2025 年 04 月 28 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn 联系人 ： 张晋铭 S0350124040003 zhangjm02@ghzq.com.cn [Table_Title] 吞吐量稳健增长，看好成长逐步兑现 ——北部湾港（000582）2024 年年报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/28 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 北部湾港 | 4.1% | 3.6% | 13.8% | | 沪深 300 | -3.4% | -0.9% | 5.5% | | 市场数据 | | | 2025/04/28 | | 当前价格（元） | | | 8.84 | | 当前价格（元） | 8.84 | | --- | --- | | 52 周价格区间（元） | 6.77-11.50 | | 总市值（百万） | 20,563.04 | | 流通市值（百万） | 15,999.19 | | 总股本（万股） | ...

据最新报道，中国人民银行及其他相关部门共同发布了《上海国际金融中心加强跨境金融服务便利化实施 方案》。该方案强调，需增强人民币跨境支付系统（CIPS）的功能以及其全球网络范围的拓展。 据证券分析报告显示，"对等关税"政策有可能促使全球跨境支付从全球性转向区域性，这将有助于支付体 系的多样化，并在一定程度上加快人民币跨境支付系统的发展步伐。 与此同时，广东省经济工作会议提出，必须竭尽全力保持外贸稳定，全力协助外贸企业争取订单，推动中 间产品和服务的贸易，并促进跨境电商的稳健增长。 在"对等关税"的政策环境下，外贸和跨境行业一方面需应对美国市场下滑带来的挑战，另一方面需积极拓 展其他市场。得益于政策的支持，跨境电商、物流和支付等基础设施行业正迎来新的发展机遇。 本期我们将深入探讨跨境支付、跨境电商、跨境物流三大领域，详细分析其发展现状，并基于业务间的关 联性，挑选出各领域内的代表性企业，以供大家深入研究与参考。素材来源，关注郑说市，拱众号，给您 带来更多资讯！ 领域一：跨境支付 随着人民币国际化的加速和"一带一路"倡议的深入实施，数字人民币跨境试点项目不断推进，第三方支付 机构也在积极开拓国际市场。 通过优化外汇 ...

21世纪经济报道记者胡慧茵 广州报道 "柬埔寨和中国之间的政治互信得到了进一步巩固和深化，这向世界表明，像柬埔寨这样的小国和像中 国这样的大国、经济强国可以携手合作，促进区域共同发展，共享繁荣。"4月18日，柬埔寨亚洲愿景研 究院院长成金珑在接受21世纪经济报道记者专访时表示，在美"对等关税"的挑战下，中国周边外交的意 义和重要性越发凸显。 美国"对等关税"重棒打击东南亚多国，东南亚国家正积极寻求对策缓解关税压力。与此同时，中国正与 东南亚国家积极开展全方位的合作。成金珑表示，从长远来看，美国政府这种不公平的保护性关税制 度，将重塑全球供应链格局，在许多区域可能会出现贸易转移。这还将导致国家之间的贸易网络结构发 生变化并远离美国。 在外部风险加剧的情况下，柬埔寨应该加强与中国之间的关系，东盟也要作为一个整体，加强与中国之 间的经贸、投资以及文化交流，以促进货物和服务贸易的自由流通，通过购买彼此的货物和服务，抵御 美国的"不公平关税"，以应对全球经济、贸易和投资供应链面临中断带来的风险和挑战。 因此，他认为，不仅是柬埔寨，东盟要作为一个整体来加强与中国之间的经贸和投资关系，促进货物和 服务贸易的自由流通，通过购 ...

Group 1 - In the first quarter, Yichun's total import and export reached 5.15 billion yuan, a year-on-year increase of 26.1% [1] - Exports amounted to 4.46 billion yuan, growing by 30.3%, while imports were 690 million yuan, increasing by 4.3% [1] - Production-oriented enterprises dominated the foreign trade, accounting for 81.7% of the total foreign trade value [1] Group 2 - Private enterprises played a significant role as a "stabilizer" in foreign trade, with imports and exports reaching 3.36 billion yuan, a growth of 36.9% [1] - Foreign-invested enterprises had imports and exports of 1.7 billion yuan, growing by 9%, while state-owned enterprises accounted for 97.37 million yuan, increasing by 27.2% [1] Group 3 - Trade with major partners showed overall growth, with ASEAN, EU, Japan, and the US seeing respective trade values of 1.27 billion yuan, 810 million yuan, 700 million yuan, and 630 million yuan [2] - Trade with Belt and Road countries reached 2.62 billion yuan, growing by 38.7%, while trade with other RCEP members was 2.2 billion yuan, increasing by 47.1% [2] Group 4 - Processing trade continued to rise, with imports and exports totaling 1.25 billion yuan, a growth of 89.8%, accounting for 24.3% of the total [2] - Mechanical and electrical products maintained a rapid growth rate, with exports of 2.01 billion yuan, increasing by 67.7% [2] Group 5 - The demand for intermediate goods remained stable, with imports totaling 620 million yuan, a growth of 5.2%, making up 90.7% of total imports [3] - Integrated circuits and inorganic chemicals saw imports of 220 million yuan and 100 million yuan, growing by 5.7% and 34.7% respectively [3]

