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。 今 日 聚 焦 【北方稀土（600111.SH）】Q4归母净利润为全年单季最高，2025年生产经营目标利润总额增长53.5%—— 2024年报点评 北方稀土公布2024年报，公司2024年实现营业收入329.66亿元，同比-1.58%；实现归母净利润10.04亿元， 同比-57.64%。2024年业绩下滑主要系稀土产品价格下跌，但公司主要品种销量均增长。推进绿色冶炼升 级改造项目，2025年主要生产经营目标再有提升。稀土价格位于底部区间，静待行业反转。 （王招华/马俊）2025-04-23 震裕科技24年营收71.29亿元，同比增长18.45%；归母净利润2.54亿元，同比增长493.77%；扣非归母 净利润2.31亿元，同比增长252 ...

编者按：关税战之下，义乌怎么样？作为中国传统的外贸基地，近日这座中国小城又登上了国内外主流 媒体的重要版面。然而，与外界想象中不同的是，义乌很淡定，有信心。 原以为这里的商家、企业会因为关税战陷入不安惶恐，但现实中在经历最初的担忧后，义乌很快回归了 常态。为什么这个有着"义乌指数"之名、被视为中国出口风向标之一的地方，似乎云淡风轻？是刻板印 象，让大众观察义乌的角度失焦了，还是义乌模式本身正在迅速发生巨大的改变？ 对此，观察者网联系了东吴证券消费商社行业首席分析师吴劲草，关税战之初，他就到义乌调研，了解 当地企业和商家对关税政策变化的反应，也为我们带来更深入的分析。 义乌商贸城某电子产品摊位上，正在谈生意的外国老板 【对话/观察者网 朱敏洁】 观察者网：吴老师，您好。最近您写了一篇义乌国际商贸城一线观察的文章，提供了关税战之下的一个 切面，引起不少关注。对大众来说，可能有点"反直觉"的是义乌作为中国传统的外贸出口地，似乎影响 并不大。经过这些天特朗普政府关税政策的反复无常，义乌商贸城的情况还是如您上周所言影响不大、 比较淡定吗？像您文中提到的几种类型的商店，其中有一家是专门做圣诞商品出口美国的，这类商店目 前 ...

以下文章来源于华商韬略 ，作者华商韬略 华商韬略 . 聚焦标杆与热点、解构趋势与韬略 2018年中美贸易摩擦开始的三个月后，一家日本媒体悄悄去了义乌，走访了100家店铺，记者的 问题只有一个： 关税对你们有没有影响？ 这位记者显然听到了他想要的答案—— 制造拖车轮胎的店主说，"当然有影响了，没生意做了。"箱包店的老板说，"订单取消了，我损 失了好几万。" 作者： 东木褚 来源：华商韬略（ ID：hstl8888） 2018年，特朗普用关税对中国发动"突袭"，打了很多企业一个措手不及，外贸重镇义乌的企业 尤其艰难。 如今，面对更加疯狂的关税乱战，义乌的老板还好吗？ 01 还有人被问得直接破防了，"日本记者为什么关注中美贸易战？和你们日本有关系吗？" 末了，商贸城的一位市场运营人员道出了义乌老板最怕的事，"不仅美国，其他国家的买家也少 了，比起看得见的损失，谁都不来买东西这种看不见的损失最让人担心。" 那段时期，贸易战的阴影逐渐在义乌蔓延，从事对美出口的日韩买家减少近半，在商贸城的文具 店区，商铺数量少了一成多，当年整个市场的成交额虽然还在涨，但增长率从25%下降到了 11%，增速放缓了不少。 02 7年后的20 ...

作者：丁玎 邹婷 朱斌 杨立培 "对等关税"风暴来袭，但美国采购商来中国的脚步未被阻挡。在浙江义乌，4月是圣诞用品采购的重 要时点，在关税摩擦发生后，美国采购商还是来到了义乌，并继续下了订单。义乌国际商贸城的商户 告诉第一财经记者，义乌商品在服务、品控、价格上有一定程度的不可替代性，这也是美国客户依然 选择他们的重要理由。更现场、更财经，一探究竟！ 微信编辑：夏木 ...

