韩国总统办公室：美国将韩国汽车关税从25%下调至15%。 ...

据柬埔寨《金边邮报》7月29日报道，该国专家认为，结束与泰国的敌对行动是柬埔寨对美国总统特朗 普的积极回应。 柬埔寨美国商会主席凯西·巴尼特（Casey Barnett）在社交媒体上赞扬了美国参与推动泰柬停火的行为。 他表示，"本着特朗普总统提出的以贸易换和平的精神，柬埔寨希望和泰国能够无条件恢复跨境贸易， 保障民众的生计，从而促成局势降级。" 柬中贸易协会副主席洛尔·维切（Lor Vichet）认为，停火协议是柬埔寨和泰国迈向和平的积极一步。他 表示，停火可以为美国创造一个有利的环境，促使其将柬埔寨商品的关税降至目前的36%以下。 柬美双边贸易和投资关系工作组主席孙昌索尔（Sun Chanthol）也表示，美国对柬埔寨商品征收的关税 税率可能将低于此前宣布的门槛。柬埔寨方面已正式要求美国对柬采用具有竞争力的关税税率，新税率 应与向美国出口类似商品的邻国和竞争国家所适用的税率相当。他声称，美国将在8月1日前宣布新关税 税率，此次新税率预计会低于36%。 在上一轮谈判中，美国政府宣布，将柬埔寨商品的关税从4月2日规定的49%降至36%。而这次柬埔寨希 望取得更好的结果。 柬埔寨经济学家和政府官员认为，在柬埔寨和 ...

国际货币基金组织（IMF）在29日发布的《世界经济展望》大幅上调对中国经济增速的预测。与4月的 预测相比，中国2025年经济增速的预测上调达0.8个百分点，达到4.8%。 IMF表示，这一调整反映了中国今年上半年强于预期的经济活动，以及中美关税大幅下调的影响。仅中 国今年第一季度的国内生产总值（GDP）情况，就意味着年度经济增速将被上调0.6个百分点。 IMF称，中国的实际GDP增长超出预期主要由出口拉动，原因一是人民币紧跟美元发生贬值，二是中国 对世界其他地区的强劲出口抵消并超出对美国出口的下降，三是财政措施为消费提供了支持。 来源：北京日报客户端 记者：白波 流程编辑：U022 如遇作品内容、版权等问题，请在相关文章刊发之日起30日内与本网联系。版权侵权联系电话：010-85202353 本期展望的主题为"全球经济：持续不确定下的薄弱韧性"，IMF表示，全球经济到目前为止尚具韧性。 4月《世界经济展望》发布以来，有效关税税率已经下降，但不确定性仍维持在高位。最值得注意的是 中美两国于5月12日达成协议降低关税，美国暂停对大多数贸易伙伴加征关税90天，并将截止日推迟至8 月1日。美国7月通过"大而美法案"， ...

Financial Data and Key Metrics Changes - Nucor generated EBITDA of approximately $1.3 billion and earned $2.6 per diluted share in the second quarter, representing a significant improvement over the first quarter results driven by higher average selling prices in the steel mill segment [6][16] - Year-to-date adjusted earnings were $782 million or $3.37 per share, with second quarter results including pre-operating and startup costs of approximately $136 million or $0.45 per share [16][17] - Total capital return to shareholders for the first half of the year reached $758 million, with $329 million returned in the second quarter through dividends and buybacks [6][21] Business Line Data and Key Metrics Changes - The steel mills segment generated pre-tax earnings of $843 million, more than triple that of the prior quarter, driven by higher average selling prices, particularly in sheet and plate operations [17][19] - The steel products segment saw pre-tax earnings of $392 million, a 28% increase over the prior quarter, with stable realized pricing and higher volumes contributing to the best earnings quarter since 2024 [11][19] - The raw materials segment realized pre-tax earnings of approximately $57 million for the quarter, an increase of approximately 95% over the first quarter [20] Market Data and Key Metrics Changes - The steel mills backlog at the end of the second quarter was up nearly 30% compared to the same time last year, indicating solid and steady booking rates [17] - The sheet backlog at the end of the second quarter was 15% higher than the same time last year, reflecting strong demand [18] - Nucor's bar shipments were 13% higher in the first half of the year, while plate shipments to the bridge market hit a record in the second quarter, rising 35% for 2025 [24] Company Strategy and Development Direction - Nucor is focused on executing its growth strategy and creating value for shareholders, customers, and communities while maintaining a strong safety record [5][10] - The company is well-positioned to support growth in steel-intensive projects and promote reshoring of vital manufacturing, leveraging its diverse capabilities in the North American steel market [15][27] - Nucor anticipates domestic steel demand will be higher in 2025 compared to 2024, with confidence in capturing a healthy share of that demand [26] Management's Comments on Operating Environment and Future Outlook - Management described the pricing environment as broadly stable, with expectations of modest margin compression in the steel mill segment despite resilient backlogs and stable demand [18][26] - The company is optimistic about the impact of recent trade policies and tariffs, which are expected to curb unfairly traded imports and protect national security [12][14] - Management highlighted strong demand drivers in technology, infrastructure, energy, and data centers, which are expected to continue driving demand for steel and steel products [22][24][25] Other Important Information - Nucor's credit ratings are the highest among North American steel producers, with a total debt to capital ratio of approximately 24% and cash of approximately $2.5 billion [21] - The company is on track to deploy approximately $3 billion in capital expenditures for the year, with significant progress on several important capital projects [7][10] Q&A Session Summary Question: Can you break down the margin compression in the steel products segment? - Management indicated that the margin compression is not due to weak demand drivers but rather a lag effect from orders taken in late Q4 and early Q1, with recent price increases announced [29][33] Question: What are the biggest opportunities to displace imports in the second half of the year? - Management noted that opportunities exist across various product lines, with an 85% utilization rate across the steel mill segment and a focus on meeting demand where it exists [37][39] Question: Can you speak to the pre-operating startup costs and outlook for new assets? - Management expects pre-operating startup costs to be in the range of $140 million to $150 million per quarter for the back half of the year, with significant contributions to EBITDA anticipated as new assets ramp up [48][49] Question: What is driving the expected margin compression in the steel mills segment? - Management highlighted the impact of tariffs on raw materials and a lag effect in pricing as key drivers of the expected margin compression [56][105] Question: Have you seen any tariff-led costs in Q2? - Management confirmed that there were no tariff-led costs observed in Q2 [71] Question: What is the outlook for working capital in H2? - Management indicated that a large working capital build in H1 set up a constructive pivot for free cash flow in the second half of the year [79][80]

