1. Report Industry Investment Ratings - **Macro Finance**: Bullish on stock indices in the medium to long term, suggesting buying on dips; expecting treasury bonds to trade in a range [1][5] - **Black Building Materials**: Short - term trading for coking coal; range trading for rebar; buying on dips for glass [1][7] - **Non - ferrous Metals**: Reducing trading positions for general traders before the holiday for copper, increasing hedging coverage; strengthening observation for aluminum; observing for nickel; range trading for tin, gold, and silver; expecting lithium carbonate to trade in a range [1][9] - **Energy and Chemicals**: Range trading for PVC, styrene, rubber, urea, and methanol; temporarily observing for caustic soda and soda ash; expecting polyolefins to trade weakly [1][15] - **Cotton Textile Industry Chain**: Expecting cotton and cotton yarn to adjust in a range; expecting apples and jujubes to trade in a range [1][25] - **Agriculture and Animal Husbandry**: Partially taking profits on short positions in hogs before the year, adopting a rolling short strategy on rebounds; reducing positions in eggs before the holiday, avoiding short - chasing; being cautious about chasing highs in corn, suggesting hedging on rebounds for grain - holding entities; observing the performance of the M2605 contract at 2700 for soybean meal, shorting on highs [1][27] - **Oils and Fats**: High - level oscillation, suggesting buying on dips, paying attention to position risks before the holiday [3][32] 2. Core Views - The report provides investment suggestions for various futures products based on their fundamentals, market trends, and macro - economic factors. It takes into account factors such as supply and demand, inventory, cost, and policy to analyze the price trends of different futures and gives corresponding trading strategies [1][5][9] 3. Summary by Directory Macro Finance - **Stock Indices**: In the medium to long term, they are bullish, and investors can buy on dips. Before the holiday, they may trade in a range, and it is advisable to hold positions lightly and focus on defense [1][5] - **Treasury Bonds**: They are expected to trade in a range. Although the overall price level shows a mild recovery, the bond market's reaction to price data is limited. After the holiday, there are uncertainties regarding important meetings and bond supply [5] Black Building Materials - **Coking Coal**: Short - term trading is recommended as the coal market shows short - term fluctuations, but the sustainability of the price increase is limited [1][7] - **Rebar**: It is expected to trade in a range. The futures price is undervalued, but the demand has declined, and the inventory is accumulating. It is advisable to trade lightly before the holiday [7] - **Glass**: Buying on dips is recommended. Although there are supply and demand constraints, the futures price has fallen to a relatively low level, and there may be variables before the contract expires [7][8] Non - ferrous Metals - **Copper**: It is expected to trade in a range. The recent sharp decline is mainly due to macro - level panic. Although the supply is tight, the demand is weakening, and the inventory is increasing. General traders are advised to reduce positions, while hedgers are advised to increase hedging coverage [9] - **Aluminum**: It is expected to trade at a high level. The supply is increasing, but the demand is weakening. It is advisable to strengthen observation and reduce positions before the holiday [10] - **Nickel**: It is expected to trade in a range. Although the nickel ore supply is strong, the fundamentals are weak. It is recommended to observe [12] - **Tin**: It is expected to trade in a range. The supply of tin ore is tight, and the downstream demand is stable. It is recommended to trade in a range and pay attention to supply and demand changes [13][14] - **Silver and Gold**: They are expected to trade in a range. The market is affected by factors such as the nomination of the Fed chairman and economic data. The medium - term price center is rising, and short - term adjustment is expected. It is recommended to trade in a range [14][15] - **Lithium Carbonate**: It is expected to trade in a range. The supply is increasing, and the demand is in the off - season. It is necessary to pay attention to the impact of mine - end disturbances [15] Energy and Chemicals - **PVC**: It is expected to trade in a wide range at a low level. The supply is high, the demand is weak, but the valuation is low. It is necessary to pay attention to policies and cost factors [15][17] - **Caustic Soda**: It is expected to trade at a low level. The demand is weak, and the supply pressure is high. It is recommended to observe [17] - **Styrene**: It is expected to trade in a range. The inventory is expected to decrease, but the valuation is high. It is necessary to be cautious about chasing highs [19] - **Rubber**: It is expected to trade in a range. The supply is in the off - season, and the demand is weak before the holiday. It is necessary to pay attention to inventory and downstream consumption [19][20] - **Urea**: It is expected to trade in a range. The supply is increasing, the demand is stable, and the inventory is at a low level. It is recommended to trade in the range of 1730 - 1830 [20] - **Methanol**: It is expected to trade in a range. The supply is decreasing, the demand is weak, and the price is affected by geopolitical and port factors [21] - **Polyolefins**: They are expected to trade weakly. The supply is high, the demand is weak, and the inventory is accumulating. It is recommended to short on highs [22][24] - **Soda Ash**: It is recommended to observe. The supply is in surplus, but the cost support is strong, and the downward space may be limited [24] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: They are expected to adjust in a range. Although the long - term outlook is optimistic, the short - term is under pressure from the internal - external price difference [25] - **Apples**: They are expected to trade in a range. The market is stable during the Spring Festival stocking period, and the trading volume of different grades of fruits varies [25] - **Jujubes**: They are expected to trade in a range. The acquisition price in the production area is based on quality [27] Agriculture and Animal Husbandry - **Hogs**: They are expected to build a bottom in a range. Before the year, partial profit - taking on short positions is recommended, and a rolling short strategy on rebounds can be adopted. In the long - term, the supply is expected to increase in the first half of the year, and the price may be under pressure [27] - **Eggs**: They are expected to rebound from a low level. Before the holiday, the position should be reduced, and short - chasing should be avoided. It is advisable to hedge on rebounds for the 05 and 06 contracts [29] - **Corn**: The price increase is limited. In the short - term, it is necessary to be cautious about chasing highs, and grain - holding entities can hedge on rebounds. In the long - term, the supply - demand pattern is relatively loose [30][31] - **Soybean Meal**: It is expected to trade in a range at a low level. The M2605 contract should pay attention to the support at 2700, and short positions can be established on highs [31] Oils and Fats - They are expected to oscillate at a high level. The fundamentals of the three major oils are mixed, with soybean oil expected to be relatively strong, and palm oil and rapeseed oil relatively weak. It is recommended to buy on dips and pay attention to position risks before the holiday [32][37]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The crude oil market continues to oscillate, with the market awaiting the clarification of geopolitical situations. The IEA predicts a supply surplus of over 370,000 barrels per day in the global crude oil market in 2026 [2]. - The weekly production of the chemical industry generally increased in the week approaching the Spring Festival, and the weekly operating rate of Chinese refineries also showed an upward trend. The probability of significant market fluctuations before the festival is low. It is recommended that investors hold light positions during the holiday [2]. - Overall, coal prices are stabilizing, while crude oil and chemical prices continue to oscillate and consolidate [2]. 3. Summary by Relevant Catalogs 3.1 Market Views - **Crude Oil**: Geopolitical premiums are fluctuating, and risks remain high around the holiday. The fundamentals of the current crude oil market are not optimistic, with high inventory levels. Geopolitical factors dominate the price fluctuations, and the market risks are relatively large during the Spring Festival. The short - term outlook is for oscillation [7]. - **Asphalt**: The tight supply of raw materials is gradually easing, and the futures price is oscillating. The long - term valuation of asphalt is expected to decline as the supply of heavy oil is expected to be abundant in the future, and the inventory accumulation pressure is large [8]. - **High - Sulfur Fuel Oil**: The futures price still has a relatively high geopolitical premium. The long - term supply increase of heavy oil will put pressure on the price, and the short - term focus is on the progress of the US - Iran negotiations [8]. - **Low - Sulfur Fuel Oil**: It follows the upward oscillation of crude oil. Although it faces some negative factors, its current valuation is low, and it will fluctuate with crude oil [10]. - **PX**: The demand support before the festival is insufficient. The supply has increased while the demand has decreased, and the price has回调 in the short term. It is expected to oscillate in the short term [11]. - **PTA**: The cost support is insufficient, and the price is in a range - bound consolidation. The seasonal inventory accumulation pressure is large, but the processing fee still has some support in the short term [12]. - **Pure Benzene**: The price oscillation is mainly affected by crude oil prices and market sentiment. There is a risk of inventory accumulation in the short term, and the market has a large divergence in the Q2 fundamentals [13]. - **Styrene**: The supply - demand situation has become marginally looser. The upward momentum has decreased, and the price is expected to oscillate [16]. - **Ethylene Glycol (MEG)**: The import volume in the second quarter has been revised downwards, and there is a weak repair expectation for supply - demand. The price has limited downside [17]. - **Polyester Staple Fiber**: Both supply and demand have decreased, and