图片来源：视觉中国 最近一次在达拉斯-沃斯堡（DFW）机场的行政酒廊，我注意到一个现象：去往蒙特雷（Monterrey）的登机口异常热闹，挤满了讲着英语、德 语和中文的商务人士。 邻座一位供应链经理正兴奋地讨论着蒙特雷的"超级工厂"机会。这不禁让人发问：为什么是蒙特雷？ 这印证了我们内部物流和客户的数据：墨西哥北部的工业城市蒙特雷（Monterrey），正在成为北美供应链版图中最热的节点。它是墨西哥东 北部新莱昂州的首府，距墨西哥城约900公里，靠近美国德克萨斯州边境（距拉雷多市仅两个半小时车程）。 从宏观上看，这背后是全球供应链从"效率优先"转向"韧性优先"的必然结果。企业不再将所有制造环节押注于单一国家，而是转向"本地生 产、本地供应"的区域化布局。 从蒙特雷自身看，也有天时、地利、人和多方面的因素。而蒙特雷的崛起，并非要取代"中国制造"，而是作为"中国Plus"战略的全球化新路 径，正在扮演"北美东莞"的角色。 为什么是蒙特雷？蒙特雷成为"北美新东莞"的背后，是"近岸外包"的天时与地利。 地缘政治和疫情后供应链重塑带来的"天时"，是蒙特雷崛起的首要因素。 在家电领域，中国海信（Hisense）2023年 ...

智通财经APP讯，MOS HOUSE(01653)发布公告，本集团预期于本期间(截至2025年9月30日止6个月)取 得溢利不超过310万港元，而去年同期则取得纯利约500万港元。 董事会认为，该减少乃主要由于以下各项的综合影响：(i)并无去年同期取得的销售太阳能板收益约300 万港元;(ii)本集团分占一间联营公司亏损约1万港元(2024年：分占溢利约200万港元);及(iii)部分被经营成 本减少所抵销。 ...

董事会认为，该减少乃主要由于以下各项的综合影响：(i)并无去年同期录得的销售太阳能板收益约3百 万港元；(ii)集团分占一间联营公司亏损约0.01百万港元(2024年：分占溢利约2百万港元)；及(iii)部分被 经营成本减少所抵销。 格隆汇11月24日丨MOS HOUSE(01653.HK)公告，根据对集团截至2025年9月30日止六个月(「本期间」) 之未经审核综合管理账目之初步审阅及对目前可得资料之评估，集团预期于本期间录得溢利不超过310 万港元，而去年同期则录得纯利约500万港元。 ...

他，是2025年诺贝尔经济学奖得主。他，因"创造性破坏"理论闻名于世——这套理论解释了为何创新需要不断打破旧秩序，为何经济的活力来自持续的颠 覆与重建。 他，是法国奢侈品牌Chloé的家族继承人。他，从小在高级定制的世界里长大。与包括卡尔·拉格斐在内的设计师、艺术家长期接触，却选择了与T台和秀 场截然不同的方向——用数学模型解释经济增长的奥秘。 人物 菲利普·阿吉翁（Philippe Aghion），1956年出生，法国经济学家，现任法国法兰西学院、欧洲工商管理学院和伦敦政治经济学院教授。 2025年诺贝尔经济学奖得主菲利普·阿吉翁。受访者供图 10月13日，菲利普·阿吉翁、彼得·豪伊特和乔尔·莫基尔被授予2025年诺贝尔经济学奖，以表彰他们对"创新驱动经济增长理论的阐释"。其中，阿吉翁与豪 伊特由于"创造性破坏实现持续增长的理论"获奖，莫基尔因为揭示"通过技术进步实现持续增长的先决条件"获奖。 11月15日晚，菲利普·阿吉翁到访北京并接受封面新闻专访。这次专访中，他谈到创造性破坏的核心、中国经济的机遇与挑战、保护主义下的全球创新格 局，以及他如何在家族传统之外找到自己的人生使命。 "年轻时，我怀抱着强烈的理 ...

Welcome back to Market on Close. I'm Sam Bis live from the floor of the New York Stock Exchange. It's time now for overlooked stocks and shares of Jeno Solar rallying to its highest level in over a year after it reported improving quarter overquarter profitability and rising momentum in its energy storage business.So I'm joined by George Tillis to get us across this one. Senior markets correspondent. So Jeno Solar rallying today.I can see about 13% higher right now off the back of this report card. Talk us ...

