无需企业申报，就能精准匹配符合条件的企业，发放激励资金……贵阳综保区在全市率先推行"免申即享"惠企政 策兑现模式，截至目前，已向11家企业兑现了115万元激励资金。 得益于贵阳综保区"保姆式"的精准指导，贵州富之源供应链有限公司不仅获得了AEO认证，更通过"免申即享"获 得了相应的政策资金支持。贵州富之源供应链有限公司财务总监潘朝康表示，在政策激励下，公司已明确下一步 发展规划，计划新增投资700万元，将工厂转型为加工中大猪料为主的高效平台，预计年产能达26万吨，进一步做 强饲料加工与猪肉供应链。 目前，贵阳综保区首批"免申即享"政策已全部兑现，资金总额达115万元，重点支持企业开展AEO认证、上规上榜 及企业技术中心、绿色工厂建设等。(文/图 陶陶) 今年，区内企业贵州鼎成熔鑫科技有限公司荣获省级绿色工厂称号。信息发布后，贵阳综保区产发局精准识别， 协同区财政金融局在企业未提交任何申请材料的情况下，将相应政策激励资金直接拨付至企业账户。"资金到账 时，我们还在纳闷这是什么资金。"贵州鼎成熔鑫科技有限公司党支部书记黎妍说，贵阳综保区推行的"免申即 享"切实做到了"企业零申报、政策自动享"，让企业真切感受到了贵 ...

投资要点： 021-38031658 fangyi2@gtht.com 登记编号 S0880520120005 郭佼佼(分析师) 021-38031042 | | guojiaojiao2@gtht.com | | --- | --- | | 登记编号 | S0880523070002 | [Table_Report] 相关报告 ——资产配置全球跟踪 2025 年 11 月第 4 期 本报告导读： 11/17-11/21，全球风险下降，权益与商品整体同步回落，科技板块明显承压。美联储 12 月降息概率再度逆转至 71%。美元兑日元直逼 160 关口。日央行加息压力加剧。 资产概览：美元兑日元逼近 160 关口 [Table_Authors] 方奕(分析师) 成交活跃度上升，上证 50 跌幅最小 2025.11.23 美国政府停摆结束，联储降息预期放缓 2025.11.19 资产概览：美联储降息预期出现逆转 2025.11.18 科技制造供需紧张，消费出行景气改善 2025.11.18 融资资金流入加速，外资流入放缓 2025.11.17 策 略 研 究 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 ...

前言 同样沐浴着美国的贸易政策环境，一边是占企业总数 99.9% 的小企业在关税重压下缩减库存、转移生 产，甚至面临生存危机。 另一边是亚马逊、沃尔玛等巨头营收与股价双双暴涨，最高涨幅达 164%。 这场看似公平的政策调控，为何酿成 "冰火两重天" 的商业奇观？是小企业抗风险能力先天不足，还是 市场资源与规则话语权的分配失衡？ 关税冲击下的商业众生相 在美国经济版图中，小企业向来是不可或缺的基石。官方数据显示，美国现有约 3600 万家小企业，贡 献了全国 43% 的 GDP，承载着近半数私营部门就业岗位，仅 1995 至 2021 年间就创造了 1730 万个净 新增就业。 小企业的困境并非个例，从厨具生产到茶叶销售，从制造业到零售业，多个行业的中小企业都面临相似 的压力。 而大企业的狂欢也并非偶然，从供应链调整到定价策略优化，一系列操作让它们成功规避了关税的直接 冲击。这种两极分化的背后，究竟藏着怎样的深层原因？ 这样一个关乎经济根基与民生就业的群体，如今正被关税风暴裹挟前行。关税叠加效应让不少小企业不 堪重负，钢材、铝制品等原料关税在去年夏天翻倍至 50%，部分产品既要缴纳国家或地区关税，还要 额外承担 ...

Group 1 - The company Zhejiang Tiantian Technology Co., Ltd. has completed the environmental assessment approval for its project to produce 50,000 sets of liquid cooling systems and 200,000 liquid cooling pipes [2] - The company is focusing on two main business directions: "vibration reduction business" and "lithium-based new energy business" [2] - The company will continuously monitor national policy guidance and market development trends, emphasizing innovation and improving its product system [2]

Core Insights - China's market exhibits strong "magnetic attraction" due to its vast scale and potential for cooperation and mutual benefit with global partners [1][2][3] Group 1: Market Size and Opportunities - The China International Import Expo (CIIE) showcased 461 new products, technologies, and services, with over 200 being global debuts, highlighting the country's innovation capacity [1] - The Canton Fair attracted over 310,000 foreign buyers from 223 countries and regions, with nearly a 10% increase in buyers from Belt and Road Initiative countries [1][2] - China's retail sales of consumer goods are expected to exceed 50 trillion yuan this year, reinforcing its position as the world's second-largest consumer and import market [2] Group 2: Foreign Investment and Business Environment - In the first nine months of the year, China established 48,921 new foreign-invested enterprises, marking a 16.2% year-on-year increase, indicating a robust foreign investment climate [3] - The reduction of the negative list for foreign investment and the expansion of visa-free travel for foreign businesses reflect China's commitment to creating a favorable business environment [3] Group 3: Global Cooperation and Future Growth - The ongoing collaboration between China and global businesses is seen as a pathway to shared opportunities and growth, with many foreign companies expressing confidence in the Chinese market [3][4] - Major foreign investment projects have been successfully launched in China this year, demonstrating the country's appeal as a destination for international business [3]

