有估算显示，10%的对等关税和汽车等行业关税将使日本实际GDP被拉低0.2%。如果对等关税提高至 25%，GDP的下行影响将扩大至0.4%。对美出口比例较高的飞机零部件和工程机械将受到巨大打击…… 如果美国对日本征收的税率提高到25%，对美出口比例较高的飞机零部件和工程机械将受到 巨大打击。日本政府准备继续推进谈判，要求重新调整税率。 机床等金属加工机械的对美比率为23.4%。日本工作机械工业会(简称:日工会)的统计显示， 在日本厂商的订单总额中，美国订单约占2成。DMG森精机和牧野铣床制作所等大型企业提 出将关税成本作为附加费转嫁给客户的方针。 对日本来说，美国是最大的出口对象国，因此加征关税将给广泛的行业带来压力。经济同友 会的代表干事新浪刚史就新税率表示，"并非可以自行消化的水平"，表达了危机感。 日本最大经济团体"经团连"的会长筒井义信在7月7日的记者会上指出，"如果适用加征关税 率，将产生非常巨大的影响"。他还表示"担心今后日本企业投资战略的可预见性和盈利性受 到广泛影响"。 日本财务省的贸易统计显示，2024年日本的出口额为107.0879万亿日元。对美国出口额为 21.2947万亿日元，占整体的 ...

编号：20250708 | 2025年半年度公司预期实现归属于上市公司股东的 | | --- | | 净利润约 3000 万 元 到 4500 万 元 ， 同 比 增 长 | | 44.06%-116.08%；扣除非经常性损益后的净利润预计在 | | 2500万元到3750万元，同比增长58.09%-137.14%。 | | 二、问答环节 | | Q1：公司上半年业绩增长的主要来源是什么？ | | A：今年上半年传统车轮和阿凡达低碳车轮两块业务 | | 都呈正向增长，其中主要增量来源于阿凡达低碳车轮产 | | 品。随着阿凡达新建产能的释放与阿凡达新一代产品的陆 | | 续投产，下半年公司业绩预计会有更大增量。阿凡达低碳 | | 车轮产品在公司主业的产销占比持续提升，产品结构不断 | | 优化，为公司利润和利润率的提升提供了长效动力。 | | Q2：公司铌微合金材料性能的优势？ | | A：公司自主研发的铌微合金材料具有强度高、韧性 | | 好、易成形等特点，也具有良好的耐腐蚀性和焊接性能， | | 并且铌微合金原材料成本远低于铝合金和钛合金，能同时 | | 满足产品的轻量化与降本需求。 | | 在阿凡达工艺处 ...

华域汽车 20250708 如何评价华域汽车在过去五年的表现及其未来的投资价值？ 过去五年，华域汽车的收入和净利润均保持了相对稳定的增长。具体来看， 2020 年公司的收入为 1,400 亿元，到 2024 年增长至 1,700 亿元左右；净利 润从 2020 年的 50 多亿元增长到 2023 年的 72 亿元，尽管 2024 年有所回落 至 67 亿元，但整体仍处于较高水平。这种稳定表现主要得益于公司实施的中 心化策略，即减少对上汽集团的依赖，积极开拓外部客户。数据显示，外部客 户占比从 20 年前的 45%提升至 62.2%。此外，公司还成功吸引了特斯拉、比 亚迪、吉利、奇瑞等新能源汽车品牌作为客户。 从今年（2025 年）上半年的 数据来看，除特斯拉外，其余前十大客户如上汽集团、比亚迪、吉利和奇瑞等 均实现了显著增长，总体同比增长 14%。预计全年维持 10%左右的增长是没 有问题的。 此外，上汽集团自 2020 年以来销量持续下滑，从 700 万辆下降到 2024 年的 400 万辆，但在新的领导班子带领下，公司在电动化和智能化方面 加快了步伐，并且库存大幅减少，这为今年（2025 年）的反弹奠定基 ...

