今年，中美关系明显加快了步伐。先是关税开打，紧接着军费跟进，外交逐渐冷却，军事却愈加升温。美国在亚太地区点名拉拢盟友，而中国则在台海地区 公开亮出底牌。双方不再拐弯抹角，所作的动作都摆在了明面上，这已经不仅仅是试探，而是一次公开的博弈。 关税战开局，经济上先行对抗。年初，中美的关税战已经撕破了脸皮，这不仅仅是技术层面的摩擦，更是两国之间政治选择的体现。在特朗普重新上任后， 他迅速动用行政权力，对中国的钢铁和电子产品加征关税，幅度虽然不算过于温和，但传递的信号非常明确。中国没有回避，迅速展开反击，将农产品和汽 车列入加税清单，税率对等。随后的几轮关税升级，双方的关税幅度不断提高，美方最高的关税突破了百分之百。美国企业被迫调整供应链，开始寻找本土 替代方案，而中国港口则加强了从欧洲和亚洲调配货源。虽然在5月中旬，双方暂时降温并将关税回调至较低水平，但实际影响已经显现。中国对美出口的 比例显著下降，而美国消费者则承担了更高的价格。国际货币基金组织下调了两国的增长预期，全球市场的波动也变得更加明显。关税只是表面现象，真正 的核心问题在于战略博弈。特朗普在国会公开宣布接近万亿美元的国防预算，明确表示重点将放在太平洋方向 ...

Group 1 - In 2025, the sales of products related to the trade-in program will exceed 2.6 trillion yuan, benefiting over 360 million people [1] - The trade-in program includes over 11.5 million cars, 129 million home appliances, 9.1 million digital products, 12 million home renovation items, and 12.5 million electric bicycles [1] - The Chinese Ministry of Commerce expressed strong opposition to the EU's carbon border adjustment mechanism, stating it imposes unfair trade restrictions on Chinese products [1] Group 2 - In 2025, China's carbon market is expected to operate smoothly, with an increase in market vitality and expanded support for voluntary greenhouse gas reduction trading [1] - The China Council for the Promotion of International Trade organized 407 outbound delegations in 2025, focusing on practical cooperation in trade and investment with Belt and Road countries [1] - The total box office revenue for Chinese films in 2025 is projected to be 51.83 billion yuan, with a year-on-year growth of 21.95% [1] Group 3 - The Jilin Province's total electricity consumption reached 101.2 billion kilowatt-hours in 2025, marking a significant milestone [1] - The number of outbound and inbound travelers through the Hong Kong-Zhuhai-Macao Bridge exceeded 31.34 million and 6.8 million vehicles, respectively, in 2025, both setting historical records [1] - The Spanish stock market index Ibex saw a nearly 50% increase in 2025, marking the largest rise since 1993 [1] Group 4 - Elon Musk announced that his brain-machine interface company, Neuralink, will begin mass production of brain-machine interface devices in 2026, focusing on streamlined and automated surgical processes [2]

廖凡（中国社会科学院世界经济与政治研究所所长、研究员） 以自身确定性应对外部不确定性 2025年，美国单边关税扰乱世界，冲击全球产供链和经济复苏。尽管世界经济总体表现出超乎预期的韧性，但不确定性始终是悬在相关经济体和企业头上 的一把利剑。美国最新出台的《国家安全战略》报告重申"美国优先"，将"经济安全"放在突出的重要位置，强调"贸易平衡"、确保关键供应链和物资获取 以及再工业化，体现出浓厚的保守主义、重商主义色彩。美国不仅自身藐视多边主义、抵制国际组织，还在同部分贸易伙伴的双边协定中植入针对第三国 的"毒丸条款"，进一步加剧国际经贸体制碎片化。 展望2026年，全球南方国家的经济表现至关重要。近年来，全球南方国家持续贡献世界经济主要增长份额，贡献率近80%，增速显著高于发达经济体。全 球南方国家维护多边贸易体制的坚定决心和持续深化南南合作的务实行动，是抵御美国单边关税冲击、应对世界经济挑战的关键力量。作为世界上最大的 发展中国家和第二大经济体，中国自身的持续稳定发展，就是对世界经济的最大贡献。我们要保持"以我为主，苦练内功"的战略定力，更好统筹国内经济 工作和国际经贸斗争，稳妥应对外部挑战。要持续扩大内需，做 ...

