Group 1 - Suzhou is hosting the 2025 Global Investment Conference, attracting over 1,000 participants from 42 countries and regions, aiming to foster international innovation resources into China [1][2] - The conference signifies Suzhou's commitment to open its doors wider for global collaboration, enhancing its investment environment and market accessibility [2][3] - Since 2016, Suzhou has been actively engaging with multinational companies, resulting in numerous foreign investment projects and establishing itself as a hub for international business [2][3] Group 2 - The first Global Investment Conference led to the signing of 367 projects with a total investment of 373.54 billion yuan, showcasing Suzhou's ability to attract significant investment [3][4] - In the latest conference, 417 projects were signed with a total investment of 341.57 billion yuan, covering sectors such as new information technology, high-end equipment, and biotechnology [4][5] - Companies like Samsung and Panasonic have established a strong presence in Suzhou, indicating confidence in the region's business environment and innovation capabilities [5][6] Group 3 - Suzhou is launching a global industrial innovation partnership program to invite companies to collaborate on research and innovation, aiming to enhance the stability of global supply chains [5][6] - The city is also supporting foreign enterprises in technology innovation and research, exemplified by the establishment of research institutes like the ZF high-end intelligent driving system research institute [6][7] - Policies have been introduced to encourage foreign investment in manufacturing, offering rewards for reinvestment, which reflects Suzhou's proactive approach to attracting global capital [7][8] Group 4 - The local government is focused on improving the business environment, addressing over 6,000 issues to streamline processes for foreign enterprises [8][9] - Suzhou's commitment to enhancing its soft power through a supportive business climate is evident, as it aims to increase the success probability for investors [9]

Core Viewpoint - The upcoming holiday period is expected to see a surge in tourism, particularly from American visitors who are taking advantage of lower prices and tax refunds on essential goods in China due to increased tariffs on imports in the U.S. [1][3] Group 1: American Tourists' Purchasing Behavior - American tourists are primarily visiting China to purchase essential goods that have become significantly more expensive in the U.S. due to tariffs [3]. - The increase in prices for American imports has led tourists to seek out cheaper alternatives in China, where they can also benefit from tax refunds [3]. Group 2: Key Products Purchased by American Tourists - **Clothing and Footwear**: American tourists are buying clothing and footwear, as the U.S. has shifted manufacturing to China and Southeast Asia, leading to higher prices in the U.S. [5]. - **Electronics**: Tourists are purchasing electronics such as smartphones and laptops, as prices in China are considerably lower than in the U.S. [7]. - **Wine**: American tourists are buying wine, particularly from regions in China known for high-quality production at lower prices compared to the U.S. [9]. - **Furniture**: Tourists are procuring furniture, as importing from China is more cost-effective than paying high tariffs on U.S. imports [11]. - **Toys**: Many tourists involved in import-export trade are purchasing toys, which are primarily produced in China, to avoid increased tariffs [13]. - **Hardware**: Tourists are also buying hardware products, as the prices have surged in the U.S. due to tariffs, making personal procurement in China more appealing [15].

作者 | 深鹏 数据支持 | 勾股大数 据（www.gogudata.com） 每一次大的剧变，总会产生一些新赢家。 一战是美国，二战是美国、苏联，冷战前期是西德、日韩，后期是我们。 现在，世界似乎又走到类似的时间关口。 目前的高峰，是懂王牵起的贸易战，激进、强硬、神经质。 不过，这并不是我们此次重点讨论的议题。 我们更关心，这一轮剧变中，新的赢家会有谁？以及有什么投资机会？ 阿三？ 01 贸易战风声鹤唳之际，美国副总统访问了印度。 一天之后，传出美国和印度达成了贸易框架协议。 虽然说这个贸易框架，并不是最终可以执行的细节，大概等于一个意向，后面才会不断往里面填东西，但至少也是一个开始，对于两个国家而 言，都算得上一个利好。 实际上，印度和美国，包括西方发达国家达成经济层面的战略合作，有很多利好条件。 首先，是 人口红利与劳动力成本 。 印度是全球人口最多的国家（ 14.3 亿， 2024 年），且劳动年龄人口（ 15-64 岁）占比高达 67% （约 9.5 亿人），平均年龄仅 28 岁 （中国为 38 岁，美国为 39 岁） ； 印度制造业工人月均工资约为 15,000-25,000 卢比（约 180-3 ...

