每经AI快讯，2月27日，亿联网络(300628.SZ)公告称，2025年度公司实现营业总收入60.33亿元，同比增 长7.33%；归母净利润26亿元，同比下降1.81%。报告期内，公司销售业务保持平稳，市场拓展及业务 推进带动营业收入稳步增长。尽管国际贸易政策的扰动给市场环境带来了一定的不确定性，但公司在核 心业务领域仍然保持了稳定的市场竞争力，经营质量持续提升。 ...

在当今全球经济日益紧密的背景下，国际贸易政策的任何波动都可能引发一系列连锁反应，波及各国乃 至全球的企业。而最近，美国最高法院的一项裁决，仿佛一颗重磅炸弹，投向了这盘错综复杂的国际棋 局，激起了巨大的政治和经济浪潮。今天，我们不妨深入剖析这一事件的背景、影响及可能带来的后 果。 2026年2月20日，美国最高法院做出了一项具有深远意义的判决。以6比3的投票结果，法院宣布特 朗普政府在其执政期间引用的《国际紧急经济权力法》进行的全球加征关税行为违宪。判决明确指出， 任何形式的税收政策都必须获得国会的授权，而这一规定的设立初衷，正是为了防止行政权力的滥用。 回顾特朗普执政时期，他曾将关税作为一种外交大棒，对中国、墨西哥和加拿大等国加征高额惩罚性关 税，试图通过经济手段逼迫他国妥协，从而实现其政策目标。然而，随着最高法院这一裁决的出台，特 朗普的关税政策就像被一把锋利的刀切断，失去了此前的威慑力。 这一判决如同一场突如其来的地震，彻底打破了特朗普在关税政策上的强硬姿态，令他在国际舞台上的 行动面临更为严峻的法律挑战。面对这一司法挫折，特朗普的反应出乎许多人意料，丝毫没有选择屈服 于法院裁定，而是迅速签署了一项新的关 ...

Core Viewpoint - The company expects a significant decline in net profit for 2025, projecting a range of 21 million to 30 million yuan, which represents a decrease of 88.40% to 83.43% compared to the same period last year [1] Group 1: Financial Performance - The basic earnings per share are estimated to be between 0.05 yuan and 0.072 yuan [1] - The decline in performance is attributed to uncertainties in international trade policies and intense competition in the home and bathroom industry, leading to insufficient market demand and a decrease in product prices [1] Group 2: Strategic Initiatives - The company has invested in brand enhancement and channel development to cope with the challenging market environment [1] - Despite the revenue decline, the company has maintained stable R&D investment, focusing on "technology-driven" development [1] - The company aims to adjust its business structure to stabilize revenue, increase market share of core products, and emphasize technological innovation and quality [1]

Core Viewpoint - China Resources Materials (华润材料) is currently facing challenges in the European market due to the EU's anti-dumping duties on PET products imported from China, leading to a small volume of sales in that region [1] Group 1: Market Impact - The company is primarily focusing its exports on regions such as Africa, Asia, and South America, rather than Europe [1] - The company is closely monitoring the developments in international trade policies to adapt its strategies accordingly [1] Group 2: Strategic Response - China Resources Materials aims to actively develop a broader customer base across various countries and regions to mitigate reliance on any single market [1]

Core Viewpoint - Gongdong Medical (605369) is expected to report a significant decline in net profit for 2025, with projections ranging from 44 million to 56 million yuan, representing a year-on-year decrease of 67.37% to 74.36% [2] Group 1: Financial Performance - The company anticipates a net profit attributable to the parent company of 44 million to 56 million yuan for 2025 [2] - This forecast indicates a substantial decline in profitability compared to the previous year, with a decrease of 67.37% to 74.36% [2] Group 2: Operational Challenges - The decline in performance is attributed to the operating results of its subsidiary, Trademark Plastics Inc. (TPI), which have been negatively impacted by international trade policies and fluctuations in shipping costs [2] - Additionally, the company faces challenges from U.S. tariff policies and domestic medical "group purchasing" policies, leading to a slowdown in demand for some of its products [2]

