近日，外汇市场传来消息，加元兑美元的汇率出现了显著波动。根据新浪外汇的最新报道，在2025年的 一个寻常夜晚，具体时间截至22时47分，加元兑美元的汇率成功突破了1加元兑换0.7228美元的关键点 位。 对于外汇市场的参与者而言，密切关注汇率的动态变化是至关重要的。无论是企业还是个人投资者，都 需要根据汇率的波动来调整自己的跨境交易策略和资产配置计划。在未来的日子里，随着全球经济形势 的不断变化，外汇市场的波动或许还将持续上演。 此次汇率变动中，加元兑美元的涨幅达到了0.5421%，这一变化引起了市场的广泛关注。对于需要进行 跨境交易或持有相关货币的投资者而言，这无疑是一个重要的市场动态。 来源：https://www.cnu.com.cn/character/202508/107256.html 同时，若将这一汇率变动转换为人民币汇率，其影响同样不容小觑。按照当前的汇率计算，100人民币 可以兑换约19.3000加元；而反过来，100加元则可以兑换约518.1347人民币。这样的汇率水平，对于中 加两国的贸易往来和跨境投资都具有重要意义。 中国银行也提供了最新的美元汇率牌价信息。截至22时35分，美元的现汇 ...

周五纽约尾盘，美元兑日元跌0.97%，报146.94日元，美联储主席鲍威尔讲话后从148.50日元上方瞬间 跳水至147日元下方，本周累计下跌0.17%，整体呈现出M形走势。欧元兑美元涨0.99%、报1.1721，本 周累涨0.15%；英镑兑美元涨0.86%、报1.3527，本周累跌0.19%，几乎完全收复周一至周四持续、平滑 震荡下行所构成的跌幅；美元兑瑞郎跌0.92%、报0.8015，本周累跌0.66%。 ...

Macroeconomic Factors - Economic growth levels significantly impact stock performance, with expansion phases typically leading to improved corporate profits due to increased consumer demand, resulting in rising stock prices [1] - Conversely, during economic downturns, reduced consumer spending and lower orders can negatively affect profits and stock prices [1] - Interest rate changes are crucial, as lower rates reduce financing costs for companies, encouraging investment and driving stock prices up, while higher rates have the opposite effect [1] Industry Dynamics - The development stage and competitive landscape of an industry influence stock performance, with emerging industries attracting significant investment and showing greater price elasticity [1] - Mature industries with intense competition favor companies with strong competitive advantages, leading to more stable stock performance, while declining industries may see continuous price drops [1] Company-Specific Factors - A company's operational performance and financial data are foundational to its stock performance, with consistent profit growth signaling strong management and competitiveness, boosting investor confidence [2] - A healthy debt structure indicates financial stability and risk resilience, while high debt levels may deter investors due to repayment concerns [2] - Effective corporate governance enhances investor trust through transparent decision-making and information disclosure, contributing to stock price stability [2] Policy Influences - Monetary policy directly affects market liquidity, influencing stock market dynamics, while fiscal policies like tax cuts and government subsidies can alter the business environment and profit expectations for companies [2] - Regulatory policies shape corporate behavior, with companies that align with regulations more likely to gain market favor and positive stock performance [2] International and Geopolitical Factors - Global economic integration means international economic fluctuations can impact domestic companies through trade and investment channels [3] - Exchange rate volatility affects companies with significant import/export activities, altering their profitability [3] - Geopolitical tensions can trigger market risk aversion, leading to capital flight from stocks to traditional safe-haven assets like gold, putting downward pressure on stock prices [3]

