Core Viewpoint - The phone call between Chinese President Xi Jinping and U.S. President Donald Trump emphasizes the importance of maintaining a stable and positive relationship between China and the U.S., highlighting the mutual benefits of cooperation and the need to address issues respectfully and equitably [1]. Group 1: China-U.S. Relations - The recent meeting in Busan resulted in significant consensus, contributing to a stable and positive trajectory in China-U.S. relations, which is welcomed by both nations and the international community [1]. - Xi Jinping reiterated the principle stance of China regarding Taiwan, emphasizing its return to China as a crucial part of the post-war international order [1]. Group 2: Global Issues - The leaders discussed the Ukraine crisis, with Xi expressing support for all efforts aimed at peace and the importance of reaching a fair, lasting, and binding peace agreement to address the root causes of the crisis [2].

Core Viewpoint - The phone call between Chinese President Xi Jinping and U.S. President Donald Trump on November 24 emphasized the importance of maintaining a stable and positive relationship between China and the U.S., following their successful meeting in Busan last month, which established significant consensus for cooperation [1][2]. Group 1: China-U.S. Relations - Xi Jinping highlighted that the recent meeting in Busan has calibrated the direction of China-U.S. relations, injecting momentum and sending positive signals to the world [1]. - Both leaders agreed on the necessity to maintain the current momentum, uphold a direction of equality, respect, and mutual benefit, and expand cooperation while minimizing issues [1]. - Xi reiterated China's principled stance on the Taiwan issue, emphasizing that Taiwan's return to China is a crucial part of the post-war international order [1]. Group 2: Historical Context - The conversation included a reminder of the historical cooperation between China and the U.S. during World War II, with both leaders acknowledging the importance of maintaining the outcomes of that victory [1]. - Trump expressed his agreement with Xi's views on the relationship and recognized China's significant role in the victory over fascism and militarism [1]. Group 3: Ukraine Crisis - The leaders discussed the Ukraine crisis, with Xi emphasizing China's support for all efforts aimed at peace and the need for parties to narrow differences to achieve a fair and lasting peace agreement [2].

Core Views - The phone call between Chinese President Xi Jinping and U.S. President Donald Trump on November 24 highlighted the positive trajectory of China-U.S. relations following their meeting in Busan, where significant consensus was reached [1][2] - Both leaders emphasized the importance of cooperation and mutual benefits, advocating for a respectful and equal approach to enhance collaboration and address issues [1] - Xi reiterated China's stance on the Taiwan issue, framing Taiwan's return to China as a crucial part of the post-war international order [1] Group 1 - The meeting in Busan was described as a success, contributing to a stable and positive development in China-U.S. relations, which is welcomed by both nations and the international community [1] - Xi and Trump agreed on the need to maintain momentum in their relationship, focusing on expanding cooperation while minimizing conflicts [1] - The historical context of China and the U.S. fighting against fascism and militarism during World War II was referenced to underline the importance of maintaining the outcomes of the war [1] Group 2 - The leaders discussed the Ukraine crisis, with Xi expressing support for all efforts aimed at achieving peace and a fair, lasting agreement to resolve the conflict [2] - Xi called for reducing differences among parties involved in the Ukraine crisis to address the root causes of the conflict [2]

特朗普表示，习近平主席是伟大的领导人。我同习近平主席在釜山的会晤非常愉快，完全赞同 您对两国关系的看法。双方正在全面落实釜山会晤达成的重要共识。中国当年为二战胜利发挥 了重要作用，美方理解台湾问题对于中国的重要性。 两国元首还谈及乌克兰危机。习近平强调，中方支持一切致力于和平的努力，希望各方不断缩 小分歧，早日达成一个公平、持久、有约束力的和平协议，从根源上解决这场危机。 下载财联社APP获取更多资讯 据新华社，11月24日晚，国家主席习近平同美国总统特朗普通电话。 习近平指出，上个月我们在韩国釜山成功举行会晤，达成很多重要共识，为中美关系这艘巨轮 稳健前行校准航向、注入动力，也向世界传递积极信号。釜山会晤以来，中美关系总体稳定向 好，受到两国和国际社会普遍欢迎，事实再次说明，中美"合则两利、斗则俱伤"是经过实践反 复验证的常识，中美"相互成就、共同繁荣"是看得见、摸得着的实景。双方要保持住这个势 头，坚持正确方向，秉持平等、尊重、互惠态度，拉长合作清单、压缩问题清单，争取更多积 极进展，为中美关系打开新的合作空间，更好造福两国人民和世界人民。 习近平阐明了中方在台湾问题上的原则立场，强调台湾回归中国是战后国 ...

