转自：新华财经 2026新年刚拉开序幕，企业生产就按下了"快进键"。河南省洛阳市偃师区紧扣"开好局、起好步"的核心 目标，一边抓企业生产，一边严抓安全生产保障，车间里机器转起来、工人忙起来，争分夺秒赶订单、 抢进度，全力向一季度"开门红"发起冲刺。 1月1日，新年第一天的阳光刚洒进厂区，一走进洛阳亿利鑫铝业有限公司、川渝精工摩托车配件有限公 司、洛阳洛克菲勒公司的车间，震耳的机器轰鸣声扑面而来，工人们身着工装在岗位上穿梭忙碌，有的 操控设备、有的检查产品、有的搬运物料，处处是热火朝天的生产场景。大家带着新年的干劲，全身心 投入工作，都想为一季度"开门红"添把力。 公司总经理张显中谈及新一年规划时，思路清晰、目标明确："2026年，我们要靠'科技引领、创新驱 动'带动高质量增长。一方面持续推进自动化改造，加大生产智能化投入；另一方面从管理模式、智能 设备、工程技术到市场渠道，全方位搞创新。我们会简化创新流程、拓宽创新渠道，给员工搭好创新平 台、配齐创新资源，稳步提升公司竞争力，力争今年销售额突破2亿元，实现新的跨越。" 安全生产是企业发展的"护身符"，这一点在洛克菲勒公司体现得淋漓尽致。车间安全巡查岗上，车间主 ...

Core Viewpoint - Guang'an Port is positioned as a crucial logistics node in the Chengdu-Chongqing economic circle, aiming to enhance water transport efficiency and reduce logistics costs through innovative transportation models and infrastructure development [1][2][4]. Group 1: Infrastructure Development - Guang'an Port has established a three-level ship lock, six 1,000-ton berths, and has improved 70.9 kilometers of the Chuanjiang River's third-level navigation channel, forming a waterway that connects rivers to the sea [3]. - The port has launched nine 1,000-ton vessels, including two 1,100-ton electric new energy cargo ships, which reduce energy consumption by 20%-25% compared to conventional vessels [3]. Group 2: Transportation Model Innovation - Guang'an Port is addressing navigation challenges by implementing a "top-push + relay" fleet transportation model, which enhances navigation efficiency and reduces transportation risks [2]. - The cost of transporting goods via water has been significantly reduced, with water transport costing 185 yuan per ton compared to 260 yuan per ton by road, leading to substantial savings as transport volume increases [2]. Group 3: Multi-Modal Logistics System - Guang'an Port is developing a multi-modal transport system that integrates water, road, rail, and air transport, enhancing logistics collaboration with the Chongqing metropolitan area [4][5]. - A partnership with Chongqing Guoyuan Container Company has established a "dry port" in Guang'an, facilitating over 200 shipments and 6,000 tons of goods valued at 60 million yuan [4]. Group 4: Growth Metrics - Since the launch of container shipping between Guang'an Port and Chongqing Port in 2021, over 470 voyages have been made, with container throughput nearing 10,000 TEUs, and annual growth rates for container voyages, throughput, and overall port cargo volume reaching 65.87%, 53.51%, and 98.73% respectively [5].

Core Viewpoint - Guang'an Port has established itself as a crucial logistics hub in the Chengdu-Chongqing economic circle, with a focus on modernizing water transport and reducing logistics costs through innovative transportation models and infrastructure development [2][4][6]. Group 1: Port Development and Operations - Since its opening, Guang'an Port has launched 21 international and domestic shipping routes, positioning itself as a key logistics node in the Chengdu-Chongqing economic circle [2]. - The port has maintained a top-three ranking in major water transport indicators in the province for three consecutive years, leading the northeastern Sichuan port cluster [2]. - Guang'an Port is actively working to enhance its capabilities as a comprehensive water transport hub by integrating a "three-network" approach (channel network, logistics network, and data network) [2][4]. Group 2: Cost Reduction and Efficiency Improvement - Historically, over 98% of goods in Guang'an relied on road transport, leading to high logistics costs. The port aims to shift more cargo to water transport to reduce these costs [4]. - The port has implemented innovative transportation models, such as "top-push + relay" shipping, to address challenges in navigation efficiency and enhance overall transport effectiveness [4][5]. - Water transport costs have been significantly reduced, with examples showing a decrease from 260 yuan per ton via road to 185 yuan per ton via water [4]. Group 3: Infrastructure and Capacity Expansion - Guang'an Port has developed essential infrastructure, including a three-level ship lock and six 1,000-ton berths, and has improved 70.9 kilometers of the channel for better waterway access [5]. - The port has introduced nine 1,000-ton vessels, including two electric cargo ships that reduce energy consumption by 20-25% compared to conventional vessels [5]. Group 4: Multi-Modal Logistics Integration - Guang'an Port is working on a multi-modal transport system that integrates water, road, rail, and air transport to enhance logistics efficiency and connectivity with the Chongqing metropolitan area [6][7]. - A partnership with Chongqing's Guoyuan Container Company has established a "dry port" in Guang'an, facilitating over 200 shipments and 6,000 tons of goods valued at 60 million yuan [6]. - The port has also developed a railway network and collaborated with Sichuan Airlines to improve air cargo efficiency, achieving a 70% increase in customs clearance speed [7]. Group 5: Growth Metrics and Future Outlook - Since the launch of container shipping between Guang'an Port and Chongqing Port in 2021, the port has conducted over 470 voyages, with container throughput nearing 10,000 TEUs and annual growth rates of 65.87% for shipping routes and 98.73% for overall cargo throughput [7].

