Core Viewpoint - The article discusses a significant market downturn triggered by China's retaliatory measures against the U.S., leading to widespread declines in various financial markets and commodities. Market Reactions - U.S. stock index futures experienced a sharp decline, with the Nasdaq futures dropping over 3% and the S&P 500 futures down by 3.02% [3][4] - The U.S. 2-year Treasury yield fell nearly 5%, marking its lowest level since September 2022 [4] - European stock markets also faced severe declines, with Italy's FTSE MIB index dropping nearly 7% and other major indices like Germany's DAX and France's CAC40 also experiencing significant losses [7][8] Commodity Market Impact - International oil prices saw a substantial drop, with WTI crude oil prices decreasing by as much as 9% [11][12] - Precious metals like copper and silver also faced declines, with prices dropping nearly 2% during trading [9] Chinese Government Actions - The Chinese government announced a 34% tariff on U.S. imports, effective from April 10, as a countermeasure to U.S. tariffs [13][21] - The Ministry of Commerce listed 11 U.S. entities as unreliable and imposed export controls on 16 U.S. companies [14] - Investigations into anti-dumping practices on medical CT tubes from the U.S. and India were initiated [15] - Export control measures were implemented on seven categories of rare earth elements [16] - Six U.S. companies had their qualifications to export products to China suspended [18]

Group 1 - The Chinese government has filed a lawsuit against the U.S. in the WTO regarding the imposition of "reciprocal tariffs," claiming it violates WTO rules and undermines the multilateral trade system [2] - The Chinese government has added 11 U.S. companies to the "unreliable entity list" due to their military technology cooperation with Taiwan, which is seen as a threat to China's national security [3] - A total of 16 U.S. entities have been placed on an export control list to protect national security and fulfill international obligations, prohibiting the export of dual-use items to these entities [4] Group 2 - The Chinese government has implemented export controls on seven categories of medium and heavy rare earth materials, citing the need to safeguard national security and fulfill international obligations [5][6] - The Ministry of Commerce has initiated an industry competitiveness investigation into imported medical CT tubes, responding to domestic industry requests due to the adverse impact of imports on local production [7]

Core Viewpoint - The Chinese government has announced retaliatory measures against the U.S. for imposing "reciprocal tariffs" on Chinese goods, including a 34% tariff on all imports from the U.S. and various export controls on U.S. entities [1][2][9]. Tariff Measures - Starting from April 10, 2025, a 34% additional tariff will be imposed on all imports from the U.S. on top of the existing tariff rates [2][3]. - Existing tax exemption policies remain unchanged, and the new tariffs will not be waived [3]. Export Control Measures - The Chinese government has placed 16 U.S. entities on an export control list, prohibiting the export of dual-use items to these entities due to potential threats to national security [5][6]. - Export controls have been implemented on seven categories of rare earth materials, including samarium, gadolinium, and dysprosium, to safeguard national interests [7][8]. Legal and Regulatory Actions - China has filed a complaint with the World Trade Organization (WTO) against the U.S. for its "reciprocal tariffs," arguing that such actions violate international trade rules and harm the multilateral trade system [9]. - The Ministry of Commerce has initiated an investigation into the competitiveness of the domestic medical CT tube industry, responding to concerns about the impact of imports on local production [15][16]. Suspension of Import Qualifications - The General Administration of Customs has suspended the import qualifications of six U.S. companies due to health and safety concerns related to their products, including sorghum and poultry [10][11][13].

Group 1: Tariff Measures - The Chinese government announced a 34% tariff on all imported goods originating from the United States, effective from April 10, 2025, at 12:01 PM [2][4] - Existing tax exemption policies remain unchanged, and the newly imposed tariffs will not be eligible for reduction or exemption [3] - Goods that have already been shipped before April 10, 2025, will not be subject to the new tariffs if they arrive between April 10, 2025, and May 13, 2025 [4] Group 2: Export Controls - The Ministry of Commerce and the General Administration of Customs announced export controls on seven categories of medium and heavy rare earth materials, effective immediately [6] - The export control measures aim to safeguard national security and fulfill international obligations, reflecting China's commitment to maintaining global peace and regional stability [6] - The Ministry of Commerce has placed 16 U.S. entities under export control, prohibiting the export of dual-use items to these entities due to potential threats to China's national security [8] Group 3: Unreliable Entity List - The Ministry of Commerce has added 11 U.S. companies, including Skydio Inc., to the unreliable entity list, prohibiting them from engaging in import and export activities related to China [10][14] - These companies are restricted from making new investments in China, as part of measures to protect national sovereignty and security [11][12] Group 4: WTO Dispute - China has filed a lawsuit with the World Trade Organization (WTO) against the U.S. for imposing "reciprocal tariffs," arguing that such actions violate international trade rules and harm legitimate rights of WTO members [15][16]

