摘要 美国对中国加征关税显著影响中美双边贸易，导致中国对美出口下降约 25%，但中国总体出口额增长 7%-8%，表明全球贸易格局重塑而非总 量减少。 中国通过增加对欧洲、东盟及一带一路国家的出口，弥补对美出口下降 的影响，对欧洲出口增长近 10%，出口商品结构从消费品转向投资品和 中间品。 中国对外资产结构发生变化，减少购买美国国债，增加对一带一路国家 当地投资形成的股权和债权，促进当地发展并带来长期回报。 中国面临房地产金融周期下行带来的内部需求疲软，特别是消费需求不 足，需要通过财政扩张和债务重组等措施提振国内需求。 中国通过调整出口市场和商品结构应对美国关税影响，增加对一带一路 国家资本品和中间产品的出口，支持其工业化进程，并促进当地就业和 收入增长。 中国加强内部经济调控，通过财政政策支持低收入群体，提高社会保障 水平，进行债务重组，以缓解外部环境变化带来的压力，实现经济稳定 发展。 一带一路倡议通过基础设施建设和企业出海投资，增强与沿线国家的经 贸联系，通过提供贷款和股权投资支持沿线国家发展，并改善其基础设 施条件。 Q&A 当前全球地缘经济形势下，中国面临哪些主要挑战和机遇？ 在当前全球地缘经济形 ...

新华社莫斯科11月18日电 上海合作组织成员国政府首脑（总理）理事会第二十四次会议联合公报 2025年11月17日至18日，上海合作组织（以下简称"上合组织"或"组织"）成员国政府首脑（总理）理事 会第二十四次会议在莫斯科举行。 白俄罗斯共和国总理图尔钦、印度共和国外交部长苏杰生、伊朗伊斯兰共和国第一副总统阿雷夫、哈萨 克斯坦共和国总理别克捷诺夫、中华人民共和国国务院总理李强、吉尔吉斯共和国总理卡瑟马利耶夫、 巴基斯坦伊斯兰共和国副总理兼外交部长达尔、俄罗斯联邦政府总理米舒斯京、塔吉克斯坦共和国总理 拉苏尔佐达、乌兹别克斯坦共和国总理阿里波夫出席会议。 会议由俄罗斯联邦政府总理米舒斯京主持。 上合组织秘书长叶尔梅克巴耶夫、上合组织地区反恐怖机构执行委员会主任沙尔舍耶夫、上合组织实业 家委员会轮值主席任鸿斌、上合组织银行联合体理事会代表谭炯列席会议。 卡塔尔首相兼外交大臣穆罕默德，蒙古国总理赞登沙特尔，独立国家联合体、欧亚经济联盟、亚洲相互 协作与信任措施会议常设机构负责人，以及巴林、埃及、科威特和土库曼斯坦代表列席会议。 各代表团团长高度评价中华人民共和国担任2024年至2025年上合组织轮值主席国期间所做工 ...

以下文章来源于首席侧写师 ，作者阳明山人 首席侧写师 . 观人，鉴历史，知天地。 引言：一场席卷全国的抗议浪潮，一位流亡海外的前总理，以及一纸震惊世界的死刑判决，勾勒出孟加拉前所未有的政治变局。 当地时间2025年11月17日，孟加拉首都达卡的法庭内座无虚席，法官戈拉姆·莫图扎·莫祖姆达尔当庭宣读了对前总理谢赫·哈西娜的死刑判决。法庭认定78岁的哈西 娜在2024年镇压全国性大规模抗议活动期间犯下反人类罪，三项核心罪名——煽动、下令杀人及未阻止暴行全部成立。与她一同获刑的还有前内政部长阿萨杜扎 曼·汗·卡迈尔，而主动认罪的前警察局长乔杜里·阿卜杜拉·阿尔-马蒙则获刑五年。 谢赫·哈西娜 图源：网络 目前，哈西娜滞留印度，缺席了这场审判。这位78岁的政治家，曾是这个南亚国家任职时间最长的总理，在去年政坛剧变中被迫流亡印度，如今在缺席审判中被 认定需对2024年暴力镇压抗议事件负责。判决公布后她迅速发表声明痛斥审判是"带有政治偏见的操纵闹剧"。这场判决也让本就动荡的孟加拉陷入到更猛烈的舆论 漩涡之中。 从流亡到总理 谢赫·哈西娜生于1947年，是孟加拉开国总统谢赫·穆吉布·拉赫曼的长女。她的政治生涯从一开始就充满 ...

Core Insights - The "14th Five-Year Plan" is viewed as a strategic development blueprint that emphasizes a shift from quantity to quality growth, particularly in high-tech industries and sustainable development [2][3] - The plan is expected to create new opportunities for high-quality development and international cooperation, particularly benefiting Southeast Asian countries [1][2] Group 1 - The "14th Five-Year Plan" reflects China's commitment to enhancing economic resilience through structural upgrades and reducing dependence on global market fluctuations [2] - The plan outlines significant reforms in capital markets, foreign investment access, and the internationalization of the Renminbi during its implementation period [2] - The focus on a modern industrial system and new technology applications is expected to elevate Indonesia's strategic position in key minerals, manufacturing partnerships, and digital economy cooperation [2] Group 2 - China's high-level opening up is anticipated to strengthen mutually beneficial cooperation with developing countries, including Thailand, enhancing win-win opportunities [3] - The plan addresses major global challenges and is expected to provide lasting momentum for the global economy, contributing to global governance [3] - A stable and predictable China is seen as a stabilizing force for regional and global stability, with a focus on high-quality and sustainable growth [3]

