Core Points - The U.S. Department of Commerce announced an anti-dumping duty of 477.97% on thermoformed molded fiber products produced in China, alongside a countervailing duty investigation [1][2] - Vietnam also faces anti-dumping duties, with rates ranging from 0.76% to 211.6% [1] - This action follows a previous announcement on April 22 regarding anti-dumping and countervailing duties on crystalline silicon photovoltaic cells from several Southeast Asian countries [2] Company and Industry Summary - The anti-dumping duties target Chinese manufacturing and export industries, as indicated by the list of companies affected [2] - The final decision on the anti-dumping duties for the products from China and Vietnam is expected to be implemented by September 8, 2023, pending a ruling from the U.S. International Trade Commission (ITC) [2] - The investigation was initiated by U.S. companies and industry associations, including Genera and Tellus Products, LLC, as well as the AFL-CIO [2]

2025.04. 30 本文字数：2042，阅读时长大约4分钟 作者 | 第一财经 冯迪凡 第一财经记者从权威信源处获知，当地时间29日，在世贸组织（WTO）补贴与反补贴措施委员会例 会上，中方质疑美国对晶体光伏电池的反补贴调查，称其超越了管辖权，破坏了WTO规则。 近日，美国商务部对来自马来西亚、越南、泰国和柬埔寨四国光伏产品的反补贴调查作出终裁，其中 对来自柬埔寨的光伏产品征收最高达3403.96%的反补贴税。 同时，中方批评美国根据《芯片与科学法案》向其半导体产业提供歧视性补贴。中方还谴责美国所 谓"对等关税 "做法，认为这种做法违反了WTO规则，因为这实际上提供了以出口为条件、以国内内 容为基础的补贴，从而削弱了多边贸易体系。中方强调有必要维护以规则为基础的全球贸易，并呼吁 WTO成员追究此类做法的责任。 来源：新华社 美光伏产品反补贴调查超越管辖范围 此次，美方在其2024年半年度报告中通报了相关新反补贴税行动。 中方对此发表声明表示，对其在半年度报告中列出的美国对晶体光伏电池的反补贴税调查提出质疑。 中方强烈批评美国商务部对涉及柬埔寨、马来西亚、泰国和越南的跨国补贴调查的最终裁定，尤其反 对对柬埔 ...

Core Viewpoint - China has raised concerns at the WTO regarding the U.S. anti-subsidy investigation into crystalline photovoltaic cells, claiming it exceeds jurisdiction and undermines WTO rules [1] Group 1: U.S. Anti-Subsidy Investigation - The U.S. Department of Commerce has finalized its anti-subsidy investigation on photovoltaic products from Malaysia, Vietnam, Thailand, and Cambodia, imposing a maximum anti-subsidy tax of 3403.96% on products from Cambodia [1] Group 2: China's Criticism of U.S. Policies - China criticized the U.S. for providing discriminatory subsidies to its semiconductor industry under the CHIPS and Science Act [1] - China condemned the U.S. practice of "reciprocal tariffs," arguing that it violates WTO rules by effectively providing subsidies conditioned on exports and based on domestic content, thereby weakening the multilateral trade system [1] Group 3: Call for Accountability - China emphasized the necessity to uphold a rules-based global trade system and urged WTO members to hold accountable those engaging in such practices [1]

