研究报告｜从工厂到财富：东南亚如何在“新贸易战”中脱颖而出
<!----><style type="text/css">html{font-size:375%}</style><link href="https://pic.app.58cammp.com/static/publish/css/style.css?v=20240712" rel="stylesheet" position="1" data-qf-origin="/static/publish/css/style.css?v=20240712"><!-- 付费贴--> <div class="preview_article "> <!----> <section><section style="font-size: 16px; color: #3e3e3e;"><section style="display: flex; width: 100%; flex-flow: column;"><section style="z-index: auto;"><section style="text-align: center; justify-content: center; display: flex; flex-flow: row; margin-top: 10px; margin-bottom: 10px;"><section style="display: inline-block; vertical-align: middle; width: auto; align-self: center; flex: 0 0 auto; min-width: 5%; height: auto; padding-right: 11px; padding-left: 11px;"><section style="text-align: justify; color: #315de1; background-repeat: no-repeat; background-position: 50% 50%; background-size: cover; background-attachment: scroll; background-clip: text; -webkit-text-fill-color: transparent; background-image: url('https://pic.app.58cammp.com/Foa5swrHMqNzo63Q4cPnn6zs_t6i');"><p class="empty_paragraph"> </p></section></section></section></section></section></section></section><section><section><section><section style="margin: 10px auto;"><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center; margin-bottom: -15px;"><section style="background-color: #1f417e; padding: 4px 20px 4px 10px; border-left: 5px solid #bb2200;"><section style="font-size: 16px; color: #ffffff; text-align: center;"><strong>为何关税在全球贸易中至关重要</strong></section></section><section style="flex-shrink: 0;"><section style="width: 0px; height: 1px; border-bottom: 6px solid transparent; border-top: 6px solid transparent; border-left: 7px solid #1f417e;"></section></section></section></section><section style="padding: 20px 10px 10px; border: 1px solid #1f417e;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 14px; color: #333333;"><p style="margin-top: 24px; margin-bottom: 24px; line-height: 2em;"><span style="font-size: 16px;">关税早已不只是单纯的经济工具，它们正重塑全球制造业的结构、资本的流动，以及贸易的未来格局。随着美国、中国以及其他主要经济体相继调整其关税政策，像柬埔寨这样的新兴市场国家正处于全球新机遇的核心位置。</span></p><section style="margin-top: 24px; margin-bottom: 24px; line-height: 1.75em;"><span style="font-size: 16px;"><strong>关键观点：关税对新兴市场而言，既是挑战，也是战略性机会。</strong></span></section></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto; display: flex; justify-content: center;"><section><section style="display: flex; margin-right: 8px; margin-left: 8px;"><section style="background-color: #1f417e; border-radius: 3px; padding: 4px 15px; margin-left: 5px;"><section style="font-size: 16px; color: #ffffff; text-align: center; padding-right: 10px; padding-left: 10px;"><strong>全球关税更新（截至 2025 年 4 月）</strong></section></section></section><section style="width: 100%; height: 1px; background-color: #1f417e; margin-top: 3px;"></section></section></section></section><section><p> </p></section><p><span style="font-size: 16px;"><strong><strong>美国基本关税政策：</strong></strong>对所有进口商品一律征收10%的普遍关税</span></p><section><section style="margin: 10px auto; display: flex; justify-content: center;"><section><section style="font-size: 16px; letter-spacing: 1.5px; color: #1f417e; text-align: center;"></section><section style="display: flex; justify-content: center;"><section style="flex-shrink: 0; display: flex;"><section style="height: 100%; width: 15px; background-color: #1f417e; clip-path: polygon(0px 50%, 14px 0px, 15px 0px, 1px 50%, 15px 100%, 14px 100%); margin-right: -10px; z-index: 1; text-align: center;"></section><section style="width: 15px; height: 100%; background-color: #1f417e; clip-path: polygon(0px 50%, 100% 0px, 100% 100%); z-index: 4; transform: scale(1.001); text-align: center;"></section></section><section style="background-image: linear-gradient(to right, #1f417e, #1f417e); background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 5px 40px;"><section style="font-size: 16px; color: #f7f6d3; text-align: left;"><strong>柬埔寨：关税谈判进度</strong></section></section><section style="flex-shrink: 0; display: flex;"><section style="width: 15px; height: 100%; background-color: #1f417e; clip-path: polygon(0px 0px, 100% 50%, 0px 100%); z-index: 4; transform: scale(1.001); text-align: center;"></section><section style="height: 100%; width: 15px; background-color: #1f417e; clip-path: polygon(0px 50%, 14px 0px, 15px 0px, 1px 50%, 15px 100%, 14px 100%); margin-left: -10px; z-index: 1; transform: rotateY(180deg);"></section></section></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto;"><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong title="">1</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong> </strong><strong>美方初始关税措施</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p>美国于2025年4月9日宣布，对来自柬埔寨的进口商品征收49%的高额关税。</p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong title="">2</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>柬埔寨的初步回应</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p>首相洪玛奈于4月4日正式致函美国政府，请求延后关税实施，并主动提议将柬方对美国19类产品的关税由35%降至5%，作为善意表现<span style="font-size: 14px; color: #888888;">（资料来源：Cambodianess）</span>。</p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong title="">3</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>暂缓与协商期间</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="background-color: transparent; caret-color: red;">美国暂时延后实施49%关税，改以10%基准关税执行为期90天，以利双方进行正式协商 </span><span style="background-color: transparent; caret-color: red; color: #888888; font-size: 14px;">(资料来源：Cambodianess)</span><span style="background-color: transparent; caret-color: red;">。</span></p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong title="">4</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>最新进展-太阳能产品案</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="background-color: transparent; caret-color: red;">2025年4月22日，美国针对柬埔寨出口的太阳能电池与模组开征高达</span><strong><span style="background-color: transparent; caret-color: red;"> 3,403.96% 的超高关税</span></strong><span style="background-color: transparent; caret-color: red;">，</span><strong><span style="background-color: transparent; caret-color: red;">理由是柬埔寨成为</span></strong><strong><span style="background-color: transparent; caret-color: red;">「原产地洗产地」</span></strong><strong><span style="background-color: transparent; caret-color: red;">的转运据点</span></strong><span style="background-color: transparent; caret-color: red; font-size: 14px; color: #888888;">（资料来源：Phnom Penh Post）</span><span style="background-color: transparent; caret-color: red;">。</span></p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong title="">5</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><span style="letter-spacing: normal; line-height: 1.56em;"><strong>柬埔寨政府回应</strong></span></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="background-color: transparent; caret-color: red;">洪玛奈总理于5月1日公开表示，柬埔寨将推出新政策，严格执行原产地规范，以打击制造业转运与产地造假行为</span><span style="background-color: transparent; caret-color: red; font-size: 14px; color: #888888;">（资料来源：Khmer Times）</span><span style="background-color: transparent; caret-color: red;">。</span></p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong title="">6</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><p><span style="letter-spacing: normal; line-height: 1.56em;"><strong>柬美关税谈判将于5月14日在华盛顿举行</strong></span></p></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="background-color: transparent; caret-color: red;">5月14日柬埔寨与美国政府将在华盛顿就双边贸易问题举行首次正式谈判。5月2日柬埔寨官员与美国进行第二次视频会议筹备，为回应美方关切，柬埔寨5月1日发布加强出口至美商品原产地管理的新规将于5月12日生效。