【 机构观点综评 】 华泰证券认为，港股有望继续吸引全球配置型资金流入，或进一步外溢至A股。 国泰海通证券指出，转债市场未来或因供需错配而迎来牛市。 一、焦点锐评 1．特朗普将钢铁关税提高至50%，欧盟准备反制 当地时间5月30日，美国总统特朗普在宾夕法尼亚州举行的一场集会上表示，将把进口钢铁的关税从 25%提高至50%。随后，特朗普在社交媒体平台上发文表示，该决定从6月4日（周三）起生效。当地时 间5月31日，欧盟委员会在一份声明中对美国宣布提高进口钢铝关税表示遗憾，并表示欧盟准备采取反 制措施。 【解读】美国是欧盟钢铁的主要出口市场，对于美国大幅提升钢铁进口关税，欧盟反应强烈，准备反 制。全球关税战阶段缓和后，不排除再度趋紧，特朗普政策不确定性仍然是大类资产配置的主线。中信 证券认为，在目前特朗普影响市场的模式中，"特朗普看跌期权"仍然生效。在今年底至明年初之前，美 债或为4%~5%区间震荡行情；黄金仍然是最具确定性的资产。 二、权益市场 1.中信证券：核心资产定价权逐步向南转移 中信证券策略团队认为，优质核心资产在港股正式交易后，短期会活跃对应A股的交易，部分核心资产 定价权可能会逐步南移，背后是港股市 ...

Core Insights - The report highlights the transformation of cross-border e-commerce from an optional strategy to a crucial necessity for Chinese enterprises in the context of significant changes in global trade dynamics [1] Group 1: Explosive Growth - In the first three quarters of 2024, China's cross-border e-commerce achieved a total import and export volume of 1.88 trillion RMB, representing a year-on-year growth of 11.5%, with exports growing by 15.2%, significantly outpacing overall foreign trade growth [2][29] - The rise of social e-commerce is a key driver, with the global social commerce market expected to reach $688 billion in 2024, growing by 20%, and projected to exceed $1 trillion by 2028 [2][31] Group 2: Dual Track Approach - Chinese enterprises primarily utilize two pathways for international expansion: B2B and B2C models [3][33] - The B2B model focuses on bulk trade between businesses, emphasizing supply chain management [3] - The B2C model targets direct sales to consumers, which can be further divided into platform-dependent and independent brand models [4][5] Group 3: Multi-Dimensional Globalization - Chinese enterprises are expanding beyond simple product exports to a multi-dimensional global strategy, including product, technology, and service exports [7][8][9] - Key sectors for product exports include consumer electronics, new energy vehicles, and fashion [7] - Technology exports involve digital technologies like 5G and AI, while service exports include logistics and brand services [8][9] Group 4: Regional Focus - Different markets exhibit unique characteristics, with mature markets like Europe and North America focusing on brand value and supply chain efficiency [10] - Southeast Asia is identified as the fastest-growing e-commerce region, driven by a young population and digitalization [11] - Emerging markets in the Middle East and Latin America present significant growth opportunities [12] Group 5: Benchmark Brands - Temu is rapidly expanding, projected to reach a GMV of $54 billion in 2024, significantly aided by its semi-managed model [13] - SHEIN is recognized as a leading fashion brand with a strong influence on Gen Z, driven by supply chain innovation [14] - TikTok Shop is emerging as a strong player in social commerce, with a projected GMV exceeding $50 billion in 2024 [15] Group 6: Future Trends - Six consumer trends are anticipated to shape product selection by 2025, including gardening, smart home integration, and outdoor living [17][18][22] - The "dopamine economy" emphasizes emotional value in consumption, while sleep-related products are expected to see increased demand [19][20] Group 7: Infrastructure Support - The growth of cross-border e-commerce relies on foundational support from payment solutions, logistics networks, and cloud services [23] - Companies like Ant International and Cainiao are pivotal in providing global payment and logistics solutions [23]

