Core Viewpoint - The current most significant event affecting international trade and investment is the tariff issue, particularly the tariff policies introduced by the Trump administration, which have shocked the world [2] Group 1: International Trade and Investment Dynamics - The competitiveness of the U.S. in general processing and labor-intensive manufacturing is not strong enough, making it difficult for manufacturing to return to the U.S. as desired by the Trump administration [2] - Due to policy uncertainties, manufacturing companies are more inclined to seek locations with lower costs and tariffs, which are often found in global South countries and emerging markets [2] - The current situation indicates three "rebalancing" trends in the international trade and investment system: cost-effectiveness rebalancing, global trade rebalancing leading to profound adjustments in major economies' internal structures, and currency rebalancing towards a more diverse and inclusive global monetary system [2] Group 2: Changes in the International Monetary System - The dominance of the U.S. dollar faces challenges, including the weaponization of currency and the "Triffin dilemma," which necessitates changes in the international monetary system [3] - Changes in the international monetary system may advance in three directions: the inclusion of more currencies in the international monetary system, increased focus on cryptocurrencies for cross-border trade and investment, and potential enhancement of the International Monetary Fund's Special Drawing Rights (SDR) functionality [3]

Group 1 - President Trump's visit to Qatar and subsequent meetings highlight the strengthening of U.S.-Qatar relations, particularly in defense and economic investment sectors [1][4] - Qatar Airways signed a significant agreement with Boeing valued at $96 billion for up to 210 aircraft, marking the largest wide-body aircraft order in Boeing's history [2][3] - The U.S. and Saudi Arabia have signed a military sales agreement worth nearly $142 billion, which is described as the largest military sale in history [5] Group 2 - The resumption of Boeing aircraft deliveries to Chinese airlines is expected to revitalize Boeing's production and lead to a rapid rebound in the aviation sector between the U.S. and China [3] - Qatar is focusing on its "2030 National Vision" and aims to deepen cooperation with the U.S. in various fields, including economic investment and technology [4] - The U.S. seeks to leverage Qatar's investment capabilities, which exceed $510 billion, to create jobs and support manufacturing and supply chain restructuring [4]

【文/观察者网 陈思佳】5月10日至11日，中美经贸高层会谈在瑞士日内瓦举行，双方同意在90天内暂停 关税措施，将税率下调115%。市场对会谈取得实质性进展表示欢迎，分析师普遍预测，美国进口商将 抓住机会订购更多商品，贸易回暖将带动航运需求激增。 "政治和经济压力迫使特朗普让步。"美国《华盛顿邮报》5月14日援引知情人士的消息，披露了白宫官 员劝说美国总统特朗普的"幕后细节"。知情人士称，特朗普最初不愿意降低对华关税，但他的"基本 盘"蓝领工人的不满情绪与日俱增，大型企业和政治盟友也对关税政策表达了不满。特朗普的幕僚向他 发出警告，如果再不降低关税，他可能失去选民支持，这促使特朗普改变了立场。 报道称，特朗普一直认为，美国需要承受"短期的经济痛苦"才能实现"贸易再平衡"，他相信美国有能力 在关税战中"坚持到底"。但到4月底，包括码头工人、卡车司机在内，越来越多的美国工人抱怨说，关 税成本和中美贸易中断正在损害他们的利益。 这些蓝领工人被特朗普视为政治方面的"基本盘"。两名知情人士透露，随着蓝领工人的不满情绪与日俱 增，白宫幕僚长苏西·威尔斯、财政部长斯科特·贝森特和其他幕僚纷纷向特朗普发出警告，如果美国再 不 ...

Group 1 - The core point of the news is the signing of multiple cooperation agreements between the United States and Qatar during President Trump's visit, including a significant order from Boeing worth $200 billion for 160 aircraft [1][4]. - Boeing's stock price experienced a notable increase, rising by 2.8% to $209.11, with a market capitalization of $157.67 billion following the announcement [2]. - Qatar is positioning itself as a key partner for the U.S. in the Middle East, with ongoing collaborations in defense, security, and economic investment [4][5]. Group 2 - Qatar is actively pursuing its "2030 National Vision," aiming to expand cooperation with the U.S. in various sectors, including economic investment, information technology, and healthcare [8]. - The Trump administration seeks to leverage Qatar's investment capabilities, with the Qatar Investment Authority managing over $510 billion, to support job creation and the restructuring of supply chains in the U.S. [8]. - Strengthening ties with Qatar is seen as a strategic move for the U.S. to gain political and economic benefits while maintaining influence in the Middle East with minimal investment [8].

