Financial Performance - The company reported revenue of $22.7 billion, a 35% increase primarily driven by higher commercial delivery volume [28] - Core loss per share improved to $1.24 compared to the previous year, attributed to higher commercial deliveries and improved operational performance [28] - Free cash flow usage was $200 million in the quarter, reflecting better performance than expectations [28] Business Segment Performance Boeing Commercial Airplanes (BCA) - BCA delivered 150 airplanes in the quarter, with revenue of $10.9 billion and an operating margin of -5.1% [29] - The backlog increased to $522 billion, up more than $60 billion sequentially, including over 5,900 airplanes [30] - The 737 program delivered 104 airplanes, with production ramping up to 38 per month [30][31] Boeing Defense, Space & Security (BDS) - BDS booked $19 billion in orders, with revenue of $6.6 billion, up 10% [35] - Operating margin improved to 1.7%, reflecting better operational performance [35] - The demand for defense products remains strong due to the global threat environment [37] Boeing Global Services (BGS) - BGS reported revenue of $5.3 billion, an 8% increase year-over-year [38] - Operating margin was 19.9%, up 210 basis points compared to last year [38] - The business received $5 billion in orders, with a backlog of $22 billion [38] Market and Strategic Insights - The company is focused on stabilizing production and improving program execution as part of its recovery plan [7][23] - Recent trade agreements are expected to positively impact Boeing's order momentum and pricing strategies [51][56] - The company is monitoring supply chain dynamics closely, with 80% of commercial supply chain spending going to U.S. suppliers [20][21] Management Commentary - Management expressed optimism about the recovery plan's progress and the strong market demand across business segments [7][8] - The company is preparing for potential rate increases in production, with a focus on maintaining stability and quality [12][63] - Management acknowledged the challenges in the operating environment but remains confident in the company's long-term prospects [41][42] Other Important Information - The company is transitioning to a new CFO, Jay Malavi, as Brian West moves to a senior advisory role [26] - The company is committed to managing its balance sheet prudently, with a focus on maintaining an investment-grade rating [40] Q&A Session Summary Question: Free cash flow performance - Management indicated that a free cash flow target of around $3 billion for the year is reasonable, with expectations for positive cash flow in the fourth quarter [45][48] Question: Tariff impacts and order momentum - Management discussed the positive effects of recent trade agreements on order momentum and pricing strategies, particularly regarding input tariffs [51][56] Question: Delivery guidance for MAX and 777 - Management confirmed that deliveries for the 737 MAX are tracking ahead of the 400 target for the year, with expectations for continued strong performance [72] Question: Engine anti-icing issue - Management explained that delays in the engine anti-icing solution for the 737 MAX are due to design challenges that require additional work [76][77] Question: BDS margin improvement - Management expressed confidence in returning BDS to mid to high single-digit margins, emphasizing the importance of entering appropriate contract types [96][98]

Financial Performance - Revenue for the quarter was $22.7 billion, up 35% primarily driven by higher commercial delivery volume [24] - Core loss per share improved to $1.24 compared to the previous year, reflecting higher commercial deliveries and improved operational performance [24] - Free cash flow usage was $200 million in the quarter, better than expectations, driven by higher commercial delivery volume and improved working capital [24][25] Business Segment Performance Boeing Commercial Airplanes (BCA) - BCA delivered 150 airplanes in the quarter, with revenue of $10.9 billion and an operating margin of -5.1% [25] - BCA booked 455 net orders in the quarter, with a backlog of $522 billion, up more than $60 billion sequentially [26] - The 737 program delivered 104 airplanes in Q2, with production steadily increasing to 38 per month [27] Boeing Defense, Space & Security (BDS) - BDS booked $19 billion in orders during the quarter, with revenue of $6.6 billion, up 10% [31] - Operating margin improved to 1.7%, reflecting better operational performance [31] - BDS delivered 34 aircraft and two satellites in the quarter, with a focus on stabilizing production and improving margins [31][32] Boeing Global Services (BGS) - BGS revenue was $5.3 billion, up 8% year-over-year, with an operating margin of 19.9% [33] - BGS received $5 billion in orders, ending the quarter with a backlog of $22 billion [33] Market and Strategic Insights - The company is seeing strong market demand and is focused on stabilizing production and executing planned increases [5][6] - Recent trade agreements are expected to positively impact Boeing's order momentum and pricing strategies [50][54] - The company is committed to a culture change aimed at improving accountability and performance [20][21] Management Commentary - Management expressed optimism about the recovery plan's progress and the stability of operations, while acknowledging the work still ahead [5][6] - The company is focused on maintaining a strong supply chain and managing input costs amid a dynamic trade environment [17][18] - Future cash flow expectations are positive, with a target of achieving positive free cash flow in Q4 [38][46] Q&A Session Summary Question: Free cash flow performance and guidance - Management indicated that a free cash flow target of around $3 billion for the year is reasonable, with Q3 expected to resemble Q2 usage [42][46] Question: Impact of tariffs and trade agreements - Management discussed the positive effects of recent trade agreements on input tariffs and order momentum, emphasizing the importance of maintaining favorable trade conditions [49][54] Question: Long-term delivery guidance and inventory management - Management confirmed that they are tracking ahead of delivery targets for the MAX program and are managing inventory levels effectively [70][71] Question: Engine anti-icing issue with 737 models - Management explained that delays in the engine anti-icing design are due to ongoing testing and design adjustments [74][75] Question: Future rate increases and production capacity - Management expressed confidence in achieving planned rate increases, supported by inventory levels and production stability [80][81] Question: BDS margin improvement and strike risks - Management reassured that the potential impact of strikes on BDS operations is manageable and that they are focused on returning to high single-digit margins [94][95]

