高额关税、政策变动，新能源普及的挑战不再是技术或者商业。 文 丨 李梓楠 制图 丨 黄帧昕 编辑 丨 黄俊杰 2023 年 5 月，世界是一副大病修复的模样。中国正在经历短暂的报复性消费，一度被疫情打断的中美 高级官员会晤和企业家互访逐渐恢复。特斯拉 CEO 马斯克在那个月底来到北京，被至少三位部长单 独接待。 特斯拉是中美合作的典范，上海工厂让特斯拉成为万亿美元科技巨头，也带动中国供应链做出电动车 的诸多工程最优解。当时最新展出的特斯拉人形机器人里，关键零件的供应名单上列着一批中国公 司。仅仅在两年前，即便相互之间存在诸多不信任，世界上最大的两个经济体依然在一些领域探索更 深入的合作。 在北京，马斯克还和当时的特斯拉二号人物，负责中国和北美业务的高级副总裁朱晓彤一起见了宁德 时代董事长曾毓群。宁德时代建议双方通过技术授权方式合作在美国建厂造电池。 当时，拜登政府补贴美国本土新能源产业的《通胀削减法案》刚开始生效，特斯拉从宁德时代进口的 电池享受不到政府补贴，每辆美国产标准续航版 Model 3 会少 3750 美元的补贴。 特斯拉和宁德时代找了一个灵活的合作方式。宁德时代不在美国工厂持有股份，而是取技术授权 ...

Core Insights - The "old-for-new" consumption program in Xishuangbanna has successfully engaged over 100,000 participants, generating nearly 250 million yuan in consumer spending [2][10] Group 1: Program Implementation and Management - Xishuangbanna has implemented strong measures to enhance the "old-for-new" program, optimizing organizational structures and strengthening fund supervision [4] - A dedicated working group has been established, consisting of 10 sub-groups with clear responsibilities, to ensure effective execution of the program [4] - A systematic approach has been adopted, including weekly statistics, monthly scheduling, and quarterly supervision to promote the program and secure additional subsidies [4] Group 2: Participation and Services - The program has successfully attracted participation from 147 enterprises in home appliances and home decoration, 92 in mobile digital products, and 19 in electric bicycles [6] - Efforts are being made to streamline the registration process for enterprises, including online registration for mobile digital products, aiming for a "one-stop service" to reduce administrative burdens [6] Group 3: Promotion and Public Engagement - A launch ceremony for the 2025 "old-for-new" program was held, accompanied by a two-day promotional event to raise awareness and encourage public participation [8] - The initiative includes leveraging social media platforms like Douyin to create engaging content and promote the program, fostering a vibrant consumer atmosphere [8] Group 4: Financial Impact and Subsidies - As of April 15, 2025, the total subsidy funds for the program reached 34.6866 million yuan, significantly driving consumer spending [10] - Specific contributions to consumer spending include 24.0221 million yuan from vehicle scrappage subsidies, 101 million yuan from vehicle trade-in subsidies, and 6.28114 million yuan from mobile digital product purchases [10]

以下文章来源于电子开发学习 ，作者电子开发学习 电子开发学习 . 每日定期推送电子设计相关的学习例程，包括原理图设计、Layout、软件设计等相关内容，也会不定期 推送各种电子、单片机相关软件的教程。 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、 关于资源链接等， 我会分享在朋友圈 。 扫码加我本人微信 今天收到了粉丝寄来的一个九号电动车原装驱动器。由于这个原装驱动器持续电流只有 30A ，峰 值也只有 40A ，爬不动坡，所以被换下来了。这个电驱的型号是 ZWK048030A ，制造商是高 标。出厂日期是 2024 年 6 月的，算是比较新的了。 驱动器背面，铝合金型材壳体。 这个驱动器看起来做工不错，电源母线螺丝柱和电机 UVW 相线螺丝柱上面都有一个保护盖。 信号线接口防水做得也很不错。 两端的端盖也加了硅橡胶防水。 铝合金型材的横截面。 拆解比较简单，先把两边的端盖上的螺丝拆掉，轻轻撬一下，端盖就掉了。 上盖和铝合金型材底壳之间填充了黑胶进行防水，费了很大功夫才分离。 电路板和底壳之间也填充了大量的硅橡胶。 这是电路板的全貌。 最直观的一点就是母 ...

