Core Viewpoint - Fuji High Industrial (00927) has issued a profit warning, expecting a loss attributable to shareholders of approximately HKD 2 million to HKD 8 million for the mid-term period ending September 30, 2025, compared to a profit of about HKD 16.5 million for the same period in 2024 [1] Group 1: Financial Performance - The company anticipates a significant shift from profit to loss, with expected losses ranging from HKD 2 million to HKD 8 million for the mid-term period [1] - This represents a decline from a profit of approximately HKD 16.5 million in the previous year [1] Group 2: Reasons for Loss - The primary reasons for the expected loss include a global economic downturn and multiple rounds of tariffs imposed by the U.S. government on goods from China starting from the beginning of the mid-term period [1] - These tariffs have led to conservative ordering practices from customers, negatively impacting revenue in the company's headphone and accessory segments [1]

Core Viewpoint - Fuji High Industrial (00927) anticipates a significant shift from a profit of approximately HKD 16.5 million for the six months ending September 30, 2024, to a projected loss of between HKD 2 million and HKD 8 million for the mid-term period of 2025, primarily due to adverse global economic conditions and new tariffs imposed by the U.S. government on goods from China [1] Group 1 - The company expects a loss for the mid-term period of 2025, contrasting with a profit in the previous period [1] - The anticipated loss ranges from HKD 2 million to HKD 8 million [1] - The shift from profit to loss is attributed to a downturn in the global economy [1] Group 2 - The U.S. government is set to implement multiple rounds of tariffs on goods from China starting in the mid-term period of 2025 [1] - The tariffs have led to a conservative approach from customers when placing orders [1] - Revenue declines are noted in the company's Dami headphones and audio headphones segment, as well as in the accessories and parts division [1]

Core Viewpoint - Fuji High Industrial (00927.HK) anticipates a loss attributable to equity holders of the company between HKD 2 million and HKD 8 million for the six months ending September 30, 2025, compared to a profit of approximately HKD 16.5 million for the same period in 2024 [1] Group 1: Financial Performance - The company expects a significant decline in profitability, shifting from a profit of HKD 16.5 million to a projected loss [1] - The anticipated loss is attributed to adverse global economic conditions and increased tariffs imposed by the U.S. government on goods from China [1] Group 2: Revenue Impact - The decline in revenue is particularly noted in the company's Dami headphones and audio headphones segment, as well as in the accessories and components division [1] - Customers have adopted a conservative approach in placing orders, contributing to the revenue downturn [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core View of the Report - The precious metals market is supported by safe - haven demand and rebounds. The US government shutdown, potential economic slowdown, and central bank gold - buying expectations provide bottom support for gold prices, but the strengthening of the US dollar and long - term interest rates pose potential suppression. The market may continue to fluctuate widely, and it is recommended to use an interval band trading strategy. The recommended trading intervals are 890 - 950 yuan/gram for the Shanghai Gold 2512 contract and 11,000 - 11,600 yuan/kilogram for the Shanghai Silver 2512 contract [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Prices**: The closing price of the Shanghai Gold main contract is 917.8 yuan/gram, up 5.54 yuan; the closing price of the Shanghai Silver main contract is 11,427 yuan/kilogram, up 151 yuan [2]. - **Positions**: The main contract positions of Shanghai Gold are 137,883 lots, down 3,545 lots; those of Shanghai Silver are 245,863 lots, up 1,589 lots. The top 20 net positions of the Shanghai Gold main contract are 104,020 lots, up 2,015 lots; those of the Shanghai Silver main contract are 98,371 lots, up 2,070 lots [2]. - **Warehouse Receipts**: The warehouse receipt quantity of gold is 87,816 kilograms, unchanged; that of silver is 639,940 kilograms, down 16,230 kilograms [2]. 3.2 Spot Market - **Prices**: The spot price of gold on the Shanghai Non - ferrous Metals Network is 913.8 yuan/gram, up 6.31 yuan; the spot price of silver is 11,323 yuan/kilogram, up 164 yuan [2]. - **Basis**: The basis of the Shanghai Gold main contract is - 4 yuan/gram, up 0.77 yuan; the basis of the Shanghai Silver main contract is - 104 yuan/kilogram, up 13 yuan [2]. 