<div id="readability-page-1">07:20 AM EST, 12/29/2025 (MT Newswires) -- In Nomura's 2026 year-ahead outlook for China's economy, the bank said it highlighted European Union-China trade tensions as a major risk that appeared to be overlooked by markets.Under the threat of the &#34;second China shock,&#34; which features China's rapidly rising competitiveness in high-end machines and equipment, the European Union may increasingly impose tariffs on Chinese goods and erect high trade and investment barriers to fend off Chinese competitors, noted the bank.Nomura expects growth of China's exports to the EU to slow from an average of 7.4% in 2021-25 and 8.1% in 2025 to around 5% (all in US dollar terms) over the next several years. Europe bears the brunt of the second China shock.While the EU was largely insulated from the first China shock, the impact from the second is likely to be &#34;much more&#34; severe, stated the bank. Unlike the first shock, the current shock involves high-value-added, sophisticated industrial and consumer products that compete directly with EU strengths. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.</div>

野村证券 2026 年的展望强调了欧中贸易紧张关系作为市场忽视的重要风险。该银行警告称，由于中国在高端机械领域竞争力的上升，可能会导致 “第二次中国冲击”，欧盟可能会对中国商品征收关税和设置壁垒。野村预测，中国对欧盟的出口增速将从 2021-2025 年的平均 7.4% 放缓至未来几年的约 5%，这表明欧洲将面临比第一次冲击更为严重的影响

修正：野村证券指出欧盟与中国贸易紧张关系中 “被忽视” 的风险