【DT新材料】 获悉，4月22日， 康达新材 发布公告，2025年第一季度，公司归母净利润为540.00 万元，同比增长121.78%；扣非归母净利润为266.23万元，同比增长110.07%。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利: 540.00 万元 - 660.00 万元 | 亏损:2.479.35 万元 | | | 比上年同期增长:121.78% - 126.62% | | | 扣除非经常性损 益后的净利润 | 盈利:266.23 万元 - 386.23 万元 | 亏损:2,642.75 万元 | | | 比上年同期增长:110.07% - 114.61% | | | 基本每股收益 | 盈利:0.018 元/股 - 0.022 元/股 | 亏损:0.083 元/股 | 一季度内公司在 胶粘剂新材料 板块实现销量增加，特别是风电叶片系列产品业务发展趋势向好。 实现营收规模大幅增加，净利润同比扭亏为盈，同比上年一季度业绩显著回升。 同日，康达新材发布 2024年年报 ，公司2024实现营业收入31.01亿元，同比上升1 ...

2025年4月21日，美元指数（DXY）延续跌势，盘中最低触及98.164，较前一交易日收盘价重挫1.03%，创下2022年4月以来的三年新低。受此影响，欧元兑 美元汇率飙升至1.1485，英镑兑美元突破1.3350，日元兑美元则因日本央行干预预期走强至141.80。这场汇率风暴的背后，是跨国美企集体启动"超长防御 战"——苹果、特斯拉等企业将汇率对冲周期从常规的3-6个月延长至2-5年，创下近十年罕见纪录。现货黄金价格突破3390美元/盎司，较前一日上涨1.68%， 刷新历史高点，市场对"美元信用危机"的担忧进一步加剧。 一、美元暴跌的多维驱动逻辑 美联储政策转向的"蝴蝶效应" 市场对美联储降息的预期持续升温，联邦基金利率期货显示，2025年累计降息幅度已达90个基点。尽管鲍威尔在4月FOMC会议上强调"数据依赖"，但美国 一季度GDP增速放缓至1.8%、核心PCE物价指数同比升至2.9%，迫使投资者重新定价美元资产。高盛最新报告指出，美元指数可能在年底前下探95关口，创 2018年以来新低。 特朗普关税政策的"冲击波" 供应链的"地缘重组" 通用汽车宣布将墨西哥工厂产能提升50%，以规避美元汇率波动对北美 ...

Core Viewpoint - Shenzhen continues to lead in intellectual property (IP) development, with significant achievements in patent authorization, international applications, and trademark registrations, reflecting its commitment to enhancing innovation and protecting IP rights [1][2][3] Group 1: Patent and Trademark Achievements - In 2024, Shenzhen's patent authorization reached 241,900, maintaining the top position in China for seven consecutive years [1] - The city filed 16,300 PCT international patent applications, also ranking first nationally for 21 years [1] - Trademark registrations totaled 249,500, securing the first place in the country [1] - The number of high-value invention patents per 10,000 people in Shenzhen is 110, which is 7.9 times the national average of 14 [1] Group 2: Strategic Initiatives and Innovations - Shenzhen has implemented a robust IP strategy, launching a comprehensive plan for building a strong IP city and introducing new pilot initiatives for IP protection and innovation [1][2] - The city has established 50 municipal high-value patent cultivation centers and nurtured 20 leading IP enterprises [2] - A total of 100 innovative entities received ISO 56005 certification for innovation and IP management, ranking first in the country [2] Group 3: IP Utilization and Economic Impact - In 2024, Shenzhen aims to accelerate the industrialization of patents, with strategic emerging industries and future industry clusters holding 124,569 and 32,112 domestic invention patents, respectively, both ranking second nationally [2] - The total amount of knowledge property pledge registration reached 50.421 billion yuan, maintaining the top position in the province for five consecutive years [2] - Shenzhen completed 26,967 patent transfers and 5,998 patent licenses, leading the province in both categories [2] Group 4: IP Protection and Enforcement - The city has adopted the strictest IP protection measures, enhancing judicial and administrative enforcement effectiveness [3] - Shenzhen conducted special actions like "Sword Net 2024," handling 1,803 IP cases, with notable cases involving trademark and geographical indication infringements [3] - The city has been recognized as excellent in IP protection assessments in Guangdong province for three consecutive years [3]

