2025年5月28日-30日 · 上海 2025年资本市场论坛 资本市场论坛是中信证券的半年度策略会,是每年规模 最大、规格最高、客户最多、影响力最广的年度大会之一。 历届年会参会人员均在四千人以上,主要包括百余位发言 嘉宾,中信证券境内外研究员,1000余家备受市场关注的 上市公司,重要的公私募基金、保险、银行、QFII和海外投 资者以及其他市场参与主体等,是专业的投资交流平台,也 是经济和金融领域的盛会。 2025年,全球经济在多重变局中探索发展路径。大国博弈 持续深化,外部经贸扰动明显加剧,产业链面临深度重构。特 朗普政府以"对等关税"为名,持续加码贸易壁垒,加剧市 场动荡。在复杂外部环境下,一季度中国经济开局良好,高 质量发展的根基持续夯实。 尊敬的客户: 您好! 中信证券2025年资本市场论坛定于2025年5月28日至5月 30日在上海举办，诚邀您的光临。 面对外部冲击影响加大,4月政治局会议强调强化底线思 维,充分备足预案。美关税政策仍可能因自身压力不断反复, 在此背景下,提升经济韧性、保护市场主体、团结国际力量 尤为重要。展望后续,财政政策将持续发力,专项债发行有 望进一步提速。货币政策延续适度 ...

Core Viewpoint - The leadership of Shenwan Hongyuan's research institute is undergoing a significant change, with Wang Sheng set to take over as the new head, reflecting the company's internal talent development strategy and a shift towards younger leadership [2][4][12]. Group 1: Leadership Transition - Wang Sheng, a veteran researcher who joined the company in 2009, is being appointed as the head of the research institute, succeeding Zhou Haichen, who has moved into a higher executive role [2][4]. - Zhou Haichen, who has been with the company since 2006, has transitioned to a senior management position, indicating a trend of promoting internal talent within Shenwan Hongyuan [3][4]. - The appointment of Wang Sheng signifies a new phase for the research institute, emphasizing the importance of internal talent cultivation and continuity in leadership [3][4]. Group 2: Research Institute's Historical Context - Shenwan Hongyuan's research institute has a rich history, tracing back to 1992, and has been recognized as a leading research entity in China's securities market [7][8]. - The institute has been pivotal in developing a systematic industry classification standard, which has become a benchmark for investment research in China [7][8]. - The research institute has evolved through various mergers and reforms, enhancing its operational capabilities and expanding its research coverage [8][9]. Group 3: Focus on Young Talent - The leadership transition is part of a broader trend towards younger management, with Wang Sheng and other key figures being from the post-80s generation [12][13]. - The emphasis on internal promotion and the integration of younger professionals is expected to bring vitality and innovative perspectives to the research institute [12][14]. - The company is also facing challenges, such as declining commission revenues, which necessitate effective leadership and strategic direction from the new generation of leaders [14]. Group 4: Dual Chief Economists - Shenwan Hongyuan currently has two chief economists, Yang Chenguang and Zhao Wei, which is uncommon in the industry [15][16]. - Yang Chenguang, a long-standing member since 2001, focuses on policy research, while Zhao Wei, who joined in 2024, is responsible for macroeconomic research [15][17]. - This dual leadership structure aims to enhance the research capabilities of the institute, ensuring a smooth transition as Zhao Wei prepares to take on more responsibilities [17].

Core Viewpoint - The optimization of the departure tax refund policy is a strategic move to enhance consumption potential and promote high-level opening-up in China, injecting new momentum into the dual circulation of international and domestic markets [1][2]. Group 1: Policy Optimization - The recent notification from the Ministry of Commerce and other departments introduces eight policy measures aimed at expanding the number of tax refund stores, enriching the variety of tax refund products, and improving the service level of departure tax refunds [1][2]. - The departure tax refund policy is seen as a key measure to enhance the shopping experience for foreign travelers, addressing previous issues such as limited refund stores and product choices [1][2]. Group 2: Economic Impact - The optimization of the departure tax refund policy is expected to significantly boost inbound consumption, with a projected total expenditure of inbound travelers reaching $94.2 billion in 2024, reflecting a 77.8% increase [2]. - The departure tax refund effectively acts as a discount for foreign travelers, with a general tax refund rate of 11%, which can lower shopping costs and stimulate consumer enthusiasm [2]. Group 3: International Relations and Cultural Exchange - The optimized departure tax refund policy serves as an important link in promoting high-level opening-up and facilitating the dual circulation of international and domestic markets [3]. - By attracting more foreign visitors to shop and travel in China, the policy not only promotes economic exchanges but also helps to showcase Chinese culture and products globally [3]. Group 4: Implementation and Collaboration - Successful implementation of the policy requires collaboration among various stakeholders, with the Ministry of Commerce and related departments urged to accelerate policy execution and establish effective working mechanisms [3]. - Local governments are encouraged to create attractive shopping environments for foreign travelers, enhancing their experience and showcasing the charm of China [3].

