"过去中国药企'出海'，多凭借成本优势参与低端市场竞争。现在，国际市场更看重企业是否具备国际 化质量体系、持续交付能力和全流程服务能力。质量体系和合规能力是进入全球市场的'硬门槛'。"宣 泰医药（688247.SH）创始人、董事方云日前做客《沪市汇·硬科硬客》第二季第6期节目"供应链'再出 海'"时如是说。 方云表示，在全球化局部加速与国际竞争日趋激烈的当下，供应链已从企业运营的支撑环节升级为核心 竞争力的关键载体。对于受到严格监管的医药行业而言，供应链的稳定性、合规性与全球化适配能力， 直接关系到患者用药可及性与企业生存的命脉。 作为科创板上市的医药企业，宣泰医药成立之初便确定了国际化发展路径，按国际标准建设研发与生产 体系，并通过多方面设计和不断完善，构建起极具强韧性的供应链，成为中国医药产业供应链"再出 海"的鲜活样本。 宣泰医药创始人、董事方云 战略迭代：从产品"出海"到能力输出的本质跨越 中国企业的"出海"历程，正经历着从规模扩张到价值深耕的深刻变革。 在方云看来，对制药体系而言，"走出去"是一个必需的环节。过去，医药行业"出海"聚焦产品出口。而 当前，医药行业"再出海"早已完成了两大核心转变，即从 ...

Core Insights - The article discusses the recent phase agreement between China and the U.S. to "pause" certain tariffs, indicating a temporary ceasefire in trade tensions, but warns against viewing this as a resolution to the broader U.S.-China relationship [1] - It highlights a shift in U.S. trade policy from merely correcting trade deficits to a more complex strategy aimed at long-term containment of China's industrial upgrades, influenced by domestic inflation and manufacturing costs [1][4] - The article emphasizes the need for A-share investors to adapt to a new valuation logic that prioritizes "safety and resilience" over "efficiency and growth" in the context of ongoing tariff negotiations [1][8] Macro Mechanism - The U.S. trade policy has evolved into a bipartisan consensus characterized by a systematic approach to competition, moving from a focus on trade deficits to a strategy aimed at containing China's industrial advancements [3] - The recent tariff proposals, including a 34% punitive tariff on China, were initially perceived as a threat to globalization, but the subsequent pause indicates a recognition of the high costs associated with unilateral tariffs [2][4] Industry Impact - The normalization of tariff negotiations is expected to fundamentally reshape the valuation logic of A-share industries, with a shift towards valuing companies based on their ability to withstand external shocks and maintain supply chain resilience [8] - The technology sector is experiencing a revaluation towards "self-sufficiency," as companies seek to mitigate risks associated with U.S. trade policies by increasing domestic production capabilities [9] - Advanced manufacturing is transitioning from a "product export" model to a "capacity export" model, with companies establishing overseas production bases to navigate tariff barriers and geopolitical risks [10] Micro Strategies - Companies are shifting from an "efficiency-first" approach to a "resilience-first" strategy, necessitating increased inventory and diversified supply chains to mitigate risks from trade tensions [13] - There is a growing emphasis on "hardcore" innovation and reducing reliance on U.S. technology, with firms investing in foundational research and development to enhance their competitive edge [14] Long-term Investment Strategy - The article suggests that investors should focus on three categories of assets that are likely to thrive amid ongoing trade tensions: technology leaders achieving domestic breakthroughs, manufacturers with global production capabilities, and consumer brands benefiting from domestic market growth [16]

今年9月12日，波兰政府突然宣布关闭所有与白俄罗斯相连的边境口岸。 普通人听起来，好像没什么大不了？但对中国外贸圈来说，这简直是一个炸雷。 因为波兰的马拉舍维奇口岸，是中欧班列进入欧洲的"生命通道"。这个口岸承载着近九成的中欧铁路货运量，每天有数十列满载中国货物的列车要从这里 经过，再分拨到欧洲26个国家的200多座城市。 中欧班列火车 结果呢？短短几天内，约300列中欧班列被迫滞留在了白俄罗斯境内。从成都发往杜伊斯堡的圣诞订单货运列车，在边境线前彻底停摆；西安、重庆的工 厂老板们急得像热锅上的蚂蚁，因为班列停摆直接冲击高附加值货物运输（如芯片、新能源设备），物流成本短期飙升15%。 如果对比传统海运，班列每箱比海运省2000-4000美元，1170万箱≈省下234亿-468亿美元，换成人民币≈1600亿-3200亿。 但更有意思的事情在同时在发生。 就在波兰关闭口岸11天后的9月23日，一艘蓝白相间的PC6级破冰集装箱船从宁波舟山港缓缓驶离。这艘名为"伊斯坦布尔桥梁号"的中国货轮，承载着光 伏组件、储能柜和跨境电商货物，总价值2亿美元，经过18天航程后，抵达了英国弗利克斯托港。 它的航线不走传统的马六甲海峡 ...