</span></p></section></section></section></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto; display: flex; justify-content: flex-start;"><section><section style="display: flex; justify-content: center;"><section style="flex-shrink: 0; display: flex;"><section style="height: 100%; width: 15px; background-color: #1f417e; clip-path: polygon(0px 50%, 14px 0px, 15px 0px, 1px 50%, 15px 100%, 14px 100%); margin-right: -10px; z-index: 1;"></section><section style="width: 15px; height: 100%; background-color: #1f417e; clip-path: polygon(0px 50%, 100% 0px, 100% 100%); z-index: 4; transform: scale(1.001);"></section></section><section style="background-image: linear-gradient(to right, #1f417e, #1f417e); background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 5px 40px;"><section style="font-size: 16px; color: #f7f6d3; text-align: center;"><strong>越南：关税谈判进度</strong></section></section><section style="flex-shrink: 0; display: flex;"><section style="width: 15px; height: 100%; background-color: #1f417e; clip-path: polygon(0px 0px, 100% 50%, 0px 100%); z-index: 4; transform: scale(1.001);"></section><section style="height: 100%; width: 15px; background-color: #1f417e; clip-path: polygon(0px 50%, 14px 0px, 15px 0px, 1px 50%, 15px 100%, 14px 100%); margin-left: -10px; z-index: 1; transform: rotateY(180deg);"></section></section></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto;"><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong title="">1</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong> 美方初始关税政策</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p>美国以贸易失衡为由，宣布对越南进口商品征收 46% 关税<span style="color: #888888; font-size: 14px;">（资料来源：Modern Diplomacy ）</span>。</p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong title="">2</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong style="letter-spacing: normal; line-height: 1.56em;">越南的回应</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p>越方提议将对美进口商品的关税降至 0%，以换取美方重新考虑其关税决策<span style="color: #888888; font-size: 14px;">（资料来源：The Economic Times / The Guardian）</span>。</p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong title="">3</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><p><strong style="letter-spacing: normal; line-height: 1.56em;">美方回应</strong></p></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="line-height: 1.75em;">美国贸易顾问 Peter Navarro 拒绝越方提议，强调必须同步处理非关税壁垒与不公平贸易行为</span><span style="text-decoration-style: solid; text-decoration-color: #333333; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, Arial, sans-serif; line-height: 1.75em; color: #888888; font-size: 14px;">（资料来源：Barron's / New York Post）</span><span style="line-height: 24.5px; text-decoration-style: solid; text-decoration-color: #333333; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, Arial, sans-serif;">。</span></p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong title="">4</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><p><strong style="letter-spacing: normal; line-height: 1.56em;">越美首轮关税谈判将于5月7日举行</strong></p></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="line-height: 1.75em;">5月5日上午，在越南第十五届国会第九次会议上，政府总理范明政透露，越南与美国关于新关税政策的首轮谈判将于5月7日举行。</span></p></section></section></section></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto; display: flex; justify-content: flex-start;"><section><section style="display: flex; justify-content: center;"><section style="flex-shrink: 0; display: flex;"><section style="height: 100%; width: 15px; background-color: #1f417e; clip-path: polygon(0px 50%, 14px 0px, 15px 0px, 1px 50%, 15px 100%, 14px 100%); margin-right: -10px; z-index: 1;"></section><section style="width: 15px; height: 100%; background-color: #1f417e; clip-path: polygon(0px 50%, 100% 0px, 100% 100%); z-index: 4; transform: scale(1.001);"></section></section><section style="background-image: linear-gradient(to right, #1f417e, #1f417e); background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 5px 40px;"><section style="font-size: 16px; color: #f7f6d3; text-align: center;"><strong>中国的应对决策</strong></section></section><section style="flex-shrink: 0; display: flex;"><section style="width: 15px; height: 100%; background-color: #1f417e; clip-path: polygon(0px 0px, 100% 50%, 0px 100%); z-index: 4; transform: scale(1.001);"></section><section style="height: 100%; width: 15px; background-color: #1f417e; clip-path: polygon(0px 50%, 14px 0px, 15px 0px, 1px 50%, 15px 100%, 14px 100%); margin-left: -10px; z-index: 1; transform: rotateY(180deg);"></section></section></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto;"><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong title="">1</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong style="letter-spacing: normal; line-height: 1.5em;">对美国商品加征关税</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p>作为回应，中国对美国进口商品加征高达 125% 的关税<span style="color: #888888; font-size: 14px;">（资料来源：AP News + Business Insider）</span>。</p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong title="">2</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><p><strong style="letter-spacing: normal; line-height: 1.5em;">豁免情况</strong></p></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="line-height: 24.5px; text-decoration-style: solid; text-decoration-color: #333333; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, Arial, sans-serif;">中国已对部分美国半导体产品提供豁免，显示其采取选择性报复策略 </span><span style="line-height: 24.5px; text-decoration-style: solid; text-decoration-color: #333333; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, Arial, sans-serif; font-size: 14px; color: #888888;">（资料来源：New York Post）</span><span style="line-height: 24.5px; text-decoration-style: solid; text-decoration-color: #333333; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, Arial, sans-serif;">。</span></p></section></section></section></section></section></section></section><section><section style="margin-bottom: 0px; letter-spacing: 0.578px; display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="padding-right: 3px; flex-shrink: 0;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong title="">3</strong></section><section style="margin-left: -32px; width: 32px; z-index: 1;"></section></section></section><section><section style="padding-right: 5px; padding-left: 5px; font-size: 16px; color: #1f417e; text-align: center;"><p><strong style="letter-spacing: normal; line-height: 1.5em;">中国决定与美方进行接触</strong></p></section></section></section></section><section style="margin-bottom: 0px; letter-spacing: 0.578px; display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 112px; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="margin-top: 6px; margin-bottom: 20px; margin-left: -17px; width: 578px;"><section style="padding: 15px 10px 15px 35px; background-color: #fffef4;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="line-height: 24.5px; text-decoration-style: solid; text-decoration-color: #333333; font-family: mp-quote, -apple-system-font, BlinkMacSystemFont, Arial, sans-serif;">在充分考虑全球期待、中国利益、美国业界和消费者呼吁的基础上，中国决定同意与美方进行接触。