Domestic News - The China Securities Regulatory Commission (CSRC) announced stronger support for high-quality unprofitable technology companies to go public [1] - The People's Bank of China conducted a 500 billion yuan MLF operation with a one-year term on May 23 [1] - The Financial Regulatory Administration is set to approve the third batch of long-term investment reform pilot projects for insurance funds, with a scale of 60 billion yuan [1] - The State Administration of Foreign Exchange (SAFE) is enhancing cross-border financial services for technology companies and steadily advancing the Qualified Foreign Limited Partner (QFLP) pilot [1] - Xiaomi launched the flagship processor "Xuanjie O1," claiming it has first-tier performance, and officially released the YU7 model, positioned as a "luxury high-performance SUV," with the price yet to be announced [1] International News - Japan's Minister of Economic Revitalization announced a visit to the U.S. for tariff negotiations from Friday to Sunday [2] - The U.S. government is considering the withdrawal of approximately 4,500 troops from South Korea [4] - Institutions reported that BYD's pure electric vehicle sales in Europe surpassed Tesla for the first time in April [4] - Apple, Tesla, and Nvidia stocks are set to be traded as tokens on the Kraken trading platform [4]

Core Viewpoint - The European Commission President Ursula von der Leyen has proposed an ambitious budget reform plan aimed at promoting fiscal integration within the EU, enhancing strategic autonomy, and creating a more flexible and efficient fiscal mechanism to address global geopolitical risks and high-tech competition [1][2]. Group 1: Reasons for the Reform - The geopolitical crisis, particularly following the Ukraine conflict, has exposed the limitations of the EU in security and diplomacy, prompting a reevaluation of "strategic autonomy" [2]. - The EU is falling behind in key areas such as digitalization, artificial intelligence, and green energy, necessitating a more robust fiscal stimulus to invest in future industries [2]. - There is a lack of sufficient fiscal tools and limited financing options, as demonstrated by the successful introduction of a joint borrowing plan during the pandemic, which the Commission aims to institutionalize [2][3]. Group 2: Key Components of the Reform - Defense spending exemption: The proposal suggests exempting defense expenditures from the fiscal deficit calculations, allowing member states to significantly increase their defense budgets [3]. - Establishment of a European Competitiveness Fund: This fund aims to consolidate existing research and industry support tools to invest in strategic projects like chip manufacturing and clean energy [3]. - Reform of budget allocation methods: The plan proposes reducing traditional agricultural subsidies and structural funds, shifting to conditional direct payments to member states based on their performance in climate transition and fiscal reforms [3]. - Institutionalization of a joint borrowing mechanism: The proposal seeks to create a permanent EU joint debt issuance mechanism to ensure long-term strategic investment and crisis response capabilities [3]. Group 3: Internal Divisions and Challenges - There are significant divisions within the EU regarding the reform, with countries like France and Italy supporting it for strategic autonomy, while others, particularly the "frugal four" (Denmark, Netherlands, Sweden, and Austria), oppose expanded borrowing [4][5]. - Some Eastern European countries, while potentially benefiting from EU funds, resist conditional funding that may infringe on national sovereignty [5]. - The political landscape suggests that while the reform is likely to pass, it will require extensive negotiations and compromises, indicating a shift in the EU's institutional development and its future direction [5].