Core Viewpoint - Stellantis faces significant challenges due to new tariffs resulting from a trade agreement between the EU and the US, leading to a projected impact of approximately €1.2 billion (around $1.4 billion) in the second half of the year while attempting to restore financial guidance [1] Group 1: Financial Performance - Stellantis expects adjusted operating profit margins to remain in the low single digits for the second half of the year, a downward revision from previous forecasts made in April [1] - The company reported a cash flow consumption of €3 billion ($3.48 billion) in the first half, but anticipates an improvement in industrial free cash flow for the second half [1] - Revenue for the first half of the year decreased by 13% to €74.3 billion, with a net loss of €2.3 billion, primarily due to reduced investments and trade war costs [2] Group 2: Market Challenges - The North American market is experiencing the most severe issues, with a 25% drop in shipments in the second quarter, leading to a net revenue of just over €28 billion, which was surpassed by the European market's €29.2 billion for the first time [2] - The company is facing increased operational costs due to rising component prices and temporary shutdowns of factories in Canada and Mexico [2] - The luxury brand Maserati saw a significant decline in shipments, with profit margins dropping to -38% [2] Group 3: Strategic Outlook - The new management team under CEO Antonio Filosa is tasked with making difficult decisions to restore profitability and improve operational results [2] - Analysts suggest that Stellantis' market share loss necessitates cost-cutting measures, but previous reductions may have been excessive, creating a dilemma for investors [3] - The company is pinning hopes for sales recovery on new models such as the Jeep Cherokee hybrid and Dodge Charger Sixpack, as it has already incurred approximately €300 million in losses due to US tariffs in the first half [3]

Core Viewpoint - Stellantis anticipates facing approximately €1.2 billion (around $1.4 billion) in tariff impacts in the second half of the year due to a new trade agreement between the EU and the US, while restoring its financial guidance [1] Group 1: Financial Performance - The adjusted operating profit margin for the second half is expected to remain in the low single digits, a downward revision from the previously withdrawn full-year forecast of mid-single-digit profit margin due to tariff confusion [1] - Stellantis experienced a 13% year-on-year decline in half-year revenue to €74.3 billion, with a net loss of €2.3 billion, primarily due to reduced investments and trade war costs, resulting in an adjusted operating profit margin of only 0.7% [2] - North American net revenue slightly exceeded €28 billion, marking a significant drop of 25% in shipments during the second quarter, with the region's performance being severely impacted by rising component prices and temporary plant shutdowns in Canada and Mexico [2] Group 2: Strategic Challenges - The new CEO, Antonio Filosa, faces dual challenges of adapting to a changing automotive landscape and correcting previous strategic missteps, particularly in light of rising costs from trade policies and competition from Chinese automakers like BYD [1] - The company is relying on new models such as the Jeep Cherokee hybrid and Dodge Charger Sixpack to revive sales, as the market stagnation has led to a loss of market share and increased demand for cost-cutting measures [3] - The luxury brand Maserati has seen a significant drop in shipments, with profit margins plummeting to -38%, highlighting the challenges of overcapacity in Europe and the need for brand revitalization [2]

