罗志恒、马家进、孙文婷（罗志恒系粤开证券首席经济学家、中国首席经济学家论坛理事） 摘要 当地时间10月10日，特朗普在社交媒体发文，将对中国加征100%的关税，并对"所有关键软件"实施出口管制，于11月1日生效。尽管这被视为中美新一轮 关税谈判前的极限施压手段，但若100%关税最终落地，将对中美双边贸易乃至全球贸易体系造成显著冲击，并进一步重塑美国的贸易格局。 2025年以来，特朗普持续加码"对等关税""232关税"等多重关税措施，使得美国关税收入和平均关税税率均大幅跃升，并引发进出口贸易格局调整。本文 系统梳理了2025年上半年美国关税收入变化、实际关税税率走势及进出口贸易结构演变，总结出以下主要特征： 第一，美国关税收入快速增长，超越消费税跃居联邦财政收入的第四大税种，仅次于个人所得税、社会保障税和企业所得税。 第二，关税收入取决于关税税率和进口规模，美国关税收入快速增长主要受关税税率大幅提高驱动。美国实际平均关税税率由1月的2.2%升至6月的 8.9%，税率涨幅呈现"2、3月温和、4月跃升、5、6月放缓"的走势。 第三，美国对主要贸易伙伴征收的实际平均关税税率普遍上升，但差异显著。2025年6月，美国对 ...

Core Viewpoint - The trading volume of Wuxi New Energy Co., Ltd. reached 1.24 billion RMB, marking a new high since December 23, 2024, with the latest stock price increasing by 6.41% and a turnover rate of 8.05% [1] Company Summary - Wuxi New Energy Co., Ltd. was established on January 5, 2013, with a registered capital of 4,153.32567 million RMB [1]

*此图由AI生成 作者| 史大郎&猫哥 荷兰方面的动作非常迅速。 9月30日，荷兰的经济部发了部长令，安世半导体以及旗下全球30个主体的资产，冻结一年。 10月1日，安世半导体上演了一出"宫斗剧"，"法律顾问"把老板赶走了。 当天，荷兰籍的董事兼首席法务官Ruben联合德国籍的CFO和COO，直接向法庭提了一个请求。 啥请求呢？调查自己的公司。 法庭也没审，直接就下了临时令，闻泰科技的老板张学政，就被暂停了在安世半导体董事和CEO职务， 然后连同股份，托管给了"独立第三方"。 当然了，开庭也没啥用，10月6号的法庭，做的更干脆。 张学政停职，荷兰方面要任命一个拥有投票权的外籍董事，99股股份托管，闻泰科技方面只剩下1股， 虽然托管人还没公布，但是肯定是他们欧洲自己人。 来源| 是史大郎&大猫财经Pro 又要开始明抢了？ 10月12日晚，闻泰科技（维权）发了一个公告，旗下的安世半导体（Nexperia）被荷兰政府强制接管， 闻泰科技的控制权被暂时剥夺。 这个时候，安世半导体的中国籍老板，就暂时出局了，这家由中国资本100%持股的公司，只剩下了收 益权，基本丧失了治理权和投票权。 现在只是一个"临时措施"，案子还 ...

Core Viewpoint - The article discusses the criminal investigation and legal troubles surrounding *ST Huami's former chairman, Xia Zengwen, and the implications for the company following long-standing issues of information disclosure violations and financial misconduct [3][4][8]. Group 1: Criminal Investigation and Legal Proceedings - Xia Zengwen has been criminally investigated by the Jilin City Public Security Bureau for "suspected information disclosure violations and failure to disclose important information," with the investigation officially initiated on September 19, 2024 [4][8]. - Alongside Xia, former nominal actual controller Zeng Tao is also under investigation, highlighting a complex web of ownership and control within *ST Huami [4][9]. - The trial of former vice chairman Wang Yufeng for embezzlement began on October 13, 2025, marking a critical point in the ongoing disputes over equity and funds that have persisted for over a decade [4][5]. Group 2: Financial Misconduct and Regulatory Actions - The Jilin Provincial State-owned Assets Supervision and Administration Commission intervened to resolve an 8-year issue of major shareholder fund occupation, with a transaction of 1.62 billion yuan to clear all outstanding debts [5][8]. - The company has faced significant scrutiny for failing to disclose non-operating fund occupation, with the Jilin Securities Regulatory Bureau issuing a notice of administrative penalties for violations spanning from 2015 to 2023, totaling an unpaid balance of 1.49 billion yuan [11][12]. - The 2023 audit report revealed substantial discrepancies in the company's financial statements, including 504 million yuan in unbilled construction costs and 981 million yuan in other non-current assets, raising serious doubts about the commercial substance of these payments [8][11]. Group 3: Ownership and Control Issues - Despite Zeng Tao being recognized as the actual controller on paper since 2014, Xia Zengwen has been identified as the true controller within the company, a fact that was not disclosed until the 2023 annual report audit [8][9]. - The ongoing investigations have revealed that Zeng Tao admitted he was not the actual controller, further complicating the ownership narrative and raising questions about the legitimacy of the company's governance [9][11]. - Xia Zengwen has been missing since late 2023, with reports indicating he left the country around November 2023, complicating the legal proceedings against him [9][12].

