【要闻速递】 美欧7月贸易协议未止摩擦。8月美国对欧盟超400种钢铝加征50%关税，并指责欧盟数字监管加码。今 年欧盟依《数字服务法案》《数字市场法案》严管美企：9月罚谷歌29.5亿欧元，10月认定元宇宙违 规，11月再查谷歌搜索公平性，近期评估亚马逊、微软是否为云"守门人"，或2025年底对X开全球营收 6%罚单。 美批欧盟监管针对美企，谷歌、亚马逊拟上诉。特朗普8月威胁对"损害美企"国加税。11月美商务部长 卢特尼克将数字监管与钢铝关税挂钩，逼欧盟调整规则换降税。钢铝关税涉欧盟数十亿美元出口，能源 与绿色转型下，加税威胁钢企生存。 专家指美抓欧盟传统产业"软肋"撬监管松绑，欧盟陷两难：让步引政治反弹，强硬受贸易冲击。因欧盟 更急降税，美筹码增并开启"跨议题"谈判。欧盟战略自主空间有限，是否让步尚难定论。 摘要今日周三(12月3日)亚盘时段，现货黄金目前交投于4228美元附近，截至发稿，现货黄金最新报 4215.24美元/盎司，涨幅0.23%，最高上探至4228.57美元/盎司，最低触及4201.67美元/盎司。目前来 看，现货黄金短线偏向震荡走势。 今日周三(12月3日)亚盘时段，现货黄金目前交投于422 ...

美国已多次批评欧盟监管举措是针对美国企业。谷歌、亚马逊公司等近日均表示对欧盟有关裁决持异 议，将提起上诉。美国总统特朗普8月底在"真实社交"平台上威胁称，要对实施数字税和数字监管及"损 害或歧视美国科技公司"的国家加征"额外关税"。 11月底，美国商务部长卢特尼克在与欧盟贸易官员会谈后，公开将数字监管与钢铝关税挂钩。卢特尼克 说，欧盟若想让美国下调对其钢铁和铝产品的关税，就必须先调整其针对科技企业的监管规则。 新华财经布鲁塞尔12月3日电（记者张馨文丁英华康逸）近日，美欧围绕数字监管再生摩擦。美国指责 欧盟监管对美科技企业不公平，并用钢铝产品关税为筹码要求欧盟"松绑"；欧盟则抨击美国此举是"勒 索"，坚持数字法规关乎主权不容挑战。 分析人士认为，美国为维持全球数字产业霸主地位，试图用关税筹码逼迫欧盟让步，欧盟陷入维护数字 主权和挽救钢铝产业的两难之境，战略自主空间有限。 美欧围绕数字监管"掐架" 欧盟和美国7月达成贸易协议后，双方经贸摩擦并未平息。美国8月对欧盟超过400种钢铁和铝产品加征 50%的关税，同时高调指责欧盟对美科技企业不断加码的数字监管。 今年以来，欧盟依据《数字服务法案》和《数字市场法案》，对 ...

欧美28国闭门会谈，欧洲想拿中国当挡箭牌，华盛顿却不吃这套，不仅如此，白宫对中国献上大礼，为什么欧盟又在对华问题上被美国摆了一 道？ 美国商务部长卢特尼克和贸易代表格里尔近日访问欧盟，和欧盟展开新一轮关税谈判，双方在布鲁塞尔上演了一场大戏。欧盟27国急于解决关 税问题，特别是美国扩充钢铝关税范围的挑战，为了换取特朗普政府让步，欧盟大打"中国牌"，炒作对付"共同的敌人"之类的话题，这话的意 思再明显不过，只要美国肯在关税上对欧洲网开一面，欧洲愿意当马前卒，配合美国断中国经贸的后路。然而，美国的算盘更精，卢特尼克要 求欧盟"审视其数字规则，寻求一种平衡"，称如果欧洲同意这个要求，美国将和欧洲一起处理钢铝问题。卢特尼克还说："如果欧盟能找到一 种平衡的数字规则体系，我认为欧盟可以吸引1万亿美元的投资。" 欧盟这时候是真急了，毕竟美国正琢磨着扩充钢铝关税的范围，原本已经有 400 多种商品要交 50% 的高关税，要是再扩围，欧洲的钢铁企业 就得喝西北风。要知道，美欧之前刚签了贸易协议，说好多数商品关税降到 15%，可钢铝这茬一直没解决，美国这会儿突然加码，摆明了是 拿捏欧洲的软肋。为了让特朗普政府在关税上网开一面，欧 ...