Core Insights - The report emphasizes the dual approach of "footprint + handprint" to minimize the company's environmental impact while enhancing the value of its products and solutions for customers [1][3] Group 1: Sustainability Initiatives - The company reported a total energy usage of 2,486 GWh in 2024, remaining stable compared to the previous year, with renewable energy accounting for 38% of total energy consumption, an increase of 2% from the previous year [1] - Carbon dioxide emissions were recorded at 568,000 tons, a reduction of 37,000 tons compared to the previous year [1] - Since 2020, the company has reduced its carbon emissions per million euros in sales by 45%, down to 47.5 tons, and has decreased absolute carbon emissions by approximately 200,000 tons, equivalent to 26% of 2020 levels [1] Group 2: Renewable Energy Projects - As of the end of 2024, the company has established and is operating 44 solar photovoltaic arrays globally, including 9 in China, with 65 additional projects in various planning stages [2] - A new solar project at the company's site in Hangzhou is expected to generate 200,000 kWh annually, reducing carbon emissions by 118.8 tons each year [2] - The company plans to increase the renewable energy usage ratio to 41% at its Suzhou factory by procuring 1.6 million kWh of green electricity in 2024, achieving a 23% reduction in carbon emissions per unit of sales compared to the 2020 baseline [2] Group 3: Energy Efficiency and Product Solutions - The company has identified a potential 30% energy-saving opportunity by analyzing approximately 40% of its total carbon emissions as part of its "Bee-Efficient" initiative launched in 2019 [2] - The Wibak factory in Wuxi achieved a 13% reduction in carbon emissions and a 14% decrease in overall energy consumption compared to the 2023 baseline through system optimizations [3] - In the lubricant sector, the company saved 44 GWh of electricity for Chinese customers in 2024, equivalent to a reduction of 230,000 tons of carbon emissions [3] Group 4: Future Commitments - The company is committed to continuous upgrades in green manufacturing, strengthening local R&D, and expanding talent and cultural investments, with a focus on "taking responsibility" as a core value [4] - The company aims to achieve climate neutrality by 2045, reinforcing its commitment to global climate initiatives [4]

在全球半导体产业链竞争加剧背景下，伴随国家有关部门一系列并购支持性政策出台，上海正帆科技股 份有限公司（股票代码：688596，以下简称"正帆科技"）近期通过系列战略举措，系统性打开OPEX业 务增长通道。公司以"内生孵化+外延并购"双轮驱动，接连落地半导体核心零部件及设备服务关键布 局，显著强化其在国产化替代浪潮中的竞争优势。 战略收购夯实核心零部件根基 7月8日晚间，正帆科技发布公告，公司拟以现金方式收购辽宁汉京半导体材料有限公司（以下简称"汉 京半导体"或"汉京"）62.23%的股权。这一举措，被视为正帆科技深化半导体产业链布局、特别是强化 其OPEX导向业务的关键落子，标志着公司OPEX战略进入加速推进期。 公告显示，作为国内首家碳化硅耗材生产商、国内石英制品产业的头部供应商，汉京半导体拥有高精密 石英和先进陶瓷材料制造技术，主要产品包含石英管、石英舟、石英环、碳化硅陶瓷舟、碳化硅陶瓷 管、碳化硅陶瓷保温筒等半导体工艺设备不可或缺的核心耗材。 值得一提的是，根据公告披露的业绩承诺，汉京半导体2025至2027年累计承诺净利润不低于3.93亿元人 民币。以其2024年约8,400万元人民币的净利润为基准 ...

