就在当地时间11月24日，位于布鲁塞尔的欧盟总部上演了一场颇具讽刺意味的贸易谈判。欧盟委员会贸易委员谢夫乔维奇自以为带着满满诚意，向美国商务 部长卢特尼克提出"美欧联合应对中国"的建议，希望借此换取美国取消对欧盟钢铁产品征收的高达50%的关税。然而，美国方面的回应却给欧盟浇了一盆冷 水。美国不仅直接拒绝，还明确表示"可以联合应对中国，但钢铁关税绝不会减免。"欧盟之所以迫切希望美国取消钢铁税，是因为特朗普政府此前的一项政 策。去年8月，特朗普政府宣布将更多钢铁产品纳入50%关税的清单，包括数百种含钢和铝的产品。这一举措在布鲁塞尔引发强烈反弹，因为钢铁产业是欧 盟的重要支柱产业之一，德国、法国、意大利等国的钢铁企业对美出口规模巨大，是重要收入来源。因此，为了让美国松口，欧盟频频打出"中国牌"，在会 上强调美欧应携手应对所谓的"中国产能过剩问题"。 欧盟认为，通过在对华问题上与美国保持一致，能够改善与白宫的关系，为钢铁税减免创造条件。然而，欧盟的"投名状"并未换来美国的让步。美国商务部 长明确表示，欧盟可以在中国议题上加强合作，但不会在钢铝关税上给出任何优惠。换言之，美国既要欧洲配合，又不愿在自身关切上做出让步。此 ...

近年来，随着中国积极推进高水平制度型开放，加快构建国内国际双循环新发展格局，产业链供应链国 际合作持续深化，中国企业国际竞争力稳步提升，国际视野更广，出海发展的意愿愈发强烈。在企业积 极拓展国际市场进程中，中国服务出口潜力不断激活。 加强有效机制保障 数据显示，今年前三季度，我国服务贸易稳步增长，服务进出口总额59362.2亿元，同比增长7.6%。其 中，出口26015亿元，增长14.4%；进口33347.2亿元，增长2.8%。 数据攀升的背后，凸显出近年来一系列先行先试政策正持续转化为推动服务业开放、优化营商环境的制 度红利，使高水平开放加速落地实施。 今年5月，一批用于治疗儿童罕见病的药品伏索利肽在海关关员快速验放后，从北京天竺综保区科园贸 易的库房出发，迅速运往北京儿童医院救治患者。 这些尚未在国内正式获批的进口罕见病药品，之所以能实现从"人等药"到"药等人"的转变，靠的正是北 京罕见病药品保障先行区的"保税+罕见病保障"特色模式。国务院批复的《支持北京深化国家服务业扩 大开放综合示范区建设工作方案》中，支持北京建设罕见病医药品保障先行区，用"白名单"制度帮患者 解决"用药难"。截至目前，已有10多款罕 ...

近年来，我国消费市场规模稳步扩大，服务消费表现亮眼。2020年至2024年，居民服务性消费支出年均 增长9.6%。今年9月，商务部等部门印发《关于扩大服务消费的若干政策措施》，更大力度提振消费、 扩大内需。党的二十届四中全会审议通过的《中共中央关于制定国民经济和社会发展第十五个五年规划 的建议》提出，"以放宽准入、业态融合为重点扩大服务消费"。本期特邀专家围绕相关问题进行研讨。 把握升级趋势释放服务消费潜力 扩大服务消费的重要意义和作用体现在哪些方面？如何看待服务消费未来发展潜力？ 谭永生（中国宏观经济研究院产业经济与技术经济研究所副所长、研究员）：服务消费是促进民生改善 的重要支撑，也是消费转型升级的重要方向。当前，我国居民消费个性化、多样化、品质化的升级趋势 日益明显，正从商品消费转向服务消费，需充分认识发展服务消费的重大意义及其发展潜力，坚持扩大 内需这个战略基点，增强国内大循环内生动力和可靠性。 扩大服务消费是扩内需的现实需要。商品消费多以满足功能性需求为主，边际效用会逐步递减，如居民 不会在短时间内重复购买家电、汽车等耐用消费品。服务消费更强调情感和体验层面的满足，具有持续 升级和反复消费的特性，这 ...