Core Viewpoint - The EU has firmly rejected the US proposal to link the reduction of steel and aluminum tariffs to the relaxation of technology regulations, emphasizing the importance of its digital regulatory framework for market fairness and consumer protection [1][6]. Group 1: US-EU Trade Relations - The US Secretary of Commerce, Gina Raimondo, indicated that a favorable steel and aluminum agreement would require the EU to ease its technology regulations [1]. - The EU is concerned that over 400 products are affected by the 50% steel and aluminum tariffs, which could undermine the trade agreement reached in July [2]. - The EU Trade Commissioner stated that the EU has made progress in fulfilling its commitment to purchase $250 billion worth of energy products from the US over the next three years [5]. Group 2: Digital Regulation - The EU's Digital Services Act and Digital Markets Act are central to its technology regulation, aimed at ensuring accountability and preventing anti-competitive behavior among major tech companies [3][2]. - The EU maintains that its digital regulations are not negotiable and are designed to protect consumer rights and promote fair competition [1][6]. - The EU has imposed significant fines on major tech companies, including a €2.95 billion fine on Google, indicating its strict enforcement of digital regulations [6]. Group 3: EU's Stance on Negotiations - The EU insists on its legislative sovereignty and will not use its technology regulations as bargaining chips in trade negotiations [1][7]. - An EU official emphasized that steel tariffs and digital technology regulations are completely unrelated issues [7]. - The EU's strict regulatory approach is seen as a means to protect its market and promote local industry development, given its lag behind the US in digital technology [7].

Group 1 - Japanese companies are facing significant impacts from the U.S. government's steel and aluminum tariffs, which now include at least 720 products categorized as "derivative goods" [1] - The complex tariff structure imposes a 50% steel and aluminum tariff on the portion of products that use these materials, while a "countervailing duty" of 15% applies to Japan [1] - The expansion of the tariff list to include "derivative goods" has raised concerns among foreign companies and industry organizations, as it appears to be aimed at protecting U.S. domestic manufacturing [1] Group 2 - The Japan Construction Equipment Manufacturers Association has requested the Japanese government to negotiate with Washington to exclude construction machinery from the steel and aluminum tariffs [2] - Exports of construction and mining equipment from Japan to the U.S. were valued at over 800 billion yen in FY2024, but saw a 26% year-on-year decline in August [2] - The inclusion of cutlery products in the "derivative goods" category has negatively impacted manufacturers in Niigata Prefecture, with one company expressing concerns about potential price increases leading to reduced consumer demand [2] Group 3 - A recent agreement between Japan and the U.S. established a 15% tariff rate on Japanese exports, making it easier for companies to strategize around additional costs, but the steel and aluminum tariffs have complicated this [2] - The Japanese Minister of Economy, Trade and Industry has stated efforts will be made to assess the impact of the expanded tariffs and coordinate with relevant industries [2] - The U.S. Department of Commerce has initiated an investigation to determine if specific tariffs or import restrictions should be applied to machine tools, industrial robots, and medical devices, causing the Japanese machine tool industry to remain cautious [2]