Core Viewpoint - The article highlights the significant changes in fund allocations across various sectors, with a notable increase in the allocation to Hong Kong stocks and a balanced market style driven by multiple types of funds. Group 1: Fund Holdings and Market Dynamics - As of Q1 2025, the market capitalization of various fund types is approximately 2.5-3 trillion, indicating a balanced market style not dominated by a single fund preference [3][26]. - The active equity funds have a market capitalization of 2.9 trillion, while foreign capital also holds 2.9 trillion, and insurance funds hold 2.4 trillion [3][26]. - The allocation to Hong Kong stocks has reached a historical high of 18.9%, with significant increases in the technology sector [4][41]. Group 2: Sector Allocation Changes - The technology sector saw a notable increase in allocation, with the electronics industry being the most significantly increased sector in Q1 2025, breaking previous trends of underperformance [8][53]. - The automotive, non-ferrous metals, and electronics sectors were the most increased in allocation, while power equipment, communication, and transportation sectors saw the largest reductions [54][56]. - The semiconductor and chemical pharmaceutical sectors also experienced significant increases in allocation, while communication equipment and photovoltaic sectors faced substantial reductions [57][60]. Group 3: Specific Company Increases - Major companies in Hong Kong that saw increased allocations include Alibaba, Tencent, and Xiaomi, particularly in the internet, innovative pharmaceuticals, and new consumption sectors [4][47][52]. - The top companies with increased allocations in Q1 2025 include Alibaba (2.04%), Tencent (4.15%), and Xiaomi (1.13%) [52]. Group 4: Investment Trends and Future Outlook - The article suggests a shift towards domestic computing and application chains in the technology sector, with a focus on AI and robotics, indicating long-term investment opportunities [14]. - The article also notes that sectors such as consumer goods, building materials, and retail are expected to see increased trading activity due to policy expectations [15][17]. - The export chain has maintained high positions despite a reduction in overall allocations, with specific sectors like motorcycles and pneumatic tools still attracting investment [18].

《哪吒2》创造的票房神话，有一大半是三四线城市的功劳。 据猫眼专业版数据，截至今年2月13号，一至四线城市的累计票房成绩分别是9.84亿、32.05亿、19.27亿、 36.60亿，三四线城市累计贡献了全国票房总量的57.2%。 透过票房可窥见新线城市消费力的冰山一角，近年来，互联网流行的"县城中产"、"县城贵妇"等高频词汇， 都是下沉市场消费力量上浮的证明。 全国171个公布2024年社会消费品零售数据的非一线城市中，97.1%都实现了消费增长，其中，增长率最高 的，是许多人都会感到陌生的四线小城——云南玉溪。 种种迹象表明，新线城市正从"五环外配角"进阶为"增长主舞台"，新线城市用户也正在逐渐掌握消费话语 权。 体现在移动互联网的生意场上亦是如此，汇聚7亿老铁用户、在新线市场深耕的快手，已经吃到消费市场结 构变迁的头茬红利，在去年实现11.8%的营收增长、72.5%的净利润增长。 而在所有欣欣向荣的业务线里， 2024年GMV同比增长200%的本地生活业务尤为亮眼，其中，新线城市用 户的贡献达到六成， 是当之无愧的中流砥柱。 一个从规模到潜力都足够庞大的消费群体摆在眼前，过去一年里，越来越多商家涌向快手， ...

