随着美国政府对来自中国的进口商品加征高额关税，美国西北海港联盟联合主席兼塔科马港总裁约翰·麦卡锡预计，来自 中国的货运量将下降，随之而来的可能就是美国人的失业，以及货架上商品种类的减少。 此外，他还表示，自己刚从越南和韩国出差回来，并有机会同那里的航运业人士交流，他认为大洋两岸都感受到了不确 定性，以及对未来的担忧。 监制丨蔡耀远 责编：张靖雯、卢思宇 美国西北海港联盟经营着西雅图港和塔科马港。在接受波士顿公共广播电台（WBUR）采访时，麦卡锡表示，通过该港 口联盟进口的商品中有约51% 是来自中国，进口商品包括家具、塑料制品、玩具等等；而同中国的贸易往来也占该港口 联盟业务量的40%。他认为，港口相关工作将受到影响。 "首当其冲的是那些离航运码头最近的工作，尤其是两港的码头工人"，麦卡锡表示。此外还有卡车司机、维持码头运营 的相关人员等等。他表示，关税战的持续肯定会给他们带来直接影响。 麦卡锡认为，关税战的继续会导致到港船只数量的下降，会导致货船越来越小，最终导致货运量越来越少，港口业务量 下降。比如，苹果是两港所在的华盛顿州的重要出口产品，此前2018年的贸易战已导致该联盟失去了苹果出口市场。麦 卡锡表示 ...

Group 1 - Guangdong Province has released a local standard for the packaging and labeling of tropical fruits, aimed at regulating the management of packaging and labeling for tropical and subtropical fruit production and sales within the province [5][6][7] - The standard is expected to enhance product quality and safety, increase market competitiveness, and provide consumers with safer and higher-quality fruit products [6][7] Group 2 - The 2025 China International Agricultural Machinery Exhibition will be held in Wuhan from October 26 to 28, with over 1,500 companies having completed booth applications by the end of April [9][10][11] - The significant increase in the number of applications compared to previous years reflects the confidence of agricultural machinery companies in the industry's development prospects [11][12] Group 3 - The Postal Savings Bank of China in Shaoguan is leveraging financial innovation to support the development of agricultural social service enterprises, contributing to the local implementation of the "Hundred Million Project" [30][31] - As of March 2025, the bank's agricultural loans balance reached 4.973 billion yuan, with a total of 82.8 million yuan lent to 141 related enterprises and farmers [33]

今日，国务院关税税则委员会公布公告称， 4月10日，美国政府宣布对中国输美商品征收"对等关税"的 税率进一步提高至125% ，美方对华肆意加征畸高关税，严重违反国际经贸规则。国务院关税税则委员 会调整对原产于美国的进口商品加征关税措施，由84%提高至125%。在此背景下，农机产业需求释放 的预期增强。 东吴证券分析师周尔双介绍， 2024年我国从美国进口的主要商品中，农副产品金额占比达到16.3%， 仅次于机械电子类产品 。周尔双判断，关税提升之后我国从美国进口农产品总量预计有所下降，有望 对国内粮食价格形成上涨支撑，利好农机行业需求。 事实上，自2024年下半年以来，我国粮食进口已经逐渐放缓，小麦、玉米等进口大幅下降，且在2025 年一季度粮食进口有望延续下降趋势。 对于粮价向农机需求的传导，中联重科(000157)近期接待调研时表示，2025年粮食价格有望回升，随 着粮食价格上涨，预计后续用户购机意愿会有所提升，但受制于农户2024年收益大幅降低或亏损，今 年的采购不会出现增长或下滑，随着粮食价格的增长和2025年的用户收益增加，有望看到2026年农业 机械市场景气度转好。 进口替代则是农机行业另一大趋势 ...

今日，国务院关税税则委员会公布公告称， 4月10日，美国政府宣布对中国输美商品征收"对等关税"的 税率进一步提高至125% ，美方对华肆意加征畸高关税，严重违反国际经贸规则。国务院关税税则委员 会调整对原产于美国的进口商品加征关税措施，由84%提高至125%。在此背景下，农机产业需求释放 的预期增强。 东吴证券分析师周尔双介绍， 2024年我国从美国进口的主要商品中，农副产品金额占比达到16.3%， 仅次于机械电子类产品 。周尔双判断，关税提升之后我国从美国进口农产品总量预计有所下降，有望 对国内粮食价格形成上涨支撑，利好农机行业需求。 事实上，自2024年下半年以来，我国粮食进口已经逐渐放缓，小麦、玉米等进口大幅下降，且在2025 年一季度粮食进口有望延续下降趋势。 对于粮价向农机需求的传导，中联重科(000157)近期接待调研时表示，2025年粮食价格有望回升，随 着粮食价格上涨，预计后续用户购机意愿会有所提升，但受制于农户2024年收益大幅降低或亏损，今 年的采购不会出现增长或下滑，随着粮食价格的增长和2025年的用户收益增加，有望看到2026年农业 机械市场景气度转好。 进口替代则是农机行业另一大趋势 ...

