就2025年下半年，该行预期公司净利润按年增长14%至14亿元，受铝制品及电池外壳业务收入强劲增长 所带动。同时，相信原材料价格上升影响可控，因公司对OEM具强大议价能力，故预期毛利率将按年 持平于29.4%。而关税影响亦有限，涉及收入不足5%。加上机械人业务加速发展，该行将敏实的目标价 由40港元升至55港元，维持"买入"评级。 星展发表研报指，中国及欧洲电动车销售强劲增长，加上全球汽车原始设备制造商(OEM)转向电动车， 正带动敏实集团的电池外壳业务(BBU)快速增长。该业务未完成订单总额超过1000亿元。在总订单累积 逾2500亿元的支持下，该行预测公司2024至2026财年的盈利年复合增长率达约20%，支持估值上行。 ...

（原标题：特朗普计划取消部分钢铁和铝制品的关税） 路透社2月13日报道，美国总统特朗普计划缩减部分钢铁和铝制品的关税。 《金融时报》报道称，美国商务部和美国贸易代表办公室官员认为，这些关税正通过推高商品价格 损害消费者利益。全美选民普遍担忧消费价格上涨，生活成本问题预计将成为美国民众在11月中期选举 中的一个重要考量因素。 特朗普去年对进口钢铁和铝产品征收了高达50%的关税，并多次将关税作为与贸易伙伴谈判的筹 码。去年8月，美国商务部将400多个产品类别的钢铝衍生产品纳入50%关税清单，包括风力涡轮机、起 重机、家用电器、推土机和其他重型设备，以及铁路货车、摩托车、船用发动机、家具等。 据《金融时报》报道，特朗普政府目前正在审查受关税影响的产品清单，并计划豁免部分商品，暂 停扩大清单范围，转而对特定商品展开更有针对性的国家安全调查。 特朗普近日在底特律大力宣扬其经济政绩，旨在将公众注意力重新聚焦于美国制造业及其应对高消 费成本的努力。 ...

证券日报网讯 2月25日，友升股份在互动平台回答投资者提问时表示，公司毛利受产品结构、定价方 式、原材料采购价格、生产运营效率、客户结构等多重因素综合影响。公司将持续关注铝价走势及贸易 政策变化，并通过加强供应链管理、优化产品及客户结构、精细化成本管控等举措，为公司业绩平稳发 展奠定基础。有关公司经营业绩的具体情况，请以公司定期报告为准。 （文章来源：证券日报） ...

Core Viewpoint - The article discusses the implications of the WTO ruling against the U.S. regarding tariffs on Chinese steel and aluminum, highlighting the U.S. government's immediate response to impose additional tariffs globally, which escalates trade tensions and disrupts international trade norms [1][4][21]. Group 1: WTO Ruling and U.S. Response - The WTO ruled that the U.S. tariffs on Chinese steel and aluminum, justified under "national security," were unilateral sanctions, requiring the U.S. to refund $175 billion [3][4]. - Following the ruling, the U.S. administration quickly issued a memorandum imposing an additional 10% "defensive tariff" on all imports except for Canada and Mexico, indicating a disregard for international law [4][5]. Group 2: Market Reactions - The announcement of new tariffs led to significant turmoil in global financial markets, with stock markets in Tokyo plummeting and the euro experiencing a sharp decline [5][16]. - The article notes that the situation has escalated beyond typical trade disputes, suggesting a fundamental challenge to established trade rules [5][18]. Group 3: Global Reactions and Countermeasures - In response to the U.S. tariffs, the EU quickly prepared a retaliation list targeting key American products, while Japan and South Korea also considered countermeasures [9][12]. - The article emphasizes that the U.S. approach is not merely about protecting domestic industries but is creating tensions within global supply chains, forcing countries to take sides [9][12]. Group 4: Economic Implications - The U.S. tariffs have led to a significant drop in American agricultural exports to China, with Brazilian soybeans gaining market share [14][21]. - The article highlights that the average tariff rate on Chinese goods entering the U.S. has become excessively high, affecting not only China but also other major exporting countries like Vietnam and the EU [18][21]. Group 5: Strategic Consequences - The U.S. tariffs are seen as a means to fund military expenditures in the Indo-Pacific region, raising concerns about the implications for regional security dynamics [11][12]. - The article concludes that the U.S. strategy of using tariffs as a tool for economic and military advantage may backfire, leading to increased global resistance and a shift towards a multipolar world [21][24].

Core Viewpoint - The article highlights the ongoing "Spring Breeze Action" and employment assistance activities across China, particularly in Yunnan Province, focusing on enhancing employment services, integrating industry development, and addressing the employment needs of key groups through innovative service models [1]. Group 1: Industry Empowerment and Local Employment - Yunnan's human resources department is promoting the integration of industry and employment, leveraging unique plateau industries to support local job creation and stable income [2]. - In Weixin County, the local government is utilizing its 560,000 acres of bamboo resources to provide specialized training in bamboo cultivation and management, enabling residents to participate in various bamboo industry operations and achieve stable employment [2]. - The "Happiness Community" in Yanshan County is connecting with 39 large-scale vegetable planting bases to create over 50,000 job opportunities, facilitating local employment for returning labor [3]. Group 2: Cross-Regional Collaboration - Yunnan is deepening cooperation with regions like Shanghai, Zhejiang, and Fujian to match labor resources with quality job opportunities, exemplified by a series of recruitment fairs that brought together over 170 companies and offered thousands of job positions [7]. - The establishment of employment service platforms in various counties, such as the "Happiness Community" and the comprehensive employment service complex in Yiliang County, enhances job-seeking convenience for local residents [9]. Group 3: Service Innovation and Community Engagement - The return of migrant workers during the Spring Festival is seen as an opportunity to enhance grassroots governance and employment services, with Yunnan creating tailored employment service scenarios to meet local needs [12]. - Initiatives like the "Spring Breeze Send Jobs" night market and dynamic labor information tracking in various regions aim to effectively connect returning workers with job opportunities [13]. - Yunnan's employment bureau is actively engaging with returning migrant workers through various outreach efforts, including financial support and policy guidance, to ensure their successful reintegration into the local job market [17].

