文 | 施嘉翔 编辑 | 刘旌 2月21日，特朗普签署《美国优先投资政策》备忘录（以下简称"美国优先投资政策"），备忘录的主题 明晃晃地写在其中：美国投资者将投资美国的未来，而不是其他国家的未来。 外交部发言人随后在记者会上回应称：美国加严对中国赴美投资的安全审查，严重打击中国企业对美的 投资信心，破坏的是美国自己的营商环境；加码限制美国对华投资，是人为干预美国企业自主决策，扭 曲两国投资往来。美方发布的有关备忘录以"国家安全"为由，将中国列为"外国对手"，采取各种歧视性 举措，强化对华双向投资限制。中方对此强烈不满、坚决反对，已向美方提出严正交涉。 从内容上看，《美国优先投资政策》的变化主要体现在—— 将大幅扩张Reverse CFIUS（外国人对美投资）制度的限制范围，从原本三个敏感行业：半导体、人工 智能、量子计算，扩大至：生物技术、高超音速技术、航空航天、先进制造、定向能源及其他受中 国"军民融合"战略影响等范围； 限制了包括私募股权、风险投资、绿地投资、企业扩张及公开证券交易的投资类型； 限制了资金来源包括养老基金、大学捐赠基金和其他有限合伙投资者。 「暗涌」：备忘录一个很明显的标签是"美国优先"， ...

Core Viewpoint - Global pharmaceutical companies face a challenging decision: invest billions in building factories in the U.S. or bear up to 100% tariff costs on imported drugs [1][2] Tariff Policy and Market Impact - The U.S. will impose new tariffs starting October 1, including a 100% tariff on patented and branded drugs, significantly increasing import costs [1][2] - The policy aims to encourage pharmaceutical companies to relocate production to the U.S., reducing reliance on overseas supply chains and creating local jobs [2][4] - Capital markets reacted negatively, with Hong Kong pharmaceutical stocks experiencing declines, indicating market concerns over the tariff implications [2] Industry Response and Strategic Adjustments - Companies reliant on single overseas production bases must urgently evaluate alternatives, such as accelerating factory construction in the U.S. or seeking non-U.S. production options [3] - The tariff policy is expected to accelerate the shift of pharmaceutical distribution networks globally, with Indian pharmaceutical companies potentially benefiting from this transition [4] Implications for Chinese Pharmaceutical Companies - The impact of the tariff on Chinese pharmaceutical companies is expected to be limited, primarily affecting patented drugs, with operational challenges in implementing the policy [5] - Increased scrutiny on foreign investments in the healthcare sector by the U.S. could pose challenges for Chinese companies, particularly regarding data transfer regulations and compliance [6][7] Market Trends and Future Projections - The trend of Chinese innovative drugs gaining approval in the U.S. is expected to rise, with projections indicating that by 2040, Chinese drugs could account for 35% of new drug approvals by the FDA [8] - The Hong Kong market has become increasingly attractive for Chinese biotech companies, with significant fundraising activity observed in 2023 [8][9] Regulatory Environment and Listing Challenges - Recent regulatory changes in Hong Kong have made it easier for biotech companies to list, with a notable increase in the number of companies opting for confidential submissions [9][10] - The U.S. investment review mechanisms pose additional challenges for biotech companies seeking to attract capital, particularly in sensitive technology sectors [7][11]

Group 1 - The recent shift in the U.S. Treasury Secretary's attitude towards China indicates a recognition of the complexities in U.S.-China relations, moving from a confrontational stance to acknowledging China's significance as a major global player [1][3] - The U.S. government initially prepared 12 measures against China but decided to withdraw them, reflecting internal divisions regarding China policy [1][3] - Trump's recent executive order on tariffs, while appearing strong, is influenced by practical considerations, such as maintaining trade benefits with countries like Brazil, indicating a more pragmatic approach to trade disputes [3][4] Group 2 - China is recognized as a vital market and a key player in global economic growth, particularly in high-tech sectors like renewable energy and 5G, which presents significant opportunities for U.S. companies [3][4] - The ongoing trade tensions and tariffs between the U.S. and China have implications for global trade dynamics, affecting other countries' economic stability and growth [6][4] - Cultural and educational exchanges between the U.S. and China are fostering mutual understanding and cooperation, which could help mitigate tensions and promote a more stable relationship [7][9]

Group 1: Global Investment Trends - The OECD warns that if current uncertainties persist, global actual investment may decrease by 1.4 percentage points by the end of next year [1] - The average investment in OECD member countries is currently 20% lower than pre-financial crisis trends and 6.7% lower than pre-pandemic trends [1] - Economic policy uncertainty is shown to significantly reduce long-term investment willingness, with a one standard deviation increase in uncertainty leading to a 1% decrease in business investment growth rate after one year [1] Group 2: Trade Agreements and Investment Commitments - Recent trade agreements signed by the U.S. government include investment commitments, such as Japan's $550 billion investment, the EU's $600 billion increase, and South Korea's $350 billion target [1] - There are concerns regarding the actual execution of these investment commitments, as highlighted by legal experts who note the uncertainty surrounding their effectiveness [2][4] - Discrepancies in the interpretation of investment terms between the U.S. and its trade partners have raised questions about the validity of these commitments [5] Group 3: Impact of Tariff Policies - The rise in tariff barriers is prompting foreign companies to adjust their strategic layouts, with major automotive companies announcing significant investments in U.S. production [4] - Experts suggest that Trump's tariff policies may be perceived as coercive, forcing reluctant participants to accept investment terms [4] - The effectiveness of these investment commitments is questioned, with some analysts likening them to "hollow promises" lacking clear timelines for deployment [6] Group 4: CFIUS and Regulatory Changes - The U.S. government is evolving the role of the Committee on Foreign Investment in the United States (CFIUS) to streamline investment reviews, particularly for investments from designated allies [8] - CFIUS is expected to implement more business-friendly measures, potentially reducing the number of cases entering the second phase of review [8] - The expansion of CFIUS's jurisdiction to include "greenfield" investments, especially in sensitive technologies, is under consideration but requires legislative support [10]

Core Viewpoint - The FCC is proposing new rules to accelerate investment in submarine cable construction while ensuring protection against threats from foreign adversaries, particularly China [1][2] Group 1: Proposed Rules and Measures - The FCC plans to adopt measures to protect submarine cables from foreign adversaries, including presumptive denial of applications from foreign-controlled entities and restrictions on capacity leasing agreements [1] - The proposed rules will also prohibit the use of equipment from entities listed on the "Covered List" and establish requirements for network and entity security [1] - The FCC aims to streamline the licensing approval process to facilitate faster deployment of submarine cables [1] Group 2: Encouragement of Domestic Resources - The FCC is encouraging the use of U.S. submarine cable repair ships and the adoption of trusted technology for overseas operations [2] - A proposal is under consideration to exempt license applications that meet high-security standards from Team Telecom review, which was established to assess national security and law enforcement risks [2]