1. Report Industry Investment Rating - No information provided 2. Core View of the Report - On Wednesday, rebar and hot-rolled coils closed higher, and also closed higher in the night session. The market logic is that some steel enterprises in North China have been notified to implement phased emission reduction control from March 4th to March 11th during an important meeting, which will cause a phased contraction of regional crude steel supply. The actual supply reduction may be lower than market expectations. The market may digest the emission reduction expectation in advance, which is short-term positive for the futures price, but the medium-term trend still depends on the demand recovery. If the downstream construction site starts and manufacturing procurement during the Two Sessions do not meet expectations and inventory reduction is slow, it will offset the positive impact of supply contraction. The trading strategy is to continue to hold long positions and keep raising the stop-loss line. When the spread between hot-rolled coils and rebar drops to 156, pay attention to the opportunity to go long on hot-rolled coils and short on rebar, preferably when the spread is below 150. [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On Wednesday, rebar and hot-rolled coils closed higher, and also closed higher in the night session. [1] 3.2 Important Information - Shanghai issued the "Shanghai Seven Measures" to further reduce housing purchase restrictions. - On February 25, 2026, the Australian Anti-dumping Commission announced that the Australian Minister for Industry, Innovation and Science approved the final anti-dumping review recommendation on steel reinforcing bars with a diameter of 50 mm or less imported from China, and decided to levy anti-dumping duties on Baowu Group Echeng Iron and Steel Co., Ltd. using the floor price method from the date of the announcement. - On February 16, 2026, the Mexican Ministry of Economy announced that at the request of Mexican producer Ternium México, S.A. de C.V., it launched an anti-dumping investigation on cold-rolled coils originating from China, the United States, and Malaysia, and also launched a countervailing investigation on the products from the United States. The investigation period is from April 1, 2024, to March 31, 2025, and the damage analysis period is from April 1, 2022, to March 31, 2025. The涉案 products are cold-rolled coils with a thickness of less than 4.75 mm, unlimited width, uncoated or unplated, alloy or non-alloy, and unannealed or annealed. [1] 3.3 Market Logic - Some steel enterprises in North China have been notified to implement phased emission reduction control from March 4th to March 11th during an important meeting. The control is based on the principles of independent emission reduction and staggered production, focusing on key emission processes such as blast furnaces. The supply of crude steel in the region will be phased contracted, but the actual supply reduction may be lower than market expectations. The market may digest the emission reduction expectation in advance, which is short-term positive for the futures price, but the medium-term trend still depends on the demand recovery. If the downstream construction site starts and manufacturing procurement during the Two Sessions do not meet expectations and inventory reduction is slow, it will offset the positive impact of supply contraction. [1] 3.4 Trading Strategy - Continue to hold long positions and keep raising the stop-loss line. When the spread between hot-rolled coils and rebar drops to 156, pay attention to the opportunity to go long on hot-rolled coils and short on rebar, preferably when the spread is below 150. [1]

Core Viewpoint - The Chinese Ministry of Commerce has announced a final ruling on anti-subsidy tariffs on EU dairy products, imposing a tax rate between 7.4% and 11.7% for five years, significantly lower than the previous temporary rate of up to 42.7% [1][3][5] Group 1: Tariff Details - The anti-subsidy tax will be effective from February 13, with a duration of five years, aimed at protecting the domestic dairy industry [1][3] - The final tax rate represents a reduction of 31 percentage points from the highest temporary rate, indicating a strategic adjustment [1][7] - The investigation confirmed that EU dairy products received subsidies that harmed China's dairy industry, justifying the imposition of these tariffs [3][5] Group 2: Trade Relations and Strategy - The decision to lower the tax rate reflects China's intention to maintain a cooperative trade relationship with the EU while addressing unfair subsidies [7][10] - The five-year period allows domestic companies to adapt and recover from market losses caused by subsidized imports [5][12] - This approach balances the need for punitive measures against unfair practices with the desire to keep the door open for EU dairy companies in the Chinese market [10][19] Group 3: International Trade Context - The ruling is framed as a legitimate exercise of rights under international trade laws, aligning with WTO regulations [5][12] - The flexibility of the five-year tariff period allows for potential adjustments based on changes in subsidy practices or domestic industry conditions [16][19] - The situation exemplifies China's growing maturity in international trade, balancing the enforcement of rights with the promotion of cooperative relations [17][19]

