1. Report Industry Investment Rating - No information on the industry investment rating is provided in the report. 2. Core View of the Report - On Wednesday, the HC2601 contract saw a reduction in positions and consolidation. The US announced the suspension of export - control penetration rules from November 10, 2025, to November 9, 2026. In terms of supply - demand, the weekly output of hot - rolled coils decreased, but the capacity utilization rate remained above 80%. The apparent demand dropped to around 3.15 million tons, and the inventory stopped falling and started to rise. Overall, the hot - rolled coil output was running at a high level, the apparent demand declined, and the fundamentals were mixed, causing the hot - rolled coil futures price to enter a range - bound consolidation. Technically, the 1 - hour MACD indicator of the HC2601 contract showed that the centers of DIFF and DEA moved up. The recommended operation is to go long on dips, while paying attention to the rhythm and risk control [2]. 3. Key Points Summarized by Relevant Catalogs 3.1 Futures Market - The closing price of the HC main contract was 3,255 yuan/ton, up 13 yuan; the position volume was 1,311,464 lots, down 15,428 lots; the net position of the top 20 in the HC contract was - 59,729 lots, up 12,683 lots; the HC1 - 5 contract spread was - 12 yuan/ton, down 1 yuan; the HC warehouse receipt at the Shanghai Futures Exchange was 125,543 tons, down 1,485 tons; the HC2601 - RB2601 contract spread was 217 yuan/ton, unchanged [2]. 3.2 Spot Market - The price of 4.75 hot - rolled coils in Hangzhou was 3,310 yuan/ton, unchanged; in Guangzhou, it was 3,270 yuan/ton, unchanged; in Wuhan, it was 3,340 yuan/ton, unchanged; in Tianjin, it was 3,200 yuan/ton, up 10 yuan. The basis of the HC main contract was 55 yuan/ton, down 13 yuan; the spread between hot - rolled coils and rebar in Hangzhou was 80 yuan/ton, unchanged [2]. 3.3 Upstream Situation - The price of 61.5% PB fines at Qingdao Port was 780 yuan/wet ton, up 3 yuan; the price of quasi - first - grade metallurgical coke in Hebei was 1,640 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan was 2,170 yuan/ton, unchanged; the price of Q235 billets in Hebei was 2,930 yuan/ton, unchanged. The inventory of iron ore at 45 ports was 148.9481 million tons, up 3.5557 million tons; the inventory of coke at sample coking plants was 361,500 tons, down 12,900 tons; the inventory of coke at sample steel mills was 6.2656 million tons, down 23,200 tons; the inventory of billets in Hebei was 1.2 million tons, up 4,300 tons [2]. 3.4 Industry Situation - The blast - furnace operating rate of 247 steel mills was 83.15%, up 1.42 percentage points; the blast - furnace capacity utilization rate was 87.79%, down 0.80 percentage points. The output of hot - rolled coils at sample steel mills was 3.1816 million tons, down 54,000 tons; the capacity utilization rate of hot - rolled coils at sample steel mills was 81.28%, down 1.37 percentage points. The factory inventory of hot - rolled coils at sample steel mills was 774,300 tons, down 2,300 tons; the social inventory of hot - rolled coils in 33 cities was 3.3302 million tons, up 40,900 tons. The domestic crude - steel output was 73.49 million tons, down 3.88 million tons; the net export volume of steel was 9.279 million tons, down 641,000 tons [2]. 3.5 Downstream Situation - The monthly output of automobiles was 3.359 million vehicles, up 83,200 vehicles; the monthly sales of automobiles were 3.322 million vehicles, up 95,600 vehicles. The monthly output of air - conditioners was 18.0948 million units, up 1.276 million units; the monthly output of household refrigerators was 10.1276 million units, up 674,400 units; the monthly output of household washing machines was 11.7849 million units, up 1.653 million units [2]. 3.6 Industry News - On the 11th, Guan Peng, the deputy director of the Investment Department of the National Development and Reform Commission, stated that the commission had recommended 18 private investment projects to the China Securities Regulatory Commission, of which 14 had been issued and listed, with a total fund - raising of nearly 30 billion yuan. From January to October this year, the production and sales of new - energy vehicles reached 13.015 million and 12.943 million units respectively, a year - on - year increase of 33.1% and 32.7%. In October, the monthly sales of new - energy vehicles exceeded 50% of the total new - vehicle sales for the first time [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - On Wednesday, the freight index (European line) futures prices declined collectively. The main contract EC2512 closed down 3.42%, and the far - month contracts closed down between 1 - 5%. The current freight rate market is highly influenced by news, and the futures prices are expected to fluctuate more sharply. Investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity and cargo volume data in a timely manner [2] 3. Summary by Relevant Catalogs 3.1 Futures盘面 (Futures Market) - EC main contract closing price decreased by 61.9 to 1749.400, and the second - main contract closing price decreased by 56.8 to 1636.6. The EC2512 - EC2602 spread increased by 57.20 to 112.80, and the EC2512 - EC2604 spread increased by 19.10 to 577.40. The EC contract basis increased by 292.79 to - 244.60. The main contract EC2512's open interest decreased by 4048 to 21157 [2] 3.2 Spot Price - SCFIS (European line) (weekly) increased by 296.09 to 1504.80, SCFIS (US West line) (weekly) increased by 62.56 to 1327.91. SCFI (composite index) (weekly) decreased by 55.60 to 1495.10, and container ship capacity (in ten thousand TEUs) increased by 0.12 to 1227.97. CCFI (composite index) (weekly) increased by 36.78 to 1058.17, CCFI (European line) (weekly) increased by 43.04 to 1366.85. The Baltic Dry Index (daily) increased by 12.00 to 2072.00, the Panamax freight index (daily) increased by 0.00, the average charter price of Panamax ships was 17564.00, and the average charter price of Capesize ships decreased by 20.00 to 28080.00 [2] 3.3 Industry News - The US announced a one - year suspension of the implementation of the export control penetration rule from November 10, 2025, to November 9, 2026. The Chinese Ministry of Commerce responded that this is an important measure for the US to implement the consensus of the China - US economic and trade consultations in Kuala Lumpur. The arrangement after the one - year suspension will be further discussed [2] - At the seminar on implementing the spirit of the Fourth Plenary Session of the 20th CPC Central Committee, Minister of Commerce Wang Wentao said that more detailed measures will be introduced in areas such as boosting consumption, expanding institutional opening - up, promoting trade innovation, and high - quality construction of the Belt and Road Initiative [2] - The US Senate passed the Continuing Appropriations and Extension Act, which will provide funds for the federal government until January 30 next year, revoke some lay - off measures during the "shutdown", and temporarily prevent further lay - offs. The US House of Representatives plans to vote on the bill on Wednesday [2] - The central bank's Q3 monetary policy report stated that it will implement a moderately loose monetary policy, keep social financing conditions relatively loose, and improve the monetary policy framework [2] 3.4 Key Points to Watch - November 13: US October unadjusted CPI annual rate (to be determined), US initial jobless claims for the week ending November 8 (in ten thousand people) (to be determined), French Q3 ILO unemployment rate at 14:30, UK Q3 GDP annual rate preliminary value at 15:00, UK September manufacturing output monthly rate at 15:00, Eurozone September industrial output monthly rate at 18:00 [2]

