Hot News - In October, the wholesale sales of new energy passenger vehicles reached 1.621 million, a year-on-year increase of 18.5% and a month-on-month increase of 8.5%. From January to October, the cumulative wholesale was 12.058 million, a growth of 29.9% [4]. - Since 13:01 on November 10, 2025, China has suspended the implementation of countermeasures against the US Section 301 investigation on the maritime, logistics, and shipbuilding industries for one year [4]. - In October, Malaysia's palm oil inventory was 2,464,452 tons, a month-on-month increase of 4.44%, and the palm oil production was 2,043,886 tons, a month-on-month increase of 11.02% [4]. - In the first three quarters of 2025, the net inflow of domestic gold ETFs was 79.015 tons, a year-on-year increase of 164.03%. The gold consumption was 682.730 tons, a year-on-year decrease of 7.95%. Among them, gold jewelry consumption was 270.036 tons, a year-on-year decrease of 32.50%; gold bars and coins consumption was 352.116 tons, a year-on-year increase of 24.55%; industrial and other gold consumption was 60.578 tons, a year-on-year increase of 2.72% [4]. - As of November 10, 2025, the total inventory of domestic soda ash manufacturers was 1.7062 million tons, a decrease of 0.008 million tons from last Thursday, a decline of 0.47%. Among them, the inventory of light soda ash was 0.7977 million tons, a month-on-month decrease of 0.0169 million tons, and the inventory of heavy soda ash was 0.9085 million tons, a month-on-month increase of 0.0089 million tons [4]. Plate Performance - Key focus: Soda ash, glass, coking coal, SHFE copper, SHFE gold [5]. - Night session performance: Non-metallic building materials rose 3.25%, precious metals rose 29.09%, oilseeds rose 9.52%, non-ferrous metals rose 23.21%, soft commodities rose 2.72%, coal, coke, steel and minerals rose 13.02%, energy rose 2.90%, chemicals rose 11.18%, grains rose 1.20%, and agricultural and sideline products rose 3.90% [5]. Large - Class Asset Performance | Category | Name | Daily Return (%) | Monthly Return (%) | Year - to - Date Return (%) | | --- | --- | --- | --- | --- | | Equity | Shanghai Composite Index | 0.53 | Fetching... | 19.90 | | | SSE 50 | 0.51 | -0.12 | 13.75 | | | CSI 300 | 0.35 | -0.29 | 19.32 | | | CSI 500 | 0.22 | -1.39 | 28.26 | | | S&P 500 | 1.54 | -0.64 | 16.17 | | | Hang Seng Index | 1.55 | 0.11 | 32.85 | | | German DAX | 1.65 | 0.38 | 20.35 | | | Nikkei 225 | 1.26 | -4.20 | 27.62 | | | FTSE 100 | 1.08 | 0.62 | 19.75 | | Fixed - Income | 10 - year Treasury Bond Futures | 0.01 | -0.18 | -0.40 | | | 5 - year Treasury Bond Futures | 0.02 | -0.12 | -0.56 | | | 2 - year Treasury Bond Futures | -0.00 | -0.07 | -0.49 | | Commodity | CRB Commodity Index | 1.38 | -0.09 | 2.81 | | | WTI Crude Oil | 0.47 | -2.09 | -16.53 | | | London Spot Gold | 2.88 | -0.57 | 56.84 | | | LME Copper | 1.47 | -1.46 | 23.83 | | | Wind Commodity Index | 1.61 | -2.67 | 30.21 | | Other | US Dollar Index | 0.07 | 0.43 | -8.17 | | | CBOE Volatility Index | 0.00 | 3.27 | 9.97 | [7]

