韩国总统李在明11月14日宣布，韩美两国确定就关税及安保协商达成一致。 根据协议，韩国将向美国进行总计3500亿美元的投资，韩美一致同意推进韩国建造核潜艇，美国同 意将对韩汽车关税从25%降低至15%。 值得关注的是，这笔巨额投资将采取分期付款方式执行，以避免对本就疲软的韩元汇率造成进一步 冲击。 协议重点 根据韩美双方发布的联合事实清单文件，这项协议基于今年7月发布的"韩国战略贸易及投资协 议"框架。 韩国对美投资构成协议的核心，总额达3500亿美元。其中包括1500亿美元的造船业投资，另外2000 亿美元将依据《战略投资谅解备忘录》投入美国的先进产业。 在关税方面，协议规定韩国输美产品税率已达15%或以上的商品不再加征"附加关税"，税率低于 15%的产品则提高至15%。美国对应承诺将韩国产汽车、汽车零部件、木材等产品依照《贸易扩展法》 第232条款征收的关税降至15%。 在半导体领域，韩国也已确保关税水平不会削弱竞争力。 分期付款稳汇率 协议细节还显示，韩国承诺的3500亿美元对美投资计划分"两步走"，其中的2000亿美元为现金投 资，类似于日本的安排，每年投资上限为200亿美元，投资承诺将在2029年1 ...

2025.11. 14 本文字数：1926，阅读时长大约4分钟 作者 | 第一财经 潘寅茹 在焦急等待近半个月后，韩国与美国终于就关税协定细则的说明书"虽迟但到"。 其实，在10月29日韩国庆州李在明与来访的美国总统特朗普举行会谈后，双方就贸易协议的具体条款达成一致。但是原定数日内发布关于关税与安保协 商成果的《联合情况说明书》迟迟未公布，韩国产业界普遍担心再生变数。如今，随着说明书的公之于众，韩国产业界松了口气。 据央视新闻报道，韩国总统李在明11月14日宣布， 韩国和美国就确定关税及安保协商达成一致。此外，韩国还将与美国在造船、人工智能和核工业方 面"建立新的伙伴关系"。 韩国产业界曾焦急等待 韩国承诺的3500亿美元对美投资计划分"两步走"（来源：新华社资料图） 7月30日，特朗普在社交媒体上称与韩国达成贸易协议，在韩方承诺向美国投资3500亿美元，且同意采购价值1000亿美元的能源产品后，美国对韩征收 的关税将从此前的25%降低至15%。但彼时，协议的细则，尤其是何时生效等细节，并未同时公布，韩国产业界陷入了漫长的等待中。 在韩国在一众产业中，韩国车企最为关注协议的走向。韩国汽车工业合作协会编制的数据 ...

新华财经首尔11月14日电（记者张粲孙一然）韩国总统李在明14日在首尔龙山总统府举行新闻发布会时 表示，韩美两国当天最终敲定两国关税和国家安全磋商的成果文件——"联合事实清单"（Joint Fact Sheet）。 根据韩美双方发布的联合事实清单文件，韩美领导人重申今年7月发布的"韩国战略贸易及投资协议"， 并确认该协议包括韩国对美在造船领域的1500亿美元投资，以及依据《战略投资谅解备忘录》承诺的额 外2000亿美元对美投资。 根据联合事实清单，韩国输美产品税率已达15%或以上的商品不再加征"附加关税"，税率低于15%的产 品税率提高至15%。美国将对韩国产汽车、汽车零部件、木材等产品依照《贸易扩展法》第232条款征 收的关税降至15%。但韩联社指出，事实清单上并未写明何时开始将目前征收25%的汽车和汽车零部件 关税降低至15%。 韩美就关税达成协商并未减轻相关业界负担。韩媒《今日财经》援引韩国汽车产业业界相关人士的话报 道，关税下调效果显现至少还有1到2个月的时间差，短期流动性负担依然很大。 韩联社分析称，由于最初韩国对美汽车出口适用零关税，今后如何减轻15%关税对韩国汽车产业带来的 冲击将成为新课题。同 ...

