随着全球经济的深度融合，中国企业"出海"这一话题的热度仍未消减。中国企业的"出海"战略，逐步从 最初的市场拓展，演变为全球资源整合和产业链重塑的战略布局，加之全球经济的不确定性、国际政治 环境的多变性以及跨境运营的复杂性，企业面临的客观挑战也愈加复杂。 以往大家讨论中国企业"出海"时，更多的是通过自身的视角了解"出海"潜在目的地、当地市场的特点与 需求，及可能面临的风险与挑战。 本文将通过"出海"目的地专家们的视角，来看看作为投资者的中国企业在各地所遇到的机遇和面临的挑 战。 来自印度尼西亚、泰国、哈萨克斯坦、智利、荷兰和美国的六位法律和财税专家，他们根据各自的丰富 实践经验，针对下述三个问题，分别提供了深入的见解。文末，百宸律师事务所也分享了作为中国律师 在服务中国企业出海过程中的真实感受。 问题如下： Denia Isetianti，Soemadipradja&Taher合伙人律师 denia_isetianti@soemath.com 1. 你的国家是否适合中国企业海外扩张？为什么？ 你的国家是否适合中国企业海外扩张？为什么？（Is your country a suitable destination ...

2025年1-9月份，河南固定资产投资(不含农户)同比增长4.5%。其中，民间投资增长7.5%。 分产业看，第一产业投资同比下降3.6%，第二产业投资增长19.7%，第三产业投资下降3.4%。 从三大主要领域看，工业投资同比增长19.7%，基础设施投资(不含电力、热力、燃气及水生产和供应 业)下降7.6%，房地产开发投资下降8.2%。 工业投资中，采矿业投资同比增长20.3%，制造业投资增长19.4%，电力、热力、燃气及水生产和供应 业投资增长21.4%。 基础设施投资中，水利、环境和公共设施管理业(不含土地管理业)投资同比增长0.4%，交通运输和邮政 业投资下降19.5%，信息传输业投资下降2.6%。 从隶属关系看，中央项目投资同比增长2.4%，地方项目投资增长4.6%。 附注： 1、指标解释 固定资产投资(不含农户)：是以货币形式表现的在一定时期内完成的建造和购置固定资产的工作量以及 与此有关的费用的总称。 国有控股：在企业的全部实收资本中，国有经济成分的出资人拥有的实收资本(股本)所占企业全部实收 资本(股本)的比例大于50%的国有绝对控股。 在企业的全部实收资本中，国有经济成分的出资人拥有的实收资本( ...

