1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The report comprehensively presents the overnight performance of the futures market, important macro - level news, updates in various industries such as energy, metals, black - series, and agriculture, as well as the trends in the financial market including stocks, bonds, foreign exchange, and the upcoming events schedule [2][9][36]. 3. Summary by Relevant Catalogs Overnight Night - Market Trends - Domestic futures: On Monday night, domestic futures had mixed results. Coking coal rose over 6%, while alumina, soda ash, glass, and coke rose over 3%. SC crude oil and asphalt fell over 1%, and soybean oil, rapeseed meal, and low - sulfur fuel oil (LU) fell nearly 1% [2]. - International precious metals: COMEX gold futures rose 1.55% to $3410.30 per ounce, and COMEX silver futures rose 2.02% to $39.24 per ounce [3]. - International oil prices: WTI crude oil fell 0.41% to $65.78 per barrel, and Brent crude oil fell 0.36% to $69.03 per barrel [4]. - London base metals: LME nickel rose 1.92% to $15510.00 per ton, LME zinc rose 0.92% to $2844.50 per ton, and LME copper rose 0.91% to $9867.00 per ton [5]. - International agricultural products: US soybeans fell 1.22%, US corn fell 1.10%, US soybean oil rose 0.41%, US soybean meal fell 1.17%, and US wheat fell 0.82% [6]. Important News - **Macro - news**: The central bank kept the one - year and five - year LPR unchanged at 3% and 3.5% respectively; the "Housing Rental Regulations" will be implemented from September 15, 2025; the Shanghai Export Container Settlement Freight Index (European route) dropped 0.9% to 2400.50 points; in June, total social electricity consumption was 867 billion kWh, a year - on - year increase of 5.4% [9][10]. - **Energy and Chemical Futures**: The premium for the alternative delivery product of caustic soda futures was adjusted from 80 yuan/ton to 150 yuan/ton; on July 22, 2025, the listing benchmark price of the first batch of propylene futures contracts was 6350 yuan/ton; as of July 21, the MEG port inventory in the East China main port area continued to decline [20][22]. - **Metal Futures**: Yichun Yinli plans to shut down for equipment maintenance; in June 2025, global primary aluminum production was 6.045 million tons; in the third week of July 2025, Brazil's copper and aluminum ore shipments increased compared to the same period last year [24]. - **Black - series Futures**: From July 14 - 20, 2025, the arrival volume of iron ore at Chinese ports decreased; the global iron ore shipment volume increased; coke enterprises decided to raise prices; in the third week of July 2025, Brazil's iron ore shipments decreased compared to the same period last year, but the daily shipment volume increased [26][28][29]. - **Agricultural Futures**: From July 1 - 20, 2025, Malaysia's palm oil production increased, but exports decreased; India's vegetable oil inventory increased significantly; it is estimated that Brazil's corn production in the 2024/2025 season will reach 136.3 million tons; in the third week of July 2025, Brazil's soybean shipments decreased compared to the same period last year, but the daily shipment volume increased; as of July 20, the US soybean and corn good - to - excellent rates were reported [31][33][34]. Financial Market - **Financial**: The A - share market continued to rise, with the Shanghai Composite Index hitting a new high for the year; the Hong Kong stock market also rose, and the number of IPOs and the amount of funds raised in Hong Kong increased significantly; some Hong Kong and US stock investors received tax - supplement notices; the top three stocks held by active equity funds were Tencent, CATL, and Kweichow Moutai [36][37][39]. - **Industry**: As of June 2025, China's Internet user scale reached 1.123 billion, with an Internet penetration rate of 79.7%; China's express delivery volume ranked first in the world for 11 consecutive years; Chengdu introduced 17 new real - estate policies [43][45]. - **Overseas**: In Japan's Senate election, the ruling coalition lost its majority; Fitch downgraded the outlook of 25% of US industries; the "OBBBA" bill will increase the US fiscal deficit by $3.4 trillion in the next decade; the EU may take counter - measures against the US [46][48]. - **International Stock Markets**: US and European stock markets had mixed results; the London Stock Exchange is studying the feasibility of extending trading hours; South Korea is considering raising the stock trading tax; Stellantis reported a net loss in the first half of the year; Verizon's second - quarter revenue exceeded expectations [51][52][53]. - **Commodities**: Propylene futures were listed on July 22; international precious metals rose, international oil prices fell slightly, and London base metals rose [55]. - **Bonds**: The central bank plans to cancel the freeze of bond repurchase collateral; the domestic bond market weakened; the euro - zone and US bond yields fell [57][58][60]. - **Foreign Exchange**: The on - shore RMB against the US dollar fell slightly; the US dollar index fell [61]. Upcoming Events On July 22, there are multiple events including central bank operations, policy announcements, corporate earnings reports, and new stock subscriptions; on July 22 - 23, the 12th Trusted Cloud Conference will be held; propylene futures and options will be listed on the Zhengzhou Commodity Exchange [64].

