Group 1: Market Overview - Investors are optimistic about trade tariff negotiations, leading to significant gains in the New York stock market on the 9th, with all three major indices closing higher [1] - The Dow Jones Industrial Average rose by 217.54 points to close at 44,458.3, a gain of 0.49%; the S&P 500 increased by 37.74 points to 6,263.26, a rise of 0.61%; and the Nasdaq Composite climbed by 192.87 points to 20,611.34, up 0.95% [1] - Among the S&P 500's eleven sectors, eight rose while three fell, with utilities and technology sectors leading gains at 1.00% and 0.94%, respectively [1] Group 2: Economic Forecasts - UBS maintains an optimistic outlook for the U.S. stock market, predicting continued growth over the next 12 months, with S&P 500 expected to reach 6,500 points by June 2026, representing a 4% increase from current levels [1] - UBS anticipates corporate earnings growth to recover to over 6% quarterly by 2026, with annual growth potentially reaching 8% [1] Group 3: Federal Reserve Insights - The Federal Reserve's June meeting minutes indicate a consensus among officials for potential interest rate cuts this year, though there is significant disagreement on the extent and timing of these cuts [2] - Officials discussed strategies to address inflationary pressures from tariffs and a weak labor market, suggesting that current rates are near neutral and should not be adjusted significantly [2] Group 4: Company-Specific Developments - Nvidia's stock rose by 1.8%, pushing its market capitalization past $4 trillion, marking a historic valuation milestone for a publicly traded company [2] - Merck's acquisition of Verona Pharma for approximately $10 billion has led to a 20% surge in Verona's stock price in pre-market trading, with the deal expected to close in Q4 2025 [3] - Merck's president stated that the acquisition will enhance its product pipeline in the treatment of pulmonary diseases, contributing to both short-term and long-term revenue growth [3]

Group 1 - India plans to impose retaliatory tariffs on the US due to the impact of US tariffs on Indian automotive exports [1] - Ongoing negotiations between the US and India on tariff issues have not reached an agreement, particularly concerning agriculture and dairy products [2] - India is firm on protecting its farmers' interests and is unwilling to lower tariffs on genetically modified corn, soybeans, and wheat from the US [2]

Group 1 - International gold prices experienced a sudden increase, with London spot gold rising over 1% to nearly $3340 per ounce and COMEX gold futures up 1.3% to above $3350 per ounce as of July 1 [1][2] - In the first half of 2025, gold prices surged significantly, with London spot gold increasing by 25.84%, marking the best half-year performance in nearly 18 years [4] - The highest recorded price for spot gold was over $3500 per ounce on April 22, 2025, with a year-to-date increase exceeding 30% [4] Group 2 - The A-share and Hong Kong stock markets saw a boom in the gold and jewelry sector, with all 14 commodity gold ETFs in the A-share market rising over 23% [6] - Notable stock performances included companies like潮宏基 and 莱绅通灵, which saw their stock prices double, while others like 老铺黄金 experienced a staggering increase of 321.53% [6] Group 3 - A case study of a 75-year-old woman from Hangzhou illustrates the risks of gold investment, as she purchased gold bars at a high price only to face a decline in value shortly after [7][9] - Despite recent fluctuations, experts believe the long-term upward trend for gold prices remains intact, with potential targets reaching $3700 per ounce [10] - Factors influencing gold prices include trade negotiations, geopolitical tensions, and economic data affecting Federal Reserve interest rate expectations [10][11]

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - Gold is expected to experience high - level oscillations. Long - term strategic allocation value is high due to international order changes. Silver will have range adjustments. Copper: long - term optimism remains, but short - term recommends taking profits on long positions. Zinc: suggests holding short positions as supply increases and demand weakens. Lead, tin, aluminum, and nickel prices are under pressure. Industrial silicon and lithium carbonate are bearish [1]. - Gold prices may continue to oscillate and adjust in the short term. After the adjustment, there is a long - term upward trend. Silver may continue to oscillate within the range of [8000, 8200] [3]. - Copper rebounds in the short term, and long - term prospects are positive. Zinc is in a bearish situation with supply increasing and demand weakening. Aluminum price rebounds are under pressure. Nickel and stainless steel are recommended for short - selling on rebounds. Lithium carbonate's fundamentals are bearish [7][10][14][16]. 