王有庆表示："和承化学在越南的这个工厂，在改性塑料领域有很好的技术和客户基础。我们通过尽调 评估，认为这是一个能够快速承接、并产生协同效应的标的。"他补充道，除了股权收购，公司还计划 在交割后，促使目标公司以130万美元购买相关的土地使用权和建筑物所有权，以保障运营资产的完整 性，支撑后续发展。 2月2日晚，山东道恩高分子材料股份有限公司（以下简称"道恩股份（002838）"）发布公告，宣布拟以 自有或自筹资金，通过其全资子公司道恩高分子材料（新加坡）投资有限公司，收购韩国化工巨头 HwaseungChemical Co.，Ltd.（以下简称"和承化学"）旗下位于越南的塑料和工程塑料化合物业务部 门。此举被市场视为这家高分子材料龙头在俄罗斯工厂之后，于东南亚关键市场落下的一枚重要棋子。 "这次在越南的布局，核心目的依然是贴近我们的大客户，做好配套服务，注重供应链协同。"道恩股份 董秘王有庆在接受《证券日报》记者采访时表示。他进一步解释，公司近年来持续在海外考察合适标 的，最终选择越南，是多重因素综合考量的结果。"一方面，我们服务的重要客户近年来在越南均有重 要的制造基地，实现本地化就近供应，能够显著降低跨境物 ...

然而，与外贸高质量发展的强劲势头相比，我国金融服务在覆盖面、适配性和创新性上仍显滞后，已成 为制约外贸潜能释放的突出瓶颈。如何破解当前"金融与外贸"协同不足的局面，构建政策长效、法治健 全、服务匹配、生态联动的立体支撑体系，已成为推动中国经济高质量发展进程中的重要议题。 外贸企业：中国经济的稳定基石与增长引擎 中国外贸企业的成长轨迹始终与国家发展同频共振。面对全球格局的深刻演变与地缘风云的复杂变幻， 外贸企业凭借顽强韧性与持续创新，为经济增长、产业升级与金融体系扩容注入源源不断的活力，真正 成为经济运行的"压舱石"与驱动未来的"增长极"。 （一）支撑经济增长的稳定锚，持续释放拉动效应。 2025年，我国贸易顺差规模达到8.5万亿元，有力支撑国家外汇储备稳定在3.4万亿美元以上，为宏观经 济平稳运行提供坚实保障。进口方面，2.9万亿元的集成电路进口滋养了电子信息产业的核心需求，2.1 万亿元的原油进口维护了国家工业与能源安全；出口方面，自动数据处理设备及其零部件、集成电路出 口额均突破1.4万亿元，汽车产业链出口总额达到1.6万亿元，直接带动多领域就业与产值提升。据测 算，我国外贸活动直接或间接带动就业超过1. ...

Core Insights - Despite challenges, the Chinese automotive market is expected to achieve record production and sales in 2025, with a total of 31.23 million vehicles produced and 31.12 million sold in the first eleven months of the previous year, both showing over 11% year-on-year growth [1] - The industry is transitioning from extensive competition to value-driven high-quality development, supported by factors such as over 50% penetration of new energy vehicles and advancements in autonomous driving technology [1][3] Industry Trends - 2026 is anticipated to be a watershed year for automakers, entering a new cycle characterized by high sales but low growth, with consumers benefiting from advanced features at lower prices [3] - The competition is shifting from individual models to a systematic approach focusing on cost, supply chain, and product matrix, as evidenced by BYD surpassing Tesla in electric vehicle sales [4] - New energy vehicle companies are approaching profitability, with Leap Motor achieving a 103% year-on-year increase in deliveries, while NIO aims for breakeven by Q4 2025 [4] Market Dynamics - The differentiation among automakers is widening, with companies like Li Auto facing challenges in meeting delivery targets during their transition to electric vehicles [5] - Companies are exploring "boundaryless integration," venturing into AI and robotics, indicating a shift towards a more technology-driven and ecosystem-oriented approach [5] - The automotive industry is expected to play a crucial role in driving technological innovation, with advancements in semiconductors and AI being applied at scale [6] Competitive Landscape - The industry is moving away from price wars towards value creation, with a focus on safety and quality as competitive advantages [7] - The market is projected to stabilize with annual sales around 30 million vehicles from 2026 to 2030, with significant growth in exports, particularly in new energy vehicles [8] Capital and Investment - A surge in IPOs within the automotive sector is noted, with companies like Chery and Seres successfully listing, indicating a robust capital operation environment [10] - Traditional automakers are actively restructuring and seeking value reassessment, with state-owned enterprises enhancing their market positions [10] Future Challenges - The automotive market is expected to face intensified competition in 2026, with potential policy rollbacks and rising costs posing significant challenges [11] - The industry is likely to undergo a rapid consolidation phase, with resources concentrating on high-quality enterprises as the market matures [11]

