Economic News - The People's Bank of China emphasizes the continuation of a moderately loose monetary policy to promote stable economic growth and reasonable price recovery [2] - The State Administration for Market Regulation issues a plan for the special governance of the quality and safety of industrial products sold online from 2025 to 2027 [2] - In November, China's total electricity consumption reached 835.6 billion kWh, a year-on-year increase of 6.2%, with high-tech and equipment manufacturing industries seeing a 6.7% increase [2] - The Ministry of Commerce announces increased policy support for foreign trade innovation and development [2] - The Chinese Foreign Ministry firmly opposes the U.S. plans to impose tariffs on China's semiconductor industry starting in 2027 [2] - Beijing's housing authorities relax home purchase conditions for non-local families and support housing needs for families with multiple children [2] Company News - Springlight Technology receives OEM/ODM orders for "W1" and "M1" robot products from Lexiang Technology, amounting to 43.2628 million yuan [3] - Wankai New Materials' subsidiary, Qing Magnesium Smart Plastic, signs a procurement contract with Lingxin Qiaoshou for lightweight components and assembly services, totaling 10 million yuan [3] - Nanshan Aluminum establishes a wholly-owned subsidiary in Hainan with an investment of 5 million yuan to expand high-end aluminum product development and trade [3] - Sunshine Nuohuo signs a technology development contract with Zhejiang Xinghao, with a total payment of 500 million yuan, including an 8% sales share [5] - Jiaheng Home Products' controlling shareholder is planning a change in control, leading to a temporary suspension of trading [5] Industry Research Agriculture and Animal Husbandry - The Ministry of Commerce announces anti-dumping duties on EU pork imports, effective from December 17, 2025, with rates ranging from 4.9% to 19.8% [6] - EU pork imports account for 51% of China's total pork imports, but only 2.03% of total consumption, indicating a limited impact on overall supply [7] - The anti-dumping duties are expected to increase the cost of EU pork imports, leading to a decrease in import volumes and a diversification of import sources [7] - Despite the anti-dumping measures, domestic supply and demand dynamics will continue to influence pork prices, with an oversupply expected to persist [8] - The report recommends focusing on leading companies in the pig farming industry, such as Muyuan Foods, as the market dynamics improve [8] Food and Beverage - The Chinese Ministry of Commerce initiates temporary anti-subsidy measures on EU dairy products, with preliminary subsidy rates between 28.6% and 42.7% [10][11] - The affected dairy products include cream and cheese, which have significantly impacted domestic producers' profitability [12] - The average price of fresh milk in China remains low at 3.03 yuan/kg, putting pressure on dairy companies [13] - The anti-subsidy measures are expected to create market opportunities for domestic dairy processing companies, benefiting firms like Lihai and Miao Ke Landuo [13]

突发特讯！马克龙拒不接受中国反制，紧急要求欧盟27国一致对华，引发全球高度关注。 中国商务部在12月22日宣布，对原产于欧盟的部分乳制品征收21.9%至42.7%的临时反补贴税保证金，自次日开始实施。 法国财政部随即回应称此举"缺乏法律依据、不可接受"，并要求欧盟贸易委员召开紧急会议，推动27国统一应对。 表面看似一场关税攻防，实则牵动着中欧产业链、农业政治与地缘格局的多重博弈。 问题随之而来：即便欧盟27国站在一起，法国真能在对华贸易战中扭转局面吗？ 一、关税出手的真实逻辑：产业护栏与政治信号的叠加 过去几年，国内奶源持续增产、消费增长放缓，养殖端亏损面扩大，行业整体承压。 此次对欧盟乳制品采取临时反补贴措施，并非孤立事件，而是中欧贸易摩擦延续与反制的一环。 欧盟自去年7月起对中国电动汽车加征临时反补贴税，并于10月落地为期五年的最终措施，针对不同企业实行17%至约35%的差别税率，理 由是抵消补贴、保护产业。 中方此次在调查期延长后作出初裁，明确依据国内法及世贸规则推进程序，节奏与欧方对电动车的操作形成"镜像"。 在政治层面，这也是对欧洲近期不断强调"去风险"及补贴指控的一种对等回应。 从经济角度看，中国 ...

