朱杰进认为，美元霸权的建立始于布雷顿森林体系，其"实力"与"虚力"的匹配曾支撑美国主导的国际货 币秩序。但1971 年 "尼克松冲击"后，美元虽脱离黄金锚定，却凭借SWIFT系统网络效应、国际治理体 系授权等"虚力"延续霸权。当前美国推动稳定币发展，美国官方虽宣称旨在巩固美元的霸权地位，但此 举实际上可能会削弱SWIFT体系以及整个美元霸权的传统优势，存在"自毁长城"的风险。 圆桌会上，复旦大学国际关系与公共事务学院国际政治系教授朱杰进围绕稳定币发展与美元霸权的深层 关联展开分析，指出稳定币在跨境支付领域的崛起可能对国际货币体系产生结构性影响，在一定程度上 会削弱美元霸权。 然而，随着美国在世界经济中的实力不断衰落，美元霸权本身的内在困境逐渐显现。1971 年的 "尼克松 冲击" 中，美国表示不再承担 "双挂钩" 的责任，但此时 "虚力" 的作用凸显出来 —— 美元依然被视为国 际储备货币。 2025年6月17日，美国参议院通过稳定币相关法案后，美国国内出现了诸多批评声音，认为该法案会损 害美元霸权。但美国财长贝森特认为，稳定币将提升美元霸权。实际上，在稳定币发行的过程中，美国 的国内政治考量显然要优先于国际 ...

Core Insights - Navitas Semiconductor (NVTS) is a significant player in the next generation of power semiconductors, particularly in GaN technologies, which are driving innovation and growth in the semiconductor market [1][2] - The GaN semiconductor device market is projected to grow at a compound annual growth rate of 6.1% from 2023 to 2028, attracting investments from major tech firms like NVIDIA and Tesla [1] - Navitas' GaN business revenues increased over 50% year-over-year in 2024, indicating strong momentum across various high-growth markets [3][8] Company Performance - Navitas has achieved over 180 GaN charger design wins in 2024 and supplies all top 10 global smartphone manufacturers, showcasing its strong position in the Mobile & Consumer segment [3][8] - The company is expanding into emerging markets through strategic partnerships, such as with Transsion in Africa and Jio in India [3] - In the Electric Vehicle sector, Navitas secured its first design win with Changan Auto for an onboard charger, featuring 6kW/L power density and 96% efficiency [4] Product Development - Navitas is set to launch new 80 - 120V GaN devices in 2025, targeting the 48V DC-DC converter market [4] - The company introduced bidirectional GaN ICs for solar applications, with the first use case expected in solar microinverters by late 2025 [4] Competitive Landscape - Power Integrations' GaN business is also experiencing growth, contributing to a 15% year-over-year revenue increase in Q1 2025, with a focus on high-voltage applications [5] - STMicroelectronics is expanding its GaN technology through a partnership with Innoscience to accelerate development and manufacturing [6] Stock Performance - Year-to-date, Navitas' stock has surged 79.3%, outperforming the industry and S&P 500 growth rates of 13.4% and 5.4%, respectively [7] - The stock trades at a forward 12-month price-to-sales (P/S) ratio of 15.0X, significantly higher than the industry average of 7.5X [9] Financial Estimates - The Zacks Consensus Estimate for NVTS' loss per share has decreased over the past 60 days, indicating a potential shift in financial outlook [10]

We hosted Shandong Weigao's CFO and IR team with investors on June 25 at our China Healthcare Corporate Day 2025. Bottom line: Mmgt noted 1) its full-year revenue growth guidance of 10–15% y/y remains unchanged. 1H25 may exhibit slower momentum, while management remains confident in a stronger 2H rebound due to a more favorable base (1H/2H24 revenue split at Rmb6.64bn/6.45bn) and accelerated new product contribution. 2) The ramp-up of new products is progressing as planned, particularly in perioperative car ...