Core Viewpoint - The article highlights the recent agreement between South Korea and the United States regarding tariffs and security negotiations, as well as the advancement of South Korea's nuclear submarine construction program [3][4]. Group 1: Agreement Details - South Korean President Lee Jae-myung announced that South Korea and the U.S. have reached a consensus on tariff and security negotiations [3]. - The agreement includes a commitment to advance the construction of nuclear submarines in South Korea [3]. Group 2: New Partnerships - South Korea will establish new partnerships with the U.S. in shipbuilding, artificial intelligence, and nuclear industry sectors [4].

Core Insights - The "15th Five-Year Plan" emphasizes high-quality development over specific growth targets, focusing on sustainable economic growth and social welfare [1][3][4] Economic Development Goals - The goal of achieving "per capita GDP at the level of moderately developed countries" requires three core conditions: enhancing industrial value-added, promoting inclusive growth, and improving social security systems [3][4][6] - The government aims to shift from low-value-added production to high-value-added products, necessitating improvements in production efficiency and innovation [3][4] High-Quality Development - High-quality development encompasses addressing historical issues in the economy, strengthening self-reliance in key industries, and ensuring inclusive growth [4][5] - Key sectors for support include real estate, semiconductor, and AI industries, with a focus on avoiding blind investments by local governments [4][5] Consumption as a Growth Driver - Consumption is identified as a critical variable for economic growth, with government policies like subsidies expected to continue to stimulate consumer spending [5][6] - Increasing pension income for urban and rural residents, particularly low-income groups, is seen as a significant measure to boost consumption and support economic balance [6] Export and Trade Dynamics - China's export growth averaged 8% over the past five years, driven by a robust manufacturing sector, with high-value products increasingly dominating the export landscape [7][8] - Future export growth is projected to slow to 2%-4% annually due to high base effects and external economic pressures [8] Addressing "Involution" - To tackle the issue of "involution," a collaborative approach involving market forces, industry associations, and government guidance is necessary [9][10] - The focus should be on market-driven efficiency, eliminating low-efficiency capacities, and establishing fair competition rules to promote sustainable industry development [9][10] Regional Financial Development - Shenzhen aims to become a globally influential financial center by leveraging its proximity to Hong Kong, integrating financial services with local industries, and fostering innovation in financial products [11][12] - The city's unique advantages include its young population and lack of traditional financial system constraints, which can facilitate the development of tailored financial solutions for emerging industries [12]

21世纪经济报道记者 李金萍 深圳报道 二是推进包容性增长，不能只看平均数据而忽视贫富差距，内需（尤其是消费内需）不稳定也难以支撑 持续增长，未来十年要在过往脱贫成就基础上，让更多人共享发展成果，才能实现可持续增长。 三是完善社会保障，未来十年需推进与经济发展水平匹配的社保改革，重点是稳定提高占比55%的城乡 居民养老收入，确保这部分群体的收入能随国家发展同步提升，避免"中等发达国家"目标与民生福祉脱 节。 《21世纪》：你提到，"十五五"期间政府不再设定具体五年增长目标，而是更强调高质量发展。如何理 解中国经济的高质量发展？哪些领域会成为关键支撑？ 陆挺：在我看来，高质量发展不是"只重新经济、忽视老经济"，而是要兼顾"问题化解、产业自强与包 容性增长"，具体有三个关键支撑点。 10月28日，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》） 全文公布。《建议》明确提出了"十五五"时期经济社会发展指导方针，为做好未来五年经济社会发展工 作指明了前进方向。 如何看待"十四五"时期我国积累的经济优势？如何看待"十五五"时期我国面临的机遇和挑战？如何持续 高质量发展？如何大力提振消费？ ...