Group 1: Market Overview - Global equity markets experienced a decline, with the MSCI ACWI index down by 2.5% over the past week and 2.4% over the past month, while the MSCI Emerging Markets index fell by 3.7% weekly and 3.6% monthly [6][8]. - The Hang Seng Index dropped by 5.1% last week, reflecting a significant downturn in technology stocks, indicating a clear reduction in market risk appetite [7][8]. - The South Korean KOSPI index decreased by 3.9% last week, with expectations of increased foreign and domestic investment in Korean stocks in 2026 [48]. Group 2: Hong Kong Market Focus - The Hong Kong market is expected to see a recovery in earnings growth, with projections indicating that earnings growth will bottom out in 2025 and rebound thereafter, particularly in the technology sector [25][26]. - Key sectors to watch in the Hong Kong market for 2026 include technology, healthcare, and consumer sectors, with a focus on AI-related industries and innovative pharmaceuticals [27][28]. - Tencent Holdings and Alibaba are highlighted as key stocks, with Tencent expected to benefit from strong growth in gaming and advertising, while Alibaba is set to accelerate investments in AI infrastructure [31][32]. Group 3: South Korean Market Focus - South Korea's inflation rate rose unexpectedly to 2.4% in October, prompting expectations of interest rate cuts starting in January 2026 [40][41]. - The government is actively supporting policies aimed at improving corporate governance and shareholder returns, which is expected to catalyze a revaluation of the stock market [41][42]. - The consensus net profit growth for KOSPI has been revised upward from 22% to 34%, driven by strong performance in key export sectors such as semiconductors [46].

Group 1 - The core viewpoint of the article is that the relationship between China and the United States has entered a phase of structural tension, with both parties viewing each other as the "only" competitor, leading to a comprehensive competitive relationship [1][2][5] - The historical context of China-U.S. relations is divided into several stages, with the first stage being absolute hostility from 1949 to 1972, followed by a period of strategic cooperation against the Soviet Union after the Shanghai Communiqué [2][4] - The Trump administration marked a turning point in U.S.-China relations, officially designating China as the "only strategic competitor" in its national security strategy, leading to a phase of comprehensive strategic competition [5][6] Group 2 - The article discusses the mixed warfare strategy employed by the U.S. against China, which includes trade wars, technology restrictions, and financial pressures, indicating a shift from a defensive to a more aggressive stance by China [6][10] - The recent trade war has seen China adopting a more assertive response, with significant retaliatory tariffs that demonstrate a shift in strategy from previous years [8][10] - The U.S. has faced supply shortages as a result of the trade conflict, leading to a reconsideration of its approach, which highlights the interdependence of the two economies [10][11] Group 3 - The article emphasizes the importance of domestic stability for both China and the U.S., noting that internal challenges such as economic downturns and social issues could impact their international standing [15][16] - China's foreign policy is evolving, moving away from "keeping a low profile" to a more assertive stance, particularly in military capabilities and regional influence [19][20] - The article outlines China's strategic focus on building a unified domestic market and enhancing its international relationships, particularly through initiatives like the Belt and Road [32][34]

文丨编辑 来科点谱 «——【·前言·】——» 英伟达一天之内没了一万亿人民币市值，这事儿得从美国密苏里州的操作说起，11月20日当地共和党政 客突然发狠，写信给白宫要联邦政府向中国 "催债"，张口就要250亿美元。 可这时候中美关系刚有点缓和，釜山会谈的余温还在，芬太尼和关税谈判正推进，这一闹直接让局面紧 绷，更怪的是，换以前早骂翻天的特朗普这次居然闭了嘴。 把这三件事凑一块儿就看明白了，美国内部闹得厉害，这哪是要债，分明是故意添乱，逼着特朗普表 态。 中美刚要缓和，就有人点火 一切还要从那个让人搞不懂的"转弯"说起，自釜山会谈之后，太平洋两岸的风向确实变了，不论是美国 总统特朗普，还是防长赫格塞斯，近期在公开场合的口风都软了下来。 他们开始频繁提一个不太像"鹰派"会说的话：和中国合作能让美国变得更强大。 这不是客套话，如果你去看最近的政策清单，会发现双方在港口收费标准、关税豁免、甚至芬太尼相关 化合物的出口监管上，都开始实际地互换筹码。 哈纳威是法学出身，不可能不知道，但她偏偏挑在中美刚见缓的时候，把这具"僵尸"从土里刨出来亮给 公众看，政治动机明显远大于法律意义。 问题是，不管中国还是特朗普政府，对这种长 ...

