21世纪经济报道记者倪雨晴 郑州报道从新郑机场驱车15分钟，就来到了富士康郑州科技园。这里，是 苹果手机iPhone最大的生产基地之一。 作为全球知名的iPhone代工厂巨头，富士康在全国多地布局了制造园区，郑州则是中原地区的重镇。 2010年，富士康首次"牵手"河南，在郑州航空港区引入苹果手机产线。 事实上，富士康在中国民众的眼中，已经从一个普通的大型企业升格为制造产业的一个符号，这种符号 的印象是复杂多元的。 整体而言，在"代工"标签背后，富士康的精密技术是中国整体制造技术快速进步的代表，在富士康的发 展带动下，国内也涌现一批产业链企业。同时，随着资深技术人才的积累、"00后"等更多年轻人进入产 线工作，富士康的企业文化也在更迭之中。 5月27日，21世纪经济报道记者来到富士康郑州航空港厂区，探访一线生产情况。Apple亚洲采购及运营 管理副总裁崔玉善接受记者采访时谈道："富士康的郑州厂区有15年的历史，从iPhone 4s一直延续到最 新的iPhone 16 系列，一些制程已经发展到全自动化，这也是苹果在中国的供应商智能制造的一个缩 影。" 面对国际贸易环境变幻，苹果和富士康高管一直强调的是，中国供应链 ...

英伟达的供应商（包括富士康、Inventec、戴尔、Wistron）取得一系列突破，加速生产Blackwell AI服务 器支架。（英国金融时报） ...

Group 1 - The core appeal of "China Heat" is driven by policy initiatives that enhance the travel experience for international tourists, including visa-free access and improved payment systems [2][5] - The number of countries benefiting from China's visa-free policy has increased to 43, with significant growth in foreign tourist entries during peak travel periods [2] - The growth in payment transactions from foreign visitors indicates a rising trend in international tourism spending in China, with transaction numbers and amounts increasing by 244.86% and 128.04% respectively compared to the previous year [2] Group 2 - The quality and competitiveness of "Made in China" products have improved, attracting foreign tourists to purchase a wide range of goods, from electronics to clothing [3] - The diverse product offerings in China's consumer market, including high-tech items and luxury goods, are appealing to international consumers [3] - Foreign tourists' purchases reflect their trust in Chinese manufacturing and recognition of China's development [3] Group 3 - The integration of culture and tourism in China has led to a rise in the popularity of modern cultural products among foreign visitors [4] - Tourists are increasingly drawn to China's rich cultural heritage and modern urban appeal, enhancing their travel experience [4] - The combination of quality products, diverse consumption scenarios, and convenient services continues to elevate the attractiveness of "China Travel" [4] Group 4 - China's ongoing industrial upgrades, diverse consumption ecosystem, and commitment to openness are key factors in attracting global tourism [5] - The significance of "China Travel" and "China Purchase" extends beyond economic benefits, fostering international exchange and connectivity [5]

国际产业转移本质上是各国比较优势动态变化的市场选择。当一些在华跨国公司将部分产业链外迁时， 我们不必夸大解读，要坚信中国制造仍具有不可替代的优势；当一些跨国公司继续扩大在华投资时，我 们也不能沾沾自喜。中国制造还须提升核心竞争力，向价值链高端攀升。 近日，关于"富士康'回来了'"的新闻受到关注。先是富士康母公司鸿海科技集团宣布，富士康将在郑州 投资约10亿元建设新事业总部大楼。紧接着，国际数据公司发布的数据显示，今年第二季度，苹果手机 在中国智能手机市场出货量已跌出前五名。有分析认为，苹果手机在华销量下降的主要原因之一，是在 印度组装的手机质量合格率仅有约50%。 重要的是，要从产业转移中分析背后的原因。当前，我国产业链外迁除了地缘政治等因素外，关键在 于，随着中国经济发展水平提升，劳动力、土地等成本逐渐增高，与东南亚等地相比，中国失去了在劳 动力密集型行业的比较优势，导致部分制造业中低端环节外迁。但对于低端产业转移，我们不必过于担 心，这不仅从侧面反映了中国制造产业结构调整、高质量发展的趋势，也会倒逼产业链升级。这一点， 从近年来越来越多外资主动投向中国先进制造、高新技术、节能环保等领域也可看出。 中国制造 ...