Financial Data and Key Metrics Changes - The company reported net sales of $1.05 billion, reflecting a 2.5% year-over-year increase [14] - Operating margin improved by 120 basis points to 13.5%, with diluted earnings per share increasing by 21% to $4.98 [14][15] - Gross profit margin rose to 30.4%, an increase of 80 basis points from the previous year [14] Business Line Data and Key Metrics Changes - Infrastructure sales reached $808.3 million, up 6.6% year-over-year, with utility sales increasing by 12.3% driven by pricing and higher volumes [15] - Agriculture sales decreased by 9% year-over-year to $241.3 million, primarily due to lower irrigation equipment volumes in North America and economic pressures in Brazil [16][17] - Telecommunications sales grew by 37%, supported by a quick turnover strategy and alignment with carrier programs [15] Market Data and Key Metrics Changes - The utility market is experiencing strong demand driven by data center expansion, manufacturing onshoring, and broader electrification, with transmission CapEx expected to grow at a 9% CAGR through 2029 [8] - The Asia-Pacific market for lighting and transportation remains pressured, with operational challenges impacting performance [9] - In agriculture, grower sentiment in North America is soft, with the USDA expecting a 2.5% decline in crop receipts for 2025 [9][10] Company Strategy and Development Direction - The company is focused on simplifying its business, directing resources to high-return initiatives, and enhancing performance in attractive markets [5] - Valmont aims to lead the North American utility market through capacity expansion and operational improvements [5][19] - The company is investing in aftermarket parts and technology to build a more resilient agriculture business [7][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business despite near-term macro pressures [12] - The company is raising its full-year adjusted diluted earnings per share expectations to a range of $18.70 to $19.50 [22] - Management highlighted the importance of maintaining flexibility in capacity to respond to customer needs while ensuring operational efficiency [30] Other Important Information - The company recorded $11 million in bad debt expense due to tighter credit conditions in Brazil, impacting agriculture margins [17][67] - The company plans to consolidate solar revenues into another product line for reporting purposes starting in 2026 [15] - The company has a strong backlog in utility projects, with demand expected to remain robust across various product lines [57] Q&A Session Summary Question: Can you discuss the infrastructure margins and the most impactful margin improvement initiatives? - Management noted that pricing and cost actions have contributed to improved margins, with utility expansions expected to drive significant operating margin contributions [25][26] Question: What is the outlook for utility segment pricing trends? - Management indicated that pricing remains strong due to tariff mitigation plans and a tight demand-supply balance in the bid market [64][66] Question: Are current demand drivers in utility across different product lines? - Management confirmed strong demand across all product lines, driven by electrification, AI, and grid connectivity, with a healthy backlog extending into 2026 [57][58] Question: What is the expectation for agriculture margins moving forward? - Management expects agriculture margins to improve in Q1, with efforts to resolve current bad debt issues and a focus on maintaining double-digit operating margins [67][68]

170万亿元！这是5年来，我国银行业保险业通过信贷、债券、股权等多种方式，为实体经济提供的新增资金总量。 "十四五"期间，源源不断的金融"活水"，流入实体经济沃土，持续激发中国经济活力。 金融"含科量"越来越高——"十四五"期间，高新技术企业贷款、科技型中小企业贷款年均增速均超过20%，科研技术贷款年均增速高达 27.2%；近年来新上市企业中九成以上是科技企业或者科技含量比较高的企业，目前A股科技板块市值占比超过1/4。 金融"获得感"不断提升——"十四五"期间，普惠小微授信户数超6000万户、覆盖约三分之一的经营主体；6月末普惠型小微企业贷款余额达36 万亿元，是"十三五"末的2.3倍；8月末创新型中小企业获贷率提升至66%，其中"专精特新"中小企业获贷率达到72.3%。 金融提振消费持续发力——"十四五"以来，批发零售、住宿餐饮等消费服务行业贷款余额增长80%；8月末全国服务消费重点领域贷款余额达 2.78万亿元，同比增长5.12%。 8月4日，在哈尔滨电机厂有限责任公司线圈分厂智能制造车间，工人在进行生产作业（无人机照片）。新 华社发（刘洋摄） 灌溉充沛有效，增长蓬勃有力。 从金融总量看，我国社会融资规 ...

"并购六条"至今，苏州上市公司已完成40起并购事件，其中4起为重大资产重组，另有50起并购事 件正在推进中。上述并购事件的整体交易规模可达256亿元，显示出苏州资本市场强劲的并购活力。 "苏州做法"搭建更优平台 并购重组作为一种重要的经济现象，不仅是企业优化资源配置、提升市场竞争力的重要战略选择， 更是反映经济结构调整、产业升级与政策导向的重要风向标。"并购六条"鼓励上市公司综合运用股份、 定向可转债、现金等支付工具实施并购重组，增加交易弹性，明确支持上市公司围绕科技创新、产业升 级布局，尤其支持科创板、创业板上市公司并购产业链上下游资产，增强"硬科技""三创四新"属性。 去年9月末，证监会发布《关于深化上市公司并购重组市场改革的意见》。该意见从支持上市公司 向新质生产力方向转型升级、鼓励上市公司加强产业整合、提高监管包容度、提升重组市场交易效率、 提升中介机构服务水平、依法加强监管六大方面，进一步激发并购重组市场活力，支持经济转型升级和 高质量发展。 "并购六条"加大了对上市公司产业整合的支持力度。一方面，传统行业上市公司并购同行业、产业 链上下游资产，补齐供应链短板，提高产业集中度和竞争力。另一方面，科创 ...

