（作者｜周琦 编辑｜张广凯） 六年拉锯，1.11亿元落槌。 12月19日，新乳业发布公告，宣布完成对福州澳牛乳业相关资产的收购。 这一收购事件并非新乳业的首次区域并购。 据官网披露，新乳业拥有15个主要乳品品牌、16家乳制品加工厂、12个自有牧场。 新乳业集团官网 新乳业成立于2006年，原是新希望集团旗下乳业板块，2011年被新希望剥离，后在2019年于深交所上市。 刘永好和刘畅父女是新乳业的实际控制人，也是一致行动人。 目前，由刘畅全资控股的Universal Dairy Limited，持有新乳业65.07%股份；刘永好全资控股新希望投资集团有限公司，持有新乳业11.42%股份，父女两人合 计持股新乳业股份达到76.49%。 截止12月22日收盘，新乳业股价报18.88元/股，市值达162.5亿元。 六年收官 自2019年上市以来，新乳业通过"并购整合"战略，已先后将夏进乳业、杭州双峰等多个区域品牌纳入旗下，形成了以西南为中心，辐射全国多地的业务版 图。 本次公告，为历时六年的"福州澳牛"并购案画上句号。 企查查显示，新乳业最终支付的交易对价为1.11亿元，其中截至2025年11月已累计支付1.09亿元 ...

12月11日至12日，2026年亚太经合组织(APEC)非正式高官会在深圳举行。这是我国担任2026年APEC东 道主主办的首场活动，拉开APEC"中国年"帷幕。 此次会议主要目的是推动APEC各方就明年APEC会议有关计划和安排集思广益、达成一致，确定主办 经济体的工作计划、筹备工作和会议日程表。 12月11日上午，主题和优先领域研讨会上，APEC高官、工商界代表、专家学者等齐聚一堂，探讨构建 亚太共同体的新图景、新机遇、新展望。 亚太发展面临更多不确定性 来自21个经济体的代表与专家学者约200人参会。中国太平洋经济合作全国委员会会长詹永新致欢迎 辞，亚太经合组织秘书处执行主任爱德华多·佩德罗萨，外交部国际经济司司长、2026年亚太经合组织 高官会副主席兼总干事白天发表主旨演讲。 会上，白天表示，亚太经合组织的研讨会不仅为APEC未来的合作提供指导方针，还激发了亚太地区长 期合作的灵感，"回顾过去四十年，我们有理由为亚太地区取得的显著成就感到自豪。"白天说，当前， 世界经济面临错综复杂的变局和动荡，单边主义和保护主义抬头，亚太发展也面临更多不确定性，在这 场较量中，如何推动合作发展至关重要，也是亚太经合组 ...

Core Insights - The shift from globalization to regionalization is becoming a more significant trend, particularly impacting emerging economies in Asia that rely on trade [2] - Stronger regional and bilateral cooperation is seen as the "only choice" amidst pressures on the multilateral system, with a focus on the growing trade and investment ties between China and Southeast Asian countries [2][3] - The region's approximately 600 million growing middle class presents a substantial opportunity for mutual benefits through deeper integration [2] Summary by Sections - **Regional Cooperation** - The emphasis on deeper mutual cooperation in the region aims to reduce dependence on external countries, especially the United States [2] - The ideal scenario involves further market openness and reduced trade and investment barriers to significantly increase bilateral trade and investment [2] - **Supply Chain Dynamics** - The fragmentation of global supply chains is acknowledged as a response to geopolitical tensions, but the positive significance of internal regional integration is highlighted [2] - China possesses significant comparative advantages in green technology, digital economy, and infrastructure, which ASEAN countries can leverage for mutual benefits [2] - **China-ASEAN Free Trade Area 3.0** - The upgraded China-ASEAN Free Trade Area 3.0 is viewed positively as a means to deepen regional integration and further incorporate China's supply chains into ASEAN [3] - The success of the agreement hinges on execution capabilities, particularly in the context of geopolitical tensions [3]

Group 1 - The 47th ASEAN Summit and related meetings were held in Kuala Lumpur, Malaysia, focusing on the formal signing of the China-ASEAN Free Trade Area 3.0 upgrade protocol, amidst the backdrop of the U.S. government's "reciprocal tariffs" proposal [1][4] - ASEAN countries are significantly impacted by "reciprocal tariffs," yet they demonstrate unprecedented strategic autonomy and confidence, aiming to shape regional resilience and inclusive development while maintaining a multilateral economic order [1][2] Group 2 - The world is experiencing a significant transformation in the economic landscape, characterized by the end of traditional globalization, the rise of regionalization, and the emergence of new economic sectors influenced by technological revolutions [2][3] - ASEAN countries are positioned as crucial hubs in global economic cooperation, benefiting from their unique geographical advantages, which have attracted international capital and positioned nations like Vietnam and Malaysia as emerging production and trade centers [3][4] - ASEAN is enhancing its regional resilience and inclusivity through initiatives like the Regional Comprehensive Economic Partnership (RCEP) and the completion of the China-ASEAN Free Trade Area 3.0 upgrade protocol, addressing external challenges such as "reciprocal tariffs" and "de-globalization" [4]

