特朗普接着表示，他不会点名那些"剥削美国"的国家，不过还是举例提到了韩国和日本。 （文章来源：中国新闻网） 中新网12月3日电据《今日美国》2日报道，美国总统特朗普在谈到美国实施关税的相关情况时，提到了 对一些美国盟友的不满。 "一些国家都在剥削我们，包括我们的盟友，它们多年来一直在剥削我们。我不会说出它们的名字，我 不会提到日本，我拒绝提到韩国。"特朗普说道。 据报道，特朗普在讲话中说，美国对世界各地的进口商品征收关税，获得了数十亿美元的收入。 现场视频显示，当特朗普发表上述言论时，现场传来了笑声。 ...

"很多国家都在剥削我们，包括我们的盟友，它们多年来一直在剥削我们。我不会说出它们的名字，我 不会提到日本，我拒绝提到韩国。"特朗普在发言中称。 据美国有线电视新闻网（CNN）2日报道，特朗普在谈到美国对各国实施关税的相关情况时，提到了自 己对一些"美国盟友国家"的不满。 CNN播出的视频显示，当特朗普以这种"不点名的点名"发表上述言论时，现场传来了轻微的笑声。 来源｜环球时报 编辑 ｜ 钉钉 ...

Core Viewpoint - Fuji High Industrial (00927) reported a significant decline in revenue and a shift from profit to loss for the six months ending September 30, 2025, primarily due to adverse macroeconomic factors and fluctuating U.S. tariff policies [1] Financial Performance - Revenue for the period was HKD 435 million, representing a year-on-year decrease of 15.8% [1] - The company recorded a loss attributable to equity holders of HKD 3.204 million, compared to a profit of HKD 16.52 million in the same period last year [1] - Basic loss per share was HKD 0.75 cents, with a proposed interim dividend of HKD 0.10 cents per share [1] Industry Challenges - The industry is facing significant challenges due to the uncertainty surrounding U.S. tariff policies and broader macroeconomic factors [1] - The unclear environment has led to a cautious approach within the industry, resulting in extended order cycles and strategic adjustments in business plans [1] - The financial performance of the group has been inevitably impacted by these adverse conditions [1]

Core Viewpoint - Fuji High Industrial (00927) reported a significant decline in revenue and a shift from profit to loss for the six months ending September 30, 2025, primarily due to adverse macroeconomic factors and fluctuating U.S. tariff policies [1] Financial Performance - Revenue for the period was HKD 435 million, representing a year-on-year decrease of 15.8% [1] - The company reported a loss attributable to equity holders of HKD 3.204 million, compared to a profit of HKD 16.52 million in the same period last year [1] - Basic loss per share was HKD 0.75 cents, with a proposed interim dividend of HKD 0.10 cents per share [1] Industry Challenges - The company faced significant challenges due to the uncertain operating environment, influenced by U.S. tariff policies and broader macroeconomic issues [1] - The industry is experiencing a cautious approach due to unclear factors, particularly regarding tariff developments, leading to extended order cycles and strategic adjustments in business plans [1]

Core Viewpoint - The article highlights the stark contrast between the struggles of small businesses and the booming performance of large corporations in the U.S. due to the impact of tariffs, raising questions about the underlying reasons for this disparity [1][20]. Group 1: Impact on Small Businesses - Small businesses, which account for 99.9% of U.S. enterprises, are facing severe challenges due to increased tariffs, leading to inventory reductions and even existential threats [1][3]. - Approximately 36 million small businesses contribute 43% of the U.S. GDP and are responsible for nearly half of private sector employment, yet they are heavily burdened by rising costs from tariffs on raw materials like steel and aluminum, which have doubled to 50% [3][5]. - The cost pressures have significantly squeezed the already thin profit margins of small businesses, forcing many to drastically cut inventory levels compared to previous years [5][9]. Group 2: Performance of Large Corporations - In contrast, large retailers like Amazon and Walmart have seen substantial revenue growth, with Amazon's net sales increasing by 13% to $180 billion and Apple's revenue reaching $102 billion, up 8% [5][11]. - Large corporations benefit from economies of scale, allowing them to negotiate better terms with suppliers and distribute tariff costs across a vast array of products, thus mitigating the direct impact of tariffs [11][16]. - The disparity in operational capabilities between small and large businesses is exacerbated by the tariff policies, which act as a magnifying glass on existing inequalities [11][18]. Group 3: Broader Economic Implications - The struggles of small businesses are likely to have a ripple effect on the employment market, as many may resort to layoffs due to high costs and shrinking profits [13][18]. - Retaliatory tariffs from other countries are specifically targeting U.S. small business exports, further constraining their operational viability [13][16]. - The exit of small businesses from the market could disrupt supply chain diversity, potentially leading to increased costs for large corporations in the future [13][16]. Group 4: Consumer Impact - While large corporations have managed to absorb costs in the short term, the long-term exit of small businesses could reduce market competition, allowing larger firms to gain pricing power [15][20]. - The imbalance in the industry ecosystem may lead to higher hidden costs for large companies as supply chain connections weaken [16][20].

Group 1: Core Outlook and Asset Allocation - The report anticipates a strong performance of risk assets by 2026, driven by improvements in micro fundamentals, accelerated AI capital expenditures, and a favorable policy environment, with global market trends influenced by the U.S. [1] - Recommendations include prioritizing equity investments, followed by credit and government bonds, with a preference for U.S. assets; overweighting equities (+5%), U.S. high-yield bonds (+3%), and agency mortgage-backed securities (+3%), while underweighting commodities (-4%), cash (-3%), and U.S. investment-grade corporate bonds (-4%) [1] Group 2: Global Stock Market - The U.S. stock market is expected to outperform other global markets, benefiting from positive operating leverage, pro-cyclical policies, and AI-driven efficiency improvements, with a target for the S&P 500 index at 7,800 points by the end of 2026 (14% increase from current levels) and a projected EPS compound annual growth rate of 14% from 2025 to 2027 [1] - The Japanese stock market is also viewed positively, supported by re-inflation and improvements in return on equity (ROE), with a target for the TOPIX index at 3,600 points (+7%); however, Europe and emerging markets (excluding India and Brazil) lack similar positive catalysts [1] Group 3: Interest Rates and Exchange Rates - G10 interest rates are expected to exhibit a "lower first, higher later" pattern, with the Federal Reserve anticipated to cut rates by 50 basis points in the first half of 2026, leading to a mid-term drop in the 10-year U.S. Treasury yield to 3.75%, before rising to 4.05% by year-end [2] - The U.S. dollar index (DXY) is projected to decline to 94 in the first half of the year, followed by a rebound to 99 in the second half, with risk currencies like the Australian dollar and Swedish krona initially leading, while the euro and pound may struggle due to central bank rate cuts [2] Group 4: Credit and Securitized Products - Corporate credit is expected to benefit from increased capital expenditures, a revival in merger and acquisition activity, and accommodative policies, with high-yield bonds (HY) outperforming investment-grade bonds (IG) in both the U.S. and European markets [2] - There is a preference for 5-10 year maturities to capture rolling yields, with the financial sector expected to perform better than the cyclical sector; securitized products are anticipated to benefit from regulatory easing in the U.S. and Europe, with recommendations to increase holdings in short-term products and BBB- rated channel loan securities [2] Group 5: Commodities - The report indicates that metals are expected to outperform energy, with Brent crude oil projected to stabilize around $60 per barrel; gold is highlighted as a preferred asset, supported by macro factors and strong physical demand, with a target price of $4,500 per ounce [3] - Among industrial metals, copper and aluminum are favored due to significant supply challenges, while in agricultural products, soybean prices are expected to reach a target of $11.7 per bushel over the next 12-18 months, surpassing corn prices at $4.7 per bushel [3]

Core Insights - The autumn survey report released by the German Chamber of Commerce on November 13 indicates that U.S. tariff policies continue to negatively impact German companies, with 44% of respondents reporting adverse effects and a cautious outlook on market development in the U.S. [1] Group 1: Impact of U.S. Tariff Policies - 76% of German companies with branches in North America still report being affected by tariffs [1] - The percentage of German companies considering additional investments in the U.S. has dropped to 24% this autumn, down from 37% a year ago [1] Group 2: Business Sentiment and Strategic Adjustments - There has been a recovery in business confidence among German companies, with 60% previously reporting negative impacts from U.S. tariffs in the spring [1] - The German Chamber of Commerce states that the fluctuating and burdensome U.S. tariff measures have created significant uncertainty in the global economy, leading to disappointment among businesses and prompting strategic adjustments, particularly regarding investment plans in the U.S. [1] Group 3: Shifts in Investment Decisions - Many companies are adjusting their investment strategies in response to the changing political and economic landscape, focusing on regions with faster demand growth [1]

Core Insights - The autumn survey report by the German Chamber of Commerce indicates that 44% of surveyed German companies are still negatively impacted by U.S. tariff policies, leading to a cautious outlook on market development in the U.S. [1] - The report shows a recovery in business confidence among German companies, with 76% of those with branches in North America still feeling the effects of tariffs, down from 60% in the spring [1] - Only 24% of German companies are considering additional investments in the U.S. this autumn, a significant decrease from 37% a year ago, reflecting a shift in investment strategies towards regions with faster demand growth [1] Group 1 - 44% of surveyed German companies report negative impacts from U.S. tariffs [1] - 76% of German companies with North American branches still feel tariff effects [1] - 24% of German companies are considering additional investments in the U.S., down from 37% [1] Group 2 - The uncertainty caused by U.S. tariff measures has led to disappointment among businesses and strategic adjustments, particularly regarding investment plans in the U.S. [1] - Companies are shifting their investment decisions towards regions with faster demand growth due to the changing global political and economic landscape [1]

