1、 《 银行买债的底层逻辑、特征及展望 》 摘要 ■ 浙江高新制造产业链延续高景气，利好 半导体（如士兰微）、电子整机、医疗制造设备、工业自动 化 相关企业，同时也反映全球对"浙江智造"产品的稳定需求正在增强。 ■ 浙江对东盟、拉美出口分别增长16.4%、12.3%，对"一带一路"共建国家出口增长高达36%，明显 高于欧美传统市场。 ■ 高新制造企业出海路径趋于多元，有望催生 区域跨境电商平台、海外仓储物流、品牌本地化运营服 务 的中长期投资机会。 ■ OpenAI收购io是其 迈向AI设备主导权的重要一步 ，不仅增强自身生态闭环能力，更有望打破苹果 长期主导的硬件创新节奏 ■ 国家发展改革委与国家能源局联合印发的 136号文 将于6月1日起正式实施，标志着新能源项目将全 面进入电力市场交易阶段，从"保障性收购"转为"市场化定价+机制电量差价补偿"。 ■ 该举措被广泛认为是 电力市场机制性改革的关键拐点 ，意味着新能源不再"躺赢"，而是必须通过定 价竞争、配储能力与辅助服务参与市场博弈。 ■ 集中式项目主导地位仍存，但分布式项目（42%占比）在调节灵活性和场景化创新中具有巨大潜 力，中小企业凭借响应灵活性在 ...

Core Viewpoint - The article discusses the strategic shift in the Chinese automotive industry, particularly focusing on the collaboration between Chery and Jaguar Land Rover to revitalize the Freelander brand through a "reverse joint venture" model, emphasizing the transition from "market for technology" to "technology for brand" [4][17]. Group 1: Leadership Changes - Wen Fei, a former executive at Xiaomi Auto, has joined Chery as Vice President and General Manager of the FR brand division, aiming to leverage the "Xiaomi methodology" to activate traditional automakers' technological capabilities [2][12]. - Wen Fei's experience spans luxury, joint venture, and independent automotive brands, providing him with a unique perspective on the evolving market dynamics in China [4][6]. Group 2: Strategic Collaboration - Chery and Jaguar Land Rover signed a strategic cooperation agreement in June 2024 to develop electric vehicles under the Freelander brand, utilizing Chery's electric platform and Jaguar Land Rover's brand equity [13][15]. - The first model is expected to be based on Chery's E0X 3.0 electric platform, which supports advanced features like 800V architecture and OTA upgrades [13]. Group 3: Market Positioning and Future Plans - The collaboration aims to enhance Chery's brand image and increase technology reuse, while also addressing production capacity issues at Jaguar Land Rover's Changshu plant [15]. - By 2026, the Changshu plant will gradually cease production of certain fuel models and transition to manufacturing electric models based on the E0X platform, with plans to expand into larger SUVs and pickup trucks by 2027 [14][15]. Group 4: Implications for the Industry - This partnership signifies a strategic leap for Chinese automakers, moving towards a model where technology ownership reshapes global market dynamics, potentially allowing Chinese companies to define "technology pricing power" in the electric vehicle sector [17]. - The success or failure of the Freelander brand's reintroduction will have broader implications for other Chinese automakers, such as BYD and Geely, in their global expansion efforts [17].

