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 " ...

Group 1: Commercial Real Estate Investment Trends - The Asia-Pacific commercial real estate investment in Q1 increased by 20% year-on-year to $36.3 billion, marking the highest first-quarter investment since the start of the 2022 interest rate hike cycle [1] - All real estate sectors, except for industrial and logistics properties, saw increased investment, indicating that investors are making rational decisions based on objective fundamentals [1] - In Hong Kong, commercial property transactions over HKD 50 million totaled $850 million, a decrease of 17.8% year-on-year, with the investment market remaining subdued due to high interest rates [1] Group 2: Cross-Border Investment and Market Outlook - The Asia-Pacific region recorded $8.6 billion in overseas capital inflow in Q1, a significant increase of 152% year-on-year, the highest for the same period since 2019 [2] - Japan remains a favored market for foreign investment, attracting $13.7 billion in foreign capital in Q1 2025, a 20% increase year-on-year, despite rising interest rates [2] - The investment sentiment is expected to remain subdued in the short term due to high borrowing costs exceeding investment returns, although potential U.S. interest rate cuts and economic stimulus measures in China could improve investor confidence [2] Group 3: Economic Impact of U.S. Tariff Policies - U.S. tariff policies are anticipated to impact the economies of several countries, particularly those heavily reliant on exports to the U.S., such as Vietnam, Malaysia, and South Korea [3] - The weakening economic growth outlook in the U.S. may lead to reduced leasing and investment activities in commercial real estate, affecting demand for office spaces and retail performance [3] - Despite challenges, structural trends such as rising e-commerce penetration and an expanding middle class are expected to support internal trade in the Asia-Pacific region [3]

Core Viewpoint - Geopolitical risks and economic decoupling are reshaping the global commodity market landscape, necessitating precise market trend predictions for companies to seize opportunities during transformations [1] Group 1: Event Overview - LSEG will co-host a high-profile industry seminar with LME on May 19, 2025, focusing on U.S. tariff policies, global supply chain resilience, and the upgraded role of Asian markets [2] - The event aims to analyze core drivers of the metal market, technological innovation pathways, and potential growth spaces, gathering authoritative figures from the metal industry and trade sectors [2] Group 2: Agenda Highlights - The seminar will include guest registration, opening remarks, and a networking session, starting at 15:00 and concluding at 19:00 [4][5] Group 3: Data and Insights - Commodity data is a valuable resource, and obtaining the right information at the right time is crucial for success in commodity trading [7][8] - Each data point, from oil storage levels to grain quality in the Black Sea region, adds critical information to global trading decision-making processes [9] - Utilizing structured approaches to leverage fundamentals, supply and demand, vessel tracking, reserves, and alternative data sources can provide traders with a competitive edge [10] Group 4: Trading Solutions - LSEG offers specialized trading software and insights into energy, agriculture, and metal markets, enhancing competitive advantages in commodity trading [11][12] - The company has one of the largest commodity databases globally, supported by a strong analyst team and exclusive partnerships, streamlining the end-to-end workflow in commodity trading [13] Group 5: Sector-Specific Solutions - Energy trading solutions cover a global ecosystem of oil, gas, electricity, coal, and carbon assets, supported by exclusive partnerships with major data providers [15][16] - Metal trading solutions utilize comprehensive data and analysis methods, including machine learning and AI, to predict market trends across various metal markets [17][18] - Agricultural trading solutions leverage robust fundamental data and alternative sources to forecast price trends, ensuring reliable information for soft commodity trading [19][20] - Shipping trading insights are provided through a team of maritime experts, offering unique perspectives on global shipping transactions [21] Group 6: Data Aggregation and Digitalization - LSEG specializes in standardizing and structuring multiple data sources to generate actionable insights, ensuring reliable solutions for global trading companies [22] - The company ensures access to required information in any digital format, integrating proprietary or third-party data flexibly [22][23]

