临近年末，面对新能源汽车补贴即将终止、购置税优惠将减半的现实，新一轮汽车消费热潮持续升温。但在市场升温的同时，消费理念正 发生显著变化，许多购车者不再仅仅关注品牌，而是开始重视电机、电池等产业链产品的参数和品质。这一转变，反映了汽车消费逻辑正在重 塑。电动化浪潮推动了电池、电机技术的普及，打破了传统燃油车以发动机、变速器构建的壁垒；而智能化则重新定义了汽车的价值，传统品 牌的光环逐渐黯淡。汽车消费"脱虚向实"的趋势，正在为行业带来新的冲击波，也引发了新的思考：传统品牌若不能将历史底蕴转化为独特价 值，将难以吸引消费者，赢得市场。 消费逻辑正在改变 互联网时代，消费者能够通过多种渠道获取海量的车辆相关信息，不再单纯依赖汽车品牌。"以前买车主要看品牌，现在购买新能源汽车不仅 要看品牌，更要关注电机、电池、800V高压充电技术等核心零部件供应商及产品性能，甚至要区分是磷酸铁锂电池还是半固态电池。"正 如"90后"消费者王子晗所言，在购买新车尤其是新能源汽车前，深入了解其产业链情况，可以使消费者心中有数，不易被夸大其词的销售话术 误导。毕竟，车辆是自己和家人长期使用的，消费者需要买个放心。 年轻一代购车注重"开心就好 ...

（原标题：全球化在变、产业链在变，会展业怎么变？） 在专题研讨环节，中国贸促会原副会长王锦珍表示，面对当前贸易保护主义的挑战，会展业应该在稳定 产业链、供应链发挥重要的作用。对此他提出了三点建议，一是会展业应该多搭建产业链、供应链的博 览会，汇聚链上的大中小企业及科研单位同台，全面呈现上下游的产业与技术全景。二是会展业应进一 步提升国内展会的国际化水平。最近出台的相关免签政策以及中国签订的有关自由贸易协定为会展业的 国际化打下了非常好的基础。三是会展业要进一步走出去。目前，国内展会发展很快，但境外展会发展 不尽如人意，跟中国第二大经济体、第一大贸易国家、制造业国家的地位相比仍有差距，要利用有利的 条件积极拓展境外展会市场。 中国机床工具工业协会常务副理事长兼秘书长毛予锋认为，在新的技术、产业背景下，会展业需要作出 新的调整。他的建议是：一是展会应该成为全球产业链资源的连接枢纽，是供需双方协同搭建高效的平 台，不仅仅是简单的商品展示。二是会展业应该是产业链创新升级的加速器，能够推动技术与商业模式 的跨界融合，因此，会展的内容策划就非常重要。三是在全球产业链重构的背景下，会展要打造成为开 放、包容的实践平台，助力 ...

汽车产业电动化转型大势已定，全球零部件巨头行至战略抉择的"十字路口"，其前行方向将决定行 业新一轮的竞争格局。近日，德国舍弗勒集团正式签署协议，将原纬湃科技旗下涡轮增压器中国区业 务，整体出售给成都西菱动力科技有限公司（以下简称"西菱动力"）。这一交易不仅是舍弗勒业务结构 优化战略的关键举措，更标志着其"去内燃机化"再进一步。 舍弗勒剥离非核心资产 据了解，此次交易的标的为纬湃汽车电子（上海）有限公司（以下简称"纬湃电子上海"）100％股权， 该公司实际运营着纬湃科技涡轮增压器中国区业务，2024年营收约1亿欧元，但持续深陷亏损"泥潭"。 财务数据显示，2024年纬湃电子上海的净亏损达2258.11万元，2025年前三季度净亏损进一步扩大至 4606.38万元，资金链承压明显。对于舍弗勒而言，这一亏损资产与集团向汽车电动化转型的核心战略 已严重背离，剥离成为必然选择。 这一决策的背后，是舍弗勒对纬湃科技长达两年的收购与整合逻辑。回溯2023年10月，舍弗勒宣布收购 纬湃科技，并于2024年四季度完成交易。作为大陆集团拆分出来的动力总成巨头，纬湃科技在电驱动和 内燃机零部件领域均拥有深厚技术积累，此次收购被业内 ...