</span></p></section></section></section></section><p> </p></section><section><section style="margin: 10px auto; display: flex; justify-content: center;"><section><section style="display: flex; margin-right: 8px; margin-left: 8px;"><section style="background-color: #1f417e; border-radius: 3px; padding: 4px 15px; margin-left: 5px;"><section style="font-size: 16px; color: #ffffff; text-align: center; padding-right: 10px; padding-left: 10px;"><strong>制造业迁移：为何东南亚是未来关键</strong></section></section></section><section style="width: 100%; height: 1px; background-color: #1f417e; margin-top: 3px;"></section></section></section></section><section><p> </p></section><p style="margin-bottom: 24px;"><span style="font-size: 16px;"><strong><strong>趋势：</strong><strong> </strong></strong>全球制造业持续从中国转向东南亚，主要因为：</span></p><section><section style="text-align: center; margin: 10px auto;"><section style="display: flex; transform-style: preserve-3d; margin-top: 7px; margin-left: 7px;"><section style="display: flex;"><section style="width: 1px; height: 100%; background-color: #fceaa5; transform: translate(5px, 0px);"></section></section><section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 10px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #c00000; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p>中国劳动力成本上升</p></section></section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 15px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #c00000; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p>地缘政治紧张（特别是美中关系）</p></section></section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 15px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #c00000; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p style="vertical-align: inherit;">对中国出口商品课征新关税</p></section></section><section><p style="vertical-align: inherit;"> </p></section></section></section></section></section><p style="margin-top: 8px; margin-bottom: 8px;"><span style="font-size: 16px;"><strong><strong>目前正迁移至柬埔寨的重点产业：</strong></strong></span></p><section><section style="text-align: center; margin: 10px auto;"><section style="display: flex; transform-style: preserve-3d; margin-top: 7px; margin-left: 7px;"><section style="display: flex;"><section style="width: 1px; height: 100%; background-color: #fceaa5; transform: translate(5px, 0px);"></section></section><section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 10px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #c00000; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 14px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p><span style="font-size: 16px; caret-color: red;">成衣与纺织业</span></p></section></section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 15px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #c00000; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 14px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p><span style="font-size: 16px;">农产品加工</span></p></section></section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 15px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #c00000; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 14px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p><span style="font-size: 16px;">简易电子组装</span></p></section></section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 15px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #c00000; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 14px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p><span style="font-size: 16px; caret-color: red;">工业零件与物流服务</span></p></section></section></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto; display: flex; justify-content: center;"><section><section style="display: flex; margin-right: 8px; margin-left: 8px;"><section style="background-color: #1f417e; border-radius: 3px; padding: 4px 15px; margin-left: 5px;"><section style="font-size: 16px; color: #ffffff; text-align: center; padding-right: 10px; padding-left: 10px;"><strong>柬埔寨具潜力的制造业发展方向</strong></section><section style="font-size: 16px; color: #ffffff; text-align: center; padding-right: 10px; padding-left: 10px;"><strong>（2025–2030）</strong></section></section></section><section style="width: 100%; height: 1px; background-color: #1f417e; margin-top: 3px;"></section></section></section></section><section><p> </p></section><p style="margin-bottom: 8px;"><span style="font-size: 16px;"><strong><strong><img class="rich_pages wxw-img" style="vertical-align: baseline; width: 578px; height: 269px;" src="https://pic.app.58cammp.com/Fsm_eCf-iQQt1RHSW8m5_xggQ_SO" alt="工作簿1_Sheet1.png" /></strong></strong></span></p><p style="margin-top: 24px;"><span style="font-size: 16px;"><strong><strong>关键洞察：</strong><strong> </strong></strong>柬埔寨将率先在劳力密集型、低至中阶技术产业与农业加工领域取得主导地位，并在未来十年逐步迈向轻工业零件制造。</span></p><section><p> </p></section><section><section style="margin: 10px auto; display: flex; justify-content: center;"><section><section style="display: flex; margin-right: 8px; margin-left: 8px;"><section style="background-color: #1f417e; border-radius: 3px; padding: 4px 15px; margin-left: 5px;"><section style="font-size: 16px; color: #ffffff; text-align: center; padding-right: 10px; padding-left: 10px;"><strong>制造业迁移流程图：国际产业转移</strong></section></section></section><section style="width: 100%; height: 1px; background-color: #1f417e; margin-top: 3px;"></section></section></section></section><section><p> </p></section><p style="margin-top: 8px; margin-bottom: 8px;"><span style="font-size: 16px;"><strong><strong>英国</strong><strong>→</strong><strong>美国</strong><strong>→</strong><strong>日本</strong><strong>→</strong><strong>亚洲四小龙</strong><strong>→</strong><strong>中国</strong><strong>→</strong><strong>东南亚</strong></strong></span></p><p><img class="rich_pages wxw-img" style="vertical-align: baseline; width: 100%;" src="https://pic.app.58cammp.com/FgCI64bavNJMd6cBIZFXjhhuN387" alt="图片1.png" /></p><section><p> </p></section><section><section style="margin: 10px auto; display: flex; justify-content: flex-start;"><section><section style="display: flex; justify-content: center;"><section style="flex-shrink: 0; display: flex;"><section style="height: 100%; width: 15px; background-color: #1f417e; clip-path: polygon(0px 50%, 14px 0px, 15px 0px, 1px 50%, 15px 100%, 14px 100%); margin-right: -10px; z-index: 1;"></section><section style="width: 15px; height: 100%; background-color: #1f417e; clip-path: polygon(0px 50%, 100% 0px, 100% 100%); z-index: 4; transform: scale(1.001);"></section></section><section style="background-image: linear-gradient(to right, #1f417e, #1f417e); background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 5px 40px;"><section style="font-size: 16px; color: #f7f6d3; text-align: center;"><strong>《国际产业转移》</strong></section></section><section style="flex-shrink: 0; display: flex;"><section style="width: 15px; height: 100%; background-color: #1f417e; clip-path: polygon(0px 0px, 100% 50%, 0px 100%); z-index: 4; transform: scale(1.001);"></section><section style="height: 100%; width: 15px; background-color: #1f417e; clip-path: polygon(0px 50%, 14px 0px, 15px 0px, 1px 50%, 15px 100%, 14px 100%); margin-left: -10px; z-index: 1; transform: rotateY(180deg);"></section></section></section></section></section></section><p style="margin-top: auto; margin-bottom: auto; margin-left: 48px;"> </p><section><section style="margin: 10px auto;"><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>1</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>英国 → 美国</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p>工业革命将制造业重心从欧洲推向北美。</p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>2</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong> 美国 → 日本</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p>二战后重建与创新技术促使日本崛起为出口导向型经济体。</p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>3</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>日本 → 亚洲四小龙</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 14px; color: #333333; background-color: transparent;"><p><span style="font-size: 16px;">1970年代代工与OEM模式在韩国、中国台湾、新加坡与中国香港快速发展。</span></p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>4</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>亚洲四小龙 → 中国</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="background-color: transparent; caret-color: red;">1980–90年代改革开放政策推动中国成为世界工厂。