Group 1 - The Ministry of Commerce of China expressed strong opposition to the EU's carbon border adjustment mechanism, stating it imposes unfair trade restrictions on developing countries and increases their climate action costs [5] - The Ministry emphasized the need for cooperation in addressing global climate change while asserting that China will take necessary measures to protect its development interests and the rights of its enterprises [5] Group 2 - The total sales of the "trade-in" program in China are projected to exceed 2.6 trillion yuan by 2025, benefiting over 360 million people [6] - Specific categories include over 11.5 million cars, 12.9 million home appliances, 9.1 million digital products, and over 1.2 million home renovation items [6] Group 3 - Multiple automotive companies reported their December 2025 sales figures, with BYD selling 420,398 new energy vehicles, a year-on-year decline of approximately 18.2%, but a total annual sales increase of 7.73% to 4.6 million units [11] - Geely's total vehicle sales in December reached 236,817 units, a year-on-year increase of about 13%, with an annual total of 3.02 million units, up 39% [12] - NIO delivered 48,135 vehicles in December, marking a historical high with a year-on-year growth of 54.6%, and an annual total of 326,028 vehicles, also a record [13] - Xiaomi's automotive division achieved over 50,000 deliveries in December for the first time, totaling over 350,000 for the year [13] - The overall automotive market is showing a clearer trend towards new energy and intelligent vehicles [15] Group 4 - The retail giant Pang Donglai reported a total sales figure exceeding 23.5 billion yuan for 2025, significantly surpassing its previous year's target of 17 billion yuan, indicating strong growth and market expansion capabilities [20]

发言人表示，中方还注意到，欧盟最近修改了2035年燃油新车禁令，放宽对盟内的绿色监管。欧方一方 面对外以绿色为名搞保护主义，另一方面对内放松监管，降低减排要求。这种自相矛盾的做法是典型的 双重标准。 发言人指出，欧方无视历史排放责任、国家发展阶段和技术水平，打着防止"碳泄漏"的气候幌子推行新 的贸易保护主义，将自身碳标准强加于发展中国家，造成气候与贸易治理规则冲突，抬升发展中国家气 候行动成本，严重损害国际社会互信，与各方合作应对气候变化、推进可持续发展的努力背道而驰。希 望欧方遵守气候和贸易相关国际规则，摒弃单边主义、保护主义，保持市场开放，本着公平、科学、非 歧视的原则，促进绿色领域贸易投资自由化便利化。中方愿与欧方相向而行，合作应对全球气候变化挑 战，但将坚决采取一切必要措施，回应任何不公平的贸易限制，维护自身发展利益、中国企业合法权益 和全球产业链供应链的稳定。 来源 | 新华社 商务部回应欧盟碳边境调节机制：坚决采取一切必要措施回应任何不公平贸易限制 商务部新闻发言人1月1日表示，中方愿与欧方相向而行，合作应对全球气候变化挑战，但将坚决采取一 切必要措施，回应任何不公平的贸易限制，维护自身发展利益、 ...

发言人指出，欧方无视历史排放责任、国家发展阶段和技术水平，打着防止"碳泄漏"的气候幌 子推行新的贸易保护主义，将自身碳标准强加于发展中国家，造成气候与贸易治理规则冲突， 抬升发展中国家气候行动成本，严重损害国际社会互信，与各方合作应对气候变化、推进可持 续发展的努力背道而驰。希望欧方遵守气候和贸易相关国际规则，摒弃单边主义、保护主义， 保持市场开放，本着公平、科学、非歧视的原则，促进绿色领域贸易投资自由化便利化。中方 愿与欧方相向而行，合作应对全球气候变化挑战，但将坚决采取一切必要措施，回应任何不公 平的贸易限制，维护自身发展利益、中国企业合法权益和全球产业链供应链的稳定。 les & FR 点击下载中国基金报客户端 ■ 中国基金报内容矩阵 ■ 巅峰对话 投资热点说 ETF风向标 IPO情报站 fe o 1 ■ a a - 444 and 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND 开盘速递 港股日报 全球早班车 数说人物 √ � [ 8 a 4 a g a d 4 4 4 CHINAFUND CHINAFUND CHINAFUND CHINAFUND ●微信搜一搜 ...