the trading is light. The price will follow the movement of upstream products [21]. - **Polyester Bottle Chips**: The volatility has narrowed, and the trading atmosphere has declined. The price will follow the cost fluctuations [22]. - **Methanol**: The coastal trading has been suspended before the festival, and the inventory discharge in the inland is coming to an end. It is expected to oscillate and consolidate [23]. - **Urea**: The pre - festival orders are coming to an end, and the sustainability of sentiment boost may be limited. The supply is stable at a high level, and the demand has the expectation of a peak season after the Spring Festival [25]. - **LLDPE**: Both long and short positions are cautious before the long holiday. The price is expected to oscillate in the short term, and the focus is on the return of demand after the festival [27]. - **PP**: Both long and short positions are cautious before the festival. It is advisable to hold light positions. The price is expected to oscillate in the short term [28]. - **PL**: Supported by the spot market, it oscillates. The supply increase is limited, and the downstream demand in the off - season has limited support [29]. - **PVC**: With low valuation and weak expectations, it oscillates. The market sentiment has weakened, and the support from "export rush" has diminished [31]. - **Caustic Soda**: The comprehensive profit is poor, and it weakly stabilizes. The chlorine - alkali profit is poor, but the futures price has a high premium, and it is expected to oscillate before the festival [32]. 3.2 Variety Data Monitoring 3.2.1 Energy and Chemical Daily Indicator Monitoring - **Inter - period Spreads**: Data on the inter - period spreads of various varieties such as Brent, Dubai, PX, PTA, etc. are provided, showing the latest values and changes [34]. - **Basis and Warehouse Receipts**: Information on the basis and warehouse receipts of varieties like asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc. is presented, including the latest values and changes [35]. - **Inter - variety Spreads**: Data on the inter - variety spreads of different varieties are given, such as the spreads between PP and 3MA, TA and EG, etc., along with their changes [36]. 3.2.2 Chemical Basis and Spread Monitoring Although the catalog mentions monitoring for multiple varieties, no specific data or analysis content is provided in the given text. 3.3 Commodity Index - **Comprehensive Index**: The comprehensive index, featured index, and plate index are presented. The comprehensive index shows an upward trend, with the energy index having a daily increase of 1.19%, a 5 - day increase of 2.79%, a 1 - month increase of 4.56%, and a year - to - date increase of 8.50% [276][277].

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints of the Report - Domestic commodity futures market closed with mixed results, with most new energy materials rising. Shipping futures led the gains, while chemical products led the losses [1]. - The US economy shows a weak - stable total and a differentiated structure. The manufacturing PMI in January was favorable, but the non - manufacturing sector weakened, and employment data was below expectations [1]. - In China, the boost from the incremental policies in Q4 2025 to the fundamentals has not been significant, but policy expectations are gradually increasing. The manufacturing PMI in January declined, but the expectation of policy support in Q1 is strengthening [1]. - Domestic equity markets are supported by policy expectations and additional liquidity. Treasury bonds are neutral, with better short - term opportunities. Gold in precious metals maintains a long - position standard, while silver is on hold. Non - ferrous metals are still promising, and short - term dips can be used for bottom - fishing. Black commodities are volatile, and crude oil may rise but with high uncertainty [1]. 3. Summary by Relevant Catalogs 3.1 Market Performance - **Domestic Commodity Futures**: Shipping futures led the gains, with the container shipping index (European line) up 6.40%. New energy materials mostly rose, with lithium carbonate up 3.66%. Basic metals mostly rose, with Shanghai nickel up 1.79%. Agricultural and sideline products all rose, with apples up 1.73%. Energy products all rose, with fuel oil up 1.09%. Chemical products led the losses, with butadiene rubber down 1.93%. Oils and fats mostly fell, with palm oil down 1.50%. Precious metals were mixed, with palladium down 1.48%. Black series all fell, with ferrosilicon down 1.47%. Non - metallic building materials all fell, with PVC down 0.78% [1]. - **Financial Market**: On February 12, 2026, among stock index futures, CSI 500 futures rose 1.31%, and CSI 1000 futures rose 1.09%. Among Treasury bond futures, 30 - year Treasury bond futures rose 0.06%. The US dollar index rose 0.06%, and the US dollar intermediate price decreased by 108 pips [9]. - **Industry Index**: On February 12, 2026, among the中信 industry indices, non - ferrous metals rose 0.98%, and machinery rose 1.29%, while agriculture, forestry, animal husbandry and fishery fell 1.48%, and consumer services fell 1.75% [10][11]. - **Overseas Commodities**: On February 11, 2026, NYMEX WTI crude oil rose 1.45%, ICE Brent oil rose 1.21%, COMEX gold rose 1.53%, and LME nickel rose 3.29% [12][13]. - **Domestic Main Commodities**: On February 12, 2026, the container shipping European line rose 5.27%, lithium carbonate rose 12.33% weekly, and iron ore fell 0.11% daily [14][15][16]. 