</span></p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>5</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>中国 → 东南亚（当下）</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="background-color: transparent; caret-color: red;">成本上升与地缘风险驱动制造业加速向东南亚国家转移。</span></p></section></section></section></section></section></section></section><section><section style="margin: 10px auto;"><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center; margin-bottom: -15px;"><section style="background-color: #1f417e; padding: 4px 20px 4px 10px; border-left: 5px solid #c00000;"><section style="font-size: 16px; color: #ffffff; text-align: center;"><strong>洞察：</strong></section></section><section style="flex-shrink: 0;"><section style="width: 0px; height: 1px; border-bottom: 6px solid transparent; border-top: 6px solid transparent; border-left: 7px solid #1f417e;"></section></section></section></section><section style="padding: 20px 10px 10px; border: 1px solid #1f417e;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 14px; color: #333333;"><p style="margin-top: 24px; margin-bottom: 24px; line-height: 1.75em;"><span style="font-size: 16px;">每一次迁移皆伴随成本效率、政治稳定与供应链演化的综合作用。如今，东南亚正迎来属于自己的黄金机会期。</span></p><p style="margin-top: 24px; margin-bottom: 24px; line-height: 1.75em;"><span style="font-size: 16px;">制造业正稳步向南迁移，沿着成本优势与供应链重组的趋势逐步推进。</span></p></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto; display: flex; justify-content: center;"><section><section style="display: flex; margin-right: 8px; margin-left: 8px;"><section style="background-color: #1f417e; border-radius: 3px; padding: 4px 15px; margin-left: 5px;"><section style="font-size: 16px; color: #ffffff; text-align: center; padding-right: 10px; padding-left: 10px;"><strong>黄金价格飙升与其启示</strong></section></section></section><section style="width: 100%; height: 1px; background-color: #1f417e; margin-top: 3px;"></section></section></section></section><section><p> </p></section><p style="margin-bottom: 24px;"><span style="font-size: 16px;"><strong><strong><img class="rich_pages wxw-img" style="vertical-align: baseline; width: 578px; height: 393px;" src="https://pic.app.58cammp.com/Fm71d8urUjAW3oGXSmu4fE3JT_yw" alt="黄金_Sheet2.png" /></strong></strong></span></p><section><section style="margin: 10px auto;"><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>1</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>最新动态</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 14px; color: #333333; background-color: transparent;"><p style="margin-bottom: 24px;"><span style="font-size: 16px;">黄金价格于 2025 年初一度飙破 $3,400/盎司，随后略有回落。</span></p><p><span style="font-size: 16px;">多国央行大量买进（尤其是中国、印度与土耳其 ） 。</span></p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>2</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>全球黄金储备排名（2025）</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 14px; color: #333333; background-color: transparent;"><p><span style="font-size: 16px;">一. 美国（8,133 公吨）</span></p><p> </p><p style="margin-bottom: 24px;"><span style="font-size: 16px;">二. 德国（3,352 公吨）</span></p><p style="margin-bottom: 24px;"><span style="font-size: 16px;">三. 意大利（2,452 公吨）</span></p><p style="margin-bottom: 24px;"><span style="font-size: 16px;">四. 法国（2,436 公吨）</span></p><p style="margin-bottom: 24px;"><span style="font-size: 16px;">五. 俄罗斯（2,332 公吨）</span></p><p><span style="font-size: 16px;">六. 中国（2,192 公吨）</span></p></section></section></section></section></section></section></section><p style="margin-top: 24px; margin-bottom: 24px;"><span style="font-size: 16px;"><strong><strong>柬埔寨的黄金储备：</strong><strong> </strong></strong>约 <strong><strong>12</strong><strong>公吨</strong></strong>（规模不大，但稳步增长中）。</span></p><section><section style="margin: 10px auto;"><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center; margin-bottom: -15px;"><section style="background-color: #30619e; padding: 4px 20px 4px 10px; border-left: 5px solid #c00000;"><section style="font-size: 16px; color: #ffffff; text-align: center;"><strong>重要提醒</strong></section></section><section style="flex-shrink: 0;"><section style="width: 0px; height: 1px; border-bottom: 6px solid transparent; border-top: 6px solid transparent; border-left: 7px solid #30619e;"></section></section></section></section><section style="padding: 20px 10px 10px; border: 1px solid #30619e;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333;"><p style="margin-top: 24px; margin-bottom: 24px; line-height: 1.75em;"><strong>历史上，黄金通常在危机时期上涨;但目前价格已处高点，未来有修正风险，建议审慎看待。</strong></p></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto; display: flex; justify-content: center;"><section><section style="display: flex; margin-right: 8px; margin-left: 8px;"><section style="background-color: #1f417e; border-radius: 3px; padding: 4px 15px; margin-left: 5px;"><section style="font-size: 16px; color: #ffffff; text-align: center; padding-right: 10px; padding-left: 10px;"><strong>2024–2025 年资产表现回顾</strong></section><section style="font-size: 16px; color: #ffffff; text-align: center; padding-right: 10px; padding-left: 10px;"><strong>（柬埔寨聚焦）</strong></section></section></section><section style="width: 100%; height: 1px; background-color: #1f417e; margin-top: 3px;"></section></section></section></section><section><p> </p></section><p style="margin-top: 8px; margin-bottom: 8px;"><span style="font-size: 16px;"><strong><strong><img class="rich_pages wxw-img" style="vertical-align: baseline; width: 578px; height: 227px;" src="https://pic.app.58cammp.com/FgS6Ic0SN4pjPnaKGxmJEVByZU_z" alt="黄金_Sheet3.png" /></strong></strong></span></p><section><section style="margin: 10px auto;"><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center; margin-bottom: -15px;"><section style="background-color: #1f417e; padding: 4px 20px 4px 10px; border-left: 5px solid #c00000;"><section style="font-size: 16px; color: #ffffff; text-align: center;"><strong>洞察</strong></section></section><section style="flex-shrink: 0;"><section style="width: 0px; height: 1px; border-bottom: 6px solid transparent; border-top: 6px solid transparent; border-left: 7px solid #1f417e;"></section></section></section></section><section style="padding: 20px 10px 10px; border: 1px solid #1f417e;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333;"><p style="margin-top: 24px; margin-bottom: 24px;">柬埔寨资产价格（特别是房地产与农业出口）展现韧性，而股市则仍具波动性。</p></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto; display: flex; justify-content: center;"><section><section style="display: flex; margin-right: 8px; margin-left: 8px;"><section style="background-color: #1f417e; border-radius: 3px; padding: 4px 15px; margin-left: 5px;"><section style="font-size: 16px; color: #ffffff; text-align: center; padding-right: 10px; padding-left: 10px;"><strong>深层战略解析：关税背后的真正用途</strong></section></section></section><section style="width: 100%; height: 1px; background-color: #1f417e; margin-top: 3px;"></section></section></section></section><section><p> </p></section><section><section style="margin-bottom: 24px;"><strong style="font-size: 16px; caret-color: red;"><strong>新一轮关税政策的深层意图：</strong></strong></section></section><p style="margin-top: 8px; margin-bottom: 24px;"><span style="font-size: 16px;"><strong><strong><img class="rich_pages wxw-img" style="vertical-align: baseline; width: 578px; height: 214px;" src="https://pic.app.58cammp.com/FkLyh_uLBaxUtbz8ghzbfSKG1nQ8" alt="黄金_Sheet4.png" /></strong></strong></span></p><section><section style="margin: 10px auto;"><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center; margin-bottom: -15px;"><section style="background-color: #30619e; padding: 4px 20px 4px 10px; border-left: 5px solid #c00000;"><section style="font-size: 16px; color: #ffffff; text-align: center;"><strong>核心洞察</strong></section></section><section style="flex-shrink: 0;"><section style="width: 0px; height: 1px; border-bottom: 6px solid transparent; border-top: 6px solid transparent; border-left: 7px solid #30619e;"></section></section></section></section><section style="padding: 20px 10px 10px; border: 1px solid #30619e;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333;"><p style="margin-top: 24px; margin-bottom: 24px; line-height: 1.75em;">当前关税政策的本质已非纯粹经济考量，而是结合<span style="color: #1f417e;"> <strong><span style="caret-color: red;">谈判权力、地缘影响力与国内政治作</span></strong></span><strong><span style="caret-color: red;"> </span></strong><span style="caret-color: red;">的综合手段。