将投中网设为"星标⭐"，第一时间收获最新推送 零一创投将持续紧跟国家双循环的发展战略，精准锚定投资方向。 来源丨 投中网 4 月 21 日，零一创投（ 01VC ）宣布已于近期完成新一期 5 亿人民币基金首关。在募集过程中，该基金得到了多地国资、市场化母基金和上市公司 等的大力支持。这也是零一创投中生代管理合伙人募集的首支人民币基金。 据悉，新基金投资方向将继续专注于零一创投所擅长的智能制造与跨境出海领域。投资轮次上， 本期基金锚定天使轮到 B 轮之间的优质项目，单笔投 资金额在 500 至 5000 万人民币之间。 投资策略上，该基金将继续坚持投早投小原则，同时通过投后商业化赋能、多元退出的方式平衡基金的 DPI 和投资收益确定性。 在当前复杂多变的全球经济形势下，零一创投将持续紧跟国家双循环的发展战略，精准锚定投资方向。在智能制造板块，零一通过对机器人、具身智能 等硬科技赛道的前沿探索，助力推动国内产业链和供应链的数智化升级。在跨境出海板块，鉴于我国在众多领域已形成优势供应链，基金将着重推动智 能化产品和先进的运营经验向海外输出，借助跨境电商、新型服务贸易等模式，帮助企业拓展国际市场，助力国内国际双循环相 ...

将投中网设为"星标⭐"，第一时间收获最新推送 FRE 文学 全国社会保障基金理事会 原副理事长 66 99 正在经历深度的重构,主要的驱 动力将是竞争、积极变化的市场 和正面稳定的政策。 99 論壇 中美关系专家 中国人民大学中国对外 战略研究中心主任 面对"关税战",我们要想办法 把坏事变好事,用美国的压力推 动国内的统一大市场建设,真正 实现双循环、内循环。 新质生产力时代,创投基金将居 于金融服务体系的核心的地位, 但核心地位并非一定要单打独 斗、孤军深入。有健全的服务体 系才能实现真正的科技产业与金 融的良性循环。 前海女敏 上海国有资本投资有限公司 党委副书记、总裁 面对市场主体的分化,只有技术 创新卓越、商业模式清晰、市场 壁垒深厚、团队复合能力强的企 业,才能获得持续的进步。 99 66 8 66 '奇' 词词 纪源资本 管理合伙人 吴晓求 中国人民大学 国家金融研究院院长 中国资本市场研究院院长 什么是长期主义?长期就是守住 核心能力,掌握科技趋势,坚持 相信企业的发展。但过去企业的 发展都是想做大做强、现在这个 环境很难允许你那么做。所以长 期的方式要有变化。 66 99 张 维 基石资本 ...

国家铁路局消息，2025年一季度，全国铁路客流持续增长，货物运量稳步提升，为畅通国内国际双循 环、保障国民经济平稳运行提供有力支撑。 今年以来，跨区域人员流动加速，客运需求旺盛。一季度，全国铁路旅客发送量突破10亿，达到10.74 亿人次，同比增长5.9%。其中，3月份全国铁路发送旅客3.37亿人次，同比增长4.9%。一季度，全国铁 路旅客周转量完成4018.86亿人公里，同比增长1.7%。 图1 2022—2025年一季度全国铁路旅客发送量 图2 2022—2025年一季度全国铁路旅客周转量 一季度，全国铁路货运发送量完成12.53亿吨，同比增长1.0%。其中，3月份全国铁路发送货物4.45亿 吨，同比增长2.4%。从分品类运输情况看，一季度，集装箱、金属矿石、矿建材料分别发送2.32亿吨、 1.37亿吨、0.31亿吨，同比分别增长20.4%、11.1%、42.1%。 今年一季度，全国铁路固定资产投资完成1312亿元，同比增长5.2%，创历史同期新高。 ...

