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Core Viewpoint - The European Commission is exploring methods to phase out equipment from Huawei and ZTE in telecom networks, labeling them as "high-risk suppliers" despite a lack of evidence supporting security concerns [1] Group 1: Regulatory Actions - The European Commission is pushing for legislation to ban member states from using products from Huawei and other high-risk suppliers [1] - This move reflects ongoing tensions regarding the security of Chinese telecom equipment, which has been a recurring theme in EU policy discussions [1] Group 2: Security Concerns - Claims regarding the security risks of Huawei's equipment, such as potential backdoors for cyberattacks, have been deemed baseless and absurd by various analysts [1] - German cybersecurity agencies have evaluated Huawei products and found no suspicious components or backdoors [1] - UK intelligence agencies have stated that the security risks associated with Huawei's 5G equipment are manageable [1] Group 3: Industry Impact - Chinese telecom companies, represented by Huawei, are focusing on technological innovation to build core competitiveness [1] - The ongoing narrative around security risks and market access barriers is seen as an attempt to hinder the development of Chinese telecom technology and industry [1] - The exclusion of Chinese telecom firms from the EU market is predicted to ultimately harm the EU's own interests [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The spot index's sharp rise drives the far - month contracts. Risk - preferring investors are advised to pre - layout the 02 contract and focus on the freight rate support logic in December [1]. - The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see [3]. 3. Summary by Related Content Freight Index - On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1504.80 points, up 24.5% from the previous period; the SCFIS for the US - West route was 1329.71 points, up 4.9% from the previous period [2]. - On November 7, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1053.62 points, down 4.24% from the previous period; the NCFI for the European route was 911.73 points, down 5.58% from the previous period; the NCFI for the US - West route was 1349.1 points, down 7.14% from the previous period [2]. - On November 7, the Shanghai Export Container Freight Index (SCFI) published price was 1495.10 points, down 3.6 points from the previous period; the SCFI European route price was 1323 USD/TEU, down 1.6% from the previous period; the SCFI US - West route was 2212 USD/FEU, down 16.4% from the previous period [2]. - On November 7, the China Export Container Freight Index (CCFI) (composite index) was 1058.17 points, up 3.6% from the previous period; the CCFI for the European route was 1366.85 points, up 3.3% from the previous period; the CCFI for the US - West route was 814.14 points, up 5.4% from the previous period [2]. Economic Data - In October, China's manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month; the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month [3]. - The initial value of the US S&P Global services PMI in October was 55.2 (expected 53.5, previous value 54.2); the initial value of the manufacturing PMI was 52.2 (expected 52, previous value 52); the initial value of the composite PMI was 54.8 (expected 53.1, previous value 53.9) [3]. - The initial value of the euro - zone manufacturing PMI in October was 45.9 (expected 45.1, previous value 45); the initial value of the services PMI was 51.2 (expected 51.5, previous value 51.4); the initial value of the composite PMI was 49.7 (expected 49.7, previous value 49.6). The euro - zone Sentix investor confidence index in October had a previous value of - 9.2 and a forecast value of - 8.5 [2]. Contract Information - On November 11, the main contract 2512 closed at 1746.1, down 1.87%, with a trading volume of 32,200 lots and an open interest of 25,200 lots, a decrease of 1475 lots from the previous day [3]. - The trading limits of contracts 2508 - 2606 are adjusted to 18%. The company's margin for contracts 2508 - 2606 is adjusted to 28%. The daily opening limit for all contracts 2508 - 2606 is 100 lots [4]. Strategy Recommendations - Short - term strategy: The main contract retraces while the far - month contracts are strong. Risk - preferring investors are advised to try long positions lightly in the 1550 - 1600 range of the EC2602 contract, focus on the spot trend, avoid holding losing positions, and set stop - losses [4]. - Arbitrage strategy: Against the backdrop of international turmoil, each contract maintains a seasonal logic with large fluctuations. It is recommended to wait and see or try with a light position [4]. - Long - term strategy: It is recommended to take profits when each contract rises, wait for the callback to stabilize, and then judge the subsequent direction [4].

