周一至周五, 10:00 - 11:00 SIN/HK | 0400 - 05:00 CET
Monday - Friday, 10:00 - 11:00 SIN/HK | 0400 - 05:00 CET
Hi, this is Evelyn, writing to you from Beijing. Welcome to the latest edition of The China Connection — a snapshot of what I'm seeing and hearing from local businesses.
美国买家在与中国企业的对话中出现的次数远远多于地缘政治所暗示的。 What的 the thread holding it all together?
U.S. buyers pop up in conversation with Chinese firms far more than geopolitics suggests. What的 the thread holding it all together?
大故事
The big story
麻省理工学院毕业生约书亚·伍达德 (Joshua Woodard) 秉持着一个大胆的信念。他'确信深圳'的工厂将在未来十年向世界销售技术，因此他离开了苹果公司，在中国沿海城市经营供应链管理公司The Sparrows。
MIT graduate Joshua Woodard is living a bold belief. He的 so sure that Shenzhen的 factories will sell tech to the world for the next decade that he left Apple to run supply chain management company The Sparrows in the coastal Chinese city.
"A lot of our clients come from the States," Woodard said. "We get to hear about all the excitement: new form factors for smartphones, new ways of interacting with AI."
"We're not really going to see India, Vietnam challenge anytime soon," he said. "Outside the geopolitical sphere, people want to build actual things.在中国之外没有其他选择。"
"We're not really going to see India, Vietnam challenge anytime soon," he said. "Outside the geopolitical sphere, people want to build actual things. There is no other option outside China."
感谢供应商富士康,，苹果二十多年前在深圳建立了重要的制造基地。从大疆创新到华为的消费电子公司均位于该地区,，该地区也是电动汽车巨头比亚迪的所在地。
Thanks to supplier Foxconn, Apple built a significant manufacturing base in Shenzhen over two decades ago. Consumer electronics companies from DJI to Huawei are all based in the region, which is also home to electric car giant BYD.
"你周围的所有供应链可能都在两小时车程内," Even Realties 首席执行官 Will Wang, 另一位返回深圳创办智能眼镜初创公司的前苹果员工表示。
"You have all the supply chain around you within probably a two-hour drive," said Even Realties CEO Will Wang, another former Apple employee who returned to Shenzhen to launch his smart-glasses startup.
"If we wanted to create a future around consumer electronics — if we wanted to really build possibly the next Apple — we need to be at the center of hardware, which is Shenzhen," he said on CNBC的 "The China Connection."
贸易数据凸显了硅谷对这些硬件制造商的需求程度。
Trade data reinforce how much Silicon Valley needs those hardware manufacturers.
China was the largest source of California的 imports last year, the state的 chamber of commerce said, despite a sharp year-on-year decline due to escalating U.S. tariffs.台湾和墨西哥紧随, 之后，越南位居第四。加州的进口产品中，约 36% 是计算机和电子产品,，是首要类别。
China was the largest source of California的 imports last year, the state的 chamber of commerce said, despite a sharp year-on-year decline due to escalating U.S. tariffs. Taiwan and Mexico followed, with Vietnam in fourth place. Around 36% of California的 imports were computer and electronic products, the top category.
与此同时，, 深圳, 是中国第二大城市，按总体出口计算, 去年占中国 先进技术出口的近 19%, 根据 CNBC 对 Wind Information 官方数据的计算。
Meanwhile, Shenzhen, the second-largest Chinese city by overall exports, accounted for nearly 19% of China的 advanced tech exports last year, according to CNBC calculations of official data accessed via Wind Information.
"中国供应商在利基技术领域变得越来越重要," Omdia 首席分析师 Lian Jye Su, 表示。
"Chinese vendors are becoming more important in niche technologies," said Lian Jye Su, a chief analyst at Omdia.
他说，人形机器人背后的硬件由中国供应商主导,。但苏指出，传统机器人制造商仍然更多地依赖来自日本,德国,瑞士,韩国和美国的零部件。
The hardware behind humanoid robotics is dominated by Chinese suppliers, he said. But Su noted that traditional robot makers still rely more on parts from Japan, Germany, Switzerland, South Korea and the U.S.
寻找边缘
Finding an edge
创新面临着很多风险。
There的 a lot at stake for innovation.
The Sparrows Woodard said working in Shenzhen rather than in the U.S. reduces costs by about two-thirds, and cuts prototype time from weeks to days. He added that developers also benefit from working with suppliers who have made display panels, for example, for years and have deep industry expertise.
这使得初创公司能够快速迭代并进入市场。
That enables startups to iterate and go to market quickly.