Core Viewpoint - Jifeng Technology's controlling shareholder, Sichuan Tequ Education Management Co., Ltd., is planning a change in the company's control, leading to a suspension of trading for the stock starting April 11 [3][5]. Group 1: Company Control Change - Jifeng Technology announced that its controlling shareholder, Tequ Education, is in the process of planning a change in control, with specific details to be determined by agreements signed by the parties involved [3][5]. - The stock of Jifeng Technology will be suspended from trading to ensure fair information disclosure and avoid abnormal stock price fluctuations, with the suspension expected to last no more than two trading days [5]. Group 2: Financial Performance - Jifeng Technology reported a significant decline in net profit for 2024, with a net profit attributable to shareholders of -30.81 million yuan, a decrease of 283.36% year-on-year [7][8]. - The company's operating revenue for 2024 was 2.709 billion yuan, reflecting a year-on-year increase of 2.24% [8]. - The basic earnings per share for 2024 were -0.0621 yuan, a decrease of 265.60% compared to the previous year [8]. Group 3: Business Overview - Jifeng Technology operates primarily in two segments: agricultural machinery chain sales services and high-end specialty agricultural machinery research and manufacturing [7]. - The company has agency rights for several international and domestic agricultural machinery brands, including Case New Holland, Kubota, and DJI drones [7]. Group 4: Future Outlook - For 2025, Jifeng Technology aims to enhance internal management and operational efficiency, promote innovation in subsidiary operations, and actively integrate high-end, intelligent resources to align with industry trends [9]. - The company's stock price has increased by over 50% year-to-date, closing at 8.06 yuan per share on April 10, with a total market capitalization of 4 billion yuan [9].

Core Viewpoint - Jifeng Technology achieved its best revenue performance in nearly six years, with a total revenue of 2.709 billion yuan in 2024, driven by strong demand in the agricultural machinery sector and supportive national policies [1] Group 1: Business Performance - The company operates two main business segments: agricultural machinery chain sales and high-end specialty agricultural machinery R&D and manufacturing [1] - Jifeng Technology has over 100 direct sales stores across 20 provinces, cities, and autonomous regions in China [1] - The agricultural machinery industry is receiving significant policy support and market demand, driven by the importance of food security and the goal of building an agricultural powerhouse [1] Group 2: Strategic Initiatives - In 2024, Jifeng Technology is focusing on agricultural machinery circulation and innovative services in the agricultural industry, achieving steady growth in its agricultural machinery chain sales segment [2] - The company has built multiple modern agricultural industrial parks across the country, providing comprehensive services from seedling cultivation to processing [2] - Jifeng Technology is expanding its market share through mergers and acquisitions of excellent agricultural machinery dealers in regions like Sichuan, Guizhou, and Chongqing [2] Group 3: Future Outlook and Financing - The company is actively seeking acquisition targets in the smart agricultural machinery sector within its high-end intelligent manufacturing segment [3] - Jifeng Technology is progressing with a private placement plan to raise up to 122 million yuan, with the funds intended to supplement working capital [3]

