3、【查询-002】高管您好，请问贵公司未来盈利增长的主 要驱动因素有哪些？谢谢。 尊敬的投资者，您好！公司未来盈利增长的主要驱动因素主 要有两个方面：1、市场需求增长：随着"中国制造 2025"和"十 四五工业绿色发展规划"的持续推进，"碳中和"等国家战略的 实施，公司产品的市场需求不断增加，公司正积极开拓新兴市场， 提升产品销售和出口业务的持续增长。2、成本优化与效率提升： 以技术创新提升产品竞争力，以及通过精细化成本管控措施，提 升效率、降低人均成本，提高营运资金周转率；加强项目全流程 控制管理，应对市场价格波动的不利影响；结合降本增效要求， 整合内部资源，增强业务的盈利能力。感谢您的关注！ 4、【查询-001】高管您好。请问贵公司本期财务报告中， 盈利表现如何？谢谢。 证券代码：001226 证券简称：拓山重工 安徽拓山重工股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研□分析师会议 | | --- | --- | | 类别 | □媒体采访√业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 ...

Core Viewpoint - The article discusses China's economic development through the lens of economic complexity, illustrating how the country has evolved from low-end manufacturing to high-end manufacturing, achieving a significant increase in its global manufacturing value added [1][3]. Summary by Sections 01 "Accumulation of Basic Letters" Stage (1978-2000) - In the early reform period, China's manufacturing capabilities were limited, primarily relying on labor resources and a basic industrial system, with policy reforms being crucial [5]. - By 2000, China's manufacturing value added accounted for 6% of the global total, ranking fourth, up from 2.7% in 1990 [5]. 02 "Expansion of the Letter Library" Stage (2001-2016) - Following China's accession to the WTO in 2001, the manufacturing sector engaged more deeply in the global economy, gaining access to advanced technologies and capital [7]. - The industry transitioned from simple processing to OEM, ODM, and OBM models, with companies like Huawei emerging as global leaders [7][8]. - Economic zones such as Shenzhen attracted foreign investment, enhancing local business environments and fostering successful manufacturing enterprises [7]. - The "Made in China 2025" initiative launched in 2015 aimed to elevate the country from a manufacturing giant to a manufacturing powerhouse, focusing on ten key sectors including new generation information technology and advanced rail transportation [10]. 03 "Formation of High Complexity Words" Stage (2016-Present) - Since 2016, geopolitical tensions and rising labor costs have prompted a shift towards self-reliance and innovation in China's manufacturing sector [12]. - The emergence of industrial clusters in regions like the Yangtze River Delta has enhanced manufacturing capabilities through collaborative synergies [13]. - Significant technological breakthroughs have occurred in fields such as high-speed rail and renewable energy, supported by increased R&D investment, which rose from 0.56% of GDP in the 1990s to 2.64% in 2023 [14]. - China has become a competitive player in cutting-edge technology sectors, including AI and semiconductor manufacturing [14][15]. - By early 2025, China is expected to have 79 out of 189 global "lighthouse factories," leading in digital manufacturing and industrial applications of robotics [15]. - The manufacturing sector is transitioning from low-end to mid-high end, with challenges remaining in core technologies like high-end chips [17]. - The past four decades of China's manufacturing rise represent a continuous upgrade process, transitioning from simple to complex production capabilities and from following to leading in innovation [18].

在一个生产力过剩的时代，为什么我们还要内卷？ 资水 这个问题极其深刻，且容我较长篇幅阐述一下。 先说答案， 卷，是因为中国成为了一部"经济机器" 。 人类历史上有好多部战争机器或经济机器，如秦王朝和蒙古王朝就是战争机器，大英帝国和 二战后的美国就是经济机器。 机器的特征，就是一切制度为了战争或经济，整个社会全部被 动员，在战争或商业活动中获利，形成正反馈，这种正反馈进一步加强了社会动员，形成滚 滚洪流。 机器的惯性是巨大的，一直会持续到结构失衡造成瓦解。 中国成为经济机器，是从1980年改革开放开始的。制度层面， "以经济建设为中心"作为总 纲，各级地方政府全部以GDP作为绩效考核指标，于是社会被动员 。这时期主要是国内品牌 与国外品牌的竞争，如家电行业的海尔格力与日立三星等的竞争，汽车行业的比亚迪吉利与 大众丰田通用的竞争、通信行业的华为中兴与诺基亚爱立信阿尔卡特的竞争，工程机械的三 一中联与CAT的竞争，日化行业的上海家化与宝洁联合利华的竞争等等。这是经济机器的第 一阶段，卷的方向是进口替代。 2018年以后，国外品牌基本战败，为什么各级政府仍然以GDP为考核指标，继续卷呢？是因 为美国把中国重新定义为战 ...

