21世纪经济报道记者贺泓源、实习生谭伊亭 报道 中国制造的韧性体现在多个方面。 保龄宝在近期披露的机构交流纪要中透露，随着欧盟对赤藓糖醇征收反倾销税后，该公司相关产品在欧 洲地区反而实现量价齐升。 "2025年1月16日，欧盟委员会公布了关于本次赤藓糖醇反倾销调查终裁公告，对国内赤藓糖醇生产企业 征收34.4%-233.3%不等的反倾销税。上述反倾销措施于欧盟终裁公告发布次日（即2025年1月17 日）起 生效，实施期限为5年。其中，保龄宝相关产品被征收 34.4%的反倾销税，为本次反倾销加征税率最低 的企业。公司抓住反倾销税率最低带来的市场机遇，赤藓糖醇产品在欧洲地区实现量价齐升，良好的国 际影响力和品牌力也带动了国内销售。受此影响，2025年一季度，公司赤藓糖醇销售收入同比增长约 123%。"保龄宝如此解释。 此外，保龄宝还提到，其对美出口收入占公司总体收入比例不算很高， 从一季度实际发货情况来看， 不存在突击发货的现象。"有个别客户订单量有所增加，对整体发货量也影响有限，且2025年一季度公 司产品美国发货量与年初预算基本相符。"该公司表示。 财报显示，在2024年，保龄宝营收同比下滑4.84%至24. ...

"五一"假期，江苏各大城市演出市场热闹非凡，演唱会、音乐节接踵而至，"点燃"了文旅消费新活 力。大麦网数据显示，"五一"假期，全省营业性演出观演人次达28.51万，票房收入1.9亿元，带动文旅 直接消费13亿元。 一场场演唱会、音乐节不光激活了演出市场，还带旺住宿、餐饮、交通、展览等10余个周边行业消 费。咪豆音乐节举办期间，主办方特别准备专属音乐节礼包，包括南京溧水文旅的景区优惠券、消费 券，凭咪豆音乐节门票还可享溧水酒店优惠、餐饮优惠。溧水天生桥景区假期前3天，累计接待游客超 11万人次。太湖湾音乐节也升级为一座"移动的商业综合体"，漫步其间，随处可见美妆编发、周边售卖 和品牌展台。音乐节也带动周边住宿预订、农业生态旅游、露营度假景区"热度飙升"。 近年来，"跟着演出去旅行"已成为一种新兴的生活方式。就南京演出市场而言，"五一"假期，任贤 齐、张学友两位乐坛常青树"接力"开唱，从《心太软》到《吻别》，每一首歌都是满满的"回忆杀"，点 燃了歌迷怀旧情绪。 "五一"假期，全省共有4场大型音乐节同时举行，分别是第10届太湖湾音乐节、第13届咪豆音乐 节、江岛海棠音乐嘉年华、龙舞极风汽车机车音乐节。5月1日—3日 ...

北京街头的共享单车算是被低俗小广告盯上了，从此前的粘贴纸质广告"升级"成盖戳与喷涂式，更加难处理。连 日来，新京报记者走访了北京的多处商圈、学校、地铁站、居民区周边数十个共享单车集中停放区，发现成人服 务、涉黄网址、代开发票等违法小广告泛滥，很多共享单车都患上了"牛皮癣"。新京报记者多次尝试扫码、登 录"小广告"上的网址，以及链接的微信账号，发现居然真能打开网址链接，随即而来的是自动弹出的网页风险提 示，更有账号经营涉及线下涉黄商家。 违法小广告如城市"牛皮癣"，一直是治理难点。而共享单车上的低俗广告，更是随着骑行人蔓延至城市各个角 落，并且全是人流量大的地方。 共享单车变成小"黄车"，究竟如何根治？被"黄色牛皮癣""骚扰"的共享单车，何时才能重现洁净？对此，共享单 车企业表示，小广告影响客户体验，对于运维管理来说，增加了清理成本。公安部门则表示将与共享单车企业以 及多部门持续开展联合执法，从源头侦查摸排，打击扰序违法行为。 探访 共享单车变成小"黄车" 在地铁14号线九龙山站旁边，就是北京东部人气最旺的合生汇，而离商场不远的共享单车停放点，成为小广告 的"重灾区"之一。新京报记者在探访时发现，现场停放的共享 ...