Core Viewpoint - The article highlights the implementation of the unemployment insurance stable job return policy in Tianyang District, which has effectively alleviated the operational pressures on local enterprises and stabilized employment for their workers [9][10][12]. Group 1: Policy Implementation - Tianyang District has actively implemented the unemployment insurance stable job return subsidy policy, increasing support and expanding the coverage of the inclusive return policy to help enterprises reduce labor costs and stabilize employment [10][11]. - The local human resources department has adopted measures such as precise selection, immediate enjoyment without review, and rapid implementation to assist enterprises in applying for subsidies [11][12]. Group 2: Impact on Enterprises - Guangxi Baikun New Materials Technology Co., Ltd. received a subsidy that alleviated operational pressure and stabilized the morale of over 500 employees, with plans to use the funds for social insurance payments and skill enhancement training [2][3][6][7]. - Tianyang Nanhua Paper Co., Ltd. quickly accessed the stable job return subsidy through an online system, receiving 120,000 yuan, benefiting 374 employees, and highlighting the efficiency of the new application process [15][17]. Group 3: Financial Data - As of October 2025, Tianyang District has disbursed 1.8985 million yuan in unemployment insurance stable job return subsidies, covering 184 insured units [20]. - The subsidies can be used for employee living allowances, social insurance payments, job transfers, and skill training, further supporting enterprises in reducing costs and stabilizing employment [21][22]. - The district plans to distribute 2.6 million yuan in stable job return subsidies in 2025, benefiting 448 enterprises [26].

Core Insights - The article highlights the rapid development of the Nanning International Railway Port and its role in enhancing trade connectivity with ASEAN countries, showcasing significant growth in cargo transportation and infrastructure improvements. Group 1: Transportation Growth - The cargo volume from Nanning International Railway Port increased from 993,000 tons to 9.9 million tons during the 14th Five-Year Plan, with an average annual growth rate of 77.69% [1] - The highway mileage expanded from 943 kilometers in 2020 to 1,501 kilometers by 2024, significantly improving service capacity [1] - High-speed rail operational mileage grew from 355 kilometers in 2020 to 659 kilometers by 2024, enabling interconnectivity with 13 cities in the region and 18 provincial capitals [1] Group 2: Water and Air Transport Development - The construction of 5,000-ton and 3,000-ton waterways is accelerating, with the completion of the West Jin Water Conservancy Hub's second ship lock allowing 2,000-ton vessels to directly reach the Guangdong-Hong Kong-Macao Greater Bay Area [2] - Nanning Airport's international cargo throughput is projected to reach 108,000 tons in 2024, reflecting a year-on-year increase of 23.3% [2] Group 3: Logistics and Customs Efficiency - The "Nanning Channel" has diversified its cargo sources, now including coal, minerals, agricultural products, and machinery, enhancing Guangxi's international market presence [3] - The "Smart Customs" project simplifies logistics processes, reducing customs verification time by over 90% [3] - The establishment of a "fast track" for customs clearance has cut inspection preparation time from 2-3 days to half a day [4] Group 4: Passenger Services Enhancement - Nanning's passenger service staff have undergone training in multiple languages to provide better service to travelers [5] - The new T3 terminal at Nanning Wuxu Airport, expected to open in 2027, will enhance passenger experience through innovative air-rail interconnectivity [6] - Future plans include strengthening connectivity with ASEAN countries across various transport modes [6]

