Core Viewpoint - The recent reduction of tariffs between China and the U.S. is seen as a significant easing of trade tensions, with 91% of tariffs being canceled and 24% suspended for 90 days, which may lead to a rebound in Chinese exports and alleviate cost pressures for global businesses [1] Group 1: Short-term and Long-term Impacts - The tariff adjustments are expected to relieve cost pressures for global enterprises and stabilize supply chains, potentially leading to a "revenge growth" in exports from China in the third quarter [1] - The 90-day period is viewed as a critical opportunity for businesses to navigate the tariff dispute and optimize their supply chains [1] Group 2: Strategies for Overseas Expansion - Companies are advised to diversify markets, decentralize supply chains, and promote localization to mitigate risks associated with tariffs [2] - Emphasis is placed on selecting countries with abundant labor and favorable tariff conditions while avoiding double taxation [2] Group 3: Support for Low-Profit Industries - Recommendations for low-profit sectors like hardware and textiles include technological upgrades, production relocation, and product diversification to mitigate risks [3] - Government support should focus on technological transformation and incentives for overseas expansion to reduce tariff risks [3] Group 4: Addressing "Technological Decoupling" - High-tech companies are encouraged to enhance core technology research and development, reduce reliance on foreign technology, and deepen industry cooperation [4] - Expanding domestic and friendly markets while adjusting supply chain layouts is crucial for long-term sustainability [4] Group 5: International Agreements and Regional Cooperation - High-standard agreements like CPTPP and RCEP are expected to accelerate the internationalization of Guangdong enterprises, particularly in production and service sectors [5] - The Guangdong-Hong Kong-Macao Greater Bay Area should leverage its advantages to integrate with ASEAN, enhancing logistics and reducing costs [5] Group 6: Supply Chain Resilience - Companies should focus on expanding domestic consumption, re-evaluating market positioning, and enhancing brand strength to build resilient supply chains [6] - Future trade tensions may center around tariff issues related to re-exported goods and high-tech products, with potential exemptions for certain sectors [6]

文/李悦 在全球经济格局正经历深度重构、不确定性 显著增强的当下，中国资本市场的估值优势正愈发成为 全球投资者瞩目的焦点。 当前， A股与港股估值水平已 滑落至历史相对低位区间 。 以沪深300指数为例， 其市盈率仅为 12.6倍 ， 这一数值 不足标普500 指数 的一半， 相较于 日经225指数、德国DAX指数等国际主要 股指，同样处于明显低位。 这 意味着在全球资本市场中，A股市场正以极具吸引力的价格，为投资者提供分享中国优质企业成 长红利的机会。 然而，从市场的实际情况来看，A股对外资的吸引力并未如预期般强劲。 据Wind数据，近三年外资持有A股数量虽呈增长趋势，但外资持股市值在流通A股市值和总股本市值 中的占比，均呈下降趋势。截至5月26日，外资持有A股数量合计1274.85亿股，持股市值达2.33万 亿元，占流通A股市值约2.95%，占总股本市值为2.33%。这一数值 与 中国作为世界 第二大经济 体的 庞大 体量形成巨大错位 ， 与A股估值洼地优势 更是 形成鲜明反差 。 数据来源：Wind 在关税战阴云未散的背景下， 中国资本市场该如何突围， 将估值洼地转化为全球资本的"价值锚点" ？ 围绕上 ...

Core Viewpoint - The company has approved a share repurchase plan, intending to buy back a portion of its A-shares within a specified budget and timeframe [1]. Summary by Sections Share Repurchase Plan - The company plans to repurchase A-shares with a total fund amounting to no less than RMB 100 million and no more than RMB 150 million, with a maximum repurchase price of RMB 35 per share [1]. - The repurchase period will last for 12 months from the date of the annual general meeting where the plan was approved [1]. Initial Repurchase Details - On May 28, 2025, the company executed its first repurchase of 626,000 A-shares, representing 0.06% of the total share capital [1]. - The highest transaction price was RMB 19.97 per share, while the lowest was RMB 19.83 per share, with a total transaction amount of RMB 12,462,976 (excluding transaction fees) [1]. Compliance with Regulations - The company strictly adhered to the relevant regulations during the repurchase process, ensuring compliance with the Shenzhen Stock Exchange's guidelines [2][3]. - The company did not repurchase shares during periods that could significantly impact the trading price of its securities [2].

