Statistics, for the first 11 months,China's export of electromechanical products14.89 trillion yuan, an increase of 8.8%, accounting for 60.9% of our total exports. Among them, automatic data processing equipment and parts amounted to 1.31 trillion yuan, a decrease of 1.3%; integrated circuits amounted to 1.29 trillion yuan, an increase of 25.6%; automobiles amounted to 896.91 billion yuan, an increase of 17.6%. During the same period, the export of labor-intensive products amounted to 3.7 trillion yuan, a decrease of 3.5%, accounting for 15.1% of our total exports. Among them, clothing and accessories amounted to 987.26 billion yuan, a decrease of 3.7%; textiles amounted to 931.33 billion yuan, an increase of 1.7%; plastic products amounted to 677.6 billion yuan, a decrease of 0.5%. The export of agricultural products amounted to 670.21 billion yuan, an increase of 2%.

General Administration of CustomsAccording to the released data, in November 2025, the total value of China's goods trade imports and exports was 3.9 trillion yuan, an increase of 4.1% year-on-year, accelerating by 4 percentage points compared to the previous month. As of November, China's goods trade imports and exports have maintained year-on-year growth for 10 consecutive months. From a cumulative perspective, in the first 11 months of this year, the total value of imports and exports was 41.21 trillion yuan, an increase of 3.6% year-on-year, with the growth rate remaining consistent with the first 10 months.

On December 7, Cui Dongshu, the secretary-general of the China Passenger Car Association, stated that from January to November 2025, the scale of passenger car price reductions involved 173 models, which is 45 fewer models compared to the same period. Among them, conventional fuel vehicles saw price reductions for 51 models, 27 fewer than the same period; hybrid fuel vehicles saw price reductions for 8 models, 10 fewer than the same period; plug-in hybrid fuel vehicles saw price reductions for 30 models, 1 fewer than the same period; extended-range vehicles saw price reductions for 13 models, 1 fewer than the same period; pure electric vehicles saw price reductions for 71 models, 6 fewer than the same period. In November 2025, the scale of price reductions involved 19 models, 7 fewer than the same period. Among them, fuel vehicles saw reductions for 8 models, 1 fewer than the same period; hybrid fuel vehicles saw reductions for 2 models, 1 fewer than the same period; plug-in hybrid vehicles saw reductions for 5 models, 4 more than the same period; extended-range vehicles saw reductions for 2 models, 1 more than the same period; pure electric vehicles saw reductions for 2 models, 10 fewer than the same period.

Recently, Li Auto officially announced that its cumulative delivery volume has surpassed 1.5 million units. This milestone marks a new stage in the brand's market delivery scale since its establishment.

On December 5, 2025, Asahi Kasei announced that it will cease production of hexamethylenediamine (HMD) as part of its ongoing efforts to optimize its product portfolio, aimed at improving capital efficiency and enhancing company profitability.

At the invitation of Chinese President Xi Jinping, French President Emmanuel Macron will make a state visit to China from December 3 to 5. During the visit, China and France will issue a joint statement on strengthening global governance, cooperating to address global climate and environmental challenges, continuing to promote cooperation in the peaceful use of nuclear energy, agricultural and food exchanges and cooperation, as well as the situations in Ukraine and Palestine.

On December 5, Haitai Technology responded to questions on the investor interactive platform, stating that the company is actively exploring the PEEK modified materials market, and currently has not yet formed any orders or sales.

An investor asked on the investor interaction platform: The pilot product with an annual production capacity of 30,000 tons in Qingdao has already been shipped in small batches. Has the pilot product been recognized by customers, and is it ready for mass production and shipment? On December 5, Hitec (301022.SZ) stated on its investor interaction platform that Qingdao serves as a pilot production base for modified plastics, with an annual production capacity of 30,000 tons. According to industry characteristics and customer requirements, products need to go through the stages of small-scale testing, pilot testing, small batch production, and mass supply before being recognized by customers. As of now, some customers have achieved mass supply.

Chen Zhen was fined a total of 2.4748 million yuan for tax evasion. Recently, the Third Inspection Bureau of the Beijing Municipal Tax Service, State Taxation Administration, investigated and dealt with the tax evasion case of online car reviewer Chen Zhen in accordance with the law. After investigation, from 2021 to 2023, Chen Zhen evaded a total of 1.1867 million yuan in personal income tax through methods such as concealing income, changing the nature of income, and making false declarations. In November 2025, the Third Inspection Bureau of the Beijing Municipal Tax Service, State Taxation Administration, based on relevant laws and regulations such as the Law of the People's Republic of China on the Administration of Tax Collection, the Individual Income Tax Law of the People's Republic of China, and the Administrative Penalty Law of the People's Republic of China, decided to recover the taxes, impose late payment fees, and levy fines totaling 2.4748 million yuan. Currently, the involved taxes, late payment fees, and fines have all been recovered and deposited into the treasury.The responsible official from the Third Inspection Bureau of the Beijing Municipal Tax Service of the State Administration of Taxation stated that concealing income, changing the nature of income, and making false declarations to avoid or reduce tax payments constitute tax evasion under the tax collection and management law. Paying taxes according to the law is the obligation of taxpayers. While fully implementing various tax and fee preferential policies and continuously optimizing tax and fee services, the tax authorities will firmly safeguard national tax security and uphold a fair legal and economic tax order.

