2025 年 5 月 6 日 1）锂电：4 月 30 日，碳酸锂报价 7.0 万元/吨，较上月下降 4.8%；氢氧化锂报价 7.0 万元/吨，较上月下降 0.4%。 2）整车：2025 年 3 月国内新能源乘用车批发销量达 113 万辆，同比+35.5%，环比+35.9%；1～3 月累计批发 285 万辆， 同比+43%。 行情回顾： 2025 年 4 月以来，锂电关联板块中除新能源车环节外，均有不同幅度的下跌，磷酸铁锂正极、锂电铜箔和柴发产业链 等环节跌幅较大，相对沪深 300 的涨跌幅超额分别为-8%、-7%和-5%。多数环节月度成交额较上月大幅下跌，只有新 能源车的月度成交额环比提升，市场关注度不减。锂电关联版块多数环节 3 年历史估值分位处于低值，锂电电解液、 负极和智能驾驶的 3 年历史估值分位仅个位数区间，未来存在估值修复的空间。 本月研究专题：启停电池铅改锂趋势明晰，性能&降本驱动钠电突围 汽车低压启停电池行业处于规模扩张周期，铅酸电池为现阶段市场主流，在后装市场存在刚性替换需求，具有较强的 消费属性。锂电池是技术升级核心方向，受益于新能源车市场和海外禁铅法令的驱动，启停电池市场铅改锂趋势较为 ...

2025年5月4日，知名企业运营导师梁永钊受邀到访贵州青酒昆明运营中心，并与中心负责人周顺玉及不争书画院创始人、秘书长薛波涛展开深度交流，围绕 企业运营革新、市场突围策略及文化赋能等问题进行探讨，最终达成多项战略合作。 周顺玉系统梳理了贵州青酒品牌及其发展历程，并凭借"喝杯青酒，交个朋友"的广告语红遍大江南北。但随着白酒行业竞争的白热化，贵州青酒同样面临诸 多问题和运营挑战。 梁永钊听取了运营中心的现状分析后，提出了几个系统性的解决方案： 2.打造沉浸式体验场景：打造县级贵州青酒旗舰体验店，融合品鉴、文化展示与社交功能，强化品牌沉浸式体验； 3.跨界资源整合：联动本地餐饮、文旅产业、书画院等，拓展消费场景，激活区域市场活力。 梁永钊先生还提到，贵州青酒需要将"交朋友"的品牌基因转化为情感连接的运营模式。 1.构建私域流量生态：通过会员体系搭建、社群精细化运营，将消费者从"一次性交易"转化为"持续性互动"，提升复购率，并与消费者形成利益共同体； 协议达成后，各方将围绕运营体系优化、文化价值提升、数字化营销等维度展开深度合作。 周顺玉在签约仪式上表示："梁老师的运营框架让我们看清了企业运营新路径，薛老师的文化洞察 ...

2025 年 5 月 6 日 电力设备与新能源行业研究 买入（维持评级） 行业月报 证券研究报告 新能源与电力设备组 分析师：姚遥（执业 S1130512080001） yaoy＠gjzq.com.cn 锂电 4 月洞察：电车储能销量持续走高，钴价止涨正极盈利企稳 本月行业重要变化： 1）锂电：4 月 30 日，碳酸锂报价 7.0 万元/吨，较上月下降 4.8%；氢氧化锂报价 7.0 万元/吨，较上月下降 0.4%。 2）整车：2025 年 3 月国内新能源乘用车批发销量达 113 万辆，同比+35.5%，环比+35.9%；1～3 月累计批发 285 万辆， 同比+43%。 行情回顾： 2025 年 4 月以来，锂电关联板块中除新能源车环节外，均有不同幅度的下跌，磷酸铁锂正极、锂电铜箔和柴发产业链 等环节跌幅较大，相对沪深 300 的涨跌幅超额分别为-8%、-7%和-5%。多数环节月度成交额较上月大幅下跌，只有新 能源车的月度成交额环比提升，市场关注度不减。锂电关联版块多数环节 3 年历史估值分位处于低值，锂电电解液、 负极和智能驾驶的 3 年历史估值分位仅个位数区间，未来存在估值修复的空间。 本月研究专题： ...

