证券日报网讯1月7日，万和电气（002543）在互动平台回答投资者提问时表示，2023年3月，公司与中 国航天空气动力技术研究院联合成立空气动力联合研究中心。依托航天领域在空气动力学、声学、热力 学等方面的深厚技术积累，双方聚焦厨卫电器及清洁能源设备的静音化、紧凑化、高效化发展趋势，开 展技术转化与产品创新研究。 ...

报告指出，全球价值链正在被重新"布线"，通过区域化、数字化、绿色化和新型治理工具，继续在动荡 环境中支撑全球经济增长，同时为发展中经济体创造新的升级路径。拉美和非洲地区被视为全球供应链 重构中的潜在新节点，不再只是初级产品出口者，而是有机会进入制造、加工和服务环节。此外，数字 技术发展也拉低了参与全球价值链的准入门槛，数字贸易、可数字化交付服务和平台型企业，使中小企 业更容易深度嵌入跨国价值链。数字化技术在提升效率的同时，也成为提升包容性的关键工具。 (责任编辑：朱赫) 报告指出，"去全球化"并未发生，而是"再全球化"正在形成。最新数据显示，全球价值链贸易仍占全球 贸易的约46%，虽低于2022年48%的峰值水平，但依然处于高位。报告还预计，未来贸易总量不会系统 性下降，但贸易结构、路线和规则将持续改变。总体上看，全球贸易将更多表现为重构式增长，而非高 速扩张，贸易增长更依赖结构调整、技术升级和区域合作深化。区域分布上，区域内贸易比重将上升， 北美、欧盟、东亚等地区的区域内增加值贸易明显增强，但仍保持跨区域连接，呈现出"区域枢纽+跨 区域连接"的新结构；贸易内容上，服务和数字贸易的重要性将显著上升，数字化正在 ...

Core Insights - The World Trade Organization's report indicates a transformation in global value chains towards "re-globalization," driven by technological advancements, green transitions, and geopolitical changes [1][2] Group 1: Trade Structure and Dynamics - Global value chain trade remains significant, accounting for approximately 46% of global trade, despite a decrease from the 48% peak in 2022 [2] - Future trade growth is expected to be characterized by structural adjustments, technological upgrades, and deepened regional cooperation rather than rapid expansion [2] - The importance of services and digital trade is rising, with digitalization reshaping value creation and increasing the share of digitally deliverable services in global value chains [2] Group 2: Policy and Governance Influences - Trade is increasingly influenced by policy rather than solely cost factors, with industrial policies, green regulations, and security reviews significantly affecting trade flows [2] - The report highlights over 180 "targeted trade agreements" focusing on digital trade, critical minerals, and green sectors, indicating a shift from comprehensive agreements to issue-oriented cooperation [2] Group 3: Environmental and Technological Shifts - Carbon emissions responsibilities are now integrated into value chain decisions, with green policies directly impacting corporate site selection and trade structures [3] - The green industry is undergoing restructuring, with a focus on electric vehicles and critical minerals, leading to a reorganization towards "green, circular, and traceable" value chains [3] - Digital technology is lowering barriers for participation in global value chains, enabling small and medium enterprises to engage more deeply in cross-border value chains [3]

世界贸易组织日前发布报告《全球价值链发展报告2025》指出，当前全球价值链正在经历"再全球化"重 塑，尤其是在技术进步、绿色转型和地缘政治变化等因素的推动下，全球价值链正从"效率优先"向韧 性、可持续性与包容性转型，区域化、近岸外包、供应链多元化和数字化等特点明显加强。 （文章来源：经济日报） 报告指出，"去全球化"并未发生，而是"再全球化"正在形成。最新数据显示，全球价值链贸易仍占全球 贸易的约46%，虽低于2022年48%的峰值水平，但依然处于高位。报告还预计，未来贸易总量不会系统 性下降，但贸易结构、路线和规则将持续改变。总体上看，全球贸易将更多表现为重构式增长，而非高 速扩张，贸易增长更依赖结构调整、技术升级和区域合作深化。区域分布上，区域内贸易比重将上升， 北美、欧盟、东亚等地区的区域内增加值贸易明显增强，但仍保持跨区域连接，呈现出"区域枢纽+跨 区域连接"的新结构；贸易内容上，服务和数字贸易的重要性将显著上升，数字化正在重塑价值创造方 式，服务在全球价值链中的比重持续提高，尤其是可数字交付服务将愈加发挥价值链黏合剂的作用；影 响因素上，政策含量将进一步提高，贸易越来越受政策而非成本单一驱动，产业政 ...

Core Viewpoint - Zhejiang Fu Holdings experienced a decline of 2.09% in stock price on November 20, with a current price of 4.22 CNY per share and a total market capitalization of 22.025 billion CNY [1] Company Overview - Zhejiang Fu Holdings, established on March 26, 2004, and listed on August 6, 2008, is located in Yuhang District, Hangzhou, Zhejiang Province. The company specializes in the research and manufacturing of clean energy equipment, hazardous waste harmless treatment, and recycling of renewable resources [1] - The main revenue sources for the company are: hazardous waste disposal and resource products (93.96%), clean energy equipment (5.78%), other (0.22%), and oil extraction (0.05%) [1] Financial Performance - For the period from January to September 2025, Zhejiang Fu Holdings reported a revenue of 16.155 billion CNY, representing a year-on-year growth of 5.88%. However, the net profit attributable to shareholders decreased by 4.76% to 739 million CNY [2] - The company has distributed a total of 1.818 billion CNY in dividends since its A-share listing, with 830 million CNY distributed over the past three years [3] Stock Market Activity - As of November 20, 2023, the stock price has increased by 37.41% year-to-date, but has seen a decline of 7.05% over the last five trading days and a slight decrease of 1.40% over the last 20 days. In the last 60 days, the stock price has risen by 17.55% [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on July 25, where it recorded a net buy of -112 million CNY [1] Shareholder Information - As of September 30, 2025, the number of shareholders for Zhejiang Fu Holdings increased to 134,600, with an average of 36,389 circulating shares per person, a decrease of 3.34% from the previous period [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 92.326 million shares, a decrease of 17.8951 million shares from the previous period [3]

