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专访丨关税“筑墙”挡不住合作步伐——访德国巴伐利亚州副州长艾旺格
Xin Hua Wang· 2025-05-06 05:51
新华社德国慕尼黑5月6日电 专访|关税"筑墙"挡不住合作步伐——访德国巴伐利亚州副州长艾旺格 新华社记者李函林 "从巴伐利亚州的立场出发,我们坚决反对任何形式的惩罚性关税。"德国巴伐利亚州副州长兼州经济、 发展和能源部长胡贝特·艾旺格日前接受新华社记者专访时表示,贸易壁垒只会损害全球经济,巴伐利 亚州企业和民众更希望看到开放、公平、稳定的国际合作。 在他看来,主要经济体不应陷入相互加征关税的恶性循环,而应以规则为基础,通过对话和协商解决分 歧。"美国对贸易伙伴加征关税,往往会引发报复性措施。理想的做法是各方推动更开放和自由的贸易 环境,这将有助于促进各国间的合作与共同繁荣。" 作为德国经济最发达的联邦州之一,巴伐利亚州长期重视对华经贸关系。这里不仅是宝马、西门子、奥 迪、安联等跨国企业总部所在地,也是众多中国企业在欧洲发展布局的重点区域。目前,约有500家中 国企业在巴州投资运营,超过2000家本地企业与中国保持直接业务往来。 艾旺格认为,德中经济合作应超越地缘政治干扰,持续向互利共赢的方向深化发展。他说,中国一直是 巴伐利亚州非常重要的贸易伙伴。中国企业在新产品开发和新商业模式落地方面非常高效,基础设施建 ...
A股午评:创业板指涨2% 可控核聚变、稀土永磁概念大涨
news flash· 2025-05-06 03:40
金十数据5月6日讯,5月6日早盘,三大指数震荡上行,截至午间收盘,沪指涨0.94%,深证成指涨 1.66%,创业板指涨2%。盘面上看,可控核聚变概念大涨,久盛电气、合锻智能等多只个股涨停;稀土 永磁概念大涨,盛和资源等涨停;华为鸿蒙概念、数字货币概念、CPO概念、算力概念、光刻机概念、 有色板块等均大涨,银行、旅游等板块下跌;全市场半日成交额逾8600亿元,约4800只个股上涨。 A股午评:创业板指涨2% 可控核聚变、稀土永磁概念大涨 ...
与中国同行 就是与机遇同行(国际论坛)
Ren Min Ri Bao· 2025-05-05 21:44
面向未来,施耐德电气将继续强化创新力量,携手更多中国伙伴,共享创新红利,共同把握中国加快发 展新质生产力的时代机遇 1987年,施耐德电气在天津成立了第一家合资工厂梅兰日兰。作为创始团队的一员,我第一次踏上了中 国这片热土。彼时,天津街头自行车川流不息,工厂里机器轰鸣声不绝于耳,人们朝气蓬勃,令我振奋 不已。同事们告诉我,要在中国扎根,就得有个中国名字。从那时候起,我便有了"赵国华"这个地道的 中国名字,和施耐德电气一起开启了与中国的不解之缘。 38年后的今天,当我从"小赵"变成了"老赵",中国已从"世界工厂"发展为"创新高地",其吸引力从"市场 红利"拓展到"创新红利"。强大的供应链基础、丰富的创新场景、优质的人才资源,共同塑造了强大的 创新动力。今天,创新成为中国发展的强大引擎。 38年来,紧贴中国经济脉搏,施耐德电气在中国也取得了长足发展:从当初一家不足百人的合资工厂, 到上个世纪末大规模部署研发创新,如今已形成涵盖研发、供应链、人才、合作伙伴在内的"中国中 心"战略。近两年,我们进一步强化在华研发能力,陆续建成了数字配电中国研发中心、自动化研发中 心、关键电源创新实验室、AI创新实验室等世界级研发机构 ...
