碳边境调节机制（CBAM）在欧美国家同步推进，美国从2025年、欧盟从2026年起开始对钢铁、铝、水 泥等高碳产品碳排放差额征收进口税。这使中国产品出口增加了高额成本。根据中国钢铁工业协会测 算，欧盟CBAM实施后，中国长流程炼钢企业出口吨钢成本将增加652元—690元，出口价格竞争力下降 15%—20%。 主动重构市场格局的四阶段路径 面对欧美国家日趋收紧的绿色贸易壁垒政策，我国企业应摒弃消极思维，转向主动作为，以解构、应 对、化解及突破分层递进的多元组合打法，化困局为机遇，化不利为优势。具体可以按照当下、短期、 中期、中长期四个阶段开展相关工作，分步打破绿色贸易壁垒。 第一阶段，在当前半年内，完整收集和分析、动态解构欧美政策关键项（含技术标准、认证程序、数据 报送等），梳理出风险清单、认证清单和数据清单，掌握全面可靠、可迭代的应对基本面。风险清单应 列明关键合规缺口，涵盖碳排放超标、有害物质残留、碳足迹数据可信度、原材料溯源等；认证清单应 列明强制认证名录及流程，涵盖欧盟生态标签、碳足迹认证、电池护照及UL认证（北美电气）、FSC 认证（林业可持续）、EnergyStar（能效）认证；数据清单应明确所需合 ...

"新三驾马车"须协同发力 中国证券报：您曾经提出，要避免长时间被锁定在"中等收入陷阱"之中，必须基于科技创新的"新三驾 马车"，即基础科研、应用技术转化和金融服务来探求突破之道，分别有什么含义和要求？ ● 本报记者 杨洁 "我们国家已经到了大规模产生新质生产力的阶段，但是相关机制还没有完全适配。"近日，香港中文大 学（深圳）公共政策学院院长、前海国际事务研究院院长、广州粤港澳大湾区研究院理事长郑永年，就 科技创新相关话题接受中国证券报记者采访。 企业是创新的主体，国际局势深刻变化，企业在面对全球市场过程中不免遇到压力与挑战。郑永年认 为，不要低估民营企业、中小企业的灵活与韧性；同时，对于企业的创新探索和技术落地实践，政府应 适度放松监管。 要重视中小企业作用 中国证券报：企业是创新的主体，但是当前国际经贸环境复杂多变，对于企业尤其是中小企业来说，会 带来哪些挑战？ 以生物医药的创新为例，研究表明，很多年来，全世界20%以上的创新药都是中国企业研发的，但是很 多时候，我们落不了地，背后的原因既有风投资金的缺位，也有审批和价格等方面的问题。 对技术创新适度放松监管 中国证券报：我们调研发现，各地对新兴产业的培育布 ...

价格形成机制的转变 Gas-on-Gas竞争（GOG）崛起：2024年GOG占全球天然气消费的49%，较2005年的31.5%显著提升。这一增长主要由欧洲管道进口市场改革、LNG现货贸易 扩张以及美国页岩气革命推动。例如，欧洲GOG占比达82%，其国内生产、管道进口和LNG进口中GOG分别占80%、78%。 石油价格挂钩（OPE）收缩：OPE占比从2005年的24%降至2024年的18.5%，但亚洲仍是OPE主要市场，如中国、印度的国内生产和进口大量采用OPE定价。 监管定价调整：受俄罗斯、伊朗等国价格改革影响，低于成本定价（RBC）占比从25.1%降至7.6%，成本服务定价（RCS）和社会政治定价（RSP）占比相 对稳定。 LNG市场与价格水平 LNG贸易市场化加速：2024年GOG在LNG进口中占比超50%，现货LNG贸易从2016年的630亿立方米增至2024年的1980亿立方米，主要流向亚洲和欧洲。美 国LNG出口增长是推动这一趋势的关键因素。 价格波动与区域差异：2024年全球平均批发价格为4.88美元/百万英热单位，较2022年峰值9.45美元/百万英热单位显著下降。欧洲价格因LNG现货需求高企 ...