Core Insights - Zhejiang Fu Holdings' stock price increased by 50.44% year-to-date, with a recent trading price of 4.62 CNY per share and a market capitalization of 24.113 billion CNY [1] - The company operates primarily in the clean energy equipment sector and hazardous waste treatment, with 93.96% of its revenue coming from hazardous waste disposal and resource recovery [1][2] Financial Performance - For the period from January to September 2025, Zhejiang Fu Holdings reported a revenue of 16.155 billion CNY, reflecting a year-on-year growth of 5.88%, while the net profit attributable to shareholders decreased by 4.76% to 739 million CNY [2] - The company has distributed a total of 1.818 billion CNY in dividends since its A-share listing, with 830 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased to 134,600, with an average of 36,389 circulating shares per shareholder, a decrease of 3.34% from the previous period [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited and Southern CSI 500 ETF, with notable reductions in their holdings [3]

Group 1 - Zhejiang Fu Holding Co., Ltd. experienced a decline of 5.05% on October 14, with a stock price of 4.51 yuan per share and a trading volume of 1.405 billion yuan, resulting in a total market capitalization of 23.539 billion yuan [1] - The company, established on March 26, 2004, and listed on August 6, 2008, focuses on the research and manufacturing of clean energy equipment, hazardous waste harmless treatment, and recycling of renewable resources [1] - The revenue composition of the company is as follows: hazardous waste disposal and resource products account for 93.96%, clean energy equipment 5.78%, other 0.22%, and oil extraction 0.05% [1] Group 2 - Southern Fund's Southern CSI 500 ETF (510500) is among the top ten circulating shareholders of Zhejiang Fu Holding, having increased its holdings by 5.3288 million shares in the second quarter, totaling 38.6755 million shares, which represents 0.79% of the circulating shares [2] - The estimated floating loss for the ETF today is approximately 9.2821 million yuan [2] - The Southern CSI 500 ETF was established on February 6, 2013, with a current scale of 113.438 billion yuan, yielding a return of 30.65% year-to-date, ranking 1692 out of 4220 in its category [2]

Group 1 - The article discusses the diminishing effectiveness of Trump's trade policies, particularly regarding tariffs on China, suggesting that his recent actions indicate a lack of confidence [1][3] - The U.S.-China trade war has resulted in significant financial burdens on American importers and consumers, with an estimated additional cost of $156 billion due to tariffs by 2023 [3] - Trump's initial strategy to use tariffs as leverage in the upcoming elections appears to be faltering, as he faces potential backlash from American businesses affected by high import costs [3][8] Group 2 - Brazil and India are shifting their trade strategies, with Brazil's president criticizing U.S. trade dominance and India increasing imports from China to $101 billion in 2023, indicating a move towards closer economic ties with China [4] - The European Union is experiencing economic stagnation, with the IMF predicting a growth rate of only 0.9% for the Eurozone in 2024, complicating the U.S.'s ability to rely on European support [6] - Japan and South Korea are also looking to strengthen economic ties with China, despite their political alliances with the U.S., highlighting a trend of regional countries balancing their economic interests [6] Group 3 - The ongoing U.S.-China tensions are characterized as a prolonged struggle rather than a decisive conflict, with both sides unlikely to make significant concessions [9] - The article suggests that the U.S. may be pushing its allies further away as it attempts to rally support against China, potentially leading to a new geopolitical landscape where countries like the EU, Japan, and India seek greater autonomy [11] - There is speculation that future tariff threats from Trump may be disregarded by the market, as the reality of economic interdependence becomes more apparent [11]

Group 1 - The core viewpoint of the article is that 中集安瑞科 (CIMC Enric) reported a revenue of approximately 12.614 billion yuan for the first half of 2025, representing a year-on-year growth of 9.9% [1] - The profit attributable to equity holders reached approximately 562 million yuan, reflecting a year-on-year increase of 15.6% [1] - Basic earnings per share were reported at 0.278 yuan [1] Group 2 - The overall gross profit margin improved from 14.3% in the same period of 2024 to 14.5% in the first half of 2025 [1] - The improvement in gross profit margin was primarily driven by enhancements in the clean energy and liquid food segments, which offset the decline in the chemical and environmental segments [1]

Core Viewpoint - Raytheon Energy's stock price increased by 2.17% to $5.65 per share, with a total market capitalization of $96.19 million as of August 18 [1] Financial Performance - For the fiscal year ending September 30, 2024, Raytheon Energy reported total revenue of $69.07 million, a year-on-year decrease of 5.49% [1] - The net profit attributable to the parent company was $8.10 million, reflecting a year-on-year decline of 31.73% [1] Company Overview - Raytheon Energy Holdings Limited is a holding company registered in the Cayman Islands, primarily operating through its domestic subsidiary, Raytheon Energy Holdings Limited [1] - The company does not have significant standalone operations and conducts nearly all its business through its subsidiaries in China [1] - Raytheon Energy is a provider of clean energy equipment and integrated solutions in the oil and gas industry, focusing on high-performance, safe, and cost-effective energy solutions [1] - The main business segments include: (i) clean energy equipment; (ii) oil and gas engineering technology services; (iii) new energy production and operation; and (iv) digital and integrated equipment [1] - The company's operations have expanded from China to Central Asia and Southeast Asia [1] - Raytheon Energy holds 72 utility model patents and 5 software copyrights [1]