Core Viewpoint - The company is restarting its synthetic vanillin production facility in Saint-Fons, France, to meet the changing market demands in Europe, with production expected to resume by the end of 2025 [1] Group 1: Production Plans - The synthetic vanillin production plant in Saint-Fons was previously suspended in May 2024 and will restart operations by the end of 2025 [1] - The Saint-Fons facility continues to produce natural vanillin and phenol during the suspension period [1] - With the restart of synthetic vanillin production, the company will achieve production capabilities in all major regions [1] Group 2: Business Strategy - The decision to restart synthetic vanillin production does not alter the company's recent plan to divest its flavoring business [1] - The company currently operates synthetic vanillin production facilities in Baton Rouge, Louisiana, USA, and Zhenjiang, China [1] Group 3: Market Environment - The European Commission, supported by the French government, has imposed a 131% anti-dumping duty on related products, while the US has levied an additional tax of at least 232% [1] - These measures are expected to significantly reshape the competitive landscape, enhancing the competitiveness of regional producers [1]

据悉，该决议豁免了和发集团（Hoa Phat Group）生产的相关产品。 据报道，欧盟委员会对越南热轧钢进口征收12.1%反倾销税，当前越南钢铁行业正着力开拓欧洲市 场，在此背景下，欧盟委员会出台了上述征税措施。 （责任编辑：宋政 HN002） 据报道，欧盟同时对源自日本和埃及的（同类）进口产品征收了反倾销税。 美国已对源自越南及其他国家的冷轧钢进口征收反倾销税，征税期为2024年7月至2025年6月。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report's Core View - Macro factors include China's September LPR remaining unchanged, potential bank deposit - rate cuts in Q4, and various overseas trade policies such as US tariff hikes and South Korea's anti - dumping duties. Supply has been rising since mid - May, inventory has increased significantly, and costs and demand have changed. Technically, the manganese silicon main contract's weekly K - line is bearish. The market is expected to be weak after the holiday, and it is recommended to reduce or empty positions [6]. 3. Summary by Directory 3.1 Week - ly Key Points Summary - **Macro**: China's September LPR: 5 - year above at 3.5%, 1 - year at 3%. Guangdong prepared for Typhoon "Hua Jiasha". More banks may cut deposit rates in Q4. Overseas, the US will impose high tariffs on certain products from October 1, and South Korea imposed anti - dumping duties on steel products [6]. - **Supply and Demand**: Production has been rising since mid - May, inventory increased significantly. Imported manganese ore port inventory decreased by 25.3 tons, and hot metal production returned to previous levels. Inner Mongolia's spot profit is - 80 yuan/ton, and Ningxia's is - 190 yuan/ton. HeSteel Group's September silicon - manganese price is 6000 yuan/ton, down 200 yuan/ton [6]. - **Technical**: The manganese silicon main contract's weekly K - line is below the 60 - day moving average, indicating a bearish trend [6]. - **Strategy**: Before the holiday, funds reduced positions, market sentiment declined, and the sector was weak. After the holiday, prices are expected to be weak. It is recommended to reduce or empty positions [6]. 3.2 Futures and Spot Market - **Futures Market**: As of September 26, the silicon - manganese futures contract's open interest decreased by 50,300 lots to 501,000 lots, and the 5 - 1 contract spread increased by 8 points to 46. Manganese silicon warehouse receipts decreased by 4,563 to 56,113, and the manganese silicon - ferrosilicon January contract spread decreased by 8 points to 220 [12][16]. - **Spot Market**: As of September 26, Inner Mongolia's silicon - manganese spot price was 5,700 yuan/ton, down 50 yuan/ton, and the basis was - 138 yuan/ton, up 56 points [23]. 