agreement with OpenAI to limit the supply of computing resources necessary to run ChatGPT [1] - Microsoft has invested over $13 billion in OpenAI to date [1] Group 2: Allegations and Implications - The complaint alleges that the agreements made during OpenAI's early development phase violate U.S. federal antitrust laws [1] - It is claimed that these actions suppressed market competition and artificially raised the subscription prices for ChatGPT [1] - The lawsuit also states that the quality of the product for millions of users of the AI platform has been harmed [1]

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 10月13日消息，市场监管总局反垄断二司网站刊发其负责人就对美国高通公司违反《中华人民共和国反垄断法》（以下简称《反垄断法》）立案调查事回 答了记者提问。 总部位于美国的高通主要从事电子科技行业，经营范围包括发明移动基础科技，研发无线芯片平台和其它产品解决方案等，是全球领先的无线通信芯片供 应商，在移动通信领域占据主导地位。 2024年3月12日，该局书面通知高通公司要求其进行申报，否则不得实施集中。2024年3月14日，高通明确答复将放弃该交易。2025年6月，高通在未进行 申报、也未与该局作任何沟通的情况下完成对Autotalks的收购。 公开资料显示，2023年5月8日高通宣布其子公司收购Autotalks公司。后者是一家无晶圆厂半导体公司，致力于为人工驾驶和自动驾驶车辆提供车联网 （V2X) 通信，其总部位于以色列，在北美、中国、德国、法国、日本和韩国设有办事处。 过去两年多，该交易因引发多国反垄断监管机构的担忧而搁置。今年6月5日，高通在公司官网宣布已完成对Autotalks的收购。 《中 ...

国际巨头高通公司被中国市监总局反垄断调查一事引发广泛关注，很多分析认将其放到中国博弈层面观 察，不过如果从中国监管机构的执法层面看，高通公司被调查并不是什么意外的事情，这里分享一点信 息供参考。 据媒体报道，高通公司因收购以色列芯片企业Autotalks时未依法申报经营者集中，涉嫌违反《中华人民 共和国反垄断法》，10月10日被中国市场监管总局正式立案调查。 昨天央视进一步发布了市场监管总局相关负责人答记者问，这里进一步介绍了调查的细节，这个内容非 常有意思，我们后边细说。 目前我看到很多媒体和自媒体都把这件事放到中美博弈框架下解读，跟稀土出口管制放在一起讨论。 当然如果放到一个较长的历史进程看，确实这是中美博弈的一部分，但是我认为这个结果其实一点都不 意外，短期中美关系是否缓都不影响这次执法，这里分享一点信息供参考。 首先我们说一下事情的源头。 大家好，我是关注新闻和法律的老梁。 2023年，高通公司当时自己发了一个声明，想要收购以色列公司Autotalks，公开资料这是一家车联网领 域半导体公司，看资料跟防碰撞技术有关，这个就是技术领域我也不懂。 关于这起收购，市监总局也说了，是当时收到了举报，这举报者是 ...

据介绍，2023年5月，高通公司宣布收购Autotalks公司。在收到举报后，市场监管总局对该项集中 进行了综合评估，认为该项集中虽未达到申报标准，但有证据证明具有或者可能具有排除、限制竞争效 果。2024年3月12日，根据反垄断法，市场监管总局书面通知高通公司要求其进行申报，未申报或者申 报后获得批准前不得实施集中。2024年3月14日，高通公司致函市场监管总局，表示放弃此项交易。 2025年6月，高通公司在未进行申报也未与市场监管总局作任何沟通的情况下，完成对Autotalks公司的 收购。接到举报后，市场监管总局进行了核实，高通公司也承认了相关事实。在相关事实清楚、证据确 凿的基础上，市场监管总局依法对高通公司收购Autotalks公司违法实施经营者集中事宜进行立案调查。 下一步，市场监管总局将继续秉持依法依规、客观公正原则推进相关调查工作。 日前，市场监管总局反垄断二司负责人就对高通公司立案调查回答了记者提问。 问：近日，因高通公司涉嫌违反反垄断法，市场监管总局对其立案调查。请介绍一下具体情况。 答：这是市场监管总局依据反垄断法开展的一项日常执法工作。 ...

