2025年5月22日，由全球化智库（CCG）主办的第十一届中国与全球化论坛在京举行。隆基绿能北美首席战略市场官格蕾斯·孙（Grace Sun）在圆桌研 讨"在多极世界中保持国际监管合作"进行发言，观点如下： 我们认为，供应链透明度和环境绩效的持续提升同样重要。而"本土化"是全球化的有力补充——它既推动了知识和信息的流动，也促进了本地社会对可持 续发展的参与和支持。 因此，在推动能源转型的过程中，我们特别关注几个方面：一是推进标准的国际对话与共建；二是支持公私合作机制，打造可持续、清洁的能源生态；三 是倡导一种建立在信任基础上的包容性合作模式。 气候挑战是全球性的，我们需要共同推动前瞻性的解决方案在不同市场的落地。绿色未来必须建立在信任、透明、协同和本地参与的基础之上。 本文依据嘉宾在由由全球化智库（CCG）与中国人民对外友好协会（CPAFFC）联合主办，当代中国与世界研究院（ACCWS）与中美交流基金会 （CUSEF）协办的"第十一届中国与全球化论坛"上的发言录音整理，未经本人审阅，转载请注明出处 在今天关于国际监管合作的讨论中，我想从能源消耗、绿色技术和可再生能源的角度，分享我们的一些观察和经验。 我们曾对 ...

Core Viewpoint - Stone Technology's decision to raise $500 million through a secondary listing in Hong Kong, despite having a cash reserve of 6.5 billion, reflects the intense competition and financial pressures in the smart cleaning industry, transitioning from a blue ocean to a red ocean market [1][6]. Financial Performance - In 2024, Stone Technology reported revenue of 11.945 billion, a year-on-year increase of 38.03%, but the net profit fell by 3.64% to 1.977 billion [2]. - The first quarter of 2025 saw revenue growth surge to 86.22%, while net profit plummeted by 32.92% [2]. - The gross margin for the main business dropped from 53.93% in 2024 to 50.14%, with net margin decreasing by 7.15 percentage points [2]. - Sales expenses skyrocketed to 2.967 billion in 2024, a 73.23% increase, and further surged by 169.25% to 951 million in Q1 2025, constituting 27.74% of revenue [2]. Market Dynamics - The overseas revenue proportion exceeded domestic for the first time in 2024, reaching 53.48%, but the overseas gross margin fell by 6.74 percentage points [3]. - The North American market, a key growth driver, faced challenges due to U.S. tariffs imposed in February 2025, alongside significant foreign exchange losses exceeding 20 million over two years [3]. Competitive Landscape - The smart cleaning market is experiencing intense competition, with a CR5 concentration of 80% in the domestic robot vacuum market, leading to aggressive pricing strategies [4]. - Stone Technology's strategy included price reductions and promotions, resulting in a 26% price cut for the Q7 Max Plus in Europe, which caused gross margins to dip below 50% [4]. - The company achieved a shipment volume of 3.2965 million units, capturing 16.4% of the global market share, but this has eroded long-term profitability [4]. Technological Advancements - Stone Technology launched the G30 Space exploration version in January 2025, featuring a pioneering 5-axis folding bionic mechanical arm, enhancing its high-end product line [4]. - R&D expenses rose by 36.9% to 266 million in Q1 2025, indicating a significant investment in innovation amidst ongoing profit pressures [4]. Strategic Initiatives - To mitigate trade risks, Stone Technology initiated a production project in Vietnam, expected to cover over half of its U.S. market demand [5]. - The company is expanding its product categories, with a notable increase in online retail share for floor washing machines, rising by 7.4 percentage points to 11.8% in early 2025 [5]. Capital Market Movements - The decision to pursue a secondary listing in Hong Kong is seen as a strategic move to align with the company's international revenue structure and to secure funding amidst declining investor confidence [6]. - The founder's cash-out of 888 million over two years and a significant reduction in institutional investor holdings from 68% to 55% reflect a loss of market confidence [3][6].

2023年以来，贵州高度重视新能源电池及材料产业发展。围绕"到2030年基本建成全国重要的新能源动 力电池及材料研发生产基地"战略目标，贵州朝着招引龙头企业、补链强链升级、技术创新突破等方向 不断迈进，助推产业加速发展，加快建设现代化产业体系。贵州近年来吸引了宁德时代、比亚迪、中伟 股份、湖南裕能、振华新材料的投资布局，新能源电池及材料产业已成为支撑贵州工业经济发展的新增 长极。 钒液流储能全产业链建设项目由贵州志喜科技有限公司投资30亿元分三期建设，拟建设1GWh至8GWh 全钒液流储能设备生产基地。该公司董事长蒋新喜表示，项目建成后将成为行业领先基地。 为推动产业链规模化、做大做优新能源规模，眼下，贵州正创新实施"链主+产业""基地+制造""产品+市 场""配套+要素"招商，吸引年产20万套核心零部件生产配套、年产10万吨三元前驱体、灵动智能装备等 一批关联项目落地，进一步做大整车配套产业集群。 在贵阳贵安，以新能源电池及材料、先进装备制造、电子信息制造为主导产业，实行"一园一策""一产 一策"推动产业发展与集聚。黔西南高新区重点发展新能源动力电池及材料、基础材料、特色轻工三大 主导产业，积极培育化工产业 ...

