报告显示，2025年4月，28.3%的受访德国企业表示难以对自身业务前景作出预判，较3月的24.8%明显 上升。这一比例为2022年11月以来的最高值。该数据被视为德国经济不确定性的直接反映。 报告显示，工业领域的信心受损最为严重，38.7%的企业表示难以预测自身发展，较上月激增约11个百 分点。其中，电子行业与汽车制造业的不确定感更甚，比例均超过45%。零售业中，也有约三分之一企 业表示预测困难。（央视新闻） 德国知名智库伊弗经济研究所当地时间4月29日发布的最新月度调查结果显示，德国企业对未来经营走 势的不确定性显著上升，其中制造业、电子业和汽车工业尤为突出。专家分析认为，美方持续施压的单 边贸易政策是当前不确定性加剧的主要外部因素之一。 ...

欧洲央行管委卡扎克斯：利率路径取决于通胀。全球经济存在很多不确定性。 ...

智通财经4月29日电，欧洲央行管委卡扎克斯表示，利率路径取决于通胀，全球经济存在很多不确定 性。 ...

证券研究报告 宏川智慧 (002930 CH) 石化仓储需求偏弱，拖累盈利 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 仓储物流 | 宏川智慧发布 2024 年及 1Q25 业绩：1）24 年公司营收 14.5 亿元，同比 -6.3%；归母净利 1.6 亿元，同比-46.6%，低于我们的预期（2.6 亿元）。2） 1Q25 公司营收 3.2 亿元，同比-15.0%；归母净利 2,095 万元，同比-65.1%。 24 年及 1Q25 盈利同比大幅下降主因下游石化行业需求偏弱，导致公司储 罐及化工仓库出租率和价格下降，但折旧成本相对刚性，拖累盈利。展望 25 年，受关税影响，全球宏观经济存较大不确定性。我们预计整体石化仓 储需求或仍偏弱，但考虑公司新增项目投产，我们预计公司 25 年盈利在 24 年低基数上同比有望小幅改善。维持"增持"。 24 年石化行业需求偏弱，仓储物流行业盈利承压 2024 年公司新增项目并购使业务规模提升，但受下游石化需求偏弱影响， 经营业绩承压。24 年公司毛利润 7.2 亿元，同 ...

欧洲央行管委维勒鲁瓦：我们正处于一个充满巨大经济不确定性的时期。 ...

金：本周COMEX金价-3.05%至3300.20美元/盎司，美债10年期TIPS下降18BP至2.02%。 SPDR黄金持仓减少12.90吨至946.27吨。本周黄金价格再创历史新高，突破3400美元/盎司关 口，主要受经济不确定性、地缘政治紧张和贸易担忧等因素推动。（1）标普全球数据显 示，美国4月Markit制造业PMI初值意外升至50.7，好于预期的49，但服务业和综合PMI初值 均低于预期，分别为51.4和51.2，且综合PMI初值创下16个月新低，不过三者均仍处于扩张 区间。（2）美联储理事沃勒表示，若特朗普政府恢复高额关税，美国企业可能大规模裁 员，届时他将支持美联储降息。 稀土：本周稀土价格整体下行，系贸易战带来较弱需求预期；但重稀土价格相对轻稀土 稳健，系出口管制带来的价格支撑。据SMM，拥有美国唯一稀土矿的MP Materials公司已停 止向中国出口稀土精矿，考虑海外镨钕冶炼分离产能情况，全球镨钕供应有望进一步收缩， 进而支撑镨钕价格。关注中国稀土、北方稀土、包钢股份、金力永磁等标的。 开源证券近日发布有色金属周报：本周稀土价格整体下行，系贸易战带来较弱需求预 期；但重稀土价格相对轻稀土 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 美国东部时间 4 月 24 日盘后，谷歌发布 25Q1 业绩，营收实现超预期加速增长，截至北京时间 4 月 25 日 8:00 ，谷歌盘后股价上涨 5.1% 。 风险提示： 宏观经济风险、关税政策不确定性风险、行业竞争加剧风险、 AI 相关投资带来成本压力。 Other Bets 驱动谷歌 25Q1 营业收入加速增长，净利率大幅超预期 25Q1 谷歌实现营业收入 902.3 亿美元，高于 Refinitiv 一致预期（下文简称一致预期） 1.25% ，同比增长 12.0% （ 24Q4 同比增长 11.8% ）。 Other Bets 收入超预期加速增长。 25Q1 Other Bets 收入 110.9 亿美 元，高 ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容 编译自 chosun ，谢谢。 台积电美国业务的困境在全球半导体行业引发波澜，引发了人们对在亚洲以外建设先进晶圆厂的可 行性的怀疑，而三星电子在德克萨斯州的工厂即将完工之际也陷入了困境。 尽管台积电已在亚利桑那州工厂投入运营，但由于劳动力成本上涨和持续的基础设施投资，该工厂 仍深陷亏损。过去四年，该公司报告称，该工厂累计亏损394.5亿新台币（约合12.2亿美元）。此 外，在与美国总统唐纳德·特朗普会晤后，台积电首席执行官魏哲家在今年3月宣布了一项新的 1000亿美元投资计划，突显出地缘政治压力正迫使企业加倍投资美国业务。 损失也蔓延到了台积电的其他国际工厂。在日本，其子公司JASM于2024年底在熊本开始生产12纳 米及更老的芯片后，亏损创纪录地达到43.8亿新台币。在德国，其新建的德累斯顿工厂亏损了5亿 新台币。 如今，三星也面临类似的困境。由于泰勒工厂尚未获得主要客户，分析师警告称，一旦工厂投产， 三星可能立即面临运营亏损——而美国的劳动力和制造成本远高于韩国，这无疑加剧了三星的困 境。韩国国内的晶圆代工业务目前已处于亏损状态。 这些财务风险或许是三 ...