Core Points - The company is Zhejiang Century Huatong Group Co., Ltd., established as a joint-stock company based on the original Zhejiang Century Huatong Vehicle Industry Co., Ltd. [1][2] - The company was approved by the China Securities Regulatory Commission to issue 45 million shares of common stock to the public on June 30, 2011, and was listed on the Shenzhen Stock Exchange on July 28, 2011 [1][2] - The registered capital of the company is RMB 7,452,556,968 [1][2] - The company's business scope includes manufacturing and sales of automotive and motorcycle parts, precision metal molds, and various other products [2][3] Chapter Summaries Chapter 1: General Provisions - The purpose of the articles is to protect the legal rights of the company, shareholders, employees, and creditors, and to regulate the company's organization and behavior [1] - The company is a permanent joint-stock company with a unified social credit code [1][2] Chapter 2: Business Objectives and Scope - The company's business objective is to prioritize people and technology, provide satisfactory products and services, and achieve good returns for shareholders while maintaining industry leadership [2] - The business scope includes manufacturing and sales of automotive parts, motorcycle parts, precision metal molds, and various other products [2] Chapter 3: Shares - The company's shares are issued in the form of stocks, with a nominal value of RMB 1.00 per share [3] - The company has issued a total of 7,452,556,968 shares, all of which are common shares [3][4] Chapter 4: Shareholders and Shareholders' Meeting - The company establishes a shareholder register based on the certificates provided by the securities registration and settlement institution [7] - Shareholders have rights to dividends, request meetings, supervise the company, and transfer their shares [7][8] - The company must hold an annual shareholders' meeting within six months after the end of the previous fiscal year [15] Chapter 5: Board of Directors and Board of Supervisors - The board of directors is responsible for the company's operations and decision-making [1][2] - Independent directors and specialized committees are established to enhance governance [1][2] Chapter 6: Senior Management - Senior management includes the general manager (president), vice presidents, board secretary, and financial officer [2] Chapter 7: Financial Accounting System, Profit Distribution, and Audit - The company must establish a financial accounting system and conduct internal audits [2] Chapter 8: Notices and Announcements - The company must issue notices and announcements in accordance with legal requirements [2] Chapter 9: Merger, Division, Capital Increase, Decrease, Dissolution, and Liquidation - The company can increase or decrease capital based on shareholder resolutions [2] Chapter 10: Amendment of Articles - The articles can be amended following the procedures outlined in the company law and regulations [2] Chapter 11: Supplementary Provisions - The articles serve as a legally binding document for the company, shareholders, directors, and senior management [1][2]

Core Viewpoint - The overall price index of Linyi Mall decreased by 0.29% this week, indicating a slight decline in market prices across various categories [1] Price Index Summary - **Household Appliances and Audio-Visual Equipment**: The price index increased to 103.16 points, up by 0.05 points, driven by rising demand for air conditioners and audio equipment due to high temperatures [1] - **Building and Decoration Materials**: The price index rose to 105.73 points, up by 0.03 points, with increases in structural installation and decorative materials, despite a slowdown in construction activities [2] - **Hardware and Electrical Materials**: The price index increased to 119.64 points, up by 0.02 points, mainly due to price rises in instruments, cables, and electric tools, although overall sales volume decreased [3] - **Steel Products**: The price index fell to 96.51 points, down by 1.84 points, as upstream raw material prices decreased, leading to lower factory prices and reduced demand [4] - **Board Materials**: The price index decreased to 97.09 points, down by 0.11 points, influenced by weak demand in the real estate market, prompting dealers to lower prices to alleviate inventory pressure [5] - **Automotive Parts and Accessories**: The price index dropped to 93.79 points, down by 0.04 points, primarily due to declining prices of automotive parts amid a sluggish sales environment [6]

Core Viewpoint - The overall price index of Linyi Mall remains stable at 103.48 points this week, with 5 categories of goods increasing, 4 remaining stable, and 5 decreasing in price [1] Group 1: Price Increases - The steel category index increased to 101.20 points, up by 0.26 points, driven by rising prices of various steel products due to restored production demand and increased raw material costs [1] - The lighting category index rose to 104.31 points, up by 0.05 points, with outdoor lighting and accessories seeing slight price increases due to higher sales from increased outdoor activities [2] - The building decoration materials category index reached 105.74 points, up by 0.05 points, primarily due to rising prices of decorative materials and increased demand for certain products like dragon bones [3] Group 2: Price Decreases - The grain, oil, and food category index fell to 94.93 points, down by 0.25 points, with prices of various food items decreasing due to high inventory levels and competitive market conditions [4] - The board category index decreased to 98.13 points, down by 0.08 points, as the prices of materials like gypsum board and plywood fell due to lower production costs from declining raw material prices [5] - The automotive parts and accessories category index dropped to 94.33 points, down by 0.06 points, mainly due to decreased prices of automotive parts amid intense competition [6]

