智通财经APP获悉，4月28日，兴业证券全球首席策略分析师张忆东在2025年度中国投资人峰会上分享 了对资本市场的看法。他表示，国际新秩序的序幕已经拉开，中长期来看，中国资产大有可为，正是重 估的时代。短期建议逢低布局战略性资产：科技、新消费、黄金军工。 张忆东称，总体来说，在中短期3到6个月的维度来说，依然会面临着很多地缘政治的不确定性，以及关 税政策的一些扰动。而且贸易政策带来的不确定性不会很快结束。 他表示，贸易战没有赢家，美国经济乃至全球经济都会受到贸易摩擦的影响。2025年美股很可能走出典 型的美股熊市，当然通常美股熊市调整的时间比较短，往往1到2年，甚至很多时候就是一年以内，但比 较急速、比较猛烈。 谈及中国资本市场，张忆东表示，内因才是决定中国资本市场重估的核心变量，新秩序正在悄然拉开帷 幕，而中国是新秩序全球治理新秩序的受益者，对中国看多。 他认为中国资产中长期大有可为，短期只是因为外因所导致的扰动。他认为下个阶段，中国构建双循环 经济发展的格局将会落到实处，从而成为世界经济增长的稳定锚。 同时他也指，中国资产重估是一个中长期逻辑。从中短期应对外部的一些冲击，政策上面有很多的空 间，会择机用好 ...

Group 1 - The company achieved an operating income of 2.326 billion yuan in 2024, representing a year-on-year growth of 35.16% [1] - The net profit attributable to shareholders reached 57.005 million yuan, with a year-on-year increase of 25.68%, indicating steady growth in performance [1] - The company is a high-tech enterprise in the fields of plastic products, biodegradable products, and plant fiber products, holding a leading position in the industry [1] Group 2 - In 2024, revenue from plastic products was 1.744 billion yuan, up 34.02% year-on-year, while revenue from biodegradable products was 298 million yuan, growing by 13.65% [1] - The company has established nine intelligent production bases in locations such as Zhejiang, Guangdong, Guangxi, the United States, and Thailand, expanding its capacity for biodegradable and household products [2] - The company emphasizes a product strategy of "green sustainability + high-end customization," covering various sectors including food packaging and fast-moving consumer goods [2] Group 3 - The company aims to strengthen strategic execution, optimize global industrial layout, and accelerate technological iteration and green upgrades to achieve its goal of becoming the "first brand in new materials household products" [2] - The company has formed a network system of "Asian R&D, global intelligent manufacturing, and localized services," enhancing its responsiveness to market demands [2] - The company is committed to integrating into the "dual circulation" new development pattern and the "dual carbon" strategic goals, driven by technological innovation and supported by digital transformation [2]

Group 1 - The event "Foreign Trade Quality Products China Tour - Shenzhen Production and Sales Docking Conference and JD's 200 Billion Procurement First Station" was held in Shenzhen, aiming to stabilize orders and markets for foreign trade enterprises and help export products expand domestic sales channels [1] - The Chinese government is accelerating the construction of a "dual circulation" development pattern, encouraging foreign trade enterprises to tap into the domestic market to alleviate pressures from external uncertainties [3] - Shenzhen's total import and export value reached 4.5 trillion yuan in 2024, demonstrating strong industrial resilience despite increasing external uncertainties [3] Group 2 - The Shenzhen Municipal Bureau of Commerce announced ten key support policies for enterprises to expand into the domestic market, including subsidies for trade credit insurance and digital upgrades, aimed at promoting the integration of domestic and foreign trade [4] - The Futian District Commerce Bureau introduced twelve measures to promote foreign trade quality products, including policies for live streaming and instant retail, to support the dual circulation development of enterprises [4] - JD Group plans to invest 200 billion yuan in a support program for foreign trade enterprises transitioning to domestic sales, providing a comprehensive solution to help these enterprises reach domestic consumers more effectively [6] Group 3 - JD's operational experts discussed trends in various product categories and introduced policies for cooperation with self-owned brands, aiming to help foreign trade enterprises access the European market [8] - The Shenzhen production and sales docking conference featured dedicated procurement areas for various sectors, allowing foreign trade enterprises to understand JD's procurement needs and cooperation policies, facilitating faster access to the domestic market [8]

