Core Insights - The meeting between the two national leaders is still "on the schedule," but significant differences between the U.S. and China have been exposed, making the outcome uncertain [1] - The U.S. officials' views reflect a fundamental misunderstanding of China's position, particularly regarding technology sanctions and retaliatory measures [2][3] - The differing perspectives on the rare earth agreement indicate a lack of alignment in negotiations, with U.S. officials possibly underestimating the implications of China's policies [4] Group 1: U.S.-China Relations - The U.S. officials believe that China's economic issues will limit its negotiation power, a premise that is increasingly being challenged [5] - The concept of "tit for tat" is evident in China's response to U.S. sanctions, showcasing a more assertive trade negotiation strategy [7][8] - China's recent actions, such as imposing port fees on U.S. ships, reflect a calculated approach to maintain its long-term competitive advantage while avoiding excessive damage to the global economy [11][12] Group 2: Strategic Implications - China's strategy appears to focus on long-term risks rather than short-term uncertainties, indicating a shift in its negotiation tactics [14] - The use of supply chain advantages as a countermeasure against U.S. actions signifies a strategic evolution in China's approach to trade disputes [14] - The ongoing negotiations are characterized by significant distributive issues, where both sides have core demands that are difficult to reconcile, potentially complicating future discussions [17]

Market Overview - The market is experiencing downward pressure due to renewed tensions between the US and China, with China targeting US subsidiaries, leading to concerns about escalation risks [1][2] - Despite solid earnings reports from banks and companies like Domino's Pizza and AMD, the market is starting the day heavy [5][9] Bank Earnings - Major banks such as JP Morgan reported strong earnings, with JP Morgan's trading revenue reaching nearly $9 billion, indicating solid performance across the sector [7][10] - However, the overall market reaction has been mixed, with some banks like Goldman Sachs seeing declines, while Wells Fargo performed better [9][10] - Citigroup reported record third-quarter revenues across all business segments, showcasing strong growth despite high expectations [10] Economic Indicators - The 10-year yield is approaching 4.03%, which may influence lower inflation and make stocks more attractive [5][14] - The upcoming Federal Reserve meeting is anticipated to result in a 25 basis point interest rate cut, with expectations of weaker labor market data influencing this decision [14][15] Geopolitical Factors - Ongoing negotiations between the US and China are affecting market sentiment, with the potential for a meeting between Xi Jinping and President Trump being uncertain [3][4] - Geopolitical tensions are consistently weighing on market performance, highlighting the importance of monitoring these developments [6]

Trade Dynamics - Soybean imports to the US reached a record 12.87 million metric tons in September, potentially influencing US-China trade negotiations at the APEC Summit [1] - China's rare earth exports fell significantly, declining 31% to 4,000.3 tonnes in September, and down 11% year-over-year to 42,936 tonnes from January to September [2] Labor Market and Consumption - Chinese manufacturers reduced staffing levels for the third time in four months in September due to pricing pressures, although improved external demand could ease margin pressures and lift employment [4] - China's unemployment rate increased to 5.3% in August, while retail sales rose 3.4% year-on-year, indicating a trend of higher unemployment and lower retail sales amid US tariffs [5] Non-US Trade Expansion - China successfully rerouted shipments, with exports to non-US destinations growing 14.8%, the fastest growth since March 2023, despite a 27% decline in shipments to the US [6] - Shipments to Africa surged by 56%, and exports to Latin America increased by 15.2%, reversing previous declines [6] Equity Market Performance - Mainland equity markets showed recovery on October 14, with the CSI 300 advancing 0.89% and the Shanghai Composite Index gaining 0.68%, driven by optimism over a potential US-China trade deal [7][8] - The CSI 300 has rallied 17.9% year-to-date in 2025, while the Shanghai Composite Index is up 16.8%, indicating strong demand for Mainland-listed stocks despite punitive US tariffs [9]

| 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | | | 美国领导人在社交媒体称将在不久后与中方会面，大豆会是主要议题，这点燃了美 | | | | 国大豆农民对出口销售的期待。国内方面，全国主要油厂豆粕成交 22.38 万吨，较 | | 豆粕 | | 前一交易日增 18.57 万吨，开机方面，今日全国动态全样本油厂开机率为 44.47%， | | ★ | 短线震荡 | 较前一日下降 10.71%。隔夜豆粕盘中冲高回落。美豆收获上市中美谈判声音仍存， | | | | 以及巴西大豆种植天气干旱，多空因素交织下，有震荡整理要求，在中美谈判开启 | | | | 前，豆粕调整空间有限。关注中美贸易后续进展。 | | | | 贸易政策及高库存导致菜粕多空因素交织，区间行情对待。中方延期对加籽的反倾 | | 菜粕 | 短线震荡 | 调查时间，显示中加贸易谈判仍需时日，但考虑到中澳菜籽贸易流通，利多程度有 | | ★ | | 限。由于缺乏新驱动指引，以跟随豆粕趋势为主。 | | | | 印尼政府考虑设定汽油中的生物乙醇的强制含量标准为 10%，试图扩大使用由棕榈 | | | | 油和甘蔗制 ...

