ZGXT(SZ:000831) Sou Hu Cai Jing·2025-11-03 18:38Group 1 - The core issue in Europe is the potential use of the "anti-coercion tool" against China, which has been dormant for nearly two years, raising questions about the unity of EU member states in this gamble [3][6] - Macron's focus is on China's rare earth export controls, as he seeks to shift domestic political attention and secure a share in the global supply chain restructuring [3][6] - The economic interdependence between Europe and China is significant, with the EU-China trade volume reaching €800 billion before 2024, making China the largest source of imports for the EU and the second-largest export market [3][4] Group 2 - The "anti-coercion tool" includes measures such as tariffs, public procurement restrictions, and investment limitations, but its implementation requires a majority vote from EU member states, complicating its use [6][9] - The tool is perceived more as a bargaining chip rather than a weapon, as any retaliatory measures from China could adversely affect various European industries, including agriculture and automotive [6][9] - Macron's push for a hardline stance is seen as a political strategy to divert attention from domestic issues, but it risks escalating tensions in a globally interconnected economy [6][9] Group 3 - China's response to the situation has been calm, with advancements in semiconductor self-research and a willingness to engage with European companies in green transitions [7][9] - The broader European challenge is not unique to France, as the entire continent faces transformation pains, and blaming external factors will not resolve underlying issues [9] - A more pragmatic approach to China is suggested, emphasizing cooperation amidst competition and seeking consensus rather than confrontation [9]