Core Viewpoint - The event "Embrace Free Trade 3.0, Co-create a New Future" marks the launch of activities related to the signing of the China-ASEAN Free Trade Area 3.0 upgrade protocol in Guangxi, aimed at enhancing regional economic cooperation and seizing new market opportunities in ASEAN [1] Group 1: Event Overview - The launch ceremony took place in Nanning on October 28, focusing on deepening Guangxi's integration with the China-ASEAN Free Trade Area 3.0 [1] - The event aims to assist enterprises in leveraging the new round of regional trade rule upgrades for development opportunities [1] Group 2: Government Initiatives - The Guangxi Autonomous Region's Commerce Department plans to introduce supporting measures to enhance policy interpretation and training for enterprises [1] - There will be a focus on improving companies' ability to apply new trade rules, particularly for small and medium-sized enterprises [1] Group 3: New Services and Support - The China-ASEAN Free Trade Area 3.0 Guangxi Enterprise Outbound Service Station was inaugurated to provide comprehensive consulting services, including policy interpretation and market expansion [1] - Following the launch, a seminar titled "Decoding the New Dividends of Free Trade 3.0 to Empower Guangxi Enterprises in Expanding into ASEAN" was held, featuring expert insights on new opportunities and changes [1]

天眼查App显示，近日，海南苗人人国际贸易有限公司成立，法定代表人为孙建东，注册资本100万人 民币，经营范围为许可经营项目：进出口代理；货物进出口（许可经营项目凭许可证件经营）一般经营 项目：国内贸易代理；电子产品销售；家用电器销售；通讯设备销售；智能车载设备销售；可穿戴智能 设备销售；电子元器件零售；计算器设备销售；音响设备销售；电池销售；智能控制系统集成；日用化 学产品销售；化妆品零售；个人卫生用品销售；日用品销售；母婴用品销售；玩具销售；日用杂品销 售；针纺织品销售；纸制品销售；企业管理；信息咨询服务（不含许可类信息咨询服务）；市场营销策 划；创业投资（限投资未上市企业）；商务代理代办服务；国际船舶代理；装卸搬运；陆路国际货物运 输代理；航空国际货物运输代理；食品用洗涤剂销售（经营范围中的一般经营项目依法自主开展经营活 动，通过国家企业信用信息公示系统（海南）向社会公示）。 ...

Core Points - The recent US-China trade negotiations in Kuala Lumpur ended without a formal agreement, but the US decided to temporarily suspend the planned 100% tariff on Chinese goods, indicating a complex power struggle [1][3][5] - The US Treasury Secretary, Becerra, emphasized avoiding the tariff as a significant achievement, while the Chinese delegation maintained a firm stance without showing any signs of compromise [4][12] - The negotiations highlighted the structural issues within the US economy, including rising debt and inflation, which pressured the US to reconsider its aggressive trade tactics [10][11][15] Summary by Sections Negotiation Dynamics - The atmosphere during the negotiations was tense, with no significant breakthroughs or agreements reached, reflecting a stalemate in US-China relations [1][3] - Becerra's comments suggested a tactical retreat rather than a strategic victory, as the US faced internal disagreements on how to approach the negotiations [11][14] Economic Context - The US's total debt has surpassed $38 trillion, with interest payments at a historical high, making further tariffs potentially damaging to the economy [10][11] - The imposition of additional tariffs could exacerbate inflation and harm consumer confidence, leading to a reconsideration of aggressive trade measures [10][12] Strategic Implications - The negotiations revealed China's strategic patience and ability to maintain its position without yielding to US pressure, indicating a shift in the balance of power [12][15] - The US's initial strategy of using trade leverage to force concessions from China has proven ineffective, as the global supply chain has diversified, reducing the impact of US threats [15][16]

Core Insights - Shenzhen Qijiang International Trade Co., Ltd. has been established with a registered capital of 10,000 RMB [1] - The company is involved in a wide range of business activities including sales of electronic products, electronic components, household appliances, and adult products [1] Company Overview - The legal representative of the company is Feng Shuaqi [1] - The company’s general business scope includes wholesale and retail of various products such as daily necessities, jewelry, and office supplies [1] - The company is also engaged in technology services, consulting, and internet sales, excluding items that require special permits [1]

经过两天紧张而深入的谈判，中美双方终于在贸易问题上达成了初步共识。正如李部长所说，美方在谈判中态度非常强硬，而我们中方在维护自身利益方 面则表现得坚定不移。确实，美国展现出的强硬态度不容小觑，否则也不会出现特朗普威胁对中国加征100%关税的言论，更不会有美国商务部长提出 的"50%规则"，以及之后美国财政部放出的夸张言辞——要对华加税高达500%的恐吓。 美国这一系列行动的焦点主要集中在稀土原材料、大豆以及芬太尼等领域，其目的非常明确，就是希望迫使我们在这些关键问题上让步。但我们手中掌握 着稀土出口这个重要筹码，这也迫使美国不得不放下姿态与我们展开谈判。在这场没有硝烟的贸易博弈中，中美双方经过数百轮交锋，最终达成共识，目 前只等待两国领导人签字正式对外宣布。这无疑是一个令人振奋的消息，同时也给我们提供了宝贵经验：在与美方的贸易互动中，只有具备实力并掌握话 语权，美国才会低头，否则他们依旧会依靠关税大棒和制裁手段。或许在他们看来，"美国优先"和"让美国再次伟大"已成为根深蒂固的理念。 据环球时报报道，中美贸易谈判在马来西亚首都吉隆坡进行了坦诚而深入的交流，讨论的议题包括301条款下的船舶收费、延长对等关税暂停期 ...

