宏观研究 证 券 研 究 报 告 【每周经济观察】 如何观察"以旧换新"的速度？ ❖ 以旧换新：4 月中旬以来在提速 1、数据与方法：基于商务部不定期公布的 5 大类消费品（汽车、家电、电动 车、家装厨卫、数码）以旧换新进度数据，可计算某个时间段内的日均换新数 量，我们以此观察消费品换新的速度。 2、近期消费品换新速度如何？ 5 月，消费品换新或在提速，结构上：汽车下、 家电升、电动车平。 3、物价：海外大宗品价格明显反弹，黄金、原油、铜均上涨。RJ/CRB 商品 价格指数上涨 3.6%；COMEX 黄金收于 3308.2 美金/盎司，上涨 0.6%；LME 三个月铜价上涨 1.6%；美油、布油分别上涨 6.2%、4%。 （二）景气向下 1）汽车，有所放缓，5 月（4.28~5.31）日均换新量约 3.8 万台，4 月（3.25~4.27） 约 3.9 万台；2024 年 9-12 月（2024.8.23~2024.12.31）日均 4.7 万台。 2）家电，有所提速，5 月（4.28~5.31）日均换新量约 82.9 万台，4 月（3.25~4.27） 约 63 万台；受数据限制，观察 2024 年 10- ...

Group 1 - Over 20 new energy companies have submitted listing applications in Hong Kong since the second half of last year, indicating strong international capital interest in the new energy sector [1] - International investors are leveraging Hong Kong to bet on the new energy sector, recognizing the global energy transition trend and China's leading position in the new energy industry [1] - China has established a global leading position in photovoltaic manufacturing and electric vehicles, with competitive companies attracting international capital eager to share in their growth opportunities [1] Group 2 - Since 2015, companies in electric vehicles, energy storage, and hydrogen have been listed in Hong Kong, driving the capitalization process of the entire industry chain [2] - The market capitalization of the Hong Kong new energy sector has grown from $125 billion in 2015 to $568 billion by March 2025, representing an increase of over four times and accounting for 12.5% of the total market capitalization of Hong Kong stocks [2] - Numerous new energy companies are continuously listing in Hong Kong, providing foreign institutions with more suitable investment targets [2] Group 3 - The valuation level of the Hong Kong new energy sector is currently low, making it attractive for international capital [3] - Sovereign wealth funds from the Middle East and Northern Europe have increased their holdings in Chinese assets, with Hong Kong becoming a core channel for allocating high-quality equity assets in Asia [3] - The value re-evaluation wave of the Hong Kong new energy sector has begun, with the growth potential of companies in electric vehicles, energy storage, and photovoltaics becoming increasingly evident [3]

Group 1 - The "old-for-new" consumption subsidy policy has revitalized the consumer market in Sichuan, with significant increases in product categories and consumer spending [1] - In Yilong County, the number of product categories for "old-for-new" has increased from 8 to 18, leading to over 70 million yuan in consumer spending [1] - In Quxian County, consumers receive a 10% subsidy on the actual purchase price of new green smart home appliances, along with an additional 10% from merchants, boosting consumer enthusiasm [1] Group 2 - In the first five months of this year, Quxian's physical stores sold over 10,000 electronic products, generating over 40 million yuan in consumption and 5 million yuan in subsidies for citizens [3] - Jiangxi's Xiangfeng County has implemented a comprehensive "old-for-new" subsidy policy for home appliances and electric bicycles, promoting rural consumption upgrades [4] - The "old-for-new" policy has led to a surge in consumer interest in rural areas, with various promotional strategies being employed by local stores [4] Group 3 - Local governments are enhancing the promotion of the "old-for-new" policy to ensure effective implementation, with many businesses participating to provide convenient and affordable options for rural consumers [6] - In Shandong, multiple regions are actively promoting the "old-for-new" policy in rural areas, with a focus on building charging infrastructure for electric vehicles [7] - Shandong Heze has set up convenient service stations to optimize consumer experience and streamline the "old-for-new" process [8] Group 4 - Tai'an City has introduced a "cloud-based" model for the "old-for-new" program, allowing consumers to order appliances online and receive home delivery and installation services [9] - The local government collaborates with businesses to simplify subsidy processes and enhance service delivery to rural households [9]

