央视网消息：海关总署今天（5月9日）对外公布，前4个月我国货物贸易进出口总值14.14万亿元，外贸延续了平稳增长态势。 据海关统计，今年前4个月，我国货物贸易进出口总值14.14万亿元，同比增长2.4%。其中，出口8.39万亿元，增长7.5%；进口5.75万亿 元，下降4.2%。4月当月，我国货物贸易进出口3.84万亿元，增长5.6%。其中，出口2.27万亿元，增长9.3%；进口1.57万亿元，增长0.8%。海 关总署统计分析司司长吕大良表示，今年以来，各地各部门同心聚力有效应对外部冲击，推动我国经济持续回升向好，外贸延续平稳增长态 势。4月份，进出口增速较一季度加快4.3个百分点，其中出口增幅扩大、进口由降转增，展现出较强韧性。 我国货物贸易进出口同比增长2.4% 今年前4个月，我国货物贸易进出口实现了2.4%的增长，在当前复杂多变的国际经贸环境下，取得这样的成绩可以说是非常难得。前4个 月外贸运行还有哪些特点和亮点？来看记者发回的报道。 海关总署在5月9日11时准时对外发布了前4个月外贸数据，相信有不少人看到这个数据第一反应就是：大超预期！今年前3个月的时候，我 国外贸进出口增长1.3%，实现了平稳开局。 ...

惠誉：贸易战打击新兴市场增长，令经济疲软。 ...

盈利预测：欧洲去库接近尾声，亚非拉市场持续爆发。我们预计公司 2025-2027 年的营业收入分别为 148.4/ 187.3/ 236.0 亿元，2025-2027 年 归母净利润分别为 36.4/ 45.8/ 54.7 亿元，对应 15.63/ 12.41/ 10.40 倍 PE，给予 2025E 的每股净利润 19 倍 PE 估值，对应目标价 107 元，首 次覆盖，给予"买入"评级。 风险提示：储能业务进展不及预期；盈利预测与估值模型不及预期 [Table_Title] 证券研究报告 / 公司点评报告 新产品+新市场双重赋能，高增长有望持续 事件： [Table_Summary] 公司发布 2024 年年报，德业股份 2024 年实现营业收入 112.06 亿元， 同比+49.83%，实现归母净利润 29.6 亿元，同比+65.29%，基本符合市 场此前预期。 新兴市场助力储能高增长。（1）德业股份 2024 年逆变器业务实现营业 收入 55.6 亿元，同比+25.44%，2024 年公司储能逆变器出货 54.06 万 台，组串式逆变器出货 41.06 万台，微型逆变器 42.03 万台。逆变器 业务 ...

Core Insights - The inverter industry has shown resilience in 2024, with most companies reporting profits despite challenges in the broader photovoltaic sector [1] - In the first quarter of 2025, seven out of nine inverter companies achieved profitability, with significant revenue and net profit growth reported by key players [1][2] Financial Performance - In Q1 2025, leading company Sungrow Power achieved revenue of 19.036 billion yuan, a year-on-year increase of 50.92%, and a net profit of 3.826 billion yuan, up 82.52% [2] - Other companies like DeYe and Upwind Electric also reported strong growth, with DeYe's revenue reaching 2.566 billion yuan, a 36.24% increase, and net profit growing by 62.98% [2] Market Drivers - The growth of inverter companies is driven by increased orders from European and emerging markets, with companies expanding their global presence [4][5] - The demand for new installations and the replacement of aging inverters are significant factors contributing to revenue growth, as the average lifespan of inverters is about 10 years [6] Competitive Advantages - Inverter companies maintain a competitive edge through technological advancements and a focus on product reliability, stability, and cost-effectiveness [3] - The average asset-liability ratio of inverter companies is lower than that of major photovoltaic chain enterprises, indicating a more stable financial position [7]

