证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— 欧盟委员会提出《欧洲气候法》修订案，设定 2040 年减排目标 [Table_Industry] ESG 周报 [Table_ReportDate] 2025 年 07 月 05 日 [Table_Author] [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 欧盟委员会提出《欧洲气候法》修订案，设定 2040 年减排目标 [T ...

"中国快速涌现大量智能工厂，从供给角度看，中国为世界提供了更多的产品选择。"他指出，中国致力 于发展新质生产力、追求高质量发展，将为全球南方国家提供巨大发展机遇，也为这些国家的发展提供 成功范本。 朴胜赞对中国今年实现5%左右的经济增长目标充满信心。他说，中国在全球经济中扮演着极其重要的 角色，中国市场的消费需求持续为许多国家产业发展提供助力。 韩国韩中联合会会长、龙仁大学教授朴胜赞近日接受新华社记者专访时说，中国的科技创新正在为世界 经济带来新机遇，或将推动全球制造模式变革。 朴胜赞表示，中国政府坚持对外开放政策，持续营造便利外企对华投资的环境，中国市场的巨大价值不 断显现，全球企业要想维持竞争力都无法忽视中国市场。他同时指出，随着中国高质量发展与新质生产 力相关政策的推进，外企对华投资方向也逐渐由过去的劳动密集型转向资本、技术密集型。 作为一名研究中国经济的韩国学者，朴胜赞曾实地考察多家中国企业。在近距离观察中国企业和产业生 态后，他表示，在中国无论走到哪里，"科技"与"制造创新"都是核心关键词。 谈及中韩两国在经济领域的密切往来，朴胜赞认为，中韩经济产业合作正处于"黄金时期"，"韩国企业 不仅应该持续关 ...

| | 全球 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 7.07 | | | | | | | | 2025年因商业模式重塑而创造的价值 | | | | | | | 北美 | 拉美 | 非洲 | 亚太 | 中东欧 | 中东 | 酸 | | 1.55 | 0.4 200000 | 0.15 | 2.98 AMAG | 0.46 | 0.3 12 | 1.23 | | 美国 | 英国 | 德国 | 印度 | 日本 | 巴西 | 中国 | | 1.21 | 0.19 | 0.24 | 0.33 | 0.12 | 0.13 | 1.66 | 近期，普华永道发布《循变演进，价值新生》报告，报告指出，在全球宏观格局加速演变之际，中国企 业正通过创新和优化运营模式在人工智能与气候变化双重挑战中开辟独特发展路径。不同于单纯的技术 应用和调整，中国企业的转型聚焦于运营体系重构和优化，将技术革新与可持续发展深度融入价值链核 心环节。 普华永道报告中提及，中国制造业中超3.1万家智能工厂应用AI，其中230余家工厂将产品研发周期平均 缩短28.4%，碳排放 ...

三是彰显"效"，由表及里解题见效。调研组聚焦企业的急难愁盼，特别是中小民营企业在高质量发展中 面临的问题和瓶颈，对政策问题现场释惑答疑，对具体事项"量身定制"解决方案并形成台账，结合央地 政府反馈情况实时更新，截至目前已协调解决问题近七成。重点走访"戈壁滩打拼'蛋鸡第一股'"晓鸣股 份（300967）、"中国风电减速机第一股"威力传动（300904）、"智能工厂制造第一股"巨能股份等新上 市"小而专"细分行业龙头企业，聚焦做优做强主业、培育新质生产力等开展深入交流，帮助解决问题困 难。同时，建立"走访调研+宣传引导"工作机制，在走访中引导企业积极践行社会责任，鼓励利用资本 市场发展新质生产力。同时协调主流媒体积极参与，强化宣传引导效果，助力企业高质量发展。今年以 来，围绕"谈高质量发展"主题积极开展董事长系列专访，阅读量已累计突破300万次。 一是聚焦"全"，一企一策问需纾困。在2024年走访辖区上市公司全覆盖基础上，今年以来，再次联合走 访上市公司5家次，力争实现年底第二轮全覆盖走访。近期与自治区有关部门对国家高新技术、制造业 单项冠军及传统制造业上市公司开展专题走访，解读"并购六条"、分红等相关政策要求。 ...

纽约联储调查：三分之四的制造企业和服务企业已部分转嫁关税成本。三分之一的工厂企业和约45%的 服务企业将所有的关税增长都转嫁了出去。 ...

