Core Viewpoint - Daiwa has raised the target price for QuanFeng Holdings (02285) from HKD 11 to HKD 25, reflecting the company's significantly better-than-expected performance in the first half of the year [1] Financial Performance - Daiwa has upgraded the rating for QuanFeng from "Hold" to "Outperform" [1] - Core earnings per share forecasts for 2025 to 2027 have been increased by 121.8%, 46.1%, and 34.2% respectively [1] - Revenue forecasts for the same period have been raised by 17.3%, 17.6%, and 17.8% respectively [1] Strategic Developments - During an investor day, QuanFeng outlined a development strategy centered on its high-margin EGO brand [1] - Management anticipates that by the end of this year, production capacity in Vietnam will meet 60% of the product demand for exports to the United States [1] - This strategy is expected to alleviate market concerns regarding long-term tariff impacts and competition [1] Market Context - Daiwa had previously lowered its forecasts for QuanFeng following the announcement of reciprocal tariff measures by the Trump administration in April [1] - The downgrade was primarily due to QuanFeng's high concentration of production in China compared to other companies rated by Daiwa [1]

美元兑加元涨0.28%，报1.3728。 加拿大总理卡尼宣布对等措施，来保护加拿大的钢铝（行业/贸易）。 加拿大将针对钢铝调整现有的对等关税措施。 ...

作者：金联创—王永涛 导读：2025年4月份，天然橡胶与合成橡胶趋势相似。因宏观因素的影响，天然橡胶与合成橡胶均宽幅 下行，但跌后呈现区间震荡。 行情回顾 天然橡胶： 4月份，天然橡胶行情经宽幅下行后呈现区间运行。期货方面，4月3日凌晨，特朗普公布对等关税措 施，大宗商品普遍承压。7日开盘国内多数期货合约跌停。此后，中美双方博弈加码市场悲观情绪，期 货市场在中旬依然显出弱势。下旬，国内现货库存下降，同时开割初期成本偏高也支撑市场，但需求仍 受到抑制，业者持有谨慎情绪，期货行情呈现震荡态势。现货方面，期货的弱势也使得现货市场承压， 不过中下游客户逢低补货，贸易商也有回补空单，却带动交易。中下旬，由于对未来需求缺乏信心，下 游采买积极性不佳，现货市场也呈现出震荡态势。 合成橡胶： 数据：金联创整理 数据来源：金联创 4月份，合成橡胶行情经宽幅下行后转向区间运行。清明假期前，丁二烯外销货源溢价成交一度带动市 场，但是随着美国正式宣布"对等关税"，市场开始出现动荡。清明假期后，关税争端加码，全球资本市 场巨震，大宗商品宽幅下挫，BR、RU、NR纷纷触及跌停，由此，也因为供方宽幅下调合成橡胶价格 以及丁二烯下滑，合成橡 ...

韩国工业部：韩国工业部部长请求美国豁免对特定项目的对等关税措施。 ...