Core Insights - Harbin New Area is pioneering the implementation of potential defect insurance (IDI insurance) for municipal road projects to enhance the quality management and regulatory independence of municipal engineering [1][2] Group 1: Regulatory Framework - The introduction of the "IDI insurance enterprise + full-process engineering quality risk management institution (TIS institution)" creates a market-oriented independent regulatory joint body, promoting proactive risk control and binding the interests of IDI insurance companies to engineering quality [2] - The new regulatory framework aims to break the traditional dependency relationships in supervision, ensuring a closed-loop management system that enhances overall engineering quality control and stability [2] Group 2: Quality Assurance System - A full-cycle quality assurance system has been established, extending the warranty period from the traditional 2 years to 7 years, which includes a 2-year defect liability period and a 5-year insurance compensation period [3] - This shift effectively transfers quality risk from the government and construction units to insurance companies, promoting a proactive maintenance approach rather than a reactive one [3] Group 3: Industry Transformation - The introduction of IDI insurance is reshaping the repair service mechanism and engineering quality supervision system, creating new market opportunities for engineering consulting, insurance brokerage, and repair services [4] - The transformation encourages TIS institutions to enhance their technical and management capabilities, leading to a more refined, professional, standardized, and regulated industry [4]

Core Insights - The company has introduced innovative practices and applications in industrial intelligence, showcasing the latest explorations of AI industrial software empowering manufacturing sites [1] - The company has achieved rapid revenue and profit growth, benefiting from recovering downstream demand and an increasingly complete product range [2] - The company is expected to continue its revenue and profit growth from 2025 to 2027, driven by ongoing product development and market opportunities [3] Group 1: Innovation and Technology - The company has developed the Huari Zhijia industrial software system, enabling intelligent monitoring, precise control, and data closed-loop optimization in the cutting process [1] - The system integrates multi-modal sensor fusion, AI algorithm modeling, and cloud analysis, enhancing machine tools' real-time perception, intelligent decision-making, and adaptive regulation capabilities [1] - The company has established a cutting test laboratory equipped with advanced processing and testing equipment to improve R&D efficiency [2] Group 2: Financial Performance - For the first three quarters of 2025, the company reported revenue of 771 million yuan, a year-on-year increase of 31.85%, and a net profit attributable to shareholders of 137 million yuan, up 78.37% [2] - In Q3 2025, the company achieved revenue of 252 million yuan, a year-on-year increase of 44.49%, with a net profit attributable to shareholders of 52 million yuan, reflecting a significant increase of 915.62% [2] - The rapid revenue growth is attributed to recovering downstream demand, improved product performance, and steady channel expansion [2] Group 3: Future Outlook - The company is projected to achieve revenues of 1.031 billion yuan, 1.284 billion yuan, and 1.509 billion yuan from 2025 to 2027, with corresponding net profits of 182 million yuan, 249 million yuan, and 341 million yuan [3] - The expected price-to-earnings ratios for the same period are 39.11, 28.51, and 20.83 times, indicating a positive outlook for the company's financial performance [3] - The company is well-positioned to capitalize on the recovery of the manufacturing industry and the restructuring of the supply chain [3]

