和全国机电产品出口额及占比持续增长的趋势一致，这些外贸高增长区域均受到了机电产品的强劲带 动，并且民企的表现都相当活跃。 在关税战和全球地缘政治冲突等不确定性的影响下，长三角一座经济外向型小城仍然交出了亮眼的外贸 成绩单：今年1~5月，苏州吴江区外贸进出口总值达769.7亿元，同比增长13.7%，增幅分别高于全国、 全省、全市11.2个、8.4个、7.5个百分点；其中出口增长14.2%，进口增长12.1%。5月单月，吴江区进出 口规模创40个月以来新高。 作为苏州主城区面积最大的板块，吴江位于苏州、浙江、上海两省一市的地理交界处，是长三角区域一 体化发展国家战略的中心区域，以电子信息、丝绸纺织、装备制造、光电通信为四大主导产业。 "今年整个纺织行业的压力是不小的。旺季不那么旺，也因为市场的观望情绪缩短了周期。"吴江明斯克 贸易有限公司总经理吴长明这样对第一财经表示。然而，即使面对严峻的大环境，灵活的外贸企业仍然 跑出了加速度，并在多元化的市场布局中有了意想不到的收获。受益于去年底在中东市场的耕耘，他们 今年前5个月的出口订单同比增长了150%，中东地区的订单更是数倍激增，占到了总体出口额的约 45%。 第一财 ...

证券代码：831627 证券简称：力王股份 公告编号：2025-033 广东力王新能源股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 三、 投资者关系活动主要内容 问题 1：2023 年底，美国相关法案促使雾化一次性电子烟逐步退出市场， 对公司销售是否有形成影响？ 回复： □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 2023 年底，美国相关法案促使雾化一次电子烟逐步退出市场，这对公司的 销售有一定影响。 公司的锂离子电池产品应用于电子烟领域，且电子烟客户销售收入在营业收 入中占有一定比例，2024 年该比例为 8.48%，同 2023 年相比有明显下降。美国 是全球重要的电子烟市场，随着美国相关法案的实施，公司的电子烟客户可能会 受到冲击，进而影响公司锂离子电池产品的销售。不过，公司已采取一些措施来 应对风险，如实施多元化市场布局，巩固欧美传统市场，大力开拓"一带一路" 沿线、东盟、南美等新兴市场以分 ...

中东局势动荡对资产价格有何影响？20250615 摘要 5 月出口增速受工作日减少影响，实际增速或达 15.8%，中美日内瓦会 谈后部分订单释放，但全球制造业 PMI 回落至 49.6%，贸易需求放缓。 对美出口降幅明显，但对欧盟和非洲出口增速提升。 高新技术产品和装备制造业出口表现强劲，劳动密集型产品出口负增长， 集成电路出口未受关税影响。进口受房地产和海外需求影响下滑，但稳 增长政策带动部分产品进口维持高位。 短期内，6 月出口增速有望维持高位，受益于中美会谈后的新订单。长 期来看，全年出口可能承压，但多元化市场战略有望对冲美国关税的负 面影响。 中东局势动荡对国内市场影响相对有限，但需关注其短期波动及长期结 构性变化。历史数据显示，中东冲突对 A 股和港股市场整体影响有限， 短期内市场呈现窄幅震荡。 短期内，中东局势对各行业影响不显著，长期来看，若冲突持续，资源 品和运输业红利板块可能受益。风险偏好回落将使公用事业、银行、家 电等红利板块表现较好。 Q&A 当前我国出口的现状和未来展望如何？ 根据最新的 5 月进出口数据，5 月我国出口同比增长 4.8%，增速较 4 月回落 3.3 个百分点，但整体来看 ...

Core Insights - The Chinese toy industry is undergoing significant transformation, moving from a reliance on OEM production to developing proprietary brands and IPs, as exemplified by the rise of original IPs like Labubu and the emergence of "copycat" products [1][2][3] - The export landscape is shifting, with self-branded toys accounting for 65.51% of total exports in 2024, indicating a successful brand transformation [2] - Despite the growth in self-branded exports, many toy factories still depend on low-margin OEM production, facing challenges such as order fluctuations and rising costs [2][7] Industry Challenges - The Chinese toy industry experienced a decline in exports after 26 months of growth, attributed to economic downturns and global supply chain adjustments [3] - High tariffs imposed in 2025 further exacerbated the challenges faced by toy manufacturers, leading to production halts in some cases [3][7] - Many companies are struggling with declining profit margins due to increased costs and heightened competition, prompting a search for new markets [7][8] Market Dynamics - The U.S. remains the largest market for Chinese toy exports, with a total export value of $10.55 billion in 2024, representing a 4.24% year-on-year increase [5] - Approximately 75% of toys purchased in the U.S. are sourced from China, highlighting the dependency of U.S. toy companies on Chinese manufacturing [6] - Companies are increasingly diversifying their market presence to mitigate risks associated with U.S. market fluctuations, with a focus on emerging markets and domestic sales [9][10] Strategic Shifts - Toy manufacturers are actively exploring new markets, including the Middle East and Southeast Asia, to reduce reliance on the U.S. market [10][11][13] - The domestic market is also gaining attention, with significant growth potential in the潮玩 (trendy toys) and二次元 (anime) sectors, projected to reach a market size of 77.42 billion yuan and 72.7 billion yuan respectively in 2024 [14] - Companies are leveraging their supply chain advantages to attract overseas clients, with notable interest from Middle Eastern countries [11][12] Innovation and Value Creation - The潮玩 and IP derivative products are emerging as key growth areas, with companies focusing on unique designs and branding to capture consumer interest [15] - High-end creative products, such as handcrafted models, are gaining traction in international markets, allowing companies to command higher profit margins [21] - The shift towards creating products with artistic and collectible value is seen as a strategic move to enhance competitiveness and resilience against market fluctuations [21]

