Core Insights - European natural gas prices are rising due to traders focusing on a surge in global demand [1] Group 1 - The increase in natural gas prices is attributed to heightened global demand [1]

Core Insights - The book "The Ideas of Economics" focuses on the evolution of economic thought over the past 200 years, presenting a collective biography of influential economists [1][4] - It features 13 prominent economists, including Adam Smith, David Ricardo, Karl Marx, and Joseph Stiglitz, highlighting their contributions to modern economic theory [1][5] Summary by Sections - **Historical Context**: The book emphasizes the need for a comprehensive historical understanding of economic theories to appreciate their relevance and application in contemporary contexts [4] - **Influential Theories**: Key theories discussed include labor division, comparative advantage, marginal utility, and Nash equilibrium, which have shaped discussions on market intervention, taxation, and monetary policy [4] - **Selection Criteria**: The selection of the 13 economists is based on their significant contributions to modern economic thought rather than their radical ideas, acknowledging the challenge of choosing from numerous influential figures [5]

Group 1 - The CEO of Delta Air Lines (DAL.N) stated that since adjusting the growth rate to a lower level earlier this year, demand has remained stable [1] - Overall air travel demand is roughly flat compared to last year, with weakness primarily concentrated in the economy class, especially during non-peak periods [1]

Group 1 - The core viewpoint of the report indicates that the Shanghai investment market recorded 23 major transactions in Q2 2025, with investors continuing to increase their investments in core area assets [1] - The total transaction amount in the commercial real estate market reached 8.2 billion yuan, with an average transaction amount of 360 million yuan per project [1] - Transactions in the 100 million to 300 million yuan range accounted for 61% of the total number of transactions, indicating enhanced liquidity for mid-sized assets [1] Group 2 - High-net-worth investors and corporate buyers dominated the market, contributing 88% of the total transaction amount, with street shop commercial assets maintaining market activity [1][2] - Office assets accounted for 38% of the transaction amount, while long-term rental apartments surged to 27%, followed by retail properties at 18%, industrial at 7%, hotels at 4%, residential at 3%, and industrial parks at 3% [1] - Retail properties were the most active segment in terms of transaction volume, making up 35% of the total number of transactions, particularly street shop commercial assets in the 100 million to 300 million yuan range [1] Group 3 - The report reflects a strengthening expectation among investors regarding consumer recovery, with investment demand dominating the market at 66% [2] - The concentration of investments in core area assets highlights the scarcity and risk resilience of these properties in Shanghai [2]

周四，据知情代表透露，OPEC+正讨论在下次月度增产之后，从10月起暂停进一步增产。美、布两油 闻讯短线拉升上涨0.8美元，随后迅速回落。 尽管相关讨论尚处于初期阶段，但沙特及其盟友已初步计划在9月完成约220万桶/日的供应恢复计划， 预计9月将增产55万桶/日。 OPEC+从4月开始解除217万桶/日的减产计划，当月增产13.8万桶/日；5月、6月、7月及本月（8月）每 月分别增产41.1万桶/日。随着OPEC+第一阶段大规模增产接近尾声，市场的注意力正转向接下来会发 生什么。 OPEC+的8个主要成员国定于8月3日举行视频会议，敲定9月的计划。 OPEC下调未来四年全球石油需求预测，但坚称峰值尚未到来 周四，OPEC还发布了最新《2025年世界石油展望》，下调未来四年的全球石油需求预测，但基于发展 中国家消费增长，该组织上调了长期需求预期，并表示"石油需求峰值尚未到来"。 由OPEC与俄罗斯等盟友组成的OPEC+集团，在多年减产支撑市场后，正通过增产夺回市场份额。而中 期需求下调可能使其更难解除将于2026年底到期的其他减产措施。 OPEC在报告中称，今年全球石油需求平均为1.05亿桶/日，2026年将增 ...

南华原油市场日报 2025年7月10日 ——原油延续累库，成品油库存下降 杨歆悦（投资咨询证号：Z0022518） 南华研究院投资咨询业务资格：证监许可【2011】1290号 【核心观点】 EIA最新数据显示原油延续第二周累库，同API数据反映的趋势相似，但美国汽柴油库存持续处于偏低水 平，且去库趋势进一步强化了市场对需求回暖的预期。在此背景下，成品油市场的良好表现及裂解价差的 支撑，将推动美国炼厂维持较高的开工积极性，预计原油加工需求将继续保持稳健态势。 当前原油市场多空因素交织，利多因素在于地缘政治风险抬升、季节性需求支撑，利空因素主要在于 OPEC+增产以及宏观情绪偏低迷。从驱动逻辑上看，OPEC+增产在短期未能传导到现货市场，对原油市场的 影响偏向中长期。需求端，当前处于北半球原油需求高峰期，季节性拐点通常在9月，盘面可能提前交易旺 季拐点，利多周期有限。宏观方面，美国关税大限延期意味着达成贸易协议的概率增加，有利于缓解对全 球经济局势的担忧，对原油市场更多是短期情绪性驱动。地缘风险仍是主要潜在利好，但6月后冲突对油价 刺激效应料将减弱。总的来说，当前多空因素交织下，短期油价有支撑，盘面对利多因素的更 ...

