丨证券研究报告丨 行业研究丨专题报告丨机械 [Table_Title] 从海外龙头财报看美国关税影响 报告要点 [Table_Summary] 整体来看，面对全球对等关税，海外龙头主要通过前期备货、供应链调整、价格转嫁、内部降 本控费等多种方式，来尽量降低影响。价格方面，虽然目前不同公司有所分化，如史丹利百得 已进行价格上涨并且预计 Q3 继续上涨，而亚马逊、高机龙头、Rational 等目前虽尚未涨价， 但后续预计仍需要在一定程度上向美国终端消费者涨价以减缓成本上升的压力。库存方面，各 家基本都已在关税生效前进行了库存储备，以应对关税上涨带来的成本压力。 分析师及联系人 [Table_Author] 赵智勇 曹小敏 SAC：S0490517110001 SAC：S0490521050001 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 机械 cjzqdt11111 [Table_Title2] 从海外龙头财报看美国关税影响 [Table_Summary2] 引言：从海外龙头财报看美国关税影响 面对美国对等关税，海外公司也受到不同程度的成 ...

Group 1 - In April, China's total goods trade imports and exports increased by 5.6% year-on-year [7] - The e-commerce logistics index in China continued to rise in April [9] - The number of exhibitors at the Fourth China-Central and Eastern European Countries Expo is expected to reach a new high [10] Group 2 - The first national standard for evaluating the brand value of the elderly care service industry has been released and implemented [12] - The seventh batch of new occupations and job types has been announced in China [11] - The Yangtze River fishing ban has achieved phased results [13]

Core Viewpoint - The confidence of small business owners and consumers in the U.S. is declining due to the current U.S. tariff policy, which is significant as small businesses employ two-thirds of the American workforce [1] Group 1 - Dan Nathan, head of the investment consulting firm "Risk Reversal," highlights the negative impact of U.S. tariff policies on small business confidence [1] - The decline in confidence among small business owners is a critical indicator of broader economic health, given their substantial role in employment [1]

Core Viewpoint - The article discusses the recent trends in U.S. tariffs and their impact on gold prices, indicating a slowdown in the downward trend of gold and questioning the effectiveness of the 3300 support level [1] Group 1 - U.S. tariffs are continuing to decrease, which is influencing market dynamics [1] - The downward trend of gold prices is showing signs of slowing down [1] - There is speculation about whether the 3300 support level for gold will hold [1] Group 2 - The article raises questions about the potential for short positions in the gold market as traders consider entering [1]

金十数据5月9日讯，连城数控5月9日在2024年年度报告业绩说明会上表示，公司在美国的直接客户较 少，现阶段美国关税政策对公司整体业务影响较小。公司在美国实施的项目在正常开展，该项目在美国 具有一定的市场知名度，是美国光伏产业规模最大的投资，项目设备的优异表现将助力公司未来在拓展 美国市场时获得更多的谈判议价空间。 连城数控：现阶段美国关税政策对公司整体业务影响较小 ...

最近，作为全球第三大运动鞋零售商、两度入选《财富》500强的斯凯奇（SKECHERS），其退市消息于2025年5月空降微博热搜，引发市场 震动。 2025年4月25日，斯凯奇发布的一季度财报成为退市导火索：中国市场销售额同比下滑16%，全球营业利润下降11.3%，创下新的季度营销 纪录，同时，该公司取消了今年的业绩指引，原因是美国的全球贸易战颠覆了企业的计划。 公司撤回全年业绩指引，斯凯奇在一份声明中称："由于全球贸易政策带来的宏观经济不确定性，公司目前不提供财务指导，并撤回我们在 2025年2月6日发布的2025年年度指引。" 同时，斯凯奇在SEC文件中明确警示，全球贸易政策变动对其业务构成重大风险。斯凯奇称，美国市场占斯凯奇全球销售额的38%，但其进 口产品超六成来自中国、越南等亚洲国家。关税政策导致采购成本大幅攀升，挤压利润率。 斯凯奇表示，关税推高终端价格，削弱价格竞争力，可能会减少消费者需求并影响销量。财报显示，2025年一季度，斯凯奇美国市场增速 (6.9%)已落后于国际市场(7.2%)。 4月29日，斯凯奇联合NIKE（耐克）、ADIDAS（阿迪达斯）等76家美国鞋企向白宫联名致信，要求豁免 " ...

泰国央行行长评论美国关税的影响：美国关税对泰国的影响不如2008年的经济衰退严重。 ...

智通财经5月9日电，泰国央行总裁表示，美国关税造成非常高的不确定性，关税的影响将在第四季度显 现。 ...

泰国央行行长：美国关税造成非常高的不确定性，关税影响将在第四季度显现。 ...

Core Viewpoint - Bosch's CEO stated that negotiations regarding U.S. tariffs have not proceeded in a manner that allows companies to reach small additional agreements on tariff issues [1] Summary by Relevant Categories - **Company Insights** - Bosch's leadership is actively engaged in discussions about U.S. tariffs, indicating the company's focus on navigating trade challenges [1] - **Industry Context** - The statement reflects broader industry concerns regarding tariff negotiations and their impact on business operations, highlighting the complexities companies face in the current trade environment [1]