Core Viewpoint - The ongoing U.S.-China trade conflict is significantly impacting American farmers, with potential losses estimated at $45 billion, compounded by a government shutdown due to bipartisan disagreements on a temporary funding bill [1][3]. Group 1: Economic Impact - American farmers are facing increasing complaints due to reduced purchases of U.S. agricultural products by China, leading to escalating potential losses [3][5]. - The government shutdown, which began on October 1, is expected to severely weaken the government's ability to coordinate domestic and foreign trade matters, raising concerns about the progress of U.S.-China trade negotiations [5][9]. Group 2: Government Response - The Trump administration is exploring three main strategies to address the situation: direct financial subsidies to farmers, seeking alternative markets for U.S. agricultural exports, and pursuing face-to-face negotiations with China [9][10]. - The effectiveness of the first two strategies is questioned, as previous subsidy plans have already incurred significant costs, and finding alternative markets is challenging due to existing competition [9][10]. Group 3: Negotiation Dynamics - The U.S. government is pushing for increased Chinese purchases of American agricultural products, but China has not yet made concessions and has redirected some orders to South American countries [7][10]. - China's expectations for negotiations emphasize the need for equality and mutual benefit, indicating that U.S. compliance with Chinese rules and market arrangements is essential for achieving stable and beneficial trade relations [10][12].

Report Industry Investment Ratings No specific industry investment ratings are provided in the content. Core Views of the Report - Overseas, the federal government shutdown has disrupted official economic data, leading to average market demand and rising US bond yields. The weakening yen has strengthened the US dollar, cooling global risk appetite. The first - stage cease - fire in Gaza has reduced global risk - aversion. Domestically, poor US economic data during the National Day holiday has increased expectations of a Fed rate cut, causing global stock markets to rise. The central bank's large - scale MLF renewal has ensured market liquidity, and the introduction of multiple industry growth - stabilizing plans has increased policy support, potentially boosting domestic risk appetite. The short - term macro - upward drive has strengthened, and future focus should be on Sino - US trade negotiations and domestic incremental policies [3][4]. - Different asset classes have different trends: stocks are expected to oscillate strongly at a high level in the short term; bonds will oscillate; among commodities, black metals will oscillate, non - ferrous metals will oscillate strongly, energy and chemicals will oscillate, and precious metals will oscillate strongly at a high level [3]. Summary by Related Catalogs Macro - Overseas: The federal government shutdown has disrupted economic data, resulting in average demand and rising US bond yields. The weakening yen has strengthened the US dollar, cooling global risk appetite. The Gaza cease - fire has reduced risk - aversion [3]. - Domestic: Poor US economic data during the National Day holiday has increased Fed rate - cut expectations, leading to a rise in global stock markets. The central bank's MLF renewal has ensured liquidity, and industry growth - stabilizing plans have increased policy support, potentially boosting domestic risk appetite [3][4]. Stock Index - Driven by sectors such as precious metals, industrial metals, and rare earths, the domestic stock market has risen significantly. Supported by factors like US economic data and domestic policies, the short - term macro - upward drive has strengthened. Short - term cautious buying is recommended [4]. Black Metals Steel - On Thursday, the domestic steel futures and spot markets rebounded slightly, with low trading volumes. The rise of overseas non - ferrous and precious metals during the holiday has boosted market risk appetite. However, real demand is weak, with a 127 - million - ton increase in the inventory of five major steel products during the holiday, exceeding the five - year average. After late October, demand may further weaken. Supply is expected to remain high as steel mills' profits are still acceptable, and the logic of compressing steel mill profits will continue. The steel market is likely to oscillate within a range [5]. Iron Ore - On Thursday, iron ore futures and spot prices continued to strengthen. The news of long - term contract negotiations has increased expectations of supply contraction. Ore demand remains strong as the daily average pig iron output is above 2.4 million tons. During the holiday, global iron ore shipments decreased by 1.96 million tons, while arrivals increased by 2.482 million tons, and port inventories increased by 1.69 million tons. Although the market's expectation of