国务院关税税则委员会公布公告调整对原产于美国的进口商品加征关税措施 11月5日，国务院关税税则委员会发布两则公告，停止实施对原产于美国的部分进口商品加征关税措 施，调整对原产于美国的进口商品加征关税措施。 国务院关税税则委员会公布公告停止实施对原产于美国的部分进口商品加征关税措施 为落实中美经贸磋商达成的成果共识，根据《中华人民共和国关税法》《中华人民共和国海关法》《中 华人民共和国对外贸易法》等法律法规和国际法基本原则，经国务院批准，国务院关税税则委员会公布 公告，自2025年11月10日13时01分起，停止实施《国务院关税税则委员会关于对原产于美国的部分进口 商品加征关税的公告》（税委会公告2025年第2号）规定的加征关税措施。 本次中美停止实施部分双边加征关税，符合两国和两国人民的根本利益，也符合国际社会的期待，有利 于推动双边经贸关系不断迈向更高水平。 为落实中美经贸磋商达成的成果共识，根据《中华人民共和国关税法》《中华人民共和国海关法》《中 华人民共和国对外贸易法》等法律法规和国际法基本原则，经国务院批准，国务院关税税则委员会公布 公告，自2025年11月10日13时01分起，调整《国务院关税税则委 ...

中美经贸领域"合则两利、斗则俱伤"的特征十分突出。 中美经贸关系作为全球最重要的双边经济纽带之一，其本质是建立在资源互补与市场共享基础上的互利 共赢关系。中美经贸领域"合则两利、斗则俱伤"的特征十分突出。过去几年，由美国发起的对华贸易 战，从关税摩擦到技术封锁，从供应链"脱钩"到市场准入限制，让以往作为双边关系"压舱石"的经贸往 来成为了大国博弈的主战场，双边经贸关系经历了剧烈的摩擦，给双方以及全球经贸发展都带来巨大的 挑战。因此，不仅中美，全球都在关注中美经贸未来的走向。通过中美双方团队在吉隆坡经贸磋商中达 成的相关共识与安排，更让我们看到那些支撑"中美经贸关系的本质是互利共赢"的论据依旧坚挺且值得 重视。 总之，中美经贸关系绝非"零和博弈"。过去几十年的发展已经说明，从宏观经济结构互补，到中观产业 链深度融合，再到微观消费市场相互依存，中美通过经贸合作，各自获得了巨大的发展红利，实现了真 正意义上的互利共赢。期待未来双方认真落实两国元首达成的共识，继续本着平等、尊重、互惠的原则 谈下去，不断压缩问题清单，拉长合作清单，让经贸继续成为中美关系的压舱石和推进器。 （本文作者为中国社科院美国研究所助理研究员 刘 ...

来源：中国新闻网 对原产于美国的进口商品关税 中国连发两公告 中新社北京11月5日电 (记者 赵建华)中国国务院关税税则委员会5日公布两项公告，调整对原产于美国 的进口商品加征关税措施、停止实施对原产于美国的部分进口商品加征关税措施。 为落实中美经贸磋商达成的成果共识，根据《中华人民共和国关税法》《中华人民共和国海关法》《中 华人民共和国对外贸易法》等法律法规和国际法基本原则，经国务院批准，国务院关税税则委员会公布 公告，自2025年11月10日13时01分起，调整《国务院关税税则委员会关于对原产于美国的进口商品加征 关税的公告》(税委会公告2025年第4号)规定的加征关税措施，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。 同时，自2025年11月10日13时01分起，停止实施《国务院关税税则委员会关于对原产于美国的部分进口 商品加征关税的公告》(税委会公告2025年第2号)规定的加征关税措施。 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；本次中美停止实施部分双边加征关税，符合两国和两国人民的根本利益，也符 ...

Core Viewpoint - The article discusses the adjustment of tariffs on imports from the United States, indicating a continuation of the suspension of certain tariffs to promote healthy and sustainable development of Sino-U.S. economic relations [3][5]. Group 1: Tariff Adjustments - The State Council Tariff Commission announced the suspension of a 24% tariff on U.S. imports, while maintaining a 10% tariff, effective from November 10, 2025 [3]. - This decision is in line with the outcomes of Sino-U.S. economic and trade consultations and aims to benefit the people of both countries [5].