2025年10月26日，在吉隆坡举行的第47届东盟峰会上，美国总统特朗普与马来西亚总理安瓦尔签署了一 份名为《美国与马来西亚互惠贸易协定》的双边协定。协定签署后，马来西亚国内立即掀起轩然大波。 前总理马哈蒂尔愤怒地表示："我从未想过自己能活着见证这种投降"，反对党痛批协定是"主权的出 卖"，民间组织呼吁议会否决这一"危害国家主权"的协定。 美国总统特朗普与马来西亚总理安瓦尔 为何一份贸易协定会引发如此强烈的反弹？当协定全文公布后，原因显而易见。这是一份极端不平等的 协定——专业贸易法专家对协定进行逐条统计后发现，马来西亚承担了104项具体约束性义务，而美国 仅承担4项，比例高达26:1。 更令人震惊的是，长达14页的附件III完全是针对马来西亚的单向承诺清单，涵盖税收政策、互联网控 制、技术标准等国内政策领域，而美国没有任何对等承诺。这种绝对的单向性，让人不禁想起19世纪殖 民时期的不平等条约附件，宗主国单方面列出殖民地必须遵守的规定。只不过，21世纪的不平等条约不 再割地赔款，而是剥夺数字主权和政策自主权。 这不仅仅是一份贸易协定，而是21世纪数字时代主权沦丧的典型案例。通过这份协定，美国系统性地削 弱了马 ...

Group 1: U.S. Trade Policy and Agreements - The U.S. has implemented a series of tariffs, including a 10% baseline tariff and additional tariffs based on trade deficits, with rates reaching up to 104% for China[14][3] - Since April 2025, the U.S. has engaged in three phases of trade negotiations: exploratory, difficult negotiations, and signing agreements, with significant pressure on trade partners to comply[10][2] - The agreements reached primarily reflect "America First" principles, with countries making concessions on tariffs, investments, and market access[2][1] Group 2: Global Economic Impact - The traditional multilateral trade order is being undermined, leading to a restructured global economic system where trade relations are increasingly determined by national power rather than market forces[2][1] - Economic nationalism and fair trade ideologies are emerging as new narratives in global trade, with countries forming regional alliances to enhance economic resilience[2][1] - Despite U.S. trade pressures, China's economy remains resilient, with a projected increase in foreign trade in the first three quarters of 2025, as other regions fill the gap left by reduced U.S. exports[3][1] Group 3: Risks and Uncertainties - The uncertainty surrounding U.S. tariff policies poses risks, as judicial challenges could lead to significant changes in trade relations[4][1] - The recent U.S.-China economic agreement is merely a framework and does not resolve underlying strategic differences, leaving room for future trade tensions[4][1] - Third-party countries may face pressure to align with U.S. policies, potentially leading to increased tariffs on Chinese products and further complicating China's economic landscape[4][1]

Core Points - The article emphasizes the importance of expanding high-level opening-up to promote trade innovation, enhance bilateral investment cooperation, and build the "Belt and Road" initiative [1] Group 1: Trade Innovation Development - The focus is on improving foreign trade quality and efficiency, aiming to build a strong trading nation [2] - There is an emphasis on optimizing and upgrading goods trade, expanding intermediate goods trade, and promoting green trade [2] - The article highlights the need for digital trade innovation, including the expansion of digital product trade and the optimization of digital service trade [2] Group 2: Import and Export Balance - The strategy includes actively expanding imports and enhancing the convenience of import trade [2] - It aims to cultivate national import trade innovation demonstration zones and promote balanced development of imports and exports [2] - The development of service trade is encouraged, particularly in knowledge-intensive services and traditional advantage services [2] Group 3: Trade Facilitation and New Business Models - The article discusses enhancing the functions of trade promotion platforms and organizing various trade fairs [2] - Support for new business models such as cross-border e-commerce and overseas warehouses is emphasized [2] - The need for improved export control and safety review mechanisms is also highlighted [2]