有段时间经常刷到龚文祥的短视频和公众号，这段时间回想起来，怎么突然没有这哥们的消息了，原来是被黄晓明给告了。 我是胖张 我搜索他的公众号看了一下，变成了一月份的 做一个实体项目，比如工厂，再从网络上获取客户 这是我给当下大伙的建议，别去追风口，风口等你见到的时候，早就成了尾巴了，先弄点账号，发点视频号，发点抖音，然后再将这些客户，屯积到自己 的微信，然后在微信当中营销，这是我认为以后一辈子可以做的生意。 包括截流，我们也可以搞搞，比如我们现在卖护肤品，我们就用软件，把客户吸到微信上面，一天正常吸个十几二十个其实没有问题的。 | LUCI US 11 -- | ... PE . TELLIATI | Drine a | AHANDATH | | × | 11/77 | 101 / PHOTO CALLAN | UUUJELULUUI | 1112711411111111 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-05-16 ... | 定期年金+万 ... | 一滴露水 | 15013183439a | 1501 ...

Financial Data and Key Metrics Changes - Net revenue for Q4 FY2025 was $508.4 million, an increase of $88.2 million or 21% compared to $420.1 million in the prior year [11] - Consolidated gross margin decreased to 22.8%, down 80 basis points from 23.6% in the same period last year [13] - Net income was $36.3 million compared to $33.9 million in the same quarter of the prior year, with diluted earnings per share at $4.47 versus $4.03 [15] Business Line Data and Key Metrics Changes - In the factory-built housing segment, net revenue was $487.9 million, up 22.4% from $398.5 million in the prior year quarter, driven by a 28.5% increase in homes sold [11][12] - Financial Services segment net revenue decreased to $20.5 million, down 5.2% from $21.6 million in the prior year, due to fewer loan sales and insurance policies [12] Market Data and Key Metrics Changes - Unit shipments increased by almost 29% year over year, indicating a positive market activity across retail channels [7][18] - The backlog was down sequentially but showed a healthy increase in March, with plants holding 5 to 7 weeks of backlog [8] Company Strategy and Development Direction - The company is focusing on a rebranding strategy, renaming manufacturing plants to the Cavco name to improve customer recognition and streamline product lines [9][43] - Continued strategic investments in plant improvements and acquisitions have increased production capacity, supported by strong cash generation and a debt-free balance sheet [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted economic uncertainty in Q4 but highlighted a positive uptick in buyer activity in March, indicating a potential recovery in demand [5][7] - The company remains confident in its ability to manage production rates and backlogs, with expectations for increased production in the upcoming quarters [25] Other Important Information - The company repurchased approximately $33 million of stock in Q4, cumulatively buying back 15.5% of outstanding shares since the program's inception [10][16] - The effective income tax rate decreased to 15.4% for Q4, attributed to higher ENERGY STAR tax credits and stock option exercise benefits [15] Q&A Session Summary Question: Expectations for production rates in Q1 relative to Q4 - Management indicated that production rates are expected to remain consistent with Q4, with some plants looking to increase production based on backlog growth [22][25] Question: Impact of February weather on production and margins - Management acknowledged that February's unusual weather caused lost production days, which may have exerted downward pressure on gross margins, but the impact was not deemed significant [36][38] Question: Details on pricing competition and market dynamics - Management noted that pricing competition is more pronounced in lower-priced homes, particularly single wides, while overall pricing pressure has not been widespread across the country [60][64] Question: Impact of tariffs on cost of goods sold - Management confirmed that tariffs did not impact Q4 results, but they expect limited effects in Q1 and potentially more significant impacts in Q2 as tariffs take effect [79][80] Question: Insights from recent congressional hearings on housing supply - Management emphasized the importance of focusing on supply issues in the housing market and highlighted potential legislative changes that could benefit the industry [84][86]

Financial Data and Key Metrics Changes - Net revenue for Q4 FY2025 was $508.4 million, an increase of $88.2 million or 21% compared to $420.1 million in the prior year [12] - Consolidated gross margin decreased to 22.8%, down 80 basis points from 23.6% in the same period last year [14] - Net income was $36.3 million compared to $33.9 million in the same quarter of the prior year, with diluted earnings per share at $4.47 versus $4.03 [15] Business Line Data and Key Metrics Changes - Factory built housing segment net revenue was $487.9 million, up 22.4% from $398.5 million in the prior year quarter, driven by a 28.5% increase in homes sold [12][13] - Financial Services segment net revenue decreased to $20.5 million, down 5.2% from $21.6 million in the prior year, due to fewer loan sales and insurance policies [13] Market Data and Key Metrics Changes - Unit shipments increased by almost 29% year over year, indicating a positive market activity across retail channels [7][19] - The backlog was down sequentially, with five to seven weeks of backlog across the system [8] Company Strategy and Development Direction - The company is focusing on a rebranding strategy to unify its manufacturing plants under the Cavco name, enhancing customer search efficiency and leveraging digital marketing [10][41] - Continued strategic investments in plant improvements and acquisitions have increased production capacity, supported by strong cash generation and a debt-free balance sheet [10] Management's Comments on Operating Environment and Future Outlook - Management noted economic uncertainty in Q4 but highlighted a positive uptick in orders in March, indicating buyer activity in the housing market [5][7] - The company remains confident in its ability to manage production rates and backlogs, with expectations for increasing production rates across many plants [25] Other Important Information - The company repurchased approximately $33 million of stock in Q4, cumulatively buying back 15.5% of outstanding shares since the buyback program began [11][16] - The effective income tax rate decreased to 15.4% due to higher ENERGY STAR tax credits and greater tax benefits from stock option exercises [15] Q&A Session Summary Question: Expectations for production rates for fiscal first quarter - Management indicated production rates are expected to remain consistent with Q4, with some plants looking to increase production based on backlog growth [23][25] Question: Impact on gross margin and operating margins in Q1 - Management noted that while there was downward pressure from reduced average selling prices, lower input costs could help stabilize margins [29][30] Question: Details on February's lost production days - Management confirmed that unusual weather in February affected production, particularly in Texas and Southeast states, resulting in about 24 lost operating days [35][36] Question: Clarification on pricing seasonality - Management stated that pricing does not typically show seasonality, and while there has been some price pressure, it is not uniform across all regions [72][73] Question: Impact of tariffs on cost of goods sold - Management confirmed that tariffs did not impact Q4 results, but potential effects could be seen in Q1 and Q2 as costs adjust [77][78] Question: Activity in March and April compared to site builders - Management noted that the manufactured housing market is less affected by inventory dynamics compared to site builders, leading to stronger demand [96][97]