报道称，这款车型的续航里程、价格和外观等细节尚未披露，但价格将低于比亚迪在日本销售的小型纯电动 车"海豚"。比亚迪"海豚"的售价约为290万日元（约合人民币14.5万元）。 比亚迪，又有大动作！ 此前4月中旬，日经亚洲就放出消息称，比亚迪正在研发一款微型电动车（俗称"Kei Car"），剑指目前日本最 畅销的电动车——日产Sakura。消息称，比亚迪正瞄准17700美元（现汇率约合12.7万元人民币）的起售价， 若能落地，将大大增强其市场吸引力，并成为其打开局面的关键。同时，这也标志着比亚迪可能成为首个真正 为日本市场量身打造微型电动车的海外车企。 今年4月份，比亚迪在欧洲的销量超过了特斯拉。研究公司JATO Dynamics发布的数据显示，4月份，比亚迪在 欧洲的纯电动汽车销量为7231辆，同比增长169%。而同期特斯拉在欧洲的电动汽车销量为7165辆，同比下跌 了49%，排名倒退一位，被比亚迪赶超。 据外媒消息，中国电动车巨头比亚迪计划明年在日本推出一款低价微型电动车，对规模达180亿美元的日本微 型车市场发起电动车攻击。 另外，比亚迪6月1日晚间披露了销量数据，该公司5月新能源汽车销量为38.25万辆， ...

Core Viewpoint - The competition among Chinese new energy vehicle (NEV) manufacturers is intensifying, with significant variations in monthly delivery volumes and growth rates among different companies in May 2023 [2][4][10]. Group 1: Sales Performance - BYD reported a May sales volume of 382,500 units, a year-on-year increase of 15.27%, with cumulative sales from January to May reaching 1.7634 million units, up 38.70% [2][3]. - Leap Motor achieved a record delivery of 45,067 units in May, marking a year-on-year growth of 148.10% and a month-on-month increase of 9.82% [3][4]. - Li Auto delivered 40,856 units in May, reflecting a year-on-year increase of 16.70% and a month-on-month growth of 20.38% [3][4]. - Xpeng Motors delivered 33,525 units, showing a remarkable year-on-year growth of 230.43%, although it experienced a month-on-month decline of 4.34% [3][4]. - Xiaomi's delivery volume exceeded 28,000 units in May, failing to surpass the 30,000-unit threshold for the third consecutive month [2][10]. Group 2: Competitive Landscape - The competitive landscape among NEV manufacturers is expected to become more intense in the coming months, with several companies planning product renewals or new launches [2][10]. - Leap Motor's CEO emphasized the company's focus on self-research and development of core technologies, which has established a competitive edge in cost and quality [5][6]. - Li Auto's recent upgrades to its entire model lineup, including the launch of the Li L series, aim to enhance delivery volumes and maintain competitiveness [9][13]. Group 3: Future Outlook - Xiaomi is preparing for the mass production of its first SUV model, the YU7, expected to launch in July, which may significantly impact its delivery volumes [11][13]. - NIO is set to deliver newly launched models in June, which could lead to a notable increase in its delivery figures [16][17]. - The delivery volumes of several new energy vehicle manufacturers are anticipated to change significantly in June, driven by new product launches and internal restructuring efforts [13][18].

大家好，我是银行螺丝钉，欢迎来到这期的螺丝钉带你读书。 「螺丝钉带你读书」也陪伴大家度过了三百多期，为大家讲解了很多有趣、经典的书籍和故事，比如《三十几岁，财务自由》、 《如何读一本书》、《战胜拖延症》等等。 还为大家详细介绍了几位投资大师：股神巴菲特、他的好搭档查理芒格和指数基金之父约翰博格。分享了他们的人生经历、投资生 涯和投资的理念。 《 世界读书日，螺丝钉送你121本私藏经典好书 》 时代的红利 今天螺丝钉带你读书，介绍的是今年出来的一本挺有意思的书《觉醒吧，薪人类》。 这本书的作者来自新加坡。 这本书里，介绍投资的内容很少，主要是介绍，我们面对社会的不同阶段，人生该做什么选择。 例如在工作上、生活上、心态上。 接下来几期螺丝钉带你读书，咱们就来介绍下这本书。 今天介绍的，是一个老生常谈的话题：时代的红利。 行业红利期 我们经常听到行业的红利期，是怎么回事呢？ 举个例子，咱们之前提到过，行业的发展阶段。 （1）初创期，行业从0到5% 这个阶段，一些创业团队会介入，做创新，满足客户的需求。 大公司这个阶段进入不多，因为行业空间很小，无法让大公司获得盈利提升。 这也就是 《创新者的窘境》 大家可以点击下面 ...