Financial Data and Key Metrics Changes - Company-wide revenues before reimbursable expenses (RVR) grew 17% in Q3 2025, including 10% organic growth, reflecting strong demand and execution [3][20] - RVR for Q3 2025 was a record $432.4 million, up 16.8% from $370 million in Q3 2024 [19] - Net income for Q3 2025 was $30.4 million or $1.71 per diluted share, compared to $27.1 million or $1.47 per diluted share in Q3 2024 [21] - Adjusted EBITDA was $67.4 million in Q3 2025, or 15.6% of RVR, compared to $54.9 million or 14.8% of RVR in Q3 2024 [22] - Adjusted net income was $37.4 million or $2.10 per diluted share in Q3 2025, a 25% increase over Q3 2024 [23] Business Line Data and Key Metrics Changes - Healthcare segment RVR grew 20% year-over-year, with organic growth of 19% excluding recent acquisitions [4][24] - Education segment RVR grew 7% year-over-year, driven by strong demand for strategy and operations, research, and digital offerings [9][10] - Commercial segment RVR grew 27% year-over-year, driven by acquisitions and continued organic growth [12][25] Market Data and Key Metrics Changes - The healthcare segment generated 51% of total company RVR in Q3 2025, with a record RVR of $219.5 million [23] - The education segment accounted for 30% of total company RVR, with a record RVR of $129.4 million [25] - The commercial segment generated 19% of total company RVR, with a record RVR of $83.4 million [26] Company Strategy and Development Direction - The company aims to leverage AI and automation across its offerings to drive value creation and efficiency [8][16] - The strategy includes integrating commercial offerings to enhance the go-to-market strategy and drive above-average growth [15][16] - The company is focused on delivering demonstrable ROI for clients, which is critical for maintaining strong client relationships and repeat business [34] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand across core end markets, positioning the company well for continued growth in 2026 [4][17] - The company expects to achieve full-year 2025 RVR guidance of $1.65 billion-$1.67 billion and adjusted non-GAAP EPS of $7.50-$7.70 [16][30] - Management highlighted the importance of a strong culture in attracting and retaining talent, which supports growth [49][50] Other Important Information - The company closed on acquisitions of Treliant and Wilson Perumal, contributing to growth in the commercial segment [19][14] - The effective income tax rate for Q3 2025 was 28.7%, with an expected full-year rate of 23%-25% [22] - The company repurchased approximately 147,000 shares in Q3 2025, totaling $152.5 million year-to-date [30] Q&A Session Summary Question: Insights on performance improvement in healthcare - Management noted strong market conditions driven by margin pressures, leading to increased demand for performance improvement services [33][34] Question: Outlook for 2026 - Management indicated confidence in the multi-year growth model discussed at the investor day, with potential for higher outcomes based on continued execution [40][41] Question: Demand inflection in commercial segment - Management observed improved sales conversion in financial advisory and strategy offerings, indicating a positive trajectory [44][45] Question: Hiring capabilities for growth - Management expressed confidence in hiring capabilities, supported by a strong culture that attracts talent and reduces attrition [49][50] Question: Customer decision-making in education - Management noted a stable outlook in education, with clients making long-term decisions amidst previous disruptions [51][52] Question: Utilization rates and margin expansion - Management acknowledged lower utilization due to headcount additions but expects improvement as projects ramp up [74][76] Question: AI focus in projects - Management indicated that approximately 15%-20% of total revenue is related to AI projects, with expectations for growth in this area [64][66]