远超预期。 瑞士传来好消息，新华社发布《中美日内瓦经贸会谈联合声明》，中美持续一个月的"关税大战"暂时迎来美好结局。 特朗普为何松口？ 对于此次协议达成的成果和顺利程度，不少业内人都惊呼"远超预期"。 "我们都做好长期抗战的准备了，就这？" 其实也不难理解，相比于国内众志成城地抵抗关税的团结力，特朗普政府显得脆弱极了。从商业领袖到普通民众都强烈表达了对贸易战的不满，特朗普的支 持率也在持续下降，已经在股市中赚够钱的特朗普也没必要再僵持下去。 况且，特朗普最开始也不是想真的与中国脱钩，他想要只是一个kiss ass的态度而已，只不过这一次中方坚硬的态度让他吃了个闭门羹。 简单来说：美对中暂停14257行政令24%的关税，保留10%的关税，后面暴力加征的关税废除；中对美暂停2025年4号的24%关税，保留10%关税，取消第5、 6号关税。 这意味着美对中关税从145%"脚踝斩"，目前的关税包括芬太尼20%，再加上今年保留的10%，就是30%。中对美从125%，降到了10%，相当于大家都降了 115%。当然，因为芬太尼问题，中方也给与了反制，部分农产品加了10-15%不等。 到此，这场为时一个月，双方赌气般加税的行 ...

21世纪经济报道记者赖镇桃广州报道 三家车企通过美国汽车贸易政策委员会公开发声，抨击白宫口中这个"伟大"的贸易协议是令人失望的， 是在损害美国的车企、供应商以及工人的利益。 日前，英美达成一项新的贸易协议，但美国本土车企的不满却已溢于言表。 据新华社报道，美国总统特朗普5月8日在白宫宣布，美国与英国达成一项新的贸易协议，部分撤回特定 领域的关税，进一步扩大双方产品的市场准入。 然而，协议的诸多细节尚待敲定，美方此前加征的 10%所谓"对等关税"也未取消。 尽管特朗普宣布该协议将为美国产品打开英国市场，但美国的三大知名车企，包括福特、通用汽车以及 斯泰兰蒂斯，却对协议内容相当不满，认为这损害了美国汽车行业的利益。 特朗普政府原本希望利用关税让工厂回流美国，重振底特律这些老牌汽车城，但是，关税大棒可能会把 美国车企推向更深的泥潭。 关税大棒向自家车企挥去 "根据这份贸易协议，现在进口美国制造成分很少的英国汽车，比从墨西哥或加拿大进口符合《美墨加 协定》标准的汽车更便宜，后者还有一半的美国零件。"代表底特律三大汽车制造商的美国汽车政策委 员会上周四表示。 据GlobalData，通用和斯特兰蒂斯去年在美销售的汽车里 ...

Core Viewpoint - The U.S. textile industry has been in decline for decades, with only about 100 cotton spinning mills remaining, and the government’s push for manufacturing jobs to return is met with skepticism regarding its feasibility and potential economic impact [1][2][4]. Industry Status - The U.S. textile industry has experienced significant offshoring, first to Japan and South Korea, then to Taiwan, mainland China, and Southeast Asia, driven by the pursuit of lower production costs [1]. - As of now, approximately 97% of clothing and footwear sold in the U.S. is imported, with China being the largest source [7]. Government Policy and Industry Response - U.S. Treasury Secretary's comments on prioritizing precision manufacturing over textiles have sparked protests from industry representatives, highlighting a divide in perspectives on the future of the textile sector [5][6]. - There is a lack of consensus within the U.S. regarding the revival of the textile industry, with some arguing it is already "dead" and questioning the desirability of bringing it back [4][5]. Labor and Production Challenges - The high labor costs in the U.S. make it difficult for the textile industry to return, as the average manufacturing wage is significantly higher than in Southeast Asia [8]. - The aging workforce in the textile sector poses a challenge, as younger generations are less inclined to take on labor-intensive jobs [6][8]. Supply Chain and Infrastructure Issues - The U.S. lacks the necessary labor, skills, materials, and infrastructure to support a large-scale return of the textile industry [7][8]. - Rebuilding the textile supply chain would require substantial investment in factories and equipment, as well as addressing the high wages and low-skill labor gap [8]. Global Trade Implications - A forced return of the textile industry to the U.S. could disrupt global trade systems, negatively impacting countries in Southeast Asia and Latin America that rely on textile exports [9][10]. - The potential for trade retaliation and increased costs for consumers in the U.S. could arise from protective policies aimed at reviving the textile sector [10].