Core Viewpoint - The Polish Prime Minister emphasizes that both sides of the Atlantic will face significant losses, but a stringent trade agreement is preferable to a meaningless tariff war among allies [1] Group 1 - The statement highlights the importance of trade agreements in mitigating economic losses [1] - It suggests that engaging in trade negotiations is more beneficial than imposing tariffs that do not yield meaningful results [1]

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年7月29日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 黄金 1、基本面：市场等待贸易协定最终日，金价震荡回落；美国三大股指收盘涨跌不 一，欧洲主要股指收盘全线下跌；美债收益率涨跌不一，10年期美债收益率跌0.99 个基点报4.388%；美元指数涨1.02%报98.66，离岸人民币对美元贬值报7.1835； COMEX黄金期货跌0.65%报3314.00美元/盎司；中性 6、预期：今日关注中美经贸会谈、欧央行CPI预期、美国6月职位空缺、6月房价指 数。美欧贸易协定达成，但协定内容不及预期乐观，国内商品情绪大幅降温，金价 震荡。沪金溢价扩大至1.4元/克。关注本周贸易协定进展，降息预期依旧高涨，金 价震荡。 2、基差：黄金期货774.78，现货771.58，基差- ...

Core Viewpoint - The article discusses the recent fluctuations in gold prices, highlighting a potential bullish outlook despite current pressures from trade negotiations and a strengthening US dollar [1][4][6]. Market Performance - On July 28, gold opened lower at $3321.78, reached a high of $3344.99, and closed at $3314.39, marking a decline of $24.11 or 0.72% from the previous close of $3338.50 [4]. - The trading range for gold is expected to remain between $3000 and $3500 in the short term, with key support levels at $3300 and $3270 [8][12]. Technical Analysis - The gold price is currently within a three-month consolidation triangle, indicating potential for a rebound, especially if it holds above the 100-day moving average [1][14]. - The ZZ indicator suggests a bottoming pattern, while MACD signals a bearish trend, indicating mixed signals for future price movements [10][14]. Economic Indicators - Upcoming economic data releases, including the FHFA house price index and consumer confidence index, are anticipated to influence market sentiment [6]. - The expiration of the US trade agreement on August 1 is a critical date, with potential implications for gold prices depending on the outcome of trade negotiations [6][7]. Future Outlook - The article suggests that regardless of trade agreement outcomes, gold prices may not face significant downward pressure, with a bullish trend expected in the long term due to anticipated interest rate cuts by the Federal Reserve [7][11]. - The potential for a rebound in gold prices is supported by the expectation of a dovish stance from the Federal Reserve, which could lead to a bullish market for gold in the coming year [7][11].

Group 1 - The article discusses the recent trade agreements between the US and Japan, Indonesia, and the Philippines, highlighting the reduction of tariffs and Japan's commitment to invest $550 billion in key industries [51][52] - The article notes that developed markets have generally seen an increase, with the Nikkei 225 rising by 4.1% and the S&P 500 by 1.5% [4][80] - The article mentions the fluctuations in commodity prices, with WTI crude oil decreasing by 3.2% to $65.2 per barrel, while coking coal prices surged by 36.0% to 1259 yuan per ton [37][38] Group 2 - The article reports that the US Markit Manufacturing PMI fell to 49.5 in July, below the expected 52.7, indicating ongoing disruptions in US industrial production due to tariffs [66][81] - The European Central Bank (ECB) maintained interest rates during its July meeting, aligning with market expectations as inflation returned to target levels [69][81] - The article highlights the mixed performance of emerging market 10-year government bond yields, with Turkey's yield rising significantly by 177.5 basis points to 31.6% [20]

