消委会提示，要理性看待营销宣传，特别是对经营者许诺"包学会""稳赚不赔"等话术更需提高警 惕。如确有需求应选择证照齐全、口碑良好的正规培训机构，认真核对收款方与培训机构是否一致。 "宠物经济"不断升温，捆绑消费引发不满。今年上半年广东各级消委会处理关于宠物及宠物产品纠 纷953件，主要反映问题包括强制消费、过度医疗和宠物健康欺诈等，而捆绑消费问题逐渐成为投诉热 点。例如，医疗美容捆绑套餐、宠物销售绑定隐形消费等。消委会提示，消费者购买前要了解清楚价 格、费用构成及明细，同时要求经营者提供宠物检疫证明、疫苗接种记录等相关健康证明。 服装鞋帽消费为投诉重点，质量、售后亟待提高。今年上半年，广东各级消委会处理服装鞋帽类投 诉38685件，在商品类投诉排名第一，占总量12.89%。消委会提示，消费者线下购物时切忌完全听信导 购推销，需根据自身情况选购并试穿；线上购物时优先选择平台认证店铺，收货后仔细核对；完整保留 购物凭证、包裹视频等作为维权依据。 新华社广州7月21日电（记者胡林果、杨深深）广东省消费者委员会21日通报，2025年上半年，广 东全省各级消委会共接待消费者来访和咨询5.12万人次，处理消费者投诉53. ...

Group 1: Company Announcements - Jingce Electronics' subsidiary signed sales contracts for semiconductor measurement equipment totaling 113 million yuan [1] - Zhifei Biological plans to issue company bonds not exceeding 6 billion yuan for technology innovation and working capital [1] - Rijiu Optoelectronics' subsidiary plans to invest 822 million yuan in a functional film project with an annual production capacity of 6 million square meters [1] - Huiyun Titanium Industry's subsidiary intends to acquire a 53.125% stake in Chenshang Mining for 30.6 million yuan and increase capital by 32.4 million yuan [2] - Hongte Technology plans to raise up to 650 million yuan through a rights issue for various projects and working capital [2] - Jincheng Pharmaceutical's subsidiary received FDA approval for the active pharmaceutical ingredient Posaconazole [4] - Kairun Co. plans to reduce its shareholding by up to 2% due to personal funding needs [5] - Rundou Co. passed an FDA inspection for nine active pharmaceutical ingredients [6] - Sanyou Lianzhong's shareholders plan to reduce their holdings by up to 3% due to funding needs [7] - *ST Yazhen's stock was suspended for trading due to a significant price increase of 29.43% [9] - Online and Offline plans to change control with a share transfer agreement, leading to a new controlling shareholder [10] - Dazhong Mining intends to purchase office space from an affiliate for 50.17 million yuan [11] - Suzhou Bank's major shareholder increased its stake by 856 million yuan [12] - *ST Fanli's subsidiary plans to acquire a 60% stake in Guangzhou Fengteng for up to 28.8 million yuan [14] - Hengmingda's major shareholders plan to reduce their holdings by up to 3.15% [16] - Guomai Technology's shareholder plans to reduce its stake by up to 1% due to funding needs [17] - ST Bailin's stock will change its name to Guizhou Bailin and remove risk warnings [17] - *ST Xianfeng's stock will change its name to Xianfeng Holdings and remove risk warnings [18] - Maiwei Bio signed an exclusive licensing agreement with CALICO for a monoclonal antibody, receiving an upfront payment of 25 million USD [19] - Maiwei Bio signed a technology licensing agreement with Qilu Pharmaceutical for a new drug project, with a total payment of up to 500 million yuan [21] - Maiwei Bio plans to repurchase shares worth between 25 million and 50 million yuan [22] - Mengwang Technology plans to acquire 100% of Bicheng Digital for 1.28 billion yuan to expand its e-commerce services [22] Group 2: Industry Overview - Jingce Electronics operates in the mechanical equipment sector, focusing on measurement systems for displays, semiconductors, and new energy [1] - Zhifei Biological is in the pharmaceutical sector, specializing in vaccine and biological product development [1] - Rijiu Optoelectronics is part of the electronics industry, focusing on touch display materials and functional films [1][2] - Huiyun Titanium Industry operates in the basic chemicals sector, focusing on titanium dioxide products [2] - Hongte Technology is in the automotive industry, specializing in aluminum alloy precision die-casting for automotive components [2][3] - Jincheng Pharmaceutical is in the pharmaceutical sector, focusing on chemical pharmaceuticals and active ingredients [4] - Rundou Co. operates in the pharmaceutical sector, focusing on chemical drug formulations and raw materials [6] - Sanyou Lianzhong is in the electrical equipment sector, specializing in relays and transformers [7] - *ST Yazhen operates in the light industry, focusing on high-end furniture products [9] - Online and Offline is in the communication sector, focusing on communication services and applications [10] - Dazhong Mining operates in the steel industry, focusing on iron ore mining and processing [11] - Suzhou Bank is a city commercial bank, providing various banking services [12] - *ST Fanli operates in the media sector, focusing on online advertising and marketing services [14] - Hengmingda is in the electronics sector, focusing on precision components for consumer electronics [16] - Guomai Technology operates in the education sector, focusing on IoT technology services [17] - ST Bailin is in the energy sector, providing engineering consulting and smart factory solutions [17] - *ST Xianfeng operates in the animal health sector, focusing on vaccines and animal nutrition [18] - Maiwei Bio is in the pharmaceutical sector, focusing on biopharmaceuticals [19][21][22] - Mengwang Technology operates in the communication sector, focusing on cloud platform services [22]

