在哥伦比亚波哥大的安共体总部，第31次外长理事会的表决结果揭晓，中国全票当选为观察员国。这是安共体成立多年来首次给亚洲国家这个位置，历史性 的一刻。为何美国这次在拉美的影响力受到挑战？是拉美突然改变立场，还是中国的策略得到了充分展现？ 自2025年起，拉美国家面临美国关税的突然上调。特朗普政府宣布对从拉美进口的铜、锂、农产品加征10-15%的关税，玻利维亚、哥伦比亚、秘鲁、厄瓜 多尔等安共体成员国都受到影响。这一变化让拉美的经济合作模式遭遇严重打击。长期以来，美国几乎免税地从拉美进口资源，但美国突然加税，让这一合 作陷入困境。与此同时，美国减少对拉美的民生援助，拉美国家一时间陷入了困境：资源出口遇阻、援助也断了。 安共体成员国代表会后表示，期待与中国一起推动地区的可持续发展，这一表态反映了发展中国家对公平合作的渴望，也隐含着对美国单边主义的反抗。 合作。随着合作的深入，拉美国家逐渐发现，中国不仅仅是一个资源买家，更是一个长期、稳定的合作伙伴。 真正的转折出现在2019年之后，中国与拉美的合作不再是单纯的买卖，而是向着更深层次的区域协同发展。拉美国家不再满足于单纯的资源出口，而是希望 借助中国的技术力量升级本国 ...

特朗普再次出手，加征100%关税，企业回流美国面临三大核心问题！ 特朗普一上台，就爱拿关税当"武器"，这事儿大家早就见怪不怪了。从钢铁、铝料到半导体、药品，美 国对进口货收的税，一次比一次高。 直到2025年9月29号，他又扔出个重磅消息——在社交平台上直接说，要对所有不在美国本土拍的电 影，收100%的关税。这可是美国头一回把关税加到服务行业上，明摆着是想把"美国优先"的路子走得 更极端。 但话说回来，政策喊得再响，企业真要搬回美国，遇到的麻烦可比想的多太多了。 先说说成本这事儿，简直是企业的"拦路虎"。特朗普这套关税政策，说白了就是两条路：要么你到美国 建厂，要么就多交一倍的税钱。可他压根没考虑全球产业链的规矩——不是说搬就能搬的，钱的问题首 先就绕不开。 拿药品行业举例，美国对进口品牌药加了100%关税后，药企要是选在美国本土生产，成本能高到扛不 住。查过美国劳工统计局的数就知道，美国制造业工人一年平均能拿差不多4.3万美元，这钱是亚洲工 人的3到6倍。 就算把关税算进去，在中国生产药品的总成本，还是比在美国低15%到30%。 更有意思的是，这些额外收的税，最后都会落到消费者头上。半导体行业也是一样的情 ...

AI浪潮席卷股市，寒武纪股价一度逼近茅台，上半年营收暴涨43倍的业绩，揭开了产业链爆发的序 幕。光模块、PCB龙头们集体创新高，公募基金也跟着赚翻。 万得偏股基金年内涨31%，易方达多只科技产品领跑。这波机会，藏着个关键：科技投资不能只盯国 内，得用全球视野找产业链里的"隐形冠军"。 寒武纪差点超茅台！AI这波，公募基金赚翻了 全球分工+慢变量，易方达的"科技投资密码" 但AI这波机会，不是谁都能抓住的。就说寒武纪用的GPU，核心部件依赖全球供应链。 设计用德国西门子的EDA软件，生产靠台积电的先进制程，光刻机从荷兰ASML买，封装材料还得日 本、中国台湾的厂子供货。 这就带来个关键问题：科技投资不能只看国内。就像易方达的基金经理说的："英伟达想在美国建厂， 可关键设备和材料还得全球买。想投科技，必须盯着全球产业链。" 最近股市有个大新闻：AI龙头寒武纪盘中暴涨10%，股价冲到1464元，差点超过贵州茅台。前一天它刚 发中报——上半年营收28.8亿，同比暴涨43倍！净利润10.38亿，扭亏为盈。 不只是寒武纪。做光模块的新易盛，营收涨了282%；做PCB板的胜宏科技，净利润飙升366%。AI产业 链上的公司， ...

