报 告 正 文 利润增速继续回升。 4月利润增速录得3%，较上月上行0.4%，在去年同期基数走高的情形下仍有回升，环比 增速也高于近五年中位数，指向利润有所改善。从 工企利润的构成 来看，4月工企的营收增速有所回落，主因 当月生产高位回落，且价格拖累扩大，而工企产销率显著上行，对营收起到一定支撑。 分企业类型来看 ，外 商企业增速由负转正，而国企大幅回落。 分行业来看 ，4月上游公用事业、装备制造中的铁路船舶和仪器仪表 以及下游家具等行业利润改善幅度大。 结构上 ，装备制造，特别是高技术制造业利润增长显著加快。 4月营收回落，而利润回升。 2025年4月，规上工企营业收入录得2.6%，较上月有所回落。工企利润增速录得 3%，较上月上行0.4个百分点，在去年同期基数走高的情形下仍有回升，环比增速也高于近五年中位数，指向 利润有所改善。从 工企利润的构成 来看，4月工企的营收增速有所回落，主因当月生产高位回落，且价格拖累 扩大，而工企产销率显著上行，对营收起到一定支撑作用。本月成本费用同比、环比增幅均有回落，推动营收 利润率增速有所上升，是利润增速续升的主要贡献。 往后看 ，当下外部冲击不确定性仍在，企业利润恢复 ...

Domestic News - Beijing will allocate 118,400 family new energy vehicle quotas on May 26, with 340,172 families applying for them [2] - Shenzhen's multi-modal transport national logistics hub steel structure has been completed, enhancing the city's logistics capabilities and supporting the Belt and Road Initiative [3] - In the first four months of 2025, China exported 2.16 million vehicles, a year-on-year increase of 15%, with April exports reaching 620,000 units, up 12% year-on-year and 36% month-on-month [4] International News - A study indicates that increased U.S. tariffs on EU imports could lead to a loss of €250 billion for Germany by 2028, with potential cumulative losses of €200 billion from 2025 to 2028 [5] - The EU's battery supply chain due diligence and carbon footprint reporting have been postponed, providing Chinese lithium battery companies with additional time for exports to Europe [6] - Nvidia plans to launch a new AI chip for the Chinese market, priced significantly lower than the previous H20 chip, with production expected to start in June [7] Corporate News - GAC Group has launched its "Brazil Action" plan, introducing five new energy models in Brazil as part of its global strategy [10] - XPeng Motors announced that its MONA M03 Max model will be launched and delivered on May 28, with a starting price of 155,800 yuan [11] - Lotus Cars revealed the pricing for its ELETRE SUV, starting at 548,000 yuan [12] - China Automotive Engineering Research Institute and Huawei's subsidiary signed a strategic cooperation agreement to promote smart upgrades in the automotive industry [13] - Sinopec and CATL signed a project agreement to build at least 500 battery swap stations this year, aiming for a total of 10,000 stations in the future [14]

01 国常会定调，绿色制造风口来袭 近日召开的国常会审议通过《制造业绿色低碳发展行动方案（2025—2027年）》。会议指出，推进制造业绿色低碳发展是大势所趋，要加快绿色科技创新和先进绿 色技术推广应用，强化新型工业化绿色底色。要推进传统产业深度绿色转型，结合大规模设备更新等政策实施，积极应用先进装备和工艺，加快重点行业绿色改造 升级。要引领新兴产业高起点绿色发展，加大清洁能源、绿色产品推广，提升资源循环利用水平。要加强共性技术攻关，完善重点领域标准，优化相关政策，健全 绿色制造和服务体系，更好支持和帮助企业转型升级。 在A股制造业公司中，证券时报·数据宝以下面条件进行统计：包括最新Wind ESG评级在A级及以上、环境维度评分超8分、2024年研发投入占营收比例超5%，获机 构积极型评级家数在5家及以上（含"买入"和"增持"）且机构一致预测2025年营收增长率超20%， 共有12只个股浮出水面，分别是：比亚迪、宁德时代、中微公司、 拓荆科技、新宙邦、金盘科技、华大智造、奕瑞科技、爱旭股份、中材科技、甬矽电子、中航重机。 02 央行、外汇局，最新发文！ 为完善并统一境内企业境外直接上市相关跨境资金管理，提升境 ...

