Group 1 - The core viewpoint of the articles emphasizes the importance of the upcoming 2026 as a critical year for Sino-U.S. relations, with potential for positive restructuring and high-level interactions, particularly with President Trump's planned visit to China in April 2026 [1][4][5] - The concept of "building a new paradigm of positive interaction" between China and the U.S. is highlighted, indicating a shift towards cooperation despite ongoing tensions in trade, technology, and security [2][9] - The significance of high-level diplomatic engagements, such as the interactions between President Xi Jinping and President Trump, is noted as essential for navigating the complexities of the bilateral relationship [3][7] Group 2 - The articles discuss the economic context, noting that China's GDP growth in the first three quarters of 2025 was 5.2%, with an expected total economic output of 140 trillion yuan for the year, reinforcing its position as the world's second-largest economy [9][10] - The impact of the U.S. midterm elections in November 2026 is mentioned, with Trump's declining approval ratings and economic challenges potentially influencing U.S. foreign policy towards China [6][12] - The articles also address the evolving nature of the Sino-U.S. technological competition, with both countries focusing on innovation ecosystems and industrial systems, particularly in artificial intelligence and semiconductor development [11][12] Group 3 - The articles highlight the challenges posed by external factors, such as U.S. arms sales to Taiwan and geopolitical tensions in the South China Sea, which could complicate Sino-U.S. relations [14][15] - The need for both nations to manage their interactions carefully to avoid escalation of conflicts is emphasized, with a focus on mutual respect and cooperation as key to stability [9][16] - The potential for third-party influences, such as Japan's stance on Taiwan and the implications of the Russia-Ukraine conflict, is noted as a factor that could affect the dynamics of Sino-U.S. relations [15][16]

策 略 研 究 2026 年 01 月 23 日 世界的"十字路口" ——2026 年瑞士达沃斯主要国家领导人讲话重点梳理 证 证券分析师 程翔 A0230518080007 chengxiang@swsresearch.com 傅静涛 A0230516110001 fujt@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 联系人 程翔 A0230518080007 chengxiang@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 信息披露 证券分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉的职业态度、专业审慎 的研究方法，使用合法合规的信息，独立、客观地出具本报告,并对本报告的内容和观点负责。本人不曾因，不因，也将不 会因本报告中的具体推荐意见或观点而直接或间接收到任何形式的补偿。 请务必仔细阅读正文之后的各项信息披露与声明 A 股 策 略 券 研 究 报 告 相关研究 《相向而行——中美领导人 2025 年历次通话梳理》 2025/11/25 ⚫ ...

责编：王璐璐 校对：杨舒欣 百万用户都在看 集体异动！A股，传来大消息! 跨界并购！牛股尾盘，封死涨停！A股又一信号闪现 尾盘异动！A股，三大信号"闪现" 100%关税！美国，突发威胁！事关芯片，韩国紧急回应！ "黑天鹅"来袭！刚刚，欧洲股市全线杀跌！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 1月23日，外交部发言人郭嘉昆主持例行记者会。 路透社记者提问，请问发言人能否确认英国首相斯塔默将于下周访问中国？另据报道，美国总统特朗普将于四 月访问中国，中国领导人将于今年年底访问美国，发言人能否证实？ "关于你提到的第一个问题，当前国际形势动荡不安，中国和英国作为安理会常任理事国，加强交往合作，符 合两国和世界利益。关于你提到的具体访问，我们会适时发布消息。"郭嘉昆回应。 关于第二个问题，郭嘉昆表示："中美关系稳定发展符合两国人民共同利益，也符合国际社会共同期待。元首 外交对中美关系发挥着不可替代的引领作用。关于你提到的具体问题，我目前没有可以提供的信息。" 来源：长安街知事 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshan ...

来源｜环球网 编辑 ｜瑜见 据新加坡《海峡时报》等媒体报道，当地时间1月22日，美国总统特朗普在空军一号上表示，他将于4 月访问中国。 在1月23日举行的中国外交部例行记者会上，外交部发言人郭嘉昆在回应路透社记者"中方能否确认相 关访问"的提问时表示，关于你提到的中美关系，中美关系稳定发展，符合两国人民共同利益，也符合 国际社会共同期待。元首外交对中美关系发挥着不可替代的引领作用。"关于你提到的具体问题，我目 前没有可以提供的信息。"郭嘉昆说。 ...

据环球时报，新加坡《海峡时报》等媒体报道，当地时间1月22日，美国总统特朗普在空军一号上表示，他将于4月访问中国。 在1月23日举行的中国外交部例行记者会上，外交部发言人郭嘉昆在回应路透社记者"中方能否确认相关访问"的提问时表示，关于你提到的中美关 系，中美关系稳定发展，符合两国人民共同利益，也符合国际社会共同期待。元首外交对中美关系发挥着不可替代的引领作用。"关于你提到的具体 问题，我目前没有可以提供的信息。"郭嘉昆说。 ...

