Core Viewpoint - The strategic adjustments made by Chinese shipping companies, particularly COSCO, in response to the U.S. "port tax" policy reflect the ongoing trade tensions between China and the U.S. [3][6] Group 1: Shipping Industry Adjustments - Chinese shipping companies are gradually reducing the proportion of Chinese-manufactured vessels deployed on U.S. routes, indicating a shift in global shipping strategies [3]. - COSCO reported a 9.5% growth in mainland China route operations, a 5.2% increase in Asian routes, and an 11.9% increase in other international routes, suggesting a significant transfer of business from U.S. routes [3]. Group 2: U.S. Policy Implications - The U.S. "port tax" policy, set to begin on October 14, 2023, imposes additional fees on Chinese vessels docking at U.S. ports, starting at $50 per net ton and potentially rising to $140 per net ton [3][4]. - The policy aims to bolster the U.S. shipbuilding industry while simultaneously weakening Chinese maritime trade, reflecting a dual strategy of trade barrier implementation and domestic industry support [6]. Group 3: Global Economic Impact - The U.S. government's attempts to impose high trade barriers are expected to disrupt international shipping costs and supply chain stability, ultimately increasing burdens on U.S. consumers and businesses [8]. - China's response to the U.S. actions includes initiating anti-dumping measures against U.S. fiber optic manufacturers, with tariffs reaching up to 78.2%, showcasing China's commitment to countering unfair trade practices [9].

Group 1 - The Ministry of Commerce announced the decision regarding the anti-circumvention investigation of single-mode optical fibers originating from the United States [1] - The announcement is documented as Notice No. 48 of 2025, issued by the Trade Remedy Bureau [1] - The date of the announcement is September 3, 2025 [1]