美股开盘，道指跌0.73%，标普500指数跌0.97%，纳指跌1.19%，特斯拉(TSLA.O)开跌2.0%，其4月在英 新车销量同比下降62%，为两年多来最低水平；小马智行(PONY.O)开涨8.2%，公司与Uber(UBER.N)宣 布达成战略合作，旗下Robotaxi服务和车队将在今年下半年接入Uber平台。 ...

Group 1: Travel and Transportation Trends - The travel demand during the May Day holiday reached a new high, with an estimated 1.467 billion people traveling from May 1 to May 5, averaging 293 million daily, a year-on-year increase of 8% [2] - Didi's ride-hailing demand during the holiday increased by 17% compared to last year, marking the hottest May Day holiday on record, with intercity ride-hailing demand rising by 29% [2] - The top three scenarios for ride-hailing demand were dining, major transportation hubs, and shopping areas, with significant increases in demand for tourist attractions, hotels, and pet services, rising by 30%, 28%, and 27% respectively [2] Group 2: Emerging Consumer Preferences - The leisure camping orders surged by 390% during the May Day holiday, while club and exhibition-related orders increased by over 200% [3] - The trend of "changing outfits for travel photography" became popular among younger consumers, with ride-hailing demand for travel photography locations increasing by 54%, half of which came from users born after 2000 and 1995 [3] - Concerts and various events significantly boosted ride-hailing orders, with specific concerts and festivals leading to demand increases of over 300% [3] Group 3: Rental and International User Trends - Didi's car rental orders grew by 13% during the May Day holiday, with over 70% of orders coming from users born in the 1990s and 2000s [4] - The number of ride-hailing orders from inbound users surged by 75% year-on-year during the holiday period, driven by international events such as the Canton Fair and the Shanghai International Auto Show [6]

证券研究报告 | 行业点评报告 2025 年 05 月 06 日 推荐（维持） 饿了么宣布百亿补贴，五一假期跨区域人员流动量平稳增长 商贸社服行业周报 消费品/商业 本周餐饮旅游板块指数下降 1.74%，表现弱于沪深 300 指数(下跌 0.43%)和创 业板指数(上涨 0.04%)；商贸零售板块指数本周下跌 1.85%，表现弱于沪深 300 指数、创业板指数。 | % | 1m | 6m | 12m | | --- | --- | --- | --- | | 绝对表现 | -0.4 | 34.6 | 25.6 | | 相对表现 | -1.1 | 28.9 | 14.4 | 本周子板块相关观点：1）电商：行业竞争格局好于预期，龙头电商公司估值低 位，推荐阿里巴巴、京东集团、拼多多、唯品会。2）OTA：携程出境游&海外 业务延续高增长，关注出境游修复进程及海外市场拓展情况，推荐携程集团。3） 本地生活：外卖及到店空间与壁垒仍具，盈利弹性凸显，重点推荐美团。4）共 享出行：龙头份额企稳、盈利增长潜力大，推荐滴滴出行。 抖音本地生活 0 佣金招商优质商家。4 月 29 日，抖音生活服务针对优质零售 商家，推出五项扶 ...

