Core Viewpoint - The meeting between China's Vice Minister of Commerce Li Chenggang and the U.S. agricultural trade delegation emphasizes the importance of stable China-U.S. economic and trade relations for both countries and the global economy [1] Group 1: Economic Relations - Li Chenggang highlighted that good China-U.S. economic relations benefit both nations and the world, with five meetings held since May to stabilize trade relations based on the consensus of the two countries' leaders [1] - The dialogue and cooperation between China and the U.S. demonstrate that solutions can be found through mutual respect and equality [1] Group 2: Agricultural Trade - China and the U.S. are significant agricultural trade partners, but fluctuations in agricultural trade this year are attributed to unilateral tariff measures from the U.S. [1] - Both countries possess complementary advantages in natural endowments, markets, capital, and technology, indicating a broad space for cooperation in agriculture [1] Group 3: Future Cooperation - The U.S. delegation expressed that China is a vital export market for U.S. agricultural products, and the agricultural sector in the U.S. values its partnership with China [1] - There is a mutual commitment to maintaining a positive development trend in bilateral economic relations, which is crucial for agricultural trade [1]

国务院关税税则委员会5日连续发布两则公告，决定自2025年11月10日13时01分起，在一年内继续暂停 实施24%的对美加征关税税率，保留10%的对美加征关税税率，并自上述时间起停止对原产于美国的进 口鸡肉、小麦、玉米、棉花加征的15%关税，以及对高粱、大豆、猪肉、牛肉、水产品等加征的10%关 税。国务院关税税则委员会在公告中表示，本次中美继续暂停实施部分双边加征关税，有利于推动中美 经贸关系健康、稳定、可持续发展，造福两国人民，促进世界繁荣。 5日下午，中国商务部以答记者问的形式宣布，为落实中美吉隆坡经贸磋商共识，决定自2025年11月10 日起，调整3月4日和4月4日对美国企业采取的出口管制管控名单措施和不可靠实体清单措施。 中国世贸组织研究会副会长霍建国5日接受《环球时报》记者采访时表示，中美元首釜山会晤结束后， 中方宣布了中美经贸团队在吉隆坡磋商的成果共识，"中美共同调整或取消相关关税和非关税措施，是 落实中美元首会晤重要共识的具体体现"。 【环球时报报道 记者 倪浩】中美近期相继调整多个关税或非关税措施，开始落实双方吉隆坡经贸磋商 达成的成果共识。当地时间4日，美国白宫连续发布两项总统行政令，宣布自 ...

Macro Dynamics - The Vice Minister of Commerce, Li Chenggang, met with a U.S. agricultural trade delegation, discussing the importance of stable Sino-U.S. economic relations and agricultural trade [2] - Li emphasized that both countries are significant agricultural trade partners, and recent trade fluctuations stem from unilateral tariff measures by the U.S. [2] - The U.S. delegation expressed the importance of the Chinese market for U.S. agricultural exports and the desire to maintain a positive bilateral trade relationship [2] Financial Institutions - The Hong Kong Stock Exchange reported that the total fundraising amount for new listings in the first three quarters of 2025 reached HKD 188.3 billion, more than triple that of the same period in 2024 [7] - The average daily trading volume for northbound and southbound stock connect reached record highs, increasing by 67% and 229% respectively compared to the previous year [7] Market Data - As of November 5, the Shanghai Composite Index rose by 0.23%, while the Shenzhen Component Index increased by 0.37%, and the ChiNext Index saw a rise of 1.03% [8] - The total trading volume in the Shanghai and Shenzhen markets was CNY 1.87 trillion, a decrease of CNY 45.3 billion from the previous trading day [8] - The electric grid equipment sector saw significant gains, with nearly 20 stocks hitting the daily limit up [9] Company Dynamics - Michael Burry, a well-known short-seller, has bet over USD 1 billion against Nvidia and other tech companies, purchasing put options to profit from potential stock price declines [12] - Seres announced the successful listing of its H-shares, raising approximately HKD 14.016 billion, with the stock trading on the Hong Kong Stock Exchange [13] - The second-largest shareholder of Huanfu China warned of rapid price declines due to excessive stock price increases, which have risen by 95.21% over seven consecutive trading days [14] - Wintime Technology announced plans for a share reduction by a major shareholder, potentially reducing holdings by up to 3% [16] - Sanjiang Shopping's second-largest shareholder also plans to reduce its stake by up to 3% due to business arrangements [17] - Zhongtian Technology has been approved for a major technology project focused on the development of low-cost all-solid-state lithium-ion batteries [18]

