节点：下游（终端消费/应用）位置：下游情绪：利空参考度：7/10
中国超1万亿美元贸易顺差是深度融入全球产业分工体系的自然结果，符合比较优势经济规律。历史上英、美、日、德等制造强国均曾为顺差主要来源国。美欧部分国家将中国顺差政治化，炮制“倾销”“产能过剩威胁”等谬论，将经贸问题泛政治化、泛安全化，本质是效率焦虑与认知偏差的外化，掩盖遏制中国产业发展的意图。美欧自身加大产业补贴却指责中国补贴，属典型双标做法。
美欧以国家安全为名对中国实施技术封锁，芯片领域尤为突出。美国禁止英伟达向华出口高端AI芯片，导致其在华高端市场份额从95%降至0%；荷兰阿斯麦在美施压下无法向华出口EUV及中端光刻机。封锁最先伤害美欧自身，英伟达中国区收入缩水，阿斯麦CEO警告过度限制将倒逼中国自主研发，长期让西方失去中国市场。...
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