中国围绕智能电动车的创业浪潮，发韧于2014年，历经数轮淘汰赛，锤炼出了蔚来、理想、小鹏、零跑等一批优质造车项目。而到2021年，蛰伏近20年的 比亚迪厚积薄发，迎来销量爆发，推动中国新能源车渗透率快速突破50%分界线。 可以说，中国新能源车产业已经在成熟的产业链土壤之上，迎来高速发展。因此，就眼下的中国汽车产业而言，"车圈恒大"言论，更像是在市场天然的警惕 心态下，发酵而起的惯常性舆论审视，并非产业的真实生态。 而以高资产负债率举证，更是"拿着锤子找钉子"的荒诞之举。 中国新能源车产业已经在 成熟的产业链土壤之上，迎来高速发展。 就在多家车企企业财务状况向好发展，甚至新造车公司普遍缩窄亏损、向年底盈利冲刺时，"车圈恒大即将产生"的言论，在汽车行业掀起舆论的轩然大波。 2021年，恒大集团的轰然倒下，带来了地产行业大震荡。因此，一旦有人呼号"车圈恒大"，甚至列出车企的资产负债率，自然难免引发警惕和恐慌。 但仔细揆夺中国的新能源车产业，"车圈恒大"论，显然属于杯弓蛇影。高速发展的行业，从来伴随着高强度竞争，也就意味着危与机天然并存。 尤其是在投入巨资的大型制造业产业中。蔚来、小鹏等造车项目创始人，早就发出过"没 ...

Group 1 - "Made in China 2025" aims to transform China from a "world factory" to a global high-tech manufacturing leader by 2025, with a target of 70% self-sufficiency in core components and key materials [3][4] - The initiative focuses on ten high-tech sectors, including semiconductors, robotics, new energy vehicles, aerospace, and biomedicine, supported by significant government funding and policy incentives [3][4] - From 2015 to 2022, over $1.3 trillion was invested in priority industries, with nearly 60% allocated to semiconductors and new energy vehicles, indicating a concentrated policy approach [4] Group 2 - The new energy vehicle (NEV) sector has seen remarkable success, with domestic NEVs capturing 80% of the market share in 2022, and companies like BYD ranking second globally in NEV sales [5][6] - High-speed rail has become a textbook success story, with Chinese companies now dominating the market, achieving a 90% share in high-speed rail signaling equipment [6][7] - In the new materials sector, China has significantly increased its production capacity, with a global share of 80% in petrochemical products from 2019 to 2022, and companies like Wanhua Chemical leading in the polyurethane market [7][8] Group 3 - Despite achievements, challenges remain in high-end manufacturing, particularly in semiconductors, where China's market share is only 1.9%, and reliance on imported equipment is high [8][9] - The aerospace sector faces similar issues, with the domestically produced C919 aircraft having only a 60% local content rate, heavily dependent on foreign suppliers for critical components [9][10] - The marine engineering and high-tech shipbuilding sectors also struggle, with less than 30% localization in high-tech ship equipment [10] Group 4 - The rapid advancements have led to some negative consequences, including resource wastage due to excessive government spending, with 30% of semiconductor project funds wasted on inefficient projects [11][12] - Overemphasis on industrial policy has resulted in production capacity outpacing consumer demand, leading to price wars and declining industrial profits [11][12] - In 2022, China's power battery production capacity reached 900 GWh, but actual demand was only 450 GWh, resulting in a 50% surplus [12][13] Group 5 - While China excels in low-end and mid-range markets, it still lags behind international giants in high-end sectors, with R&D investment significantly lower than that of the U.S. [13][14] - Foreign enterprises believe that Chinese competitors will take 5 to 10 years to catch up in technology, particularly in advanced fields like semiconductors and aerospace engines [14][15] - The decline in international scientific collaboration and increased trade tensions pose additional challenges for Chinese companies in sensitive technology areas [15]

