德国2025年11月工业新订单环比增长5.6% 来源：中国新闻网 编辑：张澍楠 广告等商务合作，请点击这里 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 巴登-符腾堡州银行经济学家延斯-奥利弗·尼克拉施表示，此次工业新订单增长是"经济可能出现趋势性 转折的真实信号"。德意志银行研究部经济学家马克·沙滕贝格指出，德国工业可能已经走出低谷。 德国联邦经济和能源部当天在声明中指出，近几个月来，订单数据因国防领域相关采购影响波动明显。 总体来看，德国国内和欧元区的订单需求呈现持续增长趋势。相比之下，受贸易摩擦和地缘政治不确定 性影响，来自欧元区以外国家和地区的需求自2025年春季以来持续疲软。因此，德国出口前景预计仍将 保持低迷。(完) 本文为转载内容，授权事宜请联系原著作权人 中新社柏林1月8日电(马秀秀 杨楚瑜)德国联邦统计局8日公布的数据显示，经季节和工作日调整后，德 国2025年11月工业新订单环比增长5.6%。这是德国工业新订单连续第三个月增长，也创下2024年12月 以来的最高增幅。 ...

（来源：新华日报） 优化服务机制，强化全周期服务。镇党委统战办秉持真情服务理念，跑出企业培育"加速度"。镇领导对 重点企业、重大项目开展全覆盖走访，重点协调企业资金、用工问题，推动申报高新技术企业12家，申 报省级"专精特新"企业4家、国家级专精特新"小巨人"企业1家，不断激发和增强企业发展活力。 盐东镇商会推动镇园区更新2.0提速，构建三大工业园区协同发展格局。新型材料产业园高起点完善规 划，打造特色化专业新材料园区；科技产业园依托现代绿色食品产业园载体，构建现代农业全产业链体 系；东南工业园深耕纺织、机械等主导产业，盘活低效用地与闲置厂房，实现集约利用水平和用地产出 效益双提升。 徐晨 董立新 去年是"十四五"收官之年，盐城市亭湖区盐东镇党委统战办发挥商会和新经济组织作用，以招商引资和 项目推进为抓手，让统战力量成为激活镇域高质量发展的强引擎。 该镇商会深耕产业链、场景、朋友圈招商赛道，全年拜访企业50家、商会10家，助力全镇新签约亿元项 目6个，其中10亿元以上项目1个。同时加快推进投资10亿元的中建国际新型材料产业园项目落地，推动 农旅民宿、怡能电力等项目快建快投，助力宇泽科技、依诺达化纤等项目如期开 ...

本报告导读： 公司以真空、激光、精密装备三大技术平台构建产品矩阵，下游覆盖光伏、显示与 半导体，平台化属性明显。近期公司获业内首条钙钛矿/硅异质结叠层整线订单，助 力行业量产加速。此外，公司半导体及显示业务布局加速，有望打造第二增长曲线。 钙钛矿叠层整线订单落地，半导体业务进入收获期 迈为股份(300751) 迈为股份首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 刘绮雯(分析师) | 021-23185686 | liuqiwen@gtht.com | S0880525040096 | 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 8,089 | 9,830 | 8,078 | ...

2025年，俄罗斯经济在经历高速增长后有所降温，超出预期的预算支出支撑了经济增长。同时，严 格的货币政策有效抑制了通货膨胀，经济软着陆态势符合官方预期。2026年，俄经济总量将保持一定增 速，并开启更深层次的经济结构改革。 俄经济在2025年进入"可控降温期"，逐步回归均衡增长轨道。继2024年俄国内生产总值(GDP)创下 12年来最高水平的4.3%后，2025年俄GDP增速将有所回落，预计降至1%左右。据俄罗斯媒体报道，最 新宏观经济数据和分析师预测显示，受生产增长乏力、消费放缓，以及关键部门对经济增长的贡献下降 等因素影响，2025年俄最终GDP增速可能低于俄罗斯经济发展部的预期，俄经济或将步入低速增长期。 俄罗斯联邦统计局数据也印证了这一趋势：经季节性调整后，2025年一季度，俄GDP环比出现萎 缩，二季度和三季度则实现小幅正增长。对此，相关分析师相继下调对俄2025年GDP增长的预期。俄罗 斯科学院经济预测研究所预计，2025年俄经济增速将达到0.7%。该机构指出，下调预期主要因为今年1 月至9月产出停滞以及几乎所有国内需求组成部分表现疲软。同时，有商业银行分析师基于经济软着陆 趋势，预计本年度俄GD ...

