转自：中国新闻网 中新社巴西阿波迪2月18日电 题：探访阿波迪科技小院：中国春节"撞上"巴西狂欢节中新社记者 林春茵 今年的中国农历春节正好"撞上"巴西狂欢节。带着10个装满年货的箱子，中国农业大学工学院教授、中 国—巴西家庭农业机械化科技小院首席专家杨敏丽从北京前往巴西过年。这也是杨敏丽连续第二年到巴 西过年。这次，她从北京出发，乘飞机、坐大巴，跨越山海行程3万公里，用了40个小时，终于抵达巴 西北里奥格兰德州的小镇阿波迪。这里是中国—巴西家庭农业机械化科技小院项目落地运营点之一。该 项目于2024年11月启动，由中国农业大学与中国农机企业合作，联合巴西当地政府、高校与农户共同开 展，除阿波迪之外，目前还有巴西利亚科技小院落地运营。它们是中国在拉美地区设立的首批科技小 院。中国农大的博士后倪昕东和4名中国学生、两名国际留学生常驻阿波迪科技小院，与当地技术人员 和农民同吃、同住、同劳动，把实验室"建"在田间地头。仅在阿波迪，31台中国农机应用面积近千公 顷，帮助约1000个农户实现作业时间缩短八成、生产成本降低六到八成。春节期间，巴西农户、农业专 家受邀到阿波迪科技小院里联欢，包饺子、嗑瓜子、贴春联，还发红包 ...

Group 1 - The Chinese Lunar New Year coincides with Brazil's Carnival, highlighting cultural exchange and collaboration between China and Brazil in agricultural technology [1][2] - The China-Brazil Family Agricultural Mechanization Technology Center project, initiated in November 2024, aims to enhance agricultural efficiency and reduce costs for local farmers in Brazil [1][2] - The project has already demonstrated significant results, with Chinese agricultural machinery helping local farmers reduce work time by 80% and production costs by 60-80% [1][2] Group 2 - Local farmers and agricultural experts in Apodi celebrate the Lunar New Year with cultural activities, fostering community engagement and collaboration [2] - The project aligns with Brazil's poverty alleviation goals, contributing to a reduction in the number of impoverished individuals from over 30 million to 10 million [2] - The technology center serves as a platform for agricultural research and cultural exchange, enhancing understanding between Chinese and Brazilian communities [3]

中新社巴西阿波迪2月18日电 题：探访阿波迪科技小院：中国春节"撞上"巴西狂欢节 中新社记者 林春茵 今年的中国农历春节正好"撞上"巴西狂欢节。带着10个装满年货的箱子，中国农业大学工学院教授、中 国—巴西家庭农业机械化科技小院首席专家杨敏丽从北京前往巴西过年。 这也是杨敏丽连续第二年到巴西过年。这次，她从北京出发，乘飞机、坐大巴，跨越山海行程3万公 里，用了40个小时，终于抵达巴西北里奥格兰德州的小镇阿波迪。这里是中国—巴西家庭农业机械化科 技小院项目落地运营点之一。 该项目于2024年11月启动，由中国农业大学与中国农机企业合作，联合巴西当地政府、高校与农户共同 开展，除阿波迪之外，目前还有巴西利亚科技小院落地运营。它们是中国在拉美地区设立的首批科技小 院。 巴西政府提出消除贫困目标，近年来已使巴西贫困人口从3000多万减少至1000多万。在2024年担任二十 国集团(G20)轮值主席国期间，巴西积极推动发起全球反饥饿与贫困联盟，已获得包括中国在内的80多 个国家和多个国际组织响应。 阿波迪科技小院巴方技术员埃里巴尔多表示，科技小院的探索与巴西当前的发展目标高度契合。"中国 在小农机领域积累了丰富经验，契 ...

