Core Insights - The tariff measures implemented by U.S. President Donald Trump are significantly boosting international stock markets while potentially ending the dominance of the S&P 500 index globally, at least for the time being [1] - International stock markets are expected to outperform the U.S. stock market benchmark for the first time since 2022, and this is also the first occurrence in a bull market environment since 2009 [1] - Concerns regarding the impact of tariffs and trade uncertainties on U.S. corporate profit growth are the primary reasons for this shift [1] Performance Comparison - The MSCI All Country World Index (excluding the U.S.) has significantly outperformed the S&P 500 index, rising by 18% so far in 2025, while the S&P 500 index has only increased by 7.8% [1]

1. Report Industry Investment Rating - Not provided in the report 2. Core Views of the Report - Overnight US soybeans slightly declined, and Dalian soybean meal futures adjusted and fluctuated. Dalian soybeans also adjusted and fluctuated [1]. - On July 25, CBOT soybean futures closed lower due to trade uncertainties and concerns about export demand. The export sales data on Thursday was at the lower end of market estimates, and favorable weather in the US Midwest boosted soybean production prospects, putting pressure on soybean prices [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices**: DCE soybean 2509 closed at 4224 yuan/ton during the day session, up 18 yuan (+0.43%), and at 4208 yuan/ton during the night session, down 15 yuan (-0.36%); DCE soybean meal 2509 closed at 3021 yuan/ton during the day session, down 20 yuan (-0.66%), and at 3007 yuan/ton during the night session, down 18 yuan (-0.60%); CBOT soybean 11 closed at 1021.75 cents/bushel, down 3.25 cents (-0.32%); CBOT soybean meal 12 closed at 281.7 dollars/short ton, down 1.5 dollars (-0.53%) [1]. - **Spot Prices**: In Shandong, the price of 43% soybean meal was 2900 - 2920 yuan/ton, down 40 yuan to unchanged compared to the previous day; in East China, it was 2830 - 2920 yuan/ton, down 10 yuan or unchanged; in South China, it was 2880 - 2940 yuan/ton, down 20 yuan to unchanged [1]. - **Industrial Data**: The trading volume of soybean meal was 8.15 million tons/day, compared with 20.15 million tons/day in the previous two trading days; the inventory was not available, compared with 90.83 million tons/week in the previous two trading days [1]. 3.2 Macro and Industry News - On July 25, CBOT soybean futures closed lower. Traders were trying to build positions before the August 1 tariff deadline set by the Trump administration, but were reluctant to significantly adjust their trading patterns due to ongoing Sino - US negotiations. The EU and the US may reach a trade framework agreement this weekend. Private exporters reported selling 142,500 tons of soybeans to Mexico for delivery in the 2025/26 season [3]. 3.3 Trend Intensity - The trend intensity of soybean meal is 0, and the trend intensity of soybeans is 0, referring only to the price fluctuations of the main - contract futures during the day session on the report day [3].

