每经记者｜毕媛媛 每经编辑｜魏官红 NO.2 沪上阿姨成立沪姨企业管理公司 天眼查工商信息显示，9月4日，上海沪姨企业管理有限公司成立，法定代表人为李仁猛，注册资本100 万元，经营范围含企业管理咨询、社会经济咨询服务、机械设备研发、厨具卫具及日用杂品批发、厨具 卫具及日用杂品零售、个人卫生用品销售、信息咨询服务、会议及展览服务、互联网销售等。股权全景 穿透图显示，该公司由上海沪姨供应链管理有限公司全资持股，后者为沪上阿姨全资子公司。 点评：沪上阿姨设立上海沪姨企业管理公司，是其完善产业布局、提升综合竞争力的战略举措。今年上 半年，沪上阿姨展现出良好发展态势。此次新公司成立，或为开拓新业务领域，如拓展供应链管理、开 展新的零售业务等，有望挖掘新增长点，强化产业链协同，提升品牌整体运营效率。 NO.3 卡游开启美国市场 9月17日，卡游（Kayou）宣布进入美国市场。作为全球最大的集换式卡牌市场，美国是卡游全球战略 中的重要一环。此次拓展也进一步落实了该集团的国际化愿景，即通过激活全球极具影响力的IP价值， 打造融合创意与文化交流的多元化平台。 ｜ 2025年9月19日 星期五 ｜ NO.1 《731》上映首日 ...

Group 1 - The company has over 20 years of experience in international business development, particularly in glass, cement, and kiln construction, and has accelerated its internationalization efforts in recent years [2] - Cost reduction and efficiency improvement measures are being implemented through operational, management, and organizational enhancements, resulting in a reduction of costs by 25.27 million and an increase in revenue by 28.96 million in the first half of the year [2] - The upstream industry includes refractory raw material manufacturing and related services, with market trends showing a mixed performance in the first half of 2025, particularly for various refractory materials [2] Group 2 - The company has initiated several new production line projects, including collaborations with Alibaba Cloud for an industrial internet platform and the establishment of smart factories to enhance automation and efficiency [2] - Specific projects include the implementation of advanced digital and intelligent production lines, as well as the deployment of fully automated control systems to reduce operational costs [2]

Group 1: International Expansion - The company has over 20 years of experience in international business, particularly in glass, cement, and kiln construction [2] - Under the guidance of China National Building Material Group's international strategy, the company has accelerated its internationalization efforts [2] - The establishment of an International Development Department and specialized international workgroups for cement, glass, and steel sectors has been initiated to enhance international operations [2] - Recent international revenue has shown a year-on-year increase [2] Group 2: Cost Reduction and Efficiency Improvement - The company has implemented a "three precision" strategy focusing on operational, management, and organizational efficiency [3] - A total of 27 projects were identified for cost reduction and revenue enhancement, resulting in a cost reduction of CNY 25.27 million and an increase in revenue of CNY 28.96 million [3] - The company has adopted a centralized pricing and long-term agreement model with key raw material suppliers to stabilize supply and reduce price volatility [3] - Continuous budget management and the "double increase, double decrease" strategy have led to a sustained reduction in three major expenses [3] Group 3: Upstream Industry and Price Trends - The main upstream industries include refractory raw material manufacturing, refractory material equipment manufacturing, and refractory production line construction services [4] - The refractory raw material market has shown mixed trends in the first half of 2025, with some materials experiencing price declines while others remained stable [4] Group 4: New Production Line Projects - The company is advancing high-end, intelligent, and green production processes, including the establishment of a 5G+ industrial internet platform at the Ruifeng Ma Steel transparent factory [5][6] - The Zhengzhou Ruifeng project aims for full automation and intelligence in manufacturing processes, enhancing integration capabilities [6] - Various projects, such as the automated production line at Anhui Ruifeng and the intelligent kiln at Henan Ruifeng, are set to significantly improve product quality and operational efficiency [6]