维科网机器人是机器人行业门户网站，面向机器人技术研发与应用领域人士,提供及时迅速的机器人行 业资讯。同时为机器人产品制造厂商、配件供应商以及广大机器人用户提供技术交流与体验心得分享的 平台。 作者 | 维科网机器人 来源 | 维科网机器人 导语 ： 从装特斯拉家用桩起家，到拿下中东订单、押注自动充电机器人， 挚达科技 靠技术 转型赌一个港股IPO。 近日，中国证监会国际合作司发布关于 上海挚达科技发展股份有限公司（以下简称"挚达科技"） 境外发行上市及境内未上市股份"全流通"备案通知书。 以下文章来源于维科网机器人 ，作者Z 维科网机器人 . 根据备案内容， 该公司拟发行不超过20,627,100股境外上市普通股并在香港联合交易所上市。 值得关注的是，这已是挚达科技第二次叩响港股资本市场的大门。早在2024年2月，该公司便首 次递交港股招股书，后失效。但短短9个月后，即2024年11月，其团队迅速重整旗鼓再次递交申 请。 汽车充电桩"一哥" 十年前，挚达科技 成为特斯拉首批官方指定的私人家用充电桩安装服务商 ，正式踏入了新能源汽 车充电设备领域。 挚达科技从一间仅有几十平方米的办公室启程，历经多年，如今已蜕变 ...

导语 ： 百度Q1亮出底牌：AI业务熬出头了。 百度（ BIDU.US&09888.HK ）在 AI 的长期投入，终于在 2025 年结出了硕果。 "春江水暖鸭先知"，投资市场的反应尤为敏锐。今年一季度，桥水、富达对百度的持仓较上季度增长近十倍，"木头 姐" Cathie Wood 更是在一个半月内六次加仓，将百度视为 AI 应用落地的核心标的。 5 月 21 日晚，百度发布 2025 年一季报，盘前涨超 2% 。财报显示，百度 Q1 总营收达 325 亿元，百度核心收入 255 亿元，同比增长 7% ，均超市场预期。一季度，百度核心净利润同比增长 48% 至 76.3 亿元，智能云持续强劲增长， 同比增速达 42% 。截至 5 月，萝卜快跑在全球累计提供超 1100 万次的出行服务。 过去一年，大模型热潮从"拼参数、卷硬件"走向"拼场景、卷回报"。资本开始冷静，寻找真正能跑通从技术、落地到 商业的闭环选手。 而百度，无疑是最具代表性的企业之一。智能云托底、自动驾驶冲锋，百度 AI 应用率先在国内落地。百度正在最有希 望"统治未来世界"的 AI 应用赛道上，杀出一条生路。 埋头"打地基"，智能云成 AI 变现 ...

Core Viewpoint - The temporary trade truce between the US and China has led to a significant surge in shipping demand from China to the US, with container bookings more than doubling in a week, indicating a rebound in trade activity [2][3]. Group 1: Shipping Demand and Pricing - Container bookings from China to US ports surged to approximately 228,000 TEUs, more than doubling from the previous week following the trade agreement [2]. - The Drewry World Container Index reported a significant increase in shipping prices, with spot rates from Shanghai to Los Angeles rising about 16% to $3,136 per 40-foot container, marking the largest increase of the year [2]. - International air cargo flights also saw a nearly 18% increase in the number of flights, reflecting heightened demand across transportation modes [2]. Group 2: Supply Chain and Manufacturing Impact - The surge in orders is attributed to "pre-stocking" as retailers aim to avoid high tariffs, coinciding with a critical shopping season where goods take about a month to reach the US [3]. - Manufacturing facilities, such as those producing home appliances, are operating at full capacity to meet the increased demand, with clients requesting the resumption of previously paused orders [7]. - Shipping companies, including Maersk, are increasing their capacity in response to the rise in bookings, indicating a recovery in shipping operations [7]. Group 3: Market Conditions and Trends - Despite the recent uptick in shipping activity, overall shipping levels remain on par with last year, suggesting that many retailers are either ordering less than in previous years or are waiting for more certainty in the market [7]. - The proportion of canceled sailings has decreased significantly from 25% to 13%, indicating a return to more stable shipping operations [8]. - Recent trade data from Asia shows that the trade policies have caused disruptions, with South Korea's exports down 2.4% year-on-year and Japan's exports growing only 2%, the weakest growth in seven months [9].

