与会嘉宾展开深入探讨： 深化与升级中阿之间科技创新与产业合作 海南日报全媒体记者 王培琳 科技与创新在中阿双方合作中发挥着什么作用?未来，如何进一步深化与升级中阿之间的科技创新 与产业合作? 4月28日，在中国—阿拉伯国家合作论坛第十一届企业家大会暨第九届投资研讨会"深化科技创新 驱动产业升级"专题研讨会上，来自中阿双方的各界代表齐聚一堂，共同展开深入探讨。 阿卜杜拉·达尔马基表示，电子商务可以推动中国和阿拉伯国家之间的数字经济发展，譬如现在提 倡建立数字丝绸之路，中国目前有这样的技术可以促成中阿之间技术合作一体化。 在交通出行方面，滴滴出行政府事务副总裁陈楠表示，滴滴2021年9月已经进入埃及市场，接下来 滴滴将用AI优化埃及的交通系统，提高交通效率，降低城市整体拥堵率。 "在阿拉伯国家，我们认为中国是阿拉伯国家一个非常重要的合作伙伴，"阿卜杜勒·瓦哈卜·格尼姆 坦言，中国有很多工业城市、物流城市、人工智能中心等，中阿合作可以帮助阿拉伯国家发掘利用自身 优势，譬如光伏、太阳能等，双方也有必要通过建立产业园区的模式深化合作。 在中阿合作方面，天津泰达投资控股有限公司副总经理刘德胜介绍，由该公司投资建设的中埃· ...

Core Insights - The collaboration between Huazhu and Didi Chuxing aims to address the time management challenges faced by business travelers, enhancing the overall travel experience by integrating accommodation and transportation services [8][10][12] - The traditional hotel industry has limitations, primarily focusing on accommodation, while the evolving needs of travelers demand a more comprehensive service that includes travel logistics [4][6][15] Group 1: Market Demand and Challenges - Business travelers experience significant time anxiety due to fragmented travel arrangements, requiring them to switch between multiple apps for transportation and accommodation [3][4] - There is a growing expectation from travelers for hotels to provide services beyond just lodging, with a focus on seamless travel integration [5][6] Group 2: Huazhu and Didi Collaboration - The partnership allows over 270 million Huazhu members to book Didi rides directly through the Huazhu app, streamlining the travel process [9][10] - This integration reduces the need for users to switch between different platforms, addressing the anxiety associated with fragmented travel experiences [10][12] Group 3: Redefining Service Value - The collaboration signifies a shift in the hotel industry towards valuing time as a currency, with services designed to enhance the efficiency of travel [12][19] - The Huazhu app now serves as a comprehensive travel management tool, extending its services from accommodation to transportation and other travel-related needs [12][15] Group 4: Future of Hotel Membership Systems - The evolution of hotel membership programs is moving towards a model that emphasizes seamless integration of various services rather than traditional point-based rewards [14][16] - Huazhu aims to become an intelligent platform that manages the entire travel journey, enhancing user experience through data-driven insights [14][15]

[Table_Main] 行业研究|可选消费 证券研究报告 可选消费行业周报、月报 2025 年 04 月 28 日 [Table_Title] 珀莱雅收入破百亿，泡泡玛特 25Q1 海 外大增 ——美护商社行业周报 [Table_ 过去一年PicQuote 市场行情] -14% -5% 5% 15% 25% 4/29 7/28 10/26 1/24 4/24 可选消费 沪深300 资料来源：Wind [Table_ 相关研究报告 DocReport] [Table_Summary] 报告要点： 市场表现 本周（2025.04.21-2025.04.25），申万商贸零售/社会服务/美容护理分 别+0.07%/-0.46%/+3.80%，在 31 个一级行业中排名第 24/28/2；同 期上证综指+0.56%，深证成指+1.38%，沪深 300 指数+0.38%。 细分子板块来看， 美 容 护 理 板 块 ， 个 护 用 品 及 化 妆 品 分 别 +7.11%/+4.89，贸易行业+3.85%。酒店餐饮/旅游景区/专业连锁板块 跌幅居前，分别-3.67%/-1.45%/-1.45%。 本周行业重点事件及资讯 ...

