Core Viewpoint - The global bond market is experiencing a significant sell-off, driven by concerns over U.S. fiscal spending, renewed tariff threats, and doubts about the safe-haven status of U.S. Treasuries [1][5]. Group 1: Market Reactions - U.S. 10-year and 30-year Treasury yields have risen by at least 4 basis points, while Japan's 10-year yield increased by 8 basis points [1]. - The sell-off has affected major global bond markets, with Japan's 40-year bond yield reaching 4%, the highest since its introduction in 2007 [2]. - Australian and New Zealand bonds have also seen declines, alongside a drop in German government bond futures [2]. Group 2: Tariff Threats and Policy Uncertainty - President Trump's plan to impose tariffs on certain European countries has reignited concerns about the unpredictability of government policies, potentially exacerbating inflation and fiscal deficit worries [2][6]. - The tariff threats are seen as a catalyst for the current bond market sell-off, leading to a reassessment of policy stability [6]. Group 3: Fiscal Deficit and Investor Sentiment - The expanding U.S. fiscal deficit is diminishing the appeal of Treasuries as a safe haven, with fears that European countries may sell off U.S. bonds in response to the tariff conflict [5][7]. - Japanese investors may withdraw from U.S. debt due to rising domestic yields, further pressuring the U.S. bond market [7][8]. Group 4: Structural Market Pressures - The rise in Japanese bond yields is making U.S. Treasuries less attractive for Japanese investors, who may prefer to repatriate funds for better returns domestically [8]. - This trend could create structural pressures on the U.S. bond market, especially given the reliance on foreign capital for financing deficits [8].

Core Viewpoint - The article discusses the escalating trade tensions between the U.S. and Europe, particularly focusing on Germany's response to U.S. tariffs and its strategic pivot towards China for economic relief [1][3][5]. Group 1: U.S. Tariffs and European Response - Trump announced a 10% tariff on goods from eight European countries starting February 1, increasing to 25% by June 1, which forced European nations to reconsider their strategies [1]. - Germany's immediate reaction included recalling 13 soldiers from Greenland, indicating a lack of commitment to the U.S. and a desire to avoid confrontation [1]. - European countries are planning to impose tariffs on €93 billion worth of U.S. goods, but this response lacks substantial backing compared to previous agreements [3]. Group 2: Germany's Economic Situation - Germany's GDP growth forecast for 2025 is only 0.2%, following two years of economic contraction, with exports declining by 0.3% last year [5]. - The automotive and industrial sectors are particularly affected, with a 13.9% drop in exports of cars and parts to the U.S. [3][5]. - The number of corporate bankruptcies in Germany has reached the highest level since 2005, highlighting the economic strain [5]. Group 3: Shift Towards China - Germany is seeking to strengthen economic ties with China, with Chancellor Merz planning a visit to China with a high-level economic delegation [3][5]. - The bilateral trade between Germany and China reached $173.69 billion, with a 3.5% year-on-year increase, making China a crucial market for German exports [5]. - Merz's diplomatic shift includes a call for reconciliation with Russia, signaling a potential realignment of Germany's foreign policy to prioritize national interests over U.S. alignment [7][8]. Group 4: Implications for Future Relations - The article suggests that the current tensions reflect a growing rift in the U.S.-Europe alliance, with many European countries, including Germany, seeking more independent partnerships [8]. - The outcome of Merz's visit to China could significantly impact Germany's economic recovery and the future dynamics of EU-China relations [8].