3. Summary by Variety Gold - **Core View**: High - level oscillations [1]. - **Main Logic**: Tariff negotiation setbacks, US bank downgrades, and progress in Russia - Ukraine negotiations. The long - term driver is international order change. Attention should be paid to the support around 740 - 750. The price range is [744 - 767] [1]. - **Market Data**: SHFE gold is at 755.86 (up 0.54% from the previous value and down 2.13% week - on - week), COMEX gold is at 3231 (up 0.80% from the previous value and down 0.34% week - on - week). Gold ETFs are at 921.03 tons (down 21.09 tons week - on - week), and gold COMEX net long positions are at 161209 (down 1288 from the previous value and down 2109 week - on - week) [2]. - **Strategy**: Wait for the market to stabilize and then consider long - term entry [3]. Silver - **Core View**: Range adjustments [1]. - **Main Logic**: Doubts about PV demand in April data in China and the impact of national fiscal tariffs. It is sensitive to financial and commodity attributes and is greatly affected by gold and base metals. The price range is [8000 - 8200] [1]. - **Market Data**: SHFE silver is at 8133 (up 0.40% from the previous value and down 1.20% week - on - week), COMEX silver is at 33 (up 0.25% from the previous value and down 0.87% week - on - week) [2]. - **Strategy**: May continue to oscillate within the range of [8000, 8200] in the short term [3]. Copper - **Core View**: Take profits on long positions in the short term, long - term optimism [1]. - **Main Logic**: US economic data shows resilience, the Fed's interest - rate cut expectation declines, and the strong dollar suppresses copper prices. High copper prices inhibit demand. COMEX copper is draining global copper inventories. Long - term, global copper mines are in short supply. The SHFE copper price range is [77800, 78800] [1][7]. - **Market Data**: SHFE copper closes at 78160 (up 0.54% from the previous day), LME copper is at 9516 (up 0.73% from the previous day). Social inventory is 13.92 million tons [6]. - **Strategy**: Take partial profits on long positions at high levels in the short term. Long - term, there is confidence in the upward trend. SHFE copper focuses on the range [77800, 78800], and LME copper focuses on [9400, 9800] dollars/ton [7]. Zinc - **Core View**: Hold short positions [1]. - **Main Logic**: The zinc ore supply is loosening in 2025. Domestic zinc ingot production is high, and downstream demand is weak. The SHFE zinc price range is [22000, 22600] [1][9]. - **Market Data**: SHFE zinc closes at 22405 (down 0.27% from the previous day), LME zinc is at 2672.5 (down 0.50% from the previous day). SMM seven - region social inventory is 8.38 million tons [9]. - **Strategy**: Continue to hold short positions. Long - term, look for short - selling opportunities on rebounds. SHFE zinc focuses on [22000, 22600], and LME zinc focuses on [2600, 2700] dollars/ton [10]. Aluminum - **Core View**: Price rebounds are under pressure [1]. - **Main Logic**: Overseas bauxite supply in Guinea is disrupted, alumina prices rise, and downstream aluminum processing enterprise operations decline. The price range is [19800 - 20300] [1]. - **Market Data**: LME aluminum closes at 2473 (down 0.46% from the previous value), SHFE aluminum closes at 20110 (down 0.10% from the previous value). SMM aluminum ingot social inventory is 58.1 million tons [11]. - **Strategy**: Temporarily wait and see, focus on inventory changes. The main operating range is [19800 - 20500] [12]. Nickel - **Core View**: Price is under pressure [1]. - **Main Logic**: News of a mining ban in the Philippines and an increase in nickel ore royalties in Indonesia support the cost. However, domestic refined nickel production increases, and stainless - steel inventory pressure remains. The price range is [121000 - 126000] [1]. - **Market Data**: LME nickel closes at 15605 (down 1.27% from the previous value), SHFE nickel closes at 123850 (down 0.17% from the previous value). SMM pure nickel social inventory is 44151 tons [13]. - **Strategy**: Short - sell on rebounds, focus on downstream consumption. The main operating range is [120000 - 129000] [14]. Lithium Carbonate - **Core View**: Bearish [1]. - **Main Logic**: Supply remains sufficient as there is no large - scale production cut. Demand is about to enter the off - season, and the market is lowering demand expectations. The price range is [60000 - 62500] [1][16]. - **Market Data**: The main contract LC2507 is at 61180 (down 1.00% from the previous value). Weekly production is 15843 tons (down 1.28% from the previous week), and weekly inventory is 131920 tons (up 0.27% from the previous week) [15]. - **Strategy**: Hold short positions [16].

