从行业角度看，这简直是一场及时雨。船舶行业正处在一个新一轮的景气周期，海运需求蹭蹭的涨，造 船三大指标一路飘红，中国船舶和中国重工订单都接到了手软。这时候的合并就像两个武林高手的合 体，把科研生产管理优势资源和产业链供应链关键环节整合起来以后造修船的先进生产要素都往这儿集 聚，国际竞争力想不提升那都是难的。而且合并后的中国船舶资产规模、营业收入，手持船舶订单都能 在全球领跑，妥妥的世界。第一大旗舰型造船上市公司，这在国际上说话语权就不同了。如今中国神船 的起航，你不仅是两家企业的胜利，更是中国高端制造从单点突破到系统领先的拐点。当全球船东开始 习惯中国标准，当韩国船厂连夜开会研究中国模式，这场合并的价值早已写在了波涛汹涌的蓝海之上 的。 （原标题：和讯投顾杨立华：千亿巨轮"联姻"收官） 全球造船业的天花板被中国两大巨头合力顶破了。最近随着上交所一纸批文落地，中国船舶西平中国重 工的超级重组正式通过了，这场涉及1151.5亿元，创下A股10年最大交易规模的整合。终于锻造出一艘 总资产超4,000亿元的中国神船。和讯投顾杨立华分析，当两大国之重器，不再相互踩脚，而是合力划 桨。一场产业格局的重塑大戏已经开始了。说 ...

Group 1 - The core point of the news is that Vietnam has agreed to a trade deal with the United States, which involves Vietnam paying a 20% tariff on all imports while U.S. goods enter Vietnam tax-free, indicating a significant compromise by Vietnam under U.S. pressure [1][3][5] - The agreement symbolizes Vietnam's submission to the high-pressure trade policies of the Trump administration, which may weaken Vietnam's export competitiveness and raise concerns about its economic future [3][5][11] - The U.S. strategy of "first strike then negotiate" is evident, as it aims to force smaller economies like Vietnam to concede, potentially reshaping global supply chains and hindering the free flow of products from China and other regions [5][7] Group 2 - The trade deal may jeopardize the deep industrial complementarity between China and Vietnam, as Chinese companies may reconsider their investments in Vietnam due to increased tariffs and trade policy uncertainties [7][9] - If Vietnam fully accepts the stringent tariff policies, it risks losing technological exchange and innovation opportunities, which could hinder its own technological advancement and industrial transformation [9][11] - The long-term implications of the unequal trade agreement could lead to economic losses for Vietnam, as the 20% tariff may gradually erode its manufacturing competitiveness, forcing companies reliant on Chinese supply chains to either pay high tariffs or shut down [11]

Core Insights - The article emphasizes that going global is a key strategy for companies to enhance competitiveness and achieve high-quality development in the context of accelerated globalization and industrial chain restructuring [1] Group 1: Growth of Overseas Business - In 2024, the number of A-share listed companies with overseas operations exceeds 3,560, accounting for 66.37% of the total, both figures reaching historical highs [2] - A-share companies' overseas business revenue surpasses 10 trillion yuan, a 2.8 times increase compared to ten years ago; overseas revenue accounts for 14.28% of total revenue, up 4.65 percentage points from a decade ago [2] - The gross profit from overseas business reaches 1.63 trillion yuan, an 8.33 times increase over ten years, with its share of total gross profit rising to 14.71%, marking the first time gross profit from overseas exceeds revenue from overseas [2] Group 2: Factors Driving Internationalization - The continuous development of overseas business reflects substantial breakthroughs in internationalization strategies, driven by factors such as domestic market slowdown, opportunities in emerging markets, enhanced competitiveness in key sectors, and supportive national policies [3][5] - Emerging markets like Southeast Asia, the Middle East, Latin America, and Africa present strong economic growth and demand, providing vast opportunities for Chinese companies [3] - National strategies like the "Belt and Road" initiative and "dual circulation" encourage companies to leverage domestic and international resources to enhance competitiveness [3] Group 3: Industry-Specific Trends - The electronics industry has become the largest contributor to overseas revenue among A-share companies, surpassing the oil and petrochemical sector, which has seen a significant decline in its share [4] - In 2024, the electronics sector's overseas revenue reaches 1.39 trillion yuan, accounting for 13.58% of A-share revenue, while the automotive sector's overseas revenue rises to 9.88% [4] - Traditional industries like oil and petrochemicals have seen a decline in their overseas revenue share, indicating a shift in comparative advantages as global industrial structures evolve [4] Group 4: Transformations in Overseas Operations - The data indicates a fourfold transformation in overseas business: a shift in industrial competitiveness, the emergence of new growth drivers, changes in global demand structures, and the effectiveness of national strategic guidance [5] - Companies are transitioning from merely exporting products to establishing brand presence and deepening market integration, reflecting a higher stage of internationalization [5] Group 5: Successful Case Studies - Leading companies like BYD and Luxshare Precision have successfully expanded their global market presence, significantly enhancing their international competitiveness and brand influence [6][8] - BYD's overseas revenue has grown from 7.46 billion yuan in 2014 to 221.88 billion yuan in 2024, marking a 28.7 times increase, while Luxshare Precision's overseas revenue reaches 235.47 billion yuan, a 37.2 times increase [8][7] Group 6: Evolving Business Models - Chinese companies are moving beyond traditional export models to a more diversified approach that emphasizes technology leadership, ecological collaboration, and compliance adaptability [9][10] - Companies like CATL and Mindray are establishing regional technical standards and licensing technologies, reflecting a shift from being mere participants to defining international standards [10]

