韩国电商平台Coupang公司的两家美国主要投资方于周四表示，已提请美国政府对韩国政府展开调查， 并考虑对其实施贸易救济措施，理由是韩方在相关事件中对Coupang存在歧视性对待。 科技投资机构绿橡资本（Greenoaks）与高度计资本（Altimeter）称，二者还依据《美韩自由贸易协 定》（KORUS）对韩国提起仲裁诉求。他们指控，在Coupang发生消费者数据泄露事件并导致投资者损 失数十亿美元后，韩国政府针对该公司发起了一系列打压行动。 此前在去年 11 月，Coupang曾通报称，其平台约 3300 万名韩国用户的个人信息遭泄露。该事件随即引 发韩国议员与公众的强烈不满，不仅触发了大范围调查，还招致投资者与消费者的集体诉讼。 韩国总统李在明此前曾就Coupang数据泄露事件呼吁加大处罚力度。他在本周三的新闻发布会上表示， 韩国是主权国家，将依据法律与相关原则公正处理此事。 韩国贸易部长吕汉古本月早些时候曾到访华盛顿，会晤美国贸易代表杰米森・格里尔及美国国会议员。 他在返程后表示，韩国政府并未歧视Coupang，美方官员对此存在 "误解"。 吕汉古称，此次 "史无前例" 的数据泄露事件，加之Coupa ...

Core Viewpoint - The U.S. International Trade Commission (ITC) has confirmed the continuation of anti-dumping and countervailing measures on lightweight thermal paper imports from China, indicating that lifting these measures would cause substantial harm to the U.S. domestic industry [1][3]. Group 1: Trade Measures and Impact - The ITC's ruling maintains existing anti-dumping and countervailing duties without setting new rates, confirming a dumping margin of up to 115.29% if current measures are lifted [1]. - Lightweight thermal paper has been a long-standing representative product in U.S. trade remedy measures against China, having undergone three sunset reviews since 2007, all supporting the continuation of trade restrictions [3]. - The ongoing affirmative rulings signal a trend towards the institutionalization of trade barriers in this sector, reinforcing the U.S. regulatory stance on maintaining trade protection [5]. Group 2: Industry Response and Supply Chain Strategies - Exporting companies are reassessing their international supply chain strategies, with a focus on compliance through third-country transshipment to mitigate the impact of high tariffs [3]. - The operational strategy involves exporting goods from China, followed by necessary processing in a third country to comply with origin rules, thereby reducing exposure to high anti-dumping duties [3]. - Companies must closely monitor U.S. trade remedy policies and differentiate between legal transshipment and illegal circumvention, as these factors will significantly influence export competitiveness in an uncertain global trade environment [7].

Group 1 - The Chinese Ministry of Commerce has initiated a preliminary anti-subsidy investigation into dairy products imported from the European Union, determining a subsidy rate of 21.9%-42.7% and deciding to implement temporary anti-subsidy measures [1][6] - The investigation is based on substantial evidence indicating that EU subsidies have caused material harm to the domestic dairy industry in China, with a causal relationship established between the subsidies and the harm [3][6] - The EU's Common Agricultural Policy (CAP) has provided numerous subsidies to the dairy sector, allowing European producers to maintain profitability even during low international milk prices, thus enabling them to export at prices below cost to China [6][7] Group 2 - The Chinese dairy industry has faced significant financial difficulties due to the impact of subsidized EU products, leading to reduced profit margins and increased inventory levels, particularly affecting small and medium-sized enterprises [7] - The Ministry of Commerce has emphasized that the investigation process has been conducted fairly and transparently, adhering to both domestic laws and WTO regulations, ensuring the rights of all stakeholders involved [3][4] - The Chinese government has expressed a commitment to resolving trade disputes through dialogue, contrasting its restrained use of trade remedy measures with the EU's more aggressive approach, which has included multiple investigations and tariffs against Chinese products [8][10]