除了清洁燃料和可再生能源外，正在探索的绿色技术、基础设施和运营方案，将应用于海上和港口船 舶，包括更高效、更灵活的发动机，以及更完善的清洁、废物管理、资源节约和食品采购系统和实践。 邮轮旅游业近年来越来越受欢迎。然而随着在乘客们穿越世界各地的海洋和河流，该行业对环境的影响 也受到了比以往更严格的审查。 据代表全球约95%客运邮轮的行业组织国际邮轮协会 (CLIA) 称，邮轮旅行比以往任何时候都更受欢 迎。2024年，CLIA会员的邮轮数量将首次超过300艘，载客量将超过63.5万人次。 2024年，随着疫情的影响逐渐消退，CLIA见证了邮轮乘客数量的历史最高纪录——超过3170万人次乘 坐邮轮，创造了1686亿美元的经济效益。预测显示，邮轮旅游业将继续增长，今年将有超过20艘邮轮下 水，载客量接近4万人次。 然而，根据《海洋污染公报》，一艘中型邮轮的污染物排放量相当于1.2万辆汽车。由于长期以来对生 态环境的忽视，邮轮运营商不得不响应号召，走一条更符合道德但却无法保证可持续发展的"航道"。 CLIA 会员公司的目标是到 2050 年实现"净零排放"，即排放到大气中的温室气体量与去除量达到平 衡。一些公司甚至设 ...

与此同时，公司也将发展的触角伸向内地市场，计划与新能源车企开展合作，研发适配车辆销售的充气 床垫等配件产品，试图通过跨界合作打开内需市场新局面。 中新社广州5月2日电 (记者蔡敏婕)第137届中国进出口商品交易会(广交会)正在广州举行。记者2日采访 发现，无论是调整产能布局、开拓新兴市场，还是聚焦产品创新、挖掘内需潜力，中国玩具出口企业注 重多元文化融合和多平台协同营销寻求突围，展现出韧性与活力。 根据《2025年中国玩具和婴童用品行业发展白皮书》，2024年中国玩具出口同比下降，降幅收窄，对美 国出口额最高，对中亚五国的出口呈现增长趋势。 百适乐(Bestway)品牌在充气式运动休闲产品行业中的全球市场占有率约35%，该品牌的充气水池、充气 船、水上充气玩具等受到海外市场欢迎。"美国占据我们总出口量约五成，"上海百适乐运动科技有限公 司区域销售副总裁金足表示，美国客户面对起伏不定的关税政策，纷纷选择观望，原本应启动的明年一 季度订单洽谈也暂停。 为应对这一现状，金足表示，该企业计划扩大此前在越南的产能布局，开拓新兴市场，"今年广交会境 外采购商数量同比增加，这两天已有来自亚洲、南美洲等地的采购商前来询盘，我 ...