Core Viewpoint - Jifeng Technology's 2024 annual report reveals a slight increase in revenue but a significant decline in net profit, indicating serious issues in high-end agricultural machinery business and cost control [1][4][5][6] Group 1: Financial Performance - The company achieved total revenue of 2.709 billion yuan in 2024, a year-on-year increase of 2.24%, but the net profit attributable to shareholders was -31 million yuan, a dramatic decline of 283.36% [1] - The non-recurring net profit also showed poor performance, amounting to -20.79 million yuan, a year-on-year decrease of 260.48% [1] - Gross profit for the year was 368 million yuan, down 12.44% year-on-year, highlighting inadequate cost control [5] Group 2: High-end Agricultural Machinery Business - The high-end agricultural machinery segment, primarily managed by the subsidiary Jilin Kangda, has shown concerning performance, with significant declines in sales due to falling corn prices and changes in agricultural machinery purchase subsidy policies [4] - Despite the company's emphasis on the technological advantages of its products in protective tillage, actual sales have not met expectations, particularly in Northeast China [4] - The reliance on a dealer sales model has not resulted in significant market share growth, indicating shortcomings in product innovation and market expansion [4] Group 3: Cost Control Issues - Cost control has emerged as a critical issue, with financial pressure exacerbated despite a decrease in financial expenses by 13.23 million yuan due to targeted fundraising efforts [5] - The implementation of a stock incentive plan in 2023 led to a share-based payment expense of 14.11 million yuan in 2024, further intensifying financial strain [5] - Efforts to optimize management and reduce costs have not yielded significant improvements in profitability, as rising other costs have led to overall performance decline [5] Group 4: Industry Outlook and Company Position - The agricultural machinery industry is experiencing a trend towards high-end, intelligent, and green transformation, supported by government initiatives [6] - However, Jifeng Technology's pace in adapting to industry changes is notably slow, with its operational performance not reflecting the benefits of market adjustments [6] - Without accelerating technological innovation and market expansion, the company's competitive disadvantages in the industry are likely to widen [6]

Group 1 - The agricultural sector is experiencing strong performance, with multiple stocks such as XinSai Co., WanXiang DeNong, BeiDaHuang, and QiuLe Seed Industry hitting the daily limit, while others like JinDan Technology and KangNong Seed Industry have risen over 10% [1][2] - Specific stock performance includes QiuLe Seed Industry up by 29.98% to 28.57, KangNong Seed Industry up by 23.67% to 54.66, and JinDan Technology up by 16.50% to 17.70 [2] Group 2 - The Central Committee of the Communist Party and the State Council have issued a plan for building a strong agricultural nation by 2035, aiming for significant progress by 2027 and modernization of rural areas [3] - The plan emphasizes the need for advanced agricultural machinery, highlighting the demand for high-performance and intelligent agricultural equipment, particularly in grain production [3] - The plan also includes upgrading agricultural machinery and promoting the integration of agricultural machinery and agronomy to enhance efficiency and productivity [3] Group 3 - Pacific Securities highlights the defensive attributes of the agricultural sector amid trade tariffs, recommending investment in the planting industry chain related to soybeans and corn, as well as livestock sectors related to pork and poultry [4] - The investment strategy focuses on sectors with strong recovery potential, such as dairy farming and poultry farming, which are experiencing capacity reduction and price reversal expectations [4] - The pet food sector is also identified as a value investment opportunity due to its sustained high demand and overseas production capabilities [4]

裘翔｜中信证券首席A股策略师 S1010518080002 板块配置｜六大主线板块当前处在什么位置？ 一个季度过去了，市场最关注的几个主线板块都处在什么位置？后续还可以期待什 么？我们从股价、估值、基本面等维度自上而下梳理了科技、消费、医药、新能源、 红利、出海六大板块一季度运行动态，并给出了相关配置线索。 风险因素：中美科技、贸易、金融领域摩擦加剧；国内政策力度、实施效果及经济复 苏不及预期；海内外宏观流动性超预期收紧；地缘政治风险。 尹欣驰 ｜中信证券 汽车及零部件行业首席分析师 S1010519040002 商用车｜卡车电动化最后一块拼图：重卡混动发展前瞻 重卡新能源化进展如火如荼，趋势明确不可逆。但现有主流的纯电动重卡受限于续航 里程限制，主要在短途和特定场景下渗透，中长距离场景的新能源化仍待开拓。复盘 乘用车新能源化进程，混动车型于纯电车型普及后两年开始加速渗透，我们认为混动 也将成为重卡新能源化的最后一块拼图。混动重卡在政策大力支持的新能源重卡范畴 内、且在中长距离运输场景中满足高效运输需求，经济性表现远超柴油重卡、且混动 技术已较为成熟，我们认为其已具备大范围商业化基础。我们预计2024/202 ...

Group 1 - The core viewpoint emphasizes the necessity of technological advancement for the development of modern agriculture and the establishment of an agricultural powerhouse in China [1][6] - This year's spring plowing has seen a rapid acceleration in agricultural modernization driven by new productive forces [1][6] Group 2 - The e-commerce logistics activity in China has further increased, with the e-commerce logistics index reaching 110 points in March, up by 1.1 points from the previous month [12] - The innovation vitality of small and medium-sized enterprises (SMEs) in China has been further released, with a 7.5% year-on-year increase in the added value of industrial SMEs in the first two months of this year [13] - Multiple departments, including the People's Bank of China and the Financial Regulatory Administration, have expressed a firm commitment to maintaining the stability of the capital market [14]