Report Industry Investment Rating No information provided on the report industry investment rating. Core Views - The main contract price of rebar fluctuated at a low level, with a daily increase of 0.23%, and the volume increased while the position decreased. The supply of rebar has shrunk to a low level, but the demand has also weakened. The fundamentals have not improved under the situation of weak supply and demand, and the steel price continues to be under pressure. However, the low valuation and cost support are expected to continue the trend of oscillating to find the bottom, and attention should be paid to the demand changes [5]. - The main contract price of hot-rolled coils fluctuated, with a daily decline of 0.12%, and the volume and position decreased. At present, both the supply and demand sides of hot-rolled coils have weakened, and the industrial contradictions have been alleviated limitedly. The coil price continues to be under pressure, and the relative benefit is that the cost still has support. The subsequent trend will continue the low-level oscillating operation, and attention should be paid to the steel mill production situation [5]. - The main contract price of iron ore fluctuated, with a daily increase of 0.26%, and the volume and position decreased. At present, the departure of arbitrage funds has driven the low-level recovery of the ore price, but the demand for ore has weakened, while the supply remains at a high level. The fundamentals of the ore market have not improved, and the ore price is still prone to weaken under pressure under the guidance of the real logic. Attention should be paid to the performance of steel products [5]. Summary by Directory Industry Dynamics - In the first ten months, RMB loans increased by 14.97 trillion yuan, and M2 increased by 8.2% year-on-year. By the end of October 2025, the stock of social financing scale was 437.72 trillion yuan, a year-on-year increase of 8.5%. Among them, the balance of RMB loans issued to the real economy was 267.01 trillion yuan, a year-on-year increase of 6.3%, etc. [7]. - State-owned shipbuilding enterprises have received more than 30 orders. Dalian Shipbuilding, in cooperation with CSSC Trading, has signed orders for 2 + 2 7100TEU container ships with Vietnam's Hai An Green Shipping Company, etc. [8]. - India's largest iron ore producer, NMDC, announced its performance for the third quarter of 2025. Although the iron ore sector declined quarter-on-quarter due to the monsoon season, it maintained steady year-on-year growth. In the third quarter, the iron ore production was 10.21 million tons, a quarter-on-quarter decrease of 14% and a year-on-year increase of 23%; the sales volume was 10.72 million tons, a quarter-on-quarter decrease of 7% and a year-on-year increase of 10% [9]. Spot Market - The spot prices of rebar in Shanghai, Tianjin, and the national average are 3,170, 3,210, and 3,237 respectively; the spot prices of hot-rolled coils in Shanghai, Tianjin, and the national average are 3,270, 3,200, and 3,307 respectively, etc. [10]. Futures Market - The closing price of the rebar futures contract was 3,046, with a rise of 0.23%, the trading volume was 885,545, and the open interest was 1,857,343; the closing price of the hot-rolled coil futures contract was 3,254, with a decline of -0.12%, the trading volume was 332,809, and the open interest was 1,302,507; the closing price of the iron ore futures contract was 772.5, with a rise of 0.26%, the trading volume was 215,756, and the open interest was 494,127 [12]. Related Charts - The report provides charts on steel inventory (including rebar and hot-rolled coil inventory), iron ore inventory (including port inventory, seasonal inventory, etc.), and steel mill production (including blast furnace operating rate, electric furnace operating rate, etc.) [14][19][27]. 后市研判 - Rebar: The supply and demand continue to weaken. The weekly output of rebar decreased by 85,400 tons month-on-month, and the supply has shrunk to a low level, but the demand has also weakened. The fundamentals have not improved, and the steel price continues to be under pressure. It is expected to continue the trend of oscillating to find the bottom, and attention should be paid to the demand changes [36]. - Hot-rolled coils: The supply and demand pattern has changed little. The weekly output of hot-rolled coils decreased by 45,000 tons month-on-month, and the supply has shrunk but is still at a relatively high level. The demand has also weakened, and the coil price continues to be under pressure. It is expected to continue the low-level oscillating operation, and attention should be paid to the steel mill production situation [36]. - Iron ore: The supply and demand pattern remains weak, and the inventory has increased significantly. The demand for ore has continued to decline, and the supply remains at a high level. The ore price is still prone to weaken under pressure, and attention should be paid to the performance of steel products [37].