Group 1 - As of the end of Q2 2025, China's public fund industry has generated a profit of 5.94 trillion yuan for its holders since 1998, with the market size reaching a new high of 33.73 trillion yuan and overall net profit exceeding 380 billion yuan [2] - The top 20 funds by profit are predominantly broad-based ETFs, with most profits exceeding 2 billion yuan [2] Group 2 - The European Council President and the European Commission President are scheduled to visit China on July 24, where they will meet with Chinese President Xi Jinping and Premier Li Qiang for the 25th China-EU Leaders' Meeting [3] - The State Council has announced the implementation of the Housing Rental Regulations starting September 15, 2025, aimed at standardizing rental activities and promoting high-quality development in the housing rental market [3] - The July LPR remains unchanged for the second consecutive month, with the one-year rate at 3.0% and the five-year rate at 3.5%, indicating a period of observation for monetary policy [3] Group 3 - China's economy is expected to run smoothly and improve in the second half of 2025, supported by proactive fiscal policies aimed at boosting consumption and investment [4] - The Ministry of Commerce has urged the EU to stop listing Chinese companies and financial institutions in its sanctions against Russia, asserting the need to protect the legitimate rights of Chinese entities [4] - The Hainan Free Trade Port has released pilot guidelines for cross-border asset management, allowing foreign investors to invest in RMB-denominated products with a total initial cap of 10 billion yuan [4] Group 4 - The A-share market continues its upward trend, with the Shanghai Composite Index reaching a new high for the year, closing up 0.72% at 3559.79 points, and a total market turnover of 1.73 trillion yuan [5] - The Hong Kong Hang Seng Index closed up 0.68% at 24994.14 points, marking its highest level since February 2022, with significant inflows from southbound funds [5] - Hong Kong has seen a 30% increase in IPOs year-on-year, raising 124 billion HKD, which is a 590% increase compared to the previous year [5] Group 5 - The latest holdings of active equity funds show Tencent Holdings as the top holding, followed by CATL and Kweichow Moutai, with a noticeable reduction in the concentration of holdings among the top 20 stocks [6] - Zhang Kun from E Fund has increased holdings in several liquor stocks and Alibaba, while exiting from Yanghe Brewery [6] - Transsion Holdings is considering a secondary listing in Hong Kong, potentially raising around 1 billion USD [6] Group 6 - BYD plans a stock split of 10-for-8 and a conversion of 12 shares for every 10 held for the 2024 fiscal year [8] - Hainan Free Trade Port has released guidelines for cross-border asset management, allowing foreign investors to invest in RMB-denominated products [4] - The company reports a significant increase in net profit for the first half of the year, with estimates ranging from 607% to 961% [8]

Core Viewpoint - Archer Aviation's shares experienced a significant decline of 10.9% amid broader market gains, primarily due to a lawsuit proceeding against the company and poor financial forecasts from its major backer, Stellantis [1][5]. Group 1: Lawsuit Against Archer - A shareholder lawsuit has been filed against Archer, alleging that the company and its SPAC merger architects misrepresented the value of shares and the progress of aircraft development [2]. - The Delaware Chancery Court has allowed the lawsuit to move forward, requiring Archer to defend itself against these allegations [4]. Group 2: Stellantis' Financial Performance - Stellantis, a key investor in Archer, reported a projected loss of $2.68 billion for the first half of the year and has suspended issuing any guidance due to tariff uncertainties [5]. - The disappointing financial outlook from Stellantis has raised concerns among investors regarding its continued support for Archer as it seeks to reduce costs [5]. Group 3: Competitive Landscape - The electric vertical takeoff and landing (eVTOL) market is competitive, with Joby Aviation positioned more favorably to be the first to market, bolstered by its partnership with Toyota, known for quality and reliability [6].

