4月1日晚间，A股新能源材料上市公司中伟股份（300919）公告，为深入推进"发展全球化"战略部署，打造国际化资本运作平台，助力全球 产业布局持续升维，加快构建国内国际双循环格局。经公司充分研究论证，拟发行H股股票并在香港联合交易所有限公司主板挂牌上市。 今年2月，有报道称，中伟股份正与摩根士丹利、华泰证券合作，筹划在香港上市，计划募资4亿至5亿美元。 关于海外印尼镍冶炼项目的进展方面，中伟股份此前表示，公司积极推进印尼各镍中成品生产基地建设及运营，稳定原材料供应体系并提高企 业整体话语权，在保障体量增长的同时提升风险抵御能力。从冶炼端看，公司目前已在印尼建立四大镍原料产业基地，建成及在建产能规模近 20万金属吨；其中，德邦、翡翠湾项目年产冰镍5.5万金属吨，全部实现满产；NNI8万金属吨冰镍项目以及印尼中青新能源6万金吨冰镍项目 均处于产能爬坡阶段。 2024年1-9月，中伟股份在印尼镍产品整体产出超6万金属吨，后续随着印尼镍冶炼项目产能放量，将持续推动公司盈利提升。从资源端看， 公司持续完善镍资源布局，与印尼具有镍资源开采权的相关企业通过共同投资、获取包销权等方式，共同参与红土镍矿的开发与冶炼，共建全 链 ...

（ 转 载请注明出处：微信公众号 lixunlei0722 ） 关税加码背后的深层原因 年初至今，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% 。 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回应，且留有谈判余地。 特朗普再度当选总统之后，他的施政方略围绕着 MAGA ，即对外加征关税以获得 5000 亿美元以上的关税收入，又 能重振美国的制造业；对内通过政府效率部（ DOGE ）来精简机构、裁减公务员以节省开支、提高效率。同时，限制 移民、国内减税等政策可以起到鼓励投资、保护就业的作用。 特朗普任期与历任总统行政 ...

Core Points - The meeting between the Henan provincial leaders and the chairman of SF Holding highlights the importance of logistics development in Henan for national economic growth [2][3] - SF Holding is recognized as a leading enterprise in the express logistics industry, contributing significantly to the supply chain support for Henan's high-quality development [2] - The provincial government expresses commitment to support SF Holding's operations in Henan, aiming to enhance logistics infrastructure and efficiency [2][3] Group 1 - Henan is positioned as a major economic province with advantages in transportation, industry, and human resources, making it a strategic location for logistics [2][3] - SF Holding plans to integrate various resources to create an international logistics hub in the Central Plains, focusing on smart logistics and multi-modal transport [3] - The provincial leaders emphasize the need for collaboration to optimize logistics operations, reduce costs, and improve supply chain efficiency [2] Group 2 - The meeting reflects the provincial government's strategy to build a modern logistics system and enhance the hub economy in Henan [2] - SF Holding's commitment to developing logistics capabilities in Henan aligns with the province's goals for economic growth and market expansion [3] - The leaders express gratitude for SF Holding's long-term support and contributions to the local economy [2]

黄奇帆表示，尽管特朗普发起贸易战，拜登推行"小院高墙"政策，以及新冠疫情影响人员往来，外 界普遍感觉外资进入中国会减少，但实际情况是近十年来中国每年平均引进外资超过1200亿美元，较之 前十年翻番。 黄奇帆：外资为中国国内国际双循环起到桥梁作用 中国金融四十人论坛学术顾问、重庆市前市长黄奇帆在博鳌亚洲论坛2025年年会上表示，中国制造 经过十年的努力，产业链体系已比较完善，中国是全世界唯一拥有联合国产业分类中全部工业门类的国 家，产品结构、生产方式已经发生深刻变化。中国制造并非"闭门造车"，其发展跟世界合资、合作、开 发紧密相关。 "中国制造是美国制造的2倍，是日本与德国制造的4倍，总体上中国制造比美国+日本+欧洲的制造 加在一起还略高。"黄奇帆表示。 黄奇帆介绍，当前全球每年外资引进总额约1.3万亿美元，美国是引进外资最多的国家，而中国多 年来一直稳居世界第二，中国对外开放的势头非常好。 "外资企业占中国制造业就业人数的7%，占中国制造业企业税收的15%，说明外资企业效率是比较 高的。外资企业占整个中国制造业出口的30%，中国50%的高附加值出口是外资企业创造。"黄奇帆分 析称，外资在中国既为中国内循环出力 ...

