截至 5 月 19 日收盘，汽车（中信）行业指数上涨 4.21%，跑赢同期沪深 300 指数 1.38pct，在中信 30 个一级行业中排名第 12 名。本月个股涨幅靠前的 5 名分别是成飞集成、襄阳轴承、大地电气、新坐标、万向钱潮。

近期关税压力边际缓解，我们建议聚焦 AI 端侧、汽车智能化等创新主线，看好消费电子板块修复弹性；苹果业绩会表示在其库存和供应链优化下 Q2 受关税影响很小，我们认为后续其仍有望最大化规避潜在的 232 行业关税，建议把握跟随苹果全球化布局、具备成本效率优势的低估优质公司，并关注 WWDC 大会 AI 创新及后续新品零部件创新；安卓链方面，国内品牌受关税影响小，关注补贴政策及 AI 创新带来的潜在销量提升机会；把握 AI 穿戴主线，尤其关注今年将迎发布潮的 AI 眼镜、耳机、玩具、运动相机产业链；把握汽车智能化产业链重构机遇，关注华为/小米/特斯拉汽车链；特斯拉为首的企业加速布局人形机器人赛道，今年产业链将迎来 0-1 阶段。

虚拟仿真技术在机器人领域发挥着关键作用，宇树科技采用英伟达的虚拟仿真技术是这一技术应用的典型范例。宇树科技借助 ASAP 框架及英伟达虚拟仿真技术，在人形机器人发展上取得突破，其采用 “真实 - 仿真 - 真实” 两阶段训练框架，以 “动态校准” 突破虚实动力学壁垒，依托 GPU 并行计算让仿真逼近现实，降低训练成本、提升运动速度，还适用于多场景物理特性对齐。该框架结合英伟达虚拟仿真技术，构建全栈式虚拟训练生态，为宇树机器人注入动能，英伟达虚拟仿真技术有望推动人形机器人迈向高度智能化，助力其大规模普及与深度应用。

Pharma收入端增长整体有所放缓：2025Q1，礼来及诺和诺德在GLP-1类药物驱动下，收入端分别+45%/+18%，其中诺和诺德由于美国compounded GLP-1药物影响，销售低于预期并下调全年收入指引；诺华、艾伯维、阿斯利康、赛诺菲分别依靠诺欣妥/可善挺、Skyrizi/Rinvoq、Farxiga/Enhertu、Dupixent等核心品种放量维持10%+营收增长；吉利德、BMS、罗氏、强生、再生元、辉瑞等受到 Medicare Part D redesign、核心产品专利到期、biosimilar/其他竞品竞争等影响，GSK及Merck受到疫苗板块下滑影响，收入端低个位数增长或同比下滑。

At TJX, our corporate responsibility efforts are anchored by our company’s mission to deliver great value to our customers every day. For 45 years that mission has remained steadfast, and so has our commitment to acting as a respon￾sible corporate citizen. We believe this is as important as ever and we focus our efforts under four key pillars:

As a global leader in medical diagnostics, Abbott understood from the start that COVID-19 would require a major mobilization on our part. We quickly formed multiple research and development teams, who worked in parallel, to create a range of tools to detect the virus and its antibodies at every stage of infection.

environment that fosters innovation and job satisfaction. This year we saw a 24 percent increase in the overall size of our workforce, whilst also maintaining a higher female to male ratio with 54 percent of the global workforces comprising women.

This report provides a snapshot of global seafood rated and certified by Collaboration members, how much is in a public fishery or aquaculture improvement project, and how much needs to improve or its status is unknown. It also includes high-level snapshots of market demand for sustainable seafood, the livelihoods impacted by seafood production, and improvement priorities for wild seafood. And it considers efforts to promote sustainability within specific sectors of the global seafood market.

Except as otherwise noted this publication is licensed under Creative Commons Attribution (CC BY 4.0). You are free to copy, communicate and adapt this work, as long as you attribute the Stiftung Wissenschaft und Politik (SWP) and the authors.

APC has two subsidiaries1 operating under it, KEMAPCO and Numeira Mixed Salts and Mud Company, wholly owned by APC. KEMAPCO was established to sell Potassium Nitrate (NOP) fertilizer and Nitric Acid for agricultural use. On the other hand, Numeira’s operations include purchasing and packaging carnallite as well as extracting mud from the Dead Sea to be used in cosmetics manufacturing