Core Viewpoint - The ongoing trade and strategic competition between China and the U.S. is expected to be a long-term battle, with China prepared for both material and psychological challenges, emphasizing that only through struggle can respect be earned [3][7][12]. Group 1: U.S.-China Trade Relations - Recent signals from President Trump, including the removal of 91% of tariffs on Chinese goods and adjustments to tariffs on small packages, indicate a temporary thaw in relations [3][5]. - Despite these gestures, China remains cautious and does not expect a resolution to all issues through a single negotiation, recognizing the U.S. government's unpredictable nature [5][7]. - The reduction in the intensity of the trade war post-Joint Statement does not imply a complete resolution, as other countries are also negotiating with the U.S. [7][9]. Group 2: China's Strategic Position - China views the U.S. approach as a "prisoner's dilemma," where the U.S. seeks to use improved relations with China as leverage in negotiations with other countries [7][9]. - The Chinese government is committed to resisting U.S. pressure and maintaining its stance against what it perceives as American trade bullying, positioning itself as a leader in defending global trade order [7][9]. - The U.S. continues to provoke China through actions such as tightening chip export controls and imposing significant tariffs on Chinese products, indicating preparations for further confrontations [9][10]. Group 3: Long-term Outlook - The strategic competition between the U.S. and China is characterized as a protracted conflict, with China expressing confidence in its ability to withstand pressure [12]. - The current U.S. administration's mixed signals and aggressive tactics suggest that the trade and technology battles are far from over, necessitating China's readiness for ongoing challenges [9][12].

Group 1 - The trade war initiated by former President Trump, characterized by a 145% tariff on China, unexpectedly led to significant economic repercussions in the U.S., including a 9% inflation rate and a 17% increase in trade deficit [3][5] - The sale of 43 global ports by Li Ka-shing's company has raised concerns about strategic risks, particularly regarding China's shipping routes and the potential increase in tariffs on electric vehicles if U.S. capital gains control [5][7] - BlackRock's acquisition intentions are evident, with its CEO stating that controlling ports equates to controlling trade, and the transaction being valued 38% below market value raises questions about the motivations behind the sale [7][9] Group 2 - The failure of the trade war signifies the end of a unipolar world order, with emerging markets projected to contribute 72% to global economic growth by 2024, indicating a shift away from the U.S.-led "Washington Consensus" [9][10] - China's actions, such as implementing national security reviews for overseas mergers, reflect a growing trend where capital movements are increasingly influenced by national interests, with a 89% approval rate for such reviews in 2024 [10][12] - The economic turbulence of 2025 highlights the reality that capital operations detached from national interests are likely to face severe consequences, as demonstrated by both Trump's tariffs and Li Ka-shing's asset adjustments [12]

Core Viewpoint - The increasing dominance of China's manufacturing sector is creating a mismatch with the declining financial hegemony of the US dollar, which is seen as a root cause of current conflicts [1][2] Manufacturing Industry - China's total manufacturing output accounted for 35% of global manufacturing by the end of last year, and it is projected to reach 45% by 2030 [2] - The trend indicates that the combined manufacturing output of economies ranked second to tenth is still less than that of China, highlighting China's growing manufacturing strength [2] Economic Structure - The current global economic structure, dominated by the US dollar, is becoming increasingly misaligned with China's growing manufacturing capabilities [2] - The US is experiencing a significant current account deficit, necessitating foreign capital inflows to balance its economy, which is becoming more challenging due to high interest rates [3] Strategic Competition - The ongoing trade and tariff wars between the US and China represent a broader struggle for a new global order, with both nations engaged in a strategic competition [1][4] - The outcome of this competition will determine the future distribution of global financial power, with the potential for significant rewards for the winning side [2] Policy Recommendations - China should adopt three strategies: increasing openness by potentially achieving zero tariffs, promoting economic balance by reallocating resources towards domestic consumption, and enhancing marketization by eliminating discrimination against private enterprises [3] - The importance of dynamic game theory in understanding the interactions between the US and China is emphasized, as decisions by one party significantly impact the other [4] Investment Opportunities - The long-term strategic competition suggests that gold is a suitable asset for investment, with significant potential for appreciation [4] - The establishment of the CSI A500 index represents a valuable opportunity for investors to engage with China's core assets during this period of strategic competition [4]