3月26日，外交部发言人郭嘉昆主持例行记者会。 路透社记者提问，美方已将十几家中国实体列入美国商务部的出口限制清单。其中，浪潮集团的6家子公 司因为"支持中国军方发展超级计算机"而被列入清单。外交部对此有何回应？中方是否会采取反制措施？ 郭嘉昆表示，美方滥用实体清单等出口管制工具，以"危害美国国家安全""违反美国外交政策"为借口，滥 施非法单边制裁，是典型的霸权主义行径，严重违反国际法和国际关系基本准则，严重损害企业的合法权 益，破坏全球产供链安全稳定。 中方对此坚决反对，予以强烈谴责。 郭嘉昆表示，我们敦促美方停止泛化国家安全概念，停止将经贸科技问题政治化、工具化、武器化，停止 滥用各类制裁清单无理打压中国企业。 中方将采取必要措施，坚定维护中国企业的合法权益。 来源：长安街知事 责编： 刘珺宇 校对：李凌锋 百万用户都在看 "国家队"，出手！集体飙升！ 事关降息！重磅来袭！ 中国结算，三箭齐发！ 黄仁勋，重大宣布！ 利好来袭！上海，重磅发布！这个板块集体拉升！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The prices of small metals continue to rise under export controls, with a need to monitor policy changes and details in the future [20] - Nickel prices have increased, with tight current shipments and optimistic downstream demand, while supply constraints remain [20][21] - Cobalt prices have surged significantly due to supply tightening, especially following the Democratic Republic of Congo's export suspension [24][25] - Bismuth prices are on the rise due to tight raw material supply and export controls, with a focus on future policy developments [28][29] - Indium prices have increased mainly due to market sentiment rather than fundamental changes, driven by China's export controls [32][34] - Antimony prices have also risen, with significant discrepancies between domestic and international prices, influenced by export restrictions [39][40] Summary by Sections Nickel Industry - As of March 14, LME nickel settled at $16,450 per ton, up 2.49% from March 7, with total LME nickel inventory at 200,580 tons, a 1.04% increase [20] - Domestic nickel iron production is low, and the recovery of production lines in Indonesia is limited, leading to a tight supply situation [20][21] Cobalt Industry - As of March 14, electrolytic cobalt reached 248,500 yuan per ton, a 17.77% increase from March 7, with significant demand from downstream sectors [24] - The Democratic Republic of Congo's suspension of cobalt exports is expected to significantly impact global supply [25][27] Bismuth Industry - Bismuth ingot prices ranged from 152,000 to 157,000 yuan per ton as of March 14, with tight raw material supply affecting production [28][29] - Export controls implemented by China are expected to support future price increases [28] Indium Industry - The average price of refined indium was 2,975 yuan per kilogram as of March 14, reflecting a 7.21% increase from March 7, driven by sentiment rather than supply changes [32][34] - China's export controls are anticipated to support indium prices in the future [34] Antimony Industry - Domestic antimony ingot prices reached 180,000 yuan per ton, a 5.88% increase from March 7, with significant price differences between domestic and international markets [39][40] - Export restrictions are expected to continue influencing antimony prices upward [42]

Core Viewpoint - The Chinese Ministry of Commerce has announced the inclusion of 15 American entities in an export control list, aimed at safeguarding national security and fulfilling international obligations regarding non-proliferation [2][3][5]. Export Control Measures - The Ministry of Commerce has prohibited the export of dual-use items to the 15 listed American entities, and any ongoing export activities must be halted immediately [3][5]. - In special circumstances where export is necessary, exporters must apply to the Ministry of Commerce for permission [4]. Unreliable Entity List - The Ministry has also placed 10 American companies on an unreliable entity list due to their involvement in arms sales to Taiwan, which is seen as a violation of China's sovereignty and security interests [8]. - The Chinese government emphasizes that it handles the unreliable entity list cautiously and only targets a small number of foreign entities that threaten national security [8]. Trade Disputes and Tariffs - In response to the U.S. imposing an additional 10% tariff on Chinese products, China has filed a complaint with the World Trade Organization (WTO), asserting that such unilateral measures violate WTO rules and undermine Sino-U.S. trade relations [9][10]. - The Chinese government has announced that starting from March 10, 2025, tariffs will be increased on certain imported goods from the U.S., including a 15% tariff on chicken, wheat, corn, and cotton, and a 10% tariff on sorghum, soybeans, pork, beef, seafood, fruits, vegetables, and dairy products [11].