完整早报音频，请点击标题下方小耳机收听 【李国庆公布离婚进展：财产分割已达成最终和解】 6 月 13 日，当当网创始人李国庆在朋友圈发文 公布离婚进展，他已与俞渝就相关财产分割达成最终和解，自己将轻装上阵，积极布局 AI 应用。 （上游新闻） 上下滑动可查看长图 【哪吒汽车正式进入破产重整程序】 6 月 13 日，全国企业破产重整案件信息网显示，哪吒汽车关联 公司合众新能源汽车股份有限公司破产审查案件更新信息，新增管理人机构浙江子城律师事务所，管 理人主要负责人等信息。 6 月 12 日晚，网上流传"哪吒汽车重整声明"，称母公司合众新能源汽车 进入重整程序。 6 月 13 日，哪吒汽车相关负责人回应称，此内容非官方发布，只是公司制定的处置 方案之一，并非最终方案。该负责人透露，早在 5 月底至 6 月初，公司就有了下一步处置方案，原 计划 6 月底前发布，但因与离职员工矛盾激化，方案或调整。（财联社） | 全国企业破产重整案件信息网 | | | 】 我是债权人 ● 我是投资人 ■ 我是管理人 ◆ 设为首页 ★ 收藏 | | | --- | --- | --- | --- | --- | | 首页 债务人信息 ...

行走在第四届中非经贸博览会的"中非工业化和农业现代化合作成果展""中非经贸合作促进研究成果展 示馆""中非南南合作专题展"等展区，没有热闹的歌舞表演和炫目的商品展示，但丰富的模型和实打实 的案例发人深省：当太平洋彼岸的个别国家热衷于筑墙、脱钩时，中非高举维护多边主义旗帜，通过务 实合作为双方现代化进程提供了强大助力，也不断推动"全球南方"发展振兴，为世界和平发展注入宝贵 的确定性和稳定性。 面对个别国家发起的贸易战、关税战，中非都认识到，单边妥协换不来相互尊重，坚决反对任何一方以 牺牲他国利益为代价达成妥协交易。中国始终呼吁国际社会维护以联合国为核心的国际体系，维护以世 界贸易组织为核心的多边贸易体系，推动经济全球化朝着更加开放、包容、普惠、均衡的方向发展，营 造更有利于"全球南方"的贸易、投资、融资环境。中国与非洲一道，成为捍卫"全球南方"共同利益、维 护多边主义的重要力量。 开放合作是人间正道，互利共赢是民心所向。希望中非依托经贸博览会等平台，继续扎实推进各领域合 作，以中非关系的确定性稳住世界的不确定性，树立起全球南方国家真诚友好、平等相待的标杆，也为 世界和平与发展事业开辟更加光明的前景。 中非合作拓 ...

Core Viewpoint - Nanhua Instrument's acquisition of Jiadelin marks a significant step in transitioning from traditional vehicle inspection to "environmental + intelligent cleaning" sectors, with Jiadelin expected to become a core growth engine for the company [2] Group 1: Company Overview - Jiadelin is a leading player in the commercial cleaning equipment sector in China, specializing in high-end cleaning devices such as intelligent floor scrubbers and sweepers [1] - Jiadelin has developed a smart service system with remote monitoring and digital management capabilities, enhancing product value and expanding its product range [1] - The company has successfully tested its large commercial unmanned floor scrubbers in major properties like Vanke, demonstrating its advanced technology [1] Group 2: Financial Performance - Jiadelin is projected to achieve revenues of 133 million yuan and 128 million yuan in 2023 and 2024, respectively, with corresponding net profits of 21.99 million yuan and 17.66 million yuan [1] - The gross profit margins for Jiadelin are stable, recorded at 39.53% and 38.39% for 2023 and 2024 [1] Group 3: Market Potential - The global B2B cleaning equipment market is expected to reach 28.3 billion yuan in sales in 2023, with projections of 47.52 billion yuan by 2030, indicating a compound annual growth rate (CAGR) of 7.7% from 2024 to 2030 [2] Group 4: Performance Commitment - Jiadelin has made performance commitments to Nanhua Instrument, promising a net profit of no less than 18 million yuan in 2025 and 20 million yuan in 2026, with cumulative targets for those years [3] - This commitment reflects Jiadelin's confidence in its technological capabilities and market prospects, providing a boost to Nanhua Instrument's future profitability [3]

