2025.07. 23 推荐阅读 本文字数：219，阅读时长大约1分钟 三小时搬800箱，一台机器人或可替代约1.4~2名工人！实探智元机器人落地工厂 菲律宾方面目前暂无回应。 微信编辑 | 七三 封图 | 当地时间22日，特朗普在白宫会见到访的菲律宾总统马科斯 据央视新闻，当地时间7月22日，美国总统特朗普在其社交媒体平台"真实社交"上发文称，当天， 他在白宫会见到访的菲律宾总统马科斯，双方达成了贸易协议。 特朗普称， 将 对菲律宾征收19%的关税 。菲律宾将对美国开放市场，并实行零关税。 ...

2025.07. 23 本文字数：1369，阅读时长大约2分钟 作者 | 第一财经 胡弋杰 美东时间周二（7月22日），尽管权重股通用汽车重挫拖累大盘表现，但在医疗和房地产板块领涨带 动下，标普500指数微幅收涨，续创历史收盘新高。投资者正在评估企业财报及美国贸易政策动向对 市场的中期影响。 截至收盘，标普500指数上涨0.06%，报6309.62点；道琼斯工业平均指数上涨0.40%，报44502.44 点；纳斯达克综合指数下跌0.39%，报20892.69点。 据央视新闻报道，当地时间7月22日，美国总统特朗普在其社交媒体平台"真实社交"上发文称，当 天，他在白宫会见到访的菲律宾总统马科斯，双方达成了贸易协议。 特朗普称， 将对菲律宾征收19%的关税。菲律宾将对美国开放市场，并实行零关税。 企业财报方面，通用汽车公布的第二季度财报显示，受特朗普政府加征关税影响，公司季度利润大幅 下滑，股价收盘下跌8.1%，创近一年来最大单日跌幅。财报显示，第二季度营收同比下降近2%至约 470亿美元，调整后每股收益为2.53美元，略高于市场预期的2.44美元，但远低于去年同期的3.06美 元；调整后息税前利润同比下降32% ...

Financial Data and Key Metrics Changes - PACCAR achieved revenues of $7.5 billion and adjusted net income of $724 million in the second quarter [6] - PACCAR Parts recorded quarterly revenues of $1.72 billion and pretax income of $417 million, marking record revenues [6] - PACCAR Financial Services increased pretax income to $123 million, up from $111 million a year earlier [11] - Gross margins for PACCAR's truck, parts, and other segments were 13.9% in the second quarter, with expectations of around 13% for the third quarter [8] Business Line Data and Key Metrics Changes - PACCAR Parts is projected to grow year-over-year part sales by 4% to 6% in the third quarter [10] - PACCAR delivered 39,300 trucks in the second quarter and anticipates delivering around 32,000 to 33,000 in the third quarter [8] - The truck market in North America is estimated to be between 230,000 to 260,000 trucks for the year [6] Market Data and Key Metrics Changes - The European above 16-ton market is projected to be in the range of 270,000 to 300,000 trucks for 2025 [7] - The South American above 16-ton truck market is expected to be between 90,000 to 100,000 vehicles this year [7] - Customer demand in the less-than-truckload and vocational segments is reported to be good [6] Company Strategy and Development Direction - PACCAR is investing $750 million to $800 million in capital investments and $450 million to $480 million in R&D for technology and innovation projects [12] - The company is focused on delivering industry-leading support for customers through PACCAR Parts and Financial Services [10][12] - PACCAR aims to enhance market clarity and benefit from tariff policy clarifications [9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the North American market strengthening as tariff policies become clearer and the truckload market gains momentum [9] - The company anticipates that regulatory emission standards will drive truck purchases as customers prepare for upcoming changes [34] - Management noted that the vocational market remains strong due to ongoing infrastructure spending [81] Other Important Information - PACCAR's engine remanufacturing plant is expected to be operational in the first quarter of next year, with an annual capacity of about 5,000 remanufactured engines [68] - The company is building another used truck center in Warsaw, Poland, to support the sale of premium used trucks [11] Q&A Session Summary Question: Comments on strong sequential price improvement performance - Management noted that tariffs had a significant impact on pricing in Q2 and expect an increased impact in Q3 [15][16] Question: Discussions on Section 232 with the government - Management indicated ongoing investigations and speculated that conclusions could be reached sooner than expected [18] Question: Impact of the One Big Beautiful Bill Act on customer engagement - Management confirmed that customers are starting to engage regarding the '26 order season due to cash benefits from the legislation [24][25] Question: Stability of U.S. and Canada deliveries in the second half - Management highlighted factors such as overcapacity and regulatory standards that could influence order dynamics [32][34] Question: Guidance for parts growth in Q3 - Management reiterated strong performance in parts and expected continued growth due to effective customer service [37][39] Question: Inventory setup and industry dynamics - Management expressed confidence in their inventory position compared to industry averages [56] Question: Medium duty truck market outlook - Management indicated a favorable inventory position and potential for improvement in the medium duty market [96][97] Question: Pricing dynamics and customer relationships - Management confirmed that tariff surcharges are included in pricing, allowing for future pricing stability [85] Question: Growth opportunities in trucks versus parts and financial services - Management emphasized that trucks will continue to be essential for freight movement, with parts and financial services as growth areas [92]

