Core Insights - The third China International Supply Chain Promotion Expo (Chain Expo) opened in Beijing with the theme "Linking the World, Creating the Future" [1] - The expo features six major supply chain categories, showcasing global cooperation in industry and supply chains [1] - Over 65% of participating companies are from the Fortune Global 500 and industry leaders, with a total of 1,200 companies represented [2] Industry Highlights - The advanced manufacturing chain exhibition showcased a full industry chain from R&D to high-end equipment manufacturing, highlighting low-altitude economy and robotics [3] - The green agriculture chain presented a clear "from farm to table" logic, while the health life chain covered a full lifecycle service from birth to elderly care [3] - The expo serves as a bridge for international cooperation, allowing companies to share experiences and explore collaboration opportunities [4] Regional Cooperation - The expo expanded participation from various provinces, showcasing regional strengths in supply chains [5] - A significant focus was on AI and digital technology, with events like the "Smart Chain Global" conference planned during the expo [5] - Companies from Hubei demonstrated their capabilities in humanoid robotics, showcasing applications in various sectors [6] Innovation and New Technologies - The expo featured over 230 first-time exhibitors and more than 100 new products and technologies, marking a 10% increase from the previous year [7] - Innovation is emphasized as a core aspect of the expo, with companies seeking partnerships and solutions to drive strategic emerging industries [7]

Group 1 - The third China International Supply Chain Promotion Expo (Chain Expo) opened in Beijing, showcasing 28 outstanding Shenzhen enterprises, including Steady Medical, UBTECH, and Dazhong Laser, highlighting Shenzhen's core position in the global supply chain [1][2] - The expo attracted 651 companies from 75 countries and regions, with over 65% being Fortune Global 500 and industry-leading firms, emphasizing the event's international significance [1] - Compared to previous editions, this year's Shenzhen exhibitors shifted from "comprehensive participation" to "precise focus," emphasizing hard technology and green transformation, with an increase in national-level specialized "little giant" enterprises [1] Group 2 - UBTECH showcased its commercial humanoid robot Walker C, which is the world's first full-size running humanoid robot, demonstrating over 500 performances [2] - Shenzhen is positioned as a key node in the global supply chain, leveraging its geographical advantages, policy support, and technological innovation to connect domestic and international markets [2] - Several Shenzhen companies, including Better Battery, Steady Medical, and BGI Group, will unveil their latest technological and product innovations during the expo, reflecting Shenzhen's role in global supply chain collaborative innovation [2]

Core Viewpoint - The Chain Expo has emerged as a pivotal platform for enhancing global supply chain collaboration and accelerating technological innovation, attracting international institutions and foreign enterprises to explore cooperation opportunities in China [1][2]. Group 1: Supply Chain Development - The Chain Expo is recognized as the world's first national-level supply chain exhibition, facilitating global industrial collaboration [1]. - China's continuously innovating and upgrading supply chain is seen as a catalyst for global progress, providing more collaboration opportunities for international entities [1]. - The supply chain in China is increasingly robust and upgraded, with many products being developed and manufactured domestically for both local and global markets [1]. Group 2: International Participation - The participation of foreign exhibitors at the Chain Expo is growing, indicating a shift in perception towards China as a global supply chain hub [2]. - The event fosters personal relationships and trust among participants, encouraging not only contract signings but also potential investments [2]. - Small enterprises are also establishing partnerships at the Chain Expo, highlighting its significance beyond just multinational corporations [2].