实施时间表：首批降税措施或于5月12日后生效，优先涉及消费电子、医 谈判核心条款与进展 1. 关税调整 美方提案：计划将对中国商品的平均关税从145%降至50%-60%，部分民生商品（如电子产品、纺织品）可能进一 步下调至25%。 谈判核心条款与进展 1. 关税调整 美方提案：计划将对中国商品的平均关税从145%降至50%-60%，部分民生商品（如电子产品、纺织品）可能进一 步下调至25%。 中方回应：承诺同步调整125%的反制关税，但要求美方先纠正单边关税错误，并强调调整需基于"对等原则"。 美方要求中方放宽稀土出口限制，但中方未松口，反而强化稀土走私打击作为反制筹码。 中方回应：承诺同步调整125%的反制关税，但要求美方先纠正单边关税错误，并强调调整需基于"对等原则"。 实施时间表：首批降税措施或于5月12日后生效，优先涉及消费电子、医疗物资等关键商品。 2. 供应链与关键商品豁免 双方讨论为医疗物资、稀土等关键商品提供临时豁免，以缓解短期供应压力。 双方同意建立常态化经贸磋商机制，明确牵头人及定期会晤安排，计划于5月12日发布联合声明公布细节。 3. 技术管制与产业政策 半导体、AI等高科技领域管制仍为 ...

Core Viewpoint - The company emphasizes its commitment to R&D and innovation to maintain competitive advantages in the industrial automation control sector, despite facing market challenges and competition [1][2][4]. R&D Investment - The company has consistently invested over 7% of its revenue in R&D for several years, indicating a strong focus on innovation [1]. Market Competition - The company aims to enhance its technological capabilities through a dual approach of "independent innovation + international cooperation," focusing on overcoming technical barriers and improving product quality [1][2]. Strategic Development - The company plans to deepen its integration into national strategies like "Industry 4.0" and "Made in China 2025," aiming for high-quality growth and international competitiveness [1][4]. Financial Performance - The company reported a lack of profit in the first quarter, attributing it to changes in product sales structure and increased expenses [1][3]. Subsidiary Performance - The company has a stake in Shenzhen Vision Robot Co., which specializes in 3D vision systems for industrial robots, indicating a focus on advanced technology applications in various sectors [6]. Future Growth Drivers - The company identifies several growth drivers, including the modernization of industrial technology, energy efficiency upgrades, and the increasing demand for automation products due to economic transformation [3][4]. Shareholder Engagement - The company achieved a 100% response rate during its recent performance briefing, reflecting its commitment to investor relations and transparency [1]. Financial Health - The company has accumulated goodwill of 238.86 million yuan, with 200.88 million yuan already impaired, leaving a remaining goodwill of 37.99 million yuan [5].

中国江苏省的制药公司的研究室（资料图，reuters） 医药品的全球供应链对中国的依赖度正在加深。有数据显示，在美国报告的药品原料（有效成 分）制造地中，中国占到三成。不过，工业机器人的国产化进展较为缓慢，2024年的国产比例为 52%，低于目标…… 美国特朗普政府已对半导体和医药品启动旨在征收关税的调查。对于医药品，中国一直作为 产业政策"中国制造2025"的重点领域而加以振兴。生产和研发实力持续提高，美国对此加强 警惕。在机器人和农机领域，中国也一直力争提高竞争力，但在国产化等方面还存在难以顺 利推进的一面。 在医疗医药相关的7个领域中，中国在生物制造技术等3个领域排名第一，在剩下的基因组测 序分析等4个领域也排在第二，与美国展开激烈竞争。 涉足医药医疗调查的美国Citeline的数据显示，中国开发的医药品数量2024年超过6000种，与 2015年相比增至逾7倍。 美国国务卿鲁比奥在就任前的2024年撰写的报告中，针对中国的生物医药产业表示："有迹象 表 明 ， 未 来 数 年 内 中 国 将 从 快 速 跟 随 者 (fast follower) 转 变 为 技 术 领 导 者 （ technolog ...

Core Viewpoint - The financial reports of seven major Chinese photovoltaic (PV) battery companies for the fiscal year 2024 show a combined loss of 27 billion yuan, marking the first loss since 2017 due to overproduction and deteriorating market conditions [1][2][3]. Group 1: Financial Performance - The seven listed Chinese PV battery companies reported a total loss of 27 billion yuan for the fiscal year 2024, a stark contrast to a total profit of 41.8 billion yuan in the previous fiscal year [2]. - Five of these companies, including Longi Green Energy, experienced significant losses, while the largest, JinkoSolar, saw a 98% reduction in profits [2][3]. Group 2: Market Dynamics - The rapid decline in performance is attributed to overproduction by Chinese companies, leading to a market downturn [3]. - The price of PV battery panels has dropped nearly 70% since early 2022, with prices reaching 9 cents per watt by the end of 2024 [3]. Group 3: Global Market Position - Chinese companies dominate the global PV battery market, holding over 80% of the production capacity and accounting for nine out of the top ten global PV panel manufacturers [2][3]. - Despite being a major demand country for new PV installations, China faces challenges in absorbing its domestic supply, resulting in excess products being exported [3]. Group 4: International Trade Issues - The influx of low-priced PV products from China has weakened local manufacturers in Europe, leading to increased international friction [2][4]. - The European Solar Manufacturing Council has urged the EU to implement trade protection measures to safeguard local businesses [5].