Core Insights - The Shanghai Stock Exchange International Investor Conference highlighted the evolving landscape of Chinese enterprises' overseas mergers and acquisitions (M&A), emphasizing a dual-driven model of state-owned and private enterprises [1][2] - The "Belt and Road" initiative has significantly guided cross-border M&A activities, with notable examples of large-scale transactions by state-owned enterprises [1] - Private enterprises, particularly in the renewable energy sector, are increasingly active in overseas M&A, supported by diverse capital sources [2] Group 1: Trends in Overseas M&A - Chinese enterprises are experiencing a multi-dimensional evolution in overseas M&A, with both state-owned and private enterprises playing crucial roles [1] - The participation of foreign capital in China's advanced industries is on the rise, particularly in biopharmaceuticals and renewable energy [2] - Middle Eastern capital is actively seeking investment opportunities in China's petrochemical and technology sectors, enhancing cross-border capital flows [2] Group 2: Success Factors in Cross-Border M&A - Four core elements for successful cross-border M&A include strategic planning, cultural compatibility, timing, and valuation [3] - Clear strategic planning is essential for M&A success, requiring companies to define target selection criteria and strategic goals [3] - Cultural compatibility is often overlooked but is critical for governance efficiency and post-merger integration [3] Group 3: Enhancing M&A Capabilities - Companies should build internal M&A teams with expertise in industry knowledge, valuation analysis, and legal compliance [4] - The importance of professional intermediary institutions is emphasized for effective process management and negotiation support [4] - Regulatory bodies are encouraged to enhance institutional supply and align approval processes with international practices [4]

Core Insights - The 8th China International Import Expo (CIIE) opened on November 5, showcasing China's commitment to high-level openness and economic cooperation with the world [1][2] - The theme of this year's expo is "Open Up and Create New Opportunities Together, Share a New Future," emphasizing China's role as a bridge connecting global economies [1][2] - The number of participating companies reached a historical high, with 4,108 foreign enterprises, including 290 Fortune 500 companies, reflecting strong international confidence in the "CIIE opportunities" and the Chinese economy [2][5] Group 1: Participation and Scale - A total of 155 countries, regions, and international organizations participated in this year's expo, with the exhibition area exceeding 430,000 square meters, marking record highs in both exhibition space and number of exhibitors [2][5] - Long-term participants like L'Oréal and IKEA have consistently attended the expo for eight years, indicating a growing commitment to the Chinese market [2][3][5] Group 2: Corporate Strategies and Innovations - Schneider Electric expressed strong confidence in the Chinese market, highlighting its long-term commitment to participating in the CIIE and benefiting from China's high-level openness [3][5] - IKEA has expanded its presence in China by opening new stores and enhancing its multi-channel ecosystem, demonstrating its investment in the Chinese market and commitment to sustainability [4][5] - Companies like Cargill plan to sign strategic procurement agreements worth over $3 billion during the expo, showcasing the potential for significant business growth through participation [6][5] Group 3: Future Outlook and Commitment - Many companies, including Henkel and L'Oréal, have already signed up for the 9th CIIE, indicating their long-term strategies focused on innovation and collaboration in the Chinese market [7][8] - The CIIE is seen as a vital platform for global brands to connect with the Chinese market, with previous expos generating over $500 billion in intended transaction value [5][6]

Core Insights - Hainan Guangweize Technology Co., Ltd. has been established, focusing on manufacturing and sales of household textiles, industrial textiles, and Class I medical devices [1] Company Overview - The company is co-owned by Mayinglong (600993) and its subsidiary Wuhan Tianyi Pharmaceutical Technology Investment Co., Ltd. [1]

Group 1 - The APEC meeting in 2026 will be held in Shenzhen, marking the third time China hosts this event, highlighting the city's role in innovation and globalization [1][2] - The event is seen as an opportunity for technology companies rooted in Shenzhen to showcase their growth and contributions to the global economy [2][4] - APEC's presence in Shenzhen is recognized as a validation of the city's innovative vitality and internationalization, providing a platform for global innovation exchange [2][4] Group 2 - Ying Shi Innovation, a technology company based in Shenzhen, views the APEC meeting as a chance to demonstrate the essence of "Made in China" and share experiences in technology innovation [2][4] - The company emphasizes the importance of technology as a cultural medium and communication tool, aiming to foster cooperation among Asia-Pacific nations [4] - The event is expected to enhance collaboration and consensus among Asia-Pacific partners, showcasing Shenzhen's dynamic innovation landscape [4] Group 3 - Zhou Ming Technology, a local enterprise in Shenzhen, highlights the city's transformation from manufacturing to intelligent manufacturing, affirming the significance of APEC's choice of location [7][10] - The company has developed a strategic ecosystem centered around "LED+AI," benefiting from Shenzhen's open and inclusive innovation environment [10] - Zhou Ming Technology anticipates the APEC meeting will provide a platform for exploring advanced development paths in LED and AI, sharing practical experiences with global partners [10]

Group 1 - The 2025 Zhenjiang Science and Technology Finance Matching Conference was successfully held, focusing on "Innovation Leading, Financial Empowerment" [1] - The event aimed to create a platform for technology talent, projects, and enterprises to connect with financial institutions, facilitating a green channel for technology SMEs to access capital [1][2] - The local government has implemented the "876" innovation leading project, establishing a risk compensation fund of 240 million yuan to support technology financial products [2] Group 2 - A total of 47 technology financial products were launched during the event, with significant participation from various banks and insurance companies [3] - The cooperation between technology enterprises and financial institutions is expected to enhance R&D, capacity expansion, and talent acquisition, potentially doubling revenues in emerging fields [4] - Insurance institutions are playing a crucial role in alleviating financing difficulties for technology enterprises by providing credit enhancement through a government-bank-insurance risk-sharing mechanism [5] Group 3 - The city aims to optimize technology financial products and develop a comprehensive investment and financing service system covering the entire lifecycle of technology enterprises [5][6] - The focus is on creating a financial ecosystem that encourages early, small, and long-term investments in technology innovation [5][6]