Group 1 - The euro is experiencing widespread weakness against multiple currencies, including the US dollar, British pound, and Japanese yen, indicating significant selling pressure [3] - UBS analysts report that the EU's exports to the US are facing an increase in the average weighted tariff rate from approximately 1.5% to 15.2%, which could lead to a decrease in the eurozone's economic growth rate by 0.2 to 0.4 percentage points over the next year [3] - French Prime Minister François Bérou expresses that the recent trade agreement with the US represents a "dark day for Europe," reflecting deeper dissatisfaction within the eurozone, particularly in industries most affected by the tariff increases [3][4] Group 2 - The silver market opened at $38.137, experienced a brief rise to $38.338, and then saw a strong pullback, with the daily low reaching $37.888 before closing at $38.156, forming a long-legged doji candlestick pattern [5] - Current trading of silver is around $38.16 per ounce, showing a slight increase of 0.04%, with a daily high of $38.18 and a low of $38.04, indicating a short-term sideways trend [1][5]

Group 1 - The new tariff agreement between the US and the EU involves a 15% uniform tariff on EU goods entering the US, which is lower than the previously threatened 30% [2] - The EU will invest $600 billion in the US and purchase $750 billion worth of US energy and military equipment over the coming years [2] - The agreement aims to provide stability and predictability in trade relations between the two major economies [2][3] Group 2 - For Germany, the agreement includes a significant reduction in tariffs on automobiles, which were previously as high as 27.5%, now reduced to 15% [3] - The Kiel Institute for the World Economy estimates that the agreement will result in a 0.13 percentage point loss in Germany's economic growth annually, with the automotive sector being particularly affected [3] - Some EU products remain exempt from the new tariffs, including aircraft parts and certain chemicals, while steel and aluminum tariffs remain at 50% [3] Group 3 - Criticism of the agreement highlights its imbalance, with concerns that the EU's investment may come at the expense of regional interests [4] - The German Foreign Trade Association described the agreement as a "painful compromise," emphasizing that each percentage point increase in tariffs compresses the survival space for retailers [4] - The US has reached similar agreements with other countries, including Japan, which involves a 15% tariff on Japanese goods in exchange for significant investments and orders [4]

Group 1 - Japan has reached a bilateral agreement with the United States to lower tariffs, including auto tariffs, to 15%, serving as a reference for the EU negotiations [1][5] - The EU has committed to purchasing $750 billion worth of energy from the US and investing over $600 billion in the US as part of the trade agreement [1][2] - The agreement includes a zero-tariff commitment from the EU and a significant investment in defense equipment, although specific amounts have not been disclosed [2] Group 2 - The 15% tariff rate applies to various sectors, including pharmaceuticals and semiconductors, but the US is still considering new tariffs in these areas [3] - The agreement aims to alleviate trade tensions, as the US had previously threatened to raise tariffs on EU products to 30% [4] - The US is expected to continue negotiations with other major trading partners, including China, Mexico, Canada, South Korea, and India, before the new tax rates take effect [6]