Group 1 - The Ministry of Education has issued a notice to reduce the non-educational workload of primary and secondary school teachers, prohibiting various non-educational activities and limiting the number of social exams each school can undertake to no more than five per year [1] - The notice also states that teachers should not be required to perform duties during holidays or when students are not present, and after-school services should align with local working hours [1] Group 2 - The Ministry of Commerce, along with four other departments, has adjusted the management directories for the export of controlled chemicals, adding the United States, Mexico, and Canada to the list, along with 13 specific chemicals [2] - Exporting these chemicals to the specified countries will now require a permit, while exports to other countries will not [2] Group 3 - The National Market Supervision Administration has approved seven national standards in the leather industry, focusing on raw material quality and physical performance testing methods [3] - These standards aim to enhance product quality assessment and ensure consistency in testing environments for color fastness [3] Group 4 - The Ministry of Commerce announced a one-year suspension of countermeasures against five U.S. subsidiaries of Hanwha Ocean, following the U.S. decision to pause its investigation into China's maritime and logistics sectors [4] - This decision is effective from November 10, 2025 [4] Group 5 - The Ministry of Transport has also announced a one-year suspension of special port fees for U.S. vessels, aligning with the suspension of the U.S. investigation measures [5] - This suspension is effective from November 10, 2025 [5] Group 6 - The China Meteorological Administration has initiated a Level 3 emergency response due to Typhoon "Phoenix," which is expected to strengthen and make landfall in Taiwan [7] - The typhoon is predicted to bring severe weather conditions, including strong winds and heavy rainfall to southeastern coastal areas [7] Group 7 - The National Health Commission has reported a significant rise in flu activity across the country, indicating the onset of the flu season, with southern regions experiencing higher levels than northern regions [8] - The flu virus is expected to be a major pathogen for respiratory infections this winter and spring [8] Group 8 - The Ministry of Industry and Information Technology has revised the implementation measures for the sales licensing of civil explosives, which will take effect on January 1, 2026 [9] - The revisions aim to enhance regulatory frameworks, licensing procedures, and supervision measures [9] Group 9 - The State-owned Assets Supervision and Administration Commission reported that central enterprises completed fixed asset investments exceeding 3 trillion yuan in the first three quarters, with a growth rate of over 3% [10] - Investments in emerging industries accounted for approximately 40% of the total [10] Group 10 - The National Development and Reform Commission emphasized the need for state-owned enterprises, especially central enterprises, to actively open up their main business areas to foster innovation and collaboration with private enterprises [11] - The commission's guidelines aim to enhance the allocation of scene resources and promote participation from various market entities [11] Group 11 - The National Development and Reform Commission and the National Energy Administration have released guidelines to establish a multi-level renewable energy consumption and regulation system by 2030 [12] - The goal is to ensure that new electricity demand is primarily met by renewable energy sources, supporting carbon peak targets [12][13]

Core Points - The recent US-China economic talks in Kuala Lumpur resulted in significant agreements, showcasing the potential for cooperation between the two nations [2][3] - The agreements include the suspension of certain tariffs and export controls, indicating a move towards easing trade tensions [2] Group 1: Tariff Adjustments - The US will cancel the 10% "fentanyl tariff" on Chinese goods and will continue to suspend the 24% reciprocal tariffs for one year, with China adjusting its countermeasures accordingly [2] - Both parties agreed to extend certain tariff exclusion measures, reflecting a commitment to reducing trade barriers [2] Group 2: Export Controls - The US will pause the implementation of its 50% penetrative export control rules for one year, while China will also suspend its related measures for the same duration [2] - This mutual suspension indicates a collaborative approach to managing export regulations [2] Group 3: Maritime and Logistics Measures - The US will suspend its Section 301 investigation into China's maritime, logistics, and shipbuilding industries for one year, with China reciprocating by pausing its countermeasures [2] - This agreement highlights a focus on specific sectors that have been contentious in the trade relationship [2] Group 4: Broader Cooperation - The talks also addressed fentanyl cooperation, expansion of agricultural trade, and individual case handling for related enterprises, indicating a broader scope of collaboration [2] - The outcomes of the talks are seen as a positive step towards stabilizing US-China economic relations and enhancing global economic certainty [3]

