本文字数：3914，阅读时长大约6分钟 作者 | 第一财经 刘晓洁 2025.05. 16 近几年，中国游戏行业在用户增长触顶、全球化竞争加剧的背景下，呈现出"冰火两重天"的态势，头 部游戏大厂年年增长创新高，而腰部有中小厂下滑、亏损，艰难转型。 甚至十强厂商的洗牌也在加剧，梳理2024年营收规模前十的游戏厂商，腾网之外的第三至第十名座次 剧烈变动，世纪华通、B站、金山软件西山居等厂商凭借爆款突围，而完美世界等昔日强者掉队，曾经 小而美的IGG和吉比特不见踪影。 头部的竞争壁垒更高了，2022年，十强门槛还是40亿元，2024年攀升至47亿元，行业增长放缓的同 时，集中度在进一步提升。前十厂商中，腾讯、网易两大巨头的份额超过80%，从两家一季度的强势 业绩来看，"双寡头"地位还在继续稳固。 CIC灼识咨询董事总经理姜骁潇对第一财经表示，游戏行业进一步头部集中化，意味着长尾的小型游戏 公司将会越来越难分到一杯羹，但世纪华通等厂商靠爆款突围，证明腰部阵营仍存机会。 | | | | 2024年营收Top10上市游戏公司 | | | | | --- | --- | --- | --- | --- | --- | -- ...

Core Insights - The European electric vehicle market has witnessed a historic shift, with BYD achieving a monthly sales figure of 11,123 units, surpassing Tesla's 6,253 units, marking a significant change in market dynamics across 14 European countries [1] Group 1: Market Performance - In Germany, BYD's sales reached 1,566 units in April, a year-on-year increase of 120%, while Tesla's sales fell by 45.9% to 885 units [2] - In the UK, BYD's sales surged to 2,511 units, a dramatic increase of 654% compared to the same period last year, while Tesla experienced a 62% decline [2] - In France, BYD sold 2,064 units in April, with 35% of sales coming from administrative users, challenging the stereotype of Chinese vehicles being low-priced and low-quality [3] Group 2: Strategic Initiatives - BYD's success in Germany is attributed to its CTB battery technology and local initiatives, including EU certification and the establishment of local R&D centers, which are reshaping the perception of "German manufacturing" [2] - In the UK, BYD's strategic partnership with Pendragon, the largest automotive dealer group, has facilitated local sales network integration and the development of right-hand drive models [2] - BYD's luxury brand, Tengshi, made its European debut during the Milan Design Week, showcasing the Z9GT model, which received over 2,000 pre-orders on the first day, with 70% coming from existing BBA customers [3] Group 3: Industry Implications - BYD's achievements in Europe signal a broader capability of Chinese automakers to compete with international giants in stringent markets, indicating a shift from simple product trade to a more complex model involving technology, localization, and brand elevation [4] - The dual revolution of electrification and intelligence in the automotive sector is being driven by Chinese companies leveraging their full industry chain advantages and continuous technological innovation [4]

Group 1: Shipping Sector - The recent surge in shipping stocks is attributed to new regulations from the International Maritime Organization (IMO) requiring shipowners to eliminate old vessels, leading to increased new ship orders [3] - The "Belt and Road" initiative has boosted trade along its routes, resulting in rising port throughput and high demand for containers [3] - Caution is advised as shipping stocks are historically volatile, with potential for rapid price fluctuations; long-term focus should be on companies with stable cash flow and new ship orders, such as COSCO Shipping [3] Group 2: Solar Energy Sector - Solar stocks have shown resilience, with companies like Euro Crystal Technology and GCL-Poly Energy experiencing consecutive gains [4] - Industry leaders are reportedly reducing production to stabilize prices, with silicon material prices expected to rebound to 45,000 [4] - The transition of solar from manufacturing to energy pricing is a significant policy shift, but overcapacity issues in the solar sector remain a concern; focus should be on companies with advanced technology and strong overseas orders, particularly in Southeast Asia [4] Group 3: Banking Sector - Bank stocks, such as Chongqing Bank and Xiamen Bank, have performed well due to supportive policies including interest rate cuts and targeted capital injections [5] - The combination of low valuations and high dividends makes bank stocks attractive for long-term investment, serving as a stable asset in turbulent markets [5] - Emphasis is placed on banks with stable dividends and low non-performing loan ratios, such as Chengdu Bank, as they offer better returns compared to traditional savings [5] Group 4: Market Overview - The current market environment is characterized by rapid sector rotation, with three main investment themes identified: green transformation in shipping, overseas expansion in solar, and high dividend yields in banking [8] - Investors are advised to maintain a cautious approach, keeping positions at around 50% to allow for flexibility during market corrections [8]