2025 年 6 月 9 日 总量研究 出口增速为何回落？ 关税压力将如何扰动出口？——2025年3月 进出口数据点评（2025-04-14） 美关税政策落地后，我国出口如何演绎？— — 2025 年 1-2 月 进 出 口 数 据 点 评 （2025-03-08） ——2025 年 5 月进出口数据点评 作者 分析师：高瑞东 执业证书编号：S0930520120002 010-56513066 gaoruidong@ebscn.com 分析师：周可 执业证书编号：S0930524120001 021-52523677 zhouke@ebscn.com 相关研报 出口为何展现韧性？——2025年4月进出口 数据点评（2025-05-10） 2025 年 5 月，我国出口同比+4.8%，较上月回落 3.3 个百分点。主要原因在于基数 效应、季节性因素、出口积压订单释放和全球商品贸易需求放缓。季节性调整后看， 出口并不弱。高技术产品对出口的贡献度要强于劳动密集型产品。进口方面，受到 国内需求偏弱、大宗商品降价等因素影响，同比增速下滑至-3.4%。 展望未来，日内瓦会谈后的对美国新出口订单影响将在 6 月逐步显现， ...

Core Insights - The global manufacturing PMI for May 2025 is reported at 49.2%, a slight increase of 0.1 percentage points from April, indicating three consecutive months below the 50% threshold, suggesting ongoing contraction in the manufacturing sector [1] - Analysts highlight the increased uncertainty in global economic recovery due to complex international relations, which limits long-term planning for businesses worldwide [1] - Recommendations for enhancing economic recovery stability include improving supply chain resilience, accelerating technological innovation, and promoting diversified market strategies, alongside continued support for multilateral trade cooperation [1] Regional Analysis - In Asia, the manufacturing PMI has risen above 50%, indicating a stronger recovery compared to the Americas, Africa, and Europe, supported by the Regional Comprehensive Economic Partnership [2] - European manufacturing shows a slow recovery with PMIs hovering around 48%, impacted by uncertainties in US trade policies which could affect core industries [2] - The Americas' manufacturing PMI remains unchanged from April, continuing a three-month trend below 49%, while Africa's PMI has dropped below 49% for two consecutive months, indicating weakened recovery momentum [3][4] - The US's tariff policies are negatively affecting African economies, potentially pushing them out of global supply chains, while African nations are seeking to leverage the African Continental Free Trade Area to enhance trade relationships [4]

山立珠宝济源公司工作人员正在焊接银饰。 赵珊珊 摄 □本报记者 王昺南 赵珊珊 "5月份新增土耳其和沙特共800万元订单，泰国工厂预计7月份投产，东南亚、中东市场取得重大突破。"5月 31日，刚从国外出差回来的山立珠宝首饰供应链（济源）有限公司（以下简称"山立珠宝济源公司"）总经理 宋爱民跟记者分享了这一喜悦。 山立珠宝济源公司今年前5个月，出口额同比增长43%。这样的增长得来不易。"受关税政策影响，目前部分 美国客户仍在观望中，但对公司整体业务影响不大。"宋爱民说。 山立珠宝济源公司位于济源打造的白银深加工产业基地——中国白银城。从2018年起，为推动当地白银产业 延链补链、转型升级，济源高标准打造了中国白银城，吸引20余家白银首饰、工艺品企业入驻，目前已初步 形成"创意设计—生产加工—检测检验—贸易物流—文化旅游"的全链条。 面对激烈的市场竞争，山立珠宝济源公司始终处变不惊。 "对于国际市场风浪，我们早有预判。"宋爱民介绍，企业一直坚持多元化市场战略，产品畅销多个国家和地 区，年均销售额1.2亿元。"新的市场变化不是坏事，反而加快了我们布局全球的脚步。"他说。 去年以来，山立珠宝济源公司进一步加大对中东、 ...

