面对复杂严峻的外部形势，中国坚定不移地扩大高水平对外开放，推动与各国、各地区贸易伙伴的合作 升级，以自身的确定性应对外部环境的不确定性，以实际行动从根本上增强外贸韧性—— "我最多的一个月处理了212单。"张尧(化名)是一名入行不久的外贸单证员，主要负责泰国、印度尼西 亚、菲律宾、新加坡等线路的货代提单、船东提单等单据制作，同时向客户更新开船时间和到港时 间。"我们每个月的标准单量是135单，但最近几个月我的平均单量在180单左右。"张尧告诉记者，同组 另一条线，主要面向越南客户，"爆单"情况更甚，"他们加班时间比我还多"。 张尧的忙碌是上半年外贸行业的缩影。今年上半年，面对美国所谓"对等关税"极限施压，中国货物贸易 出口展现出极强的韧性，成为经济增长超预期的重要原因。这份韧性，由多元发展的贸易伙伴、坚定开 放的务实行动以及持续升级迭代的制造业体系共同造就。 "相知无远近，万里尚为邻。"越来越广的"朋友圈"，有力地支持了中国外贸。 根据海关统计，截至2024年末，中国就已经成为全球150多个国家和地区的主要贸易伙伴。今年前5个 月，我国对非洲、东盟、拉丁美洲、欧盟的出口总值分别增长了20.2%、13.5%、1 ...

智通财经APP获悉，近日摩根士丹利(大摩)发布了一份关于美国消费电子支出的深度研报，揭示了在当前经济形势下，美国消费者对消费电子产 品的支出意愿显著下降，且未来市场前景不容乐观。其中，低收入群体下降了3个百分点至-18%，而高收入群体则下降了18个百分点至-9%。 具体到消费电子支出意愿，6月消费者对消费电子产品的下个月净支出意愿下降了2个百分点至-3%，而PC净支出意愿更是下降了4个百分点 至-7%。展望未来六个月，消费电子产品净支出意愿下降幅度更大，达到了7个百分点至-15%。其中，低收入群体下降了3个百分点至-18%，而 高收入群体则下降了18个百分点至-9%。这一数据表明，无论是低收入还是高收入群体，对消费电子产品的支出意愿都在减弱，且高收入群体的 悲观情绪加剧尤为明显。 值得注意的是，大摩的研报还包含了一系列图表和数据，如美国经济前景与未来六个月消费电子支出意愿之间的直接正相关关系(相关系数为 0.66)，以及密歇根大学消费者信心指数与AlphaWise消费者调查的对比等。这些图表和数据为理解美国消费电子市场的现状和未来趋势提供了有 力支持。 综上所述，大摩的研报揭示了美国消费电子支出面临的严峻挑战 ...

另外，美国总统特朗普和美国商务部部长皆表示，美国已签署一项贸易协议，但没有披露更多细节。 分析人 士认为，在7月9日到来之际，市场可能会有一些不好的预期。但随着贸易谈判的深入，更多的确定性、可预测 性也在注入市场。对于投资者而言，这是值得乐观的驱动因子。 一大不确定性或排除 事件似乎都在朝着稳定的方向发展！ 在美国财政部与七国集团（G7）盟国达成协议后，美国财政部长贝森特(Scott Bessent) 于当地时间周四表示， 请求国会山庄从备受争议的"大漂亮"税收草案中删除第899条款，即被称为"资本税"的条款。此举无疑有利于 美国国债市场的稳定。 目前，OECD正在主导一项全球企业税改革谈判，其中一些提案遭到美国反对。全球最低企业税是OECD推动 的一项更大规模协议的一部分，已有超过140个国家签署，目标是在跨国公司运营的所有国家实施15%的最低 税率。特朗普政府近期推动将美国税制完全与OECD 的全球税收框架脱钩，理由是美国已经对本国公司在海外 的收入征收了充分税款。 899条款的提出曾引发了华尔街的担忧，普遍认为这将使外国个人和公司在美国的投资变得更加困难。媒体先 前测算，该条款预计在十年内能筹集1160 ...

