Core Viewpoint - The credit rating agency maintains the credit rating of Beibu Gulf Port Co., Ltd. at AAA with a stable outlook, indicating strong financial health and operational performance [1][3]. Company Overview - Beibu Gulf Port Co., Ltd. primarily engages in port operations in Guangxi, with a registered capital of 2.278 billion yuan and a controlling shareholder, Guangxi Beibu Gulf International Port Group, holding 56.50% [8]. - The company operates 89 coastal production berths with an annual throughput capacity of 392 million tons, including a container throughput capacity of 9.8 million TEUs [8]. Financial Performance - As of March 2025, the company's total assets were 36.261 billion yuan, with equity of 20.113 billion yuan and a debt-to-asset ratio of 44.53% [9]. - The company achieved total operating revenue of 7.003 billion yuan and a profit of 1.616 billion yuan in 2024, reflecting a growth in throughput and operational efficiency [9][10]. Market Position and Competitive Advantage - The company has solidified its position as a major hub for bulk cargo in the Beibu Gulf region, with a significant increase in cargo throughput in 2024 [5]. - The strategic location of Beibu Gulf Port enhances its role as an international gateway, benefiting from government support and the development of the Western Land-Sea New Corridor [19][20]. Industry Analysis - The port industry in China is expected to maintain low-speed growth due to macroeconomic conditions and trade dynamics, with policies aimed at boosting domestic demand and infrastructure investment [12][17]. - The integration of port resources has led to a more stable competitive landscape, with a focus on enhancing operational efficiency and reducing homogeneous competition [17][18]. Future Outlook - The stable rating outlook suggests continued growth in cargo throughput and revenue, supported by favorable regional economic conditions and government initiatives [6][19]. - The company is expected to face challenges from increased competition among domestic ports and complex international trade conditions, but its growth potential remains strong [5][19].

2025年5月29日至30日，泰国皇家律师协会组织第四届高级法律课程代表团一行47人来穗参访，实地走 访广州市重要法治建设基地。在广州、泰国两地举办的广州市涉外法律服务人才高端实务培训（第二 期）也得到泰国皇家律师协会的大力支持。 6月20日，南都记者从广州市律师协会获悉，19日，广州市司法局法治调研组赴泰国进行交流访问期 间，广州市律师协会和泰国皇家律师协会签署了《友好协议》，双方将围绕信息互通、业务研讨、友好 交流等领域开展深度合作。广州市律师协会相关负责人告诉南都记者，"双方将携手探索跨境法律服务 规则衔接。" 据了解，该合作是广州打造国际法律服务和法治化营商环境高地的重要举措，标志着两地法律界在深化 国际交流合作、服务共建"一带一路"高质量发展方面迈出重要一步。根据《友好协议》，双方将围绕信 息互通、业务研讨、友好交流等领域开展深度合作，推动两地律师行业优势互补，为构建两地法治合作 长效机制奠定重要基础。 近年来，广州与泰国在法治交流合作方面已取得积极进展。2024年11月，广州市司法局主要负责人带队 赴泰国开展法治交流访问，推动广州市律师协会、广州仲裁委员会与当地法律服务机构达成合作意向。 泰国皇家 ...

Core Viewpoint - The RCEP has become a significant force in stabilizing the multilateral trade system and promoting regional economic integration, with new development opportunities for Yunnan as a key gateway to South Asia and Southeast Asia [1][2]. Group 1: RCEP Impact on Trade and Investment - RCEP has released continuous dividends since its implementation, with the overall external trade volume of the RCEP region projected to reach approximately $13.5 trillion in 2024, exceeding the world trade growth rate by 3.3 percentage points [1]. - The agreement has effectively promoted trade and investment growth within the region by lowering tariffs, simplifying customs procedures, and easing market access, thereby enhancing regional supply chain integration and economic resilience [1]. Group 2: Yunnan's Strategic Position - Yunnan's geographical advantage is highlighted as it is the only Chinese province bordering ASEAN and South Asian countries, serving as a natural geographical intersection [2]. - The operationalization of the China-Laos Railway has further strengthened Yunnan's role in regional connectivity, with significant growth in trade volume expected in 2024 [2]. - The issuance of RCEP certificates of origin by Kunming Customs has saved enterprises nearly 100 million yuan in tariffs, and the "Railway + RCEP Customs Clearance" model has reduced logistics costs by 35% [2]. Group 3: Innovation and Industry Development - RCEP provides a crucial driving force for technological innovation in the Asia-Pacific region, with a 90% zero-tariff policy on goods effectively lowering trade costs for technology products [2]. - The original accumulation rules under RCEP create new opportunities for regional industrial chain integration, particularly in sectors like renewable energy and new materials [3]. - Companies are encouraged to leverage RCEP's framework to deepen regional collaboration and expand into international markets, especially in advantageous industries [3].

