跨国企业:2025年1-9月在华投资 5737.5 亿深耕多赛道 【11月25日消息,全球外资下行,中国仍是"投资 热土"】 2025年1-9月,中国吸收外资5737.5亿元 人民币,跨业深耕新能源汽车、航空航天等核心赛 道。欧洲飞机制造企业天津总装基地累计交付近800 架飞机,其在华布局版图不断扩展,贯穿飞机全生 命周期。德国汽车零部件巨头十年在华投资超600亿 元,南昌30亿元轻型商用车电驱桥系统生产基地加 速落地。"投资中国"是长期合作共赢、深度本土 融入,跨业扎根中国分享红利,中国为全球投资者 提供机遇。 【11月25日消息，全球外资下行，中国仍是"投资热土"】2025年1 - 9月，中国吸收外资5737.5亿元人民 币，跨业深耕新能源汽车、航空航天等核心赛道。欧洲飞机制造企业天津总装基地累计交付近800架飞 机，其在华布局版图不断扩展，贯穿飞机全生命周期。德国汽车零部件巨头十年在华投资超600亿元， 南昌30亿元轻型商用车电驱桥系统生产基地加速落地。"投资中国"是长期合作共赢、深度本土融入，跨 业扎根中国分享红利，中国为全球投资者提供机遇。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

Group 1: Economic Challenges - The total U.S. national debt has surpassed $38 trillion, with a projected fiscal deficit of $1.3 trillion in the first half of 2025, marking the second-highest half-year deficit in history [2] - Interest costs for the fiscal year 2025 are expected to exceed $1 trillion, surpassing the defense budget, raising concerns about the U.S. debt repayment capacity [2] - The Federal Reserve's ongoing balance sheet reduction has led to increased bond yields, with the 10-year Treasury yield reaching 4.58%, significantly higher than similar bonds in Germany and Japan [2] Group 2: Shift in Investment Strategies - Investors globally are selling U.S. Treasuries and turning to alternative assets like gold, with China's gold reserves increasing for eight consecutive months, reaching 2,298.5 tons by June 2025 [4] - The BRICS nations are becoming central to the de-dollarization process, with a declaration from the 2025 Kazan summit promoting local currency settlements, reducing the dollar's share in trade among member countries to below 5% [5] Group 3: Currency and Payment Systems - The cross-border payment system CIPS has expanded to 1,427 participating institutions across 109 countries, with its settlement share rising to 48% in the first half of 2025, surpassing the dollar's 47% [7] - The ASEAN finance ministers' meeting prioritized reducing reliance on the dollar, with India and Malaysia establishing currency settlement agreements that weaken the dollar's pricing power in oil and commodities [7] Group 4: Geopolitical Tensions and Financial Regulations - The U.S. Congress passed legislation in 2025 to scrutinize Chinese assets, transforming geopolitical risks into financial pressures, which could impact Chinese decision-making [9] - The U.S. Treasury added 412 Chinese companies to its entity list in the first half of 2025, expanding the scope of technology export bans and affecting over 20,000 Chinese entities [11] Group 5: Financial Sanctions and Investment Scrutiny - The expansion of CFIUS's authority in 2025 includes more frequent reporting and tighter data sharing among G7 allies to track funding flows, particularly targeting Chinese investments in technology and agriculture [13] - The introduction of the FIGHT China Act aims to prohibit U.S. investments in critical Chinese technologies, reflecting a deeper focus on investment scrutiny compared to previous trade tariffs [16] Group 6: Global Reactions and Economic Implications - The EU is hesitant to legally support U.S. asset freezes, while China retaliates against U.S. tariffs on agricultural products, indicating a complex global response to U.S. financial strategies [20] - The essence of U.S. financial strategies appears to be a desperate measure amid declining hegemony, with a projected national debt interest exceeding defense spending and a household burden of $12,700 [22]