Core Viewpoint - The company views overseas markets as a core growth driver and plans to achieve its strategic goal of "recreating a new Qiaoguan" through industry chain collaboration and prudent mergers and acquisitions [1][10]. Company Overview - Qiaoguan Cable, established in 2006, is a national high-tech enterprise and a "little giant" specializing in niche markets, primarily producing power cables and related products for various sectors including energy, transportation, and construction [3][12]. - The cable industry accounts for approximately one-quarter of China's electrical industry output value, making it a crucial supporting industry for the national economy [3][12]. Financial Performance - The company has shown strong growth in recent years, with revenue projected to increase from 2.688 billion yuan in 2021 to 3.585 billion yuan in 2024, and net profit expected to rise from 82.01 million yuan to 133 million yuan during the same period [3][12]. - In the first half of 2025, the company achieved a significant milestone by signing contracts worth 9.65 billion yuan in the Southern Power Grid's centralized bidding, marking a historical high [4][13]. Strategic Goals - The strategic goal of "recreating a new Qiaoguan" aims for leapfrog development through both internal and external enhancements, emphasizing the necessity of international expansion as a critical path for future growth [5][14]. - The company recognizes the urgent demand for power infrastructure upgrades in emerging overseas markets, which presents significant opportunities for Chinese enterprises [5][15]. International Expansion - Qiaoguan Cable has identified Latin America as a key area for foreign trade expansion and has made tangible progress, including forming a specialized foreign trade team and initiating international product certification [7][17]. - The company plans to collaborate with upstream and downstream enterprises in the industry chain to tackle the complexities of the international environment and enhance its competitive edge [7][17]. Mergers and Acquisitions - Mergers and acquisitions are viewed as a vital pathway to achieve the strategic goal, with the company focusing on opportunities in the power equipment sector, such as electric meters and transformers [8][18]. - The company aims to enhance its overall solution capabilities by potentially establishing factories or acquiring businesses to complete its industry chain [8][18]. Future Outlook - The company intends to continue strengthening its domestic market share while actively exploring international pathways, particularly in the fields of new energy vehicle charging cables and marine energy-related cables [9][19]. - The strategic focus remains on core cable operations, with a cautious approach to decision-making to seize opportunities for steady growth amid challenges [8][18].

Core Viewpoint - The collaboration between ExxonMobil and China's HanDe Precision represents a model for industrial chain synergy in global expansion, moving from mere scale expansion to quality and efficiency enhancement in the context of global industrial restructuring [1]. Group 1: Industry Context - The air compressor industry, over 200 years old, is essential across various sectors, including manufacturing, chemicals, and semiconductors, and is undergoing a performance revolution towards greener and smarter technologies [1][2]. - Traditional air compressors are being phased out due to high energy consumption and maintenance costs, making way for energy-efficient models like permanent magnet variable frequency and two-stage compression compressors [2][3]. Group 2: Company Development - HanDe Precision has capitalized on the transition in the air compressor market, focusing on energy-efficient models that align with national policies on smart and green manufacturing, establishing a competitive edge [3][4]. - The company has transitioned from imitation to independent innovation, responding quickly to the specific needs of industries such as lithium batteries and textiles, thus enhancing its market position [4]. Group 3: Market Dynamics - The air compressor market has historically been dominated by foreign brands like Ingersoll Rand and Atlas Copco, but recent developments in China's manufacturing capabilities have provided opportunities for domestic brands like HanDe to gain market share [4][5]. - The demand for air compressors remains stable in traditional sectors while emerging industries such as renewable energy and semiconductors are becoming key growth areas [5]. Group 4: International Expansion Challenges - HanDe Precision is expanding internationally, having established operational centers in seven countries, but faces challenges such as complex compliance certifications and the need to build brand recognition in foreign markets [7][8]. - The company aims to focus on standardized, high-reliability products as part of its short-term overseas strategy, leveraging partnerships to reduce customer acquisition costs [8]. Group 5: Collaboration with ExxonMobil - The partnership with ExxonMobil is crucial for HanDe, as it combines durable equipment with essential consumables, creating a synergistic relationship aimed at value co-creation [9][10]. - HanDe and ExxonMobil are developing integrated solutions that enhance operational efficiency and reduce decision-making risks for customers, while also sharing channels and technical expertise [10][11].