3.2 Sector Analysis - **Finance**: Before the holiday, it may be volatile. Stock index futures may be volatile and slightly stronger, stock index options should continue to hold call options for defense, Treasury bond futures are supported by monetary easing expectations, and gold and silver are in a stage of adjustment with reduced capital enthusiasm [5]. - **Shipping**: The OOCL's March online price is $3130/FEU, and the market is in a state of shrinking trading volume and consolidation before the holiday [5]. - **Black Building Materials**: In the off - season, contradictions are accumulating, and the market is under pressure. Steel, iron ore, coke, coking coal, etc. are all in a volatile state [5]. - **Non - ferrous and New Materials**: The expected trading of "Woshi Eagle" is weakening, and basic metals stop falling and are volatile. Nickel, stainless steel, and tin are expected to be volatile and slightly stronger [5]. - **Energy and Chemicals**: Concerns about the Middle East situation continue to disrupt oil prices, and the chemical industry continues to be in a state of volatile consolidation [6]. - **Agriculture**: Optimistic sentiment supports US soybeans, and domestic double - meal is mainly volatile. Most agricultural products are in a volatile state, and the pig price is running at a low level [6].

Core Insights - The report highlights a positive outlook for the semiconductor industry, driven by increased capital expenditure from major cloud companies and a robust demand for AI infrastructure [22][24][25] - The electric power sector is expected to benefit from a significant increase in installed capacity, with a focus on renewable energy sources such as solar and wind [27][28][29] - The food and beverage sector shows mixed performance, with certain sub-sectors like prepared foods and snacks performing well, while others face challenges [19][20] Domestic Market Performance - The Shanghai Composite Index closed at 4,134.02, with a slight increase of 0.05%, while the Shenzhen Component Index rose by 0.86% to 14,283.00 [4] - The A-share market has shown resilience, with average P/E ratios for the Shanghai Composite and ChiNext at 16.91 and 53.15, respectively, indicating a favorable environment for medium to long-term investments [10][11] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45%, respectively, reflecting a cautious global market sentiment [5] Industry Analysis - The semiconductor industry saw a strong performance in January 2026, with a 18.63% increase in the domestic semiconductor index, significantly outperforming the broader market [22][23] - The electric power sector's installed capacity reached 38.9 billion kilowatts by the end of 2025, marking a 16.1% year-on-year increase, with solar and wind energy contributing significantly to this growth [27][28] - The food and beverage sector's sales in January 2026 showed a slight increase of 0.11% year-on-year, with a notable decline in month-on-month sales due to policy changes [19][20] Investment Recommendations - The report suggests a balanced investment strategy focusing on technology sectors, particularly AI and high-end manufacturing, while also considering opportunities in consumer sectors [10][11][15] - In the semiconductor space, investors are encouraged to look at companies benefiting from AI demand and increased capital expenditures from cloud providers [24][25][26] - For the electric power sector, a "barbell strategy" is recommended, focusing on stable, high-dividend companies as well as growth opportunities in renewable energy [27][29]

Group 1 - The Chinese Ministry of Foreign Affairs emphasized the strategic importance of high-level diplomatic communication between China and the U.S., highlighting mutual benefits in economic relations and the need for cooperation to ensure stability [2] - The Ministry of Commerce confirmed ongoing close communication between Chinese and U.S. economic teams, aiming to implement agreements reached by the two heads of state and manage differences effectively [2] - The Ministry of Commerce proposed anti-subsidy duties on dairy products imported from the EU, set to take effect on February 13, 2026, as part of regulatory measures [3] Group 2 - The People's Bank of China announced a 10 trillion yuan reverse repurchase operation scheduled for February 13, 2026, with a term of 182 days [4] - The State Administration for Market Regulation released guidelines to regulate pricing behavior in the automotive industry, promoting healthy market development [5] - The National Development and Reform Commission and other agencies outlined plans for the development of low-altitude insurance, aiming for a preliminary establishment of mandatory insurance for unmanned aerial vehicles by 2027 [5] Group 3 - Shenzhen's Industrial and Information Technology Bureau launched an action plan for "Artificial Intelligence + Advanced Manufacturing" for 2026-2027, aiming to establish a national AI application pilot base and promote industrial upgrades [6] - Double Good Energy announced indirect participation in commercial space projects but clarified no direct collaboration with SpaceX [8] - Huapei Power plans to acquire 100% equity of Meichuang Zhiguan, leading to a stock suspension on February 13 [11]

