以下文章来源于凤凰网财经 ，作者凤凰网财经 凤凰网财经 . 你好，我们是凤凰网财经，全球华人都在看的财经公众号，传播最有价值的财经报道，你值得关注！欢 迎访问：http://finance.ifeng.com/ 作者： 凤凰网财经 来源： 凤凰网财经（ID：finance_ifeng） 威斯康星州麦迪逊电——芒特普莱森特（Mount Pleasant）这片曾经被寄予厚望的土地，本应 成为美国制造业复兴的标杆，如今却成了经济民族主义政策困境的鲜明注脚。 杂草丛生的道路旁，一座孤零零的玻璃穹顶建筑矗立于此，这里曾是富士康承诺投资100亿美元 打造的"世界第八大奇迹"——这一项目被美国总统特朗普奉为关税政策能让制造业重归美国的力 证。 然而，现实却与愿景背道而驰。美国前总统拜登在视察这片土地时，怒斥该项目为"一场骗局"， 同时宣布微软将在此投资人工智能数据中心。 这场闹剧揭示了一个残酷的现实：即便有数十亿美元的税收优惠和无理的对华贸易战加持，全球 供应链的底层逻辑——从高昂的劳动力成本到支离破碎的产业生态——依然难以被华盛顿的政策 意志所撼动。 如今，随着特朗普再度以加征关税为竞选纲领，经济学家和企业高管纷纷警告， ...

10日晚，上海合作组织发表声明，全文如下： 上海合作组织成员国支持以世贸组织为核心的开放、透明、公正、包容、非歧视的多边贸易体制，致力于 促进开放型世界经济发展。 成员国坚定维护和加强以世贸组织为核心的多边贸易体制，以有效应对贸易挑战。 A股，大反攻！见证历史：两天买入超1780亿！ 千亿级别！大资金，疯狂买入！ A股重磅！上市公司，集体行动！商务部最新发声 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 成员国重申在世贸组织框架下加强发展议题讨论的重要意义，强调支持开放，包容、可持续、稳定、多元 化和可靠的全球供应链的必要性。 来源：上海合作组织秘书处 责编：汪云鹏 校对： 刘榕枝 百万用户都在看 紧急空运！苹果手机，刷屏！ ...

Core Viewpoint - Apple is taking urgent measures to transport iPhones and other products from India to the U.S. to avoid the impact of new tariffs, which could significantly increase import costs and affect pricing strategies [1][3]. Group 1: Tariff Impact - The U.S. will implement a 26% tariff on Indian-made iPhones, raising the import cost by $120 to $420 per unit, which is 15% to 26% of the retail price [1][3]. - Apple has already built up over $15 billion in iPhone inventory in the U.S., equivalent to three times the expected sales for Q4 2024 [1]. - Analysts predict that if Apple passes the tariff costs onto consumers, iPhone prices could rise by 30% to 40%, potentially increasing the price of the iPhone 16 from $799 to approximately $1,142 [3][4]. Group 2: Production and Supply Chain - Apple has increased its iPhone production capacity in India from 0% to 14% over the past five years, with a goal of reaching 25% by 2028 [3]. - However, India faces significant supply chain challenges, with local component sourcing below 30%, relying heavily on imports for critical parts like A-series chips and OLED screens from China and South Korea [3]. Group 3: Market Reaction - Following the announcement of the tariff policy, Apple's stock fell by 3.67%, with a total decline of 19% over three trading days, resulting in a market capitalization loss of $638 billion [4]. - Analysts suggest that without price increases, Apple's earnings per share could drop by 15% due to the tariff impacts [4].

精打细算的企业家们，正在为全球经济碎片化带来的一系列麻烦寻找出路。 全球著名矿业公司英美资源集团首席执行官万德昆近日在中国发展高层论坛上讲述了一个"铜的全球之 旅"的故事：铜从南美洲的铜矿中开采出来，在中国被制成铜丝，再销往世界各地，最终用在消费者驾 驶的汽车或电子产品之中。 而如今，这条全球供应链受到了冲击。"给我们带来了很多额外的成本支出。"万德昆说，各种各样的障 碍导致了材料通胀、价格上涨。采矿业只是通向世界各地消费者的长长链条的一个起点。 在当今世界经济碎片化加剧、不稳定不确定性上升的背景下，更需要国家开放市场、企业共享资源，携 手抵御风险挑战、实现共同繁荣。这成为很多国际工商界人士的一个共识。宝马集团董事长齐普策说， 全球贸易尽管遭遇了逆流，但新的合作机遇亦如雨后春笋般不断涌现。他分享了宝马扎根中国30多年、 双方持续合作实现互利共赢的经验，认为唯有合作才能让全球供应链化身"世界共赢链"。 全球供应链处在一个转折点 经济全球化的核心在于，在全球市场最高效率地配置各种生产要素。TCL创始人、董事长李东生见证了 过去20多年，以WTO规则为基础的全球投资贸易自由化加快了全球经济的发展。他说："全球产业链 ...

