Group 1: Market Overview - The U.S. stock market attempted to rebound on May 22, but ended with mixed results, with the Dow Jones Industrial Average closing nearly flat, the S&P 500 down 0.04%, and the Nasdaq up 0.28% [1][2] - European markets also experienced declines, with Germany's DAX down 0.51%, France's CAC40 down 0.58%, and the UK's FTSE 100 down 0.54% [2] Group 2: Solar Industry Impact - The solar sector in the U.S. saw significant declines, with Sunrun dropping over 37% following the passage of the "Beautiful Act" by the House, which cuts green energy subsidies [3][4] - Other solar companies also faced losses, including SolarEdge Technologies down 24.67%, Enphase Energy down 19.63%, Maxeon Solar Technologies down 9.42%, and NextEra Energy down approximately 6% [3] Group 3: Legislative Changes - The House passed a major tax and spending bill with a narrow margin of 215 votes in favor and 214 against, which includes extensions of tax cuts from Trump's first term and cuts to green energy incentives [5][6] - The bill aims to increase defense spending and provide more funding for immigration enforcement while raising the eligibility thresholds for healthcare and food assistance programs [6] Group 4: Manufacturing Sector - The U.S. manufacturing PMI rebounded to 52.3 in May, exceeding market expectations and indicating a return to expansion after two months of contraction [7] - The increase in PMI was driven by a rise in new orders and significant inventory accumulation, attributed to businesses preparing for potential tariff issues [7] Group 5: Company Performance - Xiaoma Zhixing (Pony.ai) reported a 12% year-over-year increase in total revenue for Q1 2025, with Robotaxi business revenue soaring by 200% [8][9] - The growth in Robotaxi revenue was primarily due to a significant increase in passenger fare income, which rose by 800% as the company expanded its paid Robotaxi services in major cities [9]

Market Overview - On May 22, US stock markets attempted to rebound but ended with mixed results, with the Dow Jones Industrial Average closing nearly flat, the S&P 500 down by 0.04%, and the Nasdaq Composite up by 0.28% [1][2]. Solar Industry Impact - The solar sector experienced significant declines, particularly after the US House of Representatives passed a bill that cuts green energy subsidies. Sunrun saw a drop of over 37%, while SolarEdge Technologies fell by 24.67%, and Enphase Energy decreased by 19.63% [3][4]. - The bill, passed with a narrow margin of 215 votes in favor and 214 against, extends tax cuts from Trump's first term and increases defense spending while cutting several green energy incentives [5]. Manufacturing Sector - The US manufacturing PMI rebounded to 52.3 in May, exceeding market expectations and indicating a return to expansion after two months of contraction. This is the most significant improvement in manufacturing activity since June 2022 [8]. - The increase in PMI was driven by a rise in new orders and a record growth in inventory levels, attributed to companies stockpiling in anticipation of potential tariff issues [8]. Chinese Stocks Performance - The Nasdaq Golden Dragon China Index fell by 1.18%, with notable declines in several Chinese stocks, including XPeng down over 7% and Century Internet down over 6%. However, Xiaoma Zhixing saw a significant increase of nearly 19% [9][10]. - Xiaoma Zhixing reported a 12% year-over-year increase in total revenue for Q1 2025, with its Robotaxi business revenue soaring by 200%, primarily due to expanded paid services in major cities [10][11]. Commodity Prices - International oil prices weakened, with WTI crude oil down by 1.23% to $60.81 per barrel and Brent crude down by 1.29% to $64.07 per barrel. Gold and silver futures also saw declines [12][13].

美国5月标普全球制造业PMI初值 52.3，预期50.1，前值50.2。 ...

▲ATFX图 走势结构角度看，日线级别，美元指数处于中长期空头趋势之中，最新波段是下跌波段。市价运行于前 一个反弹波段的0.618分位处，有可能形成短期支撑。如果中长期趋势顺利延续，年内低点97.88是重要 点位，一旦被突破，则下跌空间打开。中期来看，96.29和95.32分别为前一个反弹波段的1.382、1.618分 位，均具有较强支撑性，可以作为突破年内低点后的目标价位。 需要提醒的是，从波浪理论角度看，美元指数的空头趋势已经出现了三轮驱动浪下跌，中期跌势可能已 经结束。如果下破年内低点失败，美元指数有可能在底部形成震荡走势，100整数关口有望成为震荡中 枢。 ATFX风险提示、免责条款、特别声明：市场有风险，投资需谨慎。以上内容仅代表分析师个人观点， 不构成任何操作建议。请勿将本报告视为唯一参考依据。在不同时期，分析师的观点可能发生变化，更 新内容不会另行通知。 ATFX汇市：英国、德国、法国、欧元区、美国等，今日扎堆公布制造业PMI数据。前值来看，英国、 德国、法国、欧元区、美国的制造业PMI分别为45.4、48.4、48.7、49.0、50.2，荣枯线标准为50.0，欧 元区国家均处于收缩状态，只有 ...

英国5月制造业PMI初值 45.1，预期46，前值45.4。 ...

欧元区5月制造业PMI初值 49.4，预期49.3，前值49。 ...

欧元区5月制造业PMI初值为49.4，预期49.3；5月服务业PMI初值为48.9，预期50.3。 ...

金十数据5月22日讯，德国5月商业活动下滑，为今年首次萎缩，因服务业的急剧下滑盖过了制造业温和 增长的影响。德国5月综合PMI初值从50.1降至48.6，低于荣枯分水岭50.0。服务业PMI从4月份的49.0降 至47.2，创30个月新低。报告称，这种下降是由需求疲软和客户不确定性驱动的，这是自2024年9月以 来的最大降幅。制造业PMI从4月份的48.4升至48.8。汉堡商业银行首席经济学家赛勒斯•德拉鲁比亚表 示："展望未来，国防支出的增加和更明确的基础设施一揽子计划可能会给该行业带来额外的推动力。 此外，在能源价格下降的推动下，投入成本不断下降，应该会给制造商带来一些喘息的空间。" 德国5月商业活动下滑，为今年首次萎缩 ...

德国5月制造业PMI初值将于十分钟后公布。 ...

法国5月制造业PMI初值 49.5，预期48.9，前值48.7。 ...