Core Viewpoint - The article discusses the competitive geoeconomic strategy of the Trump administration, emphasizing the importance of economic security as a core component of national security, particularly focusing on the manufacturing sector and strategic industries [2][3][4]. Group 1: Competitive Geoeconomic Strategy - The Trump administration's geoeconomic strategy has shifted towards a more competitive stance, challenging globalization and emphasizing economic goals over political ones [4][5][10]. - The strategy aims to ensure economic scale advantages based on a specific industrial structure, particularly in high-tech manufacturing [15][16]. - The focus on economic security reflects a broader trend where economic and national security concerns are increasingly intertwined, leading to a more aggressive use of tariffs and investment policies [12][15]. Group 2: Manufacturing and Strategic Industries - The article highlights the significance of reinforcing the manufacturing base in the U.S. economy, noting that while the manufacturing sector's GDP share is low, its total output remains substantial [17][19]. - The U.S. military-industrial complex is particularly emphasized, with American firms leading globally in military revenue, indicating a strong manufacturing foundation [19][21]. - The competitive strategy includes a focus on strategic industries that can provide both micro and macro geoeconomic power, particularly in high-tech sectors [36][37]. Group 3: Policy Implementation and Investment - The Trump administration has implemented various policies to promote domestic manufacturing, including tariffs and incentives for foreign direct investment (FDI) [14][25]. - The article notes a significant increase in FDI commitments during the Trump 2.0 period, particularly in the semiconductor industry, indicating a shift towards attracting foreign investment [25][26]. - The approach contrasts with the Biden administration's focus on political alliances and green energy, showcasing a divergence in economic strategies [10][11][40]. Group 4: Implications for Global Trade - The competitive geoeconomic strategy has led to a decentralization of global supply chains, with U.S. trade patterns shifting towards neighboring countries like Canada and Mexico [26][28]. - The article suggests that the U.S. strategy has resulted in increased exports from allies while potentially weakening China's geoeconomic power due to the outflow of manufacturing capabilities [31][32]. - The emphasis on "friend-shoring" and "on-shoring" reflects a broader trend of reshaping global trade dynamics in response to geopolitical tensions [26][28]. Group 5: Importance of Industrial Policy - The article argues for a greater emphasis on industrial policy, particularly demand-side policies, to enhance economic security and competitiveness [42][43]. - It highlights the need for targeted government interventions to influence economic structures and maintain strategic advantages in key industries [44][46]. - The increasing use of industrial policies globally since 2018 underscores the urgency for nations to adapt to the evolving geoeconomic landscape [48][50].

"凭借电子纸绿色显示技术出海，多年来持续深耕欧美及日韩市场，我们赢得了亚马逊、三星等国际头 部客户的认可。"日前，在厦门举办的第二十五届中国国际投资贸易洽谈会上，扬州经开区外贸骨干企 业川奇光电分享了其全球化战略布局及海外市场拓展成果。 作为全球电子纸显示技术的领军企业，川奇光电今年1—7月累计实现进出口总额达57.8亿元，较去年同 期增长36%。公司总经理刘书延言语中透着自豪，"全球首块75英寸彩色电子墨水屏投产后，迅速获得 市场认可。从黑白到彩色，从小尺寸到大尺寸，正是凭借这一颠覆性创新，川奇光电撬动了国内外市场 增量。" 川奇光电的业绩，正是扬州经开区外贸进出口逆势飘红的生动注脚。今年1—7月，该区进出口总额达 168.68亿元，同比增长16.6%，占全市比重23.1%。在全球贸易环境复杂多变的背景下，这份成绩单的背 后，是经开区"两主多强"产业体系的硬核支撑与政府服务的精准赋能。扬州市委常委、经开区党工委书 记张利日前在调研企业时表示，持续优化服务机制，经开区要为企业提供更广阔的发展空间和更精准的 政策支持，助力外资、外贸企业更好发展。 □ 本报记者汪滢李鑫津 通讯员杨开轩 "全区外贸高度依赖制造业企 ...

