Group 1 - Honda reported a significant decline in net profit for the first quarter of fiscal year 2026, with a net profit of 196.67 billion yen (approximately 9.578 billion RMB), a year-on-year decrease of 50.2% [1] - The company's operating profit for the same period was 244.17 billion yen (approximately 11.891 billion RMB), down 49.6% year-on-year, while sales revenue decreased by 1.2% to 5.34 trillion yen (approximately 260.053 billion RMB) [1] - Honda revised its full-year operating profit forecast for fiscal year 2026 to 700 billion yen (approximately 34.089 billion RMB), up from a previous estimate of 500 billion yen, but still below market expectations of 896.24 billion yen (approximately 43.648 billion RMB) [2] Group 2 - The company expects full-year sales revenue of 21.1 trillion yen (approximately 1.023 trillion RMB), an increase from the previous estimate of 20.3 trillion yen, but slightly below market expectations of 21.21 trillion yen [2] - Honda's global retail sales volume for fiscal year 2026 is projected to remain at 3.62 million units, unchanged from previous forecasts [2] - The automotive industry is facing challenges due to changing global dynamics, with Honda's performance impacted by tariff effects and currency fluctuations [3] Group 3 - Other Japanese automakers, such as Nissan and Mazda, have also reported disappointing financial results, indicating a broader trend of declining performance in the industry [3] - In the competitive Chinese market, Honda's sales in June were 58,596 units, a year-on-year decline of 15.2%, highlighting the need for the company to accelerate its electric vehicle transition to enhance competitiveness [3]

截至二零二六年三月三十一日止財政年度第一季度 最新營運情況 本公告乃由浩德控股有限公司（「本公司」）及其附屬公司（統稱「本集團」）根據 香港聯合交易所有限公司（「聯交所」）GEM證券上市規則第17.10(2)(a)條及證券 及期貨條例（「證券及期貨條例」）第XIVA部項下的內幕消息條文作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 ALTUS HOLDINGS LIMITED 浩德控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8149） 本公司董事（「董事」）會（「董事會」）謹此提供下列本集團截至二零二六年三月三 十一日止財政年度第一季度（「二零二六年財政年度第一季度」）的最新營運情況。 收入 於二零二六年財政年度第一季度，本集團錄得企業融資、資產管理及其他諮詢服 務收入4.6百萬港元，較去年同期增加27.3%。企業融資及其他諮詢服務收入乃於 已根據服務協議條款提供相關服務及╱或完成相關重大行動從而達成協定的賬單 里程碑時確認。因 ...

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - In FY2026Q1 (April 1, 2025 - June 30, 2025), Deckers achieved revenue of $960 million, a year-on-year increase of 17%, exceeding Bloomberg's consensus estimate of $900 million [2][4] - Gross margin decreased by 1.1 percentage points to 55.8%, primarily due to strong growth in low-margin distribution channels, while net margin benefited from cost control, increasing by 0.4 percentage points to 14.4% [2][4] Revenue Breakdown - By brand, UGG and HOKA revenues increased by 18.9% and 19.8% respectively, while other brands saw a decline of 19.0%, with revenues of $270 million, $650 million, and $50 million respectively [5] - By channel, Direct-to-Consumer (DTC) and distribution channel revenues grew by 0.5% and 26.7% respectively, reaching $310 million and $650 million, with DTC facing short-term pressure due to limited offline retail presence and reliance on e-commerce [5] - By region, revenues in the U.S. decreased by 2.8% to $500 million, while other regions saw a significant increase of 49.7% to $460 million, with EMEA contributing notably and Asia-Pacific maintaining strong growth [5] Inventory and Pricing Strategy - As of FY2026Q1, the company's inventory increased by 13% year-on-year to $850 million, with efforts underway to manage old inventory [5] - The company has begun raising prices since July 1, 2025, with most products already adjusted, which is expected to positively impact FY2026Q2 revenue [5] Performance Guidance - For FY2026Q2, revenue is expected to be between $1.38 billion and $1.42 billion, representing a year-on-year growth of 5.2% to 8.3%, with HOKA anticipated to grow around 10% and UGG expected to see mid-single-digit growth [5]

