Chinese zinc smelters, which account for over half of global supply, face growing pressure to lower run rates as capacity expansion outpaces demand, according to Beijing Antaike Information https://t.co/TT8Ja6TFTH ...

美国航线的船舱空间在中美达成协议后激增（Reuters） 日本等中国以外国家与美国之间的关税谈判大多仍未达成协议。如果对华关税再次提高，中美之间的运 输量有可能回到4月骤减时的水平。运费行情仍存在急剧波动的风险…… 上海发往美国的集装箱船现货（即时合约）运费暴跌，最近三周下跌了54%。此前因中美集装箱运输的 快速恢复而上涨，船运公司增加供应，供需紧张有所缓解。也有观点指出，运往美国的运输量已过顶 峰。中美达成关税协议后运费暴涨的混乱局面基本平息。 上海航运交易所的数据显示，截至6月27日，上海发往美国西海岸的集装箱运费（每个40英尺集装箱） 为2578美元。6月6日曾升至5606美元的近期最高点，但目前几乎回到了之前的水平。发往美国东海岸也 连续3周下跌。 中美根据部长级磋商的协议，于5月14日将相互征收的关税下调了115%。因4月加强对等关税而停滞的 中美集装箱运输量在达成协议后迅速恢复。 由于部分 关税下调为截至8月中旬的为期90天的限时措施，因此为了在期限内将货物送到美国而紧急预 订集装箱船的趋势加强。由于船舶的供需紧张，上海发往美国西海岸的运费出现创纪录上涨，每周的涨 幅均创历史新高。 运费走高并未长 ...

July 3, 2025 09:24 AM GMT TSMC | Asia Pacific New tax credits to help with US fab's long-term profitability; OW What's new? According to CNBC, under the latest "big beautiful bill" passed by the US Senate on July 1, tax credits for those semiconductor firms building capacity in the US could rise from 25% to 35%. Eligible companies include Intel, Micron, and TSMC. In our earlier note, we mentioned that TSMC opined on the semi tariffs and we maintained our view that TSMC's commitment to invest in its US fab s ...

ab 1 July 2025 Global Research Memory Semis Monthly July '25 Edition: HBM supply / demand remains healthy HBM supply / demand to remain in check Investors often ask us whether the disconnect between our HBM supply forecasts (i.e., shipments from HBM vendors) and demand estimates (based upon end-consumption) should be cause for concern. For now, we do not believe so. HBM typically ships into consignment inventories at TSMC, ahead of the CoWoS process taking place. This then can last up to 2 months. The packa ...

30 Jun 2025 10:19:53 ET │ 12 pages Xinyi Solar (0968.HK) Solar Glass Industry Supply Cut amid Weak Demand; 1H25E Result Preview Flash | China Solar Sector Air MaAC CITI'S TAKE The market talked about a 30% production cut by PRC solar glass makers in July to avoid the intense competition today (see: SMM), triggered by weakening demand, high inventory level and low solar glass prices. We view the coming supply cut to be a voluntary move by solar glass companies under operating pressure with weak demand outloo ...

V i e w p o i n t | 30 Jun 2025 10:52:19 ET │ 11 pages Metal Matters Gold consolidated to our 0-3m target of $3,300/oz; OBBBA and upcoming trade deals to further reduce US growth concern CITI'S TAKE We downgraded our 0-3m pt price target from $3,500/oz to $3,300/oz in our 3Q Outlook out in mid-June, and gold price has since declined by over $100/oz, now trading right below our target. Gold price moderated lower in 2H'June amid Middle East de-escalation and improved global growth outlook, and despite weaker ...

