Core Viewpoint - The article discusses the resilience of automotive parts suppliers in the context of U.S.-China trade tensions and recent tariff changes, highlighting their ability to adapt and maintain customer relationships despite geopolitical challenges [1][5]. Group 1: Impact of Tariffs - The company has managed to avoid significant impacts from U.S. tariffs due to agreements with clients that cover tariff costs, allowing for continued sales without price increases [1][4]. - The recent exemption of tariffs on automotive parts produced in Mexico under the USMCA agreement has provided relief to many companies, including the one discussed [4][5]. Group 2: Industry Dynamics - Automotive parts suppliers have shown unique resilience compared to complete vehicle manufacturers, as they are less affected by geopolitical tensions [1]. - The article emphasizes that the automotive parts industry has deeply integrated into the global supply chain, becoming a crucial production and supply base [6]. Group 3: Export Growth - Despite trade challenges, China's automotive parts export value reached $8.376 billion in March 2025, a 12.6% increase year-on-year, indicating steady growth in the sector [6]. - In the first quarter of 2025, exports amounted to $23.125 billion, reflecting a 4.5% year-on-year growth [6]. Group 4: Challenges in High-Tech Industries - High-tech industries, such as battery manufacturing, face more significant challenges in overseas expansion due to complex systemic issues and a lack of local supply chains in North America [7][8]. - The article notes that some Chinese companies' technological advancements may hinder their ability to adapt to the North American market, leading to delays in project implementation [7][8]. Group 5: Outbound Strategy - Automotive manufacturers prioritize market size and growth rates when expanding internationally, while parts suppliers focus on following their clients and selecting cost-effective locations for production [9][10]. - Southeast Asia and Mexico are highlighted as popular destinations for parts suppliers due to favorable demographics and proximity to the U.S. market [10].

点开一看，这则 消息 写到：中方注意到，美国商务部近日发布指南，以所谓推定违反美出口管制为 由，企图在全球禁用中国先进计算芯片，包括特定的华为昇腾芯片。美方措施是典型的单边霸凌和保 护主义做法，严重损害全球半导体产业链供应链稳定，剥夺其他国家发展先进计算芯片和人工智能等 高科技产业的权利。 文 /高歌 5月21日一早，吴新的手机收到一条推送：商务部新闻发言人就美国企图全球禁用中国先进计算芯片 发表谈话。 这也使得集成电路行业可以成为观察内外部变化的最为 典型 的窗口：外部，美方滥用出口管制，对 中国进行遏制打压，行业发展因此受到一定的影响；内部，技术层面的受限也需要进行突破，行业自 身也面临着竞争极度激烈的境遇，一方面对资金仍然渴求，资本层面依赖上市融资获取持续研发资 金，IPO政策 仍待开闸 。 在吴新看来， 他所在的芯片设计行业受到关税摩擦的影响较为有限 ，但是来自技 术的制约的影响 更为深远。目前国内企业都在比拼谁能活得更久，行业格局仍然有待形成，可前路还没跑通，行业内 卷也来了。 中国半导体行业协会数据显示，国内芯片设计公司超过3800家，但55%的企业年营收不足1000 万。 "客观来看确实存在技术 ...

