Core Viewpoint - Shipping stocks experienced a collective rise, driven by positive developments in US-China trade relations, which are expected to boost the shipping market and increase freight rates [1] Group 1: Stock Performance - Shipping stocks such as Seaspan International (01308) rose by 6.85% to HKD 30.58, Pacific Shipping (02343) increased by 4.67% to HKD 2.69, China COSCO Shipping (01919) gained 2.82% to HKD 13.87, and Orient Overseas International (00316) went up by 1.86% to HKD 137 [1] Group 2: US-China Trade Relations - On October 30, the leaders of the US and China held a meeting to discuss economic and trade relations, agreeing to enhance cooperation in these areas [1] - The US will cancel the 10% tariff on fentanyl and will continue to suspend the 24% reciprocal tariff for another year, which is expected to alleviate trade friction and promote global economic stability [1] Group 3: Market Outlook - The shipping market is supported by positive news, leading to increased booking activity and rising freight rates [1] - It is anticipated that US-China maritime trade will quickly recover, particularly in container exports from China to the US and imports of bulk commodities such as grain, oil, and natural gas from the US to China [1]

Group 1 - The core viewpoint emphasizes the importance of cooperation in the economic relationship between China and the United States, highlighting that trade should act as a stabilizing force rather than a point of conflict [1][2] - Since the establishment of diplomatic relations, trade between China and the U.S. has increased over 200 times, showcasing a mutually beneficial economic relationship [1] - Both countries are at a critical stage of economic transformation and upgrading, and collaboration can accelerate the conversion of technological innovations into productive forces [1] Group 2 - Acknowledgment of differences between the two nations is essential, but the focus should be on long-term benefits of cooperation rather than falling into a cycle of retaliation [2] - The recent economic discussions in Kuala Lumpur yielded positive results, demonstrating that dialogue and cooperation can effectively address issues [2] - A healthy and stable relationship between China and the U.S. aligns with the interests of both parties and the expectations of the international community [2]

中国贸促会：中美推进互利合作符合两国利益 中新社北京10月31日电 (陶思阅)中国贸促会新闻发言人杨帆31日在北京表示，中美推进互利合作符合两 国以及全球工商界共同利益。 当天举行的新闻发布会上，杨帆提到，今年1月至10月，中国贸促会引导组织了3500多家中国企业赴美 参加拉斯维加斯消费电子展等50多个专业展会，涉及电子、纺织、医药原料、光电、建材、储能等多个 领域，实际展出面积4.8万多平方米。 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 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。 今年前九个月，中国国际贸易促进委员会原产地证申报系统签发往美国的原产地证书6.6万份。中国贸 促会所属专利商标事务所、中国专利代理(香港)有限公司今年以来共代理美国申请人在华专利、商标申 请7000多件。 在中美企业合作项目(CMP)框架下，双方共同举办活动已超过100场，服务企业近3000家，在先进制 造、轨道交通、节能环保、金融、汽车等多个领域开 ...

