2月24日消息，苹果公司向《华尔街日报》确认了一项引人注目的供应链调整：2026年晚些时候，部分 Mac Mini台式电脑的生产将从亚洲转移到美国，在富士康位于休斯敦的工厂启动组装。这是自2013年 Mac Pro在美国本土生产失利后，苹果又一次将核心硬件生产线迁回美国的重大尝试。 消息一出，业界震动。《中国经营报》记者注意到，一方面，这是苹果2025年承诺的四年6000亿美元 （约合人民币4.15万亿元）美国投资计划落地的重要一步；另一方面，在全球关税壁垒复杂化、AI技术 浪潮冲击零部件供应的当下，这一举动被外界解读为苹果供应链战略从极致的"全球效率"向兼顾"地缘 安全"转变的强烈信号。 这一系列动作，是苹果在全球供应链上进行的一场精密而复杂的"大迁徙"。多位业内人士接受记者采访 时表示，它既是对美国政府"制造业回流"压力的回应，也是对中美贸易摩擦下潜在关税风险的未雨绸 缪。然而，这场迁徙并非简单的"去中国化"，而是一场在地缘政治、成本效率与工程现实之间走钢丝的 平衡术。 苹果供应链调整的"小步快跑" 在休斯敦北部，富士康的厂区内正酝酿着一场变革。苹果首席运营官萨比赫·汗（Sabih Khan）向媒体展 示 ...

凌晨两点，加拿大突然宣布撕毁了与F-35的合同，洛克希德·马丁的股价立刻暴跌，几乎像是遭遇了一次彻底的崩盘。消息传到华尔街，交易员们惊愕地喷 出手中的咖啡，键盘被弄得一片狼藉，屏幕上只留下了一个震撼的卧槽。没有人敢相信，这个平时一向温吞、温和的枫叶国，竟然把局面一脚踢翻。美国五 角大楼的值班电话几乎被打爆，许多将军都以为自己听错了，确认了三遍，才有了那句震耳欲聋的回复：飞机不买了，定金退还。 主权，这个曾经高高在上的词汇，现在说出来竟然有如此的畅快感。安大略的老工厂重新启动，锂矿不再出口，而是就地加工成电池包，工人在下班时拎着 披萨回家，厂区的烟囱比推特的热搜还要热闹。货轮改变航道，绕过美国的口岸，直奔欧洲。白宫的贸易代表足足憋了半天，终于憋出四个字：密切关注。 而民调的数字也随着事件的推进水涨船高，卡尼的演讲被剪成了15秒的短视频，播放量迅速突破亿次。 仅仅一小时后，加拿大宣布确定购买了80架瑞典鹰狮战斗机，瑞典方面连夜开始清理生产线，甚至连扳手都标上了加拿大制造的标签。这不单单是退货，而 是直接带走了军火商的家底。接下来，更让人意外的动作还在后头。 过去，加拿大的稀土、锂矿往往是挖出来后直接运到美国去冶炼 ...

到2026年2月，中美贸易摩擦已进入一个全新阶段。关税壁垒不断加码，供应链的调整也在持续进行。最初，很多人担心这场冲突会引发更大的危机，但实 际情况却揭示了双方经济的强大韧性，似乎并未如外界预测的那样崩塌。 面对外部压力，中国在过去几年加大了科技创新的投入，推动高质量发展，提升了高技术制造业的比重，并在内需方面做出了更多的努力。这些举措不仅增 强了经济的韧性，也让中国在面对挑战时更加从容。如今，站在2026年的节点上，可以明显看出，无论是中国还是美国，都已经具备了应对外部冲击的能 力。两国经济的韧性在这一轮博弈中得到了全面检验，且双方都在寻找各自的平衡点，努力应对这场贸易战带来的种种不确定性。 说到底，中美作为全球两大经济体，彼此之间的经贸关系虽然紧密，但并非不可或缺。中国凭借着完整的工业体系和强大的产能优势，成功维持了经济的平 稳运行。而美国则凭借其广阔的市场规模和强大的调整能力，也能应对这场贸易冲突带来的影响。经过这几年的博弈，双方都证明了这一点。到2025年，通 过多轮磋商，关税水平发生了阶段性调整和暂停，部分农产品采购也恢复到一定规模。尽管过程中充满波折，但这显示出对话和协商依然是两国务实的选 择。 ...