Core Points - The trade tensions between the two major economies are easing, with a significant turning point marked by the U.S. decision not to impose a 100% tariff on Chinese goods [1][3] - The recent negotiations in Kuala Lumpur resulted in a preliminary consensus on various trade issues, setting the stage for potential high-level meetings [3][16] Group 1: Trade Negotiations - The U.S. and China engaged in two days of in-depth discussions, covering critical topics such as maritime logistics, shipbuilding industry measures, and agricultural trade [3][12] - The talks were characterized by a pragmatic and rational approach, contrasting with the previous escalation of tensions [1][3] Group 2: Economic Impact - The U.S. economy is facing challenges due to the trade war, with the IMF projecting a slowdown in growth by 2025 due to increased policy uncertainty and trade barriers [10] - China's economic resilience is notable, with significant growth in trade with Belt and Road Initiative countries, accounting for 51.7% of total trade [13] Group 3: Future Outlook - The successful negotiations create a positive atmosphere ahead of the upcoming APEC meeting, where the potential for a meeting between the leaders of the U.S. and China will be closely watched [16] - The discussions are nearing the final details of a trade agreement proposal, indicating progress towards a resolution [16]

Core Points - The recent two-day trade talks between China and the U.S. in Kuala Lumpur resulted in a basic consensus on key economic issues, including maritime logistics, shipbuilding, and agricultural trade [1][2][3] - Both sides emphasized the importance of mutual respect and cooperation to resolve trade disputes, highlighting the significance of the U.S.-China economic relationship on a global scale [2][5] - The discussions were described as constructive, with both parties expressing a commitment to further detail and internal approval processes for the agreements reached [1][4] Group 1 - The talks were led by China's Vice Premier He Lifeng and U.S. Treasury Secretary Steven Mnuchin, lasting over five hours on the first day [2][3] - The U.S. Treasury Secretary stated that a "very successful framework" was established during the negotiations, which could pave the way for a meeting between the two countries' leaders [3][4] - The outcome of the talks is seen as a sign of easing tensions between the two largest economies, with the current suspension of tariffs set to expire on November 10 [4][5] Group 2 - The discussions covered a wide range of topics, including export controls, the extension of tariff suspensions, and cooperation on fentanyl issues, indicating a comprehensive approach to trade relations [2][5] - Analysts noted that the timing of the talks before the APEC meeting could signal a positive development in U.S.-China relations, which is crucial for global economic stability [5][6] - The upcoming APEC meeting is expected to be influenced by the outcomes of the U.S.-China discussions, with South Korea playing a pivotal role as the host [6][7]

Core Points - The ongoing economic and geopolitical rivalry between the US and China has created significant uncertainty in the global economy, affecting ordinary citizens with high prices and economic instability [1] - The trade conflict is rooted in long-standing tensions that escalated after the Trump administration adopted a comprehensive strategy to pressure China, starting from January 2025 [2] - The US has implemented a series of tariffs and trade restrictions on Chinese goods, significantly increasing the total tariff level and impacting Chinese exports [2] - In response to US actions, China has enacted strong countermeasures, including export bans on critical materials and increased tariffs on US goods, which have disrupted US supply chains [6][10] - The trade war has led to a rise in effective tariff rates in the US, reaching the highest level since 1934, and has resulted in market volatility and negative employment data [12] Trade Policies - The US imposed a 10% tariff on all Chinese imports in March 2025, which escalated to a total tariff level of 54% by April 2025, affecting various sectors from agriculture to electronics [2] - The US further increased tariffs on Chinese goods to 104% and initiated investigations into Chinese maritime logistics and shipbuilding, targeting key industries [2] - China's countermeasures included banning exports of gallium, germanium, and other critical materials to the US, which are essential for various advanced technologies [6] Geopolitical Dynamics - The US has sought to strengthen alliances in the Indo-Pacific region to counter China's influence, criticizing China's actions in the Taiwan Strait and South China Sea [5] - Despite tensions, there remains potential for cooperation between the US and China in areas such as climate change and technology exchange, depending on the US's approach [14] Economic Impact - The trade war has resulted in an additional tax burden of approximately $1,300 per American household due to the tariffs imposed by the Trump administration [2] - The escalation of tariffs has led to increased costs for US consumers and businesses, contributing to economic instability and market downturns [12]