Financial Data and Key Metrics Changes - Total company revenues increased by 4% to $195.4 million, and adjusted EBITDA increased by 3% to $74.5 million compared to the previous year [23][7]. - Mobile Modular's adjusted EBITDA increased by 10% to $47.6 million, with total revenues rising by 3% to $131.9 million [24][23]. - Rental margins for Mobile Modular improved to 60%, up from 57% a year ago [24]. Business Line Data and Key Metrics Changes - Mobile Modular's rental revenues grew by 3%, while rental-related services revenues increased by 22%, partially offset by an 11% decline in sales revenues [24]. - Portable storage rental revenues declined by 13% to $16.1 million, with rental margins at 84%, down from 87% a year earlier [27]. - TRS RenTelco's total revenues increased by 4% to $35 million, with rental revenues slightly up at $25.5 million, marking the first quarterly increase since Q1 2023 [28]. Market Data and Key Metrics Changes - The architectural billing index and other macro indicators of construction-related demand showed some weakness and project delays [9]. - Average fleet utilization improved to 65%, up from 59% in the previous quarter [13]. Company Strategy and Development Direction - The company remains focused on modular business growth and aims to be a solutions provider to customers [16]. - Expansion into new geographies is a priority, with investments aimed at responsibly growing the top line [18]. - The company has a robust M&A pipeline that is expected to yield results in future quarters [18]. Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about potential delays in new project starts due to economic uncertainty and tariff impacts [16][61]. - The company expects limited impact from tariffs in 2025, as most of its fleet is owned and prior purchases have mitigated exposure [14][33]. - The overall economic uncertainty could lead to slower decision-making from customers, affecting rental and sales projects in the second half of the year [96]. Other Important Information - First-quarter selling and administrative expenses increased by 1% to $50.9 million, while interest expense decreased by $4.5 million due to lower average interest rates [30]. - The company generated $54 million in net cash from operating activities and reduced debt by $31 million [32]. Q&A Session Summary Question: What are the indications for order flow in the education sector? - Management noted that bookings were light in Q1, but April showed an increase in orders, indicating a positive outlook for education [42][43]. Question: How is the sales team adapting to capture opportunities in larger projects? - Management confirmed that the sales team is motivated and actively pursuing both large and small projects, with good activity levels reported [102]. Question: Is the uptick in TRS RenTelco's rental revenue sustainable? - Management expressed cautious optimism, noting that the increase is not seen as a temporary blip, with delayed projects starting to come online [60]. Question: How does the company plan to manage margins in portable storage? - Management indicated that they are looking at operational efficiencies and pricing strategies to protect margins despite current pressures [84]. Question: What is the company's approach to geographic expansion? - Management emphasized that geographic expansion is a priority, with a focus on building infrastructure and sales capabilities for future growth [113].

Core Viewpoint - Masco Corporation reported weaker-than-expected earnings for the first quarter, missing both earnings per share and sales estimates due to macroeconomic uncertainties and tariffs [1][2]. Financial Performance - The company posted quarterly earnings of $0.87 per share, below the analyst consensus estimate of $0.92 per share [1]. - Quarterly sales amounted to $1.80 billion, missing the analyst consensus estimate of $1.84 billion [1]. - The adjusted operating profit margin was reported at 16.0 percent [2]. Shareholder Returns - Masco returned $196 million to shareholders through dividends and share repurchases during the first quarter [2]. Market Reaction - Following the earnings announcement, Masco shares gained 1.3%, trading at $60.08 [2]. Analyst Ratings and Price Targets - Baird analyst Timothy Wojs maintained an Outperform rating, lowering the price target from $72 to $70 [7]. - Evercore ISI Group analyst Stephen Kim maintained an In-Line rating, lowering the price target from $82 to $71 [7]. - Truist Securities analyst Keith Hughes maintained a Buy rating, lowering the price target from $92 to $75 [7]. - UBS analyst John Lovallo maintained a Buy rating, lowering the price target from $91 to $80 [7]. - Goldman Sachs analyst Susan Maklari maintained a Buy rating, lowering the price target from $82 to $73 [7]. - RBC Capital analyst Mike Dahl maintained a Sector Perform rating, cutting the price target from $74 to $62 [7].