随着关税战持续等因素给全球贸易及经济增长带来不确定性，中国香港传统发展路径腾挪空间日趋收窄。为持续 发挥跳板和增值作用，中国香港在全球南方所积极布局的新网络和新路径将收效如何？ 文｜《财经》特派香港记者 焦建 编辑｜苏琦 在当前复杂多变的国际政治经济环境中，作为连接中国内地与世界的"超级联系人"和"超级增值人"，中国香港特 区的作用有望愈发凸显。 这源于国家在进一步深化改革进程中对香港提出的多项要求。除巩固提升国际金融、航运、贸易等中心地位，亦 包括"打造国际高端人才集聚高地"等新措施、新表述。 在全球经济波动性日益增强的当下，受益于"一国两制"等制度安排，香港的安全、稳定、可靠、高效和国际化营 商环境，也在不断吸引资金流入的同时汇聚企业和人才。 多类数字佐证了这种不断提升的信心：截至2025年8月，香港银行存款总额超过18万亿港元，按年录得超过440亿 美元资金净流入；截至9月，在2024年上涨18%基础上，恒生指数继续上涨30%左右，IPO（首次公开募股）市场 共筹集160亿美元资金，重夺全球排名第一；截至10月，香港已引进五批共计102家重点企业，预计将带来约600亿 港元投资、创造约2.2万个就业职位 ...

Core Viewpoint - A new company, Qiubei County Linjian Trading Co., Ltd., has been established with a registered capital of 100,000 RMB, focusing on various business activities including food sales and catering services [1] Company Overview - The legal representative of the company is Luo Hongxia [1] - The registered capital of the company is 100,000 RMB [1] Business Scope - The company is authorized to engage in licensed projects such as catering services and food sales, which require approval from relevant authorities before operation [1] - General business activities include: - Import and export of goods and technology - Sales of various products including food, arts and crafts, and educational materials - Retail of daily necessities and hardware products - Technical services and consulting - Organization of cultural and artistic exchange activities [1]

Core Insights - A new company named Qiaojimu (Zhongshan) Trading Co., Ltd. has been established with a registered capital of 50,000 RMB [1] Company Overview - The company operates in various sectors including internet sales (excluding licensed goods), manufacturing and sales of cork products, daily wooden products, wooden containers, furniture, bamboo products, and daily miscellaneous items [1] - It also engages in wholesale and retail of daily necessities, kitchenware, and provides a range of technical services such as consulting, development, and information technology services [1] - Additional services include professional design, business management consulting, advertising design and agency, labor services (excluding labor dispatch), digital content production, and marketing planning [1]

Core Viewpoint - Shenzhen Yuhongming Trading Co., Ltd. has been established with a registered capital of 20,000 RMB, indicating a new player in the trading and design industry [1] Company Summary - The legal representative of the company is Luo Yu [1] - The company's general business scope includes graphic design and production, advertising design and agency, graphic design, sales of paper products, sales of packaging materials and products, trade brokerage, domestic trade agency, and office services [1] - There are no licensed business projects listed for the company [1]

Core Insights - The EU's business activity in Q3 2025 shows a complex situation with a simultaneous increase in new business registrations and bankruptcy filings, both reaching their highest levels since Q1 2019 [1] - New business registrations in the EU increased by 4.0% compared to Q2 2025, continuing a growth trend of 5.0% from the previous quarter, while bankruptcy filings rose by 4.4%, surpassing the 3.4% increase in Q2 [1] - The Eurozone exhibited a more pronounced divergence, with business registrations up by 3.6% but bankruptcy filings increasing significantly by 5.1% [1] Group 1: Business Registrations - Ireland saw the most significant increase in business registrations at 82.0%, followed by Luxembourg at 44.4% and Romania at 32.3%, indicating strong entrepreneurial activity [2] - Conversely, Cyprus, Austria, and Finland experienced declines in business registrations, with decreases of 6.7%, 6.6%, and 3.6% respectively [2] - All economic sectors in the EU reported an increase in business registrations, particularly in information and communication, construction, transportation, and financial services, with nearly all sectors exceeding pre-pandemic levels, except for the trade sector [2] Group 2: Bankruptcy Filings - Greece reported the highest increase in bankruptcy filings at 47.8%, followed by Poland at 17.3% and the Czech Republic at 17.2%, indicating rising operational pressures in these regions [2] - In contrast, Cyprus, Romania, and Estonia saw significant decreases in bankruptcy filings, with reductions of 50.0%, 45.9%, and 21.0% respectively [2] - Bankruptcy numbers continued to rise in five sectors, including accommodation and food services, transportation, and finance, while the industrial sector remained stable, and the information and communication and construction sectors saw a decline in bankruptcy filings [2]

Group 1 - The core point of the article is that Pengxin Resources announced a board meeting to address performance commitment compensation disputes through litigation [1] - For the first half of 2025, the revenue composition of Pengxin Resources is as follows: trade business accounts for 51.07%, manufacturing accounts for 48.68%, and other businesses account for 0.25% [1] - As of the report date, the market capitalization of Pengxin Resources is 18.1 billion yuan [1]

从资金流向上来看，当日贸易板块主力资金净流出2.76亿元，游资资金净流出6587.98万元，散户资金净 流入3.42亿元。贸易板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，11月14日贸易板块较上一交易日下跌1.45%，江苏国泰领跌。当日上证指数报收于 3990.49，下跌0.97%。深证成指报收于13216.03，下跌1.93%。贸易板块个股涨跌见下表： ...

