新华社东京8月18日电 日本近期公布一系列宏观经济和行业企业二季度数据，显示美国政府高关税政策 重创日本汽车产业，阻碍日本经济复苏。鉴于美关税对日本经济的负面影响日益凸显，日本产业乃至整 体经济前景更趋悲观。 日本车企中马自达汽车公司和斯巴鲁公司对美国市场依赖度最高，受关税冲击也最为严重。马自达此前 发表财报说，今年第二季度公司国内市场销量增长，但在最重要的美国市场销量下滑，从而导致公司当 季归母净利润由去年同期的盈利498亿日元转为亏损421亿日元（1美元约合147日元）。 日本财务省公布的贸易统计数据显示，4月至6月，受美国政府关税政策的影响，日本对美出口连续3个 月同比下降，且降幅呈现扩大之势。由于美国对从日本进口的汽车关税税率自4月3日起由原来的2.5% 大幅提升至27.5%，6月日本对美汽车出口额锐减，同比下降26.7%。 丰田汽车公司在美销量主要依靠当地生产，日本出口汽车仅占其在美销量的约两成。不过，作为全球最 大车企之一的丰田体量庞大，2024年对美出口汽车50多万辆，同时丰田在美工厂的主要零部件依赖进 口，因此美国对日本汽车和汽车零部件加征关税给丰田造成了巨大损失。 丰田日前发布财报说，受美国 ...

新华社东京8月18日电（记者刘春燕）《日本经济新闻》日前在头版刊文分析近期发布的日本主要上市 公司财报，认为美国政府关税政策令日本上市公司业绩承压，作为日经股指成分股的主要42家上市公司 本财年（2025年4月至2026年3月）营业利润预计将共计减少3.5万亿日元（1美元约合147日元）。文章 摘要如下： 分析显示，42家上市公司中利润下降企业绝大多数是出口企业，其中七大汽车制造商利润损失合计约 2.7万亿日元，约占42家上市公司利润损失总额的近八成。受美国关税政策影响，丰田汽车公司预计本 财年营业利润缩水1.4万亿日元，马自达汽车公司预计本财年营业利润减少2333亿日元。 文章说，美国关税政策导致日本上市企业负担沉重，仅靠成本转嫁难以弥补损失。 数据显示，美国关税政策导致企业营业利润缩水额度较最初估计增加9000亿日元，或达3.5万亿日元。 42家上市公司营业利润总额预计比上财年减少两成，降至12.1万亿日元。 （文章来源：新华社） ...

美债投资者正密切关注美联储主席鲍威尔将在本周稍晚的杰克逊霍尔（Jackson Hole）全球央行年会上 释放的政策信号。 鲍威尔将顺应降息预期？ 今年迄今，联储官员们一直维持利率不变，以观察特朗普政府关税政策对经济的影响。而在上次联邦公 开市场委员会（FOMC）会议中，鉴于通胀率仍高于美联储2%的目标，且劳动力市场出现放缓迹象， 政策制定者在何时重启降息的问题上产生了分歧。 上周公布的数据令情况更复杂。7月，剔除食品和燃料的核心消费者价格指数（CPI）出现了自年初以 来的最大涨幅，但受关税影响的一揽子商品价格却并未像人们担心的那样大幅上涨。然而，另一份关于 整体通胀的报告显示，企业面临的价格压力确实正在加剧。在特朗普政府不断施压要求美联储尽快降息 之际，市场也希望从鲍威尔的讲话中获取更多他对9月降息态度的线索。 鲍威尔过去曾在年会发言中震惊市场，这一次他会有所改变吗？ 今年的会议将在当地时间21日开始，鲍威尔将在22日发表讲话。鲍威尔过去曾在年会发言中震惊市场， 但美债投资者押注，他此次将顺应市场9月至少降息25个基点的预期。还值得一提的是，此次会议也将 是鲍威尔最后一次作为美联储主席参会发言。 最后一次参会 ...

