【环球时报报道 记者 苑基荣】受美国50%高额关税影响，印度主要出口行业"危机不断升级"。《新印度快报》19日报道称，印度出口大邦泰米尔 纳德邦首席部长MK·斯塔林日前致函总理莫迪，再次敦促中央政府就美关税问题采取有效应对措施。他表示，美国关税已重创印度纺织、服装和 皮革行业，由此造成的经济挫折已将许多中小企业推向"破产边缘"，并使数十万个工作岗位面临严重风险。安得拉邦首席部长钱德拉巴布·奈杜也 对美国高关税对该邦虾类出口造成的损害表示担忧。 斯塔林表示，受美国对印加征关税冲击，泰米尔纳德邦纺织业正面临严重危机。由于订单流失惨重，企业不得不压缩产量。目前，出口商确认的 损失已达1500亿卢比（约合117.9亿元人民币），各生产单位被迫减产幅度高达30%。随着新订单持续萎缩，大量中小企业已处于破产边缘。据报 道，泰米尔纳德邦是印度纺织品和服装出口的支柱，占全国纺织品出口量的28%，为约750万工人提供就业岗位。 "当前的贸易僵局不仅是经济上的挫折，更因关税造成的不可挽回的损害而成为迫在眉睫的人道主义挑战，"斯塔林补充道。"数十万个工作岗位岌 岌可危，相关行业已经出现裁员和工资拖欠的情况。更糟糕的是，国际买家正迅 ...

在美国不断降低对中国的关税的背景下，墨西哥居然决定通知中国，准备对华加征最高50%的关税，这 一税率甚至超过了美国的加税力度。墨西哥为何有如此勇气？中国又将如何应对这一挑战？ 2023年12 月10日，墨西哥参议院和众议院通过了一项法案，计划自2024年1月1日起，对中国及其他尚未与墨西哥 签署贸易协议的亚洲国家征收最高50%的关税。 坦率地说，作为一个相对较小的国家，墨西哥的政治视野显然有限，存在对国际形势的严重误判。墨西 哥对华加税，实际上是一种政治上的投机行为，其背后的动机并非单纯的经济保护，而是希望在中美博 弈的夹缝中，通过牺牲与中国的关系，获得在美国主导的北美贸易体系中的短期安全和利益。 然而， 这种做法可能最终会适得其反。今年四月中美贸易战刚爆发时，美国曾要求其盟友配合对中国进行贸易 封锁，中国当时已罕见地公开警告过：那些敢牺牲中国利益的国家将付出代价。墨西哥这种举动不仅可 能遭到中国的强烈反击，而且即便美国宽容墨西哥，也难以获得持久的豁免。毕竟，美国从来都不是一 个讲信誉的国家，它总是得寸进尺，不知满足。 更为关键的是，墨西哥正在全力推动友岸外包战略，目的是引导更多的供应链转向北美，或者与美国有 ...

国别研究 [table_Header]2025.12.20 土耳其深度洞察：埃尔多安经济学的破局与 转型——土耳其国别研究专题系列报告 摘要： [Table_Summary] 本篇报告是土耳其国别研究专题系列报告，聚焦近年"埃尔多安经济学" 下的宏观经济与产业结构特征，结合土耳其的地理区位优势与地缘外交政 策变化，从土耳其与欧洲、中东及主要新兴市场的国别比较视角，刨析土 耳其亟待破局的结构转型方向，探寻中资企业在土耳其的产业投资机会。 投资要点： 请务必阅读正文之后的免责条款部分 1 of 53 产业研究中心 | [Table_Authors] | 陈熙淼(分析师) | | --- | --- | | | 021-38031655 | | | chenximiao@gtht.com | | 登记编号 | S0880520120004 | [Table_Report] 往期回顾 | 东南亚制造：泰国如何走出困境 2025.12.18 | | --- | | 印尼内外需稳健——东南亚国别观察 2025 第 7 期 | | 2025.11.30 | | 企业出海合规要点与案例指南——印尼篇 | | 2025.11. ...

