央视网消息：文化和旅游部、中国民航局近日印发融合发展方案，到2027年，旅游出行服务水平显著提高，国际国内旅游航线 覆盖更广，融合产品和场景更加丰富多元。 行动方案部署，提升国内旅游出行通达性。推动更多旅游城市纳入航空运输服务网络，鼓励开通热门旅游目的地支线机场互 飞、环飞航线、"空中快线"和边境旅游航线。要求加密入境旅游航线。优化航权配置，引导中外航空公司针对主要客源国和新兴客 源国，特别是共建"一带一路"国家，增开直飞航线航班，完善入境旅游航线网络。 从上海浦东国际机场起飞，经奥克兰最终到达阿根廷布宜诺斯艾利斯，这条横跨东西半球与南北半球、航程约两万公里的航 线，刷新了全球最长单程民航航线的纪录，将中国至南美的航程缩短四小时以上。旅客"一机到底"的运营模式，中途经停时间短， 大大节约了时间和成本。首航航班的客座率接近满座。 专家："一带一路"战略延伸 促进各领域交流 这一航线，对深化中国与南太平洋、南美地区的互联互通将发挥独特作用 北京师范大学一带一路学院研究员 万喆：空间拓展将一带一路从亚欧大陆延伸至南美，填补了太平洋、大西洋航线的空白。 海陆空的联动上，跟两洋铁路、前海港等等基础设施项目形成立体互联互 ...

Core Insights - The Chinese construction machinery industry is experiencing a strong recovery, attracting global capital interest, with excavator sales expected to grow by 17% year-on-year from January to October 2025 [1] - The issuance of the engineering machinery ETF by the fund is set to provide investors with a convenient tool to capitalize on the current recovery in the industry, with fundraising ending on December 5, 2025 [1][5] Policy Support - The recovery of the construction machinery industry is driven by a combination of policies, market demand, and internal industry cycles, with strong policy support acting as a "booster" [2] - The State Council's large-scale equipment renewal initiative is identified as the core policy engine driving domestic demand, with over 60% of the excavator stock renewal demand expected in 2025 [2] - The issuance of special government bonds worth trillions this year is directing funds towards infrastructure projects, thereby boosting new equipment procurement [2] Market Demand - The market demand is characterized by a clear "internal stability and external growth" pattern, with domestic sales of non-excavator equipment showing significant growth [2] - In the overseas market, exports have become the main growth engine, with China's construction machinery export value reaching $48.57 billion from January to October 2025, a year-on-year increase of 12% [2] Financial Performance - The recovery in industry prosperity is reflected in improved corporate profitability, with the construction machinery sector achieving a net profit of 20.999 billion yuan in the first half of 2025, a year-on-year growth rate of 21.59% [3] - Revenue for the same period was 205.565 billion yuan, up 7.52%, indicating that profit growth is outpacing revenue growth, confirming the effectiveness of the industry recovery [3] Market Concentration - The construction machinery industry exhibits a high market concentration, with leading companies gaining significant advantages, making it crucial to focus on these leaders for investment opportunities [4] - The CSI Construction Machinery Theme Index is designed to reflect this industry characteristic, with the top ten constituent stocks accounting for over 70% of the index weight, and the top four stocks representing over 51% [4] Investment Opportunities - The engineering machinery ETF closely tracks the CSI Construction Machinery Theme Index, providing a transparent tool for investors to capitalize on the recovery of leading companies in the industry [5] - Investors are encouraged to pay attention to the ETF, especially those optimistic about the core competitiveness of Chinese manufacturing and the cyclical recovery logic [5]