最近在搞一个新业务，在 深圳以及珠三角地区 有 厂房、写字楼租赁需求 的朋友，可以免费进群咨询， 免佣金 找房，找到了也 不收佣金 。 作者：余 飞 01 千亿县迎来大扩容 一年时间，千亿县（县与县级市）就迎来了大变局。 第一变：5000亿以上的县级市，+1。 根据江阴市统计局披露：2024年，江阴实现地区生产总值5126.13亿元。 作为常年位居县域经济第二名的江阴，再次登上了新台阶，夯实了其中国第二县级市的宝座。 2007年江阴GDP突破千亿，2010年突破两千亿，2016年突破3000亿，2019年突破四千亿。 第二变：3000亿以上县级市，+1。 常熟市统计局披露， 2024年常熟实现地区生产总值3079.10亿元，按不变价格计算比上年增长6.2%。 第三变：千亿县迎来扩容，+3。山东滕州市、安徽长丰县，江苏新沂市，加入阵营。 长丰县2024年实现GDP1038.64亿元，按不变价格计算，同比增长10.6%； 滕州市2024年全市实现生产总值1039.30亿元，增长6.0%。新沂市2024年 GDP1026.64亿元，同比增长8.3%。 | 排名 | 县 (市、旗) | 省 (区) | GDP (亿元 ...

4月1 4日上午1 0点，国务院新闻办举行新闻发布会，公布今年一季度进出口情况。据海关统 计，今年一季度，我国货物贸易进出口1 0 . 3万亿元，增长1 . 3%。其中， 一季度，我国对欧盟进出口1 . 3万亿元，增长1 . 4%。中欧经济高度互补、利益紧密交融，推动 双边贸易持续向好发展。东盟继续稳居我国第一大贸易伙伴地位，进出口1 . 7 1万亿元，增长 7 . 1%，占我国整体外贸的比重提升至1 6 . 6%。我国与东盟经贸关系日益紧密，贸易互补不断 增强。 一 季 度 ， 我 国 与 共 建 " 一 带 一 路 " 国 家 进 出 口 5 . 2 6 万 亿 元 ， 增 长 2 . 2% ， 规 模 再 创 历 史 同 期 新 高，占我国整体外贸比重继续提升至5 1 . 1%。 来源 | 央视新闻、新华社 本期编辑 金珊 SFC 进出口增速逐月回升， 在外部困难挑战增多的情况下，各地各部门和广大外贸经营主体积极应对，推动一季度我国 外贸进出口实现平稳开局。 出口方面， 一季度，我国出口规模突破6万亿元，实现6 . 9%的较快增长 ，在压力下展现强劲 韧性。其中，对1 7 0多个国家和地区出口实现增长。 ...

Core Viewpoint - Despite the challenges posed by increased tariffs from the United States, Chinese manufacturers in Yiwu remain optimistic and are actively seeking to expand into other global markets [1][3][4]. Group 1: Impact of Tariffs - The U.S. has raised tariffs on Chinese imports to 145%, leading to a significant reduction in orders from American clients [3][5]. - The trade war is expected to reduce bilateral trade volume by 80% according to WTO data [3]. - Many manufacturers in Yiwu are experiencing a decline in U.S. orders, with some companies reporting that only 20% of their clients are American, down from 80% pre-pandemic [5][8]. Group 2: Market Diversification - Manufacturers are increasingly diversifying their customer base, with a focus on markets in Africa, Latin America, and ASEAN, which have shown significant growth [8][12]. - Yiwu's total import and export value reached 668.93 billion yuan in 2024, with exports amounting to 588.96 billion yuan, reflecting a year-on-year growth of 17.7% [8]. - The strategy to reduce reliance on the U.S. market is evident, as companies are redirecting orders to Europe and domestic markets [4][14]. Group 3: Resilience and Adaptation - Business owners express a strong sense of unity and determination to overcome the challenges posed by U.S. tariffs, indicating a collective resolve to adapt [3][15]. - The Chinese government is facilitating support for foreign trade enterprises to expand domestic sales channels, which is seen as a buffer against the impact of tariffs [13][15]. - Many suppliers in Yiwu are optimistic about their ability to navigate the trade war, emphasizing their commitment to hard work and resilience [15].

