亚特兰大联储主席BOSTIC表示，2025年经济韧性将低于早先预期。 ...

Pinterest：大约80%的用户来自美国之外。 Z世代在本公司用户群占比超过40%。 （美国）消费者仍然具有韧性。 20%的收入来自美国之外。 ...

Core Insights - China's foreign trade maintained a stable growth trend in the first four months of the year, with a total import and export value of 14.14 trillion yuan, a year-on-year increase of 2.4% [4][9] - In April, the total value of goods trade reached 3.84 trillion yuan, growing by 5.6%, with exports at 2.27 trillion yuan, up 9.3%, and imports at 1.57 trillion yuan, increasing by 0.8% [3][9] Trade Performance - Exports in April exceeded market expectations, driven by factors such as "export grabbing" in markets outside the U.S., resilient external demand, and the timing of tariff policies [5][10] - The export growth rate in April was 8.1% in dollar terms, despite a significant decline in exports to the U.S. by 21.0%, which pulled down the overall export growth by approximately 3 percentage points [5][10] Key Trade Partners - ASEAN and the EU emerged as China's largest and second-largest trading partners, with exports to ASEAN growing by 12.6% and to the EU by 6.1%, both significantly higher than the overall foreign trade growth rate [9][10] - In April, exports to ASEAN surged by 20.8%, which helped offset the decline in exports to the U.S. [10] Sector Performance - Labor-intensive products showed low growth, with a combined monthly year-on-year change of -0.8%, while exports of general machinery and equipment, ships, and integrated circuits saw significant increases of 17.0%, 36.1%, and 20.2% respectively [6][9] Private Sector Contribution - The share of private enterprises in foreign trade continued to rise, accounting for 56.9% of total trade value in the first four months, with exports from private enterprises growing by 8.1% [10]

Core Viewpoint - The Federal Reserve's Williams emphasizes the resilience of the labor market and the need to balance achieving two key objectives [1] Group 1 - The labor market has proven to be resilient [1] - Consumer spending remains stable, although there is a sense of consumer restraint [1]

劳动力市场稳定，一直有韧性。 美联储理事Kugler：我们目前的政策立场是适度限制性。 ...

城商行研究 . 既不懂城商行，也不会研究 2024年，中国银行业面临多重挑战：经济增速放缓、净息差持续收窄、资产质量承压……在这样的 背景下，贵阳银行却交出了一份"稳中有进"的答卷。资产规模突破7000亿、不良率稳中有降、资本 充足率居行业前列，这家扎根贵州28年的城商行，用数据诠释了什么是金融韧性。 一、逆势增长：7000亿背后的稳健底盘 以下文章来源于城商行研究 ，作者城商行研究 三、转型突围：零售扛大旗，五篇大文章见实效 在行业净息差普遍收窄的压力下，贵阳银行持续推进零售业务高质量发展。零售业务表现亮眼：管理 客户总资产（AUM）达2719.6亿元，财富客户数和财富客户AUM增长均超过12%；信用卡累计发卡 171.68万张，"爽快贷"余额同比激增79%。 截至2024年末，贵阳银行总资产达7056.69亿元，连续多年稳居贵州省第一大法人金融机构。在贷款 投放上，贵阳银行保持战略定力，全年新增贷款151亿元，其中制造业、绿色金融、普惠小微贷款增 速均高于全行平均水平，实体经济服务支持力度持续加大。更难得的是，其核心负债（存款）占总负 债比继续提升，储蓄存款突破2145亿元，增量全省第一。存款结构优化加上 ...

