特朗普最新关税表态简评 ▍事件概述 【2】讲话核心部分，公布了对全球主要经济体的【对等关税】清单，但并非【严格对等】，而是将美国的报复性 税率定在各国对美国当前税率的一半，这里【他国对美国的税率】囊括了美方计算的【贸易&非贸易壁垒】。 对中国的对等关税定在34%，在主要制造业经济体中相对较高，低于越南（46%）/泰国（36%）。 【1】北京时间凌晨4点，特朗普讲话开始。 前半段首先提出将对所有进口商品征收最低10%的【基准关税】，也保留对部分国家征收更高关税的可能（结合 后文，这里10%的最低基准关税，实际上是单一经济体所面临对等关税的下限）。 期间美股股指期货拉升，美债收益率上涨，美元走弱。 【2】讲话核心部分，公布了对全球主要经济体的【对等关税 特朗普最新关税表态简评 ▍事件概述 【1】北京时间凌晨4点，特朗普讲话开始。 前半段首先提出将对所有进口商品征收最低10%的【基准关税】，也保留对部分国家征收更高关税的可能（结合 后文，这里10%的最低基准关税，实际上是单一经济体所面临对等关税的下限）。 期间美股股指期货拉升，美债收益率上涨，美元走弱。 【1】从特朗普讲话期间的大类资产表现看，市场认为最先公布的1 ...

【浙商中小盘｜钟凯锋/宋伟】 【德邦科技】进口替代+新兴需求，高端封装材料龙头重启高增长 公司是国内高端电子封装材料龙头，集成电路领域进口替代，LIPO/Ai智能硬件/机器人等新兴需求，迎来业绩拐 点，重启高成长 市场预期：公司新能源应用材料盈利性较弱，之前业绩压力大，成长性不清晰。 我们认为：公司迎来拐点，重启高成长，业绩有望超预期，四大驱动力： 集成电路/智能终端封装材料，经历22-2 【浙商中小盘｜钟凯锋/宋伟】 【德邦科技】进口替代+新兴需求，高端封装材料龙头重启高增长 公司是国内高端电子封装材料龙头，集成电路领域进口替代，LIPO/Ai智能硬件/机器人等新兴需求，迎来业绩拐 点，重启高成长 市场预期：公司新能源应用材料盈利性较弱，之前业绩压力大，成长性不清晰。 我们认为：公司迎来拐点，重启高成长，业绩有望超预期，四大驱动力： 集成电路/智能终端封装材料，经历22-23年新产品导入推进，预期快速增长； LIPO新技术有望快速渗透，新增光敏树脂需求。 公司新增长点，弹性大； 新能源应用材料预期毛利率已过拐点，逐渐改善； 新增泰吉诺并表，拓展AI数据中心/机器人等散热解决方案。 #三、长期空间广阔：市场大 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - The records discuss the macroeconomic implications of U.S. foreign policy changes, particularly under the Trump administration, and provide insights into the coffee and tea beverage industry, as well as the automotive thermal management sector. Core Insights and Arguments - **U.S. Foreign Policy Shift**: The Trump administration's foreign policy, termed "Trump 2.0," completely rejects Biden's approach, favoring Monroe Doctrine principles and a more ideologically driven stance, which includes tariff threats [1][2][3] - **Impact on Europe**: The strategic withdrawal of the U.S. and ideological conflicts under Trump have placed unprecedented pressure on Europe, marking the most severe security challenges since World War II [2][3] - **Coffee vs. Tea Industry Analysis**: The coffee and tea beverage sectors exhibit different demand origins, market maturity, and competitive landscapes. Major tea brands are expanding through franchise models, leading to rapid store growth and solid profitability [3][4] - **Coffee Industry Dynamics**: The coffee sector is stabilizing with prominent brands like Luckin Coffee solidifying their market leadership. The dual model of direct sales and franchising is less reliant on delivery compared to tea [4] - **Tea Industry Outlook**: With leading tea companies going public, competition is intensifying. There is optimism for low-price segments and companies with strong supply chains in the mid-price range [4] - **Automotive Thermal Management**: Silver Wheel Co. is highlighted as a leading Tier 1 supplier in the automotive thermal management field, with a strong R&D and customer service framework. The company's stock is currently valued at a PE ratio of 21 times for 2025 [5] Other Important but Possibly Overlooked Content - **Government Support for AI and Robotics**: Guangdong province has introduced 12 measures to foster innovation in AI and robotics, including financial support for establishing innovation centers [4] - **Market Predictions and Trends**: The impact of dividends on major index futures is minimal, with estimates indicating slight influences on index points for various indices. The market is experiencing reduced trading volumes and a notable decline in small-cap stocks [6] - **Investment Sentiment**: Seven brokerages believe that ongoing policy implementation and capital market reforms will enhance the attractiveness of Chinese assets, with a consensus on the potential of sectors like non-ferrous metals, high-dividend stocks, and innovative pharmaceuticals [6]

