Investment Rating - The report maintains a "Underperform" rating for the U.S. stock market [1] Core Insights - The U.S. stock market continues to reach new highs, with small-cap stocks showing strong performance [3] - The S&P 500 index increased by 0.9%, while the Nasdaq rose by 0.8% [3] - 18 out of 24 sectors experienced gains, with notable increases in pharmaceuticals, biotechnology, and life sciences (+5.5%) and healthcare equipment and services (+4.2%) [3] Price Trends - The report highlights that small-cap value stocks (Russell 2000 Value) outperformed small-cap growth stocks, with a rise of 3.4% compared to 2.8% [3] - The sectors with the largest gains include pharmaceuticals and biotechnology (+5.5%), healthcare equipment and services (+4.2%), and durable goods and apparel (+3.6%) [3] - Conversely, sectors that declined include food and staples retailing (-2.4%) and commercial and professional services (-1.4%) [3] Fund Flows - Estimated fund flows for S&P 500 constituents showed a significant increase to +$7.58 billion this week, up from +$1.70 billion last week [4] - The healthcare equipment and services sector saw the highest inflow at +$2.76 billion, followed by media and entertainment (+$1.31 billion) and pharmaceuticals (+$1.09 billion) [4] - Notably, the software and services sector experienced an outflow of -$476 million [4] Earnings Forecast - The report indicates a 0.2% upward adjustment in the 12-month forward EPS expectations for S&P 500 constituents [5] - 22 sectors saw an increase in earnings expectations, with semiconductor products and equipment leading at +0.6% [5] - The energy sector was the only one to experience a downward revision, with a decrease of -0.3% [5] Global Asset Overview - The S&P 500 index closed at 6,450, reflecting a 0.9% increase for the week and a 16.1% increase year-to-date [11] - The Russell 2000 index, representing small-cap stocks, rose by 3.1% this week, indicating strong performance in this segment [11] Sector Observations - The healthcare sector recorded a price return of 5.0% this week, outperforming other sectors [16] - The materials sector also performed well, with a 1.8% increase, while the energy sector lagged with only a 0.5% increase [16] - The report notes that the pharmaceutical and biotechnology sector had the highest price return at 5.5% [16]

re 1 I A 0.7 i J n : " a alle a .. . . . change 1 al dealer - TD al � . 100 E f ous 7 . x . a f 4-20 ਚਾਉਣ ਦ 19 k - 8945 n 器宝适全球首款 臂级纸尿裤 at 混合物 添加类胎脂精华 川章 股族 共研 抽经 酷股 胆 将群 当婴幼儿纸尿裤市场竞争进入白热化阶段，谁能满足更多细分领域的需求，谁就有机会占据更多市场份额。近日，宝洁旗下纸尿裤品牌帮宝适推出全球首款 护臀级纸尿裤一级帮，也被消费者称为"类胎脂纸尿裤"。根据帮宝适官方的介绍，这款新品首创添加了类胎脂乳液精华，灵感源自宝宝在妈妈肚子里受到的 天然保护，其独特配方科学模拟胎脂对宝宝肌肤的屏障保护。同时，该款新品搭载了帮宝适超薄透气Air-Max气感科技设计，提升60%透气性能，以及升级 的Air-Max 3D速干吸收芯，强调干爽舒适。 在宝洁中国婴儿护理品类品牌市场部副总裁张瑞看来，"这不仅仅是帮宝适63年研发的里程碑，也重新定义了新生儿纸尿裤的黄金标准"。 目前，随着婴幼儿数量的急剧变化，婴幼儿纸尿裤市场竞争已经进入白热化阶段。根据公开数 ...

