新华财经北京1月9日电 2025年11月德国经济呈现"内强外弱"的显著分化：工业产出环比增长0.8%，大 幅超出市场预期的下降0.4%；但同期出口额意外环比下降2.5%，降至1281亿欧元，创13个月新低，亦 低于持平的普遍预期。 工业产出由汽车业强力驱动 11月工业产出的超预期表现主要得益于制造业关键部门的强劲反弹。其中，汽车行业产出环比激增 7.8%，成为最大贡献者。机械工程产出增长3.2%，机器维护与装配产出更大幅上升10.5%。若剔除波动 较大的能源部门（当月能源生产下降7.8%），整体工业产出环比增幅达2.1%。其中，资本货物生产增 长4.9%，显示投资相关需求保持韧性。不过，中间产品生产下降0.8%，消费品生产微降0.3%，反映部 分产业链仍承压。 此前10月工业产出数据亦被上修，由初值增长1.8%上调至2.0%，进一步印证工业活动的持续动能。 出口全面承压，欧美市场同步走弱 与工业产出形成鲜明对比的是，德国出口在11月显著回落。经季节调整后，出口额环比下降2.5%，进 口则增长0.8%，导致贸易盈余收窄至131亿欧元，低于预期的165亿欧元及前值169亿欧元。 具体来看，德国对最大出口目的地美国 ...

欧盟这次的处境真的非常尴尬，几乎被逼到了墙角。12月23日零点，中国海关准时启动了对欧盟乳制品 的反补贴税征收程序，同一天，巴西总统卢拉也向布鲁塞尔发出了最后通牒。这两件看似毫不相关的事 件，却在24小时内几乎同时冲击了欧盟。一方面，欧盟价值120亿欧元的乳制品市场面临成本飙升，另 一方面，他们筹备了26年、涵盖7亿人口的自贸区也眼看着可能破灭。 这哪里是巧合，明明是欧盟自己 制造的困境。自1999年南共市与欧盟开始谈判自由贸易协议以来，双方最初都认为三年内就能达成协 议。然而，这一谈就是26年，其中多次传出协议即将签署的消息，但每次都以雷声大雨点小告终。直到 去年12月，双方终于宣布达成协议，但在批准环节却再次陷入僵局。 问题到底出在哪里？根本原因是欧盟的决策机制本身就是一个巨大障碍。欧盟的27个成员国中，需要至 少15个国家同意，且这些国家的人口占比必须超过65%。若任何一个条件没有满足，协议就无法生效。 为了保护本国农民，法国总统马克龙甚至组建了一个反对少数派，而波兰和奥地利也投了反对票。 真 正棘手的问题出现在意大利。现在，意大利成为了关键的摇摆票，它的立场决定了协议能否达成。12月 18日的欧盟峰会 ...

新华社柏林12月22日电（记者李函林）德国经济研究所22日发布报告显示，受美国加征关税影响， 2025年前三季度德国对美国出口同比下降近8%。汽车、化工和机械制造三大支柱产业的出口降幅占了 出口总额降幅近七成，其中汽车及零部件对美出口同比下降约15%，机械制造业和化工产品出口分别下 滑近10%。 德国经济研究所分析指出，美国对钢铁、铝及其相关制品征收高达50%的关税，显著推高了德国机 械制造企业的出口成本，成为拖累相关出口的重要因素。化工行业除关税影响外，德国国内能源价格高 企导致产量下降，也在一定程度上削减了出口规模。 报告显示，德国对美出口出口规模已回落至低于2022年水平。相比之下，2016年至2024年间，德国 对美出口保持年均约5%的增长。分析认为，美国今年对来自德国及其他欧洲国家的商品加征关税，是 导致德国对美出口下滑的主要原因。 德国经济研究所经济学家萨米娜·苏丹指出，在美国关税短期难以显著下调的预期下，德国有必要 降低对美国市场的依赖，加快开拓南美、印度和印度尼西亚等新市场，并着力消除欧盟内部的贸易壁 垒。同时，应提升德国本土产业的国际竞争力。（完） ...

