Group 1: China-EU Trade Relations - The Chinese Minister of Commerce, Wang Wentao, held a video conference with EU Commissioner for Trade and Economic Security, Valdis Dombrovskis, discussing key trade issues such as export controls and the EU's anti-subsidy measures on Chinese electric vehicles [2][4] - Wang emphasized China's commitment to maintaining global supply chain stability and facilitating approval processes for EU companies amidst recent export control measures on rare earths [2][3] - Both parties agreed to convene an upgraded dialogue mechanism on export controls in Brussels, following the consensus from the 25th China-EU leaders' meeting [3] Group 2: Semiconductor Industry Concerns - Wang expressed concerns regarding the measures taken by the Netherlands related to ASML, stating that these actions severely impact global supply chain stability [5] - The Dutch Minister of Economic Affairs, Karremans, acknowledged the importance of China-Dutch economic relations and expressed willingness to find constructive solutions to the ASML issue [5] - Both sides are committed to maintaining a fair, transparent, and predictable business environment for investors [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The report presents the market conditions of various commodities including chemical, agricultural products, and industrial metals, along with macro - economic news and investment suggestions for different futures and financial products. It also analyzes the influencing factors such as supply - demand relationships, policy impacts, and market sentiment [3][5][10]. - In the stock market, A - shares showed a collective upward trend on October 21, but the rebound needs new catalysts. The market is waiting for policy guidance from important meetings, the results of Sino - US economic and trade consultations, and changes in monetary and fiscal policies. It is recommended to adopt a rolling operation strategy [17][20][21]. 3. Summaries According to Relevant Catalogs 3.1 Chemical Commodities - On October 22, 2025, among chemical commodities, the prices of some commodities like coking coal, coke, (PTA), etc. rose, while others such as natural rubber, 20 - numbered rubber, and plastic declined. For example, coking coal rose by 1.062% to 1,189.50 yuan, and natural rubber fell by 0.264% to 15,110.00 yuan [3]. 3.2 Macro - economic News - Trump plans to visit China early next year, and the Chinese Foreign Ministry has no specific information to provide. The Chinese Commerce Minister had talks on trade issues with EU and Dutch officials, emphasizing China's stance on export control and the importance of global supply - chain stability [5]. - The precious metal market suffered a significant setback, with spot gold dropping by up to 6.3% to about $4080 per ounce and spot silver falling by 8.7% to $47.89 per ounce, mainly due to reduced risk - aversion, a stronger dollar, and profit - taking [6]. - The Ministry of Commerce held a policy - interpretation round - table meeting for foreign - funded enterprises, highlighting China's responsible attitude towards export control. The Ministry of Culture and Tourism reported that the number of domestic tourist trips in the first three quarters reached 4.998 billion, a year - on - year increase of 7.61 billion (18%), and tourist spending reached 4.85 trillion yuan, a 11.5% year - on - year increase [6]. 3.3 Morning Views on Major Varieties 3.3.1 Agricultural Products - Peanut futures on October 21 closed at 7880 yuan/ton, down 0.91%, with a short - term range of 7700 - 7900 yuan/ton. Supply pressure is increasing, and demand is weak [10]. - Sugar futures on October 21 closed at 5438 yuan/ton, up 0.06%. The price is near the cost - support area, and it is recommended to operate with a shock - thinking approach, focusing on the 5420 - 5450 yuan/ton range [10]. - Corn futures on October 21 closed at 2144 yuan/ton, up 0.75%. The price has broken through the previous shock range, and it is advisable to pay attention to the performance at the 2150 - yuan pressure level [10]. - The national average price of live pigs was 11.25 yuan/kg, with increased supply - side reluctance to sell and improved demand. The futures market is expected to maintain a weak shock [10]. - The national egg spot price was stable, with a "supply - strong, demand - weak" pattern. The futures market is expected to remain weak, and a month - spread reverse - arbitrage strategy is recommended [10][12]. - Cotton futures on October 21 closed at 13540 yuan/ton, up 0.78%. The price has broken through the upper limit of the previous shock range, and it is recommended to try long positions at low prices [12]. 3.3.2 Energy and Chemicals - The domestic urea market price is weak, with a daily output of 18.35 tons. Supply is expected to increase, and demand is weak. The futures price will continue to trade at a low level [12]. - The spot price of caustic soda in Shandong is stable. The supply is gradually recovering, and demand is weak. The futures contract is under pressure [12]. - Coking coal and coke are in a short - term shock, with coking coal in the range of 1050 - 1300 yuan and coke in the range of 1550 - 1800 yuan [14]. - Log futures on October 21 closed at 838 yuan/m³, up 0.42%. It is recommended to pay attention to the 835 - 845 yuan/m³ range [14]. - Pulp futures on October 21 closed at 5170 yuan/ton, up 0.23%. It is advisable to go long at the 5150 - yuan support level [14]. - Double - offset paper futures on October 21 closed at 4170 yuan/ton, down 0.10%. It is recommended to try long positions near the 4150 - yuan support level [14]. 3.3.3 Industrial Metals - Copper and aluminum prices are at high levels, supported by macro and supply - demand factors. The alumina market is in an oversupply situation, and the 2601 contract is weak [14][15]. - The night - session prices of rebar and hot - rolled coil rose slightly. The steel price is expected to have limited downward space and will trade in a low - level shock [15]. - The prices of ferrosilicon and ferromanganese futures first rose and then fell. They are expected to continue to trade in a wide - range shock [15]. - Lithium carbonate futures on October 21 closed at 75980 yuan/ton, down 0.26%. It is necessary to pay attention to the performance at the 78000 - yuan pressure level [15]. 3.3.4 Options and Finance - On October 21, A - shares rose collectively, and the trading volume slightly increased. The stock index futures showed different trends in basis changes, and option trading volume and implied volatility also changed. It is recommended that trend investors focus on arbitrage opportunities, and volatility investors consider buying straddles or wide - straddles [17]. - European and American stock markets showed mixed trends. The A - share market rebound needs new catalysts, and it is recommended to adopt a rolling operation strategy [17][18][20].

