关税政策变化

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建信期货焦炭焦煤日评-20250529
Jian Xin Qi Huo· 2025-05-29 01:57
Group 1: Report Information - Report Type: Coke and Coking Coal Daily Review [1] - Date: May 29, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] Group 2: Market Performance Futures Market - On May 28, the main contracts 2509 of coke and coking coal futures oscillated downward, hitting new lows for September contracts since January 2017 and September 2016 respectively in the afternoon. The J2509 contract closed at 1338.5 yuan/ton, down 1.91%, with a trading volume of 21,100 lots and an open interest of 57,482 lots, an increase of 1,175 lots. The JM2509 contract closed at 779 yuan/ton, down 2.20%, with a trading volume of 537,375 lots and an open interest of 526,866 lots, an increase of 5,852 lots. The capital inflow/outflow was 0.03 billion yuan for J2509 and -0.73 billion yuan for JM2509 [5]. Spot Market - On May 28, the daily KDJ indicators of the coke and coking coal 2509 contracts declined, with the J and K values turning down and the D value continuing to slide. The daily MACD green bar of the coke 2509 contract continued to expand, while that of the coking coal 2509 contract turned to expand. The ex - warehouse price index of quasi - first - class metallurgical coke at Rizhao Port, Qingdao Port, and Tianjin Port was 1390 yuan/ton, with no change. The price in Tangshan was 1320 yuan/ton, also unchanged. The aggregated price of low - sulfur main coking coal in different regions remained stable [8]. Group 3: Market Outlook Coke - In the past 5 weeks, the coke production of independent coking plants has hovered near the highest level since early August last year, while the coke production of steel mills has slightly declined since late April. The coke inventory at ports has significantly decreased in the past 5 weeks, but the inventory reduction speed of steel mills and coking plants is slow, adding new downward pressure on coke prices. The profit per ton of coke turned from profit to loss after 2 consecutive weeks of profit, mainly because the second - round price increase of coke spot prices did not occur after the first - round increase in mid - April, creating conditions for steel mills to propose a price cut, which was implemented on May 16 [10]. Coking Coal - From January to April, the year - on - year growth of imports turned negative, but the absolute value of imports remained at a high level, and the overall loose pattern was difficult to reverse. The raw coal inventory of coal washing plants has significantly increased, and the clean coal inventory has risen again to a relatively high level. In the past 5 weeks, the inventory of independent coking plants has significantly decreased, and the port inventory has also returned to the normal level before early August last year, but the inventory of steel mills has increased steadily. If coking plants also adopt inventory reduction strategies while steel mills still have relatively sufficient inventory, coking coal prices are likely to fall rather than rise [10]. Overall - Although the weak market of coke and coking coal futures continues, and there may be new lows in the next two weeks, positive factors in the fundamentals and news are accumulating. Attention should be paid to whether a turning point of bottom - fishing rebound can occur in about the next two weeks under the changes in tariff policies and the recovery of confidence in the steel market [10] Group 4: Industry News - In April 2025, the national issuance of new bonds was 253.4 billion yuan, including 23.3 billion yuan of general bonds and 230.1 billion yuan of special bonds. From January to April, the cumulative issuance of new local government bonds was 1492.7 billion yuan, including 302.3 billion yuan of general bonds and 1190.4 billion yuan of special bonds [12]. - The construction of the Dapingtan Coal Mine project is accelerating. The mine is located in Kuche City, Aksu Region, Xinjiang, with a mining area of 16.56 square kilometers, a geological reserve of 247 million tons, and a designed production capacity of 2.4 million tons/year [12]. - Nanjing Iron and Steel Co., Ltd.'s subsidiary, Anhui Jin'an Mining Co., Ltd., obtained the exploration right of Fanqiao Iron Mine in Huoqiu