欧盟委员会副主席谢夫乔维奇：澳大利亚和欧盟重新开始自由贸易协定谈判，相信我们今年能取得实质 性进展。 ...

据报道，在国际政治经济格局风云变幻的当下，美国盟友德国的态度出现了令人意想不到的变化，这一逆转就连特朗普也未曾料到，而中方早已凭借敏锐的 洞察力先一步行动，在外交舞台上展现出大国智慧与担当。 当地时间5月26日，德国总理默茨表示，德国和其他欧盟国家不希望关税争端升级。从德国自身利益出发，加征关税无疑是一把双刃剑，会对德国经济造成 损害。倘若欧美谈判最终破裂，德国将被迫反击美国的关税政策。默茨强调，德国正努力避免关税战的爆发，但也做好了应对一切情况的准备。与此同时， 默茨还指出，美国科技公司在欧盟享受的有利税收环境可能不会长久，欧盟希望与美国共同解决经贸冲突，避免陷入关税战升级的困境。德国在欧美贸易关 系中的这种微妙态度转变，反映出其在维护自身经济利益方面的考量，也暗示着欧洲在国际经济秩序中试图重新寻找平衡的努力。 而在外交层面，中德之间的互动同样引人瞩目。5月19日，中共中央政治局委员、外交部长王毅应约同德国新任外长瓦德富尔通电话。王毅外长首先祝贺瓦 德富尔履新，并着重强调了中德关系的重要性，指出其意义超越双边范畴，对世界经济发展和战略稳定有着深远影响。中德作为全方位战略伙伴，中方希望 德国新政府能够坚守这一 ...

Core Viewpoint - The OECD has downgraded its global economic growth forecasts for 2025 and 2026 to 2.9%, indicating a weakening growth momentum and increasing risks in the global economy [1][10]. Group 1: Trade Barriers and Economic Policies - Trade barriers and economic policy uncertainty are identified as primary reasons for the global economic slowdown, with increased tariffs and trade restrictions disrupting supply chains and diminishing business and consumer confidence [3][4]. - The report highlights a notable slowdown in growth among North American economies, particularly the U.S., Canada, and Mexico, due to trade tensions impacting the largest economies [3][4]. - The U.S. inflation forecasts for 2025 and 2026 have been raised to 3.2% and 2.8%, respectively, indicating persistent inflationary pressures that could lead to continued tight monetary policies by the Federal Reserve [3][4]. Group 2: Impact of Protectionism - The rise of protectionism and trade barriers is harming global supply chain efficiency, increasing business costs, and ultimately affecting consumer prices, leading to constrained economic vitality and reduced global trade and investment flows [4][6]. - The fragmentation of trade is undermining the stability of the multilateral trading system, with historical evidence suggesting that rising protectionism hampers economic growth and leads to a "zero-sum game" scenario [6][7]. Group 3: Call for Cooperation - OECD Chief Economist Pereira emphasizes the necessity for countries to engage in sincere negotiations to avoid further trade fragmentation, advocating for multilateral cooperation and trade liberalization as essential for sustainable global economic growth [9][10]. - The report warns that the ongoing trade barriers could exacerbate international tensions and complicate global political dynamics, highlighting the need for stable and rule-based economic development rather than short-term protective measures [7][10].

感兴趣的投资者可以关注现金流ETF（159399）的布局机会。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 根据wind数据，现金流ETF（159399）盘中实时净流入超1000万，资金抢筹现金流资产。 相关机构表示，现阶段，美国的贸易政策存在较大的不确定性，后续仍可能频繁调整而震动市场。上 周，美国法院两度叫停川普的关税政策，但其裁决旋又被联邦巡回上诉法院搁置。特别需要注意的是， 当前川普政府与各国之间的关税下调仅为暂时性的，后续若谈判不及预期，仍将大幅加征。上周末，美 联储理事沃勒在演讲中称，关税水平最终如何落地仍高度不确定，预计最终无论何种情形都将导致失业 率及通胀有所上升。 现金流ETF（159399）是以自由现金流作为选股因子的Smart Beta ETF，紧密跟踪富时中国A股自由现金 流聚焦指数，剔除金融和地产行业，优选自由现金流率最高的50 ...

