浙商闯菏泽,打拼新天地 S 简 14 F Be e < 03 le @ 4 ..... 1 4 党建带会建,共建促发展 蔡光义简介 山东省浙江商会常务副会长 全国工商联汽车摩托车配件用品业商会副会长 山东省温州商会监事长 菏泽市浙江(温州)商会会长 记者:蔡会长,在广袤的商业舞台上,浙商是一支极为耀眼的力量。请介绍一下浙商精神,以及在菏浙商的 情况。 山东浙投产业发展有限公司董事长 蔡光义:浙江人素以敢于"第一个吃螃蟹"出名,而我们浙商又是其中的佼佼者。有人说,"有鸟儿飞不到的 地方,没有温州人到不了的地方",这句话也适用于浙商。为了打拼事业,我们浙商历尽千辛万苦、说尽千 言万语、走遍千山万水、想尽千方百计,在市场中找寻商机、在竞争中谋求成长、在困境中逆势突围,走 出家门求发展、跨出国门找市场,实现了"哪里有市场,哪里就有浙商",真正做到了"买全球、卖全球"。 目前,有一大批浙江商人在菏泽这片热土上生活、创业、发展,他们凭着"四千精神",活跃在高新技术、商 贸物流、酒店餐饮、文化传媒、服装服饰、房地产、机电、医疗、食品、家居等十几个行业,不少人在 事业上打拼出了一片新天地,成为行业的佼佼者。 抱团经营、合作发 ...

未经许可，不得转载或者引用。 从工具到消费品，大排量摩托车空间广阔： 国内油摩市场萎缩背景下，大排量玩乐型摩托车随户外运动需求增长和机车文化发展而兴起。 2019-2024年，内销燃油摩托车总量从771万辆持续下滑至544万辆，而250cc以上大排量摩托内 销从11万辆增长至40万辆，5年CAGR 28.8%，渗透率从1.5%提升至7.5%。国内逐渐兴起的摩托 车赛事和俱乐部持续进行市场培育，市场空间有望进一步打开。分排量段来看，内销大排量摩 托车排量段持续升级，2023年及以前以250-400cc为主，2024年400-500cc车型占比快速提升至 46.0%，从入门到进阶，玩家对摩托车性能需求渐增，排量段有望持续升级。对标文化+人种特 征与我国类似的日本，2024年日本大排量渗透率16.7%，为我国2.3倍，每万人大排量销量/保有 量为7.3/149.8辆，分别为我国的3/14.5倍，可见我国大排量摩托车空间依然广阔，预计2030年 我国大排量内销有望翻倍达80万辆，24-30年 6年CAGR 12%。 海外万亿市场重塑中国品牌成长空间： 销量维度，2024年海外摩托车市场销量4000万辆以上，大排量销量 ...

Core Points - The EU is preparing to include Boeing aircraft in its countermeasures against the US due to failed negotiations [1] - The EU has suspended retaliatory tariffs on $210 billion worth of US goods until July 14, 2023, to promote negotiation progress [2] - The aerospace and defense sector in the US has a significant trade surplus, with exports nearing $136 billion and imports just below $22 billion in 2023 [3] Group 1: EU's Trade Measures - The EU Commission plans to add civil aircraft to a target list of US imports worth €100 billion if negotiations do not progress by July 14 [1] - The EU Trade Commissioner stated that currently, 70% of EU exports to the US are subject to tariffs, which could rise to 97% if the US continues imposing tariffs on various sectors [2] - The EU is prepared with alternative plans to restore fair competition if negotiations with the US do not yield necessary results [2] Group 2: Impact on the Aerospace Industry - Airlines are considering delaying deliveries of Boeing or Airbus aircraft to avoid increased costs from tariffs [2] - Airbus CEO expressed concerns about the negative impact of tariffs on both European and American stakeholders, emphasizing the need for resolution [3] - The current trade tensions are damaging the high-performance transatlantic ecosystem in the aerospace sector [3]

Group 1 - The unemployment rate in the Philippines for March is reported at 3.9%, a slight increase of 0.1 percentage points compared to the previous month [1] - The labor force participation rate decreased to 62.9%, down 2.4 percentage points year-on-year and lower than 64.5% in February [1] - The total labor force dropped to 49.96 million from 51.15 million a year ago and 51.09 million in February, indicating a weakening labor market [1] Group 2 - The employed population in March decreased to 48.02 million, lower than 49.15 million in both the previous year and February [1] - The number of unemployed individuals in March was 1.93 million, a decrease of 70,000 from the previous year and slightly lower than 1.94 million in February [1] - The services sector accounted for the majority of employment, with 29.77 million jobs, representing 62.0% of total employment [1] Group 3 - The underemployment rate rose to 13.4% in March, up from 11.0% a year ago and 10.1% in February, indicating that 6.44 million workers are seeking more hours or better job opportunities [2] - The labor force participation rate for the 15 to 24 age group fell to 29.4% from 33.3% a year ago, while the unemployment rate for this group increased from 8.7% to 11.0%, highlighting increased pressure on youth employment [2]

《电子|一季报总结：Q1 业绩稳健增长，Q2 关注板块复苏涨价+AI 催化 弹性》 重点推荐 《银行|行业深度：双重属性视角下的票据分析框架》 1、票据兼具资金属性和信贷属性，资金面和信贷投放情况皆影响票据利 率。双重属性视角下，资金面松紧决定票据利率中枢，但在某些重要时点 信贷属性会超越资金属性决定票据利率。货币政策与信贷周期匹配时，票 据利率与回购利率、存单利率走势整体同向。但若信贷属性和资金属性产 生分歧，票据利率与其他货币市场利率走势也会产生背离。2、强调真实 交易关系和缩短票据期限有助于限制套利行为。相较于银行贷款，票据贴 现融资成本更低，因此存在关联企业虚构贸易往来以获取银行贴现资金的 行为。当票据贴现利率与存款利率倒挂时，更易滋生赚取利差的票据空转 套利现象。3、银承比和保存比限制将约束银行存贷款冲量行为，但实际 影响有限。对银行而言，《票据新规》将银行承兑汇票余额占银行总资产 比重上限设置为 15%，银行承兑汇票保证金余额占银行吸收存款规模上限 设置为 10%。 风险提示：经济复苏不及预期；信贷需求持续走弱；票据预测作用失效 证券研究报告 | 2025 年 05 月 07 日 $$\overl ...