Core Insights - The article discusses the shift from globalization to "de-globalization," driven by geopolitical conflicts, trade protectionism, and supply chain disruptions due to the pandemic, leading to a focus on regionalization and security resilience [1][3] Group 1: Disruption of Old Models - The core driver of de-globalization is the pursuit of "security resilience" by businesses and governments, which sacrifices some efficiency and cost [3] - Companies that previously relied on low-cost, long supply chains for high profits are facing challenges, while those offering localized, high-security, and resilient solutions are poised for growth [4] Group 2: New Investment Opportunities - Wealth is being re-consolidated into economies with high regional collaboration capabilities [4] - Opportunities include: - **Reshoring and Upgrading of Domestic Manufacturing**: Companies utilizing automation, AI, and green energy for local or regional re-manufacturing will benefit, such as industrial automation equipment providers and smart logistics service companies [4][5] - **Beneficiaries of Regional Trade Agreements**: Companies in countries benefiting from trade agreements (e.g., RCEP, USMCA) will gain from tariff advantages and supply chain integration, with emerging economies like Southeast Asia and Mexico becoming new manufacturing hubs [5] - **Accumulation of Key Resources and Self-Sufficiency**: The rise in resource sovereignty awareness will increase the value of energy, critical minerals, and high-tech research, making investments in companies ensuring stable energy supply or possessing self-sufficient technologies attractive [7] Group 3: Strategies for Adaptation - Companies must regularly review their portfolio logic, questioning the security of their supply chains and the risks of regional trade barriers [7] - Diversifying country allocations is essential to mitigate geopolitical and trade risks, suggesting that core assets should be spread across different regional index funds [7]

Core Insights - Asian economies demonstrate resilience amid global economic uncertainty, with several countries showing strong performance due to the "pre-order" effect from U.S. tariff policies, which has bolstered exports [1][3] - Optimism for growth in certain Asian economies over the next few quarters is supported by government policies and deeper regional cooperation that can mitigate the negative impacts of U.S. protectionism [1][3] - Technological advancement and innovation are crucial for enhancing productivity in China, which has a significant manufacturing base contributing to long-term economic growth [1][2] Economic Performance - Many Asian economies, including India and Southeast Asian nations, are expected to maintain healthy growth momentum despite challenges posed by U.S. tariffs [3] - The "pre-order" phenomenon, where Western consumers purchase more Asian goods to avoid higher future tariffs, has supported many Asian manufacturers and exporters [3] - Future demand may experience slight deceleration as the impact of pre-orders wanes, but proactive government measures are anticipated to cushion potential slowdowns [3] Regional Cooperation - The Regional Comprehensive Economic Partnership (RCEP) and other free trade agreements are enhancing regional economic cooperation, which is seen as a core driver for sustained growth in the Asia-Pacific region [5] - Studies suggest that RCEP members could gain approximately 2% of GDP in additional benefits if trade commitments are upheld, potentially offsetting some impacts of rising U.S. tariffs [5] Technological Innovation - The focus on technological innovation is expected to continue, with governments likely to allocate more resources to enhance productivity and long-term economic growth [2][7] - Countries like China and South Korea are positioned to benefit from ongoing technological advancements, providing a solid foundation for future growth [7] Capital Flows and Market Sentiment - The recent 25 basis point rate cut by the Federal Reserve is expected to positively influence capital flows into emerging Asian markets, as it narrows the interest rate differential with the U.S. [6] - The anticipated weakening of the U.S. dollar may further support investor sentiment in the region, contributing to stock market gains [6]

Core Insights - The resilience of the Asian economy amidst global uncertainty is highlighted, with optimism for growth in several Asian economies due to supportive government policies and regional cooperation mitigating the impact of U.S. protectionism [1][5][7] - Technological innovation is identified as a key driver for long-term growth in China, with a focus on enhancing productivity through advancements in AI and other technologies [2][3][7] - The impact of U.S. tariff policies has led to an "advance order" phenomenon, benefiting Asian exporters as Western consumers stock up on goods to avoid higher future tariffs [3][5] Economic Performance - Many Asian economies, including India and Southeast Asian nations, are expected to maintain healthy growth momentum in the near term, despite potential slight slowdowns due to diminishing effects of advance orders [3][7] - The manufacturing sector in Asia remains crucial for global supply chains, with Asian countries continuing to play a significant role despite increased costs from tariffs [3][5] Regional Cooperation - The Regional Comprehensive Economic Partnership (RCEP) and other free trade agreements are fostering economic cooperation in the Asia-Pacific region, potentially offsetting some negative impacts of U.S. tariffs [5][6] - Studies suggest that RCEP members could gain approximately 2% of GDP in additional benefits if trade commitments are upheld, which could help mitigate the effects of rising U.S. tariffs [5][6] Monetary Policy Impact - The recent 25 basis point rate cut by the Federal Reserve is viewed positively for emerging Asian markets, as it may lead to increased capital inflows and improved investor sentiment [6][7] - The anticipated weakening of the U.S. dollar could further support investment in Asian markets, enhancing overall economic conditions [6][7] Future Outlook - Long-term growth in Asia is expected to be driven by technological advancements and innovation, particularly in countries like China and South Korea [7] - The shift towards regional trade strategies and potential internal demand transformation may become necessary for Asian economies facing challenges from external trade environments [7]