Core Viewpoint - The article discusses the impact of different import models on the pricing and competitiveness of Chinese goods in the U.S. market, emphasizing that the channel ecosystem's differences influence how tariffs affect final prices and product competitiveness [1][2]. Group 1: Import Models - The typical import models in the U.S. include retail purchasing, brand purchasing, and cross-border e-commerce, each with varying degrees of bargaining power that affect how tariffs impact final product prices and competitiveness of Chinese goods [2][3]. - In traditional trade models, the average price of U.S. goods is approximately 2.58 times that of Chinese goods, with over half of the costs occurring domestically in the U.S., which are not subject to tariffs [2][3]. Group 2: Retail Purchasing Model - In the retail purchasing model, major retailers like Walmart and Costco operate under a low-price strategy, resulting in limited profit margins and pressure on suppliers to either lower prices or shift supply chains to lower-cost regions [3]. - The logistics sector in the U.S. is characterized by oligopolistic competition, which reduces the likelihood of logistics companies absorbing tariffs, thereby increasing pressure on suppliers [3]. Group 3: Brand Purchasing Model - In brand purchasing, strong brands like Apple can pass on tariffs primarily to their manufacturers and distributors, while in competitive markets like Nike's, the burden of tariffs is more evenly distributed among brands, manufacturers, and distributors [3]. Group 4: Cross-Border E-Commerce Model - In the cross-border e-commerce model, B2C operators may reduce certain costs to mitigate the impact of tariffs on final prices, while capable operators may shift to D2C models to enhance marketing efficiency and brand strength [4][5]. - The cross-border e-commerce model is characterized by high gross margins and high costs, with procurement costs accounting for 28.4% of final prices, logistics costs for 17.7%, and advertising costs for 19.1% [5].

前十大流通股东累计持有： 2059.62万股，累计占流通股比： 43.39%，较上期变化： -53.12万股。 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 常州市中英管道有限公司 | 750.00 | 15.80 | 不变 | | 俞卫忠 | 443.19 | 9.34 | 不变 | | 俞丞 | 327.83 | 6.91 | 不变 | | 常州中英汇才股权投资管理中心(有限合伙) | 243.60 | 5.13 | -60.90 | | 戴丽芳 | 147.73 | 3.11 | 不变 | | 马龙秀 | 58.00 | 1.22 | 不变 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 27.34 | 0.58 | 新进 | | 王俊刚 | 24.62 | 0.52 | -0.36 | | 郑斌 | 21.05 | 0.44 | 新进 | | 王帅 | 16.26 | 0.34 | 新进 | | 较上个报告期退出前十大股东有 | | | | | ...

Group 1 - Trump's recent shift in tone suggests a willingness to negotiate with China regarding tariffs, indicating a potential easing of tensions [8][9][12] - The volatility in Trump's stance has led to significant market reactions, with over $4 trillion evaporating from the stock market, representing 14% of the U.S. GDP [4][6] - The new tariff policies have adversely affected American citizens, with over 30% of their funds tied to the stock market, leading to concerns over pension funds [6][8] Group 2 - Trump's negotiations with Japan are seen as a strategy to pressure other countries into accepting stringent U.S. conditions, although Japan is cautious and not in a hurry to finalize agreements [19][21] - The Federal Reserve, led by Powell, has faced criticism from Trump for not aligning with his economic policies, particularly regarding interest rates and inflation concerns stemming from the tariff policies [23][25] - The ongoing trade tensions have prompted countries like Mexico and Canada to adopt ambiguous stances, while China is strengthening trade ties with other regions, potentially undermining U.S. leverage [33][35]

Meeting Overview - The shareholders' meeting was held on April 17, 2025, at the Beijing Yuan Liu Hongyuan Electronic Technology Co., Ltd. [1] - The total number of voting shares was 230,609,892, after deducting 471,000 shares repurchased by the company [1]. Attendance and Voting Procedure - The meeting was convened by the board of directors and chaired by Chairman Zheng Hong, utilizing a combination of on-site and online voting methods [2]. - All 9 current directors and 3 current supervisors attended the meeting, with some participating via communication methods [2]. Resolutions Passed - The following resolutions were approved: 1. 2024 Board of Directors Work Report [3] 2. 2024 Supervisory Board Work Report [3] 3. 2024 Independent Directors' Work Report [3] 4. 2024 Annual Report Full Text and Summary [3] 5. 2024 Profit Distribution Proposal [3] 6. Confirmation of 2024 Independent Directors' Compensation and 2025 Compensation Plan [3] 7. Confirmation of 2024 Non-Independent Directors' Compensation and 2025 Compensation Plan [3] 8. Confirmation of 2024 Supervisors' Compensation and 2025 Compensation Plan [3] 9. Reappointment of Accounting Firm [3] 10. Authorization for the Board to issue stocks to specific targets using simplified procedures [4]. Legal Compliance - The meeting was witnessed by Beijing Tianyuan Law Firm, confirming that the convening and voting procedures complied with legal and regulatory requirements [4].