Core Viewpoint - Gongdong Medical (605369) expects a significant decline in net profit for 2025, projecting a range of 44 million to 56 million yuan, which represents a year-on-year decrease of 67.37% to 74.36% [1] Group 1: Financial Performance - The company anticipates a net profit attributable to the parent company of 44 million to 56 million yuan for 2025 [1] - This projected profit decline is attributed to various factors, including international trade policies and fluctuations in shipping costs affecting the performance of its subsidiary, Trademark Plastics Inc. (TPI) [1] Group 2: Market Conditions - The company is facing challenges due to the impact of U.S. tariff policies and domestic medical "group purchasing" policies, which have led to a slowdown in demand growth for some of its products [1]

Core Viewpoint - Dechang Co., Ltd. (605555) forecasts a significant decline in net profit for the fiscal year 2025, projecting a range of 160 million to 200 million yuan, which represents a year-on-year decrease of 51% to 61% [1] Group 1: Financial Performance - The expected net profit for 2025 is estimated to be between 160 million and 200 million yuan, indicating a substantial decline compared to the previous year [1] - The company anticipates a decrease in net profit due to various factors affecting its business segments [1] Group 2: Business Segments - The automotive parts business is expected to continue its rapid growth trajectory in 2025 [1] - The home appliance segment is facing challenges due to international trade policies, increased competition, and the introduction of new production capacity, which is still in the ramp-up phase [1] - The home appliance business is experiencing a decline in gross margin due to increased amortization costs and price reductions [1] Group 3: Currency Impact - The company reported a foreign exchange loss of approximately 18 million yuan for the period, a decrease of about 60 million yuan compared to the same period last year [1]

Group 1 - The global trade policy environment is expected to deteriorate significantly between 2024 and 2025, with an increase in protectionism driven by escalating tensions among major powers and geopolitical uncertainties [1] - During the period from October 2024 to October 2025, countries are projected to implement 272 "other trade and trade-related measures," marking the second-highest level since the monitoring mechanism was established in 2009, only behind the peak of 286 measures in 2011 [1] - The trade value affected by restrictive policies is expected to surge from $888 billion in the previous monitoring year to $2.966 trillion, more than doubling [1] Group 2 - Supportive policies in agriculture, environment, and energy sectors have significantly increased, particularly non-financial support measures, indicating a closer link between trade policy and industrial policy [2] - In the environment and energy sectors, countries are adopting new emission standards, safety standards, and energy consumption requirements, as well as prioritizing low-carbon and environmentally friendly products [2] - The report highlights that many new industrial policy measures are not traditional subsidies but rather non-financial support for specific industries, reflecting increased government intervention in key areas [2] Group 3 - Despite the tense global trade environment, global trade activity is showing resilience, with a revised growth forecast for global goods trade in 2025 increased from 0.9% to 2.4% [3] - The demand for trade remains strong, with artificial intelligence-related products significantly contributing to global trade growth, accounting for nearly half of the increase despite representing less than one-sixth of total global trade [3] - Approximately 72% of global goods trade continues to operate under the most-favored-nation principle, demonstrating the resilience of the multilateral trading system [3] Group 4 - The report provides a cautious outlook for future trade, predicting a slowdown in global trade due to geopolitical uncertainties, with major regions expected to experience reduced growth [4] - It calls for enhanced cooperation among countries and reforms to address the current riskier trade environment, advocating for multilateral communication over unilateral actions [4] - Recommendations include improving transparency to reduce policy uncertainty and preventing sudden regulatory measures from disrupting trade activities [4]