Core Insights - The report conference titled "Observing Global Changes, Seeking New Chapters in Zhejiang" was held in Hangzhou, gathering over 300 representatives from government and enterprises to discuss strategies for Zhejiang companies facing global economic challenges [1][2] - The president of the Zhejiang Provincial Council for the Promotion of International Trade highlighted three major challenges for Zhejiang's foreign trade development, while also pointing out three accelerating positive trends: transformation towards "strategic orientation," expansion into emerging markets, and collaborative overseas industrial chain development [1][2] Group 1 - The current international trade rules are undergoing transformation characterized by protectionism, fragmentation, and restructuring, leading to a more complex external environment for Zhejiang's foreign trade enterprises [1] - Six forward-looking suggestions were proposed to address the challenges faced by enterprises, emphasizing the commitment of the Zhejiang Provincial Council for the Promotion of International Trade to support companies in their overseas endeavors [1][2] Group 2 - Experts provided macroeconomic analysis and practical strategic advice, indicating that Zhejiang enterprises should accelerate their transition from "cost orientation" to "strategic orientation" in response to external shocks and trade friction [2] - The conference served as a platform for policy interpretation and knowledge exchange, connecting government, academia, and enterprises, with many attendees bringing real issues for in-depth discussions with experts [2]

Core Insights - The report highlights the profound changes in the global economic and trade environment, indicating a trend towards protectionism, fragmentation, and restructuring of international trade rules [3] - Zhejiang enterprises face three major challenges and three accelerating positive trends in foreign trade development, prompting the need for proactive strategies [3][4] - The "Zhejiang Going Global" initiative is emphasized as a key platform for supporting local enterprises in navigating global changes [4] Group 1: Challenges and Trends - The current global economic environment is increasingly complex and severe, necessitating a shift from passive to proactive strategies for Zhejiang enterprises [3][4] - The report identifies three significant challenges for Zhejiang's foreign trade, alongside three positive trends that could accelerate growth [3] Group 2: Strategic Recommendations - Six forward-looking recommendations were proposed to help Zhejiang enterprises adapt to the changing landscape and enhance their global competitiveness [3] - Emphasis on transitioning from a "cost-oriented" to a "strategic-oriented" approach, with a focus on expanding into emerging markets and improving local operations [3][4] Group 3: Institutional Support - Zhejiang Provincial Council for the Promotion of International Trade and the Provincial International Chamber of Commerce will continue to act as a bridge, ensuring services follow enterprises wherever they go [3] - The collaboration between Zhejiang University of Finance and Economics and the trade promotion system aims to enhance global strategic thinking and innovation capabilities among enterprises [3]

