Core Viewpoint - The article discusses President Trump's call for the resignation of Federal Reserve Governor Lisa Cook, following a report that the FHFA Director has requested an investigation into Cook's mortgage issues, highlighting ongoing legal scrutiny of Democratic figures by the Trump administration [1]. Group 1 - President Trump made a statement on his social media platform demanding the immediate resignation of Lisa Cook, a member of the Federal Reserve [1]. - The call for resignation is part of a broader trend of the Trump administration intensifying legal reviews of Democratic officials and their appointees [1]. - Lisa Cook previously expressed concerns that Trump's trade policies could suppress U.S. productivity and potentially lead the Federal Reserve to raise interest rates in a declining efficiency economic environment to combat inflation [1].

Core Viewpoint - The company reported a decline in revenue due to extreme trade policies and tariffs implemented by the United States, which created significant uncertainty in the global business environment, leading to decreased consumer demand and subsequently affecting the company's product demand [1]. Financial Performance - The company achieved a revenue of HKD 50.446 million, representing a year-on-year decrease of 18.01% [1]. - The net profit was HKD 2.598 million, showing a year-on-year increase of 145.09% [1]. - The basic earnings per share were HKD 0.01 [1]. - The company proposed an interim dividend of HKD 0.01 per share [1]. Market Impact - The decline in revenue is attributed to the impact of U.S. trade policies and tariffs, which have led to a turbulent global business environment and reduced consumer demand [1].

Core Viewpoint - The semiconductor company, Jingmen Semiconductor, reported a significant decline in sales and net profit for the first half of 2025, primarily due to external economic pressures and competitive pricing in the industry [1] Financial Performance - Sales revenue decreased by approximately 25.8% to $45.9 million compared to the same period last year [1] - The net profit attributable to the parent company was $4 million, down from $7.5 million in the first half of 2024 [1] - The board of directors did not recommend the declaration of an interim dividend for the six months ending June 30, 2025 [1] Industry Context - A series of extreme trade policies and tariff measures introduced by the United States have caused significant disruptions in the global economy [1] - Despite some growth in the Chinese economy, consumer market conditions remain weak, leading to cautious ordering from upstream suppliers [1] - Continuous price declines in end products, coupled with industry competition, have resulted in a decrease in average product prices, impacting overall sales revenue [1]

据外媒报道，泰国央行称，美国贸易政策将削弱泰国竞争力。 （文章来源：第一财经） ...

白银、钯金等品种的同步上涨，也反映出贵金属板块整体的资金流入趋势。白银价格触及自7月25日以 来的高点38.11美元/盎司，钯金涨幅更是达到1.7%，至1151.31美元。这种联动行情表明，资金在避险情 绪的驱动下，不仅青睐传统的黄金，也在布局工业属性与贵金属属性兼备的品种，以实现风险对冲与潜 在收益的平衡。 8月8日亚洲交易时段，现货黄金在3400美元/盎司附近交投，延续了前一日的涨势。此前，美国总统特 朗普宣布的新一轮关税正式生效，加之最新就业数据强化了市场对美联储年内降息的预期，使得投资者 的避险情绪明显升温。现货黄金周四一度触及自7月23日以来的最高水平3392.65美元，期金结算价则升 至3453.7美元，白银、钯金等贵金属亦出现不同程度上涨。 在宏观环境的交汇作用下，黄金市场的上涨逻辑清晰可见。首先，关税的落地加剧了投资者对全球贸易 环境不确定性的担忧，这不仅可能影响企业盈利和跨境投资，还可能引发全球供应链的再调整。在这种 背景下，部分资金倾向于增持无信用风险的避险资产，而黄金无疑是首选之一。 不过值得注意的是，当前金价已接近近期高位，而其背后的驱动力在很大程度上依赖于政策预期与宏观 事件的持续性 ...