高盛 亚太科技互联网论坛 (TechNet Conference) 上周落地上海 。期间高盛研究部主管及分析师，包括高 盛首席经济学家 哈哲思(Jan Hatzius ) 、亚洲互联网研究主管 姜朗霆 (Ronald Keung) 、亚洲医药研究主 管 陈子易 (Ziyi Chen) 、中国工业科技分析师 杜茜 (Jacqueline Du) 、 中国汽车分析师 侯雪婷 (Tina Hou) 及 首席中国股票策略师 刘劲津 (Kinger Lau) 接受第一财经电视专访，分享他们在中美经贸谈判关 键窗口期、市场不确定性仍高的情况下，对宏观经济、各板块及股市的看法。 -- 以下转载自第一财经电视报道 -- 高盛首席经济学家：贸易不是零和游戏 这对经济决策者非常重要 美国政府针对医药的关税措施仍充满不确定性，搅动着全球医药板块。高盛亚洲医药研究主管 陈子易 解 析全球关税迷雾下中国医药行业的发展路径 认为，中国医药行业受美国关税影响有限，但关税势必增加供 应链成本。 高盛谈人形机器人：中国供应链优势领跑全球，商业化处0-1 阶段 外他认为，中国在创新领域已经在产业链的价值层次上取得了提升。 高盛：中美贸易谈判后风 ...

Core Viewpoint - The article discusses the potential damage caused by automotive lidar systems to smartphone cameras, highlighting incidents where laser emissions have resulted in physical damage to camera lenses and sensors [1][4][17]. Group 1: Lidar Technology and Functionality - Automotive lidar systems emit laser pulses to measure distances and shapes of objects by analyzing the time and intensity of reflected signals [8]. - The precision of lidar is determined by the number of laser lines it can emit, with higher line counts resulting in greater accuracy [10]. - Typical lidar systems scan a horizontal field of 120° and a vertical field of 25° over distances of several hundred meters [10]. Group 2: Damage Mechanism - When lidar lasers hit a smartphone camera lens, they can penetrate through the lens's micro-lenses and damage components like the CMOS sensor, leading to various degrees of damage [12]. - The energy density required to damage a CMOS sensor varies with the wavelength of the laser, with 532nm and 1064nm lasers needing 28.95 mJ/cm² and 40.79 mJ/cm² respectively [13]. - Current automotive lidar systems typically operate at wavelengths of 905nm and 1550nm, with the latter requiring higher energy densities to cause damage [15]. Group 3: Safety and Standards - Lidar systems are designed to meet Class 1 safety standards for human eye safety, ensuring that single pulse energy is below 8mJ/cm² [15]. - The 1550nm wavelength lasers are less harmful to human eyes due to their absorption by water, which is present in the human body, thus reducing the risk of retinal damage [19][21]. - The 1550nm lidar systems can achieve detection ranges over 300 meters, surpassing the 200 meters typical for 905nm systems, albeit at the cost of potential damage to camera sensors [21]. Group 4: Industry Implications - The incidents of camera damage from lidar systems have raised concerns about the trade-offs between enhanced lidar performance and the safety of consumer electronics [23]. - Companies like NIO, which utilize advanced lidar technology, may need to address these issues to maintain consumer trust and product integrity [23].

本篇评级为★★，主要围绕以下内容展开： 1、提防"热门概念"挨个回踩 2、海外市场是回光返照，还是站上新起点? 如有疑问请以音频内容为准，添加妙妙子微信huxiuvip302，入群有机会与董小姐进一步交流。 新闻解读评级说明：五星重磅，四星重要，三星级以下大家选择听。 比如今天大家看到的新消费赛道，一些潮玩龙头出现了超过6%的跌幅。这种情况在前几天也曾发生在 新能源车和电池赛道上，它们闪亮几天后迅速掉下来。当时在它们闪亮的时候，我们曾给大家聊到过， 感觉舆论在炒作这些概念时似乎在寻找接盘侠，所以当时不建议参与。这两天大家看到，一旦进入下跌 轨道，跌幅是比较吓人的。在资金热情度没有恢复之前，香港市场可能还是难以翻身。尤其是香港市 场，前段时间它的主要资金都来自南下资金，是增量资金把它推上去的。现在内地市场马上也要面临端 午节小长假，资金紧张程度没办法在短期内恢复。 本文为妙投付费内容，上述仅为摘要，购买本专栏即可解锁完整内容。新用户可免费领本专栏7天阅读 体验机会，在妙投APP-我的-权益兑换 输入"妙投888"即可领取。 今天国内市场的情绪仍然比较低落，整体市场机会比较缺乏。我们对国内和国外两个市场的观点没有 ...