Financial Performance - The company's after-tax operating profit and EBIT increased from approximately 200 million to over 400 million between 2021 and 2022, resulting in ROE rising from 1% in 2021 to 6% in 2022 [1] - The net profit excluding non-recurring gains rose from 30 million to 220 million during the same period, attributed to improved product structure and operational management [1] - The decrease in inventory write-down losses and the decline in raw material prices also positively impacted profitability [1] Sales and Market Position - Despite a decline of 610,000 units in compressor sales from 2021 to 2022, revenue continued to increase, indicating improved market competitiveness and higher product prices [2] - The company is focusing on enhancing the proportion of high-value-added products, such as commercial and variable frequency compressors, to improve average selling prices [2] Strategic Initiatives - The establishment of a manufacturing facility in Mexico aims to mitigate the impacts of U.S. tariff policies, with the plant already in mass production for North American clients [2] - The company is actively monitoring changes in tariff policies and is prepared to adapt strategies to maintain healthy growth [2] Regulatory Impact - The implementation of the 2025 energy efficiency standards for refrigerators is expected to favor high-efficiency products, prompting the company to increase investments in variable frequency technology [3] Client Base - Key clients for the company's new energy vehicle air conditioning compressors include SAIC-GM-Wuling, Yijiete, and Dongfeng Motor, with ongoing efforts to expand the customer base [3] Investor Engagement - The online earnings presentation on August 19, 2025, aimed to provide a convenient platform for investors to engage and understand the company's operational status and future plans [4]

Group 1 - The U.S. tariff policy is causing significant backlash both globally and domestically, with criticism from Democratic leaders in the Senate [1][2] - Senator Chuck Schumer highlighted that the trade war initiated by Trump is detrimental to American citizens, leading to a 3% decline in business investment in tangible goods due to uncertainty over tariff rates [1] - Price increases on various goods have been noted, with leather prices rising by 40%, fresh agricultural products by 7%, automobiles by 12%, and computers and electronics by 18%, resulting in an estimated additional annual cost of $2,400 for the average American household [1] Group 2 - Senator Maria Cantwell emphasized that the revenue generated from tariffs comes directly from American citizens, warning against being misled by government claims [2] - There are legal challenges regarding the Trump administration's authority to unilaterally raise import taxes without congressional approval, indicating potential constitutional violations [2] - The public has the right to be informed about the implications of these tariffs and the government's actions regarding tax collection [2]

Group 1 - The U.S. government announced new tariffs ranging from 10% to 41% on goods from 69 trade partners, effective seven days after the announcement [1] - 40 countries or regions will face a 15% tariff, while 10 countries or regions will face tariffs of 19% or 20% [1] - Goods from countries not listed will incur an additional 10% tariff, while products from China are unaffected by this order [1] Group 2 - The tariff measures have sparked widespread criticism from both domestic and international entities, with U.S. senators expressing concerns over economic uncertainty and inflation [2] - South Africa's trade minister highlighted that higher tariffs threaten key industries such as automotive and agriculture, prompting urgent protective measures [2] - The Swiss government expressed regret over the U.S. tariff policy, despite progress in bilateral negotiations [2]

Group 1 - The U.S. government has announced new tariffs ranging from 10% to 41% on goods from 69 trade partners, effective seven days after the announcement [1] - 40 countries or regions will face a 15% tariff, while 10 countries or regions will be subject to tariffs of 19% or 20% [1] - Goods from countries not included in the 69 trade partners list will incur an additional 10% tariff, while products from China are unaffected by this order [1] Group 2 - The tariff measures have sparked widespread criticism both domestically and internationally, with U.S. senators expressing concerns over the impact on American businesses and inflation [2] - South Africa's trade minister highlighted that higher tariffs threaten key industries such as automotive and agriculture, prompting urgent protective measures [2] - The Swiss government expressed regret over the U.S. tariff policy, despite progress in bilateral negotiations [2]

Core Points - The U.S. Senate Minority Leader Chuck Schumer criticized the government's tariff trade war as a "trade war against the American people" [2] - Senator Maria Cantwell highlighted that the revenue touted by the White House from the tariff war actually comes from the pockets of American citizens [3] Summary by Category - **Trade War Impact** - The trade war is perceived as detrimental to American consumers, with rising prices across various sectors including automobiles, computers, fresh produce, and leather goods [2] - **Government Revenue Claims** - The claims of increased revenue from tariffs are challenged, indicating that these funds are ultimately sourced from American households rather than benefiting them [3]

当地时间7月31日，美国国会参议院少数党领袖查克·舒默直指美国政府的关税贸易战是"针对美国民众 的贸易战"。他还在现场展示了物价对比图表，显示从汽车到电脑，从新鲜农产品到皮革制品，美国物 价都在上涨。民主党参议员坎特韦尔也在发布会上抨击，"当白宫吹嘘关税战带来的收入时，他们隐瞒 了真相，这些钱其实来自美国人的口袋"。（央视新闻） ...