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - Geopolitical disturbances cause gold and silver to reach new highs, and China's GDP grew by 5% in 2025. The short - term risk appetite may continue to decline overseas, while the A - share market is in a stage of volume contraction and differentiation, with a still positive medium - term trend [2][3] - The risk of a tariff war due to the Greenland issue boosts the prices of precious metals, and they are expected to remain strong in the short term [4][5] - The copper price is expected to maintain a high - level shock in the short term due to rising geopolitical risks and supply shortages [6][7] - The aluminum price is under high - level shock and adjustment due to rising risk aversion and supply pressure [8][9] - The alumina price continues to be weak due to supply surplus and cost decline expectations [11] - The casting aluminum market is in a state of weak supply and demand and is in shock adjustment [12] - The zinc price is in a sideways shock as the long - short situation is in a stalemate [13][14] - The lead price is under pressure due to increased supply and weak demand [15][16] - The tin price will have a high - level wide - range shock in the short term [17] - The steel price is in shock adjustment due to weak fundamentals [18] - The iron ore price is under shock pressure due to high inventory and weak demand [19] - The coking coal and coke prices are expected to be weakly volatile due to large supply pressure [20] - The soybean meal and rapeseed meal prices are expected to be weakly volatile in the short term as the Brazilian harvest progresses and the relationship between China and Canada eases [21][22] - The palm oil price is expected to be in shock operation, considering the changes in production and demand data [23] Group 3: Summaries According to Different Commodities Metals - **Precious Metals**: On Monday, gold and silver prices continued to rise to new highs. Geopolitical unrest and tariff war risks are the main factors. The short - term is expected to remain strong [4][5] - **Copper**: On Monday, the main contract of copper futures fluctuated. Geopolitical risks and supply shortages make the short - term price maintain high - level shock [6][7] - **Aluminum**: On Monday, the main contract of aluminum futures closed at 24090 yuan/ton, down 0.39%. High - level shock adjustment is due to risk aversion and supply pressure [8][9] - **Alumina**: On Monday, the main contract of alumina futures closed at 2733 yuan/ton, down 1.19%. The price continues to be weak due to supply surplus and cost decline expectations [11] - **Cast Aluminum**: On Monday, the main contract of casting aluminum alloy futures closed at 22890 yuan/ton, down 0.11%. It is in a situation of weak supply and demand and shock adjustment [12] - **Zinc**: On Monday, the main contract of zinc futures fluctuated narrowly. The long - short situation is in a stalemate, and the price is in sideways shock [13][14] - **Lead**: On Monday, the main contract of lead futures fluctuated weakly. The price is under pressure due to increased supply and weak demand [15][16] - **Tin**: On Monday, the main contract of tin futures stabilized and fluctuated. It will have a high - level wide - range shock in the short term [17] Steel and Minerals - **Steel (Screw and Coil)**: On Monday, steel futures fluctuated and adjusted. The market is in the off - season of demand, and the fundamentals are weak [18] - **Iron Ore**: On Monday, iron ore futures fluctuated and adjusted. High inventory and weak demand make the price under shock pressure [19] - **Coking Coal and Coke**: On Monday, coking coal and coke futures fluctuated and adjusted. Supply pressure is large, and the price is expected to be weakly volatile [20] Agricultural Products - **Soybean and Rapeseed Meal**: On Monday, the soybean meal 05 contract fell 0.26%, and the rapeseed meal 05 contract fell 2.37%. The Brazilian harvest progresses, and the short - term is expected to be weakly volatile [21][22] - **Palm Oil**: On Monday, the palm oil 05 contract rose 0.35%. Considering production and demand data changes, the short - term is expected to be in shock operation [23]