纳卢曼戈说，赞中两国友谊源远流长，坦赞铁路是中国人民给予赞比亚人民的珍贵礼物，感谢中方 一直以来对赞比亚的支持。代表团此访在上海看到了举世瞩目的发展成就，上海的包容性增长和人民城 市理念令人印象深刻。我们愿将上海经验带回赞比亚，欢迎更多中国及上海企业投资赞比亚，在矿业、 农业、能源、旅游等领域取得更多合作成果。 记者 孟群舒 上海市市长龚正昨天会见了赞比亚国家发展联合党副主席、副总统穆塔莱·纳卢曼戈一行。 龚正代表上海市人民政府，对纳卢曼戈副总统及代表团来沪参加第三届全球南方智库对话会表示热 烈欢迎。他说，中国同赞比亚是好兄弟、好朋友、好伙伴。上海一直高度重视与赞比亚的友好往来，近 年来双方在经贸、教育、卫生等领域的合作更加密切，取得积极成效。上海作为中国最大的经济中心城 市，正在积极推进高水平对外开放，加强国际合作。希望以高质量共建"一带一路"为依托，进一步加强 与赞比亚各方的交流合作，实现更高层次的互利共赢，为两地人民增进福祉。热忱欢迎更多赞比亚企业 亮相进博会，深化双方在矿产开发、绿色能源、基础设施建设等领域的产业合作，支持优秀企业到对方 投资兴业。同时，希望加强人才联合培养，开展医疗卫生等民生领域的务 ...

11月20日，中欧班列中通道通行量突破3500列。这是二连浩特铁路口岸自2013年通行中欧班列以来，首 次年内突破3500列大关。11月22日，记者从中国铁路上海局集团有限公司获悉，2025年浙江中欧班列 （含中亚方向）提前39天追平去年全年开行（去程）总量，同比增幅12%。 运输更加高效稳定 11月18日，国铁集团发布第四批中欧班列全程时刻表，实行全程时刻表的中欧班列进一步扩容，开行数 量增至年1000列以上，覆盖中国9座城市和欧洲6座城市。 作为高质量共建"一带一路"的旗舰项目，中欧班列是惠及沿线各国的重要公共产品。10余年间，中欧班 列开行规模数量稳步增长，服务质量效益稳步提高，实行全程时刻表的班列就是例证——其平均单柜货 值较普通班列增加41%。 "与相同运行径路的普通中欧班列相比，实行全程时刻表的中欧班列全程运行时间更快、平均压缩30% 以上，运输稳定性也更高，受到国际物流市场普遍青睐。"中国铁科院运经所研究员张巍介绍，其开行 为客户生产组织、物流贸易、资金周转提供了稳定预期，进一步提升了中欧班列运行品质和国际物流品 牌竞争力。 除了稳定性更高，得益于对数智系统的深度应用，中欧班列的运输效能也得到全 ...

要坚持"川渝一盘棋"，加强成渝区域协同发展，构筑向西开放战略高地和参与国际竞争新基地，尽 快成为带动西部高质量发展的重要增长极和新的动力源。 ——习近平 刚刚发出中欧班列第12万列的成都国际铁路港，迎来又一桩喜事：今日，2025中欧班列（成渝）全 球合作伙伴大会，在成都国际铁路港经济技术开发区举行。来自欧洲、中亚、东南亚的供应商、国际物 流商、大型制造企业负责人等近500名嘉宾，将与中欧班列（成渝）共谋全面深入合作的更多可能，并 有望达成一系列重要成果。 鸣笛十余载的中欧班列，是共建"一带一路"的旗舰项目和标志性品牌，也是四川扩大高水平对外开 放的"见证者"和"亲历者"。2023年7月，习近平总书记来川视察时作出系列重要指示，赋予四川建设"两 高地两基地一屏障"的使命任务，明确要求"要坚持'川渝一盘棋'，加强成渝区域协同发展，构筑向西开 放战略高地和参与国际竞争新基地，尽快成为带动西部高质量发展的重要增长极和新的动力源"，这为 四川扩大对外开放提供了方向指引和根本遵循。 只需发出一趟中欧班列，就能同时满足欧洲和非洲两个完全不同的消费市场需求，货畅其行的背 后，是四川加快推进中欧班列集结中心枢纽体系建设，构建亚 ...

