我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 2 、 2 场深度沙龙，助力链接当地资源 从去年开始，越来越多的芯片人开始把目光投向海外市场。在技术创新与本土竞争趋于白热化的背 景下， "出海" 成为产业升级与持续增长的新选项。 但芯片人想要做到真正出海并不容易，背后需要对终端市场、区域法规、技术趋势与产业节奏的真 正理解，真正看清趋势、理解产业、建立链接，比 "走出去"本身更重要。 因此， 9 月 4 日至 9 月 14 日 ，芯片超人决定开启 "挖掘欧洲电子领域芯动向" 德国商 务考察活动 ，实地走访德国 柏林、莱比锡、德累斯顿、斯图加特以及慕尼黑 五个城市，重点聚 焦 全球两大顶级展会： IFA 柏林国际消费电子和家电产品展览会 与 IAA 德国国际汽车及 智慧出行博览会 （简称"慕尼黑车展"） ，带大家一起走进欧洲电子产业的最前沿，实地理解消 费电子与汽车电子的真实需求与发展方向。 IFA ，源于 1924 年，作为 世界上规模和影响力最大的国际视听及消费类电子产品展览会之一 ，上一届 IF ...

Group 1 - The core point of the news is the strategic merger between Zhongke Shuguang and Haiguang Information, marking the first absorption merger between listed companies under the new merger and acquisition regulations in China [1] - The merger aims to enhance technological synergy and strengthen ecological advantages, with Zhongke Shuguang's expertise in high-end computing, storage, and cloud computing complementing Haiguang Information's focus on domestic architecture CPUs and core chip design [1] - The merger is expected to optimize the industrial layout from chips to software and systems, consolidating high-quality resources across the information industry chain and leveraging the leading role of the merged entity [1] Group 2 - During the suspension of trading, related ETFs have attracted attention, with significant capital inflow, such as over 15 million yuan into the Information Technology ETF (562560) [2] - The ETF tracks the CSI All-Share Information Index, where Haiguang Information and Zhongke Shuguang rank as the 5th and 9th largest constituent stocks, respectively, accounting for nearly 5% of the index [2] - The merger signals a substantial phase in the consolidation of China's computing power industry chain, with expectations for increased focus on technology and merger integration in the market [2]

Group 1 - The core investment logic in the new consumption sector is "high-quality supply creates demand," with many consumer companies achieving sustainable profit growth through product innovation, channel optimization, and model upgrades after three years of industry adjustment [1] - The company remains optimistic about the trend of leading companies in the trendy toy sector, noting that despite short-term stock price increases, the demand explosion in strong consumer markets like Europe and the U.S. is just beginning, and these companies have matching performance growth trends and valuation levels [1] - In the innovative drug sector, China's leading pharmaceutical companies are now capable of developing globally competitive drugs, and recent acquisitions by multinational pharmaceutical companies are beginning to adopt global fair pricing, pushing industry valuations towards reasonable levels [1] Group 2 - The restructuring of global supply chains is benefiting companies with overseas capabilities, which are seizing market share through cost control and rapid response advantages [2] - The recovery of the consumer sector is not uniform but shows clear structural characteristics, with a focus on global expansion in new consumption, valuation recovery in innovative drugs, and order fulfillment in overseas companies to find investment opportunities [2] - The company aims to identify "true growth" stocks in the differentiated industry landscape while adhering to the principle of "selecting growth stocks while considering valuation" to create long-term stable returns for investors [2]

来源：雪球 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：边城浪子1986 二、有风口预期 比如2021年中广核新能源有碳中和风口，2024年中烟香港有出海风口，2025年招金矿业有金价 大涨风口，2024年底的腾讯、阿里有Ai风口。 三、市值越小，弹性越高 在预期确定的情况下，市值越小，弹性越高。像市值偏小的中广核新能源、中烟香港都是几倍涨 幅。 而大象腾讯、阿里短期涨幅就相对小一些，因为市值越大，推动上涨所需的资金越多。 像黄金风口的招金矿业就涨不过市值较小的灵宝黄金。 一些球友对我能不断从一只好的标的，切换到另一只好的标的感到好奇。除了自己本身就花大量 时间研究和收集标的外，经常是研究到凌晨1、2点，甚至3、4点。套用一句湖远行的话：我勤奋 一点不比别人差，选出好股的人为什么不能是我呢？ 当然除了勤奋以外，我的选择投资标的的标准主要有以下几点： 一、市值偏小，但大股东实力强劲 就是标的的市值比较小，但大股东却是巨头，这样未来的想象空间和资产注入空间就比较大，容 易得到大股东的扶持，未来市值增长空间就比较大。典型的就是中烟香港。中烟香港在2024年低 位时市值 ...