Economic Growth and Stability - Despite increased volatility in economic data in the second half of the year, the annual economic growth target is expected to be met due to a strong first half, with GDP growth of 5.2%[1] - Industrial production growth remains stable, with a year-on-year increase of 4.8% in November, slightly down from 4.9% in October[12] - Exports have rebounded significantly, with a year-on-year growth of 5.9% in November, up from -1.1% in October, driven by external demand[12] Investment Trends - Fixed asset investment cumulative year-on-year growth decreased from -1.7% to -2.6%, with a monthly decline of 11.5% in November[15] - Manufacturing investment maintained positive growth at 1.9% year-on-year, although monthly growth was negative at -4.5%[16] - Real estate investment saw a cumulative year-on-year decline of 15.9%, with a monthly drop of 30% in November[27] Consumer Spending - Social retail sales growth fell to 1.3% year-on-year in November, a decrease of 1.6 percentage points from the previous month, marking six consecutive months of decline[31] - The retail sales total saw a month-on-month decline of 0.42%, indicating weakened consumer momentum[31] - Major consumer categories, including jewelry and home appliances, experienced significant drops in sales growth, with jewelry sales falling from 37.6% to 8.5% year-on-year[34]

Summary of Key Points Core Viewpoint - The company, Haowu Co., Ltd., has disclosed significant external guarantees amounting to approximately 618 million RMB, which represents 39.83% of its audited net assets as of December 31, 2024, and 24.63% of its total audited assets [1]. Financial Guarantees - The total amount of external guarantees provided by the company and its subsidiaries is approximately 618 million RMB [1]. - The guarantees provided to subsidiaries include about 148 million RMB from the company and approximately 470 million RMB from its subsidiary, Neijiang Pengxiang [1]. - The current total balance of external guarantees stands at around 168 million RMB, accounting for 10.84% of the company's audited net assets as of December 31, 2024 [1]. - There are no guarantees provided to companies outside the consolidated financial statements [1]. Revenue Composition - For the first half of 2025, the revenue composition of Haowu Co., Ltd. is as follows: automotive services account for 71.15%, machinery for 28.23%, and other businesses for 0.62% [1]. Market Capitalization - As of the latest report, the market capitalization of Haowu Co., Ltd. is 2.7 billion RMB [2].

12月8日，海关总署公布了今年前11个月的外贸数据，我国贸易顺差首次超1万亿美元。民营企业成为外 贸稳定增长的核心支柱，占我国外贸总值的57.1%。 此外，我国也面临着复杂的国内国际形势，不断推动稳外贸的政策，包括出口信贷、支持贸易的便利化 措施、海关通关的措施，使一些企业纾困的压力大大减缓。 中国对美出口下降 但全球贸易地位为何不降反升？ 张茉楠：我觉得中美之间现在的变化，也恰恰体现了全球化时代深度依存的关系。中国对美国的贸易出 口出现了很大的降幅，但中国作为全球贸易大国，中国在全球的贸易顺差这样一种分量其实不降反升， 我国对很多国家其实都是保持了贸易不断发展。尽管与美国的贸易有所下降，但是中国对全球的贸易增 长反而越来越紧密，比如我们与不同的贸易伙伴之间，形成了更加稳定、更加紧密的贸易互惠关系。 一方面体现了中国作为全球贸易增长引擎的地位。另外，中国近些年来，不断去拓展贸易多元化或者贸 易结构升级，现在在全球的一些比如高技术产品中，中国不可替代性的角色越来越明显了。比如欧盟对 中国的新能源汽车、工业设备，还有轨道交通这些产品的需求实际上都是在增长的，这是双方在产业结 构分工和贸易结构变化之间的客观结果，也 ...

出口产品结构升级，新兴市场多点开花，我国外贸韧性来自哪里？明年的外贸怎么干，如何继续焕发中国活力？《新闻1+1》连线中国国际经 济交流中心研究员张茉楠，带来分析解读。 12月8日，海关总署公布了今年前11个月的外贸数据，我国贸易顺差首次超1万亿美元。民营企业成为外贸稳定增长的核心支柱，占我国外贸总 值的57.1%。 张茉楠：我觉得中美之间现在的变化，也恰恰体现了全球化时代深度依存的关系。中国对美国的贸易出口出现了很大的降幅，但中国作为全球 贸易大国，中国在全球的贸易顺差这样一种分量其实不降反升，我国对很多国家其实都是保持了贸易不断发展。尽管与美国的贸易有所下降， 但是中国对全球的贸易增长反而越来越紧密，比如我们与不同的贸易伙伴之间，形成了更加稳定、更加紧密的贸易互惠关系。 一方面体现了中国作为全球贸易增长引擎的地位。另外，中国近些年来，不断去拓展贸易多元化或者贸易结构升级，现在在全球的一些比如高 技术产品中，中国不可替代性的角色越来越明显了。比如欧盟对中国的新能源汽车、工业设备，还有轨道交通这些产品的需求实际上都是在增 长的，这是双方在产业结构分工和贸易结构变化之间的客观结果，也是我们现在看到的新形势和新变化 ...