Core Viewpoint - The article discusses the current volatility in the U.S. stock market due to concerns over fiscal deficits and rising Treasury yields, while highlighting the potential for steady returns through selective high-dividend stocks [1] Group 1: Market Conditions - The U.S. stock market is experiencing turbulence as Treasury yields rise, with the 30-year yield reaching a high of 5.161% and the 10-year yield surpassing 4.6% [1] - The sell-off in U.S. Treasuries coincides with the House passing a significant tax reform bill proposed by President Trump, which raises the state and local tax deduction cap from $10,000 to $40,000 [1] Group 2: Investment Opportunities - Wolf Research has identified a selection of stocks with second-tier dividend yields (60%-80% range) and low price-to-earnings (P/E) ratios, suggesting these may be fertile ground for income investors [1] - Alliance West Bank (WAL.N) is highlighted, having declined approximately 13% this year but offering a 2.1% dividend yield. Truist Securities has initiated coverage with a "buy" rating, citing it as one of the fastest-growing banks [1][2] - Qualcomm (QCOM.O) is also included, providing a 2.4% dividend yield and a P/E ratio of 12.4. Despite a weak revenue outlook, Bernstein analyst Stacey Rasgon maintains a bullish stance, noting the company's prudent management and share buyback plans [2] - Voya Financial (VOYA.N) is mentioned, with a 2.7% dividend yield and a forward P/E of 7.6. Analyst John Barnidge reiterated a "buy" rating, highlighting catalysts such as significant cash generation and successful integration of OneAmerica [3]

以下文章来源于中欧EMBA ，作者黄奇帆 中欧EMBA . 管理干货、大咖分享、活动资讯、申请服务，进入中欧EMBA的第一站。 近日，原重庆市市长黄奇帆解读当下中国经济形势，分享中国制造的破壁之路与新质生产力的突围赛 道。以下是黄奇帆先生演讲内容的整理。 01 「中国制造2025」带来的五大变化 中国式现代化产业体系的基础是制造业。「中国制造2025」设定的奋斗目标，就是要突破技术封锁 实现创新发展，提升中国制造全产业链的竞争力， 从「中国制造大而不强到大而较强」，实现质的 飞跃。 经过10年，中国在五个方面取得了历史性进步和标志性提升： 第一，2024年中国制造的总量规模的比重跃升。 2010中国制造占全球制造业的比重是20%， 2024年达到34%。中国制造业增加值是美国的2倍，日本、德国的4倍。 第二，中国制造的产业链完整度是全球独一无二的。 联合国确认的产业链有41个大类、207个中 类、666个小类，中国是全球唯一产业链类别全覆盖的国家，其中40%的类别生产总量是全球第 一。 第三，中国制造业的进步为出口产品带来了根本性、结构性、趋势性的变化。 2010年中国出口额 16000多亿美元，其中70%是 ...

Core Viewpoint - Xiaomi's journey in chip development began in September 2014, with a focus on becoming a significant player in the technology sector, emphasizing the necessity of chip production for its growth and competitiveness [2] Group 1: Chip Development History - Xiaomi initiated its chip development with the launch of the "Surge S1" in 2017, which was based on a 28nm process and used in the Xiaomi 5c smartphone, but faced challenges in market sustainability [2] - The company shifted its focus to developing smaller, specialized chips after the initial setback, successfully commercializing several self-developed chips since 2021, which include functionalities for image processing, power management, and signal enhancement [2] Group 2: Investment and Resources - Over the past four years, Xiaomi has invested 13.5 billion yuan (approximately 1.9 billion USD) in its chip development efforts, with a dedicated team of over 2,500 people [2] - The company's research and development budget for chips exceeds 6 billion yuan (approximately 840 million USD) for the current year, highlighting its commitment to this sector [2] Group 3: Future Aspirations - Xiaomi aims to establish itself as a leading hardcore technology company, viewing chip development as a critical challenge that must be overcome to achieve this goal [2] - The recent announcement of the new flagship SoC chip, "Xuanjie O1," marks a significant step in Xiaomi's ongoing chip development strategy [2]

Group 1 - eToro's stock surged nearly 29% on its first day of trading on Nasdaq, with a market valuation exceeding $5.4 billion, following an IPO price above the expected range [1][3] - CoreWeave reported a remarkable 420% revenue growth in its first earnings report, significantly exceeding expectations, and its stock price has increased approximately 60% since its IPO in March [1][3] - The IPO market is showing signs of recovery, with optimism among bankers and venture capitalists, despite previous delays from major tech companies like Klarna and StubHub due to tariff policies [3][5] Group 2 - Klarna and StubHub have not provided recent updates, but eToro's successful IPO may encourage other companies to proceed with their listings, including fintech company Chime and digital health company Omada Health [4] - Rachel Gerring from Ernst & Young expressed confidence in the market's recovery, attributing it to a temporary pause in strict trade policies and reduced tariffs on Chinese goods [5] - The upcoming week is crucial for the digital health sector, with Hinge Health updating its IPO filing, expecting a price range of $28 to $32, which would value the company at around $2.4 billion [6] Group 3 - Cerebras, a chip manufacturer, has received necessary approvals to proceed with its IPO after delays due to regulatory reviews, indicating a potential market entry this year [7] - Galaxy Digital transitioned from the Toronto Stock Exchange to Nasdaq, aiming to attract a broader investor base amid cautious regulatory attitudes towards cryptocurrencies [7] - The overall sentiment suggests that the IPO market may be one of the last sectors to recover fully, with a need for more large, growth-oriented companies to enter the market [7]