Financial Data and Key Metrics Changes - For the third fiscal quarter ended March 31, 2025, the company reported adjusted EBITDA of $9,400,000, an increase of $4,200,000 or over 80% compared to the prior year period [4] - Net income attributable to Radiant Logistics for the same quarter was $2,541,000, a significant improvement of approximately $3,244,000 from a net loss of $703,000 in the prior year [9] - Adjusted net income for the quarter was $6,881,000, representing an increase of approximately $3,295,000 or about 91.9% year-over-year [10] - For the nine months ended March 31, 2025, net income was $12,384,000, an increase of approximately $9,480,000 or 326.4% compared to the same period in the previous year [11] Business Line Data and Key Metrics Changes - Legacy US operations contributed $1,500,000 in incremental adjusted EBITDA, while legacy Canadian operations added $500,000 for the quarter ended March 31 [4] - The company also generated an additional $2,000,000 in adjusted EBITDA from recent acquisitions, including Cascade Transportation, Foundation Logistics and Services, TCB Transportation, and TransCon Shipping [5] Market Data and Key Metrics Changes - Approximately 25% to 30% of the company's gross margins for March were impacted by recently announced tariffs, indicating a significant exposure to international trade dynamics [5][28] - The company noted that trade tensions have led to a slowdown in international trade volumes, particularly affecting ocean imports from China [21] Company Strategy and Development Direction - The company aims to deliver profitable growth through a combination of organic growth and acquisition initiatives while maintaining a strong balance sheet [6] - Recent acquisitions and conversions of strategic operating partners are part of the company's strategy to enhance its service offerings and market presence [7] - The company is optimistic about leveraging its technology and global network to create value for shareholders and customers [46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about navigating through a slower freight market, citing a strong balance sheet with $19,000,000 in cash and only $15,000,000 drawn on its credit facility [6] - The company anticipates some near-term volatility but expects a surge in global trade as tariff disputes are resolved [5] - Management indicated that the upcoming quarter may be soft due to ongoing trade tensions, but they remain confident in long-term growth prospects [41] Other Important Information - The company is focused on strategic operating partner conversions and tuck-in acquisitions to enhance its operational capabilities [6] - The removal of the $800 de minimis rule is expected to create new opportunities for the company in the e-commerce sector [31] Q&A Session Summary Question: What drove the outperformance of the base business this quarter? - Management noted that while there was some slowing in international trade volumes, early indications for April showed better-than-expected performance [17] Question: Any trends seen in bookings out of Asia? - Management indicated that ocean imports from China had come to a standstill but expected this to be short-lived as companies seek alternative sourcing strategies [21] Question: Clarification on gross margin impact from tariffs? - Management clarified that 25% to 30% of gross margin is associated with international trade, not necessarily indicating a direct loss in revenue [28] Question: Outlook for the fourth fiscal quarter? - Management expects softness in the June quarter and does not anticipate it being the second strongest quarter of the year [41]