Group 1 - The article discusses the shift in Trump's approach towards China after tensions with Europe, indicating a need for partnership to address domestic issues and international challenges [1][11][34] - Trump has previously sought to acquire Greenland for its strategic importance but faced resistance from European nations, leading to threats of tariffs on imports from several countries [3][5] - The NATO summit highlighted disagreements over defense spending, with Trump demanding European countries increase military budgets, which they found unsustainable [7][9] Group 2 - Trump has recently softened his stance towards China, allowing the sale of high-end AI chips and equipment to Chinese companies, indicating a strategic pivot [16][19] - The U.S. is looking to stabilize its trade relationship with China, aiming to end the tariff war and seeking Chinese cooperation in various sectors, including rare earth elements [26][28] - The article emphasizes that Trump's actions are driven by self-interest, aiming to secure political gains and economic benefits through cooperation with China [34][39]

Group 1 - The core viewpoint of the article emphasizes the importance of the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan" in shaping China's economic development, focusing on high-quality growth and the well-being of the population [4][7] - The "15th Five-Year Plan" highlights two main pushes: achieving effective qualitative improvement and reasonable quantitative growth, and promoting comprehensive human development and common prosperity for all [4][7] - The article outlines four key aspects of human-centered development in the "15th Five-Year Plan," including investing in human capital, aligning industry development with evolving consumer needs, urbanization as a means of optimizing resource allocation, and enhancing living standards to achieve common prosperity [5][6][7] Group 2 - The article discusses the integration of stock and incremental policies, emphasizing the need for a more proactive macroeconomic policy in 2026, which includes evaluating the consistency of various economic and non-economic policies [8][11] - It highlights the significant potential of existing fiscal deposits, which have fluctuated between -200 billion and +600 billion annually over the past two decades, with a notable increase in 2025, indicating underutilization of fiscal resources [9] - The article also points out the substantial policy space within state-owned assets, with total assets exceeding 400 trillion and liabilities around 260 trillion, suggesting that liquidity issues need to be addressed to activate these assets effectively [10] Group 3 - The article provides an analysis of the expected trend of the RMB exchange rate in 2026, with a general consensus on appreciation, but notes that this must be accompanied by policies to expand domestic demand [13][15] - It discusses the impact of geopolitical factors, particularly Sino-U.S. relations, on the undervaluation of the RMB, indicating that improving these relations could lead to a correction in the exchange rate [14][15] - The article concludes that the current exchange rate is primarily determined by market supply and demand, with geopolitical influences playing a significant role, and anticipates a favorable environment for RMB appreciation in 2026 [15]

1月20日，外交部发言人郭嘉昆主持例行记者会。 有记者提问，美国总统特朗普就任已满一年，这期间他的对外政策动向备受国际社会关注，包括在委内 瑞拉问题上的强硬举措，以及近期威胁"吞并"格陵兰岛的相关表态。中方如何评价特朗普执政一年来的 对外政策及其对国际局势的影响？此外关于特朗普计划于今年4月访华一事，中方能否提供更多细节？ 郭嘉昆表示，过去一年中美关系历经起伏波折，实现总体动态稳定，这符合中美两国人民的共同利益， 也符合国际社会的共同期待。一年来中美关系发展的历程再次表明，中美合则两利、斗则俱伤。中美应 该在平等、尊重、互惠基础上，探索两个大国的正确相处之道。中方愿同美方一道推动中美关系稳定发 展，同时坚定维护自身主权安全和发展利益。 "关于你提到的具体问题，我目前没有可以提供的信息。"郭嘉昆说 来源：北京青年报 编辑：宁宁 责编：高文玉 南京晨报2026-01-20 15:53:30 ...

1月15日的全球金融市场上，发生了一件震动四方的事件：中国持有的美国国债规模降至6826亿美元，创下自2008年以来的新低。这一切似乎只是一个巧 合，却无声地揭示了中美之间那场不为人知的金融暗战。而更为戏剧性的是，曾扬言要整顿美联储的特朗普，此时却突然改变口风，暗示暂时不会采取任何 行动。面对中国的大手笔抛售，美方的应对却显得如此反常。这背后，究竟隐藏着怎样的深层次博弈？ 当中国再度抛售61亿美元美债，将其持仓降至6826亿美元时，全球资本市场的风声瞬间紧绷。这一举动显然不止是一次普通的买卖，背后蕴含的是深刻的战 略考虑。十七年来的最低点，仿佛是一颗冰冷的石头，狠狠砸在了水面上，激起一圈又一圈的涟漪。值得注意的是，正当中国选择撤退之时，全球其他国家 却在冲锋——日本购买了26亿美元，英国更是增加了106亿美元，美债的全球外资持仓总量冲到了9.36万亿的历史新高。这一进一出，表面看似只是资本流 动，却暗藏着深刻的分歧和冲突。中国的举动，不是被动的避险，而是主动的拆雷。她手握对方的欠条，风险暴露无遗。与其被动等待，倒不如提前采取行 动，化纸币为金。 此时再看中国的黄金储备，情况却完全不同。连续14个月增持黄金，7 ...

Group 1 - The survey conducted by the American Chamber of Commerce in China indicates that 27% of member companies believe that the China-U.S. relationship will improve by 2026, nearly doubling from the previous year's figure of 14% [2][4] - The percentage of companies that believe the relationship will worsen has decreased by 30 percentage points to 21% compared to the previous year [4] - The survey reflects positive feedback from businesses regarding the efforts of U.S. President Trump and Chinese President Xi Jinping to ease tensions [4] Group 2 - The main concern for American companies operating in China is the slowing economic growth, with 64% citing this issue, while 58% mentioned escalating U.S.-China tensions, a decrease of 5 percentage points from the previous year [6] - The survey included responses from 368 companies across various sectors, including manufacturing, consumer services, and finance, ranging from large corporations like Microsoft and Coca-Cola to small businesses with revenues below $10 million [7] - The political environment for Japanese companies operating in China is becoming increasingly tense, particularly due to recent statements from Japanese Prime Minister Kishi Nobuo regarding Taiwan, which has heightened anxiety among Japanese firms [6]