中国邮政航空波音B737-800F已完成装机，等待起飞。梁珏 摄 首航航班由中国邮政航空波音737-800F全货机执飞，于9日10时40分从重庆江北国际机场起飞，飞行约3小时25分钟后，于当地时间12点35分（北京时间14 时05分）抵达缅甸仰光国际机场；返程航班于仰光当地时间15时30分起飞，北京时间18时10分返回重庆，实现"当日往返、高效周转"。 12月9日，中国邮政"重庆-仰光"国际货邮航线在重庆江北国际机场顺利执行首飞任务。值得关注的是，该航线是中国邮政航空开通的第35条国际航线，其 落地不仅填补了重庆至缅甸仰光直飞货运航线的市场空白，更丰富了邮航国际航线网络布局，为"一带一路"倡议下中缅经贸合作与重庆国际航空物流枢纽 建设注入新动能。 "重庆-仰光"航线的开通，是中国邮政落实2023年11月与重庆市政府签署的战略合作协议的关键举措，也是邮政构建自主可控国际物流体系的重要实践。近 年来，重庆与缅甸经贸往来持续升温，两地时效敏感类货物运输需求快速增长，但此前重庆无直飞仰光货运航线，货物需经第三方中转，不仅耗时长，还 存在破损、延误风险。 该航线与西部陆海新通道形成"空陆互补"的立体化物流网络，大宗货物 ...

Core Insights - In November, China's total import and export value reached $549.03 billion, a year-on-year increase of 4.3% [1][2] - Exports totaled $330.35 billion, growing by 5.9% year-on-year, while imports were $218.67 billion, up by 1.9% [1][2] - The trade surplus for November was $111.68 billion [1] Summary by Category Total Trade Value - The total import and export value for the first eleven months of the year was $5.75 trillion, reflecting a year-on-year growth of 2.9% [2] - The total export value for the same period was $3.41 trillion, increasing by 5.4%, while imports were $2.34 trillion, showing a decline of 0.6% [2] Export Performance - November's export growth of 5.9% was a significant rebound, accelerating by 7.0 percentage points compared to the previous month [4] - The high base effect from the previous year diminished, contributing to the improved export figures [4] - Exports to the EU, Africa, and Latin America saw notable increases, while exports to the U.S. experienced a slight decline [4][5] Import Performance - November's import growth rose to 1.9%, an increase of 0.9 percentage points from the previous month [6] - The increase in imports was supported by a lower base from the previous year and strong export performance driving the demand for intermediate goods [6] - Despite the growth, domestic investment and consumption have slowed, impacting the demand for bulk commodities and consumer goods [6]

Group 1 - The World Bank report indicates that trade between Latin America and China has surpassed total trade with the United States for the first time, marking a significant geopolitical shift [1] - The U.S. Southern Command announced plans to gradually reduce military presence in Panama, representing a strategic retreat from the core region of Latin America for the first time in over two centuries [1] - The geopolitical landscape in Latin America is changing, characterized by an influx of capital and cooperation from China, while U.S. military power and influence are diminishing [1] Group 2 - The U.S. is attempting to reinforce its dominance in the Western Hemisphere, as articulated by Vice President Pence, who emphasized that the region should be under U.S. leadership [3] - The U.S. military actions in the Caribbean, framed as anti-drug operations, are seen as politically motivated rather than purely law enforcement [5] - Washington's aid often comes with stringent political conditions, contrasting with China's more development-oriented cooperation proposals [5] Group 3 - The U.S. hegemony is perceived as increasingly fragile, with its share of global GDP declining from 25% post-Cold War to approximately 15% today, while China's economy, measured by purchasing power parity, has reached 120% of the U.S. [9] - The erosion of U.S. global influence is attributed to internal divisions and a loss of public trust in the system, leading to a historical end of the old rules of power [9] Group 4 - China is actively promoting global cooperation through initiatives like the Belt and Road Initiative, contrasting with the U.S.'s isolationist tendencies [11] - Brazilian President Lula highlighted the revitalization of the manufacturing sector through Chinese investments, exemplified by the successful launch of electric vehicles and renewable energy projects [13] - The bilateral trade between China and Latin America is projected to reach a record $518.4 billion, doubling over the past decade, reflecting the growing engagement of Chinese enterprises in the region [13] Group 5 - Countries traditionally aligned with the U.S. are reassessing their relationships, with leaders from Canada and Colombia expressing a desire for more equitable partnerships with other nations [15] - The shift towards cooperation and mutual benefit is seen as a response to the U.S.'s divisive geopolitical strategies [19] - The emerging global order emphasizes collaboration over control, with Latin American cooperation viewed as a key component of this new paradigm [19][21]