3.3 Supply and Demand Situation - **ETF Holdings**: Gold ETF holdings are 1,038.63 tons, unchanged; silver ETF holdings are 15,150.71 tons, down 16.93 tons [2]. - **CFTC Non - commercial Net Positions**: The weekly non - commercial net positions of gold in CFTC are 266,749 contracts, up 339 contracts; those of silver are 52,276 contracts, up 738 contracts [2]. - **Supply and Demand Quantities**: The quarterly total supply of gold is 1,313.01 tons, up 54.84 tons; the annual total supply of silver is 987.8 million troy ounces, down 21.4 million troy ounces. The quarterly total demand for gold is 1,313.01 tons, up 54.83 tons; the annual global total demand for silver is 1,195 million ounces, down 47.4 million ounces [2]. 3.4 Option Market - **Historical Volatility**: The 20 - day historical volatility of gold is 36.02%, down 0.01%; the 40 - day historical volatility is 26.9%, up 0.05% [2]. - **Implied Volatility**: The implied volatility of at - the - money call options for gold is 22.92%, down 2.11%; the implied volatility of at - the - money put options is 22.92%, down 2.1% [2]. 3.5 Industry News - The US federal government shutdown has entered the 36th day, which may reduce the Q4 economic growth rate by up to 2 percentage points. If the deadlock continues until Thanksgiving week, about $14 billion in economic losses will be irreparable [2]. - The US ADP employment in October increased by 42,000, exceeding the expected 30,000, but the overall labor demand is still slowing down, adding uncertainty to the Fed's December interest - rate decision [2]. - The US 10 - month ISM services PMI rose 2.4 points to 52.4, reaching an eight - month high, while the manufacturing PMI is still under pressure [2].

Core Viewpoint - UBS analysis indicates that if the U.S. Supreme Court rules Trump's tariff policy illegal, it could force the U.S. government to refund approximately $140 billion in taxes to importers, which represents 7.9% of the projected federal budget deficit for FY2025 [1] Group 1: Economic Impact - A ruling against the government could lead to immediate fiscal shocks due to the large tax refunds, potentially resulting in a structurally low-tariff trade environment if trade partners do not retaliate [1] - This low-tariff environment could ultimately benefit the U.S. economy and stock market [1] Group 2: Government Response - UBS estimates that the government is likely to utilize legal tools from the Trade Act of 1974, specifically Sections 201 and 301, to rebuild tariff barriers, although this process may take several quarters and reduce trade policy flexibility [1] Group 3: Market Implications - While refunds may provide unexpected financial benefits to import businesses, the impact on the overall market may be limited as tariff costs have not significantly lowered S&P 500 earnings expectations [1] - The ruling could lower the overall effective tariff rate, enhance household purchasing power, alleviate inflationary pressures, and provide the Federal Reserve with more room for interest rate cuts, which would generally be welcomed by stock market investors, provided trade partners refrain from escalating retaliatory measures [1]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - The current tariff issue has a marginal effect, and the core lies in the direction of spot freight rates. The main contract may be in the process of bottom - building, and it is recommended to participate with a light position or wait and see [2][3]. - The bullish signals released by liner companies have warmed the market sentiment. Long - position funds have continuously entered, pushing up the futures price. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [2][3]. - For different time - frame strategies: in the short - term, risk - preference investors who have built positions in the EC2512 contract below 1500 can consider partial profit - taking; in the long - term, it is recommended to take profits when the contract price surges and wait for the price to stabilize after the correction before making further judgments [3]. 3. Summary by Relevant Content a. Freight Index - **SCFIS and NCFI**: On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1208.71 points, down 7.9% from the previous period; for the US - West route, it was 1267.15 points, up 14.4%. On October 31, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 1100.32 points, up 12.60%; for the European route, it was 965.62 points, up 17.43%; for the US - West route, it was 1452.82 points, up 12.30% [2]. - **SCFI and CCFI**: On October 31, the Shanghai Export Container Freight Index (SCFI) was 1550.70 points, up 147.24 points from the previous period. The SCFI price for the European route was 1344 USD/TEU, up 7.87%; for the US - West route, it was 2647 USD/FEU, up 22.94%. The