Group 1 - Airbus (EPA: AIR) has revised its 2025 delivery target down to "approximately 790 aircraft" due to quality issues found in the A320 fuselage panels and a recent mandatory software fix [1][2] - The company has maintained its guidance for adjusted EBIT of approximately €7 billion [1][2]

马克龙访华，为何去成都？ 中新社北京12月3日电 (记者 张素)法国总统马克龙3日抵达北京，开启其任内第四次访华行程。 2024年中法建交一甲子，中国国家主席习近平对法国进行了历史性国事访问。作为回访，马克龙此行既 是高层互动的延续，更是两国加强沟通、推动合作的契机。 法国总统府公布的日程显示，马克龙此访为期三天，除北京行程外，还要"去成都走一走"。到中国各地 走一走、看一看，越来越成为外国国家元首、政府首脑的访华必选项。此次马克龙打卡成都的行程安 排，尤受舆论关注。 位于成都的空中客车飞机全生命周期服务中心，是法国空客集团在欧洲之外直接投资建设的首个飞机循 环利用项目。成都中法生态园"拔节生长"，成为两国间绿色低碳发展的典范。 马克龙的随行代表团里包括多名法国企业高管。复旦大学欧洲问题研究中心主任丁纯分析，法国农产品 对华出口、航空产业链协同、清洁能源等领域被视为新的合作增长点，此访期间有望达成更多务实成 果。 此前三次访华，马克龙的足迹覆盖西安、上海、广州等京外城市。今次选择成都这座中国西部内陆城 市，还有重要考量。 随着成都被赋予建设"西部经济中心、西部科技创新中心、西部对外交往中心、全国先进制造业基地 ...

Core Viewpoint - The article discusses the implications of China's self-sufficiency in manufacturing and its reluctance to engage in international trade, raising questions about the future of global trade dynamics and the concept of "Industrial Cthulhu" [4][8]. Group 1: Trade Dynamics - The author highlights that during a recent trip to mainland China, the prevailing sentiment was a lack of interest in imports, as China is capable of producing everything it needs more efficiently and at lower costs [7]. - The article questions the existence of trade if the largest seller, China, is not interested in buying from others, suggesting a potential shift in global trade paradigms [8]. - The author notes that the current trade surplus for China reached $3.3 trillion by the end of October, indicating a significant imbalance in trade relationships [16]. Group 2: Industrial Innovation - The article emphasizes China's rapid advancements in various sectors, including electric vehicles, photovoltaics, and AI, showcasing its transition from a manufacturing hub to an innovation leader [12]. - It mentions that the cost of hardware for autonomous vehicles in China is less than one-third of that in the U.S., highlighting China's competitive edge in technology [12]. - The article also points out that Western pharmaceutical companies are increasingly investing in Chinese firms, recognizing their potential in innovative drug development [12]. Group 3: Economic Challenges - The author discusses the risks associated with China's high trade surplus, including the potential for increased financial risk and inefficiency in overseas dollar assets [16]. - The article suggests that China's reliance on its status as the "world's factory" may hinder the internationalization of the renminbi, as the country imports less and maintains a singular channel for offshore assets [17]. - It raises concerns about the long-term sustainability of China's economic model, which may lead to a vicious cycle of trade imbalances and reduced global competitiveness [16][17]. Group 4: Future Considerations - The article proposes a shift in narrative from a zero-sum game in trade to a collaborative approach, suggesting that countries should work together and share benefits rather than compete solely on buying and selling [18]. - It emphasizes the need for a new framework that transforms the "world factory" concept into a "world workshop + world testing ground," which could foster innovation and cooperation [18].

航空航天制造商空中客车公司（Airbus，股票代码：AIR.PA、EADSY）表示，受部分 A320 系列飞机机 身壁板问题影响，该公司今年的飞机交付量将低于原计划。 这家欧洲企业周三称，"鉴于近期机身壁板供应商出现质量问题，影响了 A320 系列飞机的交付流程"， 其 2025 年商用飞机交付目标调整为约 790 架。 空客表示，此前的交付目标约为 820 架；此次下调预期是因为问题发生在年末 —— 这一时期传统上是 交付业务的高峰期。 航空航天制造商空中客车公司（Airbus，股票代码：AIR.PA、EADSY）表示，受部分 A320 系列飞机机 身壁板问题影响，该公司今年的飞机交付量将低于原计划。 这家欧洲企业周三称，"鉴于近期机身壁板供应商出现质量问题，影响了 A320 系列飞机的交付流程"， 其 2025 年商用飞机交付目标调整为约 790 架。 空客表示，此前的交付目标约为 820 架；此次下调预期是因为问题发生在年末 —— 这一时期传统上是 交付业务的高峰期。 该公司指出，此次问题仅影响单通道 A320 系列飞机上 "数量有限" 的金属壁板，目前问题已得到控 制，新生产的壁板均符合所有要求。 空 ...

