Core Viewpoint - Nvidia has ceased production of its H200 processors tailored for the Chinese market, indicating a lack of short-term sales expectations for this product in China [1][3]. Group 1: Production Changes - Nvidia has informed TSMC to reallocate production capacity away from the H200 to focus on the Vera Rubin chip [3]. - This decision reflects Nvidia's pessimism regarding the H200's sales prospects in the Chinese market [3]. Group 2: Regulatory Context - In mid-January, the U.S. government announced a relaxation of export regulations for Nvidia's H200 chips to China, which led Nvidia's CEO Jensen Huang to state that the supply chain for H200 had been restarted and that demand from Chinese customers was "very high" [3]. - Despite the U.S. government's approval for limited H200 product exports to China, Nvidia's CFO Colette Kress revealed that the company has not sold any H200 chips to Chinese firms and remains uncertain about future sales [3]. Group 3: Market Sentiment - Commentary from C114 suggested that Nvidia's ability to conduct substantial and long-term business in China is hindered by a lack of mutual trust between the U.S. and China [3]. - Bloomberg reported that ongoing tightening of advanced AI chip export controls by the U.S. has imposed multiple restrictions on the sales of the H200 in the Chinese market [3].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Views - Platinum is continuously weak, and palladium shows low - frequency data and fluctuates at a low level [1]. - The trend intensity of platinum is 0, and that of palladium is - 1, indicating a neutral view on platinum and a bearish view on palladium [3]. 3. Summary by Related Catalogs **Fundamental Tracking** - **Price Data**: Platinum futures 2606 closed at 563.95 with a 0.08% increase; gold - exchange platinum closed at 554.25 with a 0.47% increase; New York platinum main - continuous (previous day) was at 2128.20 with a - 1.74% change; London spot platinum (previous day) was at 2118.20 with a - 1.82% change. Palladium futures 2606 closed at 428.00 with a - 1.34% change; RMB spot palladium was at 407.00 with a 4.36% increase; New York palladium main - continuous (previous day) was at 1650.00 with a - 2.59% change; London spot palladium (previous day) was at 1632.00 with a - 2.13% change [1]. - **Trading Volume and Position Data**: Guangdong platinum trading volume was 8,631 kg, a decrease of 2,838 kg compared to the previous day, and the position was 27,693 kg, a decrease of 239 kg. NYMEX platinum trading volume was 27,766 kg, a decrease of 2,225 kg, and the position was 72,300 kg, a decrease of 1,981 kg. Guangdong palladium trading volume was 3,135 kg, a decrease of 387 kg, and the position was 9,164 kg, an increase of 113 kg. NYMEX palladium trading volume was 9,614 kg, a decrease of 1,089 kg, and the position was 46,674 kg, a decrease of 386 kg [1]. - **ETF and Inventory Data**: Platinum ETF position (previous day) was 3,245,627 ounces, a decrease of 15,768 ounces; palladium ETF position (previous day) was 1,167,306 ounces, a decrease of 3 ounces. NYMEX platinum inventory (previous day) was 585,531 ounces, a decrease of 1,628 ounces; NYMEX palladium inventory (previous day) was 202,181 ounces, with no change [1]. - **Spread Data**: PT9995 to PT2606 spread was - 9.70, an increase of 2.12 compared to the previous day; Guangdong platinum 2606 contract to 2610 contract spread was 13.00, an increase of 1.55. The cost of buying Guangdong platinum 2606 and selling 2610 inter - period arbitrage was 6.94, with no change. The spread between Guangdong platinum main contract and London platinum (considering VAT) was 33.17, an increase of 11.03. The spread between RMB spot palladium price and PD2606 was - 21.00, an increase of 22.80. Guangdong palladium 2606 contract to 2610 contract spread was 5.50, a decrease of 1.20. The cost of buying Guangdong palladium 2606 and selling 2610 inter - period arbitrage was 5.33, a decrease of 0.07. The spread between Guangdong palladium main contract and London palladium (considering VAT) was 19, an increase of 3.68 [1]. - **Exchange Rate Data**: The US dollar index was 99.04, with a 0.50% increase; the US dollar against RMB (CNY spot) was 6.90, with a - 0.14% change; the US dollar against offshore RMB (CNH spot) was 6.89, with a - 0.44% change; the US dollar against RMB (6M forward) was 6.79, with a 0.13% increase [1]. **Macro and Industry News** - The US Department of Defense solicited opinions on potential reserves of five key minerals [4]. - Trump mentioned plans regarding Iran and Cuba [4]. - The US plans to introduce legislation to expand AI chip export controls