（原标题：刚刚，中方官宣！对美关税，调整！） 11月5日，国务院关税税则委员会发布2025年第9号、第10号公告：停止实施对原产于美国的部分进口商 品加征关税措施；调整对原产于美国的进口商品加征关税措施。 国务院关税税则委员会公布公告停止实施对原产于美国的部分进口商品加征关税措施 为落实中美经贸磋商达成的成果共识，根据《中华人民共和国关税法》、《中华人民共和国海关法》、 《中华人民共和国对外贸易法》等法律法规和国际法基本原则，经国务院批准，国务院关税税则委员会 公布公告，自2025年11月10日13时01分起，停止实施《国务院关税税则委员会关于对原产于美国的部分 进口商品加征关税的公告》（税委会公告2025年第2号）规定的加征关税措施。 本次中美停止实施部分双边加征关税，符合两国和两国人民的根本利益，也符合国际社会的期待，有利 于推动双边经贸关系不断迈向更高水平。 国务院关税税则委员会公布公告调整对原产于美国的进口商品加征关税措施 为落实中美经贸磋商达成的成果共识，根据《中华人民共和国关税法》、《中华人民共和国海关法》、 《中华人民共和国对外贸易法》等法律法规和国际法基本原则，经国务院批准，国务院关税税则委员 ...

Core Viewpoint - The State Council Tariff Commission announced the suspension and adjustment of additional tariffs on certain imported goods from the United States, effective November 10, 2025, to promote healthy and stable bilateral economic relations between China and the U.S. [2][3] Group 1: Suspension of Tariffs - The announcement includes the cessation of additional tariffs on certain imported goods from the U.S. as part of the outcomes of Sino-U.S. economic and trade consultations [2][3] - The suspension aligns with the fundamental interests of both countries and their peoples, as well as the expectations of the international community [2] Group 2: Adjustment of Tariffs - The adjustment involves maintaining a 10% additional tariff rate while suspending a 24% additional tariff rate for one year on U.S. imports [3] - This decision aims to foster sustainable development of Sino-U.S. economic relations, benefiting both nations and promoting global prosperity [3]