Core Insights - The global bauxite supply chain is undergoing a structural transformation driven by resource nationalism, high foreign dependency of China, and oversupply in downstream alumina [1][2][3] Group A: Structural Changes in Global Supply and Demand - The core contradiction in the market has shifted from short-term supply-demand balance to a supply chain resilience crisis influenced by geopolitical and industrial policies [2] - Guinea, as the largest and fastest-growing supply source, has seen a 38.2% increase in bauxite imports to China from January to October 2025, accounting for over 70% of total imports [3] - Guinea's government is transitioning from encouraging mineral exports to enforcing local processing, which will fundamentally alter global bauxite trade flows and pricing mechanisms [3][4] Group B: Challenges in Traditional Supply Sources - Australia faces dual challenges of aging infrastructure and rising energy costs, impacting its cost competitiveness in the bauxite market [4] - Emerging supply countries like Indonesia and Tanzania are hindered by fluctuating ore grades, inadequate infrastructure, and regulatory instability, making them unreliable alternatives to Guinea [4] Group C: Demand Dynamics in China - China's bauxite consumption reached 222 million tons from January to October 2025, with imports making up 77.23% of this demand, indicating a heavy reliance on foreign sources [4] - The structural imbalance in China's aluminum industry is evident, with planned alumina capacity additions significantly outpacing those for electrolytic aluminum, leading to long-term oversupply in the alumina market [5] Group D: Inventory Trends and Implications - As of November 2025, China's port inventory of bauxite exceeded 22 million tons, a year-on-year increase of approximately 50.7%, reflecting a supply surplus and weak demand [6][7] - High inventory levels serve as both a buffer against supply shocks and a warning signal of underlying demand issues, impacting financial costs for companies [7] Group E: Long-term Cost Structure Changes - Resource nationalism is reshaping the global mineral resource value distribution, leading to an upward shift in long-term cost structures for bauxite [8][9] - New costs, including localization premiums and ESG compliance costs, are being integrated into the traditional mining cost structure, affecting pricing dynamics [8][9] Group F: China's Strategic Responses - China is focusing on resource security through domestic resource development and increasing recycling efforts, aiming for a 3%-5% growth in domestic bauxite resources by 2027 [12] - The strategy also includes diversifying import sources and investing in alumina production facilities in resource-rich countries like Guinea, which may shift dependency from bauxite to alumina [12][13] Group G: Future Market Dynamics - The competitive landscape will shift from supply assurance to cost competition, with companies possessing stable, low-cost bauxite resources or integrated supply chains gaining a competitive edge [13]

如果您希望可以时常见面，欢迎标星收藏哦~ 德国公司默克电子周一表示，其位于台湾南部、投资 5 亿欧元（5.79 亿美元）的化工厂已开始 进行资质认证程序，这是该工厂开始大规模生产用于制造人工智能芯片的材料之前的最后一步。 "新工厂是我们半导体材料以及电子业务在全球最大的生产基地，"默克电子业务首席执行官兼执 行董事会副主席凯·贝克曼周一告诉记者。 新工厂生产的一种特别重要的芯片材料是薄膜，它能够实现原子级的材料沉积或去除，从而实现 更多层、更高复杂性和新型芯片架构，这对于先进的半导体至关重要。 贝克曼表示，随着新工厂投入运营，该公司可以满足当地约 80% 的薄膜材料需求，以及超过 50% 的总体材料需求。 首席执行官表示，默克公司早在六七年前就采取了"本地化战略"，以更好地服务客户，此举也增 强了跨区域的供应链韧性。他还补充道，公司在台湾的客户始终走在新技术开发的前沿，而台湾 作为这家德国供应商的重要基地，未来只会变得更加重要。 他表示："加工步骤的增加将导致材料用量增加。"他还补充道，由于材料的集成和定制在芯片制 造中至关重要，因此芯片材料制造商必须与客户在其工厂内开展合作。 默克公司表示，目前该公司在台湾 ...

阿通社11月24日消息，2025年五大行业展览会（BIG5 Global 2025）在迪拜世贸中心开幕。本届展 会聚焦供应链韧性、技术进步、可持续建造与人才赋能。本届首次设立由可回收材料搭建的可持续中国 馆，展示绿色与科技创新成果。主办方DMG表示，展会将促进建筑与工程领域的全球交流，推动行业 在低碳与数字化方向加速发展。 （原标题：2025年迪拜五大行业展览会开幕） ...

