本以为是拉着"盟友"一起对付"对手"，没想到"盟友"反而被揍得比"对手"还惨。2025年，随着特朗普对 印度实施50%的惩罚性关税，美印之间所谓的"战略互信"瞬间崩塌，成了一场笑话。 印度玩具业的困境只是冰山一角，整个印度的制造业正面临着外资大规模撤离的风险。我不禁要问：在 特朗普的眼中，印度究竟有多重要？当"中国+1"转变为"印度+1"，中国制造业在这场动荡中扮演的"压 舱石"角色，让多少国家都感到汗颜？ 这种极限的"压榨"政策，让原本打算把生产线从中国转移到印度的跨国企业感到寒意逼人。特朗普从未 看重所谓的"民主同盟"，他关心的始终是贸易平衡。过去几十年，印度借助美国的"去风险"策略，赚取 了大量的贸易顺差，但却在涉及核心利益的议题上始终不愿让步，比如在限制俄油和金砖合作等问题 上。对特朗普而言，印度不仅不是中国的替代品，更是另一个可以被收割的"顺差国"。这一变化的逻 辑，让莫迪政府对美印关系的美好幻想彻底破灭。 中国制造业展现出的"定海神针"作用，更令莫迪不解：为什么在相同的贸易环境下，中国依然能够保持 110亿美元的对美玩具出口？因为中国拥有不可替代的优势。 首先是技术的集成度：中国的玩具已经不 再是 ...

Core Insights - The New Zealand Ambassador to China, Jonathan Austin, expressed a strong interest in the Guangdong-Hong Kong-Macau Greater Bay Area, highlighting its significant achievements and potential for future collaboration [1][2] - Austin's initial visit to Guangzhou left a lasting impression, emphasizing the region's historical ties with New Zealand and its role as a manufacturing hub in China [1][2] Group 1: Ambassador's Visit and Impressions - The ambassador visited Guangdong Province shortly after assuming his role, indicating the importance of the region to New Zealand [1] - The Greater Bay Area is recognized as a key manufacturing center in China, showcasing substantial growth and vitality [1][2] - Austin plans to return to the region for further exploration of cities like Shenzhen to gain deeper insights into industrial opportunities [2] Group 2: Historical and Cultural Ties - The historical connection between New Zealand and the South China region dates back to 1840, marking nearly two centuries of friendly exchanges [1] - The ambassador's visit to the Guangzhou Urban Planning Exhibition Center provided a comprehensive understanding of the area's development over the past 30 years [1]

Group 1 - The report from CITIC Securities highlights three liquidity characteristics observed in domestic and overseas markets [1] - Characteristic one indicates a clear divergence in ETF fund flows, with broad-based ETFs decreasing while industry and thematic ETFs are increasing, reflecting a trend of institutional allocation favoring high-quality stocks [1] - Characteristic two suggests that the market may be entering the final round of intensive subscription and redemption for actively managed public funds since 2021, with core assets held by institutions expected to gradually alleviate redemption pressure [1] - Characteristic three points out the coexistence of high debt funding rates and passive interest rate cuts in overseas markets, indicating a shift in China's manufacturing sector towards gaining pricing power and improving profit margins in the long term [1]

Core Insights - During the "14th Five-Year Plan" period, China's manufacturing industry has achieved historic breakthroughs in various fields, producing several globally influential "firsts," which signify a shift from following and participating in international industrial division to leading and dominating it [1][2] Group 1: Achievements in Manufacturing - China's manufacturing sector has successfully launched significant projects such as the domestically produced large cruise ship "Aida Magic City," the commercial flight of the C919 large passenger aircraft, and the production of T800 aerospace carbon fiber, breaking foreign monopolies and reducing risks of being "choked" [1] - China is the only country with all industrial categories classified by the United Nations, with over 220 major industrial products ranking first in global production, showcasing a comprehensive and large-scale industrial system [2] Group 2: Contributions to Global Supply Chains - The robust Chinese manufacturing system has not only improved domestic living standards but also reduced economic development costs for other countries, contributing significantly to the stability of global industrial and supply chains amid a sluggish world economy [2] - The experience of China's manufacturing development and transformation is aiding more economies in better participating in international industrial division, promoting local economic and social development [2] Group 3: Future Directions for Manufacturing - The "14th Five-Year Plan" has laid a solid foundation for the "15th Five-Year Plan," with achievements in emerging industries, supply chain resilience, and modern industrial system construction [3] - Future efforts should focus on enhancing capabilities in three areas: seizing technological transformation opportunities, overcoming institutional barriers, and ensuring the security of industrial and supply chains [4][5]