Market Overview - Major U.S. indices closed lower, with the Nasdaq dropping over 4% at one point, and Nvidia (NVDA.US) falling more than 10% due to a quarterly expenditure of approximately $5.5 billion related to exporting H20 graphics processors [1] - The Dow Jones Industrial Average fell by 699.57 points (1.73%) to 39,669.39 points, while the Nasdaq declined by 516.01 points (3.07%) to 16,307.16 points, and the S&P 500 dropped by 120.93 points (2.24%) to 5,275.7 points [1] European Market - The DAX30 index in Germany rose by 59.97 points (0.28%) to 21,291.49 points, while the FTSE 100 in the UK increased by 21.52 points (0.26%) to 8,270.64 points [2] - The CAC40 index in France fell by 5.43 points (0.07%) to 7,329.97 points, and the Euro Stoxx 50 index decreased by 9.58 points (0.19%) to 4,960.85 points [2] Asia-Pacific Market - The Nikkei 225 index in Japan fell by over 1%, while the KOSPI index in South Korea dropped by over 1.2% [3] Currency Market - The U.S. Dollar Index decreased by 0.83%, closing at 99.385 [3] - The Euro was exchanged at 1.1386 USD, up from 1.1273 USD the previous trading day, while the British Pound rose to 1.3229 USD from 1.3216 USD [3] Commodity Market - Bitcoin increased by over 1% to $84,593.91, while Ethereum fell by 0.09% to $1,590.41 [4] - Spot gold rose by 3.35% to $3,339.10 per ounce, reaching a new historical high [4] - WTI crude oil futures increased by 1.9% to approximately $62.50 per barrel, marking the third consecutive rise in four trading days [4] Macroeconomic Insights - Federal Reserve Chairman Jerome Powell expressed concerns about the Fed's potential dilemma between controlling inflation and supporting economic growth, especially amid rising uncertainties regarding President Trump's tariffs [5] - The number of states in the U.S. where unemployment exceeds job vacancies has increased, indicating a tightening labor market [6] - The confidence index among U.S. home builders slightly rose, but future demand expectations fell to a one-year low due to rising material costs from tariffs [6] Trade and Tariff Developments - U.S. Customs and Border Protection reported that tariff revenues contradict President Trump's claims, with actual daily revenues averaging $250 million instead of the claimed $2 billion [7] - The World Trade Organization indicated that U.S. tariff policies have severely deteriorated global trade prospects, predicting a 0.2% decline in global goods trade volume by 2025 [9] Company-Specific News - Tesla (TSLA.US) saw its market share in California drop below 50%, with its share of new electric vehicle registrations falling from 55.5% to 43.9% year-over-year, attributed to an aging product lineup and controversies surrounding CEO Elon Musk [10]

重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 关税是近期市场普遍关心的话题，我们整理了一些外资投行的观察视角，以供参考。 截至本文发布，美国总统特朗普表示，他正考虑对进口汽车和零部件关税实施临时豁免的可能性， 以便让汽车企业有更多时间在美国建立生产设施。 在此之前，特朗普称豁免电子产品关税只是一项 临时措施，这些产品将被即将实施的行业关税所覆盖。 局势正在以分钟级速度演变。 关税政策能重振美国的就业吗？ 有外资报告援引学术研究结果显示，特朗普关税政策或对美国就业存在负面影响。关税税率每提高10个 百分点，受保护行业的就业岗位将增加0.2-0.4%；而关税驱动成本每上升1个百分点，就业岗位会减少 0.3-0.6%。考虑美国的经济体量，意味着关税保护对制造业就业的提振作用不足10万个岗位，而由此带 来的成本压力对下游就业的拖累效应则高达约50万个岗位。 企业应对关税风险的五种常见策略 外资投行基于观察企业应对上一轮关税争端的经验，总结出面对关税风险企业通常可以采取的五种应对 策略。在最新的关税政策下，部分策略是否还能继续 ...