Core Insights - The report titled "2025 Digital Trade Key Policy Compilation (First Edition)" provides a comprehensive overview of national and local policies supporting the innovation and development of digital trade in China, serving as a policy guide for relevant stakeholders [1][2]. National and Local Policies - The report categorizes policies into national and local levels, with national policies issued by the State Council and the Ministry of Commerce, while local policies cover various provinces and cities such as Beijing, Shanghai, and Guangdong [3]. - The implementation timeline of these policies spans from 2020 to 2025, reflecting ongoing updates to adapt to the rapid development of digital trade [3]. Development Goals - Specific quantitative targets are set, such as achieving over 45% of service trade being digitally delivered by 2029, and over 50% by 2035 [3]. - Local governments have also established growth targets for their digital trade sectors [3]. Key Areas of Focus - The policies emphasize four key areas: digital products, digital services, digital technologies, and digital ordering trade, supporting the development of new business models like cross-border e-commerce and service outsourcing [3]. - Critical measures include easing market access, promoting cross-border data flow, enhancing intellectual property protection, and improving fiscal support [3]. Pilot Programs and Regional Focus - Pilot programs are being conducted in regions like Beijing, Shanghai, and Zhejiang, focusing on cross-border data flow and alignment with digital regulations [3]. - Coastal provinces are concentrating on building international hubs, while central and western regions leverage their geographical advantages to develop specialized digital trade sectors [3]. Institutional Support and Resource Allocation - The report highlights the need for legislative and standard-setting efforts in the digital trade sector, alongside establishing monitoring and risk prevention mechanisms [3]. - Resource support is provided through fiscal funding, innovative financial products, and talent development initiatives [3].

Core Viewpoint - Accelerating the development of service trade is crucial for expanding high-level opening-up and cultivating new momentum for foreign trade development. Recent policies aim to enhance service exports and promote high-quality development in service trade [1][3]. Group 1: Policy Measures - The newly issued policies include utilizing funding channels and improving bonded supervision systems to boost service exports [1]. - Specific measures target financial and tax support, enhancing precision and effectiveness in promoting service export new business models and green services [1][2]. Group 2: Investment and Funding - The Service Trade Innovation Development Fund, approved by the State Council, plays a significant role in driving service trade innovation and has invested 93 billion yuan in 47 sub-funds and 25 direct projects as of May last year [2]. - The fund has invested in 538 enterprises, totaling 424 billion yuan, demonstrating its capacity to leverage social capital for service trade development [2]. Group 3: Taxation and Efficiency - Implementing a zero tax rate for service exports encourages expansion, with the new policies optimizing the application process for this tax exemption [2]. - The focus is on streamlining tax filing procedures and enhancing inter-departmental collaboration to improve efficiency in service export tax refunds [2]. Group 4: Overall Impact - Strengthening the collaboration among financial, regulatory, and tax policies is expected to enhance the international competitiveness of service export enterprises, indicating a positive outlook for China's service trade [3].

Core Insights - China's service trade is projected to exceed $1 trillion for the first time in 2024, marking a historic high and providing greater certainty for global economic development [1] Group 1: Growth and Structural Changes - The service trade's total import and export volume surpassed $737 billion in the first eight months of this year, indicating robust growth [1] - Knowledge-intensive services are emerging as a new growth engine, with significant increases in exports of telecommunications, computer, and information services [2] - The travel service sector is experiencing a strong recovery, with the expansion of visa-free policies attracting more international tourists to China [2] Group 2: Technological Empowerment - The recent China International Service Trade Fair showcased advanced technologies such as AI and 5G/6G, highlighting their integration into various sectors like finance, education, and healthcare [2] Group 3: Current Challenges - Traditional service sectors like logistics and construction still dominate, while high-value services such as finance and legal services have a high dependency on imports [3] - The eastern region contributes nearly 80% to the national service trade, while the central and western regions, despite rapid growth, remain small in scale [3] - China's participation in global digital service trade standard-setting is below 15%, limiting its influence in key areas like data cross-border flow and digital taxation [3] Group 4: Policy Initiatives - Recent policies from the Ministry of Commerce and other departments aim to promote service exports through 13 specific measures targeting financing difficulties and data flow issues [4] - The focus is on supporting new business models like digital and green services, with a comprehensive policy framework to guide future development [4] - The development of high-quality service trade is closely linked to domestic demand expansion, encouraging the supply of quality services through innovative scenarios and business integration [4]