Group 1 - The U.S. announced a suspension of its 301 investigation measures against China's maritime, logistics, and shipbuilding industries for one year starting November 10, 2025 [2][4] - In response, China decided to suspend countermeasures against five U.S. subsidiaries of Hanwha Ocean Co., Ltd. for one year, effective from November 10, 2025 [2][4] - The Ministry of Transport of China will also suspend the collection of special port fees from U.S. vessels and halt investigations related to the shipping and shipbuilding industries for one year, starting from November 10, 2025 [6][4] Group 2 - The suspension of measures is part of the consensus reached during the China-U.S. economic and trade consultations in Kuala Lumpur [6] - The decision reflects a broader effort to ease tensions and promote cooperation between the two countries in the maritime and logistics sectors [4][6]

Core Viewpoint - The Chinese Ministry of Commerce announced the suspension of countermeasures against five U.S. subsidiaries of Hanwha Ocean Co., Ltd. for one year, effective from November 10, 2025, in response to the U.S. decision to suspend its Section 301 investigation measures against China's maritime, logistics, and shipbuilding industries for the same duration [1][2][3]. Group 1 - The U.S. announced on November 9, 2025, that it would suspend its Section 301 investigation measures against China's maritime, logistics, and shipbuilding industries for one year starting November 10, 2025 [3]. - In accordance with Chinese laws and regulations, the Ministry of Commerce decided to suspend the countermeasures previously imposed on Hanwha Ocean Co., Ltd.'s U.S. subsidiaries for one year, effective from November 10, 2025 [2][3]. - The decision reflects a reciprocal approach to the U.S. suspension of its investigation measures, indicating a potential easing of trade tensions between the two countries [1][3].

来源丨央视新闻 编辑丨金珊 SFC 商务部公告，鉴于美国自2025年11月10日起暂停实施其对中国海事、物流和造船业301调查措 施一年，现公布《关于暂停对韩华海洋株式会社5家美国相关子公司实施反制措施一年的决 定》，自2025年11月10日起施行。 关于暂停对韩华海洋株式会社5家美国相关子公司实施反制措施一年的决定 美东时间2025年11月9日，美国宣布自11月10日起暂停实施其对中国海事、物流和造船业301 调查措施一年。鉴此，根据《中华人民共和国反外国制裁法》《实施〈中华人民共和国反外国 制裁法〉的规定》等法律法规，中方决定自北京时间2025年11月10日起，暂停商务部令二〇 二五年第6号（《关于对韩华海洋株式会社5家美国相关子公司采取反制措施的决定》）相关措 施一年。 ...

为落实2025年中美吉隆坡经贸磋商达成共识，经国务院批准，自2025年11月10日13时01分起，与美方暂 停实施对华海事、物流和造船业301调查最终措施同步暂停实施《交通运输部关于对美船舶收取船舶特 别港务费的公告》（交通运输部公告2025年第54号）、《交通运输部办公厅关于印发<对美船舶收取船 舶特别港务费实施办法>的通知》（交办水〔2025〕59号）、《交通运输部关于启动航运业、造船业及 相关产业链供应链安全和发展利益受影响情况调查的公告》（交通运输部公告2025年第55号）1年。 交通运输部网站10日发布关于暂停对美船舶收取船舶特别港务费、暂停开展航运业造船业及相关产业链 供应链安全和发展利益受影响情况调查的公告： ...

为落实2025年中美吉隆坡经贸磋商达成共识，经国务院批准，自2025年11月10日13时01分 起，与美方暂停实施对华海事、物流和造船业301调查最终措施同步暂停实施《交通运输部关 于对美船舶收取船舶特别港务费的公告》（交通运输部公告2025年第54号）、《交通运输部办 公厅关于印发<对美船舶收取船舶特别港务费实施办法>的通知》（交办水〔2025〕59号）、 《交通运输部关于启动航运业、造船业及相关产业链供应链安全和发展利益受影响情况调查的 交通运输部今天发布公告，暂停对美船舶收取船舶特别港务费。全文如下： 交通运输部关于暂停对美船舶收取船舶特别港务费、暂停开展航运业造船业及相关产业链供应 链安全和发展利益受影响情况调查的公告 公告》（交通运输部公告2025年第55号）1年。 来源丨央视新闻 编辑丨金珊 SFC ...