Core Insights - China's rare earth magnet exports to the U.S. have sharply declined, coinciding with the U.S. and Australia signing an $8.5 billion "critical minerals agreement" aimed at reducing dependence on Chinese rare earths [1] - The situation reflects a strategic back-and-forth between China and the U.S.-Australia alliance, highlighting the importance of rare earths in global high-tech manufacturing [1] Group 1: U.S.-Australia Alliance - The U.S.-Australia agreement aims to establish a complete rare earth supply chain and counter China's low-price advantage through a "minimum price mechanism" [4] - Despite Australia's rich rare earth resources, it relies on Chinese technology for processing, particularly for separating mid-to-low-end rare earths [5] - The U.S. faces challenges as past environmental issues halted domestic rare earth mining operations, limiting its ability to compete effectively [5] Group 2: China's Dominance - China maintains a significant advantage in rare earth processing capacity, exceeding 300,000 tons annually, making it difficult for smaller players to compete [7] - The timeline for the U.S.-Australia agreement to establish a functional supply chain is estimated to take at least five to ten years, during which China's technology will continue to advance [7] - China's rare earth industry is characterized by a comprehensive control over the entire supply chain, from mining to recycling, with 90% of global processing occurring in China [9] Group 3: Resource Security and Strategic Moves - China is actively investing in new rare earth mines in Africa and collaborating with Russia on Arctic mineral development to enhance its resource security [11] - New regulations proposed by China require approval for the export of products containing even a small percentage of Chinese rare earths, indicating a strategic approach to resource management [11] Group 4: Global Dynamics and Alliances - The U.S.-Australia alliance faces challenges as Australia's economy heavily relies on China, particularly in iron ore exports, complicating any potential decoupling [14] - Other countries, including Germany, continue to increase imports of Chinese rare earths despite publicly supporting the U.S.-Australia initiative [14] - European nations and Japan are seeking cooperation with China, recognizing the importance of rare earths for high-end manufacturing [16] Group 5: Technological Edge and Future Outlook - China's technological superiority in rare earth processing is evident, with 67% of global patents held by China, and its processes being more efficient and cost-effective [18] - Historical precedents show that attempts to shift supply chains away from China have been largely unsuccessful, as seen in Japan's efforts after China's 2010 export restrictions [18] - The ongoing rare earth competition is not merely about resource acquisition but also about who will lead future technological industries [20][21]

Core Insights - The 2025 Trilateral Economic Report highlights the resilience and opportunities of the East Asian economic circle amid global uncertainties, emphasizing the importance of trilateral cooperation among China, Japan, and South Korea [1][6]. Economic Scale and Trade - In 2024, the combined GDP of China, Japan, and South Korea reached USD 24.21 trillion, a 2.7% increase from 2023, accounting for over 24% of global GDP [2][40]. - The total population of these three countries is approximately 1.584 billion, representing nearly 20% of the global population, making it one of the most promising consumer markets [2][40]. - The goods trade volume among the three countries is estimated at USD 8.93 trillion in 2024, which is 18.8% of global trade, highlighting their role as stabilizers in global supply chains [2][40]. Demographic Challenges - The aging population is a significant challenge, with Japan having 30% of its population aged 65 and older, South Korea at 18%, and China nearing 14%, all exceeding the global average of 10% [3]. - Fertility rates are critically low, with South Korea at 0.7, Japan at 1.2, and China at 1.0, indicating potential long-term population decline [3]. Economic Outlook - The report predicts that the economic growth rate for the ASEAN+3 region may fall below 4% in 2025 due to global trade shocks, with growth for China, Japan, and South Korea expected to decrease from 4.1% in 2024 to 3.7% [3][40]. - Long-term projections suggest that potential economic growth for ASEAN+3 and the CJK economies could decline to 2.8% and 3.0% by 2050, respectively [3][40]. Regional Economic Integration - The Regional Comprehensive Economic Partnership (RCEP) has shown positive impacts on trade and investment, with the trade volume reaching USD 13 trillion in 2023, accounting for 30% of global exports [4]. - However, challenges remain, such as small and micro enterprises struggling to benefit from RCEP, and the need for improved customs facilitation [4]. Semiconductor Industry Collaboration - The semiconductor industry is highlighted as a critical area for trilateral cooperation, with South Korea leading in memory chips, Japan dominating in manufacturing equipment, and China rapidly advancing [5]. - Recommendations include establishing a trilateral semiconductor supply chain dialogue platform and joint research initiatives to enhance regional supply chain resilience [5]. Future Cooperation Directions - The report emphasizes the need for accelerated negotiations on the China-Japan-Korea Free Trade Agreement (CJKFTA) and collaboration in emerging sectors like electric vehicles and renewable energy [5]. - Strengthening regional cooperation is deemed essential to navigate uncertainties and promote sustainable growth across the region [6].

