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]

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].

Core Viewpoint - The article discusses the escalation of the trade war initiated by President Trump in 2025, focusing on the implications for various asset classes including U.S. stocks, bonds, the dollar, and gold, amidst rising economic policy uncertainty and potential inflationary pressures [1][2]. Group 1: Economic Policy Uncertainty - Since March 2025, the Economic Policy Uncertainty Index has reached unprecedented levels, indicating significant uncertainty in U.S. economic policy, particularly following the announcement of "super tariffs" [2]. - The index's daily average in Q1 2025 surpassed any quarter during Trump's first term, even exceeding levels seen during the early COVID-19 pandemic [2]. Group 2: U.S. Stock Market - The S&P 500 index experienced a sharp decline of over 10% in early April 2025, marking the largest drop since 2020, but rebounded by 9.5% the day after Trump announced a 90-day pause on new tariffs [2]. - Overall, despite volatility, the S&P 500 recovered and reached a historical high in June 2025 [2]. Group 3: U.S. Treasury Bonds - In April 2025, the yield on 10-year U.S. Treasury bonds rose from 3.96% to 4.6%, a three-year high, contrary to typical behavior during risk shocks [4]. - This rise in yield was attributed to concerns over cost-push inflation, declining tolerance for U.S. fiscal deficits, and a liquidity squeeze due to leveraged fund sell-offs [4]. Group 4: U.S. Dollar - The U.S. Dollar Index (DXY) fell from 104.2 to 96.8 by July 1, 2025, representing a decline of approximately 10.7% since the beginning of the year [5]. - Factors contributing to this decline included foreign capital selling U.S. Treasuries, expectations of Federal Reserve rate cuts, and increasing doubts about U.S. policy stability [5]. Group 5: Gold - Gold prices surged to over $3,300 per ounce in mid-April 2025, reflecting a year-to-date increase of around 27% [6]. - The rise in gold prices was driven by significant inflows into global ETFs and increased purchases by central banks, particularly in China, India, and Russia [6]. Group 6: Comparison with Previous Trade War - The article compares the market reactions between the 2018-2019 trade war and the 2025 tariff conflict, highlighting differences in stock performance, bond yields, dollar strength, and gold prices [8]. - The 2019 trade war saw a "soft landing" due to rapid Fed rate cuts and a bilateral framework agreement, while the current situation faces more constraints due to persistent inflation and high interest rates [8]. Group 7: Future Outlook - The future market direction heavily depends on the outcomes of negotiations between the U.S. and other countries regarding tariffs [9]. - A resolution could lead to a sustained stock market rally, while an escalation in trade conflicts may result in increased market volatility and a further decline in the dollar's safe-haven status, with gold remaining a reliable asset [9].

Report Overview - Report title: Nanhua Precious Metals Daily Report: Gold Down, Silver Stable [1] - Report date: July 9, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The medium to long - term outlook for precious metals is bullish, but London gold has been range - bound since late April. In the short term, attention should be paid to the battle around the 3300 area for gold, with support at 3200 and resistance at 3365 and then 3400. For London silver, support is at 36.4, strong support at 35.3, and resistance at 37 - 37.3. The trading strategy is to buy on dips [6] Summary by Directory Market Review - On Tuesday, the precious metals market saw gold decline and silver remain stable. The tariff trade war situation became clearer before July 9, and the negotiation window was extended to August 1, weakening gold's safe - haven demand. COMEX gold 2508 closed at $3311 per ounce, down 0.95%; SHFE gold 2510 closed at 776.22 yuan per gram, up 0.43%. COMEX silver 2509 closed at $36.925 per ounce, up 0.06%; SHFE silver 2510 closed at 8953 yuan per kilogram, up 0.22%. The US trade policy has drawn responses from many countries [2] Interest Rate Cut Expectations and Fund Holdings - Interest rate cut expectations are generally stable. The probability of the Fed keeping rates unchanged in July is 95.3%, and 4.7% for a 25 - basis - point cut. In September, the probability of unchanged rates is 34.3%, 62.8% for a 25 - basis - point cut, and 3% for a 50 - basis - point cut. SPDR Gold ETF holdings decreased by 1.15 tons to 946.51 tons, while iShares Silver ETF holdings increased by 66.41 tons to 14935.15 tons. SHFE silver inventory increased by 4 tons to 1334.7 tons, and SGX silver inventory decreased by 3.3 tons to 1319.9 tons as of July 4 [3] This Week's Focus - This week's data is light. Key events include the Fed's release of monetary policy meeting minutes at 2:00 on Thursday, a speech by 2025 FOMC voter, St. Louis Fed President Mousalem on the US economy and monetary policy at 21:00 on Thursday, and a speech by 2027 FOMC voter, San Francisco Fed President Daly on the US economic outlook at 02:30 on Friday [4] Precious Metals Price Table - SHFE gold main contract closed at 776.22 yuan per gram, up 0.64%; CME gold main contract closed at $3311 per ounce, down 1.06%. SHFE silver main contract closed at 8953 yuan per kilogram, up 0.91%; CME silver main contract closed at $36.925 per ounce, down 0.04%. The CME gold - silver ratio was 89.6682, down 1.02% [7] Inventory and Position Table - SHFE gold inventory was 21,558 kilograms, up 0.48%; CME gold inventory was 1146.9974 tons, up 0.43%. SHFE gold positions were 179,131 lots, up 1.92%. SHFE silver inventory was 1334.731 tons, up 0.3%; CME silver inventory was 15487.4574 tons, down 0.07%. SHFE silver positions were 338,144 lots, up 47.35% [17][18] Stock, Bond, and Commodity Summary - The US dollar index was 97.5101, down 0.04%; the US dollar against the Chinese yuan was 7.1803, up 0.09%. The Dow Jones Industrial Average was 44,406.36 points, down 0.94%. WTI crude oil spot was $67.93 per barrel, up 2.15%. The 10 - year US Treasury yield was 4.4%, up 1.15% [23]

