2025年，全球化发展进入一个新的时期。贸易保护主义加剧，一些国家更加强调"保护本国"的经贸政策，全球贸易摩擦升级，也促使关键产业回流本土。 与此同时，后疫情时代以来，在地缘政治局势紧张的背景下，主权国家与跨国企业对供应链安全重视度的提升，进一步加速了全球产业链、供应链的调整 优化。这些都给中国企业未来一段时间的全球化发展带来更多不确定性。 本文为报告第四章的内容。 中国企业全球化的外部环境持续变化。2025年年初以来，企业出海不断面临着新的挑战，无论是再次当选美国总统的特朗普反复对关税进行调整，还是美 国对来自中国大陆和中国香港的小额进口商品免税待遇取消，均迫使中国企业调整优化它们的全球化战略。 然而，在出海外部环境并不那么友好的"新常态"下，全球化依然是众多中国企业的发展方向。最新发布的《中共中央关于制定国民经济和社会发展第十五 个五年规划的建议》中提出，"坚持开放合作、互利共赢是中国式现代化的必然要求。稳步扩大制度型开放，维护多边贸易体制，拓展国际循环，以开放 促改革促发展，与世界各国共享机遇、共同发展"。海外市场的重要性不言而喻。公开数据显示，2024年中国出口规模突破了25万亿元。同时，近年来， 政 ...

Company Announcements - Tianpu Co., Ltd. has seen a cumulative increase of 718.39% in stock price from August 22 to December 30, leading to a suspension for verification starting December 31, 2025 [1] - Dongjie Intelligent has terminated its major asset restructuring plan and will resume trading on December 31, 2025 [2] - Zijin Mining expects a net profit increase of 59%-62% for 2025, with significant increases in the sales prices of gold, copper, and silver [2] - Jinpan Technology signed a contract for an overseas data center project worth approximately 696 million yuan [3] - Yanhai Co., Ltd. plans to acquire 51% of Wenkang Salt Lake for 4.605 billion yuan to enhance its salt lake industry base [5] - Shengxin Lithium Energy intends to acquire 30% of Qicheng Mining for 2.08 billion yuan, which is developing a lithium mine with an annual capacity of 3 million tons [7] - Mingde Bio plans to acquire 100% of Wuhan Bikaier Rescue Supplies Co., Ltd. in a significant asset restructuring [8] - Guotou Zhonglu plans to issue shares to acquire 100% of China Electronics Engineering Design Institute for 6.026 billion yuan [9] - Zhaoxing Co., Ltd. plans to invest 1.53 billion yuan in intelligent robotics and high-precision components for automotive applications [10] Stock Movements - Chaojie Co., Ltd. reported a reduction of 3.00% in shares by its controlling shareholder from November 25 to December 29, 2025 [6] - Five Continents New Spring's third-largest shareholder reduced holdings by 2.73% from November 3 to December 29, 2025 [13] - Zhongju Gaoxin plans to repurchase shares worth 300 million to 600 million yuan for capital reduction [20] Contracts and Projects - Zhejiang Construction signed an 18 billion yuan construction contract for a campus project [23] - Shen Si Electronics won a 199.8 million yuan project for low-altitude flight management services in Jinan [24] - Wangfujing signed a contract for a duty-free project at Beijing Capital International Airport, with a minimum operating fee of 113 million yuan [25] Investments and Financing - Tianyuan Co., Ltd. plans to invest 1.483 billion yuan in a titanium dioxide project [15] - Zhongke Co., Ltd. plans to invest 1.741 billion yuan in an expansion project for lead-zinc mining [16] - Zongheng Co., Ltd. plans to raise up to 548 million yuan for drone systems and AI technology projects [26]

Core Viewpoint - Chongqing Construction announced that it will hold the fourth temporary shareholders' meeting on December 30, 2025, to review the proposal for the election of the fifth board of directors [2] Group 1 - The meeting is scheduled for December 30, 2025 [2] - The agenda includes the proposal for electing the fifth board of directors [2]

成志控股(01741)发布截至2025年9月30日止年度业绩，持续经营业务收益1.52亿港元，同比增长5.9%;公 司拥有人应占亏损1197.2万港元，同比扩大18.9%;每股基本亏损1.50港仙。 集团收益增加主要由于截至2025年9月30日止年度承接一项大型项目的大部分工程而令一般建筑工程及 相关服务的收益贡献增加。有关增加部分被(i)截至2025年9月30日止年度所承接较低价值项目数目增加 令地基及地盘平整工程贡献的收益减少;(ii)去年若干大型项目基本完工而令其他建筑工程贡献的收益减 少;(iii)截至2025年9月30日止年度所承接项目数目减少而令建筑相关顾问服务收益减少所抵销。 ...

