（编辑 姚尧） 证券日报网讯 12月29日，兴通股份在互动平台回答投资者提问时表示，海南自贸港封关运作是国家重 大战略部署，封关后将落地加工增值货物内销免关税、贸易便利化升级等一系列政策红利，预计将进一 步激活海南石化新材料产业的集聚效应，带动区域内石化产品生产、加工及进出口贸易规模扩大，直接 催生相关货物的海上运输需求增长，与公司核心从事的化学品、成品油等特种货物航运业务高度契合。 并且，封关后海南作为我国对外开放门户与全球自由贸易枢纽的功能将进一步强化，石化产品国际中 转、跨境贸易流量有望持续提升，为公司国际化航运业务拓展提供了广阔的市场空间。公司于2022年6 月设立的兴通海运（海南）有限公司，是公司践行国际化战略的核心平台。截至目前，兴通海南及其全 资子公司共有7艘化学品船舶，合计运力11.87万载重吨，业务航线已覆盖东北亚、东南亚、中东、地中 海、西北欧、印度洋、南美洲等主要国际航运区域，具备承接海南封关后国际石化贸易运输业务的充足 运力与网络支撑。公司目前已与中国石油天然气股份有限公司华南化工销售分公司、中海石油炼化有限 责任公司销售分公司、中石化化工物流有限公司等区域重点客户建立长期稳定的合作关 ...

泰坦科技(688133)12月22日晚间公告，公司收购ASL100%股权事宜已完成相关的境外投资备案及审批程 序，并先后取得上海市商委出具的《企业境外投资证书》、上海市发展和改革委员会出具的《境外投资 项目备案通知书》，并通过了英国投资国家安全审查程序。 公司、ASL与ASL股权持有人Central Glass日本于近日共同签署《交割确认书》，各方共同确认：本次 交易交割条件均已满足。公司已按照《股权买卖协议》约定向卖方一次性支付全部股权收购款，卖方确 认已收到全部股权收购款。 泰坦科技在12月22日晚最新公告中表示，本次交割完成后，ASL成为公司的全资子公司，纳入公司合并 报表范围；标的公司交割日审计、内部控制管理整合等工作将有序开展。本次交易符合公司发展战略， 将为公司在多个方面带来提升，同时能和标的公司形成有效协同：不仅为公司带来一系列创新产品，还 新增海外生产和经营实体。公司将在全球范围内对现有的供产销全业务链条实施整合，本次交易加快了 公司海外布局步伐。 泰坦科技同时提示风险，本次交易为境外收购，标的公司的日常运营币种为英镑，后续在标的公司运营 过程中，外汇汇率变化可能给公司带来汇兑损失风险。本次交 ...

Core Viewpoint - In October, Colombia's total exports amounted to $4.3005 billion, showing a slight year-on-year decrease of 0.2%, while exports to China surged by 115.3% compared to the previous year, driven by significant increases in animal and paper products [1] Group 1: Export Performance - The total export value for October was $4.3005 billion, a decrease of 0.2% year-on-year [1] - Fuel and mining products accounted for 35% of total exports but saw a 19% decline [1] - Agricultural, food, and beverage exports grew robustly by 32.2%, reaching $1.3254 billion, increasing their share to 30.8% [1] Group 2: Key Growth Drivers - The main contributors to agricultural export growth were unroasted coffee and bananas, which increased by 65.3% and 66.4%, respectively [1] - Manufacturing exports rose by 6.6%, primarily driven by machinery, transport equipment, and chemicals [1] Group 3: Export Destinations - The United States remains Colombia's largest export market, followed by Panama, Canada, India, and China [1] - Exports to China in October reached $190 million, marking a significant increase of 115.3% year-on-year [1]

Core Viewpoint - LyondellBasell Industries N.V. (LYB) is a prominent global chemical company facing challenges despite a positive price target from Fermium Research, indicating potential upside in its stock price [1][5]. Financial Performance - LYB's stock has been downgraded from a Buy to a Hold rating following a 22% decline in share price since May 2025, with the current stock price at $46.02, down 3.68% or $1.76 [2][5]. - The company shows signs of financial improvement with better margins and cash flow, attributed to disciplined capital expenditures and a $1.1 billion cash improvement plan [3][5]. - LYB's market capitalization is approximately $14.81 billion, with a trading volume of 5,960,429 shares on the NYSE [4]. Market Dynamics - LYB operates in over 100 countries and serves various industries, including packaging, electronics, and automotive, facing competition from companies like Dow Inc. and BASF [1]. - The stock has fluctuated between a high of $80 and a low of $41.58 over the past year, reflecting market volatility [4]. - LYB trades at a higher EV/EBITDA multiple of approximately 9.2x, influenced by lower forward estimates and uncertainty in structural demand recovery [3][5].

