Core Viewpoint - The article emphasizes that the trade war has no winners and that protectionism is not a viable solution. The U.S. government's excessive use of tariffs against global trade partners, including China, has not resolved any domestic issues but has instead severely disrupted international trade order and harmed both businesses and consumers [1][2]. Economic Resilience and Potential - China's economy is characterized by a stable foundation, numerous advantages, strong resilience, and significant potential, with long-term positive trends remaining unchanged [1]. - The socialist market economy system, established by the Communist Party of China, is deemed the most effective in stimulating social productivity [1]. - With a population exceeding 1.4 billion, China has a vast consumer base, including over 400 million middle-income individuals, which continues to expand and drive domestic demand and consumption [1]. Economic Structure and Advantages - China's economic development is supported by a large economic scale, market capacity, and industrial support capabilities, allowing for a positive interaction between internal and external economies [1]. - The country possesses advantages typical of large economies, such as scale, market, talent, and innovation, along with unique institutional advantages from the leadership of the Communist Party and the socialist market economy system [1][3]. - The diverse types of business entities and high savings rate among residents enhance the adaptability to economic fluctuations [1]. Development Challenges and Opportunities - Despite being a developing country, China's unbalanced and insufficient development presents greater potential and motivation for future growth [1]. - The socialist market economy system combines market-driven resource allocation with the ability to concentrate efforts on significant projects, which has facilitated rapid economic development and long-term stability [3]. Trade and Market Dynamics - In 2024, China's total retail sales of consumer goods are projected to exceed 48 trillion yuan. The country has established trade partnerships with over 150 countries and regions, with over 50% of its total import and export volume coming from countries involved in the Belt and Road Initiative [6]. - China's scale advantages provide a solid foundation for building a complete domestic demand system, enabling the country to leverage strong domestic circulation while promoting high-level opening-up to the outside world [6].

2025年6月3日，中国上海——全球领先的核心行政服务提供商TMF Group正式发布《2025全球商业复杂 性指数》报告。报告覆盖全球79个司法管辖区，详细剖析了企业在不同司法管辖区建立、运营和扩展业 务的商业复杂性。2025年排名显示，中国大陆的商业复杂性指数排名进入前十。 这是TMF Group连续第十二年发布《全球商业复杂性指数》报告，其商业复杂性指数排名基于292个业 务复杂性指标，涵盖立法、合规、会计程序、税收制度、人力资源规则和薪酬流程在内，通过系统性分 析以上关键运营维度的合规要求，为企业在复杂商业环境中进入新市场提供参考性指导。 尽管存在上述商业复杂性因素，中国大陆通过构建"双循环"以及一系列优化营商环境的政策举措，为民 营企业及外资企业积极营造良好发展环境，比如自贸试验区围绕投资自由化、贸易便利化和金融服务优 化等，为外资企业在华发展提供有力支撑。同时，"一带一路"倡议持续完善沿线基础设施互联互通，加 强双边贸易物流，为企业开展跨境贸易提供新机遇。 TMF Group北亚市场负责人陈琪表示:"每年不同司法管辖区的商业复杂性指数排名变动通常较为平稳， 因为立法体系、财税制度及人力资源管理等方 ...

Group 1: Manufacturing Sector - The manufacturing production index increased by over 4 percentage points, reaching above 54%, maintaining above 50% for 10 consecutive months [1] - The manufacturing PMI for May was reported at 49.5%, up 0.5 percentage points from the previous month, indicating a recovery in manufacturing activity [1] - The new export orders index rose to 47.5%, an increase of 2.8 percentage points, suggesting a slowdown in the decline of manufacturing exports [4] - The production index for manufacturing returned to the expansion zone at 50.7%, up 0.9 percentage points from the previous month [5] - Large enterprises reported a PMI of 50.7%, with a production index increase of 1.7 percentage points, indicating a strong recovery in supply and demand [5] Group 2: Non-Manufacturing Sector - The non-manufacturing business activity index was at 50.3%, a slight decrease of 0.1 percentage points, but still indicating expansion [10] - The civil engineering construction industry saw a significant increase in new export orders, with the business activity index rising to over 60% [10] - The telecommunications services business activity index rose to over 60%, reflecting strong demand in the sector [10][11] - The information services sector continues to show growth potential, supported by policy measures and sustained market demand [11]