地方政府与城投企业债务风险 研究报告——成都篇 联合资信 公用评级四部 |丁晓|卢奕 报告概要 www.lhratings.com 研究报告 2 www.lhratings.com 研究报告 1 成都市作为四川省省会、副省级城市以及国家中心城市，是西南地区的科技、商贸、物 流、金融中心和综合交通枢纽，在国家区域发展战略中具有突出地位，近年来人口虹吸 效应明显。成都市经济规模和财政实力均位于副省级城市前列，2024 年经济稳步提升， 一般公共预算收入小幅增长，财政自给能力较强，受政府性基金收入下降影响当年综合 财力有所下滑。 作为国家中心城市以及成渝地区双城经济圈的核心城市，近年来国家政策均利好成都市 发展，成都市有望建设成为具有影响力的区域经济中心和科技创新中心。 成都市围绕"东进、南拓、西控、北改、中优"方针进行产业空间布局以实现产业差异 化和集群化发展。成都高新区作为国家级高新区，优势产业集聚效应明显，经济和财政 实力最为雄厚，成都市其他区县经济和财政实力呈按圈层向外逐层递减趋势。成都高新 区、成都天府新区和主城区一般公共预算收入稳定性较强，远郊区综合财力对上级补助 的依赖性较强，2024 年远郊区大多区 ...

人民财讯11月25日电，晨曦航空（300581）11月25日公告，持股39.72%的控股股东西安汇聚科技有限 责任公司(简称"汇聚科技")计划通过集中竞价交易方式减持本公司股份不超过公司总股本的1%；通过大 宗交易方式减持本公司股份不超过公司总股本的2%。 ...

格隆汇11月25日丨晨曦航空(300581.SZ)公布，公司控股股东西安汇聚科技有限责任公司（简称"汇聚科 技"）持本公司股份12,852.4538万股（占公司总股本的39.72%），计划自本公告发布之日起15个交易日 后的三个月内通过集中竞价交易方式减持本公司股份不超过公司总股本的1%；通过大宗交易方式减持 本公司股份不超过公司总股本的2%。 ...

每经AI快讯，11月25日，晨曦航空（300581）(300581.SZ)公告称，公司控股股东西安汇聚科技有限责 任公司(简称"汇聚科技")计划自公告发布之日起15个交易日后的三个月内，通过集中竞价交易方式减持 不超过公司总股本1%的股份，通过大宗交易方式减持不超过公司总股本2%的股份，合计减持不超过公 司总股本的3%。减持原因为满足股东自身资金需要。减持方式包括大宗交易、集中竞价交易或其他合 法方式。减持股份来源为公司首次公开发行前持有的股份及资本公积金转增股本取得的股份。 ...

Core Viewpoint - The company, Yingboer (300681), is actively engaging in the low-altitude economy sector by forming strategic partnerships with leading eVTOL companies both domestically and internationally, indicating a strong commitment to expanding its market presence and technological capabilities in this emerging field [1] Group 1: Strategic Partnerships - The company has signed strategic cooperation agreements with several prominent eVTOL companies, including EHang, Eviation, Gaussin, and VOLOCOPTER, and has secured multiple project allocations [1] - The newly released VT35 model from EHang incorporates the company's unique "integrated chip" technology, showcasing a blend of advanced technical features such as dual winding, dual control, oil cooling, flat wire, and outer rotor designs [1] Group 2: Technological Advancements - The VT35 electric propulsion system prototype has been delivered, demonstrating the company's capability in developing high-reliability and all-weather operational systems [1] - The company has officially become a supplier for Germany's VOLOCOPTER, providing development services for the XPro aircraft's electric propulsion system, which signifies international recognition of its technological strength in the eVTOL sector [1] Group 3: Market Expansion and Communication - The company aims to deepen its overseas market layout while continuing to leverage its years of technological accumulation in new energy power systems to explore new customers and collaboration opportunities in the low-altitude economy [1] - The company maintains open communication with investors through various channels, including regular reports, performance briefings, investor hotlines, and timely responses to inquiries on interactive platforms, enhancing market understanding and recognition of the company [1]