Group 1 - The article highlights China's efforts to fill the leadership void left by the U.S. in Southeast Asia, particularly in promoting open trade and strengthening regional economic ties during a summit in Kuala Lumpur [1][3] - The U.S. under President Trump is facing criticism for its high tariffs on Southeast Asian countries, which analysts believe is a strategy to pressure these nations to align with U.S. interests against China [3][4] - The Regional Comprehensive Economic Partnership (RCEP), supported by China, is emphasized as a significant trade agreement that could buffer the impact of U.S. tariffs, covering about 30% of global GDP [4][6] Group 2 - China's call for maintaining free trade and opposing protectionism is seen as a direct response to U.S. tariff policies, aiming to promote regional economic integration [3][4] - The article notes the challenges China faces, such as criticism from the Philippines regarding its actions in the South China Sea, which complicates its regional leadership aspirations [4][6] - Brazil's President Lula expresses optimism about achieving better trade agreements with the U.S., reflecting a common sentiment among Southeast Asian nations to balance relations with both the U.S. and China [6][7]

Core Insights - The Horgos port has achieved a record high cargo throughput of 34.881 million tons in the first three quarters of this year, ranking first among ports in Xinjiang [1] - The main export products from Horgos port include new energy vehicles, electromechanical products, high-tech products, and clothing [1] - Horgos port is the largest land port for automobile exports in China, with 296,000 vehicles exported in the first three quarters, also a historical high [1] Industry Developments - Horgos Huashang International Trade Co., Ltd. reported exporting nearly 1,000 vehicles from Horgos port this year, with a trade value of 170 million yuan [1] - The port has implemented various customs clearance options, including local customs declaration and integrated declaration, enhancing operational convenience for companies [1] - To improve port openness and efficiency, Horgos Customs has adopted 24/7 cargo clearance, focusing on enhancing the efficiency of goods passage [1] Regulatory and Operational Changes - Horgos Customs is promoting reforms such as "road port + local direct access model" and "smart railway port + local rapid clearance model" [1] - Additional facilitation measures like advance declaration and immediate release upon arrival are being implemented to ensure continuous customs clearance [1]

Core Points - The recent US-China trade negotiations in Malaysia resulted in a preliminary framework agreement, with China agreeing to delay restrictions on rare earth exports by one year and committing to purchase a certain amount of US soybeans, while the US promised not to impose a 100% tariff on China [1][3][5] Group 1: Negotiation Outcomes - The US Treasury Secretary, Behnam, announced a "very successful negotiation framework," indicating a perceived victory for the US, while China's representative emphasized the firm stance of China in protecting its interests [1][3] - The agreement includes a one-year postponement of China's rare earth export restrictions, which is seen as a strategic move to provide both sides with a buffer period, avoiding immediate escalation of tensions [1][3][7] - The US's abandonment of the 100% tariff threat reflects its deep reliance on China's rare earth materials, as China controls over 85% of global rare earth processing capacity [3][5] Group 2: Strategic Implications - The postponement of rare earth restrictions is not a relinquishment of rights by China but rather a strategic maneuver that maintains leverage over the US, allowing for adjustments in response to any US violations of the agreement [7] - The negotiations highlight a shift in the US's approach, moving from a high-pressure stance to one of "equality and respect," indicating recognition of China's countermeasures [5] - Despite the framework agreement, structural contradictions between the two countries suggest that the trade conflict is far from over, with ongoing issues such as TikTok ownership remaining contentious [7]

行业 贵金属日评 日期 2025 年 10 月 27 日 宏观金融团队 研究员：何卓乔(宏观贵金属) 021-60635739 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 请阅读正文后的声明 每日报告 一、贵金属行情及展望 日内行情： 中国商务部宣布中美将于 10 月 24 日至 27 日在马来西亚举行第五轮经贸磋 商，美国白宫发言人证实中美元首将于 10 月 30 日在韩国会面，以上事件说明中 美贸易紧张形势出现缓和迹象，避险需求减弱施压伦敦黄金调整至 4080 美元/盎 司附近；但美国联邦政府停摆和美联储降息继续为贵金属提供支撑，观察伦敦黄 金是否能在 3950-4050 美元/盎司一线企稳。我们判断美联储降息、地缘政治风险 以及国际贸易货币体系加速重组等因素继续为贵金 ...

10月26日，中美经贸团队在马来西亚首都吉隆坡结束为期两天的磋商。双方以今年以来两国元首历次通 话重要共识为引领，围绕美对华海事物流和造船业301措施、延长对等关税暂停期、芬太尼关税和执法 合作、农产品贸易、出口管制等双方共同关心的重要经贸问题，进行了坦诚、深入、富有建设性的交流 磋商，就解决各自关切的安排达成基本共识。双方同意进一步确定具体细节，并履行各自国内批准程 序。此次会谈的成果受到各方积极评价。中国国家主席习近平将于10月30日至11月1日赴韩国庆州出席 亚太经合组织（APEC）第三十二次领导人非正式会议并对韩国进行国事访问。美方也确认美国总统特 朗普将访问韩国。韩国《东亚日报》称，全世界的目光都将集中在中美元首是否会举行会晤上。韩国纽 西斯通讯社表示，中美贸易冲突对全球影响重大，两国领导人能否会晤，备受瞩目。 磋商结束，下一步各自将会履行内部报批程序 10月25日至26日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝森特和贸 易代表格里尔在吉隆坡举行中美经贸磋商。 何立峰表示，中美经贸关系的本质是互利共赢，双方合则两利、斗则俱伤，维护中美经贸关系稳定发 展，符合两国和两国人民 ...