Group 1 - The U.S. government's imposition of high tariffs on Chinese goods exceeds normal trade policy and constitutes a unilateral economic blockade, reflecting anxiety over maintaining global economic hegemony [1] - China's manufacturing exports surpassed $2 trillion in 2023, driven by a complete industrial system, efficient production capacity, and a continuously optimized business environment [3] - The U.S. misinterprets trade deficits by blaming China, while the real structural issues stem from U.S. industrial hollowing and excessive financialization [3] Group 2 - China's strategy to address trade friction demonstrates great power wisdom, with a 45% increase in semiconductor investment in 2023 and a 62% share of global patent applications in the new energy sector [5] - The growth of re-export trade reflects the adaptability of Chinese enterprises, with direct investment in Vietnam increasing by 180% over three years and the establishment of an auto parts cluster in Mexico creating 120,000 jobs [5] - The essence of Sino-U.S. economic relations should be cooperation rather than confrontation, with China remaining open to dialogue while rejecting any unequal terms that harm core interests [5] Group 3 - The trade confrontation is reshaping the global economic landscape, with U.S. companies losing access to the largest growth market, as evidenced by General Motors' 42% sales share in China in 2023 and Tesla's Shanghai factory contributing 52% of global capacity [7] - China's digital economy has surpassed 50 trillion yuan, and foreign investment in green and low-carbon industries has increased by 38%, indicating a shift towards high-quality development [7] - The historical trend shows that actions against economic globalization will not gain support, as China deepens regional cooperation through RCEP and international platforms like the China International Import Expo [7]

证券时报记者郭博昊贺觉渊 近日，境外旅客来华消费再迎便利举措，国家税务总局宣布将境外旅客购物离境退税"即买即退"服务推 广至全国。作为吸引入境消费、拉动内需的重要举措，"即买即退"政策通过即时退税提升消费体验，叠 加去年底实施的240小时过境免签政策，境外旅客的消费潜力有望进一步激发。 入境消费一揽子政策红利正在持续释放，受访专家预计，未来5年入境消费规模有望突破1.5万亿元，拉 动经济增长约0.8个百分点。同时，"即买即退"的政策设计有效规避偷漏税风险，进一步优化免税市场 环境。未来，随着商家数量增长和购物体验提升，中国有望成为全球游客的"消费目的地"，为"双循 环"战略注入新动力。 过去一年，我国办理离境退税的境外旅客数、退税商品销售额、退税额同比分别增长2.3倍、1.2倍、1.3 倍，充分反映出入境游的火爆正在带动入境消费整体升温。即将推广至全国的"即买即退"政策是离境退 税政策的升级优化，可为境外旅客提供更加便捷、多样化的退税选择。该政策允许境外旅客在"即买即 退"商店购买退税物品，并办理信用卡预授权后，即可在现场领取等额退税款。 值得一提的是，出口退税制度应基于商品全链条进项税额的精准返还。然而，受 ...

永辉超市承诺为库存积压的外贸企业开通"15天极速上架"绿色通道，并提供市场推广与产品升级支持。 盒马则聚焦百货品类，开放24小时入驻通道，并依托高效供应链为外贸企业提供物流支持，盒马将上 线"外贸专区"，联合开发创新商品，覆盖家居、美妆、母婴等领域。 拼多多推出"千亿扶持"计划，未来三年内拟投入资金、流量等资源超过1000亿元人民币，加码高质量电 商生态建设。该计划将加大对跨境中小商家的补贴力度，帮助跨境商家稳定生产，降本增效，应对出海 风险。 苏宁易购发布外贸优品振兴计划，为外贸企业产品内销提供极速入驻和全流程服务，通过线上线下融合 引流促销、联合定制和自营大单包销、一站式代运营等模式帮助外贸企业拓展国内市场。 美团第一时间成立专项，在"商家入驻、经营扶持、品牌打造"等方面开设绿色通道，欢迎外贸商家进驻 美团，全力支持外贸商品上线美团各业务，合力打造繁荣共赢的"内外贸一体化"生态体系，让优质外贸 商品惠及更多国内消费者。 一场商超零售企业联动，助力外贸拓内销的"破局行动"正加速推进。4月14日，记者从深圳市商务局获 悉，在商务部"内外贸一体化"政策引领下，深圳联动国内头部电商平台、零售企业，充分发挥各自优 ...