Group 1: Report Industry Investment Ratings - No industry investment ratings are provided in the report. Group 2: Report Core Views - Overall, in the context of continued tightness in the mining end and the growth of infrastructure and power demand in Southeast Asia and the Middle East, maintain a strategy of buying on dips for copper; for aluminum, hold on dips in the long - term due to good domestic apparent demand and potential overseas supply disruptions; for zinc, with poor domestic fundamentals but potential supply reduction at the end of the year, suggest a wait - and - see approach for single - side trading, focus on reverse arbitrage opportunities, and pay attention to the positive spread arbitrage opportunity between December and February; for nickel and stainless steel, due to weak fundamentals and potential policy support in Indonesia, look for short - selling opportunities; for lead, expect narrow - range oscillations in lead prices and suggest cautious operation; for tin, follow the macro - sentiment in the short - term and hold on dips in the medium - to - long - term; for industrial silicon, expect price oscillations in the short - term and cycle - bottom oscillations in the medium - to - long - term; for lithium carbonate, the price may change in the medium - to - long - term if certain demand conditions are met [1][2][3][7][8][10][11] Group 3: Summary by Metal Copper - Market行情受关税谈判进展主导，中美谈判后铜价回落测试10日均线支撑 [1] - 下游开工回落，高价下维持刚需接货，库存小幅去化略超预期，关注废铜政策对精废替代的影响 [1] - 听闻部分矿山在1.1w美金价位入场保值，伦铜近期可能有中等量级交仓到货，短期情绪或转冷静 [1] - 维持回调买入思路，关注伦铜1.03w美金附近支撑，可考虑卖1.03w以下看跌期权或逐步建立虚拟库存 [1] Aluminum - 国内表需好，铝水比例高，铝锭与铝材去库，海外供给有停产扰动推动价格上行 [1] - 中美经贸关系好转，美联储降息后停止缩表，需求边际好转 [1] - 低库存下长期以逢低持有为主 [1] Zinc - 本周锌价震荡上行，供应端国产和进口TC加速下滑，四季度至明年一季度国产矿边际走紧，11月火烧云锌锭投产但增量兑现待考察 [2] - 需求端内需季节性疲软，海外欧洲需求一般，部分炼厂生产有阻力，国内社库震荡，海外LME库存去化，出口窗口打开 [2] - 国内基本面现实较差，但年底供应端有阶段性减量，价格重心难深跌，短期单边建议观望，关注反套和12 - 02月差正套机会 [2] Nickel - 供应端纯镍产量高位维持，需求端整体偏弱，升水平稳，库存端国内外持续累库，短期基本面偏弱 [3] - 印尼矿端扰动持续，政策端有挺价动机，关注逢高空配机会 [3] Stainless Steel - 供应端钢厂10月排产环比小幅增加，需求端以刚需为主，成本方面镍铁、铬铁价格维持，库存高位维持 [7] - 印尼政策端有挺价动机，关注逢高空配机会 [7] Lead - 本周铅下游减产致铅价下跌，供应侧报废量同比偏弱，再生利润恢复激励复产但进度慢，精矿开工增加但供应紧张 [8] - 需求侧电池开工率下滑，成品库存高，需求有走弱预期，精废价差变化，再生复产出料 [8] - 预计下周内外铅价在17200 - 17500区间窄幅震荡，建议观望再生复产和仓单增加情况谨慎操作 [8] Tin - 本周锡价震荡，供应端矿端加工费低位，云锡检修结束，海外佤邦产出有分歧，印尼短期部分停产 [10] - 需求端高价下由刚性支撑，下游接单心理价位提高，海外LME库存低位震荡恢复 [10] - 国内基本面短期供需双弱，短期跟随宏观情绪，若宏观有系统性风险锡价下行空间大，中长期贴近成本线逢低持有 [10] Industrial Silicon - 本周新疆头部企业开工稳定，后续川滇开工数量将减少，枯水期供给环比下滑，但Q4供需处于平衡偏宽松状态，月度累库约3万吨 [11] - 短期价格预计震荡运行，中长期价格走势预计以季节性边际成本为锚的周期底部震荡为主 [11] Lithium Carbonate - 本周五受江西矿山复产传闻影响价格快速回落，原料端海外矿端挺价，市场可流通精矿现货偏紧 [11] - 锂盐端企业惜售，市场低价货源少，期现商难补库，下游在价格上行时观望，回调后买盘增强 [11] - 基差调整有限，成交集中在01 - 400至01 + 0元区间，若储能需求高景气且动力需求稳定，中长期格局转变时点可能在未来1 - 2年出现 [11]

Core Viewpoint - The meeting between He Lifeng, a member of the Political Bureau of the Central Committee, and David Solomon, CEO of Goldman Sachs, emphasizes the importance of implementing the agreements reached by the leaders of China and the United States to stabilize and promote healthy economic relations between the two countries [2]. Group 1 - He Lifeng highlighted the successful meeting between the two national leaders in Busan, South Korea, which provided direction for the development of bilateral economic and trade relations [2]. - Both parties should work together to implement the important consensus reached by the leaders, which will benefit the stability of expectations for enterprises in both countries [2]. - The collaboration is expected to contribute to the stable, healthy, and sustainable development of China-U.S. economic relations, as well as the stability of the global economy [2]. Group 2 - David Solomon expressed Goldman Sachs' positive outlook on China's economic development and the firm's willingness to contribute to the high-quality development of China's capital markets [2].

责任编辑：何俊熹 苏德巍表示，高盛集团看好中国经济发展前景，愿继续为中国资本市场高质量发展作出贡献。 新华社北京11月4日电（记者曹嘉玥）中共中央政治局委员、中央财办主任何立峰4日在京会见美国高盛 集团董事长兼首席执行官苏德巍。 何立峰表示，中美两国元首不久前在韩国釜山成功会晤，为下一步双边经贸关系发展指明了方向。双方 应共同认真落实好两国元首达成的系列重要共识，这有利于两国企业稳定预期，推动中美经贸关系稳 定、健康、可持续发展，也有利于全球经济的稳定发展。欢迎高盛集团继续在华投资兴业。 ...

