Core Viewpoint - Nanjing Commercial Travel's stock price has decreased by 2.98% to 11.06 yuan, with a high rolling PE ratio of 108.85, indicating potential overvaluation compared to industry averages [1] Company Summary - Nanjing Commercial Travel Co., Ltd. primarily engages in commercial trade and tourism, with key products including textiles, machinery, chemicals, metals, non-metallic minerals, tourism services, and retail [1] - For Q1 2025, the company reported revenue of 191 million yuan, a year-on-year decrease of 7.98%, and a net profit of 3.51 million yuan, down 80.03% from the previous year, with a gross margin of 22.30% [1] Industry Summary - The average PE ratio for the trade industry is 45.89, with a median of 34.87, positioning Nanjing Commercial Travel at the 34th rank within the industry [1] - As of Q1 2025, six institutions hold shares in Nanjing Commercial Travel, with a total of 168.11 million shares valued at 1.55 billion yuan [1]

证券代码：600128 证券简称：苏豪弘业 公告编号：临 2025-028 苏豪弘业股份有限公司 ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | | ? 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 28 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 每股分配比例 A 股每股现金红利0.1元 本次利润分配以方案实施前的公司总股本246,767,500股为基数，每股派发现 金红利0.1元（含税），共计派发现金红利24,676,75 ...

Core Viewpoint - The 9th China-South Asia Expo will be held from June 19 to 24, 2025, in Kunming, Yunnan, focusing on "unity, cooperation, and common development" to enhance economic and trade exchanges between China and South Asian countries [1]. Group 1: Internationalization - Sri Lanka will be the theme country, and Thailand will be the special partner country, marking the 50th anniversary of diplomatic relations with China [2]. - Nearly 800 exhibition booths will be set up in two South Asia pavilions, with India and Pakistan having the most booths, each with 140 [2]. - Over 2,500 participating enterprises include more than 120 well-known companies from the Fortune Global 500 and China’s top 500, representing a 36% increase from the previous expo [2]. Group 2: Professionalization - The expo will feature 11 specialized pavilions, including manufacturing, green energy, coffee, and traditional Chinese medicine, with specialized pavilions accounting for nearly 70% of the total [2]. - More than 1,200 professional buyers from over 30 countries and regions have registered to attend, enhancing the effectiveness of trade cooperation [2]. Group 3: Marketization - The expo will implement a fully market-oriented operation for the first time, collaborating with 22 enterprises for brand partnerships [3]. - A promotional event in Beijing attracted representatives from 9 countries and over 80 organizations and enterprises [3]. - The establishment of the "South Expo Release Hall" will allow 53 enterprises to launch new products, covering various fields such as biomedicine, new energy vehicles, and smart home appliances [3]. Group 4: Investment and Cooperation - The expo will host multiple activities, including the 6th China-South Asia Cooperation Forum and the 4th RCEP (Yunnan) International Trade and Investment Forum, focusing on regional cooperation and economic integration [4][5]. - A total of 140 key investment projects will be introduced during the "Invest in Yunnan" investment promotion conference [5]. Group 5: Cultural Exchange - The expo will feature the "Yunnan International Friendship City Cooperation Week" to deepen cooperation with 115 partner cities from 37 countries [6]. - The "Silk Road Cloud Clothing: South Expo Fashion Week" will showcase national intangible cultural heritage clothing and Southeast Asian fashion [6]. Group 6: Technological Innovation - The expo will highlight new technologies such as artificial intelligence and low-altitude economy, showcasing advancements in green trade, digital trade, and service trade [7][8]. - The establishment of a green energy pavilion will promote cross-border green electricity trading platforms [7]. Group 7: Economic Connectivity - Yunnan aims to enhance economic cooperation with South Asian countries by leveraging its geographical advantages and infrastructure connectivity [9][10]. - The province will implement a multi-modal transport system to facilitate trade and logistics [9]. Group 8: Trade Development - Yunnan will focus on developing cross-border e-commerce and digital economy initiatives, including a "Travel Yunnan" pavilion to promote tourism and healthcare services [7][11]. - The province will support the growth of new trade formats, including cross-border e-commerce, to expand market reach [12][13]. Group 9: Foreign Investment - Yunnan has introduced measures to stabilize and improve foreign investment, with a focus on optimizing the structure of foreign capital [14]. - The province aims to attract foreign investment in key sectors such as manufacturing and digital economy, achieving a 14.92% year-on-year increase in actual foreign investment in the first quarter [14].