Core Viewpoint - The article discusses the ongoing trade tensions between the US and China, highlighting the temporary pause in tariff increases and the resulting surge in shipping activity and container bookings from China to the US, while also expressing concerns about the long-term implications of these trade disputes [1][2][5]. Group 1: Trade Developments - On May 26, Trump agreed to extend the deadline for imposing a 50% tariff on the EU until July 9, indicating the volatile nature of global trade relations [1]. - Following a temporary halt on high tariffs on May 14, there was a significant increase in container bookings from China to the US, with certain categories like toys and sports goods seeing a 280% increase in bookings [2]. - Shipping companies adjusted prices significantly, with rates from Shanghai to New York increasing by 31.7% and from Shanghai to Long Beach by 22.0% after the temporary trade agreement [4]. Group 2: Economic Implications - The temporary 90-day pause in tariffs has led to increased activity at major ports in Asia, creating new job opportunities as companies rush to ship goods [3][4]. - The article notes that the average tariffs imposed by the US on Chinese imports have risen to 51.1%, while China's tariffs on US goods stand at 32.6%, indicating a significant escalation in trade barriers since the onset of the trade war [5][6]. - The uncertainty surrounding the trade situation continues to challenge businesses, requiring effective operational strategies and investment measures to navigate the prolonged period of instability [6][10]. Group 3: Future Outlook - There is a prevailing concern about whether the trade war will truly end, as the underlying tensions between the two economies remain unresolved [5][6]. - The article emphasizes the need for companies to build resilience in their supply chains and diversify their market strategies to survive in an era dominated by uncertainty [7][9]. - The Chinese government is focusing on stabilizing the economy and expanding high-level openness, which is seen as a significant certainty amid external uncertainties [8][9].

探索开展前沿研究，提升气候专业能力。 气候风险量化评估是目前全球金融行业面临的重要挑 战。公司充分结合国内外最新研究成果，开展气候情景分析与压力测试项目，通过整合本土气 候数据创新研发适用于中国保险机构的气候风险评估模型，完成台风、暴雨洪涝等灾害对公司 业务组合影响的定量测算，为制定科学风险管控策略提供依据。 聚焦新能源、农险等重点领 域，形成相关风险管理制度及措施 ， 加强关键环节管控 。持续拓展"风险雷达"系统功能，加 强风险勘查与灾害预警，提升公司智能化风险管控能力。 首次发布运营碳排放目标，打造低碳运营新模式。中国太保 积 极响应国家双碳战略，在对标 领先同业实践以及系统分析现有减排潜力的基础上，科学制定减排计划， 明确 集团整体 1,2 2028年运营碳排放总量较2023年下降20% 的量化目标 ， 保障碳减排工作有序推进。持续 完善运营碳排放管理体系，形成《运营碳盘查管理制度》，明确碳盘查流程规范，提升碳数据 质量。加强节能减排管理，通过采用先进节能技术、推进智能化节能改造、加强数据中心节能 等多项措施，有效降低公司运营碳排放。 加强对外交流合作，助力全球气候治理。中国太保 积极参与全球气候行动， ...

Group 1: Key Changes from "Made in China 2025" - The foundation of China's modernization industrial system is manufacturing, aiming to break through technological barriers and enhance competitiveness from "large but weak" to "large and relatively strong" [2][3] - By 2024, China's manufacturing share of global manufacturing is projected to rise from 20% in 2010 to 34%, with manufacturing value added being twice that of the US and four times that of Japan and Germany [3] - China's manufacturing supply chain is unique globally, covering all 41 major categories recognized by the UN, with 40% of these categories being the largest in global production [3] - The export structure has shifted significantly, with exports increasing from over $1.6 trillion in 2010 (70% labor-intensive products) to over $3.4 trillion in 2024 (90% technology-intensive products) [3] - The shipbuilding export market share increased from 20% in 2010 to 55% in 2024, while automotive production reached over 30 million units in 2024, with exports exceeding 6 million units [3] Group 2: Changes in Production and Trade - The production method has fundamentally changed, with processing trade dropping from over 50% to 20% by 2024, while general trade has risen to 60%-70% [5] - The trade volume between China and ASEAN countries grew from $600 billion in 2019 to nearly $1 trillion in 2024, a nearly 70% increase [6] - Foreign investment has deepened, with annual foreign direct investment increasing from $20 billion in the 1980s to over $120 billion from 2010 to 2020 [7] Group 3: New Quality Productivity Development - The development of new quality productivity focuses on three tracks: strategic emerging industries, upgrading traditional industries, and the growth of productive service industries [9][12] - Traditional industries are expected to undergo green, low-carbon, and digital upgrades, with a focus on reducing resource consumption and improving recycling rates [10][13] - The productive service industry is seen as a new engine for economic growth, with its GDP share currently at around 27%, indicating significant potential for future development [14] Group 4: Open Economy Strategy - In the context of potential future trade tensions, China has established four principles and five strategies to maintain its openness and competitiveness [15] - The principles include preparing for challenges, maintaining confidence, safeguarding core interests, and addressing weaknesses [15] - The strategies highlight China's vast market, complete industrial chain, and the importance of technological innovation as key assets in its open economy approach [15]

