10月6日，米其林在上海北外滩、广州永庆坊、成都春熙路三地同步点亮巨型月球艺术装置。活动以科 技与艺术的融合体验致敬中国传统文化，并诠释米其林"创新，不止于道路"的探索精神。 以轮胎这一复合材料为起点，米其林始终以创新为核心驱动力，不断拓展技术边界，持续推动出行方式 的革新。最新发布的米其林浩悦五代轮胎集成17项专利，以创新胶料配方、独特的花纹设计、改进的胎 体结构，带来领先的湿地制动性能，为用户提供更加安全可靠的出行体验。 米其林不断延展品牌的探索旅程，凭借领先的聚合物复合物解决方案，其为月球探测车研发的免充气轮 胎已在2024年第七届中国国际进口博览会亚洲首秀，据悉，这一前瞻性项目也将通过技术反哺，转化为 地面应用的实际解决方案。 截至目前，米其林集团的研究与创新工作已涵盖包括航空航天、低碳能源、医疗、工业制造、建筑等超 过350个专业领域。米其林集团执行委员会成员、互动传播与品牌部门及生活方式负责人艾德琳 （Adeline Challon-Kemoun）表示："米其林是一个创新驱动、不断进步的集团。过去的136年间，这种 创新、普适且乐观的力量始终是我们不竭的生命力，并持续塑造着集团的未来。米其林将继续 ...

赛轮轮胎 摘要 2025 年二季度，赛轮营收达 91.75 亿元，同比增长，环比增长，但受 欧美关税影响，利润降至 8 亿元。产量达 2,072 万条，销量近 2000 万 条创新高，均价环比上涨超 6%，显示需求旺盛。 天然橡胶价格受经济周期和供应影响，预计四季度割胶旺季将带来下行 压力，利好赛轮等轮胎企业。合成橡胶价格与天然橡胶趋同，原材料成 本下降有助于提升赛轮利润空间。 轮胎需求刚性较强，替换市场为主。原材料成本（天然、合成橡胶占比 约 50%）和关税政策直接影响赛轮业绩，公司通过国际化布局和效率提 升应对挑战。 美国对轮胎加征 25%关税，赛轮提价后仍承担约 6%。二三季度业绩受 原材料和关税影响波动，但长期看，全球替换胎需求稳定增长，汽车产 量和保有量持续上升。 新能源车渗透率提升，其轮胎磨损快、价格高，将增加轮胎市场需求。 赛轮与比亚迪、小米合作，并进入赛车领域，提升品牌认可度。 赛轮海外收入占比达 76%，利润率更高，全球市场份额提升。公司在越 南、柬埔寨、墨西哥、印尼等地建厂，海外布局产能规模领先。 赛轮自主研发液体黄金轮胎打破技术瓶颈，市场反应积极。预计 2025 年归母净利润约 42 亿 ...

23, Place des Carmes-Déchaux - 63000 CLERMONT-FERRAND Information about securities repurchasing programRegulated informationIssuer social denomination: Michelin – LEI 549300SOSI58J6VIW052 Types of securities: ordinary shares – Code ISIN FR001400AJ45Date : October 8th, 2025 Issuer NameIssuer codeTransactiondateISIN CodeDaily total volume (in number of actions)Daily weighted average price of shares acquiredPlatformCompagnie Générale des Etablissements Michelin549300SOSI58J6VIW052<td style="width:79.2px;;text- ...

最近我读到了一本非常有意思的书——美国《华盛顿邮报》的资深记者戴维·林奇所著的《世界最糟的赌注：全球化豪赌如何失控（及如何重回正轨）》。 通过这本书，我终于理解了"全球化是豪赌"这一说法的深意。简单来说，美国的工人其实不过是全球化这场赌局中的筹码，输赢和他们没有半点关系。 林奇在书中提到，早期大家普遍认为全球化是一个理想的乌托邦，资本可以自由跨国流动，新市场等待开发，而发展中国家也能借此崛起。但当我们回顾像 印度尼西亚的动荡、俄罗斯的卢布危机，以及美国工人失业的情形时，不难看出，今天的经济动荡和政治分裂，很多都与全球化的走向密切相关。 林奇多年来一直关注贸易协定与工人生活状况，他的视角特别，专注于资本与劳动之间的对立。他通过深入剖析新自由主义到民族主义的变化，揭示了全球 化走向失控的路径。 1990年代，克林顿总统提出全球化是"无敌的力量"。当时大多数美国人同意加入世界贸易组织，尽管五分之三的人也明白这会导致国内工人受损。经济学家 丹尼·罗德里克早就警告过，全球化的好处是资本和高技能人才能赚钱，而低技能的工人则会失业，他们的工作岗位被低价劳动力取代。这个不平等的局面 不仅加剧了社会矛盾，也让富人和企业能逃避税 ...