Key Insights - The overall sentiment in the construction industry is showing signs of decline, with the business activity index dropping to 51.9% in April, a decrease of 1.5 percentage points from the previous month [6][7] - Fixed asset investment growth has slowed, with a total of 14,702.4 billion yuan in investment from January to April, reflecting a year-on-year growth of 4.0%, which is a decrease of 0.2 percentage points compared to the first quarter [7][8] - Infrastructure investment growth remains high, with broad infrastructure investment growth at 10.86% and narrow infrastructure investment growth steady at 5.8% for the same period [8][9] - Real estate development investment has decreased by 10.3% year-on-year, with a total of 2,773 billion yuan from January to April, indicating a worsening trend compared to the previous quarter [9][10] - The market concentration in the construction industry is increasing, with the market share of the eight major state-owned construction enterprises rising from 24.38% in 2013 to 47.43% in 2024 [10] ESG Insights - As of May 30, the majority of companies have seen an increase in their ESG scores, with 2,549 companies improving their ratings, while 731 companies saw a decline [2][4] - The average change in ESG scores for companies with improved ratings was 0.27%, while those with decreased ratings experienced an average change of -0.37% [2][3] - The top ten industries with rising ESG scores include banking, utilities, coal, steel, oil and petrochemicals, real estate, beauty and personal care, transportation, non-ferrous metals, and retail, all exceeding a 55% increase in ESG scores [2]

Group 1 - The core viewpoint of the articles highlights the importance of compliance and attention to detail in international business, particularly for Chinese companies operating abroad, as these factors are becoming critical variables in cross-border operations [2] - A report indicates that a young entrepreneur has achieved a remarkable growth story with an AI recording device, generating annual revenues of $100 million, showcasing the potential for success in overseas markets backed by China's robust supply chain [3] - The Japanese economy emphasizes the protection of compliant businesses, particularly in the restaurant sector, which has thrived due to strong regulatory support for those adhering to rules [4] Group 2 - BYD plans to launch a micro electric vehicle in Japan next year, with product development and market preparation progressing as scheduled, while pricing will be determined based on local market conditions and consumer demand [5] - AliExpress continues to grow in South Korea, with actor Ma Dong-seok remaining as its spokesperson for the third consecutive year; the platform has captured 85% of the total payment volume in the cross-border e-commerce sector, which is projected to reach 4.2 trillion KRW in 2024, three times that of 2022 [6] - KrASIA aims to enhance the global brand presence of Chinese companies through English media services, focusing on Southeast Asian business audiences and leveraging top-tier information platforms for effective communication [6]

Group 1 - The core point of the news is the strategic restructuring announcement between Haiguang Information and Zhongke Shuguang, where Haiguang will absorb and merge Zhongke through a share exchange and raise supporting funds by issuing A-shares [1] - Zhongke Shuguang is a leading enterprise in China's server and computing infrastructure sector, listed on the Shanghai Stock Exchange since November 6, 2014 [1] - Haiguang Information is a leading company in China's CPU and GPU (AI chip) market, having been listed on the Sci-Tech Innovation Board on August 12, 2022 [1] Group 2 - The suspension period for trading is set to be no more than 10 trading days, with the latest resumption date being June 9, indicating a potential resumption of trading this week [1] - According to Minsheng Securities, the merger will enhance Haiguang's system integration capabilities, promoting the large-scale application of domestic chips in key industries such as government, finance, telecommunications, and energy [1] - The news suggests investment opportunities in technology mergers and acquisitions, particularly in the computing power industry, with a recommendation to pay attention to the Information Technology ETF (562560), which tracks the CSI All-Share Information Index [1]

Industry Overview - The U.S. President Trump announced an increase in steel and aluminum import tariffs from 25% to 50%, aimed at protecting the domestic steel industry, effective June 4 [1] - The China Council for the Promotion of International Trade reported that over $3 billion in cooperation agreements were signed between China and Latin American countries this year [2] - The China Association of Automobile Manufacturers reported that the total import and export value of automotive goods in April was $23.09 billion, with a month-on-month increase of 6.8% but a year-on-year decrease of 2.2% [3] - Hong Kong's overall export value in April increased by 14.7% year-on-year, reaching HKD 434.5 billion, while imports rose by 15.8% [4] Company Performance - Pinduoduo's latest quarterly report showed revenue of approximately RMB 95.7 billion, a 10% year-on-year increase, but operating profit fell by 38% [5] - Kuaishou reported a 32.7% year-on-year increase in overseas revenue, achieving positive operating profit for the first time in a single quarter [6] - Bawang Tea's overseas market GMV grew by 85% year-on-year, with total GMV reaching RMB 8.23 billion in Q1 [13] - Xiaomi's global smartphone shipments reached 41.8 million units in Q1, marking a 3% year-on-year increase [14] - Nayuki Tea's new store in Thailand generated nearly THB 350,000 (approximately RMB 77,000) in its first month of operation [15] Market Expansion - Temu has officially launched its overseas warehouses in the U.S., preparing for significant local stock [9] - Taobao is entering the Australian market, offering free shipping and local return services during the 618 shopping festival [10] - AliExpress has opened its platform to local sellers in Germany, enhancing its competitive edge in the local e-commerce landscape [11] - Didi has launched its overseas car-hailing service in 11 countries and 26 cities to cater to Chinese tourists [12] - GAC Group has officially entered the Brazilian market, planning to sell 8,000 vehicles by the end of this year and 29,000 by 2026 [18]

