点击上图▲立即报名 2025年6月19日—6月20日，相约"生而全球·共融共建"第二届出海全球峰会， 1500+企业出海掌舵人再聚狮城，与吴晓波、王辉耀、秦朔、津上俊哉、杨宇东、张 华荣等嘉宾，共 同探索中企出海从"产能迁徙"到"文明共生"的新路径。 【点击马上 报名】 文 / 巴九灵（微信公众号： 吴晓波频道） "出海"这件事，正在悄悄换一种讲法。 据商务部发布的《2025Q1中国对外投资公报》， 中国对外直接投资同比激增42%， 其中新能源汽车、AIoT、跨境内容平台3大赛道贡献超6成增 量。 与此同时，麦肯锡的《2025中国企业全球化风险调研》显示， 67%的出海企业承认，本土化遭遇"系统性狙击"， 从用工纠纷到合规审查，从文化 冲突到供应链断链。 这背后，是一场看不见但已然来临的"出海范式革命"。 今天中国出海企业遇上的，不再只是语言与礼仪的表层差异，更是全球秩序、产业格局、价值观与社会责任的全方位挑战。 吴晓波老师曾说："全球化是这个时代最伟大的商业命题。"但在2025年的当下，我们面临的问题是： 当去全球化与再全球化交织，当世界不再欢 迎低成本模仿者，中国企业凭什么赢得未来？ 在即将到来的"生而全 ...

点击上图 ▲立即加入 5月财新制造业PMI降至48.3 6月3日，标普全球公布的数据显示，中国5月财新制造业PMI为48.3，较4月前值50.4下降2.1%，为2024年10月来首次跌至临界点以下。标普全 球指出，当月制造业景气放缓，主要是新订单减少。新接业务量录得逾两年半以来最显著收缩，受访企业反映需求环境恶化，同时一定程度上也 是出口订单连续两月下滑所致。随着新业务量减少，制造业产出在19个月来首度录得下降。 此前，国家统计局公布的5月制造业PMI回升至49.5，比上月上升0.5%，制造业景气水平改善，非制造业延续扩张。大型制造业企业PMI升至临 界点以上，高技术制造业延续扩张，连续4个月保持在扩张区间；进出口指数均有回升。（华尔街见闻） ｜点评｜ 5月财新PMI和官方PMI一降一升，主要还是因为来自出口端的扰动。财新PMI的统计样本更侧重于东南沿海的中小型出口企业，而官 方PMI则更为全面，大型企业数量更多。5月中美贸易关系略有缓和，部分陷入停滞的美国出口订单重新恢复。贸易商们的信心略有修复，却仍 在担心后续两国贸易关系大概率还会有很多反复，出口新订单指数保持低位运行。 国内需求缓慢修复，主要集中在有" ...

点击图片▲立即试听 " 如果有必要，我会从他（特朗普）两腿间钻过去，如果这是为我的人民所必须做的。但我也不是好欺负的。在讨价还价的谈判中，韩国也有不少牌可打。 " 文 / 巴九灵（微信公众号：吴晓波频道） —— 李在明 经历6个月的政治动荡与撕裂后，李在明当选为韩国第21届总统。 李在明当选韩国总统，在国会外向支持者致意 这是一场仓促而又独特的选举。2024年12月3日，时任韩国总统尹锡悦突然发布戒严令，举国震惊。在国会的反对之下，戒严令被废除，随后，尹 锡悦被弹劾。今年4月4日，他的总统职位被罢免。在这段混乱的时间里，韩国出现三位代总统。 依据法律，总统被罢免后，必须在60天内举行新一届的总统选举。于是便有了6月3日的总统选举。常规的总统大选，通常会设有两个月过渡期， 但此次是特别选举，总统的入职时间提速。所以，在票选结果公布的今天，李在明就得拎包"上班"。 对于61岁的李在明来说，混乱，是向上攀爬的阶梯。 2022年的总统大选，李在明以0.73%的微弱优势败给了尹锡悦。如果尹锡悦好好当总统，直到5年任期结束，那么正常的大选本应该安排在2027年 春季。 2022年3月9日，韩国大选 但是尹锡悦发布的戒严令 ...

