来源：欧陆志 新浪财经蒋露瑶/发自瑞士达沃斯 赵薇（实习）对本文亦有贡献 世界经济论坛近日发布的《2026年全球风险报告》中指出，全球正步入"竞争时代"。而在2025年诺贝尔 经济学奖获得者菲利普·阿吉翁（Philippe Aghion）的理论中，"竞争"正是驱动"创造性破坏"这台经济增 长核心引擎的关键燃料。 "欧洲需要成为前沿创新者。我们有顶尖研究员，但研究未能转化为前沿创新。"阿吉翁指出，欧洲必须 在与中美竞争的新格局中"再次强大"。 但他同时明确，强化自身与开展合作并不矛盾。"欧洲也应加强与中国合作，欧中应在众多项目上建立 长期合作关系。" 阿吉翁认为，欧洲必须培育一个生态系统，让优秀的创新者得以成长；但与此同时，也必须借助竞争政 策，确保他们壮大之后，不会阻碍新一批创新者的涌现。因此，创新金融生态系统与竞争政策二者缺一 不可。唯有如此，才能让创新人才源源不断地生长，并在他们成长之后，依然保持市场的开放与活力， 使后来者能够顺利进入、勇敢挑战。 在"竞争的时代"，如何找到经济增长的新引擎？各国应如何在确保经济安全、韧性与维持开放市场和知 识流动之间找到平衡？中国的市场竞争状态如何？怎样帮助既有企业和新 ...

Group 1 - The German government plans to allocate €3 billion by 2029 to support low- and middle-income families in purchasing zero-emission vehicles, aiming to promote electric vehicle adoption and revitalize the automotive market [1][3] - The subsidy program will provide buyers with grants ranging from €1,500 to €6,000, depending on the vehicle model, household income, and family size, with an estimated total budget supporting around 800,000 electric vehicles [3][4] - The new subsidy policy will last until 2029, with an online application platform expected to launch in May 2026, allowing applications to be backdated to January 1, 2026 [4] Group 2 - The previous subsidy program from 2016 to 2023 revealed an imbalance in consumer demographics, with about 30% of subsidy recipients having a net monthly income exceeding €6,000, while only 20% were from low-income households [5] - The new subsidy policy aims to address these issues by focusing on mid-range models and including used electric vehicles for the first time, with the goal of making electric vehicle transition affordable for everyone [6][9] - Unlike other countries that have imposed restrictions on Chinese electric vehicles, Germany's new subsidy policy includes all brands, including Chinese manufacturers, reflecting a pragmatic approach to boost market demand [2][9] Group 3 - The decision to include Chinese brands is seen as beneficial for companies like BYD, which are expanding in the European market, with projections indicating a sevenfold increase in BYD's sales in Germany by 2025 [10] - The German automotive industry association supports the electric vehicle purchase incentive plan, emphasizing the need for equal opportunities for all manufacturers and rejecting protectionist measures [10]

Core Viewpoint - China remains a key driver of global economic growth and innovation, contributing approximately 30% to global economic growth and continuing to support global economic recovery [1] Group 1: Economic Contribution - China has a large and highly skilled labor force, with around 5 million graduates in science, technology, engineering, and mathematics entering the market each year, which drives the growth of high-quality industries such as electric vehicles and solar energy [1] - A recent PwC global CEO survey indicates that 44% of mainland Chinese CEOs expect economic growth to improve in the coming year, a slight increase from the previous year, while 61% of Hong Kong CEOs share this optimistic outlook, an increase of nearly 20 percentage points [1] Group 2: Supply Chain Stability - China acts as a "stabilizer of the supply chain," providing critical support for the stable operation of global industrial chains through its complete industrial system and leading manufacturing capabilities [2] - High levels of foreign investment, the internationalization of the Renminbi, and deepening regional financial cooperation offer diversified risk management options for global southern countries, making China a primary market for overseas investment in the eyes of global CEOs [2] Group 3: Technological Advancement - Chinese companies are more capable and willing to adopt technology on a large scale to transform their businesses, with AI technology usage rates significantly higher than the global average [2] - China contributes over 60% of global electric vehicle production, over 70% of lithium-ion battery production, and over 90% of solar silicon wafer capacity, playing a crucial role in promoting green transformation [2] Group 4: International Expansion - The overseas expansion of Chinese companies has a positive impact on local economies, creating numerous job opportunities and helping local industries upgrade to higher value chains, particularly in renewable energy and infrastructure projects in Southeast Asia and Latin America [3] - The acceleration of the digital economy and artificial intelligence industries in China presents significant opportunities, while green low-carbon transformation will continue to be a growth driver [3]

