台湾加权指数 (TWII) 加自选

美国贸易代表格里尔：中国正在采取行动，似乎想要脱钩。过去几天，美国和中国之间发生了很多来回，但双方都没有进一步升级。市场继续预计未来几天和几周将出现更多缓和。

USTR Greer: China is taking actions as if it wants to decouple.There's been lots of back and forth in the past few days between US and China but both sides refrained from escalating further. The markets continue to expect more de-escalation in the next days and weeks.

中国商务部表示，稀土出口管制与出口禁令不同。作为提醒，我们周一在华盛顿举行了美中官员的工作人员级会议。双方都在努力避免此事进一步升级，但我们还没有取得任何有意义的突破，尽管降级仍然是市场的基本情况。

China's Commerce Ministry says rare earth export controls are different to an export ban.As a reminder, we had a staff-level meeting in Washington on Monday between US and Chinese officials. Both sides are trying to avoid further escalation on the matter but we haven't got any meaningful breakthrough yet, although the de-escalation remains the base case for the markets.

周四，由于美中贸易紧张局势升级，投资者情绪保持谨慎，上证综指微涨0.1%，收于3916点，而深证综指下跌0.25%，收于13086点。唐纳德·特朗普总统证实，美国正在与中国进行持续的贸易战，尽管财政部长贝森特表示，如果北京停止对稀土矿物实施新的出口管制计划，目前的休战可能会延长三个月以上。美国贸易官员也批评这些控制措施威胁到全球供应链，但中国为此举辩护。投资者现在正在等待即将召开的四中全会，以获得新的政策线索。在企业方面，科技股上涨，此前台积电强劲的盈利突显了对人工智能芯片的强劲需求，Luxshare Precision（1.7%）、中技创新（3.6%）和Cambricon Technologies（2.6%）的涨幅显著。

The Shanghai Composite edged up 0.1% to close at 3,916, while the Shenzhen Component slipped 0.25% to 13,086 on Thursday, as escalating US-China trade tensions kept investor sentiment cautious. President Donald Trump confirmed that the US is in a sustained trade war with China, though Treasury Secretary Bessent signaled the current truce could be extended beyond three months if Beijing halts plans for new export controls on rare earth minerals. US trade officials also criticized those controls for threatening global supply chains, but China defended the move. Investors now await the upcoming Fourth Plenum for fresh policy cues. On the corporate front, tech shares advanced after TSMC’s strong earnings highlighted resilient demand for AI chips, with notable gains in Luxshare Precision (1.7%), Zhongji Innolight (3.6%), and Cambricon Technologies (2.6%).

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The Shanghai Composite rose 0.3% to above 3,920, while the Shenzhen Component added 0.1% to 13,130 on Thursday, marking a second straight session of gains amid bets that Beijing would introduce new stimulus to combat deflationary pressures and the impact of higher US tariffs. Premier Li Qiang urged stronger policy efforts to spur consumption and curb unfair market practices. Still, sentiment was tempered by escalating US-China trade tensions as President Donald Trump confirmed the two nations are currently engaged in a sustained trade war. However, US Treasury Secretary Bessent suggested the current trade truce could be extended beyond three months if China suspends plans for strict new export controls on rare earth minerals. Tech shares led the advance, with notable gains in ZTE Corp (6%), Zhongji Innolight (4.7%), and Cambricon Technologies (3.5%).