Core Insights - The article highlights the significant growth opportunities for Chinese companies in overseas markets, particularly in Southeast Asia and the Middle East, with a focus on Indonesia's $50 billion healthcare market and various successful expansions by Chinese brands [3][4][6][7][9][10]. Group 1: Market Opportunities - 36Kr is organizing events to help Chinese companies explore opportunities in Indonesia's $50 billion healthcare market, featuring insights from Indonesian government officials [3]. - The Chinese Ministry of Commerce reported that the China-Latin America economic cooperation agreements have exceeded $3 billion this year, indicating strong bilateral trade relations [4][12]. - The automotive sector shows promise, with China's automobile exports reaching $19.39 billion in April 2025, reflecting a 6.9% month-on-month increase [17]. Group 2: Company Performances - Bawang Tea's Q1 report shows an 85% increase in overseas GMV, with a total of 6,681 global stores [6]. - Kuaishou achieved its first quarterly profit in overseas operations, with a 32.7% year-on-year revenue growth [6]. - Wanglaoji has initiated localized production in Malaysia, marking its first overseas manufacturing effort [7]. Group 3: Strategic Expansions - GAC Group has launched operations in Brazil, planning to introduce five new vehicle models and expand its sales points significantly by 2025 [12]. - WeRide is entering the Saudi market with plans for comprehensive Robotaxi services by 2025 [9]. - Xiaomi's Q1 revenue reached RMB 111.3 billion, with a focus on expanding its market share in Africa [10]. Group 4: Investment and Financing - TanTu Technology completed a 200 million RMB Series B financing round to enhance its core component development and global market expansion [4]. - BoLi New Materials raised over 200 million RMB in Series B funding to accelerate 3D printing technology development [20]. - Chenglian Technology secured nearly 200 million RMB in B+ round financing to support its global expansion and product upgrades [21].

Group 1: Industry Insights - A series of themed events will be launched to help Chinese companies explore opportunities in Indonesia's $50 billion healthcare market, featuring insights from Indonesian government officials [2] - The Chinese Ministry of Commerce announced the completion of the 3.0 version upgrade negotiations for the free trade area with ASEAN, aiming to enhance trade and investment cooperation [12] - The China-Middle East and Gulf Cooperation Council (GCC) summit highlighted the potential for deeper economic collaboration, particularly in digital economy and green energy sectors [12] Group 2: Company Developments - Bawang Tea Ji reported a 38% year-on-year increase in total GMV to 8.23 billion yuan in Q1 2025, with overseas GMV growing by 85.3% to 178 million yuan [3] - Kuaishou's overseas revenue reached 1.3 billion yuan in Q1 2025, marking a 32.7% year-on-year growth, with the company achieving its first quarterly operating profit in international markets [3] - Wanglaoji has initiated local production in Malaysia, marking its first overseas manufacturing venture, which will also serve markets in Indonesia and Thailand [4] Group 3: Market Expansion - GAC Group has officially launched operations in Brazil, planning to establish 120 sales points by the end of 2025 and introduce five new vehicle models [9] - Xiaomi's Q1 2025 revenue reached 111.3 billion yuan, a 47.4% increase, with a focus on expanding its market share in Africa [7] - Pinduoduo's Q1 2025 revenue was 95.7 billion yuan, a 10% year-on-year increase, but faced challenges with a 38% decline in operating profit [8] Group 4: Strategic Partnerships - Xiaoma Zhixing has partnered with the Dubai Roads and Transport Authority to launch a Robotaxi fleet, with plans for full commercial operation by 2026 [6] - WeRide is set to enter the Saudi market with plans for comprehensive Robotaxi services by 2025, having already tested its products in key cities [6] - Meituan's new business segment reported a revenue increase of 19.2% to 22.2 billion yuan in Q1 2025, with a focus on international expansion [6]