Group 1 - The report highlights that the A-share market has been experiencing narrow fluctuations within the range of 3300-3400 for nearly two months, with low volatility in broad-based indices. The DDM framework indicates that while profits are still bottoming out, valuation support is provided by government measures to maintain wide credit [2][10][11] - The report emphasizes that there has been no overall strong style or rapid rotation in the market this year, with leading sectors being diverse, including consumption, growth, finance, and cyclical industries. This is attributed to three main factors: ongoing profit declines, the presence of both strengths and weaknesses in each style, and persistent uncertainties from overseas [3][20][23] - The current investment strategy suggests a focus on more granular sectors within major categories to avoid over-concentration. Key areas of interest include Delta G consumption, self-controlled technology, stable dividends, and gold as long-term strategic assets [4][26][28] Group 2 - The report outlines specific investment themes, such as Delta G consumption focusing on apparel, automobiles, retail, personal care, food, beverages, and new retail. The emphasis is on the marginal changes in profit growth rather than absolute values [4][26][27] - In technology, the focus is on self-controlled sectors and military applications, including AI, robotics, semiconductors, and military technology. The investment approach requires sensitivity to catalysts and a focus on domestic replacements [4][27] - The report identifies gold as a strategic asset benefiting from global uncertainties and suggests that the beginning of the third quarter will be an optimal time for gold allocation due to several converging factors, including the maturity of US debt and expectations of US interest rate cuts [4][28][29]

中华商标协会商标海外维权工作委员会 中国企业海外商标 品牌发展报告 中国大陆企业近10年海外商标布局与维权 趋势分析（2015-2024） 报告编写单位 中华商标协会商标海外维权工作委员会 科睿唯安信息服务（北京）有限公司 超凡知识产权服务股份有限公司 中国企业海外商标品牌发展报告 中国大陆企业近10年海外商标布局与维权趋势分析（2015-2024) 前言 2015年至2024年，"一带一路"倡议有力推动了企业拓展新兴市场，跨境电 商呈现爆发式增长，促使中国企业积极布局海外商标。与此同时，国内市场竞争 日趋激烈，品牌出海成为新的增长点。在此背景下，中国大陆企业在海外商标申 请和纠纷案件方面均呈现显著增长趋势。中国企业的国际化进程不断加速，但也 面临着知识产权保护与侵权的双重挑战。本报告深入分析了中国大陆企业近10年 海外商标申请趋势及近10年海外商标纠纷情况，希望借此为中国大陆企业提供有 益的启示和参考。 目录 一、中国大陆企业海外商标布局情况分析 | （一）近10年中国大陆企业的海外商标申请趋势 | 01 | | --- | --- | | 1.数量激增 | 01 | | 2.地域分布变化 | 01 | | ...