Core Insights - Catholic Medical Mission Board (CMMB) is launching an emergency response in South Sudan due to a cholera outbreak and a deepening hunger crisis affecting thousands of lives in Upper Nile and Central Equatoria State [1] - The cholera outbreak has infected over 85,700 individuals, primarily children under 14, with case fatality rates exceeding WHO emergency thresholds [1] Group 1: Emergency Response - CMMB is distributing P&G Purifier of Water sachets to families in the most affected areas to curb the cholera spread [2] - The partnership with P&G has been crucial in enabling CMMB to respond quickly to the crisis [2] - Additional resources are urgently needed to address the complex health threats faced by the population [3] Group 2: Collaborative Efforts - CMMB supports a consortium of local and international actors to implement a multisectoral response to the emergency [4] - The organization is involved in supporting oral cholera vaccination campaigns led by the Ministry of Health, with logistical support from UNICEF and WHO [7] - CMMB is running mobile clinics to provide treatment for childhood illnesses and nutrition services for displaced populations [7] Group 3: Call to Action - CMMB has launched an emergency campaign to expand its lifesaving response, emphasizing the urgency of contributions to prevent further deaths [5] - The organization has a long history of providing medical and development aid, focusing on women's and children's health in various countries [6] - In 2024, CMMB's Access to Medicines program delivered $278.9 million worth of medicines and medical supplies to 32 countries [6]

Core Insights - Procter & Gamble (PG) has relied on price increases to mitigate inflationary pressures but faces challenges in sustaining this strategy as consumer behavior shifts towards seeking value [1][2][3] - The company aims to achieve $1.5 billion in annual savings while managing $1 billion in tariffs and $200 million in commodity costs expected in 2026 [3][8] - PG's brand superiority and innovation are crucial for maintaining pricing power, with successful examples in products like Pampers and Swiffer [2][8] Pricing Strategy and Market Dynamics - PG's pricing strategy has been effective in balancing volume and pricing gains, but category growth has slowed in key markets, particularly in North America and Europe [1][8] - Competitors like Colgate-Palmolive and Church & Dwight are also using price increases and premium innovations to offset rising input costs, but face limitations in pricing power [4][5][6] Financial Performance and Projections - PG's shares have declined approximately 7.5% year-to-date, underperforming the industry average decline of 4.3% [7] - The forward price-to-earnings ratio for PG is 22.01X, compared to the industry average of 19.79X, indicating a premium valuation [9] - The Zacks Consensus Estimate projects year-over-year EPS growth of 2.3% for fiscal 2025 and 6.3% for fiscal 2026, although estimates have been revised downward recently [10][11]

Key Takeaways The Procter & Gamble Company's (PG) fourth-quarter fiscal 2025 results pointed to steady margins, even amid global volatility, and highlighted the effectiveness of its premiumization strategy. Despite a decline of 70 basis points (bps) in the gross margin in the quarter, the company reported a 150-bps expansion in the core operating margin, fueled by significant productivity improvements and disciplined reinvestment in innovation and demand creation. PG's ability to grow core EPS by 6% year ov ...

Core Insights - The iShares U.S. Consumer Staples ETF (IYK) is a passively managed ETF launched on June 12, 2000, designed to provide broad exposure to the Consumer Staples - Broad segment of the equity market [1] - The ETF has amassed assets over $1.36 billion and seeks to match the performance of the Dow Jones U.S. Consumer Goods Index [3] - The ETF has a 12-month trailing dividend yield of 2.49% and annual operating expenses of 0.4% [4] Sector Overview - Consumer Staples - Broad is ranked 15 out of 16 in the Zacks Industry classification, placing it in the bottom 6% [2] - The ETF has a heavy allocation in the Consumer Staples sector, accounting for about 87.5% of the portfolio, with Healthcare and Materials rounding out the top three sectors [5] Holdings and Performance - Procter & Gamble (PG) accounts for approximately 14.82% of total assets, with the top 10 holdings making up about 66.57% of total assets under management [6] - The ETF has a return of roughly 6.81% and is up about 3.67% year-to-date as of August 7, 2025, with a trading range between $63.29 and $72.42 over the last 52 weeks [7] Risk and Alternatives - IYK has a beta of 0.54 and a standard deviation of 12.32% for the trailing three-year period, indicating a medium risk profile [7] - The ETF carries a Zacks ETF Rank of 3 (Hold), suggesting it is a reasonable option for investors seeking exposure to the Consumer Staples sector [8] Competitors - Other notable ETFs in the Consumer Staples space include Vanguard Consumer Staples ETF (VDC) with $7.67 billion in assets and Consumer Staples Select Sector SPDR ETF (XLP) with $16.25 billion in assets [9]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark one) [x] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 TRUE For the Fiscal Year Ended June 30, 2025 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 False For the transition period from to Commission File No. 1-434 THE PROCTER & GAMBLE COMPANY Indicate by check mark whether the registrant (1) has filed all reports required to be filed b ...

