特斯拉副总裁陶琳最近给我们描绘了一幅「颇具温情」的用车场景： 家长们可以通过特斯拉 App 为刚刚拿到驾照的「孩子」设定车辆的最高速度、最大加速度，还可以一键开启一系列主动安全功能，甚至还有「宵禁通 知」——晚上 11 点到凌晨 4 点之间，只要车辆被启用，家长就会立刻收到提醒。 当然了，如果家长就是车主的话，那么外借车辆时限制其性能这件事非常合情合理，另一方面，经验不足的年轻驾驶员事故率确实相对较高。然而，「孩 子」这个说法放在中文语境下，未免有些幼龄化之嫌。要知道，关于未成年人刑事责任年龄的改革的讨论都已经持续十来年了。 孩子？多大的孩子开啊？ 众所周知，不同于特斯拉的「老家」美国，在我国获取机动车驾驶证的最低年龄为 18 岁，这意味着，我国的机动车驾驶员完全具备承担民事和刑事责任 的能力—— 这或许就是部分网友感到疑惑的原因。 现如今，车企们正以前所未有的热情，深度参与到我们日常驾驶的每一个细枝末节之中。特斯拉这层包裹着科技糖衣的「父爱」，究竟是科技进步带来的 贴心守护，还是一种在无形中逐渐模糊用户自主权边界、不请自来的「越俎代庖」？ 末了在附上一句「希望特斯拉的设计可以让每个家庭平安用车」，听上去满是 ...

Core Insights - The event "Foreign Trade Quality Products China Tour (Baoan Session)" organized by JD.com aimed to promote high-quality development for enterprises, providing opportunities for brand authorization, product sourcing, and foreign trade to domestic sales transitions [1][10] - JD.com shared insights on the latest industry trends in the 3C digital sector, offering development insights and growth inspirations for brands and merchants [3] Group 1: Support Programs - JD.com launched a support plan for enterprises transitioning from foreign trade to domestic sales, including a special fund of 200 billion for foreign trade expansion, dedicated recruitment teams, and logistics service guarantees [5] - The company introduced a green channel for 3C digital category merchants, providing a comprehensive and favorable experience in terms of entry policies, qualification reviews, and onboarding processes [6] Group 2: Marketing and Operational Strategies - JD.com upgraded its "Spring Dawn Plan" and introduced the "New Merchant Three-Step Method" to assist brand merchants in simplifying store setup and achieving rapid sales [8] - The event facilitated brand authorization exchanges and promoted the upward movement of source factories, creating new growth opportunities for foreign trade to domestic sales enterprises [10]

用足用好超长期特别国债资金，推动"两新"加力扩围政策加快落地、持续显效，成为扩消费、稳投资、 促转型、惠民生的重要引擎。 5月20日，国家发展改革委召开5月份新闻发布会。 二是有力拉动投资增长。1—4月，设备工器具购置投资同比增长18.2%，对全部投资增长的贡献率为 64.5%。与"两新"密切相关的计算机及办公设备制造业、消费品制造业、装备制造业、制造业技改、原 材料制造业投资分别增长28.9%、13.4%、8.2%、5.1%、2.7%。 三是有力推动转型升级。随着绿色、智能、高品质产品消费需求持续释放，设备更新推动企业生产效率 持续提升，相关行业生产和效益同步向好。4月份，规模以上高技术制造业增加值、数字产品制造业增 加值均同比增长10.0%；充电桩、新能源汽车、电动自行车、平板电脑等产品增速分别为43.1%、 38.9%、35.9%、11.7%；新能源乘用车零售量90.5万辆，增长33.9%；新能源车零售渗透率达到51.5%， 同比提升7个百分点。 四是有力改善社会民生。消费品以旧换新活动有效满足居民对高品质生活的需求。截至5月5日，全国汽 车以旧换新补贴申请量突破300万份，消费者购买12类家电以旧换新 ...

田利辉分析，银行在支持消费品以旧换新政策过程中，存在资金成本压力、风险管理复杂和服务能力不 足三大难点。特别是中小银行受制于资金成本，难以匹配大行低息贷款竞争力。而且，旧商品估值缺乏 统一标准，消费者信用差异大，套取补贴等风险增加。同时，下沉市场场景分散，数字化覆盖不足，智 能风控能力有待提升。 "我本来没想换车，觉得分期得多掏钱，而一次性付全款又有点压力。"今年36岁的消费者梁悦说，前一 阵和刚换了新车的朋友聊天时才了解到，现在不仅有政府补贴，有的银行还会给以旧换新的优惠券，算 下来能省不少钱。 消费品以旧换新是提振消费的重要举措。商务部数据显示，自消费品以旧换新政策实施以来，截至4月 24日24时，已有超过1.2亿人次享受到了真金白银的补贴优惠，带动销售额超过7200亿元。具体来看， 全国汽车以旧换新270.5万辆，12类家电以旧换新4746.6万台，手机等数码产品换新3661万件，家装厨卫 换新3712.3万件，电动自行车以旧换新420万辆。 随着相关政策密集落地推进，各商业银行纷纷聚焦消费品以旧换新全链条、各环节，以精准有效的金融 服务持续激活消费市场活力。中国邮政储蓄银行研究员娄飞鹏认为，消费品以旧 ...

