欧盟短时期内虽难以通过正式立法来影响成员国决策，但其政策建议对于中欧数字领域合作产生的实际 恶劣影响却难以忽视。一方面，欧委会相关文件、言论是基于"华为和中兴高风险"等出于政治导向、毫 无根据的抹黑，以为其以行政手段干涉正常业务合作寻找理由，但这种谣言的散播本身就在单方面损害 中欧之间技术和经济合作的互信，甚至为部分国家反华政客在本国立法进程发挥消极作用张目。另一方 面，欧盟相关言论和政策倾向也表明，其在对华地缘政治认知持续消极的基础上，试图将削弱和限制经 贸联系作为缓解安全焦虑的主要途径。 然而，反观当前欧盟自身数字及整体竞争力领域的短板和弊端，这种借安全为名行封闭、保护之实的倾 向恐使欧洲更难摆脱其自身困境。长期以来，欧盟在数字经济领域就面临市场碎片化、基础设施老化等 问题，而5G等通信部署迟缓或性能落后已经成为其数字经济新业态、人工智能、大数据以及产业数字 化所面临的瓶颈性挑战。在欧盟自身发布的《竞争力指南》和单一市场评估等政策文件中亦存在相似问 题。 当前，以华为、中兴为代表的中国通信企业，在设备、技术及全套解决方案上能够提供效率、性能居于 世界领先地位的选项，早已超越以价格和劳动力成本竞争的逻辑。相 ...

Core Viewpoint - Nokia has decided to delist its shares from the regulated market of Euronext Paris, citing a comprehensive assessment of trading volume, costs, and administrative requirements associated with the listing [1] Group 1: Delisting Decision - The delisting is expected to save Nokia significant regulatory fees and administrative burdens, estimated to be in the millions of euros [1] - Nokia's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts (ADR) will remain on the New York Stock Exchange [1] - The decision has raised concerns among investors regarding Nokia's operational status, leading to a 4.76% drop in its U.S. stock [1] Group 2: Business Strategy and Market Position - The delisting coincides with a critical point in Nokia's business strategy transformation, shifting focus from mobile phones to network infrastructure, mobile networks (5G), cloud services, and technology licensing [2] - Nokia holds a 13% share of the global telecom equipment market, ranking second behind Huawei, which has a 31% share [4] - The company is facing challenges in the North American telecom market, with AT&T terminating a significant 5G contract with Nokia in favor of Ericsson [4] Group 3: Financial Performance - Nokia's Q3 financial report for the period ending September 2025 shows adjusted net sales of €4.833 billion, a 12% year-over-year increase, but operating profit declined by 10% to €435 million [5] - The company plans to increase investments in artificial intelligence, with NVIDIA announcing a $1 billion acquisition of a 2.9% stake in Nokia [5] - The partnership with NVIDIA aims to enhance Nokia's 5G and 6G software to run on NVIDIA chips, accelerating the development of AI-native mobile networks [5]

Group 1 - The core issue revolves around Europe's sudden shift in policy towards Chinese companies, particularly in the semiconductor and telecommunications sectors, following a meeting between US and Chinese leaders [1][17][19] - The Netherlands' decision to take control of ASML and halt its wafer supply to China is seen as a politically motivated move rather than a purely commercial one, raising questions about the legitimacy of the legal basis for such actions [4][8][10] - Germany's plan to replace all Chinese 5G equipment within two years is a significant escalation, reflecting a departure from its historically pragmatic approach to economic decisions [10][12][15] Group 2 - The Netherlands' actions are perceived as reckless and lacking substantial evidence of security risks, as ASML primarily serves non-sensitive industries like automotive and home appliances [6][8] - Germany's abrupt decision to replace Chinese equipment is driven by external pressures, despite the potential high costs and disruptions to the telecommunications infrastructure [12][14][15] - The shift in European policy is linked to growing concerns over China's rising influence in high-tech sectors and the potential loss of control over critical supply chains [19][21] Group 3 - In response to Europe's actions, China emphasizes its commitment to independent technological development and strengthening its semiconductor capabilities [21][22][24] - China's strategy includes fostering domestic "little giant" companies and expanding international cooperation, particularly through initiatives like the Belt and Road [22][24] - The ongoing tension presents Europe with a strategic choice between pursuing open cooperation or adopting a more isolationist stance under the guise of security [25][27][29]