Core Insights - Stellantis reported a significant financial impact from US tariffs, costing the company nearly $350 million due to paused production and reduced shipments of imported vehicles [1][2] - The company experienced a 25% drop in vehicle shipments, totaling about 109,000 fewer vehicles compared to the same period last year [1] - Overall second-quarter shipments fell by 6% year-over-year, with an estimated total of 1.4 million vehicles shipped [3][6] Financial Performance - Stellantis reported preliminary losses of $2.68 billion on $83 billion in revenue for the first half of the year, a stark contrast to a profit of $6.5 billion on nearly $100 billion in revenue during the same period last year [3][5] - Net revenue fell to $86.5 billion, marking a 12.6% decline from the first six months of 2024 [7] - The company incurred $3.8 billion in pre-tax net charges, primarily due to restructuring costs and the cancellation of certain projects [4] Market Challenges - The losses highlight the challenges faced by the new CEO Antonio Filosa, who took over after the previous CEO was ousted due to poor performance in the US market [4][6] - Analysts noted that Stellantis had previously priced itself out of the US market and failed to update popular models, resulting in unsold inventory [6] - The company's stock has fallen by more than 55% in the last 12 months, reflecting declining investor confidence [9][10] Future Outlook - CEO Filosa expressed optimism for gradual and sustainable improvement in 2025, despite acknowledging the tough first half of the year [6] - The company suspended its full-year guidance back in April, indicating a need to reset expectations ahead of the full financial report [9]

Financial Data and Key Metrics Changes - For the first half of 2025, the company reported net revenues of approximately €74.3 billion and adjusted operating income (AOI) of approximately €540 million, with a net loss of approximately €2.3 billion, including unusual items [6][10] - Industrial free cash flow was reported as a €3 billion outflow, which was attributed to insufficient AOI generation to cover capital expenditures and R&D spending [12][13] Business Line Data and Key Metrics Changes - The company experienced lower than expected volumes, particularly in the European light commercial vehicle (LCV) market, which was down about 13% year-to-date [21][22] - The ramp-up of newly launched products was slower than anticipated, impacting overall shipments [20][21] - The company noted a significant impact from higher industrial costs, including warranty costs and fixed asset absorption due to lower volumes [9][10] Market Data and Key Metrics Changes - The company reported a €1 billion to €1.5 billion net tariff impact for the full year 2025, with approximately €330 million felt in the first half [5][10] - Foreign exchange impacts were noted at just under €1 billion year-over-year, primarily due to the strengthening of the euro against the U.S. dollar and Brazilian real [9] Company Strategy and Development Direction - The company plans to reestablish current period financial guidance during the H1 2025 update call on July 29, which will encapsulate expected improvements in the second half [16][58] - The management emphasized the importance of product launches, including new B and C segment entries in Europe, to drive recovery and improve market share [15][16] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenging operating environment, citing economic and regulatory uncertainties that have led commercial customers to delay fleet renewals [22] - The company expressed optimism about the potential for improvement in the second half of 2025, driven by new product launches and a focus on regaining market share, particularly in the fleet segment [34][37] Other Important Information - The company noted that total vehicle inventories at the end of the first half of 2025 were unchanged, with OEM inventories up by about 60,000 units and dealer inventories down by about 60,000 units [13][14] - Management highlighted the need for continued investment in the business despite cash outflows in the first half [54] Q&A Session Summary Question: Continued share losses in the U.S. and Europe - Management indicated that market share in Europe increased by about 130 basis points compared to the second half of the previous year, despite challenges in the LCV market [20][21] Question: Operating leverage and margins in Middle East and LatAm - Management confirmed strong performance in the Middle East and LatAm, with expectations for positive traction in operating leverage and margins [24][25] Question: Gap between operating cash flow and free cash flow - Management explained that the negative cash flow was influenced by increased capital use in the financial services business, which is growing rapidly [29][30] Question: Regaining market share in fleet, particularly for Ram - Management highlighted the reintroduction of the V8 engine in the Ram pickup and plans to improve production numbers to regain lost market share [34][37] Question: Competitive pressure in Europe - Management acknowledged increased competitive pressure in Europe but noted that new product launches are expected to help mitigate this [42][43] Question: Tariff impacts and expectations for the second half - Management indicated that the €330 million tariff impact in the first half is not representative of what is expected in the second half, with potential for that figure to double [46][47] Question: Liquidity and cash generation outlook - Management reassured that liquidity remains sufficient, targeting 25% to 30% of trailing twelve months revenues, and emphasized the need to turn positive in industrial free cash flow [52][54]