negative feedback in the industrial chain has increased, the short - term probability of actual negative feedback is low as the proportion of profitable steel mills is over 56%. Iron ore prices will oscillate within a range after the holiday, with negative feedback risks from late October to November [6][7]. Non - ferrous Metals and New Energy Copper - LME copper has broken through and risen due to concerns about tight global copper supply. An accident at the Grasberg mine has affected production by 270,000 tons, with a plan to resume production in mid - 2026 and fully recover in 2027. Domestic electrolytic copper production remains high, with a 11.62% year - on - year increase in September, but demand is facing challenges as previous demand - boosting factors weaken. Copper de - stocking has not met expectations, and the US economic situation needs to be monitored [8]. Aluminum - It was previously expected that SHFE aluminum would stabilize and oscillate within a 200 - 300 - point range, which has basically come true. During the holiday, the rise in copper prices has boosted aluminum prices, but on Thursday, SHFE aluminum underperformed, and the domestic - foreign price difference has decreased significantly. Domestic aluminum social inventories have accumulated during the holiday, exceeding expectations. With rigid supply and weakening demand, it is difficult for prices to rise significantly [8][9]. Tin - LME tin has soared due to the rise in copper prices and Indonesia's crackdown on illegal tin mining, but the upward space is limited. The price is supported by tight ore supply and low smelting operating rates due to maintenance at a large Yunnan smelter. However, smelters are expected to resume production in October, and ore supply will increase after November. Prices are expected to remain high in the short term but face upward pressure [9]. Carbonate Lithium - On Thursday, the main carbonate lithium 2511 contract rose 0.27%, with a settlement price of 73,700 yuan/ton. The weighted contract increased positions by 1,559 lots, with a total position of 677,900 lots. The supply and demand of carbonate lithium are both increasing, with strong seasonal demand, a slight reduction in social inventory, and a transfer of smelter inventory to downstream. The market is expected to oscillate, and the upper pressure range should be monitored [10]. Industrial Silicon - On Thursday, the main industrial silicon 2511 contract fell 0.29%, with a settlement price of 8,645 yuan/ton. The weighted contract increased positions by 8,057 lots, with a total position of 407,800 lots. The 2511 contract faces the pressure of digesting warehouse receipts at the end of November. The market is expected to oscillate, and the cash - flow cost support of large enterprises should be monitored [10]. Polysilicon - On Thursday, the main polysilicon 2511 contract had a 0% increase, with a settlement price of 50,185 yuan/ton. The weighted contract increased positions by 7,663 lots, with a total position of 234,000 lots. The number of warehouse receipts is increasing, and there will be concentrated cancellations in November. With high supply and low demand, the market is waiting for the implementation of state - reserve purchase news, and the support of spot prices should be monitored [11]. Energy and Chemicals Crude Oil - After Israel reached an agreement with Hamas on hostage release and implemented a cease - fire, crude oil prices have declined as OPEC+ increases supply and demand lacks new positive signals. The strengthening of the US dollar has also reduced the attractiveness of dollar - denominated commodities [12]. Asphalt - As crude oil prices decline again, asphalt shows signs of breaking through the lower limit. The peak - season demand is almost over, and the pressure of over - supply remains. The basis is still falling, and there is some pressure for social inventory accumulation, while factory inventory is slightly increasing. The profit has recovered recently, and the operating rate has increased significantly. The impact of OPEC+ production increase on crude oil prices and the support of crude oil prices should be monitored [12][13]. PX - The change in PX is limited. The previous changes in Xinjiang's facilities have little impact on the market. The cost support from crude oil remains, but the small positive impact of increased maintenance plans has been mostly priced in. The PXN spread has decreased to $218, and the external PX price has fallen to $804. PTA's short - term processing fee has been squeezed, and PX remains in a tight supply situation. With the decline of the polyester market, PX may oscillate weakly but has some support at the bottom [13]. PTA - The peak - season demand is lower than expected, with low terminal orders and low operating rates of looms. The rumor of production cuts by leading PTA manufacturers has been disproven, and there is a risk of inventory accumulation. There is also a possibility that the restart of maintenance