撰文 | 莫 莉 编辑 | 黄 大 路 设计 | 甄 尤 美 酷爱买车的沙特，这次想向造车转型了。 据路透社报道，2025年11月20日，在美国华盛顿举行的美沙投资论坛上，沙特阿拉伯投资部与国家工业发展中心联合Stellantis和本土汽车集团 Petromin，签下了一份关于本土整车制造的谅解备忘录，为在沙特建设乘用车和商用车生产基地启动可行性评估工作。 新汽车生态合作，报名中国版CES！ 作为中东最大的汽车市场之一，沙特正全力扭转只消费但不制造的局面。 实际上，这不仅是一纸合作文件，也是沙特"2030愿景"下，试图把汽车工业从消费端推向制造端的关键一步，也让Stellantis成为最新一批被纳入 这一版图的跨国车企。 从Lucid到现代，从Ceer到Stellantis，沙特正在搭建覆盖高端电动车、燃油车及商用车的多元化制造体系。 谅解备忘录背后 根据沙特投资部和Stellantis发布的联合声明，此次谅解备忘录由沙特投资部MISA、国家工业发展中心NIDC、Stellantis以及Petromin共同签署，目 的是评估在沙特建设整车工厂的可行性，涵盖乘用车和商用车，重点放在本地化生产和供应链搭建上。 截 ...

一石激起千层浪！就在刚刚，沙特王储穆罕默德·本·萨勒曼的一则宣告，宛如投向国际政经舞台的一枚"金融核弹"。他将沙特对美国的投资总额，从原本已 令人咋舌的6000亿美元，一举提升至骇人的1万亿美元。这个天文数字，瞬间引爆了全球舆论。但如果我们只看到金钱的流动，那就大错特错了。这笔超级 投资的背后，是一场关乎未来世界格局的深度博弈，信号强烈，意味深长。 这1万亿美元，绝非简单的资产配置，它至少包裹着三层坚硬的战略内核。 第一层：稳固盟友关系的"超级粘合剂"。在华盛顿与利雅得的关系经历了不少风雨飘摇之后，此举无疑是一次强有力的关系背书。它将两国经济以"大到不 能倒"的方式深度捆绑。这让人联想到上世纪70年代的"石油美元"协议，如今可谓是一次"21世纪升级版"。沙特将巨额财富托付于美国市场，美国则为沙特 的现代化转型提供资本与技术的沃土。这是一种基于利益的共生关系，比任何口头承诺都来得实在。 第二层：沙特"2030愿景"的加速引擎。穆罕默德王储正全力推动沙特摆脱对石油的依赖。这1万亿美元，将是获取美国尖端技术——从人工智能到新能源， 从生物科技到半导体——的最强通行证。这并非单向输血，而是一场各取所需的交易：沙特获得 ...

Core Insights - Saudi Arabia's Public Investment Fund (PIF) has liquidated nearly 12 stocks listed in the U.S. during Q3, including Pinterest and Linde, reducing its U.S. equity holdings to the lowest level in a year [1] - The fund's U.S. stock portfolio value has decreased to $19.4 billion, representing an approximate 18% quarter-over-quarter decline, marking the lowest level since 2025 [1][2] - PIF continues to hold shares in Uber and Electronic Arts but has slightly reduced its stake in Lucid Group [1][3] Exits and Position Changes - Significant exits include: - Cummins: -1,095,578 shares, value change of -$358.80 million, with a price change of +29% [2] - Linde: -436,350 shares, value change of -$204.73 million, with a price change of +1.2% [2] - Air Products: -268,165 shares, value change of -$75.64 million, with a price change of -3.3% [2] - Avery Dennison: -231,662 shares, value change of -$40.65 million, with a price change of -7.6% [2] Top Holdings - PIF's major holdings in the U.S. include: - Uber: 72,840,541 shares valued at $7.14 billion, accounting for 3.5% of the portfolio [3] - Electronic Arts: 24,807,932 shares valued at $5.00 billion, accounting for 9.9% of the portfolio [3] - Lucid Group: 177,088,867 shares valued at $4.21 billion, accounting for 22% of the portfolio [3] - Take-Two Interactive: 11,414,680 shares valued at $2.95 billion, accounting for 6.2% of the portfolio [3] Strategic Focus - The recent divestments align with PIF's strategy to focus on domestic investments to support Saudi Arabia's economic diversification plan [2][4] - PIF aims to invest $70 billion post-2025, primarily within Saudi Arabia, with $57 billion already allocated for 2024 [5] - Further details on PIF's investment strategy for 2026-2030 are expected to be released early next year [5]

