2025.06. 27 本文字数：1974，阅读时长大约4分钟 作者 | 第一财 经 高雅 随着美国威胁对欧盟加征50%关税的最后谈判期限7月9日的临近，欧盟内部两大经济体德国与法国在 应对策略上显现出明显分歧。 当地时间6月26日，欧洲理事会峰会在布鲁塞尔举行。德国总理默茨（Friedrich Merz）呼吁欧盟委 员会把握最后窗口期推动协议达成。而法国则认为，美国应完全取消对欧关税，否则欧盟会作出回 应。 6月27日，欧盟委员会主席冯德莱恩（Ursula von der Leyen）在会后的新闻发布会上表示，欧洲仍在 评估美方最新提案，已准备好达成协议，但也做好了谈判破裂的预案，"所有选项都已纳入考量范 围"。 当前，美国对欧盟钢铁和铝产品及部分衍生品征收50%的关税，对汽车征收25%的关税，并对所有欧 盟进口商品征收10%的基准关税。 德国ifo经济研究所国际经济研究中心副主任鲍尔（Andreas Baur）对第一财经记者表示，德国制造 业可能成为美国加税政策的重灾区。他称，当前，欧盟最重要的战略目标是"要将贸易冲突控制在美 欧双边范畴"，并与全球其他经济体维护合作，将对美出口转移至其他地区有助于缓冲损 ...

Core Points - The newly revised Anti-Unfair Competition Law will take effect on October 15, 2025, prohibiting large enterprises from delaying payments to small and medium-sized enterprises (SMEs) for goods, projects, and services [1] - The law aims to enhance the regulatory framework for unfair competition, strengthen enforcement, and maintain market order [1] Summary by Sections General Principles - The law includes five chapters: general principles, unfair competition behaviors, investigations of suspected unfair competition, legal responsibilities, and supplementary provisions [1] - It emphasizes the establishment of a unified, open, competitive, and orderly market system [1] Unfair Competition Behaviors - Large enterprises are prohibited from abusing their advantages to disrupt fair competition, including imposing unreasonable payment terms on SMEs [2] - The law addresses malicious trading and data rights violations, stating that operators cannot use fraudulent or coercive methods to obtain or use data from other operators [2] False Advertising Regulations - The law includes provisions against false advertising, requiring operators to avoid misleading claims about their products [3] - Suggestions were made to further clarify the definition of unfair competition in the digital environment, particularly regarding AI-generated content [3] Platform Competition Regulations - There is a focus on regulating platform operators' unfair competition behaviors, including the prohibition of forced low pricing and other unreasonable pricing practices [7][8] - The law aims to address issues like "malicious returns" and the misuse of platform rules that harm other operators [7] Enforcement and Penalties - The law seeks to refine the discretionary power of enforcement agencies to ensure fair and consistent application of penalties for violations [3][4] - Recommendations were made to establish joint liability for those who knowingly assist in unfair competition practices [4] Importance of the Law - The revised law is seen as crucial for promoting fair competition and protecting the rights of both operators and consumers [6][4]

Core Viewpoint - The China Council for the Promotion of International Trade (CCPIT) will host the Shanghai Cooperation Organization (SCO) Business Forum during the third Chain Expo, emphasizing regional cooperation and dialogue among businesses [1][2]. Group 1: Forum Details - The forum will take place on July 17 and is themed "Promoting the Shanghai Spirit: Business Community in Action," focusing on actionable outcomes and local development concerns [1]. - Activities will include a series of "SCO Entrepreneurs' Local Tours" in regions such as Xinjiang, Hunan, and Chongqing, aimed at enhancing cooperation in arbitration, cultural tourism, and economic investment [1]. Group 2: Research and Collaboration - The forum will release the "SCO Supply Chain Development Research Report," providing policy recommendations to enhance cooperation in industrial and supply chains among member countries [1]. - Three enterprise matchmaking events will be organized in agriculture, energy, and logistics, alongside exhibition activities to help businesses find optimal partners for resource allocation [1]. Group 3: Current Economic Climate - The current environment for China-Central Asia business cooperation is robust, with a growing willingness for collaboration despite challenges posed by unilateralism and protectionism [2]. - The year marks the "China Year" for the SCO, with significant activities planned to strengthen ties, including multiple delegations of Chinese entrepreneurs visiting SCO member states [2]. Group 4: Recent Achievements - During the second China-Central Asia Summit, 32 contracts and intention agreements were signed between Chinese and Central Asian enterprises, amounting to $11 billion, covering sectors like energy, logistics, and agricultural trade [3].

