据财经杂志报道，贸易战的升级正在使长和出售巴拿马运河等海外港口业务的复杂程度上升。中国香港方面，香港特区 行政长官李家超出席行政会议前，再次被记者问及有关长和出售巴拿马等海外港口业务的看法。李家超表示，香港特区 政府要求外国政府为企业，包括香港企业提供公平、公正的环境，港府反对在国际经贸关系中使用胁迫或者施压的手 段；任何交易必须符合法律和规则的要求。 分析人士认为，这场交易远非普通商业行为。巴拿马运河掌握全球6%海运贸易，中国货船占比高达21%。美国贝莱德集 团收购港口后，不仅能控制物流咽喉，更附带20年数据共享条款，堪称"掐住一带一路命脉"。李嘉诚的困境在于：若坚 持交易，将背负"卖港"骂名；若放弃，特朗普政府可能以《外国公司问责法》制裁其海外资产。 值得关注的是，巴拿马公共安全部与美国驻巴大使馆近日宣布，两国安全部队正开展"巴拿马极限2025"联合军演，通过 模拟演练保卫这条连接两大洋的运河以"应对潜在威胁"。巴拿马安全部在声明中指出，该军演始于2002年，分为国内阶 段和多国阶段，后者有多个国家的军队参与。声明称，此次军演迎来美军部队，他们将与巴拿马国家航空海军服务队、 国家警察及国家边境服务队的特种 ...

据财经杂志报道，贸易战的升级正在使长和出售巴拿马运河等海外港口业务的复杂程度上升。巴拿马则在4月7日有所动 作。巴拿马审计长办公室表示，在审计长和旗下子公司于巴拿马运河港口特许经营合约时，发现存在多项违规行为，将 对授权续签港口特许经营权的官员提出诉讼。 贝莱德集团（资料图） 据媒体此前报道，长和发布公告，宣布与贝莱德-TiL财团达成原则性协议，拟向该财团出售旗下和记港口集团非中国资 产，其中涉及巴拿马港口公司90%股权。此外，交易还涉及长江和记在其附属公司与相关公司持有的80%有效控制权益， 包括位于23个国家的43个港口拥有、营运、发展的共199个泊位，连同所有和记港口集团的管理资源、营运业务、货柜码 头系统、资讯科技及其他系统，以及其他涉及用于控制和营运有关港口的资产。据公布，此次整体出售总企业价值为228 亿美元。 日前，美国国防部长赫格塞思在访问巴拿马时继续向这个中美洲国家施压，并宣称美国将从"中国影响力"下夺回巴拿马 运河。赫格塞思在与巴拿马政府官员会谈后，承诺深化与巴拿马部队的安全合作，声称不会允许中国利用商业关系通过 中企来将运河"武器化"。赫格塞思在巴拿马城一个由美国援助翻新的码头发表讲话时 ...

Core Viewpoint - Tianqin Equipment's 2024 annual report shows significant growth in revenue and net profit, indicating strong performance in the military equipment sector driven by industry trends and improved market share [2][3]. Financial Performance - The company achieved operating revenue of 231 million yuan, a year-on-year increase of 49.14% [2]. - Net profit attributable to shareholders reached 41.68 million yuan, up 29.49% year-on-year [2]. - The net profit excluding non-recurring items was 38.75 million yuan, reflecting a growth of 44.68% [2]. Product Line Performance - Revenue from specialized protective devices was 206 million yuan, a year-on-year increase of 36.74% [3]. - Revenue from equipment components surged to 2.401 million yuan, with a remarkable growth rate of 742.57% [3]. Industry Context - The acceleration of national defense modernization is driving the upgrade of equipment and increasing demand for protective gear, benefiting Tianqin Equipment's main products [3]. - The overall market for equipment manufacturing is expanding due to sustained industry demand [3]. Technological Advancements - The company has a strong technical foundation in various areas, including engineering plastic formulation and composite material design [4]. - In 2024, Tianqin Equipment invested 8.147 million yuan in R&D and has accumulated 15 invention patents and 16 utility model patents [5]. Strategic Focus - The company aims to enhance product performance and quality while expanding into civilian protective fields to maintain long-term competitive advantages [5]. - Tianqin Equipment emphasizes collaboration with domestic research institutions to innovate and apply theoretical research to product development [5].