渤海证券指出，指数持续在合理水平震荡。未来，市场的机会将取决于市场的增量性变化，市场如因外 部风险、基本面、投资者情绪等因素导致意外下行，则从"稳定"的维度看，维稳资金的呵护将有助于市 场阶段性底部的形成，市场也将由此呈现下有底的特征。如果市场延续震荡特征，则应结合高质量发展 的内涵，进行结构性布局，等待板块层面的增量性催化。行业方面，延续哑铃型配置策略，一方面可关 注管理层多措并举推动险资入市以及公募新规长期影响尚待明朗下，股息率较高且属于相对低配板块的 银行行业；另一方面，可关注短期迎来增量信息催化下新消费领域的主题性投资机会。 光大证券认为，政策的持续支持以及中长期资金积极流入背景下，A股市场有望震荡上行。当前A股市 场的估值处于2010年以来的均值附近，而随着政策的积极发力，中长期资金带来的增量资金或将持续流 入市场，对资本市场形成托底，A股市场有望震荡上行。配置方向上，关注三类资产。方向一：稳定类 资产，如高股息、黄金。稳定类资产能够在市场面临不确定时提供确定性。方向二：产业链自主可控。 在"双循环"新发展格局和全球产业链重构的双重驱动下，国产替代相关机会也值得关注。方向三：内需 消费。海外政策可能 ...

点击注册小程序 查看完整报告 报告摘要 5月A股港股市场有所回暖 5月A股主要指数涨跌分化，行业端涨多跌少。受风险偏好波动等因素影响，5月（截至27日），A股主要指数 涨跌出现分化，其中万得全A涨幅最大，而科创50跌幅最大。行业端涨多跌少，轻工制造、综合、纺织服饰等 行业表现较好，而电子、计算机、房地产、社会服务等行业表现相对较差。 5月港股市场震荡上行。5月受海外扰动缓和、国内风险偏好回暖等因素影响，港股市场整体走势震荡上行。截 至2025年5月27日，恒生香港35、恒生指数、恒生综合指数、恒生中国企业指数、恒生科技的涨幅分别为 7.6%、5.7%、5.3%、4.9%、1.9%。 A股观点：继续关注三类资产 政策的持续支持以及中长期资金积极流入背景下， A股市场有望震荡上行。当前A股市场的估值处于2010年以 来的均值附近，而随着政策的积极发力，中长期资金带来的增量资金或将持续流入市场，对资本市场形成托 底，A股市场有望震荡上行。 配置方向上，关注三类资产。方向一：稳定类资产，如高股息、黄金。稳定类资产能够在市场面临不确定时提 供确定性。方向二：产业链自主可控。在"双循环"新发展格局和全球产业链重构的双重驱 ...

Core Viewpoint - Kids2 Group's investment in Meiqi (Jiujiang) Baby Products Co., Ltd. aims to establish a global flagship manufacturing base for mid-to-high-end baby products, targeting an annual export value exceeding 100 million USD within five years [1] Group 1: Company Expansion and Performance - Meiqi Company has been operating in Jiujiang for 8 years, focusing on mid-to-high-end baby products, with products sold in over 70 countries and regions [1] - The company plans to expand its production capacity with a new phase of investment, leveraging the advantages of the Jiujiang Comprehensive Bonded Zone [1][2] - The expected export value for this year is 59 million USD, indicating strong growth momentum [1] Group 2: Policy and Support - The Jiujiang Comprehensive Bonded Zone provides significant policy advantages, including tax benefits and logistics support, which are crucial for the company's development [1][2] - The local government has implemented a "whole life cycle service" approach, assisting the company with various operational challenges, which has contributed to its rapid growth [3][4] Group 3: Industry Ecosystem and Collaboration - The favorable business environment in Jiujiang has attracted additional companies, resulting in six upstream enterprises settling in the area, enhancing the local industrial chain [5] - The establishment of over ten local procurement companies has fostered a collaborative ecosystem, improving production efficiency and promoting technological exchanges [5] - The Jiujiang Comprehensive Bonded Zone has implemented innovative policies that enhance the competitiveness of enterprises, allowing for seamless transitions between domestic and international markets [5]