Core Viewpoint - The article discusses the tax incentives and policies aimed at supporting the development of the manufacturing industry in China, particularly focusing on accelerated depreciation methods for fixed assets and the benefits for small and micro enterprises [20][21]. Group 1: Accelerated Depreciation Policies - Enterprises can shorten the depreciation period or adopt accelerated depreciation methods for fixed assets that are subject to rapid technological advancements or are in harsh operating conditions [4]. - The minimum depreciation period for shortened depreciation methods cannot be less than 60% of the prescribed depreciation period [10]. - Accelerated depreciation methods include double declining balance or sum-of-the-years-digits methods, which must be consistently applied once chosen [12]. Group 2: Eligibility and Application - Eligible enterprises include those in the manufacturing sector, information transmission, software, and IT services, with specific conditions outlined for integrated circuit manufacturing companies [8][9]. - The application process for tax benefits includes monthly and quarterly prepayment declarations and annual tax reconciliation submissions [13]. - Required documentation for claiming benefits includes invoices for fixed asset purchases and records demonstrating compliance with industry standards [14]. Group 3: Tax Incentives for Small and Micro Enterprises - Small and micro enterprises can benefit from a 25% reduction in taxable income, with a tax rate of 20% applicable from January 1, 2023, to December 31, 2027 [31][32]. - To qualify, enterprises must meet specific criteria, including an annual taxable income not exceeding 3 million yuan, a workforce of no more than 300 employees, and total assets not exceeding 50 million yuan [33]. - The policy allows for cumulative benefits, enabling enterprises to enjoy multiple tax incentives simultaneously [30].

Group 1: Market Trends and Investment Strategies - The recent rebound in US stocks masks deeper defensive signals, with smart money reallocating towards high-certainty assets like short-term Treasury ETFs (BIL), which have a stable yield above 5% and high liquidity [1] - Professional investors are prioritizing certainty over high returns, indicating a strategic shift in response to the anticipated restructuring of the global economy over the next five years [1] Group 2: Trade Dynamics and Compliance Challenges - The era of "loophole trading" is ending, with the EU set to eliminate the tax exemption for imports under €150 starting in 2026, significantly increasing costs for small sellers [4] - The US is also tightening regulations, imposing additional tariffs on goods transshipped through Mexico, which will further squeeze profit margins for small and medium-sized enterprises [4][5] - Major players like Shein and Anker are responding by establishing manufacturing facilities in the US to navigate these new compliance barriers [6] Group 3: Manufacturing Resurgence in the US - The manufacturing sector in the US is experiencing a revival, particularly in the Rust Belt, driven by lower energy costs and favorable tax policies [7][8] - The cost structure has shifted, making US manufacturing competitive with Asia, especially in high-energy industries like semiconductors and chemicals [9] - A potential drop in interest rates could further accelerate the establishment of new factories, indicating a long-term trend towards nearshore manufacturing [9] Group 4: Business Adaptation and Market Realities - Companies must adapt to the reality that there are no permanent barriers in business; the focus should shift to proximity to markets and compliance with regulations [10] - Examples include major brands like Apple and Tesla relocating production to countries like India and Mexico, reflecting a broader trend of diversifying supply chains [10] Group 5: Strategies for Individuals - Individuals without factories or significant capital can leverage geographic arbitrage by earning in USD and spending in RMB, maximizing their financial leverage [11][12] - The strategy involves investing heavily in USD-denominated assets while enjoying lower living costs in China, effectively doubling their quality of life [12][13]

Core Viewpoint - The consumer sector has shown strong performance, with multiple stocks experiencing significant gains, attributed to positive policy signals from the government [1][10]. Stock Performance - On December 19, 21 stocks, including Debi Group (+19.99%), Chuangyuan Co. (+19.98%), and others, reached their daily limit [1][2]. - Notable stocks with over 10% increase include Huanlejia (+15.90%) and Xinnuo Wei (+11.44%) [1][2]. Policy Impact - The Ministry of Commerce announced a pilot program for new consumption models in 50 cities, aimed at boosting consumer demand and enhancing the supply of quality goods and services [11][12]. - The pilot program is part of a broader initiative to stimulate consumption and support economic growth, aligning with the goals set in recent government meetings [11][12]. Market Analysis - Analysts suggest that the policy focuses on structural changes in the consumption market, promoting a shift from scale expansion to enhancing consumption capabilities through technology integration [12][13]. - The upcoming holiday season is expected to drive significant consumer demand, with retail and tourism sectors likely to see a surge [12][13]. Investment Opportunities - Four key segments are highlighted for investors: high-end commercial operations, technology consumer hardware, cultural IP ecosystems, and immersive service providers [13]. - Companies involved in these segments are expected to benefit from the policy changes and the evolving consumer landscape [13].