本文基于以下微博话题的智搜结果生成 罗马仕充电宝召回事件已引发系统性经营危机，消费者退款排至17万位的困境暴露了企业资金链断裂与 制度性缺陷。以下是关键事实与风险分析： ⚠️ 退款现状与风险 退款排队规模 消费者通过官方渠道查询的退款队列已超17万人，需等待15-30个工作日（实际到账时间存疑）。 部分用户提交退货后，平台显示"商家保证金不足"，淘宝/京东需启动90天催缴流程，退款成功率取决 于企业资金补充情况。 渠道关闭与物流阻碍 企业资金链崩盘 经营全面瘫痪 7月7日起全员停工6个月，仅保留召回客服，次月起员工按深圳最低工资80%（约2016元）发放生活 费。 账户余额仅1200万元，但召回直接损失超4000万元，每月营收损失达1-2亿元。 电芯供应商安普瑞斯材料缺陷（隔膜偷工减料）是直接诱因，但罗马仕长期低价策略（毛利率 高管失联与责任逃避 天猫、淘宝、拼多多官方旗舰店全关闭，京东仅剩自营店销售配件，抖音成为唯一登记入口。 顺丰、中通等快递以"锂电池危险品"为由拒收退货，消费者被迫选择高风险的自毁操作（如盐水浸 泡）。 平台介入：通过淘宝/京东客服引用《消费者权益保护法》第24条要求强制退款。 董事长雷 ...

本报记者 陈红 《证券日报》记者根据东方财富Choice数据统计，截至7月7日，已有57家A股上市公司披露2025年上半年业绩预告及主要 经营数据，科技等行业表现亮眼。 具体来看，聚光科技（杭州）股份有限公司预计2025年上半年净利润亏损5400万元至4200万元。报告期内，在主动深化业 务优化与聚焦高价值领域的转型过程中，公司经营成果阶段性承压，营收与利润较上年同期有所回调。 雪天盐业集团股份有限公司预计2025年半年度净利润为6478万元至7774万元，同比减少76.34%到80.29%，主要受市场变化 影响，公司部分产品市场价格同比下降。 中国金融智库特邀研究员余丰慧向《证券日报》记者表示，业绩分化的核心在于"行业生态重构"。科技板块的高增长缘于 中国企业在全球产业链中实现从跟跑到领跑的突破，溢价效应持续释放；而传统行业承压则反映新旧动能转换的阵痛，依赖单 一产品、缺乏迭代能力的企业在需求升级下盈利收窄。周期行业内部的"冰火分化"，本质是转型期企业对新兴产业链"适配 性"竞争的结果。 具体来看，57家披露业绩预告的公司中，有24家预增、14家略增、3家扭亏、5家续盈。其中，在24家预增公司中，惠而浦 （ ...

从平台角度看，大规模补贴虽能在短期内吸引用户、提升订单量，但巨额补贴也带来巨大的财务压力。 此外，短期内订单量激增，使得平台面临系统崩溃风险。例如，7月5日晚间，某外卖平台就发布微博 称，因用户下单量突破历史峰值，触发了服务器限流保护，外卖App小范围地区用户出现了短时服务异 常。 笔者认为，外卖平台要实现可持续发展，必须回归服务本质，通过提升服务质量、优化配送效率、保障 商家和骑手权益等方式来增强竞争力。平台应加强对商家产品质量的监控，让消费者吃得安心；以合理 抽成机制让商家获得更多利润空间、激发提升菜品与服务质量的动力；让骑手拥有更稳定的收入、更合 理的保障和更积极的工作状态，进而为消费者提供更加优质且价格合理的服务。 外卖行业的补贴大战虽然在短期内带动了订单增长，但也暴露出诸多问题。维护外卖行业公平、有序的 竞争环境，不仅关系到消费者、商家和骑手的切身利益，也关系到整个行业的可持续发展。只有在公平 竞争的基础上，才能实现多方共赢，推动行业健康发展。 今年5月份，国家有关部门针对当前外卖行业竞争中存在的突出问题，约谈部分平台企业，要求相关平 台企业严格落实主体责任，主动履行社会责任，加强内部管理，合法规范 ...

