Gold Royalty (GROY) 2025 Investor Day June 12, 2025 09:00 AM ET Speaker0 want to welcome everybody here that's live today and also many online participants that are here for the gold royalty presentation. Our Capital Markets Day, as we like to call it, it's our Investor Day, if you will. And it's an auspicious time because we are approaching all time highs in the gold price again. We're approaching a little over $3,400 an ounce and not far from the all time highs we achieved earlier in the year. And gold ha ...

本文字数：1873，阅读时长大约3分钟 作者 | 第一财 经 陈杨园 2025.06. 12 "樱桃7.99元/斤，榴莲特价28.8元/斤，山竹16.8元/斤······"在北京一小区的社区水果店，记者 看到了许多水果的"特价"标签被醒目地贴在门前。前来购买的客人中有的被樱桃价格吸引，甚至问 起店主这个价格的樱桃、山竹还新鲜吗？店主一边说着昨天刚到货的，一边解释是因为产量变多了。 交谈中，店主还顺便向顾客介绍着，店里还有十元两斤的荔枝。 这个夏天，往年作为"贵族水果"的荔枝、榴莲、山竹等纷纷迎来了降价，消费者的"水果自由"进一 步得以实现。不过，在荔枝等水果产地，一些果农们也在面临着更大的焦虑，降价潮下，水果市场的 竞争正给从业者带来更多考验。 部分水果的涨价反倒是偶然因素。欧连维分析，目前市场上某个单品的涨价主要是因为天气等偶然因 素变化出现的波动，比如香蕉，主要是去年的台风让今年海南、广东等地的产季推迟，出现了一定的 市场空档，有一个涨价的空档。但从整个产业上看，生产技术越来越好、产量越来越高，降价是趋 势，产业竞争会越来越厉害。 "对消费者来说这是好消息，'水果自由'不是梦。"凌雁管理咨询首席咨询师林岳 ...

Core Insights - The fruit market is experiencing a significant price drop, leading to increased competition among producers and greater accessibility for consumers, referred to as "fruit freedom" [1][2][3] - The price of traditionally expensive fruits, such as lychee, has decreased dramatically, with some varieties dropping from 80-100 yuan per pound last year to below 20 yuan this year [2][3] - The overall trend in the fruit industry indicates a move towards lower prices due to advancements in agricultural technology and increased production capacity [3][5] Price Trends - Lychee prices have seen the most significant decline, with wholesale prices dropping from 5-8 yuan to 2-3 yuan in Guangxi [2] - Data from platforms like Ele.me shows that the sales volume of fruit and vegetable categories has increased by over 50% compared to last year, with lychee and fruit cuts seeing growth rates of over 70% and 90% respectively [2] - Taobao reports a year-on-year increase in sales for lychee (25.4%), durian (6.57%), and mango (8.87%), attributed to lower prices and increased supply [2] Market Dynamics - The trend of "noble fruits" becoming more affordable is seen as a long-term industry shift, with various fruits like lychee, durian, and blueberries lowering their prices [3] - The increase in production technology and market competition is expected to continue driving prices down, making it less likely for fruits to maintain their previous high price points [3][7] - The diversification of fruit offerings in supermarkets and community stores indicates a shift in consumer preferences towards different varieties and price points [5][6] Producer Challenges - Farmers are facing difficulties due to the price drop, with concerns about selling their produce at profitable rates amidst increased supply [5] - The short harvesting period for fruits like lychee adds pressure on farmers, who must quickly find buyers to avoid losses [5] - Producers are encouraged to explore diverse sales channels and focus on higher quality or niche products to adapt to the changing market landscape [7]

Group 1 - The zero-tariff policy initiated on December 1 last year has led to an import value of $21.42 billion from the least developed countries in Africa, marking a year-on-year increase of 15.2% [2][4] - The Chinese government plans to implement a 100% zero-tariff policy for all products from 53 African countries, enhancing export convenience for these nations [3][4] - The scope of products eligible for zero-tariff treatment has expanded from 98% to 100%, reflecting China's commitment to promoting multilateral trade liberalization and enhancing global supply chain resilience [3][4] Group 2 - In the first quarter of 2025, imports of coffee from Africa increased by 70.4%, and cocoa beans rose by 56.8%, indicating a growing demand for African agricultural products in China [4] - China has maintained its position as Africa's largest trading partner for 16 consecutive years, with trade volume expected to exceed 2 trillion yuan in 2024 [4][6] - The Chinese government aims to support the least developed countries in Africa to fully utilize the zero-tariff policy, thereby expanding the scale and variety of exports to China [6]