2025 年 04 月 28 日 海南自贸港：面对全球贸易变局的 一张王牌 ——海南主题组合报告 证券分析师 陆灏川 A0230520080001 luhc@swsresearch.com 王雪蓉 A0230523070003 wangxr@swsresearch.com 牟瑾瑾 A0230524100002 mujj@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 王雪蓉 A0230523070003 wangxr@swsresearch.com 联系人 相关研究 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 A 股 策 略 - ⚫ "对等关税"扰动全球贸易格局，海南自贸港将迎来前所未有的战略机遇！2018 年，在海南经济特区成立 30 周年之际，面对保护主义、单边主义抬头的国际格局，党中央着眼国内国际两个大局，制定了海南全岛推 进中国特色自由贸易港建设这一重大战略决策。2025 年 4 月 2 日，美国单边推出所谓"对等关税"，为海南 带来 ...

Core Viewpoint - The core viewpoint is that the long-term re-evaluation of the Chinese capital market is primarily driven by internal reform factors, despite short-term external disturbances such as trade friction and economic recession risks [1] Group 1: Market Conditions - The U.S. stock market may face a typical "bear market" with a rapid adjustment expected by 2025 due to trade friction and economic recession risks [1] - Current volatility in the U.S. stock, bond, and currency markets has prompted a shift in policy stance, although the substantial impacts of trade friction have not yet fully materialized [1] Group 2: Economic Indicators - In the third quarter, U.S. inflation pressures and recession risks may resonate, potentially forcing the U.S. to return to negotiations [1] Group 3: China's Role - China is becoming an important stabilizing force in a multipolar world by constructing a dual circulation economy and promoting an inclusive international system [1] - Despite short-term external disturbances, the core driving force for the long-term re-evaluation of the Chinese capital market remains internal reform [1] - Chinese assets possess strategic allocation value amid the evolving global landscape [1]

"临清高速公路建成通车，为云南的对外开放和经济发展注入了强劲动力。"临清高速公路公司董事长刘成文介绍，云南建设面向南亚东南亚辐射中心，完善 交通基础设施至关重要。对云南省而言，临清高速公路是构建东西国际大通道、形成连接两洋战略格局的关键一环。这条高速公路将进一步提升云南在区域 交通网络中的地位，促进资源优化配置，带动沿线地区产业发展，为云南经济社会高质量发展注入新的活力。 临清高速公路建成后，临沧至清水河口岸的通行时间从4小时缩短至1.5小时，将串联起大理至临沧、墨江至临沧、临沧机场、临翔至双江、瑞丽至孟连、永 德至勐简、镇康（南伞）至耿马（清水河）7条高速公路，受益群众超过150万人，为推动沿线地区的经济高质量发展、最大限度激发"大通道"的发展潜力、 培育和发展绿美通道经济提供重要支撑，助力沿线广大群众生产生活迈上新台阶。 4月28日，经过7600多名建设者8年时间的奋战，云南省临沧市临翔至清水河高速公路全线通车，进一步解决了云南省沿边地区公路等级总体偏低、连接不畅 等问题，从临沧市区到清水河口岸的通行时间由4个多小时缩短为1.5小时左右。临翔至清水河高速公路起于临翔区旧寨，途经南美、勐撒、勐简，终点位于 ...

Core Insights - The event aims to promote deep integration of industrial and supply chains, enhancing investment cooperation through innovative formats, and connecting local quality products with university dining services [1][2] Group 1: Event Objectives - The initiative focuses on facilitating high-quality development of local product supply chains and driving investment and consumption through collaboration among government, universities, and enterprises [1] - It serves as a platform to link regional specialty products with the campus consumer market, promoting investment in local industries [1] Group 2: Food Safety Measures - The program ensures authentic flavors and safety standards by sourcing from local "zero pesticide residue" demonstration bases and advanced agricultural quality safety systems [2] - It implements a direct supply model from production areas, managing inventory and targeted distribution to mitigate risks associated with food safety during circulation [2] Group 3: Future Plans - The Ministry of Commerce will continue to collaborate with local governments and universities to enhance investment promotion cooperation and improve regional industrial competitiveness [2] - The initiative will introduce more local and overseas resources, exploring diverse investment and consumption scenarios to support the new development pattern of domestic and international dual circulation [2]