Company Developments - Bawang Chaji opened its first store in the United States in Los Angeles, with former McDonald's CMO Eugene Lee joining as the Vice President and Chief Marketing Officer for the Asia-Pacific region [3] - Stone Technology reported a revenue of 3.428 billion yuan in Q1 2025, a year-on-year increase of 86.22%, driven by an expanded product matrix and optimized sales structure [4] - Midea Group's overseas OBM business grew by 40% year-on-year, with e-commerce sales increasing by over 50% in Q1 2025 [5] - Didi launched its overseas car rental service in 11 countries and 26 cities to cater to domestic users traveling abroad [6] - Tianlala plans to open over 200 new stores globally by 2025, focusing on Southeast Asia, Europe, North America, and the Middle East [7] - Anker Innovations reported a revenue of 24.71 billion yuan for 2024, a 41.14% increase year-on-year, with Q1 2025 revenue reaching 5.993 billion yuan, up 36.91% [8] - Uber partnered with Momenta to deploy autonomous taxis in Europe by early 2026 [8] - COSCO Shipping established a new company in Saudi Arabia to enhance its operations in the region [8] - Yizhibo plans to expand its consumer content and marketing services overseas, aiming to establish a presence in five countries by the end of the year [8] - JA Solar expects to rapidly increase production capacity after launching a project in Oman [8] - Zeekr Technology Group has entered over 60 international markets, with more than 1,200 global stores [8] - Deep Blue aims for overseas sales to account for 20% of its total sales by 2025 [8] - Cainiao's order volume in the North American market increased by over 30% [11] Macro Policies & Industry Data - The U.S. officially terminated its tax exemption policy for small packages from China, leading to increased logistics costs and delays for e-commerce platforms [12] - The trade volume between China and Arab countries exceeded $400 billion in 2024, marking a tenfold increase since 2004 [12] - In Q1 2025, China's software business exports reached $13.1 billion, a year-on-year increase of 2.4% [13] - The Export-Import Bank of China issued over 300 billion yuan in loans to support foreign trade in Q1 2025 [14] - Mexico is expanding its largest port to strengthen trade ties with China [14] Investment & Financing - In Time Robotics completed nearly 100 million yuan in B3 round financing to accelerate global market expansion [15] - IndustrialNext raised several million dollars in Series A funding to enhance team size and R&D efforts [15] - Aihua New Materials secured several million yuan in A round financing to focus on product development and overseas market expansion [15] - Guopei Chuang (Suzhou) Education Technology completed a million yuan Pre-A round financing to support AI technology development and overseas market expansion [16] - Clickmate, a live-streaming e-commerce platform in South Korea, announced seed round financing, with a monthly transaction volume of 9 billion KRW [17]

智通财经APP获悉，据港交所文件，4月30日，活力集团控股有限公司重新向港交所主板递交上市申请 书，联席保荐人为招商证券国际、民银资本。此前，该公司于2024年10月29日递交的港股上市申请文件 满6个月，于2025年4月29日失效。 这家由互联网创业者王江于创立初期共同创办的企业，起步于2009年推出中国首个航班动态信息应 用"航班管家"，2012年再推出高铁信息与购票应用"高铁管家"，逐步从最初的旅行信息提供商，成长为 如今涵盖出行前、中、后全链条的一站式综合出行平台。 截至2024年12月31日，公司累计注册用户数突破1.97亿人，付费用户忠诚度持续领先行业，2024年营收 同比大增至人民币6.47亿元，三年复合年增长率高达52%。 根据第三方调研机构弗若斯特沙利文数据，2024年中国互联网综合出行服务市场总GMV(商品交易总额) 达29,542亿元，公司以约1.4%的市场份额位列市场第八。细分领域方面，公司在在线火车票预订市场排 名第三(市占率约2.4%)，在在线机票预订市场排名第五(市占率约1.9%)，表现持续稳健。 在行业头部企业主导、前三大平台合计占据88.2%市场份额的背景下，公司通过移动优先 ...

