Market Overview - The main board led the gains with notable increases in stocks such as Victory Precision (+10.09%), Yuanlong Yatu (+9.99%), and Dongni Electronics (+9.99) [1] - The ChiNext board saw gains with Han Yi Co. (+4.24%) and Cheng Tian Wei Ye (+4.00%) leading the way [1] - The Sci-Tech Innovation board was led by Xin An Century (+6.41%) and Tong Lian Precision (+1.73%) [1] - Active sub-industries included SW Education Publishing (-0.43%) and SW Portal Websites (-0.54%) [1] Domestic News - Chip Alliance reported that Chip Union Integrated has achieved mass production of power management chips for AI servers and AI accelerator cards, marking a significant milestone as the first domestic 55nm BCD integrated DrMOS chip [1] - Lanke Technology announced the launch of the M88MX6852 memory expansion controller chip based on CXL® 3.1 Type 3 standard, aimed at providing higher bandwidth and lower latency solutions for next-generation data center servers [1] - TSMC received notification from the U.S. government regarding the revocation of the certification for terminal users at its Nanjing factory, effective December 31, 2025, while ensuring uninterrupted operations [1] - The Chinese Ministry of Commerce announced anti-circumvention measures on imports of G.654.C optical fibers from the U.S., expanding the anti-dumping tax rate applicable to these products [1] Company Announcements - Changjiang Communication announced plans to sell up to 1.1 million shares of its stake in Changfei Optical Fiber, representing 0.15% of the total share capital [3] - Neusoft Carrier reported that its subsidiary obtained a patent for MCU power control, which helps reduce standby power consumption [3] - Hengsheng Electronics disclosed that it has repurchased 419,500 shares, accounting for 0.0222% of its total share capital [3] - Wanlong Optoelectronics announced that its subsidiary received a patent for a non-polar wide voltage range sampling circuit, enhancing its intellectual property protection [3] Overseas News - According to TrendForce, global AR device shipments are expected to reach 600,000 units in 2025, driven by the launch of AR glasses prototypes by international brands [2] - AMD's CFO stated that the company has not yet started manufacturing new wafers for MI308 and is focused on clearing existing inventory, with future investments in China contingent on obtaining licenses for next-generation products [2] - TrendForce forecasts a 3.5% increase in shipments for the iPhone 17 series compared to the iPhone 16 series in 2024, although challenges remain due to weak global economic performance and potential price increases for high-end models [2] - The international DRAM market saw mixed price movements, with DDR4 16Gb (1Gx16) 3200 increasing by 0.40% to an average price of $15.775, and DDR4 8Gb (512Mx16) 3200 rising by 0.41% to $4.916 [2]

Industry Overview Upstream - International crude oil prices are fluctuating at a low level, and PTA prices are falling [2] Midstream - PX operating rate is increasing, and coal consumption of power plants is decreasing [3] Downstream - The sales of commercial housing in second - and third - tier cities are picking up, and the number of international flights is declining [4] Zhongguan Event Overview Production Industry - In the first half of 2025, BYD led in terms of revenue and net profit among listed car companies, while GAC Group's data were at the bottom and it turned from profit to loss. Many car companies saw revenue growth, with BYD and Geely hitting record highs, but only BYD maintained profit growth, and its automotive gross margin dropped by two percentage points [1] - The Ministry of Commerce ruled that US optical fiber producers and exporters circumvented anti - dumping measures on non - dispersion - shifted single - mode optical fibers from the US by changing trade patterns [1] Service Industry - The joint working group of the Ministry of Finance and the People's Bank of China held a meeting, affirming the achievements since its establishment last year and discussing topics such as financial market operation, government bond issuance management, etc. They believe that the coordinated efforts of fiscal and monetary policies provide support for the economy [1] Key Industry Price Indicators | Industry Name | Indicator Name | Frequency | Unit | Update Time | Value | YoY | | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price: Corn | Daily | Yuan/ton | 9/3 | 2302.9 | 0.00% | | | Spot price: Eggs | Daily | Yuan/kg | 9/3 | | | | | Spot price: Palm oil | Daily | Yuan/ton | 9/3 | 9492.0 | - 0.77% | | | Spot price: Cotton | Daily | Yuan/ton | 9/3 | 15460.2 | 0.82% | | | Average wholesale price: Pork | Daily | Yuan/kg | 9/3 | 20.0 | 0.60% | | | Spot price: Copper | Daily | Yuan/ton | 9/3 | 80360.0 | 0.97% | | | Spot price: Zinc | Daily | Yuan/ton | 9/3 | 22220.0 | - 0.20% | | Non - ferrous metals | Spot price: Aluminum | Daily | Yuan/ton | 9/3 | 20743.3 | - 0.22% | | | Spot price: Nickel | Daily | Yuan/ton | 9/3 | 123333.3 | 1.12% | | | Spot price: Aluminum | Daily | Yuan/ton | 9/3 | 16825.0 | - 0.07% | | | Spot price: Rebar | Daily | Yuan/ton | 9/3 | 3154.5 | - 2.67% | | Ferrous metals | Spot price: Iron ore | Daily | Yuan/ton | 9/3 | 782.3 | - 0.92% | | | Spot price: Wire rod | Daily | Yuan/ton | 9/3 | 3322.5 | - 1.99% | | | Spot price: Glass | Daily | Yuan/square meter | 9/3 | 13.9 | 0.00% | | Non - metals | Spot price: Natural rubber | Daily | Yuan/ton | 9/3 | 15050.0 | 0.95% | | | China Plastics City price index | Daily | - | 9/3 | 802.4 | - 0.18% | | Energy | Spot price: WTI crude oil | Daily | US dollars/barrel | 9/3 | 65.6 | 3.70% | | | Spot price: Brent crude oil | Daily | US dollars/barrel | 9/3 | 69.1 | 2.86% | | | Spot price: Liquefied natural gas | Daily | Yuan/ton | 9/3 | 3892.0 | - 1.32% | | | Coal price: Coal | Daily | Yuan/ton | 9/3 | 782.0 | - 0.13% | | Chemical industry | Spot price: PTA | Daily | Yuan/ton | 9/3 | 4749.5 | - 3.34% | | | Spot price: Polyethylene | Daily | Yuan/ton | 9/3 | 7425.0 | - 0.36% | | | Spot price: Urea | Daily | Yuan/ton | 9/3 | 1712.5 | 0.29% | | | Spot price: Soda ash | Daily | Yuan/ton | 9/3 | 1262.5 | - 2.13% | | Real estate | Cement price index: National | Daily | - | 9/3 | 129.3 | - 0.55% | | | Building materials composite index | Daily | Points | 9/3 | 113.1 | - 1.53% | | | Concrete price index: National index | Daily | Points | 9/3 | 92.9 | - 0.14% | [38]