格隆汇12月31日丨靛蓝星(08373.HK)公告，公司为一间投资控股公司，其营运附属公司主要于新加坡从 事钢筋混凝土工程(包括钢筋工程、模板搭建及混凝土工程)、瓷砖贸易及作为与瓷砖相关建筑承包商， 并于香港从事流动电话及配件贸易。于本公告日期，尽管公司股份暂停买卖，集团业务营运在所有重大 方面仍维持正常运作。股份继续暂停买卖。 ...

Core Viewpoint - The U.S. Supreme Court is expected to rule on the legality of tariffs imposed by the Trump administration under the International Emergency Economic Powers Act (IEEPA) by January 2026, creating uncertainty around Trump's economic policies and tariffs [1][5][11]. Group 1: Legal Context and Implications - The IEEPA allows the President to impose trade restrictions during a national emergency, which has been a basis for various tariffs since Trump's second term [3][4]. - The Supreme Court's expedited handling of the case suggests a decision will be made relatively soon, with expectations of a ruling by early 2026 [1][5]. - Regardless of the Supreme Court's decision, the Trump administration may utilize other legal frameworks to maintain tariffs, such as the Trade Expansion Act and the Trade Act of 1974 [6][7][8]. Group 2: Potential Legal Strategies - If the Supreme Court rules against the government, the Trump administration may resort to broader applications of the Trade Expansion Act's Section 232, which has been used for tariffs on various goods [7][9]. - The administration could also invoke Section 301 of the Trade Act of 1974 to investigate trade practices of other countries, including Brazil [8][9]. - Other legal provisions, such as Section 122 and Section 338 of the Tariff Act of 1930, may also be considered for imposing tariffs [10]. Group 3: Economic and Market Reactions - A ruling against the Trump administration could significantly limit its ability to use tariffs as a tool for trade negotiations, potentially leading to a need for justification for any future tariff implementations [11]. - If the government loses, it may have to refund a substantial portion of the $195 billion in tariffs collected, raising concerns about fiscal deficits and increased borrowing [11][12]. - The market has reacted to the uncertainty surrounding the Supreme Court's decision, with notable fluctuations in U.S. Treasury yields following the court's hearings [13].

Market Overview - The trade sector experienced a decline of 0.32% on December 31, with Kerryde leading the drop [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Stock Performance - Notable stock performances include: - *ST Huke (600608)*: Closed at 3.38, up 0.90% with a trading volume of 23,500 shares and a turnover of 7.79 million yuan [1] - CITIC Metal (601061): Closed at 14.40, up 0.77% with a trading volume of 198,200 shares and a turnover of 286 million yuan [1] - Jiangsu Guotai (002091): Closed at 9.03, down 0.44% with a trading volume of 154,300 shares and a turnover of 140 million yuan [1] Capital Flow Analysis - The trade sector saw a net outflow of 80.49 million yuan from main funds, while retail investors had a net inflow of 87.71 million yuan [2] - The capital flow for specific stocks includes: - *ST Huke (600608)*: Main funds net outflow of 456,900 yuan, retail net inflow of 625,400 yuan [3] - Jiangsu Guotai (002091): Main funds net outflow of 640,980 yuan, retail net inflow of 605,900 yuan [3] - Nanjing Merchants Travel (600250): Main funds net outflow of 704,050 yuan, retail net inflow of 1,215,840 yuan [3]

Core Insights - The core argument presented is that artificial intelligence (AI) has transitioned from a conceptual phase to practical applications in various industries, leading to significant innovations and transformations in business operations [4][7]. Group 1: AI in Business Transformation - AI tools like Qianwen are enabling traditional businesses to enhance their marketing and operational efficiency, allowing for high-quality product images to be generated quickly and at low cost [10][12]. - Companies are leveraging AI to understand customer preferences in different markets, which has improved their ability to attract buyers and communicate effectively [12][20]. - The introduction of AI has drastically reduced costs and time associated with content production, enabling small and medium enterprises to compete with larger firms [13][21]. Group 2: AI in Compliance and Risk Management - AI is proving valuable in helping companies navigate compliance challenges, particularly in industries with stringent regulations, by quickly providing updates on changing standards [16][18]. - The use of AI in contract review processes has streamlined operations, allowing for faster and more efficient assessments of legal documents [18][20]. Group 3: AI's Impact on Small Enterprises - Small businesses are experiencing significant growth and efficiency improvements through the comprehensive application of AI tools, with some reporting revenue increases without expanding their workforce [21][23]. - The integration of AI has allowed entrepreneurs to automate various tasks, freeing up time for strategic decision-making and enhancing overall productivity [21][24]. - The emergence of "super individuals" who utilize AI to perform tasks traditionally requiring larger teams is reshaping the entrepreneurial landscape in China [24][26].