County, Anhui Province. The mine has an ore resource of 116.4967 million tons and a normal - year production capacity of 3.5 million tons/year of iron ore and 1.04 million tons/year of iron concentrate [12][13]. - Jiantou Energy expects the thermal coal market to be generally loose in 2025, with coal prices likely to decline further. The company's long - term agreement signing coverage rate in 2025 exceeds 80% [13]. - Lingyuan Iron and Steel Co., Ltd.'s 2290m³ blast furnace was successfully put into operation on May 27, 2025, after capacity replacement [13]. - Handan City encourages steel and logistics enterprises to integrate resources, explore centralized procurement of bulk commodities, and develop multimodal transport [13][14]. - The production - continuation land use project of Heidaigou and Halwusu Open - pit Mines in Zhungeer Banner was approved, which can meet the land demand of the two mines for the next five years [14]. - From January to April 2025, the automobile industry's production increased by 11% year - on - year, but the profit decreased by 5.1%. The industry needs to control costs [14]. - In April 2025, China exported 10.462 million tons of steel, basically the same as the previous month. From January to April, the cumulative export was 37.891 million tons, a year - on - year increase of 8.2% [14]. - In April 2025, the US coal production was 39.6403 million tons, a year - on - year increase of 22.37% and a month - on - month decrease of 6.53% [15]. - In March 2025, India's coal imports were 20.2908 million tons, a year - on - year decrease of 7.79% and a month - on - month increase of 13.65% [15]. - Glencore's Ulan Coal Mine in Australia was approved for expansion, allowing it to mine an additional 18.8 million tons of coal and extend its mine life by two years [15]. - The nationwide blackout in Portugal on April 28 may have caused economic losses of over 2 billion euros to Portuguese enterprises [15] Group 5: Data Overview - The report presents multiple data charts, including the spot price index of metallurgical coke, the aggregated price of main coking coal, the production and capacity utilization rate of coking plants and steel mills, the national daily average pig iron output, the inventory of coke and coking coal in ports, steel mills, and coking plants, the profit per ton of coke for independent coking plants, the production and operating rate of coal washing plants, the inventory of raw coal and clean coal in coal washing plants, and the basis between spot and futures contracts [16][17][19][29][33][36]
最新!美敦力分拆
思宇MedTech· 2025-05-22 02:31
| 思宇年度活动回顾: 首届全球眼科大会 首届全球骨科大会 首届全球心血管大会 | | --- | | 即将召开: | | 2025年6月12日,首届全球医美科技大会 | | 2025年7月17日,第二届全球医疗科技大会 | | 2025年9月4-5日,第三届全球手术机器人大会 | 2025年5月21日,美敦力公布了2025财年第四季度及全年财务业绩,并宣布 计划在未来18个月内将旗下糖尿病业务拆分为独立公司 。此次财报发布之际,公司也面 临潜在的关税政策变化可能带来的成本冲击,管理层在业绩指引中对此作出了说明。 # 财报表现:营 收稳 健增长,现 金流充裕 2025财年 美敦力全年营收达到 335亿美元 ,同比增长3.6%(有机增长4.9%)。 全年归属股东净利润约为 46.6亿美元 ,GAAP摊薄每股收益 3.61美元 ,同比大增 31% 。美敦力的毛利率和盈利能力稳中有升:调整后营业利润率达27.8%,较上年提高0.9个百分点。 | | | | | FOURTH QUARTER | | | | | | | FIS | | --- | --- | --- | --- | --- | --- | --- | ...
建信期货焦炭焦煤日评-20250522
Jian Xin Qi Huo· 2025-05-22 01:51
日期 2025 年 5 月 22 日 黑色金属研究团队 研究员:翟贺攀 zhaihepan@ccb.ccbfutures.com 研究员:聂嘉怡 研究员:冯泽仁 请阅读正文后的声明 #summary# 021-60635736 期货从业资格号:F3033782 投资咨询证书号:Z0014484 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号:F03124070 021-60635727 fengzeren@ccb.ccbfutures.com 期货从业资格号:F03134307 报告类型 焦炭焦煤日评 每日报告 | | | | | | 表1:5月21日焦炭焦煤期货主力合约价格、成交及持仓情况(单位:元/吨、手、亿元) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 代码 | 前收 盘价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌幅 | 成交量 | 持仓量 | 持仓量 变化 | 资金流 入流出 | | J2509 | 1407. ...
纺织服饰行业周专题:Puma发布2025Q1季报,表现符合公司预期
GOLDEN SUN SECURITIES· 2025-05-11 10:23
分地区和业务模式来看: 证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 纺织服饰 周专题:Puma 发布 2025Q1 季报,表现符合公司预期 【本周专题】 Puma 2025Q1 业绩发布,整体表现符合预期。Puma 披露 2025Q1 季报,货币 中性基础上公司营收同比增长 0.1%至 20.76 亿欧元,毛利率同比略下降 0.6pcts 至 47%,经营利润同比下降 63.7%至 0.6 亿欧元,经营利润率同比下降 4.8pcts 至 2.8%,净利润同比下降 99.5%至 50 万欧元,根据公司披露期内由于全球经 济环境的波动(尤其是美国与中国市场),公司营收表现同比持平,与此同时随 着公司推动 DTC 业务的增长,公司期内费用率提升。从营运层面来看,截止 2025 年 3 月末公司库存同比增长 16.3%至 20.8 亿欧元,主要系在途库存增加所 致。2025Q1 的表现整体符合公司预期,当前公司预计 2025 年营收同比增长低 到中单位数。 ➢ 2025Q1 美国/中国销售低迷,公司持续跟进关税政策变化。货币中性基础 上 2025Q1 公司 EMEA 地区营 ...