今年5月份，中国"一带一路"再保险共同体对业务范围进行进一步拓展，再次升级保障范围。升级 后，共同体业务范围可实现对传统商业再保险合约限制或除外的中国海外利益工程险、财产险业务的全 覆盖，将集合行业力量为特殊风险提供充足保障，助力行业更好地服务中国企业"走出去"，保障海外战 略资产安全。 中国再保总裁助理田美攀表示，共同体要强化政治担当，锚定核心需求，围绕高质量服务"一带一 路"、聚焦"走出去"企业的痛点、难点，精准发力，推动共同体实现更高质量发展。 日前，中国"一带一路"再保险共同体成员大会第十三次会议、理事会第十四次会议在上海临港举 行，共有来自监管机构、成员单位、合作伙伴的110余名代表参加本次会议。 中国"一带一路"再保险共同体成立于2020年7月，聚焦中资企业参与"一带一路"建设及相关中国海 外利益的保险业务，通过制度化安排和商业化运营模式，针对海外风险管理亟需但国内技术和供给相对 薄弱的领域，聚集保险业力量，搭建行业平台，补齐保障和服务短板，持续为行业服务"一带一路"打造 基础设施，已成为保险业服务"一带一路"建设的重要力量。自2020年11月正式运营起，共同体对中国海 外利益特殊风险的保障规模逐 ...

Core Insights - The "Belt and Road" initiative has evolved from hard connectivity through infrastructure to soft connectivity through rules and standards, with a growing focus on people-to-people connections [1] - Audiovisual service trade is emerging as a vital medium for promoting cultural dialogue and mutual understanding, transcending language barriers and fostering emotional connections [1][2] - The global trade in cultural creative products and services is projected to exceed $1 trillion by 2024, with audiovisual services experiencing significant growth [1] Group 1: Audiovisual Trade and Cultural Exchange - Audiovisual service trade is not just about the circulation of cultural goods but also about sharing emotions and values, creating invisible bridges that connect hearts [1] - Successful audiovisual works, such as the Chinese drama "Mountain and Sea Love," have demonstrated the unique power of cultural exchange, resonating with audiences in different regions despite cultural differences [2] - The documentary "Belt and Road" showcases the potential of collaborative production, enhancing understanding through multi-perspective narratives from various countries [2] Group 2: Market Potential and Technological Transformation - The population of "Belt and Road" countries accounts for nearly two-thirds of the global population, with a high proportion of youth eager for diverse cultural content, representing a significant untapped market [3] - Digital technologies like 5G and artificial intelligence are transforming the production, dissemination, and consumption of audiovisual content, breaking channel monopolies and enhancing mutual recognition among nations [3] - Collaborative models are becoming increasingly diverse, ranging from copyright transactions to joint investments and talent exchanges, exemplified by co-productions like "Panda and Happy Ball" and "The Last Visa" [3] Group 3: Recommendations for Enhancing Cooperation - Strengthening policy coordination is essential, including simplifying co-production processes and establishing "green channels" for content exchange [4] - Building professional platforms to support film festivals and trade activities focused on the "Belt and Road" market can facilitate efficient resource matching [4] - Emphasizing talent development through exchange programs for young creators from "Belt and Road" countries will solidify the foundation for cooperation [4] - Embracing technological innovation by exploring immersive technologies like VR and AR in cultural storytelling can enhance communication [4] - Promoting equal exchange by introducing outstanding works from various countries while encouraging domestic audiovisual excellence to reach international audiences [4]

Core Insights - The rise of China has significantly transformed its economic relationship with the Global South, shifting from political and diplomatic cooperation to economic collaboration since the reform and opening-up period [3][5] - China's GDP share in the global economy has increased from 1.6% in 1991 to 16.8% in 2023, indicating a profound restructuring of the global economic landscape [3][4] - The manufacturing sector's contribution to global GDP has seen a notable shift, with China's manufacturing GDP share peaking at 31% in 2021, reflecting its rapid industrial expansion [4] Trade Relations - China's foreign trade has grown remarkably, with exports reaching $3.56 trillion and imports at $2.71 trillion in 2023, accounting for 15% and 11% of global trade, respectively [6] - The trade structure has evolved, with the share of low and middle-income economies in China's imports surpassing that of high-income economies, indicating a deepening trade relationship with the Global South [6][9] - The import structure has shifted significantly, with raw materials now being the largest import category, driven by demand from industries like electric vehicles and renewable energy [7] Investment Relations - By the end of 2023, China's cumulative outbound direct investment reached nearly $3 trillion, positioning it as the second-largest investor globally [10] - The proportion of greenfield investments has increased significantly since 2012, reflecting a shift from cross-border mergers and acquisitions to direct investments in production facilities [12] - The manufacturing sector has become a major focus for outbound investment, with its share rising from 7.8% in 2014 to approximately 15.5% in recent years [12] Challenges in Economic Cooperation - The Global South faces structural challenges in industrialization, including low domestic savings rates, insufficient human capital, macroeconomic vulnerabilities, and governance issues [18][19] - Chinese enterprises encounter specific difficulties in overseas investments, such as political risks, legal compliance, financing challenges, and local management issues [20]