Core Viewpoint - French President Macron's visit to China aims to enhance economic and trade cooperation, focusing on sustainable and balanced growth that benefits all parties involved [3][4]. Economic and Trade Cooperation - Macron's visit will prioritize economic collaboration, particularly in the aerospace sector and agricultural products trade [3][7]. - In 2024, the bilateral trade volume between China and France is projected to be $79.58 billion, a year-on-year increase of 0.8%, with Chinese exports at $44.49 billion (up 6.9%) and imports at $35.09 billion (down 5.9%) [7]. - In the first half of 2025, the trade volume reached $39.09 billion, a 1.2% increase year-on-year, with exports at $22.89 billion (up 7.3%) and imports at $16.2 billion (down 6.4%) [7]. Agricultural Products and Market Access - France aims to expand its agricultural exports to China, leveraging initiatives like "From French Farms to Chinese Tables" [7][8]. - French wine accounts for 30% of China's imported wine, and French luxury goods hold over 35% market share in China [8]. Investment Opportunities - In 2024, Chinese investors initiated 27 new investment projects in France across various sectors [10]. - Current Chinese investment in France is only one-third of French investment in China, indicating significant potential for growth [11]. - The electric mobility sector is highlighted as a key area for future collaboration, with projects like the partnership between Xiamen Tungsten and French company [11]. Challenges in Investment - Investment from China faces regulatory scrutiny and lengthy approval processes within the EU, which can delay projects for years [12].

Market Performance - The three major U.S. stock indices experienced slight gains, with the S&P 500 up 0.25% to 6829.37 points, the Nasdaq Composite up 0.59% to 23413.67 points, and the Dow Jones Industrial Average up 0.39% to 47474.46 points [1][2] - The Philadelphia Semiconductor Index rose by 1.83%, with Intel surging over 8%, reaching a new high for the year [1][2] Sector Highlights - Semiconductor stocks generally saw an increase, with notable gains from NXP Semiconductors (over 7%) and Microchip Technology (over 6%) [2] - Boeing's stock rose over 10%, marking its largest single-day gain since April, following news that it could achieve a long-term cash flow target of $10 billion and that legal penalties from the U.S. Department of Justice may be delayed until 2026 [2] Chinese Stocks - Chinese stocks listed in the U.S. faced a downturn, with the Nasdaq Golden Dragon China Index falling by 0.65%. Key individual stocks like Xpeng and NIO saw declines of 7.92% and 2.9% respectively [3] Cryptocurrency Market - Bitcoin rebounded by 6%, leading to a recovery in related stocks, although American Bitcoin, considered a "Trump concept stock," experienced a significant drop of over 50% and triggered multiple trading halts due to volatility [4][5] Federal Reserve Leadership - Speculation regarding the next Federal Reserve Chair intensified, with Kevin Hassett being identified as the leading candidate to succeed Jerome Powell, whose term ends in May 2026. There are expectations of a 25 basis point rate cut in the upcoming December meeting due to a weak labor market [6][7]

Group 1: Market Overview - On December 2, international gold prices fell, with the New York Mercantile Exchange's February gold futures closing at $4,220.8 per ounce, down 1.26% [5] - The U.S. stock market saw a collective rise in major indices, with the Dow Jones up 0.39%, S&P 500 up 0.25%, and Nasdaq up 0.59% [1] - Investors are focusing on the Federal Reserve's interest rate cut prospects, alleviating concerns over global financial market liquidity tightening [1] Group 2: Company-Specific Developments - Boeing executives indicated plans to gradually increase production, expecting to achieve positive cash flow of several billion dollars by 2026, reversing a negative cash flow trend since 2023. This optimistic outlook led to a 10.15% increase in Boeing's stock price [1] - U.S. airline stocks generally rose, with United Airlines up 3.22% and American Airlines up 2.01% [1] Group 3: European Market Insights - The Eurozone's November Consumer Price Index (CPI) rose by 2.2% year-on-year, slightly above expectations, reinforcing market predictions that the European Central Bank will maintain interest rates in its upcoming meeting [7] - European stock indices showed mixed results, with the German market rising by 0.51%, while the UK and French markets saw slight declines of 0.01% and 0.28%, respectively [7]