Core Viewpoint - In 2025, China's economy demonstrates resilience and vitality amidst global challenges, attracting international attention and investment opportunities in various sectors, including stock markets, AI development, and soft power expansion [1] Trade Resilience - Despite ongoing U.S. tariff policies, China's goods trade has shown consistent growth, with exports expected to increase by 8% year-on-year in 2025 [2][4] - China achieved a record annual trade surplus of $1 trillion in November 2025, offsetting declines in specific markets through expanded trade with Europe, Latin America, and Africa [4] - China's export innovation and new trade dynamics are crucial for maintaining global supply chain stability, with predictions of increased global market share by 2030 [4] Artificial Intelligence Advancements - 2025 marks a pivotal year for AI, with China's DeepSeek releasing the R1 model, challenging U.S. dominance in the AI sector [5][6] - China has emerged as a leader in open-source AI, with significant competition against U.S. companies, as evidenced by the rapid development and availability of free models [6] - The influence of Chinese technology extends beyond AI into robotics and deep-sea science, showcasing a systematic advancement in various high-tech fields [5] Stock Market Performance - The total market capitalization of A-shares surpassed 100 trillion yuan for the first time in 2025, with significant returns exceeding initial predictions [7][8] - High expectations for the Chinese stock market are supported by a bullish outlook, with forecasts indicating a potential 38% increase by the end of 2027 [7] - Global investors are increasingly interested in Chinese equities, driven by strong market performance and the emergence of innovative companies like DeepSeek [8] Soft Power and Global Influence - China ranks second in the global soft power index, surpassing the UK, with cultural products like the toy "Labubu" gaining international acclaim [9][10] - The success of Chinese lifestyle brands and cultural exports reflects a shift towards China leading global trends rather than merely following them [9] - The expansion of Chinese brands into international markets, including the U.S., highlights the growing global presence of Chinese products [10] Economic Growth Outlook - Multiple international organizations have raised China's GDP growth forecast for 2025 to 5%, recognizing its role as a key stabilizer in global growth [11][12] - Consumer spending is projected to significantly contribute to economic growth, with its quarterly contribution rate rising from 29.7% at the end of 2024 to 56.6% by the third quarter of 2025 [12] - The outlook for 2026 remains positive, with expectations of continued strong performance in the technology sector driven by AI innovations and supportive policies [12]

1.中国在上合组织天津峰会提出全球治理倡议 8月31日至9月1日，2025年上海合作组织峰会在中国天津举行。中国国家主席习近平在峰会期间举行 的"上海合作组织+"会议上郑重提出全球治理倡议，成为继2021年提出全球发展倡议、2022年提出全球 安全倡议、2023年提出全球文明倡议之后，为世界提供的又一重要公共产品，进一步丰富和发展了构建 人类命运共同体的理论内涵和实施方略，迅速得到140多个国家和国际组织的明确支持。 本次峰会是上合组织成立以来规模最大的一次，也是成果最丰硕的一次，制定了上合组织未来10年发展 战略，发出了捍卫二战胜利成果的正义声音，表明了支持多边贸易体制的公正立场，推动上合组织改革 实现了新突破，成为上合组织发展史上一座重要的里程碑。 DeepSeek在架构设计和工程优化上进行的系统性创新，实现了在资源受限情况下对标一流大语言模型 性能的任务，改变了大语言模型依赖算力的固有路径，使更多中小企业和科研机构获得了参与AI研发 的机会，并促使AI大模型开发趋势向"低成本"与"高能效"两大核心聚焦，推动了AI大模型本地化部署。 DeepSeek全方位的开源策略还加速了AI技术普及与创新，推动形成更加 ...

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。 从资金流向上来看，当日贸易板块主力资金净流出8393.7万元，游资资金净流入260.93万元，散户资金净 流入8132.77万元。贸易板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 002072 | 訓瑞德 | > 396.23万 | 2.31% | 100 900.79万 | 5.25% | -1297.02万 | -7.56% | | 000151 | 中成股份 | 295.62万 | 7.33% | -104.35万 | -2.59% | -191.27万 | -4.74% | | 600278 | 东方创业 | 217.05万 | 4.09% | -109.64万 | -2.07% | -107.41万 | -2.02% | | 600710 | 赤美达 | ...