Core Viewpoint - The article discusses the dramatic reconciliation between Gree Electric's chairman Dong Mingzhu and her former protégé Meng Yutong, highlighting the strategic importance of their upcoming joint live-streaming event to attract younger consumers amid Gree's declining market position [3][4][10]. Group 1: Company Background and Current Situation - Gree Electric's revenue in 2022 was 190.038 billion yuan, marking a 7.31% decline year-on-year, representing the first negative growth in four years [9]. - In contrast, competitors Midea and Haier reported revenues exceeding 400 billion yuan and 290 billion yuan, respectively, significantly outpacing Gree [9][10]. - Gree's net profit exceeded 32 billion yuan in 2022, comparable to Midea's 38.5 billion yuan, but Gree's market valuation is only 2.3 times lower than Midea's [12]. Group 2: Strategic Moves and Market Positioning - The upcoming live-streaming event on May 23 is strategically timed to coincide with the 618 shopping festival, where the previous collaboration between Dong and Meng generated over 30 million yuan in sales [8][9]. - Gree's traditional reliance on air conditioning products, which account for over 70% of its revenue, limits its diversification and appeal to younger consumers [18][19]. - The company is undergoing a channel transformation to adapt to changing market dynamics, including a shift towards online sales and a reduction in sales expenses by 5 billion yuan [13][20]. Group 3: Brand Image and Consumer Engagement - Dong Mingzhu's personal brand and public persona are closely tied to Gree's image, and the reconciliation with Meng Yutong is seen as a move to improve Gree's brand perception and attract younger consumers [11][16]. - The "Dong Mingzhu Health Home" strategy aims to upgrade Gree's offline stores into experiential centers, integrating live-streaming and in-store experiences to enhance consumer engagement [21]. - Despite facing criticism and a declining market position, Gree's technological advantages in air conditioning still present opportunities for growth if effectively leveraged [22].

2 025 年5月22日是 第25个国际生物多样性日，主题为"万物共生 和美永续"，旨在呼吁以人与自 然和谐共生之道，创和美永续之路，推进全球生物多样性保护治理新进程。生物多样性是ESG领域 的重要议题之一，它指地球上所有生物及其生态环境的丰富性和变异性，也是维系生态系统稳定与人 类可持续发展的关键因素。 近年来，中国积极参与生物多样性全球治理，2022年，中国作为《生物多样性公约》第十五次缔约 方大会（COP15）的主席国，促成了《昆明-蒙特利尔全球生物多样性框架》的签署，为全球生物 多样性治理提供了明确路径。在国内，通过完善政策法规、优化就地保护体系、加强迁地保护等综合 措施，扎实推进生物多样性保护工作，取得了显著成效。 中国太保致力于探索生物多样性保护及气候变化协同治理，目前已将生物多样性保护列为公司ESG 和绿色金融发展的重要议题，以实际行动促进保险业积极参与生物多样性保护治理。 平衡人与动物关系，助力生物多样性和谐发展 随着生态保护工作的推进，野生动物种群数量逐渐上升，人与野生动物的冲突也时有发生。野生动物 肇事责任险是协调人与自然关系的重要举措，它既保障了人民群众的财产安全和人身权益，又推动了 野 ...