Group 1 - Strong demand for hybrid vehicles is expected to support Toyota's stable profits [1] - Investors are closely monitoring the potential impact of U.S. tariffs on Toyota's future profits [1] - Toyota's operating profit for the fourth quarter is projected to increase by 2% year-on-year, reaching 1.13 trillion yen (78.6 billion USD) [4] Group 2 - Analysts estimate that Toyota's export business to the U.S. may face fluctuations due to tariff policies, with a potential loss of 800 billion yen in operating profit for the fiscal year 2025 [4] - Toyota plans to continue normal operations and aims to reduce fixed costs without resorting to aggressive measures like raising car prices in response to tariffs [4] - The company is considering producing the next generation of its popular RAV4 SUV in the U.S. to mitigate potential risks from tariffs and exchange rates [4]

消费需求放缓。随着一季度全球金价20次突破历史新高，金饰需求遭遇冲击，销量跌至2020年疫情以来 最低。一季度，中国市场金饰消费量为125吨，同比下滑32%，较过去10年同期的平均水平低了29%， 创下2020年以来最疲软的一季度表现。高金价令一部分消费者持续转向购买克重更小、价格更亲民的金 饰产品，也有部分消费者选择持币观望。 央行持续购金。在全球地缘政治不确定性仍存的背景之下，2025年是全球央行连续净购金的第16年。一 季度全球官方黄金储备增加244吨，尽管同比下滑21.4%，但仍与过去3年季度均值持平，整体表现依旧 坚挺，显示官方储备多元化趋势延续。 全球市场环境不确定性较高 中长期来看，由于美国关税政策不确定性较高、地缘冲突等仍将持续，大国博弈的底层逻辑未有实质性 改变，黄金作为核心配置资产，长期维持偏多思路。 今年全球市场开局动荡，贸易争端频发、美国关税政策反复无常、地缘局势持续紧张，叠加全球经济衰 退预期卷土重来，这些因素共同导致投资者面临高度不确定的市场环境。在此背景下，黄金投资需求激 增。此外，美联储货币政策仍处于宽松周期，贵金属金融属性仍有支撑，但由于前期金价涨速过快，短 期或高位震荡，但 ...

Group 1: Zinc Price Trends - Zinc prices have been under pressure due to weakened market demand and easing supply constraints from zinc mines [1][2] - The fluctuation of U.S. tariff policies has led to a significant drop in zinc prices, reaching a near one-year low [1][3] - The macroeconomic factors influencing zinc prices include U.S. tariff policies and the potential slowdown of the Federal Reserve's interest rate cuts [1][3] Group 2: Supply Dynamics - Overseas mining operations are expected to increase production, while domestic zinc mines experienced a seasonal reduction of 10.04% in Q1 [2] - Zinc concentrate port inventories are projected to remain above 300,000 tons, indicating a loose supply environment [2] - The processing fees for zinc concentrates are anticipated to rise due to increased ore supply, which will enhance smelting profits [2][3] Group 3: Demand Factors - The construction sector has shown weak performance, with cement and asphalt plant operating rates below expectations [3][4] - The automotive sector has exceeded market expectations, but overall demand for zinc remains weak due to trade policy uncertainties [3][4] - The domestic market's ability to support zinc prices is limited, particularly with export restrictions impacting effective demand [4] Group 4: Market Outlook - The zinc market is expected to transition towards a more relaxed supply-demand balance, with a downward trend in zinc prices anticipated in the medium term [5]

