以下文章来源于第一财经研究院 ，作者秦朔 第一财经研究院 . 第一财经旗下的非营利独立智库研究机构，上海首批重点智库，以"致力于改善经济政策"为宗旨。我们 以全球化视野，基于事实和数据的独立研究和分析，提供创新的可实施政策方案和建议，以提高中国经 济政策的质量和透明度，并推动有效而公平的全球经济金融治理。 2025.05. 19 本文字数：2214，阅读时长大约4分钟 导读 ： 中国企业的出海必将带动全球化在新时代继续向前发展，同时也将成为超越自我、成就世界一流的新机遇。 作者 | 第一财经研究院 本文为2024年度第一财经研究院中国企业全球化报告纸质版序言。 改革开放后，中国逐步建立了世罕其匹的完整产业体系，构筑了强大而灵活的产业竞争力。 出海 ——中国能力的全球化，这是未来中国经济发展的重大战略机遇。 中国产业能力的基石是制造业。 中国制造是在经济全球化和中国改革开放的背景下，全世界的资 本、订单、技术流动加上中国自身的禀赋和努力，共同创造出来的人间奇迹。其实质是世界制造在中 国，是世界委托、选择了中国，为人类做好制造。在某种意义上，这是一种"天命"。而中国不负 天。 —— 现在，随着全球供应链从过去更加 ...

据环球时报报道，韩国与美国就关税问题近日在韩国济州岛展开为期3天的协商。据韩国纽西斯通讯社日前报 道，韩国产业通商资源部长官安德根定于16日与美国贸易代表格里尔在时隔3周后再次会面。此次会谈能否形成 韩美关税谈判的具体轮廓备受关注。 特朗普（资料图） 韩联社此前指出，美国对韩国进口商品的关税税率（25%）高于日本（24%）和欧盟（20%），将导致韩国在对 美出口竞争中处于不利地位。 韩国代行总统职权的国务总理韩德洙韩德洙表示，全球关税战已成现实，当前经济形势极为严峻，政府必须全力 以赴，克服当前的贸易危机。韩德洙指示产业通商资源部长官安德根携手韩企就美方对等关税措施的具体内容进 行分析，积极与美方开展沟通协商，为汽车等受影响较大的行业和企业制定扶持政策。 多年来，韩国对美出口不断增长，2024年出口总额已达1278亿美元，对美贸易顺差更创下557亿美元的历史新 高。然而，这一成就并未为韩国赢得贸易上的优待，反而成为特朗普"秋后算账"的借口。特朗普高举"对等关 税"大旗，本质上并非追求真正的贸易平衡，而是一次赤裸裸的经济霸凌。在他眼中，任何拥有顺差的国家，都 是"薅美国羊毛"的掠夺者。而韩国，恰恰是他眼中"过于 ...

Core Viewpoint - The article discusses the current era as one of significant change and instability, particularly highlighting the impact of global trade tensions and the shift in economic dynamics between the US and China [2][6]. Group 1: Global Economic Dynamics - The article references Ray Dalio's perspective that the future will be markedly different from the past, emphasizing a departure from the post-World War II global order dominated by the US [3]. - It describes the current situation as a "island chain change era," where the previously interconnected global economy is now fragmented into major "islands," primarily the US and China [6][7]. - The interconnectedness of global markets means that disruptions in one area can have widespread repercussions, akin to ships linked by chains [7]. Group 2: Future Outlook - The article suggests that 2025 will be a pivotal year, with an escalation in global trade wars and a shift towards more rational capital allocation influenced by AI [10]. - It posits that this period, often perceived as the worst, could actually represent a golden age for innovators and entrepreneurs who can adapt to the changing landscape [11]. - The emphasis is placed on the importance of collaboration and networking among entrepreneurs to navigate the challenges and seize opportunities in this evolving environment [12].

Financial Performance - In 2024, the company achieved operating revenue of CNY 91.66 billion, with a net profit attributable to shareholders of CNY 5.976 billion, representing a year-on-year growth of 12.2% [2] - In Q1 2025, the company reported operating revenue of CNY 26.815 billion, a year-on-year increase of 10.92%, and a net profit of CNY 2.022 billion, up 26.37% [4] - The operating cash flow net amount for 2024 was CNY 5.72 billion, showing a year-on-year growth of 60.18% [2] Profitability Metrics - Gross margin for 2024 was 22.55%, an increase of 1.75 percentage points, while the net profit margin was 6.53%, up 0.89 percentage points [2] - The company expects gross margin to maintain an upward trend in 2025 and beyond [6] International Business and Market Strategy - International revenue accounted for 46% of total revenue in 2024, with a well-established marketing network covering over 190 countries [4] - The company anticipates continued growth in export markets, driven by increasing demand for domestic brands and improved product quality [5] Capital Expenditure and Innovation - Future capital expenditures will focus on digital transformation and enhancing global production capacity [4] - The company aims to strengthen its position in high-end markets and improve technological collaboration and localization services [4] Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.80 per 10 shares for the 2024 fiscal year, with a total cash dividend of approximately CNY 21.27 million [10] - The company has committed to a share buyback plan of no less than CNY 300 million, aimed at enhancing shareholder value [7] Market Outlook - The company expects the domestic market to gradually enter an upward cycle, driven by infrastructure investments and the demand for new energy equipment [6] - For 2025, the company projects a revenue growth of over 10%, supported by favorable industry policies and ongoing global manufacturing recovery [8] Competitive Position - The company holds leading positions in various machinery segments, including first in global mobile cranes and concrete machinery, and second in domestic excavators [9] - The company is recognized for its balanced industrial structure, strong innovation capabilities, and comprehensive global layout [9]