Market Overview - US stock markets experienced a collective decline, with the Dow Jones falling by 557 points (1.18%), the S&P 500 down by 0.92%, and the Nasdaq Composite decreasing by 0.84% [5] - Major technology stocks mostly declined, with AMD and Intel dropping over 2%, while Google saw an increase of over 3% [5] - Cryptocurrency market continued its downward trend, with Bitcoin falling to $91,700, a decrease of nearly 3% [6] Commodity Prices - International gold prices significantly decreased, with spot gold down by 0.91% to $4,044.67 per ounce [7] - International oil prices also fell, with WTI crude oil down by 0.57% to $59.75 per barrel [8] Corporate Developments - Huawei announced the launch of the Mate 80 series and other new products, with a release event scheduled for November 25 [20] - Alibaba launched the "Qianwen" app, entering the AI to C market, aiming to compete with ChatGPT [22] - JD.com announced the launch of an independent app for its food delivery service, with a commitment to keep its review platform non-commercial [23] - Xpeng Motors reported a third-quarter revenue of RMB 20.38 billion, a year-on-year increase of 101.8% [26] - Lenovo Holdings announced a leadership change, with Li Peng resigning as CEO and Yu Hao appointed as the new CEO [28] Regulatory and Economic Updates - The Ministry of Finance reported that from January to October, the national general public budget revenue reached RMB 186.49 billion, a year-on-year increase of 0.8% [13] - The Ministry of Commerce initiated a final review investigation on anti-subsidy measures for imported propanol from the US [14] International Relations - Chinese officials expressed strong opposition to US arms sales to Taiwan, emphasizing the violation of the One China principle [11] - The Chinese Foreign Ministry responded to Japanese Prime Minister's comments on Taiwan, urging Japan to adhere to its commitments regarding Taiwan [12]

Core Points - The Ministry of Commerce announced the imposition of countervailing duties on imports of n-propanol originating from the United States, with rates ranging from 34.2% to 37.7% effective from November 18, 2020, for a period of five years [1] - A final review investigation of the countervailing measures will be conducted starting November 18, 2025, as per the provisions of the Countervailing Regulations of the People's Republic of China [1] - During the final review investigation period, the countervailing duties will continue to be applied according to the previously announced rates and product scope [1]

Group 1 - The article discusses the historical context of Bavaria's relationship with China, highlighting the first visit of a German political figure to China in 1975 and its significance in establishing economic ties [1] - Bavaria is recognized as a major economic hub in Germany, with a GDP of approximately €716.8 billion in 2022, accounting for over 18% of Germany's total GDP [4] - In 2023, trade between Bavaria and China reached €53 billion, with Bavarian exports to China at €17 billion and imports from China at nearly €36 billion [4] Group 2 - The Bavarian government, represented by Hubert Aiwanger, continues to welcome Chinese investments despite increasing tensions between China and Europe, emphasizing the need for economic resilience [1][2] - Approximately 500 Chinese companies operate in Bavaria, contributing to thousands of jobs, with investments expanding beyond the automotive sector into aerospace, energy, telecommunications, electronics, and biotechnology [5] - Aiwanger criticizes the EU's anti-subsidy tariffs on Chinese electric vehicles, advocating for a solution through negotiation rather than protectionism [6][7] Group 3 - Chinese companies like NIO and Xiaomi have established a presence in Bavaria, with NIO setting up a global design center in Munich, benefiting from the region's automotive industry cluster [8] - The recent IAA MOBILITY 2025 exhibition showcased the competitive landscape between Chinese and European automotive manufacturers, highlighting the advancements made by Chinese companies in various technologies [9] - Aiwanger expresses hope for continued bilateral cooperation between Bavaria and China, aiming for mutual benefits in economic interactions [10]