globally, and companies like Nvidia and AMD need licenses for exports [4]. - The number of initial jobless claims in the US for the week ending February 28 was 213,000, a new high since the week of February 7 and lower than the market expectation of 215,000 [4]. - **Gold News**: US officials facilitated a 1000 - kg gold transaction between the US and Venezuela; global gold ETFs had a net inflow of $5.3 billion in February; Poland's central bank plans to sell gold reserves for defense; CME Group lowered the margin ratio for gold and silver futures [4]. - **Energy Situation**: The White House may announce measures to deal with oil prices on Thursday, including possible intervention in the oil futures market; Japanese refineries requested the government to use national oil reserves; Iran's Revolutionary Guard has the right to control the passage and navigation in the Strait of Hormuz and ban US, Israeli, and European ships; Saudi Arabia set the official selling price of crude oil exported to Asia in April at a premium of $2.5 per barrel compared to the Oman/Dubai crude oil average price [4]. - **Middle - East Conflict**: Iran's Deputy Foreign Minister said Iran has not selected a new supreme leader and is willing to abandon its nuclear program if the US offers a satisfactory alternative; the US military is preparing for a 100 - day operation against Iran until September; Iran claimed to have destroyed the headquarters and ammunition depot of a separatist armed organization in the west; Trump wants to be involved in Iran's succession arrangement and encourages the Kurds to attack Iran [4].

Core Insights - The report highlights the recent trends in the U.S. job market, with initial jobless claims at 213,000, which is lower than expected, indicating a resilient labor market [4] - It discusses the potential global expansion of AI chip export controls by the U.S., which could impact technology companies and supply chains [4] - The report notes a slight decline in Eurozone retail sales by 0.1% month-on-month, but a year-on-year increase of 2%, suggesting mixed consumer spending trends [4] - It mentions the possibility of a rate hike by the Bank of Japan in April, reflecting ongoing monetary policy adjustments in response to economic conditions [4] - The report warns of a potential global food crisis due to significant fertilizer production halts caused by ongoing conflicts in the Middle East [4] - It outlines China's economic growth target for the year at 4.5%-5%, as stated in the government work report, indicating a focus on economic recovery [4] Economic Data Summary - The Baltic Dry Index closed at 2233.00, down 0.40%, reflecting a slight decrease in shipping costs [5] - The Nasdaq Index closed at 22748.99, down 0.26%, while the Dow Jones Industrial Average fell by 1.61% to 47954.74 [5] - Crude oil prices increased by 3.57% to $84.31, indicating rising energy costs [5] - The U.S. dollar index rose by 0.25% to 99.04, suggesting a strengthening dollar against other currencies [5] - The Hang Seng Index closed at 25321.34, up 0.28%, while the Shanghai Composite Index rose by 0.64% to 4108.57, indicating positive market sentiment in Hong Kong and mainland China [5]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - Gold: Geopolitical conflicts have broken out [2]. - Silver: In a volatile pattern [2]. - Copper: The narrowing of the spot discount limits the price decline [2]. - Zinc: Trading in a range [2]. - Lead: The reduction of overseas inventories limits the price decline [2]. - Tin: Undergoing a volatile adjustment [2]. - Aluminum: A slight correction [2]. - Alumina: Trading sideways [2]. - Cast aluminum alloy: Following the trend of electrolytic aluminum [2]. - Platinum: Continuing to be weak [2]. - Palladium: With low - frequency data and trading at a low level [2]. - Nickel: The reality of the Indonesian mining end is catching up, and beware of speculative attributes in March [2]. - Stainless steel: The marginal contradiction at the mining end increases, and the cost - support center moves up [2]. 