1. 大家好，欢迎阅读本期的国际观察。今天，小锐将关注欧洲多个国家高调组建志愿联盟并派遣军队支 持乌克兰的这一重大变化。 2. 曾几何时，欧洲各国在考虑是否提供5000顶防弹头盔时，经过了近半个 月的深思熟虑，保持着谨慎的姿态。可是，现在，多个国家却主动集结军队，直面俄罗斯，这种迅速转 变的态度，简直是地缘政治格局中的一场惊天逆转。 3. 表面上看，这些举动是对俄乌战争局势的军事回应，但实质上，它早已超越了战争本身，正在引发全 球权力结构的深刻变化。 4. 在这种背景下，人民币的国际化是否会迎来前所未有的契机？为何欧洲突 然采取如此强硬的姿态与俄罗斯对抗？全球资本流动将如何改变我们日常生活的格局？这些问题都值得 我们深入探讨。 5. 多国派兵的背后，可能成为新一轮金融危机的导火索。 6. 要想理解欧洲此次军事介入的深层动机， 我们必须掌握一个基本的规律：资本天生趋向安全，避开风险。它们会流向那些安全、可预见、制度稳 定的区域。 17. 对美国来说，这是控制战略成本；但对欧洲而言，这无异于一场系统性灾难的开端。 18. 过去两 年，欧盟及其成员国已经向乌克兰提供了接近2000亿美元的援助、贷款和财政担保，然而， ...

这两周北美的局势有点微妙，加拿大人连续10个月减少去美国旅游，上个月的航班客流量直接跌了将近四分之一，开车过境的人更是少了三成多。 加拿大外长准备去格陵兰开设新领事馆，这是加拿大几十年来在北极地区最大的外交动作。 而且加拿大正在大幅调整贸易方向，木材出口不再主要销往美国，还有企业因为关税不确定性直接把业务搬到蒙特利尔。 这些事情连在一起看，能感觉到加拿大正在调整自己的方向，而这个调整的背后，跟美国脱不了关系。 加拿大将加入少数几个在努克设有官方领事馆的国家，包括美国和冰岛，后者将与加拿大领事馆共用现有办公空间。 2025年前7个月，赴美游客总数比去年同期少了300万人。加拿大游客的降幅最明显，10月份的数据显示，航空客流量同比下降24%，驾车出行的人数降幅超 过30%。这已经是连续第10个月下滑了。 有旅游行业的报告提到，2025年夏季，加拿大到美国的跨境旅行预订量下降超过70%。 原本每年这个时候，大批加拿大老年人会南下到佛罗里达、亚利桑那州过冬，今年很多人改主意了。魁北克省往年有大量人口南下，今年也明显减少。 美国旅游业的统计数据显示，32万个原本会载有加拿大游客的航班座位空着，数十亿美元的旅游收入没了。 ...

Core Points - The signing of a legally binding memorandum marks a significant step forward for the construction of a new natural gas pipeline system through Mongolia, with an annual capacity of 50 billion cubic meters, known as the "Power of Siberia 2" pipeline, which will connect to China [1] - The project is set against a backdrop of changing geopolitical dynamics, with Russia's gas supply to Europe sharply reduced, making China the largest buyer of Russian gas [1][7] - The negotiation process for the "Power of Siberia 2" project has faced challenges, particularly regarding pricing, but a balance has been found that maintains a price discount for China compared to European prices [1][6] Pricing Mechanism - The pricing for Russian gas supplied to China is based on a formula linked to oil prices, with a nine-month lag, ensuring stable and favorable prices for China [4][10] - In Q1 2021, the average price for Russian gas supplied to China was $121 per thousand cubic meters, compared to an overall export average of $171, indicating a discount of approximately 30% [2][4] - This pricing mechanism contrasts sharply with the spot market pricing used for European gas, which has been volatile [4][6] Strategic Importance - The "Power of Siberia 2" project is strategically significant for both Russia and China, as it provides China with a secure energy supply amid rising tensions with the U.S. and potential disruptions to maritime energy routes [8][10] - Russia's need for stable export revenue and a reliable market for its gas has made China a critical partner, enhancing China's negotiating power [6][8] - The project is expected to take 3 to 5 years to complete, with an estimated total investment of 1.5 trillion rubles, and it benefits from existing infrastructure, reducing development time and costs [10][12] Geopolitical Implications - The pipeline is seen as a key factor in reshaping the Eurasian energy landscape and will inject new momentum into the comprehensive strategic partnership between China and Russia [12] - As the project progresses, the deepening energy cooperation between the two countries is anticipated to have profound implications for the global energy market [12]