3.3 Industry Chain - **Industry**: Manganese silicon inventory increased rapidly, and production declined from its peak. The national 187 - enterprise sample's capacity utilization was 44.18%, down 1.50%. Daily production was 29,490 tons, down 335 tons. Five major steel products' silicon - manganese weekly demand was 122,484 tons, up 0.87%, and national production was 206,430 tons, down 1.12% [25]. - **Inventory**: As of September 25, the national 63 - enterprise sample's inventory was 233,800 tons, up 34,900 tons. Inner Mongolia decreased by 1,500 tons, Ningxia increased by 30,600 tons, etc. [30]. - **Upstream**: As of September 26, Tianjin Port's South32 South African semi - carbonate lump was 34.3 yuan/ton - degree, down 0.2. Ningxia and Inner Mongolia's electricity prices were flat. Imported manganese ore port inventory decreased by 25.3 tons to 427.2 tons. South African manganese ore arrivals decreased by 25%, while Australian, Gabonese, and Ghanaian arrivals increased [34][40]. - **Profit**: On September 26, the northern region's spot production cost was 5,830 yuan/ton, up 20, and the profit was - 140 yuan/ton, down 50. The southern region's cost was 6,230 yuan/ton, up 20, and the profit was - 530 yuan/ton, down 40 [44]. - **Downstream**: Daily hot metal production was 2.4236 million tons, up 13,400 tons week - on - week and 175,000 tons year - on - year. HeSteel Group's September silicon - manganese price was 6,000 yuan/ton, down 200 yuan/ton [48].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On September 24, the iron ore futures main 2601 contract oscillated, rose in the afternoon and then fell back, closing at 803.5 yuan/ton with a 0.00% increase. Considering the steel mill's resumption rhythm and restocking demand before the National Day holiday, it is expected that the iron ore price may fluctuate strongly in the near future [7][11] 3. Summary by Relevant Catalogs 3.1 Market Review and Future Outlook - **Market Review**: On September 24, the iron ore futures main 2601 contract oscillated, rose in the afternoon and then fell back, closing at 803.5 yuan/ton with a 0.00% increase. The spot market showed that on September 24, the main iron ore outer - market quotes were flat compared to the previous trading day, and the prices of main - grade iron ore at Qingdao Port were mostly flat compared to the previous day. Technically, the daily KDJ indicator of the iron ore 2601 contract continued to decline, and the daily MACD indicator formed a death cross [7][9] - **Future Outlook**: Recently, the shipments from Australia and Brazil decreased, while the arrivals increased. The total shipments from Australia and Brazil in the past four weeks increased by 3.56% compared to the previous four weeks. Considering the shipping time, the future arrivals are expected to further recover, showing a pattern of being low first and then high. On the demand side, last week, the molten iron output, blast furnace start - up rate, and blast furnace capacity utilization rate rebounded again, with obvious demand recovery after the September 3rd restrictions. However, the continuous decline in the profitability of downstream steel enterprises will limit the growth space of demand. In terms of inventory, as the National Day holiday in October approaches, steel mills have started the restocking process, which will support the iron ore demand before the holiday [10][11] 3.2 Industry News - **Anti - Dumping News**: On September 23, South Korea decided to impose temporary anti - dumping duties on carbon steel and alloy steel hot - rolled coils from China and Japan. From September 19, India decided to impose a 5 - year anti - dumping duty on cold - rolled non - oriented electrical steel from China [12] - **Policy News**: Six ministries including the Ministry of Industry and Information Technology jointly issued the "Work Plan for Stable Growth of the Building Materials Industry (2025 - 2026)", aiming to make the building materials industry recover and improve profitability from 2025 - 2026, and increase the scale of green building materials and advanced inorganic non - metallic materials