Core Viewpoint - A French institution has proposed to the EU to impose an overall tariff of approximately 30% on Chinese goods, which is seen as a violation of WTO rules and a declaration of trade war against China [1]. Group 1: Proposed Tariffs - The proposal specifically targets Chinese products, indicating a unilateral approach that could escalate trade tensions [1]. Group 2: Potential Chinese Responses - China may consider launching anti-dumping and anti-subsidy investigations against EU, particularly French wines, as China is a significant market for EU wines, with nearly $700 million in exports expected in 2024, half of which are French wines [3]. - If France persists with its proposal, China could respond to a series of unfriendly measures from France and the EU by initiating anti-discrimination investigations [3]. - In the event of unilateral tariff increases by the EU, China is prepared to retaliate with equivalent tariffs on EU products, while remaining open to communication [3].

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]

Core Viewpoint - The U.S. International Trade Commission (ITC) has made a preliminary ruling on the "countervailing and anti-dumping" investigation regarding Van-Type Trailers and their subassemblies from Mexico, Canada, and China, indicating potential harm to the U.S. domestic industry [1][2] Group 1: Investigation Details - The investigation focuses on whether Van-Type Trailers exported from Mexico to the U.S. harm the domestic industry, including products from Canada and China [2] - The ITC's preliminary ruling was published on February 6, 2026, with a written report expected on March 19, 2026 [1] - The U.S. Department of Commerce (DOC) will continue the investigation, with preliminary results for the "countervailing" investigation due on March 27, 2026, and for the "anti-dumping" investigation on June 10, 2026 [1] Group 2: Company Response - The company, CIMC Vehicles, through its U.S. subsidiary Vanguard Global Trailer Holding and its three subsidiaries, is actively responding to the investigation [2] - A project team is collaborating with local experts to submit necessary materials as required by the ITC and DOC, while ensuring the stability of the existing supply chain for Van-Type Trailers subassemblies [2] - The company anticipates that the entire investigation process will take approximately 12-18 months to complete and finalize results [2]

Core Viewpoint - The U.S. Department of Commerce has issued final rulings on anti-dumping and countervailing duties for erythritol products from China, significantly impacting the company's market operations in the U.S. [1][2] Group 1: Final Rulings - The final countervailing duty rate for the company is set at 8.63%, while other Chinese producers/exporters face rates between 4.54% and 8.12% [1] - The final anti-dumping duty for the company is 184.26%, a reduction of 266.38% from the preliminary rate of 450.64% [1] - The company can export through a specific separate rate channel (SRA) with an anti-dumping cash deposit rate of 84.95%, while other qualified producers/exporters have rates between 84.86% and 84.95% [1] Group 2: Market Impact and Response - The dual investigation ("double reverse") poses substantial pressure on the company's business expansion in the U.S. market [2] - The combined effective tax rate for exports through the SRA channel is 93.58%, which is expected to weaken the company's cost competitiveness in the U.S. market [2] - The company is taking measures to mitigate risks, including strengthening cooperation with trade channels that have specific separate rate qualifications and promoting non-involved new products to enhance export resilience [2]