Core Viewpoint - The "Su Super" league in Jiangsu Province has emerged as a unique grassroots football competition that fosters regional pride and community engagement, providing a public space free from commercial manipulation, and promoting a shared pursuit of a better public life through sports [5][39][41]. Summary by Sections Overview of "Su Super" - "Su Super" refers to the Jiangsu Provincial City Football League, featuring 516 players representing 13 cities in Jiangsu, highlighting the competitive spirit among these cities [5][19]. - The league has gained immense popularity, with social media views exceeding 820 million and over 13 million viewers for live broadcasts, showcasing its potential to rival professional leagues [8][19]. Cultural and Regional Significance - The league taps into local rivalries, with matches often framed as historical or cultural battles, enhancing community engagement and local identity [11][18]. - The competition has sparked humorous banter among fans, reflecting the deep-rooted regional pride and cultural narratives within Jiangsu [12][16]. Economic and Social Impact - The league is expected to stimulate local economies through increased attendance, with average match attendance surpassing 10,000, and some matches drawing over 20,000 spectators [8][27]. - Local businesses have benefited from the influx of visitors, with significant increases in sales and tourism-related activities [27]. Organizational Structure and Support - The league is officially supported by the Jiangsu Provincial Sports Bureau and local governments, distinguishing it from other grassroots initiatives like the "Village Super" [20][24]. - The structure allows for a mix of amateur and semi-professional players, ensuring broad community representation and engagement [26][39]. Comparison with Other Regions - The success of "Su Super" is attributed to Jiangsu's unique geographical, demographic, and cultural characteristics, making it challenging for other provinces to replicate this model [29][35]. - Jiangsu's economic balance and cultural diversity provide a fertile ground for such a competitive league, unlike regions with more pronounced disparities [32][33]. Conclusion and Future Prospects - "Su Super" represents a shift in Chinese sports culture, moving away from purely professional models to a more community-oriented approach that emphasizes local identity and participation [39][41]. - The league's model may offer insights for other regions seeking to develop their sports culture by focusing on local strengths and community engagement rather than solely on professionalization [39][41].

Core Viewpoint - The article discusses the evolving landscape of Chinese companies going global, emphasizing the shift from merely exporting products to a more integrated approach that focuses on deep localization and sustainable globalization in response to challenges such as trade protectionism and compliance risks [2][10]. Summary by Sections Current Trends in Globalization - In the first quarter of 2025, China's "new three samples" (new energy vehicles, lithium batteries, and photovoltaic products) exported over $47.7 billion [2] - The global short drama market saw nearly $700 million in in-app purchases in Q1 2025 [2] - Chinese innovative pharmaceuticals achieved a total export transaction amount of $45.5 billion from the beginning of the year [2] - Various sectors, including smart manufacturing, cross-border e-commerce, gaming, patents, and business travel services, are expanding their global presence [2] Challenges and Opportunities - Companies face challenges such as trade protectionism, compliance risks, and cross-cultural management as they navigate the complexities of international markets [2] - The article highlights the need for companies to adapt to a new phase of "all-factor going global," which involves re-learning and integrating compliance, supply chains, organization, and branding [5][6] Insights from Industry Experts - Wu Xiaobo emphasizes the importance of "all-factor going global" as a significant opportunity for Chinese entrepreneurs over the next 20 years [4][5] - Tsunemi Junya points out the necessity for companies to integrate into local communities, drawing from Japan's historical experiences in overseas expansion [6] - Qin Shuo focuses on the balance between exports and overseas markets, advocating for resilience and flexibility in navigating the U.S. and non-U.S. markets [7] - Yang Yudong calls for a high-quality era of going global, where companies prioritize local market needs and value creation [7] - Shen Jin stresses the importance of innovation, craftsmanship, and humility as key factors for success in uncertain international environments [8] - Huang Zhaohua notes a shift in the annual keyword for overseas expansion from "persistence" to "breakthrough," indicating readiness for new challenges and opportunities [10][11] Upcoming Global Summit - The second Global Summit on Going Global will take place in Singapore on June 19-20, 2025, focusing on collaborative strategies for Chinese companies to navigate globalization [2][11] - The summit aims to explore how to innovate overseas models, achieve deep localization, and build supply chain advantages [11]

Core Viewpoint - The article discusses the contrasting aspirations of the United States and China regarding their economic identities, with the U.S. aiming to bring manufacturing back and become a "producer society," while China seeks to expand consumption and evolve into a "consumer society" [4][5]. Group 1: U.S. Manufacturing and Consumer Society - Trump's rally in Pennsylvania emphasizes the push to keep manufacturing jobs in the U.S. by increasing tariffs on imported steel and aluminum from 25% to 50% [4][3]. - Pittsburgh, once a steel hub, symbolizes the U.S. manufacturing revival, transitioning from a deindustrialized "rust belt" to a center for healthcare and high-tech industries [3][4]. - The U.S. consumer society emerged in the early 20th century, driven by industrial productivity, with personal consumption contributing to 70% of GDP growth since 1953 [24][18]. Group 2: Characteristics of Consumer Societies - The transition from a producer society to a consumer society is marked by a shift in identity from labor-based to consumption-based, where consumerism becomes a core value [10][12]. - Key features of a consumer society include brand-oriented consumption, flexible employment, and a focus on immediate gratification [11][14]. - The U.S. consumer society is characterized by a high dependency on credit systems and installment payments, allowing broader access to goods [19][22]. Group 3: Comparison of U.S. and China's Consumer Societies - The article highlights that while the U.S. has a mature consumer society, China's transition is still in progress, maintaining a strong manufacturing base [39][40]. - In 2024, U.S. final consumption expenditure is projected to reach $17.8 trillion, significantly higher than China's $10.3 trillion, indicating a substantial gap in consumer spending [26][24]. - China's consumer market is evolving, with policies promoting consumption, such as the "old-for-new" program, which has already generated over 1 trillion yuan in sales this year [4][40]. Group 4: Economic Implications and Future Outlook - The article suggests that China's path to becoming a consumer society will depend on industrial upgrades and maintaining social stability, leveraging its large population and manufacturing capabilities [41][40]. - The potential for a unique Chinese consumer society model exists, integrating a vast market, technological empowerment, and a solid manufacturing foundation [41][40].