翁富豪：3.25晚间双线操作精准布局 黄金交易需严守风控纪律 美联储政策立场边际调整与地缘政治谈判进展正对贵金属市场形成双向施压。亚特兰大联储主席博斯蒂克最新表态将年内降息预期由两次修正为一次，叠加 关税政策对通胀进程形成的掣肘效应，而美联储主席鲍威尔强化"按兵不动"政策定力，强调美国经济基本面保持韧性，系列鹰派信号显著施压黄金多头动 能。 但经济数据显示潜在矛盾：3月标普全球制造业PMI终值录得49.8，较前值下降0.6个点，创三个月新低，显示制造业收缩压力加剧。该数据强化市场对经济 增长放缓的预期，为避险资产提供潜在支撑。 从4小时图自新高出现了一轮回调，但目前似乎在3000美元大关出现心理支撑，技术指标低位金叉并向上运行。介于早盘黄金短线突破3015一线短线冲高， 黄金继续维持底部看多思路。综合来看，今日黄金短线操作思路上翁富豪建议反弹做空为主，回调做多为辅，上方短期重点关注3033-3035一线阻力，下方 短期重点关注3000-3002一线支撑，各位一定要跟上节奏。要控制好仓位及止损问题、严格设止损，切勿抗单操作。具体点位以盘中实时为主，欢迎前来体 验，交流实时行情，关注实时单。 操作策略： 1.黄金 ...

台积电向全球宣布：要对美国投资1000亿美元！岛内民众直呼4个字 据报道，台积电董事长魏哲家3月初宣布，台积电将在美国额外投资1000亿美元，并称核心研发仍在台湾。有网民在台媒评论区留言讽刺，"标准的卖 台"。"原来是'助美代表'！"据台媒报道，目前，台积电对美国总投资额高达1650亿美元。 《哏传媒》7日起在YouTube针对"台积电1650亿美元前进美国，你认为实际状况是？"进行网络投票，截至9日早上7点30分，已有1.4万人投票，高达95% 的网友认为"美国整碗拿去，台湾地区全盘皆输"。网友纷纷留言表示："周边厂商也会走，台湾地区的就业机会减少，台当局减少税收，老百姓没钱，劳 保、健保无底洞越来越严重。""以后美国大公司还来台湾地区下单吗？台湾地区还能超收税金吗？""对台湾地区长久来说是大灾难。""什么都没有了。" 台积电在美设厂（资料图） "毋庸置疑，这等于把台积电从台湾连根拔除。"台湾地区前民意代表蔡正元在政论节目中示警，届时上下游产业链将跟随，大量投资涌向美国，无疑将助 力"美国更伟大"。富拉凯投资银行首席经济学家张明杰分析，台积电始终扮演台湾全球芯片代工七成市占，以及带动台湾出口、出超及民间投资 ...

Financial Data and Key Metrics Changes - In Q1 2025, total revenue increased by 16.8% to $5.2 million from $4.5 million in Q1 2024 [34][35] - Operating income rose by 19.2% to $0.7 million compared to $0.6 million in Q1 2024 [40] - Net income after taxes was $0.91 million or $0.08 per diluted share, up from $0.6 million or $0.06 per diluted share in Q1 2024 [41] Business Line Data and Key Metrics Changes - Marine Technology business revenue decreased by 35.8% to $2.3 million from $3.5 million in Q1 2024 [35] - Engineering business revenue increased by 77% to $1.6 million from $0.9 million in Q1 2024 [12] - Acoustic Sensors & Materials business generated $1.3 million in revenue, contributing 25.2% to consolidated revenue [36][43] Market Data and Key Metrics Changes - The Marine Technology business faced significant headwinds due to U.S. policy changes affecting offshore renewables, leading to weak demand [9][10] - Increased defense spending in Europe, particularly Germany's expected $428 billion, is anticipated to favor the company's products in the medium to long term [11][12] Company Strategy and Development Direction - The company aims to pivot the revenue model of the Marine Technology business to a multi-year, multi-sales model [47] - Focus on increasing the number of defense programs that utilize the company's technologies, particularly Echoscope and DAVD [28][30] - The acquisition of Precision Acoustics is seen as a strategic move to compete for larger defense contracts [31][32] Management's Comments on Operating Environment and Future Outlook - Management expects a quieter Q2 due to customer standstill amid uncertain policy environments, but anticipates a robust Q3 and Q4 [52][55] - The company is optimistic about the long-term impact of increased defense spending in Europe and the U.S. [46][47] Other Important Information - The company has $22.54 million in cash and cash equivalents with no debt as of January 31, 2025 [42] - The gross margin for the Acoustic Sensors & Materials business is expected to be between 57% and 61% on an annualized basis [38] Q&A Session Summary Question: What needs to happen for marine products to recover? - Management noted that customers are currently on standstill due to uncertainty, expecting a quiet Q2 but a robust Q3 and Q4 [52][55] Question: Timeline for tethered and untethered markets? - Management targets $4 million to $4.5 million in revenues for DAVD this year, with significant demand for both tethered and untethered systems [57][60] Question: Impact of market conditions on acoustic solutions? - The acoustic solutions market appears stable, with no significant slowdown observed [72] Question: Status of potential acquisition? - The company is focused on one target for acquisition, pending further understanding of the global policy environment [80][84]