6月18日，在2025四川国际美酒博览会期间，中国酒业协会副秘书长刘振国发布《2025中国白酒市场中 期研究报告》(以下简称《报告》)。《报告》指出，白酒行业正处于"政策调整、消费结构转型、存量 竞争"三期叠加的深度调整期，头部企业优势持续扩大，消费场景与价格体系面临重构。 国家统计局数据显示，2025年第一季度，白酒产量103.2万千升，同比下降7.3%。从20家A股上市公司 角度来看，《报告》显示，一季度上述公司合计实现营收1534.2亿元，同比增长1.7%；合计实现净利润 649.1亿元，同比增长2.3%，抗压力优于行业整体。 同时，《报告》提到，上半年政策调控深化，在资本市场中，白酒板块对政策冲击的适应能力增强；宴 请及送礼需求急剧减少，节假日消费量同比逐年下滑，婚庆寿宴和家庭独酌成为目前稳定消费场景。 国泰海通发布的研报显示，行业目前产业景气度仍在寻底，价格端压力大于量的压力，白酒产业或完全 进入到库存周期后半段，在此维度下，大部分企业短期业绩依赖于核心市场的市占率提升，且愈发依赖 于腰部及以下单品驱动。白酒商品属性正在加速重塑，能够提前适应快消品运作逻辑的企业竞争优势会 愈发凸显。 中国酒业协会认 ...

专题：中信证券2025年资本市场论坛：砥砺开新局 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 地缘政治环境方面，短期来看，中美关税战阶段性缓和，8月可能是中美博弈走向的下一个关键时间 点；长期来看，本轮贸易冲突可能使全球产业格局深刻重塑，支撑美元体系的四大根基已出现松动，全 球资产的"再平衡"趋势可能延续。 国内宏观和政策方面，关税风雨欲来，预计短期"抢转口"和"抢出口"可支撑今年外贸韧性，但关税对 PPI的冲击沿着"上中游原材料"到"中下游出口链"传导，价格压力仍十分突出。当前国内大循环存在两 大堵点，一是后疫情时代，我国消费并未出现类似海外的"补缺口式"复苏，未来需出台更多政策以提升 居民消费意愿，并通过多种渠道提供优质消费供给。二是经济发展过程中，部分地方产业投资存在一定 趋同性特征，助长产业结构性矛盾，未来应优化部分地方政府行为，并着力于产业升级和结构调整。应 对全球不确定性，我国需修炼内功，以底线思维谋篇"十五五"开局，不断完善中国经济长期改革的方 向。 责任编辑：杨赐 5月28日-30日，中信证券2025年资本市场论坛于上海举办，会议主题为"砥砺开新局"。中信证券宏观 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 5月26日消息，据报道，富士康正考虑竞标新加坡半导体封装测试企业联合科技控股（UTAC），交易 估值或达30亿美元！ 据知情人士透露，UTAC母公司北京智路资本已聘请投行杰富瑞主导出售事宜，预计本月底前接收首轮 报价。目前各方均未对此置评。 值得关注的是，UTAC在中国大陆的业务布局使其成为非美资战略投资者的理想标的。作为全球最大电 子代工商和苹果核心供应商，鸿海近年来持续加码半导体产业布局。 UTAC作为成立于1997年的专业封测企业，业务覆盖消费电子、计算设备、安防及医疗等多个领域，在 新加坡、泰国、中国及印尼设有生产基地，客户群包括Fabless设计公司、IDM整合元件制造商和晶圆代 工企业。 虽然UTAC未公开具体财务数据，但消息称其年EBITDA约3亿美元。在当前全球半导体产业格局重塑的 背景下，这一交易若达成，不仅将强化鸿海在芯片产业链的垂直整合能力，更可能对全球半导体供应链 格局产生深远影响。特别是在中美科技竞争持续升温的当下，非美资背景的产业并购正引发业界广泛关 注。 ******* ...