Core Viewpoint - The recent decision by the Netherlands to cut off wafer supply to Nexperia's Chinese factory is seen as a significant move that could severely impact the global automotive supply chain, reflecting a shift in Europe's stance towards China influenced by U.S. pressure [1][3]. Group 1: Impact on Nexperia and the Automotive Industry - Nexperia, a key supplier in the global automotive industry, faces potential disruptions due to the Netherlands' decision to halt wafer supplies, which could lead to serious repercussions for the automotive supply chain [1]. - The German media has criticized the Netherlands' actions as a "rare foolish move," indicating a broader concern about the implications for international supply chains [1][3]. Group 2: European Response and Financial Implications - Germany plans to invest over 20 billion euros to replace Chinese-made 5G equipment, signaling a significant shift in its approach towards Chinese technology [1][4]. - The potential replacement of Chinese equipment may lead to increased costs for Germany's 5G network construction, placing a heavy burden on taxpayers [4]. Group 3: Underlying Factors and Strategic Concerns - The Netherlands' actions are perceived as a response to U.S. pressure, with the country aligning itself with U.S. interests in the semiconductor sector [3]. - There is a growing anxiety in Europe regarding China's technological rise, particularly as European manufacturing competitiveness declines, prompting a shift towards more protectionist measures [6]. Group 4: China's Countermeasures - Nexperia's Chinese division has effectively managed to mitigate the impact of the wafer supply cut by utilizing its inventory reserves, demonstrating the resilience of China's supply chain [8]. - China has indicated it may employ export controls on rare earth materials, which are crucial for high-tech industries, potentially increasing costs for European high-tech sectors [8]. Group 5: Future Outlook on China-Europe Relations - The evolving dynamics between Europe and China raise questions about the potential for a trade conflict, as Europe reassesses its reliance on the U.S. and considers a more independent approach to its policies towards China [8].

Core Viewpoint - Nokia is emerging as a significant player in the European AI sector following a $1 billion investment from Nvidia, which is expected to enhance its 5G and future 6G network software development capabilities [1][5]. Group 1: Financial Impact - Nokia's stock is poised for its largest weekly gain since January 2024 and is on track for its best month since 2013 [1]. - Despite the stock price being significantly lower than its peak during the early 2000s, analysts see the transition towards AI as a positive development for the company [5]. - The $1 billion investment will bolster Nokia's cash reserves and improve its competitive position in the mobile network sector, potentially stimulating future investments from telecom operators [5]. Group 2: Market Position and Analyst Sentiment - Analysts believe that the partnership with Nvidia positions Nokia favorably in both wireless access networks and the AI/data center market [5]. - Jefferies analyst upgraded Nokia's rating to "Buy," indicating a shift from a company struggling with sales growth to one poised for steady growth driven by AI data centers [9]. - The current price-to-earnings ratio for Nokia is approximately 19 times the expected earnings for next year, reflecting a recovery in investor confidence [6]. Group 3: Market Challenges - Despite the positive developments, there are cautious voices in the market, with predictions indicating that the overall wireless access network market will remain flat over the next decade [6]. - Telecom operators are expected to continue reducing capital expenditures to improve cash flow, indicating a sluggish mobile network market [6].

Group 1 - The core viewpoint of the article highlights the ongoing tensions and challenges in the US-China trade negotiations, with both sides maintaining a hardline stance while attempting to project a facade of progress [1][3][5] - The negotiations were characterized by a lack of alignment on key issues such as tariff extensions and export controls, indicating that substantial agreements were not reached [5][7] - Despite the tough rhetoric, both parties managed to provide each other with diplomatic cover, suggesting a willingness to continue discussions without making significant concessions [3][7] Group 2 - The article points out that the US's strategy of imposing tariffs and technology restrictions has not effectively curtailed China's exports, with daily shipments still reaching $1 billion despite tariffs [8][10] - In the third quarter of 2024, China's exports to the US exceeded $100 billion, with a trade surplus of nearly $67 billion, indicating resilience in its export sector [10][11] - China's manufacturing sector continues to dominate globally, holding a 30% share, which has increased by 5 percentage points since the trade war began [10][13] Group 3 - The article discusses the failure of the US's technology blockade, as China's self-sufficiency in chip production has significantly improved, with the self-sufficiency rate rising from 15% to 50% by 2025 [13][15] - Huawei has successfully navigated US restrictions, selling its new 5G equipment in over 120 countries, showcasing China's ability to adapt and innovate despite external pressures [15][16] - China's export diversification strategy has led to an 8% overall increase in exports in 2024, with significant growth in exports to ASEAN and Europe, particularly in new energy vehicles and solar components [16][18] Group 4 - The article emphasizes the strengthening of China's domestic market, with retail sales growing by 6.5% in 2024, surpassing export growth, indicating a robust consumer base [21] - China's GDP growth rate of 5.2% in 2024 outpaces the US's 2.5%, reflecting the resilience of its manufacturing sector and technological advancements [21] - The expansion of China's international partnerships through initiatives like the Belt and Road Initiative has enhanced its global trade network, with investments in developing countries increasing by 15% in 2025 [18][21]

