Core Points - The document outlines the implementation details for the import tariff quotas on sugar, wool, and wool tops for the year 2026 [1][2] - It is published by the Ministry of Commerce, indicating a regulatory framework for these commodities [2] Group 1: Import Tariff Quotas - The import tariff quotas for sugar, wool, and wool tops will be effective starting in 2026, impacting trade dynamics in these sectors [1] - Specific quotas and tariff rates are expected to be detailed in the official announcement, influencing pricing and supply chain strategies [2] Group 2: Regulatory Framework - The announcement is part of a broader regulatory effort by the Ministry of Commerce to manage imports and protect domestic industries [2] - The implementation of these quotas is likely to affect market conditions and competitive positioning for companies involved in these commodities [1]

Group 1 - The announcement by the National Development and Reform Commission and the State Administration for Market Regulation aims to address disorderly price competition and maintain a healthy market price order, emphasizing the importance of fair and legal market competition [1] - The announcement highlights that disorderly competition negatively impacts industry development, product innovation, and quality safety, which is detrimental to the healthy development of the national economy [1] - Businesses are encouraged to set prices based on production costs and market supply and demand, adhering to principles of fairness, legality, and good faith [1] Group 2 - The Ministry of Industry and Information Technology, the Ministry of Finance, and the State Taxation Administration have jointly announced new technical requirements for the exemption of vehicle purchase tax for new energy vehicles, effective from January 1, 2026 [2] - The announcement specifies that only models listed in the "Directory of New Energy Vehicles Eligible for Tax Exemption" that meet the new technical requirements will qualify for the tax exemption [2] Group 3 - The State Council has issued the "Electronic Seal Management Measures," which standardize the management and application of electronic seals across various organizations [3] - The measures state that electronic seals, based on cryptographic technology, hold the same legal effect as physical seals when used for electronic document signatures [3] Group 4 - Starting from October 9, the Beijing Stock Exchange has implemented a significant reform by switching all 277 stocks to a new code beginning with "920," which does not affect trading rules or methods [4] - This change aims to unify the stock coding system and enhance the trading experience for investors [4] Group 5 - The Ministry of Commerce has announced the implementation details for the import tariff quotas for sugar, wool, and wool tops for 2026, with a total sugar import quota of 1.945 million tons, 70% of which is for state-owned trade [5] - The import quotas for wool and wool tops are set at 287,000 tons and 80,000 tons, respectively [5] Group 6 - The National Development and Reform Commission has released the application and arrangement details for the import tariff quotas for grain and cotton for 2026, with specific quotas for wheat, corn, rice, and cotton [6] - The total import quota for wheat is set at 9.636 million tons, with 90% allocated for state-owned trade, while corn and rice quotas are 7.2 million tons and 5.32 million tons, respectively [6] Group 7 - The Ministry of Commerce and the General Administration of Customs have announced export control measures for certain materials, including superhard materials and rare earths, effective from November 8 [7] - These measures are intended to protect national security and interests while ensuring compliance with international obligations [7] Group 8 - The National Food and Strategic Reserves Administration has issued a notice to enhance post-harvest services and procurement for autumn grain, focusing on quality monitoring and market coordination [9] - The notice emphasizes the importance of providing drying and storage services to farmers and ensuring effective grain quality safety measures [10]

Report Summary 1. Core Views - China takes a solid step in extraterritorial jurisdiction, with the Ministry of Commerce announcing export controls on relevant rare earth items and technologies, and adding 14 foreign entities to the unreliable entity list. It also implements export controls on items like superhard materials, some rare earth equipment and raw materials, some medium and heavy rare earths, lithium batteries, and artificial graphite anode materials [2]. - Three departments including the Ministry of Industry and Information Technology adjust the technical requirements for new - energy vehicle purchase tax exemptions from 2026 - 2027. The pure - electric driving range of plug - in hybrid and extended - range passenger cars is adjusted from 43 kilometers to no less than 100 kilometers [2]. - The consumer market shows good growth during the National Day and Mid - Autumn Festival holidays this year. Domestic tourism spending reaches 809.006 billion yuan, an increase of 108.189 billion yuan compared to the 7 - day National Day holiday in 2024. The average daily sales revenue of consumption - related industries nationwide increases by 4.5% year - on - year, with commodity consumption and service consumption increasing by 3.9% and 7.6% respectively [2]. - With the continuous advancement of environmental protection production restrictions, most steel mills' sintering machine production restriction ratio increases from 30% to 40% - 50%. Some steel mills' existing iron ore inventories may not last until the end of the production restriction on the 20th. If transportation restrictions continue, raw material supply shortages may lead to blast furnace shutdowns or reduced production loads, and the blast furnace capacity utilization rate is expected to decline slightly in the next 1 - 2 weeks [3]. - The National Development and Reform Commission formulates the application and allocation rules for grain import tariff quotas in 2026. The total cotton import tariff quota in 2026 is 894,000 tons, with 33% being state - trading quotas. The total grain import tariff quotas are 963,600 tons for wheat (90% state - trading quotas) and 720,000 tons for corn (60% state - trading quotas) [3]. 2. Industry Investment Rating No industry investment rating information is provided in the report. 3. Other Summaries 3.1 Plate Performance - Key focus: Urea, coking coal, live pigs, Shanghai copper, and crude oil [4]. - Night - session performance: The report presents the night - session price changes and position - increasing ratios of commodity futures main contracts [4]. - Capital proportion of each commodity plate: Non - metallic building materials account for 2.61%, precious metals 31.86%, oilseeds 10.16%, soft commodities 2.55%, non - ferrous metals 20.98%, coal - coking - steel - ore 12.52%, energy 2.93%, chemicals 11.80%, grains 1.11%, and agricultural and sideline products 3.48% [5]. - Plate positions: The report shows the position changes of commodity futures plates in the past five days [6]. 3.2 Performance of Major Asset Classes | Category | Name | Daily Return (%) | Monthly Return (%) | Year - to - Date Return (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | 1.32 | 1.32 | 17.37 | | | SSE 50 | 1.06 | 1.06 | 12.51 | | | CSI 300 | 1.48 | 1.48 | 19.68 | | | CSI 500 | 1.84 | 1.84 | 31.84 | | | S&P 500 | - 0.28 | 0.70 | | | | Hang Seng Index | - 0.29 | - 0.38 | 33.36 | | | German DAX | 0.06 | 3.06 | 23.62 | | | Nikkei 225 | 1.77 | 8.12 | 21.77 | | | FTSE 100 | - 0.41 | 1.70 | 16.35 | | | 10 - Year Treasury Bond Futures | 0.15 | 0.19 | - 0.81 | | Fixed - Income | 5 - Year Treasury Bond Futures | 0.07 | 0.09 | - 0.76 | | | 2 - Year Treasury Bond Futures | 0.02 | 0.02 | - 0.56 | | Commodity | CRB Commodity Index, WTI Crude Oil | - 0.92, - 1.68 | - 0.42, - 1.58 | 0.88, - 14.49 | | | London Spot Gold | - 1.60 | 3.06 | 51.51 | | | LME Copper | 1.01 | 4.67 | 22.72 | | | Wind Commodity Index | 2.92 | 2.92 | 33.88 | | Other | US Dollar Index | 0.56 | 1.62 | - 8.37 | | | CBOE Volatility Index | 0.00 | 0.12 | - 6.05 | [8]