强烈推荐（首次） 目标估值： 当前股价：27.13 元 基础数据 证券研究报告 | 公司深度报告 2025 年 06 月 13 日 欧圣电气（301187.SZ） 空气动力设备龙头，拓品类打开新空间 消费品/家电 | 总股本（百万股） | 255 | | --- | --- | | 已上市流通股（百万股） | 667 | | 总市值（十亿元） | 6.9 | | 流通市值（十亿元） | 1.8 | | 每股净资产（MRQ） | 5.8 | | ROE（TTM） | 18.5 | | 资产负债率 | 54.7% | | 主要股东 | Santa Barbara Investment | | 主要股东持股比例 | LLC 67.51% | 股价表现 % 1m 6m 12m 绝对表现 11 28 97 相对表现 11 32 87 资料来源：公司数据、招商证券 -50 0 50 100 150 Jun/24 Oct/24 Jan/25 May/25 (%) 欧圣电气 沪深300 相关报告 史晋星 S1090522010003 shijinxing@cmschina.com.cn 闫哲坤 S1090523070001 ...

Core Viewpoint - The Sichuan Provincial Government has issued an opinion to support Chengdu in enhancing its core functions and accelerating high-quality development, aiming to establish it as a western economic center, technology innovation center, international exchange center, and a national advanced manufacturing base [1][2]. Group 1: Economic Development - The opinion outlines 15 specific measures to enhance Chengdu's economic growth, focusing on becoming a western economic center by expanding domestic demand and improving resource allocation capabilities [2]. - Chengdu is encouraged to develop into an international consumption center and to co-build a western financial center with Mianyang [2]. Group 2: Technological Innovation - The opinion emphasizes the need for Chengdu to strengthen its technological innovation capabilities, enhance the conversion of scientific achievements, and deepen reforms in the technology system [2][3]. - Chengdu will implement breakthrough actions in frontier technologies such as artificial intelligence, aerospace, biomanufacturing, and clean energy [2]. Group 3: International Exchange - To establish Chengdu as a western international exchange center, the opinion supports the development of a comprehensive international transportation hub and the strengthening of high-level open platforms [2]. - Specific initiatives include the construction of the Tianfu International Airport Phase II and the enhancement of the international flight network [2]. Group 4: Advanced Manufacturing - The opinion aims to support Chengdu in building a world-class advanced manufacturing cluster and nurturing emerging and future industries [3]. - Chengdu will establish new provincial development zones in the Tianfu New Area and the Eastern New Area, and develop a world-class high-tech industrial park [3].

Core Viewpoint - The current "trade-in" subsidy policy for home appliances, combined with recent e-commerce promotions, is stimulating consumer demand and unlocking the potential for cleaning appliances and other home products [1] Group 1: Market Strategy and Performance - In 2024, the company adopted a more aggressive market strategy and increased R&D investment, achieving a 16% market share in global sales and a 22.3% share in sales revenue for its robotic vacuum cleaners, ranking first in both categories [2] - The company reported a significant increase in Q1 2024 revenue, reaching 3.428 billion yuan, a year-on-year growth of 86.22%, with a net profit of 267 million yuan [2] Group 2: Product Development and Innovation - The company has launched a series of washing machines and cleaning machines, including the H1 series, which introduced a new drying technology, covering a wide price range from 1,000 yuan to 7,000 yuan [3] - The company has established a washing machine division to focus on creating a second growth curve, completing its product lineup in washing machines and cleaning machines [4] - The company has accelerated its product launch pace in the cleaning machine sector, with new models introduced in early 2024 and plans for further expansion in 2025 [4] Group 3: Competitive Landscape and Market Potential - The company’s cleaning machines have formed a differentiated competitive advantage, with a market share of 13.1% in online sales as of February 2024, narrowing the gap with industry leaders [5] - The cleaning machine market is experiencing significant growth, with sales revenue projected to increase from 100 million yuan in 2019 to 14.1 billion yuan in 2024, reflecting a compound annual growth rate of approximately 192% [8] - The washing machine sector is entering a replacement cycle, driven by consumer demand for more advanced and efficient products, with 47% of users seeking upgrades due to dissatisfaction with current features [9] Group 4: Technological Advancements - The company’s new Z1Max washing and drying set features innovative technology, including the ZeoHyb molecular sieve heat pump drying system, which enhances existing heat pump technology [10]

Group 1 - Microsoft launched the Copilot Vision feature for Windows, enhancing its AI assistant capabilities to analyze user screens and provide real-time suggestions during activities like gaming and travel planning [2] - AMD introduced the new AI chip MI400 at the Advancing AI 2025 conference, which will be available next year and can be integrated into a complete server rack named Helios, indicating a strong partnership with OpenAI [3] - NVIDIA CEO Jensen Huang expressed optimism about the growth of autonomous driving and robotics in the coming years, suggesting a significant market focus on these technologies [4] Group 2 - Google Cloud experienced a widespread outage affecting popular applications like Spotify and Discord, raising concerns about the reliability of cloud service providers [5] - Meta partnered with XGS Energy to develop a 150-megawatt geothermal power plant, aiming to enhance its clean energy image and strengthen its position in the tech and energy sectors [6]