Report Summary 1. Report Industry Investment Ratings The report does not provide a comprehensive industry investment rating but offers specific investment suggestions for various commodities and financial instruments. 2. Core Views - The market shows short - term expectation differences due to the extension of tariff exemption clauses in the second round of Sino - US trade talks and the central political bureau meeting. Different sectors present diverse trends, and corresponding trading strategies are recommended for each sector [2]. 3. Summary by Related Catalogs Financial Sector - **Stock Index Futures**: The index is in high - level shock with sector rotation. It is recommended to sell far - month contracts and short the 6300 - 6400 strike price MO put options, with a mild bullish view [2]. - **Treasury Bond Futures**: The short - term bond market lacks driving forces. The market should focus on the new tax regulations and the primary issuance pricing of newly tendered treasury bonds. The bond futures are expected to fluctuate strongly, and it is recommended to turn to a wait - and - see stance and pay attention to July economic data and new bond primary bidding [2]. - **Precious Metals**: Gold maintains a strong - side shock with increased intraday fluctuations. It is advisable to buy on dips and hold in stages or sell put options with a strike price below 760 yuan to earn time value. Silver is driven by both financial and commodity attributes, and long positions should be continued to hold [2]. Shipping and Black Metal Sector - **Shipping Index**: The container shipping index (European line) is expected to be weakly volatile, and a short - selling approach on rallies is recommended. For steel, a long - on - pullback attempt is suggested. For iron ore, short on rallies and long coking coal while short iron ore. For coking coal and coke, long on dips is recommended [2]. Non - ferrous Metal Sector - **Copper**: The price is supported by fundamentals, with the main contract referring to 77000 - 79000. The warehouse receipt volume is rising, and the medium - term oversupply trend remains unchanged [2]. Energy and Chemical Sector - **Energy**: The oil price is expected to be weakly volatile. It is recommended to adopt a band - trading strategy and wait for the geopolitical situation to become clear. For various chemical products, different trading strategies are provided according to their supply - demand situations, such as short - selling, long - buying on dips, and trading within a range [2]. Agricultural Product Sector - Different agricultural products have different price trends. For example, soybeans are under pressure from a good harvest expectation, while palm oil maintains a strong - side shock. Corresponding trading strategies like long - holding, short - selling on rallies, and reducing short positions are recommended [2]. Special Commodity and New Energy Sector - Special commodities such as glass and rubber have different trends, and corresponding trading strategies are provided. In the new energy sector, for products like polysilicon and lithium carbonate, different trading suggestions based on their market situations are given [2].

Financial Data and Key Metrics Changes - The company recorded revenue of $481.2 million, a slight reduction of 1.4% year-over-year, but an increase of $58.2 million sequentially from Q1 [15] - New and used equipment sales in the Construction and Master Distribution segments increased by $24.7 million year-over-year, a 15.4% increase, while Material Handling segment sales decreased by $8.3 million [15][16] - Adjusted EBITDA for the quarter was $48.5 million, with a free cash flow before rent to sell decisioning of approximately $32 million [21][22] Business Line Data and Key Metrics Changes - The Construction Equipment segment saw new and used equipment sales increase by nearly $22 million, a 15% increase year-over-year, driven by strong demand in northern regions [17][19] - Material Handling segment revenues were modestly up quarter-over-quarter, but down year-over-year due to cautious spending among automotive and general manufacturing customers [7][19] - Master Distribution segment revenues increased by 25% to $20.9 million, driven by stronger dealer engagement and channel activity [9] Market Data and Key Metrics Changes - The Midwest and Canadian operations outperformed last year, particularly in aggregate and mining markets, while Florida's market remains resilient despite temporary pauses in private nonresidential projects [6][19] - The Material Handling customer base has been more affected by trade policy uncertainties, particularly among larger customers with greater import/export exposure [20] Company Strategy and Development Direction - The company is focused on capital allocation strategies, including a $30 million buyback program, and has repurchased nearly 1.2 million shares at an average price of $5.64 [11][25] - The outlook for the remainder of the year remains encouraging, especially with potential benefits from tax incentives in the One Big Beautiful Bill [11][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of the business model and the diversity of end markets providing stability through down cycles [11] - There is confidence in the construction segment's backlog and customer sentiment, which is expected to drive equipment purchases despite macroeconomic uncertainties [39] Other Important Information - The company continues to optimize its product support business, specifically in the construction segment, to drive labor gross margins higher and reduce SG&A spend [16] - The adjusted EBITDA guidance for 2025 has been slightly trimmed to a range of $171.5 million to $181.5 million, primarily due to tariff impacts and expected continued drag in product support and rental departments [23] Q&A Session Summary Question: Impact of the Big Beautiful Bill on demand - Management expects the Big Beautiful Bill to impact construction more than other segments, with potential benefits seen primarily in Q4 2025 [30] Question: Material Handling customer hesitancy - Bookings in July were strong, indicating that customer hesitancy may be subsiding, particularly for fleets due for replenishment [32][34] Question: SG&A discipline and expectations for the second half - Management believes they have found a good level for fixed costs and expects to maintain that level, while being open to increasing variable expenses related to sales [36] Question: Construction activity and customer purchasing behavior - Confidence in backlog is the primary driver for customer equipment purchases, with tax benefits being a secondary factor [39][40] Question: Geographic performance in construction - Florida remains strong, while other manufacturing-oriented regions show softer sentiment [46][48] Question: M&A opportunities - The company sees opportunities in M&A, particularly related to succession planning issues rather than solely economic cycles [50][51] Question: Margin profile and competitive environment - Margins are stabilizing, particularly in heavy equipment, while compact equipment faces more challenges [56][58] Question: Rental fleet utilization and rates - Utilization has improved but is still below targets, with rental rates remaining stable across product categories [59][62]