一、RCEP实施三周年，重塑区域贸易新生态 2025年正值《区域全面经济伙伴关系协定》（RCEP）生效三周年。作为全球最大的自贸协定，RCEP覆盖15个成员国、23.7亿人口，经济总量达30.1万亿美 元，占全球GDP的30%。三年来，其核心成果深刻改变了区域贸易生态： 贸易便利化水平大大提升：RCEP的实施使得贸易通关效率大大提升，推动区域内生鲜类、易腐类农产品的交易规模增长。因为通关时间从之前的12个小时 缩短至3小时，使得从韩国进口海鲜，从越南、菲律宾进口鲜榴莲成为新的选择。 原产地累积规则促进区域供应链深度融合：原产地累积规则打破了国界限制，显著扩大了区域内中间品的生产和贸易，使得区域内贸易进一步扩大，据商务 部数据显示，2024年我国发放RCEP优惠原产地证书和自主出具原产地声明数量分别同比增长17.4%和38%。 二、RCEP促进区域人才流动，加码中企出海用工确定性 中国与RCEP成员国之间贸易往来的重点行业包括纺织业、机械行业、电子信息行业、石化行业、农业，在RCEP制度实施框架下，将推动这些行业中的各 类企业加速出海步伐，以最大化享受制度红利。据商务部企业调研数据显示，70%的受访企业认为RC ...

Group 1: Trade Cooperation - In the first five months of this year, the total trade value between China and ASEAN reached 3.02 trillion yuan, an increase of 9.1%, accounting for 16.8% of China's total foreign trade [1] - Exports to ASEAN amounted to 1.9 trillion yuan, growing by 13.5%, while imports from ASEAN were 1.12 trillion yuan, increasing by 2.3% [1] - The establishment of the "ASEAN Visa" aims to facilitate business travel for eligible personnel from ASEAN countries, enhancing bilateral cooperation [1] Group 2: Tourism Development - Guangxi is positioning itself as a bridge for border tourism and has initiated various cultural and tourism exchanges with Vietnam, leveraging the 75th anniversary of China-Vietnam diplomatic relations [3] - The cross-border tourism cooperation zone at Detian Waterfall has seen significant activity, with 2,338 travel groups and 35,485 individuals crossing borders as of mid-May [3] - Customized tourism routes targeting Vietnamese tourists have been developed, indicating a strategic focus on enhancing tourism offerings [4] Group 3: Agricultural Trade - The fruit trade between China and ASEAN is highlighted as a key area of growth, with increasing market share for ASEAN fruits in China and vice versa [7] - The event "Buy in China·Guangxi Station" aims to promote the use of artificial intelligence in various stages of fruit production and sales, enhancing trade efficiency [7] Group 4: Free Trade Agreement Enhancements - The upgraded version of the China-ASEAN Free Trade Area (FTA 3.0) will cover nine areas, including digital economy and green economy, aiming to improve trade efficiency by approximately 15% [8] - Predictions indicate that cross-border e-commerce transactions between China and ASEAN could exceed 1.2 trillion USD by 2026, with a growth rate of over 25% in digital payment services [8]

Group 1 - The RCEP framework has led to a total import and export value of 4.164 billion yuan in the Wuhan Customs area over the past two years, enhancing international market competitiveness for enterprises [1] - In terms of imports, Wuhan enterprises declared imports worth 729 million yuan, benefiting from a tariff reduction of 15.7061 million yuan, with major imported goods including organic chemicals, machinery, and plastic products [1] - For exports, the Wuhan Customs area issued 11,801 RCEP certificates, with a total export value of 3.435 billion yuan, primarily in chemicals, textiles, and food sectors [1] Group 2 - Valeo's automotive lighting division in China has seen continuous export growth, leveraging RCEP policy benefits to expand into Southeast Asian markets, with a tax rate reduction from 10% to 0% on main export products, resulting in tariff savings of nearly 5 million yuan [2] - The "Approved Exporter" system has been effectively implemented in Hubei Province, allowing local enterprises to self-issue 2,156 RCEP origin declarations, with a total value of 533 million yuan, enhancing trade flexibility and efficiency [2] Group 3 - Meiya Clothing Co., a garment exporter targeting the Japanese market, has significantly increased the number of origin certificates issued since the RCEP implementation, achieving self-declaration status and exporting over 100 million yuan worth of goods annually, all benefiting from tariff reductions [3] - The flexibility of the origin declaration system has improved response times to overseas clients and strengthened cooperation stability for Meiya Clothing Co. [3]