Group 1 - China criticizes the U.S. for violating WTO's core non-discrimination principle, labeling it as a "rule breaker" and "double standard manipulator" [1][8] - The U.S. Department of Commerce imposed a final anti-subsidy tax of up to 3403.96% on solar products from Cambodia, Malaysia, Thailand, and Vietnam, which China deems economically unbelievable and a violation of WTO rules [2][3] - China argues that the U.S. exceeded its jurisdiction in the anti-subsidy investigation of crystalline solar cells and misclassified private enterprises as public institutions [3][4] Group 2 - The U.S. is accused of using speculative assumptions in assessing cross-border subsidies, particularly regarding claims of China providing polysilicon to Cambodia without sufficient evidence [4][6] - The U.S. Department of Commerce's use of "Adverse Facts Available" (AFA) to calculate the subsidy rates is criticized for being punitive rather than corrective, violating WTO principles [5][6] - The recent changes in U.S. anti-subsidy regulations have led to a surge in cross-border subsidy investigations targeting China, which is seen as a departure from previous strict limitations [6][7] Group 3 - China highlights the double standards in U.S. subsidy practices, particularly under the CHIPS and Science Act, which imposes non-market restrictions on subsidy recipient countries while providing substantial support to its own semiconductor industry [8] - The U.S. provided $7.86 billion in subsidies to a chip manufacturer, which China argues contradicts the standards imposed on other countries [8] - China calls for a restoration of multilateralism, asserting that unilateralism and protectionism are not viable solutions [8]

Report Industry Investment Rating - The investment rating for commodities and stock index futures is overall neutral, pending fundamental verification [5] Core Viewpoints - The market should focus on Trump's 100 - day governance speech, and the follow - up impact of tariff events on the economy, as well as the potential for a stagflation macro - environment overseas [1][3] - The April Politburo meeting set a positive tone, and China's economy continues to show a stable and upward trend. Incremental policies will be introduced by the end of June [2] - The impact of tariff events on market sentiment has subsided, and attention should now turn to their impact on the economy [3] - For commodities, focus on the transmission of fundamentals and long - term stagflation allocation [4] Summary by Related Catalogs Market Analysis - During the May Day holiday from May 1st to May 5th, there are important data and events such as China's April PMI, initial GDP values of Europe and the US in Q1, the Bank of Japan's interest rate decision, etc. Domestic stock indices show significant holiday seasonal characteristics, rising in the first 20 working days after the holiday. For commodities, focus on the impact of travel consumption on crude oil prices and other factors [1] Macroeconomic Situation - The April Politburo meeting stated that the economy is showing a positive trend, and more proactive macro - policies will be implemented. China's Q1 GDP increased by 5.4% year - on - year. The NDRC will introduce measures to stabilize employment and the economy, with incremental policies to be launched by the end of June [2] Tariff Events - Trump's tariff policies have been inconsistent. The US has imposed high anti - dumping and anti - subsidy taxes on Southeast Asian countries. There are chaotic signals on China's tariff issues. Some countries like South Korea and India have reached preliminary agreements with the US, and the US will prioritize negotiations with 18 trade partners in the next two months [3] Commodity Market - For commodities, pay attention to the transmission of fundamentals. For industrial products like black and non - ferrous metals, beware of the emotional impact from US stock adjustments. For agricultural products, the probability of price increases due to tariffs is higher. Crude oil supply is expected to be loose in the medium - term, and be cautious about the emotional and callback risks of gold [4] Important News - China will introduce measures to stabilize employment and the economy, and some incremental policies will be launched by the end of June. There are various international news including tariff negotiations between different countries and regions, and news about the Russia - Ukraine conflict [7][8]