最近，前白宫官员杜如松发表了讲话，谈到将于10月底举行的中美峰会，并指出这一会议正好发生在全球格局重塑的关键时刻。当前国际秩序进入了一个决 定性十年，在此背景下，特朗普选择主动承认中国的崛起，给予中国以重要的外交礼物。特朗普在任期间挑起了中美之间的关税战，尽管美国当时想通过这 一手段打压中国，然而最终却以美国的失败告终。中国不仅在这场战斗中取得了巨大胜利，而且也让全世界看到，如今的中国已经具备了与美国平起平坐的 能力和地位。 杜如松认为，特朗普挑起这场关税战是一种不理智的行为，这种不必要的挑衅打乱了美国的整体战略布局。更重要的是，他认为未来的历史学家们回顾中美 两国平起平坐的时刻时，很可能会将这一事件追溯到特朗普政府的决策上。杜如松还指出，特朗普不仅错误地发动了这场关税战，反而在很多方面被中国牵 着鼻子走，尤其是在美国在一些关键领域的命脉，比如制药原料等，中国对美国的影响力愈发强大，随时可以卡住美国的脖子。 作为拜登的亲信，杜如松的讲话有两个明显的目的。首先，他试图将中国崛起的责任推给特朗普，认为特朗普未能维持美国的霸权地位，因此需要为此负 责。其次，他试图提醒特朗普政府，不能放松警惕，要继续对中国保持警觉， ...

中日关系跌入冰点，美国却一反常态沉默：叫停100%关税，特朗普不想被拖进与中国的对抗？ 中日关系进入急冻期，这是所有人都看见的现实，高市早苗的挑衅让局势一路下坠，中方连续反制让东京坐立难安。 没有高调站队，没有替日本撑腰，没有重复"对华强硬论调"，反而是一种刻意保持距离的沉默。 这种沉默背后，不是冷漠，而是克制；不是无心插手，而是不愿被拖下水。 而就在同一时间，一则来自华盛顿的消息进一步印证了这种微妙变化，特朗普政府突然放缓对半导体征收100%关税的计划，态度前后矛盾，但方向却异常 清晰：美国不愿轻易激怒中国。 在全球政治棋盘上，沉默往往比言语更能说明问题。 而现在的美国，正在用沉默表明它不想为日本的鲁莽买单，更不想让中美关系被东京的冒险玩火逼上不归路。 美国的反常沉默，是从高市早苗把台海问题扯进日本国家安全那一刻开始的。 按照以往的惯性，只要涉及中国与盟友之间的摩擦，美国总会跳出来敲打中国，给盟友撑腰，顺便加几句大道理。 然而，在这场风暴最激烈的阶段，美国却展现出一种罕见的"旁观者姿态"。 然而这一次，美国不仅没有发声，甚至连象征性的"道义支持"都没有给日本。 更诡异的是，美国最近频繁与日本、韩国进行联合军 ...

Core Viewpoint - The article discusses the shift in the U.S. approach towards China under Trump's administration, highlighting a transition from confrontation to negotiation, particularly in trade relations, as a response to domestic and global economic pressures [1][3][20]. Group 1: U.S.-China Trade Relations - Trump's initial trade war began in 2018, imposing tariffs on $34 billion worth of Chinese goods, which marked a significant escalation in U.S.-China tensions [1][3]. - Under Biden, tariffs on electric vehicles were increased to 100%, contributing to economic strain in the U.S. and rising inflation [3][5]. - Following the 2024 election, Trump indicated a willingness to negotiate trade issues with China, suggesting a potential reduction in tariffs if China made concessions on technology transfers [3][5][7]. Group 2: Strategic Adjustments - Trump's administration recognized the need to stabilize relations with China after years of trade conflict, as trade volume increased by 8% but supply chains were disrupted [9][20]. - The administration's strategy involved being tougher on allies while easing restrictions on China, aiming to provide relief to the U.S. economy [11][20]. - A significant agreement was reached during the APEC summit on October 30, where tariffs on certain Chinese goods were reduced from 20% to 10%, indicating a strategic pivot towards cooperation [7][11]. Group 3: Historical Context and Influences - The article references Zbigniew Brzezinski's views on U.S. foreign policy, emphasizing the importance of balancing power in Eurasia and the need for partnerships rather than confrontation [11][19]. - Brzezinski's perspective on China as a potential partner contrasts with his views on Russia, which he considered a threat, influencing U.S. policy directions [19][23]. - The article suggests that Trump's approach to China reflects a broader understanding of the geopolitical landscape, recognizing the necessity of cooperation in light of domestic pressures and global realities [20][23].