Group 1 - The RCEP agreement has significantly benefited the Wuhan customs area, with a total import and export value of 4.164 billion yuan since its implementation on June 2, 2023 [1] - The import value benefiting from RCEP is 729 million yuan, with a total tariff reduction of 15.7061 million yuan, primarily in organic chemicals, machinery and instruments, and plastic products [1] - The export value under RCEP is 3.435 billion yuan, with 11,801 certificates issued, mainly benefiting chemical products, textiles, and food [1] Group 2 - Valeo's automotive lighting division in China has seen a significant reduction in tax rates from 10% to 0% for its main export products due to RCEP, enhancing market competitiveness [3] - The approved exporter system under RCEP has allowed companies to issue their own certificates of origin, resulting in 2,156 self-issued declarations worth 533 million yuan in the past two years, improving trade facilitation [3] - Meirya Apparel Co., Ltd. has increased its issuance of export certificates significantly, benefiting from the support of customs in establishing origin management systems, leading to over 100 million yuan in export goods enjoying tariff benefits annually [4] Group 3 - Wuhan customs plans to continue promoting intelligent review and self-printing of RCEP certificates to help more local enterprises expand into international markets and enhance product competitiveness [4]

Group 1 - The event "Lychee Fragrance Worldwide: 2025 Guangdong Lychee Production and Sales Connection" was held in Zhanlong Town, promoting the sale of 15,600 tons of lychee, enhancing local lychee's reach nationally and globally [1] - Zhanlong lychee, recognized for its quality climate and geographical conditions, has a brand value of 1.09 billion yuan, featuring premium varieties like Guiwei and Nuomici [1] - The Huizhou (Zhanlong) Lychee Trading Center has become the largest RCEP lychee trading center in the province, facilitating partnerships between 13 cooperatives and various enterprises in logistics, e-commerce, and cold chain logistics [1] Group 2 - E-commerce sales of Zhanlong lychee are expected to exceed 42% this year, with improved cold chain logistics enabling fresh fruit to reach consumers quickly [2] - Collaborations with logistics companies have significantly reduced delivery times, allowing lychee to be shipped to Beijing within 12 hours and to designated cities within 10 hours [2]

Core Viewpoint - Guangxi is set to host the "ASEAN Fruits Gather in Guangxi" event on June 18, aimed at enhancing the supply chain for high-quality agricultural products from ASEAN countries to China, leveraging RCEP policies [1][2] Group 1: Event Overview - The event is organized by multiple government departments and consulates from ASEAN countries, focusing on promoting the import of fruits from ASEAN nations into China [1] - The initiative aims to establish Guangxi as a hub for the distribution of ASEAN-produced fruits across China, enhancing the availability of fresh products on Chinese tables [1] Group 2: Participation and Agreements - Over 80 key suppliers and associations from RCEP countries will participate, with more than 20 projects expected to be signed, covering eight major product categories including durian, palm oil, and beef, with a total contract value exceeding 150 billion yuan [2] - The event will also promote Guangxi's advantages in fruit trade, customs facilitation, and cross-border tourism, while launching a model for China-ASEAN fruit trade [2] Group 3: Additional Activities - A series of follow-up activities will be held in June and July, including promotional events for ASEAN fruits in commercial areas and online platforms, as well as sales matching activities for local products [2] - The tourism department will introduce three themed travel routes to enhance inbound tourism, allowing visitors to enjoy both ASEAN fruits and the scenic beauty of Guangxi [2]

Core Viewpoint - The company plans to change part of its fundraising project from "Heyuan New Energy Magnetic Integrated Device Intelligent Manufacturing Project" to "Philippines New Energy Magnetic Integrated Device Intelligent Manufacturing Project," with a new subsidiary in the Philippines as the implementation entity [1][6][8]. Fundraising Overview - The company raised a total of RMB 435.50 million through a private placement of 13,089,870 shares at RMB 33.27 per share, with a net amount of RMB 420.57 million after deducting issuance costs [1][2]. - As of March 31, 2025, the company has invested RMB 130.15 million in the Heyuan project, with RMB 123.20 million remaining [4][5]. Project Changes and Implementation - The company has decided to allocate RMB 70.34 million from the Heyuan project to the new Philippines project to enhance fundraising efficiency and adapt to market conditions [6][9]. - The new project in the Philippines aims to establish a manufacturing base with a total construction area of 15,000 square meters, expected to produce 1 million magnetic components and 180,000 power products annually, generating an estimated annual revenue of RMB 110.20 million [8][12]. Strategic Rationale - The shift to the Philippines is intended to mitigate risks associated with trade uncertainties and enhance the company's competitive edge in the global supply chain [6][9]. - The Philippines is strategically located along the "Belt and Road" initiative, providing access to emerging markets like India, Indonesia, and Malaysia, which aligns with the company's long-term growth strategy [9][12]. Financial Projections - The project is projected to have a post-tax internal rate of return of 18.68% and a static investment payback period of 6.08 years, indicating strong profitability potential [18]. Corporate Governance - The company's board and supervisory committee have approved the changes, and the sponsor institution has issued a no-objection opinion, ensuring compliance with relevant regulations [19][20].