证券研究报告 | 行业定期报告 2025 年 10 月 12 日 中美关税博弈加剧，航运节后运价回升 招商交通运输行业周报 周期/交通运输 本周关注：航运方面，关注中美博弈之下航运运价波动；基础设施方面，红利 标的超跌至股息率 5%建议配置；航空方面，关注 25-26 年行业基本面上行趋势 及市值弹性；快递方面，关注 25 年价格竞争情况和行业估值修复潜力。 荐标的：招商公路、皖通高速、粤高速、山东高速、青岛港、招商港口。 ❑ 航空：双节假期民航国内线量价双增，重视低基数下 Q4 票价修复机会。1） 高频数据表现上看，受双节假期延长、出行需求释放影响，9 月 26 日至 10 月 9 日，民航旅客量同比增长 3.9%，其中国内旅客量同比增长 3%、国 内裸票价同比增长 6.2%、客座率提升 0.8pct。2）供给端，双周日利用率 均值为 8.5 小时,同比增长 1.2%，ASK 同比增长 3.2%。3）关注反内卷对行 业及估值修复影响：近期民航多次强调"反内卷"，7 月 22 日，2025 年全国 民航年中工作电视电话会议上，围绕扎实做好 2025 年下半年民航工作，宋志 勇提出九点要求，其中第三点要求加快构 ...

10月9日，长三角区域合作办公室传来消息，《建立健全都市圈同城化发展体制机制 提升长三角城市群一体化发展水平行动方案》（以下简 称"方案"）已正式印发。该方案从"三个聚焦"破题，围绕实现"七个一"和加强组织实施等八个方面，提出了30项具体任务举措。 同一天，以"迈向形神兼备的现代化都市圈"为主题的推动长三角都市圈同城化发展研讨会在上海举办，"形神兼备"成为区域发展的新理念。 方案的出台、新理念的提出，标志着长三角一体化进程迈入新阶段——从基础设施的硬联通转向制度规则的软对接，从城市的"群体化"走 向"形神兼备"的都市圈同城化。 从"七个一"看长三角一体化战略升维 数据显示，长三角GDP占全国比重从2018年的23.9%提高到2024年的24.6%，6年间贡献了中国约26%的经济增量。万亿GDP城市的数量已从 2018年的6个增加到9个，占全国1/3；区域进出口总值突破16万亿元，占全国36.5%。此外，长三角还形成了大飞机等26个国家先进制造业集 群。 尤其是在基础设施互联互通等"硬联通"方面取得了显著成就。2018年，沪苏浙皖三省一市联合签订《长三角地区打通省际"断头路"合作框架协 议》，7年多来16条"断 ...

Core Points - The trade relationship between Brazil and the United States has become strained due to the U.S. imposing additional tariffs on Brazilian goods, raising the total tariff to 50% [1][3] - In response to these challenges, China has stepped in to support Brazil by establishing a $1 billion fund aimed at enhancing cooperation and providing financial assistance [1][4] - The U.S. government's justification for the tariffs has been criticized as politically motivated, with Brazil asserting that it undermines its political independence [3][6] Trade Impact - Brazilian businesses, particularly in sectors like fishing and coffee, have faced significant market losses due to the increased tariffs, disrupting entire supply chains [4] - The orange juice industry, while not directly affected by tariffs, has seen related agricultural products hit by tariffs, leading to price declines [4] Strategic Cooperation - The establishment of the $1 billion fund by China and Brazil is intended to alleviate Brazil's economic pressures and foster collaboration in various sectors, including energy and agriculture [4][5] - A long-term strategic project, the "Transoceanic Railway," aims to connect Brazil's east coast to Peru's Pacific ports, significantly reducing transportation costs and dependency on other nations [5] Diversification of Trade - Brazil is increasingly diversifying its trade partnerships, reducing reliance on the U.S. market, and seeking new opportunities in China [6][10] - The cooperation with China has empowered Brazil to adopt a firmer stance in negotiations with the U.S., demanding the removal of unreasonable tariffs [6][7] Global Trade Dynamics - The U.S. pressure on Brazil has inadvertently strengthened Brazil's resolve to pursue a diversified trade strategy, showcasing a potential model for other nations facing similar pressures [8][10] - Brazil's approach to enhancing cooperation with China not only aids its own economic transformation but also positions China as a key player in the evolving global trade landscape [10]