Group 1 - Europe is experiencing a crisis of identity, moving away from its previous labels of peace, prosperity, and multilateralism towards seeking greater strategic autonomy [3][8] - The recent U.S. "reciprocal tariff" policy has disrupted global financial markets, yet the euro has appreciated against the dollar, prompting renewed calls for the euro's status as a reserve currency [3][7] - The European Central Bank (ECB) has indicated that enhancing the euro's status as a reserve currency could increase Europe's strategic autonomy, especially in light of U.S. foreign policy unpredictability [7][8] Group 2 - There is a potential for the eurozone to expand, with countries that have not yet adopted the euro, such as Sweden, Czech Republic, and Poland, recognizing the benefits of joining [4][8] - The ECB's previous reluctance to promote the euro as a reserve currency may change due to geopolitical factors, leading to increased intra-EU trade and a stronger euro [8][9] - The need for euro-denominated bonds is emphasized to finance Europe's transformation, showcasing the EU's ability to raise funds collectively rather than through individual member states [8][9] Group 3 - The global financial order is in need of reconstruction, with calls to reform institutions like the IMF and World Bank to better reflect the current economic landscape [10][11] - The rise of emerging economies, particularly China, has not been adequately represented in global financial institutions, leading to a perceived monopoly by Western nations [12][13] - A more multipolar world necessitates new rules for global finance and trade, with independent international institutions playing a crucial role in gathering key participants [13]

"中欧建交50周年论坛"日前在中欧国际工商学院上海校区举行。据悉，本次论坛回顾了中国和欧盟半个 世纪携手同行的合作历程，探讨了中欧如何在全球贸易、投资、创新、数字化转型和气候行动等关键领 域和方面展开合作，旨在更好地构建未来五十年的友好合作关系。 中欧国际工商学院特聘教授夏尔.米歇尔(Charles Michel)表示，当前世界正处于一个关键十字路口，面 临着贸易保护主义、大数据与人工智能带来的机遇与风险、国家主权与安全等诸多挑战。欧盟的战略自 主是唯一前进道路。同时，他对未来双方关系发展提出了两点建议：一是欧盟与中国的关系应当基于自 身特点来考量，不受其他第三方的影响；二是必须以负责任的态度，秉持尊重、透明和真诚的原则管控 双方的分歧与差异，以增进相互理解。 上海交通大学校长、中国科学院院士、中欧国际工商学院理事长丁奎岭表示，两个原子保持稳定关系的 核心有两点，第一是彼此的距离要短(键长短)，第二是要能互补共享(电子配对)，中欧的合作也是如 此。首先要常来常往，缩短人和人、国家和国家的物理距离和情感距离；第二要优势互补，成果共享， 深化在教育科技人才各要素间比较优势上的互惠供应模式。大家共同努力推动中欧关系 ...

Core Viewpoint - The discussion around defense spending in Europe is intensifying, with many leaders claiming to have achieved NATO's target of 2% of GDP for defense spending, but this does not guarantee security without unified command, interoperability, and public support [1][4] Group 1: Current Defense Landscape - European military forces appear strong on the surface but may collapse under high-intensity conflict due to lack of preparedness and outdated infrastructure [1][2] - The reliance on the U.S. for comprehensive security, including airlift, intelligence, and nuclear deterrence, is becoming increasingly problematic as the U.S. shows reduced interest in European security [1][2] - The aging defense infrastructure, built during the Cold War, hampers rapid military deployment across Europe, with logistical challenges leading to significant delays in troop movements [1][2] Group 2: Challenges in Defense Coordination - Europe faces significant challenges in establishing its own intelligence and command systems, requiring substantial investment and long-term political commitment, which is currently lacking [2][4] - The fragmentation of military capabilities across European nations leads to inefficiencies, with numerous weapon systems complicating logistics and operational coordination [2][3] - Public support for defense is waning, with low willingness among citizens in countries like Spain, Germany, and Italy to fight in wartime, contrasting with Ukraine's strong national resolve [2][3] Group 3: National Defense Status - The UK has a reduced military size of approximately 72,000 personnel, the lowest in nearly two centuries, despite recent successful deployments [3] - France emphasizes strategic autonomy but still relies on U.S. intelligence support and faces leadership challenges within the EU [3] - Germany's military readiness is questionable, with key forces not expected to be fully operational until after 2027, and significant personnel shortages [3] - Poland is actively expanding its military budget to 4.7% of GDP and plans to increase troop numbers to 500,000, but faces integration challenges with diverse weapon systems [3] Group 4: Potential for Improvement - The core issue for Europe is not insufficient investment but ineffective investment, as existing forces lack the capability for rapid response and multinational cooperation [4] - Efforts are underway to upgrade critical military transport infrastructure, with over 500 key points being improved [5] - New defense cooperation frameworks between the UK and the EU aim to enhance joint deployments and mobilize approximately €150 billion in defense investments [5] - NATO and the EU are identifying critical capability gaps, indicating a potential strategic awakening, but deeper cultural, political, and financial consensus is needed for real change [5]

