1991年海湾战争结束后的30余年里，作为中东产油大国的伊拉克长期深陷"电力短缺"困境。伊拉克 多数电厂以天然气为主要发电燃料，但本国伴生气放空燃烧现象严重，天然气开发水平较低，发电长期 依赖进口天然气，电力供应不足已成为多年难解的民生痛点，也成为制约国家重建和经济发展的瓶颈。 纳杰夫燃机电厂联合循环扩建项目常务副经理高守江告诉记者，该项目利用电厂现有单循环燃机发 电机组产生的高温烟气作为热源，借助国产余热锅炉设备生成高温高压蒸汽，驱动新建的蒸汽汽轮机发 电机组工作产生电能，能够在不增加燃料消耗的情况下增加电力输出，提升发电效率。 新华社巴格达11月25日电 通讯｜构筑幼发拉底河畔的"电力方舟"——访中企承建燃机电厂联合循 环扩建项目 新华社记者段敏夫 李军 清晨的阳光倾泻在伊拉克纳杰夫燃机电厂高耸的发电机组上，金色的光影在钢结构外壁上流动，映 照着一个个忙碌的身影。在中企承建的燃机电厂联合循环扩建项目施工现场，中伊员工密切配合，紧锣 密鼓地开展各项建设工作，在幼发拉底河畔携手共筑"电力方舟"。 今年年初，由上海电气集团股份有限公司（以下简称"上海电气"）总承包建设的幼发拉底河流域联 合循环扩建项目在纳杰夫、 ...

在全球化4.0时代背景下，中国产业的出海战略正经历着从传统"产品输出"模式向更高级"模式输出"模 式的范式跃迁。 往昔，单个企业常以"散兵游勇"之姿孤军奋战，于海外市场频繁遭遇文化壁垒、政策风险及产业链断层 等多重挑战。然而，随着"园区模式"的兴起，其独特的系统化优势正逐步重塑中国产业全球化的底层逻 辑。此模式并非简单的空间复制，而是一场以平台思维为核心，重塑全球资源版图的产业革命。 以中埃泰达苏伊士经贸合作区为例，即便在埃及遭遇货币危机、本币大幅贬值及通胀高企的严峻挑战 时，园区内企业依然凭借其稳定的经营环境、完善的基础设施和配套服务，保持了高达98%的企业续约 率。中印尼综合产业园区通过创新的"本地化股权合作"模式，助力中国企业在面对资源国政策调整时灵 活应对，实现了多方共赢，并显著提升了企业的抗风险能力。 这种风险缓冲机制的核心在于园区构建的"多方共赢"格局。在埃塞俄比亚东方工业园，中方提供技术与 管理支持，埃方提供土地与政策优惠，同时引入欧洲企业作为市场渠道合作伙伴，形成了一种优势互 补、风险共担的三角合作模式。该模式不仅促进了项目的顺利推进，还降低了政治因素带来的风险溢 在破解"单点突破"的先天局限 ...

Summary of the Conference Call for 福达股份 Industry Overview - The global supply chain is undergoing regional restructuring, with economic divisions becoming more apparent across hemispheres and major regions. Chinese enterprises, particularly leading firms, are positioned to benefit from this trend due to their global layout capabilities, capital, experience, and customer relationships. However, there are risks associated with potential decoupling and the return of U.S. manufacturing, which may be incentivized through tariffs and other mechanisms [3][4]. Key Points on 福达股份 - 福达股份 is experiencing strong growth in its main business, with a resilient robotics segment. The investment logic mirrors that of 双林股份, focusing first on the growth of core products before expanding into robotics to catalyze valuation [4][9]. - The company has minimal exposure to the U.S. market, with overseas revenue projected at only 0.04 billion, representing a small fraction of its total revenue. Consequently, tariff policies are unlikely to impact its performance, and there is potential for upward revision of earnings expectations due to strong domestic and European demand [10]. - By 2025, 福达股份 plans to double its production capacity, with new capacity already secured by major clients such as 比亚迪, 理想, 赛力斯, and 奇瑞. The company is also collaborating with a European tier-one supplier, household power, which supplies to Volvo and Renault, indicating a robust fundamental outlook [11]. - The main business is expected to support revenues of 7 to 8 billion, with projected main business income exceeding 3 billion in 2025. Given the high growth rate and certainty in market positioning, a price-to-earnings ratio of around 25 times is deemed appropriate [12]. Opportunities and Risks - The domestic market's comprehensive breakthrough is creating a surge in demand for domestic industrial software, particularly in the automotive sector. Companies like 金泽斐 and 润 are expected to benefit from this trend as the need for domestic alternatives grows [4][6]. - The "China R&D, overseas production" model is gaining traction, driven by the availability of skilled Chinese engineers in emerging markets. This shift is anticipated to allow leading and specialized firms to escape the "involution" trap and achieve higher profitability [7]. - The output of Chinese standards is expected to grow alongside the "China R&D, overseas production" model, potentially leading to the emergence of organizations similar to TUV and VDA, which could enhance global standard-setting capabilities [8]. Conclusion 福达股份 is well-positioned for growth with a strong core business and expanding robotics segment. The company faces minimal risks from U.S. tariffs and is set to benefit from increasing domestic demand and strategic partnerships. The evolving landscape of the global supply chain presents both opportunities and challenges for Chinese enterprises, particularly in the context of industrial software and production models.