Core Viewpoint - The supplementary legal opinion addresses the inquiries raised by the Shenzhen Stock Exchange regarding Suzhou Goodwill Electronics Co., Ltd's application for a specific stock issuance, highlighting the company's financial performance and challenges in its semiconductor and photovoltaic silver paste businesses [2][3][4]. Financial Performance - The company's main business revenue for the reporting periods was 3.26 billion, 4.07 billion, with growth rates of 17.21%, 14.36%, 10.23%, and 10.75% respectively [3]. - The gross profit margins for the semiconductor and photovoltaic silver paste businesses have shown a downward trend, primarily due to significant increases in key raw material prices, particularly silver powder [3][4]. - The gross profit margins for integrated circuit packaging and testing products were recorded at 8.01%, -2.57%, -12.55%, and -0.19%, indicating a continuous negative trend since 2023 [3]. Customer Concentration - The sales amount to the top five customers accounted for 59.90%, 62.13%, 71.44%, and 66.93% of total sales revenue during the reporting periods [4]. - The company primarily employs a direct sales model supplemented by distribution, with distribution revenue contributing 14.02%, 11.70%, 8.47%, and 11.19% to total revenue [4]. Accounts Receivable and Bad Debt Provisions - The accounts receivable balances at the end of each reporting period were 749.03 million, 1.03 billion, 1.12 billion, and 973.91 million, with bad debt provisions of 30.13 million, 28.57 million, 80.41 million, and 78.45 million respectively [4][12]. - The increase in bad debt provisions in 2024 was primarily due to the company's consideration of debt restructuring agreements with major customers, leading to a provision rate of 13.85% for certain accounts [4][12]. Inventory and Prepayments - The company's inventory values at the end of each reporting period were 384.97 million, 473.14 million, and 471.76 million [4]. - The prepayment amounts at the end of each reporting period were 75.55 million, 78.51 million, and 79.99 million [4]. Fixed Assets and Utilization - The book value of fixed assets at the most recent reporting period was 666.61 million, with impairment provisions of 16.76 million [5]. - The company experienced underutilization of production capacity in its semiconductor discrete devices, integrated circuit packaging, and photovoltaic silver paste products, with some years showing utilization rates below 70% [5]. Research and Development Expenses - The company reported period expenses of 284.69 million, 146.09 million, 200.69 million, and 32.81 million, with financial expenses of -7.72 million, 10.28 million, 10.53 million, and 5.62 million [5]. - Sales expenses were primarily composed of salaries and promotional expenses, with promotional expenses recorded at 45.59 million, 52.41 million, 21.32 million, and 3.42 million [5]. Industry Context - The company operates in the semiconductor and photovoltaic sectors, facing challenges such as supply-demand imbalances and increased competition [10]. - The photovoltaic industry is particularly affected by external factors such as tariffs and sourcing policies, impacting the company's customer base and financial stability [10].