Core Viewpoint - The article discusses the evolving landscape of the restaurant industry in China, highlighting the tension between consumer desire for unique dining experiences and the increasing prevalence of standardized chain restaurants. It suggests that as consumers become more discerning, there is a growing demand for quality and authenticity in dining options, which may lead to a resurgence of local, non-chain establishments [1][41][44]. Group 1: Consumer Behavior and Trends - During the recent Dragon Boat Festival and Children's Day, many restaurants, especially those near tourist attractions, saw high demand, with special "family packages" introduced to attract customers [2][4]. - A report from Deep Blue Think Tank revealed that 28.2% of consumers prioritize product quality over brand, while 20.6% prefer well-known brands, indicating a complex relationship with brand loyalty [5][7]. - Consumers exhibit a mix of loyalty and curiosity, with 32.2% often choosing familiar restaurants, while 29.6% are willing to try new places if the price is right [10][12]. Group 2: Market Dynamics and Competition - The share of chain restaurants in China has increased from 15% in 2019 to 22% in 2024, with projections suggesting it could reach 24% by 2025 [16]. - Major global brands like McDonald's and Starbucks dominate the market, with McDonald's alone purchasing 35 billion pounds of potatoes annually, showcasing the scale and purchasing power of these giants [21][22]. - Chinese brands like Mixue Ice City and Luckin Coffee are also expanding rapidly, with Mixue boasting 46,000 stores, primarily in Asia [20]. Group 3: Standardization vs. Local Flavor - The article notes that many traditional dishes are becoming standardized, with some brands achieving 60%-70% standardization in their offerings [32]. - The rise of "internet celebrity" restaurants, which create unique dining experiences, is highlighted as a response to consumer fatigue with uniformity [33][36]. - The future of the restaurant ecosystem in China may not mirror the U.S. model of dominance by a few giants, but rather a coexistence of large chains and small, unique establishments [49]. Group 4: Future Outlook - As consumer preferences shift towards quality and authenticity, the article suggests that brands must refine their offerings to meet these expectations, focusing on product quality, service, and brand culture [44][50]. - The article concludes that the competition will increasingly hinge on the ability to provide unique experiences and maintain a connection to local culture, as consumers seek out authenticity in their dining choices [52].

点击图片▲立即报名 编者按：5月12日以来 ，中美关税战暂缓。我们策划了"中国外贸城市观察"专 题，寻找外贸走向的答案切片。第一站义乌，第二站重庆， 第三站则是宁波。 宁波舟山港货运吞吐量连续16年位居全球第一。据宁波口岸数据，2024年上半 年，美国是其最大贸易国家，占比17.3%。 我们主要从国际货代行业切入，它介于海运与外贸行业，掌握外贸链条的核心环 节，有着对行业形势十分敏感的群体。 文 / 巴九灵（微信公众号：吴晓波频道） 夜幕下的宁波舟山港 核心港区 —— 北仑港区，成了大卡车的海洋。 离港一两公里的地带，集装箱卡车如接了锁链一般，一车接一车，驶在 坑洼的路面，发出一声声巨响。 一座座如小山般的集装箱码头，仿佛一个个积木城，以每一两分钟的频率进出重卡。 直到凌晨时分，港区依然灯火通明，发出阵阵作业时的钢铁之声。 北仑港区灯火通明 图源：小巴拍摄 一切似乎 都在 预料之中。 5月12日《中美日内瓦经贸会谈联合声明》 发 布 之后的 90天左右，美国对华关税从145%降至10%。 由此，对美出口重归火热。据证券时报近日多方调研： 5月底的舱位已基本售罄，运价上涨幅度超过40%。 5月中下旬，小巴走访了 ...