Core Viewpoint - Jiashi Fund announced a change in subscription rules for its Jiashi Information Industry Fund, effective May 27, 2025, limiting the maximum subscription amount to 10,000 RMB per fund account per open day to mitigate the impact of short-term capital flows on its holding strategy [1][2][11]. Fund Details - Fund Name: Jiashi Information Industry Stock Initiated Securities Investment Fund [2] - Fund Manager: Jiashi Fund Management Co., Ltd. [2] - Fund Code: 017488 [2] - Effective Date for Subscription Limit: May 27, 2025 [2] - Maximum Subscription Amount: 10,000 RMB [2] Fund Performance - Jiashi Information Industry A has reported a year-to-date loss of 7.02%, with a three-month decline of 18.43% [5]. - In contrast, Jiashi Active Allocation One-Year Holding A has achieved a year-to-date return of 14.02%, outperforming its benchmark despite recent core holding pressures [5]. Holdings Comparison - Jiashi Active Allocation One-Year Holding A has a higher concentration in key stocks, with 10.14% in Zhongke Shuguang and 9.6% in Haiguang Information, totaling 19.74% [6]. - Jiashi Information Industry A holds Zhongke Shuguang at 9.76% and Haiguang Information at 9.45%, totaling 19.21% [6]. Market Sentiment - The differing performances of the two funds highlight a market sentiment of "short-term caution, long-term optimism" regarding the technology sector [11]. - Jiashi Information Industry A's subscription limit is seen as a strategy to prevent short-term capital influx from diluting returns, reflecting a complex view on the technology sector's short-term pressures versus long-term potential [11].

Core Insights - Lixun Precision has strategically positioned itself in the AI industry over a decade ago, focusing on four key areas: electrical connections, optical modules, power supply, and thermal management [3] - The company believes that the rise of smart electric vehicles has provided significant opportunities for the Chinese automotive market, which would have been difficult to achieve in the traditional fuel vehicle era dominated by Western companies [3] - Lixun's automotive business, although currently a small revenue contributor, is growing at a rate that exceeds the company's average growth, indicating strong potential for future expansion [3] Group 1 - Lixun Precision has established a leading position in electrical connection technology, while its optical modules, power supply, and thermal management are in a catch-up phase [3] - The growth rates of Lixun's power modules, thermal management, and optical module businesses are significantly higher than the industry average [3] - The company anticipates that the overall growth rate of the automotive supply chain in China will exceed 50% in the coming years, driven by a large domestic market and favorable policies [3] Group 2 - In response to tariff challenges, Lixun has adjusted its production capacity and shifted most of its U.S. exports away from China since the trade tensions of 2018-2019 [4] - The company has established production capabilities in Southeast Asia, Mexico, North Africa, and Eastern Europe, allowing it to mitigate risks and seize new business opportunities [4] - Lixun has conducted a thorough assessment of the impact of the current trade war, finding that only a minimal number of products are affected [4]

Group 1 - The current market turbulence presents an opportunity for long-term investment, particularly as the Federal Reserve's interest rate hike cycle approaches its end and Hong Kong stocks are at historical low valuations [1][5] - Investors are advised to adopt a "pyramid" structure for their investment portfolio, with high-dividend utility stocks at the base for stable cash flow, leading to top-tier tech stocks in the middle, and a portion of flexible funds for capturing emerging opportunities in biotech and Web 3.0 [3][5] - Risk management should focus on designing safety nets rather than retracting positions, with strategies to adjust holdings based on market volatility and currency fluctuations [3] Group 2 - Establishing an "economic dashboard" to track key indicators such as CPI components and fund flows can provide valuable insights for investment decisions, helping to identify market signals that precede sector recoveries [3][5] - The use of intelligent investment research tools to create a long-term value map can assist in identifying undervalued assets amidst market noise, emphasizing the importance of rational analysis and data-driven decision-making [5]

