【环球网报道 记者 赵建东】据"今日俄罗斯"（RT）等外媒报道，印度1月26日举行的2026年"共和国日"阅兵式中，将首次派出专门的"动物方队"参加。据印 度军方介绍，这支方队将由双峰骆驼、矮种小马以及猛禽和印度本土军犬等动物组成。 印媒称，双峰骆驼将在动物方队中打头阵。此外，为响应"自力更生印度"倡议和"印度制造"计划，印军越来越多地引进本土犬种等动物。RT称，该活动上印 度向来都会展示自身军事实力，但此前从未包含"动物方队"。 但对于新添的项目，有印度网民联想到此前阅兵式上出现的印军骑摩托车表演项目，"那种骑摩托车表演杂技必须杜绝，因为他对我们部队毫无用处，反而 会让年轻人做出非法模仿行为"。 据悉，1950年1月26日，印度议会通过共和国宪法，遂确定当日为印度"共和国日"。 ...

Core Viewpoint - The rapid growth of India's toy exports is facing significant challenges due to the recent imposition of high tariffs by the United States, which has led to a substantial decline in orders from American clients, jeopardizing India's ambition to become a global toy manufacturing hub [1][2]. Group 1: Impact of Tariffs - The U.S. imposed a 50% tariff on Indian toys due to India's continued purchase of Russian oil, resulting in a drastic drop in orders and a backlog of $20 million in undelivered goods [2][3]. - Many clients have either paused or canceled their orders following the tariff announcement, leading to a projected 15% decline in sales for the year, contrary to previous expectations of a 40% growth [2][3]. Group 2: Industry Challenges - India's toy industry, which was previously dominated by imports (with China accounting for about 70%), has seen a shift due to government initiatives aimed at boosting local manufacturing, including raising import tariffs from 20% to 70% [3][5]. - Despite a 42% increase in toy and sports goods exports since the introduction of the "National Toy Action Plan," the recent tariff changes have caused a significant drop in demand from the U.S., a key market for Indian toy exporters [3][4]. Group 3: Competitive Landscape - The Indian toy sector is highly fragmented, consisting mainly of small and medium-sized enterprises, which affects standardization, quality control, and brand recognition [6]. - Indian manufacturers face challenges such as reliance on outdated production methods and higher costs for raw materials compared to China, which undermines their competitiveness in the global market [5][6]. Group 4: Future Outlook - To remain competitive, Indian toy exporters are adjusting by lowering prices and simplifying designs, but these measures may not be sufficient to retain long-term business relationships and supply chain collaborations [4][6]. - The industry's ability to adapt to new markets and improve product design and cost structures will be crucial for overcoming the current challenges posed by high tariffs [4][6].

中金公司研究部、中金研究院随同国际金融协会（IIF）调研团于2025年10月6日至10月9日赴印度（孟买、德里）进行了为期四天的深度调研，针对印度 宏观经济和金融的现状与展望，主要观点如下： 印度的规模禀赋和增长潜力彰显投资吸引力 印度是近年来增长最快的大型经济体之一，庞大年轻人口规模和较低人均资本存量蕴藏着较大的发展空间。地处南亚次大陆，印度也是地缘竞争中重要的 大国合作对象。近年来，印度作为全球投资者组合再平衡的优质选项，股指持续增长并吸引资金流入，备受瞩目。 美国加征关税对印度的影响有限 2025年特朗普政府对全球加征关税给印度经济带来的负面冲击整体可控。一是由于印度是典型内需型而非外向型经济体，二是目前加征关税多发生在货物 贸易领域，印度是货物贸易逆差、服务贸易顺差，影响相对可控，未来需留意美国可能加征服务外包税对印度优势领域的影响。 为应对美国加征关税，印度再次改革商品服务税以刺激国内消费，生产和投资延续增长势头，同时印度积极与更多贸易投资伙伴签署合作协议，有助于打 开美国以外的新市场。 Abstract 摘要 内部政策与改革有望主要贡献印度经济增长 内部改革是释放印度经济增长动能的关键因素。短期看 ...

（来源：新思界海外） 近年来在政策的助力下，印度汽车工业发展迅速，汽车产量也持续增加。根据OICA发布的数据显示， 在2022年，印度汽车产量达到545.7万辆，占全球总汽车产量的6.4%，世界排名第四。另外，最近几年 印度政府还在大力推动"印度制造"计划，国内手机等电子产品市场发展迅速。在2018-2024年间，印度 电子产品产值维持着14.9%的年均复合增长率增加，到2023年突破到1150亿元。在此背景下，散热器作 为汽车冷却系统、电力电子设备的重要组成部件，在印度市场的应用需求也随之增加。 第一章 印度散热器行业总体情况概述 第一节 散热器行业定义 一、产品定义及分类 二、散热器产品发展特点 第二节散热器行业概述 一、国内外散热器行业差距分析 二、散热器行业市场饱和度 三、国内外经济形势对散热器行业市场规模的影响 第三节 全球散热器行业发展综述 一、全球散热器行业发展历程 二、全球散热器行业发展面临问题 三、全球散热器行业技术现状及趋势 第四节 全球散热器产品市场供需情况分析 第五节 全球散热器行业区域结构分析 第六节 全球散热器行业发展前景预测 第二章 印度散热器行业发展环境分析 第一节 印度经济环 ...