上周公布的经济数据出现了一些警示信号，印证了美国企业高管和消费者今年来一直所担忧的经济状 况。 上周五公布的非农就业数据表明，当前美国劳动力市场的状况比此前报告的情况要糟糕得多。经通胀调 整后的消费者支出(约占美国经济活动的三分之二)在今年上半年出现了下降，而美联储青睐的通胀指标 则在 6 月份有所回升。 智通财经APP获悉，富国银行的高级经济学家Sarah House表示："美国经济正'艰难地维持着自身的稳 定'。企业与消费者一直面临着一系列经济政策的急剧变化、不断攀升的通胀以及仍具一定紧缩性的货 币政策。这种组合所引发的经济停滞之担忧，如今不幸地开始应验。" 企业与消费者受冲击 美国许多企业已暂停投资和招聘，因为它们正试图弄清楚特朗普经济政策(其中主要就是关税政策)所带 来的影响究竟会如何。房地产市场刚刚经历了 13 年来最糟糕的春季销售季。而消费者由于债务不断增 加，已减少了对非必需品的消费。 EY-Parthenon首席经济学家Gregory Daco表示："随着物价上涨，企业和消费者越来越难以消费和投资， 这种挣扎很可能会持续下去。" 话虽如此，美国经济预计仍将稳步发展，但增速会低于过去几年的水平。 ...

美国时间7月29日，宝洁（P&G）发布2025财年财报，并于前一日（7月28日）发布集团换帅的消息。 据公告，2026年1月1日起，宝洁首席执行官Jon Moeller将卸任，首席运营官Shailesh Jejurikar则接替上 任，成为宝洁首位印度裔CEO。 南都湾财社记者注意到，在Jon Moeller任职CEO的四年时间里，宝洁有机销售额增长率整体放缓，今年 6月，宝洁对外公布一项生产力计划，以此改善成本结构和增强竞争力。2025财年，宝洁大中华区业绩 下滑5%，但最近一个季度增长2%。 2025财年定价上涨1% 有机销量增长1% 今年6月公布生产力计划以增强竞争力 财报显示，2025财年（2024.06.30-2025.06.30），宝洁净销售额为843亿美元，与上年（840亿美元）基 本持平，有机销售额（不包括外汇、收购和资产剥离的影响）同比增长2%；归母净利润同比增长7%至 约160亿美元，毛利率同比微降0.2%至51.2%。宝洁表示，定价上涨以及有机销量的增长均为有机销售 额贡献1%的增长，但部分被不利的外汇影响所抵消。 | THE PROCTER & GAMBLE COMPANY AND S ...

美国物价飙涨，经济风雨飘摇：一场关税引发的风暴 美国经济正经历一场由关税引发的价格风暴。从日常用品到奢侈品，从小型企业到大型跨国公司，无一幸免于这场席卷全美的涨价潮。 这并非简单的价格 波动，而是关税政策引发的蝴蝶效应，正将美国经济推向悬崖边缘。 美联储主席鲍威尔紧急预警，关税冲击比预想更猛烈，企业难以承受成本压力，消费者钱包即将被榨干。他坦言，关税政策让美联储陷入"双重使命冲突"： 稳物价和保就业的目标正在相互撕扯。 纽约联储主席约翰·威廉姆斯警告，关税冲击才刚刚开始，并预测关税将在未来12个月内推高通胀约1个百分点。 富 国银行经济学家萨拉·豪斯指出，未来三到六个月是关键时刻，企业库存缓冲消耗殆尽后，新关税成本将完全转嫁给消费者。 前纽约联储主席杜德利发出滞 胀预警，分析当前经济面临增长疲软、通胀高企的组合，而美联储的利率工具对此束手无策。 美联储内部也出现分歧，部分理事主张维持利率不变以遏制 通胀，另一些则认为当前利率过于限制性。 特朗普持续施压降息，进一步加剧了市场的不确定性。 芝加哥期货交易所数据显示，咖啡豆期货价格三个月涨 45%，创2024年以来新高，贸易商仓库里的巴西生豆存货仅够维持两周。 结 ...