金融市场瞬息万变，投资与经济政策深刻影响全球。我们为您带来昨夜今晨的财经新闻，涵盖股市动 态、经济数据、企业财务和政策更新，帮助您全面把握金融世界。 扩内需为何排在八项重点任务之首？ 中央经济工作会议将"坚持内需主导，建设强大国内市场"列为明年八项重点任务之首。文章指出，这是 遵循经济规律、应对外部不确定性的必然选择。内需是我国经济增长的主动力，2013-2024年其对经济 增长的平均贡献率达93.1%。当前，需通过提振消费、扩大有效投资、建设全国统一大市场等措施，进 一步释放超大规模市场潜力，将市场优势转化为发展胜势。 一次性信用修复：怎么修？谁受益？5个问题讲清楚丨财经早察 美联储理事米兰敦促继续降息，但淡化降息50个基点的必要性 美联储理事米兰警告，若停止降息将引发经济衰退风险，主张继续推进宽松政策。但他指出，随着近期 三次降息累计75个基点，此前主张的降息50个基点必要性已降低，政策或进入需精细调整而非大幅降息 的阶段。其任期将于明年1月届满，去留尚未确定。目前美联储内部对政策走向分歧严重。 白银价格创新高背后：光伏"去银化"技术量产进行时，供需逆转苗头或悄然发生 央行推出"一次性信用修复"政策，为2 ...

【机构分析】 转自：新华财经 •凯投宏观：英国经济状况略显改善 •中信建投：美国CPI超预期降温 继续助推有色牛市 •圣诞假期流动性稀薄或放大黄金当前涨幅 •研究显示特朗普关税政策重创德国汽车出口 •摩根大通：日本央行可能继续加息 •野村证券：触发日本当局干预的具体水平尚不确定 但大胆行动可能已为时不远 •阿根廷外国直接投资22年来首现负增长 •阿根廷PxQ咨询公司近日发布报告说，2025年阿根廷外国直接投资22年来首次出现负增长。报告说， 基于阿根廷央行近日发布的信息测算，2025年1月至11月期间，阿根廷外国直接投资为负15.2亿美元， 为2003年以来首次出现负增长。外国直接投资出现负增长的主要原因是大量跨国企业退出阿根廷市场或 将在阿业务出售给当地企业。据悉，有阿根廷央行人士确认，外国直接投资负增长是由于跨国企业出售 当地业务所致。2023年12月以来，已有数十家跨国企业由于全球战略调整或对阿根廷宏观经济缺乏信心 而撤离该国。近两年来，阿根廷通胀居高不下，本币汇率剧烈波动，削弱了企业的盈利预期和投资意 愿。 编辑：马萌伟 •凯投宏观经济学家Alex Kerr指出，尽管数据显示英国第三季度GDP仅环比增 ...

不过，CBI首席经济学家路易丝·赫勒姆强调，当前前景仅为"谨慎乐观"。她指出，最新预算案"更注重 稳定而非增长"，未提供持久的投资激励。在通胀方面，CBI预计2026年消费者物价指数（CPI）将上涨 2.6%，略高于英国央行此前预测。基于此，该机构认为英国央行降息空间有限，预计仅在"下周"和2026 年初各降息25个基点，将基准利率由当前4%降至3.5%。这一判断较市场普遍预期更为紧缩。 制造业内部，13个子行业中6个实现增长。运输设备制造业环比增长3.6%，其中机动车辆产出增长 9.5%；机械制造业增长4.4%；其他制造业和维修业增长2.8%。尽管出现反弹，制造业产出环比增幅仅 为0.5%，低于市场预期的1.0%；同比仍下降0.8%，亦差于预期的下降0.1%。 建筑业延续扩张趋势，但动能明显减弱。10月建筑业产出同比增长0.9%，低于前值1.3%和市场预期的 1.6%，为1月以来最慢增速。环比方面，建筑业产出下降0.6%，逆转9月0.2%的增幅。其中，新建工程 环比下降0.7%，维修保养活动下降0.6%。截至10月的三个月内，建筑业总产出微降0.3%。 虽然经济数据疲弱，英国主要商业游说团体——英国工业联盟 ...