Financial Data and Key Metrics Changes - For the first half of 2025, the company reported net revenues of approximately €74.3 billion and an adjusted operating income (AOI) of approximately €540 million, which excludes about €3.3 billion of net charges from IFRS figures [6] - The company experienced a bottom line net loss of approximately €2.3 billion, inclusive of unusual items, and reported an industrial free cash flow outflow of €3 billion [6][12] - The AOI was impacted by lower than expected volumes, higher industrial costs, foreign exchange fluctuations, and tariffs, with a net tariff impact of approximately €330 million in the first half [7][10][12] Business Line Data and Key Metrics Changes - The sluggish European light commercial vehicle (LCV) market and lower production ramp-up of newly launched products negatively affected volumes [7] - Fleet sales in North America remained low, impacting market share despite improvements in retail sales [7] - The company launched several new products in the first half, including five new B and C segment entries in Europe, which are expected to drive improvement in the second half [15] Market Data and Key Metrics Changes - The LCV market in Europe declined by about 13% year-to-date, significantly affecting the company's performance as it holds a strong share in that segment [21] - The company reported a sequential increase in market share in Europe by approximately 130 basis points compared to the second half of the previous year, despite the overall market challenges [21][46] - The company increased its battery electric vehicle (BEV) penetration in Europe to 13% in the first half, although profitability remains a challenge due to lower margins on BEVs compared to internal combustion engine vehicles [44] Company Strategy and Development Direction - The company plans to reestablish current period financial guidance in the upcoming call, reflecting expected improvements in the second half of 2025 [16] - The management emphasized the importance of product launches and addressing market share losses, particularly in the Ram brand, by reintroducing the V8 engine and targeting lower-end market segments [34][36] - The company is focused on navigating regulatory uncertainties and economic challenges while continuing to invest in new product development and market recovery strategies [22][44] Management Comments on Operating Environment and Future Outlook - Management acknowledged the significant headwinds faced in the first half, including tariff impacts, foreign exchange fluctuations, and lower volumes, but noted sequential improvements in cash flow outflows and AOI margin [15][46] - The management expressed optimism about upcoming product launches and the potential for improved performance in the second half, particularly with the return of the Jeep Cherokee and new medium nameplates [16] - The company remains committed to maintaining sufficient liquidity, targeting a liquidity level of 25% to 30% of trailing twelve months revenues, despite cash outflows in the first half [55] Other Important Information - The company is experiencing a significant impact from tariffs, with an estimated total net tariff impact for 2025 projected to be between €1 billion and €1.5 billion, with expectations for increased impacts in the second half [5][47] - The management highlighted the need for transparency regarding the financial services business and the potential for separating industrial cash flow from financing cash flow in future disclosures [32][34] Q&A Session Summary Question: Continued share losses in the U.S. and Europe - Management noted a 130 basis point increase in market share in Europe compared to the second half of last year, attributed to new product launches, but acknowledged slower ramp-up [20][21] Question: Operating leverage and margins in Middle East and LatAm - Management confirmed strong business performance in the Middle East and LatAm, with expectations for positive traction in operating leverage and margins [23][25] Question: Gap between operating cash flow and free cash flow - Management explained that the negative cash flow was influenced by increased capital use in the financial services business and insufficient AOI to cover investing activities [29][30] Question: Regaining market share in fleet, particularly for Ram - Management highlighted the reintroduction of the V8 engine and new product strategies aimed at regaining market share in the fleet segment [34][36] Question: Competitive pressure in Europe - Management acknowledged increased competitive pressure in Europe but emphasized the strength of their new products and market share gains despite challenges [42][46] Question: Tariff impacts and mitigation actions - Management indicated that the €330 million tariff impact in the first half is not representative of the expected second half impacts, which could be significantly higher [47][49] Question: Liquidity and cash generation outlook - Management reassured that liquidity remains sufficient and outlined expectations for positive industrial free cash flow in the second half, with further details to be provided in the upcoming call [55][56]

GUY: GOOD MORNING. I'M GUY JOHNSON, LIZZY BURDEN IS HERE, SO WHAT DO YOU NEED TO KNOW. COMPLICATED TRADE TALKS WITH EU OFFICIALS PREPARING FOR A NO DEAL SCENARIO WITH WASHINGTON AND WE TALKED TO THE CEOS OF DEUTSCHE BANK AND SIEMENS FOR THEIR TAKE ON THE TRADE STORY AND PLANS TO INVEST BILLIONS OF EUROS IN GERMANY.LIZZY: HAPPY MORNING, MONDAY MORNING. WE'VE GOT THE ECB MEETING ON THURSDAY, INCHING CLOSER TO THE AUGUST 1 TARIFFS DEADLINE WITH EUROPEAN STOCKS DECLINING ON FRIDAY. U.S. STOCKS HOVER AROUND RECO ...