Core Viewpoint - Germany's exports showed a positive trend in June, driven by strong demand from China and the EU, marking a recovery from previous declines [1] Export Performance - In June, Germany's exports increased by 2.4% year-on-year and 0.8% month-on-month, totaling €130.5 billion [1] - The imports for the same month amounted to €115.6 billion [1] - Exports to EU member states rose by 2.4% month-on-month, while exports to non-EU countries decreased by 1.2%, with exports to China growing by 1.1% [1] Trade with the United States - Exports to the U.S. fell by 2.1% month-on-month in June, marking the third consecutive month of decline, with a year-on-year decrease of 8.4% [1] - For the first half of the year, exports to the U.S. decreased by 3.1% year-on-year [1] Industry Response - The President of the German Wholesale and Foreign Trade Association, Dirk Jandura, stated that the unpredictable trade policies of the U.S. have severely impacted Germany's foreign trade, leading to increased uncertainty and export losses [1] - There is a growing trend among German companies to seek alternative markets in response to the current situation [1] - Jandura called for the EU to establish more free trade agreements with other trading partners and to reform existing agreements [1]

智通财经APP获悉，德国工业产出遭遇近一年来最大降幅，表明这个欧洲最大经济体上季度的经济萎缩 程度可能比最初估计的还要严重。数据显示，德国6月季调后工业产出环比下降1.9%，降幅远远超出经 济学家的预期，主要受机械设备、药品和食品等行业的影响。德国联邦统计局周四表示，5月份的产出 数据被修正为小幅萎缩，而第二季度整体产出降幅目前已达1%。 德国工业产出降幅远超预期 贝伦贝格银行首席经济学家Holger Schmieding表示，这一下降幅度可能意味着经济萎缩0.2%，而不是上 周公布的0.1%。 他表示："这是一个重大挫折，确实预示着第二季度数据可能向下修正。" Schmieding表示，此次产出数 据下降将抵消年初为赶在美国关税生效前提前生产而增加的产出。 随着美国总统唐纳德·特朗普的关税落地，德国出口导向型企业的困境加剧。 保时捷和奥迪等汽车制造商已下调了业绩预期，而其他一些制造商表示供应短缺加剧可能会损害经济增 长。德国联邦统计局表示，5月份"异常高的修正"是汽车制造商的数据修正造成的。 Bloomberg Economics欧元区高级经济学家David Powell表示："我们预计短期内的形势仍将不容 ...

Group 1: Core View - The growth of US soybeans is in good condition, and the trade policies between the US and other countries show no obvious signs of easing, putting pressure on the US market, but the downside space is expected to be limited. The current trade situation between China and the US may keep the Brazilian premium strong. The domestic market presents a situation of weak reality and strong expectation, with the NO1 contract expected to fluctuate strongly, but the short - term strong performance of soybean oil suppresses the performance of soybean meal. Follow - up attention should be paid to whether the USDA August supply - demand report will raise the US soybean yield per unit and the domestic import situation of Argentine soybean meal [6][7] - In terms of supply, the good - rate of US soybeans has risen to 70% this week. Although the rainfall in the production areas will be slightly less in the next two weeks without obvious high - temperature, the expected impact is limited. Under the pressure of the concentrated arrival of Brazilian soybeans, the domestic soybean crushing in August is expected to exceed 10 million tons, and soybean meal is expected to continue to be abundant. The purchase of ships from October to January is progressing slowly, and there is an expectation of inventory reduction in the far - month under the current China - US trade policy [6] - In terms of demand, the breeding cycles of pigs and poultry are expected to maintain high inventory, supporting feed demand. However, the policy aims to control the inventory and weight of pigs, which is expected to affect the far - month pig supply. Soybean meal has a high cost - performance ratio, and the pick - up volume is at a high level. In some areas, wheat replaces corn, reducing the demand for protein. The trading volume of soybean meal has increased this week [7] - In terms of inventory, the domestic soybean inventory has increased to a high level; soybean meal has a small inventory reduction but is still in the inventory accumulation cycle; the inventory days of soybean meal in feed enterprises have decreased [7] Group 2: Data Summary Basis Data - The basis data of soybean meal and rapeseed meal in different regions and time periods are presented, including the basis of soybean meal main contract in Zhangjiagang on August 6, the basis of 43% soybean meal spot, the basis of rapeseed meal spot, etc. For example, the basis of soybean meal main contract in Zhangjiagang on August 6 is - 23 [5] Spread Data - The spread data include the M9 - 1, M9 - RM9, RM9 - 1 spreads, the spot spread and the main - contract spread of soybean meal - rapeseed meal. For example, the M9 - 1 spread is - 46, and the spot spread of soybean meal - rapeseed meal in Guangdong is 281 [6] Other Data - The data also involve the US dollar - RMB exchange rate, the soybean CNF premium, the import soybean gross profit, the inventory of soybeans in Chinese ports and major oil mills, the inventory days of soybean meal in feed enterprises, the inventory of soybean meal in major oil mills, the start - up rate and the soybean crushing volume of major oil mills [6]