Core Viewpoint - The emergence of stock market leaders like Cambrian reflects the extreme manifestation of market trends, particularly in the AI sector, which has shown significant growth and profitability in recent reports [2][3]. Group 1: AI Industry Performance - Cambrian's revenue for the first half of 2025 reached 2.881 billion yuan, a year-on-year increase of 4347.82%, with a net profit of 1.038 billion yuan, marking a 295.82% growth [2]. - Other companies in the AI supply chain, such as New Yisheng and Shenghong Technology, also reported impressive growth, with revenue increasing by 282.64% and net profit by 366.89% respectively [2]. - The recovery of the tech market has provided a significant opportunity for public equity funds, with the Wind data showing a 31.45% increase in the Wande mixed equity fund index year-to-date, outperforming the 14.41% increase in the CSI 300 index [2]. Group 2: Global Supply Chain Insights - The deep globalization of the tech industry complicates the relocation of production to the U.S., as highlighted by Nvidia's plan to build a $500 billion AI infrastructure in the U.S. over four years [5][6]. - The production of advanced semiconductors relies on a global supply chain, with critical components sourced from various countries, making complete localization challenging [6][9]. - A report from the Belfer Center emphasizes that no country can fully control the advanced semiconductor supply chain, underscoring the need for a global perspective in tech investments [9]. Group 3: Investment Strategies - The tech investment landscape is characterized by a focus on high-growth sectors such as innovative pharmaceuticals, robotics, and AI, necessitating a deep understanding of global industry dynamics [3][10]. - Fund managers are encouraged to integrate a mid-level framework for tracking tech industry changes, which aids in identifying investment opportunities [10][12]. - The investment philosophy emphasizes the importance of long-term factors over short-term market noise, with a focus on business model sustainability and industry leadership [15][17]. Group 4: Case Studies and Examples - Fund managers like Ouyang Liangqi have successfully identified undervalued internet companies in the AI space, leading to significant returns [15][19]. - The investment team at Yifangda has built a robust research framework that allows for continuous tracking of over 500 Taiwanese companies, enhancing their ability to gauge industry trends [24]. - The team’s approach to identifying companies that can navigate through the technology lifecycle stages is crucial for capturing excess returns in the evolving market [23][24].

"狼来了！"喊第一遍和第二遍，有可能是虚惊一场，但是到了第三次， 之后在6月宣布，要将进口钢铁和铝及其衍生制品关税再次提升到50%。终于在8月，美国工业与安全局已将407个产品编码加入关税清单，这些商品将面 临额外50%的关税。但是这个加征关税的政策，对于我们影响很小，我们直接出口到美国的钢铝商品很少。2024年我国对美国出口钢材仅有47万吨，2025 年上半年仅仅出口23.6万吨。 但是对于转口贸易国影响比较大，例如越南，出口到美国的钢材比较多，过去享受免税待遇。但是此次对等关税之后，转口贸易免税之路也被中断了。例 如越南本身也做不了了，所以后续影响也不够大。但是真正被"狼来了"吓住的，可能还是加拿大、墨西哥、巴西这三国，因为他们之前吃了特朗普亲自喂 出的毒蜜丸。 在特朗普第一任总统任期内，对于全球的其他国家进口的钢铁征收25%的关税，对铝征收10%的关税。但是本着北美自由贸易协定和同巴西当时总统（博 索纳罗被称为"巴西小特朗普"）的友好关系，绝对对这三国的钢铝制品给予免税配额。想想美国国内市场多大啊！其他国家要交关税推高了成本，这三国 商品免税多有竞争力啊，从此三国对美国的额钢铝商品出口越来越多。 可是真 ...

Core Viewpoint - Zhengzhou is enhancing its international trade capabilities and positioning itself as a hub for global commerce through innovative policies and strategic initiatives aimed at boosting foreign trade and investment [1][2][4]. Group 1: International Trade and Economic Growth - Zhengzhou's foreign trade has shown significant growth, with a total import and export value of 3634.9 billion yuan in the first eight months of the year, representing a year-on-year increase of 27.7% [4]. - The city has successfully attracted foreign investment, with foreign-invested enterprises achieving an import and export value of 779.1 billion yuan in the first half of the year, a year-on-year increase of 83.2% [5]. Group 2: Policy Innovations and Institutional Reforms - Zhengzhou has implemented a series of institutional innovations, with 394 innovation results formed in the past eight years, 14 of which have been replicated nationwide [2][3]. - The city is focusing on optimizing the business environment at ports and enhancing cross-border trade facilitation through new models such as "zone-port integration" [3]. Group 3: Global Connectivity and Partnerships - Zhengzhou has established trade relations with 226 countries and regions, with the EU, ASEAN, Japan, India, and the US being the top five trading partners [7]. - Recent international cooperation initiatives include trade negotiations with Brazil and Chile, and the signing of 13 key cooperation projects during the "Air Silk Road" forum in Kuala Lumpur [7][8]. Group 4: Infrastructure and Logistics Development - The city is enhancing its logistics capabilities with new transportation models that reduce cargo damage and improve transfer efficiency at air cargo stations [2]. - Zhengzhou is actively integrating into global supply chains and enhancing its logistics infrastructure to support its growing trade activities [6].