Group 1 - China has been Germany's largest trading partner for eight consecutive years since 2016, indicating strong bilateral trade relations [1][7] - The new German government, led by Merz, signifies a return to traditional policies, emphasizing the importance of maintaining economic ties with China [1][5] - A joint proposal from 36 German companies in China urges the new government to increase investments in China rather than reduce them, highlighting the need for a balanced approach to risk management [1][4] Group 2 - The complementary nature of the industrial structures between China and Germany remains strong, with certain sectors like aerospace and medical technology still competitive for Germany [2] - German companies view the Chinese market as crucial for their global competitiveness, with 92% of surveyed companies expressing a desire to remain in China [6] - The anticipated investment from German companies in China is projected to reach €5.7 billion in 2024, reflecting a 25% increase from the previous year [6] Group 3 - The new German government's coalition agreement emphasizes the necessity of cooperation with China while addressing the concept of "de-risking" [5] - There is a strong demand from the German business community for reduced bureaucratic barriers in bilateral investments, as previous restrictions on Chinese investments have been rolled back [4][5] - Germany's industrial policy is shifting focus towards future-oriented technologies, including AI and quantum computing, while still recognizing the importance of the Chinese market [8]

Group 1 - The European perception of the United States has shifted due to aggressive actions taken by the new U.S. government, leading to a reevaluation of strategic dependencies and a push for greater autonomy in Europe [1][2] - The European Commission has imposed fines of €500 million on Apple and €200 million on Meta for violations of the Digital Markets Act, which has escalated tensions between the EU and U.S. [1][2] - A recent poll indicates that 41% of British citizens believe the U.S. is doing bad things in the world, a significant increase of 16 percentage points from the previous year, reflecting a growing anti-American sentiment in Europe [2] Group 2 - The roots of the transatlantic rift stem from diverging values and institutional principles, as highlighted by U.S. Vice President's critical remarks about European democracy and media freedom during the Munich Security Conference [2] - Concerns over security have intensified in Europe, particularly due to the U.S. negotiating with Russia over the Ukraine crisis without European involvement, raising fears about NATO's commitment to European security [2][3] - The trust in economic relations between Europe and the U.S. has eroded, with calls for the EU to rebuild international trade frameworks and reduce reliance on U.S. markets [3] Group 3 - Europe is increasingly viewed as needing to strengthen its strategic autonomy, with experts suggesting that the U.S. role in global trade may be overestimated [3] - The EU is focusing on markets outside the U.S., emphasizing the potential for "de-Americanization" rather than "de-globalization" if the U.S. continues to adopt a confrontational stance [3] - In the information technology sector, Europe is taking steps to reduce dependence on U.S. technology, including the establishment of sovereign cloud services and measures to protect officials from U.S. surveillance [4] Group 4 - Europe is committed to maintaining a multilateral trade system, opposing U.S. protectionism, and supporting the principles of the World Trade Organization (WTO) [4][5] - Cooperation with China is becoming a significant aspect of Europe's strategic adjustments, with calls for deeper ties as a natural choice given the substantial bilateral trade volume of over €800 billion [5] - The shift in European policy towards China is seen as a strong indication of its commitment to strategic autonomy, diverging from U.S. approaches [5]