王文涛与欧盟委员会贸易和经济安全委员谢夫乔维奇举行视频会谈 （原标题：涉及出口管制、安世半导体等！商务部部长王文涛最新表态） 10月21日，商务部部长王文涛应约与欧盟委员会贸易和经济安全委员谢夫乔维奇举行视频会谈，就出口 管制、欧盟对华电动汽车反补贴案等中欧经贸重点议题深入交换意见。 王文涛与荷兰经济大臣卡雷曼斯通话 10月21日，商务部部长王文涛应约与荷兰经济大臣卡雷曼斯通话，双方围绕安世半导体等问题交换意 见。 王文涛表示，中方高度重视中荷经贸合作。荷方针对安世半导体采取的有关措施，严重影响全球产供链 稳定。中方敦促荷方从维护全球产供链安全稳定的大局出发，秉持契约精神和市场化、法治化原则，尽 快妥善解决问题，保护中国投资者合法权益，营造公平、透明、可预期的营商环境。 卡雷曼斯表示，荷方高度重视荷中经贸关系，愿与中方密切沟通，为安世半导体问题寻找建设性的解决 方案。 王文涛表示，关于安世半导体问题，中方坚决反对泛化"国家安全"概念，希欧方发挥重要的建设性作 用，敦促荷方坚持契约精神和市场原则，从维护全球产供链安全稳定的大局出发，尽快提出妥善解决办 法。 谢夫乔维奇表示，欧方愿与中方共同落实欧中领导人系列经贸 ...

Core Points - The video conference between Wang Wentao and EU Commissioner for Trade and Economic Security, Valdis Dombrovskis, focused on key issues in China-EU economic and trade relations, including export controls and the EU's anti-subsidy measures on Chinese electric vehicles [1][2] - Wang emphasized China's commitment to maintaining global supply chain stability and facilitating approval processes for EU companies amidst recent export control measures on rare earths [1][2] - Both parties agreed to expedite the establishment of an upgraded China-EU export control dialogue mechanism meeting in Brussels [2] Group 1 - Wang Wentao expressed China's willingness to work with the EU to implement the economic consensus reached during the 25th China-EU leaders' meeting [1] - The recent measures on rare earth export controls are seen as a normal practice to enhance China's export control system, reflecting China's responsibility in maintaining global peace and stability [1] - The EU is willing to assist in facilitating communication between China and the Netherlands regarding the ASML semiconductor issue to find a constructive solution [2][4] Group 2 - Wang highlighted the significant impact of the Netherlands' measures on ASML semiconductor on global supply chain stability and urged the Netherlands to adhere to contractual spirit and market principles [3] - The Netherlands is committed to maintaining close communication with China to seek constructive solutions for the ASML semiconductor issue [4]