证券研究报告·行业研究·汽车与零部件 摩托车出海专题： 万亿市场重塑中国品牌成长空间 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 联系电话：021-60199793 2 ◼ 摩托车海外市场近万亿空间，出口大有可为。销量维度，2024年海外摩托车市场销量4000万 辆以上，大排量销量约344万辆，为国内8-9倍空间；收入维度，2024年海外摩托车市场规模 9320亿元，近万亿级别市场。据摩托车商会，2024年中国品牌摩托车出口1102万辆，海外市 占率25.7%，其中大排量出口仅35.9万辆，海外份额10.4%，中国品牌海外份额提升空间大， 出口大有可为。 ◼ 欧美澳引领玩乐市场，亚非拉主导通路车大市场。收入维度，海外主要大市场包括：东南亚 （2.3千亿元）南亚（2.7千亿元）欧洲（1.6千亿元）拉美（1.3千亿元）北美（562亿元）。 不同市场需求结构及竞争格局迥异，日系品牌统领全球，欧美系品牌在高端市场领先，同时各 地本土品牌百花齐放。 ◼ 细分来看，北美：美国占90%，规模约60万辆+大排量渗透率90%以上的高端市场，日系+本 土品牌 ...

► 2025Q1业绩超预期 无极品牌及通路车业务均贡献增量 01 事件概述 公司披露2024年年报及2025第一季度报告，公司2024年全年实现营业收入168.2亿元，同比+28.7%，实现归 母净利11.5亿元，同比+97.1%；2025Q1实现营业收入46.5亿元，同比+41.0%，归母净利润为5.1亿元，同比 +96.8%，位于此前业绩预告中枢偏上位置。 02 分析判断 营收端： 公司2024Q4实现营业收入46.0亿元，同比+24.3%，环比+1.1%，增长主要原因为无极品牌快速放 量；2025Q1实现营业收入46.5亿元，同比+41.0%，环比+0.9%，创历史新高，主要原因为：1）无极品牌及 通路车业务高增：摩托车产品营收27.4亿元，同比+39.4%（其中无极品牌收入8.6亿元，同比增长41.8%）； 2）通用机械业务复苏：销售收入11.26亿元，同比增长65.37%；3）摩托车发动机及全地形成产品增长等。 利润端： 公司2024Q4归母净利润为2.2亿元，同比扭亏，环比-28.0%，环比下降主要原因为资产/信用减值约 2.0亿元；2025Q1业绩同环比高速增长，主要源自无极品牌量利共振+通路车 ...

证券研究报告·公司点评报告·摩托车及其他 华洋赛车（834058） 2024 年报&2025 年一季报点评：俄罗斯与欧 洲重点市场持续放量，期待双品牌策略提升 细分增量 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 478.80 | 526.99 | 672.45 | 824.30 | 989.34 | | 同比（%） | 12.95 | 10.06 | 27.60 | 22.58 | 20.02 | | 归母净利润（百万元） | 51.31 | 56.14 | 69.34 | 90.63 | 113.57 | | 同比（%） | (22.41) | 9.43 | 23.51 | 30.71 | 25.31 | | EPS-最新摊薄（元/股） | 0.91 | 1.00 | 1.24 | 1.62 | 2.02 | | P/E（现价&最新摊薄） | 36.31 | 33.19 | 26.87 | 20.56 | ...

Group 1: Consumer Sentiment and Spending - The Trump tariff policy has severely impacted consumer confidence in the U.S., particularly among middle and low-income groups, leading to reduced spending [1] - Companies that primarily target middle-class consumers, such as McDonald's, General Motors, Harley-Davidson, and Hershey, are experiencing declining sales and profit pressures [1] - McDonald's reported its lowest sales in mature U.S. restaurants since the pandemic, attributing this to cautious spending by lower-income customers [1] Group 2: Automotive Industry Impact - Harley-Davidson's motorcycle sales fell by 24% year-over-year, with the CEO citing economic uncertainty and high interest rates as key factors [2] - General Motors, despite initial sales growth, has lowered its annual profit forecast by $2 billion to $3 billion due to tariff costs of $4 billion to $5 billion [2] - GM plans to increase North American prices by up to 1%, reversing an earlier expectation of a price decrease [2] Group 3: Confectionery Sector Challenges - Hershey reported a 15% decline in sales of candy, mints, and gum, with executives noting a growing consumer focus on value [3] - The company anticipates a loss of $15 million to $20 million in the current quarter due to tariffs on key raw materials like cocoa, which cannot be grown domestically [3] Group 4: Technology Sector Performance - Apple reported strong second-quarter sales driven by increased iPhone demand, potentially due to panic buying before new tariffs took effect [4] - Analysts warn that ongoing economic uncertainty poses real risks to both domestic and global economies, with signs of declining business and consumer confidence [4]

一季度每股收益1.07美元。 哈雷戴维森因关税形势而撤销2025年业绩展望。 哈雷戴维森一季度营收13.3亿美元，预估14亿美元。 ...