Report Industry Investment Ratings No relevant information provided. Core Views - The gold market is affected by the escalation of the US - EU tariff war, with gold prices rising steadily and a recommendation to go long on gold. For silver, due to strong speculative sentiment and inventory adjustments, cautious participation is advised [1]. - In the base metals market, electrolytic aluminum prices are expected to remain high and volatile in the short - term; alumina prices are likely to be weak and volatile; zinc and lead are recommended to be sold on rallies [2]. - In the industrial silicon market, the price is expected to oscillate between 8400 - 9200 yuan/ton, and short - selling at high prices is an option. For lithium carbonate, due to a decline in market risk appetite, it is recommended to wait and see [3]. - In the agricultural products market, soybeans are in the process of finding a bottom; corn prices are expected to oscillate within a range; oils and fats are expected to be volatile; sugar futures are recommended to be short - sold, and call options can be sold; cotton is recommended to be observed; eggs and hogs' futures prices are expected to be weak and volatile [4][5]. - In the energy and chemical market, LLDPE is expected to be volatile in the short - term and long positions can be taken at low prices in the medium - term; PVC is recommended for a reverse spread strategy; methanol is expected to rise in the near future; glass is recommended to wait and see or buy glass and short - sell soda ash; PP is expected to be weak and volatile in the short - term and short - sold at high prices in the medium - term; crude oil is recommended to be short - sold at high prices; styrene is expected to be volatile in the short - term and long positions can be taken at low prices in the medium - term; soda ash is recommended to buy glass and short - sell soda ash [7][8][9]. Summary by Related Catalogs Gold Market - Market Performance: On Monday, precious metals rose. London gold exceeded $4600 per ounce, and London silver reached $93 per ounce [1]. - Fundamentals: The US - EU tariff war has escalated. The EU will hold an emergency summit. German Chancellor Merz said the EU would respond cautiously. Powell will support Fed Governor Cook. Domestic gold ETFs had a significant inflow of 2.2 tons. COMEX gold inventory remained at 1123.8 tons, and the Shanghai Futures Exchange's gold inventory decreased by 0.1 tons to 100.0 tons. SPDR gold ETF holdings remained at 1085.7 tons. COMEX silver inventory remained at 13346 tons, the Shanghai Futures Exchange's silver inventory decreased by 9.6 tons to 617.7 tons. iShares silver ETF holdings remained at 16073 tons. The Shanghai Gold Exchange's silver inventory decreased by 161 tons to 612 tons last week. London's silver inventory increased from 27183 tons to 27814 tons at the end of December. India imported about 750 tons of silver in November [1]. - Trading Strategy: Due to the escalation of the tariff war and the steady rise of gold prices, it is recommended to go long. For silver, due to strong speculative sentiment and inventory adjustments, cautious participation is advised [1]. Base Metals Aluminum - Market Performance: The closing price of the electrolytic aluminum main contract increased by 0.69% to 24090 yuan/ton compared with the previous trading day. The domestic 0 - 3 month spread was - 175 yuan/ton, and the LME price was 3138 US dollars/ton [2]. - Fundamentals: On the supply side, electrolytic aluminum plants maintained high - load production, and the operating capacity increased slightly. On the demand side, the weekly operating rate of aluminum products increased slightly [2]. - Trading Strategy: With the macro - sentiment being mixed and traditional aluminum demand being weak at high prices, the market sentiment has cooled slightly. It is expected that the price will remain high and volatile in the short - term [2]. Alumina - Market Performance: The closing price of the alumina main contract decreased by 0.65% to 2733 yuan/ton compared with the previous trading day. The domestic 0 - 3 month spread was - 110 yuan/ton [2]. - Fundamentals: On the supply side, the operating capacity of alumina plants remained stable. On the demand side, electrolytic aluminum plants maintained high - load production [2]. - Trading Strategy: The pattern of oversupply remains unchanged. The increasing inventory intensifies the short - selling sentiment. Coupled with the decline in bauxite prices, the cost support continues to decline. It is expected that the price will be weak and volatile in the short - term, and attention should be paid to the production cuts in February [2]. Zinc and Lead - Market Performance: On January 19, the main contracts of zinc and lead closed at 24450 yuan/ton and 