Core Viewpoint - The Chinese government has announced a new temporary import tariff of 5% on whisky, effective from February 2, 2026, which may impact the whisky market and pricing strategies for importers and consumers in China [1] Group 1: Tariff Announcement - The State Council Tariff Commission of China has released an announcement regarding the adjustment of import tariffs on whisky [1] - The new tariff will be categorized under the 2026 Customs Tariff Schedule of the People's Republic of China, specifically under item 22083000 [1] - The implementation date for the 5% temporary import tariff is set for February 2, 2026 [1]

Core Viewpoint - The State Council Tariff Commission announced an adjustment to the import tariff on whisky, setting a provisional import tax rate of 5% effective from February 2, 2026 [1] Group 1 - The new tariff will apply to whisky classified under the Customs Import and Export Tariff of the People's Republic of China (2026) under code 22083000 [1]

Group 1 - The core announcement is the implementation of a 5% temporary import tariff on whiskey starting from February 2, 2026 [1] - The whiskey is classified under the tariff code 22083000 in the "Import and Export Tariff of the People's Republic of China (2026)" [1]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core View The report focuses on the continuous price differentiation in the upstream industry and provides an overview of mid - level events, industry status in the upstream, mid - stream, and downstream sectors. Upstream prices show a trend of divergence, with some rising and some falling, while the mid - stream and downstream industries have their own development characteristics such as low - level operation in some mid - stream industries and recovery in some downstream industries. 3. Summary by Related Catalogs Mid - level Event Overview - **Production Industry**: The State Administration for Market Regulation has deployed key tasks for 2026, including deepening fair competition governance, breaking administrative monopolies, strengthening anti - monopoly and anti - unfair competition law enforcement, promoting the development quality of business entities, and strengthening the regular supervision of the platform economy [1] - **Service Industry**: The 2026 Tariff Adjustment Plan will be implemented from January 1, 2026, with 935 items of goods subject to import provisional tax rates lower than the most - favored - nation tax rates, and new national sub - items added. Also, regulations on the deduction of advertising and business promotion expenses for certain industries have been announced [2] Industry Overview - **Upstream**: In the chemical industry, PTA prices are rising; in the non - ferrous metals sector, copper prices are rising; in the energy industry, LNG prices are falling [3] - **Mid - stream**: Chemical product start - up rates are at a low level, power plant coal consumption is increasing, and asphalt start - up is in the off - season [4] - **Downstream**: The sales of commercial housing in first, second, and third - tier cities are continuously warming up, and the number of domestic flights is increasing [4] Key Industry Price Index Tracking - **Agriculture**: On December 29, the spot prices of corn, palm oil, cotton, and the average wholesale price of pork increased year - on - year, while the spot price of eggs decreased [37] - **Non - ferrous Metals**: On December 29, the spot prices of copper, zinc, aluminum, and nickel increased year - on - year [37] - **Ferrous Metals**: On December 29, the spot price of线材 increased year - on - year, while the spot prices of rebar and iron ore decreased slightly [37] - **Non - metals**: On December 29, the spot price of natural rubber increased year - on - year, while the spot price of glass and the China Plastic City price index decreased [37] - **Energy**: On December 29, the spot prices of WTI crude oil and Brent crude oil increased slightly year - on - year, while the spot price of liquefied natural gas and coal price decreased [37] - **Chemical Industry**: On December 29, the spot price of PTA increased year - on - year, while the spot price of polyethylene decreased [37] - **Real Estate**: On December 29, the cement price index and the building materials composite index decreased slightly year - on - year, and the concrete price index remained unchanged [37]

Core Viewpoint - The State Council Tariff Commission has released the "2026 Tariff Adjustment Plan," which will implement a temporary import tariff lower than the most-favored-nation rate on 935 items starting January 1, 2026, to enhance the synergy between domestic and international markets and resources [1][2]. Group 1: Import Temporary Tariff - A temporary import tariff will be applied to 935 items (excluding tariff quota goods) [6]. - The adjustment aims to promote high-level technological self-reliance, reduce import tariffs on key components and advanced materials such as CNC hydraulic pads and composite joints [1]. - It supports the green transformation of the economy by lowering tariffs on resource-based products like regenerated black powder for lithium-ion batteries [1]. - The plan also aims to improve people's livelihoods by reducing tariffs on medical products such as artificial blood vessels and diagnostic kits for certain infectious diseases [1]. Group 2: Tariff Quota Rates - The tariff quota management will continue for eight categories of imported goods, including wheat, with unchanged tax rates [7]. - Specific fertilizers like urea, compound fertilizers, and ammonium hydrogen phosphate will maintain a 1% temporary import tariff within quota limits [7]. Group 3: Export Tariff Rates - Export tariffs will continue to be levied on 107 items, with 68 of these items subject to temporary export tariffs [8]. Group 4: Tax Items and Annotations - Adjustments have been made to certain tax items and annotations, resulting in a total of 8,972 tax items and 201 annotations for domestic items [9]. Group 5: Agreement Tariffs - The plan continues to implement agreement tariffs on certain imported goods from 34 trade partners based on 24 free trade agreements and preferential trade arrangements [10]. - Further tax reductions will be implemented according to agreements with countries such as New Zealand, Peru, Switzerland, and others [10]. Group 6: Preferential Tariffs - 43 least developed countries will continue to receive zero tariff treatment on 100% of tariff items, with preferential tariffs applied [11]. - Certain imported goods from Bangladesh, Laos, Cambodia, and Myanmar will also continue to enjoy preferential tariff rates based on agreements [11].

Core Viewpoint - The State Council Tariff Commission has announced the "2026 Tariff Adjustment Plan," which will implement provisional import tax rates lower than the most-favored-nation rate for 935 items starting January 1, 2026 [1] Group 1: Tariff Adjustments - In 2026, provisional import tax rates lower than the most-favored-nation rate will be applied to 935 items [1] - The total number of tariff items after the adjustment will be 8,972 [1] Group 2: Support for Specific Industries - The adjustments aim to support technological development and progress, as well as the development of the circular economy and forest economy [1] - New items added for 2026 include smart bionic robots, bio-aviation kerosene, and forest ginseng [1]