3. Summary by Related Catalogs Gold and Silver - **Price and Trading Volume**: For gold, the closing price of Shanghai Gold 2602 was 1,153.06 with a daily decline of 2.45%, and the night - session closing price was 1144.20 with a decline of 0.22%. For silver, the closing price of Shanghai Silver 2602 was 21854 with a daily increase of 0.86%, and the night - session closing price was 21546.00 with an increase of 1.53% [4]. - **Inventory and ETF**: The inventory of Shanghai Gold decreased by 27 kilograms, and the SPDR Gold ETF holdings decreased by 18. The inventory of Shanghai Silver decreased by 12661 kilograms, and the SLV Silver ETF holdings (the day before yesterday) decreased by 34 [4]. - **Macro and Industry News**: Concerns about the protracted Iran war pushed crude oil futures to a 20 - month high. Li Qiang's government work report set the 2026 economic growth target at 4.5% - 5% and the deficit rate at about 4%. The US plans to expand AI chip export controls globally [4][6]. Copper - **Price and Trading Volume**: The closing price of the Shanghai Copper main contract was 101,080 with a daily decline of 0.57%, and the night - session closing price was 100980 with a decline of 0.10%. The London Copper 3M electronic disk closed at 12,859 with a decline of 1.29% [7]. - **Inventory and Spread**: The Shanghai Copper inventory increased by 1,157 tons, and the London Copper inventory increased by 20,675 tons. The spot discount narrowed, with the spot - to - near - month futures spread increasing by 40 [7]. - **Macro and Industry News**: Geopolitical conflicts pushed up oil prices, triggering inflation concerns. Japan's January copper and copper alloy imports increased by 13.51% year - on - year, while Chile's January copper production decreased by 3% year - on - year [7][9]. Zinc - **Price and Trading Volume**: The closing price of the Shanghai Zinc main contract was 24520 with a daily increase of 0.16%, and the London Zinc 3M electronic disk closed at 3319 with an increase of 1.42% [10]. - **Inventory and Spread**: The Shanghai Zinc futures inventory increased by 1144 tons, and the London Zinc inventory decreased by 250 tons. The Shanghai 0 zinc premium decreased by 10 [10]. - **News**: Iran refuted the claim of blocking the Strait of Hormuz. Oil price surges impacted the interest - rate cut expectation, and the expectation of the Fed not cutting interest rates this year increased [11][12]. Lead - **Price and Trading Volume**: The closing price of the Shanghai Lead main contract was 16775 with a daily decline of 0.39%, and the London Lead 3M electronic disk closed at 1962 with an increase of 1.32% [13]. - **Inventory and Spread**: The London Lead inventory decreased by 200 tons. The Shanghai 1 lead premium remained unchanged [13]. - **News**: Geopolitical conflicts pushed up oil prices, triggering inflation concerns. The market was waiting for non - farm payroll data [14]. Tin - **Price and Trading Volume**: The closing price of the Shanghai Tin main contract was 391,810 with a daily decline of 0.90%, and the night - session closing price was 394,100 with a decline of 1.59%. The London Tin 3M electronic disk closed at 49,405 with a decline of 3.51% [17]. - **Inventory and Spread**: The Shanghai Tin inventory decreased by 289 tons, and the London Tin inventory decreased by 5 tons. The SMM 1 tin ingot price decreased by 1,650 [17]. - **Macro and Industry News**: Before the non - farm payroll data, the soaring oil price triggered inflation concerns. The US plans to expand AI chip export controls globally [19]. Aluminum, Alumina, and Cast Aluminum Alloy - **Price and Trading Volume**: The closing price of the Shanghai Aluminum main contract was 24815, and the Shanghai Alumina main contract closed at 2800. The closing price of the aluminum alloy main contract was 23420 [20]. - **Inventory and Spread**: The domestic aluminum ingot social inventory was 127.00 million tons, an increase of 2.40 million tons. The LME aluminum inventory was 45.91 million tons, a decrease of 0.20 million tons [20]. - **Comprehensive News**: The 2026 economic growth target was set at 4.5% - 5%, and the Japanese central bank might keep the March interest rate unchanged [22]. Platinum and Palladium - **Price and Trading Volume**: The closing price of platinum futures 2606 was 563.95 with an increase of 0.08%, and the closing price of palladium futures 2606 was 428.00 with a decline of 1.34% [23]. - **Inventory and Spread**: The platinum ETF holdings (the day before yesterday) decreased by 15,768 ounces, and the palladium ETF holdings (the day before yesterday) decreased by 3 ounces [23]. - **Macro and Industry News**: The US Department of Defense solicited opinions on potential reserves of five key minerals. The US plans to expand AI chip export controls globally [26]. Nickel and Stainless Steel - **Price and Trading Volume**: The closing price of the Shanghai Nickel main contract was 136,270, and the closing price of the stainless - steel main contract was 14,105 [28]. - **Industry News**: Indonesia plans to revise the nickel ore benchmark price formula, and some nickel mines in Guatemala and Indonesia have production - related news, including production quota adjustments and accidents [28][29][31].