《风暴眼》工作室出品 文｜ 吕银玲 盛夏的河北沧州，空气黏湿，汗水洇透的T恤紧紧贴在刘杰身上。他快速冲了个凉水澡，打起精神，又埋头在一台老式缝纫机一般大小的点焊机前，一堆 锂电池材料将他包围在简陋的空房间里。 22岁的刘杰，已经窝在乡下这栋五六年无人居住的老房子里一周了，除了干活，这里几乎没什么生活的痕迹。他只带了枕头、凉席和一床夏凉被，一心把 这临时改造的住所变成组装锂电池的孵梦基地。 他所做的事，工序并不复杂，可以说是有手就能干：首先把一节节小圆柱形电池，分正负极码放在模具底座上，组成24V或48V规格，接着用电烙铁将电线 串并联起来，点焊机穿针引线一般上下点焊，再用绝缘板封好，包上热缩膜，打上热熔胶做防水处理，最后把它放进一个盒子里，露出插销头……组装这 样一组电池，最多花费2个小时，却能轻松赚60-100元的手工费。 "十年打工一场空，创业一朝成富翁""手搓锂电池，全家开奔驰"，锂电池代加工广告里的种种暴富承诺，让他根本感觉不到疲倦。不知不觉间，已经忙到 凌晨两点了。 01 "国家给农村发钱了" 这种赚钱门路，是刘杰2023年7月在抖音上刷到的。他大专肄业就回老家进五金厂打工，很快受够了日夜"拧螺丝" ...

Core Viewpoint - The article discusses the increasing "stagflation" pressure in the US economy, highlighting the divergence between consumer and corporate sectors, and the implications of tariff policies on economic performance and market dynamics [2][3]. Economic Conditions - The US economy is experiencing heightened "stagflation" pressures, with consumer confidence low and inflation expectations high, as indicated by the University of Michigan's consumer survey [2]. - The Atlanta Fed's GDPNOW model predicts a Q1 consumption growth rate of only 0.7%, while corporate investment growth is forecasted at 8.9%, driven by strong equipment investment [2]. - The service sector's PMI fell to 50.8, nearing the contraction threshold, while the manufacturing PMI dropped to 49, indicating a contraction [2]. Tariff Impact - Recent fluctuations in US tariff policies have led to significant market volatility, with a shift in trading logic from recession fears to capital flight from dollar assets [3]. - The US government announced a temporary exemption on tariffs for certain technology products, which could alleviate effective tariffs on about 25% of China's exports to the US [8]. - The article notes that the "export rush" effect has diminished, with a decline in container throughput at major ports [8]. Monetary Policy - The Federal Reserve's dual mandate suggests a reluctance to quickly lower interest rates, with officials expressing concerns over inflation driven by tariffs [2]. - The article anticipates that the Fed's intervention to address liquidity issues may be less likely than in the past, leading to a potential upward trend in interest rates [3]. Domestic Economic Response - China's economy is facing challenges from both internal and external factors, with a weak real estate market and declining retail sales due to tariff impacts [7]. - The government is expected to accelerate the issuance of special bonds to support economic growth and mitigate the effects of external shocks [9]. Market Outlook - The bond market is expected to present more opportunities than risks, with a potential decline in interest rates, while the A-share market is likely to remain volatile [12]. - The article suggests a balanced allocation in A-shares, focusing on technology, consumption, and dividend stocks, while also noting the potential for defensive positioning in the Hong Kong market [14].

海外策略：关税冲击暂缓，回归"滞胀"压力 美国经济"滞胀"压力加剧，美联储"抗通胀"目标仍然优先于"稳经济"。 尽管居民与企业部门的分化仍在持续，但美国经济失速正在从居民向企业部门传导。居民部门方面，"滞胀"预 期继续压制消费。4月密歇根大学消费者调查继续呈现"低信心，高通胀"格局，亚特兰大联储GDPNOW模型最 新预测Q1消费增速仅0.7%。企业部门方面，尽管GDPNOW模型将Q1投资增速预测值上调至8.9%，其中设备投 资（16.4%）表现极为亮眼，知识产权（5.1%）和地产（3.2%）投资表现亦显强劲。一季度美国的强劲投资或 来自特朗普上任初期的新政刺激，随着关税落地，企业部门信心亦在转弱。3月服务业PMI陡峭回落至50.8， 逼近荣枯线，制造业PMI跌至49，进入收缩区间。 美联储"双目标"走势及官员表态均不支持快速降息，与市场预期发生背离，需警惕预期校准风险。通胀方面， 尽管3月CPI通胀超预期回落至2.4%，但尚未反映关税冲击，"二次通胀"仍是大概率事件。就业方面，周频首 次申领失业金人数仍然保持低位，与经济走势背离，可能反映了"劳工荒"带来的供给侧支撑。官员表态普遍偏 鹰，对关税带来的通胀压力表 ...