每经AI快讯，飞亚达（SZ 000026，收盘价：15.28元）11月25日晚间发布公告称，公司第十一届第十二 次董事会会议于2025年11月25日以通讯表决方式召开。会议审议了《关于选举公司董事长的议案》等文 件。 每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 （记者 胡玲） 2025年1至6月份，飞亚达的营业收入构成为：表类占比93.02%，精密制造业务占比3.39%，租赁占比 3.24%，其他业务占比0.35%。 截至发稿，飞亚达市值为62亿元。 ...

10 月瑞表出口中国金额同比增长 12.6%，连续 两月双位数正增 本报告导读： 10 月瑞表出口中国金额同比增长 12.6%，连续两月双位数正增。今年以来 200-500 瑞郎的瑞表出口金额下降较多，高端价位受到影响相对较少。 投资要点： 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 行 业 跟 踪 报 告 股 票 研 究 股票研究 /[Table_Date] 2025.11.24 [table_Authors] 2025-11-25 [Table_Summary] 投资建议：短期看 10 月出口数据承压，Q4 海外消费仍需观察。展望 2026，出 口制造板块的业绩修复逻辑相对更清晰，主要基于三方面因素：①出口美国关 税政策落地，产业发展方向具备一定的可见性；②与品牌共担关税压力显著减 轻；③产线分配优化及产能爬坡推进，效率持续改善。北美消费端仍受降息预 期支撑，近期奢侈品企业财报显示北美市场增速领先并较 Q2 进一步加快，但 需关注 Q4 高基数下的韧性表现及 Q3 品牌提价后的消费者反应。推荐华利集 团、九兴控股、申洲国际、超盈国际控股。品牌端看好三条主线：①家纺：大 单品策略有望激发换新需 ...

业内人士指出，这场关税风暴不仅让欧洲品牌利润受损，也使美国市场消费信心受到重创。欧洲企业被 迫提价以转移成本，美国消费者则更加捂紧钱包。在持续的关税冲击下，欧洲高端制造企业短期利润承 压，行业增长前景不确定性显著增加。新华社记者带来一线观察。（记者：李函林、贾金明；视频：王 佳琳） （文章来源：新华社） 新华财经北京11月17日电作为"欧洲制造"的核心标签，以奢侈品为代表的欧洲高端制造行业如今在美国 关税政策冲击下压力骤增。从法国皮具、瑞士钟表到德国豪华汽车，相关企业业绩集体"跳水"，成为美 国贸易保护主义措施的直接受害者。 ...

Core Points - The United States and Switzerland have reached a trade agreement to reduce tariffs on Swiss goods from 39% to 15%, ending a significant trade dispute [1][4] - This agreement is expected to provide much-needed economic relief to Switzerland, which has been heavily impacted by the punitive tariffs [4][9] - The deal includes commitments from Switzerland to invest $200 billion in the U.S. during Trump's term, with $70 billion planned for the next year [7][8] Group 1: Trade Agreement Details - The new tariff rate of 15% aligns with the rate applied to the European Union, marking a significant reduction from the previously imposed 39% [1][7] - The agreement was confirmed by U.S. Trade Representative Robert Lighthizer, who stated that details would be published later [4][5] - The Swiss government expressed gratitude to President Trump for his constructive engagement in the negotiations [5] Group 2: Economic Impact - The punitive tariffs had led to a potential contraction in the Swiss economy in Q3, with unemployment reaching a four-year high [4][9] - The Swiss watch industry was particularly hard hit, with exports to the U.S. dropping by approximately 56% in September [9][10] - The Swiss National Bank indicated that the economic outlook had worsened due to the increased tariffs [9] Group 3: Investment Commitments - As part of the agreement, Switzerland has committed to significant investments in various sectors, including pharmaceuticals and railway equipment [7] - Swiss pharmaceutical giant Roche has pledged to invest $50 billion in the U.S., which is expected to help balance the trade deficit [7][8] - The U.S. government views these investments as crucial for revitalizing American manufacturing and addressing trade imbalances [7]

Group 1 - The United States and Switzerland have reached a trade agreement that reduces tariffs on Swiss goods from 39% to 15% [1][2] - The agreement is expected to provide significant relief for Switzerland, which has faced the highest tariffs among developed countries due to previous U.S. policies [1] - As part of the agreement, Switzerland has committed to invest $200 billion in the U.S. during President Trump's term, including $70 billion in the next year, focusing on sectors like pharmaceuticals and gold refining [1] Group 2 - The trade agreement is seen as a positive development for U.S. manufacturing, with expectations of a shift in Swiss manufacturing to the U.S. in industries such as pharmaceuticals and railway equipment [2] - The resolution of this trade dispute comes after months of negotiations, which began when the Trump administration imposed high tariffs on Swiss exports in response to a trade deficit [2]