1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints of the Report - In 2025, domestic liquidity is expected to remain loose, and it is in a policy window period. More incremental policies may be introduced in the second half of the year to boost the real economy. External risks are gradually easing, and the increasing probability of the Fed cutting interest rates in September further enhances the attractiveness of RMB assets [2]. - The current market is in a resonance period of "policy bottom + capital bottom + valuation bottom", but investors need to adapt to the accelerating sector rotation and structural differentiation. The CSI 500 and CSI 1000 indices, which have more technology - growth components, are more offensive, with larger fluctuations but potentially higher returns. The SSE 50 and CSI 300 indices, which have more dividend - blue - chip components, are more defensive, with smaller fluctuations but relatively weaker price elasticity [2]. - Since July, the stock index has been rising continuously with a large increase. There are signs of short - term adjustment, but the probability of the medium - and long - term market continuation is high [2]. 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (including current month, next month, next quarter, and far - quarter) decreased compared to the day before. The price declines were - 83.40, - 84.80, - 81.20, and - 79.40 respectively, with corresponding decline rates of - 1.88%, - 1.92%, - 1.84%, and - 1.81%. The trading volumes were 133914.00, 8218.00, 57395.00, and 15256.00 respectively, and the open interests increased by 6959.00, 915.00, 3261.00, and 1301.00 respectively [1]. - **IH Contracts**: The previous day's closing prices of IH contracts decreased. The price declines were - 44.40, - 43.80, - 44.80, and - 45.00 respectively, with decline rates of - 1.51%, - 1.49%, - 1.52%, and - 1.53%. The trading volumes were 65727.00, 5056.00, 24358.00, and 6289.00 respectively, and the open interests increased by 4043.00, 826.00, 2463.00, and 1652.00 respectively [1]. - **IC Contracts**: The previous day's closing prices of IC contracts declined. The price declines were - 165.00, - 164.60, - 167.00, and - 169.20 respectively, with decline rates of - 2.42%, - 2.44%, - 2.51%, and - 2.60%. The trading volumes were 113276.00, 8055.00, 55486.00, and 17262.00 respectively, and the open interests increased by 9697.00, 1664.00, 2409.00, and 2562.00 respectively [1]. - **IM Contracts**: The previous day's closing prices of IM contracts decreased. The price declines were - 158.40, - 151.60, - 154.20, and - 147.40 respectively, with decline rates of - 2.21%, - 2.14%, - 2.22%, and - 2.17%. The trading volumes were 239398.00, 15491.00, 98940.00, and 29410.00 respectively. The open interest of the current - month contract decreased by 1649.00, while those of the next - month, next - quarter, and far - quarter contracts increased by 1824.00, 3861.00, and 1460.00 respectively [1]. 3.2 Stock Index Spot Market - **Index Performance**: The previous day's values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indices decreased compared to the day before, with decline rates of - 2.12%, - 1.71%, - 2.48%, and - 2.30% respectively. The trading volumes and total trading amounts of these indices also changed [1]. - **Industry Performance**: Different industries in the CSI 300 index showed various trends. The energy, raw materials, industry, optional consumption, major consumption, medical and health, real - estate finance, information technology, telecommunications, and public utilities industries had different decline or increase rates, with the telecommunications industry having a significant decline rate of - 9.13% and the public utilities industry having a slight increase rate of 0.40% [1]. 3.3 Futures - Spot Basis - For the CSI 300, the basis differences between IF contracts (current month, next month, next quarter, far - quarter) and the CSI 300 index changed compared to the day before [1]. - For the SSE 50, the basis differences between IH contracts and the SSE 50 index also changed [1]. - For the CSI 500, the basis differences between IC contracts and the CSI 500 index changed [1]. - For the CSI 1000, the basis differences between IM contracts and the CSI 1000 index changed [1]. 3.4 Other Domestic and Overseas Indices - Domestic indices such as the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index decreased compared to the day before, with decline rates of - 1.25%, - 2.83%, - 2.37%, and - 4.25% respectively [1]. - Overseas indices such as the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index had different performance, with the Hang Seng Index declining by - 1.12% and the Nikkei 225, S&P 500, and DAX Index increasing by 1.53%, 0.83%, and 0.74% respectively [1]. 3.5 Macro Information - The Ministry of Commerce announced China's first anti - circumvention investigation ruling, deciding to implement anti - circumvention measures on US exporters from September 4 [2]. - President Xi Jinping held talks with North Korean leader Kim Jong - un, emphasizing China's support for North Korea's development path and its objective and fair stance on the Korean Peninsula issue [2]. - The General Office of the State Council issued an opinion on releasing sports consumption potential and promoting the high - quality development of the sports industry, aiming to cultivate world - influential sports enterprises and events and achieve a total industry scale of over 7 trillion yuan by 2030 [2]. - Two departments issued an action plan for stabilizing the growth of the electronic information manufacturing industry, with the expected average growth rate of the added value of scale - above computer, communication, and other electronic equipment manufacturing industries at about 7% from 2025 - 2026, and the average annual revenue growth rate of the electronic information manufacturing industry exceeding 5% including related fields [2]. - Shanghai launched the "Keyan" Return Plan (pilot), providing 50,000 yuan in subsidies to eligible female scientific and technological talents after childbirth [2]. 3.6 Industry Information - From January to July, China's renewable energy added 283 million kilowatts of installed capacity, with a total installed capacity of 2.171 billion kilowatts, accounting for nearly 60% of the country's total installed capacity. Efforts will be made to promote the development of new models and formats of renewable energy [2]. - In September, the housing supply in 28 cities increased by 10% month - on - month due to the traditional marketing peak season. The supply in first - tier cities rebounded significantly, while that in second - tier cities remained flat month - on - month but halved year - on - year with intensified internal differentiation. The supply in third - and fourth - tier cities increased both month - on - month and year - on - year due to the influence of individual cities such as Wuxi [2]. - The Securities Association of China launched the 2025 single - business quality evaluation work for securities companies' investment banking, bond business, and major asset restructuring financial advisory business, requiring relevant evaluation materials to be submitted by September 15 [2]. 3.7 Stock Index Views - The three major US indices rose, while the stock index continued to correct in the previous trading day, with the communication sector leading the decline. The market turnover was 2.58 trillion yuan. On September 2, the margin trading balance increased by 1.548 billion yuan to 2.273914 trillion yuan [2].