Core Viewpoint - The furniture market in Foshan, Guangdong, has been recognized as a national 4A scenic area, showcasing a new model of integrating tourism with industry, transforming shopping into a lifestyle experience [1][2]. Group 1: Industry and Economic Impact - The Foshan furniture market features a 10-mile long street and 3 million square meters of exhibition space, representing a significant industrial scale that attracts both domestic and foreign visitors [2]. - This "industrial tourism" model combines production, sales, and cultural experiences, similar to renowned attractions like the Mercedes-Benz Museum in Germany [2]. - The case of the furniture market as a 4A scenic area opens new avenues for the integration of industry and tourism, exemplified by other successful models like Yiwu's small commodity city and Jingdezhen's ceramic workshops [2]. Group 2: Experience Economy and Consumer Engagement - The transformation of shopping into an experiential activity allows visitors to engage as both consumers and participants in the cultural industry, enhancing the added value of cultural tourism [1]. - Key factors for attracting visitors include experience design, which involves planning movement flows, interactive projects, and cultural empowerment to enhance the "tourability" of industrial clusters [2]. - The establishment of a collective brand effect, such as "Foshan-made" products, can strengthen the recognition of local industries and their synergy with tourism [2]. Group 3: Trends in Cultural Tourism - The contemporary cultural tourism industry is evolving into a diverse landscape, where unique, story-driven, and participatory experiences are becoming essential for attracting visitors [3]. - There is potential for various locations, from cities to community markets, to become popular cultural tourism spots by focusing on their distinctiveness and engagement [3]. - The ongoing exploration of "cultural tourism + various industries" is expected to yield more opportunities for transforming everyday experiences into attractive destinations [3].

Core Viewpoint - The article emphasizes the collective response of Chinese commodity associations against U.S. trade protectionism and the need to maintain stability in the global commodity market and supply chains [1][4]. Group 1: Response to U.S. Tariffs - Nine major commodity associations in China have united to oppose U.S. tariffs, which they claim disrupt global commodity prices and trade order [1]. - The associations call for solidarity among members and industry enterprises to tackle the challenges posed by U.S. trade protectionism [1][3]. Group 2: International Cooperation - The associations advocate for active participation in the formulation of international trade rules to create a fairer system [2]. - They propose the establishment of a commodity pricing system in RMB and a cross-border settlement system in collaboration with international partners [2]. Group 3: Industry Support Initiatives - The associations plan to organize actions such as the "Commodity Market and Supply Chain Protection Initiative" to assist industries in responding to U.S. tariffs [3]. - They emphasize the importance of leveraging China's large market to diversify procurement and sales channels, enhancing international cooperation [4]. Group 4: Domestic Market Engagement - Various Chinese business associations have urged enterprises to engage with foreign trade companies to understand their needs and plan collaborations [5]. - Companies like JD.com, Hema, and Dingdong Maicai have committed to significant domestic procurement efforts to support foreign trade enterprises [5].

Core Viewpoint - The company, Sumida, reported a revenue of 117.17 billion yuan in 2024, a decrease of 4.75% year-on-year, while net profit attributable to shareholders increased by 11.69% to 1.15 billion yuan, indicating a focus on enhancing operational efficiency and resilience in a challenging economic environment [28]. Company Overview - Sumida operates in various sectors including shipbuilding and shipping, diesel generator sets, outdoor power equipment, clean energy, ecological environmental protection, and textile and apparel [4][14]. Industry Situation Shipbuilding and Shipping - In 2024, China's shipbuilding completion volume reached 48.18 million deadweight tons, a year-on-year increase of 13.8%, with new orders rising by 58.8% to 113.05 million deadweight tons, and the hand-held order volume increasing by 49.7% to 208.72 million deadweight tons [4]. - The Baltic Dry Index (BDI) averaged 1,754.7 points in 2024, up 27.3% year-on-year, with the Capesize Index (BCI) seeing the largest increase of 37.85% [5]. Diesel Generator Sets - The diesel generator set market is benefiting from the implementation of national initiatives like "new infrastructure" and "East Data West Computing," leading to significant growth opportunities [6]. Outdoor Power Equipment (OPE) - The global OPE market is dominated by North America and Europe, accounting for over 85% of demand, with a steady growth trajectory under the dual carbon goals [7]. Clean Energy - In 2024, China's newly installed photovoltaic capacity reached 277.57 GW, a year-on-year increase of 28.3%, while the export value of photovoltaic products fell by 33.9% to approximately 32.02 billion USD [8]. Ecological Environmental Protection - The government continues to promote pollution prevention and ecological restoration, with a focus on reducing emissions and enhancing green transformation [9]. Textile and Apparel - China's textile and apparel export value reached 301.1 billion USD in 2024, a year-on-year increase of 2.8%, with textile exports growing by 5.7% and apparel exports by 0.3% [11]. Financial Performance - The company achieved a total import and export volume of 12.93 billion USD in 2024, a year-on-year increase of 5%, with exports amounting to 5.48 billion USD, up 12% [28]. - The company's supply chain segment generated a revenue of 83.51 billion yuan, contributing significantly to overall performance [32]. Strategic Initiatives - The company is focusing on dual circulation development, enhancing international and domestic market capabilities, and leveraging the Belt and Road Initiative to boost exports to participating countries [33]. - The company is also investing in digital transformation and innovation to improve operational efficiency and customer engagement [39].