Core Insights - South Korea's exports unexpectedly increased in April due to strong semiconductor sales, despite challenges in the automotive sector from U.S. tariffs [1] Group 1: Export Performance - In April, South Korea's export value reached $58.21 billion, marking a 3.7% year-on-year increase, which is the largest growth in four months [1] - This growth exceeded market expectations, which had a median forecast of 2.0% [1] - Semiconductor exports rose by 17.2%, representing the largest increase in four months, while steel product exports grew by 5.4%, ending a three-month decline [1] Group 2: Sector-Specific Trends - Automotive exports declined by 3.8%, although automotive parts saw a 3.5% increase [1] - Wireless communication devices and biopharmaceutical products experienced significant growth, with increases of 26.5% and 21.8% respectively [1] Group 3: Trade Relationships - Exports to the United States fell by 6.8%, while exports to the European Union surged by 18.4%, reaching a record $6.7 billion [1] - South Korea is the first major exporting economy to release trade data each month, providing early insights into global trade conditions [1]

美国商务部4月30日公布最新数据显示，今年第一季度美国GDP环比按年率计算萎缩0.3%。这一数据的 糟糕程度超出市场预期，凸显美国政府关税政策引发的不确定性持续上升，并导致企业与消费者信心下 滑，同时引发了在全球贸易战背景下市场对美国经济放缓的担忧，美国股指期货开盘也应声下跌。与此 同时，总统特朗普对美经济前景仍然乐观，呼吁民众"保持耐心"。(央视新闻) ...

Group 1 - The CFO of Qualcomm (QCOM.O) indicated that there is uncertainty regarding the impact of the global trade environment on the demand for their various business segments [1]

Group 1: Company Performance - Samsung Electronics reported a record quarterly revenue of 79.14 trillion KRW (approximately 404.4 billion RMB) for Q1 2025, with an operating profit of 6.7 trillion KRW (approximately 34 billion RMB) [3] - The Device Solutions (DS) division, responsible for chip business, saw an operating profit of 1.1 trillion KRW, a 42% year-on-year decline [3] - The DS division's sales increased by 9% year-on-year to 25.1 trillion KRW, but experienced a 17% quarter-on-quarter decline due to decreased HBM sales [3] Group 2: Market Dynamics - The overall revenue of the memory business was impacted by a decline in average selling prices and export controls on AI chips, leading to a delay in demand for the upcoming HBM3E products [3] - In Q1 2025, the industry price for LPDDR5X 12GB decreased by approximately 8% year-on-year and 4% quarter-on-quarter, with expectations of a 4% quarter-on-quarter increase in Q2 [5] - Some U.S. companies and those with export needs have increased their DRAM and NAND inventory levels to mitigate potential cost increases due to tariff uncertainties [4] Group 3: Other Business Segments - Samsung's system LSI business showed slight improvement due to increased supply of high-resolution sensors and LSI products, while the foundry business faced challenges from weak mobile phone demand and stagnant wafer utilization [5] - The mobile experience (MX) and Networks divisions generated a combined revenue of 37 trillion KRW with an operating profit of 4.3 trillion KRW, driven by strong sales of AI smartphones and reduced component costs [5] - The visual display and digital appliance business reported combined revenue of 14.5 trillion KRW and an operating profit of 0.3 trillion KRW, benefiting from enhanced AI television offerings [5] Group 4: Economic Outlook - Samsung Electronics highlighted increasing macroeconomic uncertainties due to global trade tensions and slowing economic growth, complicating future performance forecasts [6]

Financial Data and Key Metrics Changes - The company reported first quarter adjusted earnings of $0.40 per share, down from the previous year but exceeding management's expectations due to stronger sales volume and Fit to Win benefits [4][14] - Shipments increased by more than 4% compared to last year, reflecting a gradual recovery in market conditions [4][6] - The Fit to Win program generated savings of $61 million in the first quarter, contributing significantly to better-than-expected results [4][10] Business Line Data and Key Metrics Changes - Segment operating profit improved significantly in The Americas, driven by strong demand and strategic initiatives, while results in Europe trended down due to lower net prices and temporary production downtime [4][15] - In The Americas, sales volume grew nearly 4%, with strong performance in beer and spirits, while Europe saw a nearly 4% increase in volume but faced competitive pricing pressures [8][42] Market Data and Key Metrics Changes - Overall shipments were up 4.4% in the first quarter, with growth driven by inventory rebuilding and contract negotiations [6][7] - Volumes increased across nearly all markets, particularly in beer and spirits, with Europe experiencing a rebound in customer inventory rebuilding [8][9] Company Strategy and Development Direction - The company is reaffirming its full-year 2025 guidance, expecting adjusted earnings to improve between 50% and 85% from 2024 [5][17] - The Fit to Win program aims to reduce total enterprise costs and optimize the network to support future profitable growth, with a target of $250 million in savings for 2025 [10][11] - The company is focused on improving its competitive position through strategic initiatives and is well-positioned to capitalize on opportunities arising from changes in global trade policies [21][23] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the operating environment, noting potential headwinds from new tariff policies but maintaining a stable volume outlook for the year [9][18] - The company is addressing excess capacity in Europe through temporary curtailments and is consulting with local works councils regarding long-term restructuring actions [8][9] Other Important Information - The company has made significant progress in reducing inventory, down approximately $225 million from the same time last year, and is on track to meet its year-end target of less than fifty days of inventory [16] - The company is leveraging its extensive glass network in the U.S. to enhance competitiveness, particularly in light of tariff dynamics affecting aluminum and imports from China [21][22] Q&A Session Summary Question: Can you talk about any pre-buy effects and the volume impact? - Management indicated that pre-buying had a limited impact on the stronger volume in the first quarter, with most strength attributed to underlying demand [27][28] Question: Are we looking at negative volumes in April? - Management noted a slight decline in volumes in April, adjusted for Easter, but emphasized that the overall outlook remains stable for the year [29][30] Question: Can you provide insights on volume progress by end market? - Management reported strong volume growth across most categories in The Americas, with beer and spirits performing particularly well, while Europe saw mixed results [42][44] Question: What are the drivers behind the realignment of French operations? - Management explained that the focus is on aligning assets with market opportunities, particularly in the premium segment, while continuing to invest in key markets like France [48][49] Question: Have you seen signs of aluminum tariffs impacting customer conversations? - Management acknowledged that while there is potential for shifts towards glass due to aluminum tariffs, it is still early to see significant impacts [52][53] Question: How do you expect net price headwinds to trend throughout the year? - Management indicated that net price headwinds are expected to be front-end loaded, with a moderation anticipated in the second half of the year [60][61] Question: How are you managing energy costs and raw materials? - Management confirmed favorable long-term energy contracts and emphasized a value chain approach to manage raw material costs effectively [74][78]