Core Points - The U.S. Department of Commerce has announced the opening of an application window for additional steel and aluminum derivative products to be included under tariffs authorized by President Trump, starting from September 15, 2025, and closing on September 29, 2025 [1][2] - This initiative follows previous announcements and actions taken by the Trump administration to adjust tariffs on aluminum and steel imports, including the establishment of a process to include more derivative products under Section 232 of the Trade Expansion Act of 1962 [3][5] Summary by Sections Application Process - The application window for including more derivative products under tariffs will be open for two weeks, with submissions required to be sent to the Defense Industrial Base Programs inbox [3] - Approved applications will be published for public comment under the document number BIS-2025-0023 [3] Tariff Adjustments - In February 2025, the Trump administration announced adjustments to aluminum and steel imports, imposing specific tariff rates on certain derivative products [3] - The tariffs on steel and aluminum were increased to 25% in March 2025, with further increases to 50% announced in June 2025, expanding the scope of products subject to these tariffs [5][6] Impact on Trade - The recent expansions in tariff coverage have affected a wide range of products, including consumer goods packaging, industrial products, and heavy machinery [6] - Approximately 673 steel derivative products and 188 aluminum derivative products have been included, representing about 3.5% of all U.S. Harmonized Tariff Schedule (HTSUS) codes [6] Regulatory Environment - The U.S. Customs and Border Protection updated the list of exempt products under Section 232, with new tariffs taking effect without prior notice to importers [6] - The scope of the tariffs can be modified at the discretion of the President, allowing for broad inclusion of various products under the existing tariff framework [7]

Investment Rating - The report maintains a "Buy" recommendation for several steel companies, including Hualing Steel, Baosteel, Nanjing Steel, and others in the special steel and pipe sectors [5]. Core Insights - The expansion of U.S. steel and aluminum tariffs has put pressure on steel prices, leading to a notable contraction in steel mill profits [5]. - The report highlights that the long-term focus will remain on capacity management, with a combination of market-oriented and administrative measures expected to optimize crude steel supply [5]. - The report indicates that the seasonal decline in steel demand, coupled with a vacuum in supply-side policies, has resulted in a significant narrowing of steel mill profits [5]. Price Trends - As of August 22, 2025, steel prices have decreased, with Shanghai's 20mm HRB400 rebar priced at 3,270 CNY/ton, down 30 CNY/ton from the previous week [3][11]. - The prices for various steel products have shown a downward trend, with hot-rolled and cold-rolled steel also experiencing price reductions [3][11]. Production and Inventory - As of August 22, 2025, the production of five major steel products increased to 8.78 million tons, with total inventory rising by 264,300 tons to 10.1621 million tons [4]. - The apparent consumption of rebar was estimated at 1.948 million tons, reflecting a week-on-week increase of 48,600 tons [4]. Profitability - The report notes a decline in steel profitability, with margins for rebar, hot-rolled, and cold-rolled steel decreasing by 58 CNY/ton, 50 CNY/ton, and 42 CNY/ton respectively [3][5]. Recommendations - The report recommends specific companies for investment, including Hualing Steel, Baosteel, Nanjing Steel in the general steel sector, and Xianglou New Materials, CITIC Special Steel in the special steel sector [5].