大家好，我是海豚君！ 4月2日之前，重新上任的特朗普，还以美国以芬太尼为由，对中国所有商品2、3月份连续两次加征关税，每次加征10%，两次累计20%。 在4月2日对等关税之前，中国的反制错失整体保持理性和克制：主要是对美国农产品等特定行业加了一些关税，另外还有一些非关税的反制措施，比如说把一些 美国企业加入不可靠实体清单、对稀土、钨等原料进行对美的出口关注，对谷歌等进行反垄断调查，等等。 4月2日之前，这些以芬太尼为由，双方产生的关税和非关税措施都没有变化。 这样，川普二次上任以来，对中国最终的关税加征额度是30%+24%，其中24%部分暂缓90天执行；中国对美国是10%+24%，其中的24%暂缓90天执行 （详细解释 可进入长桥 App 「动态 - 投研」栏目查看，也可添加下方小助手微信入群与探讨） 。 重要提示 欢迎用户欢迎 扫描下方二维码加入海豚交流群 ，我们所有的研报文章、调研纪要均会分享在群里，也可以和专业分析师探讨投资观点，分享投资心得。 一、这下，所有人都赢麻了？ 按照中美最新贸易谈判公告，等于一通互撕之后，双方都回到了4月2日，也就是解放日当天的关税上，而2号之后互扔刀子的税率——50%、41 ...

Core Viewpoint - The article discusses the evolving landscape of Chinese enterprises going global, emphasizing the need for deeper integration into global supply chains and the importance of adapting to new economic realities amid ongoing U.S.-China trade tensions [3][4][8]. Group 1: Global Economic Context - The ongoing U.S.-China trade talks are seen as both a risk mitigation opportunity and a new round of strategic competition [5][6]. - The global supply chain is undergoing significant adjustments, and Chinese companies are at a pivotal point to redefine their roles in this new environment [3][4]. Group 2: Chinese Enterprises' Global Strategy - Chinese enterprises are encouraged to move beyond mere product exports to actively participate in global production, research, and sales, enhancing their competitive edge [15][19]. - The importance of technological innovation, particularly in AI, big data, and cloud computing, is highlighted as a key driver for enterprises going global [12][13]. Group 3: Sustainability and Brand Influence - Green and sustainable development are becoming critical considerations for Chinese companies as they expand internationally, showcasing their commitment to global environmental standards [16]. - The growing international brand influence of Chinese enterprises is noted, with efforts to participate in global governance and standard-setting [17][18]. Group 4: Challenges and Opportunities - The article identifies the need for Chinese companies to build a "true going global" capability, focusing on geographical, cognitive, and value chain dimensions [38][39]. - It emphasizes the importance of local integration and understanding cultural nuances to avoid pitfalls in foreign markets [41][43]. Group 5: Strategic Insights from Experts - Experts suggest that the current trade environment necessitates a strategic shift for Chinese companies, moving from cost-driven decisions to value-driven approaches [22][25]. - The article also warns against the pitfalls of assuming that domestic strategies will directly translate to success in international markets, advocating for a more nuanced understanding of local dynamics [46][48].

事件：公司拟以集中竞价方式回购股份，金额0.85~1.7 亿元，回购价格不超过10.90 元/股。 制造回流美国本土及刺激内需背景下，业绩弹性释放可期：一方面，公司美国生产基地运营效率稳步提 升，美东、美西生产基地已逐步实现美国床垫市场的本土化供应，24 全年已实现盈利，伴随美国线上 业务的持续发力以及大型连锁商超等零售渠道客户的开发，北美市场的利润贡献有望凸显；另一方面， 国内消费补贴政策加码，公司持续推进店态升级与渠道多元化，通过MLILY 梦百合、NISCO里境和 VALUE 榀至品牌及品类的融合，打造一站式全屋家居消费场景，有望不断提升国内市场竞争力和品牌 影响力，我们看好公司后续业绩弹性的释放。 利润拐点已现，维持"买入"评级：我们维持2025-2027 年归母净利润预测为3.07/4.64/5.73 亿元，2025- 2027 年对应EPS 分别为0.54/0.81/1.00 元，当前股价对应2025-2027 年PE 分别为15/10/8 倍。我们认为公 司充分计提信用减值后资产质量已得以提升，看好制造业回流美国本土及刺激内需背景下，公司的利润 弹性释放，维持"买入"评级。 风险提示：内需刺激政 ...