Group 1: Macro Economic Insights - Non-US demand is expected to dominate future export trends, with July exports from China increasing by 7.2% year-on-year, compared to a previous value of 5.9% [5][6] - The indirect export surge continues, with South Korea and Vietnam showing significant export growth, indicating ongoing global industrial countries' export competition [6][7] - Future export performance may be influenced by the sustainability of non-US demand, particularly after the US implements import tariffs [7][8] Group 2: Company-Specific Insights - Guanghua New Network (光环新网) - Guanghua New Network, a leading IDC enterprise, has expanded into high-performance computing and aims to benefit from the growth in computing power, with projected net profits of 329 million, 446 million, and 565 million yuan for 2025-2027 [12][13] - The company has established a multi-heterogeneous computing power scheduling platform to support various applications, with a computing power scale exceeding 4000P as of April 2025 [13][14] - Guanghua's IDC business serves a diverse client base, including traditional cloud vendors and financial clients, with ongoing expansion plans across multiple regions [14] Group 3: Company-Specific Insights - Zhongchong Co., Ltd. (中宠股份) - Zhongchong Co., Ltd. reported a significant revenue increase of 24.32% year-on-year for H1 2025, with net profit rising by 42.56% [16][17] - The company’s domestic sales growth is attributed to strong performance in staple food products, with revenue from staple food increasing by 85.79% [18][20] - The company is expanding its global presence, with products sold in 73 countries and a new factory in Mexico expected to enhance profit margins [20] Group 4: Company-Specific Insights - Haiguang Information (海光信息) - Haiguang Information's revenue for H1 2025 reached 5.464 billion yuan, a 45.21% increase year-on-year, with net profit growing by 40.78% [22] - The company plans to absorb and merge with Zhongke Shuguang to enhance vertical integration and market synergy, aiming to build a comprehensive capability from chip design to computing power services [23] - The projected net profits for Haiguang Information are 3.018 billion, 4.213 billion, and 5.806 billion yuan for 2025-2027, reflecting strong growth potential in the domestic computing power sector [21][22] Group 5: Company-Specific Insights - Techtronic Industries (创科实业) - Techtronic Industries expects to complete its overseas capacity relocation by the end of 2025, which is anticipated to support accelerated growth in 2026 [25][26] - The company reported a revenue of 7.83 billion USD for H1 2025, a 7.1% increase year-on-year, with a net profit of 630 million USD, reflecting a 14.2% growth [27] - The company is cautious about growth in H2 2025 due to uncertainties related to tariffs but remains optimistic about a recovery in 2026 driven by favorable market conditions [28]

线 开源证券 宏观经济点评 | 2025年08月07日 | 非美地区需求或将主导未来出口走势 | | --- | --- | | 宏观研究团队 | 宏观经济点评 | | | 何宁(分析师) 郭晓彬(分析师) | | | hening(akysec.cn panweizhen@kysec.cn | | | 证书编号:S0790522110002 证书编号:S0790122110044 | | | 事件:以美元计,中国 7月出口同比+7.2%,前值+5.9%;7月进口同比 | | | +4.1%,前值+1.1%。 | | | ● 关税落地执行后,非美地区需求或难持续 | | | 1. 间接抢出口仍在继续,7月出口同比延续回升。(1)7月韩国出口同比+5.9%, | | | 较前值(+4.3%)延续回升;越南出口同比+17.7%,接近前值(+19.3%);我们认 | | | 为，在美国 8 月执行对等关税背景下,韩越出口保持高增,表明 7 月全球工业 | | | 国抢出口仍在继续。(2)受间接枪出口支撑,7月出口同比+7.2%,但需要提示, | | | 如若美国对大多数地区的进口关税在当地时间 8月 7 日得到实际 ...

宏 观 研 究 华福证券 2025 年 08 月 07 日 新关税形势下出口走强能否延续？ ——国际贸易数据点评（2025.7） 投资要点： 宏 观 点 评 原关税缓和期尾部我国 7 月出口同比再度回升；原油价格回暖带动进口增 速连续大幅改善。7 月出口（美元计价，下同）同比较 6 月再度上行 1.4 个百 分点至 7.2%，延续了 5 月以来出口连续改善的趋势，再度凸显中美 5 月中旬 达成的 90 天关税缓和期、以及美国对其他地区实施的缓和期尾部对我国出口 的总体拉动作用。近期美国关税形势进入新阶段，对华延长 90 天缓冲期，但 对其他主要经济体均采取更高税率，我国出口面临的新形势或更趋复杂多变。 原油价格回暖带动 7 月进口同比再度大幅改善 3.0 个百分点至 4.1%，当月货物 对美出口跌幅再度加深，对协同供给伙伴在缓和期末出口高增，对非美发 达经济出口跌多增少。7 月美国明确提出在 8 月结束对除我国以外地区的关税 缓和期并对转口贸易加征更高关税。这在逻辑上指向我国对协同供给伙伴的出 口可能在 7 月出现抢运以规避未来更高的关税风险，数据与逻辑匹配度较高， 7 月对东盟出口同比 16.6%，尽管小幅 ...