Group 1: Gold Market Insights - Spot gold prices surpassed $3,300 per ounce for the first time since May 9, driven by rising geopolitical tensions and negative GDP growth in the U.S., which increased safe-haven demand [1] - Domestic gold consumption remains strong, with retail sales of gold and silver jewelry in April up 25.3% year-on-year and 14.7% month-on-month, indicating that domestic demand is independent of international gold price fluctuations [1] - There is a divergence in institutional views on gold; bullish arguments include inflation risks and a potential Fed rate cut, while cautious signals highlight the current high price levels and the possibility of profit-taking due to eased trade tensions [1] Group 2: Solar Industry Impact from Tariffs - The U.S. plans to impose extreme tariffs on Southeast Asian solar equipment, with Cambodia facing a 3,521% tariff due to non-cooperation in investigations, while Malaysia faces only 34% [2] - The U.S. heavily relies on Southeast Asia for solar imports, with 80% of imports coming from four countries, leading to a potential shift in procurement to domestic or third-party manufacturers [2] - U.S. solar project developers are facing increased costs due to these tariffs, which may delay installation progress and create cash flow pressures for EPC companies [2] Group 3: Humanoid Robots Development - The commercialization of humanoid robots depends on their ability to create actual value by addressing real-life challenges, with a long-term development cycle similar to that of autonomous driving, estimated at 10-20 years [3] - The industry is entering an accelerated phase due to supportive policies and the presence of a significant talent pool in the field of embodied intelligence, with a focus on practical applications [3] - Early application scenarios have been validated in sectors like power and chemical inspections, indicating a potential for successful technology-commercialization loops [3] Group 4: AI Agent Development - The AI agent market is rapidly evolving, with diverse technical paths and a focus on expanding application scenarios, although a unified standard has yet to be established [4] - There are significant differences between the North American and Chinese markets, with both targeting enterprise-level markets as a core breakthrough point [4] - Current challenges include high token consumption during interactions and the need for robust computational infrastructure, which remains a key limiting factor for commercial scalability [4] Group 5: Public Fund Regulation Changes - New regulations for public funds are driving a shift in strategy, with a focus on core asset pricing and a potential systemic adjustment in strategy paradigms [5] - The easing of U.S.-China tariffs has improved market risk appetite, with a focus on opportunities in the export chain [5] - Social financing growth is supported by low base effects and monetary policy, although potential impacts from tariff shocks should be monitored [5]

首相最初支持江藤（ Eto ），但仅仅一天后，在执政党和反对党的强烈批评下撤回了支持。 立宪民主党（ Constitutional Democratic Party ）及其他四个反对党派已达成一致，要求 江藤辞职，并警告称，如果他拒绝下台，他们将考虑提出对他的不信任动议。 " 石破茂（ Ishiba ）显然误判了公众反应，而公众的反应相当强烈， " 瑞穗证券（ Mizuho Securities ）首席市场经济学家上野康成（ Yasunari Ueno ）表示。 " 即便只是一天的应 对延迟，都可能让他失去一些政治势头。 " 上野（ Ueno ）表示，最新局势的发展表明自民党（ LDP ）势力减弱，这可能会在即将到来 的参议院选举前，进一步加剧反对党之间的政治博弈。 导 语："祸从口出"，农业大臣 已引咎辞职，同时还牵连外界对首相石破茂政府的批评与质疑。 日本农林水产大臣周三宣布辞职，此前他曾表示自己从未需要购买大米，此言论引发了外界 对首相石破茂（ Shigeru Ishiba ）少数派政府及其在选举前应对粮食价格上涨问题的批评。 农业大臣江藤拓（ Taku Eto ）表示，他已于周三向石破茂（ Ishib ...