报告介绍 DT新能源特邀请 Syensqo（世索科）绿氢平台中国区大客户经理 胡君 于 2025年7月10-11日 在江苏 苏州举办的 2025（第五届）可再生能源制氢产业发展论坛 做主题报告 《 Aquivion 短支链离聚物在 绿氢行业中的应用 》 。 Syensqo是原索尔维集团于2023年12月拆分后成立的特种化学企业。 Syensqo绿氢平台材料解决方案 涵盖储能、制氢、储氢输氢以及用氢等全产业链。 得益于Aquivion PFSA 等产品的优异特性，Syensqo在中国乃至全球的绿氢市场扮演重要角色，为绿 氢行业提供更高效，更经济，更安全的材料解决方案。 嘉宾介绍 胡君，Syensqo绿氢平台中国区大客户经理。 2013年至今，历任Syensqo大中华区及东 南亚技术工程师，技术经理，绿氢平台大客户经理等职位，对水处理膜，血液透析膜， 锂电池，防腐的技术，绿色氢能等材料解决方案拥有十余年从业经验。 目前工作主要内容是发起或支持绿氢应用相关新产品、新应用及响应客户需求或市场需 求。 公司介绍 Syensqo是原索尔维集团于2023年12月拆分后成立的特种化学企业。企业以科技为本， 致力于开发突破性的 ...

阅读此文之前，请您点击一下"关注"，既方便您讨论和分享，又能给您带来不一样的参与感，感谢您的支持 本文陈述所有内容，皆有可靠来源赘述在文章结尾。 取材网络 人民币真的已经开始追上美元了吗？ 随着我国的崛起，越来越多人认为我国货币在国际上正在逐步向美元的地位靠拢甚至是取代，而在当下，全球货币支付占比数据已经公布，情况却和我们想 的有着天壤之别。 取材网络 全球为何仍难摆脱依赖？ 全球货币的战争，从来没有停歇过，一张张看似冰冷的支付数据背后，隐藏的却是国家之间的力量角逐。 5月22号，环球银行金融电信协会Swift发布了4月全球支付货币排名，其中美元仍保持着高高在上的姿态，欧元则开始显得吃力，人民币更是另一番场景。 取材网络 先来看美元，有些东西，说着要抛弃，结果越甩越紧，美元就是其中一个，全球各国喊了多年"去美元化"，可25年4月的数据一出来，结果让人一声叹息， 原因就是美元在全球支付系统里竟来到了49.08%的高位。 不仅没降还直接刷新了近八个月的新高，这不是个小数点的游戏，而是一种现实，代表着全世界一半的钱，还得靠美元去转一圈。 取材网络 你以为新兴市场会带头变阵？非但没有，反而不少国家还加大了美元资产的储 ...

