Core Viewpoint - The foreign trade performance of the Yangtze River Delta region, particularly Shanghai, has shown resilience despite challenges such as declining trade with Western countries and the impact of tariffs [1][2]. Trade Performance - In the first four months of 2025, Shanghai's total foreign trade import and export volume decreased by 2.7% compared to the same period last year, with a notable decline of 4.7% in January and February [2]. - The total import and export value for Jiangsu reached 1.85 trillion yuan, an increase of 5.7%; Zhejiang's foreign trade was 1.75 trillion yuan, up 6.6%; Shanghai's total was 1.4 trillion yuan, growing by 1%; and Anhui's trade value was 292.47 billion yuan, increasing by 14.1% [4]. Import and Export Dynamics - Imports from Anhui increased by 8.8% to 93.79 billion yuan, while imports from Jiangsu, Zhejiang, and Shanghai decreased by 2.5%, 1.6%, and 7.4% respectively [2]. - Exports from all four regions showed growth, with Anhui leading at 16.7%, followed by Zhejiang at 9.7%, Jiangsu at 10.3%, and Shanghai at 13.8% [2]. Market Diversification - The Yangtze River Delta has been diversifying its trade markets, with significant growth in exports to the EU and emerging markets. For instance, Zhejiang's exports to the EU grew by 10.3% [3]. - Trade with ASEAN countries also saw double-digit growth, with Jiangsu's trade increasing by 23.4% [3]. Machinery and Electronics Exports - The machinery and electronics sector remains a core component of the region's exports, with Jiangsu's exports reaching 848.01 billion yuan, growing by 11.1%, and Zhejiang's at 624.96 billion yuan, increasing by 13.1% [6][7]. - Notably, Zhejiang's electric vehicle exports surged by 72.7% [7]. Role of Private Enterprises - Private enterprises are the backbone of foreign trade in the Yangtze River Delta, with Zhejiang's private sector accounting for 81.1% of its total trade [8][9]. - Shanghai's private enterprises achieved a remarkable growth in exports of 26.6% and imports of 15.3% in the first four months [9]. Foreign Investment Trends - Foreign investment enterprises in Jiangsu, Zhejiang, and Anhui experienced growth in trade, while Shanghai saw a decline in both exports and imports from foreign-invested enterprises [10].

证券代码：003021 证券简称：兆威机电 公告编号：2025-033 深圳市兆威机电股份有限公司 关于 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳市兆威机电股份有限公司（以下简称"公司"）2024 年年度权益分派 方案已获 2025 年 5 月 19 日召开的 2024 年年度股东会审议通过，2024 年年度 股东会决议公告已于 2025 年 5 月 20 日披露在《证券时报》《中国证券报》《上 海证券报》《证券日报》和巨潮资讯网（www.cninfo.com.cn）上。现将权益分 派事宜公告如下： 一、股东会审议通过利润分配方案的情况 该议案当日的总股本 240,203,500 股为基数，向全体股东每 10 股派发现金红利 资本公积金转增股本。 若公司董事会审议上述预案后至权益分派实施公告确定的股权登记日前公 司股本发生变动的，将按照每股分配比例不变的原则对分配总额进行调整。 （注： 自分配方案披露至本公告日，公司总股本未发生变动）。 则一致。 超过两个月。 二、权益分派方案 本公司 2024 年年度权益分派方案 ...

国家统计局5月19日发布的数据显示，在外部冲击影响加大、内部困难挑战叠加的复杂局面下，伴随更 加积极有为的宏观政策落地见效，我国经济顶住压力稳定增长，主要宏观经济指标运行在合理区间，充 分展现了我国经济强大韧性和抗冲击能力。具体来看，4月份，全国规模以上工业增加值同比增长 6.1%；装备制造业增加值同比增长9.8%，高技术制造业增加值增长10.0%；社会消费品零售总额同比增 长5.1%。1至4月份，基础设施投资同比增长5.8%，制造业投资增长8.8%；全国城镇调查失业率平均值 为5.2%，与上年同期持平。 为什么中国经济在外部冲击下依然能保持平稳增长？国家统计局新闻发言人、国民经济综合统计司司长 付凌晖在5月19日国新办举行的新闻发布会上表示，这既得益于我国经济基础稳、优势多、韧性强、潜 能大，也得益于宏观政策协同发力、各方面积极应变，更是坚定不移推动高质量发展、加快构建新发展 格局的结果。 广开首席产业研究院资深研究员马泓表示，5月份，中美短期贸易关税冲突负面影响减弱，外需不确定 性风险暂缓，出口下行压力可能优于此前市场预期。随着一揽子稳经济和化债计划逐步落地见效，消费 及基建投资有望继续保持良好增长态势。 ...