Core Insights - The company reported a total revenue of 409.1 billion yuan for 2024, representing a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 38.5 billion yuan, up 14.3% year-on-year [1] - The company plans to repurchase shares worth 5 to 10 billion yuan at a price not exceeding 100 yuan per share, with over 70% of the repurchased shares intended for cancellation [1] Group 1: Smart Home Sector - The smart home segment generated 269.5 billion yuan in revenue for 2024, reflecting a year-on-year growth of 9.4% [2] - Overseas business showed significant growth, with overseas revenue (mainly home appliances) increasing by 12.0%, outpacing domestic growth [2] - The domestic market experienced a slowdown in growth during the first half of the year, but benefitted from government subsidies in the second half [3] Group 2: Commercial and Industrial Solutions - The commercial and industrial solutions segment achieved revenue of 104.5 billion yuan in 2024, a year-on-year increase of 6.9% [4] - The smart building technology sector generated 28.5 billion yuan, with a profit margin increase of 0.8 percentage points year-on-year [4] - The renewable energy and industrial technology segment saw a revenue increase of 20.6% year-on-year, driven by advancements in traditional compressor and motor technologies [4] Group 3: Investment Outlook - Revenue projections for 2025-2027 are estimated at 438.5 billion, 471.1 billion, and 506.6 billion yuan, with year-on-year growth rates of 7.2%, 7.4%, and 7.5% respectively [5] - Net profit forecasts for the same period are 43.4 billion, 48.6 billion, and 53.6 billion yuan, with growth rates of 12.5%, 12.1%, and 10.2% respectively [5] - The current stock price corresponds to P/E ratios of 13.6x, 12.1x, and 11.0x for the years 2025, 2026, and 2027, indicating a relatively low valuation level [5]

Core Viewpoint - The article discusses the impact of increased tariffs imposed by the U.S. on Chinese goods, highlighting how major retailers like Walmart and Costco are shifting the burden onto Chinese suppliers, leading to significant profit losses for these suppliers, with some reporting a drop of over 40% in profits [1][6]. Group 1: Impact on Chinese Suppliers - A Guangdong food company reported a more than 40% year-on-year decrease in total profits due to reduced orders linked to U.S. tariff policies [1]. - The company, heavily reliant on overseas clients, has seen order volumes cut in half as trade partners, who supply Walmart, are pressured to lower prices [1][6]. - Another Guangdong kitchenware factory indicated that the tariff situation has led to order delays and cancellations, reflecting a broader industry impact [5]. Group 2: Retailers' Strategies - Walmart and Costco are demanding significant price reductions from Chinese suppliers to offset the costs of the new tariffs, particularly affecting categories like kitchenware and apparel [1][6]. - The Chinese Textile Import and Export Chamber has called for fair resolutions from U.S. retailers regarding pricing pressures on suppliers [6]. Group 3: Financial Performance of Retail Giants - Walmart reported global revenues of $681 billion for the fiscal year 2025, with an 8.6% increase in operating profit, indicating a stable financial position despite tariff pressures [7]. - Walmart's gross margin has remained stable between 23% and 25% over the past five years, allowing it to absorb some of the tariff costs [7]. Group 4: Responses from Chinese Companies - Some Chinese companies are proactively seeking alternative markets and adjusting their supply chains to mitigate risks associated with U.S. tariffs [10]. - For instance, a pet supplies company has expanded its client base and established a factory in Cambodia to reduce reliance on U.S. tariffs [10]. - Stone Technology has begun shipping products from its factory in Vietnam to the U.S. to alleviate tariff impacts [11].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 2.41 billion yuan in 2024, representing a year-on-year increase of 16.8%, and a net profit attributable to shareholders of 291 million yuan, up 39.0% year-on-year [1][2] - The company plans to distribute a cash dividend of 3 yuan for every 10 shares, with a total cash dividend of 180 million yuan for 2024, resulting in a dividend payout ratio of 61.5% [1] - The company is focusing on expanding its product lines and channels, particularly in the snack food sector, which is expected to support continued strong performance [4] Revenue and Profit Analysis - In 2024, the offline channel generated 2.02 billion yuan in revenue, a year-on-year increase of 22.6%, with significant growth in the snack store segment [2] - The online channel saw a revenue decline of 6.2% to 390 million yuan, attributed to intense price competition [2] - The company’s net profit margin improved to 12.1%, up 1.9 percentage points year-on-year, driven by cost benefits and scale effects [3] Product and Channel Development - The company is enhancing its global supply chain to ensure stable raw material supply and is increasing brand promotion through entertainment marketing, which has raised expense ratios [3] - The company is expanding its distribution channels, with a net increase of 349 distributors, bringing the total to 3,406 by the end of 2024 [2] - The company is focusing on health-oriented snack products, with fish products generating 1.53 billion yuan in revenue, up 18.8% year-on-year [2] Future Growth Projections - Revenue is projected to grow by 17.7%, 14.7%, and 13.3% in 2025, 2026, and 2027, respectively, reaching 2.84 billion, 3.26 billion, and 3.69 billion yuan [4] - Net profit is expected to increase by 14.1%, 16.5%, and 13.7% in the same period, reaching 332 million, 387 million, and 440 million yuan [4] - The company is well-positioned for future growth due to its product and channel expansion strategies [4]