Group 1 - The Ministry of Commerce of China has initiated anti-circumvention measures against imported optical fiber products originating from the United States, marking the first anti-circumvention investigation in China [1][3] - The investigation was launched on March 4, 2025, following a request from domestic companies, focusing on single-mode optical fibers with specific cutoff wavelength displacement [1][3] - Evidence indicated that U.S. exporters were circumventing China's anti-dumping measures on non-dispersive single-mode optical fibers by exporting related products [1][3] Group 2 - The anti-circumvention investigation aligns with Chinese laws and WTO rules, aiming to uphold the authority of existing trade remedy measures and ensure their effectiveness [3] - The Ministry of Commerce has collected public opinions on the draft rules for anti-circumvention investigations and plans to further enrich and improve China's trade remedy investigation system [3] - The Ministry emphasizes a cautious approach to implementing trade remedy measures while firmly protecting the legitimate rights and interests of domestic industries [3]

Core Viewpoint - The Ministry of Commerce of China has announced its first anti-circumvention investigation ruling, emphasizing the need to maintain the effectiveness of existing trade remedy measures [1] Group 1: Anti-Circumvention Investigation - The Ministry initiated an anti-circumvention investigation on imported single-mode optical fiber products originating from the United States, following a request from domestic enterprises [1] - The investigation was officially announced on March 4, 2025, and anti-circumvention measures will be implemented starting September 4, 2025 [1] Group 2: Legal Framework and Objectives - The investigation aligns with Chinese laws and World Trade Organization (WTO) rules, aiming to uphold the authority of existing trade remedy measures and ensure their effectiveness [1] - Relevant articles from the Foreign Trade Law of the People's Republic of China empower the Ministry to investigate and take necessary actions against circumvention of trade remedy measures [1] Group 3: Public Engagement and Future Actions - On July 30, 2025, the Ministry released a draft for public consultation regarding the rules for anti-circumvention investigations, indicating a commitment to refining the trade remedy investigation system [1] - The Ministry has stated its cautious and restrained approach to implementing trade remedy measures while firmly protecting the legitimate rights and interests of domestic industries [1]

Group 1 - The Ministry of Commerce of China announced its first anti-circumvention investigation ruling, indicating that U.S. exporters were found to be circumventing anti-dumping measures on non-dispersive wavelength-shift single-mode optical fibers by exporting related products to China [1] - The anti-circumvention measures will be implemented starting September 4, 2025, following the investigation initiated on March 4, 2025, at the request of domestic companies [1] - This case is significant as it enriches China's trade remedy investigation tools and aligns with Chinese laws and WTO rules, aiming to maintain the authority of existing trade remedy measures [1] Group 2 - On July 30, 2025, the Ministry of Commerce published a draft of the "Rules for Anti-Circumvention Investigations of Trade Remedy Measures" for public consultation, indicating a commitment to further enhance China's trade remedy investigation system [2] - The Ministry emphasizes a cautious and restrained approach to implementing trade remedy measures while firmly protecting the legitimate rights and interests of domestic industries [2]

Core Viewpoint - The article discusses China's first anti-circumvention investigation, initiated by the Ministry of Commerce to protect domestic industries and ensure the effectiveness of trade remedy measures [4]. Group 1: Anti-Circumvention Investigation - On March 4, 2025, the Ministry of Commerce announced the initiation of the first anti-circumvention investigation concerning imports of single-mode optical fibers from the United States [4]. - The investigation aims to uphold the authority of existing trade remedy measures and ensure their effective implementation [4]. - As of September 4, 2025, anti-circumvention measures will be implemented based on the investigation results [4]. Group 2: Legal Framework and Public Involvement - The anti-circumvention investigation aligns with Chinese laws and World Trade Organization (WTO) rules, as stipulated in Articles 36 and 49 of the Foreign Trade Law of the People's Republic of China [4]. - On July 30, 2025, the Ministry of Commerce released a draft for public consultation regarding the rules for anti-circumvention investigations, indicating a commitment to refining the trade remedy investigation system [4]. - The Ministry emphasizes a cautious and restrained approach to implementing trade remedy measures while protecting the legitimate rights and interests of domestic industries [4].