Financial Data and Key Metrics Changes - Graco reported second quarter sales of $572 million, an increase of 3% from the same quarter last year, with acquisitions contributing 6% growth while organic sales declined by 3% [5][12] - Reported net earnings decreased by 4% to $128 million, or $0.76 per diluted share, while adjusted non-GAAP net earnings were $127 million, or $0.75 per diluted share, a decrease of 3% [6] - The gross margin rate decreased by 200 basis points, with acquisitions accounting for nearly 80 basis points of the decline [6][7] - Operating expenses increased by 2%, driven by incremental expenses from acquisitions, while excluding these expenses, operating expenses declined by $7 million or 5% [7][8] - Cash provided by operations totaled $308 million for the year, an increase of $50 million or 19% [9] Business Line Data and Key Metrics Changes - The Contractor segment sales declined by 5% in the quarter, primarily due to softness in North America and reduced DIY demand [15][19] - The Industrial segment saw a decline of 1%, with growth in EMEA and Asia Pacific not enough to offset declines in The Americas [16] - Expansion markets were down 3% for the second quarter, although positive momentum in the semiconductor market continued [18] Market Data and Key Metrics Changes - The Americas market was particularly weak, contributing to the organic revenue decline, while EMEA and Asia Pacific showed growth across all segments [12][15] - The home center DIY channel faced challenges, down low double digits, but recent trends indicate stabilization [14][15] Company Strategy and Development Direction - Graco announced targeted price increases beginning in September to offset tariff impacts, focusing on key markets most affected [13] - The company is maintaining its 2025 revenue guidance of low single-digit sales growth on an organic constant currency basis, despite headwinds from the global trade environment [19] - The acquisition of ColorService is expected to enhance Graco's capabilities in precision dosing systems, broadening its portfolio [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the current trade environment is uncertain, causing end users to delay project decisions [12][13] - Incoming order activity remained steady, with backlogs at normal levels across all segments, indicating potential for recovery [14][19] - Management expressed confidence in the second half of the year due to pricing actions and easier comparisons from the previous year [19] Other Important Information - Cash flow from operations less capital expenditures increased by $93 million or 51% year-to-date [10] - The adjusted effective tax rate was 20%, consistent with the expected full-year tax rate [9] Q&A Session Summary Question: Can you discuss the price increase announcement? - Management indicated that the price increases are targeted at geographies experiencing the most input cost pain, characterized as low single-digit increases [26][29] Question: What contributed to the strong free cash flow this quarter? - Management attributed the strong cash flow to improved inventory management and efficiency initiatives [30][31] Question: Can you elaborate on the ColorService acquisition? - The acquisition was driven by the desire to explore adjacent technologies and is expected to enhance Graco's growth potential [36][39] Question: What factors are necessary for customer confidence in the DIY market? - Management highlighted affordability as a key issue affecting new construction and remodeling activity [42] Question: How do you view the incremental margins for the year? - Management expects incremental margins to be in the mid to low thirties, depending on growth across different groups [96]

金十数据7月24日讯，欧洲央行行长拉加德在新闻发布会上被问及如果贸易不确定性消除，是否存在加 息的可能性。 对此她并未予以否认，而是表示，贸易紧张局势的缓解当然会消除压在消费者和企业身 上的不确定性负担，至于这将带来何种影响，"未来自会揭晓"。 拉加德不排除未来加息可能性 ...

Group 1 - The European Central Bank (ECB) decided to maintain interest rates unchanged after seven consecutive rate cuts, awaiting clearer signals regarding EU-US trade relations [1][2] - The deposit facility rate remains at 2%, while the main refinancing rate and marginal lending rate are held steady at 2.15% and 2.40% respectively [2] - The ECB emphasized a "data-driven, meeting-by-meeting" approach, avoiding preset interest rate paths, with decisions based on the latest data [2] Group 2 - Eurozone inflation has eased to the target level of 2%, prompting the ECB to adopt a wait-and-see stance due to the potential impacts of a US-EU trade agreement [2] - The Eurozone's business activity accelerated in July, with the composite PMI rising to an 11-month high of 51.0, driven by service sector growth and stabilization in manufacturing [3] - The strong Euro, which has appreciated over 13% against the US dollar this year, has raised concerns among ECB policymakers about its potential impact on inflation and export competitiveness [4] Group 3 - Market expectations suggest a potential rate cut of 22 basis points by the end of the year, with an 88% probability of a 25 basis point cut in upcoming meetings [4] - Analysts predict that the ECB may cut rates again in September, with some expressing concerns about the rapid appreciation of the Euro [4][5] - The International Monetary Fund reported a slight decrease in the dollar's share of global foreign exchange reserves, while the Euro's share increased to 20.1%, the highest since the end of 2022 [4]

Core Viewpoint - The risks to economic growth are still tilted to the downside, as stated by Lagarde, which is not surprising given that trade uncertainties have not changed significantly [1] Group 1 - The dovish stance suggests that the Eurozone may still require additional support from accommodative policies [1]