"目前的关税摩擦以及后果，乃至于市场上的一些波动性，对国家主权财经基金来说都是局部、短期的问题。" 随着美国挥舞关税大棒，人们更加关注未来全球化的走向，"去全球"的担忧愈演愈烈。 近日，在2025清华五道口全球金融论坛上，国家主权财富基金国际论坛CEO邓肯·邦菲尔德表示，虽然当下国家之间面临很多关税的争端，但不能忽视全球 化过程中资本市场的力量，比如，以国家主权财富基金为代表的耐心资本的力量。 | which it a do the harts destrate that the had the had and any have and should of the destrated and which the late to do the land to the last hall de de la hall de la hall de la hall de hall and the hall and | THERROBORCESSEERS | | | --- | --- | --- | | and to the land to the commend 444444444444444 | | | | Adv ...

在全球经济一体化大背景下，资本市场作为国民经济晴雨表和资源配置的重要核心场合，与全球经济息息相关。5月18日，以"共享未来：构建开放包容的经 济与金融体系"为主题的2025清华五道口全球金融论坛于深圳举办。在"主题讨论十：全球资本市场展望与发展"环节，多位重磅嘉宾联袂解读全球资本市场 前景及趋势这一备受瞩目的议题。 本场论坛由清华大学国家金融研究院副院长，清华大学五道口金融学院上市公司研究中心主任王娴主持。论坛现场，香港执业资深大律师、香港证券及期货 事务监察委员会前主席梁定邦，中国国际贸易促进委员会原副会长张慎峰，中国证券金融股份有限公司原董事长聂庆平，国家主权财富基金国际论坛CEO邓 肯.邦菲尔德参与圆桌讨论。 国家主权财富基金是金融和投资全球化方面的成功案例之一。邓肯.邦菲尔德表示，对于国家主权财富基金而言，最为关键的是把握长期未来经济的趋势， 这同样也是全球投资者最为关注的要点。尽管当前各国之间存在较多的关税争端，但我们不能忽视全球资本市场所蕴含的力量。全球化进程仍会不断加深， 所以我们需要非常谨慎地对待短期波动，同时更加重视长期的趋势。 中国对外开放持续加深 围绕全球化以及当前出现的逆全球化和关税争 ...

5月19日至20日，深交所2025全球投资者大会在深圳举行。大会主题为"新质生产力：投资中国新机遇 ——开放创新的深圳市场"，通过主旨演讲、圆桌讨论、公司路演等多种形式，展现中国资产和A股市 场投资价值。世界银行前副行长、牛津大学教授 伊恩・戈尔丁先生发表主旨演讲"全球经济趋势和中国 新质生产力发展"。 伊恩·戈尔丁表示，可持续发展目标将会首先在中国实现。 可持续发展目标将会首先在中国完成。这样瞩目的成就意味着很多严肃的问题将会得到解决，老龄化问 题、贫富差距问题，环保问题都可以得到解决，老的行业将会淘汰，新的行业将会产生。与此同时，美 国和欧洲面临着巨大的问题，欧洲也出现了快速的人口老龄化，传统的行业在消失，区域的贫富差距在 加剧，气候变暖危机不断加深，但是亚洲区域的方法更加有效，而且投入非常巨大，整个社会都协同一 致向这个方向努力。 美国如此不欢迎全球化，很多欧洲国家也不欢迎全球化，不是因为全球化是无效的，全球化非常有效， 而且全球化让这些国家变得更加成功，它不受欢迎的主要原因是有些人受益很多，而有些人却被抛弃 了，他们没有办法在这样的环境中找到工作。但中国和亚洲的情况完全不一样，在中国和其他亚洲国家 的 ...