Investment Rating - The report does not explicitly provide an investment rating for the industry analyzed. Core Insights - The study estimates the scale of labor market scarring effects in developing countries, particularly focusing on the stigma and human capital loss experienced by unemployed workers due to factory closures. The findings indicate a significant and lasting income reduction, with average hourly wages declining by 7.5% over a nine-year observation period, and a more pronounced decline of 10.8% in the first year following job loss. The analysis reveals that stigma accounts for 30.8% of the average income loss, while lost employer-specific human capital explains the remaining 69.2% [4][59][60]. Summary by Sections Introduction - The introduction discusses the reallocation of labor and the potential for scarring effects in labor markets, particularly in developing countries where informal employment is prevalent. The paper aims to fill the gap in literature regarding labor market scarring effects in these economies [8]. Literature Review - The literature review highlights the scarcity of empirical evidence on labor market scarring effects in developing countries, contrasting with the extensive research available for developed economies. It references various studies that have examined the impact of unemployment on wages and employment probabilities in different contexts [15][18]. Data - The study utilizes data from the National Employment and Unemployment Survey (ENOE) in Mexico, covering a representative sample of approximately 1.67 million workers from 2005 to 2019. The analysis focuses on individuals aged 15 to 65 and examines the effects of job loss due to factory closures [20][22]. Econometric Methods - The econometric strategy involves estimating the average impact of unemployment on labor market outcomes, distinguishing between temporary and permanent effects. The study employs a difference-in-differences (DID) approach to control for unobserved individual characteristics [26][29]. Results - The results indicate that workers displaced by factory closures experience significant and persistent wage declines, with an average reduction of 7.5%. The analysis shows that the probability of formal employment decreases in the short term but recovers over time. The findings also reveal differences in the impact of factory closures based on education levels and gender [39][41][43]. Conclusion - The conclusion summarizes the contributions of the study, emphasizing the importance of understanding labor market scarring effects in developing countries and the relative contributions of stigma and human capital loss to income reductions. The report suggests avenues for future research to further explore these dynamics [58][60].

5.【 新版《国家智能制造标准体系建设指南》发布 】 5月6日消息，工业和信息化部与国家标准委近日联 合印发《国家智能制造标准体系建设指南（2024版）》。该指南在2021版的基础上，优化了标准体系框 架和标准布局，进一步聚焦人工智能等新技术与制造业的融合应用，在智能装备、工业软件、智能制造 新模式等5个领域增加了标准建设内容，修订了基础通用、智能赋能技术、电子信息应用等11个方面，同 时明确了组织实施的相关举措。下一步，国家标准委将会同工业和信息化部等部门，持续完善智能制造 标准工作顶层设计，加大标准供给、加强宣贯实施、加深国际合作，加速科技成果转化，引领制造业高 端化、智能化、绿色化转型，助力新型工业化高质量发展。（光明网） 1.【Waymo与麦格纳合作在美国亚利桑那州新建汽车工厂】Alphabet旗下无人驾驶技术公司Waymo当地时 间5月5日宣布，计划在2026年将自动驾驶出租车服务扩展至美国亚特兰大、迈阿密和华盛顿特区。 Waymo称，将投资美国制造业务，与麦格纳在美国菲尼克斯都会区新建一家自动驾驶汽车工厂。(界面新 闻） 2.【我国第四代自主量子计算测控系统"本源天机4.0"发布】从安徽省量子计算 ...