Core Viewpoint - Indonesia urges the European Union to immediately lift anti-subsidy duties on imported biodiesel, following support from the World Trade Organization (WTO) for Indonesia's claims against the EU's tariffs [1] Group 1: Trade Dispute - Indonesia, as the world's largest palm oil exporter, filed a complaint in 2023 against the EU's tariffs, claiming they violate WTO rules [1] - The EU has imposed tariffs ranging from 8% to 18% on Indonesian biodiesel since 2019, citing that Indonesian producers benefit from government subsidies and below-market prices for raw materials [1] - The WTO expert panel determined that Indonesia's export duties on palm oil should not be classified as subsidies, which was welcomed by the Indonesian Palm Oil Association (GAPKI) [1] Group 2: Trade Agreement Progress - The ongoing dispute is part of a series of tensions between the EU and Indonesia regarding biodiesel tariffs and issues related to palm oil and deforestation [1] - Following a political agreement reached in July, both parties are nearing the signing of a free trade agreement [1] Group 3: Export Data - Indonesia's biodiesel exports based on palm oil are projected to be 27 million liters in 2024, a significant decline from 1.32 billion liters in 2019 [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For palm oil, there is no new fundamental driver, and investors are advised to wait for a price pullback to initiate long positions [1]. - For soybean oil, the trading sentiment related to the potential soybean shortage in the fourth quarter has eased, and the price is expected to fluctuate within a high - level range [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - Palm oil主力: Closing price (day session) was 9,488 yuan/ton with a - 0.23% change; (night session) 9,542 yuan/ton with a 0.57% change. Trading volume was 36,525 lots, a decrease of 12,233 lots, and open interest was 42,108 lots, a decrease of 13,283 lots [1]. - Soybean oil主力: Closing price (day session) was 8,536 yuan/ton with a 0.52% change; (night session) 8,514 yuan/ton with a - 0.26% change. Trading volume was 35,235 lots, an increase of 1,154 lots, and open interest was 52,615 lots, a decrease of 18,859 lots [1]. - Rapeseed oil主力: Closing price (day session) was 9,998 yuan/ton with a 0.03% change; (night session) 9,918 yuan/ton with a - 0.80% change. Trading volume was 14,288 lots, a decrease of 1,353 lots, and open interest was 24,389 lots, a decrease of 4,695 lots [1]. - Malaysian palm oil主力: Closing price was 4,493 ringgit/ton with a - 0.84% change; (night session) 4,482 ringgit/ton with a - 0.22% change [1]. - CBOT soybean oil主力: Closing price was 54.84 cents/pound with a - 0.87% change [1]. - **Spot Data**: - 24 - degree palm oil in Guangdong: Spot price was 9,620 yuan/ton, with a price increase of 80 yuan/ton [1]. - First - grade soybean oil in Guangdong: Spot price was 8,720 yuan/ton, with a price increase of 50 yuan/ton [1]. - Fourth - grade imported rapeseed oil in Guangxi: Spot price was 9,910 yuan/ton, with a price increase of 30 yuan/ton [1]. - Malaysian palm oil FOB offshore price (continuous contract): Spot price was 1,115 dollars/ton, with a price increase of 15 dollars/ton [1]. - **Basis Data**: - Palm oil in Guangdong: Basis was 132 yuan/ton [1]. - Soybean oil in Guangdong: Basis was 184 yuan/ton [1]. - Rapeseed oil in Guangxi: Basis was - 88 yuan/ton [1]. - **Spread Data**: - Rapeseed - palm oil futures主力 spread: 309 yuan/ton, compared to 298 yuan/ton two days ago [1]. - Soybean - palm oil futures主力 spread: - 1,094 yuan/ton, compared to - 1,134 yuan/ton two days ago [1]. - Palm oil 9 - 1 spread: - 94 yuan/ton, compared to - 82 yuan/ton two days ago [1]. - Soybean oil 9 - 1 spread: 48 yuan/ton, compared to 34 yuan/ton two days ago [1]. - Rapeseed oil 9 - 1 spread: 107 yuan/ton, compared to 105 yuan/ton two days ago [1]. 3.2 Macro and Industry News - ITS reported that Malaysia's palm oil exports from August 1 - 25, 2025, were 1,141,661 tons, a 10.9% increase compared to the same period last month [2]. - Indonesia urged the EU to immediately cancel the anti - subsidy tax on imported biodiesel after the WTO supported several key claims in Indonesia's complaint. Indonesia and the EU are closer to signing a free - trade agreement after a political agreement in July [4]. - USDA's crop growth report showed that as of August 24, 2025, the good - to - excellent rate of US soybeans was 69%, higher than the market expectation of 67%, and the pod - setting rate was 89% [4]. - Secex data indicated that Brazil exported 7,257,837.70 tons of soybeans in the first four weeks of August, with an average daily export volume of 453,614.86 tons, a 24% increase compared to the average daily export volume in August last year [4]. - Canada's rapeseed exports in the week ending August 17 decreased by 64.34% to 90,800 tons. From August 1 to August 17, 2025, exports were 355,900 tons, a 46.16% decrease compared to the same period last year. As of August 17, the commercial inventory was 793,400 tons [5]. - In July 2025, Canada's rapeseed crushing volume was 968,515 tons, a 13.13% increase from the previous month and a 3.65% decrease from the same period last year. The rapeseed oil production was 408,898 tons, a 12.15% increase from the previous month and a 5.89% decrease from the same period last year. The rapeseed meal production was 571,012 tons, a 12.62% increase from the previous month and a 1.42% decrease from the same period last year [5]. 3.3 Trend Intensity - Palm oil trend intensity was 0, and soybean oil trend intensity was also 0, indicating a neutral outlook [6].