Group 1 - Global merchandise trade experienced significant growth in early 2025, particularly in Q1, driven by a surge in imports, with the global trade momentum index reaching 103.5, indicating a potential economic recovery [1][3] - The World Trade Organization (WTO) reported that the new export orders index fell below the baseline of 100, suggesting that the momentum of global trade growth may be difficult to sustain, with signs of a slowdown emerging [1][3] - The increase in imports was largely attributed to preemptive stockpiling by countries in response to rising tariff expectations, which temporarily boosted trade but raised concerns about the sustainability of this growth [3][4] Group 2 - The uncertainty in global trade is exacerbated by rising trade barriers and tariff policies, particularly the "reciprocal tariffs" implemented by the U.S., which have shifted from short-term stimuli to long-term structural obstacles [6][4] - The WTO highlighted that the unpredictability of trade policies is a significant factor contributing to the slowdown in global trade, with potential retaliatory measures from other countries further complicating the situation [6][4] - Structural adjustments in economies and shifts in global trade patterns, such as supply chain diversification and the rise of emerging markets, are putting additional pressure on global trade, indicating a possible transition to a new low-growth phase [7][4] Group 3 - The strong growth in global merchandise trade does not necessarily indicate a stable economic recovery, as the underlying complexities and uncertainties in trade policies could lead to a deceleration or contraction in trade growth [9][6] - The international community must recognize the need for stable and sustainable policies to navigate the risks in global trade, rather than relying on short-term stimulus measures [9][6] - The current international landscape presents challenges in finding new growth points amidst uncertainty, emphasizing the importance of proactive measures to ensure long-term stability in global trade [9][6]

Core Viewpoint - Ping An Fund is facing challenges in its ETF business, with low market recognition and shrinking fund sizes for several of its equity ETFs, indicating a need for improved marketing and product positioning [1][9]. Group 1: Management Changes - On June 26, 2025, Ping An Fund announced the resignation of Qian Jing, head of the ETF Index Investment Department, from three ETF products, including the Ping An CSI 2000 Enhanced Strategy ETF and others [1][2]. - Bai Guiyao, a new manager with a background in finance, has taken over management responsibilities for nine ETF products, indicating a shift in management strategy [1][4]. Group 2: Fund Performance and Market Position - The three ETFs managed by Qian Jing have a management scale of less than 50 million yuan each, categorizing them as "mini funds" [2]. - Ping An Fund's bond ETFs have seen significant growth, with a total circulation scale exceeding 23 billion yuan, positioning them just behind leading competitors [8]. - In contrast, the equity ETFs of Ping An Fund are significantly smaller in scale compared to leading firms like Huaxia Fund and E Fund, which manage several equity ETFs exceeding 10 billion yuan [8][9]. Group 3: Brand Recognition and Market Strategy - The brand recognition of Ping An Fund in the equity investment sector is primarily associated with active equity products, while its ETF business lacks visibility and effective channel promotion [1][9]. - Many of Ping An Fund's equity ETFs are experiencing a "vicious cycle" of shrinking shares immediately after their establishment, highlighting the need for strategic improvements [1][9].

Group 1 - The article highlights the rebound of high dividend assets, with the Cash Flow ETF (159399) rising by 0.89% during trading, indicating active market participation [1] - The Cash Flow ETF (159399) utilizes free cash flow as a stock selection factor, closely tracking the FTSE China A-Share Free Cash Flow Focus Index, excluding financial and real estate sectors, and selecting the top 50 stocks with the highest free cash flow rates, thus identifying "cash cow" companies in the A-share market [1] - The long-term performance of the FTSE Cash Flow Index is notable, with an annualized return exceeding 18% since the base date (December 31, 2013), and a cumulative increase of 568.15%, significantly outperforming the CSI 300's 114.88% and the CSI Dividend's 285.62%, consistently beating the CSI Dividend Index for nine consecutive years [1] Group 2 - According to Shenwan Hongyuan Securities, free cash flow has a timing effect on cyclical stocks, suggesting that during an upcycle, the free cash flow rate of cyclical stocks is higher compared to recession periods, allowing for the identification of cyclical stocks in an uptrend through free cash flow rates, demonstrating strong applicability to economic cycles [1]

1933年11月，一户居住上海的外国家庭拍摄了一张珍贵的全家福。照片中被母亲温柔怀抱的婴儿名 叫白丽诗（Betty Barr），那年春天刚在这座东方都市出生。她的父亲是英国人、母亲是美国人，分别 在1924年和1930年来到上海，后来在学校任教。 这个看似普通的跨国家庭，在日军侵华的战火中经历了常人难以想象的磨难。 白丽诗一家四口1933年11月的合影（翻拍照片）。 1941年12月8日，珍珠港事件爆发的消息传到上海。8岁的白丽诗像往常一样去上学，却被老师匆忙 告知："要打仗了！快回家！" 日军在一天之内就占领了上海公共租界，这座"孤岛"彻底沦陷。1943年初至1945年二战胜利，英 国、美国、加拿大等10多国的6000多名在华侨民被关进上海集中营。当时上海共有9个集中营，分布在 14个地点，其中以龙华和浦东两处规模最大。 1943年4月10日，刚过完10岁生日的白丽诗与父母、哥哥一起被押往龙华集中营。在集中营的800多 个日日夜夜，成为她人生中最黑暗的记忆。 童年时的白丽诗（翻拍照片）。 上海龙华集中营的F栋大楼（资料照片）。龙华集中营的建筑原本是建于19世纪的学校，该集中营是当 时分布在上海的9个同类集中 ...