原标题：超级现场｜米其林点亮三城月球艺术装置 展示百年创新探索版图 面向更遥远的未来，米其林不断延展品牌的探索旅程，凭借领先的聚合物复合物解决方案，米其林 为月球探测车研发的免充气轮胎已在去年进博会亚洲首秀。该轮胎能承受太空环境中从-240℃至超过 100℃的剧烈温差，并在强辐射环境和松软月壤中仍保持稳定抓地性与抗磨损能力，能够承受数百万次 形变循环。这一前瞻性项目不仅代表着人类探索未知的勇气，也将通过技术反哺，转化为地面应用的实 际解决方案。 以轮胎这一终极复合材料为起点，米其林始终以创新为核心驱动力，不断拓展技术边界，持续推动 出行方式的革新。 1891年，爱德华·米其林发明全球首条可拆卸自行车轮胎，将拆卸时间从3小时缩短至15分钟，极大 提升自行车的便捷度。1895年，米其林成功验证首款汽车充气轮胎，助力汽车行业迅速发展。1946年， 米其林又以子午线轮胎重塑行业基准。而备受赞誉的米其林竞驰系列，将子午线轮胎在顶级赛事的经验 和技术应用到日常驾驶，让街道操控也能享受与"冠军同源"的科技。而最新发布的米其林浩悦五代轮 胎，集成17项专利，以创新的胶料配方、独特的花纹设计、改进的胎体结构，打造无可匹敌的湿地 ...

中秋之夜，一轮明月寄托着中国人对团圆与探索的永恒向往。今夜，米其林在上海北外滩、广州永 庆坊、成都春熙路三地同步点亮巨型月球艺术装置。以科技与艺术交织的沉浸式体验，致敬中国传统文 化，并生动演绎米其林"创新，不止于道路"的探索精神。 在现场，观众不仅可以和巨型月球艺术装置打卡留影，感受"天上明月与地上明月"的呼应之美，还 能通过互动展陈，直观了解米其林在复合物领域的百年探索足迹与创新蓝图。 作为拥有136年历史的全球领先轮胎及复合物材料制造商，秉持"创新，不止于道路"的探索精神， 米其林不断将前沿科技延伸至交通出行、航空航天、低碳能源和医疗等多个领域，为人类提供改变生活 的复合物和非凡体验。 扎根中国三十余载，米其林始终以创新出行科技守护消费者安全。目前，米其林已在华建立涵盖轮 胎、聚合物复合材料解决方案和生活方式的多元业务体系。依托位于中国的四座现代化生产基地与一座 研发中心，米其林持续深耕中国市场，不仅实现了与中国汽车产业的协同并进，更将源自本土的创新成 果与人才资源反哺全球，实现与中国市场的双向赋能和共同成长。 百年创新基因：从公路到天空，持续拓展边界 以轮胎这一终极复合材料为起点，米其林始终以创新为核 ...