Core Viewpoint - The Ministry of Commerce has initiated China's first anti-circumvention investigation, aimed at maintaining the effectiveness of trade remedy measures and protecting domestic industries' legitimate rights [2]. Group 1: Anti-Circumvention Investigation - On March 4, 2025, the Ministry of Commerce announced the initiation of an anti-circumvention investigation concerning imports of single-mode optical fiber products originating from the United States [2]. - The investigation is based on applications from domestic enterprises and is set to implement anti-circumvention measures starting September 4, 2025 [2]. - The investigation aligns with Chinese laws and WTO rules, emphasizing the authority of existing trade remedy measures [2]. Group 2: Regulatory Framework - The Ministry of Commerce published a draft for public consultation on the "Rules for Anti-Circumvention Investigations of Trade Remedy Measures" on July 30, 2025, and has completed the collection of public opinions [2]. - The Ministry aims to further enrich and improve China's trade remedy investigation system through practical experience [2]. Group 3: Trade Policy Stance - China maintains a cautious and restrained approach to implementing trade remedy measures while firmly upholding fair and free trade [2]. - The Ministry of Commerce is committed to taking necessary actions to ensure the effectiveness of existing trade remedy measures [2].

Core Viewpoint - The Ministry of Commerce of China has initiated its first anti-circumvention investigation, which aligns with Chinese laws and WTO rules, aimed at maintaining the authority and effectiveness of existing trade remedy measures [1] Group 1: Investigation Details - The anti-circumvention investigation was launched on March 4, 2025, in response to a request from domestic enterprises regarding imports of specific single-mode optical fiber products originating from the United States [1] - The decision to implement anti-circumvention measures will take effect on September 4, 2025, based on the investigation results [1] Group 2: Legal Framework - The investigation is conducted under Article 36 and Article 49 of the Foreign Trade Law of the People's Republic of China, which allows the Ministry of Commerce to investigate and take necessary measures against behaviors that circumvent trade remedy measures [1] - A draft of the "Rules for Anti-Circumvention Investigations of Trade Remedy Measures" was published for public consultation on July 30, 2025, indicating ongoing efforts to refine and enhance China's trade remedy investigation system [1] Group 3: Trade Policy Stance - China maintains a cautious and restrained approach to implementing trade remedy measures, emphasizing the protection of fair and free trade while also taking necessary actions to uphold the effectiveness of existing trade remedy measures and protect the legitimate rights of domestic industries [1]

Core Points - The Ministry of Commerce of China has initiated its first anti-circumvention investigation regarding imports of specific optical fiber products from the United States, with the decision to implement anti-circumvention measures starting September 4, 2025 [1] - The investigation aligns with Chinese laws and WTO rules, aiming to uphold the authority of existing trade remedy measures and ensure their effectiveness [1] - A draft of the "Anti-Circumvention Investigation Rules for Trade Remedy Measures" was released for public consultation on July 30, 2025, indicating ongoing efforts to refine and enhance China's trade remedy investigation system [1] Group 1 - The first anti-circumvention investigation was announced on March 4, 2025, following a request from domestic enterprises [1] - The investigation targets imports of wavelength-shifting single-mode optical fiber products originating from the United States [1] - The Ministry of Commerce emphasizes a cautious and restrained approach to implementing trade remedy measures while protecting the legitimate rights and interests of domestic industries [1]