Core Viewpoint - Nokia's stock surged by 10% to $6.105 following better-than-expected Q3 earnings driven by growth in network infrastructure and optical networks [1] Financial Performance - Nokia's Q3 net sales increased by 12% year-over-year to €4.828 billion, surpassing analyst expectations of €4.64 billion [1] - Adjusted operating profit decreased by 10% year-over-year to €435 million, but exceeded analyst expectations of €324 million [1] - Adjusted earnings per share remained flat at €0.06 compared to the same period last year [1] Business Drivers - The growth in performance was primarily driven by demand from artificial intelligence and cloud services customers [1] - After a period of weak 5G equipment sales, Nokia diversified its business by expanding into new areas such as AI and defense [1] Updated Guidance - The company updated its full-year profit forecast to €1.7-2.2 billion, an upward revision from previous expectations [1]

Core Viewpoint - Nokia's stock surged by 10% to $6.105 following better-than-expected Q3 2025 earnings driven by growth in network infrastructure and optical networks [1] Financial Performance - Nokia's Q3 net sales increased by 12% year-on-year to €4.828 billion, surpassing analyst expectations of €4.64 billion [1] - Adjusted operating profit decreased by 10% year-on-year to €435 million, but exceeded analyst average expectations of €324 million [1] - Adjusted earnings per share remained flat at €0.06 compared to the same period last year [1] Business Drivers - The growth in performance was primarily driven by demand from artificial intelligence and cloud service customers [1] - After a period of sluggish 5G equipment sales, Nokia diversified its business by expanding into new areas such as AI and defense [1] Future Outlook - The company updated its full-year profit forecast to €1.7-2.2 billion, an upward revision from previous expectations [1]

Core Insights - Nokia's stock rose over 7% to $5.95 following the announcement of its earnings, which showed adjusted operating profit of €435 million for Q3 2025, significantly exceeding analyst expectations of €324 million [1] - The CEO, Justin Hsu, attributed the growth primarily to increased demand from AI and cloud service customers [1] - After a period of weak 5G equipment sales, Nokia diversified its business by expanding into new areas such as AI and defense [1] - The company updated its full-year profit forecast to €1.7 billion to €2.2 billion, an upward revision from previous estimates [1] Financial Performance - Adjusted operating profit for Q3 2025 reached €435 million, surpassing the expected €324 million [1] - Full-year profit forecast revised to €1.7 billion to €2.2 billion, indicating a positive outlook despite previous downward adjustments due to U.S. tariff policies [1] Market Reaction - Nokia's stock price increased by 7.21% in pre-market trading, reflecting investor confidence following the earnings report [2] - The closing price before the announcement was $5.58, with a pre-market price of $5.95 [2] - The stock has a market capitalization of approximately $29.854 billion [2]

Core Insights - Nokia's Q3 2025 earnings performance exceeded market expectations, driven by growth in network infrastructure and optical network businesses [1] - The company reported a 12% year-on-year increase in net sales to €4.828 billion, surpassing analyst expectations of €4.64 billion [1][2] - Adjusted operating profit decreased by 10% to €435 million, but was better than the average analyst forecast of €324 million [1][2] Financial Performance - Net sales for Q3 2025 reached €4.828 billion, up from €4.326 billion in Q3 2024, marking a 12% increase [2] - Gross margin decreased to 43.7% from 45.2% year-on-year, reflecting a 150 basis points decline [2] - Operating profit for Q3 2025 was €239 million, down 14% from €278 million in Q3 2024 [2] - Profit for the period fell to €80 million, a 54% decrease from €175 million in the same quarter last year [2] Business Segment Performance - Network infrastructure segment reported net sales of €1.953 billion, a 28% increase year-on-year [2] - Mobile networks segment saw net sales of €1.842 billion, a slight decline of 1% [2] - Cloud and network services segment achieved net sales of €645 million, up 8% year-on-year [2] - Nokia Technologies segment reported net sales of €391 million, a 1% increase [2] Future Outlook - Despite previous adjustments to profit expectations due to tariffs and currency fluctuations, Nokia reaffirmed its full-year operating outlook, now expecting comparable operating profit between €1.7 billion and €2.2 billion [3] - The company is focusing on expanding into sectors like artificial intelligence and defense to diversify its customer base beyond mobile operators [3] - CEO Justin Hotard is set to outline strategic plans on November 19 during the capital markets day [3]