《美国优先投资政策》备忘录延续了特朗普政府加强外资审查力度的立场，核心在于建 立"差别化"的审查机制：一方面放宽盟国对美投资限制，另一方面严格管控与"外国对 手"国家的双向投资活动。 文：国金宏观宋雪涛/联系人厉梦颖 随着对等关税和对等反制的升级，市场担心贸易摩擦可能向其他领域蔓延，在此背景下，2月21日特朗 普政府出台的《美国优先投资政策》备忘录引发关注。 就在《美国优先投资政策》发布一个月前的1月20日，特朗普政府发布的《美国优先贸易政策》备忘录 已释放信号——将重新评估上届政府的对外投资法规。 《美国优先投资政策》备忘录延续了特朗普政府加强外资审查力度的立场，核心在于建立"差别化"的审 查机制： 一方面放宽盟国对美投资限制，另一方面严格管控与"外国对手"国家的双向投资活动 。 虽然目前公布的只是政策框架，但特朗普政府已明确要求相关政府部门启动配套法规制定程序，为后续 出台具体监管措施铺平道路。 特朗普第一任期和拜登政府时期，均颁布过一些对外投资限制命令。 比如特朗普第一任期的2020年11月12日第13959号行政命令，2021年6月3日第14032号行政命令 （对第13959号的修订），拜登政府时期的 ...

Core Viewpoint - The company, Aishide, is a leading digital smart distribution and retail service provider in China, focusing on mobile smart terminals, 3C digital products, communication and value-added services, and fast-moving consumer goods sales services. The company has established long-term strategic partnerships with numerous top brands and is expanding its own brand presence in the 3C digital and fast-moving consumer goods sectors [3][4][8]. Company Overview - Aishide operates in digital smart distribution, digital smart retail, and other innovative businesses, serving as a national first-level distributor for major mobile brands like Apple, Honor, Samsung, and Meizu. The company has built a comprehensive offline sales service network and online capabilities, achieving digital, visual, and intelligent management of all flows in the goods circulation process [4][5]. - The company provides full-scenario digital retail empowerment services, helping offline retail stores integrate with online traffic to create a new ecosystem of integrated retail [5]. Financial Performance - In the 2024 fiscal year, Aishide reported a total operating income of CNY 65.82 billion, a decrease of 28.58% compared to the previous year. The operating profit was CNY 864.05 million, and the net profit attributable to shareholders was CNY 581.49 million, reflecting declines of 6.71%, 6.54%, and 11.26% respectively [26][29]. Profit Distribution Plan - The board approved a profit distribution plan for 2024, proposing a cash dividend of CNY 5 per 10 shares (including tax), based on a total share capital of 1,239,281,806 shares as of December 31, 2024. The total cash dividend payout will amount to CNY 619.64 million, with no capital reserve conversion or bonus shares issued [2][29]. Asset Impairment Provision - The company has decided to recognize an asset impairment provision for the 2024 fiscal year, which will reduce the total profit by CNY 16.90 million. The provision includes bad debt, inventory depreciation, and goodwill impairment, with the total amounting to CNY 71.09 million at the end of the reporting period [74][81].