Summary of Conference Call on Home Appliances and Retail Industry Industry Overview - The conference focused on the home appliances and retail industry in the United States, particularly the performance of tool categories, outdoor power equipment (OPE), and home appliances during the first half of 2025 [1][3][16]. Key Points and Arguments Sales Performance - Tool categories showed strong growth with hand tools increasing by 3.54% in May and 2.48% in June, while electric tools grew by 6.48% in May and 2.35% in June [3][4]. - OPE sales declined, with handheld devices dropping 14.46% in May and 5.68% in June, and riding equipment decreasing by 23.18% and 9.10% respectively [4]. - Home appliances experienced a surge in sales due to anticipated tariff increases, with refrigerators up 10.83% and washing machines up 17.12% in May, but saw a decline in June [4][16]. Tariff and Cost Implications - Procurement costs have risen by approximately 10%, leading retailers to increase overseas sourcing to mitigate tariff impacts, resulting in a final store price increase of only about 3% [1][5][6]. - New tariffs on goods from Vietnam have increased from 10% to 20%, raising import costs significantly [7]. - A new round of price increases is anticipated due to rising supplier and procurement costs, with tariffs expected to rise to 15%-20% for Vietnam and Indonesia [8]. Inventory and Market Outlook - As of June 2025, inventory levels have increased significantly, with tool inventory up by about 18% and home appliance inventory up by 15% in preparation for the fourth quarter sales peak [18]. - The overall outlook for the fourth quarter remains optimistic, particularly for electric tools, which are closely tied to the real estate market [19]. Supplier Dynamics - The core supplier, Techtronic Industries (TTI), has maintained strong performance, contributing significantly to procurement shares [20]. - The Nuoki brand has increased its market share in electric tools from 41% to 45% between February and June 2025 [21][22]. - The Giant Star company has captured over 60% of the market share in tool cabinets, with plans to shift production to Thailand to address capacity constraints [23]. Challenges and Adjustments - The Daya company faced challenges in sales due to adverse weather conditions affecting lawn growth, leading to a strategic shift towards promoting the Muray brand [24][25]. - The overall market for lithium battery products has seen positive growth, while traditional brands like Honda have experienced significant declines [25]. Future Projections - The U.S. real estate market is expected to rebound following the resolution of tariff uncertainties and potential interest rate cuts, which could drive demand for tools and appliances [16][17]. - The anticipated recovery in the real estate market is expected to enhance sales, particularly for electric tools, which have a replacement cycle of 3-5 years [19]. Additional Important Insights - The impact of customs policies remains relatively stable, with suppliers often underreporting costs to navigate tariff implications [13][14]. - The interplay between Section 232 tariffs and counterpart tariffs continues to complicate the cost structure for imported goods [12]. - The overall sentiment in the retail market remains cautious but optimistic, with expectations of a strong sales season in the fourth quarter of 2025 [19].

证券代码：603338 证券简称：浙江鼎力 公告编号：2025-026 浙江鼎力机械股份有限公司董事会 | 单位：万元 | | | | | --- | --- | --- | --- | | 增减变动幅度 | | | | | 项目 本报告期 上年同期 | | | | | （％） | | | | | 营业总收入 433,611.83 385,945.51 12.35 | | | | | 营业利润 126,113.56 97,467.68 29.39 | | | | | 利润总额 126,147.64 97,498.66 29.38 | | | | | 归属于上市公司股东的净 | | | | | 利润 | | | | | 归属于上市公司股东的扣 | | | | | 除非经常性损益的净利润 | | | | | 基本每股收益（元） 1.63 | 27.61 | | 2.08 | | 增加 1 个百分 | | | | | 10.03 9.03 加权平均净资产收益率 | | | | | 点 | | | | | 增减变动幅度 | | | | | 本报告期末 本报告期初 | | | | | （％） | | | | | 1,6 ...

按照协议的内容，美国将对日本征收15%的关税。相对于此前美国要求的25%，降低的幅度还是很大的。但这也正是特朗普计划之中的事情，用"极限施 压"的手段，逼迫日本，然后降低一些关税比例，促成协议的签署。 但即便是15%，对于日本的影响还是不小的。为了减少关税，日本还承诺向美国投资5500亿美元，并开放汽车、农业等重要市场。 也正是石破茂的退让，引发了国内对政府"过度让步"的质疑。部分民众和在野党认为，政府在对外谈判的时候，并没有很好地维护本国产业的利益。这与选 举失利后民众对其执政能力的不满形成了叠加效应，加剧了石破茂内阁的信任危机。 时隔40年，再次对美"投降"，日美达成新关税协议。石破茂要撂挑子？留给日本的时间不多了。 据环球网援引多家日本主流媒体报道，石破茂或计划在8月底前辞职，原因是他所在的自民党在参议院选举失利。参议院选举的失利确实极大地影响到了石 破茂政权根基的稳定，而之所以造成这一局面，与最近日本和美国的谈判有很大的关系。 前段时间，美国对多个国家发出了"关税信函"，要求其他国家与美国达成新的贸易协定，这其中就包括日本。自从特朗普推出新贸易协定后，日本的反应还 是很大的。 对于特朗普的新政策，石破 ...