该联盟汇聚了行业内的众多领军企业和权威组织，形成了强大的产业协同效应。其中，雅迪、台铃、新日、金彭、立马、黑骑 士等知名整车制造企业，哈啰等共享出行企业，超电、瞬电、三石电子等核心零部件供应商，以及工信部中小商业企业协会、 安徽省电动车行业协会等行业组织纷纷加入，覆盖了从分钟级超充电池研发、充电设备制造到市场终端整车应用的全产业链关 键环节，为联盟的发展奠定了坚实基础。 超电集团董事长姚晓青在大会上强调了建立统一的分钟级超级快充行业标准的重要性。他指出，这一标准将全面涵盖充电接 口、通讯协议、安全规范等方面，不仅有助于消除行业乱象，促进市场的规范化和健康发展，还能提高产品的兼容性和通用 性，为用户提供更加便捷、安全的充电服务。通过标准化的引领，联盟将推动轻型动力补能行业朝着更加规范、有序的方向发 展。 联盟成立现场亮点纷呈，分钟级超级快充系列电池组产品的发布成为一大焦点。该产品具有"快充不挑车型"的强大兼容性，能 够为不同场景下的用户提供安全、高效、便捷的充电解决方案。此外，联盟将以"百城千企"安全超充计划为重要支点，加快构 建低压直流超充标准体系。目前，分钟级超充产业生态已覆盖60多个城市，仅两轮车商用超充 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603529 证券简称：爱玛科技 公告编号：2025-039 转债代码：113666 转债简称：爱玛转债 爱玛科技集团股份有限公司 关于2021年限制性股票激励计划 首次授予部分第三个解除限售期解除 限售暨上市的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为5,392,800股。 8、2022年5月19日，公司在中国证券登记结算有限责任公司上海分公司办理完成本次激励计划的预留授 予登记工作，并于2022年5月21日披露了《爱玛科技集团股份有限公司关于2021年限制性股票激励计划 预留授予结果公告》。 本次股票上市流通总数为5,392,800股。 ● 本次股票上市流通日期为2025年6月12日。 一、本次激励计划批准及实施情况 （一）本次激励计划批准情况 1、2021年11月16日，公司召开第四届董事会第二十三次会议，审议通过了《关于公司〈2021年限制性 股票激励计划（草案） ...

Core Viewpoint - Guangdong Lvtong New Energy Electric Vehicle Technology Co., Ltd. plans to acquire at least 51% of Jiangsu Damo Semiconductor Technology Co., Ltd. in cash, aiming to gain control over Damo Semiconductor, which specializes in integrated circuits and semiconductor wafer detection [2][3] Group 1: Acquisition Details - The acquisition is expected to allow Lvtong Technology to enter the semiconductor field, enhancing its strategic transformation and industrial upgrade [3] - Damo Semiconductor focuses on providing remanufacturing, upgrading, and technical services in the wafer detection field, positioning itself in the first tier of the detection and repair sector [2] Group 2: Market Context - Lvtong Technology faces increasing market competition and a maturing industry, necessitating the search for new growth engines to achieve sustainable development [2] - The semiconductor sector is seen as a potential second growth curve for Lvtong Technology, driven by both policy support and internal demand [2]

当华尔街最具影响力的投行开始大幅下调特斯拉的交付预期时，这家电动车巨头面临的困境已不再是秘密。 高盛周四发布报告，将特斯拉二季度交付预期从41万辆下调至36.5万辆。其传达的信息很明确：需求正在减弱，竞争正在加剧，消费者热情正在 消退。这一判断与瑞银的悲观预测形成呼应，共同描绘出特斯拉品牌光环褪色的严峻现实。 全球核心市场同步下滑，高盛大砍特斯拉交付预期 在最新报告中，高盛分析师Mark Delaney、Dan Duggan等人毫不掩饰对特斯拉前景的担忧。他们明确表示： 我们正在下调特斯拉汽车交付预期和每股收益预估，以更好地反映关键地区（如中国、美国和欧洲）疲软的月度数据，以及HundredX 和Morning Consult的特斯拉消费者调研数据。 数据的残酷性体现在每一个关键数字上。高盛将2025年第二季度交付预期从41万辆大幅下调至36.5万辆，远低于Visible Alpha共识预期的41.7万 辆。截至5月的行业和注册数据显示，包括美国、中国和欧洲在内的全球关键市场持续出现同比下滑。 比交付数据更令人担忧的是消费者情绪的系统性恶化。高盛引用HundredX和Morning Consult的数据显示， ...