facilities will be postponed. The market has some support at the previous low but faces long - term downward pressure [13]. Ethylene Glycol - The price of ethylene glycol continues to decline and oscillates at a low level. Similar to PTA, it faces challenges in downstream demand, with high short - term operating rates and new production capacity pressure. Although the current inventory is low, there is a risk of inventory accumulation, and the upward space for price rebound is limited in the medium term [13]. LLDPE - The polyethylene market price has adjusted. The LLDPE transaction price is 7,050 - 7,600 yuan/ton, with prices in the North and East regions falling. Supply is increasing, and the demand is in the peak season, but the post - holiday inventory accumulation suppresses prices. With new capacity coming on - line, the transition to the off - season, and the decline of crude oil prices, the price of PE is expected to decline [14]. Urea - The urea market is weakly declining. The supply - demand situation is under pressure. During the National Day holiday, most factories maintained stable prices, fulfilling previous orders. After the holiday, production is expected to remain above 190,000 tons per day. The agricultural demand recovery is slow due to rainfall, and industrial demand is weak. Although there is potential support from reserve demand and Indian tenders, the overall support is limited. The price may decline slightly in the short term, and the export policy after the holiday should be monitored [14][15]. Methanol - The methanol market in Shaanxi and Inner Mongolia has acceptable trading. The price in Inner Mongolia's northern line has decreased by 10 - 15 yuan/ton, and the southern line is stable. In Jiangsu, the methanol market has declined, and the basis has strengthened. After the holiday, methanol inventory has accumulated, and the high port inventory suppresses prices. There is no effective way to reduce inventory in the short term, but it is expected to oscillate weakly with support from domestic and foreign gas - restriction expectations. Opportunities for long - term long positions should be awaited [14]. PP - The market trading atmosphere is good, with the mainstream price of East China's drawn wire at 6,650 - 6,750 yuan/ton. The inventory of Sinopec and PetroChina's polyolefins has increased by 270,000 tons. With increasing supply pressure, average downstream demand, and increasing inventory pressure, combined with the weakening of crude oil prices, the price of PP is expected to decline [14]. Agricultural Products US Soybeans - The prospects of Sino - US soybean trade and the MFP program will be the main focus of the oil - and - oilseed market. After the holiday, the market may re - evaluate the possibility of China resuming US soybean imports. If a phased arrangement is reached in the coming weeks, the possibility of resuming trade will increase. The implementation of the MFP program will reduce farmers' holding costs and relieve the pressure of grain sales and storage, which is positive for CBOT soybeans [16]. Hogs - After the holiday, the demand for hogs will weaken, and the supply - demand pressure remains high. Attention should be paid to farmers' reluctance to sell at low prices, local pork purchase - and - storage dynamics, and the rhythm of passive production reduction [17]. Soybean and Rapeseed Meal - The expected supply - demand gap of domestic soybeans in the first quarter of next year will shrink, which is negative for soybean meal. In the short term, the phased replenishment of soybean meal may increase, and the cost support for near - month soybean meal will strengthen as the pressure of concentrated US soybean listing eases. The spread between near - and far - month contracts may widen. For rapeseed meal, the seasonal impact on imported rapeseed meal has significantly shrunk, and domestic rapeseed inventory is running out. Before the arrival of Australian rapeseed, the supply - demand of rapeseed meal is weak, and its market is mainly led by soybean meal [18]. Oils - Oils may oscillate strongly, with the order of strength being rapeseed oil > palm oil > soybean oil. Rapeseed oil inventory will be depleted rapidly before the arrival of Australian rapeseed, providing support. Palm oil is mainly driven by cost, with low inventory in the producing areas, stable crude oil prices, and strong related oils providing additional support. Soybean oil may experience seasonal inventory accumulation after the holiday and may perform relatively weakly [18]. Corn - The room for the price decline of new corn in the Northeast after the holiday may be limited. The increase in corn prices in Shandong provides support, as deep - processing enterprises unexpectedly raised prices during the holiday, and the demand for acquisition has increased. More acquisition entities will enter the market after the holiday. In addition, the rapid rebound of wheat prices in October will also support the corn market [18].

