1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The corrugated and boxboard paper market is mainly stable with some price increases. The downstream orders have not improved significantly, but the inventory pressure on paper mills has eased [4]. - Paper companies' price - increase letters and tariff policy adjustments have boosted market confidence and downstream replenishment enthusiasm. However, weak terminal demand restricts the price - increase transmission efficiency, and some small and medium - sized paper enterprises still face over - capacity problems [8]. 3. Summary by Relevant Catalogs 3.1 Data Analysis (First Part) - The daily average price of China's AA - grade 120g corrugated paper is 2540 yuan/ton, a 0.22% increase from the previous working day. The average price of China's boxboard paper is 3524.4 yuan/ton, a 0.15% increase [4]. - The price of waste yellow board paper in the Shandong market has risen. The national average price is 1452 yuan/ton, an increase of 7 yuan/ton. The supply of waste yellow board paper in some areas is short, and paper mills' purchasing intention is strong [4]. 3.2 Market Outlook (Second Part) - Paper companies' concentrated price - increase letters and tariff policy adjustments have increased the market confidence and downstream packaging enterprises' replenishment enthusiasm. The order volume of paper companies in the eastern and southern coastal areas has increased this week, and the inventory turnover days have generally fallen below 15 days [8]. - Weak terminal demand in traditional packaging industries restricts the price - increase transmission efficiency. Small and medium - sized paper enterprises still face over - capacity pressure, and there are hidden price cuts in some regions [8]. 3.3 Relevant Attachments (Third Part) - There are four charts including corrugated paper production, in - plant inventory, social inventory, and production profit, showing the data from 2021 - 2025 [9][11]

Group 1 - The core point of the article is the significant reduction of tariffs on Chinese imports by the US and the corresponding decrease in tariffs on US imports by China, which is expected to reshape trade dynamics between the two countries [1][3][5] - The US will lower tariffs on Chinese goods from 145% to 30% over the next three months, while China will reduce tariffs on US goods from 125% to 10% [1] - Brazil's soybean export premium has dropped, and US futures prices have reached a three-month high due to expectations that China may purchase more soybeans from the US [1][3] Group 2 - China has been investing in upgrading infrastructure in Brazil, including the Santos port, which will shorten the transportation cycle for Brazilian soybeans to China to 23 days and increase annual throughput by 30% [1] - Chinese companies have invested $3.5 billion in building a deep-water port in Peru and are laying down a thousand-kilometer railway network in Brazil, which will double the export capacity of South American food to China [1] - In 2024, Brazil's soybean exports to China are projected to reach 3.5 times that of the US, indicating a significant shift in supply sources [3] Group 3 - Following the tariff adjustments, there has been a 277% surge in container bookings from China to the US, indicating a rapid response in the shipping market [5] - The average booking volume for container transport from China to the US reached 21,530 twenty-foot equivalent units, a significant increase from the previous week's 5,709 units [5] - The reduction in tariffs is expected to last until August 12, and there is optimism among US businesses regarding potential further negotiations and tariff reductions [5] Group 4 - Despite the tariff reductions, US farmers express that the pause in tariffs is insufficient, highlighting ongoing challenges in regaining market share in China [1][3] - The article notes that the US has struggled to compete in the soybean market, with Chinese imports from Brazil and Argentina rapidly increasing since the trade tensions began [3] - The article also mentions that high tariffs on Chinese goods have led to increased consumer dissatisfaction in the US, impacting political support for current policies [7]

Core Viewpoint - The port and shipping stocks have shown strong performance, driven by the adjustment of US-China tariff policies and the approach of the traditional transportation peak season, leading to a surge in shipping demand [3][8]. Group 1: Market Performance - Several port stocks, including Ningbo Shipping, Nanjing Port, and Lianyungang, experienced a five-day consecutive limit-up, indicating strong market interest [3]. - The shipping futures market also saw a significant rise, with the container shipping index (European line) futures main contract closing at 2387 points, reflecting a weekly increase of approximately 54% [3]. Group 2: Factors Driving Growth - Analysts attribute the surge to the concentration of cargo owners initiating "rush shipping" operations due to tariff adjustments and the upcoming peak season [3]. - The traditional transportation peak season in Europe and the US is expected to lead to a pulse-like increase in cargo volume on Asia-Europe and trans-Pacific routes [3][8]. Group 3: Risk Warnings - Despite the strong market performance, several companies have issued risk warnings due to significant short-term price increases, including Nanjing Port and Lianyungang, which reported abnormal stock price fluctuations [4][5]. - Ningbo Shipping has also highlighted its poor financial performance, with a net profit of 22.12 million yuan in 2024, down 80.2% year-on-year, and a loss of 46.45 million yuan in the first quarter of 2025 [6]. Group 4: Price Trends and Expectations - The shipping industry anticipates that the "rush shipping" trend may push June freight rates to new highs, with expectations of price increases for at least eight shipping companies [9]. - However, immediate freight rates remain weak, and uncertainties regarding price increases persist, as indicated by the recent decline in Shanghai's export freight rates to Europe [9]. Group 5: Future Considerations - The industry faces uncertainties post-peak season, including ongoing tariff negotiations and potential impacts from global shipping capacity growth outpacing trade volume growth [9].