Recently, the Weinan Municipal Bureau of Ecology and Environment announced a proposed approval decision for the environmental impact assessment documents of the 35,000 tons per year POR construction project, with the announcement period from December 2nd to December 8th. It is reported that the project, undertaken by Shaanxi Shaanxi Coal Xiechuangda New Materials Co., Ltd., includes the production installation of 35,000 tons per year (dry basis) polyolefin elastomer (POR) and supporting facilities, with a total investment of 1,319.67 million yuan. The production installation area and supporting engineering occupy a total area of 196.354 mu, equivalent to 130,903 square meters.

Recently, a research report from CITIC Construction Investment pointed out that energy storage investment projects in the eastern and western regions of Inner Mongolia are expected to more than double next year compared to this year. Thanks to the high growth rate of load and the continuous development of renewable energy, the demand for energy storage is expected to remain high. Currently, the battery sector is under pressure, with continuous price increase potential for cathodes, anodes, electrolytes, separators, copper and aluminum foils, as well as additives like 6F and VC. The outlook for the battery and integration sectors is positive. AIDC's integration with storage will drive significant growth in overseas markets.

On December 4th, Wanhua Chemical Group Co., Ltd. (600309) increased the price of styrene in the East China region by 100 yuan/ton, with the latest quotation at 6,800 yuan/ton. In the North China region, the price of styrene was increased by 50 yuan/ton, with the latest quotation at 6,700 yuan/ton. Sales remain stable.

Gelonghui, December 4th – Nanshan Zhishang (300918.SZ) stated on the investor interaction platform that the company's ultra-high molecular weight polyethylene fibers are positioned in the high-end market and can be widely used in military and civilian fields, including military protective series fibers of 400D, 800D and above, marine rope network series fibers of 1000D-1600D, colored fibers, fine denier fibers, and other full category products. In military equipment, ultra-high fibers are important materials, especially in the manufacturing of bulletproof vests, bulletproof helmets, and protective armor, due to their high abrasion resistance and toughness, making them the preferred material. Ultra-high materials can also be applied in battery separator fields. The company has relevant production capabilities in technology and materials and will continue to pay attention to industry dynamics. If suitable market opportunities arise, the company will steadily advance its related business layout.

An investor asked on the investor interaction platform: In the field of high-end polyether applications, emerging sectors such as new energy vehicles and photovoltaics have a strong demand for special polyethers, driving an annual growth rate of over 12% in demand for special polyethers. Moreover, the industry is increasing its R&D on low unsaturation polyethers, electronic-grade polyethers, and medical polyethers to meet the stringent requirements of the downstream, such as zero detection of harmful substances and compliance with bio-based content standards. Does the company have special polyethers used in photovoltaics, medical, and other fields? Longhua New Material (301149.SZ) stated on the investor interaction platform on December 4 that end amino polyether products can be used as curing agents for epoxy resins, decorative glue (hard glue) curing agents, wind turbine blade glue curing agents, polyamide hot melt adhesive, electronic sealing glue curing agents, electronic potting materials curing agents, electronic encapsulation materials curing agents, rapid curing RIM, construction structural glue curing agents, polyether amine modified curing agents, heavy-duty anti-corrosion coating curing agents, and curing agents for composite materials such as fishing rods, golf clubs, and tennis rackets. The company's polyether products can be applied in polyurethane fiberglass composite materials and in the photovoltaic frame sector. Currently, the technology is still being promoted, and specific application scenarios are determined by downstream customers based on their own needs.

On December 3, Foreign Ministry spokesperson Lin Jian hosted a regular press conference. A reporter asked about the recent visit to Russia by Wang Yi, member of the Political Bureau of the CPC Central Committee and Director of the Central Foreign Affairs Office. Can the spokesperson provide details about the visit and comment on the visit? Lin Jian stated that on December 2, Wang Yi, a member of the Political Bureau of the Central Committee of the Communist Party of China and director of the Central Foreign Affairs Office, co-chaired the 20th round of China-Russia strategic security consultations in Moscow with Nikolai Patrushev, secretary of the Russian Security Council. They also met with Russian Foreign Minister Sergey Lavrov, and both sides conducted comprehensive and in-depth communication on major issues concerning bilateral relations and the strategic security interests of the two countries, reaching new consensus and enhancing strategic mutual trust. Both sides agreed to fully implement the important consensus reached by the heads of state of the two countries and to promote China-Russia relations and strategic cooperation to a higher quality level.