China Export Container Freight Index (CCFI) for the comprehensive index was 1021.39 points, up 2.9%; for the European route, it was 1323.81 points, up 2.4%; for the US - West route, it was 772.67 points, up 4.9% [2]. b. PMI Data - **Eurozone**: In October, the manufacturing PMI preliminary value was 45.9 (expected 45.1, previous 45), the service PMI preliminary value was 51.2 (expected 51.5, previous 51.4), and the composite PMI preliminary value was 49.7 (expected 49.7, previous 49.6). The Sentix investor confidence index was expected to be - 8.5, with the previous value of - 9.2 [2]. - **China**: In October, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the comprehensive PMI output index was 50.0%, down 0.6 percentage points from the previous month, indicating overall stable corporate production and operation activities [2]. - **US**: In October, the S&P Global service PMI preliminary value was 55.2 (expected 53.5, previous 54.2), the manufacturing PMI preliminary value was 52.2 (expected 52, previous 52), and the composite PMI preliminary value was 54.8 (expected 53.1, previous 53.9) [3]. c. Tariff and Trade - Sino - US tariffs continue to be extended, and the negotiation has not made substantial progress. The tariff war has gradually evolved into a trade negotiation issue between the US and other countries. Currently, the spot price has slightly decreased [2][3]. d. Market Strategy - **Short - term Strategy**: The main contract is weak while the far - month contract is strong, which is in line with the bottom - building judgment. Risk - preference investors who have built positions in the EC2512 contract below 1500 can consider partial profit - taking. Follow - up market trends should be monitored, and it is not recommended to hold losing positions. Stop - loss should be set [3]. - **Arbitrage Strategy**: Given the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or participate with a light position [3]. - **Long - term Strategy**: It is recommended to take profits when the contract price surges and wait for the price to stabilize after the correction before making further judgments [3]. e. Market Conditions on November 5 - The main contract 2512 closed at 1946.0, with a 4.08% increase, a trading volume of 4.12 million lots, and an open interest of 34,100 lots, an increase of 3157 lots from the previous day [3]. - The daily trading limit for contracts 2508 - 2606 was adjusted to 18%, the margin was adjusted to 28%, and the intraday opening limit for contracts 2508 - 2606 was set at 100 lots [3].

Core Viewpoint - Wolfe Research analyst Peter Supino has upgraded Sony's stock rating to "outperform" with a 12-month target price of 5,300 JPY, representing a potential upside of approximately 25% from the recent closing price, indicating strong growth prospects for the company [1][2] Group 1: Rating Changes and Market Sentiment - Following the implementation of comprehensive tariffs by the Trump administration, Supino initially downgraded Sony's rating due to concerns over rising costs and weakened consumer confidence [1] - The recent upgrade reflects a shift in sentiment, as Supino now believes that Sony has effectively managed the risks and impacts on profits [1][2] Group 2: Business Performance and Financial Outlook - Sony's first-quarter results for the fiscal year 2025 showed a significant operating profit increase of 36.5% year-on-year, reaching 340 billion JPY, surpassing analyst expectations of approximately 288 billion JPY [2] - The company raised its full-year operating profit forecast by 4% to 1.33 trillion JPY (approximately 9 billion USD), aligning closely with analyst estimates [2] - The anticipated impact of the Trump administration's tariff policies on Sony is now estimated at 70 billion JPY, lower than the previous forecast of about 100 billion JPY [2] Group 3: Strategic Positioning - Supino highlights Sony's strong position in the gaming, anime, and music sectors, referring to it as a "triple threat" in a growing market [2] - The company is expected to continue its growth trajectory, improve operational efficiency, and prioritize shareholder value in capital allocation [2]