证券研究报告 2025 年 05 月 13 日 湘财证券研究所 行业研究 医疗服务事件点评 关税缓和双机遇：CXO 估值修复与医疗器械全球突围 事件： 2025 年 05 月 12 日，商务部公布了中美日内瓦经贸会谈联合声明。声明指 出：中美双方近期会将 4 月 2 日相关的 34%关税分为 24%（暂缓 90 天） 和 10%，中国还将暂停或取消自 2025 年 4 月 2 日起针对美国的非关税反 制措施。中美双方未来还会建立机制，继续就经贸关系进行协商。 核心要点： CXO 受中美关税影响较为复杂，政策边际缓和有望迎来估值修复 中美关税边际缓和有利于医疗设备降低生产成本，扩大海外市场份额 近年来国内企业在高端设备、介入治疗、诊断试剂等领域不断突破，逐步 替代进口产品。然而，由于部分关键零部件、检测设备仍依赖进口，关税 波动曾对企业的成本结构和利润空间构成压力。此次中美关税缓和，有助 于稳定供应链成本，提升企业在全球市场的竞争力，尤其是在美国 FDA、 欧盟 CE 等认证体系下的产品推广和市场渗透。 此外，中美关税缓和有利于直接销往美国的医疗器械企业的业务开拓：（1） 价格敏感市场机会增加：美国基层医疗市场 ...

以下文章来源于橙子不糊涂 ，作者橙子 橙子不糊涂 . 80后，集成电路背景，专注于AI硬科技、半导体领域的研究和投资。 申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 周六巴基斯坦胖揍印度把我看的一愣一愣的…因为巴基斯坦81%都是东大制式装备，印度也是欧洲、美 国、自研的散装铁疙瘩。最新是双方即时停战，比赛结束。在这场战斗里，巴基斯坦携东大武器打出了 风格，赛出了水平。 这次冲突的直接原因，是4月22日印控克什米尔地区针对游客的枪击事件，造成至少26人死亡多人受伤 （其中25人为印度人）。印度政府指控巴基斯坦支持实施袭击的"跨境恐怖分子"，但巴方否认与事件有 关，并呼吁国际调查。但 印度国内民粹主义情绪高涨，民众要求政府对巴采取强硬措施 。莫迪政府借 此机会升级对抗，包括： 1，单方面切断《印度河用水条约》，该条约保障巴基斯坦80%的农业用水，印度断水被巴方视为"战争 行为"； 2， 关闭边境口岸、驱逐外交官、暂停贸易… 这里有一个隐晦的逻辑，某些军用半导体的参数和要求，和高性能车规半导体相近，通过某些手 段，可以将其性能和稳定性加强，同时通过一些独特的封装手艺进行加固，进一步达到军品的要 求。这个 ...