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在充分肯定前阶段工作后，姚高员指出，面对外部环境新变化新情况，要勇于直面挑战、加强分析 研判、保持坚定信心，积极融入和服务国内国际双循环，拓展更多贸易新空间。要稳定原有海外市场份 额，探索开拓新兴市场新路径，通过多元市场发展模式提升抵御风险能力。要助力企业产品结构升级、 贸易方式转型，联动大型商超、电商平台共享产业链供需信息，推动企业内外贸一体化发展，引导优质 产品市场竞争方式从"拼价格"向"拼技术、拼品牌"转变。要支持企业"抱团出海"拓市场，打造企业"出 海"共同体，以产业间、企业间的协同联动不断增强产业链供应链韧性。市级相关部门和各区县（市） 要加强统筹协调，动态跟踪判断外部形势变化，落实好联系走访制度，畅通政策传导机制，把惠企政策 举措讲清说透兑现到位。要不断优化服务，问清摸透企业发展中遇到的困难和问题，围绕解决企业用 工、资金、原材料供应等需求建立"一企一策"，做到"问题不过夜、件件有回音"，确保举措务实管用、 政策直达快享，助力企业更好应对外部经营环境变化。 4月28日下午，市长姚高员主持召开全市稳外贸工作会议。他强调，要深入学习贯彻习近平总书记 考察浙江重要讲话精神和中央经济工作会议精神，按照党中 ...

Core Viewpoint - The government aims to "fully expand domestic demand and vigorously boost consumption," prompting companies like China Resources Vanguard to innovate in integrating foreign trade with domestic sales [1] Group 1: Strategic Initiatives - China Resources Vanguard has launched four major initiatives to facilitate the transition of foreign trade products to domestic sales, leveraging over 2,000 stores nationwide [1] - Over 300 high-quality foreign trade products have been introduced in 31 cities, covering eight major livelihood sectors, including smart home and food [1] Group 2: Efficiency Improvements - The "Fast Track" service introduced by China Resources Vanguard reduces the product introduction cycle to 14 working days and ensures products are on shelves within 24 hours of arrival [3] - A "green channel" is available for enterprises that have passed factory inspections by well-known retailers, significantly lowering the barriers for quality products to reach consumers [3] Group 3: Market Penetration - Since the launch of the initiatives, over 200 foreign trade enterprises have been successfully connected, with initial products quickly distributed to more than 70 supermarkets [4] - The product range includes high-quality foreign goods such as clothing and small appliances, with a focus on meeting diverse consumer needs from kitchen to outdoor activities [4] Group 4: Consumer Engagement - China Resources Vanguard utilizes data from over 100 million members to tailor its offerings to regional market characteristics, enhancing the shopping experience with products like the Piye coffee machine [6] - A marketing campaign titled "Ai May Love at Vanguard" will begin on May 1, featuring interactive activities and live-streaming to enhance consumer engagement and promote foreign trade products [8]

江苏省商业联合会发起"积极扩大外贸商品内销渠道，实现双循环新发展"的倡议，在商品引进、柜台销 售、货架陈列、资金结算、市场营销等方面，对受影响的企业给予帮助。 中国信息协会常务理事、国研新经济研究院创始院长朱克力在接受《证券日报》记者采访时表示，当前 各地各部门支持"出口转内销"的政策组合拳，是一次双循环协同的战略突围。首先，搭建展销平台、发 放消费券、开放绿色通道等举措是为外贸企业创造软着陆的缓冲带，既解决库存压力，又试探市场"水 温"；其次，直接补贴企业参展费用、联动国企民企搭建全渠道销售体系等举措直击外贸企业转内销面 临的国内分销网络和品牌认知不足等痛点；最后，同线同标同质政策，则从生产端打破内外销市场壁 垒，让转型不再停留于清库存的权宜之计。 中国国际经济交流中心经济研究部副部长刘向东对《证券日报》记者表示，面对复杂多变的国际经贸环 境，各地纷纷采取有力有效的措施，帮助外贸企业纾困解难，尤其在拓展多元化市场方面和出口转内销 方面实施诸多便利化政策，在商品引荐、资金结算等方面给予受损外贸企业倾斜，助力企业克服难关， 真正让外贸优品在国内市场扎根。 今年《政府工作报告》明确，支持内外贸一体化发展，加快解决 ...