Group 1 - The Ministry of Commerce of China clarified that the recent export controls on rare earths are not a ban, and applications that meet regulations will be approved [2] - The U.S. Vice President indicated a willingness for rational negotiations with China regarding tariff threats, suggesting potential easing of tensions [2] - Wentech Technology criticized the Dutch government's actions against its subsidiary, stating it is based on geopolitical bias rather than factual risk assessment [2] Group 2 - The State Administration for Market Regulation in China has taken action against Qualcomm for failing to report a merger that may restrict competition, leading to an investigation [3] - A national conference emphasized the need for a modernized industrial technology innovation system to enhance high-quality technological supply [3] Group 3 - The Hainan provincial government is accelerating the construction of a free trade port, aiming for high-quality development and cooperation with global free zones [4] - Zhejiang province plans to build a modernized urban system by 2030, with a focus on enhancing GDP rankings and digital economy contributions [4] Group 4 - The Hong Kong government is participating in the IMF and World Bank annual meetings to discuss international financial trends and promote the potential of the Northern Metropolis and the Greater Bay Area [5] - Nearly 100,000 elderly residents from Hong Kong have chosen to settle in Guangdong province, indicating a trend in retirement preferences [6] Group 5 - A-shares have seen a recent adjustment after reaching new highs, with analysts suggesting a focus on policy-driven sectors and strong earnings reports for future investments [7] - The third-quarter earnings forecasts show a high percentage of companies expecting positive results, indicating market optimism [7] Group 6 - Fund companies are increasingly launching new products, with a significant portion being equity funds, reflecting renewed interest in equity assets [8] - Companies like Sany Heavy Industry and Baoma Tea have passed listing hearings in Hong Kong, indicating ongoing market activity [8] Group 7 - Recent export controls and licensing systems are seen as measures to protect national interests while potentially benefiting compliant enterprises in the global market [9] - The 138th Canton Fair is set to open with record participation, signaling resilience in China's foreign trade [11] Group 8 - Regulatory measures are being strengthened against the misuse of personal business loans in the real estate market, highlighting emerging risks [12] - The insurance sector is adapting to new regulations aimed at promoting high-quality development in non-auto insurance [12] Group 9 - Australia is considering a mineral resources agreement with the U.S. to support critical mineral projects, reflecting strategic resource management [13] - The global semiconductor industry anticipates significant investment in 300mm wafer fabs, indicating growth in technology manufacturing [14] Group 10 - Binance experienced technical issues during a market crash but maintained that core operations remained stable, emphasizing the need for responsible management [15] - The impact of recent market volatility on hedge funds and trading firms is being closely monitored, with potential risks of broader contagion [15] Group 11 - Global central bank leaders are set to discuss stock market bubbles and potential risks at the upcoming IMF and World Bank meetings, reflecting concerns over asset valuations [19] - Nvidia's CEO has sold a significant amount of stock, raising questions about insider trading and market confidence [20] Group 12 - Gold prices have reached historic highs, prompting banks to issue risk warnings regarding precious metal investments [21] - Silver prices have surged, causing liquidity issues in the market, highlighting the volatility in precious metals trading [21]

每经编辑｜张喜威 王瀚黎 V 中国外汇交易中心优化"互换通"运 月13日起每日净限额将提至450亿元 2 诺贝尔经济学奖获奖人选将公布 3 第30次原子能机构聚变能会议将于 18日举办 4 2025年IMF和世界银行秋季年会排 至18日召开头 5 国内成品油将开启新一轮调价窗口 1 对高通公司立案调查 市场监管总局：相关事实清楚、证据确凿 日前，市场监管总局反垄断二司负责人就对高通公司违反《中华人民共和国反垄断法》（以下简称《反垄断法》）立案调查事回答了记者提问表示：这是市 场监管总局依据《反垄断法》开展的一项日常执法工作。2025年6月，高通公司在未进行申报、也未与我局作任何沟通的情况下，完成对Autotalks公司的收 购。接到举报后，我局进行了核实，高通公司也承认了相关事实。在相关事实清楚、证据确凿的基础上，我局依法对高通公司收购Autotalks公司违法实施经 营者集中事宜进行立案调查。（央视新闻） 2 冲上热搜！商务部公告附件首次改为wps格式 10月12日，"商务部公告附件首次改为wps格式"词条登上微博热搜。10月9日，商务部发布2025年第61号公告，对含有中国成分的部分境外稀土相关物项实 施 ...

Core Viewpoint - Qualcomm is under investigation by China's State Administration for Market Regulation for failing to legally declare its acquisition of Israeli chip company Autotalks, which allegedly violates China's Anti-Monopoly Law [1][4]. Group 1: Background of the Investigation - The acquisition of Autotalks by Qualcomm was first announced in May 2023 and completed in June 2025, but it has faced scrutiny from multiple antitrust regulators globally [3]. - The UK's Competition and Markets Authority investigated the acquisition in September 2023, and the U.S. Federal Trade Commission raised concerns in March 2024 about potential harm to the V2X chip market, leading Qualcomm to temporarily abandon the deal [3]. Group 2: Market Impact - Following the announcement of the investigation, Qualcomm's stock price fell nearly 3% in pre-market trading, while Apple's stock dropped by 4% [4]. - The investigation reflects ongoing tensions in U.S.-China trade relations, with the U.S. government maintaining a hardline stance against China in trade and technology sectors [4][5]. Group 3: Regulatory Context - The investigation is seen as a necessary action by Chinese regulators to uphold market competition and protect the health of related industries, particularly concerning the potential monopolization of V2X technology by Qualcomm [5][6]. - The U.S. government's recent trade policies, including proposed tariffs and export controls, may exacerbate the situation, potentially framing the investigation as part of broader U.S.-China tensions [5][6].

【导读】回顾周末大事，梳理券商最新研判 中国基金报记者 泰勒 大家好，马上就要到A股开盘了，周五晚上，因为特朗普再次威胁 将对中方加征100%关税， 全球市场暴跌，那么周一市场怎么走？我们一起分析一下。 周末大事 1.美方宣布将对中方加征100%关税，商务部回应 商务部新闻发言人就近期中方相关经贸政策措施情况答记者问。有记者问：美东时间10月10 日，美方宣布，针对中方采取的稀土等相关物项出口管制，将对中方加征100%关税，并对所 有关键软件实施出口管制，请问商务部对此有何评论？ 答：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。 2.交通运输部：自10月14日起 对美船舶收取船舶特别港务费 交通运输部发布关于对美船舶收取船舶特别港务费的公告。经国务院批准，自20 ...