21世纪经济报道记者骆轶琪 广州报道 受益于新兴市场手机消费力而快速成长的"非洲之王"传音，未能延续"神话"，在2024年突然"泯然众 人"。 最新财报显示，传音控股2024年实现营业收入687.15亿元，同比增长10.31%；归母净利润55.49亿元， 同比微增0.22%。 而让传音真正"上桌"全球手机厂商Top5的2023年，传音营收增速33.69%、归母净利润增速122.93%—— 此前迥异于同业的增长速度在逐渐放缓。 销售层面也面临多方面挑战，第三方机构统计显示，传音2024年在大本营中东非市场，已经连续多个季 度市场份额出现下滑，其他中国厂商正借助累积优势，在传音要向上冲刺的价位段对其狙击，对传音优 势价格端也发起挑战。 好在拓新持续获得新进展，东南亚多个市场，传音已经悄然崛起。 但伴随海外新兴市场高成长空间而来的，是可持续成长的不确定性。这些市场更容易受全球宏观经济、 货币环境等因素所影响。 借力新兴市场站稳头部阵营的传音，如今却陷入低价困局。未来，创始人竺兆江如何带领公司走出困 局？ 不同于目前国内主流安卓阵营厂商起步于国内市场，传音是率先起步于海外市场，并公开表达过不计划 回国发展。 这背后是 ...

Core Viewpoint - The Indian stock market, represented by the SENSEX index, is approaching historical highs, showing resilience against global market trends, particularly in the context of recent tariff increases and a weakening dollar [1][3]. Group 1: Market Performance - The SENSEX index has risen by 5.4% since the tariff increase on April 2, contrasting with the underperformance of U.S. markets [1]. - Emerging markets, including Indonesia, Thailand, and Malaysia, have also experienced gains, outperforming both the CSI 300 and the NASDAQ Composite Index [1]. - The Emerging Asia ETF (SH520580) has surged over 13% since April 8, indicating increasing investor interest and liquidity [1]. Group 2: Dollar Weakness and Emerging Markets - The weakening of the dollar is creating a favorable environment for emerging markets, which are seen as "valuation vacuums" attracting global capital [3]. - Historical trends suggest that a declining dollar often leads to recovery in emerging market currencies and stock valuations [3]. Group 3: Core Asset Pool - The Emerging Asia ETF tracks a selection of 50 leading companies across India (53%), Indonesia (19%), Malaysia (15%), and Thailand (13%), focusing on high market capitalization and liquidity [4]. - The sector allocation within the ETF includes financials (38.5%), technology (15.6%), and energy (10.2%), benefiting from economic expansion and global supply chain trends [4]. Group 4: Liquidity and Trading Flexibility - The Emerging Asia ETF supports margin trading, allowing for diverse investment strategies and flexibility in response to market volatility [6]. - The ETF's T+0 trading mechanism enables quick reactions to market changes, making it suitable for both short-term and long-term investors [6].

Group 1 - The core viewpoint of the article highlights the strong financial performance of Transsion Holdings in 2024, with a revenue of 68.715 billion RMB and a net profit of 5.549 billion RMB, indicating a year-on-year growth of 10.31% and 0.22% respectively [1] - The company announced a cash dividend plan, proposing to distribute 1.5 RMB per share, totaling 1.711 billion RMB, which reflects a commitment to returning value to shareholders [1] - Cumulatively, Transsion Holdings has distributed cash dividends exceeding 10.91 billion RMB since 2021, showcasing a consistent dividend policy supported by strong performance [1] Group 2 - Transsion Holdings primarily focuses on the design, research, production, sales, and brand operation of mobile devices, with a total shipment of approximately 201 million units in 2024 [2] - The mobile business generated a revenue of 63.197 billion RMB, with the African market contributing 22.719 billion RMB, demonstrating a 2.97% growth and a gross margin of 28.59% [2] - The company achieved a global market share of 14.0% in the smartphone sector, ranking third among global manufacturers, with leading positions in several emerging markets [2] Group 3 - The achievements of Transsion Holdings reflect its accurate strategic positioning in emerging markets and its comprehensive capabilities in brand building, product development, marketing, and supply chain management [3] - The outlook for smartphone development in emerging markets remains strong, suggesting continued robust growth potential for the company [3]

Group 1 - The core viewpoint is that the rebound of emerging markets can continue as long as the upcoming global economic slowdown has a relatively small impact on them [1] - There is a concern that the eventual economic slowdown will affect emerging markets [1]