值得关注的是，今年8月，中国汽车新能源渗透率已经达到55.2%，如何适应新能源汽车的需求，这也 成为轮胎企业在中国市场必须要解决的重要课题。 每经记者｜黄辛旭 每经编辑｜余婷婷 "中国汽车市场已堪称全球引领者，其种种变化最终都会反映到全球市场，因此中国的本土化创新非常 重要。"日前，普利司通（中国）投资有限公司董事总经理黑木稔在接受《每日经济新闻》记者采访 时，谈到了普利司通对于中国市场的定位。 在他看来，在全球市场，普利司通与米其林的表现不相上下。但随着市场竞争加剧，普利司通近几年在 中国市场的存在感有所降低，未来五年要进一步提升品牌在中国的认知度。 "在日本市场，目前轮胎尺寸仍以15、17英寸为主；而在中国，19英寸及以上的轮胎，甚至21、22英寸 的超大尺寸规格已成为主流。这也表明，中国在轮胎领域尤其是高端轮胎方面，已经实现了全球领先。 对于中国市场，我们希望提高大尺寸轮胎在整体销售份额中的占比。"普利司通（中国）投资有限公司 市场总监岸本一晃谈及中国市场时，强调了本地市场对轮胎需求的特殊性。 黑木稔透露，普利司通已经收到来自小米、比亚迪、理想等整车厂关于轮胎开发的新需求，公司会依据 他们的需求来开发全 ...

Core Viewpoint - The A-share IPO market is experiencing growth in both the number of new listings and total fundraising amounts in the first three quarters of 2025 compared to the same period in 2024, indicating a healthier market environment [1][3][8]. Summary by Category IPO Quantity and Fundraising - A total of 78 new stocks were listed in the A-share market in the first three quarters of 2025, a 13.04% increase from 69 stocks in the same period last year [3][4]. - The total fundraising amount reached approximately 771.64 billion yuan, representing a 61.2% increase from 478.68 billion yuan in the previous year [3][4]. Major IPOs - The top five IPOs raised a total of about 320.75 billion yuan, a significant increase of 237.74% compared to 94.97 billion yuan in the same period last year [4]. - The largest IPO was Huadian New Energy, which raised approximately 181.71 billion yuan, followed by Zhongce Rubber with 40.66 billion yuan [3][4]. Market Segmentation - The number of new stocks listed on different boards included 29 on the Growth Enterprise Market (GEM), 26 on the Main Board, 15 on the Beijing Stock Exchange, and 8 on the Sci-Tech Innovation Board [5][6]. - The GEM accounted for approximately 37.18% of the new listings, with total fundraising of about 205.6 billion yuan, making up 26.64% of the total fundraising for the year [5][6]. Performance of New Stocks - Among the 78 new stocks, 50 reported a year-on-year increase in net profit, accounting for about 64.1% of the total [7]. - Notably, United Power achieved the highest net profit growth rate, with a 92.91% increase in net profit for the first half of 2025 [7]. Market Outlook - Experts suggest that the emphasis on "hard technology" in new stock listings reflects a focus on quality and regulatory control in the market [8]. - The overall performance of the A-share IPO market is expected to be better in 2025 compared to 2024, indicating a trend towards a healthier and fairer market environment [8].

