来源：环球时报 美国国会下属的美中经济与安全审查委员会成员利兰·米勒说，政府希望建立一个有印度和其他盟友参 与的供应链，在特定领域实现对中国的"脱钩"。考虑到生产用于制造药物的起始化合物利润微薄且收益 低下，这将是一项几乎不可能完成的事业。 新加坡亚洲新闻台11月27日文章，原题：中国掌握着全球制药市场的所有牌中国在医药供应链中扮演着 重要角色，美国和其他国家在很大程度上依赖中国生产其药品的基础原料。由于自20世纪50年代开始发 展的庞大且商品化的产业，中国在全球药品供应链中发挥着举足轻重的作用。中国是被称为关键起始物 料（KSM）的化合物的重要生产国，这些化合物用于生产被称为活性药物成分（API）的原料。 中国在20世纪80年代开始放开生产，同时也对其他经济领域进行改革，重点是降低成本。一篇媒体报道 援引一名美企高管的话说，如果美国公司试图复制原材料供应链，其成本将上涨50%。制药行业的情况 很可能类似。事实上，中国在许多关键领域都占据着主导地位。（作者Juliana Liu，宋波译） 关于美国对中国依赖的确切程度，目前尚缺乏确凿数据。大型制药商没有太多动力详细说明这种依赖的 深度。较可靠的估计数据来自美国 ...

Core Viewpoint - President Trump announced a 100% tariff on pharmaceutical products entering the US starting October 1st unless companies establish manufacturing plants in the US, with the EU and Japan exempt from this tariff [1] Group 1: Market Reaction - The pharmaceutical sector is responding positively to the news, with stocks of major pharmaceutical companies trading higher [2] - This tariff announcement is perceived as a "d-risking event" for the pharmaceutical industry, alleviating investor uncertainty since the initial tariff announcement on April 2nd [3] Group 2: Manufacturing Plans - Many pharmaceutical companies have already announced plans to increase manufacturing in the US, which may mitigate the impact of the tariffs [4] - A comprehensive list of companies that have made public commitments to expand manufacturing includes major players in both the US and Europe, indicating a proactive approach to the new tariff environment [5] Group 3: Future Investments - Companies in the pharmaceutical sector typically have long-term plans (5 to 10 years) for capital expenditures and manufacturing growth, which may have been accelerated due to the tariff announcement [7] - There is an expectation that new manufacturing plants will begin construction soon, reflecting a genuine commitment to increasing domestic production [8]

Core Viewpoint - Singapore's manufacturing sector continued its growth momentum in April, driven by early shipments in the electronics and aerospace engineering industries, with a year-on-year increase of 5.9% and a month-on-month increase of 5.3%, marking the tenth consecutive month of positive growth [1] Group 1: Manufacturing Performance - The manufacturing sector, excluding biomedical, saw a year-on-year growth of 8.1% in April, with the electronics sector experiencing a significant increase of 15.2% and aerospace engineering growing by 22.9% [1] - The growth in the electronics sector was primarily driven by strong export demand for communications and consumer electronics (up 67.8%), semiconductors (up 11.7%), and computer peripherals (up 11.3%) [1] - The aerospace sector was boosted by robust demand for commercial aviation maintenance, repair, and overhaul (MRO), which surged by 39.5% year-on-year [1] Group 2: Future Risks and Concerns - Despite the strong data, analysts express caution regarding future trends, noting that the current manufacturing growth is influenced by an "early shipment effect" that may not be sustainable, especially after the end of the "90-day tariff buffer window" [1] - OCBC Bank predicts that Singapore's manufacturing growth for the entire year of 2025 may only reach 0-2%, with the possibility of negative year-on-year growth in the second half of the year [2] - UOB warns that the significant growth in April was largely due to export companies rushing to ship products to avoid potential tariffs, and future trade disputes, particularly between the US and Europe, could severely impact Singapore's relevant industries [2] Group 3: Subsector Performance - Some manufacturing subsectors in Singapore showed weak performance, with biomedical manufacturing declining by 1.1%, chemicals down by 3.2%, and general manufacturing (including food, printing, and furniture) experiencing a decline of 15.2% [2] - The chemical industry faced challenges due to high inventories of refined oil and petrochemical products, compounded by raw material supply issues and maintenance activities, leading to continued output declines [2] - The biomedical sector's output was affected by changes in the product structure of active pharmaceutical ingredients (API), resulting in a year-on-year decrease in pharmaceutical output of 1.6% [2]