Financial Data and Key Metrics Changes - PACCAR achieved revenues of $7.5 billion and adjusted net income of $724 million in Q2 2025, reflecting strong financial performance [5] - PACCAR Parts recorded quarterly revenues of $1.72 billion and pretax income of $417 million, marking record revenues despite a flat parts market [5][10] - PACCAR Financial Services reported pretax income of $123 million, up from $111 million a year earlier, indicating strong credit quality [11] Business Line Data and Key Metrics Changes - PACCAR delivered 39,300 trucks in Q2 and anticipates delivering 32,000 to 33,000 trucks in Q3, influenced by seasonal production adjustments [7] - PACCAR Parts is expected to grow year-over-year sales by 4% to 6% in Q3, driven by ongoing investments in capacity and services [10] - The gross margins for PACCAR's truck, parts, and other segments were 13.9% in Q2, with expectations of around 13% for Q3 due to uncertain tariff structures [7] Market Data and Key Metrics Changes - The U.S. and Canadian Class 8 truck market is estimated to be between 230,000 to 260,000 trucks for the year, influenced by economic conditions and market uncertainties [5] - The European above 16-ton truck market is projected to be in the range of 270,000 to 300,000, while South America's market is expected to be 90,000 to 100,000 vehicles [6] Company Strategy and Development Direction - PACCAR is investing $750 million to $800 million in capital expenditures and $450 million to $480 million in R&D, focusing on clean diesel technology and advanced driver assistance systems [12] - The company aims to enhance market clarity through clarification of trade policies, which could benefit PACCAR and its customers [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the North American market strengthening as tariff policies become clearer and the truckload market gains momentum [8] - The company anticipates that regulatory changes regarding NOx emissions standards will drive demand for new trucks as customers prepare for upcoming regulations [34] Other Important Information - Over 90% of PACCAR's U.S.-delivered trucks are produced in American factories, highlighting the company's commitment to domestic manufacturing [8] - The company is building a new used truck center in Warsaw, Poland, to support the sale of premium used trucks [11] Q&A Session Summary Question: Comments on strong sequential price improvement performance - Management noted that tariff impacts were significant in Q2 and expect an increased impact on pricing in Q3 due to tariff structures [16][17] Question: Discussions on Section 232 with the government - Management indicated ongoing investigations and speculated that the review period might be shorter than expected, which could lead to favorable outcomes for PACCAR [19] Question: Impact of tariffs on a per-unit basis in Q3 - Management estimated a quarterly effect of around $75 million due to tariffs, with variability depending on material costs [20] Question: Customer engagement regarding the '26 order season - Management confirmed that customers are starting to engage regarding orders due to recent legislation benefiting their cash positions [24] Question: Stability of U.S. and Canada deliveries in the second half - Management highlighted overcapacity in the truckload sector as a factor affecting orders, but expressed confidence in future improvements due to regulatory changes and tariff clarity [32] Question: Guidance for parts growth in Q3 - Management reiterated a forecast of 4% to 6% growth in parts sales, driven by strong customer service and increased shipping days in Europe [35] Question: Inventory setup and industry dynamics - Management reported that PACCAR's inventory levels are well-positioned compared to industry averages, with a focus on maintaining discipline in production [58] Question: Outlook for the European market - Management expressed confidence in the European market, citing strong market share and positive customer feedback on new products [77][80] Question: Pricing dynamics and customer relationships - Management confirmed that they have a tariff surcharge in place, allowing for future pricing discussions with customers [86] Question: Medium duty truck market outlook - Management indicated a favorable inventory position in the medium duty market and potential stimulation from upcoming emission standards [98]