industries. The green building materials' operating income is expected to exceed 30 billion yuan in 2026. Five key tasks are deployed, including strengthening industry management, enhancing industrial technological innovation, expanding effective investment, expanding consumer demand, and deepening opening - up and cooperation [12][13] 3.3 Data Overview - The report provides multiple data charts, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade, low - grade ores and PB powder at Qingdao Port, the basis between iron ore spot and January contract at Qingdao Port, the shipments from Brazil and Australia, the arrivals at 45 ports, the capacity utilization rate of domestic mines, the trading volume at main ports, the inventory available days of steel mills' iron ore, the inventory of imported sintered powder ore, the inventory and dispatch volume of port iron ore, the cost of molten iron in sample steel mills, the start - up rate and capacity utilization rate of blast furnaces and electric furnaces, the daily average molten iron output nationwide, the apparent consumption of five major steel products, the weekly output of five major steel products, and the inventory of five major steel products in steel mills [15][20][24]

2024年、2025年上半年，公司出口至欧盟的乙醛酸产品营业收入占整体营业收入的比重较小，分别为 3.50%、1.27%。整体来说，公司出口至欧盟的乙醛酸产品营业收入占整体营业收入的比重较低，本次 征收反倾销税不会对未来公司生产经营产生重大影响。 欧盟加征高额反倾销关税对公司乙醛酸出口欧盟市场产生了一定影响，导致公司乙醛酸的价格竞争力有 所下降。自初裁结果公布以来，部分客户因无法承受高额反倾销税而停止进口公司产品，尽管如此，仍 有部分客户选择继续合作，并愿意承担较高关税。与此同时，更多欧盟客户对乙醛酸供应链所面临的关 税风险表示担忧，预计未来部分客户的需求可能会受到反倾销税的抑制，从而对公司在欧盟市场的销售 带来一定压力。公司将加大产品研发力度，持续降本增效，也将持续开拓欧盟以外的销售市场，扩大市 场份额，并密切关注主要出口国家的政策变化、关税变化等事项，提高公司的抗风险能力。 格隆汇9月23日丨国林科技(300786.SZ)公布，近日收到代理律师通知，欧盟委员会2025年9月22日公布 了对原产于中国的乙醛酸产品反倾销调查的最终裁定结果。2025年9月22日，欧盟委员会公布了关于本 次乙醛酸反倾销调查终裁公 ...

Core Viewpoint - The European Commission announced the final ruling on anti-dumping investigations against acetic acid products originating from China, imposing a 57.3% anti-dumping tax on the acetic acid produced by the company's wholly-owned subsidiary, Xinjiang Guolin, while other Chinese companies face taxes ranging from 29.2% to 124.9% [1] Company Summary - The anti-dumping measures will take effect from the date of the European Union's final ruling announcement and will last for five years [1] - In 2024 and the first half of 2025, the revenue from the company's acetic acid exports to the EU will account for a small proportion of total revenue, specifically 3.5% and 1.27% respectively [1] - Overall, the low proportion of revenue from acetic acid exports to the EU indicates that the imposition of anti-dumping taxes will not have a significant impact on the company's future production and operations [1]

欧盟加征高额反倾销关税对公司乙醛酸出口欧盟市场产生了一定影响，导致公司乙醛酸的价格竞争力有 所下降。自初裁结果公布以来，部分客户因无法承受高额反倾销税而停止进口公司产品，尽管如此，仍 有部分客户选择继续合作，并愿意承担较高关税。与此同时，更多欧盟客户对乙醛酸供应链所面临的关 税风险表示担忧，预计未来部分客户的需求可能会受到反倾销税的抑制，从而对公司在欧盟市场的销售 带来一定压力。公司将加大产品研发力度，持续降本增效，也将持续开拓欧盟以外的销售市场，扩大市 场份额，并密切关注主要出口国家的政策变化、关税变化等事项，提高公司的抗风险能力。 2024年、2025年上半年，公司出口至欧盟的乙醛酸产品营业收入占整体营业收入的比重较小，分别为 3.50%、1.27%。整体来说，公司出口至欧盟的乙醛酸产品营业收入占整体营业收入的比重较低，本次 征收反倾销税不会对未来公司生产经营产生重大影响。 格隆汇9月23日丨国林科技(300786.SZ)公布，近日收到代理律师通知，欧盟委员会2025年9月22日公布 了对原产于中国的乙醛酸产品反倾销调查的最终裁定结果。2025年9月22日，欧盟委员会公布了关于本 次乙醛酸反倾销调查终裁公 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Precious Metals**: Short - term, the gold price is bullish due to the increasing expectation of Fed rate cuts and concerns about its independence. The weak employment data in the US in August strengthens the easing expectation. In the long - term, the continuous gold purchases by global central banks, the de - dollarization trend, and geopolitical risks boost the currency attribute and safe - haven demand of gold. The precipitation funds in SHFE gold futures have exceeded 100 billion yuan, indicating strong market enthusiasm [3]. - **Copper**: In the short term, with a tight supply, the copper price faces obvious pressure at 79,000 yuan per ton, and the 20 - day moving average may provide