十月的风尚未转凉，华盛顿的镜头里却先传来一丝现实主义的降温。采访桌前，唐纳德·特朗普在福克斯商业频道承认，对华加征100%关税不可持续。话音 未落，道琼斯指数即刻回弹两百余点，交易盘面活跃起来。市场读懂了这句话的指向：关税是政治表态，但经济承受力有边界，尤其当上游资源——稀土等 关键材料——被中国收紧出口管制之后，美方若再以极端税率回应，伤到的首先是本土产业链。一句松口，让金融和实体之间的张力直观浮现。 关税从来不是孤立的字眼，它背后是价格传导与产能转移的连锁。企业通常把部分税负向下游转嫁，但在100%的极端设定下，转嫁空间被压缩，订单流向 也会随之改道。特朗普的"不可持续"并非失语，而是现实考量露出缝隙：美国国内制造端难以承压，资本市场以涨点回应，是在为更可控的政策边界鼓掌。 与之形成对照的是同一天里科技企业的冷暖——英伟达的黄仁勋公开表示，公司在中国先进人工智能加速器市场的份额从95%骤降至0。这是出口管制的直 接结果，国内客户买不到高性能芯片，市场迅速被国产厂商填补，寒武纪等企业进入空白带。金融盘面有短线解压，科技板块却要面对现实的订单缺口与地 域重组。 关税的真实代价与瞬时反应之间 盟友之心不齐，美国 ...

Group 1 - The core viewpoint of the discussions between Wang Wentao and European officials revolves around enhancing China-EU economic relations and addressing trade issues such as export controls and the EU's anti-subsidy measures on Chinese electric vehicles [1][2]. - Wang Wentao emphasized China's commitment to maintaining global supply chain stability and facilitating approval processes for EU companies amidst recent export control measures on rare earths [1][2]. - The discussions included a consensus to hold a meeting in Brussels to advance the upgraded China-EU export control dialogue mechanism, reflecting a mutual desire to resolve trade frictions [2]. Group 2 - Wang Wentao's conversation with Dutch Economic Minister Karremans focused on the semiconductor issue, highlighting the significant impact of Dutch measures on global supply chain stability [3][4]. - The Dutch side expressed a willingness to maintain close communication with China to find constructive solutions regarding the semiconductor issue, indicating a collaborative approach to resolving trade tensions [4].

Core Viewpoint - The Chinese government is committed to expanding foreign investment and enhancing cooperation with foreign enterprises, showcasing determination and practical measures to create a favorable environment for foreign businesses in China [1][2]. Group 1: Economic Performance - During the first four years of the 14th Five-Year Plan, China's GDP growth averaged 5.5%, demonstrating strong resilience and potential in a complex external environment [1]. - The Chinese economy is vibrant and offers broad opportunities and positive expectations for foreign enterprises [1]. Group 2: Policy Initiatives - The Chinese government has issued a notification regarding the implementation of domestic product standards in government procurement, ensuring equal access to support policies for all business entities, including foreign enterprises [1]. - The government emphasizes transparency and fairness in the formulation of specific product standards and welcomes feedback from all stakeholders, including foreign enterprises [1]. Group 3: Export Control - The Chinese government’s export control measures are framed as responsible actions to maintain world peace and regional stability, fulfilling international obligations related to non-proliferation [1]. - The government aims to ensure compliance in trade approvals while maintaining the stability of global industrial and supply chains [1]. Group 4: Foreign Enterprise Sentiment - Foreign enterprises express optimism regarding the Chinese government's ongoing commitment to opening up and stabilizing foreign investment, looking forward to the 15th Five-Year Plan providing greater development space [2]. - There is a willingness among foreign enterprises to increase investments in China and deepen cooperation to support high-quality development in the country [2].