白雪表示，美债收益率上行可能对金融市场产生一定外溢效应， 一方面是美债作为全球无风险利率 基准，其收益率上行导致风险资产估值承压，会对高位美股产生冲击，进而影响全球资本市场；另一 方面则是会使其他国家的债券市场也随之产生波动。 短期美债收益率仍将处于高位震荡状态，但下 半年美国经济下行压力将进一步加大、美联储开启降息，叠加全球货币政策宽松共振，美债收益率中 枢将有所下移。 从我国对美债的态度来看，数据显示，我国3月减持美债189亿美元，持仓量降至7654亿美元，已连 续三个月减持。其实，自2022年以来，我国就在续减持美债，已累计减持超2800亿美元，与2013 年历史峰值水平相比，目前我国美债持仓金额降幅高达42%。可见，减持美债已成为我国的长期战 略，虽然短期难以完全退出，但未来在美债波动加剧、美元信用受损的背景下，我国将继续渐进式减 持美债。 文/曹萌 近日，多国国债市场热闹异常， 先有日本国债拍卖"崩盘"，后有美国国债拍卖表现创五年最差， 一 时间美债、日债变得不香了，为何曾经债市中的"小甜甜" 成为了如今的"牛夫人"？ 具体来看，5月22日凌晨，美国财政部20年期国债标售数据出炉，本次发行的最高中标 ...

分析"中国出口强劲将推动人民币汇率走高"的观点，孙斌认为，该观点的逻辑在于，中国对美出口 贸易存在超预期增长，出口创汇增加将导致人民币升值，但需要注意的是，人民币升值必须要建立在 企业存在大规模结汇预期的前提下，否则美元无法流进银行间外汇市场。而美元目前仍然是高息货 币，从调研的多家外贸企业获悉，企业结汇意愿并不强，短期内企业可能会为了满足现金流而出现阶 段性结汇小高潮，但这不会对人民币汇率产生趋势性升值影响。 5月21日，小满， 一个富含东方哲学智慧的节气，时刻提醒着人们"水满则溢"的道理。就如10天 前，《中美日内瓦经贸会谈联合声明》发布，利好情绪一度被推至顶峰，而A股却以高开低走打破了 众多股民千股涨停的幻想。 不过，如今来看，虽说《声明》极大超出预期，但全球两大经济体的这场经贸摩擦却远未停止 。梳 理过去10天 两国之间发生的博弈事件，先是美国商务部发布AI芯片出口管制指南表示，"在世界任 何地方使用华为昇腾芯片均违反美国出 口管制法规"；后是我国国务院关税税则委员会决定，对原产 于美国等国家和地区的共聚聚甲醛征收反倾销税。 而国际投行高盛基于上述中美贸易谈判趋势，认为未来中国出口强劲将推动人民币汇率 ...

忍不住再说说固收 +。 很多人不理解为啥经常叨唠固收+，因为从长期收益角度看，股票＞债券，固收+受限于权益部分仓位，预期 收益率应该要低于股基，但是朋友们，在实操中，固收+很多时候能做出意想不到的效果。 我拿偏股基金和偏债基金来举例，截至5月9号收盘，固收+的代表作——偏债混合型基金，近3年、近5年、 近10年平均收益都跑赢了偏股基金，只拉长到15年的时候，偏股基金才展现出来优势。 数 据 来源：choice，截至2025.5.9 但是，如果把投资者的体验考虑进去，那感觉就完全不一样了。那么对于那些不愿意承担太大波动，同时还想 要在权益市场分一杯羹、愿意拉长期限的投资者来说，固收+确实是很合适的品种啊。 一、一只被我多次提到的固收+ 我之前也写过，现在市面上固收+已经进化到3.0版本，策略丰富多样，而且整体表现也是越来越好，真的能 满足大部分投资者需求。 但除了策略外，我也很重视做固收+基金经理是否对投资者有同理心，这一领域，盛震山应该是做的很好的基 金经理之一。 盛震山是2019年去工银瑞信基金的，刚去的时候不是管理公募，是做了几年专户, 先后接触了包括保险、企业 客户、银行理财子等各种类型的专业机构客户， ...