日前，中美在瑞士日内瓦发布联合声明，宣布在两天的坦诚、深入磋商后，达成多项关键共识，并就关 税政策作出调整。 【长和公司发布的声明截图】 就在这一天，香港富豪李嘉诚旗下的长江和记实业有限公司（简称"长和"）突然调整姿态，连夜发布公 告称，旗下港口交易"不会在任何不合法或不合规的情况下进行"，态度前所未有地"温顺"。 不少人将这份公告解读为"表忠心"，甚至有声音说李嘉诚方面"终于醒悟了"。但要说得直白一点，这份 姗姗来迟的"觉悟"，其实只是李嘉诚方面终于意识到：风，已经彻底变了。 回顾过去一段时间，李嘉诚旗下的长和公司似乎是铁了心要把大量港口和码头的经营权给卖出去。 港口是什么？那是能源与资源、贸易在海上进出的关口，是"一带一路"的一个个咽喉要道。特别是在中 美战略博弈日益加剧的背景下，任何涉及交通、能源、科技的核心资产流向问题，都不是"纯粹商业"那 么简单。更何况其中还包括地理位置极为关键的巴拿马港口权益。 面对这笔"敏感交易"，中国官方并非没有动作。 首先是舆论上的提醒。3月以来，港澳办官网连续转载香港《大公报》的评论文章——《莫天真勿糊 涂》《伟大的企业家都是铮铮爱国者》，这些文章不点名却直指李嘉诚旗下企 ...

Core Viewpoint - The ongoing competition for rare earth resources is intensifying, with Tesla's CEO Elon Musk highlighting the challenges faced in mass production of the Optimus humanoid robot due to China's export controls on rare earth materials [1][3]. Group 1: Tesla and Rare Earth Materials - Musk stated that Tesla is negotiating with China for permission to use rare earth permanent magnet materials, emphasizing that these materials will only be used for civilian purposes in humanoid robots [3][6]. - The Optimus robot requires 3.5 kilograms of high-performance neodymium-iron-boron permanent magnet materials per unit, making the stability of raw material supply critical for Tesla's production plans [6]. Group 2: China's Export Controls - In April 2023, China announced export controls on seven categories of heavy rare earth materials, a move aimed at safeguarding national security interests [3][5]. - China dominates the rare earth processing sector, accounting for approximately 90% of global refined rare earth production in 2023, which gives it significant leverage in the supply chain [5]. Group 3: Geopolitical Implications - The situation reflects the complex strategic competition between the U.S. and China, where commercial interests are intertwined with geopolitical factors, complicating the resolution of issues like rare earth material access [6][7]. - The U.S. has historically prioritized national security in technology, raising concerns about the potential military applications of materials intended for civilian use [6][7]. Group 4: Broader Economic Impact - The export controls on rare earth materials could severely impact not only Tesla but also numerous small and medium-sized enterprises in the U.S., which may struggle with limited resources and risk of operational stagnation [8]. - The Trump administration has begun to recognize the adverse effects of trade policies, indicating a potential shift towards lowering tariffs on China to stabilize the U.S. economy [8].

来源：每日经济新闻 01 交易非"普通商业行为" 这绝非危言耸听，根据美国政府一项行政命令草案，其已计划向中国有关船只收取特别停靠费用，并将敦促盟友也采取类似措施，否则将遭到报复。如果 美国的种种算计得逞，必然会对中国的造船、航运、外贸乃至共建"一带一路"造成冲击，也势将直接影响香港巩固提升国际航运、贸易中心地位，并威 胁、破坏全球正常的航运、贸易秩序和安全。 最近有一个动向引起各方强烈反响：香港长江和记实业有限公司日前公告称与美国贝莱德牵头的财团达成原则性协议，拟向该财团出售旗下和记港口集团 80%的资产，转让其持有和运营的分布于23个国家的43个港口及配套物流网络，包括巴拿马运河两端的巴尔博亚和克里斯托瓦尔港口。 有人说，这个交易是普通的商业行为。果真如此吗？ 大家都能看到的是，特朗普今年1月刚就职便指中国在控制巴拿马运河，高调宣称美国要"收回"来，必要时不惜动用军队。紧接着，美国务卿鲁比奥首次外 访即直奔巴拿马进行施压。之后，赶在特朗普第一次作国会演讲前夕，上述消息被释放出来。这一切难道只是时间上的巧合？这到底是什么性质的交易？ 事实上，一些美英媒体已披露其中不少内幕。有媒体报道指，贝莱德CEO芬克与特 ...