Core Viewpoint - The U.S. Department of Commerce has preliminarily determined that Oman is circumventing anti-dumping and countervailing duties on similar products from China by using hot-rolled steel produced in China to manufacture circular welded carbon steel pipes (CWP) [1][3]. Group 1: Investigation and Findings - The investigation began on November 19, 2024, focusing on circumvention activities across Oman, with Al Jazeera Steel Products Company SAOG identified as the mandatory respondent [3]. - The average anti-dumping duty rate for Chinese CWP is 85.55%, while the countervailing duty rate is as high as 198.49% [3]. - The U.S. has intensified scrutiny on imported steel products, particularly those processed through third countries to evade tariffs [3][4]. Group 2: Market Impact - In 2024, the U.S. imported approximately 50,000 tons of CWP from Oman, accounting for 2.5% of total imports, with Chinese hot-rolled steel remaining competitive in the global market due to price advantages [4]. - The preliminary ruling may lead to the imposition of tariffs on Omani CWP similar to those on Chinese products, potentially exceeding 200%, which would significantly raise export costs for Oman and affect its competitiveness in the U.S. market [5]. - U.S. domestic steel producers like Nucor and Steel Dynamics may benefit from this situation as their market share could increase [5]. Group 3: Broader Context - The global steel market is currently facing an oversupply situation, with low-priced steel from China entering the U.S. market through third countries, leading to ongoing trade disputes [5]. - Similar circumvention issues have been observed in global trade, with countries like Vietnam and Thailand also facing investigations by the U.S. [4].

Core Viewpoint - The Trump administration is preparing to impose anti-dumping duties on Canadian lumber, casting a shadow over Canada's attempts to negotiate a reduction in tariff threats [1][4]. Group 1: Trade Dispute Background - The softwood lumber tariff dispute between Canada and the U.S. has become one of the longest-standing trade disputes between the two countries [4]. - For the past 25 years, the U.S. lumber industry has frequently sought to limit Canadian softwood imports through anti-subsidy and anti-dumping laws [4]. Group 2: Recent Developments - On July 25, the U.S. government announced the results of an anti-dumping investigation, determining that Canada was dumping softwood lumber and will impose anti-dumping duties on such imports [1]. - The U.S. Department of Commerce proposed significantly increasing the anti-dumping duties on Canadian softwood lumber earlier this year, which has raised concerns in the U.S. construction industry that relies on Canadian imports for about one-third of its lumber needs [4]. Group 3: Duty Rates and Economic Impact - The current anti-subsidy and anti-dumping duty rates on Canadian lumber are 14.5%, which may be increased to over 34.5% following a review by the U.S. Department of Commerce [4][5]. - As of April, the U.S. government had threatened to impose "reciprocal tariffs" on lumber, although lumber was ultimately exempted from new tariffs [4].

Group 1 - The core issue of the article revolves around the ongoing negotiations between the EU and China regarding electric vehicle anti-subsidy taxes, which have not yet reached a resolution [4] - Recent positive signs in the negotiations include a statement from the Chinese Ministry of Commerce indicating that discussions on price commitments for electric vehicles have entered the "final stage" [4] - The article highlights that measures such as anti-subsidy taxes and minimum price commitments are not favorable for small electric vehicles, suggesting that these measures could negatively impact all Chinese electric vehicles [3]