在对历届美国政府芯片政策的强烈批评中，这家全球领先的人工智能处理器制造商的首席执 行官还对华盛顿禁止一款专为中国市场设计的英伟达（ Nvidia ）产品的决定提出了不满。 导 语：黄仁勋 表示，出口管制措施加速了中国竞争对手的技术进步。 英伟达首席执行官黄仁勋（ Jensen Huang ）谴责旨在限制中国获取人工智能芯片的美国出 口管制，称其为 " 一次失败 " ，并指出这一措施反而促使中国竞争对手加速自主产品的研 发。 黄表示： " 最初促成人工智能扩散规则的核心假设已经被证明存在根本性的缺陷。如果美国 希望保持领先地位，我们需要最大化并加速扩散，而不是限制它。 " 他的评论发表之际，美国和阿拉伯联合酋长国（ UAE ）上周宣布计划在美国境外建造最大的 人工智能数据中心集群，该项目将由英伟达（ Nvidia ）的芯片提供支持。 特朗普政府表示，将取消计划中的技术扩散法规，并正在起草一项新规则，旨在促进美国技 术的蓬勃发展，同时防止敌对国家获取相关技术。目前尚不清楚规则何时会最终定案，但一 位政府官员警告称，这些规则的实施需要一定时间。 为了遏制中国人工智能技术在全球范围内的扩散，美国政府警告企业不要使用来 ...

以下文章来源于电厂 ，作者董温淑 电厂 . 探索科技公司的未知，为你充电 5月19日，华为于成都发布首款鸿蒙折叠电脑"MateBook Fold 非凡大师"，鸿蒙笔记本电脑 Matebook Pro，以及首款鸿蒙商用笔记本擎云HM940。 据华为常务董事、终端BG董事长余承东现场宣布，三款新品均搭载最新的HarmonyOS 5，折叠电脑 MateBook Fold 非凡大师定价23999元起；Mate Pro定价为7999元起；擎云HM940定价暂未公布。 至此，鸿蒙系统已于手机、平板、电脑、可穿戴产品、车机及智慧屏等各类生态硬件落地。 2018年，华为Mate 20系列首发搭载鸿蒙安全内核，可视作鸿蒙的首次亮相；从那至今，手机始终 是鸿蒙系统着力攻克的核心场景。 但想要讲好涵盖"办公、运动健康、智家、智行、影音娱乐"的"全场景"故事，PC同样是它不得不迈 过的一道坎。 历时5年 此前约9个月的时间里，华为曾多次预告鸿蒙电脑已在研发过程中。 作者 | 董温淑 来源 | 电厂 导语：从手机、平板、电脑、可穿戴产品、车机及智慧屏等各类生态硬件，如今鸿蒙系统再添 PC场景。 比如2024年9月，余承东曾在央视新闻直 ...

以下文章来源于品牌出海BrandGlobal ，作者BrandGlobal 品牌出海BrandGlobal . 剖析全球品牌成功案例 作者 | BrandGlobal 来源 | 品牌出海BrandGlobal 导语：一个不缺钱的产业和不缺钱的赛道，森合创新却硬生生把一个备受资本青睐的明星机器 行业特性导致高投入： 割草机器人行业研发、生产、物流履约及技术升级均需大量资金投入，对初 创企业形成重压。森合创新尽管在2023年获得近亿元天使轮融资（蓝驰创投、小熊电器领投），但 仅完成少量订单交付，最终因资金耗尽无法维持运营。 全球割草机器人市场规模预计从2025年的90.3亿美元增至2033年的192.1亿美元，年复合增长率达 10%。 伴随着资本加持，国内数十家企业纷纷涌入该赛道。从富世华、宝时得等传统厂商，到汉阳科技、 长曜创新等初创品牌，再至以科沃斯、追觅为代表的智能清洁巨头，无数新老势力正汇聚在欧美人 的草坪上。 然而近日，创立于2022年的森合创新（Oasa）却 被爆出倒闭。据悉，听到森合创新崩盘，创投圈惊 呆了。一个不缺钱的产业和不缺钱的赛道，成立两年多的森合创新遇到了各种难题。硬生生把一个 备受资本青 ...