Core Insights - The display driver chip market is undergoing significant transformation due to intense capital movements, with China holding 76% of global display panel capacity and a localization rate of 34% for driver chips [1][2] - The industry is facing pressures from technological iterations, geopolitical factors, and a capital downturn, making mergers and acquisitions a necessity rather than an option [1][3] - The market is experiencing a bifurcation between high-end competition and price wars, leading to a decline in overall market prices and profits [1][3] Market Dynamics - The global driver chip industry has seen a "boom and bust" cycle, with a peak in 2021 due to chip shortages, followed by a decline in 2022-2023 due to weak consumer demand [1][2] - The demand for AI chips is expected to boost wafer foundry utilization rates, but display driver chip prices remain under pressure as the market shifts towards inventory competition [1][2] Technological Trends - OLED driver chips are advancing towards 22nm processes to meet the demands for lower power consumption and smaller sizes in high-end smartphones [2][4] - The integration of TDDI chips is increasing in the automotive and tablet markets, with low power consumption and high integration becoming key R&D focuses [6][7] Competitive Landscape - The gross margin for leading global driver chip companies has decreased from 50% in 2021 to 40% in 2023, while the average gross margin for Chinese companies is below 20% [3][4] - Price wars have reached critical levels, threatening the survival of many companies in the industry [3][4] Mergers and Acquisitions - The sale of MagnaChip's OLED driver business exemplifies the trend of technology exchange, as companies focus on core competencies amid declining market shares [8][9] - Taiwanese company ILI Technology's acquisition of MediaTek's TCON assets highlights a strategy of enhancing competitiveness through integration [9] - The anxiety in the industry is reflected in the struggles of Chinese companies to secure funding and navigate technological barriers, leading to a wave of mergers and acquisitions [9][10] Industry Evolution - The reshaping of the driver chip industry signifies a shift from "scale expansion" to "value reconstruction," where technological depth and ecosystem integration are crucial for survival [10][11] - Companies must not only focus on domestic substitution but also on building an irreplaceable ecological position in the technology race [10][11]

Investment Rating - Steel: Neutral [1] - Non-ferrous Metals: Positive [1] Core Views - The marginal improvement in the industry fundamentals is noted, with ongoing tariff policies causing market disruptions [1] - The steel sector is expected to see a recovery in demand due to increased funding for construction sites and warmer weather, although macroeconomic factors and overseas tariffs remain concerns [1][17] - Copper supply is tight, supporting prices, while domestic inventory has slightly decreased; future demand performance will be crucial for price movements [1][37] - Aluminum prices are supported by expectations of macroeconomic easing and solar energy installations, but overseas tariffs and trade policies pose risks [1][44] - Gold prices are supported by various factors, including increasing reserves in China and ongoing geopolitical tensions, with a focus on the progress of negotiations regarding the Russia-Ukraine conflict [1][48] Summary by Sections Steel Industry - Supply has decreased, and inventory continues to decline, indicating a marginal improvement in fundamentals [17] - As of March 7, the total steel inventory was 18.58 million tons, down 0.93% from the previous period and down 24.02% year-on-year [26] - The average profit margins for hot-rolled and cold-rolled steel are negative, but have shown some improvement compared to the previous period [35] Copper Industry - High copper prices are suppressing demand, with slow recovery in downstream industries [36] - As of March 7, LME copper prices were $9,700 per ton, up 3.21% from the previous period [41] - Domestic copper inventory has slightly decreased, indicating potential upward pressure on prices if demand improves [37] Aluminum Industry - As of March 7, LME aluminum prices were $2,700 per ton, reflecting a 2.10% increase from the previous period [45] - The market is cautious, with downstream enterprises adopting a wait-and-see approach [44] Gold Industry - As of March 7, COMEX gold prices were $2,917.70 per ounce, up 1.76% from the previous period [48] - Various geopolitical factors and central bank purchases are supporting gold prices [48] Lithium Industry - The supply of lithium is expected to increase as some lithium salt plants resume normal production [2] - Policies such as "trade-in" and charging infrastructure subsidies are anticipated to stimulate downstream demand [2] Rare Earth and Minor Metals - As of March 7, light rare earth prices showed a slight decline, while heavy rare earth prices varied [56] - Tungsten and other minor metal prices have also seen slight decreases [60]

