专题：新浪财经上市公司研究院 出品：新浪财经上市公司研究院 作者：昊 6月10日晚，一汽、东风、广汽、赛力斯、吉利等多家车企集体宣布，将供应商付款账期统一压缩至60天内，响应国务院《保障中小企业款项支付条例》修 订版及汽车工业协会倡议。6月11日，小鹏、比亚迪等车企响应号召，也将付款账期压缩至60天内。 据了解，此前国内车企平均账期达170天以上，部分企业甚至超过240天，在传统模式下，供应商需承担6-12个月垫资压力，且常收到延期兑付的商业汇票。 2024年汽车行业利润率仅3.9%，远低于下游工业企业6%的平均水平，长账期加剧产业链资金链风险。这一举措直击行业痛点。 然而，截至发稿时，蔚来、北汽蓝谷、零跑、上汽、长城等上市乘用车企却在此次承诺中"缺席"。 值得注意的是，从最新财报看，上述未表态的车企多数存在"高负债、低现金、长账期"特征。 以资产负债率最高的蔚来为例，2024年末公司负债率87.45%，2025年一季度末进一步升至92.55%，2024年应付账款周转天数高达195天，远超其曾宣称 的"30天-90天"账期。 2024年，蔚来营业收入657.32亿，同比增长18.18%，实现净利润-226.5 ...

特朗普的美国制造政策或迎来首个胜利 凤凰网科技讯 北京时间6月11日，据《日经亚洲》报道，美国总统特朗普力推的"美国制造"战略将迎来 首个胜利。富士康目前正积极在美国扩大AI服务器产能，大幅提高美国制造的GPU模块的占比。与此 同时，其他AI服务器供应商也积极在美国布局。 在得州休斯顿的富士康制造中心，数百名建筑工人和工程师正夜以继日地工作，努力扩大该公司在美国 的AI服务器产能。 作为英伟达的重要供应商，富士康正在美国进行大规模扩张，计划将相当大的一部分(两位数百分 比)GPU模组和主板转移至美国生产。目前，该公司超过90%的此类关键组件仍在中国台湾地区制造。 "休斯顿是我们的首要任务，因为目前GPU模块和主板大多在中国台湾生产。"富士康高管对《日经亚 洲》表示。 对于富士康来说，在当前地缘政治不确定性加剧的情况下，在美国生产这些组件有助于公司及其客户提 高供应链的韧性。 这对于特朗普来说也是一场胜利。这位美国总统一直通过实施高额关税，大力推动"美国制造"政策。他 在这一领域最引人注目的举措，便是针对苹果公司，威胁对进口的iPhone征收25%关税。 AI服务器或成美国制造首个成功案例 此外，台达电子、光宝 ...

Group 1 - Emergency investment is a crucial component in building China's modern governance system, enhancing urban resilience, and ensuring public safety and social stability [1][2][6] - The demand for emergency safety will continue to grow due to global climate change, urbanization, and increased public awareness, creating vast market potential for emergency investment [1][12] - The emergency industry is characterized by its wide coverage, long industrial chain, and strong social demand, with significant growth potential driven by government investment and technological upgrades [5][9] Group 2 - The institutional framework for promoting emergency investment is becoming increasingly robust, with policies and planning systems being established to enhance emergency management capabilities [7][8] - The emergency industry has rapidly developed, with the market size expected to reach 2.4 trillion yuan in 2024 and over 2.8 trillion yuan by 2025, driven by key regions and leading enterprises [9] - Technological innovations in emergency rescue, such as AI integration and new rescue equipment, are enhancing the effectiveness of emergency responses [10][11] Group 3 - Future emergency investment will focus on resilient cities, emergency equipment technology innovation, and expanding emergency material reserves, with significant investment opportunities anticipated [13][14][15] - The emergency training and public awareness market is projected to grow at a compound annual growth rate of 10.3%, reaching a market size of over 65 billion yuan by 2030 [16][17] - Catastrophe insurance is expected to become a key area for future emergency investment, with significant growth potential compared to developed countries [18] Group 4 - A comprehensive approach is needed to enhance emergency safety systems, improve institutional frameworks, and advance major project engineering to strengthen emergency capabilities [19][20][21]