Recently, a company in the diaphragm industry announced a 30% increase in the price of wet diaphragm products, attracting widespread attention in the market. On December 3, Xingyuan Materials responded, stating, "Due to the impact of the industry supply-demand relationship, the company has communicated with customers regarding the price increase, but the specific increase has not yet been determined." CNBM Technology also stated on the same day that it remains uncertain. An industry observer noted, "Since the fourth quarter of this year, discussions about price increases have emerged across all links of the lithium battery industry chain, driven by positive expectations for next year's demand and secondary market sentiment. Based on the supply-demand relationship, there is a possibility that diaphragm products may be in short supply next year, but whether the price increase expectations can eventually be transmitted to actual prices will still depend on the outcome of the negotiation between supply and demand sides. Moreover, the diaphragm industry has a significant advantage in capacity development; as equipment continues to iterate, industry production efficiency will greatly improve. The efficiency of equipment among diaphragm suppliers varies, which also leads to different perceptions of price changes among enterprises." Diaphragm leader Enjie Co., Ltd. stated in a research summary that the company currently has a substantial backlog of orders, a high capacity utilization rate, and that the demand and orders from its downstream customers have shown stable growth recently.

Recently, the first batch of SBC (styrenic thermoplastic elastomer) products produced by Shanghai Jinshan Balin New Materials Co., Ltd. has left the factory in the Carbon Valley Green Bay Park of Jinshan District.The 250,000-ton annual production project of SBC (styrenic thermoplastic elastomers) has only been in operation for 14 days since its full construction and production. The project, jointly invested by Hunan Petrochemical and Shanghai Petrochemical, is located at Shanghai Jinshan Baling New Materials Company. After successfully starting up on November 12 and producing qualified products for the first time, the company has officially begun external sales, thereby completing the "R&D - production - sales" chain.As of December 1st, more than 512 tons of SBC products have been shipped to end users in Shandong, Jiangsu, Fujian, and other regions.

On December 1, Huntsman Corporation announced that its polyurethane plant in Rotterdam, Netherlands, is currently experiencing an unplanned shutdown, which is expected to have a negative impact of approximately $10 million on the adjusted EBITDA for the fourth quarter of 2025. The larger of the plant's two MDI production lines is affected, and production is expected to resume in mid-December. As a result of this shutdown, management currently expects the adjusted EBITDA for the fourth quarter of 2025 to be at the low end of the $25 million to $50 million range announced on November 6, 2025. Excluding the impact of this shutdown, the quarterly performance would align with previous expectations.

The South Korean antitrust regulator stated that the Korean subsidiaries of two foreign auto parts manufacturers—NIFCO Korea Inc. and ITW Automotive Korea Inc.—have been fined a total of 35.4 billion won (approximately 24.1 million USD) for collusive bidding. The Korea Fair Trade Commission (FTC) said it has imposed fines and corrective orders on these two companies, accusing them of engaging in more than seven years of collusion in bidding for automotive air conditioning vent parts commissioned by Hyundai Mobis (a parts manufacturing subsidiary of South Korean automotive giant Hyundai Motor Group) and CREA. They were found to have colluded in 24 bids from October 2013 to March 2021 to manipulate order allocations, succeeding in 20 instances. The Korea Fair Trade Commission has filed a lawsuit against the two companies with the Supreme Prosecutors' Office over alleged violations of Korea's Monopoly Regulation and Fair Trade Act.

Hong Kong Wande Communications Agency reported that on December 2nd, an investor asked Zhongyan Co., Ltd. whether Jilin Zhongyan Polymer Materials Co., Ltd., represented by Director and Board Secretary Gao Fang, is preparing to conduct research and product verification in the field of humanoid robot-related materials, and what progress has been made. On December 2, in response on the investor interaction platform, Zhongyan Co., Ltd. stated that the downstream applications of its PEEK products include the automotive industry, electronic information industry, high-end manufacturing and energy industry, medical and health industry, and aerospace field. The company places great emphasis on downstream application areas with broad prospects, including humanoid robots, and actively engages in material research and development in conjunction with these areas. As of now, the company has not directly entered the humanoid robot application field and does not have the capability to produce humanoid robot components. For specific details, please refer to the company's regularly disclosed reports and interim announcements.