近年来，中铁山桥道岔产品出口孟加拉国、塞尔维亚、智利等多个"一带一路"共建国家，为其提供高品 质、高安全、高性能的铁路装备，其中制造的雅万高铁高速道岔，是中国高速道岔制造技术首次系统集 成化出口海外，为沿线人民的美好出行提供安全保障。 本报北京电(史志鹏、吴子俊)近日，中铁工业（600528）旗下中铁山桥集团有限公司整组铁路道岔成功 发往智利，助推中国制造开拓拉美市场，服务高质量共建"一带一路"。 据介绍，本批出口的时速140公里宽轨系列道岔均为中铁山桥自主研发，包含单开道岔、交叉渡线道岔 以及单交叉道岔等，具备高安全性、高稳定性与低维护性等特点。在制造过程中，企业运用纯净钢冶炼 技术、智能精准加工技术、跟端自动锻压成型技术等多项技术，自主设计尖轨跟端锻压模具，通过钢轨 锯铣一体联合生产线，实现了智利道岔锻压轨件精确下料锯切的自动化，以及成型段轨底数控铣削、跟 端自动抛丸打砂的流水线作业，25米范围内工件长度公差控制在0.5毫米以内，满足欧洲铁路标准。此 外，依靠智利道岔专用跟端模具、6000吨锻压自动化生产线、智能跟端热处理生产线等先进智能装备， 实现智利道岔尖轨跟端轧制批量化生产。 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Chinese economy is facing dual challenges of debt tightening and declining real estate prices, leading to reduced consumption and investment, which puts pressure on economic growth [1][3] - The geopolitical economic competition between China and the US shows that China leads in manufacturing while the US excels in monetary finance [1][5] - AI technology advancements are driving the chip industry, but the efficiency of performance improvements is decreasing according to Moore's Law, raising concerns about potential AI bubble risks [1][6] - The US and Europe are implementing policies to reduce reliance on Chinese manufacturing, which has already led to a significant decrease in China's exports to the US [1][7] - China's exports are showing strong growth, particularly to Africa, ASEAN, and Europe, as companies increasingly rely on export markets due to weak domestic demand [1][8] Summary by Sections Economic Challenges - The main challenges facing the Chinese economy include debt tightening and declining real estate prices, which have led to reduced consumption and investment, creating downward pressure on economic growth [3][4] - The increase in debt repayments by businesses and households has led to higher savings, but weak demand has resulted in decreased loan demand [3][4] Geopolitical Competition - China and the US have distinct competitive advantages, with China excelling in manufacturing and the US in monetary finance [5] - Both countries are advancing in the digital economy and AI, but the US is attempting to restrict China's AI technology development through semiconductor export limitations [5] AI and Chip Industry - AI advancements are significantly impacting the chip industry, allowing for performance improvements through algorithm optimization, but the diminishing returns on investment in chip performance need to be monitored [6] Trade Dynamics - The US and Europe are taking measures to reduce dependence on Chinese manufacturing, with new tariffs leading to a notable decline in Chinese exports to the US [7] - China's export growth is robust, driven by weak domestic demand and a shift in trade partners towards countries along the Belt and Road Initiative [8][9] Domestic Demand Issues - The imbalance between production and consumption in China is contributing to insufficient domestic demand, necessitating coordinated development of internal and external cycles to enhance consumption [10][11] - Improving income distribution and strengthening the social security system are essential for boosting total demand and sustainable economic growth [10][14]