Core Viewpoint - China's manufacturing policies, particularly "Made in China 2025," have significantly expanded the scale of industries such as photovoltaic power generation and high-speed rail, leading to both global market dominance and international friction due to overproduction [1][3]. Photovoltaic Power Generation - By 2024, China's installed photovoltaic capacity is projected to reach 338 GW, approximately 18 times that of 2015, accounting for nearly 60% of the global total [3]. - Chinese companies dominate the production of photovoltaic components, with over 80% market share in solar cells, wafers, polysilicon, and metal silicon [3]. - China's supply capacity for photovoltaic panels is expected to reach 1,036 GW in 2023, 1.9 times the global demand, leading to price declines and the elimination of some European companies [3]. High-Speed Rail - China's high-speed rail operating mileage is set to reach 48,000 kilometers by 2024, 2.5 times that of 2015, representing nearly 70% of the global total of approximately 59,400 kilometers [4]. - By the end of 2024, China's high-speed rail mileage will be about 15 times that of Japan's Shinkansen, solidifying its absolute lead in scale [4]. - In the fiscal year 2024, China Railway Rolling Stock Corporation (CRRC) is expected to achieve sales exceeding 3 trillion yen in its railway manufacturing division, surpassing competitors like France's Alstom [4]. Overseas Expansion Challenges - Despite the ambitious goals of "Made in China 2025" to establish a world-leading modern railway transportation industry, CRRC's overseas sales accounted for only over 10% in the fiscal year 2024, indicating ongoing challenges in international expansion [5]. New Materials - China's new materials industry accounts for approximately 30% of the global market, with leading positions in several sectors [6]. - In the market for key electric vehicle battery materials, Chinese companies have risen to dominate, with the top five positions held by them as of 2023, a significant shift from 2013 when Japanese firms led [6]. - Although China's autonomous innovation capabilities are still developing, R&D investments by leading companies are increasing, and advancements in high-performance products are expected to accelerate with the application of artificial intelligence [6].

编者按：2025年3月11日，中国人民大学重阳金融研究院（人大重阳）在 "中国制造2025"提出十周年主题研讨会 上发布了 《十年跃迁：美国各界评 估"中国制造2025"的文献总结及"制造强国"的未来展望》 智库报告，引发国 内外广泛关注。近日，该报告论文版在 《中国科学院院刊》2025年第4期 刊 发。作者：人大重阳院长 王文 、副研究员 申宇婧 、助理研究员 金臻 。 现 将文章全文发布如下，供研究参考。 "中国制造"，制造强国，中美竞争，科技创新 正 文 党的十八大以来，以习近平同志为核心的党中央高度重视制造业发展，作出建设制造强国的重大战略规划。 经过10余年发展，中国制造业的发展取得举世瞩目的成就，制造强国战略目标"三步走"的第一个十年规划于2025 年完成。随之而来的是，全球范围内对中国制造业进展的关注度日益升温，尤其是美国政府、学术界与媒体界对 中国制造强国发展战略（以下简称"中国制造"）表示了极大的关切，通过发布多份研究报告、深度文章等形式全 方位跟踪"中国制造"的实施动态。尤其以2024年9月时任美国参议员马尔科·鲁比奥（Marco Rubio）发布约2万 字的深度长文报告为典型。该报告在充 ...

Core Viewpoint - The article discusses the advancements in China's manufacturing capabilities under the "Made in China 2025" policy, highlighting its impact on various industries and the resulting international competition, particularly with the United States. Shipbuilding - China has become a global leader in shipbuilding, with 2024 orders reaching a historical high of 46.5 million CGT, accounting for 70% of global orders, while South Korea holds only about one-fifth of that amount [2][4]. - The U.S. shipbuilding industry has weakened, unable to meet the demands for new ship construction and maintenance, reflecting a decline in American manufacturing [6]. Space Development - China has made significant strides in space development, achieving independent manned spaceflight and becoming the only country with a fully operational manned space station [7][8]. - In contrast, the U.S. has faced delays in its Artemis program, which aims for manned lunar exploration, indicating a stagnation in its space initiatives [8]. Automotive Industry - China has emerged as the world's largest producer of electric vehicles (EVs), with one in every two EVs globally being a Chinese brand by 2024 [12]. - In the battery sector, CATL holds a 38% market share, with the top three Chinese companies capturing about 60% of the global market [12]. Semiconductor Industry - China's self-sufficiency in semiconductors is currently at about 20%, falling short of its 70% target, but it holds a 24% share of the global capacity for mature semiconductor products [13]. - Companies like SMIC and YMTC are rising in prominence, focusing on domestic production of critical technologies [13]. Overview of "Made in China 2025" - The "Made in China 2025" policy aims to elevate China's manufacturing capabilities by 2049, selecting ten key sectors and serving as a foundation for various industrial support policies [14].