Core Viewpoint - The company is experiencing a successful wave of PC upgrades driven by Windows 11, with stable profit margins reflecting supply chain resilience. Non-GAAP net profit estimates for FY2026-2028 have been raised, indicating strong growth potential [1]. Group 1: Financial Performance - In FY2026Q2, the company reported revenue of $20.452 billion, a year-on-year increase of 14.6%, and a non-GAAP net profit of $512 million, up 25.2%, with a net profit margin of 2.5%, an increase of 0.2 percentage points year-on-year [1]. - The IDG segment generated revenue of $15.11 billion, growing 11.8% year-on-year, with Lenovo's PC shipment growth outpacing the industry at 17.3% compared to 9.4% [1]. - The ISG segment achieved revenue of $4.087 billion, a 23.7% year-on-year increase, with strong demand for AI servers, although it reported an operating profit margin of -2.7%, indicating a narrowing loss rate [1]. - The SSG segment's revenue reached $2.556 billion, up 18.1% year-on-year, with deferred revenue of $3.6 billion, reflecting a 17% increase and enhancing business predictability [1]. Group 2: Supply Chain Resilience - The company demonstrates strong supply chain resilience, effectively managing price fluctuations in components due to its significant purchasing power and superior bargaining capabilities compared to peers [2]. - The stable performance of the IDG segment and the narrowing loss rate in the ISG segment serve as evidence of the company's ability to adapt to cost impacts through product and customer structure adjustments [2].

投资评级：买入（维持） | 日期 | 2025/11/21 | 初敏（分析师） | 杨哲（分析师） | | --- | --- | --- | --- | | 当前股价(港元) | 9.680 | chumin@kysec.cn | yangzhe@kysec.cn | | 一年最高最低(港元) | 13.600/6.570 | 证书编号：S0790522080008 | 证书编号：S0790524100001 | | 总市值(亿港元) | 1,200.77 | | | | 流通市值(亿港元) | 1,200.77 | | | | 总股本(亿股) | 124.05 | | | | 流通港股(亿股) | 124.05 | | | | 近 3 个月换手率(%) | 44.01 | | | win11 换机潮如期兑现，利润率稳健体现供应链韧性 win11 换机潮、AI PC 渗透率提升如期兑现，三大业务利润率稳定验证公司供应 链的韧性，我们上调 FY2026-2028 财年 non-gaap 归母净利润至 17.6/20.7/23.6 亿 美元（前次为 16.7/19.6/23.0 亿美元），同比增长 21.8%/ ...

□ 本报记者 吕尚泽 日前，中国光大银行推出了"支持新型工业化金融服务方案"（下文简称"方案"），系统性地提出了涵盖 政策、产品、服务、机制创新等40项具体工作举措，旨在构建与新型工业化进程同频共振的现代化金融 服务体系，彰显了国有金融机构服务国家战略的"光大担当"与"光大速度"。 构筑产业创新与供应链韧性"安全网" 新型工业化是以科技创新为驱动，迈向高端、智能、绿色、安全的现代化产业体系进程。其资金需求规 模大、周期长、领域新、风险特征复杂，对传统金融服务模式提出了严峻挑战。 在核心的信贷支持领域，光大银行摒弃"大水漫灌"，转向"精准滴灌"。方案明确，将进一步细化对集成 电路、工业母机、仪器仪表等事关国家产业安全和竞争力的重点领域及产业链的行业授信政策。这意味 着，银行将从行业研究、客户准入、审批标准、风险定价、贷后管理等全流程进行优化，使信贷资源更 快速、更顺畅地流向产业链最关键、最急需的环节。值得注意的是，光大银行将目光聚焦于产业链上 的"毛细血管"——创新产业供应链企业，通过定制化的供应链金融产品，解决其因轻资产、高成长性而 面临的融资难题，从而夯实整个产业链根基。 在服务保障层面，光大银行通过建立总 ...

Core Viewpoint - The UAE is committed to promoting open, rules-based international trade to foster global sustainable economic growth [1] Group 1: Trade Initiatives - The UAE's Minister of Foreign Trade, Thani Al Zeyoudi, emphasized the importance of open trade during the first ministerial meeting of the FITP [1] - A "Ministerial Declaration on Supply Chain Resilience" was released to enhance cooperation in addressing supply chain risks [1] Group 2: Digital Trade - The UAE has initiated a working group focused on digital and paperless trade to promote the adoption of international standards [1]