分析显示，42家上市公司中利润下降企业绝大多数是出口企业，其中七大汽车制造商利润损失合计约 2.7万亿日元，约占42家上市公司利润损失总额的近八成。受美国关税政策影响，丰田汽车公司预计本 财年营业利润缩水1.4万亿日元，马自达汽车公司预计本财年营业利润减少2333亿日元。 文章说，美国关税政策导致日本上市企业负担沉重，仅靠成本转嫁难以弥补损失。（完） 新华社东京8月18日电（记者刘春燕）《日本经济新闻》日前在头版刊文分析近期发布的日本主要上市 公司财报，认为美国政府关税政策令日本上市公司业绩承压，作为日经股指成分股的主要42家上市公司 本财年（2025年4月至2026年3月）营业利润预计将共计减少3.5万亿日元（1美元约合147日元）。文章 摘要如下： 数据显示，美国关税政策导致企业营业利润缩水额度较最初估计增加9000亿日元，或达3.5万亿日元。 42家上市公司营业利润总额预计比上财年减少两成，降至12.1万亿日元。 ...

Financial Performance - In the first half of 2025, the company achieved operating revenue of 364 million yuan, a year-on-year increase of 0.89% [2] - Net profit was 74.08 million yuan, a year-on-year decrease of 14.13%, primarily due to increased stock incentive expenses and reduced interest income and exchange gains [3] Market Trends - U.S. orders have seen slight growth despite the impact of reciprocal tariff policies, which have created uncertainty affecting local customer inventory and new product introductions [4] - The European market remains stable with overall order growth, and the company plans to continue expanding in this region [5] Overseas Expansion - The company has conducted preliminary research in Southeast Asia and established a subsidiary in Singapore; however, plans for a production base in Vietnam are currently on hold due to changing tariff policies [6] E-commerce Strategy - The company is developing its cross-border e-commerce business through strategic partnerships, focusing on providing fabric and product support to enhance efficiency and cost-effectiveness [7] Raw Material Prices - Prices for key raw materials, including polyester fiber and PVC, have been declining since early 2025 and are expected to remain stable in the short term [8] Product Sales Trends - Sales of the "Dream Curtain" product have slightly declined due to supply-demand imbalances and increased price competition, but the company remains optimistic about its potential in overseas markets [9] Industry Outlook - The company maintains a high net profit margin, attributed to a diversified product line and broad market presence, while many small and medium-sized enterprises face significant pressure and may resort to harmful pricing strategies [10] - Overall market demand is trending upward, with diverse applications across traditional home, engineering, and transportation sectors, despite pressures in the domestic market [10]

阿拉斯加的夏天并不喧嚣，但8月15日那天，却成为国际政治舞台上最为热闹的一刻。 各位看官老爷，麻烦右上角点击一下 "关注"，精彩内容不错过，方便随时查看。 文|面包夹知识 编辑|面包夹知识 «——【·前言·】——» 本来，印度还抱着一丝希望。原定于8月25日举行的美印第六轮贸易谈判，本应是救命稻草。 特朗普与普京面对面握手，三小时的闭门会谈，外界都在猜测： 这会是一场棋局的开端，还是权力格局的重塑？ 就在全世界都在盯着美俄会晤结果的时候，印度却突然发现，自己成了局外人。特朗普的一句话， 让俄罗斯得到了喘息机会，让中国获得了缓冲空间，但 印度却被推上了风口浪尖。 印度方面甚至安排了最高级别的团队，想在美国额外关税落地前，争取一点缓冲。但没想到， 美国代表团临时宣布取消了行程，称"不会出席25日的会 议"。 莫迪或许没有想到， 他期待中的"美印贸易拯救时刻"，最终变成了一纸沉重的判决。 印度辛苦维系的平衡被打破，美国的关税大棒正毫不留情地落下。 为什么偏偏是印度？为什么中国、俄罗斯都得到了喘息的机会，而印度却成了唯一的"牺 牲品"？ «——【·关税谈判破局·】——» 这下，印度彻底傻眼。谈判泡汤了，延期遥遥无期。 ...