Core Insights - The article discusses the contrasting approaches of the United States and China towards energy and electric vehicle (EV) development, highlighting China's rapid advancements in clean energy and electric vehicle technology while the U.S. continues to invest heavily in the oil industry [1][4]. Group 1: U.S. Oil Industry - The U.S. government is betting on investors to inject at least $100 billion to revitalize the declining oil industry, anticipating continued global demand for American oil for various transportation needs [1]. - The U.S. is lagging in the adoption of electric vehicles, with a slower transition compared to China, which has seen a significant increase in EV sales [1][2]. Group 2: China's Electric Vehicle and Energy Sector - By 2025, 54% of new cars sold in China are expected to be either fully electric or plug-in hybrid vehicles, showcasing the country's commitment to electric mobility [1]. - China has rapidly developed cleaner energy sources, particularly wind and solar power, with its solar power generation capacity exceeding that of the U.S. and the EU combined [2]. - Chinese electric vehicle manufacturers, such as BYD, are achieving record sales, surpassing traditional leaders like Tesla [1][2]. Group 3: Global Energy Transition - The shift towards electrification is not limited to vehicles; it encompasses various sectors, including public transport, industrial applications, and even household appliances, indicating a broader trend towards electric solutions [2][3]. - Shenzhen is emerging as a hub for innovation in electronics and battery technology, transforming multiple product categories into "smartphone-like" devices [3]. - The U.S. industrial base in battery and rare earth magnet production has weakened, making it challenging for American companies to compete in the electric vehicle and drone markets [3].

【环球时报驻加拿大特约记者 陶短房 环球时报记者 丁雅栀 环球时报特约记者 任重】编者的话："加拿 大为中国电动汽车敞开了大门。"加拿大《环球邮报》19日报道称，加拿大总理卡尼近期宣布对中国电 动汽车进口政策实施重大调整，加拿大不再征收100%附加税，同时给予每年4.9万辆的配额，配额内享 受6.1%的最惠国关税待遇。另据彭博社报道，加拿大政府正在制定一项新的汽车业发展策略，旨在为 在该国生产汽车的企业提供更广阔的市场准入机会。报道认为，此举是对美国现任政府迫使汽车制造商 将工厂从加拿大迁至美国这一行为的回击，同时也为中国汽车制造商首次在加拿大组装汽车敞开大门。 加拿大多项政策调整引发车企与市场的积极反响，相关行业专家表示，"这无疑是重大利好"。 4.9 万辆配额： " 探寻市场的机遇 " 中国机电产品进出口商会汽车国际化专业委员会高级专家孙晓红在接受《环球时报》记者采访时表示， 2024年加拿大政府跟随美国，对中国电动车加征100%关税后，这一举措向双方合作发出了错误信号。 中国电动汽车本身在价格、性能等方面很适合加拿大消费者，原本正处于良好发展势头，却被强行中 断。当前，卡尼政府取消了此前100%的加税， ...

AI军备竞赛加剧内部分化 曾经推动美国股市屡创新高的"七巨头"科技股正逐渐走向分化。随着投资者对人工智能支出热潮的态度趋于审慎，这一由超大市值股票组成的投 资组合在过去一年中表现出现显著差异。 《华尔街日报》数据显示，2025年仅Alphabet与英伟达跑赢标普500指数，而其余五家巨头，微软、Meta、苹果、亚马逊和特斯拉表现均落后于 大盘。基金经理指出，这一组合已不再等同于市场领先力量的代名词。Bahnsen Group首席投资官David Bahnsen表示： "它们之间的相关性已经瓦解。如今它们唯一的共同点，只剩下万亿美元市值这一标签。" 这一转变标志着自本轮牛市启动以来的AI交易逻辑已进入新阶段，投资者开始更具选择性地布局。部分资金预期AI红利将向医疗等行业扩散，另 一些则聚焦于芯片制造商或能源公司，反映出市场从AI主题向细分赛道与实质盈利能力的转向。 散户投资者转移注意力 曾长期坚定持有"七巨头"的个人投资者，正逐渐将注意力转向市场的其他板块。Vanda Research数据显示，去年散户在这七只股票中的交易占比已 显著低于2023年及2024年水平。 以长期受散户青睐的特斯拉为例，其散户交易活跃 ...