Meeting Overview - The annual shareholders' meeting of China Aviation Engine Corporation is scheduled for May 16, 2025, at 14:00 in Xi'an [1] - The meeting will cover various agenda items including the board of directors' work report, financial statements, and profit distribution plan for 2024 [3][4] Key Proposals - Proposal one: Review of the 2024 Board of Directors' Work Report [3] - Proposal two: Review of the 2024 Supervisory Board Work Report [3] - Proposal three: Review of the 2024 Independent Directors' Work Report [3] - Proposal four: Review of the 2024 Annual Report and Summary [3] - Proposal five: Review of the 2024 Financial Settlement Report [3] - Proposal six: Review of the 2024 Profit Distribution Plan [3] - Proposal seven: Review of the 2025 Financial Budget [3] - Proposal eight: Review of the 2024 Internal Director Compensation [3] - Proposal nine: Discussion on shareholder return plans for the next three years (2025-2027) [3] Financial Performance - The company reported a profit of 860 million yuan in 2024, a decrease of 39.48% year-on-year [8] - Revenue from the main business segments included: - Aviation engine and derivative products: 44.994 billion yuan, an increase of 10.03% [8] - Foreign trade export subcontracting: 2.074 billion yuan, an increase of 6.45% [8] - Non-aviation products and other businesses: 197 million yuan, a decrease of 24.91% [8] Governance and Management - The Board of Directors consists of 11 members, with 5 internal and 6 external directors [9] - The Board held 4 meetings in person and 1 via communication, addressing various proposals including financial budgets and performance evaluations [9][11] - The Supervisory Board conducted 8 meetings, reviewing 37 proposals, and ensuring compliance with governance standards [32] Shareholder Returns - The company distributed a cash dividend of 1.60 yuan per 10 shares, totaling approximately 426.5 million yuan, which represents 30% of the net profit attributable to shareholders [27] - The cash dividend policy is outlined in the company's articles of association and shareholder return plan for 2022-2024 [27] Future Plans - The Board aims to enhance internal growth and innovation, improve governance, and ensure compliance with regulations [28] - Key meetings for 2025 are planned to discuss annual reports, financial budgets, and strategic management [28]

美联储理事巴尔：截至第一季度，通胀逐步但不均衡地回落至2%的路径仍在进行中，经济表现具有韧 性。 ...

宏观动态报告 关税冲击下的出口韧性 4 月进出口数据解读 2025年5月9日 分析师 张迪 ☎：010-8092-7737 网:zhangdi_yj@chinastock.com.cn 分析师登记编码：S0130524060001 目雷 ☎：010-8092-7780 网: lvlei_yj@chinastock.com.cn 分析师登记编码：S0130524080002 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 风险提示:外需走弱的风险;国内经济下行的风险;贸易摩擦加剧的风险。 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 集成电路和汽车出口修复上行:(1)4月份机电、高技术和劳动密集型产品 ● 出口增速均有不同程度回落,其中机电产品出口增速 10.1%(前值 13.4%), 高新技术产品出口增速 6.5%(前值 7.3%)，劳动密集型产品出口增速转负至 -1.7%（前值 9.1%）；（2）集成电路 20.2%（前值 7.9%）和汽车包括底盘 4.4%(前值 1.7%)出口增速均有不同程度上行;通用机械设备 17%(前值 ...

未来出口节奏如何判断？ 一方面， 中美虽将有谈判，但我们认为短期达成有利协议的可能性不大，特朗普的目的在于稳住国内。综合 来看，出口未来趋势仍将整体回落，至年中或将探底。届时美国通胀影响显现，叠加经济继续放缓，其国内传导更有可能逼迫特朗普 让步。 另一方面， 即便出口开启下行区间，其对应的组装进口零部件等需求也将同步下降，则贸易差额放缓幅度或更慢一些，净出口 对于经济增长的拖累也将更小。 出口有所回落，但韧性较强。 按美元计价，2025年4月我国出口同比增速录得8.1%，较3月回落超4个百分点，高于市场预期。外部困 难加大，但环比增速处历年同期中位水平，指向出口韧性较强，主要来自抢转口以及部分商品关税豁免。 一方面， 虽对美国直接出口 回落明显，但对东盟等转口国出口大幅上行，结合美进口集装箱中枢仍居高位，指向"抢转口"对冲规模不小。 另一方面， 美国4月中 旬豁免来自中国超两成商品的出口关税。 数量拉动下降，价格拖累收窄。 按数量和价格因素拆解十余种代表性商品的出口增速，我们发现，4月代表性商品出口增速中，受关 税和高基数等因素影响，数量拉动作用下降，而价格拖累有所收窄。 分品类来看， 电子和劳动密集型数量拉 ...