Core Viewpoint - The global electric vehicle (EV) industry is witnessing a shift towards collaborative international expansion, with China emerging as a key player in promoting global cooperation and green transformation in the automotive sector [1][3][15] Group 1: Industry Developments in Hainan - Hainan is set to become a significant base for China's automotive industry to expand internationally, focusing on the establishment of a global exhibition and trade base for EVs and components [1] - The province has achieved a market penetration rate of over 60% for new energy vehicles, ranking first in the country, and is recognized as a pioneer in green low-carbon transportation [2] - Hainan is also exploring autonomous driving through real-world testing along its 900-kilometer tourism highway [2] Group 2: Collaborative Efforts and New Models - Since 2025, China's automotive industry is transitioning from a focus on single product exports to a more integrated approach involving the entire supply chain [3] - Chinese and German automotive industries are expected to foster a competitive yet cooperative relationship, particularly in the fields of battery technology and charging infrastructure [5][6] - Companies like Porsche are increasing collaboration with local Chinese firms, establishing R&D centers in China, and leveraging China's technological advancements in smart EVs [8][10] Group 3: Future Directions and Global Integration - The Chinese government emphasizes the need for international collaboration to share innovations in the EV sector, aiming to create a conducive environment for global industrial development [14][15] - The automotive industry is viewed as a critical driver for economic growth and a key component of the ongoing technological revolution and industrial transformation [15]

Core Insights - Chinese new energy vehicles (NEVs) are gaining popularity in Southeast Asia, with significant interest from local customers at events like the China-ASEAN Expo [1] - The transformation from "product export" to "ecosystem co-construction" is key to the success of Chinese NEVs in Southeast Asia, allowing for localized production and collaboration with local suppliers [1] - The automotive industry is highly globalized, and fluctuations in supply chains can impact the entire sector; however, Chinese NEV companies are successfully navigating these challenges [1] Group 1: Industry Collaboration - The automotive supply chain between China and ASEAN is evolving from simple vehicle and parts exports to a comprehensive integration covering upstream resource supply, localized manufacturing, and downstream sales and service [2] - The deep coupling of the automotive industry exemplifies the resilience of economic cooperation between China and ASEAN, highlighting the importance of mutual rules, complementary industries, interconnected facilities, and integrated ecosystems [2][3] - Key projects like the China-Malaysia "Dual Park" and the China-Indonesia "Regional Comprehensive Economic Corridor" are advancing, promoting deeper integration of the industry chain [2] Group 2: Trade Performance - China has maintained its position as ASEAN's largest trading partner for 16 consecutive years, while ASEAN has been China's largest trading partner for five years [2] - In the first seven months of this year, trade between China and ASEAN reached $597 billion, marking an 8.2% year-on-year increase and accounting for 16.7% of China's total foreign trade [2][3] - The completion of the China-ASEAN Free Trade Area 3.0 negotiations introduces new chapters on digital economy, green economy, and supply chain connectivity, enhancing cooperation and integration in the region [3]

Core Insights - Chinese electric vehicle (EV) companies are deepening cooperation with Southeast Asian countries in supply chain integration, creating new paths for mutual benefit amid rising external uncertainties [1][2][7] - The ASEAN region is increasingly seen as a destination for Chinese companies, particularly in the EV sector, due to favorable policies and supply chain advantages [2][3] Group 1: Market Potential - Southeast Asia has become a key target market for Chinese EVs, with significant growth potential as the region's middle-income population is projected to reach 472 million by 2030 [4] - The electric vehicle market in Indonesia, Malaysia, Thailand, and Singapore is expected to grow significantly, with sales projected to increase from $2 billion in 2021 to between $80 billion and $100 billion by 2035 [4] Group 2: Local Production and Strategy - Chinese automakers like BYD, Geely, Great Wall, and others are actively establishing local production facilities in Southeast Asia to meet regional market demands and reduce costs [3][5] - The local assembly of vehicles, such as the Haval H6 in Malaysia and BYD's factory in Thailand, is enhancing the competitiveness of Chinese brands in the region [4][5] Group 3: Technological and Industrial Collaboration - Chinese EV companies are contributing to the technological advancement and modernization of the local automotive industry in Southeast Asia through innovation and talent development [6] - The integration of advanced manufacturing techniques and flexible production solutions by companies like BYD in Thailand is driving the transformation of the local automotive supply chain [6] Group 4: Market Leadership - Chinese brands dominate the electric vehicle market in Indonesia, accounting for over 90% of wholesale sales, with significant growth attributed to local production and brand diversification [5] - In Thailand, Chinese brands hold a leading position in the electric vehicle market, with four out of the top five best-selling electric vehicles being from Chinese manufacturers [5]