Financial Performance - In Q1 2025, the company reported revenue of approximately 120.3 billion, a year-on-year increase of over 21% [1] - The automotive gross margin was 10.2%, compared to 9.2% in Q1 2024 and 13.1% in Q4 2024 [4] - The total revenue for Q1 2025 was 120.3 billion, with a gross profit of 919.6 million, reflecting a gross margin of 7.6% [3] Delivery and Sales - The company delivered approximately 42,100 new vehicles in Q1 2025, a year-on-year increase of 40.1% [2] - The expected total delivery volume for Q2 2025 is projected to reach between 72,000 and 75,000 vehicles, representing a year-on-year growth of 25.5% to 30.7% [1] Cost Control and Efficiency - The company has implemented a series of cost control measures starting from Q1 2025, including organizational restructuring and cross-brand integration [1] - The CFO stated that the company aims for structural improvement in overall cost efficiency starting from Q2 2025 [1] Future Outlook - The company anticipates achieving positive free cash flow within the year, with significant improvements in operational cash flow expected in Q2 2025 [4] - The founder expressed confidence in achieving profitability by Q4 2025, supported by new product launches and cost reduction efforts [5][6] Product Development - In 2025, the company plans to launch nine new models across its three brands, with six already released [5] - The third-generation ES8 is scheduled for release in Q4 2025, while two additional models from the LeDao brand are expected to launch in Q3 and Q4 2025 [5] Global Expansion - The company has shifted its global market entry strategy to partner with local firms rather than relying solely on direct sales [9] - Currently, the company has established partnerships in 15 markets and plans to continue expanding its global presence [9]

Summary of the Conference Call for Guangda Environment Industry Overview - Guangda Environment is the largest waste-to-energy operator in China, holding approximately 16% market share in 2023, significantly ahead of competitors [2][4] - The waste-to-energy sector is characterized by a land-grabbing nature, where early positioning in quality locations can yield higher electricity prices [10] Company Performance and Financials - The environmental energy segment contributed 52% of the company's revenue, 96% of EBITDA, and 97% of net profit in 2024, indicating it as the core profit source [2][4] - The company experienced a rapid capacity expansion from 2010 to 2020, with a capacity growth rate of 30%, particularly through the PPP model from 2016 to 2022 [2][7] - In 2024, operational revenue is expected to account for 64% of total revenue, with the energy and environmental segment contributing 61% [2][14] - The overall operational cash flow is approximately 8.9 billion HKD, with a pure cash flow of about 7 billion HKD [2][14] Cash Flow and Dividends - The waste-to-energy industry is projected to achieve positive free cash flow in 2024, improving from a negative 400 million HKD in 2023 to a positive 600 million HKD [3] - The dividend payout ratio has steadily increased to 34%, up by 7 percentage points year-on-year [3] - Long-term free cash flow is estimated at around 2 billion HKD, which exceeds the total dividends for 2024, indicating sustainability even without subsidies [15][18] Market Position and Competitive Advantage - Guangda Environment's single project capacity is approximately 900 tons per day, above the industry average, with a power generation efficiency of 330 kWh per ton, reflecting high operational efficiency and technological advantages [9] - The company maintains a strong market position in waste-to-energy, with a market share of 16%, while its wastewater treatment segment holds about 3% market share [6][4] Challenges and Future Outlook - The green environmental segment, including agricultural biomass power generation and hazardous waste treatment, faces challenges due to reduced demand and profitability [12][13] - The water business is expected to perform steadily, with a gross margin of about 42%, close to the industry average, benefiting from improved local fiscal conditions and potential increases in residential water prices [11] - Future focus areas include the Hunan region, which is anticipated to become a key area for expansion, with a projected market share of 9% [10] Investment Considerations - The company's current PE ratio is approximately 6.8, with a dividend yield of 6.5%, indicating strong long-term investment value [18] - Despite fluctuations in public fund holdings, southbound capital has been increasing, suggesting long-term investment interest [17]

