Group 1 - Brazilian President Lula stated there is no obligation to conduct trade in US dollars and emphasized the need to seek other trade partners [1][2] - Lula mentioned that trade with the US accounts for only 1.7% of Brazil's GDP, indicating that Brazil can survive without the US [1] - The proposed 50% tariff by Trump could severely impact key Brazilian export sectors, including steel products, transportation equipment, and non-metallic minerals [2] Group 2 - The US is Brazil's second-largest trading partner, following China, and the proposed tariffs are politically motivated, linked to the judicial proceedings against former President Bolsonaro [2] - Brazil currently has a trade deficit with the US, importing approximately $44 billion worth of US products while exporting about $42 billion [2]

Group 1 - In May 2025, Estonia's total goods trade reached €3.43 billion, a year-on-year increase of 4.1% [1] - Exports amounted to €1.57 billion, growing by 1.9%, while imports were €1.86 billion, increasing by 6.1% [1] - The trade deficit was €280 million, which is an increase of €78 million compared to the same period last year [1] Group 2 - The most exported goods in May 2025 were electrical equipment, accounting for 15.3% of total exports, with an 11% year-on-year increase [1] - Agricultural products and food preparations made up 12.7% of exports, growing by 16% [1] - The largest import category was agricultural products and food, comprising 13.7% of total imports, with a 5% increase [1] Group 3 - In the first five months of 2025, Estonia's total goods trade reached €17.17 billion, a year-on-year increase of 9.6% [2] - Cumulative exports for this period were €7.85 billion, up by 9.3%, while imports totaled €9.32 billion, increasing by 9.8% [2] - The trade deficit for the first five months was €1.46 billion, which is an increase of €160 million compared to the previous year [2]

第十二届世界高速铁路大会正在北京举行，时速达600公里超导电动高速磁浮列车也在本次大会首次亮 相。中车长客股份公司高级工程师介绍：超导电动高速磁浮是通过车载超导磁体与轨道上的线圈相互作 用，实现列车与轨道之间的无接触运行的。车辆低速的时候通过橡胶轮走行，达到150公里速度以后， 橡胶轮收起，车辆实现悬浮运行，可以适用于地面隧道等多种地形线路。据了解，与普通轨道车辆相 比，磁浮车辆具有爬坡能力强、转弯半径小、行驶速度高、运行噪声小、安全性高、无机械磨耗、维修 维护成本低等优点。(央视新闻) ...

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints - In 2025, the core contradiction throughout the upstream, midstream, and downstream industries is the "structural gap during the new - old kinetic energy conversion period." In the first half of the year, the industry was affected by external uncertainties, with intensified internal differentiation, and overall prosperity relied on policy support. In the second half of the year, with the "two new" policies further boosting domestic demand and upgrading the industrial structure, the industry is expected to achieve a systematic leap from "quantity" to "quality" expansion [2][7]. 3. Summary by Directory Market Overview - **Upstream Materials**: In H1 2025, raw material prices were under pressure due to weak demand and Sino - US trade conflicts, showing significant differentiation. In H2, the structural differentiation will continue. Enterprises should focus on capacity elimination, tariff negotiations, and climate risks [8]. - **Midstream Manufacturing**: In H1 2025, it presented a differentiated pattern of "traditional under pressure, high - tech doing well." In H2, policies will support both demand and supply - side reforms, and traditional manufacturing is expected to break through cost dilemmas through intelligent and digital transformation [8]. - **Downstream Consumption**: In H1 2025, it showed a "weak recovery" pattern. In H2, the consumption market will continue to be structurally differentiated, and the recovery highly depends on policy implementation efficiency and business model innovation [9][10]. Upstream: Raw Material Price Fluctuations - **H1 2025 Situation**: Raw material prices were under pressure. Metal mining showed a divergence between black and non - ferrous metals; chemical raw materials had multi - directional fluctuations; energy sources like crude oil and coal were more differentiated; most agricultural products were at near - five - year lows [8][15]. - **H2 2025 Outlook**: The price differentiation will continue. Traditional raw materials' rebound depends on supply - side reforms and policy support, while emerging demand - driven products are more resilient. Enterprises should focus on capacity elimination, tariff reviews, and extreme weather [15][16]. Midstream: Short - term Stabilization, Continued New - Old Kinetic Energy Conversion - **Overall Situation**: In H1 2025, the manufacturing industry was affected by external factors, with traditional manufacturing under pressure and high - tech manufacturing supported by policies. After the tariff war, there was short - term stabilization, and both external and internal demands recovered to some extent [43][53]. - **Traditional Manufacturing**: In H1 2025, profits declined due to over - capacity and weak demand. In H2, policies will expand to more traditional manufacturing sectors, promoting transformation and efficiency improvement [59][75]. - **High - tech Manufacturing**: In H1 2025, it recovered significantly compared to the beginning of the year, benefiting from strong policy support. In H2, it is expected to continue to improve [69][75]. Downstream: Intensified Retail Differentiation, Weak Real Estate Recovery - **Retail Industry**: In H1 2025, online e - commerce grew due to the "trade - in" policy, while traditional physical retail was under pressure. In H2, the differentiation will continue, with emerging formats having growth potential and traditional retail relying on policy and innovation [82][93]. - **Leasing Industry**: In H1 2025, it was in a downturn. In H2, the "price - for - volume" trend will continue, and the de - stocking of commercial land will continue [92][93]. - **Real Estate Industry**: In H1 2025, it achieved "weak stabilization" under policy support. In H2, it is expected to continue to recover slowly with further policy optimization and improved supply - demand balance [99][115].