Core Insights - Company reported a revenue of 24.945 billion RMB for the first half of 2025, a year-on-year decrease of 6.93% [2] - Net profit attributable to shareholders was -0.492 billion RMB, a decline of 1021.9% compared to the same period last year [2] - The company aims to address industry challenges through brand innovation, smart manufacturing, and multi-channel market expansion [2] Financial Performance - Revenue for the display business decreased by 0.74% to 15.699 billion RMB, with sales volume growing by 2.04% to 19.51 million units [2] - Television business sales volume fell by 2.66% to 4.76 million units, with revenue declining by 21.62% to 7.154 billion RMB [2] - The overall global display market saw a shipment increase of 3.2% [2] Market Conditions - The competitive landscape in the global display industry has intensified, leading to a continuous decline in end product prices [2] - Core raw material costs, such as panels, remained relatively stable, putting pressure on overall gross margins [2] - Increased marketing investments were made to enhance brand recognition and optimize overseas marketing channels [2] Challenges and Strategies - The company faced increased costs due to foreign exchange fluctuations and rising hedging costs, contributing to the overall loss for the first half of the year [2] - Strategies to combat industry homogenization and price wars include leveraging quality control and cost advantages [2]

分析人士认为，受美国公布通胀数据低于预期影响，美元对投资者吸引力下降，资金流向风险较高的货 币，包括雷亚尔和其他新兴市场货币。衡量美元兑一篮子六种货币表现的美元指数当日下跌0.19%至 98.308。 新华财经圣保罗8月12日电（记者杨家和）巴西雷亚尔兑美元汇率12日大幅上扬1.06%，收盘报1美元兑 5.3864雷亚尔，创下自2024年6月14日以来的最高水平，当时汇率为1美元兑5.3812雷亚尔。同日，巴西 股指Ibovespa上涨1.69%，收于137913.68点。 （文章来源：新华财经） 在国内市场方面，投资者还关注巴西政府应对美国关税冲击的计划。美国总统特朗普此前宣布对部分巴 西出口产品加征50%关税。巴西财政部长阿达表示，政府应对方案可能包括信贷支持、推迟征税、政府 采购出口产品以及促进出口的结构性改革。 阿达11日透露，原定13日与美国财政部长斯科特·贝森特举行的视频会谈被美方取消，市场对此反应有 限，相关人士认为关税谈判本质上是政治问题，短期内难有突破。 ...

Group 1 - The announcement of tariffs by Trump in April has placed Taiwan in a challenging position despite its perceived advantages in negotiations [1] - TSMC's investments in the US may shield it from 100% tariffs, but this does not guarantee a trade agreement for Taiwan or protect its economy from other tariffs imposed by Trump [1] - Taiwan's economy is heavily export-oriented, with the US being its largest buyer, and it exports significant amounts of semiconductor components and related electronic parts [1] Group 2 - Traditional manufacturing in Taiwan is facing significant challenges, with the New Taiwan Dollar's appreciation adding pressure on factory owners [3] - The uncertainty in the current situation has led some companies to doubt their ability to sustain operations in the coming months, with reports of clients either halting orders or requesting delivery delays [3] - Manufacturers are experiencing the impact of a 20% tariff on their products, alongside a 50% tariff on steel and aluminum imposed by the Trump administration [1][3]

Group 1 - Honda reported a significant decline in net profit for the first quarter of fiscal year 2026, with a net profit of 196.67 billion yen (approximately 9.578 billion RMB), a year-on-year decrease of 50.2% [1] - The company's operating profit for the same period was 244.17 billion yen (approximately 11.891 billion RMB), down 49.6% year-on-year, while sales revenue decreased by 1.2% to 5.34 trillion yen (approximately 260.053 billion RMB) [1] - Honda revised its full-year operating profit forecast for fiscal year 2026 to 700 billion yen (approximately 34.089 billion RMB), up from a previous estimate of 500 billion yen, but still below market expectations of 896.24 billion yen (approximately 43.648 billion RMB) [2] Group 2 - The company expects full-year sales revenue of 21.1 trillion yen (approximately 1.023 trillion RMB), an increase from the previous estimate of 20.3 trillion yen, but slightly below market expectations of 21.21 trillion yen [2] - Honda's global retail sales volume for fiscal year 2026 is projected to remain at 3.62 million units, unchanged from previous forecasts [2] - The automotive industry is facing challenges due to changing global dynamics, with Honda's performance impacted by tariff effects and currency fluctuations [3] Group 3 - Other Japanese automakers, such as Nissan and Mazda, have also reported disappointing financial results, indicating a broader trend of declining performance in the industry [3] - In the competitive Chinese market, Honda's sales in June were 58,596 units, a year-on-year decline of 15.2%, highlighting the need for the company to accelerate its electric vehicle transition to enhance competitiveness [3]