Core Viewpoint - The Wuxi High-tech Zone Comprehensive Bonded Zone is a crucial platform for open economy, significantly contributing to foreign trade, attracting foreign investment, and promoting industrial transformation and upgrading [2]. Group 1: Economic Impact - The Comprehensive Bonded Zone has registered over 70 enterprises and attracted foreign investment totaling $23.8 billion [2]. - It accounts for 22.6% of Wuxi's total import and export volume, producing 14% of the world's storage chips, 20% of mechanical hard drives, 20% of surface-mounted ceramic capacitors, and 15% of optoelectronic conversion components [2]. Group 2: Industry Development - The zone is evolving into a new industrial pattern dominated by integrated circuits and electronic information, with multi-industry collaboration in international trade, testing and maintenance, and cross-border e-commerce [2]. - The zone's area will expand to 3.49 square kilometers, enhancing its capacity for industrial aggregation [4]. Group 3: Company Highlights - Jabil Electronics (Wuxi) Co., Ltd. has invested $98 million and employs approximately 3,500 people, focusing on high-end electronic product manufacturing and R&D [4]. - Finisar Optoelectronics Technology (Wuxi) Co., Ltd. anticipates a 101.8% year-on-year increase in import and export volume, reaching 16.24 billion yuan in 2024, and is launching a project to increase production of 800G optical modules [6]. Group 4: Policy and Future Outlook - The zone is enhancing its "bonded+" functions, promoting new business models such as distribution, maintenance, and trade [6]. - The expanded zone aims to leverage tax advantages to attract global high-end resources and build a trillion-yuan industrial cluster in integrated circuits and electronic information [6].

Core Viewpoint - The article discusses the recent request from the U.S. to the G7 and NATO to impose tariffs of 50%-100% on China due to its purchase of Russian oil, highlighting China's opposition to such unilateral economic coercion and its potential impact on global trade and supply chains [3][4]. Group 1 - The Chinese Ministry of Commerce has expressed strong opposition to the U.S. proposal, labeling it as unilateral bullying and economic coercion that violates the consensus reached by the leaders of China and the U.S. [3][4] - The spokesperson emphasized that if any party harms China's interests, China will take all necessary measures to protect its legitimate rights and interests [4][5]. - The Chinese government maintains that its economic cooperation with countries, including Russia, is legitimate and should not be subject to external pressure [5]. Group 2 - The Chinese stance on the Ukraine crisis is consistent and clear, advocating for dialogue and negotiation as the only viable solution [5]. - The spokesperson reiterated that China has upheld an objective and fair position since the onset of the crisis, opposing any illegal unilateral sanctions and "long-arm jurisdiction" against China [5]. - China is committed to defending its sovereignty, security, and development interests if its legitimate rights are infringed upon [5].

Core Viewpoint - The Chinese government firmly opposes the U.S. request for G7 and NATO members to impose tariffs on China, citing it as unilateral bullying and economic coercion that undermines international trade rules and threatens global supply chain stability [3]. Group 1: China's Position on Trade and Energy Cooperation - China maintains that its trade and energy cooperation with countries, including Russia, is legitimate and justified [3]. - The Chinese government emphasizes that coercive measures from the U.S. are ineffective and do not resolve underlying issues [3]. Group 2: Stance on the Ukraine Crisis - China has a consistent and clear position regarding the Ukraine crisis, advocating for dialogue and negotiation as the only viable solution [3]. - Since the onset of the crisis, China has upheld an objective and fair stance, promoting peace talks [3]. Group 3: Response to Sanctions and Economic Pressure - The Chinese government strongly opposes the imposition of illegal unilateral sanctions and "long-arm jurisdiction" by other parties [3]. - If China's legitimate rights and interests are harmed, the government will take resolute countermeasures to protect its sovereignty, security, and development interests [3].

Group 1 - The Trump administration announced an expansion of tariffs on steel and aluminum imports, increasing the tariff rate to 50% on hundreds of derivative products [1] - The U.S. Department of Commerce added 407 product codes to the tariff list, effective August 18, which will incur additional tariffs due to their steel and aluminum content [1] - The announcement also included a potential 300% tariff on semiconductor imports, leading to a decline in semiconductor stocks, with notable drops in companies like Applied Materials and Micron Technology [1] Group 2 - The imposition of approximately 100% tariffs on imported chips and semiconductors may force some companies to relocate to the U.S. or invest domestically, but could also accelerate the trend of "de-Americanization" [2] - A report from Boston Consulting Group warned that forced relocation of the semiconductor industry could reduce the U.S. chip industry's global ranking to second or third, as the U.S. currently holds only 35% of the global supply chain [2] - Major tech companies, such as Apple, rely heavily on overseas markets, with over 60% of their sales coming from international markets in 2023, indicating that new tariffs could significantly impact their competitiveness and market size [2]