美国多个州和小型企业要求美国国际贸易法院在政府上诉期间，暂停特朗普的全球关税，称这些关税带 来的经济不确定性正在对他们造成伤害。 政府则认为暂停关税会损害美国外交和总统权威，并提出如果上诉最终维持原判，企业可以申请关税退 款，但企业方认为这一提议"侮辱人"。 与此同时，美国财政部副部长表示，特朗普政府在贸易谈判中取得进展，几项协议接近完成。 俄勒冈州总检察长丹·雷菲尔德（Dan Rayfield）代表约12个民主党主导的州单独提交了意见书，指出特 朗普政府官员在公开场合一再淡化法院裁决的影响，声称可以通过其他手段继续实施关税。 "政府高层官员解释称，其他国家认识到关税的潜在威胁仍然存在，因为还有其他机制并未受到法院裁 决影响，"这些州表示，"仅凭这一点，就足以作为拒绝暂缓执行请求的理由。" 政府还曾暗示，若国际贸易法院的裁决最终维持生效，企业可获得退税，但企业方在周一的文件中称这 一说法具有"侮辱性"。 整体关税谈判进程 4月9日， 特朗普暂停对大多数美国贸易伙伴征收对等关税90天，将高额关税的实施时间推迟至7月初。 当时，特朗普政府表示 ，其目标是"90天内达成90笔交易"。 美国小企业：暂停征收关税，否则 ...

"这里为东南亚中小企业提供了轻资产触达中国市场的新路径。"来自泰国的考察团代表 看到东盟国家馆展示的本国商品，难掩喜色，表示将推动更多泰国特色商品入驻，"期待武 汉成为东南亚与中国内陆的'贸易中枢'"。 俄罗斯巧克力、突尼斯橄榄油、尼泊尔手工唐卡……武汉金控集团旗下华中贸易服务区 总面积约32万平方米，"一带一路"国家馆规划面积近2万平方米，主要有九州省韵馆、东盟 明珠馆、拉美风情馆、魅力丝路馆，汇聚 52 个国家和地区的特色商品，是"一带一路"经 贸合作成果的生动缩影，同时也是进博会国际商品湖北展示集聚地。 据介绍，华中贸易服务区"一带一路"国家馆今年5月1日运营以来，营业额同比上个月翻 了一番，不仅吸引大批市民关注，更迎来印度尼西亚、柬埔寨、泰国等10多批次的境外及港 澳台考察团接连到访。 "进口商品进入中国后，以武汉的地理优势和辐射内地的能力，可以实现一仓发全国， 物流成本在全国具有绝对优势。"华中贸易服务区相关负责人补充道，"同时借助中部六省强 劲的消费潜力，市场销售空间广阔，因此这里也是各类进口商品批发和零售的始发地。" 截至目前，"一带一路" 国家馆是华中地区唯一形成规模的国家馆集群。华中贸易服务 ...

Core Viewpoint - The seminar held in Korla City aims to support private enterprises in their import and export trade by providing tailored customs policies and services, enhancing their ability to navigate international markets and challenges [1][2]. Group 1: Seminar Overview - The seminar was organized by the Korla Municipal Political Consultative Conference in collaboration with Korla Customs, focusing on innovative development paths for private enterprises in import and export trade [2]. - Key topics discussed included foreign trade fundamentals, customs import and export supervision, special customs supervision areas, origin policies, export tax rebates, classification management, and tax-related risks [2][3]. Group 2: Challenges Faced by Private Enterprises - Private enterprises are facing increasing uncertainties and challenges in import and export trade, including insufficient innovation capabilities, weak brand influence, a shortage of international business talent, and limited financing channels [3]. - The Korla Municipal Political Consultative Conference identified that many enterprises are unfamiliar with import and export business and export tax rebate policies, prompting the need for this seminar [3]. Group 3: Impact on Local Trade - Korla's unique geographical advantages have led to significant progress in the import and export trade of local private enterprises, with expanding trade scales, increasing partners, and optimizing trade structures [2]. - The export value of products has been rising annually, with some e-commerce companies leveraging cross-border platforms to promote local products globally, injecting new vitality into Korla's foreign trade development [2]. Group 4: Future Support Initiatives - The Korla Municipal Political Consultative Conference plans to continue leveraging its role as a specialized consultative body to facilitate communication between enterprises and government, supporting the healthy development of private enterprises [7].

