中国手中还握有"稀土"这一重要筹码。如果荷兰继续在战略上失误，可能会面临中国进一步限制稀土出口的威胁。一旦采取这一措施，整个欧洲的高端制造 业将陷入原材料危机，从而形成更大的经济漩涡。 表面上看，安世半导体与荷兰之间的争端似乎只是商业斗争。但深入分析，这实际上标志着全球经济格局的重大转变。荷兰跟随美国打压中国高技术产业， 意图获取政治利益，最终却自掘坟墓。 在国际贸易中，美元长久以来被视为霸主，而安世中国的这一决定不仅是商业上的变化，更是一种深刻的经济反击。允许客户使用人民币结算，意味着以往 美元在此领域的金融控制将不复存在。这一战略迫使希望继续从中国市场获利的欧美企业重新审视与中国的交易方式。 特别是在全球汽车产业，芯片短缺仍然是亟待解决的问题。德国媒体报道，大众汽车因芯片供应受限，已开始停产部分车型，面对生产能力的急剧下降，品 牌巨头们感到无能为力。此外，这场危机不仅波及德国，日本和美国的汽车制造商也纷纷陷入"争夺资源"的困境。 安世中国的举措给整个欧美产业链带来了严峻挑战。德国汽车工业协会（VDA）警告，如果安世半导体的供应无法迅速恢复，整个欧洲乃至美国市场可能 面临大规模停产的风险。想象一下，欧洲汽车 ...

Group 1 - The core viewpoint emphasizes the need to reassess the declining attractiveness of U.S. assets and its implications for financial stability both domestically and internationally [1][2] - Recent market trends indicate a noticeable decrease in the safe-haven demand for U.S. assets during periods of stress, raising concerns among investors regarding the handling of U.S. assets [1] - The Federal Reserve's meeting minutes highlighted that the persistent shift in the correlation of U.S. assets and the decline in their safe-haven status could have long-term economic impacts [1] Group 2 - The sharp turn in trade policy is reshaping global supply chains and amplifying corporate financial vulnerabilities, making it increasingly critical to understand the intersection of corporate financial health and international trade exposure [2] - The imposition of tariffs has introduced significant uncertainty, which may suppress economic activity and potentially increase inflation [2]

Core Viewpoint - The "BRICS+" alliance is emerging as a counterbalance to the G7, reshaping the global economic landscape and necessitating a thematic and active management investment approach [1][2][8]. Group 1: Transformation of World Order - The global order is shifting from a US-centric model to a more diversified structure, with competition and cooperation between "BRICS+" and the G7 expected to coexist long-term [2]. - The competition for resources, particularly in technology, energy, and commodities, is becoming central to future economic growth, with BRICS countries holding strategic advantages in these areas [3][19]. Group 2: Investment Methodology Reconstruction - The traditional dichotomy of "developed" and "emerging" markets may no longer be applicable, as investment opportunities will focus on growth drivers rather than conventional market classifications [4][12]. - The rise of thematic investing is becoming a new paradigm, where investors should adopt strategies based on core growth drivers and diversify across private and public market securities to capture growth opportunities in a divided world [5][23]. Group 3: Key Drivers of Change - The investment landscape is evolving, with key growth drivers including technology, energy supply, commodities/resources, and productivity advantages [24]. - The nature of these drivers is changing, with increased demand for energy due to new technologies and a shift in economic positions among nations based on their resource endowments [15][17]. Group 4: Geopolitical and Economic Implications - The rise of "BRICS+" is prompting a reevaluation of asset management practices, as the evolving alliance and fragmented world order will have profound impacts on investment methodologies and asset classification logic [10][20]. - Economic resilience is becoming a strategic priority for many countries, leading to diversification of industries and a focus on domestic production, which may increase inflation in the short to medium term [22].