Group 1 - The Ministry of Transport announced the suspension of the implementation of final measures related to the 301 investigation on China's maritime, logistics, and shipbuilding industries, effective from November 10, 2025, at 13:01 [1] - This suspension is part of the consensus reached during the China-US Kuala Lumpur economic and trade consultations aimed for 2025 [1] - The suspension includes the announcement regarding the special port service fees for American vessels and the investigation into the impacts on the shipping, shipbuilding, and related supply chain industries [1]

态度大转弯，美国承认关税战失败 "中国的实力非常强大，让人不得不尊重。"特朗普说出这句话时，国际舆论哗然。这位曾对中国挥舞关 税大棒的总统，如今公开承认对中国加征100%关税"不可持续"。 这一表态不是孤立事件。2025年5月12日，中美在日内瓦发布联合经贸会谈声明，标志着特朗普在"超级 关税战"中向中国低头。据报道，特朗普对华关税从145%大幅降低，中美双方同步取消91%的加征关 税，并暂停24%关税90天。 一场贸易战打完，特朗普终于认清现实：今天的中国，就像二战时期的美国，拥有让世界惊 叹的工业实力和战争潜力。 2025年10月，特朗普在接受媒体采访时罕见承认：对中国加征100%关税"不可持续"。他甚至公开表 示，"中国的实力非常强大，让人不得不尊重"。这位一向强硬的美国总统，为何突然对中国展现出敬 意？答案就隐藏在历史与现实的对比中。 特朗普的态度转弯背后是美国遭受的多重打击。中国对美舰征收额外费用政策落地后，宁波港很快收到 了第一笔446万元款项。美国邮轮巨头陷入困境，嘉年华、皇家加勒比等企业付不起高额港务费，停航 又面临乘客投诉。 科技领域同样不容乐观。英伟达CEO黄仁勋透露，其在中国市场份额从9 ...