1. Report Industry Investment Rating - No information about the report industry investment rating is provided. 2. Core Views of the Report - The m2605 soybean meal contract is in a stage of fluctuating downward, and the later price center is expected to decline. The foreign market shows that the tight fundamentals of US soybeans in the new year still support the price of CBOT soybeans, but the expected high - yield of South American new crops suppresses its price. In the domestic market, the supply of soybeans and soybean meal is relatively sufficient before the end of the year, and the supply gap in the first quarter is expected to be limited. The demand from the downstream feed and aquaculture industry still provides support, and the spot basis is expected to strengthen gradually with inventory digestion [3]. - The RM605 rapeseed meal contract is also in a stage of fluctuating downward, and the later price center is expected to decline. Globally, the supply - demand pattern of rapeseed in 2025/26 is loose, suppressing the price of rapeseed. In the domestic market, the anti - dumping preliminary ruling on Canadian rapeseed increases the import cost, and the supply of rapeseed meal is expected to tighten. However, the off - season of downstream aquaculture and the low price difference between soybean meal and rapeseed meal are not conducive to the substitution consumption of rapeseed meal [3]. 3. Summary According to the Directory 3.1 US Soybean Supply and Demand - The recent continuous purchase of US soybeans by China and the limited guidance of the December USDA report suggest that the CBOT is expected to operate in the range of 1100 - 1150 cents. The USDA report shows that the estimated ending inventory of US soybeans in 2025/2026 remains unchanged from November, and the production forecasts of Argentina and Brazil are also maintained. The US soybean price was weakly volatile this week, supported by China's purchase and affected by the neutral - bearish USDA report and the expected high - yield in South America [15][16]. - As of the week ending December 05, 2026, the US soybean crushing profit was 2.45 dollars per bushel, a 2.00% decrease from the previous week and a 13.95% increase from the same period last year. As of November 13, the net increase in US soybean export sales was 80.66 tons, and the export shipment was 155.28 tons, a 67% increase from the previous week and a 24% increase from the four - week average [17]. 3.2 South American Soybean Supply and Demand - Brazil's soybean sowing is nearing completion, with a sowing progress of 90.3% as of December 6. Argentina's sowing progress is 4.7%, lagging behind last year by 53.8%. The La Nina phenomenon has appeared, and the expected precipitation in Argentina in the next two weeks is decreasing. The export volume of Brazilian soybeans in December is expected to reach 333 tons, and the export volume of soybean meal is expected to reach 188 tons [31][32][33]. - CONAB expects Brazil's soybean production in 2025/26 to reach 1.771238 billion tons, a year - on - year increase of 561.31 tons or 3.3%, and the sowing area to reach 4893.56 million hectares, a year - on - year increase of 158.95 million hectares or 3.4% [33]. 3.3 Rapeseed Supply and Demand - The estimated yield of new Canadian rapeseed has further increased, and the export pressure persists, leading to a continued weakening of international rapeseed prices. In 2025/26, the global rapeseed production increased by 300 tons month - on - month and 2027 tons year - on - year, with a growth rate of 10.7%, mainly due to the yield increase in Canada and the EU. The global rapeseed inventory and inventory - to - sales ratio have reached recent highs [63][64]. - As of November 23, the export volume of Canadian rapeseed decreased by 65% from the previous week to 9.95 tons. From August 1 to November 23, 2025, the export volume of Canadian rapeseed was 192.84 tons, a 47.8% decrease from the same period last year. The commercial inventory of Canadian rapeseed was 137.43 tons [64]. 3.4 Domestic Meal Supply and Demand - In the short term, the state - reserve release rhythm affects market sentiment, but the near - term supply pressure limits the upward space of the market. The far - month contracts are still trading on the expectations of high - yield in South America and US soybean demand. China imported 810.7 tons of soybeans in November 2025, a decrease of 137.30 tons from October and a 13.32% increase from November 2024. In 2025, the cumulative import of soybeans from January to November was 10378.14 tons, a 6.89% increase year - on - year [76][77]. - The estimated arrival of soybeans at domestic full - sample oil mills in December 2025 is 904.8 tons, 800 tons in January 2026, and 400 tons in February. The estimated arrival of imported rapeseed at coastal areas in December 2025 is 12 tons, and the same amount is expected in January and February 2026 [78]. 