"产业政策"，只要其有效运作，其作用就在于推动一个国家的经济向价值链的更高层级发展。例如，在 美国建国初期，亚历山大.汉密尔顿就担心美国会继续沦为欧洲的经济附庸国。作为一个人口稀少且自 然资源丰富的国家，如果市场完全不受监管，美国可能会专注于向欧洲出口原材料，而欧洲则会反过来 向美国出口制成品。作为替代方案，他提议征收保护性关税以促进美国工业的发展。 美国彭博社的专栏作家马修.伊格雷西亚(Matthew Yglesias)发文狠批，美国总统特朗普提出的对进口铜 材征收50%关税的提议，体现了该政府在经济政策方面的混乱做法：它沉湎于对美国工业过往的怀旧情 绪，推行了一系列的举措将使美国制造商如今及未来的发展更加艰难。 在Truth Social平台上，特朗普指出，铜"对于半导体、飞机、船舶、弹药、数据中心、锂离子电池、雷 达系统、导弹防御系统，甚至包括我们正在大量制造的高超音速武器等产品来说都是必不可少的材 料。" 伊格雷西亚表示，提高美国人购买铜的成本会使美国在建造飞机方面变得不那么具有吸引力，从而让欧 洲、巴西和加拿大的竞争对手占据优势;这会使建立国内半导体制造业变得更加困难。它还会加剧美国 造船业本已严峻 ...

Group 1 - The semiconductor materials and equipment theme index decreased by 0.36% as of May 27, with component stocks showing mixed performance [1] - The semiconductor materials ETF (562590) fell by 0.47%, with a latest price of 1.05 yuan, but has seen a cumulative increase of 29.78% over the past year [1] - In the first four months of 2023, the total profit of industrial enterprises above designated size reached 21,170.2 billion yuan, a year-on-year increase of 1.4% [2] Group 2 - The manufacturing sector achieved a total profit of 15,549.3 billion yuan, growing by 8.6% year-on-year, with high-tech manufacturing profits accelerating to a 9.0% increase [2] - Specific industries such as semiconductor device manufacturing, electronic circuit manufacturing, and integrated circuit manufacturing saw profit growth of 105.1%, 43.1%, and 42.2% respectively [2] - The semiconductor materials ETF and its linked funds closely track the semiconductor materials and equipment index, focusing on capturing the high-tech manufacturing industry dividends [3]

Export Performance - In April, exports increased by 8.1% year-on-year, exceeding expectations and seasonal levels, with a cumulative export value of $1,169.06 billion for the first four months, reflecting a 6.4% year-on-year growth[11][1]. - The export growth was supported by a significant increase in trade with ASEAN and the EU, with ASEAN becoming China's largest trading partner, showing a 20.8% year-on-year growth in exports to this region[17][1]. - Exports to the US saw a notable decline of 21.03% year-on-year, primarily due to the impact of the US's 145% tariffs on Chinese goods[26][1]. Trade Dynamics - The trade policies of the US have led to a decrease in export share to the US, while shares to the EU and ASEAN have increased, indicating a strengthening of cooperation among non-US countries[14][1]. - The overall trade environment remains optimistic, with potential for policy adjustments in July that could influence export dynamics[39][1]. Key Risks - Future export performance faces uncertainties, particularly regarding the extension of the US tariff exemption period and the outcomes of ongoing trade negotiations between the US and China[42][1]. - Risks include the potential escalation of global trade tensions and geopolitical conflicts, which could adversely affect trade flows and economic stability[43][1].