Summary of Key Points Core Viewpoint - The A-share market is experiencing growth in the number of new IPOs and total fundraising in the first three quarters of 2025 compared to the same period in 2024, indicating a healthier market environment [1][3]. Group 1: IPO Statistics - A total of 78 new stocks were listed in the A-share market in the first three quarters of 2025, raising approximately 771.64 billion yuan, which is a 13.04% increase in the number of IPOs and a 61.2% increase in fundraising compared to the same period last year [1][3]. - The largest IPO was Huadian New Energy, which raised about 181.71 billion yuan, making it the only IPO to exceed 100 billion yuan this year [3]. - The top five IPOs raised a total of approximately 320.75 billion yuan, a significant increase of 237.74% compared to 94.97 billion yuan in the same period last year [3]. Group 2: Sector Performance - The ChiNext board had the highest number of new listings with 29 stocks, accounting for about 37.18% of total new listings, while the main board had 26 new stocks [4]. - The total fundraising from new stocks on the ChiNext board was approximately 205.6 billion yuan, representing about 26.64% of the total fundraising for new stocks this year [4]. - Notable IPOs from the main board included Zhongce Rubber and Tian You Wei, with fundraising amounts of 40.66 billion yuan and 37.4 billion yuan, respectively [3][4]. Group 3: Financial Performance - Among the 78 new stocks, 50 reported a year-on-year increase in net profit, representing about 64.1% of the total [6]. - The leading performer in terms of net profit growth was United Power, which achieved a 92.91% increase in net profit, amounting to approximately 5.49 billion yuan [6]. - Conversely, 28 stocks experienced a decline in net profit, with Huitong Technology showing the largest drop of 80.24% [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Supply side: Domestic rubber production areas have been affected by rainfall and tropical cyclones, especially Hainan. Overseas rainfall is relatively normal, and production will increase in the fourth - quarter peak season. There is a high probability of a La Nina event in 2025, and the zero - tariff scope for imported rubber continues to expand. Rubber supply in China is expected to recover in the fourth quarter without extreme weather [100]. - Demand side: The demand for all - steel tires is better than that of semi - steel tires. Overseas trade barriers for domestic tires are rising, increasing export pressure. The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" was introduced, but the automobile sales in the fourth quarter still face challenges [100]. - Price: Due to uncertain weather, tariff barriers, and the test of domestic demand, rubber prices are expected to fluctuate widely in the fourth quarter, with support at around 14,500 yuan/ton and a mid - term fluctuation range of 14,500 - 17,000 yuan/ton [100]. 3. Summary by Directory 3.1 Price: Narrow - range Fluctuation in the Futures Market No detailed content provided in this regard. 3.2 Supply: Double La Nina Events, Increased Weather Uncertainty - **Domestic Weather Impact**: This year, there have been more tropical cyclones affecting Hainan, and the precipitation in domestic production areas has been affected. It is predicted that there will be 10 - 12 typhoons in the northwest Pacific and South China Sea in the autumn of 2025, with 3 - 4 landing in China [10][13]. - **Global Output**: In July 2025, the global natural rubber output was expected to decrease slightly by 0.1% to 1.328 million tons, but increased by 7.9% compared with the previous month. The full - year output in 2025 is expected to increase by 0.5% to 14.892 million tons [19][24]. - **La Nina Probability**: The probability of a La Nina event from October to December 2025 is 71%. A double La Nina event may occur in 2025, which may make Southeast Asia wetter and southern China drier in winter [30]. - **Tariff Policy**: Since December 1, 2024, zero - tariff policies have been implemented for rubber from Myanmar, Laos, Cambodia, etc. Thailand plans to export rubber through the Mekong River channel with zero - tariff. African rubber imports to China are expected to increase in the fourth quarter [33][36]. - **Overseas Exports**: The total exports of major overseas producers increased year - on - year. For example, Thailand's exports in the first 8 months increased by 6.3% year - on - year, and Indonesia's increased by 10% year - on - year [37]. - **EUDR Delay**: The implementation of the EU Forest Law Enforcement, Governance and Trade (EUDR) has been postponed for one year due to IT and supply - chain issues [38]. - **Other Supply Factors**: The demand for natural rubber in Europe, America, Japan, and South Korea is limited. China's imports of natural and mixed rubber increased both year - on - year and month - on - month. The net import of butadiene rubber turned into net export [39][41][51]. 3.3 Demand: Supported by Steady Growth - **Automobile Industry Policy**: The "Automobile Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve about 32.3 million automobile sales in 2025, with new - energy vehicle sales of about 15.5 million, and an increase of about 3% year - on - year [57]. - **Tire Market**: The growth momentum of semi - steel tire demand is restricted. Overseas anti - dumping investigations and tariff policies have affected tire exports. However, the production and sales of automobiles and heavy - duty trucks in China from January to August increased year - on - year [58][60][61]. 3.4 Inventory: Inflection Point in Natural Rubber Inventory Accumulation - **Natural Rubber Inventory**: As of September 24, 2025, the natural rubber warehouse receipts were 155,830 tons, and the 20 - rubber warehouse receipts were 44,856 tons. The social inventory of natural rubber in China was 123,500 tons as of September 14, 2025 [70][74]. - **Butadiene Rubber Inventory**: As of September 24, 2025, the inventory of domestic butadiene rubber sample enterprises was 32,300 tons [78]. 3.5 Position: Low Position As of September 24, 2025, the total position of natural rubber was 183,283 lots, a decrease of 26,214 lots compared with June 30; the total position of 20 - rubber was 119,808 lots, a decrease of 627 lots; the total position of BR was 102,425 lots, an increase of 47,106 lots [82].