Group 1 - The core viewpoint of the article emphasizes the characteristics of industrial transfer in China, highlighting the shift from labor-intensive to capital and technology-intensive industries, particularly in the central and western regions [1] - The article notes that the transfer of industries is effectively driving industrial upgrades and value chain elevation, with significant movements in sectors such as steel, non-ferrous metals, petrochemicals, food processing, and new energy [1] - The importance and urgency of promoting industrial transfer are underscored, as it relates to enhancing the resilience and security of supply chains, building a modern industrial system, and constructing a new development pattern [1] Group 2 - Inner Mongolia is identified as a region with significant resource advantages, including abundant wind and solar energy, rich coal resources, and leading rare earth reserves, which can facilitate a new landscape for industrial transfer [2] - The region's agricultural strength is highlighted, with Inner Mongolia being one of the main grain-producing areas in China, and key industrial chains in dairy, meat, and other sectors exceeding a total output value of 700 billion yuan [2] - The development of the bio-manufacturing industry in Inner Mongolia is noted, focusing on a modern industrial structure that includes biopharmaceuticals and traditional Mongolian medicine [2] Group 3 - The article suggests that Inner Mongolia should actively integrate into national strategies, leveraging its development logic and industrial foundation to clarify key directions for industrial transfer [3] - It emphasizes the need to strengthen border advantages, promote trade-logistics-industry coordination, and enhance port construction and cross-border cooperation [3] - The article calls for improvements in infrastructure, including parks and new infrastructure, to enhance capacity for industrial transfer and create a favorable business environment [3]

分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《美关税不确定下，日元资产的演化 路径》 - 2025.06.09 宏观研究 发布时间：2025-06-10 研究所 证券研究报告：宏观报告 出口展现韧性，中美谈判进展或促风险偏好修复 投资要点 5 月出口增速继续保持韧性，略低于预期和季节性水平，边际有 所放缓，但存在高基数效应影响，剔除基数效应影响，5 月出口两年 复合增速延续边际改善，好于 4 月出口增速。我们理解，在美国对全 球主要贸易伙伴加征对等关税的背景下，我国对美国出口增速出现大 幅放缓，同比增速 34.52%，对我国出口增速产生一定拖累，但 5 月我 国出口增速成色仍好于 4 月，实属不易。通过分析发现，一是 5 月转 口贸易特征并不突出。我国对东盟出口同比拉动作用边际有所放缓， 但从绝对值看，我国对东盟出口仍是我国出口增速的重要拉动因素； 二是我国与欧盟、一带一路国家合作有所加强，成为我国出口增速保 ...

Group 1 - China's total goods trade import and export value reached 17.94 trillion yuan in the first five months of the year, with a year-on-year growth of 2.5%, accelerating by 0.1 percentage points compared to the first four months [3] - The export of equipment manufacturing products increased by 9.2% year-on-year, accounting for nearly 60% of total exports, contributing 73% to overall export growth [8] - The export of industrial robots, electric vehicles, ships, and engineering machinery saw significant growth rates of 55.4%, 19%, 18.9%, and 10.7% respectively [8] Group 2 - Following the high-level economic talks between China and the US, the growth rate of imports and exports accelerated, with a month-on-month increase of 2.7% and 6.3% in exports in May [6] - Companies like Zhongtong Bus have achieved remarkable overseas business results, signing contracts for 895 electric buses with Chile and winning large-scale public transport orders in Dubai [10] - The export of agricultural machinery from companies like Hunan Farmer Machinery Co., Ltd. has seen a 15% to 20% increase in orders from African countries compared to previous years [16] Group 3 - The trade volume with African countries reached a historical high for the same period, with exports to ASEAN and the EU growing by 9.1% and 2.9% respectively [14][15] - The external trade environment remains complex and uncertain, but the fundamental stability of China's foreign trade development has not changed [21]

中国经济丨深度报告 [Table_Title] 再论增长韧性：如何前瞻下半年经济节奏 ——"政策开卷考"系列之五 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 5 月中美关税互降后，景气出现短暂向上脉冲，市场关心，下半年经济增长会否出现节奏变化？ 从领先指标看，内外需在三季度末之前均有韧性，同比增速或逐步走强。但同时，三季度末内 外需可能相继见顶回落，形成明显的增长"陡坡"。此前，市场预期 GDP 实际增速在年内逐季 走弱，但从目前看，前三季度可能好于市场预期，但也将形成一个增长陡坡，或对"应对式" 的政策思路带来多方面考验。 分析师及联系人 [Table_Author] 于博 刘承昊 SAC：S0490520090001 SAC：S0490523050001 SFC：BUX667 SFC：BVA882 请阅读最后评级说明和重要声明 2 / 21 %% %% %% %% research.95579.com 2 "政策开卷考"系列 cjzqdt11111 [Table_Title 再论增长韧性：如何前瞻下半年经济节奏 2] ——" ...