Core Viewpoint - South Africa is actively encouraging local steel manufacturing and aims to attract Chinese companies with advanced technology to invest in steel production projects within the country [1][3]. Group 1: South Africa's Industrial Strategy - Since 2019, South Africa's Department of Trade, Industry and Competition has launched comprehensive plans across various sectors, including automotive, textiles, and steel, to enhance manufacturing capacity, boost exports, create jobs, and promote localization [2]. - The strategic focus is on targeted policy interventions and multi-party cooperation to enhance industrial resilience, transitioning the economy from mere resource exports and assembly to a higher value-added manufacturing system [2][4]. - The "South African Automotive Masterplan 2035" sets a localization target of 60% and aims to double employment in the automotive value chain by 2035, increasing vehicle production to capture 1% of the global market share [2][4]. Group 2: Renewable Energy Initiatives - South Africa is advancing the "Renewable Energy Master Plan" and "Independent Power Producer Procurement Program" to promote local manufacturing in the solar, wind, and energy storage sectors [2][5]. - The goal is to enable South Africa to not only export raw materials but also to complete higher value-added production locally [2][5]. Group 3: Collaboration with China - China is viewed as a crucial partner in South Africa's systematic re-industrialization strategy, particularly in steel and renewable energy sectors [3][6]. - As of September 2025, China is South Africa's largest source of imports, accounting for approximately 22.8% of total imports, and the largest destination for exports, making up about 11.6% of total exports [3]. - South Africa encourages local steel manufacturing and seeks to attract Chinese companies with advanced technology to invest in local steel production [6].

Core Insights - The article discusses the ongoing shift in China's economic focus away from reliance on the U.S. market, as highlighted by Goldman Sachs' analysis of trade dynamics and structural changes in China's economy [2][4][11]. Economic Transition - Goldman Sachs reports that China is systematically reducing its exposure to the U.S. and is instead focusing on broader global markets and domestic innovation [4][6]. - By 2025, China's export growth is expected to slow, but government stimulus and supply chain optimization will help mitigate the impact of U.S. tariffs [4][6]. Export Structure and Trade Partners - China's export structure is evolving, with a higher proportion of high-end manufacturing exports, such as electric vehicles and solar panels, which are in high global demand [7][14]. - The share of exports to emerging markets is increasing, with trade with Belt and Road Initiative countries projected to rise from 32% in 2020 to 47% by 2025 [9][14]. Impact of Decoupling - The decoupling between the U.S. and China is seen as a mutual trend, with both countries pushing for reduced interdependence [11][12]. - Despite U.S. efforts to bring back supply chains, Goldman Sachs indicates that this will be challenging due to China's critical role in global supply chains [11][12]. Future Economic Outlook - Goldman Sachs has adjusted its GDP growth forecasts for China to 4.0% for 2025 and 3.5% for 2026, primarily due to tariff risks, but emphasizes the acceleration of structural transformation towards domestic demand and innovation [12][16]. - The report suggests that while geopolitical tensions and tariffs pose uncertainties, China's strong policy execution can help offset potential economic downturns [16]. Investment Opportunities - The article highlights that Chinese companies are increasingly becoming brand exporters rather than just manufacturers, with significant growth in technology exports, particularly in AI software and consumer electronics [14][16]. - The RCEP agreement has strengthened China's trade network, making ASEAN its largest trading partner, surpassing both the EU and the U.S. [14][16].

Core Insights - The recent announcement regarding the cancellation of the 10% "fentanyl tariff" on Chinese goods and the one-year suspension of the 24% "reciprocal tariff" is seen as a significant positive development for cross-border e-commerce, particularly for platforms like eBay [1] - eBay has reported double-digit growth in transaction volume for Chinese automotive parts sellers despite facing various challenges in the past three quarters [1][4] - The cross-border e-commerce industry is experiencing a shift towards Europe as a new primary market, driven by geopolitical uncertainties affecting the U.S. market [2][3] Industry Trends - The cross-border e-commerce sector is characterized by high uncertainty due to fluctuating tariff policies and logistics costs, prompting sellers to adjust their shipping strategies and product pricing [2] - Companies are increasingly looking to diversify their markets, with Europe emerging as a key focus area, necessitating compliance with local regulations such as VAT [2][3] - The European market presents a "blue ocean" opportunity due to higher competition barriers, making compliance and consumer insights critical for success [3] Market Performance - Despite macroeconomic challenges, eBay's performance in the automotive parts sector remains strong, with significant growth in both the U.S. and emerging categories like trading cards [4][5] - The company is actively preparing to expand its presence in Europe, particularly in sectors like automotive parts and home goods, leveraging data insights to match supply with demand [5] Seller Considerations - Companies looking to enter the European market must conduct thorough consumer research and ensure compliance with local regulations to navigate the complexities of different markets [6] - The transition from B2B to B2C requires a fundamental shift in mindset and operational structure, emphasizing the need for flexibility in supply chains and a focus on consumer experience [7][8] Long-term Strategy - eBay is committed to a long-term approach in exploring "industrial belts" to drive new demand, focusing on matching supply chains with market opportunities [12] - The platform aims to maintain its role as a facilitator, connecting consumers with sellers while encouraging a diverse range of third-party brands to thrive [13] Competitive Landscape - eBay recognizes the growing competition in the cross-border e-commerce space but emphasizes its deep-rooted presence in the automotive parts sector and its loyal customer base as key differentiators [14] - The company is focused on enhancing buyer experience through various initiatives, including buyer protection programs, to drive traffic and improve conversion rates [14]