Core Insights - The article highlights the significant impact of Trump's tariff policies on the earnings of major Japanese listed companies, with a projected total reduction in operating profit of 3.5 trillion yen for 42 companies in the fiscal year 2025-2026 [1][2] Group 1: Financial Impact - The operating profit of the 42 listed companies is expected to decrease by 20% compared to the previous fiscal year, amounting to approximately 12.1 trillion yen, whereas without the tariffs, profits could have reached 15.6 trillion yen, reflecting a potential increase of 3% [1] - The estimated impact of the tariffs on corporate earnings has increased by 900 billion yen from initial estimates, now totaling 3.5 trillion yen [1] Group 2: Sector Analysis - The majority of the companies experiencing profit declines are exporters, particularly in the automotive sector, with significant losses also observed in electronics and machinery [1] - Toyota, as the largest global automaker, anticipates a profit reduction of about 1.4 trillion yen due to the tariffs, while Mazda expects a decrease of 233.3 billion yen [1] - The combined profit loss for the seven major automakers is estimated at 2.7 trillion yen, which is 1 trillion yen higher than earlier projections and accounts for nearly 80% of the total profit loss among the 42 companies [1] Group 3: Corporate Responses - The number of companies reporting profit losses has increased by six, indicating that the burden on businesses is substantial, and merely passing on costs is insufficient to cover these significant losses [2]

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - Due to geopolitical conflicts and tariff uncertainties, it is recommended to participate with a light position or wait and see [3]. - The short - term strategy suggests that risk - takers can try to go long on the 2510 contract around 1300, pay attention to subsequent market trends, and set stop - losses [4]. - For the arbitrage strategy, it is recommended to wait and see or try with a light position due to large fluctuations [4]. - For the long - term strategy, it is advised to take profits when the contracts rise, and then judge the subsequent direction after waiting for the callback to stabilize [4]. Summary by Related Information Shipping Indexes - On August 15, compared with the previous period, the NCFI (composite index) was 1052.5 points, down 0.1%; the SCFIS (European route) was 2235.48 points, down 2.7%; the NCFI (European route) was 1188.7 points, down 5.5%; the SCFIS (US West route) was 1082.14 points, down 4.2%; the NCFI (US West route) was 1042.91 points, down 5.9% [1]. - On August 15, the SCFI was 1460.19 points, down 29.49 points from the previous period; the CCFI (composite index) was 1193.34 points, down 0.6%; the SCFI European route price was 1820 USD/TEU, down 7.2%; the CCFI (European route) was 1790.47 points, down 0.5%; the SCFI US West route was 1759 USD/FEU, down 3.5%; the CCFI (US West route) was 981.1 points, down 5.9% [1]. Economic Data - In the Eurozone in July, the manufacturing PMI was 49.8 (expected 49.7, previous 49.5), the services PMI was 51.2 (expected 50.7, previous 50.5), the composite PMI was 51 (expected 50.8, previous 50.6), and the SENTIX investor confidence index rose to 4.5 [2]. - In the US in July, the manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month; the S&P Global manufacturing PMI was 49.5 (expected 52.7, previous 52.9), the services PMI was 55.2 (expected 53, previous 52.9), and the Markit composite PMI was 54.6, a new high since December 2024 [2]. Market Conditions - The Sino - US tariff extension continues with no substantial progress in negotiations. The tariff war has become a trade negotiation issue between the US and other countries, and the spot price has slightly decreased [3]. - On August 15, the closing price of the main contract 2510 was 1373.6, with a gain of 1.10%, a trading volume of 31,100 lots, and an open interest of 54,900 lots, a decrease of 1839 lots from the previous day [3]. - Market pessimism has been repaired, some short - sellers have taken profits and left the market, the spot freight rate has stabilized, and the futures market has fluctuated widely [3]. Shipping Market Forecast - German container shipping company Hapag - Lloyd expects global container shipping volume to increase by 3% year - on - year in 2025 and 2026. The global container fleet may not scrap any capacity in 2025. The expected global ship delivery volume is 3.1 million TEUs in 2024, 1.8 million TEUs in 2025, and 1.6 million TEUs in 2026. The current global ship orders are 9.3 million TEUs, accounting for 29% of the global fleet [5]. Policy Adjustments - The daily trading limit for contracts from 2508 to 2606 is adjusted to 18% [4]. - The margin for contracts from 2508 to 2606 is adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [4].