Investment Rating - Industry rating: Recommended [5] Core Insights - The clean appliance market showed strong growth in April 2025, with both volume and price increasing. Online sales of robotic vacuum cleaners reached 1 billion yuan, up 81% year-on-year, with sales volume of 300,000 units, up 74%. The average online price was 3,340 yuan per unit, up 3.5% year-on-year. For floor washing machines, online sales reached 690 million yuan, up 82% year-on-year, with sales volume of 340,000 units, also up 82%. The average online price was 2,043 yuan per unit, up 0.1% year-on-year [11][14] - The U.S. and China announced a significant reduction in bilateral tariffs, which is expected to alleviate cost pressures for Chinese companies exporting to the U.S. The 90-day tariff suspension may lead to increased exports in the second quarter, potentially exceeding expectations. Some export chain companies may see a rebound in stock prices due to favorable policies [20][19] Summary by Sections Weekly Topic - April's clean appliance market continued to thrive, with both volume and price rising [11] - The U.S. and China jointly announced a significant reduction in bilateral tariffs [19] Company Highlights - Stone Technology announced singer Cyndi Wang as the spokesperson for its washing machine products [21] - Bull Group released a stock incentive plan for 2025, proposing to grant 3.0969 million restricted stocks, accounting for 0.24% of the company's total share capital [22] Data Tracking - Raw material prices showed slight increases, with LME copper up 0.5% and aluminum up 3.02% as of May 16, 2025 [23] - Shipping rates varied, with the CCFI composite index down 0.14% [29] - Real estate data indicated a decline in sales area, completion area, and new construction area for the first quarter of 2025 [32]

证券研究报告|行业研究周报 [Table_Date] 2025 年 05 月 18 日 [Table_Title] 周专题： 4 月清洁电器增长强劲，中美同步大幅降低双边 关税 [Table_Title2] 家电行业周报 [Table_Summary] ► 周专题： 4 月清洁电器景气延续，量价齐升。根据奥维云网数据， 2025 年 4 月扫地机线上销额 10 亿元，同比+81%，线上销量 30 万台，同比+74%，线上均价 3340 元/台，同比+3.5%； 2025 年 4 月洗地机线上销额 6.9 亿元，同比+82%，线上销量 34 万台，同比+82%，线上均价 2043 元/台，同比+0.1%。 分品牌来看，科沃斯、石头表现亮眼，份额稳居前列。根据 奥维云网数据，2025 年 4 月，科沃斯、石头扫地机线上销额 分别同比+98%、+72%，市占率分别为 25%、26%；添可、石头 洗地机线上销额分别同比+39%、+1065%，市占率分别为 31%、19%。 北京时间 5 月 12 日，《中美日内瓦经贸会谈联合声明》 （下称《联合声明》）公布。根据《联合声明》，中美双方 承诺将于 2025 年 5 月 ...

中美最新关税政策调整后，外贸企业出口需求旺盛。南都记者多方采访了解到，连日来，外贸企业纷纷 抢抓90天窗口期重启美国市场供应，恢复的积压订单量及新增订单带动外贸出货持续走高，以至海 运"一舱难求"，订单已排到6月。同时，多家船运公司赶在客户订舱潮前发布涨价公告。 数据服务商Wind统计显示，5月14日，北方国际集装箱运价指数（天津—美西）涨超11%。受政策和市 场行情影响，近日航运港口板块多个相关概念股股价上涨明显，部分因连日股价涨幅偏离值累计超20% 而发布风险预警。 "抢运潮"下，集装箱预订量飙升 2025年4月初，美国政府宣布在此前单边加征关税的基础上，对华加征所谓"对等关税"，一度引发全球 股市动荡。彼时，不少美国企业赶在新关税生效前，将商品送上前往中国的航班，就曾短暂引发"抢运 潮"。业内普遍认为，高关税将推高跨境电商（尤其是依赖美国市场的电商）物流成本，长期看将降低 跨境物流需求，全球航运港口及供应链物流或面临周期性承压。4月，全球航运市场重要景气指标的波 罗的海干散货指数（BDI）率创今年新低，中国对美国出口330.24亿美元，同比下降21%。 据5月12日发布的《中美日内瓦经贸会谈联合声明》， ...

