德国千亿贸易大转向，中德“黄金八年”为何一夜生变？

Group 1 - Germany's trade dynamics have shifted, with the U.S. surpassing China as its largest trading partner in 2024, marking a significant change in trade relationships [1][3] - The total value of goods exported from Germany to the U.S. reached €252.8 billion, while exports to China fell to approximately €235 billion, resulting in a shift of €65 billion in trade surplus towards the U.S. [1] - The DAX index surged nearly 600 points within four weeks, reflecting positive market sentiment towards this strategic pivot [1] Group 2 - Major German companies are experiencing a stark contrast in performance, with BMW reporting a 13% drop in sales in China, while North American sales increased by 11% [4] - Volkswagen's profit margins in its Chinese joint ventures have fallen below 3%, while margins in the U.S. remain above 5%, prompting a shift in investment towards U.S. electric vehicle production [4] - The pharmaceutical company Boehringer Ingelheim has relocated its next-generation core active ingredient production to Boston, citing faster clinical approvals and favorable tax incentives as key reasons [6] Group 3 - German companies are increasingly seeking refuge in the U.S. due to competitive pressures from local Chinese brands, which have significantly reduced the cost of electric vehicles [6] - The tightening of regulations has led to a decline in Chinese investments in German startups, with over 30 acquisition applications stalled in the past year [8] - The shift in investment focus is evident as Chinese capital is now more inclined to flow towards Budapest and Belgrade rather than Frankfurt and Düsseldorf [8]