Core Points - The Ministry of Commerce announced adjustments to non-tariff measures against the U.S. based on the consensus from the China-U.S. Kuala Lumpur economic and trade consultations [1] - The unreliable entity list mechanism will include a number of U.S. entities, with specific measures to be implemented starting from November 10, 2025 [1] - Export control measures will also be adjusted, with certain U.S. entities being removed from the export control list while others will continue to face restrictions [1] Group 1: Unreliable Entity List - The Ministry of Commerce will publish announcements on March 4 and April 4, 2025, listing U.S. entities as unreliable, with measures effective from November 10, 2025 [1] - Domestic companies can apply to trade with listed entities, and the Ministry will review applications according to the regulations [1] Group 2: Export Control Measures - A total of 31 U.S. entities were listed under export control regulations, prohibiting the export of dual-use items [1] - From November 10, 2025, measures against 15 of these entities will be lifted, while restrictions on 16 others will remain in place for an additional year [1] - Exporters must apply to the Ministry of Commerce for permission to export dual-use items to these entities, which will be reviewed according to relevant laws [1]

Group 1 - The Ministry of Commerce plans to adjust the unreliable entity list measures against the U.S. based on the consensus reached during the China-U.S. Kuala Lumpur economic and trade consultations [1] - Starting from November 10, 2025, China will suspend certain measures related to the unreliable entity list announced on April 4, 2025, for one year, and will stop measures from the March 4, 2025, announcement [1] - Domestic enterprises can apply to trade with entities on the unreliable entity list, and the review process will be conducted according to the relevant regulations [1] Group 2 - The Ministry of Commerce has included 31 U.S. entities in the export control list, prohibiting the export of dual-use items to these entities [2] - From November 10, 2025, measures against 15 U.S. entities from the March 4 announcement will be suspended, while measures against 16 entities from the April 4 announcement will continue to be suspended for one year [2] - Exporters wishing to export dual-use items to the listed entities must apply to the Ministry of Commerce, which will review applications according to the relevant regulations [2]

商务部新闻发言人就调整出口管制管控名单措施答记者问 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。 商务部新闻发言人就调整不可靠实体清单措施答记者问 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 ...

Group 1 - The Ministry of Commerce announced adjustments to the export control list, allowing 15 U.S. entities to be removed from the export control measures starting November 10, 2025, while 16 entities will continue to face restrictions for another year [1] - Exporters wishing to export dual-use items to the listed entities must apply to the Ministry of Commerce, which will review applications according to relevant regulations [1] Group 2 - The Ministry of Commerce also addressed the unreliable entity list, stating that measures related to the April 4 announcement will be suspended for another year, while measures from the March 4 announcement will be stopped [3] - Domestic companies can apply to trade with the entities on the unreliable entity list, and the review process will be conducted according to the regulations [3]

Group 1 - The Ministry of Commerce plans to adjust the unreliable entity list measures, with a focus on U.S. entities, in line with the consensus reached during the China-U.S. Kuala Lumpur economic and trade consultations [1] - Starting from November 10, 2025, China will suspend certain measures related to the unreliable entity list for one year, allowing domestic companies to apply for transactions with listed entities [1] - The mechanism for the unreliable entity list will conduct legal reviews of applications from domestic enterprises, approving those that meet the criteria [1] Group 2 - The Ministry of Commerce has included 31 U.S. entities in the export control list, prohibiting the export of dual-use items to these entities as per announcements made on March 4 and April 4, 2025 [2] - From November 10, 2025, measures against 15 of these entities will be suspended, while measures against the remaining 16 will continue to be paused for one year [2] - Exporters wishing to export dual-use items to these entities must apply to the Ministry of Commerce, which will review applications according to relevant regulations [2]

Market Overview - The three major indices opened lower, with the ChiNext index down 0.42% [1] - As of the opening, the Shanghai Composite Index was at 3852.88 points, down 0.01%; the Shenzhen Component Index was at 13394.79 points, down 0.38%; and the ChiNext Index was at 3222.19 points, down 0.42% [1] Economic Policies and Developments - Chinese Premier Li Qiang expressed confidence in maintaining stable economic development and creating opportunities for foreign enterprises, including those from the U.S. [2] - The People's Bank of China plans to support foreign institutions in engaging in bond repurchase activities in the Chinese bond market [2] - The Ministry of Commerce announced an investigation into trade barriers against Mexico and initiated anti-dumping investigations on imports from Mexico and the U.S. [2] - The Ministry of Commerce added three U.S. companies to the unreliable entity list and placed three others under export control [2] - The State Administration for Market Regulation is conducting quality inspections on photovoltaic components and electric vehicles to prevent irrational competition [2] Industry Insights - The Ministry of Education and the State Administration for Market Regulation issued guidelines for the procurement and inspection of bulk food ingredients in school canteens [3] - The National Radio and Television Administration is drafting regulations for micro-short dramas to provide legal support for their development [3] - The China Nonferrous Metals Industry Association is accelerating research on the regulation of copper smelting capacity [3] - Xiaomi is optimizing vehicle delivery cycles, potentially reducing the time from order to delivery by up to two months for some models [3] - Public fund assets have surpassed 36 trillion yuan, marking a record high, with significant growth in stock and mixed funds [3] Corporate Announcements - Han Yu Pharmaceutical announced plans to raise up to 968 million yuan for the development of Semaglutide [4] - Ganfeng Lithium's subsidiary plans to raise up to 2.5 billion yuan through new investments [4] - Dazhihui announced a merger with Xiangcai Co., with share exchange prices set at 7.51 yuan and 9.53 yuan respectively [4] - The stock of Wanhua Chemical was suspended for review due to significant trading fluctuations [4] U.S. Market Impact - U.S. President Trump announced a 25% tariff on all imported heavy trucks starting October 1 [5] - The U.S. Federal Reserve is considering modernizing its interest rate target system [5] - U.S. stock indices closed lower, with the Dow down 0.38%, Nasdaq down 0.5%, and S&P 500 down 0.5% [5] Analyst Perspectives - Zhongyuan Securities noted a narrow fluctuation in the Shanghai Composite Index, with foreign investment maintaining confidence in Chinese assets [6] - Dongguan Securities highlighted a mixed performance in A-shares, with the ChiNext index showing strength and the market likely to remain in a volatile state [7]