证券代码：831641 证券简称：格利尔 公告编号：2025-053 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 格利尔数码科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 三、 投资者关系活动主要内容 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 问题 1：公司全球化布局情况如何？ 回答：尊敬的投资者：您好！基于整体战略布局及未来发展需求，公司已在 新加坡设立全资子公司，并通过新加坡全资子公司在越南和德国设立全资孙公 司，进一步开拓东南亚市场和欧洲市场业务，有利于公司利用当地人力、税收优 惠政策及其投资所在地区位优势，降低公司生产成本，增强公司盈利能力和竞争 实力，同时减少国际经济环境变化对公司经营的影响。感谢您对公司的关注！ 活动时间：2025 年 5 月 16 日 活动地点：通过全景网"投资者关系互动平台"（http://ir.p5w.net）采用 网络方式召开 2024 年年度报告业绩说明会。 ...

Group 1 - The Shenzhen Stock Exchange and Hang Seng Index Company jointly launched the Guozhen Hang Seng Greater Bay Area Digital Economy Index and Guozhen Hang Seng Greater Bay Area Consumption Index to provide distinctive cross-border investment targets and better serve investors' cross-border asset allocation needs [1][2] - The indices focus on core leading companies in the digital economy and consumption sectors, reflecting significant investment value and providing a solid foundation for index compilation and product development [1][2] - The Guozhen Hang Seng Greater Bay Area Digital Economy Index includes 50 companies with large market capitalization and good liquidity from sectors such as electronic components, telecommunications equipment, digital solutions, internet services, infrastructure, and semiconductors, featuring representatives like Tencent Holdings and Luxshare Precision [1][2] Group 2 - The Guozhen Hang Seng Greater Bay Area Consumption Index comprises 50 companies from consumer sectors such as household appliances, consumer electronics, packaged food, furniture, and personal care, including industry leaders like Gree Electric and TCL Technology [1][2] - The collaboration between the two index institutions aims to enhance the representation and investment guidance of the index market, facilitating the continuous expansion of the mutual connectivity mechanism between Shenzhen and Hong Kong [2] - The companies plan to develop more diverse indices to provide comprehensive index solutions for domestic and international market participants, helping them seize economic development and market opportunities in the Shenzhen-Hong Kong region [2]

证券研究报告：机械设备|公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 65.98 | | --- | --- | | 总股本/流通股本（亿股）1.79 | / 1.79 | | 总市值/流通市值（亿元）118 | / 118 | | 52 周内最高/最低价 | 118.41 / 56.71 | | 资产负债率(%) | 24.9% | | 市盈率 | 28.44 | | 第一大股东 | 宁波维鑫企业管理合伙 | | | 企业(有限合伙) | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 宏华数科(688789) 业绩快速增长，数码印花加速渗透 l 事件描述 公司发布 2024 年年度报告与 2025 年一季报，2024 年实现营收 17.90 亿元，同增 42.30%；实现归母净利润 4.14 亿元，同增 27.40%； 实现扣非归母净利润 3.92 亿元，同增 25 ...

证券研究报告：机械设备|公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 65.98 | | --- | --- | | 总股本/流通股本（亿股）1.79 | / 1.79 | | 总市值/流通市值（亿元）118 | / 118 | | 52 周内最高/最低价 | 118.41 / 56.71 | | 资产负债率(%) | 24.9% | | 市盈率 | 28.44 | | 第一大股东 | 宁波维鑫企业管理合伙 | | | 企业(有限合伙) | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:陈基赟 SAC 登记编号:S1340524070003 Email:chenjiyun@cnpsec.com 宏华数科(688789) 业绩快速增长，数码印花加速渗透 l 事件描述 公司发布 2024 年年度报告与 2025 年一季报，2024 年实现营收 17.90 亿元，同增 42.30%；实现归母净利润 4.14 亿元，同增 27.40%； 实现扣非归母净利润 3.92 亿元，同增 25 ...