在中美关系长期处于高压态势的背景下，特朗普突然规矩了一回，他不仅没有在惯常的时间点掀桌子，反而按时签署行政令，履行了在釜山会晤中作出的对 华关税减让承诺。 特朗普这人，他说合作时，没准下一秒就能翻脸；他承诺让利时，往往也附带几十页的"但书"。这次他确实动了，给中国让了一点利。 11月初，特朗普签署了两道对华关税调整的行政令。第一道将对中国部分出口商品中原本征收的20%"芬太尼关税"下调至10%，并定于11月10日正式生效。 第二道则是宣布延缓原定于年底恢复的24%"对等关税"，将暂停期再延长一年，至2026年11月10日。 看上去，美国这次是带头迈步，先于中方履行了承诺，颇有点展现诚意的意思。但仔细看文件内容就会发现，这并不是一张不可撤销的协议，而是一份可随 时修改的命令。 特朗普在声明中直接写明：美国将持续监督中国履行会晤中达成的内容，若发现中方"未履行承诺"，美方将视情况调整或撤销相关政策。 这不是一次无条件的政策让步，而是一次带有可逆机制的交易性安排。说白了，这是一份特朗普式的试用版合约，没有售后服务，也没有违约赔偿，随时可 以推倒重来。 从过去几年的美中经贸交锋经验来看，所谓"中方是否履约"一直是美方 ...

问：有消息称，根据中美吉隆坡经贸磋商共识，中方将调整一批针对美国的非关税措施。请问在出口管 制管控名单方面有什么考虑？ 答：根据出口管制相关法律法规规定，商务部于2025年3月4日和4月4日分别发布了2025年第13号和21号 公告，合计将31家美国实体列入出口管制管控名单，禁止向其出口两用物项。为落实中美吉隆坡经贸磋 商共识，中方决定自2025年11月10日起，对第13号公告的15家美国实体停止上述相关措施；对第21号公 告的16家美国实体继续暂停上述相关措施1年。出口经营者如需向上述实体出口两用物项，应当根据 《中华人民共和国两用物项出口管制条例》相关规定向商务部提出申请，商务部将依法依规进行审查， 符合规定的将准予许可。 问：有消息称，根据中美吉隆坡经贸磋商共识，中方将调整一批针对美国的非关税措施。请问在不可靠 实体清单方面有什么考虑？ 答：根据《中华人民共和国反外国制裁法》《不可靠实体清单规定》及有关规定，不可靠实体清单工作 机制于2025年3月4日和4月4日发布公告，将一批美国实体列入不可靠实体清单，采取相应措施。为落实 中美吉隆坡经贸磋商共识，中方决定自2025年11月10日起，继续暂停4月4日公 ...

Macro Strategy Overview - The report indicates that the current bull market is experiencing a pause and is undergoing a phase of consolidation, with expectations of continued volatility in the near term [1][6]. - The U.S. Federal Reserve is likely to continue its interest rate cuts in December, with a high probability of a 25 basis point reduction, as inflation remains manageable and the job market shows signs of weakness [6][29]. - The economic performance in the first three quarters of 2025 has exceeded expectations, with GDP growth at 5.2%, but there are increasing pressures on domestic demand [6][43]. Overseas Economic Environment - Following the U.S.-China trade negotiations, tariffs on Chinese goods have been reduced by 10%, although ongoing tensions between the two countries are expected to persist [6][30]. - The overall impact of tariffs on U.S. inflation has been limited, with inflation expected to remain stable due to insufficient demand [6][20]. Domestic Economic Environment - Domestic consumption and investment are showing signs of decline, while external demand remains relatively strong, indicating a divergence in economic performance [6][43]. - The report highlights that the policy environment is expected to remain stable, with a focus on infrastructure investment to support economic growth [6][55]. A-Share Market Strategy - The A-share market is currently in a phase of consolidation, with a shift towards a more balanced investment style as external disturbances ease [7][12]. - The report suggests a cautious approach to investment in the A-share market, with a focus on sectors that are expected to benefit from technological innovation in the medium to long term [7][8]. Asset Allocation Insights - The report presents a neutral outlook for major asset classes, including A-shares, Hong Kong stocks, and U.S. stocks, indicating a shift from a relatively optimistic stance in previous reports [8]. - The recommendation is to adopt a balanced asset allocation strategy while remaining vigilant for opportunities in technology and other growth sectors [8][7].