Group 1 - DeepSeek released a new paper on New Year's Day proposing a new architecture called mHC (Manifold-Constrained Hyperconnection) aimed at addressing instability issues in traditional hyperconnections during large-scale model training while maintaining significant performance gains [1] - The paper's first authors include Zhenda Xie, Yixuan Wei, and Huanqi Cao, with DeepSeek's founder and CEO Liang Wenfeng also listed as an author [1] Group 2 - The EU's Carbon Border Adjustment Mechanism (CBAM) will officially implement on January 1, 2026, with recent legislative proposals and implementation details released by the EU [2] - China expressed concerns over the EU's high default carbon emission intensity values for Chinese products, which are deemed unfair and discriminatory, and plans to gradually increase these values over the next three years [2] - The EU plans to expand the CBAM scope to include approximately 180 steel and aluminum-intensive downstream products by 2028, which China views as unilateral and protectionist [2] Group 3 - Multiple electric vehicle manufacturers have reported their delivery data for December 2025 and the entire year, with Li Auto delivering 44,246 vehicles in December and a total of 1,540,215 vehicles since inception [6][16] - NIO delivered 48,135 vehicles in December, marking a 54.6% year-on-year increase, and a total of 326,028 vehicles for the year, a 46.9% increase [6][16] - Xpeng Motors reported 37,508 vehicles delivered in December, with a total of 429,445 vehicles for the year, reflecting a 126% year-on-year growth [6][16] Group 4 - Warren Buffett officially retired as CEO of Berkshire Hathaway on December 31, 2025 [7][18]

·商务部回应欧盟碳边境调节机制：坚决采取一切必要措施回应任何不公平贸易限制 ·港珠澳大桥2025年客流车流双破纪录分别超过3134万人次和680万辆次 ·保加利亚加入欧元区成为第21个使用欧元的国家欧元对列弗汇率为1比1.95583 ·沃伦·巴菲特正式退休卸任伯克希尔-哈撒韦首席执行官 【国内要闻】 【重点关注】 ·记者从国家开发银行获悉，2025年，国开行发放城市建设领域贷款1.16万亿元，服务城市功能品质提升 和人居环境改善。截至2025年末，国开行在城市建设领域贷款余额6.3万亿元。 ·记者从贯彻海南省委经济工作会议精神暨自贸港封关进展情况新闻发布会上获悉，自2025年12月18日 海南自贸港正式启动全岛封关以来，在封关政策带动下，截至2025年12月28日，全省新增经营主体 11957家。 ·2026年1月1日起，《天津市民营经济促进条例》正式施行。《条例》共设总则、公平竞争、投融资促 进、科技创新、要素支持、规范和保护、服务和保障、附则等9章82条，涵盖7方面核心内容：一是明确 促进民营经济发展工作的总体要求；二是保障民营经济组织平等准入和公平竞争；三是优化民营经济投 资融资促进措施；四是推动民营经 ...

Core Viewpoint - The Chinese government expresses serious concerns and strong opposition to the European Union's Carbon Border Adjustment Mechanism (CBAM), which it views as unfair and discriminatory towards Chinese products, particularly due to the high default carbon emission intensity values set by the EU [1] Group 1: EU's CBAM Implementation - The EU's CBAM is set to be officially implemented on January 1, 2026, with recent legislative proposals and implementation details released [1] - The EU plans to gradually increase the default carbon emission intensity values for Chinese products over the next three years, which does not align with China's actual levels and future development trends [1] Group 2: Trade and Climate Policy Concerns - The EU's actions are seen as violating World Trade Organization principles such as "most-favored-nation treatment" and "national treatment," and contradicting the "common but differentiated responsibilities" principle established by the United Nations Framework Convention on Climate Change [1] - The EU intends to expand the CBAM to include approximately 180 types of steel and aluminum-intensive downstream products, such as machinery, automobiles, and household appliances, starting in 2028 [1] Group 3: Double Standards and Protectionism - The EU's recent modification of the 2035 ban on new fuel vehicles, which relaxes green regulations internally while imposing strict standards externally, is viewed as a contradiction and indicative of double standards [1] - The EU's approach is characterized as unilateral and protectionist, imposing its carbon standards on developing countries and increasing the costs of climate action for them, which undermines international cooperation on climate change and sustainable development [1] Group 4: Call for Fair Trade Practices - The Chinese government urges the EU to adhere to international climate and trade rules, abandon unilateralism and protectionism, and promote the liberalization and facilitation of trade and investment in the green sector based on fairness, science, and non-discrimination [1] - China expresses willingness to cooperate with the EU in addressing global climate change challenges but will take necessary measures to respond to any unfair trade restrictions to protect its development interests and the legitimate rights of Chinese enterprises [1]