Group 1 - The article emphasizes the broad prospects and significant opportunities for the development of the private economy in China, highlighting the importance of optimizing the business environment and ensuring fair competition for private enterprises [1][2] - In 2024, the total tax reductions and refunds for supporting technological innovation and manufacturing will amount to 26,293 billion yuan, with private economic taxpayers benefiting from 15,870 billion yuan, accounting for 60.4% of the total [2] - The number of newly established private enterprises in 2024 is projected to reach 7.3731 million, representing a year-on-year growth of 15% [2] Group 2 - The number of national high-tech enterprises has increased from 28,000 in 2012 to 420,000, with the proportion of private enterprises rising from 62.4% to over 92% [3] - In 2024, the total import and export volume of private enterprises accounted for 55.5% of China's total foreign trade [3] - The private economy is increasingly participating in the restructuring of global supply chains, shifting from mere product exports to collaboration in technology standards and industrial chains [3] Group 3 - The development trajectory of the private economy has evolved from being a "necessary supplement" to an "important component" and now to a "main force" in the national development strategy [5] - From 2018 to 2023, private enterprises accounted for 49.6% of the average annual direct investment of 24.15 billion USD in countries along the "Belt and Road" initiative [5] - The collaboration model between state-owned and private enterprises is exemplified by the partnership in energy storage projects, where state-owned enterprises provide resources and private enterprises contribute technology and operational expertise [5] Group 4 - The article calls for enhancing the innovation capabilities of private enterprises to navigate the increasingly complex international market environment [4] - It suggests increasing investment in basic research and encouraging private enterprises to participate in major national technology projects [4] - The need for a strategic support system that aligns national strategies with the operational capabilities of private enterprises is emphasized [6]

Investment Rating - The report does not explicitly state an investment rating for Tesla (TSLA) [2]. Core Insights - Tesla claims it will be a victim of the U.S. government's tariff strategy, which may lead to increased electric vehicle prices due to rising costs and supply chain constraints [3]. - Tesla is collaborating with Baidu to enhance its Full Self-Driving (FSD) software by integrating Baidu's navigation map information [4]. - Initial details of Tesla's "affordable model" indicate it will be produced at the Shanghai Gigafactory, based on the Model Y but at a lower production cost, expected to be at least 20% cheaper than the new Model Y [5]. - Tesla has officially stopped accepting new orders for the old Model Y, which is now only available through existing inventory [6]. - In February, Tesla's wholesale deliveries in China were estimated at 30,000 vehicles, a decrease of approximately 53% month-over-month and 50% year-over-year [7]. Summary by Sections Company Overview - Tesla's stock price is reported at $249.98, with a market capitalization of $804.1 billion and a total share count of 3.217 billion shares [8]. Delivery Data - For the week of March 3 to March 9, 2025, Tesla's domestic insurance registrations were approximately 13,800 vehicles, reflecting a quarter-over-quarter decline of about 37% but a year-over-year increase of about 5% [11].

作者：MD 出品：明亮公司 近日，美国知名播客Invest Like the Best再次访谈了Andreessen Horowitz的联合创始人 Marc Andreessen，在访谈中，Marc和主播 Patrick 深入探讨了AI正在重塑技术和地缘政治的重大变革 ，并 讨论了 DeepSeek 的开源人工智能以及其大国技术竞争中的意义，此外，他们还分享了对全球权力结 构演变的看法，以及风险投资行业整体的转型。 「明亮公司」借助AI工具第一时间整理了访谈中的核心内容，全文内容详见文末"原文链接"。 以下为访谈内容（有删节）： 谈DeepSeek、AI赢家和输家 Patrick ：Marc，我认为我们必须从最核心的问题开始。你能否谈谈你对DeepSeek的R1的看法？ Marc ：这里面有很多维度。（我认为）美国仍然是人工智能领域公认的科学和技术领导者。 DeepSeek中的大多数想法都源自过去20年，甚至令人惊讶的是80年前在美国或欧洲进行的工作。神 经网络的最初研究早在20世纪40年代的美国和欧洲研究型大学中就已展开。 因此，从知识发展的角度来说，美国仍然遥遥领先。 但DeepSeek对这些知识完成了非 ...