Core Viewpoint - The integration of artificial intelligence (AI) and industrial robotics is driving a fundamental transformation in production methods, organizational forms, and business models within the industrial sector, particularly in optimizing production processes and reducing carbon emissions, which aligns with China's dual carbon strategy goals [1] Group 1: Strategic Framework - Optimizing top-level design is essential for constructing an integrated development ecosystem that fosters interaction among technological innovation, industrial application, and market mechanisms [2] - The establishment of special action plans is necessary to clarify key supported industries, core technological breakthroughs, and phased energy efficiency and carbon reduction targets [2] - Encouragement of local initiatives to build "AI + Robotics + Low Carbon" demonstration parks and benchmark smart factories is crucial for promoting advanced solutions [2] Group 2: Technological Focus - Addressing high energy consumption and emissions in industries like metallurgy and chemicals requires collaborative innovation among AI models, algorithms, and robotic systems [3] - Development of hybrid intelligent algorithms that combine physical-chemical mechanisms with data-driven methods is essential for achieving optimal control and precise energy scheduling [3] - The creation of a cloud-coordinated intelligent emission reduction system through real-time data collection and analysis is necessary for comprehensive optimization [3] Group 3: Application and Implementation - Expanding application scenarios based on real industrial needs and emission reduction challenges is vital for advancing AI and robotics from usable to widely adopted technologies [4] - In the automotive sector, implementing intelligent welding parameter optimization and robotic spray path planning can significantly reduce energy consumption and material waste [4] - Industry authorities should select and promote optimal AI industrial carbon reduction cases and solutions to facilitate rapid dissemination across the supply chain [4] Group 4: Talent Development - A large, high-quality interdisciplinary talent pool is essential for the deep integration of AI, robotics, and industrial carbon reduction [6] - Higher education institutions should establish interdisciplinary programs and integrate real-world emission reduction scenarios into their curricula [6] - Companies should implement new job roles focused on green intelligent manufacturing and develop comprehensive training programs to enhance the capabilities of existing engineering teams [6]

Group 1: Low-altitude Insurance and Automotive Industry Regulations - The National Development and Reform Commission, along with financial regulatory bodies, has issued guidelines to promote the high-quality development of low-altitude insurance, aiming to establish a mandatory liability insurance system for unmanned aerial vehicles by 2027 [3] - The State Administration for Market Regulation has released a compliance guide for pricing behavior in the automotive industry, detailing pricing norms from vehicle production to sales, and emphasizing fair pricing and the regulation of promotional activities [3] Group 2: AI Development and Market Trends - Domestic large models are being launched intensively before the Spring Festival, with companies like ByteDance and iFlytek introducing new AI models, indicating a shift from "technical racing" to "value racing" in AI competition, with 2026 identified as a critical year for commercialization [4] Group 3: Financial and Economic Data - By the end of Q4 2025, the balance of inclusive loans to small and micro enterprises in China's banking sector reached 37 trillion yuan, reflecting a year-on-year growth of 11.0% [3] - The People's Bank of China plans to conduct a 10 trillion yuan reverse repurchase operation on February 13, 2026, with a term of 182 days [3] Group 4: Corporate Announcements and Investments - China Shenhua has received approval from the China Securities Regulatory Commission for a share issuance and cash payment to acquire assets [10] - Huadian Power plans to invest 2.1 billion yuan in the construction of a 120Ah battery production project [10] - Xiamen Airport intends to acquire 100% of Zhaoxiang Technology for approximately 1.193 billion yuan [10] Group 5: Market Indices and Commodity Prices - The Shanghai Composite Index closed at 4134.02, up 0.05%, while the Shenzhen Component Index rose by 0.86% to 14283 [8] - WTI crude oil prices fell by 3.05% to $62.91, and Brent crude oil prices decreased by 2.83% to $67.66 [8]

[Table_Page] 投资策略|点评报告 2026 年 2 月 13 日 证券研究报告 [Table_Title] 晨会精选 ——观点全追踪（2 月第 6 期） [Table_Summary] 报告摘要： bilulu@gf.com.cn 972918116公共联系人2026-02-13 00:21:07 1 / 3 投资策略|点评报告 广发投资策略研究小组 | 刘 | 晨 | 明 ：首席分析师，南开大学世界经济硕士，10 年策略研究经验。 | | --- | --- | --- | | 郑 | | 恺 ：首席分析师，华东师范大学金融学硕士，10 年策略研究经验。 | | 许 | 向 | 真 ：（上海）资深分析师，厦门大学硕士，8 年策略研究经验。 | | 倪 | | 赓 ：（上海）资深分析师，中山大学硕士，7 年策略研究经验。 | | 陈 | 振 | 威 ：（上海）资深分析师，香港中文大学硕士，2 年策略研究经验。 | | 杨 | 泽 | 蓁 ：（上海）资深分析师，上海财经大学硕士，2 年策略研究经验。 | | 杨 | 清 | 源 ：（上海）高级分析师，西南财经大学硕士，2 年策略研究经验。 | | 毕 ...