但并非所有人都相信这一点。对中国制造业的反驳是，除了减轻地缘政治和关税风险之外，更接近最终用户'更为重要。
But not everyone的 convinced. The counterargument to manufacturing in China is that it的 more important to be closer to end users, on top of mitigating geopolitical and tariff risks.
"特别是在机器人领域,，您希望从用例开始,"，Cybernetix Ventures 位于波士顿的 Fady Saad, 普通合伙人说道。他表示， 公司的投资组合包括北美和欧洲的 20 家公司。
"In particular in robotics, you want to start from what is the use case," said Fady Saad, Boston-based general partner of Cybernetix Ventures. He said the firm的 portfolio includes 20 companies across North America and Europe.
虽然这些企业确实使用来自中国的零部件,，他说, "我们建议所有投资组合公司制定多个供应链计划。"
While the businesses do use parts from China, he said, "we advised all our portfolio companies to have multiple supply chain plans."
美国机器人公司Agility表示，其75%的零部件来自美国,，1%来自中国。图和波士顿动力公司没有立即回应置评请求。
U.S. robotics company Agility said 75% of its components are from America, and 1% from China. Figure and Boston Dynamics did not immediately respond to requests for comment.
但上个月, Nvidia 宣布正在与中国的 Unitree 合作，作为进军物理人工智能的一部分。随着人工智能的发展, 投资者预计硬件将需要变革性升级。
But last month, Nvidia announced it is working with China的 Unitree as part of a push into physical AI. And as AI evolves, investors expect that hardware will need transformative upgrades.
"远离中国的供应链多元化正在放缓,"北京BAI资本的创始及管理合伙人Annabelle Yu Long,表示。 "人们指望中国提供创新效率。"
"Supply chain diversification away from China has been slowing down," said Annabelle Yu Long, founding and managing partner of BAI Capital in Beijing. "People are counting on China to provide the efficiency on innovation."
需要知道
Need to know
中国就 Anthropic的 Claude Code 的人工智能风险发出警告 政府网络安全威胁平台警告某些版本的 Claude Code, 存在"后门"安全风险，并建议用户卸载或更新该工具。 Anthropic 告诉 CNBC，"backdoor" 是今年早些时候的一项实验，旨在防止蒸馏。但该公司的的人工智能在中国,并未得到官方允许，阿里巴巴正在禁止员工使用它。
China warns about AI risks with Anthropic的 Claude Code
A government cybersecurity threat platform warned of "back-door" security risks for certain versions of Claude Code, and recommended users uninstall or update the tool. Anthropic told CNBC the "backdoor" was an experiment earlier this year to protect against distillation. But the company的 AI isn't officially allowed in China, and Alibaba is banning employees from using it.
CPI 上涨 1%, 6 月份 PPI 同比上涨 4.1% 而中国的 消费者价格指数未达到分析师 预期, 出厂价格高于预期，同比涨幅为四年来最强劲。北京解决过度竞争问题的努力加上油价上涨，帮助PPI从去年的低基数快速攀升。
CPI up 1%, PPI gains 4.1% in June year-on-year
While China的 consumer price index missed analysts expectations, factory-gate prices were hotter than forecast with the strongest year-on-year rise in four years. Beijing的 efforts to tackle excessive competition combined with elevated oil prices helped PPI climb rapidly from last year的 low base.
随着 OpenAI, 人为成本激增，中国人工智能模型在美国公司中越来越受欢迎 美国公司通过 OpenRouter—（一个使开发人员能够访问一系列人工智能模型的平台）在中国人工智能模型上使用的代币份额— 自 2 月初以来每周都保持在 30% 以上, 远高于前 12 个月 11% 的平均水平。
Chinese AI models are gaining ground with U.S. companies as OpenAI, Anthropic costs surge
The share of tokens used by U.S. companies on Chinese AI models via OpenRouter — a platform that enables developers to access a range of AI models — has stayed above 30% each week since early February, well above the 11% average of the prior 12 months.
中国'罕见的导弹试验'在国际水域进行的模拟弹头试验是北京'自2024年9月以来首次进入该地区的战略导弹试验，可能会推动地区大国加深彼此之间的防务关系,分析师表示。
China的 rare missile test
The test with a dummy warhead into international waters was Beijing的 first strategic missile test into the region since September 2024 and will likely push regional powers to deepen defense ties with each other, analysts said.
Coming up
7月14:中国6月贸易数据
July 14: China trade data for June
7月15:中国第二季度GDP和6月零售额,工业生产和投资数据
July 15: China Q2 GDP and June retail sales, industrial production and investment data
7 月 17 日 - 20: 中国国家主席习近平将在上海举行的世界人工智能大会 (WAIC) 上发表讲话
July 17 - 20: Chinese President Xi Jinping to speak at World AI Conference (WAIC) in Shanghai
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