Group 1 - Zhonglian Heavy Industry (中联重科) shares rose nearly 7%, reaching a four-year high of 6.95 HKD, with a trading volume of 145 million HKD [1] - The first articulated truck-mounted crane was successfully delivered to a customer in Slovakia from Zhonglian's German subsidiary, Wilbert [1] - The company has established new factories in Hungary and Germany, enhancing its European manufacturing network to improve local supply efficiency and market responsiveness [1] Group 2 - According to Huaxi Securities, Zhonglian Heavy Industry reported overseas revenue of 13.81 billion CNY, a year-on-year increase of 14.78%, with overseas revenue accounting for 55.6% of total revenue, marking a historical high [1] - The company is continuously improving its "end-to-end, digital, localized" overseas business system, expanding its business footprint through direct sales and leveraging big data to enhance operational efficiency [1] - Zhonglian Heavy Industry is expected to achieve revenue growth in emerging markets through a multi-category approach [1]

Core Viewpoint - The successful delivery of the first articulated truck-mounted crane from Zoomlion's German subsidiary Wilbert marks a significant milestone in expanding its European manufacturing network and enhancing local supply efficiency [3] Group 1: Company Developments - Zoomlion has established new factories in Hungary and Germany, aiming to strengthen its high-end equipment manufacturing capabilities in Europe [3] - The company reported overseas revenue of 13.81 billion yuan, a year-on-year increase of 14.78%, with overseas revenue accounting for 55.6% of total revenue, reaching a historical high [3] Group 2: Market Strategy - Zoomlion is enhancing its "end-to-end, digital, localized" overseas business system to improve operational efficiency and market responsiveness [3] - The company is leveraging a direct sales model and big data platforms to expand its business footprint and drive sales growth [3]

Core Insights - Anjiu Food (603345.SH) held a performance briefing for the first half of 2025, focusing on its international expansion and overseas business progress following its recent listing on the Hong Kong Stock Exchange [1][2] Group 1: Internationalization Strategy - The primary goal of Anjiu Food's Hong Kong listing is to accelerate its internationalization strategy and overseas business development [2] - In the first half of the year, Anjiu Food generated revenue of 0.72 billion yuan from overseas markets, which is less than half of the total revenue from the previous year (1.68 billion yuan), accounting for less than 1% of the overall revenue of 76.04 billion yuan [2] Group 2: Overseas Business Development - During the performance meeting, investors inquired about the specific progress and scale of the overseas business, as well as the timeline and goals for international expansion after fundraising in Hong Kong [2] - Chairman Liu Mingming stated that Anjiu is currently focusing on expanding in Japan, Hong Kong, and Southeast Asia, having signed contracts with several local distributors [2] - The company's export products include frozen prepared foods and frozen rice and noodle products, covering dozens of individual items, and it has initially formed a multi-category collaborative output capability [2] Group 3: Capital Support and Market Strategy - The fundraising in Hong Kong will provide strong capital support for Anjiu's internationalization process, allowing the company to accelerate its overseas business expansion [2] - Anjiu Food aims to deepen local operations and quickly enhance brand influence and market share in key regional markets through strategic partnerships, investments, and acquisitions [2]

Core Insights - Anjiu Food (603345.SH) held a performance briefing for the first half of 2025 on September 16, focusing on its international expansion and overseas business progress following its recent listing on the Hong Kong Stock Exchange [2] Group 1: Internationalization Strategy - The primary goal of Anjiu Food's Hong Kong listing is to accelerate its internationalization strategy and overseas business development [2] - In the first half of the year, Anjiu Food generated revenue of 0.72 million yuan from overseas markets, which is less than half of last year's total (1.68 million yuan), accounting for less than 1% of total revenue (76.04 billion yuan) [2] Group 2: Overseas Business Development - Investors raised questions about the specific progress and scale of Anjiu Food's overseas business during the performance meeting [2] - Chairman Liu Mingming stated that the company is focusing on expanding in Japan, Hong Kong, and Southeast Asia, having signed contracts with several local distributors [2] - The exported products include frozen prepared foods and frozen rice and noodle products, covering dozens of individual items, indicating an initial capability for multi-category collaborative output [2] Group 3: Future Plans and Capital Support - Liu emphasized that the capital raised from the Hong Kong listing will provide strong support for the company's internationalization process [2] - Anjiu Food plans to use this opportunity to accelerate its overseas business expansion and actively seek strategic partnerships, investments, and acquisitions in key regional markets to enhance local operations and quickly increase brand influence and market share [2]

