汇丰：全球经济承压下行，中国经济行稳致远

Group 1 - The core viewpoint of the report indicates that the global economy may face increased downward pressure, with expected growth slowing to 2.5% by 2025 [1] - Export and investment in the Asian region are under pressure, but expansionary macro policies can help mitigate the impact [1] - China's economy remains resilient, supported by stable macro policies that effectively bolster domestic demand growth [1] Group 2 - The chief economist for HSBC Global Investment Research in Greater China, Liu Jing, noted that China's manufacturing sector is undergoing a process of upgrading its value chain [1] - There is a significant increase in the proportion of capital goods and intermediate goods in China's export products, with added value from China in goods exported to the U.S. by countries like Mexico and Vietnam also rising [1] - Despite the uncertainty regarding the direction of global supply chain restructuring, a clear trend is emerging where Chinese manufacturing continues to extend towards both ends of the "smile curve," with Chinese companies actively seeking higher added value and deeper integration into the global supply chain [1]