Group 1 - U.S. Treasury Secretary Mnuchin has shifted his stance, indicating that the next round of U.S.-China trade talks will achieve "significant breakthroughs," particularly regarding agricultural product purchases [1] - The U.S. soybean crisis has become a catalyst for negotiations, with Chinese orders dropping to zero for the first time since 1999, leading to significant financial losses for American farmers [3] - The U.S. soybean export value to China was $12.8 billion last year, accounting for over half of U.S. soybean exports, but the 23% tariff has rendered U.S. soybeans uncompetitive compared to Brazil and Argentina, which have a 3% tariff [3] Group 2 - The trade war has negatively impacted the U.S. economy, with the federal debt reaching a historic high and a court ruling against Trump's "reciprocal tariff" policy, potentially requiring the Treasury to refund $1 trillion in tariffs [4] - China has retaliated against U.S. tech companies and imposed pressure on rare earth exports, disrupting U.S. supply chains [4] - Temporary agreements have been reached in some areas, such as shortening semiconductor review times and lifting restrictions on new energy battery imports, but core issues remain unresolved, particularly regarding the fentanyl crisis [7]

Core Viewpoint - The upcoming market trends will be driven by improving corporate earnings, with a focus on AI and overseas expansion as key investment themes [1][2]. Group 1: Market Trends - The liquidity-driven market rally is expected to continue into the fourth quarter, supported by anticipated interest rate cuts from the Federal Reserve and positive sentiment from potential U.S.-China meetings at the APEC summit [2][4]. - In September, external risks eased, leading to a rebound in Chinese stocks listed abroad, with the MSCI China Index rising by 6.1% and the Nasdaq Golden Dragon China Index increasing by 7.8% [3]. - The Hong Kong stock market is projected to perform well in the fourth quarter due to reduced uncertainties from U.S.-China trade negotiations and strong inflows from foreign and southbound capital [4]. Group 2: Earnings Outlook - Corporate earnings are expected to become the main driving force for the market, with major Chinese stock indices' earnings growth projected to reach double digits next year [5]. - After significant downward adjustments, earnings expectations for the MSCI China Index and the Hang Seng Index have stabilized, indicating that previous negative impacts have been accounted for [5]. Group 3: Investment Strategy - The investment strategy should focus on AI and overseas expansion, as these areas are likely to yield better returns amidst the ongoing market rotation [2][6]. - Recent market behavior shows a rotation of funds from crowded sectors like new consumption and innovative pharmaceuticals to undervalued technology sectors related to AI, indicating a shift in investor sentiment [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The "peak season" before the 2025 National Day Golden Week was lackluster. Ship operators withdrew an additional 544,000 TEU from the US and European routes in the past month, and the suspension of sailings by alliances increased significantly from W40 to W43, leading to an overall decline in shipping capacity [4]. - In the long run, when ship operators' stock prices fall from their highs, adjustments in operating strategies may make route layouts more complex and variable. A decline in the comprehensive profitability of routes will definitely prompt ship operators to change their operating strategies [4]. - The profitability of ship operators continued to deteriorate in the second quarter of 2025, which may affect their route capacity layout and thus freight rates [41]. 3. Summary by Related Catalogs 3.1. Research Summary and Market Outlook 3.1.1. Research Summary - A cross - border e - commerce enterprise in South China has more than 50% of its cargo volume in the European and American regions. The impact of US tariffs on its exports is not significant. Before and after Trump's potential presidency, the enterprise increased inventory in advance, with a significant increase in shipping volume. Currently, the long - term agreement price is higher than the spot freight rate. The enterprise plans to transfer 30% of its remaining exports to Vietnam by the end of the year, with a total of 90% of its goods exported from Vietnam [2]. - A freight forwarding enterprise in South China mainly operates Southeast Asian and West African routes. Since 2025, the company's shipping volume has increased by 30% year - on - year, but due to overcapacity and falling freight rates, its revenue has only increased by 10%. The company uses a "30% direct shipping + 70% transshipment" model for exports to the US [3]. - A port in South China has seen an increase in the number of US routes after the US imposed tariffs, bringing an increase in shipping volume. The shipping capacity of Southeast Asian and West African routes has also increased significantly. In the first eight months, the port's container throughput exceeded 2000 TEU, with more than half being ocean - going container transportation [3]. 