</span></p><p style="margin-top: 24px; margin-bottom: 24px; line-height: 1.75em;"><span style="caret-color: red;">短期的经济代价被视为换取长期战略主导权的必要成本。</span></p></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto; display: flex; justify-content: center;"><section><section style="display: flex; margin-right: 8px; margin-left: 8px;"><section style="background-color: #1f417e; border-radius: 3px; padding: 4px 15px; margin-left: 5px;"><section style="font-size: 16px; color: #ffffff; text-align: center; padding-right: 10px; padding-left: 10px;"><strong>习近平东南亚行：打造未来区域联盟</strong></section></section></section><section style="width: 100%; height: 1px; background-color: #1f417e; margin-top: 3px;"></section></section></section></section><section><p> </p></section><p style="margin-top: 8px; margin-bottom: 24px;"><span style="font-size: 16px;"><strong><strong>出访国家（</strong><strong> 2025</strong><strong>年</strong><strong>4</strong><strong>月）：</strong></strong>柬埔寨、马来西亚、越南。</span></p><section><section style="text-align: center; margin: 10px auto;"><section style="display: flex; justify-content: flex-start; align-items: center;"><section style="display: inline-block;"><section style="background-color: #1f417e; padding: 5px 20px;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff;">此行目的：</section></section></section></section><section style="display: flex; transform-style: preserve-3d; margin-top: 7px; margin-left: 7px;"><section style="display: flex;"><section style="width: 1px; height: 100%; background-color: #fceaa5; transform: translate(5px, 0px);"></section></section><section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 10px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #1f417e; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p><span style="caret-color: red;">强化外交与贸易关系</span></p></section></section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 15px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #1f417e; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p><span style="line-height: 1.75em;">提供替代性的贸易与投资伙伴关系</span></p></section></section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 15px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #1f417e; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p style="vertical-align: inherit;">在美国关税压力下，巩固中国于东南亚的影响力</p></section></section><section><p style="vertical-align: inherit;"> </p></section></section></section></section></section><section><section style="text-align: center; margin: 10px auto;"><section style="display: flex; justify-content: flex-start; align-items: center;"><section style="display: inline-block;"><section style="background-color: #1f417e; padding: 5px 20px;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff;">意义</section></section></section></section><section style="display: flex; transform-style: preserve-3d; margin-top: 7px; margin-left: 7px;"><section style="display: flex;"><section style="width: 1px; height: 100%; background-color: #fceaa5; transform: translate(5px, 0px);"></section></section><section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 10px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #1f417e; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p><span style="line-height: 1.75em;">习近平的出访行动释出明确讯号，显示中国将加强与东南亚各国的区域战略合作。</span></p></section></section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 15px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #1f417e; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p style="vertical-align: inherit;"><span style="line-height: 1.75em;">柬埔寨、马来西亚与越南等国将可望受益于更深层的中国投资与战略合作。</span></p></section></section></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto; display: flex; justify-content: center;"><section><section style="display: flex; margin-right: 8px; margin-left: 8px;"><section style="background-color: #1f417e; border-radius: 3px; padding: 4px 15px; margin-left: 5px;"><section style="font-size: 16px; color: #ffffff; text-align: center; padding-right: 10px; padding-left: 10px;"><strong>未来展望：自由贸易挑战与战略重组</strong></section></section></section><section style="width: 100%; height: 1px; background-color: #1f417e; margin-top: 3px;"></section></section></section></section><section><p> </p></section><section><section style="text-align: center; margin: 10px auto;"><section style="display: flex; justify-content: flex-start; align-items: center;"><section style="display: inline-block;"><section style="background-color: #1f417e; padding: 5px 20px;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff;">自由贸易的挑战</section></section></section></section><section style="display: flex; transform-style: preserve-3d; margin-top: 7px; margin-left: 7px;"><section style="display: flex;"><section style="width: 1px; height: 100%; background-color: #fceaa5; transform: translate(5px, 0px);"></section></section><section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 10px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #1f417e; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p>关税战导致全球保护主义升温</p></section></section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 15px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #1f417e; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p>全球供应链逐步分裂与区域化</p></section></section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 15px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #1f417e; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p style="vertical-align: inherit;">多边贸易体制面临信任危机</p></section></section><section><p style="vertical-align: inherit;"> </p></section></section></section></section></section><section><section style="text-align: center; margin: 10px auto;"><section style="display: flex; justify-content: flex-start; align-items: center;"><section style="display: inline-block;"><section style="background-color: #1f417e; padding: 5px 20px;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff;">「中国+1」与「中国+多」战略</section></section></section></section><section style="display: flex; transform-style: preserve-3d; margin-top: 7px; margin-left: 7px;"><section style="display: flex;"><section style="width: 1px; height: 100%; background-color: #fceaa5; transform: translate(5px, 0px);"></section></section><section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 10px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #1f417e; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p>跨国企业不再只是从中国单点转出，而是将供应链布局多国化以分散风险。</p></section></section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 15px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #1f417e; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><section style="padding-right: 20px; text-align: justify; line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #514b4a; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p style="vertical-align: inherit;">东南亚（特别是越南、柬埔寨、印尼）正成为多元化策略的核心地区。