Group 1 - The Federal Reserve's recent 25 basis point interest rate cut has triggered significant market reactions, causing volatility in both U.S. and international markets, including oil and soybean prices [1][4] - The widening interest rate differential between the U.S. and China is attracting international capital, but concerns about imported inflation and the capacity of the Chinese economy to absorb this influx persist [4][5] - Despite the allure of China's interest rates, foreign investors remain cautious due to risks in the real estate market and local government debt, which could deter substantial investments [5][7] Group 2 - China's manufacturing sector shows resilience, with exports of electromechanical products steadily increasing, indicating strong growth potential that appeals to foreign investors [7] - The Chinese government is implementing policies to address real estate issues and local debt, which could enhance investor confidence and stabilize the market [7][10] - Strategic reserves and price control mechanisms are in place to mitigate the impact of rising commodity prices on consumers, ensuring that inflation remains manageable [8][10] Group 3 - The challenges faced by small and medium-sized enterprises (SMEs) in accessing financing are significant, with a preference from banks to lend to larger, more established companies [11][12] - The People's Bank of China is focusing on targeted monetary policy measures, such as lowering the Medium-term Lending Facility (MLF) rate, to provide low-cost funds to SMEs and the manufacturing sector [12] - Overall, China's economic strategy is proactive, leveraging its strong industrial base and market size to navigate global economic challenges effectively [14]

2025 年 09 月 16 日 锌：维持震荡 季先飞 投资咨询从业资格号：Z0012691 jixianfei@gtht.com 王宗源（联系人） 期货从业资格号：F03142619 wangzongyuan@gtht.com 【基本面跟踪】 | | 昨日值 | 较前日变动/涨跌幅 | | 昨日值 | 较前日变动/涨跌幅 | | --- | --- | --- | --- | --- | --- | | 沪锌主力收盘价 | 22310 | 0.02% | 伦锌 3M 电子盘收 | 2956 | 1.76% | | （元/吨） | | | 盘（美元/吨） | | | | 沪锌主力成交量 | 97830 | -5773 | 伦锌成交量（手） | 14507 | 4935 | | （手） | | | | | | | 沪锌主力持仓量 | 92003 | -5694 | 伦锌持仓量（手） | 218799 | 13993 | | （手） | | | | | | | 上海 0# 锌升贴水 | -70 | -5 | LME CASH-3M 升 | 30.17 | 4.17 | | （元/吨） | | | 贴水（美元/吨） ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇9月15日｜小米汽车表示，完全赞同协会发布的《汽车整车企业供应商账款支付规范倡议》，坚 定贯彻工信部的系列指导精神。公司将一如既往履行60天以内支付账期的承诺，聚焦订单确认、交付与 验收、支付与结算、合同期限等关键环节，进一步落实倡议要求，继续切实保障供应商权益，增强产业 链韧性。 ...

人民财讯9月15日电，小米汽车官微发文称，完全赞同协会发布的《汽车整车企业供应商账款支付规范 倡议》，坚定贯彻工信部的系列指导精神。小米汽车将一如既往履行60天以内支付账期的承诺，聚焦订 单确认、交付与验收、支付与结算、合同期限等关键环节，进一步落实倡议要求，继续切实保障供应商 权益，增强产业链韧性。 ...

人民财讯9月15日电，据东风汽车，9月15日，中国汽车工业协会发布《汽车整车企业供应商账款支付规 范倡议》，为构建"整车—零部件"协作共赢生态、推动汽车产业高质量发展提供明确指引。东风汽车集 团有限公司(简称"东风汽车")积极响应倡议号召，将在订单确认、交付与验收、支付与结算、合同期限 等关键环节落实倡议要求，切实保障供应商权益，稳定供应商预期，增强产业链韧性。 ...