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容编译自CSIS，谢谢。 本文是荷兰最新版先进半导体制造设备出口管制条例的完整翻译。该条例根据具体技术用途或性能 阈值规定了哪些类型的设备现在需要许可证才能合法从荷兰出口。更新版本明确了原法规的立法基 础，并修改了附录以提高准确性并纳入最新的技术见解。 今年1月15日，荷兰政府宣布将加强对先进半导体生产设备的出口管控，重点防范军事用途。 荷兰外交部在一份声明中说，"从4月1日起，更多类型的技术将需要获得国家出口许可证。" 在荷兰政府出台这一最新限制措施之际，美国也在同一天宣布新措施，旨在防止中国获取可用于军 事活动的半导体生产设备。 荷兰外贸和发展大臣雷内特·克莱沃（Reinette Klever）表示，新的措施旨在限制特定半导体生产过 程中使用的测量和检查设备的出口。出口管制措施的扩大仅涵盖有限的技术和商品。 中国商务部新闻发言人当天回应称，已就此表达"高度关切"，中国"坚决反对"在高度全球化的半导 体产业领域，近来部分国家一再泛化国家安全概念，滥用出口管制，严重威胁全球半导体产业链供 应链稳定。中国希望荷兰"尊重市场原则和契约精神，保持全球半导体产业及供应 ...

Core Viewpoint - The tightening of U.S. restrictions on China's semiconductor industry is expected to escalate, potentially leading to a complete ban on AI chips entering China, which will significantly impact companies like NVIDIA and ByteDance [1][2]. Group 1: U.S. Restrictions on Semiconductor Exports - The U.S. government is preparing for significant new AI and export licensing restrictions against China, which may result in a total ban on all AI chips entering the country [1]. - NVIDIA's H20 and B20 chips, which are currently allowed in China, could be affected by these new restrictions, with NVIDIA projected to ship approximately 1 million H20 chips in 2024, generating over $12 billion in revenue [1]. - Following previous restrictions, NVIDIA has adjusted its product strategy by introducing downgraded versions of its chips for the Chinese market, including the H20, L20, and L2 [1][2]. Group 2: ByteDance's AI Chip Development Strategy - ByteDance is accelerating its self-developed AI chip strategy to reduce reliance on NVIDIA and enhance technological independence, planning to invest over $12 billion in AI infrastructure by 2025 [2]. - ByteDance was reported to be collaborating with Broadcom on a 5nm AI chip, which would comply with U.S. export restrictions, although the company has denied these reports [2][3]. - The collaboration with Broadcom is expected to significantly lower procurement costs and ensure a stable supply of high-end chips [2]. Group 3: Data Center Utilization and Future Challenges - ByteDance aims to utilize data centers in Southeast Asia to access NVIDIA chips, planning large-scale orders through leasing agreements to enhance its overseas AI capabilities [3][4]. - The company has already invested $8.8 billion in data centers in Thailand and is a significant customer of Malaysian data centers [4]. - New U.S. regulations are expected to close the loophole that allows Chinese companies to access high-performance chips through overseas data centers, further complicating their operations [5].

锑：相对稀缺的战略性中国优势矿种。 "工业味精"锑由于稀缺、难回收等特性被多国列入关键矿产目录。 作为中国的优势矿种，我国在锑矿储量、矿产量、冶炼及回收产量占比上均居全球第一位，2023年占比分 别为34%、47%、89%，其中冶炼及回收产量的30%用于出口。 摘要 行业近况 据亚洲金属网报道[1]，10月30日，中国海关恢复氧化锑出口编码，国内拥有出口资质的企业陆续开始申请 出口许可证，目前出口许可证发放正常。 评论 氧化锑出口许可证发放有望推动出口量好转 。 8月15日[2]我国发布锑出口管制公告以来，8、9月我国锑出 口量环比显著提升。据海关数据，8、9月我国出口锑产品折金属量环比分别+25%/+61%。考虑到锑出口量 自9月15日出口管制正式实施后降为0，而过去三年氧化锑出口占比超75%，我们认为伴随氧化锑出口许可 证的逐步发放，我国锑出口量有望逐步好转。 传统领域需求回暖及光伏玻璃减产速度放缓有望改善整体需求。 据我们测算，2023年锑下游消费结构中， 阻燃剂占比52%，光伏玻璃占比22%。一是我们认为以旧换新政策的逐步落地及家电季节性需求回升有望 带动阻燃剂用锑量增长。二是据隆众石化网，10月31 ...