中新网丹东4月27日电 (记者 于海洋)27日，随着一声鸣笛，"东方明珠8号"轮搭载406名旅客如期出境， 时隔5年3个月，辽宁丹东到韩国仁川客运航线重启。丹东港出入境边防检查站充分发挥职能作用，全力 保障"东方明珠8号"轮复航通关高效顺畅，助力区域经济高质量发展。 针对复航后可能出现的出入境高峰，丹东港边检站还成立专项勤务小组，制定应急预案，通过动态调整 勤务模式、旅客查验前置等举措确保出入境旅客如期办理出入境手续，提升通关体验感和满意度，展 现"边检速度"与"国门温度"。 丹东港边检站提示各位出入境旅客，丹东至仁川客运航线，每周二、四、日下午5点出境，仁川至丹东 每周二、四、六上午8点入境。出行前要预留海关、边检通关时间，办理边防检查手续，妥善保管护照 证件，检查核对证件有效期，通关过程中如遇困难，可随时向移民管理警察求助，咨询出入境边防检 查、证件办理等各类业务问题。(完) "'东方明珠8号'轮最大载客量增至1500人，为保障班轮如期复航，我们的旅检大厅也是旧貌换新颜，改 扩建了执勤现场，加开两条智能通道，更新了移民管理标识，基础设施的提档升级有力地支撑了班轮复 航。"丹东港边检站边检处封光处长说道。 ...

Core Insights - The Shenzhen Qianhai Shekou Free Trade Zone has achieved significant milestones in institutional innovation and economic growth, with a focus on high-quality development and international collaboration [1][2][4] Group 1: Economic Performance - The total import and export value in the Qianhai Shekou Free Trade Zone increased from 71.2 billion to 537.98 billion yuan by 2024, averaging over 25% annual growth [1] - The actual foreign investment reached 38.157 billion USD, and fixed asset investment grew from 11.72 billion to 71.12 billion yuan, achieving over sixfold growth [1] - The number of customs-registered enterprises in the zone surpassed 11,000, contributing to 72% of Guangdong Free Trade Zone's total imports and exports [2] Group 2: Institutional Innovations - A total of 882 institutional innovation achievements have been launched, with 104 replicated nationwide, maintaining the top position in the institutional innovation index for three consecutive years [1][4] - The "Five Freedoms and One Safe and Orderly Flow" development framework has been established, enhancing trade, investment, financial, transportation, personnel exchanges, and data security [4] Group 3: Key Projects and Collaborations - The establishment of the National Quality Safety Risk Assessment Center (Shenzhen) aims to innovate risk assessment for emerging industries and new regulatory models [5] - The "One-Line Direct Access, Intelligent Supervision" reform model has significantly reduced customs clearance time from 1-2 days to half a day, improving accuracy and reducing risks for enterprises [6] - The Qianhai Stock Exchange Center has onboarded 301 quality SMEs, with 79.7% classified as "specialized, refined, distinctive, and innovative" [6]

如果说消费市场复苏是业绩增长的"稳定器"，那么民营企业的崛起则是推动市场上行的"加速器"。比亚 迪（002594）、宁德时代（300750）、金山办公等知名企业，凭借深厚行业积淀与创新能力，实现2025 年"开门红"，其成功源于精准把握市场趋势、持续加大研发投入与高效运营管理。这些民营企业的优异 表现，不仅为自身赢得发展先机，更有力推动A股市场繁荣，充分彰显民营经济在市场竞争中的强大活 力与韧性。 每经评论员王砚丹 随着2024年年报和2025年一季报披露临近尾声，A股市场上市公司交出了一份彰显韧性与活力的成绩 单。截至4月25日的统计数据显示，超千家上市公司披露了一季报，其中约六成企业实现净利润同比增 长，百余家公司增幅超100%。这不仅勾勒出中国产业经济的复苏曲线，更折射出资本市场基本面的结 构性向好趋势。 在本轮业绩增长中，消费市场复苏成为拉动上市公司收入增长的关键引擎。在"双循环"新发展格局下， 居民消费能力与意愿不断提升，为上市公司开辟了广阔市场空间。以消费电子、食品饮料等行业为例， 消费者对品质、智能、健康的需求升级，推动企业优化产品结构、推出创新产品，实现销售额与利润双 增长。比如，主营麦片的西 ...