Core Insights - The article emphasizes that going global is a key strategy for companies to enhance competitiveness and achieve high-quality development in the context of accelerated globalization and industrial chain restructuring [1] Group 1: Growth of Overseas Business - In 2024, the number of A-share listed companies with overseas operations exceeds 3,560, accounting for 66.37% of the total, both figures reaching historical highs [2] - A-share companies' overseas business revenue surpasses 10 trillion yuan, a 2.8 times increase compared to ten years ago; overseas revenue accounts for 14.28% of total revenue, up 4.65 percentage points from a decade ago [2] - The gross profit from overseas business reaches 1.63 trillion yuan, an 8.33 times increase over ten years, with its share of total gross profit rising to 14.71%, marking the first time gross profit from overseas exceeds revenue from overseas [2] Group 2: Factors Driving Internationalization - The continuous development of overseas business reflects substantial breakthroughs in internationalization strategies, driven by factors such as domestic market slowdown, opportunities in emerging markets, enhanced competitiveness in key sectors, and supportive national policies [3][5] - Emerging markets like Southeast Asia, the Middle East, Latin America, and Africa present strong economic growth and demand, providing vast opportunities for Chinese companies [3] - National strategies like the "Belt and Road" initiative and "dual circulation" encourage companies to leverage domestic and international resources to enhance competitiveness [3] Group 3: Industry-Specific Trends - The electronics industry has become the largest contributor to overseas revenue among A-share companies, surpassing the oil and petrochemical sector, which has seen a significant decline in its share [4] - In 2024, the electronics sector's overseas revenue reaches 1.39 trillion yuan, accounting for 13.58% of A-share revenue, while the automotive sector's overseas revenue rises to 9.88% [4] - Traditional industries like oil and petrochemicals have seen a decline in their overseas revenue share, indicating a shift in comparative advantages as global industrial structures evolve [4] Group 4: Transformations in Overseas Operations - The data indicates a fourfold transformation in overseas business: a shift in industrial competitiveness, the emergence of new growth drivers, changes in global demand structures, and the effectiveness of national strategic guidance [5] - Companies are transitioning from merely exporting products to establishing brand presence and deepening market integration, reflecting a higher stage of internationalization [5] Group 5: Successful Case Studies - Leading companies like BYD and Luxshare Precision have successfully expanded their global market presence, significantly enhancing their international competitiveness and brand influence [6][8] - BYD's overseas revenue has grown from 7.46 billion yuan in 2014 to 221.88 billion yuan in 2024, marking a 28.7 times increase, while Luxshare Precision's overseas revenue reaches 235.47 billion yuan, a 37.2 times increase [8][7] Group 6: Evolving Business Models - Chinese companies are moving beyond traditional export models to a more diversified approach that emphasizes technology leadership, ecological collaboration, and compliance adaptability [9][10] - Companies like CATL and Mindray are establishing regional technical standards and licensing technologies, reflecting a shift from being mere participants to defining international standards [10]

Core Insights - The exhibition industry is experiencing a resurgence with increasing market activity and favorable policies across the country, leading to a robust supply-demand dynamic in various exhibitions [1] Group 1: Upcoming Major Exhibitions - The HNC Health Nutrition Exhibition 2025 will take place from June 24 to 26 at the National Exhibition and Convention Center (Shanghai), featuring over 2,500 exhibitors and attracting more than 120,000 professional visitors [1] - The 32nd China International Musical Instruments Exhibition will be held from June 24 to 29 at the China International Exhibition Center (Chaoyang), showcasing a wide range of musical instruments and related organizations [2] - The 5th China (Xiamen) International Cross-Border E-Commerce Exhibition will occur from June 26 to 28 at the Xiamen International Convention and Exhibition Center, covering over 50,000 square meters with more than 1,500 international standard booths [3] - The 2025 Beijing International Low-Altitude Economy and Drone System Industry Exhibition will be held from June 26 to 28 at the Beijing Shougang Exhibition Center, focusing on technological innovation and industry collaboration [4] - The 30th Shanghai International Processing and Packaging Exhibition will take place from June 24 to 26 at the National Exhibition and Convention Center (Shanghai), covering 220,000 square meters and providing solutions for various industries [4] - The 2025 Shenzhen International Consumer Electronics Exhibition will be held from June 25 to 27 at the Shenzhen International Convention and Exhibition Center, featuring an exhibition area of 200,000 square meters [5] - The 16th Optoelectronic Industry Expo will take place from June 25 to 27 at the National Conference Center, showcasing various optoelectronic technologies and applications [6] - The 2025 Hangzhou International Intelligent Connected New Energy Vehicle Exhibition will be held from June 20 to 22 at the Hangzhou International Convention and Exhibition Center, focusing on smart connected vehicles and related technologies [7][8]

（原标题：一名广东贸易商的这三个月） 最近一个月，广东一家头部贸易企业的负责人林先生忙于两件事：一是为了7月美国的年中大促查缺补 漏，看看还有哪些细节需要完善；二是准备开拓墨西哥市场。 每年美国有两次类似中国"618""双十一"的市场机会，一次是7月的年中大促，还有一次是11月底到12月 初的"黑色星期五"。 当美国所谓的"对等关税"落地时，他预判如此高的关税不可能长期持续，最多到6月底就会调整。5月12 日，中美日内瓦经贸会谈联合声明提出，双方大幅降低双边关税水平。此后，中美航运运费曾快速上 涨，但他判断运费上涨不会持久，很快就会下调。 6月13日，上海港出口至美西和美东基本港市场运价（海运及海运附加费）分别为4120美元/FEU和6745 美元/FEU，分别较上期下跌26.5%、2.8%。林先生预计，运费会跌回到3000美元/FEU以下。如果运费上 涨到6000美元，其产品利润可能要被侵蚀掉一半。 他分析，此前运费上涨是因为不少产品在7月底之前出口到美国。因为美国对华"301关税"豁免清单将于 7月31日到期，为赶在期限内完成出口，家电、自行车等商品出现了集中出货潮。 长期看，林先生对外贸形势的态度仍然保 ...