Core Viewpoint - The article emphasizes the critical importance of supply chains in the context of geopolitical tensions and trade policies, particularly focusing on the need for Chinese companies to adapt their supply chain strategies to navigate new challenges and opportunities in global markets [4][7][10]. Group 1: Supply Chain Dynamics - The U.S. Customs has implemented a new "origin verification system" to prevent transshipment trade and tax evasion, requiring importers to provide detailed supply chain documentation [4]. - Many Chinese manufacturing companies are accelerating their overseas expansion to diversify and localize production in response to changing trade policies [4][10]. - The concept of "supply chain security" has become a priority, replacing the previous focus on cost and efficiency [6][7]. Group 2: Global Supply Chain Trends - The migration of supply chains is largely driven by external geopolitical pressures, with companies feeling compelled to relocate production to avoid tariffs and trade barriers [10][11]. - The competition for supply chain dominance is intensifying, with countries like Vietnam and India emerging as alternative manufacturing hubs [13][20]. - The article highlights that while some production is moving away from China, many Chinese companies are still involved in global supply chains, often maintaining ties with their original manufacturing bases [21][22]. Group 3: Strategic Recommendations - Chinese companies should enhance their autonomy within supply chains and focus on building strong relationships with supply chain partners to ensure stability and resilience [7][12]. - The article suggests that companies need to adapt to local supply chain networks and avoid over-reliance on "Chinese speed" in global operations [36][38]. - Mergers and acquisitions are presented as effective strategies for Chinese companies to enter and integrate into foreign markets [41][44]. Group 4: Challenges and Opportunities - The article discusses the challenges posed by rising labor costs and regulatory environments in foreign markets, which may hinder the competitiveness of Chinese firms [16][17]. - It also notes that while supply chain migration is a reality, it presents opportunities for Chinese companies to innovate and find new profit margins abroad [39][50]. - The need for a strategic approach to supply chain management is emphasized, particularly in light of the ongoing trade tensions and the evolving global economic landscape [49][51].

Core Viewpoint - The article discusses the ongoing trade tensions between the US and China, highlighting the temporary pause in tariff increases and the resulting surge in shipping activity and container bookings from China to the US, while also expressing concerns about the long-term implications of these trade disputes [1][2][5]. Group 1: Trade Developments - On May 26, Trump agreed to extend the deadline for imposing a 50% tariff on the EU until July 9, indicating the volatile nature of global trade relations [1]. - Following a temporary halt on high tariffs on May 14, there was a significant increase in container bookings from China to the US, with certain categories like toys and sports goods seeing a 280% increase in bookings [2]. - Shipping companies adjusted prices significantly, with rates from Shanghai to New York increasing by 31.7% and from Shanghai to Long Beach by 22.0% after the temporary trade agreement [4]. Group 2: Economic Implications - The temporary 90-day pause in tariffs has led to increased activity at major ports in Asia, creating new job opportunities as companies rush to ship goods [3][4]. - The article notes that the average tariffs imposed by the US on Chinese imports have risen to 51.1%, while China's tariffs on US goods stand at 32.6%, indicating a significant escalation in trade barriers since the onset of the trade war [5][6]. - The uncertainty surrounding the trade situation continues to challenge businesses, requiring effective operational strategies and investment measures to navigate the prolonged period of instability [6][10]. Group 3: Future Outlook - There is a prevailing concern about whether the trade war will truly end, as the underlying tensions between the two economies remain unresolved [5][6]. - The article emphasizes the need for companies to build resilience in their supply chains and diversify their market strategies to survive in an era dominated by uncertainty [7][9]. - The Chinese government is focusing on stabilizing the economy and expanding high-level openness, which is seen as a significant certainty amid external uncertainties [8][9].

Group 1 - The company has completed the cancellation of stock options and repurchase of restricted stocks as part of the 2022 incentive plan due to unmet performance targets for the third exercise period [2][3] - A total of 7.916 million stock options granted to 311 incentive recipients have been canceled, along with additional cancellations due to changes in employment status of certain recipients [2] - The cancellation of stock options will not affect the company's total share capital or financial results, ensuring no harm to the interests of shareholders, especially minority shareholders [3] Group 2 - The company has submitted the application for the cancellation of the stock options to the China Securities Depository and Clearing Corporation Limited, which has been confirmed and completed [3] - The cancellation process adheres to relevant laws, regulations, and the company's articles of association, ensuring compliance with the 2022 incentive plan [3]