Summary of Conference Call for Yingliu Technology Industry Overview - The demand for gas turbines, optical modules, and PCBs is driven by large-scale investments in overseas data centers, positively impacting related US stock sectors [2][4] - The domestic military aviation engine sector is expected to see growth in new model deliveries despite 2025 being a small year for military products [2][6] - The domestic civil aviation engine market exceeds 100 billion RMB, currently reliant on imports, with domestic engines like the Changjiang series maturing [2][6][7] - The global market for civil aviation engines is highly concentrated, dominated by GE Aviation, Pratt & Whitney, and Rolls-Royce, with high demand but limited delivery capacity [2][7] Company Insights - Yingliu Technology has diversified its operations across military engines, gas turbines, oil and gas, mining, and nuclear power, establishing a platform development model [3][9] - The company’s order backlog increased from 150-200 million RMB at the end of Q3 last year to 1.2 billion RMB by the end of Q1 this year, indicating strong demand [3][9] - Recent long-term contracts with Siemens and other overseas clients extend production schedules to 2028-2029, expected to significantly boost future performance [3][10] Financial Performance - The company has maintained high R&D investment levels since 2017, averaging 300-400 million RMB annually, with capital expenditures rapidly increasing to 4.5 billion RMB [3][11] - The nuclear power business has shown rapid growth, with expectations of significant order releases in the next two to three years, maintaining a growth rate of around 20% [3][12][14] Future Prospects - The company is entering a harvest period, with a strong order book and expected profitability improvements in Q3 [3][13] - The low-altitude sector is being fully developed, with large orders signed in the first half of the year, anticipated to turn from losses to profits in the coming years [3][15] - The nuclear fusion business is also being explored, with collaborations for materials and equipment development, providing additional growth potential [3][14] Key Contracts and Collaborations - Significant contracts signed with major players like Siemens and GEV reflect the increasing demand for gas turbines and the need for domestic companies to support main engine manufacturers [3][8][10] Conclusion - Yingliu Technology is well-positioned for growth with a diversified portfolio, strong order backlog, and strategic investments in R&D and capital expenditures, indicating a positive outlook for future performance across various sectors [3][13][15]

聚焦出海链 - 关税扰动下的美国海关到港数据 20250716 摘要 美国对中国进口商品关税在 2025 年上半年多次加征，4 月达到 54%的 平均水平，其中电动工具关税提升至 35.8%，对越南和墨西哥的关税也 有所提升，但幅度较小。 自 2018 年贸易战以来，中国出口到美国的电动工具份额显著下降，从 最初的 40%-45%降至 20%左右，并预计将继续下降，表明产业链外迁 趋势加速。 运费与货物到港金额呈正相关关系，2024 年同步增长，但 2025 年 3 月后快速下降，反映了货物运输与结算的同步性，预示进口量可能受到 关税影响。 手动工具在 2025 年前四个月增速平稳，但 5 月份同比增速显著下降至- 7%，表明关税加征逐渐影响实际进口量，但由于前期外迁，市场份额仅 小幅下降。 割草机产品受新一轮关税影响显著，中国产品市场份额从 2023 年底的 40%-45%急剧下降至 2025 年 5 月的 13%，表明高额关税对市场份额 产生直接冲击。 Q&A 当前美国海关数据在供应链研究中的重要性是什么？ 美国海关数据在供应链研究中具有重要性，主要因为其能够更准确地反映美国 市场的实际需求和供应情况。与 ...

7月16日，伊利发布《中国奶业供应链品质公约》。 转自：草原云 7月16日，为期5天的第三届中国国际供应链促进博览会（简称"链博会"）在北京开幕。 开幕当日，内蒙古伊利实业集团股份有限公司亮出"国奶自信"——举办了"中国牛奶 品质领先"中国奶 业供应链品质公约发布会，这也是中国首个奶业供应链品质公约发布会。发布会上，内蒙古伊利实业集 团股份有限公司发布《中国奶业产业链供应链高质量发展战略研究》与《中国奶业供应链品质公约》。 该公约是对全行业品质承诺的集中践行，公约从"坚守卓越品质""聚焦创新突破""深化全链共赢"等维 度，相约以全链品质铸就一杯中国好奶，让世界看到中国奶业供应链的硬核实力，翻开中国奶业"从追 赶到超越"的新篇章。 参加伊利发布会。 "伊利已连续三届参加链博会，是链博会的'全勤生'。链博会是全球首个以供应链为主题的国家级展 会，链博会'链接世界 共创未来'的主题与伊利构建'全球健康生态圈'的目标高度契合。我们希望借助链 博会平台，与更多合作伙伴深化交流，探寻在健康事业里的合作契机，共同构建更高效、更可持续的产 业链供应链生态，为消费者打造更优质的产品。同时，借助链博会平台，我们将全面展示中国奶业 ...