Market Trends & Political Influence - The dispute between Trump and Musk initially caused Tesla's stock to drop by 1426% to $28470 on June 5th, but Robinhood's after-hours trading showed an 82% increase to approximately $30807, reflecting market optimism about a potential reconciliation [1] - Musk's stance is seen as challenging the excessive spending and lack of accountability in the US two-party system, with over 80% of more than 4 million voters on X supporting the idea of a new party representing the "middle 80%" [1] - If Musk creates a new political party, it could potentially split the Republican vote and complicate the political landscape [1] Tesla Production & Operations - Tesla China launched a referral program from June 5th to June 30th, 2025, offering a waiver of RMB 8000 for car body colors to buyers recommended by Tesla owners, while the referrer receives RMB 800 in Tesla credits [1] - Tesla announced plans to install a 6-megawatt rooftop solar array and an 8-megawatt-hour Megapack energy storage system at its Shanghai Megafactory, expected to be completed by the end of 2025 [2] - Tesla's Shanghai Megafactory has an annual production capacity of 10000 Megapacks, with a total energy storage capacity of 40 GWh [2] US Market Initiatives - Tesla is offering discounts on new Model Y demo vehicles in the US, with mileage between 500 and 2000 miles, and discounts ranging from $500 to $1200 depending on mileage, including Launch Series Model Y demo vehicles [2] - Tesla is providing a special financing offer of 199% interest rate for new orders of Model Y Long Range AWD, valid until June 16th, 2025, with a 15% down payment [2]

当市场还在担心特朗普关税威胁时，德国企业已悄然准备了一场盈利爆发。 "德国之虎正在觉醒。我希望越来越多的人意识到，2026年德国企业的平均盈利增长应该会超过美国。" 这一预期已在股价表现中得到印证。德国DAX指数今年飙升21%，领跑所有主要全球指数。相比之下，泛欧Stoxx 600基准指数仅上涨约9%，而标 普500直到最近才转为正收益。 军工引擎驱动：防务支出成增长核心 德国盈利增长的主要动力来自军工股，欧洲正大举投资以加强军事实力。分析预计，Rheinmetall AG、空客和MTU Aero Engines AG将贡献DAX指 数2025年下半年约20%的每股收益增长。 能源转型、电动车和人工智能板块股票同样被视为关键推动力，数据中心投资增加、电气化进程和新AI应用的兴起为这些领域注入动力。 华尔街见闻此前提及，德国内阁已批准价值约460亿欧元（530亿美元）的企业税收减免方案，7月起新购机械设备享30%税收抵扣，2028年起联邦 企业税率从15%逐年降至10%，电动车首年可按75%购置价折旧。这是重振连续三年停滞经济的更广泛努力的一部分。 彭博数据显示，德国DAX指数成分股2025年下半年及2026年 ...

大家好我是大鱼 今天的资讯 包括下面几个消息 1. 马斯克与川普 冲突的时间线详解 2. 双方争议的几个重点 3.冲突事件的后续影响 关注这些话题的朋友 不要错过 今天重要的内容 OK let's go 先说特斯拉的股票 周四收盘是284.70% 全天了下跌47.35%美元 跌幅是14.26% 美国三大股指 纳指下跌0.88% 道指下跌0.25% 标普下跌0.53% 在马斯克与川普争斗期间 特斯拉股价创下了 历史上第十糟糕的一天 作为投资者 希望大家控制好 自己的情绪 专注于基本面和长期目标 在今天这样的日子里 你投资方面经验 恐怕不会发挥太大作用 但是你刷X平台的频率 和你对贴文的 反应速度能有多快 似乎成为一个 决定性的因素 第一部分 马斯克与川普 冲突的时间线详解 美国政坛与商界 上演了一出超级大戏 这次的主角是 全球首富马斯克 和美国总统川普 两人从昔日盟友 到公开翻脸 简直比美剧 权利的游戏还精彩！ 这场冲突不仅牵涉 政策争议 还让Tesla股价暴跌 SpaceX也卷入风暴 我们就来一步步 拆解这场大战 很多人都认为冲突的起因 是马斯克对 大而美法案开炮 其实两人之间的裂痕 之前已经有过几个信号 我 ...