Group 1 - The core issue revolves around China's imposition of temporary anti-subsidy duties on EU dairy products, ranging from 21.9% to 42.7%, which has prompted a strong response from France and calls for a unified EU stance against China [1][3] - This action is part of an ongoing trade friction between China and the EU, mirroring the EU's previous anti-subsidy measures on Chinese electric vehicles, which were implemented to protect local industries [3][5] - The affected EU dairy products include high-value items such as cream and cheese, with varying tax rates based on cooperation levels from different companies, indicating a strategic approach to encourage compliance [5][10] Group 2 - France's rapid and strong reaction is attributed to its significant agricultural sector, which is heavily impacted by trade policies, as seen in previous investigations and tariffs on French brandy and pork [7][8] - The French government is under pressure to maintain agricultural stability and political cohesion, with President Macron advocating for a stronger EU response to trade imbalances with China [10][11] - The EU's internal divisions regarding trade dependencies and vulnerabilities complicate the formation of a unified front against China, as member states have differing interests and levels of reliance on Chinese markets [11][18] Group 3 - The ongoing trade conflict highlights the importance of technical negotiations and the potential for limited decoupling rather than a complete severance of trade ties, as both sides seek to manage their respective industries and political costs [13][16] - There is a possibility for both parties to reach a structured resolution through mechanisms like price commitments or differentiated tax rates, which could mitigate the intensity of the conflict [13][18] - The outcome of this trade dispute will depend on the ability of both sides to navigate their vulnerabilities and find common ground, with the potential for a more manageable divergence rather than outright confrontation [18][20]

Core Viewpoint - The Ministry of Commerce of China has initiated preliminary anti-subsidy measures against dairy products imported from the European Union, citing substantial damage to the domestic industry due to EU subsidies [1][2]. Group 1: Investigation and Findings - The Ministry of Commerce launched an anti-subsidy investigation on August 21, 2024, based on applications from the domestic industry, and extended the investigation period to February 21, 2026 [1]. - Preliminary evidence indicates that the EU provided significant subsidies to its dairy and agricultural sectors through common agricultural policy programs, leading to increased inventory and a shift from profit to loss for the Chinese domestic industry [2]. - The investigation found a causal relationship between the EU subsidies and the damage to the Chinese domestic industry, leading to the decision to implement temporary anti-subsidy measures [2]. Group 2: Preliminary Ruling and Tax Rates - The preliminary ruling announced on December 22, 2025, determined that sampled companies would face tax rates ranging from 21.9% to 42.7%, with a uniform rate of 28.6% applied to cooperating EU companies and 42.7% for non-cooperating companies [2]. - The Ministry of Commerce emphasized its cautious approach to trade remedy measures, noting that since 2025, it has not initiated new trade remedy investigations against the EU, while the EU has initiated multiple investigations against China [2].

Core Viewpoint - The Ministry of Commerce of China has announced a preliminary ruling on anti-subsidy investigations into imported dairy products from the EU, indicating that these products have received subsidies that have caused substantial harm to the domestic industry, with a determined subsidy rate of 21.9%-42.7% for EU companies [3][6]. Summary by Sections Investigation Background - The Ministry of Commerce initiated the anti-subsidy investigation on August 21, 2024, following applications from domestic industries [5]. - The investigation period was extended to February 21, 2026, to ensure thorough examination [5]. Findings of the Investigation - Preliminary evidence suggests that the EU has provided significant subsidies to its dairy industry through various agricultural policies, leading to increased inventory and a shift from profit to loss for Chinese domestic producers [6]. - The determined subsidy rates for sampled companies range from 21.9% to 42.7%, with a uniform rate of 28.6% applied to cooperating EU companies and 42.7% for non-cooperating companies [6]. Implementation of Measures - Temporary anti-subsidy measures will be implemented, requiring importers to provide a corresponding temporary anti-subsidy tax deposit based on the determined subsidy rates starting December 23, 2025 [9]. - The calculation for the temporary anti-subsidy tax deposit will be based on the customs-determined taxable price of the imported goods [9]. Trade Relations Context - The Ministry of Commerce emphasized its cautious approach to trade remedy measures, noting that since 2025, China has not initiated new trade remedy investigations against the EU, while the EU has initiated multiple investigations against China [7].