Core Viewpoint - The report outlines the equity change of Guangdong Shaoneng Group Co., Ltd., indicating that Shaoguan Jincai Investment Group Co., Ltd. plans to subscribe for shares in the company, which will increase its ownership from 0% to a maximum of 8.55%, and combined with its concerted action partner, will hold up to 21.75% of the total shares post-issuance [1][3][17]. Group 1: Equity Change Details - The equity change involves the subscription of shares by Shaoguan Jincai Investment Group Co., Ltd. and its concerted action partner, Shaoguan Industrial Asset Management Co., Ltd. [1][3] - The total number of shares to be issued is capped at 101,010,101 shares, which represents no more than 30% of the company's total share capital before the issuance [22][24]. - The expected ownership structure post-issuance will see Shaoguan Jincai Investment holding 8.55% and Shaoguan Industrial Asset holding 13.20%, totaling 21.75% [21][19]. Group 2: Financial and Operational Background - Shaoguan Jincai Investment Group was established on December 18, 2015, with a registered capital of 427.40 million yuan, focusing on project investments authorized by the Shaoguan municipal government [2][13]. - The financial data for Shaoguan Jincai Investment shows total assets of 297,573.16 million yuan, total liabilities of 115,178.66 million yuan, and net profit of 4,243.17 million yuan for the year ending December 31, 2024 [14]. - Shaoguan Industrial Asset Management Co., Ltd. was founded on April 1, 2002, with a focus on managing state-owned assets, reporting total assets of 74,015.40 million yuan and net profit of 260.51 million yuan for the year ending December 31, 2024 [15][13]. Group 3: Regulatory and Procedural Aspects - The equity change requires approval from relevant state-owned asset supervision authorities, the shareholders' meeting, and compliance with antitrust reviews by the National Market Supervision Administration [20][17]. - The report indicates that the subscription agreement and the concerted action agreement were signed on July 3, 2025, outlining the rights and obligations of the parties involved [25][20]. - The agreements stipulate that the shares subscribed will not be transferred for 18 months post-issuance, ensuring stability in the ownership structure [24][25].

Group 1 - The article discusses the geopolitical dilemma faced by the EU as it navigates between the US and China, highlighting its attempts to establish trade agreements with the US while simultaneously managing its relationship with China [1][3][11] - The EU has imposed trade barriers against Chinese products, citing unfair competition, which has led to retaliatory measures from China, including anti-dumping investigations on EU products [1][6][17] - The EU's exports to China are declining while imports from China are increasing, prompting EU decision-makers to tighten restrictions on Chinese goods [6][11][18] Group 2 - The EU is exploring new trade partnerships with a group of 11 countries, excluding the US and China, indicating a shift in its trade strategy [5] - Despite the EU's criticisms of China regarding trade practices and geopolitical issues, the economic interdependence between the two regions limits the EU's ability to exert pressure on China [11][13] - The article notes that the EU's reliance on Chinese industrial materials remains significant, complicating its stance against China [10][18] Group 3 - The EU's recent measures to restrict Chinese participation in public procurement for medical devices are framed as necessary for fair competition, but have led to reciprocal actions from China [6][9] - The article highlights the EU's ongoing challenges in balancing its trade policies with both the US and China, as it faces pressure from both sides [8][10] - The EU's leadership is expected to continue pressing China for more stable supply channels for critical materials like rare earths during upcoming summits [15][18]

Core Viewpoint - Tesla is facing a significant decline in sales and market share, attributed to product stagnation, quality issues with new models, regulatory challenges, and increasing competition from Chinese automakers [3][4][5][6][8][10]. Group 1: Sales Performance - Tesla's global deliveries in Q2 were 384,100 units, marking a year-on-year decline of 13.5%, the steepest drop since 2015 [3][4]. - In China, Tesla delivered 129,000 vehicles in Q2, contributing 34% to its total sales, but the cumulative sales for the first half of the year fell by 5.4% compared to the same period in 2024 [7][8]. Group 2: Product Issues - The product lineup remains heavily reliant on Model 3 and Model Y, which together accounted for 97.3% of total deliveries, while the high-end models like Model S/X and Cybertruck contributed only 10,400 units, a 50% year-on-year decline [3][4]. - The Cybertruck has faced multiple recalls and quality issues since its production began in 2023, significantly undermining market confidence [4]. Group 3: Regulatory and Competitive Challenges - Tesla's Full Self-Driving (FSD) technology is encountering regulatory hurdles in Europe and China, delaying its rollout plans [4][5]. - Chinese competitors, such as BYD, are rapidly gaining market share in Europe, with BYD's electric vehicle sales surpassing Tesla's for the first time in April, showing a year-on-year growth of 359% [5][6]. Group 4: Market Dynamics - Tesla's market share in China has shrunk from a peak of 15% in 2020 to 7.6%, facing intense competition from local brands that are improving in technology and pricing [8][9]. - The marketing landscape is shifting, with new entrants like Xiaomi's automotive venture directly competing with Tesla's offerings, further straining Tesla's market position [9][10].