Investment Rating - The industry investment rating is "outperform the market," indicating a projected increase of over 10% relative to the market index in the next six months [42]. Core Viewpoints - The report highlights that the overall export performance of the power equipment industry is robust, with April 2025 exports amounting to 7.893 billion yuan, reflecting a month-on-month increase of 27.44% and a year-on-year increase of 52.84% [1][9]. - The report anticipates continued growth in exports as the market enters a peak season, driven by increasing overseas demand [1]. Summary by Category Transformers - In April 2025, transformer exports reached 3.474 billion yuan, with a month-on-month growth of 12.22% and a year-on-year growth of 41.94%. Cumulative exports from January to April 2025 totaled 13.122 billion yuan, marking a year-on-year increase of 50.93% [2][14]. - The African market showed significant growth, with April exports reaching a record high, and overall exports to Africa increased by 143.73% year-on-year [2][15]. Electric Meters - Electric meter exports in April 2025 amounted to 0.965 billion yuan, with a month-on-month increase of 28.83% and a year-on-year increase of 34.39%. Cumulative exports for the first four months of 2025 reached 3.462 billion yuan, reflecting a year-on-year growth of 15.32% [3][21]. - The Asian and European markets exhibited strong growth, with year-on-year increases of 33.59% and 58.67%, respectively [3][22]. Switches - In April 2025, switch exports totaled 0.734 billion yuan, showing a month-on-month decline of 8.82% but a year-on-year increase of 24.71%. Cumulative exports from January to April 2025 reached 2.694 billion yuan, with a year-on-year growth of 26.56% [4][24]. - Exports to Asia, Europe, and Latin America performed well, while the African market showed a month-on-month recovery but continued to decline year-on-year [4][30]. Cables - Cable exports in April 2025 reached 2.720 billion yuan, with a month-on-month increase of 76.21% and a year-on-year increase of 92.88%. Cumulative exports for the first four months of 2025 were 6.857 billion yuan, reflecting a year-on-year growth of 25.93% [9][32]. - The European market saw exceptional performance, with exports increasing by 1012.31% year-on-year [9][34]. Investment Recommendations - The report suggests that the power equipment sector is well-positioned to benefit from the global shift towards renewable energy and ongoing upgrades in grid infrastructure. It recommends focusing on leading companies with strong overseas market expansion and technological advantages [9][40].

上海对于新兴市场的开拓卓有成效，贸易伙伴遍布五湖四海，前4个月对超过200个国家地区有进出口记 录，其中对166个贸易伙伴实现增长。特别是对共建"一带一路"国家进出口近6000亿元，同比增长 11.9%。此外，与中东、东欧等重要节点地区的贸易联系更加紧密，进出口增速超两成。 前4个月，上海市出口机电产品3988亿元，同比增长2.7%，占全市出口总值的六成以上。其中，4月份 出口增长10%，增速比3月份扩大8.5个百分点，呈现稳中有进的良好走势。 进口方面，前4个月，上海市肉类、食用油进口增长超10%，进一步丰富了居民的"菜篮子"，阿富汗的 坚果、意大利的巧克力、爱尔兰的乳品、埃塞俄比亚的咖啡为居民带来更多"舌尖上的享受"；干衣机、 电烤箱、咖啡机等生活电器的进口进一步提高了居民的生活品质。 为进一步提振企业信心，全力促进外贸稳量提质，上海海关在海关总署部署下，根据上海市有关工作要 求，开展2025年度跨境贸易便利化专项行动，并结合上海口岸工作实际和当前外贸形势下企业的突出诉 求，推出《上海海关2025年促进跨境贸易便利化专项行动若干措施》，共5个方面33条，包括：进一步 保障重点商品通关便利、进一步促进跨境物 ...