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core View of the Report - The fundamentals of the aluminum industry are neutral due to carbon - neutral policies controlling capacity expansion, weak downstream demand, and a soft real - estate market, along with volatile short - term macro sentiment. The basis shows a neutral state with a spot price of 20690 and a basis of 100, indicating a premium over the futures. The inventory on the Shanghai Futures Exchange increased by 7093 tons to 120653 tons, also neutral. The closing price is above the 20 - day moving average which is moving downwards, a neutral signal. The main positions are net long but the long positions are decreasing, showing a slightly bullish tendency. In the long run, carbon - neutral policies will drive the transformation of the aluminum industry and benefit aluminum prices, but the US expanding steel and aluminum tariffs creates a situation where bullish and bearish factors are intertwined, leading to an oscillating aluminum price [2]. 3) Summary by Relevant Catalogs a. Daily View - Fundamentals: Carbon - neutral policies control capacity expansion, downstream demand is not strong, the real - estate market remains weak, and short - term macro sentiment is volatile; neutral [2]. - Basis: Spot price is 20690, basis is 100, premium over futures; neutral [2]. - Inventory: Shanghai Futures Exchange aluminum inventory increased by 7093 tons to 120653 tons; neutral [2]. - Disk: Closing price is above the 20 - day moving average which is moving downwards; neutral [2]. - Main Positions: Main net long positions, long positions decreasing; slightly bullish [2]. - Expectation: Carbon - neutral policies will drive the transformation of the aluminum industry and benefit aluminum prices in the long run, but the US expanding steel and aluminum tariffs creates a situation where bullish and bearish factors are intertwined, and the aluminum price will oscillate [2]. b. Recent Bullish and Bearish Analysis - Bullish Factors: Carbon - neutral policies control capacity expansion; geopolitical disturbances between Russia and Ukraine affect Russian aluminum supply; interest rate cuts [3]. - Bearish Factors: The global economy is not optimistic, and high aluminum prices will suppress downstream consumption; the export tax rebate for aluminum products is cancelled [3]. - Logic: There is a game between interest rate cuts and weak demand [3]. c. Daily Summary - Spot Prices: Shanghai's yesterday's spot price was 70770, down 375; Nanchu's was 70690, down 450; today's Yangtze River's was 70870, down 400 [4]. - Inventory: Shanghai Futures Exchange warehouse receipts increased by 699 to 70798 tons; LME inventory decreased by 425 to 74750 tons; Shanghai Futures Exchange inventory (weekly) increased by 29728 to 136300 tons [4]. d. Supply - Demand Balance | Time | Production (10,000 tons) | Net Imports (10,000 tons) | Apparent Consumption (10,000 tons) | Actual Consumption (10,000 tons) | Supply - Demand Balance (10,000 tons) | | ---- | ---- | ---- | ---- | ---- | ---- | | 2018 | 3609 | 7.03 | 3615.03 | 3662.63 | - 47.61 | | 2019 | 3542.48 | - 0.64 | 3541.84 | 3610.44 | - 68.61 | | 2020 | 3712.44 | 105.78 | 3818.22 | 3816.92 | 1.3 | | 2021 | 3849.2 | 150.33 | 3994.63 | 4008.83 | - 14.2 | | 2022 | 4007.33 | 46.55 | 4053.88 | 4083.86 | - 29.98 | | 2023 | 4151.3 | 139.24 | 4290.51 | 4294.81 | - 4.31 | | 2024 | 4312.27 | 196.16 | 4502.5 | 4487.5 | 15 | [22]

Group 1 - The stock price of Chongqing Steel is reported at 1.51 yuan as of August 21, 2025, remaining stable compared to the previous trading day, with a trading volume of 1.5953 million hands and a transaction amount of 241 million yuan [1] - Chongqing Steel operates in the steel industry, primarily engaged in the production and sales of steel products, which are widely used in construction and machinery manufacturing [1] - The recent announcement by the U.S. to impose a 50% tariff on 407 categories of steel and aluminum derivatives is expected to have a limited direct impact on Chinese steel companies, as only 0.7% of China's steel exports went to the U.S. in the first half of 2025 [1] Group 2 - Chongqing Steel indicated in its semi-annual report forecast that losses have decreased in the first half of the year [1] - On August 21, 2025, the net inflow of main funds into Chongqing Steel was 23.7737 million yuan, accounting for 0.19% of the circulating market value, with a cumulative net inflow of 48.1723 million yuan over the past five trading days, representing 0.38% of the circulating market value [1]

Group 1 - The stock price of Maanshan Iron & Steel Company (马钢股份) on August 20 was 3.80 yuan, down 0.01 yuan or 0.26% from the previous trading day, with a trading volume of 817,301 hands and a transaction amount of 310 million yuan [1] - Maanshan Iron & Steel operates in the steel industry, primarily engaged in the production and sales of steel products, which are widely used in construction and machinery manufacturing [1] - The U.S. Department of Commerce announced on August 15 that 407 categories of steel and aluminum derivative products would be included in the tariff list, imposing a 50% tariff on these products; however, data shows that in the first half of 2025, China's steel exports to the U.S. will only account for 0.7% of total exports, indicating limited direct impact on domestic steel companies [1] Group 2 - Maanshan Iron & Steel recently indicated in its performance forecast that it has reduced its losses in the first half of the year [1] - On August 20, the net outflow of main funds for Maanshan Iron & Steel was 13.8779 million yuan, accounting for 0.06% of its circulating market value; over the past five days, the net outflow of main funds totaled 161.9163 million yuan, representing 0.71% of its circulating market value [1]