Investment Rating - The report maintains a "Recommended" rating for the photovoltaic industry, indicating limited marginal impact from recent developments [1]. Core Insights - The final anti-dumping and countervailing duty rates announced by the U.S. Department of Commerce for solar cells imported from four Southeast Asian countries (Cambodia, Malaysia, Thailand, Vietnam) have generally increased, with some companies facing punitive rates exceeding 3000% due to non-compliance during investigations [1][11][12]. - Despite the increased duty rates, the marginal impact is expected to be limited as companies have already adjusted their export strategies to mitigate risks, and the U.S. remains reliant on imported solar cells due to insufficient domestic production capacity [2][12]. Industry Price Trends Main Material Segment - The average price of polysilicon dense material is reported at 40.0 CNY/kg, and granular material at 38.0 CNY/kg, remaining stable week-on-week [3][37]. - The average price for 182-183.75mm monocrystalline P-type silicon wafers is 1.15 CNY/piece, also stable, while N-type wafers have seen price decreases of up to 6.9% [3][38]. - The average price for 182-183.75mm monocrystalline PERC cells is 0.295 CNY/W, down 1.7% from the previous week [3][43]. Auxiliary Material Segment - The price of 3.2mm coated photovoltaic glass is stable at 22.25 CNY/m², and 2.0mm coated glass at 14.25 CNY/m² [4][53]. - Prices for transparent EVA film, white EVA film, and POE film remain unchanged at 6.14 CNY/m², 6.64 CNY/m², and 8.51 CNY/m² respectively [4][53]. Market Performance Overview Industry and Stock Performance - The overall industry index increased by 0.59%, with the electric equipment sector rising by 2.40% [14][15]. - The top-performing stocks in the electric equipment sector include Fangzheng Electric (+28.20%) and Saimo Intelligent (+19.18%), while Qingdao Zhongcheng saw a significant decline of -20.50% [20][22]. PE Valuation - As of April 25, the electric equipment sector has a PE (TTM) of 23x, with the photovoltaic equipment sector at 17x [25][29]. - The PE valuation percentile for the electric equipment sector is 17.5%, indicating its relative valuation compared to historical data [30][33].

阿尔法工场Green . 聚焦清洁能源行业，提供最新的绿色能源公司资讯、技术创新和ESG行业趋势。 以下文章来源于阿尔法工场Green ，作者抱朴 作 者 | 抱朴 来源 | 阿尔法工场Green 其中提到，柬埔寨的部分光伏企业，将面临最高达3521%的创纪录关税。 | Cambodia's Exporter/ Producer | AD Rate (%) | CVD Rate(%) | Total (%) | | --- | --- | --- | --- | | Hounen Solar | 117.18 | 3,403.96 | 3521.14 | | Solar Long PV Tech | 117.18 | 3,403.96 | 3521.14 | | Solarspace New Energy | 117.18 | 534.67 | 651.85 | | Jintek Photovoltaic | 117.18 | 3,403.96 | 3521.14 | | ISC Cambodia | 117.18 | 3,403.96 | 3521.14 | | All Others | 117.18 | ...

Report Investment Rating - The rating for commodities and stock index futures is overall neutral, pending fundamental verification [4]. Core Viewpoints - External risks have risen, but the domestic trend remains optimistic. China's economic new pattern driven by domestic demand and innovation is taking shape. The window for interest rate cuts may open in the second quarter. Attention should be paid to the window period of domestic easing policies during the April Politburo meeting [1]. - The negative impact of tariff events on asset prices has temporarily ended. Future focus should be on the impact on the economic fundamentals. The US tariff policy may lead to stagflation in the US economy [2]. - For commodities, focus on the transmission of fundamentals in the short - term and stagflation allocation in the long - term. The rating for commodities and stock index futures is overall neutral [3][4]. Summary by Related Catalogs Market Analysis - China's government has set a positive tone for the year, with an increased deficit rate, a lower CPI target, and expanded government credit. China's Q1 GDP grew by 5.4% year - on - year. The LPR has remained unchanged for 6 consecutive months, and the interest rate cut window may open in Q2 [1]. - Trump's tariff policy has been volatile. The US has imposed high anti - dumping and anti - subsidy taxes on Southeast Asian countries' photovoltaic products. Trump may "significantly reduce" tariffs on China. Attention should be paid to the progress of US tariff negotiations with Japan and the EU [2]. Commodity Analysis - From the 2018 tariff review, the market first trades on the decline in demand and then on the rise in inflation. Industrial products are vulnerable to the impact of US stock market adjustments. The accident at the Antamina copper mine in Peru supports copper prices. Agricultural products may see price increases, and attention should be paid to the change in the soybean - palm oil spread. Crude oil prices have declined, and the supply is expected to be loose in the medium - term [3]. Strategy - The rating for commodities and stock index futures is overall neutral, waiting for fundamental verification [4].