Core Viewpoint - The A-share market in Hainan and the Hainan Free Trade Zone has experienced a significant surge, driven by the upcoming launch of the free trade port operations on December 18, which is expected to inject strong momentum into the region's industrial development [1][4]. Market Performance - Several stocks, including Kangzhi Pharmaceutical, Hainan Haiyao, and Xilong Holdings, have seen substantial gains, with Kangzhi Pharmaceutical hitting a 20% increase to 10.62, while Hainan Haiyao and Xilong Holdings rose by 10.08% and 9.99% respectively [2][1]. - The overall market sentiment is buoyed by the anticipation of policy benefits as the free trade port's operational date approaches [3]. Policy Developments - The free trade port's operations will implement a system characterized by "one line open, two lines controlled, and free movement within the island," which is expected to reshape the industrial ecosystem in Hainan [4]. - Recent adjustments to the duty-free shopping policy have already shown positive effects, with a first-day shopping amount of 78.549 million yuan, a 6.1% increase from the previous day, and a total of 506 million yuan in the first week, marking a 34.86% year-on-year growth [4]. Industry Opportunities - The "zero tariff" policy has expanded to cover various transportation modes, including air, land, and sea, which is expected to create new opportunities for related industries [5]. - Securities firms are optimistic about the long-term value brought by the free trade port, predicting growth in the duty-free market and modern service industries such as finance and tourism [6]. Company Responses - Companies like Haixia Co. and Shengshi Technology are actively responding to the opportunities presented by the free trade port, with Haixia Co. expecting increased traffic and investment due to the new policies [7]. - Hainan's only complete vehicle manufacturer, Haima Automobile, is leveraging the hydrogen energy sector and has already established a hydrogen production and refueling station, aiming to capitalize on the free trade port's policies [7]. Future Investment Trends - The upcoming free trade port operations are seen as a turning point for investment logic in Hainan, shifting focus from B2C consumption to B2B industrial upgrades and high-value services [8]. - Key investment themes include modern logistics and trade services, high-tech and green energy sectors, and high-value "tourism+" services such as medical care and international education [8].

Core Viewpoint - The recent decision by the U.S. Senate to terminate Trump's comprehensive tariff policy highlights the ongoing volatility of U.S. trade policy, which oscillates between protectionism and openness, driven by conflicting interests among various economic groups [2][3][4]. Group 1: The Eternal Struggle of Interest Groups - James Madison's insights in "The Federalist Papers" reveal that trade policy is fundamentally a conflict among different economic interest groups, including landowners, manufacturers, and financial sectors [3][4]. - The historical context shows that trade policy has been a source of intense political conflict in the U.S., as it directly impacts money and jobs, with certain industries benefiting while others suffer [4][5]. Group 2: Historical Policy Shifts - U.S. trade policy has evolved through three distinct eras, each prioritizing different goals: revenue generation through tariffs, protection of domestic manufacturers, and reciprocal trade agreements to reduce barriers [8][9]. - Major external shocks, such as the Civil War and the Great Depression, have significantly shifted the focus of trade policy, demonstrating the influence of political realignments on trade objectives [9]. Group 3: Stability of Trade Policy - The stability of U.S. trade policy is attributed to the country's economic geography and political system, where different regions have specialized economic activities that shape their trade interests [11][12]. - The political structure makes it challenging to change established policies, leading to a tendency to maintain the status quo despite ongoing debates and conflicts among interest groups [11][12]. Group 4: The Role of Political and Economic Factors - Understanding U.S. trade policy requires an analysis of both economic and political factors, as historical context and the legislative process significantly influence policy outcomes [13][14]. - The book "The Conflict of Trade" emphasizes the importance of examining the political and economic interactions that shape trade policy, rather than focusing solely on specific policy outcomes [14][15].

Core Viewpoint - The trade sector experienced a rise of 0.77% on November 13, with Jiangsu Guotai leading the gains, while the Shanghai Composite Index closed at 4029.5, up 0.73%, and the Shenzhen Component Index closed at 13476.52, up 1.78% [1]. Trade Sector Performance - Jiangsu Guotai (002091) closed at 10.65, with a gain of 5.03% and a trading volume of 1.2283 million shares, amounting to a transaction value of 1.316 billion [1]. - Nanjing Shanglv (600250) closed at 11.02, up 1.57%, with a trading volume of 82,200 shares and a transaction value of 89.9014 million [1]. - Other notable performers include Shisuo Huihong (600981) at 3.06 (+0.99%), Dongfang Chuangye (600278) at 8.18 (+0.99%), and Xunruide (002072) at 7.64 (+0.92%) [1]. Capital Flow Analysis - The trade sector saw a net outflow of 88.467 million from institutional investors, while retail investors contributed a net inflow of 86.0408 million [2]. - The main capital inflow and outflow for Jiangsu Guotai showed a net inflow of 17.5071 million from main funds, but a net outflow of 40.1283 million from speculative funds [3]. - Other companies like Su Meida (600710) and Nanjing Shanglv (600250) also experienced mixed capital flows, with Su Meida seeing a net inflow of 3.9138 million from main funds [3].