Core Viewpoint - The company, Guangzhou Hongmian Zhihui Science and Technology Innovation Co., Ltd. (formerly known as Guangzhou Langqi Industrial Co., Ltd.), is involved in a legal dispute with Guangzhou Industrial Economic Development Co., Ltd. regarding unpaid debts from a series of chemical raw material procurement contracts totaling approximately RMB 380.24 million, with an outstanding amount of RMB 237.28 million as of the lawsuit date [1][2]. Group 1: Lawsuit Background - The lawsuit originated from a series of procurement contracts signed between November 2019 and July 2020, where the plaintiff supplied a total of 732,498 tons of goods valued at RMB 380,236,843.4, but the defendant only paid RMB 142,956,710.34, leaving an outstanding balance of RMB 237,280,133.06 [1][2]. - The plaintiff claims that the defendant's failure to pay constitutes a breach of contract, thus prompting the lawsuit [2]. Group 2: Court Rulings - The initial ruling by the Guangzhou Intermediate People's Court dismissed the case, citing potential economic crime implications, allowing the plaintiff to pursue legal remedies after the conclusion of any criminal proceedings [5]. - The Guangdong High People's Court later overturned this decision, stating that the facts were unclear and the law was improperly applied, thus ordering a retrial [6][9]. - The retrial by the Guangzhou Intermediate People's Court confirmed the plaintiff's ordinary claim against the defendant for RMB 244,055,469.53, while dismissing other claims [10]. Group 3: Financial Implications - During the company's restructuring, Guangzhou Industrial Economic, as a creditor, has filed a claim with the administrator, who has reserved repayment resources for this claim in the restructuring plan [11]. - The financial impact of this lawsuit on the company's future profits will be determined based on the final audit results [11].

法国又一次引起全世界的关注。 在挑起"电动汽车关税事件"之后，法国政府智库近日发布了一份引起广泛关注的报告，认为欧盟应该对 来自中国的商品采取更加严厉的贸易措施。 本文内容均引用权威资料结合个人观点进行撰写，文末已标注文献来源，请知悉。 该策略意在利用全球经济失衡问题给中国带来更大的全球经济压力，迫使中国改变经济政策。 图| 法国总统马克龙发表讲话 报告建议欧盟27国对中国的出口产品加征30%的关税，甚至提出效仿1985年的美日广场协议，使人民币 对欧元升值30%。 该提议很快便引发了广泛的讨论与争议。报告中提到，中欧贸易长期以来存在"不公平"情况，其中2024 年欧盟对中国贸易逆差预计达到3045亿欧元，大量资金流进中国。 为了改变这种状况，法国智库给出的方案是，或者对中国所有的商品征收30%的关税，或者利用汇率手 段让人民币对欧元大幅升值。 但是单纯依靠关税方案所产生的影响要比法国政府预料的大得多。法国政府的高级顾问机构认为，中国 在很多产业中给欧盟造成了很大的竞争压力。 用法国国内的汽车、化工、机床、电池等行业为例，指出中国低成本的产品直接蚕食了欧洲的市场份 额，现有的贸易防御手段已不能应对这种挑战。 ...