Core Insights - China's foreign trade maintained resilience in the face of external pressures, with total import and export value reaching 17.94 trillion yuan in the first five months of the year, a year-on-year increase of 2.5% [1] - Exports grew by 7.2%, while the decline in imports narrowed to 3.8% [1] - In May, the overall import and export value increased by 2.7%, with exports rising by 6.3% and imports decreasing by 2.1% [1] Trade Performance - The equipment manufacturing sector showed significant support, with exports growing by 9.2% in the first five months, contributing 73% to overall export growth [3] - Key products such as industrial robots, electric vehicles, ships, and construction machinery saw substantial export increases of 55.4%, 19%, 18.9%, and 10.7% respectively [3] - Private enterprises' imports and exports rose by 7%, accounting for 57.1% of total foreign trade, an increase of 2.4 percentage points from the previous year [3] International Trade Relations - Trade with Africa reached a historical high, while trade with ASEAN and the EU grew by 9.1% and 2.9% respectively, together making up nearly 30% of China's foreign trade [4] - In May, exports to ASEAN, the EU, Africa, and Central Asian countries increased by 16.9%, 13.7%, 35.3%, and 8.8% respectively [4] Future Outlook - Despite a complex and uncertain international environment, the fundamental stability of China's foreign trade development remains unchanged [4] - Recent completion of the China-ASEAN Free Trade Area 3.0 negotiations and the introduction of multiple policies to stabilize foreign trade are expected to support continued growth [4]

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry in China [4] Core Insights - The real estate market showed resilience in May, with new home sales improving month-on-month, while year-on-year declines narrowed [6][29] - The report anticipates a continued downward pressure on sales in the second half of the year due to potential uncertainties from U.S.-China trade negotiations [6][29] - The report highlights the importance of high-quality land reserves and product strength for real estate companies to achieve alpha attributes [6][29] Summary by Sections Market Performance - In the 23rd week, the real estate sector index underperformed compared to the CSI 300 index, with a relative return of -0.1%. The CSI 300 index closed at 3874.0, with a weekly increase of 0.9%, while the real estate index closed at 2174.1, with a weekly increase of 0.8% [6][10][11] Policy Developments - Nationally, the central government supports urban renewal actions, with 20 cities including Beijing and Guangzhou selected. Locally, Jiangsu has announced measures to boost consumption, while Hunan and Zhejiang have introduced policies to support housing and property acquisition [6][13][21] Sales Data - In the 23rd week, new home sales in 44 major cities decreased to 14,000 units, down 33.1% from the previous week. Second-hand home sales in 21 major cities also fell to 15,000 units, down 23.0% [6][16] - Inventory levels decreased, with 18 major cities holding 825,000 units, down 21,000 units from the previous week, and a sales-to-inventory ratio of 16.8 months, down 4.5 months [6][23] Company Announcements - Key companies have made significant announcements, including major asset restructuring and share repurchase plans. Notable mentions include Chengjian Development and Haitai Development [6][28][29] Future Outlook - The report expects a year-on-year increase in second-hand home transaction volumes, while new home sales are projected to continue declining but at a reduced rate. The core areas with high efficiency and premium properties are expected to drive this trend [6][29]

Core Viewpoint - Han Gao Group stands out in the complex home furnishing industry due to its focus on quality control, original design, and a robust channel system, which collectively enhance market penetration and customer loyalty [1][2]. Group 1: Resilience and Growth - The home furnishing market in 2024 is expected to be challenging, yet Han Gao Group demonstrates resilience by adapting its products, marketing, and services to meet these challenges [2]. - The concept of "resilient growth" is central to Han Gao Group's strategy for 2025, emphasizing the importance of both visible performance and underlying product originality [2][3]. - Han Gao Group has a clear commitment to product quality, holding 1,173 patents as of March 2025, including 18 invention patents and 918 design patents, which underscores its focus on innovation [3]. Group 2: Sales and Market Expansion - As of December 31, 2024, Han Gao Group's domestic distribution network covers all 31 provinces and regions in mainland China, as well as 191 prefecture-level cities, while also actively seeking international distributors [3]. - The company's revenue from basic hardware is projected to grow significantly, with revenues of 4.46 billion, 7.83 billion, and 12.24 billion from 2022 to 2024, reflecting a strong upward trend [4]. Group 3: Intelligent Manufacturing - Han Gao Group is transitioning from traditional manufacturing to intelligent manufacturing, aligning with national policies that promote smart and green manufacturing [5][6]. - The company is developing a new automated manufacturing base, which is expected to enhance production capacity and efficiency, thereby meeting increasing market demands [6]. Group 4: Innovation and System Capability - Han Gao Group's innovation extends across its entire operational system, integrating advanced manufacturing processes with information systems for better visibility and responsiveness [7][8]. - The introduction of a unique cloud business model has allowed Han Gao Group to penetrate lower-tier cities effectively, increasing its market share and revenue from this segment [8][9]. - The company's comprehensive approach to quality control, production, research and development, and after-sales service creates a closed-loop system that enhances overall operational efficiency [9].