3.5 Soybean and Rapeseed Pressing - Startup Rate - This week, the startup rate of oil mills continued to decline, and rapeseed pressing basically stopped. As of December 5, the actual soybean pressing volume of 125 domestic oil mills was 205.58 tons, a decrease of 14.50 tons from the previous week and 8.98 tons lower than the estimated volume. The actual startup rate was 66.55%. The estimated pressing volume in the 50th week (December 6 - 12) is 221.16 tons, and the estimated startup rate is 60.84% [93][94]. - The rapeseed pressing volume of major coastal oil mills was 0 tons this week, with a startup rate of 0%. The estimated rapeseed pressing volume of major coastal oil mills next week is 0 tons, and the estimated startup rate is 0% [94]. 3.6 Import Cost and Pressing Profit - The import cost of soybeans shows different trends for different origins and shipping periods. The soybean crushing profit also varies by contract and origin. The import cost and freight of soybeans from different regions such as Argentina, the US West Coast, the US Gulf Coast, and Brazil are presented in the report, and the data is updated daily [100][105]. - The import cost of Canadian rapeseed and the pressing profit of rapeseed are also provided, with daily - updated data [107]. 3.7 Inventory - The inventory of soybean meal at major national oil mills has slightly decreased, but the overall inventory pressure still needs to be digested. The rapeseed inventory has continued to decline. As of December 5, the soybean inventory of 125 domestic oil mills was 715.52 tons, a 2.51% decrease from the previous week and a 30.80% increase from the same period last year. The soybean meal inventory was 116.19 tons, a 3.43% decrease from the previous week and a 70.74% increase from the same period last year [107][108]. - The rapeseed inventory at major coastal oil mills was 0 tons, unchanged from the previous week. The rapeseed meal inventory in major regions across the country totaled 47.08 tons, a decrease of 2.96 tons from the previous week [108]. 3.8 Downstream Demand - The downstream procurement and sales have warmed up, with spot purchases mainly driven by rigid demand, and the far - month basis has seen some trading volume. As of December 11, the total national soybean meal trading volume was 33.54 tons, a week - on - week increase of 22.73 tons. The spot trading volume was 3.45 tons, and the far - month basis trading volume was 58.09 tons. The total soybean meal pick - up volume was 96.66 tons, a week - on - week increase of 4.93 tons [122][123]. - The monthly feed production and prices of livestock and poultry feed, as well as the prices and breeding profits of livestock and poultry, are presented in the report, showing the downstream demand situation [128][134]. 3.9 Basis and Spread - The basis of soybean meal and rapeseed meal in different regions and contracts is provided. The average spot - futures price difference in coastal main markets this week was 290 - 340 yuan per ton, an increase of 103 - 133 yuan per ton from the previous week. As of December 12, the basis of the May soybean meal contract in Rizhao was 305 yuan per ton, and the basis of the May rapeseed meal contract in Dongguan was 158 yuan per ton [143]. - The month - to - month and variety spreads of soybean meal and rapeseed meal, including the 1 - 5, 5 - 9, 9 - 1 spreads of soybean meal and rapeseed meal, and the spreads between the January, May, and September contracts of soybean meal and rapeseed meal, are also presented in the report [174].

Core Viewpoint - Weichai Power (000338.SZ) does not engage in gas turbine business and its power generation products can be exported to high-end markets such as the United States and Europe, with revenue figures being non-public information [1] Group 1 - The company has clarified that it does not have a gas turbine business [1] - The company's power generation products are eligible for export to high-end markets, including the United States and Europe [1] - Revenue figures related to these products are considered non-public information [1] Group 2 - The company is monitoring international trade policy changes and advises stakeholders to refer to the latest tariff policy documents [1] - The company will continuously pay attention to and comply with policy requirements [1]