高盛预计中国2024年液化天然气进口量将恢复到之前的历史最高水平。高盛早些时候表示：如果今年冬天欧洲天然气供应收紧，亚洲液化天然气价格可能会跃升至20美元/MMBTU以上。现在更多：中国2024年的液化天然气进口量预计将恢复到每年略高于8000万吨的历史最高水平。

Goldman Sachs estimates China's 2024 LNG imports to revert back to previous record high.Earlier from Goldman Sachs: Asia LNG prices could jump to above $20/MMBTU if European gas supply tightens this winter. More now: China's 2024 LNG imports are estimated to revert back to the previous record high of just over 80 million tonnes per year.

2024年前十个月，中国工业企业的利润同比下降4.3%，至5868.04亿元人民币，降幅大于上一时期的3.5%。这反映了由持续不稳定的需求、通货紧缩风险和房地产疲软驱动的经济衰退。国有企业的利润进一步下降（-8.2%，而1月至9月为-6.5%），而私营部门的利润下降速度要慢得多（-1.3%，而-9.6%）。在各行业中，非金属矿物（-49.6%）、煤炭开采（-23.7%）、化工（-7.7%），特种设备（-5.2%）、电机（-5.1%）、汽车（-3.2%）以及石油和天然气（-1.8%）的利润均有所下降。与此同时，石油和其他燃料以及黑色金属冶炼从盈利转为亏损。另一方面，有色金属冶炼（40.0%）、热能生产（13.8%）、纺织（5.3%）、计算机、通信（8.4%）和农业、食品（2.8%）的利润增长。工业利润在9月份暴跌27.1%后，每月同比下降10.0%。

Profits earned by China's industrial firms declined by 4.3% yoy to CNY 5,868.04 billion in the first ten months of 2024, steeper than a 3.5% fall in the prior period. This reflected an economic downturn driven by persistently shaky demand, deflation risks, and property weakness. Profits in state-owned companies dropped further (-8.2% vs -6.5% in January-Sept), while those in the private sector fell much slower (-1.3% vs -9.6%). Among industries, profits shrank for non-metallic minerals (-49.6%), coal mining (-23.7%), chemicals (-7.7%), special equipment (-5.2%), electrical machinery (-5.1%), cars (-3.2%), and oil and natural gas (-1.8%). Meanwhile, petroleum and other fuels, and ferrous metal smelting turned from profits to losses. On the other hand, profits rose for non-ferrous metal smelting (40.0%), heat production (13.8%), textile (5.3%), computer, communications (8.4%), and agriculture, food (2.8%). Monthly, industrial profits shrank by 10.0% yoy, after a 27.1% slump in September.

中国股市周二下跌，上证综指下跌0.12%，收于3260点，深证成分股下跌0.84%，收于10333点。这一下降标志着连续第四个交易日出现亏损，因为美国当选总统唐纳德·特朗普誓言对所有来自中国的进口商品征收10%的额外关税。然而，由于特朗普的言论与他之前对中国商品征收60%关税的竞选承诺有所缓和，损失在一定程度上是有限的。高增长科技股和新能源股领跌，360安防科技（-10%）、广东东方（-10%，）和现代安培（-2.8%）的跌幅明显。在企业新闻方面，惠誉评级对包括中国证券公司在内的亚太证券业保持中性展望，并指出，鉴于预期的国内降息，固定收益重估可能带来上行。在证券类股中，光大证券上涨3%，中信证券上涨0.2%。

Chinese stocks slid on Tuesday, with the Shanghai Composite down 0.12% to close at 3,260 and the Shenzhen Component falling 0.84% to 10,333. The decline marked the fourth consecutive session of losses as US President-elect Donald Trump vowed to impose an additional 10% tariff on all imports from China. However, the losses were somewhat limited as Trump's rhetoric softened from his previous campaign promise of a 60% tariff on Chinese goods. High-growth technology and new energy stocks led the downturn, with notable declines from 360 Security Technology (-10%), Guangdong Dongfang (-10%), and Contemporary Amperex (-2.8%). In corporate news, Fitch Ratings maintained a neutral outlook on the Asia-Pacific securities sector, which includes Chinese securities firms, noting potential upside from fixed-income revaluations in light of expected domestic rate cuts. Among securities stocks, Everbright Securities rose 3%, while Citic Securities gained 0.2%.

中国10年期政府债券收益率跌至2.07%以下，为两个月来的最低水平，因为交易员在美国当选总统唐纳德·特朗普再次发出关税威胁后变得谨慎。特朗普重申了对所有进入美国的中国商品加征10%关税的计划，加剧了人们对全球贸易紧张局势升级的担忧。本周早些时候，中国央行将多边基金利率稳定在2.0%，注入9000亿元人民币，同时净提取5500亿元人民币。上周，央行还将一年期贷款最优惠利率维持在3.1%，五年期利率维持在3.6%，这反映了央行在支持经济增长方面的谨慎立场。交易员们现在正在等待本周的中国采购经理人指数数据，以进一步了解该国的经济前景。

China's 10-year government bond yield fell below 2.07%, its lowest level in two months, as traders grew cautious following renewed tariff threats from US President-elect Donald Trump. Trump reiterated plans to impose an additional 10% tariff on all Chinese goods entering the US, heightening fears of escalating global trade tensions. Earlier this week, the PBoC kept the MLF rate steady at 2.0%, injecting CNY 900 billion while withdrawing a net CNY 550 billion. Last week, the central bank also maintained the one-year loan prime rate at 3.1% and the five-year rate at 3.6%, reflecting a cautious stance on supporting economic growth. Traders now await this week’s Chinese PMI data for further insights into the country's economic outlook.