2025年12月23日，美国国际贸易委员会（ITC）就进口自中国的低克重热敏纸（Lightweight Thermal Paper）第三次反倾销与反补贴日落复审作出产业损害肯 定性终裁。裁定认为，若取消现行反倾销和反补贴措施，在可预见期间内，中国涉案产品的进口将对美国国内产业造成实质性损害，相关贸易救济措施因此 继续维持有效。 此次终裁并未重新设定新的反倾销税率区间，而是延续既有裁定逻辑。根据美国商务部于2025年11月18日发布的第三次反倾销和反补贴快速日落复审终裁结 果，美国方面确认：若撤销现行反倾销措施，中国低克重热敏纸将以高达 115.29% 的倾销幅度继续或再度进入美国市场。这一倾销幅度被作为继续维持反 倾销税令的重要依据。 从案件历史看，低克重热敏纸已成为美国对华贸易救济措施中持续时间较长的代表性产品之一。自2007年美国商务部对中国涉案产品发起反倾销、反补贴调 查以来，该产品已先后经历三次"双反"日落复审，且三次复审结果均支持维持原有贸易限制措施。这意味着，美国市场对中国原产低克重热敏纸的准入门槛 在未来一段时间内仍将保持在高位。 在此背景下，部分出口企业开始重新评估其国际供应链布局。业内普遍关 ...

这是中国近期在世贸组织框架下对欧方补贴政策和不公平竞争行为的一次回击，也是对国内产业诉求的 回应。 本周，商务部网站发布对原产于欧盟的进口相关乳制品反补贴调查初裁公告，裁定欧盟公司的从价补贴 率为21.9%-42.7%，并决定实施临时反补贴措施。 这是中国近期在世贸组织框架下对欧方补贴政策和不公平竞争行为的一次回击，也是对国内产业诉求的 回应。 在接受第一财经记者采访时，上海市开放战略研究中心（上海WTO事务咨询中心）产业研究部张晓朋 博士对第一财经记者表示，中方此次发起的乳制品反补贴调查，具有无可争议的法理基础，是公正且合 法合规的。 他解释道，"中方的反补贴措施旨在抵消欧盟不公平补贴对中国市场造成的扭曲，属于正当的市场防 御。欧盟方面在自身挥舞'《外国补贴条例》（FSR）大棒'的同时，却指责中方正当的反补贴调查，这 是一种典型的双重标准。" 初裁流程及结果公正合法合规 商务部新闻发言人表示，立案后，商务部始终本着公平、公正、公开、透明的原则，严格按照中国法律 法规和世贸组织相关规则进行调查，充分保障利害关系方权利。目前，初步证据表明，原产于欧盟的进 口相关乳制品存在补贴，中国相关国内产业受到了实质损害，且 ...

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 ...

南都讯 记者杨文君 发自北京 12月22日，商务部发布了对原产于欧盟的进口相关乳制品反补贴调查初裁 结果。调查机关初步认为，欧盟相关乳制品产品存在补贴，中国国内产业受到实质损害，且两者之间的 因果关系成立。据此，商务部决定实施临时反补贴措施。 据商务部贸易救济调查局负责人介绍，应国内产业申请，商务部于2024年8月21日对原产于欧盟的进口 相关乳制品发起反补贴调查。2025年8月18日，商务部发布延期公告，将该案调查期限延长至2026年2月 21日。 基于欧委会和抽样公司提交的答卷信息及实地核查情况，我们初步裁定被抽样公司的税率为21.9%～ 42.7%，配合调查的其他欧盟公司统一适用税率为28.6%，未配合调查的其他欧盟公司为42.7%。 上述负责人表示："我想重申，中方一贯审慎、克制使用贸易救济措施。2025年以来，中方未对欧方发 起任何新的贸易救济调查，仅对白兰地、共聚聚甲醛、猪肉3起反倾销案件作出终裁。但同期，欧盟已 对华18起贸易救济案件初裁征税，对18起案件终裁征税，并发起15起贸易救济调查，仅在上周五（12月 19日）一天之内就新发起3起对华调查。中方反对滥用贸易救济措施的立场是不变的，也愿与欧 ...

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].

立案后，调查机关依法通过多种方式和程序公开透明地进行了调查，包括发放问卷和补充问卷、听取评 论意见、召开听证会、对欧盟及其成员国政府和抽样企业实地核查、对中国国内企业实地调查等，充分 保障了各利害关系方权利。 经过一年多审慎调查，初步证据显示，欧盟通过共同农业政策等补贴计划向乳及乳制品产业等涉农领域 提供了大量补贴。调查期内，中国国内产业受进口欧盟补贴产品影响，库存不断增加，利润由盈利转为 亏损，生产经营出现困难。调查机关初步认为，欧盟相关乳制品产品存在补贴，中国国内产业受到实质 损害，且两者之间的因果关系成立。据此，商务部于2025年12月22日发布初裁公告，决定实施临时反补 贴措施。 问：我们注意到商务部公布了对原产于欧盟的进口相关乳制品反补贴调查初裁，决定采取临时反补贴措 施，能否详细介绍调查相关情况？ 答：应国内产业申请，商务部于2024年8月21日对原产于欧盟的进口相关乳制品发起反补贴调查。2025 年8月18日，商务部发布延期公告，将该案调查期限延长至2026年2月21日。 原标题：商务部贸易救济调查局负责人就对原产于欧盟的进口相关乳制品反补贴调查初裁答记者问 编辑：黄灵 责编：杨四海 基于欧委会 ...

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]

Group 1 - The Chinese Ministry of Commerce held a press conference on September 18 to discuss key recent developments in the business sector and respond to media inquiries [1] - The anti-dumping investigation into EU pork products was initiated based on applications from the Chinese domestic industry, with the investigation conducted in accordance with Chinese laws and WTO rules [1] - China has maintained a cautious approach to trade remedy measures, having 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 [1] Group 2 - In the electric vehicle anti-subsidy case, the EU initiated an investigation without any domestic industry application, which China deems unreasonable and a misuse of trade remedy measures, leading to a dispute resolution mechanism appeal [2] - Despite these challenges, China has engaged in over 20 rounds of consultations with the EU to seek mutually acceptable solutions, demonstrating a commitment to dialogue and cooperation [2] - China emphasizes the importance of dialogue and cooperation for industry and public sentiment, expressing readiness to work with the EU to create an open and stable market environment [2]