17185 yuan/ton respectively, with a change of +300 and +290 yuan/ton compared with the previous trading day. The domestic 0 - 3 month spreads were - 24450 yuan/ton and - 17185 yuan/ton, and the overseas 0 - 3 month spreads were - 34.8 and - 44.18 US dollars/ton respectively. Zinc's seven - region inventory on January 19 was 12.2 million tons, an increase of 0.36 million tons compared with January 15. Lead's five - region inventory on January 19 was 3.41 million tons, an increase of 0.16 million tons compared with January 15 [2]. - Fundamentals: In the zinc market, the macro - sentiment pushed zinc prices to a high level, but the fundamentals showed weak supply and demand. Domestic consumption is in the traditional off - season. The operating rates of galvanizing and die - casting have declined, and downstream buyers are reluctant to buy at high prices. The supply has increased significantly, the processing fees have jumped, and the seven - region zinc ingot social inventory has increased, but the low LME inventory provides support. In the lead market, the domestic lead ingot inventory has increased, the consumption of electric bicycle batteries has weakened, downstream procurement is cautious, and the spot discount has widened. It is expected that lead prices will decline relatively [2]. - Trading Strategy: The sentiment in the non - ferrous sector has partially dissipated. It is recommended to sell on rallies in the short - term [2]. Industrial Silicon - Market Performance: On Monday morning, it opened flat and fluctuated upward throughout the day. The main 05 contract closed at 8845 yuan/ton, an increase of 240 yuan/ton compared with the previous trading day, with a closing price increase of 2.79%. The trading volume decreased by 3702 lots to 235,000 lots. The funds invested in the variety increased by 0.06 billion yuan, and the number of warehouse receipts increased by 288 lots to 11571 lots [3]. - Fundamentals: On the supply side, the number of open furnaces decreased by 7 compared with last week, mainly due to the decrease in Sichuan. The social inventory and warehouse - receipt inventory increased slightly this week. On the demand side, both the polysilicon and organic silicon industries are promoting anti - involution. The polysilicon production in January is expected to decline to 100,000 tons. The organic silicon industry is holding up prices, and the weekly production has continued to decrease slightly. The operating rate of aluminum alloy has remained stable [3]. - Trading Strategy: Currently, there is an orange weather warning in the northwest and rumors of production cuts on the supply side this week, and the production cut expectations of polysilicon and organic silicon on the demand side still exist. The market is more concerned about the actual production cuts of large factories this week. It is rumored that the variety will turn to inventory reduction. The price is expected to oscillate between 8400 - 9200 yuan/ton, and short - selling at high prices with a light position can be considered [3]. Lithium Carbonate - Market Performance: LC2605 closed at 147,260 yuan/ton, an increase of 1060 yuan/ton, with a closing price increase of 0.73% [3]. - Fundamentals: The spot price of Australian spodumene concentrate (CIF China) was 2040 US dollars/ton, a decrease of 45 US dollars/ton compared with the previous day. The SMM electric carbon price was 151,000 yuan/ton, a decrease of 7000 yuan/ton. The morning price of high - quality lithium carbonate by Mysteel was 146,250 yuan/ton, a decrease of 10550 yuan/ton. On the supply side, the weekly production was 22605 tons, a week - on - week increase of 70 tons. The production in December was 99,200 tons, a month - on - month increase of 4%. SMM expects the supply in January to be 97970 tons, a month - on - month decrease of 1.2%. On the demand side, the planned production of lithium iron phosphate in January is expected to be 363,000 tons, a month - on - month decrease of 10.0%; the planned production of ternary materials in January is expected to be 78,000 tons, a month - on - month decrease of 4.4%. In terms of inventory, it is expected to maintain a tight balance in January due to rush exports. The sample inventory was 109600 tons, a decrease of 263 tons. Among them, the smelting link