Group 1: Economic Relations - The 13th Morocco-Spain High-Level Meeting is scheduled for December 4, indicating a deepening strategic partnership between the two countries [1] - Bilateral trade is projected to reach a record high of €22.7 billion in 2024, with Morocco exporting €9.83 billion primarily in agricultural products, textiles, and automotive products, while Spain's exports to Morocco are valued at €12.87 billion, focusing on machinery, industrial equipment, chemicals, and electronic components [1] - Morocco has become Spain's main trading partner in Africa, as highlighted by EU statistics [1] Group 2: Foreign Investment - Morocco attracted a total of $69.3 billion in foreign direct investment stock by 2023, with Spain consistently ranking among the top five foreign investors [1] - Approved investment projects in Morocco for 2024 amount to nearly €18.5 billion, with significant contributions from European companies, particularly from Spain, France, and Germany [1] - Spanish investments are primarily concentrated in the industrial sector, aligning with Morocco's industrial acceleration plan, green strategy, and decarbonization initiatives [1] Group 3: Future Investment Goals - Over 1,300 Spanish companies operate in Morocco across various sectors, including construction, finance, agriculture, higher education, engineering, and emerging technologies [2] - The Moroccan Business Confederation (CGEM) and the Spanish Employers' Organization (CEOE) aim to achieve €5 billion in cross-investment by 2028, focusing on energy transition, logistics, sports infrastructure, and cultural industries [2] - The upcoming high-level meeting in Madrid is expected to explore new growth areas such as green hydrogen, cybersecurity, and industrial innovation to enhance bilateral cooperation [2]

Group 1 - The company plans to establish a wholly-owned subsidiary named Guilin Fuda Equipment Technology Co., Ltd. with an investment of 30 million RMB to enhance its forging business and related manufacturing processes [3][6][11] - The investment was approved by the company's board of directors with a unanimous vote of 9 in favor, and it does not require shareholder approval [4][5][19] - The new subsidiary will focus on various manufacturing activities including mold manufacturing, tool manufacturing, and chemical processing, aiming to improve the overall efficiency and competitiveness of the company's operations [7][11] Group 2 - The registered capital of the new subsidiary will be 30 million RMB, fully funded by the company's own resources [6][10] - The establishment of the subsidiary is subject to regulatory approval and may face uncertainties related to macroeconomic conditions and market demand [2][12] - The company anticipates that the new subsidiary will be included in its consolidated financial statements and will not adversely affect its main business operations or financial health [11]

Core Viewpoint - The recent trade framework agreements between the United States and several Latin American countries, along with potential tariff reductions for Switzerland, signify a new phase in the global tariff negotiations, driven by domestic inflation pressures and the need for economic resilience [1][3][7]. Group 1: Trade Agreements - The U.S. has reached trade framework agreements with Argentina, Guatemala, Ecuador, and El Salvador, focusing on reducing tariffs on agricultural products such as bananas, coffee, and cocoa, which are not sufficiently produced domestically [5][6]. - The agreement with Argentina is the most comprehensive, offering preferential market access for U.S. pharmaceuticals, chemicals, machinery, IT products, medical devices, and automobiles [6]. Group 2: Domestic Influences - The acceleration of tariff negotiations is partly due to rising domestic inflation, particularly in food prices, which has created pressure on the government following recent local elections [7][9]. - The U.S. government is considering adjustments to tariffs on food-related imports, indicating a more flexible approach to tariff strategies [9]. Group 3: Legal and Political Context - The U.S. government faces legal challenges regarding the president's authority to impose tariffs under the International Emergency Economic Powers Act, which could impact existing tariffs on Canada, Mexico, and China [11]. - Despite these legal uncertainties, negotiations continue as countries seek favorable agreements, driven by the fear of falling behind competitors who have already secured deals [11]. Group 4: Global Trade Responses - In response to U.S. tariff policies, countries are actively seeking diversified trade partnerships to reduce reliance on the U.S. market [13][14]. - The European Union is expanding trade partnerships globally, while ASEAN countries are leveraging regional agreements to enhance economic integration [15]. - Multilateral trade systems are being reinforced, with initiatives aimed at strengthening global trade frameworks amidst current trade disruptions [15].