Core Viewpoint - The Chinese economy is expected to maintain a stable and progressive development trend supported by multiple favorable factors amid a complex international environment and external pressures [1][3][7]. Trade Performance - In the first four months of the year, China's total goods import and export volume increased by 2.4%, accelerating by 1.1 percentage points compared to the first quarter [2]. - In April, the total goods import and export volume grew by 5.6%, with exports rising by 9.3% [2]. - Trade with ASEAN and Belt and Road Initiative countries has accelerated, compensating for the decline in trade with the U.S. [2]. - Private foreign trade enterprises showed a significant increase in imports and exports, growing by 6.8% year-on-year in the first four months [2]. Economic Resilience - China's foreign trade has demonstrated strong resilience and international competitiveness despite external shocks [2][3]. - The ability to adapt quickly to changes in the external environment reflects the solid industrial foundation and effective policy support for foreign trade [3]. Economic Recovery Conditions - Four favorable conditions for economic recovery were identified: solid foundation, policy support, consumption potential, and innovation momentum [4]. - Key indicators such as retail sales and service production indices showed growth, with retail sales increasing by 4.7% and service production by 5.9% in the first four months [4]. - Investment in equipment purchase rose by 18.2% year-on-year, contributing significantly to overall investment growth [4]. Consumption and Innovation - Various regions and departments are actively promoting consumption through special actions and innovative consumption scenarios [5][6]. - The retail sales of consumer goods related to trade-in programs contributed 1.4 percentage points to the overall retail sales growth [5]. - High-tech industries and emerging service sectors are experiencing positive growth, with high-tech manufacturing value added increasing by 10% in April [6].

Group 1: Foreign Trade Initiatives - Shandong launched the "2025 Foreign Trade Quality Products Shopping Season" to stimulate domestic consumption and support foreign trade enterprises amid external pressures from U.S. tariffs [2][3] - In the first four months of 2025, Shandong's import and export reached 1.13 trillion yuan, a year-on-year increase of 7.6%, with exports at 679.18 billion yuan (up 6.2%) and imports at 448.97 billion yuan (up 9.7%) [2] - The Shandong Provincial Department of Commerce plans to hold five promotional activities focusing on various foreign trade products, engaging over 1,000 foreign trade companies and nearly 5,000 buyers [2] Group 2: Multinational Company Cooperation - Shandong is enhancing cooperation with multinational companies to promote high-level opening-up and mutual benefits, with a focus on integrating into both domestic and international markets [4] - The province has attracted 27,690 foreign-funded enterprises, contributing significantly to the local economy, with foreign companies accounting for 14.2% of revenue, 22.6% of profits, and 14.9% of employment in the industrial sector [4][5] - Since 1987, Shandong has seen a continuous increase in foreign investment, with 236 Fortune 500 companies involved in 943 projects [5] Group 3: Artificial Intelligence Development - Shandong introduced a comprehensive plan to accelerate the integration of artificial intelligence (AI) across key sectors, focusing on 13 areas including chemicals, aluminum, and digital governance [6] - The province aims to invest in over 150 foundational research projects annually and support the development of AI technologies and platforms [6] - A total of 28 measures have been proposed to support the entire AI industry chain, enhancing innovation and application [6] Group 4: Brand Promotion Activities - The "2025 China Brand Day (Shandong)" event showcased 100 new "Good Products Shandong" brands, emphasizing the promotion of local manufacturing and services [8] - The Shandong Provincial Department of Commerce will continue to organize various promotional activities to enhance brand visibility and consumer engagement [8] Group 5: Renewable Energy Initiatives - Shandong is implementing "Eight Major Actions" to enhance the consumption of renewable energy, with installed capacity exceeding 125 million kilowatts, accounting for over 51% of total capacity [9] - The province leads the nation in solar power installation with 85.14 million kilowatts and ranks fifth in wind power installation [9] - Future plans include expanding energy storage projects and supporting new technologies to facilitate high-quality development and consumption of renewable energy [9]

Core Viewpoint - The "2025 Shandong Province Foreign Trade Quality Products Shopping Season" aims to support foreign trade enterprises in expanding domestic sales channels and stabilizing production operations, running from mid-May to late June with a focus on various industries [3][4][5]. Group 1: Event Overview - The shopping season features a theme of "Foreign Trade Quality Products, Quality Enjoyment in Qilu" and includes five specialized events targeting textiles, daily consumer goods, food, agricultural products, building materials, home appliances, crafts, and electromechanical products [2][3]. - Each of the five events is designed to cater to specific sectors, such as textiles and daily consumer goods, food and agricultural products, building materials and home appliances, crafts and gifts, and electromechanical products [3][4]. Group 2: Policy Support - Shandong is implementing policies to assist foreign trade enterprises in transitioning to domestic sales, addressing issues like export standards and funding shortages [5][6]. - The province plans to conduct regular exhibitions and promotional activities from May to December, including product procurement meetings and online sales initiatives to enhance the integration of foreign trade products into the domestic market [5][6]. Group 3: Market Strategy - The shopping season aims to create a seamless connection between supply and demand, enhancing the visibility of high-quality foreign trade products and facilitating consumer access [4][6]. - Shandong is leveraging its product advantages and market strengths to foster a robust domestic market, transforming external pressures into internal growth opportunities [7][8].