Group 1 - The core argument is that the actions of Lai Ching-te and the Democratic Progressive Party (DPP) are seen as a facade for promoting "Taiwan independence" under the guise of "democracy and freedom," misleading both the international community and the Taiwanese public [1][2][3] - The DPP is accused of distorting the concept of "one China" and using it to label legitimate governance as "authoritarian," while framing their separatist actions as a defense of democracy [2][3] - The DPP's policies are characterized as a form of "green terror," suppressing dissent and limiting freedom of expression through political persecution and media manipulation [3][4] Group 2 - The DPP's military budget has reached historical highs, and they are implementing policies aimed at creating a wartime society, which is seen as a provocation that undermines cross-strait relations [4] - Public dissatisfaction with Lai Ching-te's governance is highlighted, with over 53% of the population expressing discontent, marking the highest dissatisfaction rate for a leader's first anniversary in nearly 30 years [4] - The DPP's economic policies are criticized for exacerbating wealth inequality and failing to address the low wage crisis faced by the younger generation in Taiwan [4][5] Group 3 - The article emphasizes that the essence of democracy is to ensure that the people's will is reflected in governance, contrasting this with the DPP's approach [5] - It argues that only under the framework of national unity can the democratic rights and welfare of Taiwanese people be genuinely safeguarded [5][6] - The narrative concludes that any separatist actions disguised as "democracy" are a betrayal of historical justice and national integrity, with a warning that those who persist in such actions will be condemned by history [6]

Core Viewpoint - The article discusses the transformation of the fruit retail market in China, highlighting the decline of high-end fruit retailers like Baiguoyuan amidst increasing competition and changing consumer preferences towards more affordable options [1][21]. Industry Overview - The concept of "fruit freedom" has emerged as consumers now have access to a wider variety of fruits at lower prices due to improved supply chain efficiency, expanded import trade, and the rise of fresh e-commerce [1][21]. - The China-ASEAN Free Trade Area negotiations have further intensified this trend, leading to an influx of tropical fruits into the market [1]. Company Performance - Baiguoyuan, once a leading fruit retailer, is facing unprecedented operational challenges, closing an average of 2.65 stores daily in 2024 and reporting a staggering pre-tax loss of 391 million yuan [1]. - The company's stock price has remained below 2 yuan, categorizing it as a "zombie stock" [1]. Financial Trends - Baiguoyuan's revenue growth rates have significantly declined from 16.22% in 2021 to just 0.7% in 2023, with net profit growth also plummeting from 369.49% to 11.9% during the same period [7]. - The average revenue per store has decreased from 884,500 yuan to 796,000 yuan from 2021 to the first half of 2023, with a significant portion of stores in major cities like Beijing and Wuhan operating at a loss [14]. Competitive Landscape - The rise of e-commerce platforms and new retail formats has intensified competition, with consumers increasingly preferring to shop at places like Sam's Club and Hema for their fruit needs [16][18]. - These new retail formats leverage their extensive product offerings and strong membership systems to negotiate better prices with suppliers, further eroding Baiguoyuan's market position [18]. Brand and Consumer Trust - Baiguoyuan's brand value has been severely impacted by quality control issues, including reports of selling substandard fruits, which have led to a loss of consumer trust [12][15]. - The company's shift to a "high cost-performance" strategy in 2024, aimed at lowering prices to attract customers, may not be sufficient to compete in the highly competitive low-price market [18][19]. Conclusion - The article concludes that Baiguoyuan's inability to maintain high quality while competing on price has left it in a precarious position, as the market shifts towards more affordable and fresher options [21][22].

"懂王"特朗普显然不会放过这个机会。当地时间6月11日，特朗普在社交平台发文称，最新CPI数据表现 理想，呼吁美联储将利率下调一个百分点，其认为这样可以帮助美国在即将到期的债务利息上节省大量 支出。 近一段时间，特朗普连续施压鲍威尔，甚至多次嘲讽对方为美联储的"太迟先生"。特朗普还曾抱怨，欧 洲已经降息10次了，而美国一次也没有。 然而，特朗普的高压姿态对鲍威尔的货币决策尚无影响，后者一再强调美联储地位的独立性，完全"不 为所动"，这也是令特朗普头疼的地方。 值得注意的是，特朗普头疼的另外一个人，全球首富马斯克，此前曾猛烈抨击特朗普的财税政策，甚至 指责后者"忘恩负义"，马斯克还直言特朗普牵扯爱泼斯坦事件，公开呼吁弹劾特朗普。 当地时间周三，美国5月CPI数据出炉。美国5月未季调CPI年率录得2.4%，市场预期为2.5%。美国5月未 季调CPI月率录得0.1%，市场预期为0.2%。美国5月未季调核心CPI年率录得2.8%，市场预期为2.9%。美 国5月季调后核心CPI月率录得0.1%，市场预期为0.3%。 CPI数据全线低于预期，汽车和服装价格下降，或导致5月核心CPI的读数低于预期。 有分析认为，当前关税冲 ...