had an inventory increase of 1345 tons, the downstream link had an inventory decrease of 888 tons, and the trader link had an inventory decrease of 720 tons. The total inventory days remained at 28 days. The number of warehouse receipts on the Guangzhou Futures Exchange was 27,698 lots, an increase of 240 lots. In terms of funds, the short - term risk appetite in the market has decreased, and the invested funds have flowed out significantly to 26.77 billion yuan, an increase of 120 million yuan [3]. - Trading Strategy: The Guangzhou Futures Exchange announced that starting from the settlement on January 21, 2026, the daily limit range of lithium carbonate futures contracts will be adjusted to 11%, and the margin ratio will be increased. Currently, the market risk appetite has decreased, the long - buying sentiment has declined, and there is significant downward pressure on the price, with relatively large fluctuations. It is recommended to wait and see [3]. Polysilicon - Market Performance: On Monday morning, it opened flat and fluctuated slightly throughout the day. The main 05 contract closed at 50505 yuan/ton, an increase of 305 yuan/ton compared with the previous trading day, with a closing price increase of 0.61%. The trading volume decreased by 1649 lots to 44,571 lots. The funds invested in the variety decreased by 0.74 billion yuan, and the number of warehouse receipts remained unchanged at 4560 lots [3]. - Fundamentals: In the spot market this week, downstream buyers are in a wait - and - see state. On the supply side, the weekly production decreased by more than 10%, and the industry inventory increased slightly this week. On the demand side, the planned production of silicon wafers in January remained stable, while the planned production of battery cells and components decreased by more than 10% month - on - month. The cancellation of the export tax rebate policy for photovoltaic products on the 9th has a certain support for component exports during the window period, and the demand side is expected to be stable during the off - season [3]. - Trading Strategy: After the "anti - monopoly" event interview, the market has fully priced in this negative news. The near - month balance sheet has changed from loose to tight supply and demand. Attention should be paid to the emotional impact brought by the subsequent feedback of the industry association on this interview event [3]. Agricultural Products Market Soybean Meal - Market Performance: The CBOT soybean market was closed overnight [4]. - Fundamentals: On the supply side, the near - term supply is loose, and there is a large supply expectation in South America in the long - term, and the early harvest has begun. On the demand side, the US soybean crushing is strong, and the exports have improved marginally. In general, the global supply and demand is expected to be loose [4][5]. - Trading Strategy: US soybeans are in the process of finding a bottom. The domestic far - month contracts are also suppressed by the large supply expectation in South America, and the near - month contracts depend on the game between the amount of state - owned soybean sales and customs clearances [5]. Corn - Market Performance: The corn futures price declined, while the spot price in the corn - producing areas continued to rise, and the port price declined slightly [5]. - Fundamentals: Currently, more than half of the grain has been sold, and the selling pressure is not large. Farmers are reluctant to sell and are holding up prices. The inventories of the north - south ports, downstream feed enterprises, and deep - processing enterprises are lower than in previous years. The northeast deep - processing enterprises are highly motivated to build inventories. It is expected that the short - term spot price will be strong. Attention should be paid to weather and policy changes [5]. - Trading Strategy: The supply - demand contradiction is not significant, and the futures price is expected to oscillate within a range [5]. Oils and Fats - Market Performance: The Malaysian market changed little yesterday [5]. - Fundamentals: On the supply side, it is in the weak seasonal production - reduction period. On the demand side, exports have improved month - on - month. The high - frequency ITS data shows that Malaysia's