Core Insights - The report from the Institute for Supply Management indicates that U.S. manufacturing activity continued to decline in October, marking the eighth consecutive month of contraction [1] - The Purchasing Managers' Index (PMI) for October fell to 48.7 from 49.1 in the previous month, with a reading below 50 indicating a contraction in the manufacturing sector [1] Manufacturing Sector Performance - Only 2 out of the surveyed industries reported expansion in October, while 12 industries experienced contraction [1] - The chemical products sector reported that uncertainty in the global economic environment and fluctuating tariff policies led to order cancellations or reductions, putting continued pressure on business [1] - The machinery manufacturing sector indicated that ongoing tariff impacts and a lack of domestic alternatives for imported products hindered plans for reshoring manufacturing [1] Economic Outlook - The chair of the manufacturing survey committee, Susan Spence, noted that the pace of contraction in U.S. manufacturing activity accelerated in October, particularly in production and inventory metrics [1] - Despite some improvements in August and September, short-term growth has not translated into sustained growth in manufacturing, reflecting ongoing economic uncertainty [1]

Core Insights - The 75-year relationship between China and Switzerland has led to significant achievements in trade and cooperation, establishing multiple "firsts" in various sectors [1][2][3] Trade and Economic Cooperation - Bilateral trade between China and Switzerland has grown from approximately $6 million at the time of diplomatic relations to a projected $62.78 billion in 2024, marking a substantial increase [2] - Over 1,000 Swiss companies are actively operating in China, with total investments exceeding $11 billion and more than 2,500 investment projects established [2] - The China-Switzerland Free Trade Agreement, signed in 2013, has resulted in a 44.1% increase in bilateral trade from 2014 to 2024, with an average annual growth rate of 4.4% [2][3] Innovation and Strategic Partnerships - The establishment of an innovation strategic partnership in 2016 marked the first of its kind between China and a foreign country, emphasizing a collaborative spirit of "equality, innovation, and win-win" [7][9] - The ongoing negotiations for the upgrade of the Free Trade Agreement aim to expand cooperation in various sectors, including advanced manufacturing and emerging technologies [4][11] Sectoral Developments - Cooperation has expanded from traditional sectors like watches and pharmaceuticals to new areas such as artificial intelligence, digital economy, and green finance [4][11] - The launch of the "China-Switzerland Connect" initiative in 2022 has enhanced capital market connectivity, facilitating cross-border investments and financing opportunities [10][11] Mutual Respect and Trust - The long-standing relationship is built on mutual respect and trust, with both countries valuing each other's core interests and development paths [6][7] - Switzerland's independent foreign policy and early recognition of China's market economy status have fostered a cooperative environment [6][7] Future Prospects - The partnership is expected to continue evolving, with both countries committed to addressing global challenges through collaborative efforts in trade, finance, and innovation [9][11] - As the innovation strategic partnership approaches its 10th anniversary, further advancements in cooperation are anticipated, particularly in high-end financial services and sustainable development [11]

Investment Rating - The report assigns a rating of "Accumulate" to the company with a target price of 45.30 CNY, while the current price is 37.48 CNY [5]. Core Insights - The company has a rich downstream scenario and outstanding capability for intelligent implementation, with high long-term investment in R&D and rapid order growth, indicating that performance is expected to enter a sustained release period [2]. Financial Summary - Total revenue is projected to grow from 976 million CNY in 2023 to 2,672 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 20.8% [4]. - Net profit attributable to the parent company is expected to increase from 110 million CNY in 2023 to 283 million CNY in 2027, reflecting a CAGR of about 27.3% [4]. - The earnings per share (EPS) is forecasted to rise from 1.08 CNY in 2023 to 2.75 CNY in 2027 [4]. Revenue Forecast and Valuation - The company’s revenue is expected to grow significantly, with a projected increase of 30% in 2025, 40% in 2026, and 20% in 2027 for its core business [14]. - The report uses a price-to-earnings (PE) ratio of 30x for 2025, leading to a target price of 45.3 CNY per share [17]. Business Model and Market Position - The company operates in the intelligent logistics sector, focusing on smart robots and comprehensive logistics solutions, and is one of the few in the industry with self-developed hardware and software capabilities [19][22]. - The company has established a strong market presence with a significant increase in orders, achieving 15 billion CNY in new orders in the first half of 2025, a 96% year-on-year growth [23][14]. R&D and Technological Investment - The company maintains a high level of R&D investment, with a research expense ratio consistently above 8% since 2020, and 10.33% in the first half of 2025 [40][4]. - The focus areas for R&D include intelligent algorithms, digital twins, and 3D visual recognition technologies [10]. Financial Performance - The company has demonstrated strong financial performance, with revenue growing from 151 million CNY in 2017 to 1,207 million CNY in 2024, representing a CAGR of 34.6% [29]. - The net profit has also seen substantial growth, increasing from 5 million CNY in 2017 to 112 million CNY in 2024, with a CAGR of 54.6% [29].