1. Report Industry Investment Rating The document does not provide an overall industry investment rating. 2. Core Views of the Report The report provides trend outlooks and fundamental analysis for various commodities, including precious metals, base metals, energy, agricultural products, and chemical products. Geopolitical conflicts, especially the situation in the Middle East, have a significant impact on the prices and trends of many commodities. For example, the conflict in the Middle East has led to concerns about inflation, affecting the prices of gold, oil, and other commodities. Additionally, factors such as supply and demand, production capacity, and inventory levels also play important roles in determining the price trends of different commodities [5][8][12]. 3. Summary by Commodity Precious Metals - **Gold**: Geopolitical conflicts have broken out, and the price is affected by factors such as inflation concerns and changes in the US dollar index. The trend strength is 1 [5]. - **Silver**: In a volatile pattern, with a trend strength of 1 [2]. - **Platinum**: Continues to be weak, with a trend strength of 0 [25]. - **Palladium**: High - frequency data is sluggish, and it is in a low - level volatile state, with a trend strength of - 1 [25]. Base Metals - **Copper**: The narrowing of the spot discount restricts the price decline. The trend strength is 0 [8]. - **Zinc**: In a range - bound pattern, with a trend strength of 0 [11]. - **Lead**: The reduction of overseas inventory restricts the price decline, with a trend strength of 0 [15]. - **Tin**: In a volatile adjustment, with a trend strength of 0 [18]. - **Aluminum**: A slight correction, with a trend strength of 0 [22]. - **Alumina**: In a sideways volatile pattern, with a trend strength of 0 [22]. - **Cast Aluminum Alloy**: Follows the trend of electrolytic aluminum, with a trend strength of 0 [22]. - **Nickel**: The reality of the Indonesian ore end is catching up, and beware of speculative attributes in March, with a trend strength of 0 [30]. - **Stainless Steel**: The contradiction at the ore end increases marginally, and the cost support center moves up, with a trend strength of 0 [30]. Energy - **Crude Oil**: Although not specifically mentioned in detail, geopolitical conflicts in the Middle East have led to concerns about supply, pushing up oil prices [5][8]. - **Fuel Oil**: Maintains a retracement trend and short - term high - volatility, with a trend strength of - 1 [133]. - **Low - Sulfur Fuel Oil**: In a weak adjustment, and the spot price difference between high - and low - sulfur fuels continues to decline, with a trend strength of - 1 [133]. - **Natural Gas**: Not specifically analyzed in detail, but geopolitical factors may affect its supply and price [91]. - **Coal**: - **Coking Coal**: In a wide - range volatile pattern, with a trend strength of 0 [58]. - **Coke**: A first - round price cut has begun, and it is in a wide - range volatile pattern, with a trend strength of 0 [57]. - **Steam Coal**: Market sentiment is weakening, and the short - term price fluctuates within a narrow range, with a trend strength of - 1 [62]. Agricultural Products - **Palm Oil**: The spill - over of sentiment finally arrives, showing a short - term strong performance, with a trend strength of 1 [158]. - **Soybean Oil**: Supported by the cost of US soybeans, it may break through upwards, with a trend strength of 1 [158]. - **Soybean Meal**: Rebounds and fluctuates, and pay attention to the situation in the Middle East, with a trend strength of 0 [165]. - **Soybean**: The spot price is stable and slightly strong, and the futures price fluctuates in adjustment, with a trend strength of 0 [165]. - **Corn**: Fluctuates strongly, with a trend strength of 0 [168]. - **Sugar**: In a range - bound arrangement, with a trend strength of 0 [172]. - **Cotton**: Waiting for new drivers, with a trend strength of 1 [176]. - **Eggs**: Maintains a volatile pattern, with a trend strength of 0 [180]. - **Hogs**: The inventory pressure is difficult to solve, and the weakness continues, with a trend strength of - 1 [183]. - **Peanuts**: Fluctuates, with a trend strength of 0 [188]. Chemical Products - **P - Xylene (PX)**: In a high - level volatile market, it is recommended to go long on PX and short on PTA. The trend strength is 1 [68]. - **Purified Terephthalic Acid (PTA)**: In a high - level volatile market, with a trend strength of 1 [68]. - **Ethylene Glycol (MEG)**: In a high - level volatile market, with a trend strength of 1 [68]. - **Rubber**: Fluctuates weakly, with a trend strength of - 1 [78]. - **Synthetic Rubber**: The price center moves up, with a trend strength of 1 [81]. - **Linear Low - Density Polyethylene (LLDPE)**: The expectation of cracking supply contraction continues, and pay short - term high attention to geopolitical factors, with a trend strength of 2 [85]. - **Polypropylene (PP)**: The C3 raw material remains strong, and the reduction of PDH devices continues, with a trend strength of 2 [85]. - **Caustic Soda**: Supported by strong export expectations, with a trend strength of 1 [90]. - **Paper Pulp**: Fluctuates, with a trend strength of 0 [95]. - **Glass**: The price of the original sheet is stable, with a trend strength of 0 [102]. - **Methanol**: In a high - level volatile pattern, with a trend strength of 0 [105]. - **Urea**: Fluctuates, with a trend strength of 0 [111]. - **Styrene**: Fluctuates strongly, with a trend strength of 1 [115]. - **Soda Ash**: The spot market changes little, with a trend strength of 0 [117]. - **Liquefied Petroleum Gas (LPG)**: Short - term geopolitical disturbances are strong, with a trend strength of 0 [122]. - **Propylene**: The cost end is affected by geopolitical factors, and the fundamentals remain tight, with a trend strength of 1 [122]. - **Polyvinyl Chloride (PVC)**: In a range - bound pattern, with a trend strength of 0 [130]. Shipping Index - **Container Freight Index (European Line)**: Pay attention to geopolitical sentiment disturbances, with a trend strength of 0 [135]. Fibers - **Short - Fiber**: Geopolitical risks are not eliminated, and it is short - term strong, with a trend strength of 1 [148]. - **Bottle - Grade Chip**: Geopolitical risks are not eliminated, and it is short - term strong, with a trend strength of 1 [148]. Paper - **Offset Printing Paper**: It is recommended to wait and see, with a trend strength of 0 [150]. Aromatics - **Pure Benzene**: Fluctuates strongly, with a trend strength of 1 [155].

Core Viewpoint - The U.S. government is planning to implement comprehensive regulations on AI chip exports, expanding current restrictions from approximately 40 countries to a global scale, which may require companies like NVIDIA and AMD to obtain prior approval for exports [1][3]. Group 1: Regulatory Changes - The new regulations will fundamentally change the U.S. role in AI chip export controls, shifting from specific country restrictions to acting as a global gatekeeper for the AI industry [3]. - Companies and governments will need approval from the U.S. Department of Commerce's Bureau of Industry and Security (BIS) to procure key accelerators used for training and running AI models [3]. Group 2: Approval Process - The approval process will vary based on the scale of procurement, with smaller deployments (up to 1,000 NVIDIA GB300 chips) subject to simplified review and potential exemptions [3][6]. - Medium-sized clusters (over 1,000 chips) will require pre-approval before applying for export licenses and may face additional conditions, such as disclosing business models or allowing U.S. government inspections [6]. - Large-scale deployments (over 200,000 chips) will necessitate government intervention, with exports only approved for allies making strict security commitments and engaging in "reciprocal investment" in the U.S. AI sector [6]. Group 3: Global Impact - The new regulations introduce significant uncertainty for countries like France and India, which are planning to build large-scale data centers, as they may feel uncomfortable placing their tech futures under U.S. control [4]. - The framework is not yet finalized, and the draft may undergo substantial changes based on feedback from federal officials, which could delay or disrupt project planning if bureaucratic delays occur [4].

Core Viewpoint - Nvidia has ceased production of its H200 processors tailored for the Chinese market, indicating a lack of short-term sales expectations for this product in China [2][4]. Group 1: Nvidia's Production Changes - Nvidia has informed TSMC to reallocate production capacity from H200 to Vera Rubin chips, reflecting a strategic shift in response to market conditions [4]. - Despite earlier announcements of relaxed export regulations for H200 chips to China, Nvidia's CEO expressed that the demand from Chinese customers was "very high" [4]. - As of February 26, during Nvidia's annual financial report, the CFO revealed that no H200 chips had been sold to Chinese companies, and there was uncertainty regarding future sales [4].