10月10日，燕东微跌7.69%，成交额16.37亿元。两融数据显示，当日燕东微获融资买入额2.23亿元，融 资偿还2.24亿元，融资净买入-126.58万元。截至10月10日，燕东微融资融券余额合计6.54亿元。 融资方面，燕东微当日融资买入2.23亿元。当前融资余额6.50亿元，占流通市值的3.70%，融资余额超 过近一年90%分位水平，处于高位。 融券方面，燕东微10月10日融券偿还2372.00股，融券卖出1141.00股，按当日收盘价计算，卖出金额 3.42万元；融券余量15.08万股，融券余额452.37万元，超过近一年90%分位水平，处于高位。 资料显示，北京燕东微电子股份有限公司位于北京市北京经济技术开发区经海四路51号，成立日期1987 年10月6日，上市日期2022年12月16日，公司主营业务涉及设计、生产和销售分立器件及模拟集成电 路、特种集成电路及器件;半导体开放式晶圆制造与封装测试服务。主营业务收入构成为：产品与方案 47.18%，制造与服务43.91%，其他5.79%，其他(补充)3.13%。 截至6月30日，燕东微股东户数1.70万，较上期减少2.43%；人均流通股34345股， ...

公众号记得加星标⭐️，第一时间看推送不会错过。 昨夜晚间，闻泰科技发布公告称，近期，公司子公司安世半导体有限公司（以下简称"安世半导体"） 以及安世半导体控股有限公司（以下简称"安世半导体控股"） （以下合称 "安世"）收到荷兰经济事 务与气候政策部下达的部长令（Order）和阿姆斯特丹上诉法院企业法庭（以下简称"企业法庭"）的 裁决，具体情况如下： 1、荷兰时间 2025 年 9 月 30 日，荷兰经济事务与气候政策部对安世下达部长令（Order），要求安 世及其下属所有子公司、分公司、办事处等全球 30 个主体对其资产、知识产权、业务及人员等不得 进行任何调整，有效期为一年。 2、荷兰时间 2025 年 10 月 1 日，安世半导体控股以及安世半导体（荷兰注册主体）法定董事兼首 席法务官 Ruben Lichtenberg（CLO，荷兰籍）在获得其他两位高管，即首席财务官 Stefan Tilger （CFO，德国籍）以及首席运营官 Achim Kempe（COO，德国籍）的支持下，代表安世半导体以及 安世半导体控股向企业法庭提交了启动对公司调查与采取临时措施的紧急请求。同日，企业法庭在未 庭审的情况下直 ...

Core Viewpoint - The unexpected "black swan" event has significantly impacted Wentech Technology's (600745.SH) efforts to transition into the semiconductor industry, as its key subsidiary, Anshi Semiconductor, faces dual control from Dutch authorities and courts, temporarily undermining Wentech's control over Anshi [1][2] Group 1: Regulatory Actions - The Dutch Ministry of Economic Affairs and Climate Policy issued a ministerial order preventing Anshi from making any adjustments to its assets, intellectual property, business, or personnel for one year [1] - The Amsterdam Court of Appeal granted emergency measures, including suspending Wentech's actual controller Zhang Xuezheng from all board positions at Anshi and entrusting the management of Anshi's shares to an independent third party [2][5] Group 2: Company Background and Acquisition - Anshi Semiconductor, previously part of NXP Semiconductors, was acquired by a consortium led by Beijing Jianguang Asset Management for $2.75 billion (approximately 18.1 billion) in 2016 and was established as an independent entity in 2017 [3] - Wentech Technology's acquisition of Anshi, valued at over 25 billion, was one of the largest semiconductor deals in the A-share market, completed by September 2020, resulting in Wentech holding 100% of Anshi's shares [3] Group 3: Financial Performance and Strategic Shift - Anshi Semiconductor has shown significant financial improvement since its acquisition, with revenue reaching €2.36 billion in 2022 and gross margin increasing from 25% in 2020 to 42.4% in 2022 [6] - Wentech is undergoing a strategic shift towards semiconductors, having announced the sale of several subsidiaries for 4.389 billion to focus entirely on semiconductor operations [4][6] Group 4: Company Response and Market Implications - Wentech has expressed strong opposition to the court's ruling, emphasizing its commitment to protecting shareholder rights and calling for respect for commercial rules and the global semiconductor industry's interdependence [5] - The company highlighted that despite the operational challenges posed by the regulatory actions, its economic rights as a shareholder remain unaffected [5]