Market Overview - U.S. stock futures experienced a decline ahead of the market opening, with the Nasdaq 100 futures down 1.72%, S&P 500 futures down 1.39%, and Dow futures down 1.24% [1] - European stock indices also fell, with the Euro Stoxx 50 index dropping over 1% [1] - Japanese government bond yields surged, with 30-year and 40-year bond yields rising at least 28 basis points, indicating significant selling pressure [1] Geopolitical Events - The market is expected to face a series of geopolitical challenges, particularly with the U.S. Supreme Court's decision on tariff legality pending [2] - President Trump is scheduled to deliver a speech at the Davos summit, which investors will closely monitor for signals regarding the Greenland issue [2] Commodity Market - Spot gold and silver reached historical highs, with gold priced at $4,700 per ounce and silver at $95 per ounce, driven by rising geopolitical tensions [6] Company News - Quantinuum, a quantum computing company, is reportedly moving forward with an IPO, aiming for a valuation of $15 billion to $20 billion and seeking to raise $1.5 billion [8] - GSK announced the acquisition of Rapt Therapeutics for $2.2 billion, with a purchase price of $58 per share, representing a 65% premium over the previous closing price [9] - Applovin's stock fell over 7% following a short report alleging systemic compliance risks and significant financial crimes [10] - Sony plans to divest its television business by forming a joint venture with TCL, where TCL will hold a 51% stake and Sony will hold 49% [12] - Moderna reported that its mRNA cancer therapy, when combined with Merck's Keytruda, reduced the risk of recurrence or death in high-risk melanoma patients by 49% [13]

Core Insights - Elon Musk is on track to become the first billionaire with a net worth exceeding $800 billion, following a significant increase in his wealth due to the valuation of his company xAI, which recently raised $20 billion, bringing its valuation to $250 billion [2][3] - Musk's current net worth is reported at $780 billion, leading the billionaire rankings by a substantial margin over Larry Page, who has a net worth of approximately $270.8 billion [3][4] Investment and Valuation - xAI's recent funding round has significantly increased the wealth of early investors, including Prince Alwaleed Bin Talal Alsaud, who holds about 1.6% of xAI, valued at $4 billion, and Twitter co-founder Jack Dorsey, whose wealth has risen to $6 billion [5][6] - Despite xAI burning through $7.8 billion in cash in the first nine months of 2024, investor enthusiasm remains high, reflecting a broader trend of investment in the artificial intelligence sector [6] Musk's Wealth Growth - Musk's wealth has seen exponential growth, attributed to the strong performance of Tesla and SpaceX, with his holdings in SpaceX valued at $336 billion and Tesla stocks and options contributing an additional $307 billion [6] - A recent court ruling upheld a $126 billion stock option contract for Musk, further boosting his net worth past $700 billion [6]

Core Viewpoint - The German government has reintroduced electric vehicle purchase subsidies to support the domestic electric vehicle industry, offering up to €6,000 for new electric vehicle purchases [3]. Group 1: Subsidy Details - The subsidy is available for private consumers and applies to new registrations of fully electric vehicles, certain plug-in hybrid vehicles, and range-extended electric vehicles starting from January 1, 2026 [3]. - The subsidy amount ranges from €1,500 to €6,000, depending on vehicle type, household size, and income level [3]. Group 2: Financial Implications - The total scale of the subsidy program is set at €3 billion over three years, expected to support approximately 800,000 electric vehicles [3]. - Following the termination of the previous subsidy program at the end of 2023, the registration of fully electric vehicles in Germany dropped significantly, with a year-on-year decrease of over 27% to 380,000 in 2024 [3].

没有盛大的仪式，没有冗长的声明。就在加拿大总理结束访华行程后不久，国际粮油贸易圈里，一笔关于大约6万吨加拿大油菜籽的订单悄然达成。据路透 社披露，这是自去年10月中国暂停进口以来的"破冰"首单。市场总是最灵敏的嗅觉者，一位交易员的评论直白而犀利："降低关税几乎已成定局。现在买 入，合情合理。" 一时间，舆论泛起涟漪。有人看到了一船普通的农产品，有人则读出了一盘错综复杂的大国博弈棋局。这看似简单的"一买一卖"背后，至少折射出三重深 意。 回顾此次互动的时间线，颇有意味。加方总理前脚刚走，商业订单后脚似乎就跟了上来。而在此访中，双方释放的信号清晰且务实：加方预期油菜籽关税将 下调；中方则表示将依法调整相关贸易措施。与此同时，加拿大也拿出了诚意，为中国电动汽车提供了可观的市场准入配额。 如今，随着贸易条件的改善，加拿大产品回归在即。中国市场这块巨大的"蛋糕"，其分配格局又将面临一轮动态调整。这无关"亲疏远近"，完全是市场规律 下的正常流动。哪个产品更具性价比、哪个供应更稳定可靠，采购商自然会用订单投票。这种调整压力，最终会传导至生产端，促使所有参与者不断提升竞 争力。 这给我们一个深刻启示：在全球化的今天，任何一个 ...