Core Concept - The article emphasizes the "Sweet Potato Economy" theory, which highlights the relationship between local development and openness, advocating for Zhejiang's economic growth through external resource utilization and market expansion [1][3][29]. Group 1: Economic Development and Openness - Zhejiang's economic strategy focuses on "going out" to enhance development, with over 1,000 groups and 10,000 enterprises participating in market expansion initiatives [2]. - The province has seen a significant increase in the number of Zhejiang merchants, with over 600,000 in China and 200,000 globally, reflecting the successful implementation of the "Sweet Potato Economy" [3][29]. - The Ningbo-Zhoushan Port plays a crucial role in Zhejiang's open economy, maintaining the world's highest cargo throughput for 16 consecutive years and facilitating global trade [6][9]. Group 2: Infrastructure and Logistics - The establishment of the Zhejiang Free Trade Zone has led to significant innovations and the creation of a comprehensive oil and gas industry chain, enhancing the province's economic capabilities [7]. - Zhejiang's logistics infrastructure, including the successful operation of the China-Europe Railway Express, supports the province's goal of becoming a global trade hub [6][9]. Group 3: Digital Economy and E-commerce - The rise of digital economy initiatives, such as live-streaming e-commerce, has positioned Zhejiang as a leader in this sector, with companies like Yaowang Technology leveraging digital tools to expand market reach [8][9]. - The integration of cross-border e-commerce platforms is enhancing Zhejiang's global trade capabilities, optimizing logistics and supply chain management [9]. Group 4: Government Support and Business Environment - Zhejiang's government emphasizes a supportive business environment, ensuring that services are responsive to the needs of enterprises, which fosters a culture of innovation and investment [10][11][12]. - The province's commitment to improving administrative efficiency has led to faster project approvals and enhanced support for businesses, contributing to a favorable investment climate [14][15][16]. Group 5: Quality and Competitiveness of Enterprises - The focus on high-quality development is evident in the emphasis on strengthening core competencies and innovation within Zhejiang's private enterprises [20][21]. - Companies are encouraged to maintain a strong focus on their main business areas, with many achieving over 90% of their revenue from primary operations [23]. - The commitment to technological innovation is reflected in significant R&D investments, with the top 200 private enterprises in Zhejiang investing a total of 265.95 billion yuan in 2024 [26].

Core Viewpoint - The article emphasizes the "Sweet Potato Economy" theory, which highlights the relationship between local development and openness, advocating for Zhejiang's economic growth through external resource utilization and market expansion [1][3][29]. Group 1: Economic Development and Openness - Zhejiang's economic strategy focuses on "going out" to expand markets, with over 1,000 groups and 10,000 enterprises participating in international market exploration this year [2]. - The province has seen a significant increase in the number of Zhejiang merchants, with over 600,000 in the domestic market and more than 200,000 globally, reflecting the successful implementation of the "Sweet Potato Economy" [3]. - The Ningbo-Zhoushan Port has maintained the highest global cargo throughput for 16 consecutive years, facilitating the "buy global, sell global" narrative of the "Sweet Potato Economy" [6]. Group 2: Infrastructure and Logistics - The establishment of the Zhejiang Free Trade Zone has led to significant innovations and the creation of a comprehensive oil and gas industry chain, enhancing the province's economic capabilities [7]. - Key logistics initiatives include the successful launch of direct logistics channels to Europe, improving the efficiency of cross-border trade [6][9]. - The implementation of a series of open hub initiatives, including the construction of world-class ports and the promotion of international trade, has strengthened Zhejiang's global economic position [6][9]. Group 3: Digital Economy and E-commerce - Zhejiang is leveraging digital economy opportunities, with companies like Yao Wang Technology leading in live-streaming e-commerce, enhancing the reach of Zhejiang-made products [8][9]. - The province's logistics companies, such as Cainiao Group, have established over 40 overseas warehouses, facilitating global supply chain management [8]. - The focus on cross-border e-commerce has led to the development of new digital trade platforms, optimizing logistics and enhancing trade efficiency [9]. Group 4: Business Environment and Government Support - Zhejiang's government emphasizes a supportive business environment, ensuring that services are responsive and efficient for enterprises [10][11]. - The province has implemented reforms to streamline administrative processes, significantly reducing the time required for project approvals [14][15]. - The combination of effective market mechanisms and proactive government support has fostered a conducive environment for business growth [11][19]. Group 5: Innovation and Competitiveness - The article highlights the importance of innovation in driving the growth of private enterprises, with a focus on maintaining core business strengths [20][21]. - Zhejiang's private enterprises are increasingly investing in research and development, with a total R&D expenditure of 265.95 billion yuan in 2024 [26]. - The emphasis on brand development and quality improvement is evident, with initiatives like the "Yiwu Good Goods" brand helping local products reach international markets [27][28].