格隆汇10月12日｜10月12日晚，闻泰科技（维权）发表声明称，荷兰政府以莫须有的"国家安全"为由， 对安世半导体实施全球运营冻结，是基于地缘政治偏见的过度干预，而非基于事实的风险评估。此举严 重违背了欧盟一贯倡导的市场经济、公平竞争和国际经贸规则。公司完成对安世的100%收购后，带领 安世的经营质量实现全面跃升，在财务表现、技术资产积累、运营韧性与市场地位等方面均显著超越历 史水平。对荷兰这种针对中资企业的歧视性待遇，公司表示强烈抗议。 ...

Core Viewpoint - Wentech Technology (600745) announced important information regarding the resumption of trading for its stock and convertible bonds, effective October 13, 2025, following recent legal developments involving its subsidiary, Anshi Semiconductor [1][2]. Group 1: Trading Resumption - Wentech Technology's stock and convertible bonds (Wentech Convertible Bonds, code: 110081) will resume trading on October 13, 2025, after being suspended on October 10, 2025 [2]. - The resumption includes both the stock and the convertible bonds, allowing for the conversion of the bonds back into shares [2]. Group 2: Legal Developments - Anshi Semiconductor and its holding company received a ministerial order from the Dutch Ministry of Economic Affairs and Climate Policy on September 30, 2025, prohibiting any adjustments to their assets, intellectual property, business, and personnel for one year [2][3]. - On October 1, 2025, Anshi Semiconductor's management submitted an urgent request to the Amsterdam Court of Appeal for an investigation and temporary measures, leading to immediate emergency measures being enacted [3][4]. - The court's ruling on October 7, 2025, included the suspension of certain executive roles and the appointment of an independent director with decisive voting rights [4]. Group 3: Operational Impact - Despite the legal challenges, the company stated that its daily operations continue, although it may face temporary changes in decision-making processes and resource allocation, potentially affecting operational efficiency [5]. - The court's ruling has temporarily limited the holding company's control over Anshi Semiconductor, although the economic rights of the company as a shareholder remain unaffected [5]. Group 4: Financial Performance - In the first half of 2025, Wentech Technology reported revenue of 25.341 billion yuan, a decrease of 24.56% year-on-year, while net profit attributable to shareholders was 474 million yuan, an increase of 237.36% year-on-year [6].

Economic Data Release - The National Bureau of Statistics will release the CPI and PPI data for September on October 15, with expectations of a year-on-year CPI growth rate remaining flat and a month-on-month increase of 0.2% [1] - The PPI is anticipated to show a year-on-year decline of 2.4% and a month-on-month decrease of 0.3% [1] - Additional financial data such as new loans, M2, and social financing for September may also be released next week [2] Oil Price Adjustment - The next round of fuel price adjustments will occur on October 13 at 24:00, based on the "ten working days" principle [3] - As of October 10, the average price of reference crude oil was $64.97 per barrel, indicating a change rate of -0.34%, which suggests a potential decrease of 20 yuan per ton in domestic gasoline and diesel prices [3] Trade Fair and Conferences - The 138th Canton Fair will be held from October 15 to November 4 in Guangzhou, featuring a record exhibition area of 1.55 million square meters and over 32,000 participating companies [4] - The 2025 Bay Area Semiconductor Industry Ecosystem Expo will take place from October 15 to 17 in Shenzhen, attracting over 600 leading enterprises and institutions from more than 20 countries [4] - The 2025 World Intelligent Connected Vehicle Conference will be held in Beijing from October 16 to 18, focusing on innovations in AI, communication, data utilization, and chip technology within the automotive industry [4] Stock Unlocking Events - A total of 41 stocks will face unlocking next week, with significant unlocks including 577 million shares of China Merchants Port, valued at 11.967 billion yuan, and 412 million shares of Meihua Medical, valued at 9.804 billion yuan [5][6] - The unlocking ratios for several companies exceed 50%, including Meihua Medical, Andar Intelligent, and Kecuan Technology [5] New Stock Opportunities - Five new stocks are set to be issued next week, including Marco Polo on October 13, He Yuan Biological on October 14, Chaoying Electronics on October 15, Xi'an Yicai on October 16, and Bibet on October 17 [9][10]