Core Insights - The 2025 Fund High-Quality Development Conference was held in Shenzhen, focusing on new paths for the high-quality development of the fund industry [1] - Liu Yuhui, a member of the Chinese Chief Economist Forum, highlighted that current trade and tariff wars may indicate a shift in global order and balance [4][6] Economic Power Dynamics - The trade conflicts represent a final showdown between China's industrial power and the financial power of the US dollar, which were once aligned but have diverged significantly over the past 20 years [7] - By 2024, China's industrial manufacturing output is projected to account for 35% of global manufacturing, with expectations to rise to 45% by 2030 [7] - The technological density of China's supply chain is estimated to exceed 60%, as lower-end manufacturing has moved overseas to mitigate geopolitical risks [8] Currency and Trade Relationships - Increasingly, global economic activities are moving away from the US dollar, with examples including trade agreements between China and Saudi Arabia, and China and Brazil, utilizing currency swaps [9] - The US faces significant macroeconomic imbalances as a result of these shifts, threatening its ability to maintain economic stability [9][11] Inflation and Debt Issues - The US is experiencing severe debt imbalances, with a projected $12 trillion in interest payments this year, exacerbated by rising interest rates [12][13] - The high inflation rates in the US are leading to increased costs for foreign capital, further straining the US economy [11][12] Strategic Recommendations - China is positioned to leverage its strong industrial power and technological advancements to challenge the dominance of the US dollar [14] - The country aims to enhance openness, balance wealth distribution, and promote market-oriented reforms to solidify its economic advantages [15][16] - Investment strategies should focus on recognizing the ongoing strategic competition between China and the US, with gold being recommended as a stable asset during this period of transition [16][17]

Group 1: China's Role in Global Trade - China remains a key player in the global trade environment, as highlighted by various international organizations and business leaders at the 2025 Global Trade and Investment Promotion Summit [1] - The Chinese market is viewed as a significant opportunity for foreign investment, with 70% of Australian companies prioritizing China as an investment destination [2] - Chinese companies are recognized for their strengths in various technology sectors, attracting increasing interest from Japanese firms looking to collaborate [2] Group 2: Innovation and Technological Cooperation - Technological collaboration is a major focus of the summit, with emphasis on China's advancements in new technologies [3] - U.S. companies are encouraged to remain in China to leverage the ongoing market growth and innovation, particularly in the automotive sector [3] - Malaysia's businesses are set to collaborate with Chinese firms, benefiting from high-tech capabilities [3] Group 3: Confidence in Multilateralism - The summit participants reaffirmed their support for multilateralism, recognizing China's critical role in promoting cooperation and a win-win approach [4] - China is seen as a responsible participant in global trade, continuously opening its market and fostering a fair competitive environment amidst rising protectionism [4] - China's commitment to promoting globalization is viewed as essential for global stability [4]

（文章来源：中国新闻网） 中新网宁波5月23日电(奚金燕)塞尔维亚草甸蜂蜜、匈牙利贵腐酒、保加利亚玫瑰制品……22日，第四 届中国—中东欧国家博览会暨国际消费品博览会(以下简称"中东欧博览会")在浙江宁波举办。现场汇聚 了8000多种中东欧特色商品，吸引了许多中国采购商"下单"。 走进"数智中东欧"展区，来自斯洛伐克的马丁·扎加克此次虽然没有带来实体产品，但还是吸引了不少 中国采购商的目光。他此次主要分享企业自主研发的航空气象监测系统，主要通过在机场附近建设专业 气象站以实现复杂天气的预警，目前已经在云南、海口落地。 "中国非常重视发展低空经济，我相信接下来还有很多合作机遇。"马丁·扎加克认为，中国正在低空经 济领域构建起一套涵盖研发制造、运营服务、基础设施等全链条的产业生态经济。他希望能够借助中东 欧博览会进一步抢占市场先机。 据悉，本届中东欧博览会吸引来自中东欧14国和英国、法国、德国、西班牙、意大利等9个国家的435家 企业参展。展区既有水晶、啤酒、葡萄酒、蜂蜜、奶酪等传统中东欧好物，又有VR眼镜、智能家电等 代表高科技产品，为中国采购商、消费者带来了多元化的选择。 展会首日就有24个采购项目达成签约， ...