美元兑瑞郎下跌0.3%，报0.8050。 在美上市瑞士ETF跌幅收窄至不足0.6%。综合媒体报道，美国国务卿 卢比奥称预计很快将宣布一些消息，瑞士领导人称赞与卢比奥进行"良好会晤"。Flightaware航班追踪信 息显示，瑞士政府专机将于美东时间18:10离开华盛顿特区。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the foreign exchange (FX) market, particularly the performance of the US dollar against the euro (EUR/USD) and its implications for European earnings and exporters [1][2][9]. Core Insights and Arguments 1. **US Dollar Performance**: The dollar has rebounded since the US announced trade deals with Japan and the EU, despite concerns about the Federal Reserve's independence potentially keeping the dollar premium elevated [1][2]. 2. **EUR/USD Forecast**: FX strategists predict a gradual decline of EUR/USD towards 1.13, which could alleviate pressure on EU earnings and exporters [1][2]. 3. **Impact of Trade Deals**: The announcement of trade deals has led to a ~2.5% fall in EUR/USD, reviving concerns about tariffs' negative impact on the EU economy [2]. 4. **Tariff Effects**: The trade war was expected to strengthen the dollar, but instead, dollar depreciation has compounded the negative effects of tariffs, particularly for the eurozone [2][9]. 5. **EPS Revisions**: European corporates have seen sharp declines in earnings per share (EPS) revisions compared to US peers, primarily due to the strength of the euro [9][10]. 6. **Sector Performance**: EU exporters have underperformed significantly, with EPS estimates for exposed sectors cut sharply, indicating a -20% adjustment [10][14]. 7. **Investor Behavior**: Domestic investors have turned buyers in US equities, with inflows of $20 billion, the highest in six weeks, driven mainly by US and global funds [18][27]. Additional Important Insights 1. **Sector Inflows**: All sectors globally saw inflows, with Technology and Financials leading, while Energy and Telecoms lagged [19][29]. 2. **Fixed Income Trends**: Fixed income funds also experienced strong inflows, particularly in US treasuries, indicating a shift in investor sentiment [20]. 3. **Market Events**: Upcoming key market-moving events include the Bank of England rate decision and various economic data releases from the US and Eurozone [16][17]. This summary encapsulates the critical insights from the conference call, highlighting the dynamics of the FX market, the implications for European corporates, and the broader investment trends observed.

Group 1: US-India Trade Relations - The US has imposed a 25% tariff on Indian goods, which is more severe than tariffs on other major trading partners, escalating tensions in US-India relations [1][2] - India's opposition parties criticized Prime Minister Modi's government for failing to protect national interests, highlighting the negative impact on various industries [2] - Modi's government condemned the US measures as political coercion and a violation of WTO rules, leading to formal protests and retaliatory tariffs on US agricultural products [2] Group 2: Economic Impact on India - Foreign Portfolio Investors (FPI) turned net sellers in July, withdrawing ₹177.41 billion from Indian stock markets, marking the first monthly outflow after three months of inflows [5] - The Nifty 50 index has experienced a continuous five-week decline, the longest streak in two years, with the IT sector seeing a 10% drop [5][6] - The Indian rupee has depreciated by 1.2% in the past week, the largest weekly decline since December 2022, and is projected to be one of the weakest currencies in Asia for 2025 [1][6] Group 3: Ongoing Trade Negotiations - Despite US threats regarding oil imports from Russia, India plans to continue purchasing Russian oil, citing long-term contracts [3] - India's government is engaged in trade negotiations with the US but remains firm on key agricultural interests, particularly against dairy imports [2][3] - Upcoming meetings, such as the IMEC conference, may provide opportunities for dialogue, but success depends on both governments' willingness to set aside differences [4]