伯钦巷，伦敦金融城核心地带的一条古老街巷，英国央行、皇家交易所、商业银行、保险及资产管理机 构在周围汇聚。全球知名品牌价值评估与战略咨询机构品牌金融公司的办公室也坐落于此。 作为国际公认的权威机构，品牌金融公司每年基于原创市场调研完成逾6000项品牌估值，发布100余份 覆盖全球各行业与地区的品牌价值排行榜及研究报告。 在该公司2025年初发布的《全球软实力指数》中，中国多项软实力指标显著增长。"中国的表现令人印 象深刻。"公司创始人、董事长戴维·黑格告诉记者，"在我们评估的遗产与文化、教育与科技、国际关 系、商业与贸易等八大支柱领域，中国在绝大多数指标上都呈现出持续走强的态势。" 在他看来，中国软实力的提升绝非偶然，背后有着坚实的"硬支撑"。"作为全球第二大经济体、经济增 速最快的国家之一，中国拥有充足的资源在多个关键领域持续投入，这种坚实的经济实力，为软实力建 设奠定了不可动摇的基础。" 近日，第26届亚洲电视论坛与市场在新加坡开幕，中国展 台以历届最大规模亮相，集中呈现200余部最新精品力 作，吸引广泛关注。图为人们在第26届亚洲电视论坛与市 场的中国展台参观。 邓智炜摄（新华社发） 采访中，黑格特别提 ...

证券研究报告 宏观研究 [Table_ReportType] 专题报告 | [Table_A 解运亮 uthor宏观首席 | ] 分析师 | | --- | --- | | 执业编号：S1500521040002 | | | 联系电话：010-83326858 | | | 邮 | 箱：xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱：mailinyue@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲127 号金隅 大厦B 座 邮编：100031 [Table_Title] 中国出口多元化成功的逻辑 ——出口专题 [Table_ReportDate] 2025 年 12 月 5 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 外贸市场多元化战略沉淀已久，且已取得成效。早在 20 世纪 90 年代初， 中国外贸面临高度依赖美国、日本、西欧等市场的问题，为改变进出口贸 易过于集中在少数发达国家和地区的局 ...

马有恒在欢迎辞中回顾澳门国际机场30年的辉煌历程。他表示，未来澳门国际机场将积极投身粤港澳大 湾区建设及共建"一带一路"倡议，紧密配合特区政府战略部署，协力将澳门打造成顶尖的世界旅游休闲 中心。 谭伟文致辞时表示，当前特区政府正全力推进珠江西岸国际航空运输枢纽（港）建设，同时机场填海扩 建工程与横琴前置货站项目的稳步推进，结合珠澳机场合作项目的深化落实，将共同构建"澳琴无缝衔 接"的物流与出行新格局。期望澳门国际机场持续把握民航发展机遇，肩负联通世界的使命，为澳门经 济适度多元发展注入新动能。 新华社澳门12月4日电（记者刘刚、齐菲）澳门国际机场专营股份有限公司4日举办酒会，庆祝澳门国际 机场营运30周年。 马兵表示，30年来，在中央政府的大力支持下，澳门民航业蓬勃发展，成为"一国两制"在民航领域的生 动实践。中国民航局将一如既往支持澳门民航业高质量发展，深化内地与澳门合作，推动粤港澳大湾区 民航协同发展。期望澳门民航业把握机遇，发挥"背靠祖国、联通世界"的独特优势，积极融入国家发展 大局，开启新的辉煌征程。 全国政协副主席何厚铧，澳门特区行政长官代表、运输工务司司长谭伟文，澳门国际机场专营股份有限 公司董事 ...

Core Viewpoint - The article discusses the strategic expansion of ONEX at Elefsina Port in Greece, highlighting its potential to enhance the U.S. presence in the Mediterranean and counter China's influence in the region [2][5]. Group 1: ONEX and Elefsina Port Expansion - The Greek parliament approved ONEX's expansion plan at Elefsina Port, allowing the company to acquire an additional 40 hectares of land and diversify its operations into commercial, logistics, port, and energy sectors [2]. - ONEX's CEO, Panos Xenocostas, praised the restructuring of the Elefsina shipyard as a model of industrial revival, emphasizing its sustainable operations and advanced logistics capabilities [2]. Group 2: U.S. Strategic Interests - The U.S. International Development Finance Corporation (DFC) was established to enhance U.S. economic leadership globally and to support American businesses in overseas investments [3]. - The U.S. aims to compete with China in the shipping and shipbuilding sectors, with Greece being a critical battleground for influence in the Mediterranean [3][4]. Group 3: Competition with China - COSCO's operations at Piraeus Port, which began in 2008, have made it a significant player in the Mediterranean, with a container throughput of 5.5 million TEUs, nearing capacity [4]. - The U.S. is concerned about China's control over global maritime infrastructure, with Chinese companies managing 96 ports worldwide, prompting a strategic response from the U.S. government [6]. Group 4: Political Dynamics in Greece - Greek Prime Minister Kyriakos Mitsotakis indicated a willingness to explore cooperation with the U.S. while respecting existing agreements with COSCO [5]. - The Greek opposition expresses concerns about increased dependency on the U.S. and the potential for Greece to be caught in the U.S.-China rivalry [6].