3.1.2. Market Outlook - In the long run, the adjustment of ship operators' operating strategies may make route layouts more complex. The profitability of a single European route has limited decisive influence on ship operators' profitability. Even if the price drops, it may not change the overcapacity situation, but a decline in comprehensive route profitability will prompt ship operators to change strategies [4]. 3.2. Research Background - As of August 12, 2025, Trump extended the China - US tariff truce period by 90 days to November 10. Currently, the US has a 30% tariff cap on Chinese imports, and China has a 10% tariff cap on US goods. The two sides continue to negotiate [5]. - In 2025, there were multiple rounds of trade negotiations between China and the US on various topics such as soybean purchases, Boeing parts purchases, and restrictions on technology product sales [5]. 3.3. Research Objects and Conclusions 3.3.1. A Large Cross - border E - commerce Enterprise in South China - Before the National Day, the enterprise's inventory situation was similar to the previous two years. Affected by tariff policies, the enterprise stocked up in advance, and the procurement volume in August was normal [22]. - The enterprise builds factories in Vietnam and Thailand to avoid US tariffs. It is expected that 90% of US orders will be produced in Vietnam by the end of the year. The production cost in Vietnam is 6% - 7% higher than in China [23]. - The European market accounts for 20% - 30% of the enterprise's sales, with the German market growing rapidly. The enterprise has increased advertising and marketing investment in the European market [24]. - The freight rate of European routes has been continuously falling, with the price of small containers dropping to over $1000 and large containers below $2000 [25]. 3.3.2. A Freight Enterprise in South China - The enterprise is a leading freight forwarder in South China, mainly focusing on Southeast Asian routes. It has a long - term contract with shipping companies, with advantages in guaranteed cabin space and stable prices [27]. - The enterprise uses a combination of long - term agreement and spot prices for booking, with the long - term agreement price accounting for 50%. Its sales increased by about 10% this year, lower than the expected 20% [29]. - The uncertainty of China - US trade is the biggest pain point. Global freight rates are generally falling, and the profit margin of the freight forwarding industry is extremely low [30]. - The enterprise's Southeast Asian cargo volume has increased by 30% - 40% this year, mainly due to the rise of cross - border e - commerce, industrial transfer, and increased domestic demand in Southeast Asia [31]. 3.3.3. A Port in South China - The port's overall performance is stable. Last year, it completed a total cargo throughput of about 592 million tons, with foreign trade throughput of about 150 million tons, a year - on - year increase of about 5.5%. The container throughput exceeded 25 million TEU, with foreign trade container volume of about 11.8 million TEU [36]. - The port's traditional advantageous routes are Southeast Asian and African routes. The Southeast Asian route has seen significant cargo volume growth this year, and the US route has also increased in both cargo volume and the number of routes [37]. - The port has advantages in location, facilities, and cooperation with shipping companies. It has a mature process for route opening, a clear fee structure, and a high - planned operation [38][39]. 3.4. Ship Operators' Profitability and Operating Strategies - In the second quarter of 2025, the total EBIT of major ship operators was $2.73 billion, lower than the same period from 2021 - 2024 and slightly higher than the same period in 2020. The operating profitability of most ship operators has weakened since 2021 [41]. - The "peak season" during the National Day Golden Week in 2025 was lackluster. Ship operators withdrew additional capacity from US and European routes, and the suspension of sailings by alliances increased significantly from W40 to W43 [4][41].

美国财长贝森特表示，飞机发动机及零部件与部分化学制品可能成为对华谈判的重要筹码。中国稀土供应保持畅通，但美国加强特定战略物资的供应保障。贝森特称企业IPO市场是美方可运用的另一项对华谈判工具。美方官员将在11月10日暂停提高关税税率到期前，于10月和11月与中国官员会面。外汇交易员 (@myfxtrader):美国商务部表示，已对进口口罩、注射器和输液泵，以及机器人和工业机械（包括可编程计算机控制机械系统和工业冲压机）展开新的国家安全调查（232调查，对特定产品进口是否威胁美国国家安全进行立案调查）。 https://t.co/wTtDltjcrc ...