新华财经纽约8月1日电白宫31日晚发布公告说，美国总统特朗普当日援引1977年美国《国际紧急经济权 力法》（IEEPA）等法律签署行政令，调整从69个贸易伙伴进口商品所适用的从价关税税率。 白宫发布的附件一信息显示，包括欧盟在内，绝大多数这些贸易伙伴的商品在进入美国市场时将适用从 10%至40%不等的所谓"对等关税"税率。其中，适用15%税率的国家或地区有40个，适用19%或20%税 率的国家或地区有10个。 公告表示，新的关税税率将在行政令发布7天后开始实施，但有些情况则例外。一些附件中的贸易伙伴 已经同意或接近完成与美国达成贸易和安全协议，但在这些协议完成并正式确认前仍将适用新的税率。 通过转运以逃避关税的物品将适用40%的从价关税并接受其他处罚和税费等。 值得注意的是，公告说，除另有明确规定外，没有被列入附件一的贸易伙伴商品将适用10%的额外从价 关税。来自中国产品所适用的关税税率不受这一行政令的影响。 特朗普表示，该行政令同样旨在应对大规模和持续商品贸易逆差对美国国家安全和经济带来的威胁以及 在4月2日行政令中所宣布的国家紧急状态。 特朗普此前先后致信20多个贸易伙伴的领导人，称将从8月1日起对这些贸 ...

我是帮主郑重，20年财经老枪，今儿三句话拆透特朗普的"关税组合拳"有多狠！ 特朗普这回的贸易战"组合拳"打得够刁钻——一边对全球铜产品抡起50%关税大棒，一边逼韩国签下"不平等条约"。先说韩国这头：15%的汽车关税看似 比7月初放风的25%"温和"，但韩国付出的代价是实打实的3500亿美元"买路钱"！这笔钱名义上是投资美国控制的基建、半导体项目，实则让韩国企业沦 为美方"提款机"，连李在明政府都坦言"汽车关税15%令人遗憾"。更扎心的是，韩国还得吞下1000亿美元美国液化天然气订单，硬塞给自家能源市场。 这协议藏着三重玄机： 全球供应链暗涌已起！ 特朗普同天加码铜产品50%关税（涵盖铜管、线缆、电子元件），简直是给全球制造业"上枷锁"。韩国LG电缆、三星电机这些核 心部件商成本瞬间飙升，更可怕的是连锁反应——铜价暴涨可能让新能源车、光伏的"平价梦"碎一地。 帮主锐评：中长线投资者盯紧三件事！ • 避险资产窗口期：黄金上周玩"过山车"，但美国实际利率见顶+地缘风险未消，急跌就是中长线捡筹码机会； • "关税免疫"型赛道：像英维克这种机构、北向、游资三路合力的硬逻辑股（昨天净流入9.27亿），才是贸易乱局中的诺亚 ...

公告显示，深圳新星公司预计2025年半年度归属于母公司所有者的净利润为 -2350万元到 -1570万元，与上年同期相比，亏损减少3383.77万元到4163.77万 元；归属于母公司所有者的扣除非经常性损益后的净利润为 -2950万元到 -1970万元。深圳新星上年同期利润总额为 -5501.30万元，归属于母公司所有者的净 利润为 -5733.77万元，归属于母公司所有者的扣除非经常性损益的净利润为 -7127.41万元，每股收益为 -0.36元。 深圳新星表示，本期业绩预亏主要有三方面原因。一是受关税贸易战影响，铝锭价格大幅波动，4月初铝价较3月底下跌约1000元/吨，因生产周期及备货影 响，第一季度末约1万吨的铝锭存货、铝晶粒细化剂及电池铝箔坯料半成品等库存成本顺延至二季度，使第二季度产品成本偏高，产品综合毛利率下降，毛 利减少约1000万元。二是本期铝箔坯料产品等销售收入增加，应收账款增加，预期信用减值损失金额较一季度增加约500万元。三是铝箔坯料冷精轧生产线 处于调试过程中，产能未能完全稳定放量，成材率未达预期，导致铝箔冷轧坯料产品毛利率下降，不过截至业绩预告披露日，该生产线已调试完成，处于稳 定 ...