Market Overview - The A-share market is experiencing volatility, influenced by Trump's tariff policies and the market's positioning around the 3500-point level [1][3]. Policy Impact - Trump's announcement to delay the "reciprocal tariffs" until August 1 is beneficial for sectors with high export ratios, such as automotive parts and consumer electronics, providing a buffer for companies like Luxshare Precision [3]. - The joint release of the "High-Power Charging Facility Construction Notice" by four departments is expected to boost the power grid equipment sector, with significant orders anticipated due to record-high electricity loads [3]. - The restart of national subsidy policies with 138 billion yuan funding is likely to stimulate consumption in home appliances, automobiles, and new energy sectors, particularly benefiting energy-efficient appliances and new energy vehicles [3]. Technical Analysis - The Shanghai Composite Index closed at 3497 points, close to the significant 3500-point resistance level, with healthy trading volume of 1.47 trillion yuan [4]. - If trading volume remains above 1.4 trillion yuan, a breakthrough above 3500 points is possible; otherwise, a pullback to the 3450-point support level may occur [4]. - The Bollinger Bands have narrowed to a five-year low, indicating a high probability of a directional move within two weeks [4]. Fund Flow and Market Sentiment - Northbound capital saw a net outflow of 1.87 billion yuan, with growth stocks like CATL facing selling pressure, while main funds are quietly positioning in sectors like photovoltaics and power equipment [4]. - The issuance of 31 new funds on July 7 and a high number of private placements in June suggest a potential influx of capital into the market during the July-August period [4]. External Market Influence - The impact of external markets is diminishing, as evidenced by the A-share market's resilience despite declines in U.S. stocks due to Trump's tariffs on Japan and South Korea [5]. - The surge in copper prices by 10% is expected to positively affect the performance of related companies in the non-ferrous metals sector [5]. Investment Strategy - The A-share market is likely to oscillate around the 3500-point mark, presenting a good opportunity for medium to long-term investors [6]. - Key focus areas for investment include: 1. Power grid equipment and new energy vehicles, benefiting from clear policy support and deep capital involvement [6]. 2. Photovoltaics and power equipment, with high certainty of mid-year performance increases [6]. 3. Consumer electronics and automotive parts, with valuation recovery opportunities due to tariff delays [6]. - A strategy of "selling on highs and buying on dips" is recommended to optimize portfolio structure [6].

答：在传统清洗业务领域，公司已在国内市场占据一定的 份额，短期内较难出现显著变化，业务增长主要依赖新增客户。 目前来看，市场的增量客户是该类业务的重点开拓对象。在主 动清洗业务方面，公司已经获得了部分车型的定点项目，预计 会根据量产进度逐步布置气液混合式主动清洗系统 25 万套/ 年的产能。 宁波恒帅股份有限公司 投资者关系活动记录表 编号：2025-017 投资者关系活动类 别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 现场参观 □其他 参与单位名称及人 员姓名 西部证券：陈瑞基；上海利幄：蒋雨轩 时间 2025 年 07 月 8 日 地点 公司会议室 上市公司接待人员 姓名 董事会秘书：廖维明 投资者关系活动主 要内容介绍 一、与调研人员就以下几方面内容进行了讨论与沟通： 问题一：请简单介绍下公司的业务及经营情况？ 答：公司主要从事车用电机技术、流体技术相关产品的研 发、生产与销售，致力于成为全球领先的汽车电机技术解决方 案供应商。公司依托现有电机和流体技术，将现有业务规划布 局为四大业务单元。在电机技术领域，划分为电机业务、电动 模块业务；在流体技术领域，划分为驾驶 ...

【内容提要】 实践中，国家工作人员利用职务上的便利为请托人谋取利益，其近亲属以出资购买请托人提供的拟上市 公司股份为幌子，并以股份预期增值利益作为标的接受利益输送，虽其行为隐蔽复杂，但究其本质仍是 权钱交易。笔者认为，重点可以从国家工作人员有无接受行贿人请托利用职权为其谋利、依托职权还是 市场获取股权、是否承担市场风险等方面，坚持主客观相一致原则综合研判，精准识别以出资购买原始 股为名收受贿赂行为的权钱交易本质。 【基本案情】 【意见评析】 甲，受国有公司委派，担任A证券公司（以下简称A公司）股份融资部总经理、投资银行部总经理。 乙，B科技公司（私企，以下简称B公司）实际控制人，B公司主营电子零部件的研发、制造、销售业 务。丙，甲的近亲属，C公司（私企）法定代表人。 2009年5月，B公司打算进行首次公开募股，乙找到丙，请其向甲积极推荐B公司，通过甲的帮助和支 持，促使B公司与A公司达成首次公开募股合作并开展相关工作，从而使B公司能够尽快上市。丙向甲 提出乙的请求后，甲利用职务便利，授意A公司项目组成员帮助B公司解决各类法律和财务问题，开展 尽职调查、加快制作相关申报材料等，推动A公司与B公司于2010年6月 ...