Summary of the Conference Call on Huada Jiutian Industry Overview - The company is a leading player in the domestic EDA (Electronic Design Automation) market, with a market share of 7% in 2022, maintaining its position as the top local provider [1] - The domestic semiconductor market is expected to grow at a rate of 20% over the next three years, with the EDA market projected to expand from 14 billion to 35.4 billion from 2024 to 2027, resulting in a CAGR of 36% [1][2] Key Points 1. **Market Growth and Projections** - The EDA market is anticipated to grow significantly due to the increase in the semiconductor market and the rise of EDA software usage from 1% to 1.3% of the semiconductor market [1] - The expected CAGR for the EDA industry from 2024 to 2027 is 36% [1] 2. **Company Growth Drivers** - The company is leveraging both self-research and acquisitions to enhance its process coverage, aiming for a comprehensive suite of EDA tools [1] - The digital circuit coverage is expected to exceed 90% by 2026, with other categories achieving full process coverage [2] - AI-driven advancements are helping the company close the gap with global leaders, while also expanding its market share [2] 3. **Global Market Context** - The leading global EDA companies include Cadence Design Systems (valued at approximately 500 billion), Synopsys (around 480 billion), and Siemens EDA (about 250 billion), collectively holding a 76% market share and a total market capitalization of 1.2433 trillion [2] - Huada Jiutian is projected to capture about 22% of the global market share in the long term, indicating significant growth potential from its current market capitalization of 60.5 billion [2] Financial Forecast - Revenue is expected to grow at a compound annual growth rate (CAGR) of 43% from 2024 to 2026 [2] - The projected net profit for the parent company is forecasted to be 129 million, 230 million, and 392 million for the years 2024, 2025, and 2026, respectively, with year-on-year changes of -35.64%, +77.68%, and +70.83%, leading to a 3-year CAGR of 74% [2] - The price-to-sales (PS) ratio is lower than comparable domestic companies, leading to a "buy" rating for the stock [2]

Summary of Key Points from the Conference Call Industry Overview - The reports focus on the humanoid robotics industry, highlighting advancements and developments in humanoid robots and their applications in various sectors [1][2]. Core Insights and Arguments - **Figure's Humanoid Robot**: On March 31, Figure released a video showcasing its humanoid robot performing assembly tasks at a BMW factory, indicating practical applications in manufacturing [1]. - **Launch of XMAN-R1**: Qingtong Intelligent officially launched its first humanoid service robot, "XMAN-R1," which has completed a full service cycle including ordering, meal preparation, delivery, and collection [1]. - **Expansion of Humanoid Robotics**: Xiangxin Technology is actively hiring for positions related to humanoid robot project development, mechanical design, and dexterous hand engineering, signaling a commitment to expanding its humanoid robotics capabilities [1]. - **Introduction of "Tianyan" Series**: On March 29, the Embodied Intelligent Robot Research Institute, co-founded by Youai Zhihui and Xi'an Jiaotong University, unveiled the "Tianyan" series of humanoid robots, including the wheeled humanoid robot "Xunxiao," which is already being utilized in semiconductor manufacturing and energy sector operations [2]. Market Performance - **Stock Movements**: Notable stock performances included Micro Light Co. (+5%) and Changsheng Bearing (+4%), with Changsheng Bearing showing a significant increase in turnover rate by 11 percentage points compared to the previous week [2]. - **Trading Activity**: The trading activity of key stocks varied, with Shuanglin Co. experiencing a decrease in turnover rate by 9 percentage points [2]. Recommendations - **Key Companies to Watch**: The report recommends several companies in the humanoid robotics sector, including: - **Complete Systems/Integration**: Huaxiang Co., Sanhua Intelligent Controls, Top Group, Hengli Hydraulic, Huichuan Technology, Zhongjian Technology, Lingyi Zhizao [2]. - **Dexterous Hands/Motors**: Jiechang Drive, Tuobang Co., Mingzhi Electric, Micro Light Co. [2]. - **Lead Screws/Bearings**: Zhejiang Rongtai, Wuzhou Xinchun, Jinwo Co., Shuanglin Co., Beite Technology, Changsheng Bearing [2]. - **Reducers**: Lvdiharmonic, Shiling Co., Xiasha Precision [2]. - **Sensors**: Obsidian Zhongguang, Keli Technology [2]. - **Additional Focus**: Companies such as Zhongdali De, Zhaowei Machinery, Junpu Intelligent, Leisai Intelligent, Anpeilong, Buke Co., Zhenyu Technology, and Guomao Co. are also highlighted for potential investment opportunities [2]. Risk Factors - **Production Risks**: There are risks associated with the humanoid robot production schedule not meeting expectations and the need for ongoing technological iterations [3].

小核酸行业深度：技术平台和适应症不断验证，迎来销售和临床密集兑现期！ 2适应症突破——罕见病到慢病和其他更大疾病领域：（1）疾病领域拓展：最先上市的小核酸药物 Vitravene（CMV）、Spinraza（SMA）和Patisiran（TTR）等多为治疗罕见病的药物，患者容量相对有限，但随着近 几年小核酸药物在高血脂（Inclisiran）、高血压、乙肝等多个疾病领域的临床数据读出，小核酸能够治疗的患者群 体持续扩大，小核酸药物的市场想象力巨大，甚至未来小核酸技术平台有望在CNS领域如AD和帕金森等疾病取得 突破。 （2）新的平台技术验证：例如ProQR在2025年或将启动RNA编辑管线，以及Regulus的RGLS8429（miRNA）或有1 期数据读出。 3小核酸药物即将迎来密集催化剂：（1）大单品放量：2025年诺华inclisiran有望加速放量，Arrowhead plozasiran商 业化元年；（2）产品获批：Alnylam的Vutrisiran和Fitusiran已于2025年3月底获批，Ionis的eplotersen（OUS）、 Olezarsen(EU)、Donidalorsen（US ...