Group 1 - Chengdu aims to expand its foreign trade market, maintaining traditional markets like the EU and ASEAN while encouraging enterprises to explore emerging markets, promoting local products to go abroad [1][2] - In 2024, Chengdu's total foreign trade import and export volume is projected to reach 839 billion yuan, a year-on-year increase of 12.1%, ranking first among central and western cities in China [1] - Chengdu's imports and exports to ASEAN and the EU grew by 26.9% and 12.9% respectively, with trade with Belt and Road countries and RCEP countries increasing by 13.5% and 13.9% [1] Group 2 - Chengdu will leverage high-profile domestic and international exhibitions to facilitate precise supply-demand matching for local products going abroad, and support enterprises in forming alliances to explore overseas markets [2] - The city plans to cultivate new growth drivers in foreign trade, such as expanding the export scale of digital sectors like online gaming and software services, and enhancing the "green" competitiveness of electric vehicle-related enterprises [2] - As of January this year, the China-Europe Railway Express (Chengdu-Chongqing) has surpassed 36,000 trips, maintaining the highest operational scale in the country [2]

未来5年至10年的世界，大国博弈、地缘竞争加剧，使得不确定性的程度和范围不断加大；与此同时， 《区域全面经济伙伴关系协定》（RCEP）合作推进、中国快速发展，将为世界注入更多宝贵的确定 性。 近年来，全球自由贸易的不确定性明显加大，具体表现在四个方面： 与此同时，合力建设高水平全球最大自由贸易区的积极影响值得重视。今年，中国与东盟有望签署中国 —东盟自贸区3.0版，这将显著提升中国—东盟自贸区的规制水平；中日韩自贸协定的谈判也可能于今 年有所突破，这将助力达成"RCEP+"水平的中日韩自贸协定。此外，如果2025年中国香港、智利、斯里 兰卡加入RCEP，那么RCEP将成为一个跨区域组织。由此，RCEP不仅将拓展亚洲经济一体化空间，也 将在应对美国挑战全球自由贸易体系以及引领包容公平的全球经贸规则等方面发挥重要作用。 作为RCEP最大经济体，中国有序扩大自主开放和单边开放，为全球自由贸易提供重要动力。 中国以单边开放拓展了全球和区域自由贸易空间。预计到2030年，中国服务型消费比重有望从2024年的 46.11%上升到50%，中国将进入服务型社会。这不仅将深刻改变中国的经济发展方式，而且将对全球经 济带来深远影 ...

博鳌亚洲论坛报告：2025年亚洲经济增速预计将增 至4.5% 本报记者 孙丽朝 海南博鳌报道 一年一度的博鳌亚洲论坛如期而至。 在全球经济复苏放缓背景下，亚洲仍是稳定和支撑世界经济的重要力量和基石。近年来全球发展面对诸 多挑战，亚洲经济体外部环境依然严峻，但亚洲经济体特别是中国、东盟等继续展现出强大韧性。 3月25日，博鳌亚洲论坛2025年年会官方发布的《亚洲经济前景及一体化进程2025年度报告》（以下简 称《报告》）表示，预计2025年亚洲GDP增长率为4.5%，略高于2024年的4.4%。中国、印度、越南、 菲律宾、蒙古、柬埔寨、印度尼西亚等亚洲经济体仍将保持5%以上的较高增速。 对于各界最关注的制造业供应链转移和股市问题，《报告》提出，亚洲仍是全球价值链的核心，中国仍 然是全球制造业全球价值链的中心。亚洲经济体的政策连续性较好，经济稳步复苏，将为股市继续反弹 打下良好基础。中国股市或将延续回升势头，这主要得益于企业盈利复苏、估值合理以及政策工具充足 等多重利好因素的支撑。 预计2025年亚洲多数股票市场将保持上升 中国社会科学院大学国际政治经济学院院长张宇燕在《报告》发布会上表示，亚洲经济体GDP占世界 ...

Group 1: Economic Growth and Projections - Asia's economic growth is projected to reach 4.5% in 2025, slightly up from 4.4% in 2024, with GDP share of the world expected to rise from 48.1% in 2024 to 48.6% in 2025 [2] - China, India, Vietnam, Philippines, Mongolia, Cambodia, and Indonesia are expected to maintain growth rates above 5% [2] - China's economy is anticipated to remain strong, supported by government policies aimed at boosting domestic demand and improving the business environment [2] Group 2: Employment and Income Trends - Asia's employment growth rate is expected to decline from 1.94% to 1.22% in 2025, while the overall unemployment rate is projected to be 4.39%, lower than the global average of 4.96% [3] - The region's income levels are expected to improve as economic growth rebounds and inflation continues to decline [3] Group 3: Trade and Investment Dynamics - Asia is projected to face challenges in trade and investment due to global economic conditions, but digital and service trade are highlighted as bright spots [3] - Foreign direct investment in Asia is estimated to decline by 7.4% in 2024, with India and ASEAN showing growth in greenfield projects and foreign direct investment, respectively [4] - The region's financial markets are expected to remain stable despite increased volatility, with most economies maintaining upward trends in stock market indices [5] Group 4: Economic Integration and Trade Relations - The integration of Asian economies is on the rise, with a high trade dependency rate of 56.3% among Asian economies [6] - The Regional Comprehensive Economic Partnership (RCEP) is enhancing trade and investment flows, although challenges remain in market integration and rule utilization [9][10] - RCEP is expected to create trade effects and stimulate foreign direct investment, contributing to the deepening of regional value chains [10] Group 5: Financial Market and Policy Outlook - Asian economies are expected to increase fiscal expansion and maintain loose monetary policies, with many countries experiencing rising fiscal deficit rates [5] - The region's financial integration is growing, with significant cross-border banking assets and a stable asset allocation among major economies [8]