纺织服饰周专题:Puma发布2025Q1季报,表现符合公司预期
GOLDEN SUN SECURITIES· 2025-05-11 10:12
周专题:Puma 发布 2025Q1 季报,表现符合公司预期 【本周专题】 纺织服饰 证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 Puma 2025Q1 业绩发布,整体表现符合预期。Puma 披露 2025Q1 季报,货币 中性基础上公司营收同比增长 0.1%至 20.76 亿欧元,毛利率同比略下降 0.6pcts 至 47%,经营利润同比下降 63.7%至 0.6 亿欧元,经营利润率同比下降 4.8pcts 至 2.8%,净利润同比下降 99.5%至 50 万欧元,根据公司披露期内由于全球经 济环境的波动(尤其是美国与中国市场),公司营收表现同比持平,与此同时随 着公司推动 DTC 业务的增长,公司期内费用率提升。从营运层面来看,截止 2025 年 3 月末公司库存同比增长 16.3%至 20.8 亿欧元,主要系在途库存增加所 致。2025Q1 的表现整体符合公司预期,当前公司预计 2025 年营收同比增长低 到中单位数。 分地区和业务模式来看: ➢ 2025Q1 美国/中国销售低迷,公司持续跟进关税政策变化。货币中性基础 上 2025Q1 公司 EMEA 地区营 ...
机构:关税变化或将推动韩系电视品牌在美国市场份额的上升
news flash· 2025-05-08 05:06
金十数据5月8日讯,Omdia的电视显示面板与OEM信息服务数据显示,尽管美国本土电视品牌原本预计 将在2025年实现出货量的强劲增长,但随着地缘政治紧张局势加剧及关税政策变化,美国电视市场的竞 争格局正经历剧烈调整。凭借在墨西哥的大规模制造能力,Samsung和LG有望从中国品牌(如海信和 TCL)手中夺取更多美国市场份额。相比之下,海信和TCL由于在墨西哥的产能有限,增长势头或将受 阻。 机构:关税变化或将推动韩系电视品牌在美国市场份额的上升 ...
外媒:关税政策压迫 “不确定性”成半导体公司财报主题
Huan Qiu Wang· 2025-05-08 04:54
【环球网科技综合报道】不确定性——这是全球几大半导体公司近来发布的财报季主题。据了解,由于美国关税政策的变化和对中国的出口限制,这些公司 对其产品的需求尚不明确。 CNBC认为,关税导致的相关变化已经引起全球芯片公司高管们的焦虑,并对其业务产生了明显的影响。 超微也于当日发布了令人失望的财报,财报称业绩不达预期的原因是关税和宏观经济不确定性所导致的。该公司表示,在"前景"更加明朗之前,不会提供 2026财年的财报。该股盘前交易下跌4%。 Marvell 也在当日表示,将原定于6月10日举行的投资者日活动推迟至"2026年的某日"。该公司股价在盘前交易中下跌了4.4%。Marvell首席执行官马特·墨菲 (Matt Murphy) 在一份声明中表示:"鉴于当前不确定的宏观经济环境,我们决定推迟投资者日召开的日期。" 今年,由于宏观经济不确定性增加和美国贸易政策的影响,半导体股一直承受压力。 从表现来看,微软等科技巨头在人工智能产品方面表现强劲,但市场对人工智能产品的需求仍存在担忧。 感受到压力的不仅仅是美国公司。 三星在上个月表示,由于关税政策变化和宏观经济不确定性,"预计需求波动将相当大"。三星高管在财报电话 ...
Lear(LEA) - 2025 Q1 - Earnings Call Transcript
2025-05-06 14:02
Lear (LEA) Q1 2025 Earnings Call May 06, 2025 09:00 AM ET Company Participants Timothy Brumbaugh - VP of IRRay Scott - President, CEO & DirectorJason Cardew - Senior VP & CFOJoseph Spak - Managing DirectorJohn Murphy - Managing Director Conference Call Participants Dan Levy - Senior Equity Research AnalystEmmanuel Rosner - Managing Director - Senior Autos & Auto Technology AnalystColin Langan - Automotive & Mobility AnalystItay Michaeli - Equity Analyst Operator Good morning, everyone, and welcome to the Le ...
Lear(LEA) - 2025 Q1 - Earnings Call Transcript
2025-05-06 13:00
Lear (LEA) Q1 2025 Earnings Call May 06, 2025 09:00 AM ET Speaker0 Good morning, everyone, and welcome to the Lear Corporation First Quarter twenty twenty five Earnings Conference Call. All participants will be in a listen only mode. After today's presentation, there will be an opportunity to ask questions. Please also note today's event is being recorded. I would now like to turn the conference call over to Tim Brumbaugh, Vice President, Investor Relations. Please go ahead. Speaker1 Thanks, Jamie. Good mor ...
Vince.(VNCE) - 2025 Q4 - Earnings Call Transcript
2025-05-02 13:32
Vince Holding (VNCE) Q4 2025 Earnings Call May 02, 2025 08:30 AM ET Company Participants Akiko Okuma - Chief Administrative Officer & General CounselBrendan Hoffman - CEO & DirectorYuji Okumura - CFOMichael Kupinski - Director of Research, Managing Director, Head of Technology Research Conference Call Participants Eric Beder - CEO & Senior Research Analyst Akiko Okuma Thank you, and good morning, everyone. Welcome to Vince Holding Corp. Fourth quarter and full year fiscal twenty twenty four results conferen ...