当日市场表现受到波及，德国DAX指数在连续九日上涨后出现回调，市场短期震荡显现出对政治不确 定性的敏感。 经济振兴计划或快速提振市场 不过，随着默茨在第二轮成功当选并推动政府正式组建，市场氛围逐步回稳。德意志银行分析师穆尔贝 格（Marion Mühlberger）说："只要新政府迅速启动其100天经济振兴计划，市场焦虑将迅速淡 化。"DAX此前已在3月创下23476点历史新高，关键支撑来自国防与基础设施投资预期。 默茨领导的黑红联盟已提出设立规模达5000亿欧元的基础设施基金，涵盖交通、能源、数字化等领域。 这一宏图计划有望在中长期提振建筑、机械制造、绿色能源与信息通信等板块表现。同时，德国长期债 券收益率在政局尘埃落定后上行至三周以来高位，反映出市场对财政扩张与资本需求的预期升温。 新华财经法兰克福5月8日电（记者马悦然）德国联邦议院6日举行总理选举，德国联盟党总理候选人弗 里德里希·默茨有惊无险，在首轮投票中意外失利后，最终在第二轮以325票当选新任德国总理。 选举当日，德国股市因默茨落选出现波动。DAX指数盘中一度跌破23000点，后因当选收复部分跌势， 最终收跌0.41%，中型股指数MDAX下跌0. ...

据中国新闻网报道， 中国驻欧盟使团不久前回应欧盟第16轮对俄制裁列单中国企业和个人事，表示已向欧方提出严正交 涉，敦促欧方立即停止列单中国企业。有记者问，近日，欧盟宣布在第16轮对俄制裁中将部分中国企业和个人列入清 单。中方对此有何评论？中国驻欧盟使团发言人表示，中方一贯反对没有国际法依据、未经联合国安理会授权的单边制 裁。欧方做法于理无凭、于法无据，十分错误，中方表示强烈不满、坚决反对，已向欧方提出严正交涉。 冯德莱恩（资料图） 与此同时，欧盟的内部矛盾也愈发严重。表面上，欧盟一直高举一体化旗帜，但在实际操作中，各成员国始终各怀鬼 胎。然而，在经济放缓、财政捉襟见肘的当下，让各国掏钱、交出军权几乎是天方夜谭。法国、德国在表面上支持，实 际上却暗自争夺主导权，其他国家则干脆明里暗里抵制，形成了各自为政、难以成军的局面。而在这一连串困局的中 心，冯德莱恩的存在感变得异常刺眼。尤其在防务自主计划上，冯德莱恩提出投入8000亿欧元重新武装欧洲，企图摆脱 对美国军事依赖。 美国调停俄乌冲突时，欧盟甚至被排除在外。目前，让冯德莱恩辞职已成为解决中欧对抗的一个重要观点，在欧盟高层 也逐渐形成共识。西班牙和瑞士媒体甚至直接 ...

新华财经柏林5月6日电（记者邰思聪李超） 在6日举行的德国联邦议院（议会下院）总理选举投票中， 德国联盟党总理候选人弗里德里希·默茨经过第一轮"落选"后，最终在当天第二轮投票中获得325票，成 功当选新任德国总理。选举过程如何？默茨是谁？上任后他将面临怎样的执政局面？ 当选经历"过山车" 在今年2月举行的第21届德国联邦议院选举中，由基督教民主联盟（基民盟）与姊妹党基督教社会联盟 （基社盟）组成的德国联盟党得票率28.6%，领先其他政党，成为议会第一大党。德国联邦总统施泰因 迈尔随后根据各政党议席分布，提名赢得最多席位的政党领导人作为总理候选人。默茨以基民盟领导人 身份成为德国联盟党总理候选人。 默茨主张在移民问题上采取更强硬立场。他认为，只有消除公众对非法移民的担忧，才能阻止右翼极端 分子的崛起；在选民关心的经济议题上，默茨承诺重振德国经济，推动德国经济年均增长2%以上；在 外交政策上，他主张摆脱欧洲对美国的依赖，重建德国的国际地位，让德国成为"一个我们可以再次为 之骄傲的德国"。舆论认为，默茨将推行更保守的政治路线。 新政府面临压力 3月8日，德国联盟党与议会得票率第三的社会民主党（社民党）就组建联合政府 ...