support, with the price expected to stand firm at 80,000 yuan per ton [18]. - **Aluminum**: Macroeconomic factors such as the weak US non - farm payrolls in August, the almost certain Fed rate cut in September, and the improvement of domestic policies are positive for the aluminum price. Fundamentally, the increase in the aluminum - water ratio and the recovery of downstream demand in the peak season support the price. However, the late de - stocking node restricts the upward range of the aluminum price in the short term, and the SHFE aluminum is expected to be volatile and slightly stronger [37]. - **Zinc**: The supply side is in an oversupply state. The domestic zinc ore has a price advantage, and the overseas zinc ore supply is abundant. The demand for the "Golden September and Silver October" is generally expected, and the zinc price is expected to be volatile in the short term [68]. - **Nickel**: The production and shipment of nickel ore are stable, and the inventory at domestic ports is high. The new energy sector still provides support, and the supply is relatively tight. The price of nickel iron is also strong, and the stainless - steel market is in a volatile state. Attention should be paid to the impact of the US dollar index, rate - cut expectations, and the difficulty of stainless - steel exports [84]. - **Tin**: In the short term, the factors affecting the tin price are not obvious, and the technical level can be used for judgment. The price of 270,000 yuan per ton has certain support [99]. - **Lithium Carbonate**: Although there is an optimistic short - term expectation for the resumption of production of the Jianxiaowo lithium mine, the peak - season demand in the "Golden September and Silver October" still provides effective support for the lithium carbonate price. The resumption of production cannot cover the current peak - season demand, and the supply - side disturbance does not change the fundamental support logic [111]. - **Silicon**: In the short term, the Inner Mongolia meeting has a positive impact on sentiment. In the long term, the industry faces structural pressure. The polysilicon market is affected by rumors and policy expectations, with high uncertainty in price trends. Investors are advised to be cautious [120]. 3. Summaries by Relevant Catalogs Precious Metals - **Price and Market Sentiment**: The US CPI in August increased by 2.9% year - on - year, and the initial jobless claims soared to 263,000, which strengthened the easing expectation. The precipitation funds in SHFE gold futures exceeded 100 billion yuan, with an increase of more than 17 billion yuan in a month [3]. Copper - **Price Forecast**: In the short term, the copper price has pressure at 79,000 yuan per ton and may be supported by the 20 - day moving average, with the expectation of reaching 80,000 yuan per ton [18]. - **Market Data**: The latest prices of Shanghai Non - ferrous 1 copper, Shanghai Wumaotrade, Guangdong Southern Reserve, and Yangtze Non - ferrous are 80,755 yuan/ton, 80,990 yuan/ton, 80,930 yuan/ton, and 81,080 yuan/ton respectively, with daily increases of 0.72%, 1.06%, 1.01%, and 1.01% [22]. Aluminum - **Macroeconomic Impact**: The weak US non - farm payrolls in August, the almost certain Fed rate cut in September, and the improvement of domestic policies are positive for the aluminum price [37]. - **Fundamental Situation**: The aluminum - water ratio has increased, and the downstream demand in the peak season is recovering, mainly in the industrial profile sector led by photovoltaics. The possible termination of the tax - refund policy for some recycled aluminum enterprises may reduce the supply of recycled aluminum and support the consumption of primary aluminum [37]. Zinc - **Supply and Demand**: The supply side is in an oversupply state, with abundant overseas zinc ore supply and high zinc ore imports. The demand for the "Golden September and Silver October" is