针对数字化转型挑战，联合国工发组织驻巴林代表哈希姆·侯赛因强调需加强职业培训合作："我们 亟须中国在科技发展方面的帮助。"他表示，阿拉伯国家亟须与中国共建职业院校，培养智能制造人 才。此倡议获得利比亚-中国商务委员会主席米拉迪·埃尔布利基响应，他介绍，中国企业在近几年，参 与了利比亚超过50项的大型项目，未来在智慧城市的打造中也期待中方的技术支持。 中国国际商会秘书长孙晓表示，中阿需携手发挥各自优势搭建"双循环"合作平台。中国将依托中阿 企业家大会等机制，在能源、新能源汽车、数字经济等领域深化对接。阿拉伯农工商会总联盟秘书长哈 立德·哈纳菲表示，期待通过中阿企业家大会、链博会等平台深化合作。 与会嘉宾一致认为，中阿合作需在巩固能源、基建等传统领域基础上，向智能制造、绿色经济等新 兴领域突破。可持续经济论坛主席史光德提出"共同管理港口"创新模式，同时建议建设中阿联合工业 区、共享研发中心实现产业链深度嵌套。 海南日报海口4月29日讯(海南日报全媒体记者 武佳)4月29日，在中国—阿拉伯国家合作论坛第十 一届企业家大会暨第九届投资研讨会期间，中国—阿拉伯贸促机构和商协会圆桌会议在海口召开，来自 中国贸促系统、阿拉 ...

共进股份 20250429 摘要 • 共进股份 2024 年因资产减值由盈转亏，但 2025 年一季度利润同比大增 267%，主要受益于费用率下降和营收增长，净利率显著修复转正。 • 公司境内收入增长约 6%，海外收入下降约 7%，但境外主营业务毛利率提 升至 17.5%。胖类产品占比最高，数通产品结构变化显著，800G 数据中 心交换机已开始出货。 • 数通业务方面，海外市场因疫情影响需求回落，新客户导入期未形成批量 发货，国内市场份额上升，400G 产品出货带来营收增长。 • 网通业务是公司主营业务中占比最大的部分，重点客户盈利能力逐步修复， 海外订单提前备货，2025 年一季度收入、利润和在手订单表现亮眼。 • 预计 2025 年服务器订单将超过 7 万台，公司正积极扩产以满足客户需求， 服务器产品包括通用服务器和 AI 服务器，收入计费采用净额法。 • 高速交换机 400G 和 800G 产品去年出货规模接近亿元级，预计今年增速 至少在 50%到 60%以上。国内市场价格战或将缓解，高端产品竞争门槛 提高。 • 公司采取内外双循环策略应对贸易摩擦，中国大陆产品尽可能使用国产化 材料，海外市场则选择美国 ...

• 电解水制氢设备成本下降显著影响绿醇、绿氨等产品制造成本，辽源项目 每公斤绿氢生产成本约为 15 元人民币，未来随着设备成本降低及工艺优 化，绿色甲醇有望竞争传统灰醇市场。 Q&A 中国天楹在 2024 年的经营业绩如何？有哪些主要影响因素？ 中国天楹 20250429 摘要 • 中国天楹 2024 年通过精细化管理和组织变革提升盈利能力，但受菲律宾 子公司补税影响，归母净利润为 3.16 亿元。若剔除补税影响，则同比增 长 37.41%。 • 2025 年一季度，中国天楹营收同比下降 3.64%，归母净利润同比下降 47.63%，主要受海外 EPC 业务未达收入确认节点、新能源项目融资导致 财务费用增加以及税收优惠政策到期影响。 • 中国天楹将持续推进国内国际双循环发展策略，利用先发优势拓展海外垃 圾焚烧发电市场，并与苏伊士集团战略合作，落地 EPC 项目，同时重点推 进东北氢能项目，已获得接近 10GW 风光指标。 • 2025 年一季度，垃圾焚烧发电板块收入占比约 50%，毛利率维持在 47% 左右；城市环境服务业务收入占比约 35%，毛利率约为 24%。 • 全球贸易局势通过外汇风险敞口间接影响公司 ...