Core Insights - The article discusses the transformation of global supply chains from a focus on efficiency and cost to resilience, efficiency optimization, and sustainable development due to geopolitical tensions, technological advancements, and climate crises [3][31]. Group 1: Key Issues in Global Supply Chains - Four core issues are identified in the current global supply chain landscape: structural issues, risk control issues, efficiency issues, and sustainability issues [4][5]. - Structural issues are driven by geopolitical tensions leading to a shift from globalization to regionalization, increasing trade costs and necessitating fundamental adjustments in supply chain layouts [5][10]. - Risk control issues highlight the normalization of vulnerabilities and disruptions, with a significant increase in supply chain interruption events, leading to substantial revenue losses for companies [6][10]. - Efficiency issues arise from rising operational costs and declining collaboration efficiency within supply chains, exacerbated by regionalization and fragmentation [7][10]. - Sustainability issues are characterized by increased pressure for green transformation and compliance costs, as regulations evolve into market entry barriers [8][10]. Group 2: Trends and Challenges - The article outlines ten trends and challenges that are reshaping supply chain dynamics and competitive rules globally [9][10]. - Trend 1 emphasizes the shift towards regionalization and shorter supply chains, with global trade growth entering a plateau phase [10][13]. - Trend 2 discusses the restructuring of value chains within economic regions, with different countries assuming new roles in the value chain [16][18]. - Trend 3 highlights the imbalance in labor and capacity layouts, leading to labor shortages and mismatched production capabilities in emerging markets [18][19]. - Trend 4 focuses on the structural upgrade of Chinese enterprises going abroad, transitioning from traditional exports to more complex models [19][21]. - Trend 5 addresses the increasing uncertainty in global economic policies, which has become a new norm for supply chains [21][23]. - Trend 6 outlines the compounded risks facing global supply chains, including trade policy impacts and labor shortages, leading to systemic disruptions [23][25]. - Trend 7 discusses the dual-edged effects of digitalization and automation technologies on supply chains, enhancing efficiency while introducing new risks [25][26]. - Trend 8 presents the rise of flexible supply chains to adapt to rapid market changes and mitigate risks [26][27]. - Trend 9 highlights the pressures of green transformation and compliance costs as ESG standards become stringent market requirements [27][28]. - Trend 10 points out the differentiation and complexity of ESG standards across regions, creating compliance barriers for businesses [28][30]. Conclusion - The article concludes that the global supply chain is undergoing a critical transformation, necessitating a strategic upgrade for companies to navigate the intertwined challenges and trends effectively [31][32].

Core Insights - The global supply chain is accelerating its shift towards emerging markets like China, characterized by regionalization, digitalization, and sustainability [1] - China is actively responding to changes through strategies such as "dual circulation" and "new quality productivity," providing a "Chinese solution" for global supply chain optimization [1] Group 1 - The release of the "Global Supply Chain Development Trend Blue Book (2025)" by the China Federation of Logistics and Purchasing highlights current trends in the supply chain [1] - The blue book indicates a significant transformation in the global supply chain landscape, emphasizing the importance of emerging markets [1] - Key features of the evolving supply chain include regionalization, digitalization, and a focus on green practices [1]

Core Viewpoint - The successful acquisition of the first-level general contracting qualification for construction engineering by China Communications First Public Bureau Shenzhen Company marks a significant milestone in its strategic development and enhances its competitive edge in the urban construction market [1][3]. Group 1: Qualification Upgrade - The Shenzhen company has obtained first-level qualifications in both housing construction and municipal engineering, which is a crucial step in implementing its "Strengthening Urban Development" strategy and advancing its "dual headquarters" initiative [1][3]. - The upgrade of the construction engineering general contracting qualification is seen as a key lever for expanding urban market space, enhancing core competitiveness in housing construction, and optimizing product structure [3]. Group 2: Strategic Implementation - Since the beginning of the 14th Five-Year Plan, the Shenzhen company has actively responded to strategic directives from higher authorities, focusing on the development direction of "urbanization + specialization + regionalization" [3]. - A special working group was established to oversee the qualification upgrade process, with top leadership personally involved in coordination and deployment to ensure smooth progress [3]. Group 3: Future Development - The successful upgrade to first-level qualification is viewed as a strong engine for future development, allowing the Shenzhen company to deepen its engagement in the urban market and continuously improve project management and construction capabilities [3]. - The company aims to leverage this new qualification as a starting point to contribute significantly to regional development strategies and the construction of high-quality projects [3].