几内亚西芒杜铁矿项目投产仪式于当地时间11月11日在福雷卡里亚省马瑞巴亚港举行。该项目是中国和几内亚两国的重点合作项目，中国企业在该项目的 矿山、铁路、港口等相关工程建设中发挥了重要作用。目前首船矿已经开始装船作业，11月将从马瑞巴亚港发出首船20余万吨铁矿石。全面投产后，铁矿 年出口量最高可达1.2亿吨。 西芒杜铁矿位于西非几内亚东南部，是全球品质最优、规模最大的矿山项目之一，也是非洲最大的绿地一体化矿山项目。已探明储量44亿吨，平均全铁品 位65%以上，且矿体集中、埋藏浅、易开采。 这一项目总投资逾200亿美元，涵盖矿山、铁路、港口等系统性工程。此次投产交付的项目工程就包括超过600公里的新建跨几内亚多用途铁路及配套港口 设施。 西芒杜铁矿项目主要参与方包括几内亚政府、赢联盟、中国宝武、中铝集团、SimFer等。其中，赢联盟是由新加坡韦立国际集团、中国山东魏桥铝业共同 组成的联合体；Simfer的股东为中铝铁矿控股有限公司和力拓子公司，而中铝铁矿控股有限公司的股东包括中铝集团旗下的中铝海外控股有限公司、中国 宝武旗下的宝武资源有限公司、中国铁建旗下的中国土木工程集团有限公司和中交集团旗下的中国港湾工程有限 ...

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]

聚焦并购，Colin Purdie认为，中国当前的监管改革以及市场趋势给公司带来了更多的机会，"中国的并购市场正在进行转型，比 如说医疗行业特别具有吸引力，而且中国的人口老龄化和医疗改革不断在推动创新和提高效率，这也让其成为并购主要的目的 地。同时消费行业也带来了巨大的机会，一些大的美国公司在中国成功扩张，通过并购进入市场，并且中国的中产阶级购买力 越来越大。" 此外，中国庞大中产阶级带来的消费领域投资机会，电子商务的快速发展，"双碳目标下"中国新能源产业（包括光伏、风能、 电动汽车等）的扩张，以及不断发展的金融科技和保险领域，都给Colin Purdie留下了深刻的印象。 总结来看，Colin Purdie表示，中国的股市和债市提供了多样化投资机会，包括高收益的政府债券和企业债券，股市中的科技、 消费品和绿色能源的投资机会等。 展望未来，Colin Purdie认为，中国资本市场未来还将有几大关键趋势，比如市场的开放、人口结构的变化、地缘政治的变化， 这些都会影响国际资本对投资机会的判断。 "人口结构变化以及城市化是影响市场的重要因素。中国人口老龄化对于医疗、退休规划、养老服务有巨大的需求。同时，地缘 政治 ...

Core Viewpoint - The report from First Shanghai recommends a "buy" rating for China Pacific Insurance (02328) with a target price of HKD 23.3, indicating a potential upside of 21.7% from the current price, driven by the growth in non-auto insurance as a key engine for premium growth in the context of China's economic transformation and increasing social risk protection needs [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved insurance service revenue of CNY 385.9 billion, a year-on-year increase of 5.9%, with auto insurance revenue at CNY 227.6 billion (up 3.7%) and non-auto insurance revenue at CNY 158.3 billion (up 9.3%) [1] - The net profit for the same period reached CNY 40.3 billion, reflecting a significant year-on-year growth of 50.5% [1] - Total investment income for the first three quarters was CNY 35.9 billion, a year-on-year increase of 33%, with an annualized total investment return rate of 5.4%, up 0.8 percentage points year-on-year [1] Group 2: Non-Auto Insurance Growth - Non-auto insurance original premium income reached CNY 223.06 billion in the first three quarters, accounting for 50.3% of total premiums, surpassing auto insurance [2] - A new regulatory policy effective November 1, 2025, aims to manage rates in the non-auto insurance sector, which is expected to enhance underwriting profit margins and improve the comprehensive cost ratio for non-auto insurance [2] - The company targets to maintain a comprehensive cost ratio of below 96% for auto insurance and below 99% for non-auto insurance in 2025 [2] Group 3: Internationalization Strategy - The company has initiated an internationalization strategy aimed at significantly increasing overseas business within five years, aligning with the trend of Chinese enterprises going global and the internationalization of the RMB [3] - The strategy focuses on servicing Chinese products and enterprises, particularly in the areas of new energy vehicles and overseas infrastructure construction [3] - The company has successfully launched related businesses in Hong Kong and Thailand, with plans to expand into Europe and Southeast Asia, leveraging its experience in new energy vehicle insurance to create a competitive advantage [3]

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 Insights - The meeting between ASEAN Economic Promotion Association President Bo Shanglang and Qinghai Province Vice Governor Yang Zhiwen focused on deepening practical cooperation in trade, technology, and education, reaching multiple consensus points [1][2]. Group 1: Economic Cooperation - Qinghai Province emphasizes its commitment to comprehensive cooperation with ASEAN countries, aiming to implement the consensus on building a China-ASEAN community of shared future and promote high-quality development in cooperation [1]. - Qinghai is positioned as a treasure trove of ecological resources and a hub for green industry development, planning to collaborate with ASEAN countries in clean energy, ecological agriculture, and cultural tourism [1]. Group 2: Educational Collaboration - Both parties agreed to establish a comprehensive partnership between Cambodian universities and Qinghai University of Technology, focusing on discipline construction, faculty exchange, and student exchange to enhance educational resource sharing and cultural exchange [2]. Group 3: Strategic Initiatives - The ASEAN Economic Promotion Association will act as a bridge to facilitate business connections, organizing forums, enterprise visits, and project negotiations to align Qinghai's advantageous industrial resources with ASEAN market demands [1].