新华财经约翰内斯堡11月20日电（记者蒋国鹏靳博文）针对美国政府要求南非不要推动二十国集团领导 人第二十次峰会发布共识宣言一事，南非国际关系与合作部发言人19日表示，美方已因抵制峰会而失 去"发言"资格，南非不会屈服于美方胁迫。 据媒体报道，美国驻南非大使馆日前照会南非政府，重申美方不会参加本月22日至23日在约翰内斯堡举 办的二十国集团领导人第二十次峰会，并反对在未经美方同意下"以二十国集团共识为前提发表任何峰 会成果文件"。照会称，美方仅接受反映"缺乏共识"的"主席声明"。 （文章来源：新华社） 南非去年12月1日起接任二十国集团轮值主席国，是首个任此职务的非洲国家。今年12月1日，美国将接 任二十国集团轮值主席国。 南非政府因2023年12月向国际法院诉以色列在加沙地带对巴勒斯坦人实施"种族灭绝"而开罪美国。今年 以来，美南关系一直紧张。美方先以南非政府土地政策构成对该国白人种族歧视为由切断对南援助，后 驱逐南非大使。 美国政府8月7日起对南非商品加征30％关税，南非由此成为撒哈拉以南非洲被美国课征关税税率最高的 国家。此外，美国政府还停止了对南非防治艾滋病项目的资助。南非政府承认，南非与美国关系已"跌 ...

Core Insights - The relationship between Canada and China is gradually improving, largely as a reaction to the aggressive trade policies of the Trump administration, which has caused significant strain among traditional allies [1][3][4] Group 1: Trade Policies and Economic Impact - The U.S. government announced a 25% tariff on Canadian imports, which escalated to 35%, significantly increasing living costs for Canadian families and businesses [3] - In 2024, Canada exported 24.8 billion RMB worth of canola to China, highlighting a growing economic dependency that both nations are eager to leverage for mutual benefit [3][4] Group 2: Diplomatic Developments - Canadian Agriculture and Agri-Food Minister's planned visit to China signifies a strategic pivot towards strengthening ties with China amidst U.S. tariffs [3] - A conversation between Chinese Foreign Minister Wang Yi and Canadian Foreign Minister Anand marked a significant milestone in the bilateral relationship, indicating a shift away from U.S. influence [4] Group 3: Geopolitical Implications - The policies of the Trump administration have led to a fracturing of the Five Eyes alliance, with Canada, Australia, and New Zealand moving to enhance trade relations with China [4][6] - The evolving Canada-China relationship presents both challenges and opportunities, necessitating careful balancing of economic ties with traditional U.S. partnerships [6]

Core Points - The event "Ambassadors in Campus" was held by Hong Kong Education University to broaden students' international perspectives and deepen their understanding of national diplomacy [1][3] - The event featured two senior diplomats, Luo Linquan and Sun Gongyi, who shared their personal diplomatic experiences, attracting hundreds of students and teachers [1][3] - The university's president emphasized the importance of diplomacy in showcasing a country's civilizational qualities and strategic wisdom in international relations [3] Summary by Sections - **Event Overview** - The "Ambassadors in Campus" lecture was organized by Hong Kong Education University in collaboration with China Foreign Affairs University [1][3] - The event aimed to enhance students' understanding of international relations and China's diplomatic efforts [1] - **Speakers and Content** - Luo Linquan, Vice President of the China Public Diplomacy Association, and Sun Gongyi, former Ambassador to Mauritius, were the main speakers [3] - They shared personal stories from their diplomatic careers, engaging the audience in a lively discussion [3] - **Audience Engagement** - The event attracted hundreds of participants, with students actively asking questions about contemporary Chinese diplomatic strategies and opportunities for Hong Kong's future [3] - The university collaborated with three local secondary schools to provide online access to the lecture for their students [3] - **Future Collaborations** - In March, Hong Kong Education University signed a memorandum of understanding with China Foreign Affairs University to establish the "Hong Kong Education University Institute of International Relations" [3] - The "Ambassadors in Campus" event is seen as a significant step in this collaborative effort [3]

Core Insights - The meeting between Ukrainian President Zelensky and German Chancellor Merz has brought global attention back to Ukraine's energy crisis, which is critical as winter approaches [1] - Ukraine's energy infrastructure has been severely damaged due to the ongoing conflict, with 60% of natural gas production and electricity facilities destroyed, leading to a gas shortfall of 4.4 billion cubic meters this winter [1] - The humanitarian impact is dire, with reports indicating a 31% increase in civilian casualties in the first nine months of 2025 compared to the previous year [2] Group 1: Ukraine's Energy Crisis - Ukraine's energy crisis is exacerbated by the destruction of energy facilities, with significant financial requirements for repairs estimated at €758 million [1] - The government is delaying the start of the heating season to conserve natural gas and is accelerating the development of renewable energy, aiming for a 27% share in the energy mix by 2030 [5][6] - Ukrainian citizens are facing severe hardships, including lack of heating and water supply due to power outages [2] Group 2: International Response - Germany has committed to providing air defense support and leading efforts in energy equipment and financial aid to help Ukraine rebuild its energy system [4] - Discussions are ongoing regarding the use of frozen Russian assets to aid Ukraine, with Germany's support deemed crucial [4] - However, Germany faces its own energy crisis and internal divisions regarding the extent of support for Ukraine, balancing national energy security with international obligations [4] Group 3: Broader Implications - The energy crisis in Ukraine is not just a national issue but a global concern, affecting energy security and international relations [6] - The EU is encouraged to enhance support for Ukraine's energy system reconstruction through funding, technology, and equipment [6] - A call for Russia to cease attacks on Ukrainian energy infrastructure and engage in peaceful negotiations is emphasized, highlighting the need for a collaborative international approach to resolve the crisis [6][7]