1. Report Industry Investment Rating - The investment rating for stock index futures is "Oscillating" [1] - The investment rating for treasury bond futures is "Relatively Strong" [1] 2. Core Viewpoints of the Report - The meeting between Chinese and US leaders is conducive to the improvement of China's total demand and the valuation of A - share technology stocks. The content of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China boosts market confidence, and the structured market is expected to continue. However, one should be cautious about chasing high in the current market. The market may refocus on fundamentals after the release of the third - quarter reports. A - share non - financial third - quarter reports show positive revenue and profit growth, but ROE remains in a low - level oscillation range [1] - In the treasury bond market, the central bank's resumption of treasury bond trading is beneficial to the bond market. The economic outlook in the fourth quarter is stable, the short - term necessity for the central bank to cut interest rates is low, and the "see - saw" effect between stocks and bonds disturbs the bond market sentiment. It is expected that the bond market will continue to oscillate [2] 3. Summary by Relevant Catalogs 3.1 Research Views 3.1.1 Stock Index Futures - On November 11, 2025, the Shanghai Composite Index closed at 4002.76, down 0.39%; the Shenzhen Component Index closed at 13289.00, down 1.03%; the ChiNext Index closed at 3134.32, down 1.40%; the CSI 300 closed at 4652.17, down 0.91%; the STAR 50 closed at 1387.53, down 1.42%; the CSI 500 closed at 7291.61, down 0.71%; the CSI 1000 closed at 7540.79, down 0.30% [1] - A - share non - financial third - quarter cumulative revenue increased by 0.3% year - on - year, and cumulative net profit attributable to the parent increased by 1.65% year - on - year. ROE (TTM) was 6.5% [1] 3.1.2 Treasury Bond Futures - On November 11, 2025, the 10 - year treasury bond futures main contract fell 0.01%, while the 30 - year, 5 - year, and 2 - year main contracts remained basically stable [1] - The central bank conducted 4038 billion yuan of 7 - day reverse repurchases on November 11, with a winning bid rate of 1.4%. After deducting the 1175 billion yuan of reverse repurchases due, there was a net investment of 2863 billion yuan [1][2] - DR001 rose 3BP to 1.51%, and DR007 rose 1BP to 1.51% [2] 3.2 Price Changes in the Second Quarter 3.2.1 Stock Index Futures | Variety | November 11, 2025 | November 10, 2025 | Change | Change Rate | | --- | --- | --- | --- | --- | | IH | 3033.0 | 3054.0 | - 21.0 | - 0.69% | | IF | 4626.8 | 4672.0 | - 45.2 | - 0.97% | | IC | 7173.0 | 7235.8 | - 62.8 | - 0.87% | | IM | 7390.4 | 7421.0 | - 30.6 | - 0.41% | [3] 3.2.2 Stock Indexes | Variety | November 11, 2025 | November 10, 2025 | Change | Change Rate | | --- | --- | --- | --- | --- | | SSE 50 | 3034.6 | 3053.9 | - 19.2 | - 0.63% | | CSI 300 | 4652.2 | 4695.1 | - 42.9 | - 0.91% | | CSI 500 | 7291.6 | 7343.8 | - 52.2 | - 0.71% | | CSI 1000 | 7540.8 | 7563.3 | - 22.5 | - 0.30% | [3] 3.2.3 Treasury Bond Futures | Variety | November 11, 2025 | November 10, 2025 | Change | Change Rate | | --- | --- | --- | --- | --- | | TS | 102.46 | 102.47 | - 0.006 | - 0.01% | | TF | 105.94 | 105.94 | - 0.005 | 0.00% | | T | 108.48 | 108.49 | - 0.01 | - 0.01% | | TL | 116.30 | 116.28 | 0.02 | 0.02% | [3] 3.3 Market News - The EU Commission is considering forcing member states to remove Huawei and ZTE equipment from their telecom networks. The Chinese Foreign Ministry spokesperson stated that this act by the EU violates market principles and fair competition rules [4] 3.4 Chart Analysis 3.4.1 Stock Index Futures - The report presents the trends of IH, IF, IM, and IC main contracts, as well as the trends of their respective monthly basis [6][7][9] 3.4.2 Treasury Bond Futures - The report shows the trends of treasury bond futures main contracts, treasury bond spot yields, basis of different - term treasury bond futures, inter - term spreads, cross - variety spreads, and capital interest rates [13][14][18][19] 3.4.3 Exchange Rates - The report includes charts of the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, euro - US dollar, pound - US dollar, and US dollar - yen exchange rates [22][23][26][27]

Core Points - The European Commission is exploring various measures to force member states to remove Chinese companies' equipment from their telecom networks, potentially pressuring non-EU countries by halting funding for projects using Chinese equipment [1][2] - The European Commission's Executive Vice President, Margrethe Vestager, plans to upgrade the 2020 proposal to ban high-risk suppliers' equipment in mobile networks into legally binding regulations, which could lead to infringement lawsuits and financial penalties for non-compliant member states [1] - EU member states have been reluctant to delegate the decision-making authority regarding the use of Chinese products to the European Commission, despite the cost-effectiveness of Chinese products compared to Western alternatives [1] Industry Impact - The forced removal of Chinese telecom equipment is expected to hinder technological progress and result in significant economic losses for countries implementing such measures, as highlighted by the Chinese Foreign Ministry [2]