</p></section></section><section><p style="vertical-align: inherit;"> </p></section></section></section></section></section><section><section style="text-align: center; margin: 10px auto;"><section style="display: flex; justify-content: flex-start; align-items: center;"><section style="display: inline-block;"><section style="background-color: #1f417e; padding: 5px 20px;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff;">实例说明</section></section></section></section><section style="display: flex; transform-style: preserve-3d; margin-top: 7px; margin-left: 7px;"><section style="display: flex;"><section style="width: 1px; height: 100%; background-color: #fceaa5; transform: translate(5px, 0px);"></section></section><section><section style="display: flex; justify-content: flex-start; align-items: flex-start; flex: 1; margin-top: 10px; transform: translateZ(10px); -webkit-transform: translateZ(10px); -moz-transform: translateZ(10px); -o-transform: translateZ(10px);"><section style="width: 9px; height: 9px; background-color: #1f417e; border-radius: 50%; margin-top: 6px; margin-right: 15px; flex-shrink: 0;"></section><p style="text-align: left;"><span style="font-size: 16px;">一家企业可将研发与高精度制造留在中国，把劳力密集的组装转往柬埔寨，原物料则由越南或印度采购。</span></p></section></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto; display: flex; justify-content: center;"><section><section style="display: flex; margin-right: 8px; margin-left: 8px;"><section style="background-color: #1f417e; border-radius: 3px; padding: 4px 15px; margin-left: 5px;"><section style="font-size: 16px; color: #ffffff; text-align: center; padding-right: 10px; padding-left: 10px;"><strong>全球主要机构预测</strong></section><section style="font-size: 16px; color: #ffffff; text-align: center; padding-right: 10px; padding-left: 10px;"><strong>（截至 2025 年 4 月）</strong></section></section></section><section style="width: 100%; height: 1px; background-color: #1f417e; margin-top: 3px;"></section></section></section></section><section><p> </p></section><p><img class="rich_pages wxw-img" style="vertical-align: baseline; width: 578px; height: 168px;" src="https://pic.app.58cammp.com/FsQhzgiZAXHeImwEOPyG4Pwb3zHz" alt="黄金_Sheet5.png" /></p><p> </p><section><section style="margin: 10px auto;"><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center; margin-bottom: -15px;"><section style="background-color: #1f417e; padding: 4px 20px 4px 10px; border-left: 5px solid #c00000;"><section style="font-size: 16px; color: #ffffff; text-align: center;"><strong>柬埔寨的竞争优势（2025）</strong></section></section><section style="flex-shrink: 0;"><section style="width: 0px; height: 1px; border-bottom: 6px solid transparent; border-top: 6px solid transparent; border-left: 7px solid #1f417e;"></section></section></section></section><section style="padding: 20px 10px 10px; border: 1px solid #1f417e;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333;"><p style="margin-bottom: 24px; margin-top: 24px; line-height: 1.75em;">柬埔寨早已不仅是低成本制造地，更逐渐成为国际制造业与外资布局的策略性基地。除了工资与地价优势，柬埔寨还具备政策友善、地理战略性与政经稳定性等多重优点。</p></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto; display: flex; justify-content: flex-start;"><section><section style="display: flex; justify-content: center;"><section style="flex-shrink: 0; display: flex;"><section style="height: 100%; width: 15px; background-color: #1f417e; clip-path: polygon(0px 50%, 14px 0px, 15px 0px, 1px 50%, 15px 100%, 14px 100%); margin-right: -10px; z-index: 1;"></section><section style="width: 15px; height: 100%; background-color: #1f417e; clip-path: polygon(0px 50%, 100% 0px, 100% 100%); z-index: 4; transform: scale(1.001);"></section></section><section style="background-image: linear-gradient(to right, #1f417e, #1f417e); background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; padding: 5px 40px;"><section style="font-size: 16px; color: #f7f6d3; text-align: center;"><strong>核心优势一览</strong></section></section><section style="flex-shrink: 0; display: flex;"><section style="width: 15px; height: 100%; background-color: #1f417e; clip-path: polygon(0px 0px, 100% 50%, 0px 100%); z-index: 4; transform: scale(1.001);"></section><section style="height: 100%; width: 15px; background-color: #1f417e; clip-path: polygon(0px 50%, 14px 0px, 15px 0px, 1px 50%, 15px 100%, 14px 100%); margin-left: -10px; z-index: 1; transform: rotateY(180deg);"></section></section></section></section></section></section><section><p> </p></section><section><section style="margin: 10px auto;"><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>1</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>广泛的贸易协定网络：</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p>与中国、日本、韩国、欧盟及东协成员国均签署双边或多边贸易协定。</p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>2</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>政府高度支持外资：</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p>政府积极推动经济特区（ SEZs ），提供政策与资金上的吸引力。</p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>3</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>丰厚的税务减免措施：</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p>外资投资项目（ QIP ）可享最多9年免税优惠；注册流程简便，无外资持股限制。</p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>4</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>中国一带一贯的重要伙伴：</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="background-color: transparent; caret-color: red;">柬埔寨是中国基础建设与区域贸易战略的重要合作伙伴。</span></p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>5</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>基础建设快速升级：</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="background-color: transparent; caret-color: red;">高速公路、港口、铁路与电力网等基建大幅扩张中。</span></p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>6</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>政治稳定性高：</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="background-color: transparent; caret-color: red;">柬埔寨为东南亚地区少见的政局稳定国家。</span></p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>7</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>汇率稳定与美元化经济：</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="background-color: transparent; caret-color: red;">国内广泛使用美元，汇率风险极低。</span></p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>8</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>文化包容与国际化：</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="background-color: transparent; caret-color: red;">高度接受外来语言与文化，对国际投资者友善。</span></p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>0</strong><strong>9</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>区域战略位置佳：</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p><span style="background-color: transparent; caret-color: red;">位于中南半岛核心，链接泰国、越南与中国华南区域。</span></p></section></section></section></section></section><section><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center;"><section style="flex-shrink: 0; padding-right: 3px;"><section style="display: flex; align-items: center;"><section style="font-size: 16px; letter-spacing: 1.5px; color: #ffffff; text-align: center; width: 32px; z-index: 4;"><strong>10</strong></section><section style="width: 32px; margin-left: -32px; z-index: 1;"></section></section></section><section><section style="font-size: 16px; color: #1f417e; text-align: center; padding-right: 5px; padding-left: 5px;"><strong>蓝海市场与成长潜力：</strong></section></section></section></section><section style="display: flex;"><section style="flex-shrink: 0; z-index: 5;"><section style="height: 100%; border-right: 1px solid #c00000; width: 17px;"></section></section><section style="width: 100%; margin-top: 6px; margin-bottom: 20px; margin-left: -17px;"><section style="background-color: #fffef4; padding: 15px 10px 15px 35px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-color: transparent;"><p>市场尚未饱和，土地、劳力与资本市场皆具备上升空间。