Report Summary 1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints - The market's judgment of international relations tends to swing between extreme optimism and extreme pessimism, causing market sentiment to fluctuate. Market volatility may persist as it overreacts to fast - changing international relations while having relatively well - formed expectations for slow - changing variables like interest rates [4]. - China's Q3 GDP in 2025 grew by 4.8% year - on - year, meeting expectations and laying a good foundation for achieving the annual target. Industrial production rebounded significantly, but consumer spending, real estate, and fixed - asset investment were drags [4]. - After the release of the communiqué of the Fourth Plenary Session of the 20th CPC Central Committee, broad - based indexes rose, and the deepening of the management of local state - owned "three capitals" also boosted market sentiment this week [4]. - A - share trading volume further shrank to less than 2 trillion yuan per day, and the margin balance generally increased, with most of the outflows from last week being replenished. All indexes had similar weekly gains [4]. 3. Summaries by Relevant Catalogs 3.1. Stock Index Futures Basis Situation - **Basis Changes**: This week, the basis of each futures variety fluctuated less, and the overall discount narrowed compared to last week. By the end of this Friday, the annualized discounts of IF, IC, and IM converged to around 2.6%, 8.9%, and 11.4% respectively. The near - month contracts in the term structure moved down slightly, with little change overall, and diversified hedging can be maintained [5]. - **Basis Data Table**: Detailed data on the last week's basis, this week's basis, basis changes, and index - enhanced annualized returns for different contracts of IF, IH, IC, and IM are provided. For example, in the IF contracts, the basis of IF2511 changed from - 18.43 last week to - 12.28 this week, with a change of 6.15 and an index - enhanced annualized return of 4.7% [2]. - **Basis Considering Dividends**: Data on the closing price, basis considering dividends, expected total dividend points, and annualized premium/discount rate for different contracts of IF, IH, IC, and IM are presented. For instance, for the IF2511 contract, the closing price is 4648.40, the basis considering dividends is - 10.88, the expected total dividend points are 1.40, and the annualized discount rate is - 3.04% [6]. 3.2. Hedging Profits and Losses - **Hedging Profit and Loss Data Table**: Data on last week's and this week's hedging profits and losses for different contracts of IF, IH, IC, and IM are provided. For example, the hedging profit of IF2511 last week was 2.00, and this week it was - 6.15 [13]. - **Hedging Profit and Loss Charts**: Charts showing the 60 - trading - day cumulative hedging profits and losses for IF, IH, IC, and IM contracts are presented, visually reflecting the changes in hedging profits and losses [12].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - The market's judgment on international relations tends to swing between extreme optimism and extreme pessimism, causing market sentiment to fluctuate. The market has sufficient expectations for slow - changing variables like interest rates but overreacts to fast - changing international relations variables, and market volatility may continue [2] - China's Q3 GDP grew 4.8% year - on - year, meeting expectations. Industrial production rebounded significantly and capacity utilization improved, but household consumption, real estate, and fixed - asset investment were drags [2] - After the Fourth Plenary Session of the 20th CPC Central Committee and the deepening of local state - owned "three - capital" management, the A - share market showed positive performance. A - share trading volume shrank to less than 2 trillion per day, and the margin balance rebounded, with each index rising between 2.9% - 4% on the weekly line [2] - This week, the basis of each variety fluctuated less, and the overall discount narrowed compared to last week. As of Friday, the annualized discounts of IF, IC, and IM converged to around 2.6%, 8.9%, and 11.4% respectively [2] Group 3: Summary by Related Catalogs This Week's Review - International relations news affected market sentiment. For example, the US's signal of easing relations led to a rapid decline in gold prices, and the economic consultations among China, the US, and Malaysia led to a rapid rebound in the A - share market driven by the Hong Kong stock market [2] - China's Q3 GDP growth met expectations. Industrial production and capacity utilization improved, but household consumption, real estate, and fixed - asset investment were negative factors [2] - After the Fourth Plenary Session of the 20th CPC Central Committee and local state - owned "three - capital" management deepening, the A - share market was positive. Trading volume shrank, margin balance rebounded, and each index rose on the weekly line. The ChiNext and STAR Market rebounded strongly [2] - The basis of each variety fluctuated less this week, and the overall discount narrowed compared to last week. The term structure of near - month contracts moved down slightly, with little change compared to last week, and diversified hedging can be maintained [2] Forecast Conclusion - The model predicts that the basis of IH, IF, IC, and IM will move in the directions of weakening, strengthening, weakening, and weakening respectively next week [4]