中东两大主权基金持仓曝光 现身51只A股十大流通股东名单
Zheng Quan Shi Bao· 2025-05-05 17:23
Core Viewpoint - The report highlights the significant presence of QFII funds, particularly the Kuwait Investment Authority and Abu Dhabi Investment Authority, among the top ten circulating shareholders of A-shares, with a combined market value exceeding 16 billion yuan as of the end of the first quarter [1] Group 1: Kuwait Investment Authority - The Kuwait Investment Authority appeared in the top ten circulating shareholders of 24 A-shares, with a cumulative market value of 5.493 billion yuan, reflecting a quarter-on-quarter increase of 36.95% [1] - In the first quarter, the Kuwait Investment Authority increased its holdings in Feike Electric by 1.63 million shares, with a cumulative market value of 301 million yuan, representing 1.88% of circulating shares [2] - The authority also increased its stake in Yingliu Co. by 540,000 shares, with a cumulative market value of 182 million yuan, accounting for 1.44% of circulating shares [2] Group 2: Abu Dhabi Investment Authority - The Abu Dhabi Investment Authority became a top ten circulating shareholder in 27 A-shares, with a cumulative market value exceeding 10.6 billion yuan, marking a quarter-on-quarter growth of 74% [3] - In the first quarter, the Abu Dhabi Investment Authority entered the top ten circulating shareholders of 12 new stocks, increased holdings in 9 stocks, and reduced holdings in 5 stocks [3] - The largest holding of the Abu Dhabi Investment Authority is Zijin Mining, with 163 million shares valued at 2.956 billion yuan [3]
Preformed Line Products Posts Y/Y Earnings & Sales Growth in Q1
ZACKS· 2025-05-05 16:46
Core Insights - Preformed Line Products Company (PLPC) reported a solid financial performance in Q1 2025, with net sales increasing by 5% year-over-year to $148.5 million and net income rising by 20% to $11.5 million [2][11] Earnings & Sales Performance - Net sales for Q1 2025 were $148.5 million, up from $140.9 million in the same quarter last year, reflecting a 5% increase [2] - Net income reached $11.5 million, or $2.33 per diluted share, compared to $9.6 million, or $1.94 per share, a year earlier, marking a 20% increase [2] Gross Profit and Margins - Gross profit increased to $48.7 million from $44.1 million, with gross margin expanding by 150 basis points to 32.8% [3] - The margin improvement was attributed to a favorable product mix and better leverage on fixed costs, with sales increasing by 9% year-over-year when excluding the negative impact of foreign currency translation [3] Key Business Metrics - Pre-tax income was $13.7 million, a 15% increase from $11.9 million in the prior-year quarter, with pre-tax margin improving by 80 basis points to 9.2% [4] - Sales growth was observed in both the USA (5% increase) and the broader Americas region (39% increase) [4] Segment Performance - The communications business saw a 15% revenue increase due to higher fiber closure product sales [5] - The energy segment's sales rose by 4%, driven by strength in transmission line products, while the special industries segment experienced a 10% decline, primarily due to weakness in the EMEA region [5] Management Commentary - Executive Chairman Rob Ruhlman highlighted a strong start to 2025, with the USA communications business and international operations being key contributors to growth [6] Cost and Tariff Considerations - Ruhlman expressed caution regarding potential impacts of newly enacted tariffs on customer demand, noting that PLPC's domestic manufacturing presence helps manage the high-tariff environment [7] - The company anticipates cost increases related to steel and aluminum inputs and is implementing pricing adjustments and cost-containment strategies [7] Cash Flow and Capital Expenditures - Cash flow from operations was $5.7 million, with a decline in free cash flow year-over-year due to a $7.1 million increase in capital expenditures, including land and building purchases in Spain [9] - Despite this, PLPC reported a trailing 12-month free cash flow conversion rate of 118% and maintained strong liquidity with $54.8 million in cash and cash equivalents [9] Debt and Financing - The company increased its long-term debt to fund the acquisition of land and a building in Spain, supporting international operational expansion [10] - Additional borrowings included a $12.1 million aircraft loan and $15.3 million in overseas financing, with no significant debt maturities in the near term [11]
东方电气:减值拖累24年净利,1Q业绩亮眼-20250505
HTSC· 2025-05-05 15:20
证券研究报告 东方电气 (1072 HK/600875 CH) 港股通 减值拖累 24 年净利,1Q 业绩亮眼 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 04 日│中国内地/中国香港 | 电气设备 | 公司公布 2024 年年报和 2025 年一季报:2024 年营业总收入 696.95 亿元, 同比+14.9%;归母净利润 29.22 亿元,同比-17.7%,低于我们预期的 36.09 亿元,主要系计提资产减值 11.5 亿所致。1Q25 公司营业总收入同比+9.9% 至 165.48 亿元,归母净利润同比+27.4%至 11.54 亿元,高于我们预期的 9.51~10.87 亿元,主要系高毛利煤电订单占比提升。2024 年公司 DPS 为 0.403 元,分红比例为 46.76%。考虑公司有望受益于水火核传统电源的常 态化订单,且随高毛利煤电订单交付盈利能力或将明显提升,维持"买入"。 产业发展再上新台阶,1Q25 净利率同比/环比+0.87/+5.04pp 公司 2024 年海上风电新增装机量跻身前三,市占率突破 10% ...