Core Viewpoint - The company, Sumida, reported a revenue of 117.17 billion yuan in 2024, a decrease of 4.75% year-on-year, while net profit attributable to shareholders increased by 11.69% to 1.15 billion yuan, indicating a focus on enhancing operational efficiency and resilience in a challenging economic environment [28]. Company Overview - Sumida operates in various sectors including shipbuilding and shipping, diesel generator sets, outdoor power equipment, clean energy, ecological environmental protection, and textile and apparel [4][14]. Industry Situation Shipbuilding and Shipping - In 2024, China's shipbuilding completion volume reached 48.18 million deadweight tons, a year-on-year increase of 13.8%, with new orders rising by 58.8% to 113.05 million deadweight tons, and the hand-held order volume increasing by 49.7% to 208.72 million deadweight tons [4]. - The Baltic Dry Index (BDI) averaged 1,754.7 points in 2024, up 27.3% year-on-year, with the Capesize Index (BCI) seeing the largest increase of 37.85% [5]. Diesel Generator Sets - The diesel generator set market is benefiting from the implementation of national initiatives like "new infrastructure" and "East Data West Computing," leading to significant growth opportunities [6]. Outdoor Power Equipment (OPE) - The global OPE market is dominated by North America and Europe, accounting for over 85% of demand, with a steady growth trajectory under the dual carbon goals [7]. Clean Energy - In 2024, China's newly installed photovoltaic capacity reached 277.57 GW, a year-on-year increase of 28.3%, while the export value of photovoltaic products fell by 33.9% to approximately 32.02 billion USD [8]. Ecological Environmental Protection - The government continues to promote pollution prevention and ecological restoration, with a focus on reducing emissions and enhancing green transformation [9]. Textile and Apparel - China's textile and apparel export value reached 301.1 billion USD in 2024, a year-on-year increase of 2.8%, with textile exports growing by 5.7% and apparel exports by 0.3% [11]. Financial Performance - The company achieved a total import and export volume of 12.93 billion USD in 2024, a year-on-year increase of 5%, with exports amounting to 5.48 billion USD, up 12% [28]. - The company's supply chain segment generated a revenue of 83.51 billion yuan, contributing significantly to overall performance [32]. Strategic Initiatives - The company is focusing on dual circulation development, enhancing international and domestic market capabilities, and leveraging the Belt and Road Initiative to boost exports to participating countries [33]. - The company is also investing in digital transformation and innovation to improve operational efficiency and customer engagement [39].