[日期Table_Industry] : shzqdatemark [Table_Summary] 主要观点 2025年05月14日 | [Table_Author] 分析师: | 陈彦利 | | --- | --- | | Tel: | 021-53686170 | | E-mail: | chenyanli@shzq.com | | SAC 编号: | S0870517070002 | [Table_ReportInfo] 相关报告： 《开局良好，内需发力》 ——2025 年 04 月 18 日 《3 月出口仍获支撑，顺差维持千亿》 ——2025 年 04 月 16 日 《价格双负局面延续》 ——2025 年 04 月 11 日 关税冲击下，出口表现韧性 ——2025 年 4 月外贸数据点评 关税冲击下，出口表现韧性 4 月外贸在关税冲击下仍表现出了较强的韧性，超出市场预期。出口 虽小幅下滑，仍然保持了可观的增速，顺差维持高位。出口方面，对 美国出口确实出现了较为突出的下滑，但对其他主要贸易伙伴的出口 则有所弥补，对东盟出口明显加快，对欧盟出口稳中偏降，对日本出 口也有所回升；金砖四国方面，除南非外均有所 ...

Core Viewpoint - The trend of A-share companies choosing to list in Hong Kong through the "A+H" model has become a significant focus in the market this year, with notable companies like Heng Rui Pharmaceutical and CATL announcing their listings [1][3]. Group 1: A-share Companies Listing in Hong Kong - As of May 5, 2023, a total of 46 A-share companies have announced plans to list in Hong Kong, with 7 companies having submitted applications to the Hong Kong Stock Exchange and received approval from the China Securities Regulatory Commission for overseas issuance [1]. - The shift in A-share companies opting for Hong Kong listings marks a change in market dynamics, as historically, companies preferred to list only in A-shares due to higher valuations compared to their Hong Kong counterparts [1][3]. - The companies choosing to list in Hong Kong are typically industry leaders or well-known firms in the A-share market, indicating a shift towards a more favorable perception of Hong Kong listings among high-quality companies [1]. Group 2: Reasons for Listing in Hong Kong - The changing market environment in Hong Kong, including increased participation from mainland investors, has made it more attractive for A-share companies to list there, as they can achieve appropriate price positioning [3]. - The Hong Kong Stock Exchange has lowered the listing thresholds for A-share companies, facilitating their entry into the market by reducing the minimum H-share requirement [3]. - A-share companies have internationalization needs and seek to expand into international markets, with Hong Kong being a nearby option for such expansion [4]. - The financing needs of A-share companies also drive them to consider Hong Kong listings, as the market offers additional financing opportunities and potentially more convenient refinancing options compared to the A-share market [4].

Export Performance - In April 2025, exports increased by 8.1% year-on-year, down from 12.4% in the previous month[3] - Traditional consumer goods exports showed a decline, with footwear, toys, luggage, and clothing down by -8.6%, -5.4%, -12.7%, and -1.5% respectively[5] - Mechanical and electrical products exports performed well, with a year-on-year growth of 8.3% in April 2025[5] Import Trends - Imports decreased by -0.2% year-on-year, a significant improvement from -4.3% in the previous month[3] - The decline in imports was narrowed by increased purchases of bulk commodities like soybeans and copper ore[5] - The import growth rate for certain mechanical and electrical products also increased[5] Trade Dynamics - Exports to ASEAN countries saw a remarkable increase of 20.8% year-on-year, while exports to the US fell sharply by -21%[5] - The proportion of tariff exemptions for exports to the US was approximately 27.1%, with 22.8% being tariff exemptions on electronics[5] - Indirect trade channels have shown resilience, with a potential offsetting ratio of 44.5% to 90% for trade losses with the US[5]

中美在关税高压下的阶段性降温，美国因内外压力主动求变，中国借机缓解出口压力并巩 固非美谈判成果。 文：国金宏观宋雪涛 中美关税超预期"降级" 5 月 12 日，中美日内瓦经贸会谈联合声明发布，美方承诺取消 4 月 8 日对中国商品加征的 91% 报 复性关税，并将 4 月 2 日对中国商品加征的 34% 对等关税中的 24% 暂缓 90 天，对剩余 10% 关 税予以保留。中方也实施了相应的对等取消和暂缓措施，双方同意建立机制开展进一步经贸磋商 。 就当前时点而言，如何理解日内瓦协议背后的战略意义及其对市场的影响？ 中美各自的战略考量 就中美会谈而言，中国并不着急，美国显然是更 急于在关税方面实现突破的一方。 据中国外交部表 态，本次会谈是中方"应美方请求 "在第三国瑞士举行的会谈（而非美国本土），这相较美方此前"希 望中国主动打电话 "的傲慢态度已经大幅逆转。中方立场坚定明确，坚决反对美国滥施关税，但对建立 在平等、尊重、互惠的基础上的对话始终持开放态度。美方之所以态度逆转，主要有以下原因： 第一，中国"以牙还牙"的博弈策略带动了非美国家的观望、拖延，美方急于破局。 在关税谈判伊始， 中国便采取了对等反制的 ...