海运往来，两港之间，直达航线最快。 线上聊千遍，不如线下见一面。 今年以来，海南外贸商赵泽海频频打"飞的"，足迹遍及中东、非洲、欧美，月均至少飞5次、累计 超过30次。 海南金红叶纸业有限公司外贸繁忙，每个月，企业出口的货物都首选这条航线——洋浦港至阿拉伯 联合酋长国阿布扎比哈里发港直达航线。不再绕航，航行用时比该航线未开通时少一半，一趟至少省下 20万元。 近年来，海南实施高度自由便利开放的运输政策，推动建设西部陆海新通道国际航运枢纽和航空枢 纽，加快构建自贸港现代综合交通运输体系，全力护航运输来往自由便利。 海南洋浦港已稳定运行内外贸航线60条，形成"兼备内外贸、通达近远洋"的航线新格局；岛内三大 机场累计恢复和开通境外客货运航线近70条……从海南出发，畅达全球，拉近了时空距离，也在持续刷 新海南自贸港高水平开放美好图景。 织密通道 连接世界 抬头望，海南的天空越发热闹。 老航线加密！5月30日起，海南再次加密海口⇌马来西亚吉隆坡、海口⇌中国香港航线。前者每周 执飞的航线合计增至8班，后者每周航线增至35班，进一步满足两地商贸往来、旅游探亲的旺盛需求。 新航线上线！5月7日，海南航空HU7911海口⇌伦敦 ...

Market Overview - On June 12, A-shares opened lower with the Shanghai Composite Index down 0.13%, Shenzhen Component Index down 0.37%, and ChiNext Index down 0.23% [1] - The National Index of Free Cash Flow fluctuated downwards, dropping over 0.5%, with constituent stocks showing mixed performance [1] ETF Performance - The low-fee Free Cash Flow ETF (159201) followed the index decline and was actively traded, leading in scale and share among similar products [1] - The fund management fee is set at an annual rate of 0.15%, and the custody fee at 0.05%, both being the lowest in the market, maximizing benefits for investors [1] Investment Strategy - According to Zhongtai Securities, the index remains in a dense trading area, suggesting that the oscillating market may continue [1] - Funds are rapidly rotating around four mid-term trending sectors: dividend assets, safe assets, technology chains, and new consumption [1] - A "reverse layout" strategy is recommended, where significant sector gains indicate a time for profit-taking, while sector adjustments present opportunities for positioning [1] Index Characteristics - The Free Cash Flow ETF (159201) closely tracks the National Index of Free Cash Flow, selecting stocks with positive and high free cash flow after screening for liquidity, industry, and ROE stability [1] - The index is characterized by high quality and strong risk resistance, making it suitable for core portfolio allocation and long-term investment needs [1]

Core Points - Elon Musk's recent political maneuvers and challenges to President Trump have led to significant backlash, prompting him to reconsider his stance due to threats of nationalization of his companies like SpaceX [1][2][4] - Musk's business empire, including Tesla and SpaceX, is heavily intertwined with political dynamics, affecting market confidence and stock performance [3][4][11] - The relationship between Musk and Trump is complex, with potential implications for regulatory environments and business operations, particularly in the context of upcoming elections [6][10][23] Group 1: Political Dynamics - Musk's public challenge to Trump and subsequent retreat highlights the precarious balance between his political ambitions and business interests [1][2] - The political landscape is influencing Musk's business strategies, as he navigates the potential for regulatory scrutiny and market reactions to his actions [4][11] - Musk's alignment with Trump could benefit his business empire, but also poses risks due to the volatile nature of political alliances [9][10] Group 2: Business Performance - Tesla's stock has shown volatility, with a significant drop following Musk's public disputes with Trump, indicating market sensitivity to political developments [18] - Despite challenges, Tesla's stock rebounded by 70% after Musk's announcements regarding autonomous driving and Robotaxi services, reflecting investor optimism [4][16] - The upcoming launch of Robotaxi services is seen as a critical moment for Tesla, with expectations that successful implementation could enhance market value [21][22] Group 3: Regulatory Environment - Musk's companies face ongoing scrutiny from multiple federal agencies, which could be exacerbated by his political actions and statements [7][12] - The potential appointment of Musk's allies to key regulatory positions could shift the regulatory landscape in favor of his business interests [6][7] - Trade policies and tariffs initiated by Trump are impacting Tesla's operational costs and market strategy, particularly in relation to supply chains [12][16]