Financial Data and Key Metrics Changes - First quarter sales reached $355 million, reflecting a 6.5% increase year-over-year, with adjusted earnings per share at $0.23, aligning with expectations [7][24] - Gross margin improved by 200 basis points sequentially to 30.9%, while adjusted gross margin decreased to 30.9% from 32.3% year-over-year due to a shift in product mix [7][25] - Net loss for the quarter was $259.7 million, or negative $6.23 per diluted share, primarily due to a goodwill impairment charge [26] Business Line Data and Key Metrics Changes - In the Powered Vehicles Group (PVG), net sales increased by 3.4% to $122.1 million, driven by motorcycle business growth [12] - The Aftermarket Applications Group (AAG) saw net sales rise by 9.9% to $111.9 million, with adjusted EBITDA margin improving to 15.2% [15] - Specialty Sports Group (SSG) reported a 6.6% increase in net sales to $121 million, although adjusted EBITDA margins decreased to 19.3% due to seasonality and investments in product engineering [17] Market Data and Key Metrics Changes - The automotive sector is showing signs of stabilization, particularly in the premium truck category, despite broader market caution [13] - The motorcycle business is experiencing growth, offsetting declines in traditional powersports product lines [12][15] - The company is leveraging international growth opportunities, particularly in Asia, to mitigate domestic market challenges [53] Company Strategy and Development Direction - The company is focused on operational efficiency, innovation, and strategic growth initiatives to drive long-term shareholder value [22][32] - Key initiatives include simplifying and consolidating manufacturing footprint, optimizing product portfolio, and enhancing working capital management [9][10] - The company aims to achieve $25 million in cost savings through various strategic actions throughout 2025 [11][30] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the broader market environment but is optimistic about sequential margin improvements and top-line growth across segments [21][32] - The company is continuously analyzing tariff impacts and implementing mitigation strategies, including cost reductions and price adjustments [22][31] - Despite uncertainties, management reaffirms full-year guidance for 2025, anticipating continued growth and margin improvement [29][30] Other Important Information - The company completed the closure of one of its Taiwan facilities, which is expected to yield cost benefits starting in Q2 [9][18] - The company is actively managing inventory levels to support demand and prepare for potential tariff impacts [27][44] Q&A Session Summary Question: Update on demand from bicycle OEM partners regarding tariffs - Management noted a spectrum of responses from OEM customers, with no significant demand reduction observed due to tariffs [38][39] Question: Key drivers of growth in the upfitting business - Growth is attributed to better product execution, improved dealer relationships, and a favorable product mix [41][42] Question: Quality of inventory and potential for cash generation - Management emphasized a strategic approach to inventory builds, focusing on high-demand aftermarket products [43][44] Question: Updates on international opportunities - The company is expanding its international relationships, particularly in Asia, to diversify its market presence [53] Question: Impact of tariffs on supply chain and consumer demand - Management discussed various strategies to mitigate tariff impacts, including commodity price adjustments and insourcing [64][66] Question: Did the company see any pull-forward in demand due to tariffs? - Management indicated minimal pull-forward in demand, with some product launches influencing sales [70][71] Question: Insights on the performance of the lower-priced fork in the market - The lower-priced fork has expanded market share and is performing well [105]

点击上图▲立即报名 文 / 巴九灵（微信公众号： 吴晓波频道） 关税战甚嚣尘上，世界经济再起波澜。 世界上是否还有不受关税打击的避难桃源？非洲，尤其是东非，吸引了出海中企的目光。 相比于被加征高达50%关税的南非，东非受美关税政策影响较小，肯尼亚和埃塞俄比亚的关税 远低于中国的60%，仅为10%，几乎是为中企出海另辟了一片逐鹿之地。 吴晓波激荡商学将围绕"贸易突围·新出海之路"，带领企业家们前往非洲一探究竟，就市场痛 点、潜在商机、经营风险为中国企业家提供解决方案式出海考察，共拓出海新商路。 【点击了 解详情】 全球的"最后一个十亿级蓝海市场" 当中国摩托车在限摩禁令下熄火，搭载着中国零件的"手工"摩的却冲上非洲街头， 某摩托车配 件销售商，仅在一个月实地考察后强势空降非洲市场，如今年营收1亿元人民币，在出海利润榜 单上一路狂飙。 而这仅仅是非洲出海的剪影，扬尘起处，中国企业家驰骋的机遇，已经到来。 非洲被誉为全球的"最后一个十亿级蓝海市场"，对于出海企业而言有着巨大的发展潜能。 现有人口14亿的基础上，非洲人口却仍在以每年3%—4%的高速增长位居全球前列，令人兴奋 的是，60%的非洲人口年龄不到25岁，以充 ...