Group 1: Macro Strategy and Policy Analysis - The "Beautiful America Act" emphasizes tax cuts for residents and businesses while neglecting social welfare and healthcare sectors [3][21] - The rising U.S. fiscal deficit is attributed to the shift from "balanced finance" to "functional finance," driven by slowing economic output and increasing government spending [3][21] - Support for the new act is divided among social groups, with small business owners and manufacturers in favor, while healthcare and clean energy sectors express dissatisfaction [3][22] - The market's reaction to the fiscal deficit has become "dull," indicating that the narrative around the impact of the deficit on broad national credit has lessened [3][24] Group 2: Industry Insights and Company Analysis - Zhejiang Shibao is a leading player in the automotive steering system industry, focusing on electric power steering systems and line control steering technology [9][32] - The company has seen a recovery in gross margin and net profit due to increased production capacity and the introduction of high-margin products [9][34] - Forecasts for Zhejiang Shibao's revenue from 2025 to 2027 are projected at 35.1 billion, 43.7 billion, and 52.0 billion CNY, with net profits expected to grow significantly [9][36] - Zhonggu Logistics is experiencing high demand in the container shipping market, with domestic shipping rates expected to rise due to capacity shortages [16][39] - The company is projected to maintain high dividend payouts, with a forecasted dividend ratio of 90% in 2025, resulting in a dividend yield of around 10% [16][40] Group 3: Pharmaceutical Developments - BeiGene's CDK4 inhibitor BGB-43395 is on track to become the second CDK4 inhibitor to enter the registration clinical phase, showing promising early efficacy signals [11][41] - The drug demonstrates higher selectivity compared to existing CDK4/6 inhibitors and has shown strong pharmacokinetic data [11][42] - Revenue forecasts for BeiGene from 2025 to 2027 are estimated at 375.17 billion, 450.24 billion, and 540.34 billion CNY, with significant growth in net profit anticipated [11][43]

Group 1: Manufacturing Achievements - Ningbo Yinzhou District has been awarded the highest honor in Zhejiang's manufacturing sector, the "Zhejiang Manufacturing Tiangong Ding," upgraded to the Gold Ding status, reflecting the strong manufacturing capabilities in the region [2] - The district boasts 25 national-level manufacturing champions, the highest among all counties, cities, and districts in Zhejiang Province [2] - Industrial investment in Yinzhou increased by 11.6% in the first five months of this year, with manufacturing investment growing by 9.9% [2] Group 2: Innovation and R&D - Zhejiang Tianmu Photovoltaic Technology Co., Ltd. launched a new film micro-inverter, which is easier to install and aesthetically pleasing, with expected domestic market orders reaching 100,000 units annually [3] - Ningbo Gaofa Automotive Control Systems Co., Ltd. invests over 4.5% of its annual revenue in R&D, with a total R&D expenditure of 180 million yuan over the past three years [3] - The district has 2,340 national-level high-tech enterprises and over 5,000 technology-based SMEs, both leading in Ningbo [3] Group 3: Digital Transformation - Ningbo Bowei Alloy Materials Co., Ltd. utilizes digital technology in its production processes, enhancing efficiency and connecting various stages of R&D through data and algorithms [4] - The district is actively developing artificial intelligence applications, with companies like Ningbo Anglin Intelligent Equipment Co., Ltd. creating innovative solutions for autonomous vehicles [6] Group 4: Economic Growth and Industry Development - High-tech industry added value in Yinzhou is expected to grow by approximately 7.8% year-on-year, with high-tech industry investment increasing by about 6.1% [7] - The district is focusing on developing key industrial clusters, including energy-saving and new energy vehicles, high-end new materials, and elevator components [7] - The "3+8+2" industrial chain strategy aims to enhance traditional industries while fostering emerging sectors like artificial intelligence and low-altitude economy [7] Group 5: Supportive Ecosystem - Yinzhou District is enhancing its business environment and innovation ecosystem to support high-quality development, including policies to boost private sector advantages [8] - The district has established 84 new district-level enterprise technology R&D centers in the first half of this year, with a total of 214 provincial-level R&D institutions [5] - Continuous efforts are being made to attract talent and optimize the policy framework to foster innovation and collaboration among enterprises [9]