序号股东名称持股比例1钦州新弘投资管理有限公司100% 经营范围含游艇租赁；组织文化艺术交流活动；咨询策划服务；项目策划与公关服务；以自有资金从事 投资活动；自有资金投资的资产管理服务；融资咨询服务；信息技术咨询服务；计算机软硬件及辅助设 备零售；计算机软硬件及辅助设备批发；软件开发；互联网安全服务；数字技术服务；网络技术服务； 技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；电子、机械设备维护（不含特种设 备）；计算机及办公设备维修；计算机系统服务；工艺美术品及收藏品批发（象牙及其制品除外）；工 艺美术品及礼仪用品销售（象牙及其制品除外）；农副产品销售；食用农产品批发；食用农产品零售； 日用百货销售；日用品销售。（除依法须经批准的项目外，凭营业执照依法自主开展经营活动）许可项 目：互联网信息服务。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以 相关部门批准文件或许可证件为准）。 企业名称厦门元一奇游艇有限公司法定代表人刘宏注册资本1000万人民币国标行业制造业>铁路、船 舶、航空航天和其他运输设备制造业>城市轨道交通设备制造地址厦门市湖里区槟城道295号904室企业 类型 ...

中新社北京7月3日电题：炫酷装备齐聚国际交通展勾勒智慧交通未来 未来感十足的飞行汽车、无人驾驶货运"黑科技"……在7月1日至3日举行的第十七届国际交通技术与设 备展览会(简称"交通展")上，新车型、新设备琳琅满目，各类炫酷装备齐亮相，集中展示了中国交通领 域的前沿技术与创新应用。 展会现场有一款不同寻常的SUV，它可是公路的"体检医生"。来自中公高科养护科技股份有限公司的付 中锴向中新社记者介绍，这款公路车主要用于农村公路的检测和数据采集，能够全面了解公路的"健康 状况"。 除上述展品外，小鹏汇天的"陆地航母"分体式飞行汽车、京东物流"独狼6.0"智能配送车、电拉拉移动 式重卡充换电站、鳍源水下无人机等前沿设备纷纷亮相，全面展示无人驾驶、低空经济、交能融合等新 兴领域的技术突破。从城市出行到物流运输，从地面设备到水下作业，本届展会以全产业链的创新成 果，勾勒出未来交通智慧化、低碳化、多元化的发展蓝图。 据悉，"交通展"是由中国交通运输部主办的唯一专业性国际展会，自1992年创办以来已成功举办了十六 届，国际化、专业化、市场化水平不断提高，为助推交通科技创新和产业创新深度融合发挥了重要作 用。 付中锴称，无论是 ...

作为一名在大学教授博弈论课程的学者，蒂雷利说，如欧盟成员国形成统一立场，欧盟在与美方的贸易 谈判中就有"筹码"。"欧洲国家必须认识到，如果陷入分裂，对美谈判能力就会很弱。" 新华社罗马7月3日电（记者张馨文、刁泽）意大利罗马第三大学经济学教授马里奥·蒂雷利近日接受新 华社记者专访时表示，美国关税引发的贸易摩擦应通过世界贸易组织（WTO）等多边平台解决，他同 时认为，欧盟与中国应深化贸易合作，挖掘在绿色科技和金融等领域的合作潜力。 蒂雷利表示，与多年前贸易战相比，美国政府关税政策引发的贸易争端波及几乎整个世界，且不确定性 更大。欧盟与美国之间最重要的贸易领域是机械和交通运输设备，2024年该类产品占欧盟对美出口总额 的三成以上，这些领域受新加征关税冲击最大。 蒂雷利指出，欧美达成理想贸易协议并不容易，"因为谈判终极目标并不清晰，我们甚至难以明确美国 政府究竟想要什么，这样的谈判很难进行"。 蒂雷利说，今年，中国和欧盟将共同庆祝中欧建交50周年，双方可以借此机会，进一步深化贸易投资领 域的对话合作，充分利用互补优势。 "欧盟可通过与中国的贸易合作在绿色能源等领域取得实实在在的成果，例如发展电池和新能源汽车。 此外 ...