新华财经开普敦8月18日电（记者王雷王晓梅）南非独立在线新闻网站日前刊登金砖问题专家克洛埃·马 卢莱克的文章说，美国关税政策打破了国际贸易秩序中尊重规则的原则，将贸易当作胁迫工具。全球南 方国家应共同努力，寻求多边合作机遇。文章摘要如下： 美国对南非输美商品征收30%的关税，而实际上，南非对美出口在美国进口商品总额中仅占0.25%。南 非输美商品被征高关税，与经济无关，与贸易无关，而与强权有关。美国频繁挥舞关税大棒的做法，开 启了危险先例。当贸易成为胁迫而不是合作工具时，多边主义的前提就开始崩溃。 长期以来，南非和许多国家制定贸易政策的前提是西方市场是"稳定的、理性的和基于规则的"。而如 今，美国的规则是任意的，伙伴关系——至少在特朗普政府的定义下——取决于默许和服从。 美国发动关税战让外界明确了一件事，那就是对美依赖是一种负担，真正的韧性在于融合、生产和自 决。全球南方国家应共同努力，寻求多边合作机遇。南非总统拉马福萨支持扩大与非洲、亚洲和中东的 贸易关系。同时，《非洲大陆自由贸易协定》也有望将非洲整合为价值3.4万亿美元的市场。 （文章来源：新华社） ...

Investment Rating - The report assigns a "Buy" rating to Thermo Fisher, while other companies such as Danaher, Samsung Bio, and Lonza remain unrated [2]. Core Insights - The report highlights that the impact of tariffs on the life sciences upstream sector is less than expected, leading to an overall upward revision of performance guidance for 2025 by most companies [4][29]. - Clinical CRO orders have unexpectedly increased, driven by strong biotech client demand, although the sustainability of this trend remains uncertain [4][31]. - The revenue recovery is outpacing profit recovery, with cost control pressures increasing due to external macroeconomic challenges [6][14]. Summary by Sections Performance Analysis - In 1H25, the performance of overseas CXO and life sciences upstream companies remained under pressure, but a sequential improvement was observed in 2Q25, with 7 out of 10 tracked companies showing revenue growth compared to 1Q25 [6][31]. - The median and average revenue growth rates for 2Q25 were +4.3% and +7.1%, respectively, compared to +0.2% and +6.0% in 1Q25, primarily driven by clinical CRO companies [6][8]. Tariff Impact - The impact of tariffs on sales of instruments and equipment for drug development and production was reported to be less than anticipated, with management from major life sciences companies indicating a more favorable outlook [29][30]. - Companies like Thermo Fisher and Danaher have adjusted their performance guidance upwards, reflecting a more optimistic view on tariff impacts [29][30]. Demand Trends - The C(D)MO sector continues to see strong commercial production demand, while life sciences upstream companies benefit from a recovery in consumable demand as clients complete inventory destocking [31][32]. - Clinical CRO demand has been bolstered by unexpected growth from biotech clients, although the sustainability of this demand is still in question [33][34]. Financial Metrics - The average gross margin for heavy asset companies decreased from 50.2% in 2021 to 45.7% in 2024, but showed signs of recovery in 2Q25 [15]. - The report notes that capital expenditures are expected to reverse the declining trend observed in 2023-24, potentially increasing future depreciation pressures [17]. Market Reactions - Following the release of 2Q25 results, stock prices for most overseas CXO and life sciences companies reacted positively, particularly for clinical CROs, which saw significant price increases due to better-than-expected performance [24][25].