音。对盟友与供应链的影响更加深远，北美供应链宛如一张编织多年的网，涵盖能源、汽车零部件、农产品、木材、矿产等多个领域。对加拿大加征关税， 表面看是施加压力，实际上是在提醒：你们的命门，掌握在我手中。从加拿大的角度来看，今天用关税来威胁你，明天同样可以用这招威胁其他国家。如此 一来，分散风险、降低单一依赖就成为了必然趋势。长此以往，副作用显现：盟友们开始寻找新的路径，企业加速区域化，供应链寻求备胎。经过几轮博 弈，美国的牵引力开始减弱，交易成本提高，联盟的粘性也在逐渐消退。关税可能会赢得一场谈判，但如果屡次使用，就有可能输掉一场长期的博弈。 2月12日，众议院投票屏幕上显示了219:211，表面上看，这只是对一份决议案的表决，实际上却是一场关于关税开关应由谁掌控的公开争夺。与其说这场角 力是与对手的对抗，不如说它是在挑战一个长期被视为最铁盟友的国家——加拿大。特朗普直言不讳，称加拿大是美国的朋友，目的明确，便是为了限制总 统能否以国家紧急状态为理由，对加拿大征收惩罚性关税，将这把刀暂时从白宫的手中夺走。令人戏剧性的是，反对的并非仅仅是民主党人，甚至有部分共 和党人也投了赞成票。对于特朗普来说，这些倒戈的声音沉重 ...

专题：跨国企业在中国 新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发 展表现。点击查看【 ESG评级中心服务手册】 文 | 新浪财经 李欣然 在当前全球格局深刻调整、科技创新与绿色转型交织并进的时代背景下，中国与欧盟作为世界两大重要经济体，其互动与合作不仅关乎双边关 系，也对全球产业链重构、气候治理和数字经济发展具有深远影响。面对地缘政治变局、供应链韧性挑战以及人工智能等新兴技术带来的变 革，中欧双方如何在竞争与合作中寻找平衡点，成为关注的焦点。 为此，新浪财经对话了欧洲商业联合会（BusinessEurope）总干事 Markus J. Beyrer，围绕绿色转型、AI治理、供应链调整以及中欧经贸关系前 景等核心议题，分享其对欧盟政策取向、企业战略应对以及双边合作路径的洞察与思考。 欧洲商业联合会（BusinessEurope）总干事 Markus J. Beyrer 以下为对话原文： 新浪财经：在地缘政治局势紧张与能源转型的双重压力下，您觉得欧盟政策应如何在提升企业竞争力与加速绿色转型之间取得平衡？在您 看来，将环境和社会因素纳 ...

Financial Performance - The company reported an adjusted earnings per share guidance of $0.91 to $0.93 for Q1 2026, with sales expected between $6.9 billion and $7 billion, exceeding market expectations [2] - Organic growth rate is anticipated to slow from 37% in Q4 to approximately 25%, indicating a potential peak in AI infrastructure demand [2] - The company faces a tax provision uncertainty of about $100 million in China, with a potential risk exposure of up to $300 million related to past tax positions [2] Industry Policy and Environment - The company's business is heavily reliant on IT data communications, automotive, and defense sectors, with macro factors such as AI investment cycles, supply chain adjustments, and global trade policy changes potentially impacting performance [3] - Recent information does not disclose specific timelines for events that may affect the company, and actual developments will depend on official announcements [3] - As a leading electronic component manufacturer, the company's stock price fluctuations are often driven by earnings reports, regulatory risks, and industry trends [3]