Core Viewpoint - The external geopolitical environment in early March is characterized by increased disturbances, but this does not alter the recovery of market confidence. Despite recent external disruptions, market participants are expected to tolerate these disturbances as risk appetite gradually improves. The focus of Trump's policies remains on domestic issues and non-China countries rather than on the US-China rivalry, suggesting that external disturbances will not significantly impact the recovery of market confidence [1][2][4]. Geopolitical Environment Analysis - The frequency of external disturbances from Trump has increased, including the signing of the "America First Investment Policy" memorandum and a 10% increase in tariffs on China. However, the market's tolerance for these disturbances is expected to rise as risk appetite improves. The upcoming conclusions from the "America First Trade Policy" memorandum on April 1 will be crucial for understanding the future of US-China economic relations [2][3][4]. Key External Events - Six important external events are highlighted: Trump's congressional speech, the "America First Investment Policy" memorandum, new tariffs on China, the national "Two Sessions" policy deployment, negotiations surrounding the Russia-Ukraine conflict, and European elections. Trump's speech focused on economic, immigration, tariffs, and foreign policy, but provided limited new information [4][5][6]. Trade Policy Insights - The "America First Investment Policy" memorandum is not legally binding and primarily expresses a stance rather than indicating substantial changes in US-China investment policies. It aims to strengthen scrutiny of US investments in China, but its priority is considered limited due to ongoing debates within US policy circles [5][6]. Tariff Implications - The new tariffs on China are framed under the guise of border security, reflecting domestic issues rather than a broader economic confrontation. The cumulative impact of the 20% tariffs imposed on China is estimated to reduce China's quarterly exports and GDP by 3.3 and 0.36 percentage points, respectively, but the overall impact is deemed manageable [5][6]. Domestic Policy Response - The national "Two Sessions" have prepared for external pressures, emphasizing proactive macroeconomic policies. The government aims to implement a combination of fiscal and monetary policies to effectively respond to external challenges, while also promoting high-quality initiatives like the Belt and Road Initiative [6][7]. European Political Landscape - The recent German federal election results indicate a shift towards a center-right government, which may influence European economic and asset dynamics positively. The political and diplomatic factors affecting the Eurozone are expected to stabilize in the short term [7].

以下文章来源于九边 ，作者九边 九边 . 2023年印象笔记收藏量排第一的公号 本文来自微信公众号： 九边 （ID：ertoumu893） ，作者：九边，题图来自：视觉中国 就在咱们这边欢度春节的时候，泰国缅甸那边正在发生巨变。2月15日开始，多架载着涉诈人员的包机从泰 国飞到中国，仅昆明机场一周内就接收了超过600名戴着手铐的电诈人员，最近还在持续往回送。 可能有小伙伴理解不了，妙瓦底里绝大部分人都是被绑架过去的，怎么就成了"涉诈人员"了？ 其实这也是个说了很久的常识了，95%以上园区的人，都是被"高薪"给吸引过去的，这些人可能是单纯想赚 钱，还有不少在国内就不安分，赌博或者撸贷，欠了一屁股钱，想去那边碰碰运气。一部分过去之后一直 不出单，想回来，这就麻烦了。 各种园区面对这种情况的处理方式不太一样，有的园区可能要找当事人家里要钱，他们把这个钱当成是"住 宿费"，也就是你娃跑我这里来，又吃又喝，不结账不准走，具体金额是可以商量的。一般可能开口就要50 万，不给就挨电棍。如果你能证明你家确实给不了这么多，那价格是可以谈的。 这时候有个神奇的职业，比如著名的"龙哥"，他就是反电诈电影《孤注一掷》的幕后指导，他在 ...