generally expected, and the zinc price is expected to be volatile in the short term [68]. Nickel - **Industry Situation**: The production and shipment of nickel ore are stable, and the inventory at domestic ports is high. The new energy sector still provides support, and the supply is relatively tight. The price of nickel iron is strong, and the stainless - steel market is volatile [84]. Tin - **Price Judgment**: In the short term, the technical level can be used to judge the tin price, and the price of 270,000 yuan per ton has certain support [99]. Lithium Carbonate - **Market Logic**: The peak - season demand in the "Golden September and Silver October" provides effective support for the lithium carbonate price. The resumption of production of the Jianxiaowo lithium mine cannot cover the current peak - season demand, and the supply - side disturbance does not change the fundamental support logic [111]. Silicon - **Industry Outlook**: In the short term, the Inner Mongolia meeting has a positive impact on sentiment. In the long term, the industry faces structural pressure, and the polysilicon market is affected by rumors and policy expectations, with high uncertainty [120].

Core Viewpoint - The South Korean government's decision to impose a temporary anti-dumping tax of 43.35% on Chinese single-mode optical fibers starting from October 19 has sparked significant controversy and may ultimately harm its own market competitiveness [1][2][3] Group 1: Impact on Chinese Fiber Optic Companies - Chinese fiber optic companies such as Hengtong, Yangtze Optical, and JinXingTong will face a 43.35% temporary anti-dumping tax for four months, which is expected to disrupt their operations in the South Korean market [1] - Chinese optical fibers hold over 55% of the global market share, while South Korean domestic production accounts for less than 30%, indicating a significant competitive advantage for Chinese firms [1] Group 2: Reactions from South Korean Operators - South Korean operators are caught between rising costs due to the tax and consumer demand, leading to potential price increases for consumers or disruptions in service [2] - The pressure from the tax is likely to be passed on to consumers, resulting in higher network expenses for the general public [2] Group 3: Global Market Dynamics - The global market has evolved beyond simple tariffs, with Chinese manufacturing capabilities now encompassing advanced technology and supply chains, making it difficult for South Korea to maintain its competitive edge through tariffs alone [3] - The rapid expansion of Chinese companies into markets like Vietnam, Thailand, and Malaysia means that they can quickly adapt and potentially undercut prices, undermining the intended protective measures [2][3]

Core Viewpoint - Changfei Fiber (601869.SH) saw its stock price rise over 6% to 97 yuan, reaching a historical high due to the Ministry of Commerce's ruling on anti-dumping measures against U.S. imports of specific optical fibers [1] Group 1: Regulatory Changes - The Ministry of Commerce announced a ruling regarding the anti-circumvention investigation of imported wavelength-shifting single-mode optical fibers from the U.S. [1] - The ruling determined that U.S. fiber manufacturers and exporters altered trade practices to export related wavelength-shifting single-mode optical fibers (G.654.C fibers) to China, undermining existing anti-dumping measures [1] - The Ministry proposed adjustments to the tax scope to the State Council Tariff Commission, which decided to apply the current anti-dumping tax rates on non-dispersive wavelength-shifting single-mode optical fibers from the U.S. starting September 4, 2025 [1] Group 2: Anti-Dumping Tax Rates - The anti-dumping tax rates for various companies are as follows: Corning Incorporated at 37.9%, OFS Fitel, LLC at 33.3%, Draka Communications Americas, Inc. at 78.2%, and other U.S. companies at 78.2% [1]