Group 1 - The "Ancient City New Wisdom" entrepreneur sharing event focused on themes of transformation, breakthrough, and reconstruction, aiming to foster confidence in development and explore diversified markets [1][3] - Companies reported significant growth in international orders, with one company noting a 12-fold increase in export orders since starting its export business, and another achieving a foreign trade export value of $59 million last year [1][3] - The event highlighted the proactive measures taken by local companies to adapt to changes in the foreign trade market, including ramping up production and stockpiling to seize opportunities [1][3] Group 2 - Hubei Futanwei Import and Export Trade Co., Ltd. provides 15 free "one-stop" foreign trade services to local enterprises, helping them expand into international markets [3][8] - The company has successfully assisted several local businesses in increasing their exports by approximately $34 million in 2024 through targeted international market strategies [3][8] - Futanwei emphasizes resource sharing and has established a strong presence in over 30 countries, covering various product categories [8][9] Group 3 - Sijisaiwa Petroleum Drilling Equipment Co., Ltd. focuses on intelligent manufacturing and has established a robust manufacturing system for oilfield equipment, serving both domestic and international markets [10][12] - The company has invested over 100 million yuan in digital transformation, enhancing production efficiency and product reliability through automation and advanced testing systems [15] - Future plans include expanding into the renewable energy sector and developing specialized equipment for shale gas and deep-sea oil and gas [15] Group 4 - Hubei Shanhong Food Machinery Co., Ltd. has achieved a tenfold growth in performance over ten years and reported a record order volume in the first quarter, surpassing the total of the previous two years [17][19] - The company specializes in food processing equipment and has established a presence in over 20 countries along the Belt and Road Initiative [19] - Shanhong emphasizes core technology and talent strategy as key drivers for its competitive advantage and growth [19] Group 5 - Hubei Xiangchi Sports Goods Co., Ltd. plans to expand its market presence through domestic market development and establishing overseas factories [22][25] - The company has achieved over 30% annual growth and exports 85% of its products to markets including the US, Europe, Japan, and South Korea [25] - Xiangchi aims to enhance its brand influence and product offerings through increased R&D investment and a focus on the ice and snow economy [25] Group 6 - Jingzhou Wanglai Cloud Business Information Technology Co., Ltd. emphasizes the importance of flexible strategies in cross-border trade, advocating for diversified currency settlements and local policy understanding [26][29] - The company has established a distribution platform in Kuala Lumpur to efficiently match local products with international orders, particularly in Southeast Asia [28][29] - Future strategies include optimizing logistics, updating technology, and enhancing talent reserves to support local enterprises in international markets [29]

Core Viewpoint - The domestic home appliance industry is entering a deep value battle characterized by technology and efficiency, as traditional growth models fade and companies must innovate to maintain competitive advantages [1][2]. Financial Performance - Midea Group reported a revenue of 128.4 billion yuan in Q1 2025, a year-on-year increase of 21%, and a net profit of 12.4 billion yuan, up 38% year-on-year, showcasing strong growth momentum [1]. - The company also announced a cash dividend of 26.7 billion yuan and a share buyback plan of 50-100 billion yuan, followed by an additional buyback of 15-30 billion yuan in April [1]. Industry Trends - The Chinese home appliance market is transitioning from a growth phase driven by population and urbanization to a stage focused on replacement and upgrading, with a significant increase in the demand for smart and high-end appliances [4][9]. - The retail scale of the home appliance market (excluding 3C) in Q1 2025 was 179.8 billion yuan, with a modest growth of 2.1% [4]. Technological Innovation - Midea is breaking the traditional "price for volume" model by investing in R&D and innovation, establishing a "patent barrier + scenario innovation + intelligent manufacturing" strategy [9][10]. - The company has made significant advancements in various technology sectors, including the establishment of a joint laboratory for compressor international standards and the launch of innovative products in smart home technology [10][11]. Global Expansion - Midea's globalization strategy has shifted from traditional OEM to a model that emphasizes localized R&D, high-end brand expansion, and regional supply chain development [12][14]. - The company's overseas self-owned brand (OBM) business has rapidly grown, accounting for 43% of its smart home business revenue in 2024 [14]. Ecosystem Reconstruction - Midea is diversifying its business beyond traditional home appliances into sectors like renewable energy, industrial technology, and healthcare, enhancing its resilience against market fluctuations [16][17]. - The company's ToB business revenue has increased from 18.5% in 2020 to 25.5% in 2024, indicating a growing second engine for sustained growth [17][19]. Future Outlook - Midea's strategy of combining hard technology with soft services positions it well for future growth, particularly in the context of AI and green revolutions [20][21]. - The company is expected to continue expanding its market share and profitability, especially in smart home and high-end product lines, while also exploring new growth opportunities in B2B and overseas markets [20][21].

以下文章来源于清科沙丘投研院 ，作者清科沙丘投研院 清科沙丘投研院 . 清科创业（1945.HK）旗下高端投资培训品牌，致力于培养拥有全球视野、擅于捕捉中国市场机会、具 有超强实战经验的投资家。 低增长存量时代，我们该向日本学什么？ 当中国进入经济增速换挡期，老龄化加剧、消费需求迭代、产业升级迫在眉睫，如何突破增长瓶 颈？ 当我们望向东方，相似的经济周期，邻国日本早已给出答案—— 在东京丸之内热闹的十字路口，繁华与喧嚣的表象之下，日本企业正以特有的韧性演绎着另一种叙 事： 超 2.5 万家百年企业仍在迭代 基业长青 的密码， 精益创新 的制造业持续书写 " 隐形冠军 " 的 神话，老龄化社会不断转化为万亿级 银发经济 的创新试验田 …… 为探寻其中的破局之道，沙丘投研院重磅推出 「韧性破局·揭秘日本模式 探寻中国增长」 日本深 度游学，6天5晚，深度串联东京与京都，探访标杆企业，对话一线创投大咖，解码低增长时代的 韧性基因，共同书写当下中国企业家最需要的"生存指南"。 拖至文末点击 「阅读原文」 报名 行行行行行程程程程程亮亮亮亮亮点点点点点 11111 高效学习，必须要身临其境 6月9日至14日 日本·东京 ...

Core Viewpoint - The company is pursuing a strategic listing in Singapore to enhance its long-term competitiveness without diluting existing shares, aiming to improve stock liquidity and reach a broader international investor base [1] Group 1: Industry Challenges - The company’s installed capacity is projected to grow from 2,768 MW in 2021 to 4,615 MW in 2024, with a compound annual growth rate (CAGR) of 18.58%, while revenue is expected to increase from 2.196 billion to 2.752 billion yuan, reflecting a CAGR of 7.8% [3] - The net profit has not expanded at the same rate, only increasing from 818 million to 876 million yuan, highlighting a structural imbalance in the industry [3][4] - By 2024, China's renewable energy capacity is expected to reach 1.45 billion kW, surpassing thermal power for the first time, with wind and solar accounting for over 80% of new installations [4] Group 2: Company Strategies - The company is focusing on operational efficiency by reducing financing costs, achieving an average financing cost of 3.43% and a comprehensive cost of 3.98% in 2024, both at historical lows [6] - The company plans to classify assets and liabilities of certain subsidiaries as held for sale, involving an amount of 2.778 billion yuan, to alleviate debt pressure and improve financial leverage [8] - The company has completed green electricity transactions of 811 million kWh in 2024 and sold 6.41 million green certificates, indicating a focus on enhancing asset quality and future revenue certainty [9] Group 3: International Expansion - The company has secured 1,399 MW of wind and solar projects globally in 2024, with 679 MW from international markets, and has also acquired 308 MW/616 MWh of international energy storage projects [10] Group 4: Conclusion - The company maintains a dividend payout ratio of over 30%, signaling confidence in its stable cash flow and commitment to shareholder interests amid industry fluctuations [11] - The company's approach serves as a model for global renewable energy firms, demonstrating how to navigate domestic challenges through international capital access and strategic asset management [12]

本文约 5 5 0 0 字，推荐阅读时长 2 5 分钟，欢迎关注新财富公众号。 2 1世纪之初，中国半导体产业深陷"大而不强"的困境：2 0 0 7年，中国大陆首次超越其他地区 成为全球最大的半导体市场，但核心技术长期受制于人，存储器等高附加值芯片几乎完全依 赖进口。 彼时，国内半导体行业产能严重不足，尤其是集成电路领域：2 0 0 7年国内生产的集成电路IC 仅能满足市场需求的2 2%，剩余7 8%依赖进口，进口额高达1 2 8 7亿美元，占全球市场约 5 0%，出口额2 3 9亿美元，净进口的缺口高达1 0 4 8亿美元。分立器件同样呈现"大进大出"格 局，进出口量分别为2 6 7 7亿只和2 4 1 2亿只，进出口额分别为11 7亿美元和8 8亿美元。 这一年，中国集成电路进口额远超原油，半导体逆差形成的"技术黑洞"正疯狂吞噬国家产业 升级的动能。这种背景下，兆易创新的诞生犹如破晓之光——创始人朱一明在硅谷技术积累 与本土产业化愿景的驱动下创立公司，锚定存储芯片这一战略领域。历经三年技术攻坚，初 创团队以"高性能、低功耗"为研发核心，2 0 0 8年推出首款1 8 0 nm工艺的SPI NOR Fl a ...