据智通财经报道，2025年印度钦奈的手机产业园里，塔塔集团接手的厂房外墙还挂着崭新的标语，车间 里却只有零星工人在调试设备。与此同时，河南郑州的富士康厂区灯火通明，载着高端iPhone组件的货 柜车排起长队，这种鲜明对比正在印度制造业版图上不断重复。外媒最近的报道戳破了"印度制造"的泡 沫——中国手机品牌虽未完全离场，但核心产能正加速撤离，留给莫迪的不仅是空置的厂房，更是难以 挽回的产业信任。 谁都记得几年前中国企业涌入印度的盛况。2014年莫迪喊出"印度制造"口号时，小米、vivo、OPPO带 着真金白银赶赴诺伊达、钦奈圈地，富士康更是砸下数十亿美元建iPhone生产线。那时候印度官员剪彩 时的笑容是真的，中国品牌占印度手机市场七成以上的份额也是真的，vivo赞助板球联赛的广告铺天盖 地，小米的门店在德里商场里人满为患。可这看似双赢的局面，在2020年边境摩擦后戛然而止。 编辑 先是267款中国App被以"安全风险"封禁，年轻人手机里的常用软件一夜变灰；接着税务局成了"常客"， 小米被追征数亿税款，银行账户直接冻结；vivo高管在2023年底被扣上"洗钱"罪名，数亿美元资产遭查 封。这些针对性措施背后，是印 ...

印度近些年的经济发展飞速，被西方国家普遍认为有望超越中国，成为新的世界工厂，而印度也确实是这么想的，甚至模仿中国，搞出了一个所谓的"印度 制造"的概念。 随着中国老龄化问题的加剧，咱们国家的人口红利似乎正在逐渐消失，而印度这个国家人口结构却非常年轻，从这点看，印度确实有希望取代中国成为世界 工厂。 但是一个国家想要发展工业体系，单单依靠人口红利是远远不够的，美媒坦言：未来制造业将会西迁中国内陆，而并非印度。 印度经济现状 2025年5月24日，是印度国内媒体狂欢的一天，为什么呢？因为在这天，印度政府最高公共政策智库"印度转型国家研究所"，举行了新闻发布会。 目前印度的人力资源非常丰富，在通过软件、金融服务和业务外包这类的第三产业赚到了第一桶金之后，印度没有拿着赚到的这些钱去完善产业机构，反而 是将此当成了致富捷径。 虽说第三产业在现代化经济社会中的作用非常重要，但是不管怎么说，工业或者是物质财富依旧是人类社会发展的核心支柱。 而印度的第一产业和第二产业根本就没法看，唯有第三产业的GDP数据非常漂亮，可是即便印度的第三产业GDP再高，没有工业作为支撑，印度的经济也不 过是无根之萍罢了。 在发布会上，印度转型国家 ...

Core Viewpoint - The article discusses the unintended consequences of the global tariff war initiated by Trump, highlighting how four countries—India, Canada, Japan, and the European Union—suffered significant economic setbacks as a result of their attempts to navigate the trade conflict [1][3]. Group 1: India - India aimed to become the next global manufacturing hub through the "Make in India" initiative but faced severe setbacks due to Trump's tariffs, which reached as high as 50% [4][6][8]. - The immediate impact included a capital outflow of $17 billion, a more than 90% drop in foreign investment, and significant declines in various sectors, including a 25% drop in the apparel industry and a 30% decrease in seafood exports [9][11]. - India's historical attempts to challenge major powers have repeatedly ended in failure, with the current situation echoing past economic struggles [13]. Group 2: Canada - Canada, closely allied with the U.S., faced a maximum tariff increase of 39%, particularly affecting steel and aluminum exports, leading to a 27% drop in overall exports [15][17]. - The Canadian economy was heavily reliant on the U.S. market, with 99% of its natural gas and 97% of its oil exported to the U.S., making it vulnerable to U.S. trade policies [19][21]. - The Canadian government attempted to appeal to American sentiment but ultimately found itself in a precarious position, losing significant economic ground [19][21]. Group 3: Japan - Japan invested $550 billion in the U.S., increased military spending, and purchased large quantities of American goods, including products that had little market demand in Japan [23][25]. - The financial burden of these investments and purchases was substantial, with Japan effectively paying a "protection fee" without receiving significant concessions in return [25][26]. - The outcome for Japan was a financial loss without the expected benefits, highlighting the pitfalls of its strategy to align closely with the U.S. [26]. Group 4: European Union - The EU initially resisted U.S. tariffs but ultimately conceded to a deal that involved purchasing $750 billion in U.S. energy and investing $600 billion in U.S. strategic industries [27][29]. - The EU's concessions led to significant losses in its automotive sector, with Volkswagen reporting a €1.3 billion profit loss in just six months and potential cumulative losses exceeding €400 billion over three years [31]. - The overall cost to the EU from these trade negotiations was estimated at over $1.3 trillion, resulting in increased dependency on U.S. energy and a hollowing out of its industrial base [33]. Conclusion - The article illustrates that the trade war, while perceived as a U.S.-China conflict, resulted in collateral damage for other nations, which miscalculated their positions and suffered economically as a result [35][37].