李成钢指出，中美互为重要的农产品贸易伙伴。今年以来中美农产品贸易出现了一些波动，根 源在于美方的单边关税措施。事实上，两国在自然禀赋、市场、资金、技术等领域各有优势， 互补性强，合作空间广阔。希望美方与中方一道，着眼大局，为农业等领域务实合作营造有利 氛围。 美方代表团成员表示，中国是美国农产品重要出口市场，美国农业界珍视对华伙伴关系，致力 于与中方共同做大合作蛋糕。稳定的中美经贸关系对两国农业贸易至关重要，期待双边经贸关 系维持良好发展态势。 11月4日，李成钢国际贸易谈判代表兼副部长在京会见美国农产品贸易代表团。双方就中美经 贸关系、农产品贸易等进行了交流。 李成钢表示，良好的中美经贸关系有利于两国，也有利于世界。今年5月以来，双方经贸团队 以两国元首重要共识为战略指引，举行了五次会谈，推动中美经贸关系回稳。这充分证明，中 美双方秉持平等、尊重和互惠的精神，通过开展对话与合作，能找到解决问题的办法。 来源丨央视新闻 编辑丨金珊 SFC ...

Core Viewpoint - Satellite Chemical responded to investor inquiries on November 5, indicating that both China and the U.S. have made adjustments to tariffs based on previous high-level economic talks, and that raw material imports are currently normal [2] Group 1 - The company confirmed that adjustments to tariffs were made in accordance with the consensus reached during past China-U.S. economic and trade high-level meetings [2] - The company referenced specific details available in news reports and announcements from the Tariff Commission regarding these adjustments [2] - Current status of raw material imports is reported to be normal, indicating stable supply conditions [2]

Core Viewpoint - The meeting between China's Vice Minister of Commerce Li Chenggang and the U.S. agricultural trade delegation emphasizes the importance of stable Sino-U.S. economic and trade relations for both countries and the global economy [1] Group 1: Sino-U.S. Economic Relations - Li Chenggang highlighted that good Sino-U.S. economic relations benefit both nations and the world, with five meetings held since May to stabilize trade relations based on the consensus of the two heads of state [1] - The dialogue and cooperation between the two countries demonstrate that solutions can be found through mutual respect and equality [1] Group 2: Agricultural Trade - China and the U.S. are significant agricultural trade partners, with recent fluctuations in trade attributed to unilateral tariff measures from the U.S. [1] - Both countries possess complementary advantages in natural endowments, markets, capital, and technology, indicating a broad space for cooperation in agriculture [1] - The U.S. agricultural representatives expressed the importance of the Chinese market for U.S. agricultural exports and their commitment to enhancing the partnership [1]

Core Viewpoint - The meeting between Chinese and American agricultural trade representatives highlights the importance of stable Sino-U.S. economic relations for both countries and the global economy, emphasizing the need for dialogue and cooperation to address trade issues [1] Group 1: Sino-U.S. Economic Relations - Li Chenggang, the Chinese international trade representative, stated that good Sino-U.S. economic relations benefit both nations and the world [1] - Since May, both sides have held five meetings guided by the consensus of the two heads of state, which has helped stabilize Sino-U.S. economic relations [1] - The dialogue and cooperation between China and the U.S. demonstrate that solutions can be found through mutual respect and equality [1] Group 2: Agricultural Trade Dynamics - China and the U.S. are significant trading partners in agricultural products, with some fluctuations in trade observed this year due to unilateral tariff measures from the U.S. [1] - Both countries possess unique advantages in natural endowments, markets, capital, and technology, indicating strong complementarity and broad cooperation potential [1] - The U.S. agricultural representatives expressed the importance of the Chinese market for American agricultural exports and their commitment to enhancing cooperation [1]