Core Viewpoint - The U.S. Department of Commerce announced a one-year suspension of the export control penetration rule, which affects companies on the U.S. export control "entity list" and their affiliates with over 50% ownership [1] Group 1: U.S. Export Control Policy - The suspension period is from November 10, 2025, to November 9, 2026, during which related companies will not face additional export control sanctions under the penetration rule [1] - This decision is seen as an important measure to implement the consensus reached during the China-U.S. Kuala Lumpur economic and trade consultations [1] Group 2: China-U.S. Relations - China expresses willingness to engage in dialogue and strengthen communication with the U.S. based on mutual respect and equal consultation [1] - The aim is to manage differences properly and create favorable conditions for promoting mutual cooperation between enterprises of both countries, ensuring the stability of global industrial and supply chains [1]

Core Viewpoint - The U.S. Department of Commerce announced a one-year suspension of the export control penetration rule, which affects companies on the U.S. export control "entity list" and their affiliates with over 50% ownership [1] Group 1: U.S. Export Control Policy - The suspension period is from November 10, 2025, to November 9, 2026, during which related companies will not face additional export control sanctions under the penetration rule [1] - This decision is seen as an important measure to implement the consensus reached during the China-U.S. Kuala Lumpur economic and trade consultations [1] Group 2: Future Discussions - Both parties will continue discussions regarding arrangements after the one-year suspension [1] - China expresses willingness to enhance dialogue and cooperation with the U.S. based on mutual respect and equal consultation principles [1]