Investment Rating - The report rates the automotive industry as "Positive" [3] Core Insights - The Chinese plug-in hybrid electric vehicle (PHEV) market has experienced growth rates exceeding those of pure electric vehicles (BEVs) for over three years, driven primarily by economic factors and commuting needs [1][14] - The sustainability of the PHEV market will depend on its economic viability as the efficiency of BEVs continues to improve [1][2] - The evolution of PHEVs can be categorized into two main types: PHEVs that can directly drive the vehicle and extended-range electric vehicles (EREVs), with distinct trends in product development [2][39] Summary by Sections 1. Economic Basis of PHEV Market Prosperity - PHEVs have consistently outpaced BEVs in growth due to their cost-effectiveness and ability to meet commuting demands [1.1][14] - The main hybrid technologies utilize a series operation mode to address fuel consumption issues during commuting [1.2][21] - The efficiency of BEVs is improving, which raises questions about the long-term economic sustainability of PHEVs [1.3][31] 2. Product and Technology Evolution of PHEVs - Traditional automakers are optimizing PHEV products, focusing on cost efficiency and leveraging existing engine technologies [2.1][39] - New entrants in the market are adopting EREV strategies, which allow for greater integration with BEV technologies [2.2][46] - The market is witnessing a clear division between PHEVs and EREVs, with each catering to different consumer needs and preferences [2.3][48] 3. Long-term Outlook - The report anticipates that advancements in technologies such as autonomous driving and vehicle-to-grid (V2G) will significantly enhance the economic viability of BEVs, potentially leading to a decline in PHEV and traditional fuel vehicle demand [3.1][3.2] - By 2030, it is projected that PHEVs will capture nearly 40% of the Chinese automotive market, while their prospects in the U.S. remain limited and more favorable in Europe [2][4.1]

Core Insights - Stellantis anticipates a net loss of 2.3 billion euros ($2.68 billion) in the first half of the year due to pre-tax net charges and early impacts of U.S. tariffs [1] - The company estimates first-half net revenue at 74.3 billion euros, a decrease from 85 billion euros in the same period last year [1] Financial Guidance - Stellantis has suspended financial guidance since April 30 and will release financial results for the first half of 2025 on July 29 as scheduled [2]

Core Points - Ayvens has appointed Philippe de Rovira as Chief Executive Officer, effective December 1, 2025, following the recommendation of the Nomination Committee as part of its succession planning [1] - Tim Albertsen will retire on December 1, 2025, after serving as CEO and a member of the Board of Directors, and will continue to lead until the new CEO's appointment takes effect [2] - The Board of Directors expressed gratitude to Tim Albertsen for his leadership and commitment to the PowerUp 2026 plan, which will remain unchanged until the end of 2026 [2][3] - The integration process within Ayvens is progressing as planned, with Q2 2025 financial results scheduled for release on July 31, 2025 [3] Philippe de Rovira's Background - Philippe de Rovira has extensive experience, having joined PSA Group in 1998 and held various Business and Finance positions until 2017, including leading a division focused on B2B sales and remarketing of used cars [4] - He served as Chief Financial Officer of PSA Group in 2018 and was a member of the Global Executive Committee, overseeing the remarketing of used cars [5] - In 2021, he became Chief Affiliates Officer at Stellantis, responsible for Financial Services, Parts & Services, and Circular Economy, and in 2025, he took on the role of Chief Operating Officer for Asia and Middle East/Africa [5] Company Overview - Ayvens is a leading global player in sustainable mobility, providing full-service leasing, flexible subscription services, fleet management, and multi-mobility solutions [6] - The company operates with over 14,000 employees across 41 countries, managing 3.2 million vehicles and the world's largest multi-brand electric vehicle fleet [7] - Ayvens is listed on Compartment A of Euronext Paris, with Societe Generale Group as its majority shareholder [7]