Core Viewpoint - CNH Industrial, one of the largest agricultural machinery manufacturers globally, indicates that the challenging situation for North American farms will persist due to low grain prices and trade uncertainties, with recovery postponed until next year [1] Group 1: Company Insights - CNH Industrial owns tractor brands such as Case and New Holland [1] - The company forecasts a potential global demand decline of 5% this year, reaching historically low levels [1] Group 2: Industry Context - The Trump administration has introduced a $12 billion aid package for farmers; however, competitors like AGCO have noted that this assistance has not yet translated into new sales [1]

Financial Data and Key Metrics Changes - Fourth quarter consolidated revenues were $5.2 billion, up 6% from Q4 of 2024, with adjusted net income at $246 million and adjusted EPS at $0.19, up from $0.15 in Q4 2024 [10][14] - For the full year 2025, consolidated revenues were down 9% year-over-year, while industrial sales decreased in double digits [11][14] - Industrial adjusted EBIT margin for 2025 was 4.3%, primarily driven by higher tariff costs and unfavorable geographic mix [11] Business Line Data and Key Metrics Changes - Agriculture segment sales in Q4 were about $3.6 billion, up 5% year-over-year, with EMEA up 33% and North America down 10% [10][15] - Construction sales increased by 19% year-over-year to $853 million, driven by better sales in North and South America [10][16] - Financial services segment net income in Q4 was $109 million, an 18% year-over-year increase [17] Market Data and Key Metrics Changes - North America is expected to see a significant decrease in large equipment industry retail demand, while EMEA is forecasted to have flat demand with slight increases in tractors [28][30] - Global industry retail demand is projected to be around 80% of mid-cycle, down approximately 5% from 2025 levels [29] Company Strategy and Development Direction - The company’s strategy focuses on five key pillars: expanding product leadership, advancing tech integration, driving commercial excellence, operational excellence, and quality as a mindset [19] - The company aims to achieve a 16%-17% EBIT margin in agriculture by 2030, despite tariff impacts [26] - A robust pipeline of new product launches is planned, including over 15 new tractor launches and 30 precision technology releases by the end of 2027 [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted that commodity prices remain low, impacting farmers' ability to purchase equipment, and the trade environment is still uncertain [9][11] - The company expects the North American revenue and profit pool to grow significantly over the next five to ten years as demand for larger machines increases [11][30] - Management expressed cautious optimism about the European market, highlighting some recovery signs but acknowledging ongoing challenges [11][80] Other Important Information - The company has made significant progress in cost-saving initiatives, achieving $230 million in savings in 2025, on track to reach a cumulative target of $550 million by 2030 [8][25] - Sustainability remains a priority, with the company ranked number one in its industry on the S&P Global Corporate Sustainability Assessment [12] Q&A Session Summary Question: Clarification on inventory situation and setup for 2027 - Management indicated that dealer destocking was accomplished globally, with a shortfall of $150 million against a $1 billion target, landing at $800 million [43][44] Question: EBIT bridge for 2026 - Management provided a breakdown of expected margin impacts, including a reduction in volumes and geographic mix, with operational improvements expected to offset some tariff headwinds [48] Question: Ag profitability in Q1 - Management confirmed that Ag segment EBIT is expected to be around breakeven for Q1 [50] Question: Farmer sentiment in North America - Management noted that farmer sentiment is currently low due to flat income projections and ongoing commodity price challenges [71][72] Question: Product launch pipeline in Europe - Management highlighted excitement around new mid-range tractors and next-gen combines, with positive feedback from farmers [75][76]