【公用事业 】 北方火电释放弹性，水电业绩稳健增长 投资建议： 维持公用事业行业"增持"评级。 火电：成本端改善明显，北方火电业绩高增。 25Q1 全国性火电公司盈利仍保持增长，但地方性火电公司 出现一定程度分化，北方火电厂盈利增速整体优于南方电厂。截至 23Q1 、 24Q1 、 25Q1 末火电样本 公司 PE 中位数分别为 15.7 、 12.9 、 10.4 倍， PE 估值持续降低。我们认为火电公司估值回落主要 由于市场对于后续火电盈利改善持续性存疑以及火电板块市场关注度有所降低。 25Q1 受暖冬等因素影 响，火电公司电量普遍大幅下滑，我们预计 25Q2 电量增速边际改善后，火电公司 25Q2 业绩有望持续 修复。 水电：业绩稳定性增强，估值稳健。 水电样本公司 25Q1 盈利维持了 23Q1 以来的高增速，业绩稳定性 较好（ 25Q1 业绩增速中位数 26% ），主要由于 25Q1 水电电量受蓄能影响较大，蓄水及调度持续优 化带来发电量上行。 23Q1 、 24Q1 、 25Q1 末水电样本公司 PE 中位数分别为 16.7 、 18.8 、 18.1 倍， PE 估值先升后降，但业绩稳定上行且 ...

Meeting Information - The annual general meeting of Shanghai Sanmao Enterprise (Group) Co., Ltd. is scheduled for June 20, 2025, at 14:00 [1] - The meeting will be held at the Shanghai Zhonggang Huiberman Hotel, with provisions for both on-site and online voting [1][3] - Participants include directors, supervisors, senior management, and registered shareholders [1] Agenda and Procedures - The meeting will start with the announcement of the meeting and the reading of attendance [3] - Various proposals will be reviewed and voted on, including the remuneration distribution plan [2][3] - Shareholders will have the opportunity to ask questions and receive responses during the meeting [3][4] Company Performance Overview - In 2024, the company achieved a revenue of 1.203 billion yuan, a year-on-year increase of 9.97%, and a net profit of 18.45 million yuan, up 4.84% [7][19] - The core business segments, including security services, import-export trade, and property leasing, showed resilience with a combined profit of approximately 22.29 million yuan [7][8] Corporate Governance and Compliance - The board of directors held seven meetings and two shareholder meetings in 2024, approving 11 proposals [9][10] - The company has implemented a 100% signing rate for the term system and contractual management for management members [8][10] Financial Highlights - The company reported a net cash flow from operating activities of -52.74 million yuan for 2024 [19][20] - The total assets increased to 908.65 million yuan, reflecting a 13.62% growth compared to the previous year [20] - The proposed cash dividend is 0.15 yuan per share, totaling approximately 3.01 million yuan, which is 16.34% of the net profit attributable to shareholders [22][24] Future Outlook - The company plans to enhance internal control and risk management systems while exploring business innovations to adapt to changing market conditions [21] - The 2025 financial budget aims to focus on improving operational quality and efficiency [21]

Core Insights - Beijing Daxing International Airport, operational since September 2019, has achieved significant growth in import and export activities, surpassing 102 billion yuan in total trade by April 2023 [1][2] - The airport has become a vital hub for high-tech product trade, with high-tech products accounting for 60.8% of total imports and exports [2] - The airport's trade activities are closely linked to the Belt and Road Initiative, with substantial growth in trade with participating countries [2][3] Trade Performance - Cumulative imports and exports at Daxing Airport reached 1,020 billion yuan, with imports at 337.7 billion yuan and exports at 682.3 billion yuan [1] - In the first four months of 2023, the airport's trade volume was 161 billion yuan, a year-on-year increase of 6.8%, with private enterprises contributing significantly [1][3] - High-tech product trade reached 619.8 billion yuan, representing 60.8% of total trade, with a notable increase in CPU exports [2] Regional Economic Impact - The Beijing-Tianjin-Hebei region's total import and export value reached 14.3 trillion yuan in the first four months of 2023, accounting for 10.1% of China's total trade [3] - Daxing Airport has facilitated trade for enterprises outside Beijing, with a total of 600 billion yuan in imports and exports from these companies since 2019 [3][4] - The airport has established new international cargo routes, enhancing cross-border e-commerce connections [3] Economic Zone Development - The Daxing Airport Comprehensive Bonded Zone is experiencing rapid growth, with imports and exports projected to reach 9.89 billion yuan in 2024 [4] - In the first four months of 2023, the bonded zone's trade volume was 2.67 billion yuan, reflecting a year-on-year increase of 50.9% [4] International Connectivity - Daxing Airport has expanded its international route network from 10 to 50 routes since its opening, significantly increasing its global reach [5] - The number of inbound and outbound passengers is expected to exceed 5.07 million in 2024, marking a 1.2-fold increase from 2023 [5][6] - In the first four months of 2023, the airport managed 1.923 million passengers and 10,611 flights, showing strong growth in international engagement [6]