插播： 天科合达、天岳先进、同光股份、烁科晶体、合盛新材料、三安半导体、东尼电子、中电 化合物、芯聚能、安海半导体、凌锐半导体、士兰微、泰坦未来、恒普技术、华卓精科、快克芯装备、京航特碳、奥亿达半导体及成都炭材等已确认参编 《2025碳化硅衬底与外延产业调研白皮书》及《2025碳化硅器件与 模块产业调研白皮》， 参编 咨询 请联系许若冰（hangjiashuo999）。 昨天美股盘后，Wolfspeed股价大跌60%引起行业关注。 最近，有2个破产大事件引起了轰动，一个是哪吒汽车"被"债权人申请破产，被媒体报道成了哪吒主动申请破产；另一个是Wolfspeed即将申请破产"保 护"，被媒体报道成了申请破产。 关于Wolfspeed"破产"的报道源于美国主流大媒体《华尔街日报》连续发布的2篇报道，引起行业内外的轰动，尤其是昨天的第二篇报道，直接预测 Wolfspeed即将申请破产保护，更是将这家头部碳化硅企业推向了风口浪尖。 由于《华尔街日报》的两篇报道都是属于付费报道，国内的大部分报道援引的是路透社的报道，由于该报道非常简短，并不能全面真实客观反映 Wolfspeed"破产"报道的全貌，为此，"行家说三代半"找 ...

智通财经APP获悉，任天堂公司已委托三星电子公司协助生产Switch 2的核心芯片，将有望助力该日企 大幅提升新款游戏机产量，使其在2026年3月前销量突破远超预期的2000万台。知情人士透露，这一决 策对三星而言意义重大。当前，三星正全力与台积电在全球电子芯片制造领域展开竞争，成功拿下 Switch2芯片订单，极有可能提升该韩国企业芯片代工厂的设备利用率，进一步拓展业务版图。 据不愿具名的知情人士透露，三星目前正采用8纳米工艺，生产英伟达(NVDA.US)为Switch2定制的芯片 或处理器。消息人士表示，按照当前生产进度，任天堂足以在明年3月前出货超2000万台Switch2。若有 需要，三星还可进一步扩大产能，不过这在很大程度上取决于富士康等硬件组装厂商的生产能力。 三星此前已为任天堂供应内存芯片和显示屏，但在芯片代工领域一直难以与台积电(TSM.US)抗衡。此 次合作是对三星芯片代工业务的有力认可，该部门曾期望能与内存业务并肩，发展成为三星芯片业务的 另一大支柱。 反观台积电，通过持续的技术升级和稳定的大规模生产能力，不断巩固自身领先地位，成功吸引了苹果 (AAPL.US)、英伟达等大客户。台积电与三 ...

Group 1 - The article emphasizes the importance of "precision" in manufacturing, highlighting that mastering precision is key to technological competitiveness [2][3] - New quality productivity represents a profound transformation from quantitative to qualitative changes, requiring faster speeds and updated fields while focusing on meticulous technological refinement [1][3] - The semiconductor industry showcases advancements in chip technology, with transistor density increasing significantly from 14nm to 3nm processes, demonstrating the industry's push for higher precision [1][2] Group 2 - China is making strides in fine-tuned innovation across various industries, such as the photovoltaic sector, where Longi Green Energy's adoption of diamond wire cutting technology has drastically reduced costs and improved efficiency [3][5] - In the battery industry, CATL implements over 6,800 quality control points in its production process, ensuring rigorous testing and data tracking for each battery cell [3][5] - The logistics sector is also innovating, with Cainiao's automated warehouse in Guangzhou achieving double the storage efficiency and ten times the outbound efficiency compared to traditional warehouses [3][5] Group 3 - The configuration of resources is becoming more refined, as seen in the Suzhou Industrial Park, which integrates education, technology, and talent to enhance new quality productivity [4][5] - The development of new quality productivity is described as a micro-level revolution, emphasizing the need to embed precision into every aspect of industrial innovation to transition from a follower to a leader in global competition [5]