哈喽，大家好，今天小墨这篇评论，主要来分析美国盟友加拿大转头示好中国，特朗普怒停贸易谈判的 大瓜。 曾经紧跟美国步伐、动辄对中国发难的加拿大，如今突然调转方向，高调将中国称为"战略伙伴"。这波 操作直接惹恼了美国，特朗普二话不说终止与加拿大的所有贸易谈判，国际局势瞬间变得热闹起来。 要知道，加拿大和美国向来是公认的亲密盟友，加拿大近七成出口商品都销往美国，2024年对美出口额 更是超过4000亿美元。可谁能想到，这份"铁关系"如今却因为中国出现了巨大裂痕。 一、盟友变"对手"，美国关税大棒砸向加拿大 加拿大曾经一门心思依附美国，在贸易政策上几乎全盘追随。但2025年以来，特朗普政府的"美国优 先"政策让加拿大吃尽了苦头。 加拿大曾试图妥协，取消了多项对美报复性关税，希望换回美国的善意，可换来的却是更严厉的关税打 压。曾经的"忠实盟友"，在利益面前变成了可以随意拿捏的对象，这让加拿大彻底看清了现实。 2025年2月，特朗普突然对加拿大所有进口商品加征25%关税，随后又加码到35%，直接击中加拿大经 济要害。 更让人震惊的是，特朗普还公开放话，威胁要"吞并加拿大，使其成为美国第51个州"，这番言论彻底激 怒了加拿 ...

Investment Rating - The report provides an "In-Line" investment rating for the Chinese industrial sector, indicating a balanced outlook on investment opportunities within the industry [10]. Core Insights - The report emphasizes the importance of investing in emerging industries in China that possess structural competitive advantages, particularly in the context of challenges such as debt, deflation, demographic changes, and global multipolarity [3][8]. - It identifies significant opportunities in advanced supply chains and manufacturing, highlighting the potential for growth in sectors such as machinery, automotive, new energy, semiconductors, aerospace, artificial intelligence, software, pharmaceuticals, humanoid robotics, and eVTOL [4][30]. - The report outlines a framework consisting of six key elements that support industry upgrades, which include R&D investment, talent development, capital influx, government policy support, market demand, and supply chain robustness [31][34]. Summary by Sections Industry Investment Rating - The report rates the Chinese industrial sector as "In-Line," suggesting a cautious but optimistic view on investment prospects [10]. Key Industry Opportunities - The report identifies 28 stocks that are well-positioned to benefit from the ongoing industrial upgrades and emerging trends in China, focusing on companies that are either upstream in the supply chain or are key enablers in sectors like automation and AI [4][42]. Six Key Elements Framework 1. **R&D Investment**: China’s R&D expenditure is primarily concentrated in manufacturing, with a notable increase in investment in technology and emerging industries [15][31]. 2. **Talent Pool**: China produces the largest number of engineering graduates globally, with a focus on strategic emerging fields such as AI and data science [31][32]. 3. **Capital Influx**: Significant capital has flowed into advanced manufacturing sectors, particularly semiconductors and machinery, with a total of approximately RMB 20 trillion from 2021 to 2024 [32][33]. 4. **Government Support**: The Chinese government has implemented various strategic initiatives to support key industries, including AI, semiconductors, and aerospace, enhancing the investment landscape [33][34]. 5. **Market Demand**: The report highlights a positive feedback loop between rising demand and innovation, particularly in consumer electronics, automotive, and electrical machinery [34]. 6. **Supply Chain Development**: The report discusses the importance of moving up the value chain, particularly in sectors with low localization rates and strong downstream demand [34][35]. Emerging Industry Focus - The report underscores the potential of artificial intelligence to drive significant economic value in China, projecting that AI could contribute RMB 11 trillion to the labor value by 2035, representing 5.5% of nominal GDP [37][38]. - It also notes the expected growth in sectors such as autonomous vehicles and industrial AI applications, which are anticipated to enhance productivity and operational efficiency across various industries [39].