Group 1 - The core viewpoint is that despite the changing international landscape, China's economy remains resilient, with GDP growth expected to exceed 5% year-on-year in the first half of 2025 [1] - In the second half of the year, export growth may face pressure as the "export grabbing" effect diminishes, but macro policies will continue to support domestic demand growth [1] - China's policy approach is shifting towards a long-term stability model, as evidenced by recent structural reforms such as the removal of household registration restrictions for social insurance participation and the implementation of the Private Economy Promotion Law [1] - The upcoming "14th Five-Year Plan" is a focal point for understanding the direction of future structural reforms [1] Group 2 - In the short term, increased tariffs will negatively impact trade, but in the long term, it will lead to a new round of industrial chain restructuring and changes in trade and investment flows [2] - China remains the largest exporter, with a projected global market share of 14.6% in 2024, while the U.S. continues to be the largest importer with a market share of 13.6% [2] - The largest export destination for China has shifted from the U.S. to ASEAN, while Mexico has become the largest source of imports for the U.S. [2] - Countries like Mexico and Vietnam, which have seen rapid export growth to the U.S., have absorbed significant foreign direct investment (FDI) in recent years, closely linked to the global industrial chain layout of Chinese enterprises [2] - China's manufacturing sector is undergoing a value chain upgrade, with a noticeable increase in the proportion of capital goods and intermediate goods in exports [2] - The added value of goods exported to the U.S. from countries like Mexico and Vietnam that originate from China has also significantly increased [2] - The overarching trend indicates that Chinese manufacturing continues to extend towards both ends of the "smile curve," with Chinese companies actively seeking higher added value and deeply embedding themselves in the global industrial chain [2]

先进制造业·导读 今年全国两会期间，习近平总书记强调"让创新链和产业链无缝对接"，这为我们提供了新的观察视角。传统上，我们习惯于按照一二三产业的分类方式来 研究产业发展，但在智能制造和数字化转型的大背景下，这种分类已经逐渐模糊。制造业的服务化、服务业的制造化趋势显著，传统产业也在经历数字化 升级。在展望2035年乃至2049年的制造业发展时，我们应当更加关注产业的泛化形态，而非将制造业仅视为工业经济的一部分。 文/国家信息中心信息化和产业发展部主任 单志广 制造业的变革与智能化趋势。制造业的底层逻辑正在经历深刻变革，其发展轨迹不再是传统工业经济的延续，而是向智慧制造的方向跃迁和演进。过去， 制造业的数字化主要依赖于自动化技术、电子技术和通信技术。但如今，人工智能、区块链、大数据和云计算等的融合，正在深刻改变制造业的生产方 式，人工智能成为新的生产力，区块链构建新的生产关系，数据成为新的生产资料，而云计算和网络技术则构成制造业的基础设施。 未来的制造体系需要采用全新的三元空间视角，即将人类社会、物理社会和信息网络空间深度融合。当前，C2M（Customer to Manufacturer）模式已在一 定程度上实 ...

Core Insights - The extreme heatwave in Europe has led to a surge in demand for Chinese air conditioners, which are now seen as essential for survival rather than luxury items [1][8] - European consumers are increasingly recognizing the superiority of Chinese air conditioning brands over local options, driven by efficiency, cost savings, and rapid installation services [7][10] Market Dynamics - Over 12.77 million Chinese air conditioners were imported into Europe in the first five months of 2025, marking a year-on-year increase of 31.5% [7] - Major Chinese brands like Haier and Midea have seen sales growth exceeding 30%, indicating a significant market penetration [7] Consumer Behavior - European consumers, previously resistant to air conditioning due to cultural perceptions, are now rapidly adopting Chinese brands as they realize their effectiveness and efficiency [3][10] - The shift in consumer sentiment is highlighted by media reports praising the performance and cost-effectiveness of Chinese air conditioners compared to local brands [7][10] Technological Advancements - Chinese air conditioning brands are introducing innovative products tailored to the European market, such as Midea's PortaSplit air conditioner, which requires no drilling for installation [5] - The use of environmentally friendly refrigerants and high energy efficiency ratings (EU A-grade) by brands like Gree is setting new standards in the industry [7][10] Future Outlook - The ongoing climate crisis is expected to increase the demand for air conditioning in Europe, solidifying its status as a necessity [8] - Chinese air conditioning manufacturers are positioned to lead in the global green cooling industry, leveraging their technological advancements to meet new environmental regulations [10]