Industry Overview - The overall air travel demand in the United States remains strong despite some tariff-related challenges, supported by declining oil prices and easing geopolitical tensions [1][2] - The airline industry has experienced a price increase of over 34% in the past three months, outperforming the S&P 500 Index [3] Upcoming Travel Trends - The Transportation Security Administration (TSA) projects over 18.5 million passengers will be screened during the July 4 holiday weekend, with July 6 expected to be the busiest day [7][9] - U.S. airlines will operate 4% more flights compared to the previous year, translating to approximately 27,000 daily scheduled flights [7][9] Airline Stock Highlights - SkyWest (SKYW) has seen a stock gain of 32% over the past three months, with earnings surpassing estimates by an average of 17.1% in the last four quarters [11] - Delta Air Lines (DAL) has experienced a 34% stock increase in the last three months, with a recent 25% hike in quarterly dividend payouts [12][13] - Allegiant Travel Company (ALGT) is benefiting from strong air travel demand and aims to expand its fleet to 122 by the end of 2025, with an average earnings beat of 32.7% in the last four quarters [13][14]

Key Takeaways NIKE's classic sneaker sales are declining due to shifting trends and consumer price sensitivity. Growth in running, training, basketball and sportswear is partially offsetting weaker classic demand. NKE plans to reduce classic footwear mix further in FY26, with unit volumes likely down double digits.NIKE, Inc. (NKE) is a globally recognized American brand specializing in athletic footwear, apparel and sports equipment. The company has long been considered as a leader in the sneaker market.H ...

市场洞察 - Marquee 市场洞察|市场|商品 GS 成品油追踪——夏季汽油价格上涨 GS 精炼产品追踪器： 交易理念：漫⻓的夏季 RBOB 破解： 总体⽽⾔：清洁产品供需平衡依然紧张，⽽⽣产激励措施将有利于中质馏分油（当原油供应限制 放松时）。市场对任何供应中断或需求意外（⽬前正处于旺季）的承受能⼒不⾜。 1/20 季节性表现强劲：过去10个7⽉中，RBOB裂解价差有7个出现上涨，平均上涨2美元/桶。历 史最⼤涨幅为8.1美元/桶，⽽最⼤跌幅为3.2美元/桶——⻛险回报状况良好。 产量转换à RBOB 热能极其混乱，与过去 10 年相⽐处于区间底部。我们认为这主要是由于 原油供应限制à尽管减产解除，但 OPEC+ 的重质酸性原油出⼝尚未回升，⽽是被⽤于中东国 内燃料燃烧（旺季）。因此，由于替代原料供应有限，依赖于重质原油的馏分油产量受到限 制。⽬前较轻的原油供应导致产量落后于⽣产激励。如果我们看到进⼊美国的中质和重质 酸性原油增加，炼油⼚将能够转向最⼤化馏分油产量。这种转变将减少汽油产量，收紧 RBOB 供应并⽀持裂解价差。 与三年历史相⽐， 定位处于第 11 个百分位 飓⻛季节à我们正处于⼀年中飓⻛ ...

Company Overview - Air Lease Corporation (ALC) operates as an aircraft leasing platform with approximately $55 billion in assets [9, 11, 133] - The company's aircraft utilization rate was 99.7% in Q4 2022 [10, 14] - ALC maintains investment-grade credit ratings from S&P (BBB), Fitch (BBB), and Kroll (A-) [10, 133] - The company has $6.9 billion in total available liquidity [10, 14, 108] - ALC has a diversified customer base, serving 117 airlines in 62 countries [14, 61, 133] Financial Performance - ALC's adjusted pre-tax return on common equity was 11.0% [10, 137] - The company's total assets amounted to $28.4 billion [10, 77, 133] - ALC's unsecured debt represents 99% of its debt portfolio [10, 96, 105] - The company's fixed-rate debt accounts for 91% of its total debt [10, 98, 105] - Adjusted net income before income taxes was $659.9 million in 2022 [135, 137] Portfolio and Order Book - ALC has commitments to purchase 398 aircraft from Boeing and Airbus for delivery through 2029, with an estimated aggregate commitment of $25.5 billion [10, 11] - The company has $31.4 billion in committed minimum future rentals [10, 61] - 90% of ALC's order book through 2024 is placed on long-term leases [10, 14, 70, 71]