Core Viewpoint - The construction of TSMC's advanced semiconductor factory in Arizona is a pivotal development for the global economy and technology landscape, representing a significant shift in semiconductor manufacturing from Taiwan to the United States [1][6][14]. Group 1: TSMC's Investment and Operations - TSMC is investing an additional $100 billion in the Arizona facility to mitigate the impact of import tariffs on chips [6]. - The Arizona factory, known as "Fab 21," is designed to produce cutting-edge chips, including 4nm technology, which contains approximately 10 to 14 trillion transistors [8][10]. - The manufacturing process at TSMC involves 3,000 to 4,000 steps, highlighting the complexity and precision required in semiconductor production [8][10]. Group 2: Geopolitical Implications - The establishment of the Arizona factory is seen as a response to geopolitical tensions, particularly the U.S. strategy to maintain technological superiority over China [12][14]. - Both the Trump and Biden administrations have implemented policies aimed at restricting China's access to advanced semiconductor technology, which includes prohibiting the export of critical machinery [13][14]. - The factory is viewed as a cornerstone of Trump's "America First" policy, aiming to revitalize U.S. manufacturing and reduce reliance on foreign semiconductor production [6][14]. Group 3: Technological Advancements - TSMC's manufacturing relies on highly specialized equipment from ASML, a Dutch company, which is essential for producing advanced chips using extreme ultraviolet (EUV) lithography [10][12]. - The complexity of chip manufacturing necessitates an extremely clean environment, surpassing even that of hospital operating rooms, to prevent contamination [11][12]. - The shift of TSMC's technology to the U.S. is indicative of the broader trend of globalization in the semiconductor industry, where supply chains are interconnected across multiple countries [12][13].

北京商报讯（记者 岳品瑜 董晗萱）5月17日，2025清华五道口全球金融论坛在深圳召开。谈及中国在全球市场中扮演的角色，国家主权财富基金国际论坛 CEO邓肯·邦菲尔德在接受北京商报记者专访时表示，中国长期稳定的政策环境与庞大的市场规模，使其成为国际资本无法忽视的选择。主权财富基金等长 期投资者最看重政策连贯性与监管透明度，而中国过去数十年的开放路径已验证其吸引力。"只要这种稳定性延续，中国仍将是全球投资者的重要目的地。" 在全球经济一体化的大背景下，资本市场作为国民经济的晴雨表和资源配置的重要核心场合，与全球经济息息相关。其作为企业融资场所，各类机构投资 者、个人投资者的财富运营场所，对国家宏观经济稳定、全球经济贸易稳定发展具有极其重要的作用。值得注意的是，近段时间的关税波动，又给资本市场 的全球化带来不确定性。 邓肯直言，短期关税政策仅是市场"涟漪"，真正驱动经济增长的核心在于人口结构、数字化与气候变化等长期趋势。包括欧洲与亚洲部分地区的加速老龄 化、非洲年轻市场的崛起等，即使这些趋势需要更长时间才能显现，但它们才是真正塑造市场的核心力量。特别是，近年来中国凭借绿色技术突破，已跃升 为全球能源转型的核心参与 ...

Sales Data Overview - In April, the sales of motorcycles with displacement over 250cc reached 93,000 units, representing a year-on-year increase of 28.0% and a month-on-month increase of 5.6% [1] - Cumulative sales from January to April totaled 298,000 units, showing a year-on-year growth of 58.3% [1] - For the 250ml to 400ml segment, April sales were 44,000 units, up 14.8% year-on-year and 7.9% month-on-month, with cumulative sales of 158,000 units from January to April, reflecting a 71.3% increase year-on-year [1] - The 400ml to 500ml segment saw sales of 29,000 units in April, a year-on-year increase of 17.1% and a month-on-month increase of 17.8%, with cumulative sales of 74,000 units from January to April, up 12.8% year-on-year [1] - The 500ml to 800ml segment had sales of 16,000 units in April, a significant year-on-year increase of 106.6% but a month-on-month decrease of 17.5%, with cumulative sales of 56,000 units from January to April, up 108.6% year-on-year [1] - For motorcycles with displacement over 800cc, April sales were 2,900 units, marking a year-on-year increase of 179.2% and a month-on-month increase of 34.4%, with cumulative sales of 9,300 units from January to April, up 189.3% year-on-year [1] Company Performance - Chunfeng Power sold 22,000 units in April for motorcycles over 250ml, a year-on-year increase of 48.9%, capturing a market share of 24.1%, though down 5.4 percentage points month-on-month; cumulative market share for January to April was 21.8%, up 2.0 percentage points compared to the full year of 2024 [2] - Longxin General sold 12,000 units in April for motorcycles over 250ml, a year-on-year increase of 24.3%, with a market share of 12.7%, remaining flat month-on-month; cumulative market share for January to April was 13.3%, down 0.9 percentage points compared to the full year of 2024 [2] - Qianjiang Motorcycle sold 15,000 units in April for motorcycles over 250ml, a year-on-year increase of 2.7%, with a market share of 16.2%, up 2.2 percentage points month-on-month; cumulative market share for January to April was 14.8%, down 2.0 percentage points compared to the full year of 2024 [2] Industry Insights - The automotive parts sector is expected to be less affected by the recent U.S. tariffs, with a focus on tracking the developments of these tariffs [4][5] - The impact of external demand decline on exports and the economy may be more pronounced than during the first round of U.S.-China trade tensions, with anticipated policy responses aimed at stimulating consumption [5] - Investment recommendations include focusing on quality domestic companies in the automotive sector, particularly those involved in smart technology and global expansion, such as BYD, Geely, and Xpeng [6]