美元指数被称作"全球经济的晴雨表"，它衡量的是美元相对于欧元、日元、英镑等主要货币的强弱。长期以来，无论是金融危机、地缘冲突还是市场动荡， 美元总是投资者眼中的"避风港"。但这一次，美元似乎"守不住了"。据市场分析人士指出，这轮下跌并非突发，而是积蓄已久的"系统性释放"。 4月21日，全球金融市场被一则重磅消息"炸"醒——美元指数一度跌破99大关，最低触及98.63，创下自2022年4月以来的最低水平！这波急跌让无数投资者 直呼："美元真的跌麻了！" 1. 美国经济基本面正在"软着陆" 虽然美股一度强劲，但近期的经济数据显示美国增长势头明显放缓。消费降温、制造业疲软，连美国民众自己都开始对未来失去信心。投资者自然担心：美 元还能撑多久？ 更令人震惊的是，就在当天下午，美元指数再下一城，跌破98，最低探至97.91，市场哗然！作为全球经济"压舱石"的美元，怎么突然就不香了？ 3. 资金流向正在改变，新兴市场逆袭 数据显示，2025年以来，新兴市场本币债券回报率已达3.2%，远超美元债的0.7%。这是极其罕见的现象——曾经被视为"高风险"的资产，如今却成为资金 追捧的新宠。 分析人士认为，美元这次下跌，不只是短期 ...

由于特朗普威胁罢免鲍威尔，引发美联储独立性危机，美元指数跌至2024年1月以来最低点，为新兴市场提供了反弹机会。 周一，新兴市场货币指数上涨0.3%，此前在上周，该指数已经录得0.8%的涨幅，创下六周以来最大单周涨幅。 Brown Brothers Harriman & Co.的策略师Win Thin和Elias Haddad在一份报告中写道： 我们相信美元疲软将会持续。然而，我们也继续认为，全球增长前景将在今年急剧恶化，因此对增长敏感的主要货币和新兴市场 外汇最近的涨幅可能无法持续。 彭博亚洲美元指数（追踪亚洲货币相对于美元表现）同样在周一走高，其中泰铢和马来西亚林吉特的表现尤为抢眼，日内涨幅均达到1%。 过去一个月，泰铢兑美元汇率涨幅达到3.2%，涨势显著。 美元本轮大跌源于特朗普解雇美联储主席鲍威尔的可能性，这引发了人们对美联储独立性的担忧。美元指数在连续三周走弱后，周一一度跌 破98关口，至2024年1月以来的最低水平。 Anand Rathi Wealth Ltd.的共同基金主管Shweta Rajani表示： 新兴市场资产迎来强势反弹周，印度股市五连涨 受对中国经济的乐观情绪以及特朗普宣布暂停加征 ...

