多位高管和基金经理表示，特朗普政府关税政策反复无常，令投资者担忧，而欧洲市场环境相对稳定。卢森堡氢气公司H2Apex首席执行官Peter Roessner称，因美国不确定性高，氢行业投资者更关注欧洲市场。德国投资基金Deka首席信息官办公室负责人Christoph Witzke表示，美国政治干 预造成不确定性，欧洲成投资者会议关注中心。欧洲央行总裁拉加德也指出市场看到欧洲价值并对其有信心。 数据印证了这一趋势。LSEG旗下理柏基金数据显示，今年流入欧洲股票基金资金超1000亿美元，是去年同期三倍，流出美国资金增加一倍多至近 870亿美元。德国央行数据显示，2025年前四个月，流入德国的外国直接投资增加一倍多至460亿欧元，德国企业有3个月从美国撤资，4月对外直 接投资余额为负23.8亿欧元。 不过，也有观点认为弃美转欧情绪可能快速转变。德国复兴信贷银行行长Stefan Wintels称应利用当前势头推进议程；私人股本公司Altor合伙人 Hajo Kroesche认为欧洲吸引资本的"机会之窗"有限；德意志银行首席执行官Christian Sewing表示，投资者虽对欧洲兴趣大，但仍需长期稳定形 势。（陈十一） ...

Core Viewpoint - Russia has formally requested consultations with the EU and WTO regarding the EU's Carbon Border Adjustment Mechanism (CBAM) and the EU Emissions Trading System (EU ETS), arguing that these measures are trade-restrictive and discriminatory under the guise of climate policy [1][5][9]. Group 1: CBAM and EU ETS Overview - The EU established the EU ETS in October 2003 to address "carbon leakage," which refers to the transfer of production to countries with less stringent emissions regulations [4]. - In May 2023, the EU passed regulations to establish CBAM, which aims to provide additional support measures for sectors at risk of carbon leakage [5][9]. Group 2: Russia's Concerns - Russia claims that the CBAM imposes complex and costly trade barriers on EU imports, creating significant uncertainty and unpredictability for operators [5][6]. - The application process for CBAM requires extensive documentation and proof of financial and operational capacity from importers, increasing compliance costs [6][8]. - Russia argues that the CBAM effectively acts as an additional "quasi-tariff" on imports from third countries, diverting financial resources from these countries' domestic climate change efforts [8][9]. Group 3: Economic Implications - The CBAM is expected to increase the trading costs of regulated goods significantly due to the administrative and compliance burdens imposed [6][9]. - The EU's CBAM currently applies to industries such as cement, steel, aluminum, fertilizers, electricity, and hydrogen, which are identified as having high carbon leakage risks [9]. - The EU estimates that these sectors will account for over 50% of emissions covered by the EU ETS once fully implemented, aiming to encourage production countries to reduce carbon emissions [9].

Core Viewpoint - Russia has reiterated its strong support for international efforts to combat climate change, but its recent request for consultations does not involve genuine environmental measures, rather it criticizes the EU's carbon border adjustment mechanism (CBAM) and emissions trading scheme (EU ETS) as trade-restrictive and discriminatory measures [1][8] Group 1: Russia's Position on CBAM - Russia has expressed concerns that the EU's CBAM and EU ETS are being packaged as climate measures while actually serving to enhance EU competitiveness and attract additional investments [1][6] - The CBAM is seen as creating significant trade barriers for covered goods imported into the EU, complicating and increasing the costs of compliance for operators [3][6] - Russia highlights that the EU's requirements for CBAM compliance involve extensive documentation and proof of financial and operational capacity, which adds to the administrative burden on importers [4][5] Group 2: Implications of CBAM - The mechanism requires authorized CBAM declarants to purchase and surrender a certain number of CBAM certificates, effectively imposing additional "quasi-tariff" costs on imports from third countries [7][8] - The EU's emissions trading system sets a cap on greenhouse gas emissions, with free allocation of allowances for sectors deemed at risk of carbon leakage, which Russia argues is unfairly based on export performance [7][8] - The CBAM currently applies to industries such as cement, steel, aluminum, fertilizers, electricity, and hydrogen, which are selected due to their high carbon leakage risk and emission intensity [8]