7月9日，证券时报记者从南京经开区获悉，近期该区企业接连斩获海内外重大项目订单，以硬核科技与 卓越品质，擦亮"南京经开智造"名片。 作为全球高端铁路客车制造商Stadler的核心供应商，康尼机电（603111）为该重大项目"量身定制"的门 系统、卧铺床及多功能小桌板等总计11个模块化产品，凭借卓越性能与创新设计赢得高度认可。 在制造过程中，康尼机电团队克服严苛气候、人体工学优化等挑战，确保使用寿命可达40年。这不仅是 产品硬实力的展现，更是中国高端装备以"技术+标准"双输出模式深度参与全球基建的生动实践。根据 相关协议，预计2030年前将有557辆搭载康尼机电产品的客车实现交付，驰骋在哈萨克斯坦广袤的土地 上。 其自主研发的高精度道岔系统，运用弹性可弯尖轨提升过岔平顺性，分动外锁闭式创新设计保障设备转 换高效可靠，直向100km/h、侧向35km/h的通行速度完美匹配线路需求，灵活坚固的扣件系统与合成轨 枕结构为安全高效运行筑起坚实屏障。道岔的成功应用，为"轨道上的大湾区"建设注入强劲的"南京力 量"。 近日，由中建五洲承制的ACWA埃及风电项目首批8套、共32段巨型风电塔筒顺利完成装船，启航奔赴 埃及苏伊士 ...

据机构统计，上半年有51个外资制造业及研发项目签约落地长三角，美国项目减少，欧洲项目占比大幅 增长。 2025年上半年，受部分地区的关税政策及全球经济放缓的影响，外资在制造业领域投资落地的不确定性 增加，国内产业园区在这一形势下面临严峻考验。 不过，相比于其他受影响的国家，中国凭借强大的制造业优势，展现出应对压力的韧性。 "最近接洽了一些研发中心的项目，投资来源国包括意大利、德国、法国、韩国等，很多企业都选择将 全球研发中心设在中国华东区域。汽车行业的欧洲巨头都在非常坚定地投资中国。"近日，一位产业地 产资深从业者对记者表示。 据戴德梁行统计，今年上半年长三角区域外资制造业及研发领域呈现"总量微降、结构优化"特征，51个 新签及增资项目中，欧洲以35个项目占比近七成，德国、意大利等国投资活跃度显著提升，汽车、大健 康、装备制造三大领域占比超六成。丰田雷克萨斯独资项目、欧洲药企20亿级生产基地等重大项目加速 集聚上海，而外资中小型项目则首选落地江苏。 值得关注的是，ESR易商集团、凯德投资等全球资本正通过高标准产业园区开发及REITs基金布局，押 注中国工业厂房资产价值。业内人士表示，工业厂房REITs收益率超 ...

证券代码：301002 证券简称：崧盛股份 深圳市崧盛电子股份有限公司 投资者关系活动记录表 编号 2025-006 公司专注从事 LED 照明驱动电源近 15 年，目前已发展成为国内具备规模化 制造能力、数字化运营能力及全球供应能力的领先 LED 照明驱动电源生产 商，为响应"中国制造 2025"政策导向，抓住机器人、航空航天等先进制 造行业高速发展窗口期，在此背景下，公司与重庆精刚传动科技有限公司 共同出资设立深圳市崧盛机器人传动科技有限公司，其中公司以货币资金 出资人民币 550 万元，占注册资本的 55%，重庆精刚传动以货币资金出资 人民币 450 万元，占注册资本的 45%。 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 | | | 国泰君安、华夏基金、宏道投资、深圳天际线投资、世诚投资、前海人寿、 | | 参与单位名 | 煜德投资、建信基金、东方基金、上海德汇集团有限公司、杭州巨子、盈 | | 称 | 峰资本、鹏扬基金、中金公司、申万宏源 ...

英国学者艾伦·麦克法兰在著作《绿色黄金：茶叶帝国》一书中说：只有茶叶成功地征服了全世界。 的确，茶是中国赠予世界的一片神奇树叶。在几百年前的欧洲，能喝上一口纯正的中国茶，曾经是贵族 阶层标配。在某种意义上，品味一杯茶，就是在品味一段五千年的文明史。 所以今天，当中国新式茶饮品牌走出国门，成为外国民众的消费新宠，一切都是那么的顺理成章。让人 意外的恐怕是，为什么它们没有早一点出发？ 外交部发言人毛宁说：中国品牌凭借科技含量、文化底蕴、设计灵感以及融通中外的情感价值，正在赢 得越来越多海外消费者的青睐。 她说的当然不只是茶饮品牌，还有更多的中国产品品牌。她说，从"中国制造"到"中国品牌"，是高质量 发展的产物，得益于中国完整的产业体系、公平开放的市场环境和长期的创新研发。 中国茶饮品牌出海的背后，是从"中国制造"到"中国品牌"的一场升维。中国品牌的崛起，除了有中国制 造的硬实力支撑、物美价廉的高性价比，还需要软实力的承载和输出，需要与海外消费者建立文化认同 和情感连接。 是时候了，在新的历史节点，事所必至，势所必需。这大约也是一杯茶饮的品牌使命。 如果回头来看，大量欧美品牌进入中国市场，兑现品牌溢价，这与餐饮品牌 ...