Core Viewpoint - The article discusses the escalating trade tensions between the United States and its allies, particularly focusing on the backlash against the U.S. tariff policies and the implications for U.S.-China negotiations [1] Group 1: U.S. Tariff Policies - The U.S. has implemented a blanket tariff policy, imposing a 30% tariff on the EU and varying rates on Canada, Japan, and South Korea, which has not been well received by these traditional allies [1] - The EU has announced countermeasures against the U.S. tariffs, while Japan and Canada are also prepared to retaliate, indicating a unified front against U.S. trade actions [1] Group 2: U.S.-Vietnam Trade Agreement - The U.S. unilaterally announced a trade agreement with Vietnam, which included zero tariffs on U.S. goods entering Vietnam, but imposed a minimum 20% tariff on Vietnamese exports to the U.S. [1] - Vietnam's negotiation team was reportedly caught off guard by the U.S. decision to increase the tariff rate from an expected 11% to nearly 20%, leading to a lack of cooperation from Vietnam [1] Group 3: U.S.-China Negotiations - The U.S. Treasury Secretary expressed optimism about U.S.-China negotiations, emphasizing the mutual economic benefits and the need for cooperation between the two countries [1] - The article highlights the complementary nature of the U.S. and Chinese economies, with the U.S. needing external support for supply and China seeking external markets for its industrial output [1]

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core Viewpoints - The shipping market shows mixed trends in different routes and indicators. For example, some routes' capacity has decreased while others have increased, and there are also fluctuations in container volumes and port throughput [2][3]. 3. Summary by Related Catalogs High - frequency Capacity - In the 31st week (planned capacity as of August 3rd), the capacity of the China - US West route decreased by 5.2% week - on - week, with a capacity of 326,000 TEU and a year - on - year increase of 5.7%. The capacity of the China - US East route increased by 12.9% week - on - week, with a capacity of 236,000 TEU and a year - on - year increase of 41.8%. The capacity of the China - Southeast Asia route decreased by 5.4% week - on - week and increased by 36.9% year - on - year. The capacity of the China - Europe route decreased by 13.9% week - on - week and 9.4% year - on - year, and the capacity of the Mediterranean route decreased by 8.5% week - on - week at a high level but increased by 29.3% year - on - year [2]. Container Volume Data of Cargo - Laden Containers Sent to the US - As of July 21st, the weekly shipped cargo - laden container volume from China to the US was 495,000 TEU, a week - on - week decrease of 12.5%, and the number of ships was 62, a week - on - week decrease of 8.8%. The recent shipping capacity scale has been fluctuating downward [2]. US Port Arrival Volume Data - In the week of July 17th, the weekly arrival volume of imported goods in the US was 522,000 TEU, a week - on - week decrease of 17.8%. The weekly arrival volume of imported goods from China was 190,000 TEU, a week - on - week decrease of 18%, and the weekly arrival volume from Vietnam was 62,000 TEU, a week - on - week decrease of 16.6% [3]. Domestic Port Throughput - In the week of July 20th, the container throughput of Chinese ports increased by 2.6% week - on - week, reaching 6.642 million TEU/week [3]. Vizion Booking Data - In the week from July 7th to 13th, the overall booking volume of the US and the booking volume of imported goods from China continued to decline week - on - week. The overall booking volume of the US was 345,000 TEU, a week - on - week decrease of 7.6% with the decline rate widening by 7 percentage points and a year - on - year decrease of 16.6%. The booking volume from China was 124,000 TEU, a week - on - week decrease of 10.7% and a year - on - year sharp decrease of 30.1% [3].