Market Performance - The Straits Times Index in Singapore increased by 0.16%, closing at 4492.24 points [1] - The total trading volume reached 1.34 billion shares, with a total turnover of 2.16 billion Singapore dollars [1] - Out of the stocks traded, 233 stocks rose while 318 stocks fell [1] Notable Stocks - Oversea-Chinese Banking Corporation (OCBC) and Singtel were among the top gainers, with increases of 3.42% and 2.89% respectively [1] - On the other hand, DFI Retail Group and Yangzijiang Shipbuilding experienced the largest declines, falling by 3.19% and 2.60% respectively [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overall, steel prices weakened this week due to the release of macro - sentiment and a weak supply - demand pattern in the steel market. Steel fundamentals are weak, and steel prices are expected to continue to fluctuate weakly. Iron ore prices also weakened, affected by macro - interference and concerns about the decline in hot metal production. The short - term iron ore price is also expected to fluctuate weakly [5][50][52]. 3. Summary According to the Directory 3.1 Report Summary - Market focus includes tariff adjustments on US - imported goods, 2000 billion yuan of new special bond quotas for provincial investment, the US government shutdown, and the decline of China's manufacturing PMI in October. Key data shows a decrease in steel exports in October, a decline in daily steel production in late October, and a decrease in steel inventories. The main view is that steel and iron ore prices are expected to fluctuate weakly [5]. 3.2 Multi - and Short - Focus 3.2.1 Multi - and Short - Factors Analysis (Rebar) - Bullish factors: domestic policy expectations remain, and steel production has decreased. Bearish factors: the decline of Sino - US manufacturing PMI, the impact of short - term dollar liquidity risks on the market, weakening steel demand, limited reduction in rebar inventory, and the re - accumulation of hot - rolled coil inventory [8]. 3.2.2 Multi - and Short - Factors Analysis (Iron Ore) - Bullish factors: domestic policy expectations remain, and the weekly shipment has decreased. Bearish factors: the decline of Sino - US manufacturing PMI, the impact of short - term dollar liquidity risks on the market, the continuous decline of hot metal production, and the continuous accumulation of port inventory [9]. 3.3 Data Analysis 3.3.1 Macro - In October, China's manufacturing PMI was 49%, a 0.8 - percentage - point decline from the previous month. The production and new order indices also decreased. The US ISM manufacturing PMI in October was 48.7, contracting for the eighth consecutive month, while the service PMI rose to 52.4. The US government shutdown may reduce the Q4 economic growth rate by up to 2 percentage points, and about 14 billion US dollars of economic losses may be irreparable. The suspension of fiscal expenditure has frozen about 70 billion US dollars of funds, increasing the risk aversion in the market and pressuring industrial products [10][11]. 3.3.2 Terminal - In October, the average monthly working hours of China's construction machinery products decreased by 9.03% year - on - year, and the monthly startup rate was 55%, a 10.1 - percentage - point decline year - on - year. From January to June 2025, China's shipbuilding completion volume decreased by 3.5% year - on - year, and new orders decreased by 18.2% year - on - year, while the order backlog increased by 36.7% year - on - year [17]. 3.3.3 (Rebar) Spot - The spot price of rebar decreased, and the basis widened [18]. 3.3.4 Profit - This week, the profitability rate of steel mills decreased by 5.19 percentage points to 39.83% [20]. 3.3.5 Production - The blast furnace operating rate of 247 steel mills nationwide increased by 1.38 percentage points to 83.13%, while the electric furnace operating rate decreased by 1.8 percentage points to 67.03%. The output of five building materials was 856.74 (- 18.55) million tons, rebar output was 208.54 (- 4.05) million tons, and hot - rolled coil output was 318.16 (- 5.4) million tons. Some steel mills in Tangshan and Shanxi have planned production cuts [22][26]. 3.3.6 Apparent Demand - The apparent demand for five building materials was 866.91 (- 49.51) million tons, rebar apparent demand was 218.52 (- 13.67) million tons, and hot - rolled coil apparent demand was 314.3 (- 17.59) million tons. Thailand has launched an anti - circumvention investigation on Chinese hot - rolled steel [29]. 3.3.7 Inventory - The total inventory of five building materials was 1503.57 (- 10.17) million tons, rebar total inventory was 592.54 (- 9.98) million tons, and hot - rolled coil total inventory was 410.45 (+ 3.86) million tons. The reduction of rebar inventory was slow, and hot - rolled coil inventory re - accumulated [32]. 3.3.8 Spread - The hot - rolled coil to rebar spread slightly widened [33]. 3.3.9 (Iron Ore) Spot - The spot price of iron ore decreased, and the basis widened [35]. 3.3.10 Import and Shipment - In October, China imported 111.309 million tons of iron ore, a 4.3% month - on - month decrease. From October 27 to November 2, the global iron ore shipment was 32.138 million tons, a 1.745 - million - ton decrease from the previous week [39]. 3.3.11 Arrival - From October 27 to November 2, the arrival volume of 47 ports in China was 33.141 million tons, a 12.298 - million - ton increase from the previous week [40]. 3.3.12 Hot Metal Production - This week, the average daily hot metal production of 247 steel mills nationwide was 2.3422 million tons, a 21,400 - ton decrease from the previous week [42]. 3.3.13 Port Inventory - This week, the total inventory of imported iron ore at 45 ports was 148.98383 million tons, a 3.5635 - million - ton increase. The average daily port clearance volume was 3.2093 million tons, a 7700 - ton increase from the previous week [46]. 3.3.14 Steel Mill Consumption and Inventory - This week, the total inventory of imported iron ore in steel mills was 90.0994 million tons, a 1.6008 - million - ton increase. The daily consumption was 2.887 million tons, a 29,200 - ton decrease. The inventory - to - consumption ratio was 31.21 days, a 0.86 - day increase [48]. 3.4后市研判 - Steel prices are expected to continue to fluctuate weakly due to weak fundamentals. Iron ore prices are also expected to fluctuate weakly in the short - term due to weak supply - demand and accumulated port inventory [50][52].

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