Core Points - The company is Xiamen C&D Inc., established in 1998, with a registered capital of RMB 2,899,538,551 [2][6] - The company aims to provide professional services to customers, create good returns for shareholders, develop opportunities for employees, and generate public value for society [4] - The company operates in various sectors including import and export of goods, technology, domestic trade, and various sales and service activities [5] Company Structure - The company is governed by a set of articles that outline the rights and obligations of shareholders, directors, and senior management [3][13] - The chairman of the board serves as the legal representative of the company [10] - The company has established a party organization to ensure political leadership and direction [3] Share Issuance and Capital - The company issued 50 million shares to the public in 1998 and is listed on the Shanghai Stock Exchange [2] - The total number of shares issued by the company is 2,899,538,551, all of which are ordinary shares with a par value of RMB 1 [6][21] Shareholder Rights and Responsibilities - Shareholders have the right to receive dividends and participate in decision-making processes such as electing directors and approving major corporate actions [10][35] - Shareholders are required to comply with laws and regulations, and they cannot withdraw their capital except as permitted by law [15] Governance and Meetings - The company holds annual and extraordinary shareholder meetings to discuss and decide on important matters [48][49] - The board of directors is responsible for convening shareholder meetings and ensuring compliance with legal requirements [52][53] Voting and Decision-Making - Decisions at shareholder meetings require a majority or two-thirds majority vote depending on the type of resolution [81][83] - Shareholders can delegate their voting rights to representatives, and the company must ensure transparency in the voting process [66][85]

Economic Outlook - The Huachuang Macro WEI Index has increased to 6.35% as of June 8, up from 5.82% on May 25, driven mainly by asphalt operating rates and passenger car retail sales, indicating a recovery in infrastructure and durable goods consumption [1][7][8] - Passenger car retail sales maintained a high growth rate, with a year-on-year increase of 19% before June, compared to 13.3% in May and 14.5% in April [1][11] - Real estate sales showed a narrowing decline, with a year-on-year decrease of 5.3% in the first 13 days of June across 67 cities, compared to a 13% decline in May [1][12] Infrastructure and Production - Infrastructure indicators such as asphalt plant operating rates and cement dispatch rates continued to rise, with asphalt operating rates at 31.5% as of June 11, up 9.3% year-on-year [1][19] - Cement dispatch rates reached 41.4% as of June 6, slightly up from the previous week and higher than the same period last year [1][19] - Coal throughput at Qinhuangdao port increased by 17.5% year-on-year as of June 13, indicating a recovery in coal production [1][20] Consumer Behavior - Service consumption showed a decline in metro passenger traffic and flight operations, with metro ridership averaging 76.17 million daily in 27 cities, down 0.4% year-on-year [3][11] - The land premium rate has significantly decreased to 1.04% as of June 8, down from 5.14% in May and 9.75% in April, indicating a cooling in the real estate market [3][13] Trade and Prices - Global oil prices surged due to geopolitical conflicts, with WTI crude oil rising by 13% and Brent crude by 11.7% [2][39] - The Baltic Dry Index (BDI) increased by 20.5%, and the China Export Container Freight Index rose by 7.6%, reflecting higher shipping costs [2][39] - U.S. imports continued to decline, with a year-on-year drop of 9.4% in early June, and imports from China decreased by 28% [3][25] Interest Rates and Debt Issuance - Government bond yields slightly decreased, with 1-year, 5-year, and 10-year yields reported at 1.4002%, 1.5447%, and 1.6440% respectively as of June 13 [4][59] - New special bond issuance has progressed faster than in 2024, with a total of 1.69 trillion yuan issued by June 13, representing 38.4% of the annual target [3][47]

韩国成立负责与美国进行贸易谈判的特别工作组 金十数据6月16日讯，韩国产业通商资源部在一份声明中称，韩国周一成立了一个特别工作组，负责与 美国就工业和能源领域的关税和非关税事宜进行谈判，该工作组还将与民间部门进行协调。上周由总统 李在明任命的产业通商资源部通商交涉本部长吕翰九（Yeo Han-koo）表示，该小组责任重大，因为"由 于美国的关税措施，企业和公众遇到了巨大困难"。该工作组由负责贸易、制造、能源和投资的产业通 商资源部官员组成，将协调政府各部门和民间部门，以制定成功的战略。 跟踪全球贸易动向 +订阅 ...

Core Viewpoint - The "Qiluhao Global Purchase" initiative by Shandong High-speed Group is actively expanding market channels to deliver quality products from countries involved in the Belt and Road Initiative to more consumers [1][3]. Group 1: Market Expansion Activities - Shandong High-speed Group is enhancing the "班列+" strategy to boost consumption and improve the comprehensive service level of "Qiluhao Global Purchase" [3]. - The company is conducting brand promotion activities in various locations, including enterprises, parks, and communities, to meet diverse consumer needs [1][6]. - Special group buying events are being held in the core office buildings around Jinan Yaoqiang International Airport, featuring popular products from Belt and Road countries, effectively activating the consumption potential of the airport economic circle [4]. Group 2: Consumer Engagement and Product Offering - The company is leveraging peak consumption periods, such as before holidays, to conduct promotional activities featuring high-quality imported goods, beauty products, and home supplies, bringing "Qiluhao Global Purchase" directly to enterprises in the parks [6]. - Shandong High-speed Group is actively participating in foreign trade quality product promotion activities, enhancing the brand influence of "Qiluhao Global Purchase" and delivering quality and trust to consumers [8]. Group 3: Future Development Plans - The company plans to continue expanding overseas direct procurement channels and deepen the integration of "班列+ commerce" development models, optimizing quality control systems [11]. - Aiming to create a comprehensive and multi-dimensional service network, the company seeks to bring a wider variety of high-quality global products into households, injecting new momentum into the stability, optimization, and quality improvement of foreign trade in Shandong Province [11].