Core Points - The US will cancel the 10% "fentanyl tariff" on Chinese goods and will continue to suspend the 24% reciprocal tariff for one year [1] - China will adjust its countermeasures on tariffs in response to the US actions [1] - Both sides agreed to extend certain tariff exclusion measures [1] - The discussions included cooperation on fentanyl drug control, expanding agricultural trade, and handling specific corporate cases [1] - The US made positive commitments in investment and both sides will work to resolve issues related to TikTok [1] - The negotiations demonstrate that dialogue and cooperation can lead to solutions for economic issues [1] Summary of Key Agreements - The US will suspend the implementation of the 50% penetrative export control rules announced on September 29 for one year [2] - China will also suspend its related export control measures announced on October 9 for one year and will study specific plans [2] - The US will suspend its 301 investigation measures on maritime, logistics, and shipbuilding industries for one year, with China reciprocating by suspending its countermeasures [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The oil price is expected to continue wide - range fluctuations. The weak fundamentals will continue to put pressure on the oil price, while the uncertainty of geopolitics will intensify market volatility. The "weak expectation" fundamentals will suppress the oil price performance, but the shale oil cost will provide psychological support, and the market's downward space may be limited. It is recommended to pay attention to the WTI crude oil range of $55 - 65 per barrel [7][55]. 3. Summary by Directory 3.1 Market Review - In October, the crude oil market showed a narrow - range fluctuation pattern under the game of long and short factors. At the beginning of the month, OPEC+ announced to maintain a small increase in production, and the intensification of Sino - US trade frictions suppressed the oil price from both supply and demand sides. At the end of the month, the US sanctions on Russian oil companies led to a rebound in the oil price. In the future, the weak fundamentals and geopolitical uncertainties will make the oil price continue wide - range fluctuations [7]. 3.2 Macroeconomic Analysis - **Sino - US Relations**: The Sino - US leaders' meeting and the positive results of the Sino - US economic and trade consultations in Kuala Lumpur have led to a warming at the macro - level. The US will cancel the 10% "fentanyl tariff" on Chinese goods and continue to suspend the 24% reciprocal tariff for one year. Both sides will adjust relevant measures and extend some tariff exclusion measures [10]. - **Fed's Interest Rate Decision**: The Fed cut interest rates by 25 basis points in October, but there is uncertainty about a December rate cut. After Fed Chairman Powell's "hawkish" speech, the probability of a December rate cut is expected to be 71%, lower than the previous 90%. If economic data further decline, it will strengthen the expectation of crude oil supply surplus and suppress the oil price [13]. - **Geopolitical Factors**: There were frequent geopolitical events in October, including US - Russia phone communication, US sanctions on Russian oil companies, and the EU's 19th round of sanctions on Russia. These sanctions have increased geopolitical risks, causing the oil price to rebound. However, the impact on Russian oil production and global supply is limited [14]. - **OPEC+ Production Policy**: OPEC+ will increase production by 137,000 barrels per day in November. Saudi Arabia is the main force of the increase. The market expects OPEC+ to continue a small increase in production in the November meeting, which will put pressure on the oil price [16]. - **IEA Forecast**: The IEA raised the global crude oil supply growth forecast by 300,000 barrels per day to 3 million barrels per day in 2025 and lowered the demand growth forecast by 30,000 barrels per day to 710,000 barrels per day, maintaining the expectation of supply surplus [17]. 3.3 Supply - Demand Analysis - **Supply Side** - OPEC+ production increased in September. Saudi Arabia, the UAE, and Iran were the main contributors to the increase. OPEC+ is expected to fully implement the 2.2 million barrels per day production increase in the fourth quarter [19]. - US crude oil production reached a record high of 13.644 million barrels per day in the week ending October 24. The US oil drilling rig count increased slightly, but the rebound was limited, and it is expected to remain at a low level [22][24]. - **Demand Side** - In September, the US manufacturing PMI declined, and the Chicago PMI decreased slightly, which suppressed crude oil demand. The US refinery operating rate is expected to increase seasonally in the fourth quarter [26][32]. - In September, China's manufacturing PMI rebounded but remained below the boom - bust line. The operating rates of Chinese refineries showed differentiation, and domestic crude oil consumption faces the pressure of a phased decline [40][44]. - **Inventory** - US EIA crude oil inventories and strategic petroleum reserve inventories decreased in the week ending October 24. Cushing crude oil inventories and gasoline inventories also decreased, but gasoline may face inventory accumulation pressure at the end of the fourth quarter [48][53].

Core Points - The U.S. Treasury Secretary indicated that a U.S.-China trade agreement could be signed as early as next week, which aligns with China's expectations for trade relations [1][3] - Chinese Foreign Ministry spokesperson emphasized the mutual benefits of U.S.-China economic relations, stating that trade should serve as a stabilizing force rather than a point of conflict [3] Group 1 - The meeting between the U.S. and Chinese leaders in Busan included discussions on economic and trade relations, with an agreement to enhance cooperation in these areas [1][3] - China is committed to implementing the important consensus reached by the two heads of state, focusing on equality, respect, and mutual benefit through dialogue and consultation [3] - The Chinese government has expressed willingness to adjust countermeasures in response to U.S. tariffs on Chinese imports, indicating a potential shift in trade policy [3]

Core Viewpoint - The essence of China-U.S. economic and trade relations is mutual benefit and win-win cooperation, with a focus on dialogue and collaboration to enhance stability and certainty in the global context [1] Group 1: Economic Cooperation - The leaders of China and the U.S. discussed economic and trade relations during their meeting in Busan, agreeing to strengthen cooperation in these areas [1] - China is willing to work with the U.S. to implement the important consensus reached by the two heads of state, emphasizing equality, respect, and mutual benefit [1] Group 2: Problem-Solving Approach - China aims to continuously reduce the list of issues while expanding the list of cooperation through dialogue and consultation [1] - The goal is to promote healthy, stable, and sustainable development of China-U.S. relations, contributing to greater certainty and stability in the world [1]