点击蓝字，关注我们 目前， 美光正在美国积极推进三大晶圆厂的建设 ，分别位于爱达荷州、纽约州和弗吉尼亚州。公司 2025财年资本支出 预计将达到约140亿美元规模 。 Rakers进一步说明：" 美光新加坡封装工厂已于今年1月破土动工，预计将在2027年显著提升先进封装产 能 。公司此前指出，超过50%的年度资本支出增长将用于爱达荷和纽约晶圆厂的建设，这些项目在2025 和2026财年尚不会形成显著的产能贡献。" 富国银行表示，尽管面临关税政策调整和中国竞争对手崛起的双重压力，美光科技仍维持其先 前披露的市场需求预期，维持"增持"评级，目标价130美元。 智通财经APP获悉，富国银行表示，尽管面临关税政策调整和中国竞争对手崛起的双重压力， 美光科技 (MU.US)仍维持其先前披露的市场需求预期。该行维持对美光科技的"增持"评级 ，目标价定为130美 元。 由首席分析师Aaron Rakers领衔的富国银行研究团队在一份投资者报告中表示："虽然美光未调整其2025 财年第三季度指引(市场此前普遍预期会有积极调整)，但公司对 整体需求前景的评论依然乐观 ， 特别是 在数据中心需求趋势、行业供需格局及价格动态方面 ...

Core Viewpoint - Despite facing dual pressures from tariff policy adjustments and the rise of Chinese competitors, Micron Technology (MU.US) maintains its previously disclosed market demand expectations and is rated "Outperform" by Wells Fargo with a target price of $130 [1] Group 1: Market Demand and Financial Outlook - Micron has not adjusted its guidance for Q3 of fiscal year 2025, which was widely expected to be positively revised, but remains optimistic about overall demand, particularly in data center demand trends, industry supply-demand dynamics, and pricing [1] - Data center business contributed approximately 55% of Micron's revenue in the first half of fiscal year 2025 [1] Group 2: Competitive Landscape - Micron acknowledges that Chinese competitors are primarily focusing on traditional DDR4 solutions, which has been incorporated into the company's long-term supply-demand planning [1] - The company emphasizes that DDR5 solutions have higher technical complexity and will continue to focus on developing the most value-added and complex technology solutions in the market [1] Group 3: Capital Expenditure and Expansion Plans - Micron is actively advancing the construction of three major wafer fabs located in Idaho, New York, and Virginia, with projected capital expenditures for fiscal year 2025 reaching approximately $14 billion [1] - The new packaging facility in Singapore broke ground in January this year and is expected to significantly enhance advanced packaging capacity by 2027, with over 50% of annual capital expenditure growth allocated to the Idaho and New York fabs, which will not contribute significantly to capacity until fiscal years 2025 and 2026 [2]

中美关税降级后集运及美线市场展望 20240514 摘要 • 中美达成协议后，美国航线市场迅速变化，125%惩罚性关税被撤销，船 公司立即宣布加价约 500-600 美元，并开始恢复停航运力，各大货代积极 抢占仓位，市场预期乐观。 • 船公司对关税政策变化反应迅速，通过调整运力（撤掉 40%运力后又恢 复）和价格（提前在 FMC 备案）来适应市场需求，确保及时接纳新的流量 并最大化收益。 • 传统大贸客户受关税影响大，货量跌幅显著；电商客户抗打击能力强，占 比提升至 25%-30%；货代积极抢占仓位，直客调整计划需时，但整体逐 步适应新环境。 • 美国零售库销比偏低，四大零售商 CEO 曾表达担忧，若不及时进货，可能 影响圣诞销售季。海关细则未退还已交关税，零售商需尽快决定订单量。 • 美国进口商需在 90 天关税缓期内计算库存容量和资金压力，若中美谈判 失败恢复关税，情况将更复杂。8 月中是发货高峰期，需在 6-7 月中完成 发货。 • 美国大型商超不愿轻易提价，电商平台承受能力较强，关税上涨对零售价 影响有限。预计 6 月份可能出现小幅提价，整体通胀压力可控。 • 头部货代企业在市场订单激增时利润丰厚，通 ...

Core Viewpoint - The cancellation of the cross-border small package tariff exemption by the U.S. and the subsequent adjustment of tariffs on Chinese goods are expected to significantly impact the industry ecosystem, leading to a shift towards semi-managed and third-party (3P) models [1] Group 1: Tariff Changes - On May 2, the U.S. officially canceled the cross-border small package tariff exemption, and on May 12, a joint statement was released indicating that within 90 days, the U.S. will reduce the 125% tariff imposed on China since April 2 to 10% [1] - The total tariff rate imposed since 2025 will decrease from 145% to 30% [1] Group 2: Industry Impact - The rapid changes in tariff policies are driving the evolution of the industry ecosystem, with the cessation of the small package tax exemption potentially accelerating the concentration towards semi-managed and 3P models [1] - The suspension of "reciprocal tariffs" significantly alleviates the short-term operational pressure on cross-border sellers who previously relied on general import models [1] Group 3: Long-term Strategies - In the context of ongoing U.S.-China tensions, tariff policy risks remain, prompting cross-border sellers to adopt three main strategies: price transmission, capacity transfer, and diversified layouts [1] - The unexpected strength of the cancellation of reciprocal tariffs is seen as a substantial benefit for both cross-border platforms and sellers [1]