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何亚东表示，关于对加油菜籽反倾销措施，鉴于案件情况复杂，该案调查期限已延长至2026年3月9日， 商务部将在该日期前发布终裁公告。商务部将在规则框架内充分考虑加方合理诉求，基于事实和证据作 出客观公正的最终裁决。 南都讯 记者杨文君 发自北京 2月12日下午，商务部举行例行新闻发布会，新闻发言人何亚东就中国对 加拿大进口油菜籽反倾销案相关问题进行了回应。 据何亚东介绍，加拿大卡尼总理1月访华期间，中加双方就妥善解决电动汽车、钢铝产品、油菜籽、农 水产品等领域的经贸问题做出具体安排。加方将就针对中国电动汽车、钢铝产品等采取的单边措施做出 积极调整。中方也将相应地根据有关法律法规调整对加反歧视措施。 ...

近日，法国某机构向欧盟提议对中国实施相当于约30%的整体关税。这份所谓"建议"，只针对中国商 品，明显违反世贸组织规则，无异于对华进行贸易宣战。 记者从相关人士处了解到，如果法国执意推动所谓"建议"落地，中方至少可以采取三方面的行动。 首先，中国完全可以考虑对欧盟，特别是法国的葡萄酒发起反倾销、反补贴调查。中国是欧盟葡萄酒重 要的出口市场，2024年欧盟葡萄酒对华出口近7亿美元，其中近半数为法国葡萄酒。 其次，如果法国不知悔改，中方可以对法国乃至欧盟近期系列对华不友好举措作出回应，如发起反歧视 调查。 监制：蒋莉莉 此外，如果欧盟单边对华加征关税，中国必将坚决反击，直接对欧盟有关产品采取"对等关税"予以反 制。中方始终敞开沟通的大门，但也做好准备应对一切挑战。 ...

Core Viewpoint - France has proposed a 30% overall tariff on Chinese goods, which is seen as a violation of WTO rules and a declaration of trade war against China [1] Group 1: Potential Actions by China - China may consider initiating anti-dumping and countervailing investigations against French wine, as the EU wine exports to China are projected to reach nearly $700 million in 2024, with almost half being French wine [1] - If France continues its unfriendly measures, China could respond with anti-discrimination investigations against France and the EU [1] - In the event of unilateral tariffs imposed by the EU, China is prepared to retaliate with equivalent tariffs on EU products [1]

Group 1 - The U.S. International Trade Commission has preliminarily ruled that imports of box-type semi-trailers and their components from Mexico, Canada, and China have caused harm to the U.S. industry, leading to upcoming countervailing and anti-dumping preliminary rulings by the U.S. Department of Commerce [1] - CIMC Vehicles (301039) is actively responding through expanding local production capacity in the U.S. to ensure supply chain stability, which may introduce uncertainty in the company's business outlook in the North American market [1] Group 2 - Recent stock price movements have shown volatility, with an initial rise due to the news but followed by a pullback, resulting in a net outflow of major funds; as of the latest data, the stock price has slightly increased, but the cumulative decline over five days exceeds 2%, indicating cautious short-term funding conditions [2] - Dongwu Securities has released a report recommending CIMC Vehicles and other leading companies, expressing optimism about their stable growth in both China and global southern markets; however, it notes that the weak North American market continues to exert pressure on short-term profits despite high growth in the company's new energy product sales [3]

Summary of Key Points Industry Involved - The document pertains to the optical fiber industry, specifically focusing on single-mode optical fibers produced in China [1]. Core Points and Arguments - On January 22, 2026, the Korea Trade Commission issued a final ruling on anti-dumping measures against single-mode optical fibers originating from China [1]. - The ruling suggests that the Ministry of Economy and Finance of South Korea impose a five-year anti-dumping duty on specific Chinese companies, including: - Hengtong Optic-Electric Co., Ltd. and its affiliates - Yangtze Optical Fibre and Cable Joint Stock Limited Company and its affiliates - Hangzhou Jinxingtong Optical Fiber Technology Co., Ltd. and its affiliates - Other Chinese manufacturers/exporters [1]. - The proposed anti-dumping duty rate is set at 43.35% for the mentioned companies [1]. Other Important Content - The case involves products under South Korea's tax code 9001.10.0000, excluding low-loss fiber bundles, cables, and single-mode optical fibers specified as G.652.D, which are primarily used for optical equipment [2].

（文章来源：证券日报） 证券日报网讯 2月10日，中国巨石在互动平台回答投资者提问时表示，欧盟对原产于埃及的产品的反倾 销调查在进行中，公司也在积极应诉，努力维护企业合法权益。 ...