Core Insights - The article highlights the significance of rhenium, a rare metal crucial for high-tech industries, particularly aerospace, and its strategic importance for China in the global market [1][3][22]. Group 1: Rhenium's Characteristics and Discovery - Rhenium, discovered in 1925, is a rare metal with a melting point exceeding 3180°C and a boiling point of 5596°C, making it stable at high temperatures [3][5]. - Global rhenium reserves are estimated to be less than 3000 tons, with China's reserves exceeding 8% of the total global supply [5][7]. Group 2: China's Rhenium Resources - The discovery of large rhenium deposits in Shaanxi province in 2017 positioned China as a potential leading supplier of rhenium, reducing its previous reliance on imports [5][7]. - This shift allows China to not only meet domestic demand but also to engage in deep processing and export of rhenium, enhancing its technological self-sufficiency [7][22]. Group 3: International Interest and Strategic Decisions - Major countries like the US, Germany, and Japan have shown keen interest in China's rhenium resources, proposing technology exchange agreements [9][11]. - China has rejected these proposals, emphasizing the importance of resource sovereignty and the risks of technological dependency on foreign powers [13][14][16]. Group 4: Domestic Innovation and Future Prospects - The refusal to exchange technology has spurred domestic innovation, leading to significant advancements in rhenium processing technologies [18][20]. - Chinese companies are developing their own single-crystal turbine blades, which enhance engine performance and support the rapid growth of the aerospace sector [20][22]. Group 5: Strategic Importance of Rhenium - Rhenium's applications extend beyond aerospace to nuclear energy, electronics, and high-end manufacturing, making it a strategic resource in global technological competition [22][24]. - Control over rhenium resources is seen as a key to enhancing China's future technological capabilities and global standing [24][25].

Core Viewpoint - The recent procurement agreement for 18 AS700 manned airships signifies a breakthrough in the industrialization of domestic airship technology, reflecting strong market recognition of Chinese-made airships [1][3]. Group 1: Procurement Agreement - The Aviation Industry Special Flight Research Institute has signed a procurement agreement for 18 manned airships with Zhejiang Airspace Integration Low-altitude Industry Development Co., Ltd, highlighting the market's confidence in domestic airship products [1]. - The agreement follows a series of discussions and assessments regarding the commercial operation and sustainable profit models for the AS700 airship, culminating in a comprehensive consensus with local government [3]. Group 2: Delivery and Production - The first AS700 airship was successfully delivered to Shaoxing Jian Shui Technology City in November, marking the completion of the initial delivery phase and the transition to mass production orders [5]. - The entire process from research and development to delivery and operation of the domestic manned airship has been fully integrated, paving the way for future production and operational enhancements [5]. Group 3: Future Development and Applications - The Aviation Industry Special Flight Research Institute aims to leverage this opportunity to accelerate product optimization and expand its industrial layout, targeting diverse application scenarios such as aerial tourism, urban security, aerial surveying, emergency rescue, and customized educational programs [5]. - The goal is to promote technical standards and operational models across more regions, fostering a win-win ecosystem and contributing to the formation of a national low-altitude economic industrial cluster, thereby linking the upgrade of manufacturing with high-quality local economic development [5].

航空航天ETF天弘（159241）紧密跟踪国证航天航空行业指数，该指数覆盖航空装备、航天装备、军工 电子等细分领域，涉及卫星互联网、大飞机、低空经济等前沿科技方向。跟踪指数行业布局在申万一级 行业分类中，国防军工权重占比高达98.2%。 中金公司指出，随着航空装备迭代、制导装备需求释放，以及新域新质装备列装，我们认为内需层面行 业仍有望维持景气。 同时他们认为当前时点，国产大飞机的批产和交付能力正处于稳步爬坡阶段，航空发动机等关键系统国 产化需求迫切，有望持续牵引国内航空产业市场扩张及产业链升级。 11月25日，航天航空板块小幅下跌，国证航天航空行业指数(CN5082.SZ)下跌0.57%，该指数成分股 中，航天发展上涨近6%，国博电子、上海瀚讯与航天晨光上涨超2%，华力创通上涨近2%。 相关ETF方面，航空航天ETF天弘（159241）成交额为9406.73万元。资金流向方面，截至11月24日，该 ETF上个交易日近20个交易日累计净流入额超7300万元。该ETF最新流通份额为4.61亿份，最新流通规 模为5.38亿元。 2025亚洲通用航空展将于11月27日在珠海开幕，共有来自22个国家及地区的381家企 ...