Summary of TaoTao Vehicle's Conference Call Company Overview - **Company**: TaoTao Vehicle - **Industry**: Electric vehicles, specifically golf carts, all-terrain vehicles (ATVs), and robotics Key Points and Arguments Financial Performance - **Q2 Performance**: TaoTao Vehicle's Q2 performance exceeded expectations, primarily driven by golf cart sales, with all-terrain vehicles and off-road vehicles also performing well. Electric bicycles are expected to grow due to tariff impacts, with clients like Walmart potentially shifting orders to Chinese manufacturers [2][5][6] - **Sales Growth**: Sales revenue increased by approximately 20% in the first half of 2025, with net profit growth expected to outpace revenue growth due to high margins on golf carts [3][10] - **Golf Cart Sales**: Approximately 10,000 golf carts were sold in Q2, with an average price of around 43,000 to 44,000 yuan [12][23] Market Dynamics - **Tariff Impact**: The introduction of anti-dumping tariffs has led to a drastic decline in exports of golf carts from China to the U.S., with a drop of 80-90%. This has created opportunities for companies with overseas production capabilities [13][14] - **U.S. Market Strategy**: The company has established a localized operation in the U.S. and has a significant team, enhancing brand and channel advantages. Inventory levels are healthy, with no immediate impact from tariffs expected [7][8][36] Product Performance - **Product Categories**: Besides golf carts, all-terrain vehicles and off-road vehicles showed good performance, while electric bicycles are anticipated to grow due to shifting orders from major clients [5][6][9] - **Regional Performance**: In non-U.S. markets, all-terrain vehicles have seen over 20% annual growth, while electric scooters in Europe have faced declines [9][28] Robotics Business - **Development Plans**: The company is accelerating its robotics business, establishing a smart technology company in Shanghai to develop humanoid robots and autonomous vehicles. Collaborations with TSKL focus on efficient research and data collection, with expectations for revenue generation by 2026 [11][20][22] Competitive Landscape - **Market Positioning**: TaoTao Vehicle differentiates itself through its established brand, localized operations, and extensive sales channels in North America. The company aims to capture a significant market share in the golf cart segment, targeting sales of over 100,000 units in the coming years [15][18][30] - **Challenges in Europe**: The company faces challenges in the European market due to high anti-dumping taxes and competition from low-priced Chinese manufacturers [32][28] Future Outlook - **Growth Projections**: The company anticipates continued growth, with a long-term goal of achieving a market share of 20-30% in the golf cart segment. The natural growth rate of the golf cart market is estimated at 8-10% annually [16][18] - **Investment in Robotics**: Future investments in robotics are expected to increase operational costs, but the company is prepared to manage these expenses based on market conditions [22][19] Supply Chain and Production - **Production Strategy**: The company has divided its production capabilities, with Vietnam and Thailand serving the U.S. market and China focusing on non-U.S. markets. This strategy is aimed at mitigating tariff impacts [24][25] Conclusion - **Core Competitiveness**: TaoTao Vehicle's core competitiveness lies in its established brand, localized operations, and global supply chain, positioning it as a significant player in the electric vehicle market [38][39]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 涛涛车业(301345) 投资评级 无评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号：S1500525010002 邮 箱： dengjianquan@cindasc.com [Table_OtherReport] 涛涛车业：电动高尔夫球车持续放量， 海外供应链布局领先 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 涛涛车业：电动高尔夫持续放量，规模效应凸 显 [Table_ReportDate] 2025 年 07 月 01 日 [Table_S 事件：公司ummar发布y] 2025 年 ...

2、公司二季度的销售持续增长，是否存在因关税缓和而抢出口 的情况？ 答：公司在北美以自有品牌和自有渠道销售为主，经营模式与 传统的 ODM 外贸企业不同，公司在北美拥有多家本土化运营的子公 司，设有可以存放较大规模存货的多个仓库。公司 2025 年 1-6 月在 美国市场产生的销售，货物基本来自于 2024 年末美国库存以及 2025 年 1-6 月的越南产能，不存在部分国内 ODM 企业类似的"抢出口" 情况。目前，公司在美国的销售基本不受贸易摩擦因素的影响，保 持稳定、连续、增长的态势。 3、公司越南工厂产能建设如何？ 答：公司对越南产能的提升问题高度重视，不断加大人力、物 力等方面的投入。目前，越南产能在不断提升中，特别是电动高尔 夫球车的产量将在 7 月开始放大，为美国市场下半年的销售提供充 足的货源。 投资者关系 活动主要内 证券代码：301345 证券简称：涛涛车业 浙江涛涛车业股份有限公司 投资者关系活动记录表 编号：2025-006 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他(电话会议) 参会机构 共计 138 家 ...