Group 1: Core Insights - The conference highlighted significant complementary opportunities between China and Saudi Arabia in the fields of renewable energy and infrastructure, emphasizing the need for long-term capital to address challenges such as financing, standard differences, and cultural adaptation [1] - Saudi Arabia is experiencing substantial growth opportunities in infrastructure and renewable energy, with an increasing integration of renewable energy into the grid and a demand for smart meter installations [1][2] - ACWA Power is advancing a $114 billion green hydrogen project, with Chinese companies involved in 50% of the projects, showcasing the importance of Chinese technology and execution capabilities in the region [2][3] Group 2: Challenges and Opportunities - Chinese companies face challenges in the Saudi market, including financing access, legal and cultural adaptation, and geopolitical influences, with a need for collaboration with local firms to navigate these issues [3][6] - The Saudi Vision 2030 initiative is driving demand for engineering equipment and services, leading to rapid growth for companies like SANY Group in the region [5] - The long-term nature of Power Purchase Agreements (PPAs) presents risks related to policy and market price fluctuations, necessitating strategic partnerships to manage these risks effectively [7] Group 3: Future Directions - The focus for Chinese enterprises in Saudi Arabia includes upgrading the grid system, establishing AI data centers, and exploring seawater desalination solutions through renewable technologies [8] - ACWA Power is actively exploring new business areas such as seawater desalination, green hydrogen, and energy storage, with ongoing discussions for at least eight green hydrogen projects with Chinese partners [8][9] - The collaboration between Saudi Arabia and China in the green hydrogen sector is expected to grow, with ACWA Power's investment in China projected to increase significantly in the coming years [9]

Core Insights - The strategic cooperation memorandum (MOU) between Fosun Kerry and Fakeeh Care Group focuses on advancing CAR-T cell therapy in Saudi Arabia, aiming for local clinical implementation and development [1][3] Group 1: Partnership Details - The MOU was signed in Shanghai, with key executives from both companies present, establishing a foundation for deep collaboration in innovative fields like CAR-T cell therapy [1][3] - Fosun Kerry plans to provide advanced CAR-T cell therapy products and technology, while Fakeeh Group will lead local production, registration, and commercialization, marking a shift from simple imports to localized production [3][5] Group 2: Strategic Importance - This partnership is a critical part of a series of strategic initiatives between Fosun Pharma and Fakeeh Care Group, showcasing a systematic approach from strategic planning to tactical execution [3][4] - The collaboration aims to enhance the accessibility of cell therapy products and meet local regulatory and clinical needs in Saudi Arabia [3][4] Group 3: Market Context - Saudi Arabia's healthcare market is undergoing transformation under the "Vision 2030" initiative, which emphasizes local biotechnology manufacturing and aims to position the country as a regional biotech hub [5][6] - Fakeeh Care Group, a leading private healthcare provider in Saudi Arabia, has a robust infrastructure with four large hospitals and 835 beds, providing a solid foundation for the partnership [5][6] Group 4: Future Prospects - The collaboration is expected to pave the way for more innovative therapies in the Middle East, reflecting the new dimensions of international medical cooperation under the Belt and Road Initiative [6]

Core Viewpoint - The establishment of a photovoltaic factory by China’s CITIC Bo in Jeddah, Saudi Arabia, marks a significant step in the rise of local photovoltaic manufacturing, aligning with the Belt and Road Initiative and Saudi Arabia's Vision 2030 [1][3][21]. Group 1: Project Overview - CITIC Bo's factory in Jeddah covers approximately 100,000 square meters and will have an annual delivery capacity of 15GW upon completion of its second phase [3][4]. - The first phase of the factory, which began production in 2024, has an annual capacity of about 3GW, focusing on high-quality photovoltaic brackets [3][4]. - The project is strategically located about 60 kilometers from Jeddah Port, facilitating logistics and supply chain integration [5]. Group 2: Strategic Importance - The project represents a milestone in CITIC Bo's global expansion strategy and is a response to the growing demand in the Middle East market [3][6]. - The collaboration with China Energy Engineering Group highlights the integration of Chinese technological advantages with Saudi national strategic needs [3][21]. - The factory's development aligns with Saudi Arabia's Vision 2030, which aims for renewable energy to account for 50% of the energy structure by 2030, with a target of 40GW of cumulative photovoltaic installed capacity [6][21]. Group 3: Market Dynamics - As of the end of 2024, Saudi Arabia has operational photovoltaic projects totaling 6.15GW, with an average annual installation requirement of 6.8GW over the next five years [7]. - The rise of the photovoltaic market in Saudi Arabia presents significant opportunities for Chinese companies, given the lack of local photovoltaic giants and the strong demand for high-end products [16][17]. - CITIC Bo has achieved over 50% market share in the Middle East since entering the market in 2017, driven by technological leadership and superior service [18]. Group 4: Technological Edge - CITIC Bo's core competitiveness lies in its photovoltaic tracking bracket system, which utilizes multi-point parallel drive technology and AI algorithms to enhance power generation efficiency by approximately 8% [9][18]. - The company has secured over 15GW of photovoltaic project orders, with significant contracts in Saudi Arabia, including a recent 1.75GW project [11][21]. Group 5: Future Outlook - The completion of the Jeddah factory will enhance CITIC Bo's service capabilities in the Middle East and globally, contributing to Saudi Arabia's clean energy development [21][22]. - The factory is expected to play a crucial role in meeting the anticipated increase in photovoltaic installations in Saudi Arabia, projected to reach 16.4GW by 2025 [22]. - The collaboration between CITIC Bo and China Energy Engineering Group exemplifies a successful model of "Chinese factories + Chinese construction" in the Middle East [8][20].