Group 1: Consumption Trends - Consumption has led the market since April and year-to-date, with personal care products, animal health, feed, snacks, and cosmetics showing the highest gains[1] - Recommended consumption sectors include apparel, automobiles (including two-wheeled electric vehicles), retail, food, beauty care, aquaculture, feed, and snacks since the Spring Strategy Outlook on February 12[1] Group 2: Fiscal Impact on Consumption - Retail sales growth is highly elastic to fiscal spending cycles, with elasticity increasing during fiscal expansion periods[2] - The expected fiscal deficit rate for 2025 is around 4%, up from approximately 3% in 2024, indicating a significant increase in central government spending[21] - Local government debt pressures have historically suppressed consumption, but debt relief efforts are expected to drive internal recovery in consumption, particularly in high-debt provinces[2] Group 3: Investment Strategy - The investment strategy suggests focusing on domestic consumption sectors, technology growth, cost improvement drivers, and structural opportunities abroad[32] - Recommended sectors include domestic consumption (apparel, automobiles, retail, food, beauty care), technology (AI, robotics, semiconductors), and cost-driven sectors (aquaculture, energy metals)[32]

Group 1 - The article discusses the contrasting measurements of China's GDP using exchange rate and purchasing power parity (PPP), highlighting a significant discrepancy in the perceived economic size of China compared to the US [5][10][12] - According to exchange rate calculations, China's GDP is approximately $19 trillion, about 65% of the US GDP of $29 trillion, while PPP estimates China's GDP at around $38 trillion, suggesting it surpasses the US [5][10][12] - The article emphasizes the importance of understanding the underlying economic structures and the implications of these measurements on global perceptions of China's economic strength [12][26][38] Group 2 - China's agricultural output has consistently ranked first globally over the past decade, producing nearly 100 million tons more than the US, indicating a strong foundation for its economy [14][16] - In industrial production, China dominates global supply chains, contributing over 50% of the world's steel production, around 60% of electrolytic aluminum, and close to 45% of copper [18][20][24] - The manufacturing sector in China is robust, with the country leading in automobile production, home appliances, and electronics, holding significant global market shares [20][24] Group 3 - The article points out that the statistical methods used to measure GDP may overlook significant contributions from emerging service sectors and informal economies, leading to an underestimation of China's economic output [28][30][34] - The rise of gig economy workers and small businesses, which often operate outside traditional economic measurements, contributes to a substantial but unaccounted economic value [30][34] - The undervaluation of the Chinese yuan in international markets may also distort GDP figures when converted to foreign currencies, further complicating the assessment of China's economic size [36][38] Group 4 - The future of China's economic measurement may improve with more detailed service sector statistics and the ongoing internationalization of the yuan, which could provide a more accurate reflection of its economic standing [40]

我们理解，良好的开端展示了双方沟通的诚意，关税从 145%的非 理性水平降至目前相对理性水平，这应是双方正常经贸合作的基本， 或是中美经贸谈判的开始，后续谈判或将进入实质性环节。考虑美国 特朗普政府过往的一贯行事风格，后续谈判或存在反复的可能。从美 国特朗普竞选主张，以及美国特朗普政府相关官员的发言，美国特朗 普政府对我国的贸易政策并非基于对等关税政策，而是典型的贸易保 护主义，美国特朗普政府一再扬言，要取消中国最惠国待遇。年初特 朗普团队提名国务卿公布的法案，宣称取消中国最惠国待遇。仅从本 次中美经贸会谈结果来看，在 90 天的豁免期内，美国对我国加征关 税税率已经达到 51%，高于最惠国待遇的平均关税税率；若 90 天的豁 免期结束后，美国继续加征 24%的关税，那么美国对我国商品加征的 平均关税税率则高达 75%。整体来看，目前中美双方或进入实质性谈 判阶段，后续或仍存在谈判空间，最惠国待遇的平均关税税率或是双 方谈判的关键分水岭。考虑美国特朗普政府过往的一贯行事风格，后 续谈判或存在反复的可能，值得关注。 证券研究报告：宏观报告 研究所 分析师:袁野 SAC 登记编号:S1340523010002 E ...