Core Viewpoint - The U.S. Department of Commerce announced a one-year suspension of the export control penetration rules, which is seen as an important measure to implement the consensus reached during the China-U.S. Kuala Lumpur economic and trade consultations [1] Group 1: Export Control Rules - The U.S. will suspend the implementation of export control penetration rules from November 10, 2025, to November 9, 2026 [1] - During this period, companies listed on the U.S. export control "entity list" will not face additional export control sanctions for their affiliates that hold more than 50% of their shares [1] Group 2: Bilateral Relations - The Chinese side expressed willingness to engage in dialogue and communication with the U.S. based on mutual respect and equal consultation [1] - Both parties aim to manage differences properly and create favorable conditions for promoting mutually beneficial cooperation between enterprises and ensuring the safety and stability of global industrial and supply chains [1]

Group 1 - The U.S. Department of Commerce announced a one-year suspension of the export control penetration rule, effective from November 10, 2025, to November 9, 2026, which will prevent additional export control sanctions on companies with over 50% ownership by entities listed on the U.S. export control "entity list" [1] - This suspension is seen as an important measure to implement the consensus reached during the China-U.S. Kuala Lumpur economic and trade consultations [1] - Both parties will continue discussions regarding arrangements after the one-year suspension [1] Group 2 - China expresses willingness to strengthen dialogue and communication with the U.S. based on mutual respect and equal consultation principles [1] - The aim is to properly manage differences and create favorable conditions for promoting mutually beneficial cooperation between enterprises of both countries, as well as ensuring the security and stability of global industrial and supply chains [1]

Group 1 - The U.S. Department of Commerce announced a one-year suspension of the export control penetration rules, effective from November 10, 2025, to November 9, 2026, which will prevent additional export control sanctions on companies with over 50% ownership by entities listed on the U.S. export control "entity list" [2] - This suspension is seen as an important measure to implement the consensus reached during the China-U.S. Kuala Lumpur economic and trade consultations [2] - Both parties will continue discussions regarding the arrangements after the one-year suspension [2] Group 2 - China expresses willingness to strengthen dialogue and communication with the U.S. based on mutual respect and equal consultation principles [2] - The aim is to properly manage differences and create favorable conditions for promoting mutually beneficial cooperation between enterprises of both countries, as well as ensuring the safety and stability of global industrial and supply chains [2]

Core Viewpoint - The U.S. Department of Commerce announced a one-year suspension of the export control penetration rule, which will affect companies on the U.S. export control "entity list" and their affiliates with over 50% ownership [1] Group 1 - The suspension period is from November 10, 2025, to November 9, 2026, during which related companies will not face additional export control sanctions under the penetration rule [1] - This decision is seen as an important measure to implement the consensus reached during the China-U.S. Kuala Lumpur economic and trade consultations [1] - Discussions regarding the arrangements after the one-year suspension will continue between both parties [1] Group 2 - China expresses willingness to strengthen dialogue and communication with the U.S. based on mutual respect and equal consultation [1] - The aim is to properly manage differences and create favorable conditions for promoting mutually beneficial cooperation between enterprises of both countries [1] - The focus is also on ensuring the safety and stability of global industrial and supply chains [1]

Core Viewpoint - The U.S. Department of Commerce announced a one-year suspension of the export control penetration rule, which will affect companies on the U.S. export control "entity list" and their affiliates with over 50% ownership [1] Group 1: Announcement Details - The suspension will take place from November 10, 2025, to November 9, 2026, during which related companies will not face additional export control sanctions under the penetration rule [1] - This decision is seen as an important measure to implement the consensus reached during the China-U.S. Kuala Lumpur economic and trade consultations [1] Group 2: Future Discussions - Discussions regarding the arrangements after the one-year suspension will continue between both parties [1] - The Chinese side expresses willingness to strengthen dialogue and manage differences to promote mutual cooperation and ensure the stability of global industrial and supply chains [1]

商务部：中方注意到，美方宣布于2025年11月10日至2026年11月9日暂停实施出口管制穿透性规则，即在此期间，被列入美国出口管制“实体清单”等制裁清单的企业，其持股超过50%的关联企业将不会因穿透性规则被追加同等出口管制制裁。这是美方落实中美吉隆坡经贸磋商共识的重要举措。对于暂停一年后的安排，双方还将会继续讨论。 ...