Core Viewpoint - Delta Air Lines reported a stable Q2 revenue of approximately $16.65 billion, with adjusted earnings per share of $2.10, exceeding analyst expectations, indicating a recovery in market demand post-trade tensions [1] Financial Performance - Q2 revenue was approximately $16.65 billion, unchanged from the previous year [1] - Adjusted earnings per share were $2.10, higher than the expected $2.07 [1] - Delta revised its annual earnings forecast to an adjusted EPS of $5.25 to $6.25, signaling confidence in the market [1] - The midpoint of the new EPS forecast (5.75) is above the analyst average expectation of $5.35 but lower than the previous forecast of over $7.35 [1] Business Segments - Delta's revenue growth was driven by high-margin businesses, including increased sales of premium tickets, growth in frequent flyer program credit card spending, partnerships with American Express, cargo operations, and internal maintenance services, which contributed 59% of total revenue [2] Industry Context - The airline industry faced challenges in H1 2023, including accidents and air traffic control disruptions, leading to a significant drop in domestic travel demand [3] - Despite the downturn, international premium travel and frequent flyer travel remained strong, while domestic economy demand stagnated [3] - Delta's CEO noted a gradual recovery in air travel demand as tax cuts and spending plans were approved, and tariff negotiations progressed [3] - The airline industry is expected to adjust capacity growth post-summer to improve ticket prices [4]

Group 1 - The company expects to achieve a net profit attributable to shareholders of approximately 8.561 billion yuan, representing a year-on-year increase of about 101.92% [1] - For the first half of 2025, the company anticipates total revenue of approximately 20.799 billion yuan, a year-on-year growth of about 20.64%, with revenue from continuing operations increasing by approximately 24.24% [1] - The significant growth in net profit is partly attributed to investment gains from the sale of shares in an associate company, with expected gains of about 3.21 billion yuan from the sale of WuXi AppTec shares [1] Group 2 - Excluding certain impacts, the company expects an adjusted net profit of approximately 6.315 billion yuan, reflecting a year-on-year increase of about 44.43% [3] - The company projects a net profit attributable to shareholders, excluding non-recurring gains and losses, of approximately 5.582 billion yuan, which is a year-on-year growth of about 26.47% [3] - The biopharmaceutical sector has shown signs of recovery in 2025, driven by a surge in external authorization transactions, which may benefit the contract research organization (CRO) and contract development and manufacturing organization (CDMO) segments [3] Group 3 - The company previously projected that revenue from continuing operations would return to double-digit growth in 2025, with a year-on-year increase of 10% to 15% [4] - Overall revenue for 2025 is expected to reach between 41.5 billion and 43 billion yuan, representing a year-on-year growth of 5.76% to 9.6% compared to 2024 [4] - Achieving these targets would mean that the company's total revenue would surpass the peak revenue achieved in 2023, driven by the commercialization of COVID-19 [4]

周四（7月10日）本交易日，美元下跌；国际银价上涨。由于市场波动、财政担忧以及美国赤字扩大的 背景下，投资者对白银的避险需求增加。 谈判的进展令人瞩目。消息人士透露，双方已就汽车关税税率和配额问题展开深入讨论，甚至提出了一 项创新机制：为在美国生产并出口的汽车制造商提供关税抵免。这一机制将惠及宝马和奔驰等企业，同 时也可能吸引大众汽车在美国追加投资。欧盟贸易执委谢夫乔维奇表示，未来几天内有望达成初步协 议。然而，特朗普政府对配额制持保留态度，这为谈判增添了不确定性。 【白银走势分析】 白银市场昨日开盘在36.758的位置后行情直接回落，日线最低给到了36.262的位置后行情整理，日线最 终收线在了36.381的位置后行情以一根下影线较长的光头大阴线收线，而这样的形态收尾后，今日先回 落给出36.1多止损35.95，目标看36.4和36.6-36.75 【要闻聚焦】 欧盟正在加速与美国达成贸易协议，以避免特朗普政府设定的8月1日关税上调期限进一步冲击其经济。 据路透社报道，欧盟执委会正与美国方面讨论多项措施，包括削减汽车进口关税、设定配额以及为欧盟 汽车制造商提供出口抵免。汽车产业作为欧盟经济的支柱之一，其重要 ...

尼日利亚国家石油公司CEO：对石油需求的乐观预期是现实的。 ...