2025 年 05 月 12 日 策略研究团队 谈判在时点上超预期，坚定政策信心，降低斜率预期 ——投资策略点评 韦冀星（分析师） weijixing@kysec.cn 证书编号：S0790524030002 事件：中美发布《中美日内瓦经贸会谈联合声明》。本次中美协商谈判结果为： 当前美国对中国额外征收 30%关税，中国对美国只保留额外征收 10%。同时美 国保留 24%的额外空间（延后 90 天），作为后续谈判的筹码。 策略视角，我们从 4 个视角去解读本次谈判结果 1、中美为什么谈判超预期？最强烈的诉求在美国这边，而不在中国。美国至今 为止有效的谈判成效并不多，特朗普急于获得新的谈判成果，以回头进一步和其 他国家获取谈判利益。从结果来看，更超预期的是谈成的时间，而非关税幅度。 2、中美谈判后续会继续这么顺利么？建议投资者做好心理准备，并不一定会。 如果后续美国和其他国家的谈判依然不太顺利，那么 90 天的延长期限会进一步 延长；但如果特朗普又"大获成功"，那么对中国的态度可以随时强硬。后续谈 判会是漫长的，因为我们要去理解美国行为背后的动机—— 3、美国到底想要什么？对其他国家的关税会显著下降吗？债务危机 ...

Core Insights - In the first quarter of 2025, the China Consumers Association reported a total of 461,767 consumer complaints, marking a year-on-year increase of 33.33% [1] - The organization successfully recovered economic losses amounting to 23.723 million yuan for consumers [1] Complaint Categories - The top five categories for product complaints included home electronics, clothing and footwear, daily goods, food, and transportation [1] - Compared to the first quarter of 2024, the proportion of complaints in clothing and footwear, as well as daily goods, has increased, while complaints related to agricultural production materials have decreased [1] Service Categories - The leading categories for service complaints were internet services, life and social services, education and training services, sales services, and cultural, entertainment, and sports services [1] - In comparison to the first quarter of 2024, there was an increase in the proportion of complaints in financial services, cultural, entertainment, and sports services, and public facilities services, while complaints in life and social services, internet services, and telecommunications services saw a decline [1]

5月5日，和讯投顾高璐明就假期期间国内外市场动态及A股后续走势发表了观点。他指出，假期期间市 场消息频出，中国资产大幅飙升，汇率也呈现升值态势，同时现货黄金市场也出现大涨。在此背景下， 投资者普遍关注A股市场在假期后能否迎来开门红。 高璐明强调，在市场资金未完全发力之前，投资者可以关注科技品种或受消息政策影响的方向，但整体 仓位不宜过重。他建议投资者等待市场资金发力、新的明确热点方向或主线方向启动时再重点加仓。对 于短线投资者而言，一旦出现明显涨不动或冲高回落的情况，应及时减仓或离场。 从技术面来看，高璐明认为市场在经历连续回踩后正在构筑中期底部。他建议投资者等待市场给出明确 的中大阳线、成交量放大等信号，并确定主线方向后再加重仓位参与第二次抄底。尽管市场节奏需要把 握，但他对未来行情并不悲观。 在谈到市场走势时，高璐明认为，尽管假期期间市场出现了诸多利好信号，如中国资产上攻、汇率升 值、富时A50及港股正反馈等，但投资者仍需防范市场高开回落的风险。他提到，外部事件虽然传递出 谈判意愿，但小额包裹免税政策最终未减免，显示出对方意愿并不强烈。同时，国际原油价格持续跳 水，将对国内石油板块形成负面影响，进而压制盘 ...