今天，商务部发布公告，决定将3家美国企业列入不可靠实体清单，将3家美国实体列入出口管制管控名 单。 商务部：将3家美国企业列入不可靠实体清单 今天（25日），商务部发布公告，决定将3家美国企业列入不可靠实体清单。 为维护国家主权、安全和发展利益，根据《中华人民共和国对外贸易法》《中华人民共和国国家安全 法》《中华人民共和国反外国制裁法》等有关法律，不可靠实体清单工作机制依据《不可靠实体清单规 定》第二条、第八条和第十条等有关规定，决定将萨罗尼克科技公司（Saronic Technologies， Inc．）、爱尔康公司（Aerkomm Inc．）、国际海洋工程公司（Oceaneering International， Inc．）等3 家实体列入不可靠实体清单，并采取以下处理措施： 一、禁止上述企业从事与中国有关的进出口活动； 二、禁止上述企业在中国境内新增投资。 本公告未尽事宜，按《不可靠实体清单规定》执行。 根据《中华人民共和国出口管制法》和《中华人民共和国两用物项出口管制条例》等法律法规有关规 定，为维护国家安全和利益，履行防扩散等国际义务，决定将亨廷顿·英格尔斯工业公司等3家美国实体 列入出口管制管控名 ...

Group 1 - The Chinese Ministry of Commerce has announced the inclusion of 28 US entities in the export control list, prohibiting the export of dual-use items to these entities [2] - Effective from August 12, 2025, the measures against 16 of the entities listed on April 4 will be suspended for 90 days, while measures against 12 entities listed on April 9 will be halted [2] - Exporters wishing to export dual-use items to these entities must apply to the Ministry of Commerce, which will review applications according to relevant regulations [2] Group 2 - The Ministry of Commerce has also included 17 US entities in the unreliable entity list, prohibiting these entities from engaging in import and export activities related to China and from making new investments in China [3] - Starting from August 12, 2025, the measures against the entities listed on April 4 will be suspended for 90 days, and measures against those listed on April 9 will be stopped [3] - Domestic companies can apply to conduct transactions with the entities on the unreliable entity list, and the review process will be conducted according to the regulations [3]

Group 1 - The Chinese Ministry of Commerce has added 28 US entities to the export control list, prohibiting the export of dual-use items to these entities [1] - Starting from August 12, 2025, measures against 16 of the entities listed on April 4 will be suspended for 90 days, while measures against 12 entities listed on April 9 will be halted [1] - Exporters wishing to export dual-use items to these entities must apply to the Ministry of Commerce, which will review applications according to relevant regulations [1] Group 2 - The unreliable entity list mechanism has also included 17 US entities, prohibiting them from engaging in import and export activities related to China and from making new investments in China [2] - Similar to the export control measures, from August 12, 2025, the measures against the entities listed on April 4 will be suspended for 90 days, and those against the entities listed on April 9 will be stopped [2] - Domestic companies can apply to conduct transactions with the entities on the unreliable entity list, and the mechanism will review applications for approval [2]

Group 1 - The core viewpoint of the article is that China will suspend measures against 17 U.S. entities listed in the unreliable entity list and 28 U.S. entities in the export control list for 90 days starting from May 14, 2025, as part of the consensus reached during the high-level economic talks between China and the U.S. [2][4] Group 2 - The unreliable entity list mechanism will prohibit the 17 U.S. entities from engaging in import and export activities related to China and from making new investments in China, effective from April 4 and 9, 2025 [2] - Domestic companies can apply to trade with the entities on the unreliable entity list, and the applications will be reviewed according to the relevant regulations [2] Group 3 - The export control list will prohibit exports of dual-use items to the 28 U.S. entities, with the same suspension of measures for 90 days starting from May 14, 2025 [4] - Exporters wishing to export dual-use items to these entities must submit applications to the Ministry of Commerce, which will review and approve compliant applications [4]