</p></section></section></section></section></section></section></section><p style="margin-top: auto; margin-bottom: auto; margin-left: 48px;"> </p><section><section style="margin: 10px auto; display: flex; justify-content: center;"><section style="display: flex; margin-right: 8px; margin-left: 8px;"><section style="background-color: #1f417e; border-radius: 3px; padding: 4px 15px; margin-left: 5px;"><section style="font-size: 16px; color: #ffffff; text-align: center; padding-right: 10px; padding-left: 10px;"><strong>战略结论总结（2025）</strong></section></section></section></section></section><section><p> </p></section><section><section style="margin: 20px auto;"><section><section style="display: flex; align-items: flex-start; justify-content: flex-start;"><section><section style="width: 6px; height: 6px; background-color: #f7dca0; transform: skew(-10deg);"></section></section><section style="transform: skew(-10deg) translateZ(10px); -webkit-transform: skew(-10deg) translateZ(10px); -moz-transform: skew(-10deg) translateZ(10px); -o-transform: skew(-10deg) translateZ(10px);"><section style="background-color: #1f417e;"><section style="font-size: 16px; color: #fbf2f1; text-align: left; padding: 10px 20px; letter-spacing: 1.5px; transform: skew(10deg);"><strong>一. 全球制造业转向东南亚已不再是趋势预测，而是正在发生的事实。</strong></section></section></section></section><section style="padding-left: 15px;"><section style="border-left: 1px solid #1f417e; padding-top: 25px;"><section style="padding-bottom: 15px;"><section style="display: flex; justify-content: flex-start; align-items: flex-start; margin-left: -4px;"><section style="flex-shrink: 0; padding-top: 9px;"><section style="width: 7px; height: 7px; background-color: #1f417e; transform: skew(-15deg);"></section></section><section style="padding-left: 15px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p>柬埔寨正迅速成为主要受益者，尤其在纺织、鞋类、农产加工与初阶电子制造等领域。</p></section></section></section></section></section></section></section></section></section><section><section style="margin: 20px auto;"><section><section style="display: flex; align-items: flex-start; justify-content: flex-start;"><section><section style="width: 6px; height: 6px; background-color: #f7dca0; transform: skew(-10deg);"></section></section><section style="transform: skew(-10deg) translateZ(10px); -webkit-transform: skew(-10deg) translateZ(10px); -moz-transform: skew(-10deg) translateZ(10px); -o-transform: skew(-10deg) translateZ(10px);"><section style="background-color: #1f417e;"><section style="font-size: 16px; color: #fbf2f1; text-align: left; padding: 10px 20px; letter-spacing: 1.5px; transform: skew(10deg);"><strong>二. 劳力密集型与农业链结产业将成为柬埔寨未来五年的成长主力。</strong></section></section></section></section><section style="padding-left: 15px;"><section style="border-left: 1px solid #1f417e; padding-top: 25px;"><section style="padding-bottom: 15px;"><section style="display: flex; justify-content: flex-start; align-items: flex-start; margin-left: -4px;"><section style="flex-shrink: 0; padding-top: 9px;"><section style="width: 7px; height: 7px; background-color: #1f417e; transform: skew(-15deg);"></section></section><section style="padding-left: 15px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p>这些产业具备最快进入市场的速度、显著的成本优势与现成的基础设施。</p></section></section></section></section></section></section></section></section></section><section><section style="margin: 20px auto;"><section><section style="display: flex; align-items: flex-start; justify-content: flex-start;"><section><section style="width: 6px; height: 6px; background-color: #f7dca0; transform: skew(-10deg);"></section></section><section style="transform: skew(-10deg) translateZ(10px); -webkit-transform: skew(-10deg) translateZ(10px); -moz-transform: skew(-10deg) translateZ(10px); -o-transform: skew(-10deg) translateZ(10px);"><section style="background-color: #1f417e;"><section style="font-size: 16px; color: #fbf2f1; text-align: left; padding: 10px 20px; letter-spacing: 1.5px; transform: skew(10deg);"><strong>三. 柬埔寨的资产市场（特别是工业用地、物流与农业）具备长期成长潜力。</strong></section></section></section></section><section style="padding-left: 15px;"><section style="border-left: 1px solid #1f417e; padding-top: 25px;"><section style="padding-bottom: 15px;"><section style="display: flex; justify-content: flex-start; align-items: flex-start; margin-left: -4px;"><section style="flex-shrink: 0; padding-top: 9px;"><section style="width: 7px; height: 7px; background-color: #1f417e; transform: skew(-15deg);"></section></section><section style="padding-left: 15px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p>固定资产投资（ FDI ）已开始加速流入。</p></section></section></section></section></section></section></section></section></section><section><section style="margin: 20px auto;"><section><section style="display: flex; align-items: flex-start; justify-content: flex-start;"><section><section style="width: 6px; height: 6px; background-color: #f7dca0; transform: skew(-10deg);"></section></section><section style="transform: skew(-10deg) translateZ(10px); -webkit-transform: skew(-10deg) translateZ(10px); -moz-transform: skew(-10deg) translateZ(10px); -o-transform: skew(-10deg) translateZ(10px);"><section style="background-color: #1f417e;"><section style="font-size: 16px; color: #fbf2f1; text-align: left; padding: 10px 20px; letter-spacing: 1.5px; transform: skew(10deg);"><strong>四. 黄金依然是可信赖的战略避险工具，但在历史高点下波动性仍需审慎评估。</strong></section></section></section></section></section></section></section><section><section style="margin: 20px auto;"><section><section style="display: flex; align-items: flex-start; justify-content: flex-start;"><section><section style="width: 6px; height: 6px; background-color: #f7dca0; transform: skew(-10deg);"></section></section><section style="transform: skew(-10deg) translateZ(10px); -webkit-transform: skew(-10deg) translateZ(10px); -moz-transform: skew(-10deg) translateZ(10px); -o-transform: skew(-10deg) translateZ(10px);"><section style="background-color: #1f417e;"><section style="font-size: 16px; color: #fbf2f1; text-align: center; padding: 10px 20px; letter-spacing: 1.5px; transform: skew(10deg);"><strong>五. 关税正重新定义全球供应链结构。</strong></section></section></section></section><section style="padding-left: 15px;"><section style="border-left: 1px solid #1f417e; padding-top: 25px;"><section style="padding-bottom: 15px;"><section style="display: flex; justify-content: flex-start; align-items: flex-start; margin-left: -4px;"><section style="flex-shrink: 0; padding-top: 9px;"><section style="width: 7px; height: 7px; background-color: #1f417e; transform: skew(-15deg);"></section></section><section style="padding-left: 15px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p>柬埔寨不只是低成本选择，更是合规、稳定且具物流优势的中心枢纽。</p></section></section></section></section></section></section></section></section></section><section><section style="margin: 20px auto;"><section><section style="display: flex; align-items: flex-start; justify-content: flex-start;"><section><section style="width: 6px; height: 6px; background-color: #f7dca0; transform: skew(-10deg);"></section></section><section style="transform: skew(-10deg) translateZ(10px); -webkit-transform: skew(-10deg) translateZ(10px); -moz-transform: skew(-10deg) translateZ(10px); -o-transform: skew(-10deg) translateZ(10px);"><section style="background-color: #1f417e;"><section style="font-size: 16px; color: #fbf2f1; text-align: left; padding: 10px 20px; letter-spacing: 1.5px; transform: skew(10deg);"><strong>六. 中国持续深化与东南亚的关系（近期出访柬埔寨、越南、马来西亚即为明证 ） ， 进一步突显本区域的战略价值。