Core Viewpoint - The European Union has imposed a significant anti-dumping tariff of 79% on Chinese ceramic tableware and kitchenware, which is seen as a protective measure for its domestic ceramic industry, particularly affecting small and medium-sized enterprises in China [1][3][5]. Group 1: Tariff Impact - The new tariff, termed the "doomsday clause," has increased from a previous range of 13% to 35%, severely impacting the competitiveness of Chinese ceramic products in the EU market [3][5]. - The high tariff means that export costs for Chinese ceramics will double, leading to a loss of market competitiveness [5][9]. - The EU's decision is primarily driven by the need to protect its domestic ceramic industries, particularly in Spain and Italy, which dominate the European market [9][11]. Group 2: Industry Response - Many ceramic industry stakeholders are anxious and are urgently seeking strategies to cope with the new tariff [5][31]. - The complexity of the tariff situation is compounded by the fact that other countries, such as Indonesia, have also imposed high tariffs, with Indonesia's reaching 87% [7][9]. - The EU's anti-dumping measures are not solely targeted at China but also include Turkey and India, indicating a broader protective strategy [9][11]. Group 3: Legal and Compliance Challenges - The EU has classified China as a non-market economy, which complicates the legal landscape for Chinese companies seeking to contest the tariffs [13][15]. - Chinese ceramic enterprises face significant hurdles in submitting appeals due to a lack of unified industry support and resources for legal representation [17][19]. - The appeal process is complicated and costly, with many small enterprises unable to afford the legal fees required to contest the tariffs effectively [19][23]. Group 4: Market Dynamics and Future Strategies - Despite the tariffs, the export volume of Chinese ceramics to Europe has continued to grow, primarily due to their low prices [15][25]. - The industry is characterized by a high level of competition and low profit margins, which makes it vulnerable to external shocks such as tariff increases [25][28]. - The long-term solution for the industry lies in upgrading and transforming production capabilities, moving away from low-end products, and exploring new markets outside the EU [31][37][40]. Group 5: Opportunities for Growth - There is potential for Chinese ceramic companies to expand into emerging markets that do not impose tariffs on Chinese products, such as Southeast Asia, Central Asia, and Africa [37][40]. - Companies are encouraged to adopt modern financial systems and compliance practices to improve their chances of successfully contesting tariffs in the future [33][42]. - The focus should shift towards building strong domestic brands and leveraging e-commerce to reduce dependency on traditional export markets [42][44].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 63.9 CNY per share based on a 20x PE for 2026 [6][11]. Core Insights - The company is expected to achieve significant revenue growth, with projected revenues of 21.6 billion CNY in 2025, 28.4 billion CNY in 2026, and 35.3 billion CNY in 2027, reflecting year-on-year growth rates of 52%, 32%, and 24% respectively [6][11]. - The net profit attributable to the parent company is forecasted to reach 1.7 billion CNY in 2025, 2.3 billion CNY in 2026, and 2.9 billion CNY in 2027, with growth rates of 61%, 32%, and 25% respectively [6][11]. - The company is benefiting from the new national standards for electric motorcycles, which are expected to drive significant growth in this segment, while the lawn mower business continues to show high growth potential [6][11]. Financial Projections - Revenue and profit forecasts indicate a strong upward trend, with revenues projected to grow from 10.2 billion CNY in 2023 to 35.3 billion CNY by 2027, and net profits increasing from 598 million CNY to 2.9 billion CNY over the same period [2][11]. - The EBITDA is expected to rise from 541 million CNY in 2023 to 3.8 billion CNY in 2027, indicating robust operational performance [2][11]. - The earnings per share (EPS) is projected to increase from 8.37 CNY in 2023 to 40.09 CNY in 2027, reflecting strong profitability growth [2][11]. Segment Analysis - Electric Two-Wheelers: Revenue is expected to grow significantly, with projections of 11.9 billion CNY in 2025 and 20.3 billion CNY in 2027, driven by rapid channel expansion [9][11]. - Self-Brand Scooters: Anticipated revenue growth from 2.5 billion CNY in 2024 to 3.9 billion CNY in 2027, supported by recovering European demand and new product cycles [9][11]. - Lawn Mowers: Expected to see substantial growth, with revenues projected to increase from 1.7 billion CNY in 2025 to 5.2 billion CNY in 2027, benefiting from increased market share due to anti-dumping measures [9][11]. - TOB Direct Sales: Revenue is forecasted to recover from a decline in 2024, with growth expected to stabilize in subsequent years [9][11].

此次美国商务部公布的为反倾销、反补贴调查终裁结果，美国国际贸易委员会（ITC）预计将于2026年 3月公布产业损害最终裁定。若ITC做出肯定性裁定，美国商务部将正式发布反倾销、反补贴税令。本 次"双反"调查对公司在美市场的业务拓展产生了实质性压力。鉴于公司通过前述特定渠道（SRA）出口 美国的综合执行税率（反倾销现金保证金率84.95%+反补贴税率8.63%）仍达到93.58%，该税率水平预 计将削弱公司相关产品在美市场的成本竞争优势，公司面临涉案产品订单缩减及市场份额流失的风险。 目前，公司正在采取多种措施积极应对。首先，在严守贸易合规的前提下，公司将加强与具备特定单独 税率资格的贸易渠道（SRA）合作，充分利用相对较低的综合税率通道维持美国市场的业务连续性。同 时，公司将充分利用前述产品排除条款，加大对美出口非涉案的小包装复配糖产品，并积极推广莱鲍迪 苷M、阿洛酮糖及塔格糖等非涉案新产品，通过差异化布局提升出口业务的抗风险能力。 2026年2月4日，美国商务部公布了关于本次赤藓糖醇反倾销调查终裁结果。公司作为出口商未能获得分 别税率资格，直接向美国出口时适用184.26%的中国全国统一税率，较初裁（450 ...