Core Viewpoint - The Ministry of Commerce of China has initiated a preliminary anti-subsidy investigation into dairy products imported from the European Union, citing substantial subsidies provided by the EU that have harmed domestic industries [1][2]. Group 1: Investigation Details - The investigation was launched on August 21, 2024, following a request from the domestic industry, and the deadline for the investigation has been extended to February 21, 2026 [1]. - Various methods were employed for the investigation, including questionnaires, public hearings, and on-site verifications of both EU companies and domestic enterprises [1]. - Preliminary evidence indicates that the EU has provided significant subsidies to its dairy sector, leading to increased inventory and a shift from profit to loss for Chinese domestic industries [1]. Group 2: Preliminary Ruling and Tax Rates - On December 22, 2025, the Ministry announced a preliminary ruling to implement temporary anti-subsidy measures, concluding that the EU's dairy products are subsidized and have caused substantial harm to the domestic industry [1]. - The tax rates for sampled EU companies were determined to be between 21.9% and 42.7%, with a uniform rate of 28.6% applied to cooperating companies and 42.7% for non-cooperating companies [2]. Group 3: Trade Relations and Future Actions - The Chinese side has shown restraint in using trade remedy measures, having not initiated new investigations against the EU since 2025, while the EU has launched multiple investigations against China [2]. - The Ministry emphasizes its commitment to fair and transparent processes in accordance with Chinese laws and WTO rules for the ongoing investigation [2].

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core View - On the previous trading day, Treasury bond futures prices generally declined, with the T2512 contract dropping 0.07% and an increase in open interest. The IRR of the CTD bonds corresponding to the main Treasury bond futures contracts was at a low level, indicating no arbitrage opportunities. Short - term market interest rates showed mixed trends, and key - term Treasury bond yields also varied. Overseas, US, German, and Japanese 10Y Treasury bond yields all increased. With the Fed entering the interest - rate cut cycle, the domestic central bank has more policy space, and Treasury bond futures prices have stabilized recently amidst the high - level volatility of equities [2][3]. 3. Summary by Relevant Catalogs Treasury Futures Market - **Price and Volume**: The prices of all Treasury bond futures contracts decreased, with declines ranging from - 0.03% to - 0.22%. Open interest for some contracts increased, such as TF2512, T2512, etc., while others decreased. Trading volumes varied across contracts [2]. - **Spread**: The inter - delivery spreads of TS, TF, T, and TL contracts all decreased compared to the previous day [2]. - **IRR**: The IRR of the CTD bonds corresponding to the main Treasury bond futures contracts was at a low level, with no arbitrage opportunities [2]. Spot Market - **Short - term Market Interest Rates**: Short - term market interest rates showed mixed trends. SHIBOR7 - day and DR007 rates increased by 0.9bp and 1.2bp respectively, while GC007 decreased by 5.3bp [2]. - **Chinese Key - term Treasury Bond Yields**: Key - term Treasury bond yields showed mixed trends. The 10Y Treasury bond yield increased by 1.52bp to 1.85%, and the 10 - 2Y yield spread was 35.58bp [2]. - **Overseas Key - term Treasury Bond Yields**: US 10Y, German 10Y, and Japanese 10Y Treasury bond yields increased by 5bp, 1bp, and 0.4bp respectively [2]. Macro News - **Monetary Policy**: On September 18, the central bank conducted 487 billion yuan of 7 - day reverse repurchase operations, with a net investment of 195 billion yuan after 292 billion yuan of reverse repurchases matured [3]. - **Trade News**: Regarding the TikTok issue, China maintains a consistent stance. China hopes the EU will not weaponize tariffs and will eliminate market barriers. China initiated an anti - dumping investigation on relevant EU pork products at the request of domestic industries [3]. - **Bond Issuance**: The second batch of 14科创债 ETFs raised a total of 40.786 billion yuan, and after their listing in late September, the bond ETF's scale will exceed 600 billion yuan. The issuance scale of ultra - long - term special Treasury bonds in 2025 has reached 1.148 trillion yuan, with an issuance progress of 88.3% [3]. - **Business Ranking**: The "2025 China Service Industry Enterprises 500" list was released. The total operating income of the listed enterprises in 2024 reached 51.1 trillion yuan, and the average operating income exceeded 10 billion yuan for the first time [3]. - **Employment Data**: US initial jobless claims fell to 231,000 last week, the largest drop in nearly four years, but continuing claims remained above 1.9 million, indicating some pressure in the labor market [3]. Industry Information and Strategy - **Interest Rate Trends**: On September 18, money market interest rates mostly increased. US Treasury bond yields generally rose, while the yield of the 10 - year active Treasury bond in China decreased to 1.77%. After the Fed cut interest rates by 25 basis points, US Treasury bond yields rebounded [3]. - **Market Environment**: Shibor short - term varieties increased due to tax - period disturbances, and the money market tightened. Savings continued to flow to non - bank sectors in August, M1 growth reached a new high since January 2023, but consumption, production, real - estate investment, and sales showed weak trends [3]. - **Policy Outlook**: With the Fed entering the interest - rate cut cycle, the domestic central bank has more policy space, and Treasury bond futures prices have stabilized during the high - level volatility of equities [3].