Group 1: Gold Market Analysis - Gold prices experienced a significant drop, trading around $3390.53 per ounce after reaching a high of $3433.37, the highest since June 16, with a closing price of $3431.59, marking a 1% increase [2] - The decline in the US dollar, which fell 0.3% to 97.545, contributed to the rise in gold prices, supported by global trade uncertainties and a decrease in US Treasury yields [2] - The upcoming tariff negotiations and the Federal Reserve meeting at the end of the month are critical variables for gold price movements, with potential for a pullback if negotiations yield positive results [2][3] Group 2: Technical Analysis of Gold - Gold has shown a strong upward trend, with three consecutive days of gains, indicating robust short-term momentum [3] - The market is currently in an overbought state, suggesting a need for price correction, but the lack of orderly trading may suppress short-term demand [3][5] - Key resistance levels are identified at $3410-$3420, while support levels are at $3370-$3360, indicating a complex trading environment [5] Group 3: Oil Market Analysis - Brent crude oil prices rebounded to around $69 per barrel, while WTI crude hovered around $66, following positive developments in trade negotiations [6] - The optimism surrounding new tariff agreements has improved market sentiment, although concerns about global economic slowdown continue to weigh on oil demand [6] - The current rebound in oil prices reflects short-term trading sentiment rather than a substantial recovery in demand, with ongoing pressures from weak global consumption and geopolitical risks [6] Group 4: Technical Analysis of Oil - The mid-term outlook for oil remains upward, with the potential to test $78, although short-term momentum indicators suggest a weakening bullish trend [7] - Short-term price movements are expected to be volatile, with resistance levels at $67.5-$68.5 and support levels at $63.5-$62.5 [7]

Group 1: Market Overview - Gold prices experienced fluctuations, initially facing resistance around 3403, then stabilizing near 3383 before accelerating to a peak of 3433 during the night session, closing with a bullish candlestick [2] - Trade uncertainties are increasing, leading to heightened demand for safe-haven assets like gold, as market sentiment regarding U.S. trade negotiations with major partners becomes increasingly pessimistic [3] - The potential for a significant trade deal between the U.S. and Japan, where Japan would pay a 15% reciprocal tariff and invest $550 billion, could slightly dampen safe-haven demand [3] Group 2: Federal Reserve and Economic Factors - The market anticipates that the Federal Reserve will maintain interest rates in the upcoming FOMC meeting, but the likelihood of a rate cut in October is rising amid ongoing criticism from President Trump towards Fed Chair Powell [4] - Concerns about the independence of the Federal Reserve could lead to a weaker dollar and higher long-term interest rates, which may further increase gold's appeal as a safe-haven asset [4] - The outcome of trade negotiations and the Federal Reserve's decisions are critical variables that could influence gold prices significantly [4] Group 3: Technical Analysis - Gold has shown a strong upward trend, with three consecutive bullish days, indicating robust short-term momentum [5] - Key resistance levels for gold are identified at 3452/3453, while support levels are noted at 3390-3385 and 3360 [6] - On a four-hour chart, gold has shown a breakout after a period of consolidation, with immediate resistance at 3466 and support levels at 3405/3398 and 3385/3383 [8]

Group 1 - The core viewpoint is that gold prices are experiencing a strong rebound after a recent dip, but the market remains in a volatile state without a clear directional breakout [1][4] - Support levels for gold are identified at $3345 and $3331, while resistance is noted at $3375, with a potential upward target of $3400 [1] - Recent fluctuations in gold prices are attributed to uncertainties in U.S. tariff policies, which have increased demand for gold as a safe-haven asset [2] Group 2 - Gold prices have reached a one-month high, with short-term fluctuations showing strength, supported by a recent high of $3377 and a lower support level at $3362 [4] - The upward pressure on gold is linked to the potential breakdown of U.S.-EU trade negotiations, which has heightened market risk aversion [4] - Technical indicators suggest a bullish short-term outlook for gold, although there are signs of potential adjustments after consecutive rebounds [4]

金十数据7月21日讯，贝莱德欧洲股票投资主管Helen Jewell表示，欧洲企业盈利前景已合理反映关税风 险，只要不出现重大贸易冲击，当前涨势仍可持续。"盈利预测已下调，这并非市场盲目乐观的表 现，"Jewell在接受采访时称，"只要欧洲出口商持续发力，市场仍有上行空间。"Jewell的观点与高盛等 机构策略师形成鲜明对比。后者警告称，在8月1日美国关税大限临近之际，面对持续存在的贸易不确定 性，股市表现显得过于乐观。 贝莱德：欧洲企业盈利已计入关税风险 股市涨势有望延续 ...