Report Title Precious Metals Weekly Report (July 21 - July 25) [1] Report Industry Investment Rating Not provided Core Viewpoints - Last week, domestic commodities surged, and precious metal prices rose first and then fell. Silver remained stronger than gold. The prices of precious metals were supported by the domestic commodity boom despite trade agreement news from Japan and the EU. The expectation of a Fed rate cut continued to rise, and there were still supports for precious metal prices. Affected by the domestic industrial clearance policy, precious metal prices might be supported by non - ferrous metal prices, and silver prices had strong capital support [12]. Summary by Directory 1. Last Week's Review - **Precious Metal Price Movements**: - Shanghai Gold 2510 closed up 0.26%, reaching a maximum of 794 yuan/gram; COMEX Gold closed down 0.2%, reaching a maximum of 3451.7 dollars/ounce. - Shanghai Silver 2510 closed up 2.4%, reaching a new historical high of 9526 yuan/kilogram; COMEX Silver closed up 0.06%, reaching a maximum of 39.91 dollars/ounce, the highest since September 2011. - SGE Gold T + D closed up 0.29%, and SGE Silver T + D closed up 2.21%. - London Gold Spot closed down 0.4%, and London Silver Spot closed down 0.03%. - The US Dollar Index closed down 0.8%, and the US Dollar against Offshore RMB closed down 0.18% [4][12]. - **Trade Agreement News**: - The US and Japan reached a trade agreement with a 15% tariff rate, and Japan would invest 550 billion dollars in the US, with the US getting 90% of the profits. - The US and the EU reached a 15% tariff rate agreement. The EU would increase investment in the US by 600 billion dollars, buy US military equipment and 750 billion dollars of US energy products [12][13]. - **Economic Data**: - The US July Markit Manufacturing PMI fell into contraction, but the overall business activity expanded at the fastest pace since December. - The Eurozone July PMI rose to 51, a new high in nearly a year. Germany's manufacturing industry showed signs of recovery, while France's economy continued to shrink due to political deadlock. - US June existing - home sales dropped to the lowest level in nearly 15 years, while housing prices reached a new historical high [14][15]. 2. Weekly Review - **Market Focus**: This week, the China - US trade negotiation and the August 1 tariff "deadline" were the focuses, and the Fed's interest rate decision was highly anticipated. The US would also release key data such as non - farm payrolls, GDP, and PCE. The Bank of Japan would announce the target interest rate. China would hold a Politburo meeting at the end of July and release the official manufacturing PMI data [12]. - **Position Analysis**: - For Shanghai Gold, the net position decreased slightly, with more long positions added and short positions reduced, and the fluctuation was very limited. - For Shanghai Silver, the net position continued to increase, with both long and short positions increasing significantly. - CFTC net positions fluctuated slightly, with both long and short positions of gold and silver increasing, but the increase in short positions was limited [12]. 3. Fundamental Data - **ETF Positions**: SPDR Gold ETF positions continued to increase, and silver ETF positions increased in a fluctuating manner [31][33]. - **Inventory Data**: - COMEX Gold inventory increased slightly, and COMEX Silver inventory decreased slightly. - Shanghai Gold inventory data was presented, and Shanghai Silver inventory increased in a fluctuating manner [36][38]. 4. Position Data - **Shanghai Gold Top 20 Positions**: This week, long positions were 216,889, an increase of 5.34% from last week; short positions were 66,199, an increase of 5.86%; the net position was 150,690, an increase of 5.12% [23]. - **Shanghai Silver Top 20 Positions**: This week, long positions were 448,932, a decrease of 8.03% from last week; short positions were 348,227, a decrease of 7.89%; the net position was 100,705, a decrease of 8.53% [26]. - **CFTC Positions**: As of July 22, the net long position of CFTC gold increased significantly, with more long positions added and short positions reduced; the net long position of CFTC silver increased slightly, also with more long positions added and short positions reduced [27]. 5. Summary - Tariff agreements had no progress, the expectation of a rate cut increased significantly, and there were still supports for precious metal prices. Affected by the domestic industrial clearance policy, precious metal prices might be supported by non - ferrous metal prices, and silver prices were still relatively strong [12].

摩根士丹利：欧美贸易协议对航空航天业有利 金十数据7月28日讯，摩根士丹利分析师在给客户的报告中写道，美国和欧盟之间的贸易协定对航空航 天业有利，因为飞机和零部件免征关税。根据该协议，美国将对绝大多数欧盟出口产品设定15%的基准 关税，但华盛顿和布鲁塞尔同意对包括所有飞机和零部件在内的一些战略产品征收零对零关税。分析师 们表示："虽然市场对航空航天业恢复零关税环境抱有高度预期，但最终正式实施仍具有积极意义。"空 客对该交易表示欢迎，称稳定和可预测的环境对高度一体化的全球航空航天业至关重要。 ...