1. Report Industry Investment Rating - There is no industry investment rating provided in the report. 2. Core Viewpoints - The report continues the previous analytical framework of "USD - mid - price - spot price" to judge the direction and rhythm of the USD/CNY exchange rate. With the "steep cooling" of the non - farm payrolls data, the spot exchange rate of USD/CNY will have increased volatility and a slowdown in appreciation expectations. Whether the 7.20 level is "effectively broken" depends on the policy signals from the mid - price. Currently, the mid - price of USD/CNY shows a clear "stabilizing" orientation. In the context of sufficient policy tools and reduced external pressure, the RMB has no one - way depreciation risk against the USD in the short term, with a short - term trading range of 7.15 - 7.23 and a central level around 7.20 [1][14]. - The report is cautious about the view that the US economy can withstand the impact of tariffs. The seemingly strong US economic data are just short - term fluctuations, and problems such as slow domestic demand growth, persistent inflation pressure, and weak investment activities remain unsolved. The July non - farm payrolls report indicates that the cooling of the US labor market has exceeded expectations, and the reliability and transparency of official employment data are declining [10]. 3. Summary by Relevant Catalogs 3.1 Foreign Exchange Market Review - As of 16:30 on August 1, the US Dollar Index continued to appreciate compared to the previous Friday. The on - shore RMB, off - shore RMB, Japanese Yen, Euro, and British Pound all remained under pressure against the US Dollar [3]. - Market quotes for various exchange rates are provided, including the USD/CNY mid - price, spot rates, and cross - exchange rates. For example, the USD/CNY mid - price increased by 0.108%, the USD/CNY spot rate rose by 0.596%, and the USD/CNH spot rate increased by 0.736% [4]. 3.2 USD/CNY Spot Exchange Rate Weekly Review - Last week, the US Dollar Index continued to rebound, supported by the market's selling pressure on the Euro due to the agreement between the US and Europe and overall positive economic data. The USD/CNY spot exchange rate also rose steadily. However, the weak non - farm payrolls data on Friday caused a significant drop in the US Dollar Index [9]. 3.3 Market Outlook - The report is skeptical about the view that the US economy can resist tariff impacts. The seemingly good economic data are short - term fluctuations, and underlying problems in the US economy persist. The July non - farm payrolls report is a key evidence. It shows that the cooling of the US labor market has exceeded expectations, and the reliability of official employment data is decreasing [10][12][13]. - The report continues the previous analytical framework. With the poor non - farm payrolls data, the volatility of the USD/CNY spot exchange rate will increase, and the appreciation expectation will slow down. The 7.20 level's "effective breakthrough" depends on the mid - price policy signals. In the short term, the RMB has no one - way depreciation risk against the USD, with a trading range of 7.15 - 7.23 and a central level around 7.20 [14]. 3.4 RMB Market Observation 3.4.1 Policy Tools Tracking - Counter - Cyclical Factor - As of last Friday, the mid - price of the USD/CNY exchange rate was reported at 7.1496, depreciating 77 basis points from the previous Friday [16]. 3.4.2 Investor Expectations and Sentiment Tracking - **Enterprise Sector Expectations**: In June 2025, banks settled 14900 billion RMB and sold 13083 billion RMB. From January to June 2025, cumulative settlements were 82135 billion RMB, and cumulative sales were 83950 billion RMB. In US dollars, June settlements were 2077 billion, and sales were 1823 billion. From January to June, cumulative settlements were 11432 billion, and cumulative sales were 11685 billion. Bank - customer foreign - related income and payments data are also provided [18]. - **Overseas Investor Expectations**: As of last Friday, the spread between the off - shore and on - shore RMB indicated a slight increase in overseas investors' depreciation sentiment towards the RMB against the USD [24]. - **Professional Investor Expectations**: As of last Friday, the 1 - year NDF closing price of USD/CNH was 7.0269, up from the previous Friday. Most risk - reversal option indicators (25Delta) showed a slight increase in the market's depreciation sentiment towards the RMB [26]. 3.4.3 Derivatives Market Tracking - **Hong Kong RMB Futures Market**: Charts of the Hong Kong Exchange's USD/CNH futures main - contract transaction price and related basis are provided [30][31]. - **Singapore RMB Futures Market**: Charts of the Singapore Exchange's USD/CNH futures main - contract transaction price and related basis are provided [33][35]. 3.5 Key Data and Events 3.5.1 One - Week Global Key Events Review - **China**: Sino - US economic and trade teams held talks in Stockholm. The national childcare subsidy system was announced, with a subsidy of 3600 yuan per child per year. In June 2025, China had a trade surplus of 701 billion US dollars in goods and services. In 2024, the "Three New" economic added value was 24.29 trillion yuan, growing by 6.7%. The July manufacturing PMI was 49.3% [39][40]. - **US**: The US Treasury increased the borrowing estimate to 1 trillion US dollars this quarter. The June goods trade deficit narrowed by 10.8%. The second - quarter GDP grew by 3% annually. The July non - farm payrolls increased by only 73,000, with significant downward revisions to previous months' data. The US will resume "reciprocal tariffs" [41][42]. - **UK**: No key events were reported. - **Eurozone**: Although the general framework of the EU - US trade agreement was determined, details remained to be negotiated. The second - quarter GDP grew by 0.1% quarter - on - quarter and 1.4% year - on - year. Germany and Italy's economies contracted in the second quarter [43]. - **Japan**: No key events were reported. - **Other**: Australia's second - quarter CPI rose by 2.1% year - on - year. The Bank of Canada kept the interest rate at 2.75% [44][45]. 3.5.2 One - Week Global Central Bank Statements - **People's Bank of China**: Sino - US economic and trade talks were held in Stockholm, and the suspension of part of the US reciprocal tariffs and China's counter - measures will be extended for 90 days. The Politburo emphasized maintaining policy continuity and implementing proactive fiscal and moderately loose monetary policies. The State Administration of Foreign Exchange will strengthen foreign exchange monitoring and management [45][46]. - **Federal Reserve**: The Fed kept the federal funds rate unchanged. Trump made a series of tariff - related announcements. Fed理事Kugler will leave office early. New York Fed President Williams expects the US economic growth to slow to about 1% this year [48][50]. - **Bank of Japan**: The Bank of Japan kept the interest rate at 0.5% and raised the 2025 core CPI forecast [51]. - **European Central Bank**: ECB hawkish official Kazimir said the ECB is not in a hurry to cut borrowing costs [52]. - **Bank of England**: No statements were reported. - **Other**: The Bank of Korea's meeting minutes showed that most members considered further interest - rate cuts, and the bank kept the benchmark interest rate at 2.50% [54]. 3.5.3 This Week's Key Financial and Economic Data and Events - A list of key data and events for this week is provided, including US Treasury bill auction rates, Eurozone PPI, US trade data, and China's CPI and PPI [55]. 3.6 International Related Quotes 3.6.1 Major Countries' Exchange Rate Quotes - Charts of exchange rates such as the US Dollar Index, Euro/USD, USD/KRW, and others are provided [58][60]. 3.6.2 Correlation of Major Asset Classes - Charts of assets including the S&P 500 Volatility Index (VIX), Brent crude oil, London gold, and others are provided [80][81][83]. 3.6.3 Liquidity - Charts of central bank open - market operations, Shibor quotes, and SOFR quotes are provided [90][91][92]. 3.6.4 Sino - US Interest Rate Spread - Charts of Sino - US interest rate spreads at different tenors, 10 - year US Treasury yields, and 10 - year Chinese Treasury yields are provided [94][95]. 3.6.5 RMB Exchange Rate Index - A chart of the three major RMB exchange rate indices is provided [97].