Core Viewpoint - The European Commission is considering a gradual removal of Huawei and ZTE equipment from EU member states' telecom networks, which has prompted a response from the Chinese Foreign Ministry urging for a fair and transparent business environment for Chinese companies in Europe [1][2]. Group 1: EU's Consideration - The European Commission is reportedly contemplating the exclusion of Huawei and ZTE from telecom networks in EU member countries [1]. - This potential action is seen as a violation of market principles and fair competition rules by the Chinese government [1]. Group 2: Chinese Government's Response - The Chinese Foreign Ministry emphasized that Chinese companies have been operating in Europe in compliance with local laws, providing quality products and services, and contributing positively to local economic development and employment [1]. - The Ministry criticized the forced removal of Chinese telecom equipment, stating it hinders technological progress and results in significant economic losses [1]. - The Chinese government called for the EU to ensure a non-discriminatory business environment to maintain investment confidence from Chinese enterprises [1].

Group 1 - The article emphasizes the importance of revitalizing the domestic semiconductor industry in China while also considering global perspectives [1] - It highlights the recent comments from the Chinese Foreign Ministry regarding the EU's potential actions to remove Huawei and ZTE from its telecom networks, stressing that such actions lack legal basis and violate market principles [3] - The article points out that the forced removal of Chinese telecom companies' equipment has not only hindered technological progress in the EU but has also resulted in significant economic losses [3] Group 2 - The Chinese government urges the EU to provide a fair, transparent, and non-discriminatory business environment for Chinese enterprises to maintain investment confidence [3]

Group 1 - The core viewpoint of the article emphasizes the importance of fair competition and the negative impact of administrative restrictions on Chinese telecom companies in Europe [1] - The Chinese government urges the EU to provide a fair, transparent, and non-discriminatory business environment for Chinese enterprises to maintain investment confidence [1] - The article highlights that the forced removal of Chinese telecom equipment not only hinders technological progress but also leads to significant economic losses for the countries involved [1] Group 2 - The article mentions that Chinese companies have been operating in Europe in compliance with local laws, contributing positively to the local economy and employment [1] - It points out that the lack of legal basis and factual evidence for the EU's actions against Chinese companies violates market principles and fair competition rules [1] - The article discusses the broader implications of politicizing economic issues, which could obstruct technological advancement and economic development [1]

Core Views - The article discusses the increasing regulatory pressure on Huawei and ZTE in Europe, particularly in Germany, where there are moves to exclude these companies from telecommunications networks due to security concerns [2][3][7]. Regulatory Developments - The European Commission has urged member states to gradually exclude Huawei and ZTE from their telecom networks, citing security risks [2]. - Germany's Federal Network Agency (BNetzA) has expanded the definition of "critical" components to include the entire Radio Access Network (RAN), which could lead to stricter regulations against Huawei [7][8]. Huawei's Position - Huawei argues that the gNodeB, a component of the 5G network, should not be classified as part of the core network, claiming it does not control traffic or manage user profiles [3][4]. - Despite Huawei's claims, the perception of it as a "high-risk supplier" persists, and its influence in the European market remains significant, providing technology for about 25% of wireless access points in Europe [3][10]. Market Impact - Excluding Huawei from the German market could cost approximately €2.5 billion (around $2.9 billion), with Deutsche Telekom alone spending about €300 million (approximately $347 million) annually on its RAN [10]. - Deutsche Telekom and Vodafone are reportedly preparing for stricter regulations by introducing new RAN suppliers, indicating a shift away from reliance on Huawei [11]. Competitive Landscape - Huawei currently supplies about 60% of Germany's 5G base stations, with Ericsson and Nokia sharing the remaining market [10]. - The competitive dynamics are shifting as Deutsche Telekom plans to replace Huawei equipment with Nokia and Fujitsu products, while Vodafone has also introduced Samsung as a new supplier [11].

Core Viewpoint - The European Commission is urging EU member states to gradually exclude Huawei and ZTE equipment from their telecommunications networks, prompting a response from the Chinese Foreign Ministry advocating for a fair and transparent business environment for Chinese companies in Europe [1][3]. Group 1: Chinese Companies' Contributions - Chinese companies have been operating in Europe in compliance with local laws, providing high-quality products and services to the public, and contributing positively to local economic and social development, including job creation [3]. Group 2: Concerns Over EU Actions - The Chinese Foreign Ministry criticized the EU's administrative measures to restrict or ban Chinese telecom companies from participating in the market, stating that such actions violate market principles and fair competition rules without legal basis or factual evidence [3]. - The removal of Chinese telecom companies' equipment is seen as hindering technological progress and causing significant economic losses, with the Ministry warning that politicizing economic issues could harm both parties [3]. Group 3: EU's Potential Measures - Reports indicate that the European Commission is exploring various means to pressure member states into removing Huawei and ZTE equipment, including potentially halting financing for projects using Huawei technology [3].