Core Insights - Tencent leads the Shenzhen tax rankings with a payment of 59.2 billion RMB, reflecting the city's economic growth and its dual-driven industrial upgrade in digital economy and high-end manufacturing [2][4] Group 1: Tax Rankings and Economic Implications - The top ten taxpayers in Shenzhen include Tencent (59.2 billion RMB), China Resources (44.4 billion RMB), China Merchants Bank (32 billion RMB), Ping An Group (27.3 billion RMB), BYD (22.8 billion RMB), Vanke (19.9 billion RMB), Huawei (15 billion RMB), Shenzhen Investment Holding (5.8 billion RMB), SF Express (4.1 billion RMB), and Industrial Fulian (3.4 billion RMB) [4] - The tax data indicates that Shenzhen is building a globally competitive modern industrial system, with contributions from private tech giants like Tencent and Huawei, as well as state-owned enterprises [4][6] Group 2: Industry Structure and Innovation - Shenzhen's industrial structure combines stability and progress, maintaining a strong manufacturing base while also developing strategic emerging industries such as high-end manufacturing and digital economy [5] - The integration of state-owned and private enterprises is crucial for resource allocation efficiency and innovation ecosystem development, with a focus on breaking down administrative barriers and encouraging collaboration [5][6] Group 3: Future Policy Directions - Future policies should focus on addressing market failures rather than distorting the market, emphasizing support for companies that can break through foundational technologies [7] - There is a need for policies that incentivize consumer choices towards excellent products and companies, particularly in the consumption sector [7]

Core Viewpoint - The article emphasizes the upcoming "2025 China Cotton and Yarn Industry Investment Summit" in Urumqi, Xinjiang, highlighting the region's strategic importance in the cotton industry and its role in connecting local production to global markets [1]. Group 1: Event Overview - The summit will take place on October 31, 2025, in Urumqi, which is recognized as a national-level trading center for cotton and yarn [1]. - The event aims to discuss investment opportunities in the cotton industry, driven by smart agriculture and the Belt and Road Initiative [1]. Group 2: Agenda Highlights - The agenda includes a series of keynote speeches and roundtable discussions focusing on macroeconomic outlooks, market conditions, and the challenges and opportunities facing the cotton industry [3][4]. - Key topics will cover global and Chinese cotton market trends, risk management, and the impact of U.S. tariff policies on the industry [4][6]. Group 3: Investment Opportunities - The summit will explore investment opportunities arising from the restructuring of the global cotton supply chain and the implications of macroeconomic policies on commodity investments [6][7]. - Discussions will also address innovations in cotton pricing models and the effects of digital transformation on the cotton textile industry [6].

Core Insights - China's total import and export value in the first quarter reached 10.3 trillion yuan, a slight increase of 1.3% year-on-year, with exports at 6.13 trillion yuan (up 6.9%) and imports at 4.17 trillion yuan (down 6%) [1][10] Group 1: Private Sector Performance - Private enterprises showed remarkable performance with a 5.8% increase in import and export value, now accounting for 56.8% of the total [3][5] - These enterprises have demonstrated flexibility and rapid response to market changes, allowing them to adapt more quickly than larger, traditional firms [3][5] Group 2: Trade with the United States - The trade surplus with the U.S. reached 550.6 billion yuan (approximately 76.6 billion USD), with exports to the U.S. hitting a record high of 830.4 billion yuan while imports were only 279.8 billion yuan [5][6] - The disparity in trade figures is attributed to the nature of goods traded, with China exporting consumer goods and low to mid-end manufacturing products while importing resource-based and high-tech products from the U.S. [5][6] Group 3: Strategic Shifts in Imports - A strategic shift in import channels has occurred, with a 1.4% decline in imports from the U.S. as China increasingly sources soybeans and natural gas from Brazil and Australia [6][14] - This shift reflects a proactive approach to ensure stable supply and pricing, demonstrating a well-planned response to external pressures [6][15] Group 4: Impact of Tariffs - Despite high tariffs imposed by the U.S., China's exports to the U.S. have not only remained stable but have also increased, highlighting the resilience of consumer demand for Chinese goods [7][8] - The burden of tariffs has largely fallen on American consumers, with estimates suggesting an additional annual cost of 1,800 USD per household due to increased prices [8][20] Group 5: Technological and Resource Resilience - China's advancements in technology, particularly in integrated circuits, and its dominance in rare earth resources are key factors contributing to its economic resilience [9][20] - The interplay between technological innovation and resource management is crucial for maintaining competitive advantages in the global market [9][20] Group 6: Regional Trade Dynamics - Exports to ASEAN countries grew by 8.1% and to the EU by 3.7%, indicating a warming trend in these markets [13][20] - The Regional Comprehensive Economic Partnership (RCEP) has facilitated trade by standardizing rules and reducing costs, benefiting private enterprises that diversify their manufacturing and sourcing strategies [13][20]