Core Viewpoint - The "Big Beautiful Bill" proposed by Trump is set to reshape the economic, energy, and immigration policy landscape between the U.S. and Latin America, with significant implications for regional stability and U.S. relations with its long-term allies in the hemisphere [2][4]. Immigration Enforcement - The new legislation allocates $170 billion for immigration and border-related actions, including nearly $47 billion for border wall construction and funding for thousands of new immigration enforcement personnel and detention facilities [5]. - The bill aims to terminate the legal status of over one million individuals, significantly increasing the number of people eligible for deportation, which will place additional pressure on Central American countries to manage the return of their citizens [7]. Energy Policy and Key Minerals - The bill reverses tax incentives for clean energy technologies, contrasting sharply with the Biden administration's climate policies, which may hinder U.S. clean energy production and provide an opportunity for China to expand its influence in renewable energy sectors in Latin America [8]. - The cancellation of tax credits for critical minerals supply chains could impact global efforts to transition to renewable energy, while other regions continue to pursue energy transformation [8]. Remittance Taxation - The legislation imposes a federal tax on remittances, which could drive funds from formal channels to informal ones, negatively affecting the economies of Latin American countries reliant on remittances [11]. - The tax rate is set at 1%, lower than the initially proposed 5%, but could still lead to a decrease in remittance flows through formal channels due to tax avoidance strategies [11]. Economic Implications - The bill is projected to increase U.S. national debt by $3.3 trillion, potentially exacerbating the already fragile macroeconomic situation in the U.S. and negatively impacting regional economies in Latin America [15]. - The combination of reduced foreign aid, remittance taxation, and expanded immigration enforcement may lead to a long-term decoupling of Latin American economies from the U.S. if regional integration efforts are not strengthened [15].

信达证券主要观点如下： 清洁能源政策限制下的煤炭出口大国，新增煤炭产能有限 智通财经APP获悉，信达证券发布研报称，在煤炭布局加速西移、资源费与吨煤投资大幅提升背景下， 国内经济开发刚性成本和国外进口煤成本的抬升均有望支撑煤价中枢保持高位。当前，煤炭板块仍属高 业绩、高现金、高分红资产，行业仍具高景气、长周期、高壁垒特征，叠加宏观经济底部向好，央企市 值管理新规落地，煤炭央国企资产注入工作已然开启，以及一二级市场估值倒挂，愈加凸显优质煤炭公 司盈利与成长的高确定性。煤炭板块向下调整有高股息安全边际支撑，向上弹性有后续煤价上涨预期催 化，该行继续全面看多"或跃在渊"的煤炭板块。 近年来，澳大利亚煤炭行业的成本呈现出持续上升的趋势 澳大利亚动力煤行业的上市公司市场集中度较高，澳洲动力煤上市公司共六家，年产量在1.5亿吨左 右，占澳洲动力煤总产量的55%-62%。其中，BHPNSWEC、Glencore等主要煤企的成本增长尤为明 显，部分企业2023年和2024年的成本水平较2021年显著提高。成本上升受到多重因素的影响，包括通胀 压力推高的劳动力成本、能源价格上涨导致的开采及运输成本增加，以及政府对矿业征收更高的 ...