王文涛与欧盟委员会贸易和经济安全委员谢夫乔维奇举行视频会谈 10月21日，商务部部长王文涛应约与欧盟委员会贸易和经济安全委员谢夫乔维奇举行视频会谈，就出口管制、欧盟对华电动汽 车反补贴案等中欧经贸重点议题深入交换意见。 王文涛表示，今年7月，第二十五次中欧领导人会晤成功举行，9月，李强总理再次会见欧委会主席冯德莱恩。中方愿与欧方共 同努力，积极落实中欧领导人经贸共识，推动中欧经贸关系健康稳定发展。关于稀土出口管制问题，中方近期措施是依法依规 完善中国出口管制体系的正常做法，体现了中国维护世界和平稳定的大国担当。中方致力于维护全球产供链安全稳定，一直为 欧盟企业提供审批便利。 王文涛表示，关于安世半导体问题，中方坚决反对泛化"国家安全"概念，希欧方发挥重要的建设性作用，敦促荷方坚持契约精神 和市场原则，从维护全球产供链安全稳定的大局出发，尽快提出妥善解决办法。 谢夫乔维奇表示，欧方愿与中方共同落实欧中领导人系列经贸共识，妥处经贸摩擦。欧方理解中方出于国家安全和国际共同安 全考虑，出台稀土相关出口管制措施。措施实施过程中，希中方可加快审批欧企申请。关于安世半导体问题，欧方愿在必要时 积极协助荷中双方加强沟通，尽快 ...

10月21日，王文涛部长应约与欧盟委员会贸易和经济安全委员谢夫乔维奇举行视频会谈，就出口管制、欧盟对 华电动汽车反补贴案等中欧经贸重点议题深入交换意见。 看券商中国 知天下财经 王文涛表示，今年7月，第二十五次中欧领导人会晤成功举行，9月，李强总理再次会见欧委会主席冯德莱恩。 中方愿与欧方共同努力，积极落实中欧领导人经贸共识，推动中欧经贸关系健康稳定发展。关于稀土出口管制 问题，中方近期措施是依法依规完善中国出口管制体系的正常做法，体现了中国维护世界和平稳定的大国担 当。中方致力于维护全球产供链安全稳定，一直为欧盟企业提供审批便利。 王文涛表示，关于安世半导体问题，中方坚决反对泛化"国家安全"概念，希欧方发挥重要的建设性作用，敦促 荷方坚持契约精神和市场原则，从维护全球产供链安全稳定的大局出发，尽快提出妥善解决办法。 谢夫乔维奇表示，欧方愿与中方共同落实欧中领导人系列经贸共识，妥处经贸摩擦。欧方理解中方出于国家安 全和国际共同安全考虑，出台稀土相关出口管制措施。措施实施过程中，希中方可加快审批欧企申请。关于安 世半导体问题，欧方愿在必要时积极协助荷中双方加强沟通，尽快找到解决办法，共同维护全球产供链稳定。 双 ...

Core Viewpoint - The recent export controls imposed by China on critical materials such as rare earth elements and lithium batteries have significant implications for the global high-tech and automotive industries, particularly affecting the production of electric vehicles and semiconductor manufacturing [1][6][12]. Group 1: Export Controls and Their Impact - China has implemented export controls on rare earth elements, lithium batteries, and related technologies, which are crucial for various industries, including automotive and semiconductor sectors [3][13]. - The export restrictions on rare earth materials, which are essential for electric vehicle production, have led to warnings from major automotive manufacturers about potential production halts due to supply chain disruptions [9][12]. - The global automotive industry is heavily reliant on Chinese rare earths, with nearly 90% of rare earth processing and 99% of heavy rare earth processing controlled by China, making it a critical player in the supply chain [9][12]. Group 2: Lithium Battery Market Dynamics - Lithium batteries, which are vital for electric vehicles, are also subject to new export controls, aimed at stabilizing the domestic industry and preventing low-price competition [16][19]. - In the first eight months of 2023, China's domestic battery sales reached 920.7 GWh, with exports accounting for 173.1 GWh, marking a 48.5% year-on-year increase [16][17]. - The export controls on high-energy-density lithium batteries are intended to create a technological barrier, protecting domestic manufacturers and ensuring higher profit margins [19][21]. Group 3: Market Reactions - Following the announcement of these export controls, the lithium battery sector in the A-share market experienced a significant decline, with nearly 90% of related stocks falling [14][15]. - The market's reaction to the export controls on lithium batteries contrasts with the positive response seen in the rare earth sector, highlighting the complexities of investor sentiment in response to regulatory changes [15][19].