Core Viewpoint - The Ministry of Commerce of China has initiated anti-circumvention measures against imports of certain optical fiber products from the United States, specifically related to G.654.C optical fibers, due to evidence of evasion of existing anti-dumping measures [1][3]. Group 1: Investigation and Findings - On March 4, 2025, the Ministry of Commerce launched an anti-circumvention investigation into imports of G.654.C optical fibers from the U.S. following a request from domestic companies, marking China's first anti-circumvention investigation [1]. - The investigation revealed that U.S. exporters were circumventing China's anti-dumping measures on non-dispersion shifted single-mode optical fibers by altering their trade practices, which undermined the effectiveness of existing measures [3]. Group 2: Regulatory Actions - As a result of the investigation, the Ministry of Commerce recommended adjustments to the tax scope to the State Council Tariff Commission, which decided to apply the existing anti-dumping tax rates on non-dispersion shifted single-mode optical fibers to the newly identified G.654.C optical fibers starting September 4, 2025 [3]. - The anti-dumping tax rates for specific companies are as follows: Corning Incorporated at 37.9%, OFS Fitel, LLC at 33.3%, Draka Communications Americas, Inc. at 78.2%, and other U.S. companies at 78.2% [3].

Core Viewpoint - The Ministry of Commerce of China has initiated anti-circumvention measures against imported optical fiber products from the United States, marking the first such investigation in China [2][4]. Group 1: Investigation Details - On March 4, 2025, the Ministry of Commerce launched an anti-circumvention investigation into imported single-mode optical fibers with specific cutoff wavelength displacement from the U.S. following a request from domestic companies [2]. - The investigation revealed that U.S. exporters were circumventing existing anti-dumping measures on non-dispersive single-mode optical fibers by altering their trade practices [4]. Group 2: Regulatory Actions - The Ministry of Commerce has recommended adjustments to the tax scope to the State Council Tariff Commission, which has decided to apply the existing anti-dumping tax rates on non-dispersive single-mode optical fibers to the newly identified optical fibers from the U.S. starting September 4, 2025 [4]. - The anti-dumping tax is calculated based on the customs-determined taxable price of the imported goods [4]. Group 3: Implications and Expert Opinions - The anti-circumvention investigation aims to prevent U.S. manufacturers or exporters from evading trade remedy measures, thereby enhancing the effectiveness of China's trade remedy practices [5]. - This investigation is seen as a significant step in enriching China's trade remedy investigation practices and strengthening the protective effect of trade remedy measures [5].

Core Viewpoint - The Ministry of Commerce has ruled that U.S. fiber optic manufacturers and exporters are circumventing anti-dumping measures by altering trade patterns, which undermines the effectiveness of existing anti-dumping measures on non-dispersion shifted single-mode fiber optics from the U.S. [1] Summary by Sections - The Ministry of Commerce has proposed adjustments to the tax scope to the State Council Tariff Commission, which has decided to apply the current anti-dumping tax rates on non-dispersion shifted single-mode fiber optics to the related cutoff wavelength shifted single-mode fiber optics imported from the U.S. starting from September 4, 2025 [1] - The anti-dumping tax rates imposed on various companies are as follows: Corning Incorporated at 37.9%, OFS Fitel, LLC at 33.3%, Draka Communications Americas, Inc. at 78.2%, and other U.S. companies at 78.2% [1]