Core Viewpoint - Swiss businesses are actively engaging with the U.S. to negotiate a reduction in tariffs, moving closer to a potential agreement that could lower tariffs to 15%, aligning with the EU's tariff rates on U.S. exports [4][6]. Group 1: Trade Negotiations - Swiss enterprises have shifted from behind-the-scenes lobbying to direct engagement with the Trump administration, reflecting the urgency created by the recent imposition of a 39% tariff on Swiss goods [6][7]. - The Swiss delegation, led by President Keller-Sutter, initially aimed for a tariff agreement around 10%, but the unexpected increase to 39% shocked both political and business leaders in Switzerland [6][8]. - The private sector has emerged as a key player in breaking the negotiation deadlock, with prominent Swiss business leaders meeting with President Trump to discuss trade issues [7][8]. Group 2: Economic Context - The U.S. is Switzerland's largest export market, with significant exports including watches, chocolate, and machinery, and the trade deficit has been cited as a reason for the high tariffs [6][12]. - In 2024, the U.S. trade deficit with Switzerland reached $38.3 billion, a 56.1% increase from the previous year, while the U.S. maintained a $29.7 billion surplus in service trade with Switzerland [12][13]. - The gold refining industry in Switzerland, although a small part of the economy, has contributed significantly to the trade deficit, prompting discussions about Swiss investments in U.S. gold refining as a potential bargaining chip [12][14]. Group 3: Future Prospects - There is optimism that an agreement could be reached by January 2026 during the World Economic Forum in Davos, where President Trump is expected to attend [14][15]. - The involvement of the new U.S. ambassador to Switzerland may also provide additional momentum to the negotiations, although the situation remains uncertain [9][10].

Core Viewpoint - Swiss businesses are actively engaging in negotiations with the U.S. to reach a tariff agreement, potentially lowering tariffs to 15%, aligning with the EU's tariff rates [1][2][4] Group 1: Swiss Business Engagement - Swiss business leaders have shifted from behind-the-scenes lobbying to direct engagement with the Trump administration, aiming to break months of negotiation deadlock [2][3] - The Swiss delegation, led by Federal President Keller-Sutter, was initially shocked by the U.S. imposing a 39% tariff on Swiss goods, which is the highest among developed economies [2][4] Group 2: Economic Impact and Trade Relations - The U.S. trade deficit with Switzerland is approximately $39 billion, with the U.S. imposing high tariffs as a response to this imbalance [2][6] - Swiss exports account for over 70% of its GDP, with key products including watches, chocolate, and machinery, making the U.S. a crucial market [4][6] Group 3: Negotiation Dynamics - High-profile Swiss executives, including those from Partners Group and Rolex, have met with Trump to emphasize the strong economic ties between the two nations [3][4] - The Swiss strategy in negotiations has leveraged its traditional strengths, with business leaders seen as more effective than political figures in addressing trade issues [4][5] Group 4: Future Prospects - There is speculation that a trade agreement could be announced at the World Economic Forum in Davos in January 2026, with Trump likely to attend [7] - The potential for Swiss companies to invest in the U.S. gold refining industry is being considered as a strategy to persuade the U.S. to lower tariffs [6][7]

Core Insights - The popularity of domestic trendy watches has surged, blending Eastern aesthetics with modern design, becoming fashionable accessories for self-expression [1][12] - JD.com is collaborating with emerging domestic brands like SAGA, Zhenleshi, Daiwenke, Mechanical Duke, and CRONUSART to offer a variety of quality watches at discounted prices during the 11.11 shopping festival [1][12] Group 1: Brand Highlights - SAGA brand focuses on light luxury jewelry watches, featuring exquisite designs like the Aurora Phantom quartz watch priced at 1109 yuan and the unique octagonal Vendôme watch at 1179 yuan [3] - Daiwenke offers minimalist designs suitable for various occasions, with models like the Golden House watch at 669 yuan and the Ocean Silver watch at 599 yuan [5] - Mechanical watches are highlighted for their precision and aesthetic appeal, with models like the Aile Racing automatic watch priced at 1799 yuan and CRONUSART's carbon men's mechanical watch at 2999 yuan [7][8] Group 2: Special Offers - During the JD.com 11.11 event, consumers can enjoy discounts such as an official price drop of 15% and a 10% discount for PLUS members on selected domestic trendy watches [1][12] - True to its reputation as a representative of new domestic watches, Zhenleshi offers limited-time prices on classic mechanical watches, including the self-sounding hammer series at 6999 yuan and the second-generation self-sounding watch at 11999 yuan [10]

Group 1 - The core point of the article is the resignation of Zhang Xuhua from his positions as a director, chairman, and head of the strategic committee of Feiya (SZ 000026) due to work adjustments, and the nomination of Zhou Jinqun as a candidate for a non-independent director [1] - Feiya's revenue composition for the first half of 2025 is as follows: 93.02% from table products, 3.39% from precision manufacturing, 3.24% from leasing, and 0.35% from other businesses [1] - As of the report date, Feiya's market capitalization stands at 6.7 billion yuan [1] Group 2 - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market's transformation into a new "slow bull" pattern [1]

Core Insights - The eighth China International Import Expo is being prepared, with significant growth in high-tech product imports in Shanghai [1] Group 1: High-Tech Product Imports - In the first three quarters of this year, Shanghai's high-tech product imports exceeded 600 billion yuan, marking a year-on-year increase of 6.4% [1] - Compared to the same period in 2017, high-tech product imports have grown by 39.1% [1] - Notable growth was observed in specific categories, with computer and its components increasing by 151.2% and analytical and testing instruments rising by 50.7% [1] Group 2: Consumer Goods Imports - Shanghai's port accounted for over 40% of the national imports of cosmetics, wine, luggage, watches, medicinal materials, and pharmaceuticals [1]