Group 1: Company Developments - Sweet Lala plans to open over 200 new stores globally by 2025, focusing on product innovation and quality control in the domestic market while exploring international business opportunities [1] - Three squirrels have submitted an application for H-share listing on the Hong Kong Stock Exchange, with the process still subject to regulatory approvals [2] - Tencent purchased approximately 2 billion yuan worth of GPU resources from ByteDance in Q1, indicating a competitive landscape for computing resources among major tech companies [3] Group 2: Market Trends and Consumer Behavior - Didi Chuxing predicts a 55% increase in ride-hailing demand during the upcoming May Day holiday, with over 400 million yuan in driver subsidies to encourage service [3] - Honor launched a subsidy campaign worth 1 billion yuan, integrating product experiences into travel consumption scenarios [4] - Xianyu upgraded its coupon channel to enhance user transaction experiences, featuring a bidding mechanism to promote quality sellers [5] Group 3: Product Innovations - Lantu Zhiyin ranked second in the quality assessment of new energy SUVs, showcasing its competitive strength in the 200,000 yuan segment [6][7] - DeepBlue-MR-v1 from DeepBlue Technology topped the MedBench medical model evaluation, excelling in complex medical reasoning tasks [8] - Mafengwo's AI travel assistant "AI Xiaoma" was officially launched, providing personalized travel recommendations and planning features [9] Group 4: Investment and Financing - Nanjing Dahei Niu Information Technology Co., Ltd. secured 20 million yuan in angel round financing, aimed at product development and technological innovation [10] Group 5: Industry Insights - Yao Shangkun, chairman of Guoxiong Capital, stated that China's AI and embodied robotics sectors will lead a new wave of global technological revolution, with significant growth in the Guangdong-Hong Kong-Macao Greater Bay Area [11] Group 6: Employment Trends - A report highlighted trends in flexible employment, showing a significant youth participation rate and a high level of education among workers in this sector [12]

Group 1 - During the "May Day" holiday from May 1 to May 5, 2025, Beijing will host 276 ticketed performances across 1,178 shows, showcasing a vibrant cultural scene [2][3] - The National Centre for the Performing Arts will kick off the May Music Festival on the first day of the holiday, featuring 27 performances over 20 days, including special concerts and classical music events [2][3] - Major events include the musical "The Count of Monte Cristo" with 8 performances during the holiday, and various operas and plays being staged at prominent venues such as the National Centre for the Performing Arts and Beijing People's Art Theatre [3][4] Group 2 - The holiday will feature a variety of concerts, including Zhang Jie’s "Live - Heading to 1982" concert at the National Stadium and the Strawberry Music Festival at Beijing Expo Park, with 72 performances across four stages [3][4] - Classic performances will include traditional Chinese operas and ballets, such as "Farewell My Concubine" and "Dream of the Red Chamber," highlighting the rich cultural heritage of Beijing [3][4] - The holiday programming also includes immersive theater and children's productions, catering to diverse audiences and enhancing the cultural offerings in the city [4]

证券研究报告 | 行业点评报告 2025 年 04 月 28 日 多家电商平台将全面取消仅退款，京东外卖日单量突破千万单 商贸社服行业周报 消费品/商业 | % | 1m | 6m | 12m | | --- | --- | --- | --- | | 绝对表现 | -0.4 | 34.6 | 25.6 | | 相对表现 | -1.1 | 28.9 | 14.4 | 资料来源：公司数据、招商证券 本周餐饮旅游板块指数下降 1.34%，表现弱于沪深 300 指数(上涨 0.38%)和创 业板指数(上涨 1.74%)；商贸零售板块指数本周上涨 0.69%，表现强于沪深 300 指数，弱于创业板指数。 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。 风险提示：宏观经济风险；行业竞争加剧；旅游行业系统性风险。 推荐（维持） ...