Core Viewpoint - The article emphasizes the importance of exploring overseas markets for the chip industry, particularly in Europe, as a strategy for industry upgrade and sustained growth amidst intense domestic competition and technological innovation [3]. Group 1: Overview of the European Market Exploration - The chip industry is increasingly focusing on overseas markets, with "going abroad" seen as a new option for growth [3]. - A business investigation trip to Germany is planned from September 4 to September 14, focusing on key cities and major exhibitions like IFA and IAA [3][4]. - The IFA exhibition, one of the largest in the world, attracted over 1,800 exhibitors and more than 210,000 visitors from 138 countries in its last edition [4]. - The IAA exhibition, a key event in the global automotive industry, had 750 exhibitors from 38 countries and over 500,000 visitors [4]. Group 2: Activities and Engagements - The trip will include deep-dive salons and visits to renowned companies and universities, facilitating connections with local resources [6][7]. - Previous trips to Germany in 2018 and 2023 have built a strong resource network and experience in organizing industry-specific itineraries [10]. - The itinerary includes visits to significant cities like Berlin, Leipzig, Dresden, Stuttgart, and Munich, each representing key industrial characteristics [7]. Group 3: Exhibition Insights - IFA covers various aspects of consumer electronics, providing insights into market demands in Germany and globally [5]. - IAA encompasses the entire automotive supply chain, featuring major manufacturers and component suppliers, allowing for efficient identification of potential partners and projects [5]. Group 4: Company Visits and Learning Opportunities - The itinerary includes visits to notable companies such as GlobalFoundries and Mercedes-Benz, which are pivotal in the semiconductor and automotive sectors [19][20]. - Nexperia, a leading semiconductor company, and Fraunhofer, a model for integrating scientific research with industrial development, will also be explored [22][23].

公众号记得加星标⭐️，第一时间看推送不会错过。 对中东国家来说，这一警钟引发了更大的变革。一个新的篇章正在展开，构建本地芯片生态系统不仅 仅是一项政策目标，更是一场对未来的押注。 在沙特阿拉伯和阿曼，打造本土半导体产业是其宏伟计划的一部分，旨在减少经济对石油收入的依 赖，并打造能够推动未来增长的高科技产业。这些国家着眼长远，投资于人才、基础设施和合作伙伴 关系，以发展本土芯片设计和制造能力。 埃及并非从零开始。该国在微电子和半导体设计领域有着悠久的历史，拥有强大的工程师队伍、研究 中心和活跃于该领域的初创企业。目前，埃及正寻求通过吸引投资、扩大生态系统和巩固其作为区域 设计中心的地位来扩大规模。 本文将深入探讨埃及、沙特阿拉伯和阿曼如何成为半导体领域的焦点。文章涵盖了过去三年来这些国 家的最新举措、投资和合作，展现了每个国家如何在这个关键行业中探索自己的发展道路。 埃及：新兴的半导体创新和设计中心 埃及稳步打造了中东和北非地区最具活力的半导体生态系统之一，尽管这一成功并非一蹴而就。这项 努力始于近20年前，当时曾担任Memscap和Mentor Graphics高管的Hisham Haddara与他人共同创 ...

Ivry-sur-Seine, June 11, 2025, 7:00 AM CEST Fnac Darty unveils Beyond everyday, its 2030 strategic plan, to accelerate the rollout of its pioneering model on the European market Since 2021, Fnac Darty has successfully implemented its strategic plan Everyday to transition toward a more omnichannel, service-oriented and sustainable modelThese solid foundations will enable the Group to implement three complementary strategic pillars: Becoming the benchmark player in high-value-added products and accelera ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 6 月 6 日 [Table_Title] 截至 2025 年 3 月 31 日的财政年度内，松下控股 合并销售额同比下降 0.5%至 8,458.2 亿日元，归母 净利润同比下降 18%至 3662 亿日元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: 截至 2025 年 3 月 31 日的财政年度（2024 年 4 月 1 日- 2025 年 3 月 31 日），公司合并销售额较去年略微下降 0.5%， 降至 8,458.2 亿日元。这是由于松下汽车系统株式会社 （"PAS"）的拆分影响（尽管 Lifestyle、Connect 和 Industry 业务的销售额有所增长），以及货币换算的影响。 ►截止至 2025 年 3 月 31 日的年度业绩情况 2025 财年营业利润同比增长 18%，达到 4265 亿日元，税 前利润同比增长 14%，达到 4863 亿日元。这主要得益于销售 额的增长和业务优化进程的推进，尽管通货膨胀、战略投资增 加以及 PAS 业务拆分和 PAS 股份转让费用的 ...