Core Viewpoint - The article highlights how Yu Junfeng, the general manager of Zhongshan Dacheng Frozen Food Co., Ltd., navigated the challenges posed by tariff disputes, leading the company to innovate and expand its market reach despite significant obstacles [2][3]. Group 1: Company Background and Challenges - Zhongshan Dacheng Frozen Food Co., Ltd. has been in operation for over 10 years, primarily relying on seafood exports, with 95% of orders coming from overseas markets, particularly the U.S. [5] - The U.S. imposed a 170% tariff on Chinese seafood products, severely impacting the company's operations and leading to over 10 million yuan worth of inventory being halted [5][4]. - The company faced difficulties in selling products like red drum fish domestically due to a lack of local demand, complicating inventory clearance efforts [5] Group 2: Strategic Responses - In response to the tariff crisis, Yu Junfeng initiated a dual-circulation strategy, focusing on both domestic and international markets [8]. - The company partnered with Dongfang Zhenxuan in 2024, becoming a supplier for their self-operated sour fish, which contributed approximately 20% to 30% of Dacheng's revenue in the first year of collaboration [9]. - The partnership with Dongfang Zhenxuan also led to improvements in product safety standards, aligning with export quality requirements [9]. Group 3: Market Expansion Efforts - Yu Junfeng and his team actively sought new markets in the EU, Middle East, Southeast Asia, and countries along the Belt and Road Initiative, adapting products to meet various international regulations [11]. - The company’s proactive approach in exploring global markets demonstrates resilience against the challenges posed by rising tariffs and trade tensions [11].

Group 1 - The core viewpoint emphasizes the proactive measures taken by Zhenjiang High-tech Zone to enhance consumption and stimulate economic growth through various policies and initiatives [1][2][3] - From January to April, the wholesale sales in the zone increased by 23.13%, retail sales by 18.34%, and catering sales by 22.09%, all ranking among the top in the city [1] - The zone has launched seven major initiatives to promote consumption by leveraging local resources and enhancing traditional brands and specialty agricultural products [1][2] Group 2 - The "old for new" consumption policy has been widely promoted, resulting in over 50 million yuan in sales from January to April, significantly contributing to regional GDP growth [2] - The zone is focusing on urban-rural integration and the development of new business formats such as night economy and first-store economy to enhance consumer experience [2] - Regular meetings and training sessions for trade enterprises are held to understand their needs and support their growth, thereby strengthening the economic foundation of the region [3] Group 3 - Future plans include collaborating with municipal commerce departments to facilitate trade activities and enhance the internal and external trade cycle [3] - The zone aims to deepen supply-side reforms in consumption, driven by innovation and brand leadership, to further stimulate market vitality and promote consumption upgrades [3]

中国石油和化学工业联合会党委副书记、副会长傅向升作《石化产业绿色可持续发展》主旨演讲。他指 出，石化产业作为国民经济的基础和支柱产业，是推动经济高质量发展的关键和重点产业之一，其高质 量发展和绿色低碳转型对实现"双碳"目标、推进美丽中国建设具有重大意义 。 中化新网讯 5月23日，作为第四届中国——中东欧国家博览会暨国际消费品博览会配套活动，由浙江省 商务厅主办，宁波市商务局、浙江省开发区研究会、宁波石化经济技术开发区管委会共同承办的2025年 浙江开发区绿色石化产业对接会在浙江宁波举行。 "绿色石化产业是浙江省"415X"先进制造业集群培育工程最核心、最关键的重点产业集群之一，展现出 强劲的市场韧性与增长潜力。"浙江省商务厅副厅长胡真舫表示，浙江石化产值位居中国前三，规模集 中度较高，产业集群化协同效应明显，目前共有70家开发区涉及绿色石化产业，形成了以宁波、舟山、 绍兴、杭州、嘉兴等为核心的绿色石化产业带，以及炼化一体化、高端新材料、清洁能源等全产业链。 胡真舫提出，浙江开发区要抓住浙江建设全球先进制造业基地的机遇，高质量推动绿色石化产业在浙江 的可持续发展。一要勇当"双循环"枢纽，深化与中东欧及"一带一 ...

Group 1 - The core viewpoint of the articles emphasizes the transformation of Chinese manufacturing brands from being "world factories" to "value highlands," driven by technological breakthroughs and quality improvements [1] - The "dual circulation" strategy is highlighted as a key driver for stimulating domestic consumption and investment, with government initiatives aimed at expanding domestic demand [2][3] - The importance of brand value competition shifting from market share to technological leadership is noted, with companies investing in R&D to enhance their competitive edge [4] Group 2 - Companies like Libode and Shanghai Laofengxiang are leveraging technology and cultural heritage to enhance product quality and brand value, demonstrating successful integration of traditional craftsmanship with modern manufacturing [5][6] - The shift from product output to value output is discussed, emphasizing the role of brands as essential components of corporate competitiveness and national strength [9] - The "China Manufacturing·Consumer Trusted Brands" promotion activity has recognized over 200 companies, highlighting the importance of consumer satisfaction in brand strategy [10]