Group 1 - The core announcement is that CIMC Vehicles' subsidiary, Vanguard Global Trailer Holding, along with three other companies, is participating in a countervailing and anti-dumping investigation initiated by the U.S. Department of Commerce regarding box semi-trailers and their components produced in Mexico, Canada, and China [2] - The investigation was officially launched on January 21, 2026, following a request from the U.S. Trailer Manufacturers Association, which claims that the high export levels of box semi-trailers from Mexico are putting pressure on the domestic industry [2] - The announcement indicates potential market adjustment opportunities for component suppliers from other regions that have advantages in product quality, technical compatibility, and supply chain resilience, due to the potential demand for alternative suppliers in the U.S. [2] Group 2 - The U.S. International Trade Commission is expected to make a preliminary ruling on industry damage by February 17, 2026, with the Department of Commerce planning to release preliminary rulings on countervailing and anti-dumping investigations on March 27 and June 10, 2026, respectively [3] - CIMC Vehicles has established a dedicated project coordination team at its headquarters to ensure the orderly delivery of necessary documents and materials for the investigation, given the supply chain relationship between Vanguard Global and CIMC's subsidiary in Qingdao [3] - Vanguard Global has set up a specialized project organization in the U.S. and hired a professional legal team to actively respond to the investigation, aiming to maintain a stable supply chain and accelerate the expansion of its component production capacity in the U.S. [3] - The investigation is currently in the investigation phase, with a final result expected to be announced in approximately 12 to 18 months [3]

Core Viewpoint - The U.S. Department of Commerce has officially launched an anti-subsidy and anti-dumping investigation into Van-type trailers and their subassemblies from Mexico, Canada, and China, following a petition from the American Trailer Manufacturers Coalition [1][2]. Group 1: Investigation Details - The investigation is led by Vanguard Global Trailer Holding, a subsidiary of CIMC Vehicles, along with its three subsidiaries [1]. - The American Trailer Manufacturers Coalition includes three major trailer manufacturers: Great Dane LLC, Wabash National Corporation, and Stoughton Trailers LLC [2]. - The petition claims that the export volume of Van-type trailers from Mexico has been high, exerting market pressure on the U.S. domestic industry [2]. Group 2: Timeline and Process - The U.S. International Trade Commission is expected to make a preliminary ruling on industry damage by February 17, 2026 [3]. - If the preliminary ruling is affirmative, the Department of Commerce will issue preliminary determinations for the anti-subsidy investigation by March 27, 2026, and for the anti-dumping investigation by June 10, 2026 [3]. - The entire investigation process is expected to take 12 to 18 months to complete [4]. Group 3: Company Response and Strategy - CIMC Vehicles has established a project coordination team at its headquarters to ensure the orderly delivery of necessary documents for the investigation [4]. - Vanguard Global has set up a dedicated project organization in the U.S. and hired a professional legal team to actively respond to the investigation [4]. - The company aims to maintain the stability of its existing supply chain while accelerating the expansion of production capacity for Van-type trailers in two locations in the U.S. [4].

Core Viewpoint - The U.S. Department of Commerce has officially launched an anti-subsidy and anti-dumping investigation into Van-type trailers and their subassemblies imported from Mexico, Canada, and China, following a petition from the American Trailer Manufacturers Association, which claims that imports from Mexico are exerting market pressure on the domestic industry [1][4]. Group 1: Investigation Details - The investigation was initiated due to high export levels of Van-type trailers from Mexico to the U.S., which are believed to be impacting the domestic market [1]. - The investigation encompasses multiple trade partners, including Canada and China, indicating a broad scope of scrutiny [1]. - The process of the investigation is expected to take approximately 12 to 18 months to complete and publish final results [4]. Group 2: Company Response - CIMC Vehicles plans to integrate its North American trailer business into Vanguard Global Trailer Holding in 2024, which will lead the response to the investigation [2]. - Vanguard Global has established a dedicated project organization in the U.S. and hired a professional legal team to actively address the investigation [3]. - The company aims to ensure the smooth operation of the existing supply chain for Van-type trailers while accelerating capacity expansion at two locations in the U.S. [3]. Group 3: Market Implications - The American Trailer Manufacturers Association consists of only three companies, while major players like Hyundai Translead and Vanguard Global are not part of this alliance, potentially placing them in a more advantageous position [4]. - The investigation may create a demand for alternative suppliers among U.S. manufacturers, presenting opportunities for suppliers with advantages in product quality, technical compatibility, and supply chain resilience [4].