Core Viewpoint - The article emphasizes the deep-rooted historical and cultural ties between China and the Arab world, highlighting the significance of energy cooperation in shaping global energy markets and fostering mutual development [4][5]. Group 1: Historical Context and Cooperation Framework - The friendship between the Arab world and China dates back over a thousand years, rooted in the ancient Silk Road, which facilitated cultural and material exchanges [4]. - The establishment of the China-Arab States Cooperation Forum in 2004 marked a new phase of institutionalized cooperation, focusing on energy as a core topic [4]. - Energy cooperation has evolved from basic oil trade to comprehensive strategic collaboration, including oil and gas exploration, development, and technology exchange [4]. Group 2: Belt and Road Initiative - The Belt and Road Initiative proposed in 2013 has significantly boosted energy cooperation between China and Arab countries, aligning with their development visions [5]. - The initiative has led to the establishment of energy channels and cooperative projects, integrating Middle Eastern energy advantages with China's technological and financial strengths [5]. - Various platforms, such as the China-Arab Energy Cooperation Conference and the China-Arab Expo, have facilitated cooperation and showcased achievements in clean energy projects [5]. Group 3: Investment Environment in the Middle East - The Middle East is creating an attractive energy investment environment, with countries like the UAE and Saudi Arabia implementing supportive policies and establishing renewable energy funds [6]. - The UAE's "2025 Energy Strategy" aims to increase the share of clean energy to 50%, while Gulf countries are expected to derive 30% of their power from renewable sources within five years [6]. - Improved energy infrastructure and simplified foreign investment approval processes are enhancing the region's appeal to investors [6]. Group 4: Future Prospects - Future energy cooperation between China and Arab countries is expected to expand in clean energy sectors such as photovoltaics, wind power, and hydrogen [7]. - There is potential for deeper collaboration across the entire oil and gas value chain, enhancing exploration efficiency and value addition in petrochemicals [7]. - The Arab League aims to facilitate policy alignment and market openness, fostering the realization of more cooperative projects [7].

编者按： 随着中国资本市场双向开放向纵深推进，中资券商化身"金融航海家"，驶向更广阔的全球市场。它们以跨 境投行连接东西，用财富管理服务民生，足迹遍布香港中环、伦敦金融城和纽约华尔街等金融枢纽，在国 际资本市场发出"中国声音"。证券时报携手中国证券业协会推出"券商'出海'进行时"栏目，全景展现中资 券商从合规经营到本土化融合、从跟跑到领跑的心路历程——诠释中国资本市场如何从"参与者"蜕变 为"规则制定者"，在开放浪潮中书写高质量发展新篇章。本文为专栏第四篇，敬请垂注！ "纵观全球投行发展史，国际化是成就一流投行必由之路。"近日，国联民生证券总裁葛小波接受证券时报记 者采访时如是说。 葛小波表示，当前的中国企业出海，已从单纯的市场拓展升级为参与全球治理、构建新型国际关系。作为服务 实体经济的金融中介，证券公司的国际化发展不仅关乎行业自身竞争力的提升，更是中国金融体系融入全球、 贡献中国智慧的关键一环。 出海是建设一流投行必然路径 葛小波认为，券业出海是响应国家金融强国战略的核心举措，也是建设一流投行的必然路径。要真正形成具有 全球影响力的一流投行，关键在于构建多层次、有竞争力的行业金字塔结构——顶端是两三家综合 ...

Core Viewpoint - The internationalization of Chinese securities firms is essential for enhancing industry competitiveness and integrating China's financial system into the global market [1][2]. Group 1: Importance of Internationalization - The internationalization of the securities industry is a core initiative responding to the national financial power strategy and is a necessary path for building a first-class investment bank [2]. - The globalization needs of Chinese enterprises create a service blue ocean for domestic securities firms, leading to diversified financial demands such as cross-border mergers and acquisitions, overseas listings, and global bond issuance [2]. - China's capital market's dual opening is deepening, providing policy channels for the internationalization of securities firms, supported by initiatives like the Belt and Road and global development initiatives [2]. Group 2: Successful Models of Foreign Investment Banks - Three mature development models of foreign investment banks are identified: 1. Project-driven model represented by Goldman Sachs and Morgan Stanley, focusing on M&A, IPOs, and structured financing [3]. 2. Comprehensive universal bank model represented by Citigroup and HSBC, integrating commercial banking with investment banking [3]. 3. Boutique investment bank model represented by Evercore and Lazard, specializing in specific sectors or services [3]. Group 3: Strategies for Chinese Securities Firms - Chinese securities firms should leverage international financing tools and acquisition opportunities while maintaining a focus on serving the real economy [4]. - The internationalization of Chinese securities firms requires a differentiated development path based on national conditions and advantages, avoiding simple imitation of international peers [4]. - Key strategies include aligning with the outbound expansion of Chinese industries, providing differentiated global asset allocation advice, and building a composite competitive advantage through technology and finance [4]. Group 4: Policy Recommendations for Internationalization - To build a financial powerhouse, a conducive ecosystem for internationalization must be established, involving policy, academia, industry, and media [5]. - Recommendations include improving top-level design for outbound policies, optimizing the policy environment for overseas institutions, and encouraging overseas acquisitions to enhance competitiveness [5].