由中国贸促会和沙特阿拉伯投资部共同主办的中国—沙特企业圆桌会29日在沙特首都利雅得举行，来自 中沙工商界的150余人参会。 与会中沙企业代表围绕新能源、通信、基建、投资、产业链供应链合作等领域展开务实交流，就把握共 建"一带一路"倡议与沙特"2030愿景"战略对接机遇、实现互利共赢进行探讨。 （文章来源：人民日报） ...

Core Insights - The China-Saudi Arabia Business Roundtable held in Riyadh highlighted the fruitful economic cooperation between the two nations, with bilateral trade exceeding $100 billion for two consecutive years [1] - China aims to enhance cooperation in traditional sectors like petrochemicals and infrastructure while expanding into high-tech fields such as new energy vehicles, digital economy, and artificial intelligence [1] - Saudi Arabia recognizes the capabilities and long-term vision of Chinese enterprises as essential for its economic transformation under the "Vision 2030" initiative, creating unprecedented opportunities for cross-regional cooperation and investment [1] Economic Cooperation - The event was attended by over 150 representatives from Chinese and Saudi business sectors, emphasizing the importance of building high-quality cooperation platforms [1] - Discussions focused on practical exchanges in areas such as new energy, telecommunications, infrastructure, investment, and supply chain collaboration [1] Strategic Alignment - The synergy between China's Belt and Road Initiative and Saudi Arabia's Vision 2030 is seen as a pathway to mutual benefits and win-win outcomes [1]

Core Viewpoint - The article emphasizes the potential investment opportunities in various ETFs, particularly focusing on sectors aligned with China's economic policies and global trends, such as technology, finance, and energy diversification [3][6][8]. Group 1: Computer ETF (159586.SZ) - The ETF tracks the CSI All Share Computer Index, focusing on AI applications, cloud services, and IT hardware/software, benefiting from strategic policy support and technological advancements [3]. - The "14th Five-Year Plan" highlights the goal of significantly enhancing self-reliance in technology, which is expected to drive long-term growth in the computer sector [3]. Group 2: Saudi ETF (159329.SZ) - The ETF aligns with Saudi Arabia's "Vision 2030" plan, which aims to diversify the economy away from oil dependency, targeting a non-oil GDP contribution increase from 16% to at least 50% [6]. - As of October 27, the ETF's holdings show over 40% in the financial sector and more than 20% in consumer and technology sectors, indicating a diversified and emerging industry structure [6]. Group 3: Bank ETF (159887.SZ) - The ETF tracks the CSI 800 Bank Index, with a dividend yield of 4.40% as of September 30, 2025, which is significantly higher than the market average and the yield on ten-year government bonds [8]. - The policy guidance from the Central Financial Office encourages long-term funds, such as insurance companies, to increase their investments in A-shares, which may support the bank sector's performance [8].

Group 1 - The core viewpoint of the report emphasizes the effectiveness of grid trading strategies, which capitalize on price fluctuations rather than predicting market trends, making them suitable for volatile markets [4][12]. - The report identifies key characteristics for suitable grid trading targets, including low trading costs, good liquidity, and significant volatility, suggesting that equity ETFs are particularly appropriate for this strategy [4][12]. Group 2 - The report highlights three specific ETFs for grid trading: - The Computer ETF (159586.SZ) aligns with China's 14th Five-Year Plan, focusing on AI applications and digital infrastructure, indicating long-term growth potential driven by strategic policy support [4][13]. - The Saudi ETF (159329.SZ) aims to capture opportunities from Saudi Arabia's Vision 2030, which seeks to diversify the economy away from oil dependency, with over 40% of its holdings in the financial sector [5][16]. - The Bank ETF (159887.SZ) offers a high dividend yield of 4.40%, making it an attractive option for long-term capital allocation, particularly for insurance companies looking to mitigate interest rate risks [6][18].