Core Insights - The company, Huaying Yachts, is expanding its market presence in Southeast Asia with recent agreements signed with distributors in Indonesia and Vietnam, marking a new starting point for its Aquila brand yachts [1] - The A70 yacht, which is the largest and highest manufacturing level yacht produced by Huaying Yachts, has a unit price of 40 million RMB and has been delivered to clients in the Asia-Pacific market this year [1][2] - The company is facing challenges due to a decline in the U.S. market share, which previously accounted for nearly all of its export volume, but is actively investing in R&D and exploring new markets [2][4] Company Developments - Huaying Yachts has developed the A70 model over three years, which is recognized as a key product in Zhejiang Province's equipment manufacturing sector [2] - The company has adopted an order-based production model, catering to diverse customer demands from various regions, including Southeast Asia and Australia [3] - Increased R&D investment has led to the design of 3 to 4 new yacht models this year, including specialized fishing boats tailored to Australian preferences [4] Market Strategy - The company is establishing service networks globally to ensure adequate after-sales support and is participating in renowned yacht exhibitions in France and Singapore to enhance brand visibility [4] - Huaying Yachts is adapting its marketing strategies by selling yachts to resorts in Thailand, allowing these resorts to offer boating experiences to tourists [4] - The company emphasizes that mid-sized yachts are the mainstream vessels for water sports and leisure activities abroad, indicating significant market potential for expansion [5] Industry Context - Huaying Yachts represents a microcosm of the broader trend in Chinese manufacturing, transitioning from "made in China" to "intelligent manufacturing in China" [5] - The company’s approach aligns with three major trends in manufacturing upgrades: technological breakthroughs, market diversification, and brand development [5] - The resilience and adaptability of the company in the face of international trade challenges highlight its commitment to innovation and market responsiveness [6]

中国积极推动各国人民来华参观交流的生动实践，不仅让世界看到了一个更加真实、立体、全面的中 国，更为不同文明相互了解、相互欣赏、相互借鉴提供了范例，注入了动力 为何越来越多外国朋友选择亲身到中国看一看，或者体验一把中国产品？"中国产品已经告别了复刻国 际品牌的时代""中国新生代潮流品牌正刷新'中国制造'的国际形象"……近期外媒的密集报道，为回答这 个问题提供了线索。中国高质量发展不断推进，特别是"创意中国""活力中国"的形象在国际上越传越 广，自然而然对各国朋友产生了吸引力。从便捷的移动支付、高铁网络融入日常生活，到DeepSeek、 人形机器人等创新产品不断涌现，这些共同构成了立体多元的现代中国图景。硬实力与软实力的共同提 升，让人们更愿意了解中国故事，倾听中国声音。 开放交流，政策的支持、包容的环境、便捷的渠道至关重要。中华文明历来追求"和而不同"，敞开双臂 拥抱世界更是当代中国的行动自觉。当前，中国免签"朋友圈"不断扩容，适用单方面免签政策来华国家 扩展至47个，240小时过境免签政策适用国家扩展至55个。中国坚定推进高水平对外开放，持续便利中 外人员往来，让外国朋友通过真实、亲近的文化接触加强对中国的理 ...

Morning session notice Morning session notice 早盘提示 早盘提示 更多精彩内容请关注格林大华期货官方微信 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 7 月 3 日星期四 联系方式：liuyang18036@greendh.com | 板块 | 品种 | 多（空） | 推荐理由 【行情复盘】 | | --- | --- | --- | --- | | | | | 周三国债期货主力合约开盘集体高开，全天震荡上行，30 年期品种表现较强，截至 收盘 30 年期国债期货主力合约 TL2509 上涨 0.40%，10 年期 T2509 上涨 0.14%，5 | | | | | 年期 TF2509 上涨 0.07%，2 年期 TS2509 上涨 0.03%。 | | | | | 【重要资讯】 | | | | | 1、公开市场：周三央行开展了 985 亿元 7 天期逆回购操作，当日有 3653 亿元逆回 | | | | | 购到期，当日实现净回笼 2668 亿元。 | | | | | 2、资金市场：周三银行间资金 ...