Group 1: TikTok Operations in the US - The Chinese government opposes the politicization of technology and trade issues and emphasizes the importance of fair business negotiations for TikTok's operations in the US [3][4] - A framework consensus was reached during recent talks between Chinese and US economic teams to address TikTok's operational issues and reduce investment barriers [1][2] Group 2: EU Tariffs on Chinese Electric Vehicles - The Chinese side hopes the EU will not weaponize tariffs and will instead promote fair competition and remove market barriers [5][6] - The EU's imposition of anti-subsidy measures on Chinese electric vehicles is viewed as an unfounded intervention in free competition, driven by the high cost-performance ratio of Chinese electric vehicles [6][8] - China has not initiated any original investigations against the EU this year, contrasting with the EU's seven investigations against China, which account for nearly 40% of its total external investigations [7][8] Group 3: Dialogue and Cooperation - The Chinese government maintains its commitment to open cooperation and dialogue, urging the EU to recognize industry voices and work towards a stable market environment [9]

Group 1: Trade and Economic Measures - The 138th Canton Fair will implement more extensive support measures for foreign trade enterprises, including a significant reduction in booth fees for all participating companies, with over 5,000 companies benefiting for the first time [3] - The fair will feature over 31,000 participating companies, marking a new high in attendance [3] - The measures include a 50% reduction in booth fees for offline exhibitions and additional discounts for online platforms, aimed at helping export companies expand into international markets [3] Group 2: International Trade Relations - China is responding to the EU's anti-dumping investigation into pork products, emphasizing that the investigation was initiated based on domestic industry applications and conducted in accordance with Chinese laws and WTO rules [5] - In contrast, the EU has initiated seven anti-dumping investigations against China this year, accounting for nearly 40% of its total investigations, affecting approximately $3.5 billion in Chinese exports [5] - China has maintained a cautious approach to trade remedy measures, having only made decisions in three cases this year, while the EU has 95 ongoing trade remedy measures against China, impacting around $39.3 billion in exports [5] Group 3: Sustainability and Global Governance - The WTO's Fisheries Subsidies Agreement, which came into effect on September 15, is a significant milestone for global fisheries governance and multilateral trade, aimed at promoting sustainable development [14] - The agreement establishes binding multilateral disciplines on subsidies, requiring members to enhance transparency in fisheries management and improve sustainable resource assessment capabilities [14] - China, as a major global fishing nation, has committed to fulfilling its obligations under the agreement and actively participating in global fisheries governance [15] Group 4: Electric Vehicle Industry - China welcomes the EU's announcement of a €20,000 ID.1 electric vehicle, aligning with market demands for diverse, advanced, and affordable products [11] - The Chinese electric vehicle industry is recognized for driving innovation and competitiveness, contributing to global efforts in addressing climate change [11] - China advocates for fair competition and opposes protectionist measures that hinder market access, emphasizing the importance of collaboration in the electric vehicle sector [12]