整车竞争的核心是爆款大单品，其背后是一家公司的自身战略。 汽车整车具有一面制造、一面消费、一面周期的三重特性，并有逐步向科技品转型的趋势。其中在周期角度，长期以 来，整车的市场竞争均是围绕打造爆款大单品展开的，导致车企销量明显围绕新品周期呈现周期波动，并影响车企股 价跟随其销量、订单波动。因而，判定整车新车爆款对于汽车研究至关重要，我们认为，整车爆款主要围绕三个要素 展开，分别是市场竞争格局（外部因素）、品牌力（车企本身）、性价比（产品本身）。并最终形成了新兴市场策略、 性价比策略、品牌力策略三种爆款产品打造策略。需要强调的是，虽然车企爆款产品的打造策略各不相同，但爆款大 单品背后是整车厂自身战略的体现，因而只要主机厂在战略上走在正确的道路上，其爆款大单品的打造能力就是有保 障的。 复盘整车产品打造策略：新能车时代比亚迪、吉利、小鹏、零跑、理想爆款打造能力最强 由整车爆款产品的三个要素而来，我们认为，整车的产品打造策略有三种：1）新兴市场策略：公司产品集中布局于此 前总量少、供给匮乏的细分市场，即我们常说的蓝海市场，如理想增程系列，长城哈弗 H6、坦克系列等；需要的是一 家公司对细分市场的判断足够精准；2）性 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company reported a revenue of 11.206 billion yuan for 2024, representing a year-on-year growth of 50%, and a net profit attributable to shareholders of 2.96 billion yuan, up 65% year-on-year [2][4]. - In Q4 2024, the company achieved a revenue of 3.19 billion yuan, a significant increase of 177% year-on-year, although it saw a slight decline of 2% quarter-on-quarter. The net profit for this quarter was 721 million yuan, marking a 224% year-on-year increase but a 28% decrease from the previous quarter [2][4]. - For Q1 2025, the company reported a revenue of 2.566 billion yuan, a 36% increase year-on-year, but a 20% decrease quarter-on-quarter. The net profit for this quarter was 706 million yuan, up 63% year-on-year, with a 2% decline quarter-on-quarter [2][4]. Financial Performance - The inverter business generated a revenue of 5.56 billion yuan in 2024, growing by 25% year-on-year, with significant increases in sales volumes across various inverter types [10]. - The energy storage battery pack revenue reached 2.45 billion yuan, a remarkable growth of 177% year-on-year, with a gross margin of 41.3%, up 7.4 percentage points [10]. - The company expects to achieve a profit of 4 billion yuan in 2025, corresponding to a price-to-earnings ratio of only 14 times [6][10]. Market Outlook - The company is expected to benefit from increasing demand in emerging markets such as Southeast Asia, Africa, and the Middle East, with a stable market share and profitability anticipated for the year [10]. - The report highlights the company's strong alpha in emerging markets, with significant advantages in products, channels, and costs [10].

Group 1 - The China (Shandong) - Saudi Arabia Economic and Trade Matching Conference was successfully held in Riyadh, focusing on high-quality economic and trade development between Shandong and Saudi Arabia [1][3] - Over 200 guests attended the event, including representatives from government agencies, business associations, and the business community from both regions [1][3] - The conference emphasized industrial and building materials products, with a dedicated "Industry Promotion" session for in-depth exchanges between Chinese and Saudi representatives [3] Group 2 - Shandong's unique advantages in policy support, industrial foundation, and business environment were highlighted, with local officials promoting specific industrial clusters and investment policies [3][5] - The event facilitated nearly 100 one-on-one negotiations, resulting in over 10 cooperation intentions and two on-site agreements [5][6] - A training session on Saudi laws and business environment was conducted, with over 50 companies participating in the Saudi International Building and Construction Exhibition following the conference [6] Group 3 - Participating companies reported significant benefits, with some establishing cooperation points in building materials and planning further visits to Saudi Arabia for deeper discussions [7] - The event aimed to expand overseas investment efforts and create better conditions for attracting investment and facilitating international business exchanges [6][7] - Saudi companies expressed interest in the technological capabilities and production efficiency of Shandong enterprises, indicating plans for site visits [7]

丨证券研究报告丨 公司研究丨点评报告丨传音控股（688036.SH） [Table_Title] 传音控股 2024 年报及 2025 年一季报点评： 业绩短期承压，看好新兴市场拓展机遇 报告要点 [Table_Summary] 2024 年公司实现营收 687.15 亿元，同比增长 10.31%；归母净利润 55.49 亿元，同比增长 0.22%。2025Q1 公司实现营收 130.04 亿元，同比下降 25.45%；归母净利润 4.9 亿元，同比 下降 69.87%。2024 年公司毛利率 21.28%，同比下降 3.17pct；归母净利率 8.08%，同比下降 0.81pct。2025Q1 公司毛利率19.27%，同比下降2.88pct；归母净利率 3.77%，同比下降 5.55pct。 分析师及联系人 [Table_Author] %% %% research.95579.com 1 传音控股（688036.SH） cjzqdt11111 [Table_Title 传音控股 2024 2] 年报及 2025 年一季报点评： 业绩短期承压，看好新兴市场拓展机遇 [Table_Summary2] 事件描述 ...

路透调查：预计多数新兴市场货币未来三个月兑美元将走软。 ...

同时，本届广交会现场意向出口成交持续增长。现场意向出口成交254.4亿美元，增长3% 。其中，共建"一带一路"国家成交占比超六成，是拉动成交增长的 重要引擎，传统市场成交保持稳定。 8.1 B32-33 C11-12 18.1C29-30 D12-13 SICAL INSTRUMENT 3 "11 I BLASTER 第137届中国进出口商品交易会。摄影/宋婕 第一财经记者在广交会走访时发现，不少参展企业通过对自身产销布局的调整，来应对外贸业务可能面对的风险。其中，开拓内销市场成为部分参展企业正 在尝试的工作。 新兴市场仍是最大客源地 广交会参展企业正通过对自身产销布局的调整，来应对外贸业务可能面临的不确定因素。 5月5日，第137届中国进出口商品交易会（下称"广交会"）线下展在广州落幕。本届广交会到会境外采购商人数创新高。截至5月4日（下同），共有来自219 个国家和地区的288,938名境外采购商到会，较第135届广交会同比（下同）增长17.3%。新老采购商踊跃参会，到会人数分别达171,750人、117,188人，分别 增长14.6%、21.4%。 记者留意到，新兴市场仍是广交会最大客源地。共建"一带一 ...