2025年4月，美国所谓"对等关税"政策搅动全球。作为国内重要的贸易中心城市、中国的"南大门"，广 州的外贸行业形势也备受市场关注。 广州海关数据显示，2024年广州对美出口同比增长14%，增速高于全市整体出口增速7.8%。腾道数据显 示，2024年，中国向美国出口的主要商品类别中，包括纺织服装、美妆日化、箱包皮具、珠宝首饰、食 品饮料、定制家居等，几乎涵盖了广州大多数出口优势品类。 服装商圈热闹依旧 广州沙河服装批发商圈是华南服装行业风向标之一，该商圈由23个服装批发市场组成，有近2万个档 口，日均出货量逾3000吨。该商圈依托临近十三行面料市场的优势，以品种多、上新快（每日可上新 2000多个款式）、打样周期短（仅需1~3天）等综合优势，在内地批发商和海外采购商群体中深受欢 迎。 广州作为汽车产业大城，其汽配产业同样享誉海外。占地近5万平方米的广州益友国际汽配用品展贸中 心，是海外汽车用品采购商的钟爱之地，这里也被称作"广州汽配对外贸易的窗口"。 进入广州益友国际汽配用品展贸中心，证券时报记者看到了更为多元化的外商群体，既有金发碧眼的欧 美客商，也有裹着头巾的中东客户。在一家经营汽车沙发的商户门店内，记者 ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home, projecting a significant return over the next 6-12 months [7]. Core Views - The company's Q4 revenue reached 83.01 billion yuan, a year-on-year increase of 9.88%, while the net profit attributable to shareholders was 3.587 billion yuan, up 3.96% year-on-year [6][7]. - For the full year 2024, total revenue was 285.981 billion yuan, reflecting a 4.29% year-on-year growth, and the net profit attributable to shareholders was 18.741 billion yuan, an increase of 12.92% year-on-year [6][7]. - The report highlights that the revenue growth was driven by national subsidies, consolidation of CCR, and integration of the European white goods platform, despite short-term profit impacts from exchange rates and acquisition costs [6][7]. Revenue Analysis - Q4 domestic and international sales are expected to grow by 11% each year-on-year, with domestic sales benefiting from national subsidies and international sales gaining from emerging markets [6][7]. - The report anticipates that the growth rate for various product lines in Q4 will be led by whole-house water solutions, followed by air energy solutions, refrigeration, and laundry products [6][7]. - The Casarte brand is projected to see over 30% growth in Q4, indicating a significant acceleration [6][7]. Profit Analysis - The gross margin for Q4 improved to 20.3%, a year-on-year increase of 1.3 percentage points, while the net margin slightly decreased to 4.99% [6][7]. - The overall profit was impacted by factors such as the depreciation of the ruble, one-time costs related to the CCR acquisition, and expenses from the European white goods platform integration, estimated to affect profits by 400-500 million yuan [6][7]. - The report notes a substantial increase in contract liabilities, which rose by 207.82% compared to the previous quarter, indicating improved confidence among distributors [6][7]. Dividend and Buyback - The company plans to distribute a dividend of 9.65 yuan per 10 shares, totaling 8.997 billion yuan, marking a historical high with a dividend payout ratio of 48% [6][7]. - A share buyback plan was announced, with intentions to repurchase shares worth 1-2 billion yuan within 12 months, aimed at employee stock ownership [6][7]. Financial Forecast - Revenue projections for 2025-2027 are set at 304.093 billion yuan, 316.502 billion yuan, and 327.129 billion yuan, respectively, with year-on-year growth rates of 6.3%, 4.1%, and 3.4% [7][9]. - The net profit attributable to shareholders is forecasted to be 21.254 billion yuan, 23.347 billion yuan, and 24.805 billion yuan for the same period, with growth rates of 13.4%, 9.8%, and 6.2% [7][9]. - The report indicates a projected PE ratio of 12.4, 11.3, and 10.6 for the years 2025, 2026, and 2027, respectively [7][9].

Summary of Key Points Core Viewpoint - The article discusses the performance and trends in the consumer and capital goods sectors, highlighting the impact of macroeconomic factors on exports and sales in various regions, particularly focusing on the U.S. and emerging markets. Consumer Goods - The U.S. retail sales data for February 2025 showed a month-on-month increase of 0.2%, below the expected 0.6%, indicating weak consumer spending [3] - Exports of electric tools, hand tools, and lawn mowers in January-February 2025 showed mixed results, with electric tools growing by 10%, hand tools declining by 5%, and lawn mowers increasing by 51% [3] - February 2025 saw significant declines in monthly export growth rates for electric tools (-10%), hand tools (-31%), and lawn mowers (22%), with month-on-month decreases of 36 percentage points, 43 percentage points, and 55 percentage points respectively [3] Capital Goods - Industrial sewing machine exports are primarily directed to Asia, which accounted for 68% of export value in 2024, with key markets including Turkey, Vietnam, and Singapore [4] - Forklift exports are balanced across regions, with Asia, Europe, and North America each contributing over 20% to export value in 2024 [4] - Machine tool exports are also focused on Asia, maintaining around 50% of export value from 2019 to 2024, with notable fluctuations in exports to Russia [4] - Mining machinery exports are concentrated in Asia, Europe, and Africa, with cumulative export values in January-February 2025 showing significant growth to Russia, Latin America, and Oceania [4][6] Engineering Machinery - Cumulative export value of engineering machinery grew by 12% year-on-year in January-February 2025, with Africa showing the highest growth rate at 85% [5] - Exports to Latin America also increased by 27%, while Asia remained the largest export region with a 42% share [5] - The cumulative export value to Africa for forklifts grew by 40%, while machine tool exports to Europe increased by 10% [6] Monthly and Cumulative Growth Rates - In February 2025, the monthly export growth rates for forklifts, machine tools, and industrial sewing machines were -14%, -5%, and -6% respectively, showing significant declines from January [8] - Cumulative growth rates for January-February 2025 were -4% for forklifts, +2% for machine tools, and +22% for industrial sewing machines, with notable decreases from January [8] - For engineering machinery, cumulative growth rates in January-February 2025 were 12% overall, with specific categories like excavators and tractors showing varied performance [9]