今日周三(11月5日)亚盘时段，白银期货目前交投于11234一线上方，今日开盘于11230元/千克，截至发 稿，白银期货暂报11248元/千克，下跌0.98%，最高触及11283元/千克，最低下探11103元/千克，目前来 看，白银期货盘内短线偏向震荡走势。 打开APP，查看更多高清行情>> 整体上，55%的受访者认为关税政策使家庭财务状况恶化。超过六成受访者认为关税推高美国通胀，并 损害本国及被征税国家的经济。 另外美国国会参议院再次未能推进众议院已通过的、共和党提出的一项联邦政府临时拨款法案。这意味 着10月1日开始的本轮联邦政府"停摆"即将打破2018年年底至2019年年初"停摆"35天的历史纪录，成为 美国历史上持续时间最长的政府"停摆"。 当天这次表决再次未能达到通过所需的60票"门槛"，最终投票结果为54票赞成、44票反对。3名民主党 参议员投票支持，1名共和党参议员投票反对。这也是参议院第14次未能推动政府"停摆"结束。 【最新白银期货行情解析】 沪银周二下跌至11145附近，收盘在11200附近，沪银也进入了11000到11600的区间震荡范围，在没有突 破这个区间内，均可以做有效的高空低多交 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The rally signal has boosted bullish sentiment, causing the market to continue rising. It is not recommended to increase positions, and full profit - taking can be considered. Attention should be paid to the freight rates in November. The tariff issue has a marginal effect, and the core lies in the direction of spot freight rates. The main contract may be in the bottom - building process, and it is recommended to participate with a light position or wait and see. For long - term strategies, it is advisable to take profits when prices rise and wait for the market to stabilize after a pullback before making further decisions [2][3]. 3. Summary According to Relevant Contents Freight Rate Index - On November 3, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1208.71 points, down 7.9% from the previous period; the SCFIS for the US West route was 1267.15 points, up 14.4% from the previous period. On October 31, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1100.32 points, up 12.60% from the previous period; the NCFI for the European route was 965.62 points, up 17.43% from the previous period; the NCFI for the US West route was 1452.82 points, up 12.30% from the previous period. Also on October 31, the Shanghai Export Container Freight Index (SCFI) announced a price of 1550.70 points, up 147.24 points from the previous period; the China Export Container Freight Index (CCFI) (composite index) was 1021.39 points, up 2.9% from the previous period; the SCFI European line price was 1344 USD/TEU, up 7.87% from the previous period; the SCFI US West route was 2647 USD/FEU, up 22.94% from the previous period; the CCFI for the European route was 1323.81 points, up 2.4% from the previous period; the CCFI for the US West route was 772.67 points, up 4.9% from the previous period [2]. Economic Data - The preliminary Eurozone manufacturing PMI in October was 45.9 (expected 45.1, previous 45), the preliminary service PMI was 51.2 (expected 51.5, previous 51.4), and the preliminary composite PMI was 49.7 (expected 49.7, previous 49.6). The Eurozone Sentix investor confidence index in October had a previous value of - 9.2 and a forecast value of - 8.5. In October in China, the manufacturing PMI was 49.0%, down 0.8 percentage points from the previous month, and the composite PMI output index was 50.0%, down 0.6 percentage points from the previous month. The preliminary US S&P Global service PMI in October was 55.2 (expected 53.5, previous 54.2), the manufacturing PMI was 52.2 (expected 52, previous 52), and the composite PMI was 54.8 (expected 53.1, previous 53.9) [2][3]. Policy and Trade Information - The China - US tariff extension continues, and the negotiation has not made substantial progress. The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods (including those from Hong Kong and Macau), and the 24% reciprocal tariff on Chinese goods will be suspended for another year. China will adjust its counter - measures accordingly, and both sides agree to extend some tariff exclusion measures [2][3][4]. Market Strategy - **Short - term Strategy**: The main contract is weak, and the far - month contracts are strong, which is in line with the bottom - building judgment. Risk - takers who were advised to build positions below 1500 in the EC2512 contract (with a profit of over 300 points) can consider partial profit - taking. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses. - **Arbitrage Strategy**: Given the volatile international situation, each contract still follows the seasonal logic with large fluctuations. It is recommended to wait and see or participate with a light position. - **Long - term Strategy**: It is advisable to take profits when prices rise for each contract, wait for the market to stabilize after a pullback, and then judge the subsequent direction [3]. Market Conditions - On November 5, the main contract 2512 closed at 1946.0, up 4.08%, with a trading volume of 4.12 million lots and an open interest of 34,100 lots, an increase of 3157 lots from the previous day. The price limit for contracts 2508 - 2606 has been adjusted to 18%, the margin of the company for contracts 2508 - 2606 has been adjusted to 28%, and the daily opening limit for all contracts 2508 - 2606 is 100 lots [3].

特朗普则坚称关税对保护美国经济与公民至关重要。他表示关税能强力促使企业将生产基地迁回美国。 【最新白银期货行情解析】 听证会后，对关税政策提起诉讼的原告之一V.O.S.Selections公司负责人维克多·欧文·施瓦茨发表声明 称："近40年来，我们家族白手起家创立这份事业。如今，肆意妄为的关税政策正危及我们取得的一切 成就。" 这家葡萄酒和烈酒进口企业的负责人指出："必须明确：这些关税并非由外国政府或企业支付，真正买 单的是像我这样的美国企业以及美国消费者——政府每月征收的数十亿美元税款最终都转嫁到我们身 上。" 他强调："与以往国会制定、企业可预先规划的关税不同，这些新关税具有随意性、不可预测性，完全 违背商业规律。" 今日周四(11月6日)亚盘时段，白银期货目前交投于11339一线上方，今日开盘于11297元/千克，截至发 稿，白银期货暂报11369元/千克，上涨1.47%，最高触及11388元/千克，最低下探11255元/千克，目前来 看，白银期货盘内短线偏向震荡走势。 【要闻速递】 周三（11月5日），美国最高法院大法官们对特朗普关税的合法性表达了质疑。总统特朗普颁布的关税 与世界多数国家背道而驰。 ...