Core Insights - The Brazilian food delivery market is experiencing increased competition with the re-entry of Didi's "99 Food" and the anticipated entry of Meituan, amidst challenges faced by the dominant player iFood [1][3][7] Market Dynamics - iFood holds an 80% market share in the food delivery app sector, but its actual market share drops to 20-25% when considering traditional ordering methods like phone and WhatsApp [3][6] - iFood's service issues, including high prices and slow delivery, have led to a decline in consumer preference, creating an opportunity for competitors [3][6] Competitive Landscape - Didi's "99 Food" was initially launched in 2019 but faced challenges against iFood's dominance, leading to a temporary suspension in 2023 [5][10] - Didi has a significant user base with over 50 million users, representing over 40% of Brazil's mobile users, and a driver network of 1.5 million [6][10] - Meituan is actively preparing to enter the Brazilian market, having engaged with local logistics operators and established a tax and operational framework [7][11] Strategic Advantages - Didi's re-entry leverages its existing driver resources and user base, potentially lowering operational costs and enhancing competitive positioning [10][11] - The unique motorcycle culture in Latin America allows for efficient dual-use of drivers for both ride-hailing and food delivery services [6][10] Future Outlook - The Brazilian online food delivery market is projected to grow at a compound annual growth rate of 17.6% from 2023 to 2030, indicating a robust growth environment [7] - The competition may evolve into a subsidy war among Didi, Meituan, and iFood, with the outcome dependent on resource integration capabilities [11][12]

Core Insights - Ninebot Company reported record-high revenue and net profit for 2024, with total revenue reaching 14.196 billion yuan, a year-on-year increase of 38.87%, and net profit attributable to shareholders at 1.084 billion yuan, up 81.29% year-on-year [1] Domestic Market - In the domestic market, Ninebot's smart electric two-wheelers saw explosive growth, with total sales of approximately 2.6 million units and revenue of 7.211 billion yuan, reflecting a year-on-year increase of 70.38% [2] - By March 10, 2025, the cumulative shipment of electric two-wheelers exceeded 6 million units, making Ninebot the fastest company to achieve this milestone in the industry [2] - The company continues to enhance its product matrix by launching innovative products such as the Segway Xyber electric bicycle and the Ninebot M series with a range of up to 100 kilometers [4] Retail Expansion - Ninebot accelerated its offline store expansion, covering over 1,200 counties and cities, with the number of stores surpassing 7,600, further solidifying its leading position in the smart electric vehicle sector [6] Overseas Market - In the overseas market, the Segway brand's all-terrain vehicles achieved significant sales, with 23,800 units sold and revenue of 976 million yuan, marking a year-on-year growth of 39.77% [8] - The Segway all-terrain vehicle brand became the fastest to reach 100,000 units sold globally, supported by its strong technical capabilities and product innovation [8] - The brand's high-end positioning and technological reputation were reinforced through participation in events like the Dakar Rally, enhancing its image of "performance and technology" [10] Financial Performance - The company's gross margin improved significantly, reaching 28.24%, with operating cash flow increasing by 44.59% to 3.354 billion yuan [12] Future Outlook - As a member of the Chinese technology sector, Ninebot aims to leverage its "hardware + data + services" ecosystem to provide quality products and services globally, with expectations of greater potential in the smart mobility sector as its global supply chain and sales network continue to improve [13]

南方财经全媒体记者 陈思琦 深圳报道 去年进出口总值占广东自贸试验区超七成 当日，前海蛇口自贸片区从外贸进出口、深港合作、人才、法治等方面集中发布十组成效数据。 作为广东自贸试验区三大片区之一，前海蛇口自贸片区2024年外贸进出口总值达5379.8亿元，占广东自 贸试验区72%、占全省将近6%。 实际利用外资方面，2015年4月至2024年12月，前海蛇口自贸片区累计实际使用外资381.57亿美元，占 深圳市同期的47.1%、广东省实际利用外资额度的16.3%、广东自贸试验区的67.2%。 固定资产投资方面，该片区年度固定资产投资由挂牌前的117.2亿元增长至2024年的711.2亿元，实现超 六倍增长。 前海自由贸易账户累计交易额突破万亿元，与香港发生的跨境收支占比近八成，发放贷款862.7亿元。 4月27日，深圳前海蛇口自贸片区举行成果发布活动。 南方财经全媒体记者现场获悉，前海蛇口自贸片区已累计推出制度创新成果882项，全国复制推广104 项；区内海关备案企业数量突破1.1万家；外贸进出口总值由712亿元升至2024年的5379.8亿元，年均增 长超25%；实际使用外资累计达381.57亿美元；年度固定 ...

以下文章来源于海豚投研 ，作者海豚君 海豚投研 . 有灵魂的思考、有态度的研究。 来源 | 海豚投研 自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦 的升温，中美两国之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布 了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020 年~2022年间美国政府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等 在争端缓解后仍主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁 ...