2025.08. 07 本文字数：1926，阅读时长大约4分钟 作者 | 第一 财经 钱 小岩 据新华社报道，根据白宫6日发布的公告，特朗普称俄罗斯政府的行为和政策继续对美国国家安全和外交政策构成"异常威胁"，为应对俄乌冲突引发的 国家紧急状态，"对直接或间接进口俄罗斯石油的印度征收额外从价关税是必要和合适的"。 新的关税措施将在行政令公布21天后（即8月27日）实施 ，届时印度的纺织品、珠宝首饰、汽车零部件、海产品等主要出口商品将课以50%的重税， 而像苹果手机等电子产品，以及医药产品仍将享受关税豁免待遇。 特朗普近日多次以印度购买俄罗斯石油为由，威胁大幅提高对印度产品的关税。他称，印度不仅大量购买俄罗斯石油，还在二级市场上销售并获取大额 利润。 半年前美国总统特朗普还将印度总理莫迪称之为"伟大的朋友"，如今双方关系在贸易战的硝烟下，露出了明显的裂痕。 据新华社报道，特朗普6日签署行政令，以印度"以直接或间接方式进口俄罗斯石油"为由，对印度输美产品征收额外的25%关税。 此前特朗普已经签署行政令，美国从8月7日开始对印度输美商品征收25%的关税。两者叠加后，印度输美商品将总体适用50%的关税税率。印度也由 ...

Core Viewpoint - The Indian Ministry of External Affairs criticized the United States for imposing additional tariffs on Indian products, citing India's imports of Russian oil as the reason. India emphasized that its oil imports are based on market factors and aimed at ensuring energy security for its 1.4 billion citizens [1]. Group 1 - The Indian government has reiterated its stance on importing oil from Russia, stating that these imports are necessary for national energy security [1]. - The U.S. has responded to India's oil imports by imposing a 25% additional tariff on goods from India, as announced by President Trump [1]. - India views the U.S. tariffs as unfair and unreasonable, and it plans to take necessary actions to protect its national interests [1].

Group 1 - Mexican President Claudia Sheinbaum met with Canadian officials to discuss responses to U.S. tariff policies and deepen bilateral cooperation [1] - Canadian Foreign Minister Anita Anand and Finance Minister Chrystia Freeland engaged in discussions with Mexican officials, focusing on economic growth, security, and trade diversification [1] - A consensus was reached to develop a work plan between Canada and Mexico, emphasizing resilient supply chains, port-to-port trade, artificial intelligence, digital economy, and energy security [1] Group 2 - The U.S. announced an increase in tariffs on Canadian goods from 25% to 35% due to perceived lack of cooperation on controlling fentanyl and other illegal drug flows [2] - Canadian Prime Minister Carney expressed disappointment over the impact of U.S. tariffs on Canadian industries such as lumber, steel, aluminum, and automotive [2] - U.S. and Mexico leaders agreed to maintain current tariff rates for 90 days while negotiating a new trade agreement, with specific tariffs still in place for various goods [2]

Financial Data and Key Metrics Changes - Adjusted earnings per share (EPS) for the quarter was $1.52, which met the top end of guidance and represented a 6% year-over-year growth [11][22] - Underlying sales growth was 3%, with a strong performance in Process and Hybrid businesses, which grew 3.5%, while discrete businesses turned positive, up 2% year over year [20][22] - Free cash flow generation was better than expected at $970 million, resulting in a margin of 21.3% [22][26] Business Line Data and Key Metrics Changes - Industrial Software annual contract value (ACV) grew double digits year-over-year, ending the quarter at $1.5 billion [10] - Test and Measurement orders were up 16%, contributing to a 6% growth in underlying orders for discrete businesses [15][20] - Software and Control grew 2%, while Intelligent Devices was up 3% [20] Market Data and Key Metrics Changes - Underlying orders in the Americas grew 7%, while Asia and the Middle East and Africa saw a 2% increase, and Europe experienced a decline of 7% [21] - The demand for LNG, power, and life sciences is driving significant activity, with underlying orders in the Ovation business up 40% in the quarter [14][15] - The tariff environment improved, with the annualized gross incremental tariff impact reduced to approximately $210 million from a prior estimate of $455 million [18][19] Company Strategy and Development Direction - Emerson is focused on innovation in automation, highlighted by collaborations such as the one with Total Energies to enhance operational performance through advanced data solutions [6][10] - The company aims to leverage its differentiated technology to serve diverse industries and create value for investors [5][6] - Future growth is expected to be supported by strong demand in LNG, power generation, and life sciences, with a healthy outlook for underlying orders [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of discrete markets, expecting underlying sales growth of 5% to 6% in the fourth quarter [12][16] - The company anticipates strong exit rates for underlying orders to support sales growth within its growth framework [12][16] - Management noted that the dynamic tariff environment has improved, allowing for eased surcharges and better pricing actions [19][22] Other Important Information - Emerson's backlog increased to $7.6 billion, with a book-to-bill ratio of one for the quarter [21] - The company plans to host an investor conference on November 20 in New York City to discuss its transport portfolio and value creation framework [12] Q&A Session Summary Question: Can you clarify the margins in Intelligent Devices? - Management noted that tariffs and unexpected foreign exchange impacts affected margins, but excluding these, margins were up 20 basis points [32] Question: How did orders trend in May and June? - Management indicated that MRO bookings remained consistent, while capital bookings fluctuated based on timing [43] Question: What is the outlook for the discrete side of the business? - Management highlighted that the recovery in Test and Measurement is strong, while legacy discrete markets are facing challenges, particularly in automotive and packaging [74][76] Question: What is the expected growth rate for the power vertical? - Management believes the growth rate can remain elevated in the high teens over the next couple of years due to strong visibility in generation and transmission distribution markets [83][84] Question: How has the dialogue with customers changed regarding large projects? - Management reported no slowdown in decision-making or approvals for projects in LNG, power, and life sciences, maintaining a consistent project win rate [90][91] Question: Can you provide an update on the Ovation AI rollout? - Management confirmed that the Ovation Virtual Advisor has been launched and is already seeing good customer adoption [109]

Group 1 - The core focus of the meetings between Mexican President Claudia Sheinbaum and Canadian officials is to address U.S. tariff policies and enhance bilateral cooperation in various sectors [1] - Canadian Foreign Minister Anita Anand and Finance Minister Chrystia Freeland discussed with Mexican officials the need for collaboration on economic growth, security, and trade diversification [1] - A consensus was reached to develop a work plan between Canada and Mexico, focusing on resilient supply chains, port-to-port trade routes, artificial intelligence, digital economy, and energy security [1] Group 2 - The U.S. has increased tariffs on Canadian goods from 25% to 35% due to perceived lack of cooperation from Canada regarding the control of fentanyl and other illegal drug flows [2] - Canadian Prime Minister Mark Carney expressed disappointment over the impact of U.S. tariffs on Canadian industries such as lumber, steel, aluminum, and automotive, indicating government action to protect jobs and diversify export markets [2] - The U.S. and Mexico agreed to maintain current tariff rates for the next 90 days while negotiating a new trade agreement, with specific tariffs still in place for certain products [2]

Group 1 - The core viewpoint of the articles highlights the tension between the EU's energy security needs and its environmental commitments, particularly regarding LNG imports from Qatar and the US [1][2] - In the first half of this year, the EU's LNG imports reached a historical high, with Qatar supplying 12% to 14% of the EU's LNG needs since the reduction of Russian pipeline gas supplies in 2022 [1] - Qatar's energy minister has expressed strong opposition to the EU's Corporate Sustainability Due Diligence Directive (CSDDD), which mandates strict net-zero emissions plans for companies, warning that compliance could lead to a 5% revenue loss, prompting Qatar to consider exiting the European market [1][2] Group 2 - The EU has made adjustments to the CSDDD in response to Qatar's concerns, including simplifying reporting requirements and delaying the directive's implementation from 2027 to 2028, yet Qatar remains firm in its stance [2] - The EU faces a critical decision point, needing to balance its reliance on Qatari LNG against its commitment to net-zero emissions, with current leadership prioritizing the latter [2] - Over-reliance on US LNG could increase energy costs for the EU, exacerbating the industrial crisis, as the EU aims to reduce energy bills to prevent industrial collapse [2]

Group 1 - The core viewpoint of the articles highlights the tension between the EU's energy security needs and its environmental commitments, particularly regarding LNG imports from Qatar and the U.S. [1][2] - In the first half of this year, the EU's LNG imports reached a historical high, with Qatar supplying 12% to 14% of the EU's LNG needs since the reduction of Russian pipeline gas supplies in 2022 [1] - Qatar's energy minister has expressed strong opposition to the EU's Corporate Sustainability Due Diligence Directive (CSDDD), which mandates strict net-zero emissions plans for companies, warning that compliance could lead to a 5% revenue loss, prompting Qatar to consider exiting the European market [1][2] Group 2 - The EU has made adjustments to the CSDDD in response to Qatar's concerns, including simplifying reporting requirements and delaying the directive's implementation from 2027 to 2028, yet Qatar remains firm in its stance [2] - The EU faces a critical decision point, needing to balance its reliance on Qatari LNG against its commitment to net-zero emissions, with current leadership prioritizing the latter [2] - Over-reliance on U.S. LNG could increase energy costs for the EU, exacerbating the industrial crisis, as the EU aims to reduce energy bills to prevent industrial collapse [2]

Core Viewpoint - The article highlights the stark contrast between Europe's electricity crisis due to extreme heat and China's robust power supply, attributing the latter to the country's investment in ultra-high voltage (UHV) power transmission technology [1][9]. Group 1: Europe's Electricity Crisis - Europe is experiencing severe heatwaves leading to wildfires and significant electricity shortages, with reports of fatalities and a failing power grid [1][3][4]. - The aging electricity infrastructure in Europe is unable to cope with the extreme temperatures, resulting in damaged cables and underperforming power plants [4][6]. - The reliance on hydropower has been compromised due to low water levels, while traditional coal and gas power generation faces efficiency and environmental challenges [4][6]. Group 2: China's UHV Power Transmission - China's UHV power transmission system allows for the long-distance and high-capacity transfer of electricity, effectively connecting renewable energy sources in remote areas to major urban centers [5][9]. - The UHV system is designed to withstand extreme weather conditions, ensuring stable electricity supply even during high-temperature events [5][9]. - Significant investments over the past decade have positioned China as a leader in UHV technology, with a focus on enhancing energy security and grid resilience [5][9]. Group 3: Future Implications - The current electricity crisis in Europe serves as a wake-up call, prompting discussions on the need for increased investment in modernizing their power grid [7][9]. - The challenges faced by Europe in adopting UHV technology stem from high initial costs, complex political landscapes, and varying national priorities [6][9]. - The article emphasizes the importance of proactive infrastructure investment in energy systems to mitigate future risks associated with extreme weather events [9].

Core Insights - Rongke Energy has established itself as a leader in the vanadium flow battery storage sector, holding a 60% market share globally and being recognized on the "Global Unicorn List" for two consecutive years [1] Group 1: Industry Background - The development of vanadium flow battery technology began in 2005 with the first 10 kW system created by the Dalian Institute of Chemical Physics, which highlighted the potential of vanadium extracted from steelmaking waste [2] - The rise of renewable energy sources like wind and solar has created a mismatch between energy supply and demand, necessitating advancements in energy storage technology to prevent energy wastage and ensure grid stability [2] Group 2: Company Development - Rongke Energy was founded in 2008 through a collaboration between Dalian Boro and the Dalian Institute of Chemical Physics, focusing on the commercialization of vanadium flow batteries despite skepticism from the market [3] - The company has invested over 2 billion yuan in research and development over 17 years, leading to significant advancements in battery technology, including the development of multiple generations of battery stacks [3] Group 3: Technological Advancements - Rongke Energy has achieved several milestones, including the operation of the world's longest-running energy storage station in 2012 and the establishment of the first modernized vanadium flow battery industrial base in 2016 [4] - The company has successfully launched large-scale projects, such as the world's first 100 MW vanadium flow battery peak shaving power station in 2022 and the upcoming 250 MW/1 GWh project in Xinjiang [4] Group 4: Domestic Production and Innovation - The company has achieved full domestic production of core components, significantly reducing costs, such as the ion membrane, which dropped from $600-700 per square meter to $100 after localization [6] - With over 500 patents, Rongke Energy has developed a wide temperature range electrolyte formula, enabling battery operation in extreme conditions from -35°C to 50°C [6]

据看看新闻报道，7月30日，美国财政部长贝森特放话，威胁对持续购买俄油的中国加征最高500%关 税。中方当天两次回应，态度明确。 当地时间7月28日至29日，中美经贸团队在瑞典斯德哥尔摩开展新一轮会谈。双方当时达成共识，将继 续延长此前的关税休战期。外界本以为这是中美经贸关系回暖的信号，没成想短短两天后，贝森特就抛 出关税威胁。这种谈判桌上刚承诺"暂时不打"，转身就亮屠刀的操作，让人咋舌。 贝森特的威胁不是空穴来风。他提到，美国国会正推动相关立法，允许总统对购买受制裁俄罗斯石油的 国家征收二级关税，还称这一措施得到多个盟友支持。明眼人都能看出，美国此举是想借关税大棒，逼 迫中国停止购买俄油，进而卡住俄罗斯的能源命脉。 中国敢如此硬气，底气源于中俄扎实的能源合作根基。对中国来说，作为人口大国和全球主要能源消费 国，能源安全是国家发展的重中之重，绝不能被别人拿捏。要保障能源安全，多元化的能源来源是关 键，俄罗斯就是中国能源进口多元化战略中不可或缺的可靠伙伴。 对俄罗斯而言，受美西方经济封锁和战事影响，急需稳定的出口市场。中国持续增长的能源需求，与俄 罗斯丰富的油气资源形成天然互补，合作顺理成章。2023年，俄罗斯 ...