在复杂的国际政治经济棋局中，美国正悄然布置新的战略，利用关税手段迫使印度在军事采购和国际组织参与等关键领域作出 重大调整。最近，美国商务部长霍华德·卢特尼克的言论揭示了背后更深层的战略意图，展现了美国新的外交方向。 除了在军事采购领域向美国靠拢，印度还面临着来自外界的压力，特别是在是否继续留在金砖组织的问题上。在美国的影响 下，印度国内有声音认为，作为金砖成员国，参与一些活动可能会妨碍与美国关系的改善。卢特尼克也暗示，印度在金砖组织 中的立场正在成为美印关系中的一个敏感点，特别是印度对美元霸权的某些看法，这让美国非常不满。他指出，印度在金砖内 部推动"卢比结算"等去美元化的提案，遭遇了俄罗斯和沙特等国的拒绝，结果印度反倒成为去美元化过程中的最大受害者。面 对这一困境，美国在背后施加压力，暗示印度若想改善与美国的经济和战略关系，就必须重新审视其在金砖组织中的角色。 长期以来，印度对俄罗斯军事装备的依赖，一直是阻碍美印关系深化的一个关键因素。随着美国加大对俄罗斯公司的制裁，以 及全球合作伙伴越来越面临与莫斯科关系疏远的压力，印度的采购战略正受到前所未有的审视。在此背景下，美国提出的贸易 协议，无疑成为了一剂"双刃 ...

Core Insights - The event hosted by the World Association of Major Cities in Guangzhou focused on urban sustainability, digital transformation, and inclusive development, with participation from 19 cities and 5 international organizations [1] - Moscow's economy is projected to grow nearly 8% in 2023 and at least 5% in 2024, driven by a diversified economic structure and significant infrastructure investments [2] - The city is addressing labor shortages through education and training initiatives, emphasizing lifelong learning and productivity improvements [3][4] Economic Growth and Investment - Moscow's economic resilience is attributed to its diverse industries, including finance, IT, construction, and services, which help maintain growth amid global uncertainties [2] - Continuous investment in major infrastructure projects, particularly in transportation, is creating new economic hubs and attracting private investment [2] - The city has established a supportive environment for high-potential industries, including technology parks and infrastructure to foster innovation [2] Labor Market and Education - The demand for workers in Moscow has surged due to rapid economic growth, leading to a historically low unemployment rate [3] - The city is focusing on enhancing educational programs to ensure that graduates possess relevant skills and a mindset for continuous learning [3][4] - Initiatives are in place to improve labor productivity by helping businesses optimize operations and better utilize technology [3][4] Sports Events and Economic Impact - Hosting large sports events is viewed as a strategic move for cities, providing long-term infrastructure benefits and economic opportunities [6] - Major events attract tourists, boosting sectors such as hospitality, retail, and dining, while creating opportunities for small and medium enterprises [6][7] - Tourism currently accounts for approximately 4% of Moscow's economy, driven by a vibrant calendar of events and cultural activities [7]

点击上图▲立即报名 2025年6月19日—6月20日，相约"生而全球·共融共建"第二届出海全球峰会， 1500+企业出海掌舵人再聚狮城，与吴晓波、王辉耀、秦朔、津上俊哉、杨宇东、张 华荣等嘉宾，共 同探索中企出海从"产能迁徙"到"文明共生"的新路径。 【点击马上 报名】 文 / 巴九灵（微信公众号： 吴晓波频道） 历史总是惊人的相似。今天的中国，正在经历拉锯且充满变数的中美贸易战；而1960—1990年间的日本，也经历了长达三十年之久的日美贸易摩 擦，并直接导致了日本企业大规模出海。 津上俊哉：我认为日本的对外投资经历了几个阶段。1970年之前，日本的对外投资很少，因为那个时候的日本，国际收支并不富裕，外汇管制也 比较严格。随着国际收支的好转，1980年外汇交易基本上没有限制，这是一个转机。 在许多中国人看来，《广场协议》的签订是日本经济转折的重要诱因，日本由此陷入了"失去的20年"，大家把它视为前车之鉴，希望从中吸取教 训。 与此同时，日本的全球化进程加速，日本企业在海外攻城略地，再造了一个"影子日本"，如今中国企业掀起新一轮出海浪潮，也希望从中获取宝贵 的经验。 可以说，贸易战只是一个表象，背后是全球产业 ...