开放的大门只会越开越大 今年年初以来，单边主义、贸易保护主义抬头，地缘政治风险加剧，拖累世界经济增长预期，对 全球复苏构成严峻挑战。 "来之前中国是个谜，来之后成了中国迷。"随着中国单方面免签等政策积极推进，外国人更愿意 来中国旅行、来中国交友、来中国发展。"打卡中国"蔚然成风，展现了中国开放包容的胸怀，"脱 钩断链"、封闭排他不是中国的选项。 与复杂的外部环境形成鲜明对比，中国积极推动各方合作共赢。以"链接世界、共创未来"为主 题，第三届中国国际供应链促进博览会16日在北京开幕。今年上半年，中国展会不断、客商云 集，政策利好频出、外企增资扩产……中国经济的定力和韧性持续为全球发展带来信心，为各国 企业提供机遇和红利。 在单边主义、保护主义加剧的当下，中国坚定不移扩大高水平对外开放，在经贸、科技、文化等 多个领域主动作为、积极融通，以实实在在的行动与世界共享发展机遇、携手开创美好未来，展 现出一个负责任大国的担当与胸怀。 习近平主席向第二十届中国西部国际博览会致贺信时强调，我们愿以这次博览会为契机，同各国 朋友进一步加深了解、增进友谊、深化合作，共同维护多边贸易体制和全球产业链供应链稳定畅 通，为促进世界经济 ...

Industry Overview - The tungsten market prices have continued to rise, with domestic black tungsten concentrate, APT, and tungsten iron prices reported at 179,000 yuan, 260,000 yuan, and 265,000 yuan per ton respectively, marking increases of 25%, 23.5%, and 24.4% since the beginning of the year [1] - A new round of price adjustments by institutions and tungsten enterprises has enhanced market bullish sentiment, supporting the upward trend in tungsten prices [1] - The Ministry of Natural Resources issued a total mining quota of 58,000 tons for tungsten in April, which is a reduction of 4,000 tons and 5,000 tons compared to 2024 and 2023 respectively [1] - The quality of tungsten ore in China has declined, with tungsten ore and concentrate grades decreasing from 0.42% and 66.57% in 2004 to 0.28% and 56.08% in 2020, further limiting capacity release [1] - There has been no significant increase in domestic supply in recent years, and overseas supply from Bakuta and Sandong tungsten mines may be lower than expected, reinforcing tight supply logic [1] Company Insights - Zhongtung High-tech is a leading comprehensive supplier of hard alloy tools in China, forming a complete tungsten industry chain that includes tungsten mining, smelting, hard alloys, and deep processing [3] - Zhangyuan Tungsten Industry leverages its tungsten resource advantages and integrated industry chain layout, continuously enhancing its competitiveness in the high-end hard alloy products sector [4]

Core Viewpoint - TSMC's CoPoS packaging technology mass production timeline is delayed from 2027 to 2029-2030 due to technical challenges, which may influence NVIDIA's plans for its Rubin Ultra GPU and shift focus to multi-chip module architecture [1] Group 1: TSMC's CoPoS Technology - TSMC's CoPoS (chip-on-panel-on-substrate) technology aims to enhance area utilization through larger panel sizes (e.g., 310x310mm) to meet AI GPU demands from clients like NVIDIA [1] - The delay in CoPoS mass production is attributed to immaturity in technology, particularly in managing panel and wafer discrepancies, larger area warpage control, and additional redistribution layers (RDL) [1] Group 2: Impact on AI Industry - Nomura's analysis suggests that TSMC may redirect its 2026 chip backend capital expenditures towards other technologies such as WMCM and SoIC, with CoWoS capacity allocation becoming a critical monitoring point [1] - The postponement of CoPoS could lead NVIDIA to adopt a multi-chip module architecture similar to Amazon's Trainium 2 design for its 2027 product launch [1]

Core Points - The third China International Supply Chain Promotion Expo (Chain Expo) opened in Beijing on July 16, with over 1,100 representatives from more than 100 countries and regions attending the opening ceremony [1][2] - The event emphasized the importance of maintaining a multilateral trade system and ensuring the stability of global industrial and supply chains [1][2] Group 1 - The "Beijing Initiative" was released, calling for the removal of artificial barriers to trade, investment, technology, and service flows, and promoting a more equal and inclusive supply chain partnership [2] - The theme of this year's Chain Expo is "Linking the World, Creating the Future," running from July 16 to 20, supported by five international organizations [2] - The expo features six major thematic exhibition areas, including advanced manufacturing, smart automotive, green agriculture, clean energy, digital technology, and health living, with 651 participating enterprises and institutions from 75 countries and regions [2]