一方面，以产业链为抓手，创新工作机制，依法引导金融护航产业链韧性。依托专家调解员，主动回应 市场主体关切，全流程解决纠纷，针对暂时陷入财务困境但具有挽救价值企业的脱困诉求，创新"活封 活扣+全力自救+精准评估+投融资他救"工作机制，提振金融机构回款信心和企业脱困发展信心，让产 业链核心企业得到喘息和纾困解难，努力将对企业个体保障升级为产业链整体风险治理，促进相关产业 链稳定发展。 ● 本报记者 昝秀丽 9月14日，在2025年中国国际服务贸易交易会上，北京金融法院与北京市工商业联合会在金融服务专题 专属会议区联合举办优化营商环境典型案例新闻发布会。北京金融法院副院长薛峰在发布会上表示，近 年来，北京法院系统连续制定8版法治化营商环境改革方案，推出45件文件，102项改革举措。北京金融 法院将在法治的轨道上持续完善优化营商环境工作室机制，持续提升法治化营商环境建设水平，持续提 供优质高效的金融司法"北京服务"。 北京金融法院执行局局长雷运龙在回答中国证券报记者关于"执行中优化营商环境的具体做法"的提问时 表示，北京金融法院鼓励并创造条件支持被执行企业全力回血自救，加速处置低增值资产展示诚信，促 进双方修复、重塑 ...

Group 1 - The core observation is that both China and the United States appear to be winners in the current trade landscape, at least in a temporary sense, with China achieving record-high export figures and a significant trade surplus [1][3] - China's total export value for the first seven months of the year reached $213.036 billion, marking a year-on-year increase of 6.1%, the highest level for the same period in history [1] - The trade surplus for China in the same timeframe reached $683.51 billion, with a year-on-year growth exceeding 30%, indicating a strong performance in external trade [3] Group 2 - The United States also reported positive trade figures, with exports amounting to $179.865 billion in June, a 3.1% increase year-on-year, while imports slightly decreased by 0.1% [3] - The U.S. trade deficit in June 2025 fell to $92.876 billion, a reduction of 5.7% year-on-year, attributed to high tariffs suppressing imports and increased energy exports [3][9] - In contrast, countries like Germany and Japan are experiencing trade challenges, with Germany's trade surplus declining by 21.4% in the first half of the year due to higher import growth compared to exports [4][6] Group 3 - Emerging economies such as Vietnam and India are facing increased trade deficits, with Vietnam's surplus dropping by 37.2% and India's deficit rising by 11.8% in the first seven months [10] - The trade war has led to higher import costs for these countries, which are heavily reliant on Chinese intermediate goods, thus impacting their export performance [10] - Developed economies with weak domestic demand, like the UK and France, are also seeing their trade deficits widen due to high energy prices and increased costs of imported goods [10] Group 4 - The overall impact of the trade war is distorting global resource allocation, raising transaction costs, and suppressing global economic growth potential, suggesting that the global trade landscape may be shrinking [11]

Group 1: Trade War Overview - The U.S.-China trade war began in 2018, with both sides imposing tariffs on a wide range of goods, aiming to limit Chinese products in the U.S. market and weaken China's manufacturing advantages [1][3] - China responded with "reciprocal countermeasures," focusing on enhancing domestic demand and diversifying foreign trade markets, which has led to a growing market presence [1][3] Group 2: Impact of Tariffs - Tariffs have a dual impact; while intended to punish China, they also harm U.S. consumers who face rising prices on imported goods such as electronics and clothing [4][5] - The burden of tariffs primarily falls on U.S. consumers, as the increased costs are passed down from retailers [5][7] Group 3: Resilience of Chinese Industry - China's industrial chain has shown resilience due to its tightly integrated supply chain, allowing for adjustments in response to external shocks [11][12] - The trade war has accelerated China's industrial upgrades, enhancing overall competitiveness through technological advancements [12] Group 4: Military Considerations - The discussion of military action in response to trade war losses is deemed unrealistic due to the high costs and complexities involved, including legal and institutional constraints [14][16] - Modern warfare requires strong industrial and financial support, making military solutions less viable [16][18] Group 5: Economic Cooperation - Economic cooperation between the U.S. and China is presented as the optimal solution to trade disputes, emphasizing the importance of stable expectations for multinational companies [20][22] - Reducing tariffs through negotiations could reignite capital spending and market activity, benefiting both economies [22][24] Group 6: Long-term Implications - The trade war has resulted in a "lose-lose" scenario, with U.S. consumers and small businesses bearing the brunt of the costs while China has made significant advancements in market diversification and industrial capabilities [24][26] - The notion of military action is viewed as an emotional response rather than a practical solution, highlighting the need for rule-based negotiations to manage uncertainties [25][26]