Core Insights - The report focuses on the global and Chinese DDoS protection and mitigation industry, analyzing the impact of evolving U.S. tariff policies and the urgency for Chinese companies to internationalize due to domestic market saturation and global opportunities [3][4]. Group 1: Policy Impact - U.S. tariff policy adjustments are expected to significantly affect global supply chains, creating both challenges and opportunities for DDoS protection and mitigation companies [3]. - The urgency for Chinese DDoS protection and mitigation enterprises to expand internationally is highlighted, as they face saturated domestic markets alongside global growth opportunities [3][4]. Group 2: Industry Assessment - The report outlines three potential scenarios (optimistic, conservative, and pessimistic) for the future growth of the global DDoS protection and mitigation industry, with projections extending to 2031 [4][8]. - Direct impacts of tariff policies on Chinese DDoS protection and mitigation companies include increased costs and market entry pressures, as well as challenges related to supply chain restructuring [4][8]. Group 3: Market Share Analysis - The report provides insights into the market share and revenue rankings of major global DDoS protection and mitigation companies from 2022 to 2025, with 2025 figures being current forecasts [4][8]. - It includes a detailed analysis of the distribution of major DDoS protection and mitigation companies globally, including their headquarters and product types [4][8]. Group 4: Corporate Strategies - Companies are advised to shift from export dependency to a global capacity layout, emphasizing regional production networks and technology localization strategies [4][8]. - The report suggests enhancing supply chain resilience, diversifying markets, and innovating products to build technological barriers as key strategies for companies [4][8]. Group 5: Future Outlook - Long-term trends indicate a reshaping of the global DDoS protection and mitigation industry landscape, with strategic recommendations for companies to adapt to these changes [4][8]. - The report forecasts significant growth potential in emerging markets, with detailed revenue projections for various regions from 2020 to 2031 [4][8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong outlook for future returns exceeding the market benchmark by more than 15% over the next 6-12 months [5]. Core Insights - The company achieved a revenue of 11.206 billion yuan in 2024, representing a year-on-year increase of 49.82%, and a net profit attributable to shareholders of 2.960 billion yuan, up 65.29% year-on-year [1]. - The inverter business continues to grow, with revenue reaching 5.556 billion yuan in 2024, a 25.44% increase year-on-year, while the gross margin was 47.81% [2]. - The energy storage battery segment saw significant growth, with revenue of 2.451 billion yuan in 2024, a remarkable increase of 177.19% year-on-year, and a gross margin of 41.3% [3]. - The company is expanding its product offerings, including new inverter solutions tailored for the European market and energy storage solutions for commercial use [2][3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 11.206 billion yuan, with a net profit of 2.960 billion yuan and a non-recurring net profit of 2.805 billion yuan, reflecting growth rates of 49.82%, 65.29%, and 51.34% respectively [1]. - For Q1 2025, revenue was 2.566 billion yuan, up 36.24% year-on-year, with a net profit of 706 million yuan, an increase of 62.98% [1]. Product Development - The inverter product line generated 5.556 billion yuan in revenue in 2024, with a focus on overseas markets and localized product offerings [2]. - The company launched a micro-storage inverter for the European market and a comprehensive energy storage solution for commercial applications [2]. Growth in Energy Storage - The energy storage battery segment achieved 2.451 billion yuan in revenue in 2024, with a gross margin increase of 7.43 percentage points [3]. - New products include low-voltage wall-mounted batteries and high-voltage rack-mounted batteries designed for diverse market needs [3]. Profitability and Valuation - The report projects net profits for 2025, 2026, and 2027 to be 3.896 billion yuan, 4.829 billion yuan, and 5.479 billion yuan respectively, with corresponding P/E ratios of 14, 12, and 10 [4]. - The company is expected to maintain strong profitability metrics, with a projected ROE of 31.31% in 2024 and increasing thereafter [11].

新华锦（600735）发布股票交易异常波动公告，经自查及发函问询控股股东、实际控制人，公司不存在 应披露而未披露的重大信息。公司控股股东及其一致行动人股份质押比例较高，累计质押公司股份1.82 亿股，占其持股总数的98.02%，占公司总股本的42.43%。公司目前一切生产经营情况正常，内部生产 经营秩序良好，日常经营情况未发生重大变化。美国关税政策的反复及不确定性，将对公司的发制品、 纺织服装出口业务造成不利影响，敬请投资者关注该风险。 ...

2连板新华锦：美国关税政策的反复及不确定性将对公司的发制品、纺织服装出口业务造成不利影响 智通财经5月6日电，新华锦(600735.SH)发布异动公告，经自查，公司目前一切生产经营情况正常，内 部生产经营秩序良好，日常经营情况未发生重大变化。美国关税政策的反复及不确定性，将对公司的发 制品、纺织服装出口业务造成不利影响，公司将持续关注并评估关税事项对公司经营业绩的具体影响。 截至本公告披露日，公司控股股东及其一致行动人合计持有公司股份1.86亿股，占公司股份总数的 43.28%，累计质押公司股份1.82亿股，占其持股总数的98.02%，占公司总股本的42.43%。公司控股股东 及其一致行动人股份质押比例较高。 ...