特锐德:公司及子公司预中标国网项目,中标金额约1.26亿元
news flash· 2025-05-05 08:22
Core Viewpoint - The company, Teruid (300001), and its wholly-owned subsidiary, ChuanKai Electric Co., Ltd., have been pre-awarded contracts for the State Grid Corporation of China's 2025 second batch procurement, with a total expected contract value of approximately 126 million yuan [1]. Group 1: Contract Details - The company is the pre-award winner for several packages, including combination electrical equipment package 51 and switchgear packages 4, 18, and 41 [1]. - ChuanKai Electric Co., Ltd. is the pre-award winner for switchgear package 62, with the awarded products being combination electrical equipment and switchgear [1]. Group 2: Impact on Company - This pre-award is expected to enhance the company's brand and industry influence, positively impacting future operating performance [1]. - The pre-award does not affect the company's operational independence [1].
壮大新质生产力 国资国企挑大梁 上海国资国企党员干部群众深入学习贯彻习近平总书记重要讲话精神
Jie Fang Ri Bao· 2025-05-03 03:35
Group 1 - Shanghai's state-owned enterprises (SOEs) will deepen reforms, optimize layouts, and enhance functions to support the construction of the "Five Centers" [1][2] - The "14th Five-Year Plan" and the deepening of SOE reforms are critical for Shanghai's economic development [2] - SOEs will focus on national strategic support, optimizing the economic layout, and concentrating capital in key industries and emerging sectors [3] Group 2 - The "15th Five-Year Plan" will prioritize employment stability, market stability, and consumer demand [4] - Shanghai's SOEs are pivotal in enhancing industrial competitiveness through technological innovation [5][6] - The Shanghai Port Group aims to integrate technology into port operations, enhancing efficiency and sustainability [6] Group 3 - SOEs are fostering innovation ecosystems to support tech enterprises in Shanghai [7][8] - Shanghai Electric is focusing on key national projects and aims to enhance its market competitiveness through technological innovation [9] - The Shanghai International Group and other investment platforms are optimizing their fund structures to support strategic industries [10][11] Group 4 - Shanghai Mobile is integrating AI with next-generation communication technologies to enhance digital infrastructure [12] - Shanghai Petrochemical is advancing carbon fiber technology and applications to meet future demands [12][13] - The State Grid Shanghai Electric Power Company is enhancing its technological capabilities and promoting AI applications in power systems [13]
Eaton(ETN) - 2025 Q1 - Earnings Call Transcript
2025-05-02 15:00
Financial Data and Key Metrics Changes - The company reported a record adjusted EPS of $2.72, up 13% from the prior year [8] - Organic growth accelerated to 9% from 6% in the prior quarter, with segment margins reaching 23.9% [8][13] - Total company orders increased by 3% compared to the prior quarter, resulting in a book-to-bill ratio of 1.1 [8] Business Line Data and Key Metrics Changes - **Electrical Americas**: Organic sales growth accelerated to 13%, with an operating margin of 30%, up 80 basis points year-over-year [14] - **Electrical Global**: Organic growth increased from 5.5% to 9%, with a 2% FX headwind impacting results [16] - **Aerospace**: Organic growth reached 13%, with a strong operating margin of 23.1% [19] - **Vehicle Segment**: Revenue declined by 15%, including an 11% organic decline, but maintained a margin of 15.5% [20] - **eMobility**: Revenue increased by 2%, with a 3% organic growth [20] Market Data and Key Metrics Changes - The U.S. data center construction backlog increased to nine years based on 2024 build rates, up from seven years [11] - Strong activity was noted in EMEA and APAC regions, with double-digit organic growth reported [16] Company Strategy and Development Direction - The company is focused on leveraging megatrends in its end markets to drive growth, particularly in data centers and utilities [10][25] - The