Core Viewpoint - Berkshire Hathaway's Q2 profit declined by 4% year-on-year, primarily due to weak performance in its insurance business [1] Financial Performance - The company reported a net profit of $12.37 billion for Q2, down from $30.3 billion in the same period last year [1] - Earnings per Class A share were $8,601, compared to $21,122 a year earlier [1] - Operating profit, excluding certain investment gains, fell by 4% to $11.16 billion [1] Business Segment Analysis - The decline in insurance underwriting business offset growth in the railroad, energy, and manufacturing service retail sectors [1] - If currency fluctuations are excluded, operating profit would have exceeded the previous year's figures [1] Currency Impact - The depreciation of the dollar resulted in a reduction of $877 million in after-tax operating profit [1] - In the same quarter last year, currency changes contributed approximately $446 million in gains [1]

Core Viewpoint - The performance of First REIT has been negatively impacted by fluctuations in the Indonesian Rupiah exchange rate, leading to a downgrade in its rating from "Buy" to "Hold" by OCBC Bank, while maintaining a target price of SGD 0.27 [1] Group 1: Financial Performance - First REIT's DPU for the first half of 2025 was SGD 0.0113, a decrease of 5.8% year-on-year, falling short of analyst expectations primarily due to exchange rate fluctuations [2] - Rental income and net property income (NPI) for the first half of 2025 declined by 2.9% and 2.7% year-on-year, amounting to SGD 50.5 million and SGD 48.9 million respectively; excluding currency effects, the property portfolio in Indonesia and Japan would have seen a rental growth of 5.5% [2] - The total distributable amount decreased by 4.8% year-on-year to SGD 23.8 million [2] Group 2: Analyst Predictions - Analysts at OCBC Bank have lowered their DPU forecasts for FY2025 and FY2026 by 3.8% and 3.2% respectively, citing ongoing currency headwinds [3] - Despite the downgrade, the fair value estimate remains at SGD 0.27 due to lower risk-free rate assumptions partially offsetting the rise in risk premiums [3] - The current closing price of SGD 0.280 indicates a tight valuation [3] Group 3: Strategic Review and Market Outlook - First REIT is undergoing a strategic review of its Indonesian hospital asset portfolio, having received an initial acquisition interest from PT Siloam International Hospitals [4] - Analysts recommend a "wait-and-see" approach for investors until the results of the strategic review are clearer [4] - The trust benefits from a weighted average lease expiry (WALE) of 10.1 years, providing stable cash flow, alongside structural trends such as aging population and increasing demand for quality healthcare services [4] - As of June 30, 2025, the trust's leverage ratio has slightly increased to 41.2%, with outstanding rent from tenant PT Metropolis Propertindo Utama accumulating to SGD 7 million [4]

Group 1 - The KOSPI index in South Korea experienced a significant drop, falling over 3.7% in early trading, with a current decline of 2.95% [1] - The South Korean won briefly fell below the 1400 mark against the US dollar for the first time since May 19 [4] - The USD/KRW exchange rate showed an increase to 1,398.86, up by 6.79 (+0.49%) [3][6] Group 2 - The US announced a 15% "reciprocal tariff" rate on South Korea and Japan, impacting trade relations [6] - The trading volume in the KOSPI was reported at 580 million shares, with a fluctuation of 1.16% [8] - The A-share market showed mixed results, with the Shanghai Composite Index turning down while the Shenzhen Component and ChiNext Index rose, with over 2900 stocks increasing [10]