Core Viewpoint - The recent trade discussions between China and the U.S. have led to the cancellation of certain tariffs, which is seen as a significant positive development for cross-border e-commerce, particularly for platforms like eBay [1]. Industry Trends - The cross-border e-commerce industry is facing significant uncertainty due to fluctuating tariff policies and logistics costs, prompting sellers to adjust their shipping strategies and product pricing [2][3]. - There is a growing trend among businesses to diversify their markets, with Europe emerging as a new focal point due to geopolitical challenges in the U.S. market [2][3]. - Compliance with regulations, such as VAT in Europe, is becoming increasingly important for businesses looking to enter the European market [3]. Market Performance - Despite geopolitical challenges, the automotive parts sector has shown strong growth, with double-digit increases in sales on eBay [4]. - Emerging categories like trading cards have also seen significant demand, with Chinese sellers experiencing over 300% growth in this area [4]. Market Characteristics - The European market is characterized by high competition and regulatory requirements, making it essential for businesses to prepare adequately for compliance and consumer insights [3][5]. - The automotive and home goods sectors in Europe are performing well, particularly in renewable energy products and consumer electronics [5]. Business Strategy - Companies need to focus on long-term strategies and supply chain depth to succeed in cross-border e-commerce, particularly when transitioning from B2B to B2C models [7][9]. - Building a strong brand identity is crucial for businesses to differentiate themselves in the market and foster consumer trust [8][10]. Supply Chain Insights - Businesses must consider the entire supply chain, including logistics and operational costs, to effectively compete in the cross-border e-commerce landscape [12]. - eBay is actively working to connect factories with market demands, particularly in underexplored sectors like commercial vehicles and heavy machinery [13]. Competitive Landscape - eBay aims to maintain its competitive edge in the automotive parts sector by enhancing buyer experiences and fostering long-term relationships with sellers [15]. - The company emphasizes the importance of collaboration within the industry to expand market opportunities and improve consumer habits [15].

Core Viewpoint - The recent economic data from China's National Bureau of Statistics demonstrates resilience in the face of external pressures and internal challenges, indicating that the economy is not only stable but also progressing steadily [1][3][9] Economic Stability - China's GDP growth rate remains stable within a reasonable range, with manufacturing PMI returning to expansion, and social consumption rebounding [1][4] - The economy is characterized by a strong internal market, supported by 1.4 billion people, and a robust manufacturing sector [6][9] Structural Transformation - Emerging industries are growing at a faster pace than traditional sectors, with significant contributions from equipment manufacturing, digital economy, renewable energy, artificial intelligence, and life sciences [4][6] - The shift from "capacity-driven" to "innovation-driven" growth reflects a deeper structural change in the economy, focusing on quality rather than quantity [4][6] Resilience and Adaptation - Despite external fluctuations in orders and internal consumption challenges, China continues to find ways to buffer against downturns through stable infrastructure investment and a recovering private sector [6][7] - The economy's resilience is attributed to a strong internal circulation potential and the creativity of its workforce [6][9] Global Positioning - China's foreign trade structure is optimizing, with new growth points emerging in regions such as ASEAN, Africa, the Middle East, and Latin America [6][9] - The share of high-tech manufacturing exports is increasing, particularly in sectors like new energy vehicles, batteries, and solar panels [6][9] Employment and Social Stability - Employment levels are increasing despite pressures, with urban unemployment rates remaining stable and limited price fluctuations [7][9] - The focus on food security, social welfare, and disaster prevention systems contributes to the overall stability of the economy [7] Conclusion - The narrative surrounding China's economy is one of strength and perseverance, countering external pessimism with tangible results and a commitment to sustainable growth [9]