Group 1: Trade and Market Developments - The trade volume between China and Arab countries has exceeded $400 billion in 2024, marking a growth of over 10 times from $36.7 billion in 2004 [2] - Chinese products such as electric vehicles, home appliances, and smartphones are increasingly popular among Arab consumers, while Arab products like dates and olive oil are well-received in China [2] Group 2: Company Performance and Strategies - Midea Group's overseas market OBM business has grown by 40% year-on-year, with e-commerce sales increasing by over 50% [2] - Anker Innovations reported a revenue of 24.71 billion yuan in 2024, a year-on-year increase of 41.14%, with a significant growth of 184% in its energy storage business [4] - Didi has launched overseas car-hailing services in 11 countries and 26 cities to cater to domestic users traveling abroad [4] Group 3: Strategic Partnerships and Innovations - Toyota has entered a strategic partnership with Waymo to accelerate the development and deployment of autonomous driving technology [4] - Microsoft CEO Satya Nadella stated that up to 30% of the company's code is generated by AI, highlighting the increasing role of artificial intelligence in software development [5] Group 4: Industry Trends - The home appliance sector is adapting to new tariffs imposed by the U.S., with companies taking measures to mitigate impacts through overseas inventory and production adjustments [2] - Stone Technology is expanding its overseas market management team to enhance marketing efforts for its washing machine business [6]

Financial Data and Key Metrics Changes - In Q1 2025, Grab achieved a 17% year-on-year growth in on-demand GMV and recorded another all-time high in monthly transacting users, leading to record revenues [5][6] - The trailing twelve-month adjusted free cash flow expanded to $157 million, and the adjusted EBITDA outlook for the full year 2025 was raised to $460 million to $480 million from a previous range of $440 million to $470 million [6][5] Business Line Data and Key Metrics Changes - The delivery segment continued to grow, with monthly transacting users increasing sequentially, particularly driven by strong performance from Grab Mart [20][54] - The number of transactions on the platform increased by 19% year-on-year, indicating higher engagement [36] Market Data and Key Metrics Changes - The company noted that it has not seen any signs of consumer weakness despite macroeconomic uncertainties, particularly in Indonesia, where it outperformed its closest competitor [54][55] - The direct marketing costs in Indonesia declined by 12% quarter-on-quarter, contributing to improved adjusted EBITDA as a percentage of GMV [55] Company Strategy and Development Direction - Grab aims to position itself as a countercyclical company, focusing on improving reliability and affordability in its offerings to drive user growth and retention [5][6] - The company is leveraging AI to enhance user and partner services, with a focus on affordability and efficiency in operations [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining growth momentum despite potential macroeconomic headwinds, citing strong performance in Q1 and expectations for continued demand growth [6][36] - The company is closely monitoring the macro environment but remains optimistic about its ability to execute its growth strategy [33][39] Other Important Information - Grab's FinTech business is expected to see an increase in lending to consumers, with a focus on prudent growth amid macroeconomic uncertainties [108] - The company is exploring opportunities for value-added acquisitions to enhance its ecosystem [56] Q&A Session Summary Question: Changes in consumer behavior amid weakening macros - Management has not observed any signs of consumer weakness and expects a rebound in growth rates across mobility and deliveries in Q2 [20][21] Question: Confidence in higher EBITDA guidance - The company is confident due to strong Q1 performance, with demand remaining robust despite seasonal challenges [35][36] Question: Plans if demand softens - Management indicated they would monitor the situation closely and may consider promotions to stimulate demand if necessary [33] Question: Industry consolidation in delivery - Management noted ongoing consolidation in the industry but emphasized their focus on growing their delivery segment, which remains underpenetrated [51][52] Question: Performance in Indonesia compared to competitors - Grab outperformed its closest competitor in Indonesia, with strong growth in deliveries and a decline in direct marketing costs [54][55] Question: Margin drivers for deliveries - The margin improvement in deliveries was attributed to product mix and stable incentives, with Grab Mart growing faster than other delivery segments [86][87] Question: FinTech loan book growth and credit quality - The loan book grew 5% to 6% quarter-on-quarter, with stable non-performing loans, and management is monitoring credit quality closely [92][94] Question: Autonomous vehicle partnerships - Grab is exploring partnerships in the autonomous vehicle space, aiming to be at the forefront of this technology [98][99]