exports from January 1 to 15 increased by 18% month - on - month. Overall, the near - term supply is loose, and there will be weak seasonal production reduction in the long - term [5]. - Trading Strategy: Oils and fats are expected to be volatile. In the medium - term, attention should be paid to production and biodiesel policies [5]. Sugar - Market Performance: The Zhengzhou sugar 05 contract closed at 5233 yuan/ton, a decrease of 0.42%. The basis between the Nanning spot price and the Zhengzhou sugar 05 contract was 62 yuan/ton. The estimated profit of processing Brazilian sugar after duty - paid was 407 yuan/ton [5]. - Fundamentals: The international raw sugar price has dropped significantly due to the pressure from Indian production. The pressure from India will continue until February, and then the impact of Brazilian sugarcane growth and the sugar - alcohol price difference on Brazil's next - season production should be observed. Currently, it is still in a volatile pattern. From a domestic perspective, the overall production and sales progress this year is slow, and the spot pressure in the future market is greater. SR05 is priced by imports and domestic production. Under the double pressure of imported and domestic sugar, sugar will follow the fundamental logic after the macro - sentiment cools down [5]. - Trading Strategy: In the futures market, it is recommended to short - sell, and call options can be sold [5]. Cotton - Market Performance: The ICE US cotton futures price fluctuated slightly overnight, and the international crude oil price stopped falling and rebounded [5]. - Fundamentals: Internationally, India's CCI started selling cotton in the 25/26 season, and about 114,000 bales were sold on the first day. Brazil exported 192,300 tons of cotton in the first three weeks of January, with an average daily export volume of 17,500 tons, a 7% decrease compared with the average daily export volume in January of last year. Domestically, the Zhengzhou cotton futures price started to fluctuate slightly, and the medium - term upward trend is still valid. In December 2025, China's cotton imports were 180,000 tons, a month - on - month increase of 51.3% and a year - on - year increase of 31.0% [5]. - Trading Strategy: It is recommended to wait and see for now, with a price range of 14,400 - 14,900 yuan/ton [5]. Eggs - Market Performance: The egg futures price declined, and the egg spot price partially decreased [5]. - Fundamentals: The number of laying hens in production has decreased, but the pace of capacity reduction has slowed down. As the egg price rises, the willingness of producers to sell has increased, the arrival volume in the sales areas has increased, the purchasing enthusiasm of traders has decreased, and the room for further price increase is limited. Attention should be paid to the seasonal decline of the egg price after the stocking period ends [5]. - Trading Strategy: The room for further increase in the spot price is limited, and the futures price is expected to be weak and volatile [5]. Hogs - Market Performance: The hog futures price declined, and the hog spot price decreased in the north and increased in the south [5]. - Fundamentals: The hog slaughter volume in January is expected to be low at the beginning and high at the end. The demand is stable in the short - term and will gradually increase at the end of the month. The short - term supply pressure is not large, and the high demand supports the hog price. After the impact of snowfall ends, the hog price may decline in the short - term. Attention should be paid to the changes in the slaughter volume and slaughter rhythm recently [5]. - Trading Strategy: After the impact of snowfall ends, the futures price is expected to be weak and volatile [5]. Energy and Chemical Market LLDPE - Market Performance: The main LLDPE contract declined slightly yesterday. The low - price spot

此前特朗普表示，将对包括英国在内、不配合美国购买格陵兰岛的8个欧洲国家加征关税。 1月19日，特朗普宣布将对英国加征关税后，英国首相回应称美国对盟友加征关税完全错误。 英国首相斯塔默称，关税战对任何人都无益，他"不会向美国加征报复性关税"。 在回答记者提问时，斯塔默还称，他不认为美国会武力夺取格陵兰岛。斯塔默表示，他认为"这件事可 以而且应该通过心平气和的讨论来解决"。 编辑臧璐制作王子轩 ...

1月19日，特朗普宣布将对英国加征关税后，英国首相回应称美国对盟友加征关税完全错误。英国首相 斯塔默称，关税战对任何人都无益，他"不会向美国加征报复性关税"。在回答记者提问时，斯塔默还 称，他不认为美国会武力夺取格陵兰岛。斯塔默表示，他认为"这件事可以而且应该通过心平气和的讨 论来解决"。此前特朗普表示，将对包括英国在内、不配合美国购买格陵兰岛的8个欧洲国家加征关税。 ...