2025博鳌亚洲论坛｜如何扫除经济障碍 3月25日—28日，博鳌亚洲论坛2025年年会在海南博鳌举行。本届年会以"在世界变局中共创亚洲未来"为主题，聚焦发展，促进对话。 "中国在对外开放进程中，持续吸引大量外资，制造业领域并非'闭门造车'，而是积极拥抱全球资本与技术""中国经济经历了风风雨雨，目前已经重新步入了 稳定健康可持续发展的轨道，中国经济的稳定回升态势已经确立，是不可逆的"……3月25日，在以"中国改革和发展的前瞻"为主题的高端对话上，重庆市原 市长黄奇帆以及国家发改委原副主任、中国经济体制改革研究会会长彭森就中国经济发展现状展开讨论。 在全球格局深度调整的历史关头，世界正经历百年未有之大变局，中国正经历着从高速增长向高质量发展的关键转型。这一大背景下，中国经济发展如何扫 清障碍，在对话中，黄奇帆、彭森也给出了答案。 中国经济稳定回升态势不可逆 在3月上旬举办的全国两会上，国务院总理李强在政府工作报告中对2024年的经济工作做了系统全面的总结，并对2025年的经济发展做了全面部署，确立了 国内生产总值增长5%左右的预期目标。 围绕政府工作报告提出的经济发展任务，彭森指出，近两年中国经济恢复经历了波浪式 ...

Core Viewpoint - The article discusses the population growth trends in key cities in China, particularly focusing on the strong provincial capitals of Changsha, Nanchang, and Hefei, which are attracting population from their respective provinces due to various economic and policy factors [3][80]. Group 1: Population Data of Key Cities - Twelve key cities have released their permanent population data, with Shenzhen leading in growth with an increase of 199,400 people, followed by Hefei, Changsha, and Nanchang, all exceeding 100,000 in growth [4][7]. - Beijing and Tianjin experienced zero growth, with Beijing losing 26,000 residents [5][6]. - The overall trend shows that after the seventh national census, cities like Shenzhen regained their population competitiveness post-pandemic [8][10]. Group 2: Factors Contributing to Population Growth - Hefei's population growth is attributed to its strong industrial base, particularly in the display and semiconductor industries, which have attracted significant investment and talent [14][31]. - Changsha benefits from relatively low housing prices, which have kept the cost of living manageable, leading to a population increase that topped the nation in 2022 [34][39]. - Nanchang's population growth has been more volatile, closely tied to its economic performance, with a notable rebound in 2024 linked to rising prices in the non-ferrous metals sector [44][56]. Group 3: Strong Provincial Capital Strategy - The article emphasizes the "strong provincial capital" strategy, where provincial capitals like Hefei, Changsha, and Nanchang are absorbing population from surrounding areas, leading to a decline in overall provincial populations [80][91]. - This strategy is seen as a necessary response to the economic dynamics between coastal and inland regions, where strong capitals can attract resources and talent [86][100]. - The phenomenon of population siphoning is evident, with cities like Hefei and Changsha showing significant growth while their respective provinces experience overall population declines [96][99].

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company [1]. Core Insights - The company, 微光股份, achieved an estimated operating revenue of 1.409 billion yuan in 2024, reflecting a year-on-year growth of 11.12% [18]. - The net profit attributable to shareholders is projected to be between 216 million and 226 million yuan, indicating a significant year-on-year increase of 78.39% to 86.65% [18]. - The company has seen growth in its main products, including refrigeration motors, fans, and servo motors [18]. - The overseas sales and orders have also maintained growth, with significant sales in Europe, Asia, and South America [18]. - The company is actively developing new markets and applications, particularly in its Thailand subsidiary, which has received production licenses and certifications [18][22]. Summary by Sections 1. Basic Research Information - The research was conducted on 微光股份 in the electric motor industry on February 20, 2025 [13]. 2. Detailed Research Institutions - Various investment institutions participated in the research, including 淳厚基金, 国泰基金, and 兴银基金 [14][15]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [17]. 4. Main Content Information - The company has developed three types of hollow cup motors and four types of frameless torque motors in 2024, with plans to expand its product series in 2025 [20]. - The servo motor sales exceeded 100 million yuan in 2024, primarily serving industries such as textile machinery, industrial automation, and robotics [20]. - The company has a consistent cash dividend policy since its IPO, with a total cash distribution of 549 million yuan [21]. - The company aims to align with the national "dual carbon" strategy, expanding its production capacity for efficient and energy-saving motors and fans [22].