Group 1: Trade Agreements Overview - The White House announced trade deals with Ecuador, Guatemala, El Salvador, and Argentina aimed at reducing tariffs on certain goods like coffee, bananas, and beef exports [1][2] - The agreements will maintain reciprocal rates but will lower tariffs on items that cannot be produced in the U.S., with Argentina, Guatemala, and El Salvador facing a 10% tariff, while Ecuador will have a 15% tariff [2] Group 2: Political Reactions - The framework with Argentina includes lower tariffs on beef imports but does not increase the U.S. import quota, leading to concerns from both Democrats and Republicans about the impact on U.S. farmers and ranchers [5][6] - A letter signed by 14 Republican lawmakers expressed concerns that increased market access to Argentina could undermine American cattle producers and reintroduce animal health risks [6][9] Group 3: Benefits and Commitments - The White House highlighted potential benefits for Americans, including commitments from El Salvador to address non-tariff barriers and from Argentina to provide preferential market access for U.S. goods [13] - Guatemala has committed to not imposing digital services taxes that discriminate against U.S. products, while Ecuador will adopt high levels of environmental protection [13]

Core Points - The Trump administration plans to significantly reduce tariffs to address high food prices and is pursuing new trade agreements with Latin American countries, including Argentina, Guatemala, El Salvador, and Ecuador, in response to voter concerns about living costs [1][2] - The agreements aim to lower tariffs on essential food items such as beef, bananas, and coffee beans, which have been a source of pressure on American consumers for years [1][2] - The administration is also expected to implement broader tariff exemptions, potentially reducing rates on popular food items, with specific focus on products identified by presidential executive orders [1][2] Trade Agreements - The most significant agreement is with Argentina, which will provide preferential market access for U.S. pharmaceuticals, chemicals, and medical devices [2] - Agreements with Guatemala, El Salvador, and Ecuador focus on reducing tariffs on key products not produced in the U.S., such as bananas and coffee beans, with a framework agreement expected to be finalized in about two weeks [2] - Ongoing trade negotiations with Switzerland may also lead to reduced tariffs on watches and chocolates, aiming to improve public perception of the administration's focus on living costs [2] Beef Trade - The agreements include commitments to improve bilateral market access for beef, which aims to alleviate price pressures faced by American consumers [3] - However, this has faced opposition from domestic ranchers who warn that imports of Argentine beef could negatively impact local producers [3] - The U.S. Department of Agriculture projects that U.S. beef exports to Argentina will amount to $2.6 million in 2024, highlighting the limited scale of trade between the two nations [3] Trade Negotiation Constraints - Argentina, as a member of the Mercosur trade bloc, is limited by regulations that restrict large-scale external negotiations, although it has been allowed to negotiate tariffs on up to 50 products this year [4]

Core Insights - In the first three quarters of this year, Hebei Province's import and export to countries involved in the Belt and Road Initiative reached 299.36 billion yuan, a year-on-year increase of 13%, accounting for 62.5% of the province's total import and export value, an increase of 4.9 percentage points compared to the same period last year [1] Trade Performance - Exports amounted to 175.9 billion yuan, growing by 8.4%, while imports reached 123.46 billion yuan, increasing by 20.2% [1] Transportation Connectivity - Hebei Province has established waterway connections to 156 countries, road connections to 124 countries, railway connections to 42 countries, and air connections to 149 countries involved in the Belt and Road Initiative [1] Product Diversification - The variety of exported goods to Belt and Road countries expanded to 332 types, including food, chemicals, and machinery transportation equipment [1] High-tech Product Exports - High-tech product exports showed strong momentum, with computer integrated manufacturing technology, computer and communication technology, and aerospace technology exports reaching 1.62 billion yuan, 1.24 billion yuan, and 410 million yuan respectively, with growth rates of 47%, 34%, and 41.9% [1]