Group 1 - The core message of the article emphasizes the company's readiness to switch suppliers in response to supply chain disruptions, indicating a proactive approach to maintaining operations [1] - The company has announced the establishment of a new supply chain, highlighting its commitment to ensuring continuity in production and services despite potential supply issues [1] - This strategic move reflects the company's adaptability and resilience in the face of external challenges, aiming to mitigate risks associated with supplier dependency [1]

Core Viewpoint - China needs to be vigilant about the weakening momentum of global economic growth and the recurring external trade conflicts that may disrupt external demand in the coming year [1] Group 1: Export Market Diversification - The trade conflict initiated by Trump has led to a significant increase in tariffs on Chinese exports, with rates rising from 34% to as high as 125% [2][3] - Despite the intensified trade conflict, China's reliance on the U.S. for exports has decreased, with the share of exports to the U.S. dropping from around 20% at the end of 2018 to about 10% [3][4] - China's exports to ASEAN and Africa have seen significant growth, with year-on-year increases of 14.3% and 26.1% respectively, contributing positively to overall export growth [4] Group 2: Export Product Structure Optimization - The structure of China's export products has improved, with the share of high-tech industrial products rising to 53.3% in September 2023, marking a historical high [5][7] - The growth in high-tech industrial exports has been driven by machinery and audio-visual equipment, which saw their export shares increase to 42.6% and 8.5% respectively [5][7] - The RCA index for various industrial products indicates that while labor and resource-intensive products have seen a decline in comparative advantage, other categories have shown significant improvement [9][12] Group 3: Concerns Behind Export Resilience - A significant portion of China's exports consists of intermediate goods, with 51.1% of total exports being intermediate products, indicating a reliance on further processing in other countries like Vietnam [13][15] - The IMF report highlights that while China's intermediate goods trade has increased, the export of final goods remains primarily directed towards Europe and North America, raising concerns about the sustainability of this trade structure [15] - The continuous decline in export prices since 2023 has led to a trend of "trading price for volume," which may provoke increased trade protectionism against China [15][17]

Financial Data and Key Metrics Changes - Sales for Q3 2025 increased by 7% to $122.5 million, with gross profit at $49.3 million, representing 40.2% of net sales, up from 38.1% in Q3 2024 [12][16] - Adjusted diluted EPS was $1.03, a 34% increase compared to Q3 2024 [3][16] - Gross margins improved by 210 basis points, driven by higher wholesale and retail margins [13][16] Business Line Data and Key Metrics Changes - Wholesale net sales increased by 6.1% to $89.1 million, retail net sales rose by 10.3% to $29.5 million, and contract manufacturing net sales grew by 4.1% to $3.9 million [12][16] - XTRATUF brand showed strong growth, particularly in U.S. wholesale, which increased by double digits [4][5] - Muck brand continued its positive trajectory with double-digit growth in U.S. wholesale, supported by successful collaborations and improved inventory positions [6][8] Market Data and Key Metrics Changes - The company experienced a challenging consumer environment, with cautious spending observed among consumers [21][23] - E-commerce business showed recovery in September after a sluggish period in July and August, indicating strong marketplace performance [29][31] Company Strategy and Development Direction - The company is diversifying its sourcing base to mitigate the impact of higher tariffs, including adding new manufacturing partners outside of China and Vietnam [3][4] - Plans to manufacture approximately 50% of inventory needs in-house by 2026, up from 30% in 2025, to improve gross margins [18][19] - The company is focusing on expanding its direct-to-consumer business and enhancing marketing investments to support growth [15][19] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the fourth quarter, balancing strong brand momentum with concerns about the broader consumer environment [11][19] - Anticipated that headwinds from higher tariffs will abate midway through 2026, with expectations for improved gross margins in the second half of next year [12][18] - Management noted that Q4 2025 is expected to be the worst quarter from a tariff perspective, with improvements anticipated in 2026 [35] Other Important Information - The company reported a decrease in total debt by 7.5% year-over-year, totaling $139 million [16][17] - Inventory levels increased by 12.7% year-over-year, primarily due to higher tariffs and increased production in-house [16][17] Q&A Session Summary Question: Thoughts on the consumer environment - Management noted that the consumer environment is dynamic, with cautious spending observed, but products are still selling well [21][23] Question: Quantifying delayed sales due to supply chain issues - Delays in sourcing changes resulted in a few million dollars in missed inventory, with expectations that bringing more products in-house will help margins in 2026 [25] Question: Insights on third-quarter results versus expectations - Management expressed satisfaction with Q3 results despite challenges, noting strong performance in marketplace and e-commerce [29][31] Question: Pockets of weakness and fourth-quarter guidance - Durango brand showed some weakness due to pulled-forward orders, while other brands like XTRATUF and Georgia Boot performed well [32][33] Question: Implied profit guidance for the fourth quarter - Management indicated that pricing will help offset tariff impacts, but Q4 margins are expected to be depressed due to timing of tariff effects [34][35] Question: Potential impact of consumer stimulus in 2026 - Management is prepared to take advantage of any consumer stimulus, with positive momentum expected for XTRATUF in 2026 [39][40]