Group 1 - The three major U.S. stock indices closed higher, with the Dow Jones up 0.39%, Nasdaq rising 0.59%, and S&P 500 increasing by 0.25% [1] - Technology stocks showed mixed performance, with Intel surging over 8% and Boeing's stock price soaring more than 10% [1] - Market expectations for a Federal Reserve interest rate cut in December have increased, boosting risk appetite for assets [1] Group 2 - The Nasdaq Golden Dragon China Index fell by 0.65%, with mixed performances among its constituents; Xpeng Motors dropped nearly 8%, NIO fell nearly 3%, while Li Auto saw a slight increase [1] - International gold prices experienced slight fluctuations, with London gold spot prices remaining above $4200 and silver prices rising above $58 per ounce [1] - The market is focused on the upcoming Federal Reserve meeting in December, with current rate cut probabilities nearing 90% [1]

Market Overview - The US stock indices experienced slight gains on December 2, with the Dow Jones up 0.39%, S&P 500 up 0.25%, and Nasdaq up 0.59% [1] - The Dow closed at 47,474.46, the Nasdaq at 23,413.67, and the S&P 500 at 6,829.37 [2] Technology Sector - The technology sector saw a broad increase, with the Wande American Technology Seven Giants Index rising by 0.61%. Notably, Apple rose over 1% and Facebook nearly 1% [2] - Semiconductor stocks also performed well, with the Philadelphia Semiconductor Index increasing by 1.83%. Intel surged over 8%, NXP Semiconductors rose over 7%, and Microchip Technology increased over 6% [2] Boeing Company - Boeing's stock rose over 10%, marking its largest single-day gain since April, following the announcement that achieving a long-term cash flow target of $10 billion is feasible. The company also expects the US Department of Justice's penalty decision to be postponed until 2026 [2][3] Cryptocurrency Market - The cryptocurrency market saw a rebound, with Bitcoin rising nearly 6% to surpass the $91,000 mark, and Ethereum increasing over 7%. However, American Bitcoin, a "Trump concept stock," experienced a significant drop, falling over 50% at one point and closing down 38% [4][5][6] Chinese Stocks - Chinese stocks were generally in a correction phase, with the Nasdaq China Golden Dragon Index falling by 0.65%. Notable declines included Xpeng down 7.92%, Canadian Solar down 6.15%, and Alibaba down 1.91% [4] - The commodities market showed mixed results, with COMEX gold futures down 0.84% at $4,238.70 per ounce and COMEX silver futures up 0.01% at $59.15 per ounce. Crude oil prices also fell, with US oil down 1.23% at $58.59 per barrel [4] Federal Reserve Outlook - The probability of a 25 basis point rate cut by the Federal Reserve in December is 89.2%, with a 10.8% chance of maintaining the current rate. By January, the cumulative probability of a 25 basis point cut is 66.6% [7]

当天早些时候，据路透社报道，多名业内人士当天表示，该公司已发现数十架A320系列飞机的机身面板存在工业质量问题。这些匿名消息人士 称，疑似生产缺陷正导致部分交付延迟，但目前尚无迹象表明该缺陷已影响到现役飞机。 "空客公司证实，已发现供应商存在质量问题，（该问题）影响到少量A320金属面板。"该公司一名发言人对法新社称，"问题根源已查明并得 到控制，所有新生产的面板均符合所有要求。" 近期，空客麻烦不断。当地时间11月28日，空中客车公司一名发言人表示，约6000架空客A320飞机需要紧急更换一种易受太阳辐射影响的飞行 控制软件。此前，10月底美国捷蓝航空的一架飞机发生一起事故，促使空客采取行动。空客表示，在对该技术事故进行分析后，于11月28日通 知所有使用该软件的客户"立即停止飞行"。 空客集团大跌。 北京时间12月1日晚间，空客集团股价大跌。当天盘中，空客集团德股、法股均一度跌超10%，截至发稿，跌幅收窄至5%左右。 消息面上，据环球网援引法新社最新消息，欧洲飞机制造商空客公司周一（12月1日）证实，该公司A320系列飞机面板存在"质量问题"，但该 问题已得到"控制"。 据英国航空数据分析公司睿思誉10月 ...