刚刚过去的10月，对于特朗普来说是一个值得炫耀的时刻。 他在亚洲之行后，宣布与中国达成了一份"休战协议"，并声称这场可能摧毁全球经济的贸易战暂时停火。 然而，中国在稀土问题上的一次"让步"，却让特朗普陷入了更大的被动局面。 稀土被称为现代高科技产业的"维生素"，广泛应用于智能手机、电动车、隐形战机和导弹制导系统等领域。 中国控制着全球约90%的稀土供应，是当之无愧的"稀土界欧佩克"。 此前，中国对稀土出口实施严格管制，美国科技产业和军工企业一度陷入供应链危机。 然而，在这次谈判中，中国宣布暂停稀土出口禁令，直到2026年11月。 这一"暂停"并不是永久取消，而是一个象征性的动作，向外界传递了三个信号：中国可以随时重启禁令，禁令的威慑力真实有效，美国 必须以让步换取喘息机会。 他们原本希望通过港口费壁垒复兴造船工业，却发现特朗普为了稀土问题"牺牲"了他们的利益。 这种来自政治基本盘的反对，让特朗普的紧张情绪进一步加剧。 美媒普遍认为，特朗普的"12分胜利"不过是一个笑话。 所谓的休战更像是美国对中国的"求和"。 中国通过象征性的让步，展现了稀土资源的巨大威慑力。 而特朗普面对的，是愤怒的工会、嘲讽的媒体，以及五 ...

11月10日，美国宣布暂停对中国造船业的调查，暂停一年。中国也相应停止了对美国的反制措施，同时放松了对韩国几家子公司的临时措施。原本韩国企业 想着借着这个机会赚点订单，结果却适得其反，反而成了局面中最尴尬的那一方。 这件事的经过其实不复杂。去年，美国一直在喊要重振本国造船业，还扬言要启动301调查，韩国的造船企业看到机会来了，于是急忙投入资金，准备到美 国设厂。他们甚至信誓旦旦地表示，未来五年内会投资1500亿美元，韩国政府也积极配合，韩国总统和产业部长纷纷出面，为这一计划背书，吹嘘这是"重 塑韩国造船业"的大项目。可是，美国的调查暂停后，韩国的投资就变成了"烫手山芋"，产能虽然已经转移过去，但市场却没有了。 韩国在上半年确实从中受益了一些。当时，美国港口对中国船只进行了一些限制，部分订单转到了韩国船厂，韩国的市场份额从15%上升到了25%。不过， 这种增长完全是"捡漏"，因为韩国船厂的生产能力根本没有那么强，很多订单只能先签合同，交货期不断延后。现在中美关系缓和，客户们立刻意识到，中 国的船厂不仅速度快，而且更稳定。韩国的"投机红利"很快就要退回去了。 更麻烦的是，墨西哥也加入了这个局面。墨西哥最近宣布，对 ...

Market Overview - A-shares experienced a slight decline, with the Shanghai Composite Index down 0.07% at 4,000 points, while the Shenzhen Component fell 0.36% and the ChiNext Index dropped 0.39%[15] - Hong Kong stocks rose, with the Hang Seng Index increasing by 0.85% and the Hang Seng Tech Index up 0.16%[10] - European markets closed higher, with the Euro Stoxx 600 up 0.7% and the German DAX rising 1.2%[8] - U.S. markets showed mixed results, with the Dow Jones up 0.7% nearing record highs, while the Nasdaq fell 0.3%[8] Commodity and Currency Trends - OPEC revised its outlook, indicating a global oil supply surplus earlier than expected, leading to a 4.18% drop in WTI crude oil prices to $58.49 per barrel[26] - Gold prices increased by 2.4%, while silver prices surged, reflecting market expectations of further monetary easing by the Federal Reserve[26] - The Japanese yen fell below the 155 mark against the U.S. dollar for the first time since February[26] Fixed Income Market - U.S. Treasury yields decreased by 2-5 basis points, with the 10-year yield at 4.07%[29] - The auction of $42 billion in 10-year Treasuries was relatively stable, with a bid-to-cover ratio of 2.43[29] - Asian bond markets saw a widening of spreads by 0-2 basis points due to selling pressure[29] Key Economic Indicators - The Federal Reserve is expected to maintain a cautious stance on interest rates, with potential for a 10 basis point cut in Q4 if domestic demand does not recover sufficiently[5] - The Chinese central bank is focusing on enhancing the internal coordination of the interest rate system, transitioning from aggregate control to structural optimization[5] Sector Performance - In the A-share market, financial stocks led gains, with Agricultural Bank of China up 3.5% and China Life Insurance rising 4%[15] - In Hong Kong, financial stocks also performed well, with notable increases in Agricultural Bank and China Life, while home appliance stocks surged following positive sales reports[10]