监管层希望通过一种新的简单、便捷的稳健型策略产品解决"基金赚钱基民不赚钱"的行业痛 点。 中国公募基金行业正经历一场深刻变局：主动权益基金光环褪色，明星经理难破信任危机。 当投资者在主动管理的迷宫中屡屡碰壁，指数化投资以其透明、低成本的优势迎来爆发性增长，规模首 超主动权益基金。 然而，面对近1200只纷繁复杂的ETF，普通投资者该如何进行有效的资产配置？又该如何在被动投资中 寻找更便捷的"一站式"解决方案？ 正是这些行业痛点催生了Smart Beta策略的兴起，我们所熟知的红利策略便是Smart Beta策略中的典型代 表，然而，Smart Beta策略的范围远不止于此。 在投资实践中，海外市场风格投资、因子投资逐渐流行，带来了美国Smart Beta ETF快速发展。 截至2024年末，美国Smart Beta ETF产品数量达到364只，合计管理规模达到17275.10亿美元，十年增长 了23倍，占到美国权益ETF规模的20%。 来源：Bloomberg，数据截至2024年末 反观中国市场，Smart Beta ETF规模合计仅为1200亿元，约占国内权益ETF规模的3%。 02 ETF新战场 01 差 ...

本报（chinatimes.net.cn）记者张智 天津摄影报道 2008年夏天，达沃斯论坛从阿尔卑斯山的雪山之巅，首次到达太平洋西岸的渤海之滨。彼时，正值国际 金融危机，世界经济遭受严重冲击，各国对世界经济能不能走出困境、将走向何方普遍感到迷茫和焦 虑。在那一年，无数的声音从天津发出，为世界经济建言献策。 2025年，当命运的齿轮再次将世界经济和国际经贸合作推向新的困难和挑战时，各国领导人再次聚首天 津。 6月25日下午，李强在天津出席2025年夏季达沃斯论坛工商界代表座谈会时表示，中国经济保持稳定增 长态势，不仅在于稳中向好的基本面和积极有为的宏观政策，还在于高度重视发挥市场的力量、发挥企 业的力量，这其中广大外资企业作出了重要贡献。同时，中国也为外资企业的发展提供了广阔天地。 他表示，这次论坛以"新时代企业家精神"为主题，具有重要现实意义。新时代需要企业家们发挥更大作 用、展现更大作为。 "企业家精神是科技创新与产业应用的内在驱动力。企业家在推动经济增长和创新发展、促进就业和服 务社会等方面发挥着不可替代的作用。尽管全球经济面临诸多不确定性挑战，中国经济依然展现出强大 的内生动力和适应力，这离不开企业家 ...

参与论坛的工商界代表表示，在华外资企业多年来见证了中国经济持续增长，中国的政策稳定性和规划 长期性在当前不确定性上升的全球形势下尤为珍贵。近段时间以来，伴随着稳增长政策的落地，中国经 济展现出巨大韧性，摩根士丹利、德意志银行、高盛等多家外资机构纷纷上调对于中国经济增长的预 期。事实一再证明，得益于明确的发展目标、连贯的规划引领、坚定的改革举措、务实的宏观政策，即 使外部冲击加大，中国依然有信心、有能力保持经济较快增长。世界经济论坛总裁博尔格·布伦德认 为，中国接连推出一系列政策举措，确保必要的结构性改革扎实推进，不仅有助于实现今年5%左右的 经济增长目标，还将为未来10年打下基础、做好铺垫。 "在世界经济形势严峻复杂背景下，中国经济展现出强劲韧性""中国的创新与开放有助于增强自由贸易 和多边体制的韧性""中国持续为全球发展注入强劲动力，仍是国际投资与合作的热土和沃土"……日前 在天津举行的第十六届夏季达沃斯论坛上，与会人士触摸中国经济发展脉动，共商世界经济复苏之策， 对中国经济前景和开放合作充满信心。 中国不断扩大开放，在与世界经济的深度联动中持续创造着共赢故事。作为全球第二大消费市场和进口 市场，中国有近5 ...