德国总理默茨：欧盟领导人敦促欧盟委员会主席冯德莱恩迅速与美国达成贸易协议。 冯德莱恩建议欧洲建立一个新的贸易组织。 若贸易协议不可行，欧盟将捍卫利益。 欧盟领导人基本达成一致，认为应尽快完成与南方共同市场的贸易协议。 ...

德国总理默茨：欧盟领导人基本达成一致，认为应尽快完成与南方共同市场的贸易协议。欧盟委员会主 席冯德莱恩建议欧洲建立一个新的贸易组织。 ...

德国总理默茨：欧盟领导人敦促欧盟委员会主席冯德莱恩迅速与美国达成贸易协议。若贸易协议不可 行，欧盟将捍卫利益。 ...

美国总统特朗普：随着全球对与美国达成贸易协议的兴趣激增，贸易代表格里尔变得很忙。 ...

金十数据6月27日讯，据Politico报道，两名欧盟外交官透露，欧盟委员会主席冯德莱恩告知成员国领导 人，欧盟行政机构已于今日收到特朗普政府的最新贸易协议报价。此举标志着布鲁塞尔与华盛顿的最新 互动。 欧盟委员会收到最新的美国贸易协议报价 ...

金十数据6月27日讯，据华尔街日报报道，知情人士透露， 欧盟正考虑降低一系列美国进口商品的关 税，以期与特朗普总统快速达成贸易协议。欧盟领导人定于当地时间周四晚间在布鲁塞尔召开会议，讨 论愿为赢得特朗普支持而做出多大让步。其他正在考虑的优惠措施包括降低非关税壁垒、增加购买美国 液化天然气等产品。知情谈判的消息人士称，如今许多欧洲官员和外交官已接受特朗普政府无意取消 10%基准关税的现实，转而专注于争取尽可能多的豁免，以减轻这些及其他关税的经济影响。德国和意 大利正牵头推动欧盟与美国快速达成初步协议。知情人士称，此类协议可能仅需几页纸，细节可在后续 谈判中更新。 欧盟考虑对进口自美国的商品降低关税 ...

Group 1 - The S&P 500 index increased by 0.68%, the Dow Jones rose by 330 points with a gain of 0.77%, and the Nasdaq gained 157 points with a rise of 0.75% [1] - White House Press Secretary Leavitt stated that the July 9 deadline for the trade agreement is not critically significant [1] - In the event of a failure in the agreement negotiations, there is a possibility of reinstating reciprocal tariffs [1]

Core Viewpoint - Lenovo's dollar bonds are being recognized as a "value pit" in the international capital market, presenting significant investment opportunities due to their attractive price-performance ratio compared to peers like Dell and HP [1] Group 1: Overestimated Tariff Risks - The current spread of Lenovo's dollar bonds is significantly higher than the average level of BBB-rated tech peers, indicating that the market has exaggerated concerns regarding tariff exposure while overlooking the company's established risk mitigation strategies [2] - Lenovo's Chairman and CEO, Yang Yuanqing, expressed confidence in maintaining market share and profits despite trade uncertainties, highlighting the company's robust "policy response mechanism" developed over 20 years of navigating various tariff policies [2] Group 2: Growth Catalysts - Bloomberg's report identifies three key growth catalysts that may trigger a reassessment of Lenovo's profitability quality, including: 1. The Chinese government's electronic product trade-in program, which is expected to stimulate PC demand and enhance Lenovo's resilience compared to U.S. competitors [3] 2. The anticipated increase in AI PC penetration and the mandatory upgrade cycle for Microsoft Windows 11 in the second half of 2024, positioning Lenovo as a primary beneficiary [3] 3. The potential easing of trade tensions, with expectations of a trade agreement by late 2025, which could narrow the spread on Lenovo's dollar bonds [4] Group 3: Financial Stability and Market Position - Lenovo maintains a strong credit profile with a low risk of default, holding over $4.7 billion in cash and equivalents, robust operating cash flow, and a solid debt structure, while retaining investment-grade ratings from Moody's and Fitch [4] - The current OAS of Lenovo's dollar bonds maturing in 2030 exceeds 100 basis points, significantly higher than the industry average, indicating that the market may be undervaluing these bonds, presenting an optimal investment opportunity [4] - In the early stages of potential interest rate cuts by the Federal Reserve, investment-grade credit bonds are expected to benefit from both declining rates and compressing credit spreads, making them attractive for investors [4]

每日港股評析 港股早晨快訊 2025 年 6 月 26 日星期四 2012-01- 17 市場回顧 中港股市短期展望 恒指受制 24,700 點：中美在 5 月中旬於瑞士日內瓦經貿會談後發布聯合 聲明，雙方降低加徵關稅，互相保留加徵 10%關稅，美國對中國進口貨 品關稅將由 145%降至 30%，中國對美國進口貨品將由 125%降至 10%， 為期 90 日。中美 6 月倫敦談判達框架協議，後續關注 90 日對等關稅寬 限期過後能否取得長期協議。以伊停火，惟其後雙方是否遵循協議，仍有 待觀察。中美貿談續缺乏進展，內地現階段加推經濟刺激方案的意願不大， 企業盈利改善有限，北水於高位流入速度放緩。恒指阻力料見於 24,700 點，相當於未來 12 個月預測市盈率 11 倍。 短期看好板塊 今日市場焦點 ➢ 美國首季 GDP、核心 PCE 指數； 宏觀焦點 ➢ 財政部：根據形勢變化 及時推出增量儲備政策； 港滙觸7.85弱方 金管局今晨承接94.2億港元沽盤； 鮑威爾:未來貿易協議或允許聯儲局考慮減息； 歐盟警告：即使特朗普實施基準關稅，仍將進行報復； 企業消息 ➢ 據報比亞迪(1211)部分產能取消夜班及減產 暫 ...

白宫国家经济委员会主任凯文·哈塞特：美国总统特朗普将决定关于西班牙贸易协议的问题。 ...