Core Viewpoint - The recent reduction of tariffs between China and the United States has alleviated pressure on foreign trade enterprises, leading to a turnaround in production and operations [1] Company Strategies - The company in Luoyang, Henan, has seen a backlog of over 20,000 products due to previous order cancellations from U.S. clients, prompting a shift in focus to other overseas markets and retail consumers [1] - The company plans to deepen its diversified market strategy, targeting emerging markets in Japan, Europe, and Central Asia, while also enhancing its "semi-managed model" to reduce logistics and compliance costs [1] - The company aims to promote brand strategy and improve risk resistance through market diversification, technological independence, and supply chain optimization [1] Market Diversification Efforts - The hair products company in Henan has experienced a significant impact on orders, with a total of $4 million affected due to U.S. retailers halting orders since March [2] - The company is actively exploring new markets in Europe, Africa, Asia, and South America to reduce reliance on the U.S. market while also focusing on domestic market growth [2] - The automotive parts company in Nanyang has successfully entered the European high-end market by leveraging its offices in Germany, France, and Sweden, thus increasing revenue from regions outside the U.S. [2] Trade Data and Growth - In the first four months of 2025, Henan Province's foreign trade reached 275.77 billion yuan, a year-on-year increase of 29.5%, with exports growing by 44.1% and imports by 6.5% [3] - Trade with ASEAN and EU has seen rapid growth, with imports and exports to ASEAN increasing by 11% and to the EU by 19.2% [3] - The province is also enhancing support for foreign trade enterprises through initiatives like "Foreign Trade Quality Products China Tour" and "Double Product Online Shopping Festival," resulting in a 42% domestic sales conversion rate [3] Financial Support Initiatives - Henan Province has implemented ten financial measures to provide comprehensive services to foreign trade enterprises, ensuring each company has at least one bank for tracking services [4] - Customized financial service plans are being developed based on the operational characteristics of each foreign trade enterprise [4] - The province aims to expand the coverage of export credit insurance to over 45% and explore "cross-border e-commerce insurance" through a co-insurance model [4]

虽然出口表现亮眼，行业仍面临多重挑战。调查显示，62%的企业反映关键零部件短缺问题突出，国际 物流成本高和地缘政治风险进一步加剧出口压力。此外，38%的企业受困于国际贸易壁垒和行业无序竞 争，部分企业因美国加征关税(77%企业称影响较小)被迫调整市场布局。 值得注意的是，若无法承担关税成本，54%的企业表示将放弃美国市场，转而聚焦欧盟和拉美等替代市 场。广交会数据印证了这一趋势：本届展会中，拉美和非洲客户占比达62%和31%，老客户订单占比超 六成，新兴市场客户黏性增强。 为应对挑战，中国摩托车企业积极调整战略。一方面，加强供应链韧性，探索零部件本土化替代；另一 方面，加速开拓多元化市场。例如，墨西哥、哥伦比亚等拉美国家因资源与消费潜力，被企业视为"新 蓝海"。同时，企业通过参加新兴市场展会(38%关注非洲、拉美和东南亚展会)快速切入高增长区域。 企业普遍呼吁政府加大政策扶持力度，62%的企业希望提供出口信用保险，54%的企业期待税费减免。 此外，行业自律与信息共享成为迫切需求，77%的企业希望商会提供国际市场动态，62%的企业呼吁规 范竞争秩序。 2025年全球经济在多重挑战中艰难前行，地缘政治冲突、贸易壁 ...

证券代码：300952 证券简称：恒辉安防 江苏恒辉安防股份有限公司 投资者关系活动 类别 特定对象调研 ☐分析师会议 ☐媒体采访 ☐业绩说明会 ☐新闻发布会 ☐路演活动 ☐现场参观☐其他（请文字说明其他活动内容） 形式 现场 ☐网上 ☐电话会议 参与单位名称及 人员姓名 东北证券：濮阳、唐凯 华福证券：汪俊哲、鲁星泽 华鑫证券：罗笛箫 林锐基金：姬永锋 惠畅资本：冯越 硬球管理咨询：牛国浩 东方马拉松基金：金澳凯 云岫资本：葛洪 上海尚颀投资：宋明 华泰证券：施舒舒、刘浩 Super：管祺 开源证券：高汇鹏 时间 2025年5月23日 地点 公司会议室、展厅 上市公司接待人 员姓名 副总经理、董事会秘书：张武芬 证券事务代表：林旭金 投资者关系活动 公司于2025年5月23日，通过现场会议座谈及参观的形式与部分机构 投资者、券商研究员进行深入交流，会议不涉及应披露的重大信息。 本次活动主要沟通内容如下： | 主要内容介绍 | 1、公司目前安防手套订单如何？以及二季度订单整体情况？ | | --- | --- | | | 回复： | | | 公司生产运营态势稳健向好,目前在手订单符合预期。4月份受美国 | | ...