Core Viewpoint - The meeting between the leaders of China and the United States in Busan, South Korea, emphasizes the importance of strengthening economic and trade cooperation between the two countries, with a focus on mutual benefits for the business communities involved [1][3]. Group 1: Economic Cooperation - The Chinese and U.S. business communities are seen as the main force and beneficiaries of bilateral economic cooperation, forming a mutually beneficial interest community [3]. - The China Council for the Promotion of International Trade (CCPIT) has organized over 60 delegations from U.S. institutions and enterprises to visit China this year, indicating strong engagement [3]. - The number of U.S. exhibitors at the third Chain Expo increased by 15% compared to the previous year, highlighting growing interest in collaboration [3]. Group 2: Trade Statistics - In the first nine months of this year, the CCPIT issued 66,000 certificates of origin for exports to the U.S., and facilitated over 7,000 patent and trademark applications for U.S. applicants in China [3]. - From January to October, over 3,500 Chinese enterprises participated in more than 50 professional exhibitions in the U.S., covering various sectors such as electronics and textiles, with a total exhibition area exceeding 48,000 square meters [3]. Group 3: Market Diversification - China's trade with countries involved in the Belt and Road Initiative reached 17.37 trillion yuan, a 6.2% increase, accounting for 51.7% of total trade value [6]. - Trade with ASEAN, Latin America, Africa, and Central Asia saw increases of 9.6%, 3.9%, 19.5%, and 16.7% respectively [6]. Group 4: Regional Cooperation - The CCPIT is actively promoting trade cooperation with ASEAN countries, organizing over 152 exhibition projects with more than 5,000 participating enterprises this year [7]. - The 18th China-Latin America Entrepreneurs Summit will be held in Zhengzhou, focusing on cooperation in sectors such as mining, meat, and electronics [7]. Group 5: Upcoming Events - The 18th China-EU Investment Trade and Technology Cooperation Fair will be held in Chengdu, promoting collaboration in energy, digital technology, and biomedicine [8].

Core Points - The China Council for the Promotion of International Trade (CCPIT) emphasizes that advancing mutually beneficial cooperation between China and the U.S. aligns with the interests of both countries and the global business community [1][2] - The CCPIT is currently organizing a delegation of Chinese entrepreneurs to attend the APEC Business Leaders Summit in South Korea, highlighting the high interest from both Chinese and U.S. enterprises in the meeting outcomes [1] - In 2023, the CCPIT has hosted over 60 delegations from U.S. institutions and enterprises visiting China, indicating a strong engagement between the two nations [1] - The number of U.S. exhibitors at the third Chain Expo increased by 15% compared to the previous year, maintaining the highest number of foreign exhibitors, with a 10% growth in exhibition area [1] - The CCPIT and the U.S. Department of Commerce's International Trade Administration have jointly organized over 100 activities under the China-U.S. Enterprise Cooperation Project (CMP), serving nearly 3,000 companies and facilitating practical cooperation in various sectors [1] Industry Insights - The CCPIT aims to leverage the outcomes of the leaders' meetings to benefit Chinese and U.S. enterprises, facilitating expanded economic and trade exchanges [2] - The focus is on promoting healthy, stable, and sustainable development of China-U.S. economic and trade relations [2]

Core Insights - The China Council for the Promotion of International Trade (CCPIT) emphasizes the mutual benefits and win-win relationship formed between Chinese and American businesses in recent years, particularly through increased trade interactions [1][2] Group 1: Trade Relations - In 2023, the CCPIT has hosted over 60 delegations from American institutions and enterprises visiting China [1] - At the third Chain Expo held this year, the number of American exhibitors increased by 15% compared to the previous edition, maintaining the largest share of foreign exhibitors, with a 10% growth in exhibition area [1] - From January to October, the CCPIT organized over 3,500 Chinese enterprises to participate in more than 50 professional exhibitions in the U.S., including the Las Vegas Consumer Electronics Show [1] Group 2: Cooperation and Collaboration - In the first nine months of this year, the national trade promotion system issued 66,000 certificates of origin to the U.S. [2] - The CCPIT has facilitated over 7,000 patent and trademark applications for American applicants in China [2] - Under the China-U.S. Enterprise Cooperation Project (CMP) framework, more than 100 joint activities have been held, serving nearly 3,000 enterprises and promoting practical cooperation in various sectors such as advanced manufacturing and environmental protection [2] Group 3: Future Outlook - The CCPIT plans to continue expanding economic and trade exchanges between Chinese and American businesses, aiming to contribute to the healthy, stable, and sustainable development of China-U.S. economic relations [2]