【中信汽车】中升控股年报业绩会交流要点 1、新车销售毛利：2024年全年的新车销售毛利是更具备参考性的，不建议看半年度环比，因为下半年有返 点，2025年向上走的可能性是有的 1、新车销售毛利：2024年全年的新车销售毛利是更具备参考性的，不建议看半年度环比，因为下半年有返 点，2025年向上走的可能性是有的 2、问界：目前的销量占问界5%左右，起步比较高，随着爬坡后，今年份额可能会更高；鸿蒙其他几个品牌也在 谈，有意向加入鸿蒙智行的系列；从问界开始在新能源车上会加大力度 2、与奥迪深化合作：主要是在西北地区10个店，现在只要厂商可 【中信汽车】中升控股年报业绩会交流要点 2、问界：目前的销量占问界5%左右，起步比较高，随着爬坡后，今年份额可能会更高；鸿蒙其他几个品牌也在 谈，有意向加入鸿蒙智行的系列；从问界开始在新能源车上会加大力度 2、与奥迪深化合作：主要是在西北地区10个店，现在只要厂商可以协助中升把经营不善的经销商的客户转移到中 升后，中升就可以接受，站在公司角度核心是低成本地获得客户、服务客户 4、二手车：25年求稳为主，不设置单台的利润目标，寻求量和利的平衡 5、市场环境：1）价格的卷是没办法，厂 ...

【天风电新】道通科技24年业绩交流要点-0330 AI+机器人： 围绕空地一体的解决方案去做，机器人道通是和头部企业一起开发。 公司进展：预计在2-3季度会有商务合同落地。 2）欧洲，3.34亿，同比+68%，占比38%；3）亚太等，1.36亿，同比+62%，占比16%。 公司的优势：1）机器人的系统60-70%和无人机是相同的，公司将无人机上的技术积淀用在机器人上；2）道和通 泰核心团队来自于波士顿动力、牛津等团队。 【天风电新】道通科技24年业绩交流要点-0330 AI+机器人： 围绕空地一体的解决方案去做，机器人道通是和头部企业一起开发。 公司的优势：1）机器人的系统60-70%和无人机是相同的，公司将无人机上的技术积淀用在机器人上；2）道和通 泰核心团队来自于波士顿动力、牛津等团队。 公司进展：预计在2-3季度会有商务合同落地。 收入量级有望在千万级别。 10月前后会有机器人本体产品发布。 充电桩业务： 24年分市场拆分：1）北美，3.97亿，同比+40%，占比在46%；美国在24年Q3受联邦政策影响（影响运营商客 户），公司重点去攻克车队客户， Q4-今年Q1有显著增长。 4、软件升级，目前是20% ...

# 机器人领域下周重点事件： 3-4月小米铁大亦庄展示 3-4月，特斯拉可能更新机器人视频 4月13日，北京举办首届机器人半程马拉松； 4月25日-4月26日，中国人形机器人生态大会将在上海汽车会展中心启幕。 # 机器人领域下周重点事件： 3-4月小米铁大亦庄展示 3-4月，特斯拉可能更新机器人视频 4月13日，北京举办首届机器人半程马拉松； 4月25日-4月26日，中国人形机器人生态大会将在上海汽车会展中心启幕。 ...

【国君电子】从技术到生态，EtherCAT重塑机器人"神经元" 1、 EtherCAT协议凭借其卓越的实时性、低延迟和高同步性，已成为工业机器人通信领域的关键技术。 其分布式时钟机制和硬件级数据处理能力，使得机器人关节间的通信延迟可控制在微秒级，远超传统CAN协议的 毫秒级响应时间。 这种性能优势不仅提升了机器人动作的连贯性和精准度，还大幅减少了工程师在编程时的复杂度。 【国君电子】从技术到生态，EtherCAT重塑机器人"神经元" 1、 EtherCAT协议凭借其卓越的实时性、低延迟和高同步性，已成为工业机器人通信领域的关键技术。 其分布式时钟机制和硬件级数据处理能力，使得机器人关节间的通信延迟可控制在微秒级，远超传统CAN协议的 毫秒级响应时间。 而在人形机器人领域，EtherCAT通过支持精细动作控制（如手指关节的独立驱动）和复杂任务的实时协作，为机 器人智能化发展提供了关键支持。 这种性能优势不仅提升了机器人动作的连贯性和精准度，还大幅减少了工程师在编程时的复杂度。 此外，EtherCAT的开源特性和低IP购买成本，使其在运动控制领域占据了90%以上的市场份额。 其灵活的拓扑结构和无需交换机的特性，进 ...