Core Viewpoint - The U.S. government is considering allowing NVIDIA to sell its latest AI chips in China, with a 15% revenue share from sales going to the U.S. government, indicating a shift in policy towards semiconductor exports to China [2][3]. Group 1: NVIDIA and AMD's Agreements - NVIDIA's CEO Jensen Huang has reached an agreement with President Trump to allow the sale of the H20 AI chip in China, which is a modified version of an older chip [2][3]. - AMD has also confirmed a similar revenue-sharing agreement with the U.S. government, allowing it to sell the MI308 AI chip in China, with both companies agreeing to pay 15% of their sales to the U.S. government [3][4]. - If approved, these agreements could open up hundreds of billions of dollars in sales opportunities for NVIDIA and AMD in the Chinese market [3][4]. Group 2: Chip Specifications and Market Demand - The H20 chip, designed for the Chinese market, has performance capabilities reduced to about 20% of the H100 chip's performance, but still outperforms most domestic Chinese AI chips [4][5]. - As of April, NVIDIA reportedly received around $18 billion in orders for the H20 chip, indicating strong demand from Chinese internet companies [5]. Group 3: Security Concerns and Market Reactions - There are ongoing concerns regarding the security of NVIDIA's chips, with allegations of potential backdoor vulnerabilities leading to scrutiny from Chinese authorities [7][8]. - Following Trump's announcement of the revenue-sharing arrangement, NVIDIA's stock experienced volatility, with a slight decline in share price, while Intel's stock saw an increase in after-hours trading [9].

Core Viewpoint - Nvidia and AMD have agreed to pay 15% of their AI chip sales revenue to the U.S. government for sales to China, reflecting a trend of the Trump administration softening export controls for economic gains [1][2] Group 1: Agreement Details - Nvidia plans to share 15% of its H20 AI accelerator sales revenue to China with the U.S. government, while AMD will do the same with its MI308 chip sales [1] - The initial proposal from Trump was a 20% share, which was negotiated down to 15% [1] - This agreement highlights the urgency of chip manufacturers to maintain their customer base in China, the world's second-largest economy [1] Group 2: Legal and Economic Implications - Trade experts suggest that the agreement may face legal challenges as it could be interpreted as an "export tax," which is not permitted under the U.S. Constitution [1] - The arrangement may undermine U.S. claims that certain trade controls are necessary for national security, as it represents an unprecedented "quid pro quo" [2] - The revenue from this agreement could amount to approximately $10 billion per quarter for the U.S. government if sales return to previous levels [4] Group 3: Market Reactions and Future Outlook - AMD's stock rose slightly by less than 1% to $173, while Nvidia's stock remained stable [2] - Analysts note that the market has already reacted to the potential resumption of shipments to China, but the timing remains uncertain due to the conditions attached to the agreement [2] - Nvidia and AMD have stated their compliance with U.S. export regulations and expressed hope for regulations that allow competition in China [2][3] Group 4: Financial Performance - In the fiscal quarter ending April 27, Nvidia reported $4.6 billion in revenue from H20 chips, with $2.5 billion in sales to China affected by new export restrictions [4] - If restrictions are lifted, AMD's revenue from China could reach between $3 billion to $5 billion by 2025 [7]

Group 1 - The core viewpoint emphasizes China's rejection of U.S. accusations regarding violations of the Geneva economic and trade talks consensus, urging the U.S. to work together to maintain a healthy and stable economic relationship [1][2] - China has taken responsible actions by canceling or suspending relevant tariffs and non-tariff measures against the U.S. following the joint statement issued on May 12, demonstrating a commitment to the consensus reached [1] - The U.S. has introduced several discriminatory measures against China post-Geneva talks, including AI chip export controls and halting sales of chip design software, which contradicts the agreements made during the talks [1] Group 2 - The joint statement from the Geneva economic and trade talks is highlighted as a significant consensus achieved through mutual respect and equal consultation, and the importance of correcting erroneous practices is stressed [2] - China warns that if the U.S. continues to harm its interests, it will take strong measures to protect its legitimate rights [2]