Investment Chain - Prices of tin, silver, and gold have risen since November 2025. [1] - Fixed asset investment growth rate has decreased to -1.70% as of October 2025, with real estate development investment down by -14.70%. [1] - Manufacturing fixed asset investment growth rate is at 2.7%, while infrastructure investment growth rate is at 1.51%. [1] - Prices of copper, aluminum, lead, zinc, and nickel have decreased, while power coal prices slightly increased to 698 RMB/ton. [1] Consumption Chain - Consumer confidence index rose to 89.60 in September 2025. [2] - Nominal growth rate for October 2025 fell to 2.90%, with cumulative nominal growth rate down by 4.30%. [2] - Sales area of commercial housing saw a cumulative year-on-year decline of -7.63% in October 2025. [2] - Automobile sales growth rate decreased to 8.82% in October 2025, and home appliance retail sales fell by -10.25%. [2] Export Chain - Export growth rate to the US increased in October 2025, while exports to the EU, Japan, and ASEAN saw a decline. [3] - Cumulative export growth rates for products like agricultural goods, toys, furniture, and steel have decreased. [3] - The overall export growth rate fell to 20.21% in October 2025, with textile exports down by -9.10%. [3] Price Chain - Pork prices increased to 12.24 RMB/kg as of November 19, 2025, while oil prices decreased to 57.95 USD/barrel. [4] - Prices for cotton and white sugar have declined, while MDI prices showed mixed trends. [4] - New credit increased to 220 billion RMB in October 2025, with life insurance premium income growth rate down to 12.68%. [4]

Core Insights - The "2025 Xi'an Key Industry Talent Demand Directory" has been released to match talent needs with key pillar industries, digital economy sectors, and future industries in Xi'an [1][2] - The directory includes a total of 214 critical positions, with 115 in key pillar industries, 53 in the digital economy, and 46 in future industries [1] Group 1: Talent Demand by Industry - The electronic information industry has critical positions such as analog IC design engineers and algorithm engineers [1] - The high-end equipment manufacturing sector requires positions like power electronics R&D engineers and mechanical R&D engineers [1] - The automotive industry is looking for embedded development engineers and automotive project managers [1] Group 2: Shortage Position Distribution - High-end equipment manufacturing and digital product service industries have the highest proportion of critical positions, each at 10.3% [1] - The electronic information, aerospace, and new materials and renewable energy industries follow closely, each with a critical position proportion of 9.8% [1] - The automotive industry has a critical position proportion of 7.9%, while digital product manufacturing stands at 6.5%, and both food and biomedicine, as well as hydrogen and energy storage industries, are at 6.1% [1] Group 3: Educational Requirements - Key pillar industries show a broad demand for various educational levels, while future industries have a strong demand for PhD-level talent [2] - The digital economy sector has a relatively balanced educational requirement across different positions [2] - The proportion of critical positions in management, technical R&D, marketing, and professional support roles in key pillar industries is significantly higher than in digital economy and future industries [2]

Core Viewpoint - The trade agreement between the EU and the US is deemed "worthless" for the German and European machinery manufacturing industry, with potential severe impacts from the expansion of US steel and aluminum tariffs on machinery exports [1][3]. Group 1: Impact of Tariffs - The German Machinery Manufacturers Association warns that if the US expands the tariff scope in December, approximately 56% of German machinery exports to the US will be affected, impacting nearly all sectors of the machinery industry [3]. - The US plans to impose a 50% tariff on about 200 types of machinery products, with the worst-case scenario potentially leading to punitive tariffs as high as 200% [1]. - In August, the US expanded the range of EU machinery products subject to steel and aluminum tariffs, affecting around 40% of the total machinery exports from Germany and the EU to the US [1]. Group 2: Broader Implications - The tariffs not only disrupt trade between the US and Europe but may also undermine the stability of global manufacturing supply chains [5]. - The association emphasizes that European-manufactured machinery plays a crucial role in US production, particularly in sectors vital to national security, such as weapon systems, semiconductors, and aerospace [3].