Group 1: Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Group 2: Core Views of the Report - In October, after hitting record highs, the prices of gold and silver retreated. The sharp rise in precious metal prices had fully priced in many positive factors. With the easing of Sino - US economic and trade relations and the weakening of the Fed's interest - rate cut expectations, gold and silver prices have entered a phase of adjustment, which is expected to be long - term and significant. Short - term rebounds do not change the medium - term adjustment trend [3][45]. - In the long run, the safe - haven attribute of precious metals is strengthening, and their monetary attribute is returning. The logic for the long - term rise of gold and silver remains solid [3][45]. Group 3: Summary According to the Table of Contents 1. Precious Metals Market Review - In October 2025, due to the US government shutdown and Trump's tariff threats, the prices of international gold and silver reached new highs. COMEX gold futures hit a record high of $4398 per ounce on October 20, and COMEX silver futures reached a record high of $53.76 per ounce on October 17. After the easing of Sino - US economic and trade relations, the prices of gold and silver declined. By the end of October, the monthly increase of COMEX gold futures was 3.24%, and that of COMEX silver futures was 3.01% [8]. - Domestic gold and silver prices followed the trend of the international market. Shanghai gold futures reached a record high of 1001.96 yuan per gram on October 21 and then declined. Shanghai silver futures were less volatile than international silver prices [9]. 2. Analysis of Factors Affecting Precious Metals Prices 2.1 Sino - US Economic and Trade Relations - Trump's tariff threats in October quickly eased. The Trump administration relaxed some tariff policies, and Sino - US economic and trade teams reached a framework agreement in mid - to - late October and a final agreement on October 30. The US will cancel a 10% tariff on Chinese goods and suspend other measures for one year, and China will make corresponding adjustments. However, the game between the two countries continues, and future tariff policies may change [14][15]. 2.2 US Government Shutdown - The US federal government shutdown has lasted for 34 days, which may be the longest in history. It has affected various fields, and limited economic data indicate a weakening US economy. For example, the ISM manufacturing PMI has contracted for eight consecutive months, and corporate layoffs have reached a new high since 2020 [16][18]. 2.3 Fed's Interest - Rate Policy - The Fed cut interest rates by 25 basis points in October, ending the balance - sheet reduction from December 1. After the meeting, the market's expectation of future interest - rate cuts decreased. The probability of a 25 - basis - point cut in December dropped to 67%, and there is still about two cuts expected in 2026. However, the uncertainty of next year's interest - rate cuts has increased due to factors such as tariff - inflation transmission and the change of the Fed chairman [19][20]. 3. Analysis of Market Structure and Capital Flows 3.1 Gold - Silver Ratio - In October, the COMEX gold - silver ratio fluctuated greatly, first dropping from 85 to around 80 and then rebounding to 86 before falling again. The Shanghai gold - silver ratio first rose to around 84 and then dropped to 80. It is expected that the gold - silver ratio may rise in the future [26]. 3.2 Futures - Spot and Domestic - Foreign Price Differences - In October, international gold and silver prices reached new highs, and there was a significant premium of foreign markets over domestic markets. The London silver spot shortage led to a price inversion. After the end of the London silver squeeze in late October, the price differences returned to normal [28]. 3.3 Central Banks' Gold Purchases - Since 2010, global central banks have been net buyers of gold. In 2024, they bought more than 1000 tons of gold, and in the third quarter of 2025, they accelerated their gold - buying, with a net purchase of 220 tons. China's central bank has increased its gold reserves for 11 consecutive months. In the future, central banks are expected to continue to increase their gold holdings [31][32]. 3.4 Gold and Silver ETF Holdings - In 2025, investment demand drove the growth of gold demand. In the third quarter, global gold investment demand increased by 47% year - on - year, and gold ETFs were the main driving force. However, Chinese gold ETFs had an outflow of about $5.4 billion in the third quarter. By the end of October, the holdings of the world's largest gold ETF - SPDR increased by 20 tons, and the holdings of the world's largest silver ETF - ishares decreased by 453 tons [35][36]. 3.5 Precious Metals Inventory - As of October 31, 2025, the COMEX gold inventory was about 1187 tons, a 4.69% decrease from the previous month but a 123% increase from the same period last year. The COMEX silver inventory was about 16428 tons, a 1.89% increase from the previous month and a 72% increase from the same period last year. The silver inventories of domestic exchanges decreased significantly in October, and it is expected that some domestic silver flowed to London [39][40][41]. 4. Market Outlook and Trading Strategies - In the short - to - medium term, gold and silver prices are in a phase of adjustment. In the long term, the safe - haven and monetary attributes of precious metals support their upward trend [45].