西班牙经济部长：尽管全球贸易动荡，政府仍坚持今年GDP增长预期为2.6%。 ...

证券代码：000039、299901 证券简称：中集集团、中集 H 代 中国国际海运集装箱（集团）股份有限公司 投资者关系活动记录表 编号：2025-07 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称 及人员姓名 一季报电话会参加机构有： 永赢基金、平安资管、交银施罗德、华商基金、汇丰晋信基金、 北银理财、粤港澳大湾区共同家园发展基金、前方基金、上海孝 庸私募、上海混沌投资、华泰证券、国信证券、东吴证券、国投 证券、瑞银证券等 时间 2025 年 4 月 29 日 15:00-16:00 地点 中集集团总部 上市公司 接待人员 姓名 中集集团董事会秘书 吴三强 中集集团证券事务代表 何林滢 中集集团投资者关系高级经理 巫娜 中集集团投资者关系经理 韩晓娜 投资者关系活 动主要内容介 绍 2025 年第一季度电话会主要交流内容包括： 1、请介绍公司集装箱一季度的情况？公司如何看待未来集装箱 发展趋势？ 1 答：今年第一季度，全球集装箱贸易需求受美国加征关税影响呈 现抢运趋势。同时，根据弘景智库 ...

泰国央行：全球贸易政策带来的下行风险增加，外国游客数量减少。 ...

2025.04. 30 本文字数：1210，阅读时长大约3分钟 作者 | 第一财经 孙卓 当地时间4月29日，美国总统特朗普在密歇根州举行集会，庆祝其第二任期满100天，这是他开始第 二任期以来规模最大的政治活动。 特朗普上任以来，美国经历了联邦政府改革，关税引发的股市动荡。民调显示，他的支持率已跌至第 二任期的最低点。但是，特朗普仍在当天的集会上称，"一切都在按计划进行"。 再次批评鲍威尔 特朗普当天选择了美国汽车工业的核心地带密歇根州作为他百日执政演说的地点。当天早些时候，特 朗普签署行政令，调整对进口汽车及零部件征收的关税。 在第二任期的100天内，特朗普已签署超过140项行政命令，创下美国总统任期初期签署行政命令数 量的历史新高。 特朗普提到他在这一百天内，开展了大规模驱逐非法移民的行动、缩减政府规模和重塑全球贸易格 局。然而，这些举措正在引发各方的反对。 特朗普还在演讲中提到美国的通胀正在放缓，并再次批评美联储主席鲍威尔"工作不力"。特朗普认 为，美国的能源、食品价格已经下跌，通胀"几乎不存在"，并警告鲍威尔"若不采取行动"，美国经济 或放缓。鲍威尔此前表示，特朗普的关税可能推高物价并损害经济。 同 ...

Core Viewpoint - ArcelorMittal SA warns that the ongoing global trade tensions, particularly due to aggressive U.S. tariffs and European support for local steel companies, may significantly impact steel demand and the overall supply chain costs and profits in the steel industry [1][2]. Group 1: Company Performance - ArcelorMittal reported that the global trade turmoil could lead to lower steel demand than previously anticipated, which was initially projected to grow by 2.5% to 3.5% outside of China [1][2]. - The company's first-quarter EBITDA reached $1.58 billion, slightly exceeding analysts' expectations of approximately $1.56 billion, driven by strong performance in iron ore mining [3]. Group 2: Market Conditions - The U.S. government expanded a 25% steel import tariff to all countries, including major suppliers Canada and Mexico, while Europe has also intensified trade protection measures to counteract cheap steel imports from Asia [2]. - The CEO of ArcelorMittal expressed caution regarding the short-term outlook, indicating that unresolved global trade uncertainties could harm business confidence and disrupt the global economy [2]. Group 3: Industry Outlook - The long-term effects of the escalating trade war on the steel industry remain unclear, but short-term indications suggest a potential cooling of global steel demand [2]. - The U.S. effective tariff rate is currently close to 23%, the highest in over a century, which has significantly impacted consumer and business confidence in the U.S. [4].