| 11/11/2 | >国技期货 | 责金属日报 | | --- | --- | --- | | | 操作评级 | 2025年07月22日 | | | 黄金 ☆☆☆ | 刘冬博 高级分析师 | | | 白银 ☆☆☆ | F3062795 Z0015311 | | | | 吴江 高级分析师 | | | | F3085524 Z0016394 | | | | 010-58747784 gtaxinstitute@essence.com.cn | ★关税-10欧盟外交官:欧盟正在探索对美国关税采取更广泛的潜在反制措施,但仍优先与美国通过谈判解 决问题。②印尼：19%的美国关税可能在8月1日前生效，取决于联合声明。③美国财长贝森特：更关心高质 量的交易，而不是在8月1日前完成交易。不必与欧洲闹僵。④印度贸易代表团已返回印度，预计将在九月至 十月前与美国达成交易。 ★①美国白宫:特朗普没有解雇鲍威尔的计划。②美国共和党众议员Luna发函司法部,发函司法部称鲍威尔 两次作伪证,提出刑事指控。③美联储在其官网的"常见问题页面"新增了总部翻修工程的视频导览内容。 ④据Semafor: 特朗普政府官员考虑在审查美联储翻新工程 ...

【中信期货航运】关税政策下运量及运力数据 数据报告20250722 2025/7/22 | 研 | 工业与周期组 | | --- | --- | | 究 | 安婕锐 武嘉璐 | | | 从业资格号:F03100682 从业资格号:F03117373 | | 员 | 投资咨询号： Z0021085 投资咨询号：Z0022651 | 投资咨询业务资格: 证监许可【2012】669号 高频运力方面,第31周(至8月3日计划运力)美西航线运力环比继续回落5.2%。美西航线运力为32.6万TEU,同比上涨 5.7%;美东航线运力为23.6万TEU;环比上涨12.9%,同比上涨41.8%;中国一东南亚航线运力环比维持下跌5.4%,同比维持正增长 36. 9%仍处于高位。中国-欧洲航线运力环比回落13.9%，同比回落9.4%，地中海航线运力高位环比回落8.5%，同比上涨29.3%。 发往美国裁货集装箱箱量数据方面,据彭博统计,近期中国发往美国载货集装箱船箱量维持回落,截至7月21日,本周发运 载货箱量达49.5万TEU,环比回落12.5%,数量达62艘,周度回落8.8%,近期发运运力规模维持震荡下行。 国内港口吞吐量上涨。 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 首席执行官 Kurt Sievers 对本季度持乐观态度，称其将反映"恩智浦核心终端市场的改善"。该公 司表示，不计部分项目，每股收益将在 2.89 美元至 3.30 美元之间。分析师此前预计为每股 3.06 美元。 来源：内容来自 彭博社 。 芯片制造商恩智浦半导体公司 (NXP Semiconductors NV) 的第三季度财测未能达到部分投资者 的预期，导致其股价在盘后交易中下滑。 这家荷兰公司周一发布声明称，预计本季度营收将在30.5亿美元至 32.5 亿美元之间。尽管该区 间的中间值高于华尔街的平均预期，但据彭博社汇编的数据显示，一些分析师此前预测的数字会 超过 33 亿美元。 行业逆风与关税影响：恩智浦面临市场不确定性 这一财测表明，恩智浦仍在应对动荡的行业环境。该公司严重依赖汽车行业，该行业贡献了其一 半以上的营收，并受到美国前总统唐纳德·特朗普关税政策的冲击。关税扰乱了全球供应链，并引 发了客户订单的不确定性。 Bernstein 分析师 Stacy Rasgon 形容这份报告"大体上还不错"，但表示它并未完全达到一些人所 期望的"耳语"数字。 该 ...

| | 集运指数（欧线）期货日报 | | | 2025/7/22 | | | --- | --- | --- | --- | --- | --- | | 项目类别 数据指标 | 最新 环比 | 数据指标 | 最新 | 环比 | | | EC主力收盘价 | 2249.700 -50.6↓ EC次主力收盘价 | | 1548 | | -100.50↓ | | 期货盘面 EC2508-EC2510价差 | 701.70 +2.50↑ EC2508-EC2512价差 | | 541.00 | | -8.70↓ | | EC合约基差 | 150.80 +42.20↑ | | | | | | 期货持仓头寸（手） EC主力持仓量 | 12393 -1644↓ | | | | | | SCFIS（欧线）（周） | 2400.50 -21.44↓ SCFIS（美西线）（周） | | 1,301.81 | | 35.22↑ | | SCFI（综合指数）（周） | 1646.90 -86.39↓ 集装箱船运力（万标准箱） | | 1,227.97 | | 0.07↑ | | 现货价格 CCFI（综合指数）（周） | 1303.54 ...