Group 1: Computing Power Interconnection Action Plan - The Ministry of Industry and Information Technology issued the "Computing Power Interconnection Action Plan," aiming to establish a comprehensive standard and rule system for computing power interconnection by 2026 and achieve nationwide public computing power standardization by 2028 [1] - The plan emphasizes the need for leading server companies to drive the development and application of new high-speed interconnection protocols, enhancing compatibility across various transmission protocols [1] - The initiative aims to optimize the allocation of computing resources, particularly facilitating the "East Data West Computing" strategy, which involves sending data from energy-scarce eastern cities to the resource-rich western regions for processing [1] Group 2: Digital Tax in Germany - Germany is considering a 10% digital services tax on major online platforms like Google and Meta, citing concerns over tax avoidance and monopolistic structures that threaten competition and free speech [3] - This move is seen as a pressure tactic in ongoing US-EU trade negotiations, with several European countries already implementing similar taxes [3][4] - The proposal highlights the need for a fair discussion on tax laws rather than using them as negotiation tools, which could harm the business environment [4] Group 3: Shanghai Foreign Trade Performance - Shanghai's foreign trade in the first four months of the year reached 1.4 trillion yuan, a 1% year-on-year increase, with exports growing by 13.8% [5] - The city has shown resilience in foreign trade despite tariff challenges, with significant growth in exports to non-US regions, particularly Africa, which saw a 96.5% increase [5][6] - The strong performance is attributed to Shanghai's robust high-end manufacturing and electronics sectors, as well as the flexibility and innovation of private enterprises [5] Group 4: Hotel Investment Market - The hotel investment market in China is experiencing increased activity, with 313 new hotels opening in April, a 41.6% month-on-month increase [7] - Major transactions are concentrated in first-tier and new first-tier cities, with the East China region accounting for 55% of hotel investment deals [8] - Despite a competitive environment, the demand for hotel assets is rising, driven by increased travel during holidays, although overall hotel performance remains mixed [8] Group 5: Li Auto's Financial Performance - Li Auto reported a 1.1% year-on-year revenue increase to 25.9 billion yuan in Q1 2025, with a net profit of 647 million yuan, marking a 9.4% increase [9] - The company expects Q2 deliveries to reach between 123,000 and 128,000 units, reflecting a year-on-year growth of 13.3% to 17.9% [9] - Li Auto's performance is stable, but it faces increasing competition from other new energy vehicle manufacturers [10] Group 6: Luckin Coffee's Pricing Strategy - Luckin Coffee has introduced promotional pricing, with some drinks priced as low as 6.9 yuan, amid intense competition in the coffee market [11] - The company emphasizes that these discounts are temporary promotional activities rather than a shift to a lower pricing strategy [11][12] - Despite rising coffee bean prices globally, domestic price competition remains fierce, with competitors offering significantly lower prices [11] Group 7: ETF Market Growth - The ETF market in China has surpassed 4 trillion yuan, with significant inflows of new capital and an increase in the number of ETF products [13] - The growth is partly driven by state-owned entities entering the market, focusing on index ETFs rather than individual stocks [13] - The rise in ETF trading activity reflects a shift in investor preference towards diversified investment strategies [13] Group 8: Stock Market Overview - The stock market experienced fluctuations, with the Shanghai Composite Index closing down 0.47% on May 30, amid a total trading volume of 1.14 trillion yuan [14] - Defensive sectors like pharmaceuticals showed strength, while high-flying stocks faced declines [14] - Market sentiment remains cautious, with expectations of policy support in June potentially stabilizing the market [15]

点击图片▲立即收听 " 特朗普不仅拒绝进口 ' 非美国制造 ' ，也在拒绝进口人才。 " 文 / 巴九灵（微信公众号：吴晓波频道） 美国政府与自家最有名学府们的斗争，进入到一个新的阶段。 美国国务院于 5 月 28 日宣布，已开始取消部分中国留学生的签证。它将和发放签证申请的美国国土安全部一起合作，取消"学生与交流访问者项 目（ SEVP ）"的认证——没了这个认证，美国的高校将无法给国际学生发放签发申请学生签证所需的文件。 这是对一周前特朗普发难哈佛大学，禁止其招收国际学生的延续，只是针对性更强，如今，特朗普也不装了，直接对准了美国第二大留学生来源国 ——中国。 哈佛大学教授及学生抗议特朗普制裁政策 图源：EPA 当然，这项禁令正在面临美国法庭的考验，而法律的考验也不是空口白牙。 正是在同一天，美国国际贸易法院裁定：撤销特朗普依据《国际紧急经济权力法》推动的关税措施。用大白话说，美国的司法体系认为，特朗普此 前利用国家紧急状况对全世界范围征收的 "对等关税"并不合法。 这意味着，一旦法院判决落地生效，特朗普于 4 月 2 日发动的对等关税行政令将被取消，美国对华关税甚至有望从目前的 34% 降低至 12% ...