在全球纺织产业格局深度调整、中国纺织业迈向高质量发展的关键节点。2026华北（石家庄）国际纺织服装供应链展览会（简称：华北纺博会）于2026年5 月22-24日在石家庄国际会展中心盛大启幕。这场以"以纺为媒·以服为翼"为主题的行业盛会，宛如一座桥梁，连接着河北纺织产业深厚的历史积淀与蓬勃的 创新活力。它既是华北纺织产业集群转型升级的集中展示窗口，更是中国纺织供应链全球化布局的重要枢纽，承载着推动传统产业向高端化、智能化、绿色 化跃迁的时代使命，也肩负着引领纺织行业在新时代实现可持续发展的历史责任。 搜图 请点击输入图片描述（最多18字） 站在"十四五"规划收官与"十五五"规划启程的历史交汇点，2026华北（石家庄）国际纺织服装供应链展览会不仅是一场行业盛会，更是一个宣言——河北纺 织将以创新为帆、以绿色为舵，在构建现代化产业体系的征程中，书写从"纺织大省"向"纺织强省"跨越的新篇章。它向世界展示着河北纺织的实力与魅力， 传递着河北纺织人的信心与决心。诚邀全球纺织同仁共聚石家庄，以纺为媒·以服为翼，携手开创纺织产业的美好未来！让我们在这片充满希望的土地上， 共同见证纺织产业的辉煌与梦想，共同谱写纺织文化传承与创 ...

Core Insights - The Brazilian National Confederation of Industry (CNI) reported that the proportion of imported goods in consumer purchases in Brazil will rise to 26.7% in 2024, marking a record high since the survey began in 2002 [1] - Since the survey's inception in 2003, the share of imported goods in Brazilian consumption has increased from 13.4% to 26.7% [1] - Chinese products have become a significant driver of this growth, now accounting for 9.2% of the Brazilian consumer market, more than double the figure from a decade ago [1] Industry Impact - The influence of Chinese products in the Brazilian market has been expanding, covering high-value sectors such as hybrid and electric vehicles, as well as everyday items purchased through international e-commerce platforms [1] - In terms of specific categories, the market share of Chinese-manufactured machinery, equipment, and computer products in Brazil continues to rise, alongside textiles [1]

Core Points - The trade agreement between the US and India remains unresolved, with Indian goods facing tariffs as high as 50% from the US, significantly impacting Tamil Nadu's economy [1][3] - Tamil Nadu's Chief Minister M.K. Stalin has highlighted the severe economic damage caused by these tariffs, urging Prime Minister Modi to expedite the trade agreement [1][3] - The high tariffs have led to a drastic reduction in exports to the US, which is India's largest export market, particularly affecting labor-intensive sectors such as textiles, jewelry, leather, and footwear [3][4] Economic Impact - Tamil Nadu, a major manufacturing hub, is experiencing daily losses of up to 600 million rupees (approximately 46.8 million RMB) due to the tariffs [1][3] - The textile industry in Tamil Nadu accounts for 28% of India's textile exports, employing around 7.5 million people, while leather and footwear represent 40% of India's exports in those categories, employing over 1 million workers [4] - The economic crisis has pushed many small and medium-sized enterprises to the brink of collapse, as described by M.K. Stalin [3][4] Government Response - Prime Minister Modi has engaged in discussions with US President Trump regarding trade expansion and energy cooperation, indicating India's desire to negotiate tariff reductions [4][5] - Recent trade talks have seen India offering its best-ever proposals to the US for agricultural market access, reflecting the urgency of the situation [5]

东莞证券表示，美联储12月议息会议与国内高层会议近期先后落地，整体基调符合市场预期，有利于稳 定权益市场的风险偏好。当前国内宏观政策持续加力，预计经济增长将维持在合理区间，这亦夯实资本 市场向好的基础。市场在震荡整固之后，有望逐步重回盘升通道。 （文章来源：证券时报网） 18日早盘，沪指盘中窄幅震荡上扬，创业板指大幅回落，全A逾3600股飘红。 盘面上看，零售、纺织服装、家居等板块走强，化工、有色、石油、银行等板块均上扬，卫星导航、商 业航天、AI医疗概念等活跃。 截至午间收盘，沪指涨0.16%报3876.4点，深证成指跌0.85%，创业板指跌1.81%，沪深北三市合计成交 10596亿元。 ...