数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 前十大流通股东累计持有： 20870.77万股，累计占流通股比： 19.82%，较上期变化： -663.75万股。 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.5200 | -0.9300 | 44.09 | 0.0900 | | 每股净资产（元） | 2.01 | 2.58 | -22.09 | 3.49 | | 每股公积金(元) | 1.17 | 1.2 | -2.5 | 1.21 | | 每股未分配利润(元) | -0.13 | 0.39 | -133.33 | 1.32 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 102.12 | 98.48 | 3.7 | 109.35 | | 净利润(亿元) | -5.53 | -9.92 | 44.25 | 0.94 | | 净资产收益率(%) | -22.3 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2024年度报告，2024年公司实现营收442.11亿元，同比增长29.56%；实现归母净利润17.53亿 元，同比减少14.50%；实现毛利率15.77%，同比减少4.17pcts；实现归母净利率3.98%，同比减少 2.02pcts。其中，24Q4单季度公司实现营收127.27亿元，同比增长34.28%；实现归母净利润3.48亿元，同 比增长92.20%；实现毛利率15.53%，同比减少2.08pcts；实现净利率2.80%，同比增加0.91pct。 点评： 海内外双循环发展，"人眼折服"四大业务线打开成长空间 公司秉持精益求精的理念，2024年机器人（人）、XR智能穿戴（眼）、折叠屏（折）、VC散热、服务 ...

比亚迪电子：第一季度净利润6.221亿元人民币。 ...

点评：分析人士认为，以社保基金等为代表的中长期资金持续加大入市力度，市场内在稳定性将不断提 升，2025年会有更多的增量资金进入A股市场。 事关降息，美联储官员深夜发声！ 特朗普考虑对华关税分级方案 关税降至35%引发关注 美方高级官员透露，特朗普政府正考虑多种方案。第一种方案，对中国商品征收的关税税率可能降至大 约50%-65%。第二种方案则被称为"分级方案"，美方将把进口自中国的商品分为所谓"对美国国家安全 不构成威胁"和所谓"对美国国家利益具有战略意义"的商品。 点评：美媒称，在"分级方案"里，美方将对前一类商品征收35%的关税，对第二类商品的关税税率至少 为100%。白宫新闻秘书莱维特称，特朗普在对华关税问题上的立场"没有软化"。 央行连续两个月加量续作MLF 加大向市场注入中期流动性 4月24日，中国人民银行发布公告称，为保持银行体系流动性充裕，2025年4月25日（周五），将以固定 数量、利率招标、多重价位中标方式开展6000亿元MLF（中期借贷便利）操作，期限为1年期。鉴于本 月MLF到期量为1000亿元，故央行MLF口径将实现净投放5000亿元。这也将是央行连续第二个月加量 续作MLF。3月份 ...

龙旗科技(603341.SH)公告称，公司全资子公司惠州龙旗拟以自有资金5,776.54万元收购上海利龙持有的 惠州龙和100%股权。惠州龙和是一家以实业投资、房地产开发、物业管理为主的企业，拥有位于惠州 市仲恺高新区的一宗工业用地及其上的房屋建筑物。此次收购有助于将该地块纳入惠州龙旗制造基地统 一规划运营，增加生产建设配套设施。交易完成后，标的公司将纳入公司合并报表范围。 ...

Financial Performance - The company reported a basic earnings per share of -0.0022 yuan for Q1 2025, a decrease of 116.06% compared to 0.0137 yuan in Q1 2024 [1] - Operating revenue increased by 29.59% to 11.87 billion yuan in Q1 2025 from 9.16 billion yuan in Q1 2024 [1] - Net profit for Q1 2025 was -0.02 billion yuan, a decline of 116.67% from 0.12 billion yuan in Q1 2024 [1] - The return on equity was -0.12% in Q1 2025, down from 0.76% in Q1 2024, indicating a significant drop in profitability [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 28,309.66 million shares, accounting for 33.51% of the circulating shares, with a decrease of 3,957.04 million shares compared to the previous period [2] - Changjiang Industrial Investment Group Co., Ltd. remains the largest shareholder with 20,197.83 million shares, representing 23.90% of the total share capital [2] - Notable decreases in shareholding were observed for Li Zhijiang and Zhong Ge, with reductions of 1,662.50 million shares and 2,043.30 million shares, respectively [2] Dividend Policy - The company has announced that there will be no distribution or transfer of dividends this time [3]

证券研究报告——晨会聚焦 2025 年 4 月 24 日 | 4 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 600428.SH | 中远海特 | | 1519.HK | 极兔速递-W | | 002648.SZ | 卫星化学 | | 688019.SH | 安集科技 | | 300750.SZ | 宁德时代 | | 600600.SH | 青岛啤酒 | | 603081.SH | 大丰实业 | | 002916.SZ | 深南电路 | 中银晨会聚焦-20250424 ■重点关注 【电子】飞荣达*苏凌瑶。公司发布 2024 年年报及 2025 年一季报，公司整 体经营稳健，市场趋势积极向好，受下游应用领域需求增长影响，公司相关 业务规模进一步扩大，AI 服务器相关业务获得客户小批量订单且逐步进入量 产。 【电子】东芯股份*苏凌瑶。公司发布 2024 年年报，在行业景气回暖和市场 开拓的双重驱动下，公司收入同比实现稳步增长。伴随公司研发持续投入及 "存、算、联"一体化战略的推进，公司长期成长空间充分。 【电子】胜宏科技*苏凌瑶。公司发布 2024 年年报及 2025 年一 ...