央广网北京6月4日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，在海南建设自由 贸易港，是以习近平同志为核心的党中央着眼于国内国际两个大局、为推动中国特色社会主义创新发展 作出的一个重大战略决策。习近平总书记强调，要努力把海南自由贸易港打造成为引领我国新时代对外 开放的重要门户。 2020年6月，中共中央、国务院正式公布《海南自由贸易港建设总体方案》（以下简称《方 案》），海南自由贸易港建设进入全面实施阶段。五年来，海南坚持以开放促改革，加紧推进自贸港核 心政策落地，高水平开放和高质量发展不断迈上新台阶。 封关不仅需要硬件基础设施的支撑，更离不开制度的保障。围绕建设"中国洋浦港"船籍港目标，海 南积极开展以"中国洋浦港"船籍港制度为核心的集成创新，推动航运要素加速聚集洋浦。截至目前，已 有超60艘国际船舶入籍"中国洋浦港"，总吨数超583万吨，"中国洋浦港"籍船舶登记数量、总运力等均 位居全国自贸港（区）首位。 洋浦交通运输和港航局局长邵晋宁：《方案》发布这五年来，我亲身经历了以"中国洋浦港"船籍港 为首的几项运输便利化的政策，同时也伴随着港口的能力不断提升，一些港航指标得到了快速增长。在 2025 ...

智通财经APP获悉，美国农业情绪跃升至四年来的最高水平，农民们押注特朗普政府推动达成更多贸易 协议将有助于农作物出口的增加。 值得一提的是，美国农业部长Brook Rollins周二在访问罗马期间表示，她正在努力让欧洲购买更多的美 国产品，包括小麦和大豆。她表示："我们讨论了让更多的美国大豆、小麦、更多优质产品进入意大 利，当然还有整个欧盟市场的问题。""现在是我们推动这些产品出口、继续在国际舞台上发力的时候 了。" 接下来几个月，Brook Rollins还将访问包括日本、巴西、印度和科特迪瓦在内的多个国家。美国农业部 下周还将率团访问秘鲁，旨在扩大出口并应对与该南美国家超过30亿美元的贸易逆差。Brook Rollins还 强调了美国与英国达成的"规模巨大的"贸易协议，其中包括美国牛肉的配额，以及对14亿升乙醇取消关 税。 特朗普政府发起的贸易战对美国的农作物出口造成了打击。最大的大宗商品买家中国目前在下一个销售 季尚未订购任何美国玉米、大豆或小麦。尽管如此，根据普渡大学与芝加哥商品交易所集团联合发布的 农业经济晴雨表显示，农民情绪正趋向乐观。这项在5月12日至16日之间——特朗普政府宣布与中国在 贸易协 ...

根据普渡大学和芝加哥商品交易所集团的农业经济晴雨表，农民们对未来更为乐观。该指数在5月12-16 日期间对约400家生产商进行了调查，结果显示，预计未来五年农产品出口将增加的农民数量"急剧增 加"。然而，只有28%的人强烈同意"自由贸易有利于农业和大多数其他美国产业"——低于2020年11月 该说法首次提出时49%的农民同意这一说法。该晴雨表显示，结果"进一步证明生产者对贸易的看法已 经转变"。 ...

本文来自微信公众号：诗翰，作者：卢诗翰的赞赏小号，原文标题：《超短裙保不住，你海棠小黄文也保不住》，题图 来自：《一树梨花压海棠》 学术角度认真说一下这两天海棠小黄文的相关讨论，许多人认为这是一个创作自由和法律边界问题，包括很多法律博 主，也认为问题关键是几十年前的法律不适用当下。 这个认知大错特错，完完全全违背了当下客观事实。 因为这从始至终就不是一个法律边界问题，而是我们要怎么定义创作自由的问题。 我不需要翻出十几二十年前的法条和案例，我只说一个2025年当下的现实情况。 2025年2月，网易旗下的热门游戏燕云十六声，他出现了什么问题呢？ 他上线的角色时装，被无数女玩家指责女角色过于暴露，不尊重女性， 那么这个暴露的级别是什么标准呢？ ——露大腿 你没听错，我没有在和你比喻，什么看到白胳膊就想到别的，这个就是字面上的意思。 女玩家觉得女角色露大腿是擦边是媚男是不可接受的，什么超短裙黑白丝更是严重的物化女性，要求女角色穿裤子。 所以首页为创作自由和法律边界义愤填膺的博主们，可不可以先回答一下这个问题。 大型网络游戏是经过内容审核和版号双重审核的，绝对符合当下法律标准，包括擦边的指责，其实也表明，这个内容是 ...