Group 1: Financial Performance - In 2024, the company achieved a revenue of ¥3,899,221,052.08, representing a year-on-year increase of 77.32% [3] - The net profit attributable to shareholders was ¥87,776,342.74, a decrease of 41.47% compared to the previous year [3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥126,944,501.75, an increase of 6.62% year-on-year [3] Group 2: Share Buyback and Incentives - As of March 31, 2025, the company held 4,553,864 shares in its buyback account, accounting for 4.38% of the total share capital, with a total buyback expenditure of approximately ¥10,104 million [2] - The repurchased shares are intended for future implementation of equity incentive or employee stock ownership plans [3] Group 3: Business Strategy and Market Position - The company focuses on cross-border chemical logistics supply chain services and adjusts marketing strategies in response to fluctuations in shipping costs [2] - The company is actively involved in the export trade of second-hand fuel vehicles and new energy vehicles, leveraging its comprehensive logistics service advantages [3] - The growth in revenue is driven by various business segments, with detailed contributions and growth factors outlined in the annual report [3] Group 4: Future Developments - The company is awaiting approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission for its upcoming issuance plans [3] - The company emphasizes the importance of keeping investors informed through official announcements regarding future developments [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The PVC market is facing weak cost, demand, high production, and inventory, with a low valuation and weak driving force, expected to oscillate weakly. The caustic soda market shows a strong current situation but weak expectations, with short - term tight supply in some areas and a likely peak in spot prices, and a mid - term weakening trend. The styrene market has a high valuation and a tendency towards loose supply and demand, suggesting short - selling at high prices. The rubber market is expected to oscillate widely in the short term. The urea market has an oversupply situation, and it's not advisable to bottom - fish during a unilateral decline. The methanol market is expected to oscillate, with relatively loose supply and increased downstream olefin开工率. The polyolefin market is expected to oscillate widely in the short term. The soda ash market has limited upward space for the futures price despite short - term sentiment improvement [2][3][5]. Summary by Product PVC - **Price**: On June 5, the PVC 09 contract closed at 4747 yuan/ton (- 87), with different market prices in different regions [2]. - **Fundamentals**: Long - term demand is dragged down by the real estate industry, exports are restricted, and supply pressure is high in the third quarter. Inventory is slightly lower than last year, and the market is mainly driven by the macro - environment [2]. - **Outlook**: Expected to oscillate weakly, with a focus on the 4800 yuan/ton line. Stimulus policies may support the price, while trade frictions may pressure it [2]. Caustic Soda - **Price**: On June 5, the caustic soda SH09 contract closed at 2332 yuan/ton (- 35), with different market prices in Shandong [3]. - **Supply and Demand**: Supply has high - level production and new capacity expectations, and there will be a production decline during mid - June due to maintenance. Demand from the alumina industry has uncertain复产 expectations, and non - aluminum demand is affected by tariffs [3]. - **Outlook**: Short - term local supply may be tight, but the spot price is likely to peak. In the mid - term, it will oscillate weakly, and short - selling is recommended for the 09 contract, with a focus on the 2400 yuan/ton line [3]. Styrene - **Price**: On June 5, the styrene main contract was 7085 (- 5) yuan/ton, with different raw material prices [5]. - **Supply and Demand**: Crude oil has short - term support and mid - term loose supply expectations. Pure benzene supply is increasing, and styrene supply is expected to recover in June. Downstream demand is weak [5]. - **Outlook**: High valuation and loose supply - demand, recommend short - selling at high prices, with a focus on the 7200 yuan/ton line [5]. Rubber - **Price and Inventory**: On June 5, the rubber market oscillated slightly. As of June 1, inventory in Qingdao decreased, and tire enterprise capacity utilization declined [6]. - **Outlook**: Expected to oscillate widely in the short term, depending on macro - news and sentiment [6]. Urea - **Price and Supply - Demand**: The urea 09 contract fell 2.88% to 1722 yuan/ton, with a strong basis. Supply is high, and demand from agriculture and some industries is limited [7]. - **Outlook**: The oversupply situation remains unchanged. It's not advisable to bottom - fish during a decline, and the 09 contract is expected to operate between 1650 - 1850 yuan/ton [7]. Methanol - **Price and Supply - Demand**: The methanol 09 contract rose 0.49% to 2259 yuan/ton. Supply is relatively loose, and the downstream olefin开工率 increased, while traditional demand is in the off - season [8]. - **Outlook**: Expected to oscillate, with the 09 contract operating between 2150 - 2300 yuan/ton [8]. Polyolefin - **Price and Supply - Demand**: On June 5, the L and PP main contracts had different price changes. Supply is expected to increase in the future, and demand is in the traditional off - season, with a certain inventory reduction trend [9][10]. - **Outlook**: Expected to oscillate widely in the short term, with the L2509 operating between 6950 - 7350 yuan/ton and the PP2509 between 6850 - 7200 yuan/ton [10]. Soda Ash - **Price and Supply - Demand**: The futures price rebounded at night, and the spot market is weak. Supply is increasing, and downstream demand from glass industries is poor [11]. - **Outlook**: Limited upward space for the futures price, and a short recommendation for the 01 contract [11].