acquisition of Fiberbond is seen as a strategic move to enhance capabilities in the data center market [10][11] - The company is committed to maintaining a localized sourcing and manufacturing strategy to mitigate tariff impacts [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects despite current economic uncertainties, raising the organic growth outlook for 2025 to a range of 7.5% to 9.5% [28][30] - The company reaffirmed its adjusted EPS guidance for 2025, projecting an 11% growth over the prior year [28] Other Important Information - The company has implemented measures to control costs and limit discretionary spending in response to dynamic market conditions [23] - Management highlighted the importance of strong relationships with customers and suppliers to minimize disruptions [23] Q&A Session Summary Question: Data center performance and expectations - Management noted strong double-digit growth in the data center market and expressed optimism for continued high levels of orders and negotiation activity [35][37] Question: Competitive positioning in the U.S. market - The company emphasized its strong local presence and ongoing investments to expand capacity, which positions it favorably against competitors [39][41] Question: Electrical Americas order outlook - Management expects strong order performance in Electrical Americas, supported by a robust backlog and negotiation pipeline [48][50] Question: Implications of data center backlog increase - The increase in backlog is expected to drive demand for modular solutions and enhance the company's competitive position [99][102] Question: Tariff impact on margins - Management discussed the dynamic nature of tariffs and the company's strategy to mitigate cost pressures through pricing and operational efficiencies [72][74] Question: Opportunities in data center orders - Management indicated that the transition to higher power density in data centers will benefit the company's offerings and drive growth [120][122]
Exploring Analyst Estimates for Emerson Electric (EMR) Q2 Earnings, Beyond Revenue and EPS
ZACKS· 2025-05-02 14:20
Core Viewpoint - Emerson Electric (EMR) is expected to report quarterly earnings of $1.42 per share, reflecting a 4.4% increase year-over-year, with revenues projected at $4.38 billion, a slight increase of 0.1% compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised downward by 0.1% over the past 30 days, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts forecast 'Net Sales- Intelligent Devices- Total' at $3.06 billion, indicating a year-over-year change of -0.1% [5]. - 'Net Sales- Software And Control- Total' is expected to reach $1.35 billion, reflecting a 1% increase from the prior-year quarter [5]. - 'Net Sales- Intelligent Devices- Discrete Automation' is projected at $610.20 million, showing a decline of 3.5% from the year-ago quarter [5]. - 'Net Sales- Intelligent Devices- Safety & Productivity' is estimated at $355.61 million, down 2.6% year-over-year [6]. - 'Net Sales- Software and Control- Test & Measurement' is expected to be $355.83 million, indicating a 3% decrease from the prior-year quarter [6]. - 'Net Sales- Intelligent Devices- Final Control' is projected to reach $1.07 billion, reflecting a 1.8% increase from the prior-year quarter [7]. - 'Net Sales- Software and Control- Control Systems & Software' is expected at $696.17 million, indicating a 1.3% year-over-year change [7]. - 'Net Sales- Software and Control- AspenTech' is projected at $293.30 million, reflecting a 5.5% increase year-over-year [8]. - 'Net Sales- Intelligent Devices- Measurement & Analytical' is expected to be $1.02 billion, indicating a 0.7% increase from the prior-year quarter [8]. Stock Performance - Over the past month, Emerson Electric shares have recorded a return of +3.9%, contrasting with the Zacks S&P 500 composite's -0.5% change [8]. - Based on its Zacks Rank 3 (Hold), EMR is expected to perform in line with the overall market in the upcoming period [8].