中欧于10月9日举行贸易与投资磋商机制第二次部长级会议，发表联合声明并列明16项共识，最受关注的是在WTO框架下就混合动力汽车贸易达成谅解。欧方表示，相较于政策不变情形，该安排或将在四年内使中国对欧盟混合动力汽车出口减少逾半；双方还就下调部分欧盟商品的中国关税、放宽中国对稀土与永磁体的出口限制达成谅解。我们认为结果温和偏正面，短期降低了关税升级与报复风险。但混动安排的法定机制与产品覆盖范围尚未披露，双边贸易失衡的结构性根源基本未触及。预计在欧洲理事会评估、明年1月部长级视频会议及3月第三次会议前将出现一段相对平稳期。总体判断是当前"慢烧"被暂时降温，而非熄灭。
China and the EU concluded the second ministerial meeting under the Trade and Investment Consultations (TIC) mechanism on 9 October, issuing a joint statement and a 16-point list of deliverables and understandings. Most notably, an understanding on hybrid-vehicle trade within the WTO framework was reached. We view the outcome as moderately positive, reducing the near-term risk of escalating tensions. However, the hybrid vehicle arrangement's legal mechanism and detailed product coverage remain undisclosed, and the structural drivers of bilateral trade imbalances remain largely unaddressed. Subject to EU leaders' assessment at the European Council on 15-16 October and progress on implementation, we expect a period of relative stability through the January ministerial video conference and ahead of the third TIC meeting in March 2027. In our view, the slow burn has been temporarily tempered rather than extinguished.