华西证券指出，根据中联重科2025年中报，公司实现海外收入138.1亿元，同比增长14.78%，且海外收 入占比已经达到55.6%，达到历史新高。公司持续完善"端对端、数字化、本土化"海外业务体系。借助 端对端直销模式拓宽业务版图，依托大数据平台提升运营效能，凭借航空港资源赋能销售增长，全力打 造全球市场拓展的崭新格局。该行看好公司长期的出海发展，在新兴市场有望通过多品类带来储蓄收入 增长。 消息面上，近日，在中联重科德国子公司威尔伯特工厂，首台折臂式随车起重机成功下线并交付斯洛伐 克客户。据悉，近年来，除德国威尔伯特工厂项目外，中联重科今年新建了匈牙利高机工厂、德国二期 工厂，通过加速完善覆盖多品类高端装备的欧洲制造网络，提升本地化供应效率与市场响应速度，为进 一步拓展欧洲市场奠定了坚实基础。 智通财经APP获悉，中联重科(01157)午后涨近7%，高见6.95港元创四年新高。截至发稿，涨6.62%，报 6.93港元，成交额1.45亿港元。 ...

根据协议约定，自2026年第二季度至2031年间，亚太锂源及其独资或合资公司将向宁德时代海外工厂共 计供应15.75万吨高性能磷酸铁锂正极材料。此次合作不仅为龙蟠科技未来五年产能消化提供了坚实保 障，也显著提升了其在海外市场的品牌影响力。 宁德时代作为全球动力电池领域的领军企业，对供应商的选择极为严格。此次与亚太锂源的合作，充分 表明龙蟠科技的锂电材料产品品质与技术实力获得了全球头部客户的认可。这一合作将有助于龙蟠科技 进一步巩固其在新能源核心材料领域的市场地位。 9月15日，龙蟠科技旗下孙公司亚太锂源与全球动力电池领军企业宁德时代成功签署《磷酸铁锂正极材 料采购合作协议》，标志着龙蟠科技在国际化战略上迈出了重要一步。 近年来，龙蟠科技持续深化全球化布局，通过建设印尼生产基地、推进港股上市等举措，不断拓展海外 市场。此次与宁德时代的合作，将进一步加速龙蟠科技的"出海"步伐，推动其在全球新能源市场的影响 力。 ...

Group 1: Company Overview - The report covers Huaxin Cement (600801.SH), highlighting its dual strategy of "internationalization" and "cement integration" to drive cyclical growth and long-term expansion potential. Revenue projections for 2025-2027 are 35.5 billion, 38 billion, and 40.4 billion yuan, with net profit estimates of 2.8 billion, 3.2 billion, and 3.6 billion yuan respectively [1][4][5] - The company is a leading cement manufacturer with significant domestic and overseas production capacity, ranking sixth in domestic clinker capacity and third in overseas clinker capacity as of 2024 [5] Group 2: International Business Strategy - Huaxin Cement has the largest number of overseas layout points in China, with a mid-term target of 50 million tons of overseas production capacity. The company is well-positioned to benefit from rapid economic growth and low cement consumption in many countries, particularly in Africa [5] - The overseas revenue growth for the first half of 2025 is projected at 20%, with a gross profit margin of 37.3%, significantly higher than domestic margins [5] Group 3: Domestic Market Position - The company is a leader in the cement market in Central China, with a strong demand outlook in regions like Hubei and Tibet. The supply-side reforms are expected to benefit the company as it adheres to approved production capacities [6] - Huaxin Cement holds the largest aggregate production capacity in the country, with a sales volume increase of 6.3% year-on-year in the first half of 2025, outperforming industry averages [6] Group 4: Real Estate Market Insights - In August 2025, the real estate market showed a decline in sales area and sales amount, with year-on-year decreases of 9.7% and 13.6% respectively. However, the sales amount's decline has narrowed compared to previous months, indicating a potential stabilization in the market [7][8] - The average price of residential properties in August 2025 was 9,971 yuan per square meter, reflecting a year-on-year decrease of 4.3%, but with signs of recovery in transaction prices [7][8] Group 5: Investment Recommendations - The report suggests a cautious optimism in the real estate sector, recommending a focus on structural opportunities as the market stabilizes. Specific companies such as Beike, Tianjian Group, and regional leaders like Binhai Group are highlighted for their potential [9]