</strong></section></section></section></section><section style="padding-left: 15px;"><section style="border-left: 1px solid #1f417e; padding-top: 25px;"><section style="padding-bottom: 15px;"><section style="display: flex; justify-content: flex-start; align-items: flex-start; margin-left: -4px;"><section style="flex-shrink: 0; padding-top: 9px;"><section style="width: 7px; height: 7px; background-color: #1f417e; transform: skew(-15deg);"></section></section><section style="padding-left: 15px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p>可预期基础建设、资金流与供应链整合将持续强化。</p></section></section></section></section></section></section></section></section></section><section><section style="margin: 20px auto;"><section><section style="display: flex; align-items: flex-start; justify-content: flex-start;"><section><section style="width: 6px; height: 6px; background-color: #f7dca0; transform: skew(-10deg);"></section></section><section style="transform: skew(-10deg) translateZ(10px); -webkit-transform: skew(-10deg) translateZ(10px); -moz-transform: skew(-10deg) translateZ(10px); -o-transform: skew(-10deg) translateZ(10px);"><section style="background-color: #1f417e;"><section style="font-size: 16px; color: #fbf2f1; text-align: left; padding: 10px 20px; letter-spacing: 1.5px; transform: skew(10deg);"><strong>七. 柬埔寨的竞争优势不再只是潜力，而是可以立即行动的机会。</strong></section></section></section></section><section style="padding-left: 15px;"><section style="border-left: 1px solid #1f417e; padding-top: 25px;"><section style="padding-bottom: 15px;"><section style="display: flex; justify-content: flex-start; align-items: flex-start; margin-left: -4px;"><section style="flex-shrink: 0; padding-top: 9px;"><section style="width: 7px; height: 7px; background-color: #1f417e; transform: skew(-15deg);"></section></section><section style="padding-left: 15px;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;"><p>此国具备完善贸易网络、政治稳定性与积极基建，结合低起点与高潜力，是罕见的战略布局热点。</p></section></section></section></section></section></section></section></section></section><section><section style="margin: 10px auto;"><section style="display: flex; justify-content: flex-start;"><section style="display: flex; align-items: center; margin-bottom: -15px;"><section style="background-color: #1f417e; padding: 4px 20px 4px 10px; border-left: 5px solid #c00000;"><section style="font-size: 16px; color: #ffffff; text-align: center;"><strong> 建议：</strong></section></section><section style="flex-shrink: 0;"><section style="width: 0px; height: 1px; border-bottom: 6px solid transparent; border-top: 6px solid transparent; border-left: 7px solid #1f417e;"></section></section></section></section><section style="padding: 20px 10px 10px; border: 1px solid #1f417e;"><section style="line-height: 1.75em; letter-spacing: 1.5px; font-size: 16px; color: #333333;"><p style="margin-top: 24px; margin-bottom: 24px;">无论是投资者、制造商或区域规划者，皆应把柬埔寨视为下一代全球供应链的线战略据点，而非仅为备胎选项。</p></section></section></section></section></section></section><section style="-webkit-tap-highlight-color: transparent; margin-bottom: 0px; outline: 0px; font-family: PingFang SC, system-ui, -apple-system, BlinkMacSystemFont, Helvetica Neue, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; background-color: #ffffff;"><section style="-webkit-tap-highlight-color: transparent; outline: 0px;"><section style="-webkit-tap-highlight-color: transparent; margin: 10px auto; outline: 0px;"><section style="-webkit-tap-highlight-color: transparent; margin-bottom: 2px; outline: 0px; display: flex; align-items: center;"><section style="-webkit-tap-highlight-color: transparent; padding-right: 4px; outline: 0px; flex-shrink: 0; display: flex; align-items: center;"><section style="-webkit-tap-highlight-color: transparent; outline: 0px; letter-spacing: 0.544px;"><section style="-webkit-tap-highlight-color: transparent; outline: 0px;"><section style="-webkit-tap-highlight-color: transparent; margin: 10px auto; outline: 0px;"><section style="-webkit-tap-highlight-color: transparent; margin-bottom: 2px; outline: 0px; display: flex; align-items: center;"><section style="-webkit-tap-highlight-color: transparent; padding-right: 4px; outline: 0px; flex-shrink: 0; display: flex; align-items: center;"><section style="-webkit-tap-highlight-color: transparent; margin-left: 7px; outline: 0px; width: 0px; height: 1px; border-top: 3px solid transparent; border-bottom: 3px solid transparent; border-left: 10px solid #fbc12e;"></section><section style="-webkit-tap-highlight-color: transparent; margin-left: 7px; outline: 0px; width: 0px; height: 1px; border-top: 3px solid transparent; border-bottom: 3px solid transparent; border-left: 10px solid #fbc12e;"></section></section><section style="-webkit-tap-highlight-color: transparent; outline: 0px; width: 630.2px; border-top: 1px solid #1f417e; height: 1px;"></section></section><section style="-webkit-tap-highlight-color: transparent; padding: 12px 13px; outline: 0px; background-color: #f7f9fa;"><section style="-webkit-tap-highlight-color: transparent; outline: 0px; line-height: 1.75em; letter-spacing: 1.5px; font-size: 14px; color: #333333; background-color: transparent;"><p style="-webkit-tap-highlight-color: transparent; margin-top: 24px; margin-bottom: 24px; outline: 0px; color: rgba(0, 0, 0, 0.9); font-size: 15px; letter-spacing: 0.578px; line-height: 1.75em; font-family: mp-quote, system-ui, -apple-system, BlinkMacSystemFont, Arial, sans-serif;"><strong style="-webkit-tap-highlight-color: transparent; outline: 0px;"><span style="-webkit-tap-highlight-color: transparent; outline: 0px; color: #000000;">注：</span></strong><span style="-webkit-tap-highlight-color: transparent; outline: 0px; color: #000000;">本文仅供参考，不构成任何形式的投资建议，投资者应结合自身情况谨慎决策。</span></p><p style="-webkit-tap-highlight-color: transparent; margin-top: 24px; margin-bottom: 24px; outline: 0px; color: rgba(0, 0, 0, 0.9); font-size: 15px; letter-spacing: 0.578px; line-height: 1.75em; font-family: mp-quote, system-ui, -apple-system, BlinkMacSystemFont, Arial, sans-serif;"><span style="-webkit-tap-highlight-color: transparent; outline: 0px; color: #000000;">本文版权归柬埔寨证券公司所有，未经书面授权，任何单位或个人不得转载、摘编或以其他方式使用本文内容，违者必究。</span></p></section></section><section style="-webkit-tap-highlight-color: transparent; margin-top: 3px; outline: 0px; width: 677px; border-top: 1px solid #1f417e; height: 1px;"></section></section></section></section><section style="-webkit-tap-highlight-color: transparent; outline: 0px; letter-spacing: 0.544px;"><section style="-webkit-tap-highlight-color: transparent; outline: 0px;"><section style="-webkit-tap-highlight-color: transparent; margin: 10px auto; outline: 0px; display: flex; justify-content: center;"></section></section></section><section style="-webkit-tap-highlight-color: transparent; outline: 0px;"></section></section></section></section></section></section><section style="-webkit-tap-highlight-color: transparent; margin-bottom: 0px; outline: 0px; font-family: PingFang SC, system-ui, -apple-system, BlinkMacSystemFont, Helvetica Neue, Hiragino Sans GB, Microsoft YaHei UI, Microsoft YaHei, Arial, sans-serif; letter-spacing: 0.544px; background-color: #ffffff;"><section style="-webkit-tap-highlight-color: transparent; margin: 10px auto; outline: 0px; display: flex; justify-content: flex-end; align-items: flex-end;"><section style="-webkit-tap-highlight-color: transparent; outline: 0px; display: flex; justify-content: center; align-items: flex-end;"><section style="-webkit-tap-highlight-color: transparent; margin-left: 5px; outline: 0px; width: auto;"><section style="-webkit-tap-highlight-color: transparent; outline: 0px; text-align: center; font-size: 14px; letter-spacing: 1.5px; color: #000000;"></section><p style="text-align: left;">来源：柬埔寨证券</p></section></section></section></section><p style="display: none;"> </p> <!----></div> 希望经济越来越好柬埔寨是打工人的天堂，在柬埔寨打工人受到政府保护，对奴隶工厂重拳出击，出警一次就是对打工者一次保护
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