Group 1: US Economic Outlook - The US economy continues to show strong overall performance with a projected real GDP annual growth rate of 5.3% by Q4 2025, driven by service consumption, intellectual property investment, and exports [2] - The CPI inflation rate for December 2025 is reported at 2.7%, aligning with market expectations, while core CPI inflation is slightly lower at 2.6%, indicating a trend towards inflation differentiation [2] - The labor market is stabilizing, with initial jobless claims at 198,000, suggesting that the unemployment cycle may have peaked [3] Group 2: Financial Markets - US Treasury yields are expected to face short-term pressure due to potential tariff increases by Trump, but the long-term trend remains downward as the interest rate cycle continues [3] - The S&P 500 and Nasdaq indices experienced declines of 0.4% and 0.7% respectively, primarily due to persistent inflation concerns impacting high-valuation tech stocks [3] - The dollar is in a mixed state, supported by resilient employment and retail data, but facing potential credit concerns due to renewed tariff threats [4] Group 3: Chinese Economic Insights - Domestic housing transactions remain low, with new home sales down 41.5% and second-hand home sales down 18.6% in major cities [7] - Export activity shows signs of recovery, with a 3.1% increase in cargo throughput and a 5.5% rebound in container throughput, indicating a positive trend in mechanical and automotive exports [7] - Corporate financing is improving, with a year-on-year increase of 580 billion in corporate loans, contributing to a stable credit growth rate of 6.4% [8] Group 4: Policy and Market Strategies - The Chinese government is focusing on boosting consumption through various initiatives, including a new round of subsidies for consumer goods [9] - The bond market is experiencing slight recovery, with the 10-year government bond yield at 1.84%, and expectations of continued support from monetary policy [10] - The A-share market is expected to slow down after a significant rally, with a focus on technology and manufacturing sectors as key growth drivers [11]

Core Viewpoint - The company XinSai Co., Ltd. (600540.SH) expects a net loss attributable to shareholders of approximately 148 million yuan for the year 2025, which represents a reduction in loss of 95.99 million yuan compared to the same period last year [1] Financial Performance - The expected net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be around -105 million yuan for 2025, a decrease in loss of 194.88 million yuan year-on-year [1] Market Conditions - The primary reasons for the anticipated loss include a decline in downstream demand in the cotton textile market due to domestic and international environmental factors, leading to insufficient orders for some textile enterprises [1] - The impact of the ongoing U.S. tariff war has made textile companies cautious in their raw cotton procurement, further limiting cotton demand and resulting in a downward trend in cotton prices [1] Operational Challenges - Despite an increase in sales volume of cotton, the company has experienced a significant rise in both beginning and ending inventory compared to the previous year, leading to an increase in loan balances and financial expenses, which negatively impacts profits [1] - The large inventory of cotton has also resulted in increased warehousing costs compared to the same period last year, further affecting the company's profitability [1]

格隆汇1月19日｜贝伦贝格银行首席经济学家霍尔格·施米丁表示，特朗普试图迫使丹麦将格陵兰岛出售 给美国的举动，令人们对今年关税战的激烈程度将比2025年有所缓和的希望落空。特朗普威胁称，从2 月1日起，将对支持丹麦的英国和法国在内的八个国家征收10%的关税，并计划在6月将税率提高至 25%。施米丁指出，此举可能会适得其反，导致美国消费者价格上涨高达0.15%。他同时表示，2024年 美国从这些目标国家的进口总额约为3500亿美元。如果美欧关税协议最终被废除（尽管这种可能性不 大），美国消费者的损失可能会更加严重。尽管从逻辑上看，双方最终都可能避免经济损失，但"我们 首先必须做好应对更多动荡的准备"。 ...

总台记者当地时间18日获悉，欧盟多国正考虑对价值930亿欧元的输欧美国商品加征关税，或限制美国 企业进入欧盟市场，以反制美国总统特朗普为得到格陵兰岛而对欧洲8国加征关税。 一名欧盟外交官当天透露称，如果欧盟与美国未能达成协议，报复性关税将从2月6日起自动生效。 欧洲理事会主席： 未来几天将召开特别峰会 欧盟各成员国代表当地时间18日在比利时布鲁塞尔召开紧急会议，讨论如何应对美国总统特朗普就丹麦 自治领地格陵兰岛问题发出的最新关税威胁。 当天，欧洲理事会主席科斯塔发表声明称，他当天与各成员国就格陵兰岛最新紧张局势进行磋商，再次 确认了各国在国际法原则、领土完整和国家主权问题上支持丹麦和格陵兰岛的一致立场。 科斯塔表示，各成员国一致认为加征关税将破坏跨大西洋关系，并与欧美贸易协议不符。 科斯塔还称，欧盟"随时准备捍卫自身免受任何形式的胁迫"，并且随时准备继续与美国就所有共同关心 的问题进行建设性接触。科斯塔说，欧盟将在未来几天召开一次特别峰会。有官员表示，欧盟考虑于1 月22日召开此次峰会。 同一天，欧盟委员会主席冯德莱恩在社交媒体发文表示，她当天与北约秘书长吕特、法国总统马克龙、 英国首相斯塔默、德国总理默茨以 ...