Group 1: Dollar's Role and Challenges - The dollar has transitioned through various roles, from a dominant currency post-World War I to a key player in the Bretton Woods system, but its fundamental financing function is being misaligned [1][4] - The dollar is increasingly used as a tool for financial sanctions by a few countries, leading to a deconstruction of the credit preference associated with it [1][4] - Tariff policies under the Trump administration have negatively impacted the dollar's credibility, as increased tariffs create risks for global and U.S. economies, reducing the demand for dollars [2][3] Group 2: Economic Implications of Tariff Policies - Trump's tariffs aim to reduce trade deficits and encourage domestic manufacturing, but they may ultimately decrease dollar outflow and international demand for the dollar [3][4] - The focus on goods trade neglects the service trade, where the U.S. has a surplus, and retaliatory measures from other countries could further diminish dollar influence [3][4] Group 3: U.S. National Debt and Dollar Credibility - The U.S. national debt has surpassed $36 trillion, with interest payments becoming the fastest-growing part of government spending, raising concerns about the sustainability of U.S. fiscal policy [7][8] - The cycle of increasing fiscal deficits and national debt issuance is eroding the credibility of the dollar, as the government struggles to manage its financial obligations [6][8] Group 4: Global Shift Away from the Dollar - Countries are actively seeking alternatives to the dollar, establishing bilateral trade agreements and payment systems to reduce reliance on the dollar [10][11] - The trend towards "de-dollarization" is gaining momentum, with various nations exploring digital currencies and alternative payment mechanisms, indicating a shift towards a more diversified global monetary system [11][12]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $4,600,000, a 36% sequential increase from $3,400,000 in Q4 2024 and up from $4,200,000 in Q1 2024 [5][22] - Gross margin for Q1 2025 was 2.7%, down from 6.4% in the same period last year, but improved from negative margins in Q4 2024 [24][28] - Net loss for the quarter was $2,400,000, consistent with the loss in Q1 2024 [28] Business Line Data and Key Metrics Changes - Water Systems sales were $2,700,000, up from $1,500,000 in Q1 2024 and $1,400,000 in Q4 2024, driven by a record commercial oil and gas order [22][23] - DPF and ceramic membrane sales were $1,000,000, down from $1,800,000 in Q1 2024 and slightly down from $1,100,000 in Q4 2024 [23] - Plastics revenue was $1,000,000, up from $900,000 in both Q1 2024 and Q4 2024 [23] Market Data and Key Metrics Changes - The company is seeing growth in various markets, including swimming pools, DPFs, and plastics, with expectations for continued revenue growth in Q2 2025 [7][20] - The joint venture in China has gained traction with new orders and a framework agreement for after-sales support, indicating a positive outlook for the marine water treatment market [15][16] Company Strategy and Development Direction - The company aims to improve bottom-line profitability through better manufacturing utilization and cost-saving initiatives, targeting a revenue breakeven of $5,500,000 to $6,000,000 [28][30] - The focus remains on expanding in key markets such as oil and gas, swimming pools, and plastics, with a diversified revenue stream expected in Q2 2025 [20][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the order pipeline, indicating continuous improvement across various segments [36] - The company is committed to sustainable cash flow generation and long-term value creation, with expectations for further growth in Q2 2025 [33][34] Other Important Information - The company has implemented a comprehensive cost reduction strategy aimed at lowering the breakeven target, which is a significant improvement from previous targets [28] - The joint venture partner contributed $1,200,000 in cash, which is recognized on the consolidated balance sheet [28] Q&A Session Summary Question: Can you talk about your order pipeline? - Management indicated that the order pipeline is continuously improving, with broad-based growth across marine, pool, and water energy segments [36] Question: How do you see sales trending sequentially in Q3 and Q4? - Management expects growth across all segments, with one or two large projects also anticipated [37] Question: Is there competition in silicon carbide technology? - Management acknowledged competition from various regions, including France, Germany, and China, but emphasized the superior performance of their products [40][42] Question: Will all cost savings initiatives be in full effect in Q2? - Management confirmed that cost savings initiatives will be fully implemented, with operating expenses expected to be slightly lower than Q1 [44] Question: How much more performance data is needed for the lithium brine pilot? - Management stated that the pilot is gathering data for the next phase of the commercial project, with positive expectations for both lithium brine and oil and gas pilots [46][47] Question: Is the aftermarket agreement in China servicing only your systems? - Management clarified that the focus is on servicing their own systems, with potential for future expansion to competitor systems [49]

May 11, 2025 10:00 PM GMT New Slide Refreshed Slide Key MORGAN STANLEY & CO LLC. Vikram Purohit Equity Analyst vikram.purohit@ms.com +1 212 761-3804 Judah Frommer Equity Analyst judah.frommer@ms.com +1 212 761-1270 Michael Ulz Equity Analyst michael.ulz@ms.com +1 212 761-4650 Maxwell Skor Equity Analyst maxwell.skor@ms.com +1 212 761-4804 Sean Laaman Equity Analyst sean.laaman@ms.com +1 212 761-4947 Terence Flynn Equity Analyst terence.flynn@ms.com +1 212 761-2230 Finger On The Pulse US SMID Cap Biotech Bea ...

Stevanato Group Q1 2025 Financial Results May 8, 2025 Safe Harbor Statement Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the current views of Stevanato Group S.p.A. ("we", "our", "us", "Stevanato Group" or the "Company") and which involve known and unknown risks, uncertainties and assumptions because they relate to events and depend on circumstances that will occur in the futur ...

AI相关产品收入连续五个季度实现三位数同比增长。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，阿里巴巴集团于11月15日公布新季度业绩，阿里云季度收入296.1亿元，同比 增长7%，对比上一季度265.49亿元，环比增长11.5%。 这是阿里云连续第四个季度实现增速上 涨。 该季度，阿里云经调整EBITA利润达到26.61亿元，同比增长89%，超越分析师预期的24.93 亿元。 | | | 阿里云业绩及利润情况 | | | --- | --- | --- | --- | | | 菅收（亿元） | | 增速 经调整EBITA利润（亿元） | | FY2024Q2 | 276.48 | 2% | 14.09 | | FY2024Q3 | 280.66 | 3% | 23.64 | | FY2024Q4 | 255.95 | 3% | 14.32 | | FY2025Q1 | 265.49 | 6% | 23.37 | | FY2025Q2 | 296.10 | 7% | 26.61 | 财报表示，阿里云整体收入（不计来自阿里巴巴并表业务收入）同比增长 ...