Core Insights - The foreign trade import and export value of Heze city increased by 54.4% year-on-year in the first four months of the year, reaching a total of 263.7 billion yuan [4] Group 1: Trade Efficiency Improvements - The establishment of Heze Airport International Cargo Station has significantly reduced the customs clearance time for imported materials from Southeast Asia from 5-7 days to 2-3 days, saving logistics costs by approximately 2,000 yuan per batch [2] - The cargo station, which covers 4,300 square meters and integrates eight functional areas, has streamlined the customs process to a full electronic operation, reducing the clearance time for high-value and time-sensitive goods to 10-20 hours [2][3] - Since its operation, the cargo station has facilitated the import of 13.7 tons of human hair products and the export of 15,000 stems of fresh-cut flowers, showcasing its efficiency [2] Group 2: Economic Impact and Growth - The Heze Inland Port Bonded Logistics Center (Type B) has effectively addressed issues related to export tax rebates and import goods storage for local manufacturing and trade enterprises, significantly lowering operational costs [3] - In the first four months of the year, the bonded logistics center achieved an import of 280 tons of human hair products, an export value of 5 million yuan in gift boxes, and the export of 83 vehicles [3] - The center's first-line business import and export volume reached 210 million yuan, ranking 42nd among over 80 bonded logistics centers nationwide and 2nd in the province [3] Group 3: Policy Support and Innovation - Heze Customs has conducted policy briefings focusing on tariff reductions under RCEP and other free trade agreements, assisting over 200 foreign trade enterprises with policy interpretation and technical guidance [4] - The city has implemented various supportive policies and innovations to enhance foreign trade, resulting in a significant increase in the number of new import and export enterprises [4][5] - The local government emphasizes the importance of foreign trade enterprises as key drivers of economic growth and is committed to providing proactive services and support [5]

据海关总署广东分署统计，今年前4个月，广东省民营企业进出口1.89万亿元，增长5.6%，占同期广东省进出口总值的63.9%；民营企业进出口 已连续3个月同比增长。 张超表示，下一步，广东分署将统筹抓好《中华人民共和国民营经济促进法》和海关促进民营企业发展政策措施的有效落实，进一步深化关地 合作，推动企业信用升级、管理增效、发展提质，更好地激发民营企业的外贸活力和发展动力，更好服务广东外贸高质量发展。 文、图｜记者 汪海晏 通讯员 关悦 据海关总署广东分署稽查工作处处长张超介绍，目前，广东正在有效开展跨境贸易便利化专项行动。海关会同多部门从强化政策供给、促进物 流畅通、优化监管模式、推进互联互通、促进降本增效等五个方面，为广大民营企业在内的外贸主体，提供了29项便利化措施；同时海关进一 步严格规范涉企行政检查，切实保护民营企业合法权益。相关举措将持续优化口岸营商环境，为民营企业有效应对国际经贸形势提供更多动 能。 今年以来，广东省内海关聚焦深化信用管理，精准靶向培训，加大对民营企业信用培育力度；同时，不断强化海关AEO企业便利措施落实， 加强AEO企业联合激励；依托"关企直通车""企业问题清零""关长送政策上门 ...