Group 1: Impact on India - India faced the highest tariffs from the US, reaching up to 50%, leading to a significant decline in exports and a capital outflow of $17 billion [1][2] - The manufacturing sector in India suffered drastically, with a 25% reduction in clothing production and a 30% drop in seafood exports, resulting in 170,000 job losses in the jewelry industry [2][3] - India's aspirations to become a global manufacturing hub were severely hindered due to inadequate infrastructure and the inability to retaliate against US pressures [3] Group 2: Impact on Canada - Canada, despite being a close ally of the US, faced tariffs as high as 39%, causing a 27% drop in exports, particularly affecting the oil and automotive sectors [3][5] - The economic dependency on the US is evident, with 99% of natural gas and 97% of oil exports directed towards the US, limiting Canada's ability to resist US trade policies [5] - Canada's attempts to negotiate and appeal to US public sentiment were largely ineffective, leading to further economic strain [5] Group 3: Impact on Japan - Japan's tariffs increased by 15%, but the financial burden included a commitment to invest $550 billion in the US, equivalent to Japan's annual fiscal revenue [7][9] - Japan also agreed to raise its defense spending to 2% of GDP and to purchase large quantities of US goods, which provided little benefit to Japan's economy [10][11] - These concessions highlight Japan's precarious position in US-Japan relations, where it feels compelled to comply with US demands [11] Group 4: Impact on the European Union - The EU faced a tariff increase from 3% to 15%, leading to significant concessions, including a commitment to purchase $750 billion in US energy over three years [13][14] - The EU also pledged $600 billion in strategic investments in the US and to eliminate tariffs on US industrial and agricultural products, effectively ceding market advantages [16] - The operational costs for EU companies surged, with notable losses reported by firms like Volkswagen, which faced a €1.3 billion profit loss in just six months [17] Group 5: Overall Analysis - The trade war, while seemingly beneficial to the US, ultimately positioned China as a long-term winner, successfully negotiating a ceasefire with the US [19] - The experiences of allied nations illustrate the risks of relying on US trade policies, as they became collateral damage in the broader geopolitical struggle [19]

Core Points - India has begun to prohibit domestic broadcasters from using Chinese satellite services due to security concerns, marking a strategic move to enhance safety amid geopolitical instability [1][2] - The Indian National Space Promotion and Authorization Center has rejected multiple applications from Chinese or China-linked companies for satellite services, while granting permissions to several Western companies [1][2] - The shift towards domestic and international satellite services is part of India's broader strategy to strengthen digital sovereignty and reduce external vulnerabilities [2][3] Group 1 - The Indian National Space Promotion and Authorization Center's decision is part of a security strategy aimed at reducing reliance on foreign satellite services, particularly from China [1][2] - The Indian space economy is projected to grow significantly, reaching $44 billion by 2033, with a market share increase from 2% to 8% globally [2] - The move to restrict Chinese satellite services is seen as a way to support local industries and promote the "Make in India" initiative within the space sector [3] Group 2 - Inorbit Space, a local partner of Chinese companies, has expressed frustration over the lack of clear reasons for the rejection of long-term authorization applications despite acknowledging past contributions [2] - The Indian government views space as a critical security domain, with concerns over potential data leaks or service disruptions from using satellites linked to rival nations [3] - The transition to domestic satellite services is expected to create a market for local satellite operations, reinforcing India's commitment to developing its own space capabilities [3]

Core Insights - LG Electronics' IPO in India raised $1.3 billion, setting a record for financing in the consumer manufacturing sector in recent years [1] - The stock surged over 50% on its market debut, reaching a high of 1,749.0 rupees, which is a 53.42% increase from the issue price of 1,140 rupees [3] Company Performance - The IPO was oversubscribed by more than 50 times, with institutional investors subscribing 72 times and retail investors 38 times [3] - LG holds a significant market share in key appliance categories in India, with 18%-25% in air conditioners, refrigerators, and washing machines [3] Market Context - The Indian middle class is expanding at an annual rate of 8%, driving demand for home appliances [3] - Current penetration rates for air conditioners and washing machines in India are 15% and under 30%, respectively, which are significantly lower than global averages [3] Government Initiatives - The "Make in India" initiative has been in place for six years, providing various incentives for the consumer electronics manufacturing sector [4] - LG plans to use 60% of the IPO proceeds to expand its manufacturing base in Andhra Pradesh, which is expected to increase air conditioner production capacity by 50% and smart appliance capacity by 40% [4] Industry Implications - LG's successful IPO may pave the way for other foreign consumer manufacturing companies, such as Samsung and Panasonic, to consider listing in India [4] - The strong performance of LG's stock is likely to enhance market interest in the consumer manufacturing sector, potentially leading to valuation recovery opportunities for related companies [4]