Core Viewpoint - China's zero-tariff policy for 53 African countries is expected to significantly impact the pricing of imported goods in local supermarkets, leading to lower prices for various products [1]. Group 1: Price Reductions on African Goods - The price of Kenyan avocados is projected to drop by 40%, from 20 yuan to 12 yuan each [3]. - Ethiopian Yirgacheffe coffee prices will decrease by 30%, saving consumers approximately 8 yuan per cup [3]. - South African Cabernet Sauvignon will see a 25% price reduction, making it competitive with mid-range French wines [3]. Group 2: Logistics and Supply Chain Improvements - The new "Africa Special Line" of the China-Europe Railway allows cashews from Mozambique to reach Chongqing in just 18 days [3]. - Cross-border e-commerce enables Rwandan chili sauce to be delivered to consumers' tables within 7 days after ordering [3]. - The upgraded "fresh goods channel" at Guangzhou Baiyun Airport allows Tanzanian seafood to clear customs within 3 hours [3]. Group 3: Impact on Manufacturing Costs - The zero-tariff policy on cobalt from the Democratic Republic of Congo is expected to reduce the cost of electric vehicle batteries by 5%, potentially saving consumers 7,500 yuan on a 150,000 yuan electric car [5]. - The removal of tariffs on bauxite from Guinea will lower the cost of domestic smartphone casings by 12%, intensifying price competition among brands like Xiaomi and OPPO [5]. Group 4: Market Dynamics and Consumer Behavior - African consumers are increasingly purchasing Chinese mobile phones and agricultural machinery, with Transsion mobile sales in Nigeria surging by 200% and Lovol harvesters becoming popular in Zambia [7]. - The formula for calculating future prices of African goods post-tariff removal is original price multiplied by (1 - tariff rate), exemplified by a 300 yuan South African diamond chocolate saving 45 yuan after the 15% tariff is eliminated [7]. Group 5: Global Trade Implications - The zero-tariff initiative is viewed by some Western media as "economic colonialism," yet African farmers benefit from increased income due to China's tariff exemptions, contrasting with the 25% "fair trade tax" imposed by European buyers [9]. - The initiative highlights the complexities of global trade dynamics, where savings for consumers in one region may challenge protectionist policies in another [9].

Core Viewpoint - The case involves a dispute between a Georgian company and a Chinese import-export company regarding the non-delivery of tractors after full payment was made, leading to a court ruling in favor of the Georgian company for the return of funds and compensation for losses [1][3]. Group 1: Contractual Obligations - The Georgian company entered into a contract to purchase 7 tractors for a total price of 35,709 euros, but the tractors were never shipped despite full payment [1]. - The Chinese company failed to fulfill its contractual obligations and demanded additional fees from the Georgian company, which resulted in further losses [3]. Group 2: Court Ruling - The Beijing Chaoyang District Court ruled that the Chinese company must return the full payment and compensate for additional losses, applying the United Nations Convention on Contracts for the International Sale of Goods (CISG) [3][5]. - The court declared the contract void, which is equivalent to a contract termination under Chinese civil law, emphasizing the need for adherence to international treaties [3][5]. Group 3: Legal and International Trade Implications - The case highlights the importance of accurately applying international treaties and conventions in cross-border trade disputes, particularly in the context of the Belt and Road Initiative [5]. - The ruling serves to protect the legal rights of both domestic and foreign parties, promoting a stable investment environment for foreign enterprises in China [5].

Group 1 - The company will implement its first interim dividend in 2025, allowing investors to share in the company's operational achievements [2] - The company aims to develop a scientific dividend plan to ensure continuity, stability, and rationality in its dividend policy [2] - The goal is to achieve an organic unity between shareholder interests and the company's development [2]

Core Viewpoint - The company, Yituo Co., Ltd., has a strong market presence in major grain planting areas in China, focusing on regions such as the Huanghuaihai Plain, Northeast Plain, and the middle reaches of the Yangtze River [2] Group 1 - The company's products cover major grain planting areas in China, including key agricultural provinces like Henan, Shandong, and Heilongjiang [2] - The traditional agricultural provinces have a solid market foundation and strong demand, consistently ranking among the company's top domestic sales regions [2]

（编辑 丛可心） 证券日报网2月13日讯 ，一拖股份在接受调研者提问时表示，公司当前在海外形成了以中东欧、非洲 区、东南亚、中亚及美洲区为主的五大销售区域，未来公司将以现有核心区域为基础，逐步向美国、欧 盟等高端市场渗透。具体从三方面推进：一是加大海外服务网点建设与人才引进力度；二是针对不同国 家作物种植特点，开展差异化产品技术研发；三是加强与国机集团内相关单位业务协同，实现联动出 海，拓宽销售渠道。 ...