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View of the Report The report maintains a view of buying precious metals on dips. The precious metals market may follow the safe - haven logic under the escalation of the tariff trade war or the logic of enhanced interest - rate cuts when tariff concerns ease. The mid - to long - term trend of precious metals may be bullish, but London gold has been in a range - bound oscillation since late April. The short - term focus is on the battle around the 3300 area for gold, with support at 3200 and resistance at 3365 and then 3400; for London silver, the support is in the 36 - 36.2 area, strong support at 35.3, and resistance at 37 - 37.3. The operation strategy is still to buy on pullbacks [2][5]. 3. Summary by Relevant Catalogs 3.1 Market Quotes Review - On Wednesday, the precious metals market saw gold oscillate and silver adjust. The U.S. dollar index oscillated weakly, U.S. bond yields decreased significantly, U.S. stocks and Bitcoin rose, crude oil oscillated, and the South China Non - ferrous Metals Index declined. COMEX gold 2508 contract closed at $3322.5 per ounce, up 0.17%; U.S. silver 2509 contract closed at $36.605 per ounce, down 0.39%. SHFE gold 2510 main contract closed at 766.82 yuan per gram, down 1%; SHFE silver 2510 contract closed at 8899 yuan per kilogram, down 0.2% [2]. - The Fed's June FOMC meeting minutes showed increased differences among officials regarding the prospect of interest - rate cuts. Most officials believed that tariffs might continuously push up inflation, while a few were willing to consider an interest - rate cut at the next meeting. The reasons for the differences were the uncertainty of tariff policies and their impact on inflation, as well as the government's pressure on the Fed to cut interest rates [2]. 3.2 Interest - Rate Cut Expectations and Fund Holdings - Interest - rate cut expectations have slightly increased overall. According to CME "FedWatch" data, the probability of the Fed keeping the interest rate unchanged in July is 93.3%, and the probability of a 25 - basis - point cut is 6.7%. In September, the probability of keeping the interest rate unchanged is 31.1%, the probability of a cumulative 25 - basis - point cut is 64.4%, and the probability of a cumulative 50 - basis - point cut is 4.5%. In October, the probability of keeping the interest rate unchanged is 10.2%, the probability of a cumulative 25 - basis - point cut is 42%, the probability of a cumulative 50 - basis - point cut is 44.8%, and the probability of a cumulative 75 - basis - point cut is 3% [3]. - Long - term funds: SPDR Gold ETF holdings increased by 0.86 tons to 947.37 tons, and iShares Silver ETF holdings increased by 31.9 tons to 14966.24 tons. SHFE silver inventory decreased by 13.8 tons to 1320.9 tons, and as of the week ending July 4, SGX silver inventory decreased by 3.3 tons to 1319.9 tons [3]. 3.3 This Week's Focus - On Thursday at 21:00, 2025 FOMC voter and St. Louis Fed President Mousalem will speak on the U.S. economy and monetary policy. - On Friday at 02:30, 2027 FOMC voter and San Francisco Fed President Daly will speak on the U.S. economic outlook [4]. 3.4 Precious Metals Futures and Spot Price Table - The table shows the latest prices, daily changes, and daily change rates of SHFE and SGX gold and silver futures and spot contracts, as well as the gold - silver ratio of CME and the price differences between SHFE and TD [6]. 3.5 Inventory and Position Table - The table presents the latest values, daily changes, and daily change rates of SHFE and CME gold and silver inventories, SHFE gold and silver positions, and SPDR gold and SLV silver positions [15][16]. 3.6 Stock, Bond, and Commodity Summary - The table shows the latest values, daily changes, and daily change rates of the U.S. dollar index, U.S. dollar - RMB exchange rate, Dow Jones Industrial Index, WTI crude oil spot price, LmeS copper 03 price, 10 - year U.S. bond yield, 10 - year U.S. real interest rate, and 10 - 2 - year U.S. bond yield spread [22].