Core Viewpoint - The recent halt in soybean purchases by China has significantly impacted the U.S. soybean industry, highlighting China's substantial consumption power and the strategic adjustments in supply chains rather than a mere trade dispute [1][3]. Group 1: Current Situation of U.S. Soybean Industry - China has indeed paused soybean purchases from the U.S. since May 2025, with shipping data showing a 56% decrease in U.S. grain vessel arrivals from January to September 2025, dropping from 72 to 32 ships [3]. - In 2024, China imported 22.1342 million tons of U.S. soybeans, accounting for 21.07% of total imports, but this dropped to only 5.9 million tons from January to July 2025, indicating a significant decline [3][4]. - The U.S. soybean industry is facing a critical situation, with USDA data showing a total inventory of 3.1 billion bushels as of December 1, 2024, a 3% year-on-year increase, leading to a "bumper harvest but no profit" scenario for many farmers [4]. Group 2: China's Soybean Consumption Power - China's annual soybean consumption exceeds 120 million tons, while domestic production is only about 20 million tons, resulting in a heavy reliance on imports [5]. - Approximately 80% of imported soybeans are processed into soybean meal, which is essential for livestock feed, with China consuming over 50 million tons of pork and 20 million tons of poultry annually [5][6]. - Soybean oil, which accounts for 40% of China's edible oil market, also drives demand, with over 15 million tons consumed each year, further increasing the need for imported soybeans [6]. Group 3: China's Supply Chain Strategy - China's halt in U.S. soybean purchases has not led to price spikes in domestic markets due to a well-planned supply chain strategy that includes diversifying imports and increasing domestic production [7]. - Brazil has become the largest source of soybean imports for China, with 74.6468 million tons imported in 2024, representing 71.07% of total imports, while Argentina and Uruguay are also increasing their shares [7][8]. - The Chinese government is promoting domestic soybean production, achieving over 20.65 million tons in 2024, and is implementing strategies to reduce reliance on soybean meal through alternative feed sources [8]. Group 4: Long-term Implications and Strategic Adjustments - The adjustments in China's soybean procurement are not merely trade decisions but are aimed at securing food safety and reducing dependency on a single market, reflecting lessons learned from past vulnerabilities [9]. - The increase in import diversification and domestic production capabilities is expected to enhance China's negotiating power and self-sufficiency in the long run, with projections indicating a rise in self-sufficiency from 15% to 18% by 2025 [9][10]. - The U.S. soybean industry faces challenges due to over-reliance on the Chinese market, with efforts to find new buyers in Africa and Asia proving insufficient to fill the gap left by China [10].