截至二零二六年三月三十一日止財政年度第一季度 最新營運情況 本公告乃由浩德控股有限公司（「本公司」）及其附屬公司（統稱「本集團」）根據 香港聯合交易所有限公司（「聯交所」）GEM證券上市規則第17.10(2)(a)條及證券 及期貨條例（「證券及期貨條例」）第XIVA部項下的內幕消息條文作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 ALTUS HOLDINGS LIMITED 浩德控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8149） 本公司董事（「董事」）會（「董事會」）謹此提供下列本集團截至二零二六年三月三 十一日止財政年度第一季度（「二零二六年財政年度第一季度」）的最新營運情況。 收入 於二零二六年財政年度第一季度，本集團錄得企業融資、資產管理及其他諮詢服 務收入4.6百萬港元，較去年同期增加27.3%。企業融資及其他諮詢服務收入乃於 已根據服務協議條款提供相關服務及╱或完成相關重大行動從而達成協定的賬單 里程碑時確認。因 ...

丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 13 之 Deckers FY2026Q1 经营跟 踪：收入表现超预期，价格上调预计 Q2 受益 报告要点 [Table_Summary] FY2026Q1（2025/4/1-2025/6/30）Deckers 实现营收 9.6 亿美元，同比+17%，收入表现超预 期（彭博一致预期 9.0 亿美元）。毛利率同比-1.1pct 至 55.8%，预计主要受低毛利的经销渠道 强劲增长影响，但净利率受益于费用控制同比+0.4pct 至 14.4%。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 1）分品牌，UGG/HOKA/其他品牌营收分别+18.9%/+19.8%/-19.0%至 2.7/6.5/0.5 亿美 元，HOKA 及 UGG 表现均超公司预期，HOKA 高增主要受益于国际市场驱动，UGG 主 要受益于批 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the foreign exchange (FX) market, particularly the performance of the US dollar against the euro (EUR/USD) and its implications for European earnings and exporters [1][2][9]. Core Insights and Arguments 1. **US Dollar Performance**: The dollar has rebounded since the US announced trade deals with Japan and the EU, despite concerns about the Federal Reserve's independence potentially keeping the dollar premium elevated [1][2]. 2. **EUR/USD Forecast**: FX strategists predict a gradual decline of EUR/USD towards 1.13, which could alleviate pressure on EU earnings and exporters [1][2]. 3. **Impact of Trade Deals**: The announcement of trade deals has led to a ~2.5% fall in EUR/USD, reviving concerns about tariffs' negative impact on the EU economy [2]. 4. **Tariff Effects**: The trade war was expected to strengthen the dollar, but instead, dollar depreciation has compounded the negative effects of tariffs, particularly for the eurozone [2][9]. 5. **EPS Revisions**: European corporates have seen sharp declines in earnings per share (EPS) revisions compared to US peers, primarily due to the strength of the euro [9][10]. 6. **Sector Performance**: EU exporters have underperformed significantly, with EPS estimates for exposed sectors cut sharply, indicating a -20% adjustment [10][14]. 7. **Investor Behavior**: Domestic investors have turned buyers in US equities, with inflows of $20 billion, the highest in six weeks, driven mainly by US and global funds [18][27]. Additional Important Insights 1. **Sector Inflows**: All sectors globally saw inflows, with Technology and Financials leading, while Energy and Telecoms lagged [19][29]. 2. **Fixed Income Trends**: Fixed income funds also experienced strong inflows, particularly in US treasuries, indicating a shift in investor sentiment [20]. 3. **Market Events**: Upcoming key market-moving events include the Bank of England rate decision and various economic data releases from the US and Eurozone [16][17]. This summary encapsulates the critical insights from the conference call, highlighting the dynamics of the FX market, the implications for European corporates, and the broader investment trends observed.