Core Viewpoint - China's foreign trade industry is facing unprecedented challenges due to the imposition of tariffs by the United States, leading to significant disruptions in global markets and prompting companies to seek new strategies to navigate these difficulties [1][22]. Group 1: Impact of Tariffs on Companies - Companies are experiencing a sharp decline in orders, with a reported 30%-40% decrease in order volume and around 20% of production capacity idled due to increased tariffs [5][10]. - For example, a cable manufacturing company in Zhejiang, which previously generated over 1 billion RMB in sales, is now facing a drastic reduction in sales from millions to hundreds of thousands of dollars due to halted orders from American clients [3][5]. Group 2: Strategic Adjustments - In response to the tariff impacts, companies are rapidly shifting their focus to markets outside the U.S., establishing representative offices in countries like the UK, Germany, and Brazil to expand their business [6][8]. - A long-term strategy to develop non-U.S. markets was already in place, with performance incentives established to encourage employees to pursue opportunities beyond the American market [6][8]. Group 3: Domestic Market Opportunities - The domestic market is seen as a crucial alternative, with domestic consumption contributing over 60% to GDP, providing a strong foundation for companies to pivot away from reliance on U.S. orders [12][22]. - Companies are innovating and upgrading their products to meet domestic demand, with one furniture company successfully launching new products and utilizing trade fairs to penetrate the domestic market [14][15]. Group 4: Digital Transformation and Marketing Innovation - Companies are leveraging digital platforms and social media to enhance their marketing strategies, with one company successfully using short videos and live streaming to attract customers and secure orders [17][19]. - The shift towards online sales channels has allowed companies to establish a more targeted approach to marketing, resulting in significant order volumes from e-commerce platforms [20]. Group 5: Overall Trade Trends - China's foreign trade is showing signs of diversification, with a reported 5.26 trillion RMB in trade with Belt and Road Initiative countries in the first quarter, reflecting a 2.2% year-on-year increase [22]. - Despite the challenges posed by U.S. tariffs, Chinese foreign trade enterprises are actively seeking new markets and products, indicating resilience and adaptability in the face of external pressures [22].

Group 1 - The central government emphasizes stabilizing employment, enterprises, markets, and expectations to respond to external uncertainties with high-quality development, marking the first mention of "stabilizing enterprises" [1] - Foreign trade enterprises are facing order losses and inventory pressure due to tariff impacts, prompting local governments to assist these companies in finding new sales channels [1][19] - In Guangdong, a "foreign trade to domestic sales" matchmaking event was organized, where many companies arrived early to seek cooperation partners [1][3] Group 2 - Retailers are directly placing orders and providing comprehensive services from warehousing to distribution for these products, leading to ongoing networking among companies after the event [3] - In Shandong, local authorities are helping enterprises expand into global markets by organizing overseas trade negotiations and exhibitions [7] - The vice president of Dishang Group reported over a 10% increase in orders from European and Japanese markets compared to the previous year, supported by local government initiatives [9] Group 3 - A survey indicated that over 60% of small and medium-sized enterprises in China reported a lack of orders as their biggest challenge in April [12] - In Zhengzhou, a "one-on-one" resource linking service was launched to help enterprises connect with upstream and downstream markets [14][16] - The Ministry of Industry and Information Technology is collaborating with 16 departments to implement 73 specific service measures to address issues like insufficient orders [18] Group 4 - Financial support is being provided to help foreign trade enterprises find sales channels, with various regions injecting "financial vitality" into businesses [19] - In Mianyang, a lithium-ion battery manufacturer received a special loan to alleviate short-term financial pressures, allowing them to stabilize production and expand market reach [21][23] - In Suzhou, a 2 billion yuan fund was established to assist enterprises in overcoming liquidity challenges and loan repayment pressures [29][31] Group 5 - Local governments are facilitating innovation and development by connecting enterprises with research teams and universities to overcome technical challenges [38][40] - In Hefei, a technology demand list was released to promote collaboration between enterprises and research institutions, enhancing innovation and industry synergy [42] - The Ministry of Industry and Information Technology is building a national service network for small and medium-sized enterprises, supporting over 100,000 companies with digital transformation initiatives [50]