关税加码背后的深层原因 年初至今（本文首发于2025年4月5日），美国对他国的进口关税税率不断加码，尽管关税政策朝令夕改， 但税率则超乎想象地往上加。如美方近日公布的所谓"对等关税"方案，向所有贸易伙伴征收不同水平的关 税，拟对中国加征34%关税，对欧盟、越南、中国台湾地区、日本、印度、韩国、泰国、瑞士、印度尼西 亚、马来西亚、柬埔寨等贸易伙伴征收20%到49%不等的关税，对任何贸易伙伴的最低对等税率也为 10%。 有研究机构统计结果表明，若该对等关税方案落地，叠加此前对个别国家加征的关税以及针对钢铁、铝和 汽车等特定产品加征的关税，美国所有进口商品的实际关税税率将从 2024年年底的2.3%升至26%左右， 达到131年来的最高水平。 其中今年对中国加征的关税就达到54%，若加上2018年美国对中国加征的 关税 水平，已经显著超过70%了 ，可谓骇人听闻。其规格已经大大超过了2018年的贸易战。 近年来中国对美顺差的占比已下降 来源：Wind，中泰证券研究所 为此，我国也采取了向原产于美国的所有商品加征34%的进口关税，鉴于美方是在今年对中国加征20%关 税基础上再加征34%的，说明中方加征的关税属于克制的 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - On Tuesday, polyolefins traded in a consolidative manner. Due to the US tariff hikes and increased crude oil supply, international crude oil prices dropped significantly, exerting pressure on polyolefins at the opening. For polyolefins in the refining and chemical segment, the increase in OPEC supply suppresses oil prices, which helps repair the production profit of oil - based products. However, the tariff hikes increase the cost of PDH - process PP and are unfavorable for global commodity terminal demand, directly affecting the demand for chemical products. In the short term, the market will inevitably be impacted. Besides monitoring cost - side fluctuations, more attention should be paid to the demand side in the dual - circulation economy, and whether the domestic economy can continue to grow in the second quarter to offset the negative impact of US tariff hikes on demand [2]. 3. Summary According to Relevant Catalogs Futures Market Data - **LL Futures**: The 1 - month contract had a previous day's closing price of 7205, a 2 - day - ago closing price of 7236, a decline of 31, and a decline rate of 0.43%. The trading volume was 2517, the open interest was 9238, and the change in open interest was 472. The 1 - month to 5 - month spread was - 121 (previous value - 84), the 5 - month to 9 - month spread was 101 (previous value 59), and the 9 - month to 1 - month spread was 20 (previous value 25) [2]. - **PP Futures**: The 1 - month contract had a previous day's closing price of 7081, a 2 - day - ago closing price of 7118, a decline of 37, and a decline rate of 0.52%. The trading volume was 2450, the open interest was 3231, and the change in open interest was 1392. The 1 - month to 5 - month spread was - 119 (previous value - 79), the 5 - month to 9 - month spread was 71 (previous value 45), and the 9 - month to 1 - month spread was 48 (previous value 34) [2]. Spot Market Data - **Raw Materials and Semi - finished Products**: The current price of methanol futures is 2372 yuan/ton (previous value 2380 yuan/ton), the price of Shandong propylene is 6650 yuan/ton (unchanged), the price of South China propane is 616 dollars/ton (previous value 577 dollars/ton), the price of PP recycled materials is 5600 yuan/ton (unchanged), the price of North China powder is 7070 yuan/ton (previous value 7080 yuan/ton), and the price of plastic film is 8800 yuan/ton (unchanged) [2]. - **LL Spot**: The current price in the East China market is 7650 - 8200 yuan/ton (previous value 7700 - 8250 yuan/ton), in the North China market is 7550 - 8050 yuan/ton (previous value 7600 - 8100 yuan/ton), and in the South China market is 7750 - 8150 yuan/ton (previous value 7850 - 8200 yuan/ton) [2]. - **PP Spot**: The current price in the East China market is 7250 - 7350 yuan/ton (unchanged), in the North China market is 7150 - 7250 yuan/ton (previous value 7200 - 7250 yuan/ton), and in the South China market is 7150 - 7400 yuan/ton (previous value 7150 - 7450 yuan/ton) [2]. Crude Oil Market Information - On Tuesday (April 8), the settlement price of the May 2025 West Texas Intermediate crude oil futures on the New York Mercantile Exchange was $59.58 per barrel, down $1.12 or 1.85% from the previous trading day, with a trading range of $57.88 - $61.75. The settlement price of the June 2025 Brent crude oil futures on the London Intercontinental Exchange was $62.82 per barrel, down $1.39 or 2.16% from the previous trading day, with a trading range of $61.34 - $65.21 [2].

4月7日晚间，中国诚通集团发布公告称，中国诚通旗下诚通金控和诚旸投资增持交易型开放式指数基金 （ETF）和中央企业股票，坚决维护资本市场平稳运行。中国诚通作为国务院国资委资本运营平台，坚定看好 中国资本市场发展前景，后续将进一步发挥国有资本运营公司功能作用，持续大额增持央国企股票和科技创新 类股票，当好上市公司的长期投资者，有力支持上市公司高质量发展。 4月7日盘中，中央汇金公司发布公告表示，中央汇金公司坚定看好中国资本市场发展前景，充分认可当前A股 配置价值，已再次增持了交易型开放式指数基金（ETF），未来将继续增持，坚决维护资本市场平稳运行。 富时A50中国指数期货走高，截至发稿，涨幅扩大至3%。此外，美股低开高走，截至发稿 ，美股直线拉升， 纳斯达克指数涨超4.5%，标普500指数涨3.3%，道琼斯指数涨2.2%。 "当前投资者情绪过于恐慌了。"市场人士在接受券商中国记者采访时表示，美国所谓"对等关税"让投资者担忧 全球经济衰退，同时全球股市大跌导致资金大幅减仓形成流动性冲击。但是中国经济基本面还在修复趋势中， 股市估值已较低，短期已处于底部区域，是布局优质个股和行业的左侧机会。"越是调整，越要敢于定价 ...