市场风高浪急，交易要逆水行舟。 文 丨 陈晶 制图 丨 黄帧昕 编辑 丨 王姗姗 70 后的洪灏留长发、戴圆眼镜、常系一条红色领带，配合总是生无可恋的表情，风格自成一派。 经 历了过去一周全球资本市场的风云突变，他对接下来中国资产的价格走势判断继续保持谨慎乐观。 4 月 2 日特朗普对外宣布美国新的关税政策并定于 4 月 9 日全面生效，数十年的全球贸易链条被斩 断、世界性经济衰退的警报被拉响，将资本市场推入数十年不遇的恐慌。美股经历多日暴跌，市场最 高蒸发超 6.5 万亿美元。 对此，现任华福国际（香港）金融控股有限公司 CEO 的洪灏已数次提醒投资者，面对当下无序的暴 跌需稍安勿躁，不要轻易尝试参与任何的美股反弹。 本周，不确定性仍在进一步加剧。 4 月 7 日，中国对美国表态坚决反制后的第一个交易日，A 股和港 股经历了 "黑色星期一" 的冲击——全市场收盘跌停个股逾 2900 只，A 股总市值一天蒸发 7.6 万亿 元，港股则遭遇其历史上第二大单日暴跌。4 月 8 日，美国报复性宣布对中国输美商品征收 "对等关 税" 的税率由 34 % 提高至 84 %。随后在 4 月 9 日，中国政府回击，反制进一 ...

这个周末很多股民都过的很忐忑，担心周一行情受贸易战冲击出现暴跌。 我们对美出口占比15%，加上转口贸易可能在17-18%，这部分贸易被关税壁垒挤压后，中国很大概率会 在国内执行进一步的刺激政策来对冲利空，央行择机降准降息择了那么久，估计下周要落地了。但仅仅 降准降息是不够的，我猜后续会有更大规模的政府投资，和更直接的消费刺激。 所以消费板块有机会异军突起，在这种特殊的环境下成为a股的新热点，以及那些公司主营全部来自国 内市场的公司，理论上都会有跑赢大盘的表现。比如周四涨幅最高的是养殖板块，基本是内销市场。 中国自身的消费规模占gdp大约是4成，世界上其它国家的平均水平是在6成左右。之所以我们的比例偏 低，不是因为我们的消费规模小，事实上中国已经是连续十余年的全球第二大消费市场，但问题是我们 的生产能力更惊人，全球断层领先。 目前看形势确实不太好，在中国宣布关税反制措施后，新加坡a50期指大概比周四下午3点的位置下跌了 4%，周五晚上纳斯达克中国金龙指数下跌8.87%，种种迹象表明明天早上开盘会是一个大幅跳空低开， 我判断大概在-2%到-3%区间。 低开-2%的话反弹空间其实不大的，因为稍微向上涨涨就会面临33 ...

Investment Rating - The report maintains an "Overweight" investment rating for the power equipment industry [1]. Core Views - The report emphasizes that leading companies in the power equipment sector are maintaining their competitive advantages despite the challenges posed by U.S. tariffs [1]. Industry Trends - The power equipment sector has seen a decline in various segments, with electrical equipment down by 3.51%, lithium batteries and new energy vehicles both down by 2.37%, and photovoltaic down by 5.75% [4]. - The report highlights significant financing activities in the humanoid robot sector, with Agility raising $400 million for production expansion and other AI companies completing substantial funding rounds [4]. - The report notes that the demand for energy storage is increasing, with the National Development and Reform Commission releasing guidelines for green low-carbon technology demonstration projects [4]. Company Performance - BYD reported a production of 395,000 new energy vehicles in March 2025, with sales of 377,000 vehicles, including 73,000 sold overseas [4]. - Tongwei Co. has repurchased 100 million shares, accounting for 2.3% of its total share capital, to support employee stock ownership plans [4]. - The report provides detailed financial forecasts for several companies, indicating expected revenue and net profit growth for 2024 and 2025 [6][7]. Investment Strategy - The report identifies several key sectors for investment, including humanoid robots, energy storage, electric vehicles, industrial control, photovoltaic, wind power, and the power grid [4]. - It highlights the expected compound annual growth rate (CAGR) for global energy storage installations from 2023 to 2025 to be between 40% and 50% [4]. - The report recommends specific companies within these sectors, such as CATL, BYD, and Sunshine Power, citing their strong market positions and growth potential [4].