Market Performance - The Hang Seng Index closed at 25,782 points, down 0.94%, while the Hang Seng China Enterprises Index fell 0.85% to 9,224 points[1] - Total turnover in Hong Kong stocks was HKD 227.5 billion, lower than HKD 264.7 billion on Tuesday, indicating market caution[1] - Energy sector rose by 0.3%, while non-essential consumer goods, healthcare, information technology, and conglomerates fell by 1.3%, 1.9%, 1.1%, and 1.2% respectively[1] Stock Highlights - China National Pharmaceutical (1099 HK) and Pop Mart (9992 HK) led the gainers, rising by 4.3% and 2.4% respectively[1] - Chow Tai Fook (1929 HK) and CSPC Pharmaceutical (1093 HK) were the biggest losers, dropping by 5.7% and 5.2% respectively[1] Commodity Trends - Gold prices fell below USD 4,100, with mining and retail stocks in Hong Kong following suit[1] - Zijin Mining (2899 HK), Zhaojin Mining (1818 HK), Chow Tai Fook (1929 HK), and Lao Poo Gold (6181 HK) saw declines between 1.7% and 8.2%[1] Economic Indicators - U.S. mortgage applications decreased by 0.3% for the week ending October 17, better than the previous week's decline of 1.8%[3] - U.S. crude oil inventories fell by 960,000 barrels, contrary to market expectations of a 1.2 million barrel increase[3] - UK inflation rate for September remained at 3.8%, below the market forecast of 4.0%[3] Corporate Developments - Lao Poo Gold (6181 HK) announced a placement of 3.71 million new shares, raising HKD 2.71 billion at a 4.5% discount to the previous closing price[4] - Pop Mart (9992 HK) reported strong overseas market performance in Q3, leading to a 2.4% increase in stock price[4] Pharmaceutical Sector - Innovent Biologics (1801 HK) entered a licensing agreement with Takeda Pharmaceutical for several therapies, receiving an upfront payment of USD 1.2 billion[5] - The strategic investment price of HKD 112.56 per share represents a 20% premium over the weighted average closing price prior to the agreement[5]

Group 1: Core Points - The relationship between the United States and Colombia has recently become tense, with the U.S. military conducting a deadly strike on a Colombian vessel under the pretext of combating drug trafficking [1] - U.S. Defense Secretary Mark Esper stated that the strike was ordered by President Trump, resulting in the death of three alleged drug traffickers on board [1] - Colombian President Petro denied the U.S. claims, asserting that the attacked vessel belonged to a regular family and not a rebel group, and condemned a previous incident where a Colombian fisherman was killed by U.S. forces [1] Group 2: Aid Suspension - President Trump accused President Petro of being ineffective in combating drug production and announced the immediate cessation of large-scale U.S. payments and subsidies to Colombia [2] - The Colombian government strongly protested Trump's personal attacks on Petro and the suspension of aid, claiming it violates international law and diplomatic norms [2] - In the fiscal year 2023, the U.S. provided approximately $700 million in aid to Colombia, supporting around 550 domestic activities [2] Group 3: Tariff Threats - Trump threatened to impose tariffs on Colombia, with details to be announced soon, raising concerns among Colombian businesses about potential economic impacts [3] - The President of the Colombian National Industrial Association emphasized the need for diplomatic handling of U.S.-Colombia relations [3] - Previous threats of tariffs were linked to immigration issues, indicating ongoing tensions between the two nations [3]

Core Viewpoint - The article discusses a recent statement made by former President Trump regarding the U.S. demand for the return of the Bagram Air Base in Afghanistan, suggesting potential consequences if the request is not met [3][5]. Group 1: Trump's Statement - Trump issued a warning on social media, stating that "bad things will happen" if Afghanistan does not return control of the Bagram Air Base to the U.S., which he refers to as its builder [5]. - This statement was made during a press conference in the UK, where Trump was on a state visit, highlighting the U.S. government's efforts to reclaim the air base [5]. Group 2: Afghan Government's Response - The Afghan government quickly rejected Trump's proposal for U.S. military forces to return to the air base, while still leaving open the possibility for dialogue to improve bilateral relations [6].

Group 1 - The core viewpoint of the article is that Venezuelan President Maduro has condemned the recent illegal interception of Venezuelan fishing vessels by the United States and announced a complete severance of ties with the U.S. government [1] - Maduro characterizes the recent events between Venezuela and the U.S. not as "strained relations," but rather as an "aggression" from the U.S. side [3] - The U.S. has deployed multiple warships in the Caribbean Sea near Venezuela under the pretext of combating drug trafficking in Latin America, which has led to ongoing tensions between the two countries [4]