► 文 观察者网 王一 在生活成本高企、选民怨气升温的背景下，特朗普政府又要TACO了，在钢铁和铝制品关税问题上出现 松动迹象。英国《金融时报》2月13日援引知情人士的话报道称，美国总统特朗普正计划削减部分钢铁 和铝制品关税，暂停扩大征税清单，并对部分商品给予豁免。 三名知情人士透露，美国商务部和贸易代表办公室的官员们认为，相关关税推高了食品罐、饮料罐等日 用品的价格，给消费者带来负担。他们正重新审查受影响产品名单，计划对部分商品予以豁免，暂停通 过"纳入程序"不断扩大征税范围的做法，转而对特定商品启动更具针对性的国家安全调查。 这被外界视为特朗普的又一次TACO，"特朗普总是退缩"的英文缩写（Trump Always Chickens Out）， 这常被用以戏谑特朗普在政策执行中表现出反复无常和最终妥协的倾向。 美国自2025年3月12日起对所有进口钢铁和铝征收25%关税，特朗普后来又将这一关税提高至50%，6月 4日开始生效，并将征税范围扩大至以这些金属为原材料生产的一系列商品，包括洗衣机、烤箱等，导 致美国整体关税水平升至二战前以来的最高水平。 加征关税后，特朗普政府还允许美国企业通过所谓"纳入程序" ...

来源：滚动播报 报道称特朗普将撤销部分钢铁、铝制品关税后，在美上市的钢铁和铝生产商股价下跌 。 ...

唐纳德·特朗普正计划下调部分钢铁和铝制品的关税。目前他正应对民生支付能力危机，这场危机已使 其支持率在11月中期选举前大幅下滑。 这位美国总统去年夏季对进口钢铁和铝制品征收最高50%的关税，还将征税范围扩大至洗衣机、烤箱等 各类以这两种金属为原料的制品。 据三位知情人士透露，特朗普政府目前正重新审核关税涉征产品清单，计划豁免部分品类、停止扩大征 税清单，转而针对特定商品发起更具针对性的国家安全调查。 这些人士表示，美国商务部和贸易代表办公室的贸易官员认为，关税推高了馅饼烤盘、食品饮料罐等商 品的价格，损害了消费者利益。 特朗普的关税重拳出击，将美国的关税水平推至二战前以来的最高值。但面对选民因民生支付能力危机 产生的不满，总统已多次放宽部分严苛的关税政策。 皮尤研究中心本月发布的民调显示，超70%的美国成年人认为当前经济状况一般或糟糕，约52%的美国 人认为特朗普的经济政策让经济形势雪上加霜。 为缓解普通美国民众面临的食品价格通胀问题，政府已对热门食品品类豁免关税。 此次放宽钢铁和铝制品关税的举措，正值经济学家指出美国民众正在为关税买单之际，这也推翻了总统 此前"外国企业将承担关税成本"的说法。而钢铁和铝制品 ...

据英国《金融时报》报道，美国总统特朗普正计划削减部分钢铁和铝制品关税，以应对美国民众的生活 成本危机——这一危机已在11月中期选举前拖累其支持率。 去年夏天，特朗普对钢铁和铝进口加征最高50%的关税，并将征税范围扩大至洗衣机、烤箱等各类金属 制成品。 但据三位知情人士透露，其政府目前正审查受关税影响的产品清单，计划豁免部分商品、停止扩大征税 范围，并转而对特定商品启动更具针对性的国家安全调查。 这些人士表示，商务部和美国贸易代表办公室的贸易官员认为，关税推高了派盘、食品饮料罐等商品价 格，损害了消费者利益。 特朗普的关税攻势已将美国关税推至二战前以来的最高水平。但面对选民对生活成本危机的愤怒，他已 多次撤回部分强硬关税。这一反复无常的模式被戏称为"TACO"。 一位知情人士称，官员们认为关税制度"过于复杂，难以执行"，需要简化。 英国、墨西哥、加拿大及欧盟成员国等，都可能从美国钢铁铝制品关税的放松中受益。 一位不愿具名的欧洲企业高管表示，其所知一家公司向美国发送四批相同机械，却被收取不同税率。 皮尤研究中心（Pew Research Center）本月发布的民调显示，超过70%的美国成年人认为经济状况一般 或 ...

Core Viewpoint - The Trump administration plans to reduce certain tariffs on steel and aluminum products due to a "affordability crisis" impacting consumer prices and weakening support ahead of the midterm elections [3][5]. Group 1: Tariff Changes - Last summer, the U.S. imposed tariffs as high as 50% on steel and aluminum products, which were later expanded to include various metal goods such as washing machines and ovens [3][5]. - The administration is reviewing the list of products affected by these tariffs and intends to exempt certain items while halting the expansion of the tariff list [3][5]. Group 2: Economic Impact - Trade officials from the U.S. Department of Commerce and the Office of the U.S. Trade Representative believe that these tariffs are harming consumers by increasing prices on items like food and beverage cans [3][5]. - Countries including the UK, Mexico, Canada, and EU member states may benefit from the potential relaxation of U.S. tariffs on steel and aluminum products [3][5].