【导读】中美谈判超预期，人民币资产长期吸引力有望提升 日前，中美经贸高层会谈取得重要进展，将对中国宏观经济、股票市场带来哪些影响？市场资金趋势会 否出现变化？ 近期，摩根士丹利中国首席经济学家邢自强接受媒体采访，对中国宏观经济的发展趋势进行了展望。他 认为，中美关税谈判结果超出预期，财政政策年内有望进一步发力拉动内需。 今年两会提出的一系列经济刺激政策，如消费品补贴、加大基建投资、扶持科技领域等，在推动经济发 展方面发挥了积极作用。建议适时推出补充性财政政策，例如，下半年再推出万亿元级别的额外财政支 持政策，以进一步拉动内需和消费。 王滢分析，从4月下旬开始，被动基金重新流入中国股市。随着市场情绪趋于稳定，叠加投资者对宏观 和资本市场投资环境的理性分析，境外投资者逐渐达成共识——全球贸易摩擦背景下，中国股市的可投 资性和相对吸引力受影响程度，相比其他市场要小得多。 王滢认为，当下关税降低对中国股市构成利好，中国上市公司的可投资性继续改善。背后逻辑是中国政 府重申优先发展宏观经济，强调民营企业营商支持政策，对全球投资者了解决策方向起到了正向引导作 用；上市公司净资产收益率触底反弹；中国在高科技领域的可投资性提升 ...

Group 1 - The core viewpoint is that Chinese assets are increasingly attractive to global investors, with a consensus growing around the idea of a "stable China" providing fertile ground for investment [1][2] - In April, there was a net inflow of $17.3 billion in cross-border funds from non-bank sectors, with foreign investors increasing their holdings of domestic bonds by $10.9 billion, indicating strong foreign interest in Chinese assets [1] - China's economy shows strong resilience, supported by a complete industrial system and ongoing structural reforms that enhance the manufacturing sector's competitiveness [2][3] Group 2 - The financial sector is seeing expanded access for foreign investors through initiatives like Bond Connect and Stock Connect, along with optimized QFII and RQFII systems, making it easier for foreign capital to enter [3] - The Chinese government has implemented policies to encourage foreign investment in high-tech and strategic emerging industries, providing tax incentives and land guarantees for qualifying projects [3] - Continuous investment in research and development, with R&D expenditure exceeding 2.5% of GDP, has led to significant technological innovations, enhancing China's position in the global tech landscape [3][4] Group 3 - The stability of China's economic foundation, policy framework, and technological innovation collectively create a strong magnet for foreign investment, positioning Chinese assets as a preferred choice for global capital seeking safe and appreciating value [4] - As China's high-quality economic development progresses, the appeal of Chinese assets is expected to grow, contributing to global economic recovery [4]

Group 1 - The friendship between China and Hungary is highlighted as a stable bridge amidst global uncertainties, with a history dating back to the Silk Road era [1][6] - Hungary is positioned as a key gateway for Chinese companies entering the European market, offering a welcoming environment and supportive policies for investment [8][9] - The cooperation between China and Hungary spans various sectors, including high technology, infrastructure, and cultural education, with significant potential for future collaboration [1][6][12] Group 2 - The importance of mutual understanding and cooperation over confrontation is emphasized, with China advocating for shared responsibility in building a community with a shared future [2][4] - Hungary's role in the Belt and Road Initiative is recognized, with ongoing projects like the Hungary-Serbia railway enhancing regional connectivity and economic opportunities [12] - The potential for increased cultural and educational exchanges is noted, with initiatives such as bilingual schools fostering deeper ties between the two nations [6][8]

Core Viewpoint - The company has successfully achieved the conditions for the first unlock period of the 2024 restricted stock incentive plan, allowing 58 incentive targets to unlock a total of 1,698,000 shares, which represents 1.36% of the company's total share capital [1][6][7]. Approval Procedures - The company held meetings to review and approve the relevant proposals regarding the 2024 restricted stock incentive plan, including the first grant of restricted stocks and the adjustment of related matters [2][3][4]. Performance Conditions - The first unlock period for the restricted stocks is set from 12 months after the grant date, which was on May 6, 2024, until the last trading day within 24 months [5]. - The company achieved a net profit growth rate of 66,621,475.09 yuan, meeting the performance assessment criteria for the unlock conditions [5][6]. Unlock Conditions - The unlock conditions were met as the company did not experience any disqualifying events, and all 58 incentive targets achieved "excellent" performance ratings [6][7]. - The total number of shares eligible for unlocking is 1,698,000, with specific allocations to various management levels [6]. Legal Opinions - The legal counsel confirmed that the company has obtained the necessary authorizations and approvals for the unlock of restricted stocks, and all conditions stipulated in the relevant laws and regulations have been satisfied [7][8].