美国滥施关税持续引发国际社会强烈反对和批评，同时造成全球贸易格局剧烈震荡，我省外贸企业遭遇 严峻挑战。近日，记者寻访多家外贸企业了解到，有的企业凭借过硬产品质量让老客户不离不弃，有的 通过技术攻坚与智造升级提升国际竞争力，有的聚焦研发破除技术壁垒，还有的积极开拓新市场构建稳 固格局。 在复杂的国际贸易形势下，一场充满智慧与韧性的外贸突围战正在全面打响。 □ 本报记者 张宣 黄泽文 王甜 刘春 练好内功！"打铁必须自身硬" 关税的壁垒，并没有挡住订单的生产——4月28日，南京朗乾机电有限公司的生产车间里机器轰鸣声不 断。"朗乾机电正在赶制的几笔新能源充电桩订单，将出口到欧洲、中亚、非洲等地。"公司进出口业务 部总监杨珩说，美国对于汽车零部件、维修改装市场需求很大，但近几天美国客户下单量明显减少，不 过，仍然有老客户"非下单不可"。和朗乾机电合作多年的美国客户表示，"朗乾机电的产品质量过硬， 认准了！" 当前，国际贸易来到新的转折点。杨珩回忆，早在10余年前，朗乾机电对美出口的份额能占到80%，剩 下20%是亚太市场，欧洲市场当时完全没有开拓。如今，欧洲市场占比超80%，新兴市场达到10%，美 国市场已下降到10 ...

"爆棚"的秘诀是什么？ 新兴市场仍是广交会最大客源地。其中，共建"一带一路"国家采购商187,450人，增长17.4%，占比达64.9%。金砖国家采购商 72,417人，增长24.1%。RCEP成员国采购商64,808人，增长6.9%。欧美采购商51,862人，增长3.4%；140家工商机构组团参会， 增长17.6%。头部跨国采购企业达376家，创历史新高。 "爆棚"的秘诀是什么？ 为此，本届广交会在过往专场发布、连线推新、企业展新、官网上新等新品发布活动的基础上，首次设立新品直播站，并与36氪 合作打造线上圆桌对话直播专场，在广交会第一期、第二期播出，与广交会品牌企业、国家级专精特新"小巨人"、国家技术创新 示范企业、国家企业技术中心企业、省级制造业单项冠军、工信部绿色制造名单企业、上市公司等标杆企业的决策者与产品操盘 手对话。 与传统产品推介截然不同的是，本届广交会与36氪联合的直播以"创新方法论"为主线，着重探讨产品力重构这一关键议题：如何 巧妙运用技术迭代与精准用户洞察，打造别具一格的差异化竞争力？通过经典案例拆解，深度揭示行业共性痛点，并提出切实可 行的解决方案，全力挖掘具有广泛适用性的创新框架，以 ...

"新"抓住了采购商眼球，以市场需求为导向也留住了他们的脚步。在广交会现场，时不时能看到骑着电动行李箱穿行而过的外商；也能看到现场拿着"翻译 神器"展客商，面对面热情地交流；热爱喝咖啡的外商，体验着水瓶大小的便携意式咖啡机…… "爆棚"的秘诀是什么？ 7 18 2 The Count 1F -1F 在世界经济，尤其是国际贸易，正面临着极大的不确定性的背景下，有着中国外贸"晴雨表"和"风向标"的广交会，第137届数据实现逆势上扬。 从广交会公布的数据来看，展览总面积155万平方米，展位总数约7.4万个，参展企业约3.1万家。其中出口展展位数近7.3万个、参展企业首次突破3万家，比 上届增加近900家；广交会第一期吸引了来自全球216个国家和地区的148,585名境外采购商到会；第二期已吸引全球218个国家和地区的195,851名境外采购商 到会…… 截至5月4日，219个国家和地区的288,938名境外采购商到会，较第135届广交会同比（下同）增长17.3%，到会境外采购商人数创下新高。新老采购商到会人 数分别达171,750人、117,188人，分别增长14.6%、21.4%。 新兴市场仍是广交会最大客源地。其 ...