Core Insights - The report indicates that Chinese and Australian businesses are enhancing cooperation to navigate global uncertainties, with nearly 80% of respondents expressing increased confidence in trade and investment relations since February 2025, primarily due to stable diplomatic relations [1][5] - The upcoming 10th anniversary of the China-Australia Free Trade Agreement in 2025 is seen as a milestone, with bilateral trade expected to reach $211.27 billion in 2024, reflecting an 85.6% increase since 2015 [2] - The shift from traditional resource-based cooperation to joint capability building is emphasized, with significant potential in clean energy, healthcare, digital economy, and food security [2][6] Trade and Investment Sentiment - Two-thirds of surveyed companies reported unchanged investment intentions since February, with nearly half expecting to increase investments in China, highlighting confidence in China's structural advantages [5] - The stability of regulatory policies and high-level dialogues between China and Australia have bolstered business confidence in the bilateral framework [5] Business Adaptation Strategies - Companies are adopting pragmatic strategies to cope with global trade dynamics, recognizing the importance of maintaining operations in China due to its vast market and integrated supply chains [3][6] - Most companies are not withdrawing from the Chinese market, indicating a trend towards localization and collaboration to enhance resilience [3][5] Sectoral Shifts and Opportunities - The report highlights a notable evolution in industry focus, with a shift from resource dependency to joint development in technology, clean energy, and healthcare solutions [6][7] - Australian exports are diversifying beyond traditional minerals, with growth in agriculture, education, and biopharmaceuticals, aligning with China's rising consumer priorities [6] Future Collaboration Potential - There is significant potential for collaboration in four key areas: clean energy, healthcare, digital economy, and food security, with both countries aiming for sustainable and resilient industries [7][9] - The integration of digital health and biomanufacturing capabilities between China and Australia is expected to foster cross-border innovation platforms [8][9]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Gold is expected to be in a volatile pattern. In the long - term, it has strategic allocation advantages due to global central bank gold - buying trends. In the short - term, it will fluctuate around the interest - rate cut expectation before the December Fed meeting and oscillate at the key level of $4000. Trading positions should wait, while long - term allocation can be made on dips after stabilization [4]. - Silver is in a short - term volatile consolidation. Its price trend is highly correlated with gold, and the long - term price center will follow gold's upward movement. Its price elasticity is higher than gold [5]. - The report suggests paying attention to the progress of the US government shutdown and subsequent macro data, as well as whether the Fed will start bond - buying operations for reserve management [5]. Summary Based on Related Catalogs 01 Macro Impact Factors - **Fed Interest - Rate Cut**: Powell's hawkish stance made the market re - price the future easing path. Before the December Fed meeting, the market will fluctuate around the interest - rate cut expectation due to data uncertainty caused by the government shutdown and internal Fed differences [7]. - **US Supreme Court's Tariff Legality Ruling**: The case's final decision is pending. In the long - term, the US tariff system will shift to "precision strikes", and the economic drag from tariffs will continue [7]. - **Trade Conflict**: In the short - term, the risk of industrial chain "decoupling" in Sino - US trade has decreased, but structural contradictions remain, and future disputes will focus on technology and security [7]. - **Geopolitical Conflict**: Conflicts in areas like Russia - Ukraine and Venezuela are still ongoing, which is positive for precious metals [7]. - **US Government Shutdown**: It has entered the 40th day, causing impacts on welfare payments, healthcare, and air traffic. The probability of a bipartisan compromise has increased, and attention should be paid to whether an agreement can be reached on November 15 for the government to reopen [8]. - **Physical Gold ETF**: It has seen continuous net inflows for five months, with $82 billion in October. The trading volume has reached a record $170 billion per day, mainly driven by North American funds [8]. - **Central Bank Gold Buying**: Global central banks' net gold purchases in Q3 2025 were 220 tons, with a 28% quarterly increase and a 10% year - on - year increase. China's central bank has increased its gold reserves for 12 consecutive months [8]. 02 ETF持仓跟踪 - **Gold and Silver ETF Holdings**: Specific data on the holdings and changes of SPDR Gold ETF and SLV Silver ETF from November 3 - 7, 2025 are provided [30]. - **October Global Physical Gold ETF Inflows**: It had net inflows for five consecutive months, with $82 billion in October. North America and Asia led the inflows, while Europe had outflows. The trading volume reached a record high [35]. 03 Exchange Inventory - There is information about gold and silver exchange inventory, but no specific content is provided in the summary part. The data source is WIND and the research institute of Guolian Futures [40][42]. 04 Domestic and Foreign Futures - Spot Price Differences - There is information about domestic and foreign futures - spot price differences, but no specific content is provided in the summary part. The data source is WIND and the research institute of Guolian Futures [46][49]. 05 Precious Metals Ratio - There is information about precious metals ratio, but no specific content is provided in the summary part. The data source is WIND and the research institute of Guolian Futures [52][55].