《 人民日报 》（ 2025年10月06日 03 版） 担任上合组织轮值主席国期间，中国提出多项重要合作倡议，同其他成员国一道推动上合组织在经济合 作与人文交流领域不断迈上新台阶。展望未来，上合组织将坚定团结互信、深化互利合作、共筑发展之 路、加强文明互鉴，为推动构建人类命运共同体贡献更大力量。 （作者为博鳌亚洲论坛秘书长政策顾问） 展望未来，上合组织将坚定团结互信、深化互利合作、共筑发展之路、加强文明互鉴，为推动构建人类 命运共同体贡献更大力量 上海合作组织自成立以来，始终秉持"上海精神"，为地区合作注入持续动力。当前，国际形势复杂多 变，世界经济复苏乏力，不确定性上升。如何实现可持续发展、促进互利共赢，成为各国共同关切。 在不久前举行的上合组织天津峰会上，各成员国领导人共同确立了上合组织未来10年发展战略，决定成 立上合组织开发银行，一系列重要成果为地区和世界带来更多稳定性、确定性。在"上海合作组织+"会 议上，习近平主席郑重提出全球治理倡议，深刻回答了在当前全球变局下，世界各国应当如何加强合 作、共同完善全球治理体系的重要命题。有力的战略引领，让上合组织的重要性进一步凸显。 经济合作是上合组织发展的重要 ...

Investment Rating - The report maintains a recommendation for the transportation industry, highlighting opportunities in undervalued assets with a focus on high dividend yields [3]. Core Insights - The report emphasizes the recovery in the shipping sector, the attractiveness of infrastructure assets with dividend yields above 5%, and the positive outlook for the aviation industry in 2025-2026 [1][17][22]. - It also notes the potential for valuation recovery in the express delivery sector due to easing price competition [20]. Shipping Sector Summary - The shipping industry is experiencing a mixed performance, with container shipping rates declining due to reduced cargo volumes ahead of the National Day holiday. However, shipowners expect price stabilization in late October [10][17]. - Oil tanker rates remain high but are experiencing slight fluctuations, with VLCC rates at $89,000/day, down 6% from the previous week [13][47]. - The dry bulk market shows signs of recovery, with the BDI index rising by 2.5% to 2259 points [16][43]. Infrastructure Sector Summary - The infrastructure sector is highlighted for its stability, with major highways showing a dividend yield of over 5%, making them attractive for investment [18][19]. - Recent data indicates a slight increase in truck traffic and stable growth in rail freight, with national rail cargo volume increasing by 0.2% week-on-week [18][50]. Express Delivery Sector Summary - The express delivery industry is projected to maintain strong growth, with a 12.3% year-on-year increase in business volume in August 2025 [20][60]. - The report notes a shift towards price stabilization due to "anti-involution" policies, which are expected to improve industry valuations [20]. Aviation Sector Summary - The aviation industry is experiencing a slight decline in passenger volume due to adverse weather conditions, but ticket prices and load factors remain strong, with domestic ticket prices up 13.2% year-on-year [22][21]. - The report highlights the potential for recovery in the aviation sector in Q4, driven by low base effects and increased travel demand [22].