格隆汇12月30日丨高丰集团控股(02863.HK)公布截至2025年9月30日止年度之全年经审核业绩。于2025 年财政年度，集团的收益约为4.67亿港元，较2024年9月30日止年度减少约2.7亿港元或36.6%。于2025 年财政年度，集团已大致完成启德新急诊医院第一期，然而确定其他新项目正处于准备阶段，导致集团 收入减少。年度净亏损扩大至约1793.8万港元。 ...

Group 1 - The core point of the article is that China Railway Construction Corporation (CRCC) has won a bid for the comprehensive development project of the eastern industrial core area of the Wuhan Aerospace Base, marking its first involvement in the investment and construction of a commercial aerospace base [1] - The Wuhan Aerospace Base is recognized as China's first commercial aerospace industrial base and is part of a larger phased development project consisting of four major zones [1]

Group 1: Construction and Industrial Production - Recent construction starts have shown a seasonal recovery, with residential construction performing better than infrastructure projects[2] - Industrial production remains at a historically high level, although some sectors, such as high furnace and coking, have weakened[2] - Cement supply for infrastructure projects has decreased month-on-month, with a larger year-on-year decline, while residential cement usage has seen a smaller month-on-month change and a narrowing year-on-year decline[2] Group 2: Demand and Sales Trends - Overall demand in construction remains weak, with rebar, wire rod, and building materials at historical lows[3] - Passenger vehicle sales continue to show negative growth year-on-year, while online sales of major home appliances have weakened further[3] - The average transaction area of new homes in 30 major cities increased by 44% compared to the previous two weeks, but still reflects a year-on-year decline of 18% and 27% compared to 2023 and 2024, respectively[6] Group 3: Commodity Prices - Copper, aluminum, and gold prices have reached new historical highs, driven by the expansion of dollar liquidity and industrial activity related to AI investments[4] - Domestic industrial product prices are experiencing a strong upward trend, with the South China industrial product index showing resilience[5] - Recent fluctuations in commodity prices indicate a potential risk of volatility exceeding expectations[77] Group 4: Export and Economic Indicators - Export growth for the period leading up to December 28 is projected to be between 2% and 4%, with a model indicating a 4.2% year-on-year increase[68] - The central bank has implemented a net withdrawal of 119.3 billion yuan through reverse repos, indicating a tightening of liquidity[70]

格隆汇12月30日丨浙江建投(002761.SZ)公布，子公司浙江省建工集团有限责任公司（简称"浙江建工"） 于近日与浙江钱塘高等研究院签订了钱塘大学（暂名）校园建设项目（一期）施工总承包项目建设工程 施工合同，签约合同价暂定金额为人民币18亿元。 ...

公司进一步突破传统年度一次性分红模式，计划将中期分红（年度预分红）作为常态化安排，显著增强 股东资金使用效率和获得感，也向市场清晰传递公司对未来经营的信心。 健全市值管理与行业对标，凸显优质投资价值 从行业对标维度来看，中国交建的分红表现稳健领先。根据公开数据，2024年度建筑央企平均分红率约 为19%，平均股息率约为3.05%。同期，中国交建现金分红率达21%，股息率约为3.60%，两项核心指标 均高于行业平均值。近年来，公司分红比例持续上调，2023年、2024年连续提升分红水平，2024年、 2025年连续实施中期分红，其股息回报水平在行业中处于前列。这一系列举措，充分体现公司以股东为 中心的责任担当，形成差异化的优质回报优势，为长期价值投资筑牢坚实基础。 展望：持续优化回报机制，筑牢价值投资根基 为深入贯彻资本市场高质量发展要求，积极回应投资者关切，中国交建（601800）近期发布实施年度预 （中期）分红方案，通过构建稳定、可预期的现金分红政策，切实增强股东获得感，向市场传递公司稳 健发展的信心。 上市以来累计分红约576亿元，连续两年提升分红比例 自上市以来，中国交建始终将股东利益置于首位，持续通过 ...

人民财讯12月30日电，浙江建投(002761)12月30日公告，公司子公司浙江省建工集团有限责任公司于近 日与浙江钱塘高等研究院签订了钱塘大学（暂名）校园建设项目（一期）施工总承包项目建设工程施工 合同，签约合同价暂定金额为18亿元，合同履行将对公司经营业绩产生积极影响。 转自：证券时报 ...