Group 1 - The EU plans to officially implement a carbon border tax (CBAM) starting January 1, 2026, marking a significant policy shift in international trade and global climate policy [1] - The European Commission has proposed a comprehensive reform package to enhance the carbon tax framework, aiming to close regulatory gaps, expand coverage, and strengthen oversight against evasion [1][2] - The reform will significantly broaden the regulatory scope by including approximately 180 downstream products in the carbon tax regime starting in 2028, targeting high-carbon production transfer and ensuring carbon reduction rather than carbon leakage [1][2] Group 2 - The proposal aims to enhance the operational feasibility and credibility of the carbon tax by addressing issues of underreporting and misreporting of emissions data by importers [2] - A temporary decarbonization fund will be established to mitigate the impact on industries facing high carbon leakage risks, providing limited compensation linked to demonstrated decarbonization efforts [2][3] - The fundamental goal of the carbon tax is to ensure a fair competitive environment between EU and non-EU producers, preventing European companies from being disadvantaged due to higher climate costs [3] Group 3 - Concerns have been raised by the international community and EU industries regarding the carbon tax, particularly its impact on UK steel exports and the potential burdens on manufacturers [4] - Countries in the Western Balkans, heavily reliant on coal-fired electricity exports to the EU, face significant challenges due to the implementation of the carbon tax [4] - Agricultural producers in Bulgaria express fears that the carbon tax will undermine the global competitiveness of EU agricultural products, with potential profit declines of 25% to 50% for farmers due to increased fertilizer costs [5] Group 4 - The European Steel Association believes that while expanding the carbon tax coverage helps address carbon leakage, the current reform may not sufficiently protect the European steel industry from capacity relocation and job losses [6] - The inclusion of pre-consumer scrap aluminum in the carbon accounting system has been welcomed by some industry players, though concerns remain about the operational feasibility of carbon pricing in complex supply chains [6] - The establishment of the temporary decarbonization fund has sparked debate over whether the carbon tax is evolving into a trade protection tool, potentially conflicting with World Trade Organization rules [6]

Core Viewpoint - The implementation of the Climate Disclosure Guidelines marks a significant step in China's commitment to climate governance, aiming to enhance corporate transparency in carbon emissions and align with international green trade standards [2][19]. Group 1: Climate Guidelines Significance - The Climate Guidelines serve as a rigid institutional support for China's climate commitments, aiming for a 7%-10% reduction in greenhouse gas emissions by 2035 and a non-fossil energy consumption share of over 30% [3][19]. - The guidelines translate abstract national emission commitments into quantifiable corporate actions, ensuring accountability and contributing to the global goal of limiting temperature rise to 1.5°C [4][19]. - The guidelines are designed to help Chinese enterprises navigate the evolving landscape of international green trade regulations, such as the EU's Carbon Border Adjustment Mechanism (CBAM) [4][19]. Group 2: Implementation Framework - The guidelines adopt an international framework for climate-related disclosures, requiring companies to report on governance, strategy, risk management, and metrics [8][12]. - Companies are mandated to disclose their greenhouse gas emissions across three scopes, ensuring comprehensive reporting and accountability [5][12]. - The guidelines emphasize the need for a robust internal control system to ensure the accuracy and reliability of climate-related disclosures [17][19]. Group 3: Impact on Corporate Practices - The implementation of the Climate Guidelines is expected to shift companies from fragmented climate information disclosure to standardized carbon footprint management, enhancing data integrity [6][20]. - Enterprises that proactively comply with the guidelines will gain competitive advantages in ESG ratings, green financing, and market positioning [7][20]. - The guidelines encourage companies to integrate climate goals into their governance structures and business models, fostering a culture of sustainability [6][20]. Group 4: Future Prospects - The Climate Guidelines are anticipated to drive the transformation of high-energy-consuming industries and promote the emergence of green sectors such as renewable energy and carbon management services [20][21]. - The guidelines will contribute to a multi-stakeholder governance model, enhancing the overall climate governance framework in China [21]. - The successful implementation of the guidelines is expected to instill a green low-carbon ethos across society, aligning with the broader goals of ecological civilization and sustainable development [21].

南方财经 21世纪经济报道记者吴斌海南报道 "起初，没有人在意这一场灾难，这不过是一场山火、一次旱灾、一个物种的灭绝、一座城市的消失， 直到这场灾难和每个人息息相关……"科幻作家刘慈欣在《流浪地球》中感慨。 尽管全球化遭遇逆风，共同迎战气候变化仍是唯一出路。中国气候变化事务特使、联合国前副秘书长刘 振民在第六届"海洋合作与治理论坛"期间接受21世纪经济报道记者独家专访时表示，各国要确保在美国 缺席的情况下推进多边合作，应对气候变化。从2025年巴西贝伦举行的《联合国气候变化框架公约》第 三十次缔约方大会（COP30）来看，这个"B计划"是成功的，多边合作进程不会由于一两个国家的缺席 而停滞。同时他也呼吁美国尽快重返《巴黎协定》，返回气候变化多边合作进程。 "未来十年乃至更长时间，重要的是让各国认识到，能源转型是全球经济合作的重点领域，也会成为全 球投资旺盛的一个领域。"刘振民认为，一方面，发达国家要履行义务，人类要相互帮助，去履行应对 气候变化的共同责任；另一方面，全球能源转型也会给世界经济增长和进一步繁荣带来机遇，各国要逐 步认识到，能源转型不是负担，而是经济转型的契机，可以带动很多企业去投资。 在《巴黎协 ...

新华社布鲁塞尔12月17日电（记者丁英华 张兆卿）欧盟委员会17日公布碳边境调节机制（CBAM）的 调整方案，拟在现有机制基础上扩大覆盖范围、强化反规避措施。相关政策将自2026年1月1日起逐步落 地。 ...