在外汇市场上，新台币和韩元等部分亚洲货币的升值日趋突出。有观点认为，这些国家或地 区在与美国的贸易谈判中可能被要求货币升值，推高了汇率。自美国宣布"对等关税"以来，资 金加剧从美元流出，亚洲货币也有可能成为了流出目的地。 台币和韩元的走强，背后都与美国的协商有关。在对美谈判的过程中，美国可能要求这些国家或地区 提高本币汇率。亚洲货币的暴涨并非仅仅源于货币升值预期，4月以后持续的去美元化也产生了影 响…… 5月5日（日本为节假日），新台币对美元升值创下自2022年以来约3年来的新高。韩元也一度 升至1美元兑1365韩元区间，创下自2024年10月以来的新高。马来西亚林吉特同样刷新了自 2024年10月以来的高点。 台币和韩元的走强，背后都与美国的协商有关。市场普遍预期，在对美谈判的过程中，美国 可能要求这些国家或地区提高本币汇率，从而推动了本币升值的预期。 据悉，围绕新台币的暴涨，台湾的赖清德于5月5日发表声明，否认了关于升值的预测。据 悉，其他当局者也接连发表了牵制言论。 关于韩元，随着与美国的贸易谈判取得进展，对扭转韩元贬值的预期随之加强。日本瑞穗银 行高级市场经济学家堀尧大解释，"台湾、韩国、马来西亚等作 ...

Financial Data and Key Metrics Changes - Consolidated revenue for Q1 2025 was $21.5 billion, a decrease of 0.7% year-over-year, aligning with expectations [7][30] - Consolidated operating profit increased to $1.8 billion, up 0.9% compared to the previous year [7][30] - Consolidated operating margin improved to 8.2%, an increase of 20 basis points year-over-year [7][30] - Diluted earnings per share rose to $1.49, reflecting a 4.2% increase from the prior year [7][30] Business Line Data and Key Metrics Changes - U.S. Domestic segment operating profit increased by $164 million year-over-year, with an operating margin expansion of 110 basis points [8][38] - Total U.S. average daily volume (ADV) decreased by 3.5%, with ground ADV down 2.5% and air ADV down 9.6% [32] - International segment ADV increased by 7.1%, with all regions showing growth [38] - Supply Chain Solutions revenue decreased by $471 million, primarily due to the divestiture of Coyote [40] Market Data and Key Metrics Changes - U.S. import volume is approximately 400,000 pieces per day, representing less than 2% of total global ADV [21] - Revenue from China to U.S. trade lanes accounted for 11% of total international revenue, while other trade lanes contributed 17% [21][22] - SMBs represented 31.2% of total U.S. volume, the highest concentration in ten years [34][19] Company Strategy and Development Direction - The company is executing a significant network reconfiguration, including 164 operational closures, to enhance efficiency and reduce costs [14][43] - The strategic focus includes reducing dependency on Amazon's volume by over 50% by June 2026, while maintaining profitable segments [12][46] - The company aims to improve revenue quality by targeting growth in healthcare, international, B2B, and SMB markets [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a dynamic environment, emphasizing the importance of agility in operations [6][28] - The outlook for 2025 remains uncertain due to changing trade policies and tariffs, with no updates provided for the full-year outlook [26][50] - Management highlighted the need to model various scenarios to adapt to rapid shifts in business conditions [26][50] Other Important Information - The company generated $2.3 billion in cash from operations and paid $1.3 billion in dividends during Q1 [42] - The efficiency reimagined initiative is expected to deliver $1 billion in savings by improving operational processes [17][60] Q&A Session Summary Question: Cost savings from the $3.5 billion target - Approximately $500 million of the $3.5 billion cost savings was realized in Q1, with expectations for ramp-up in subsequent quarters [78][79] Question: Impact of tariffs on SMBs - SMBs are facing significant uncertainty due to tariffs, particularly those reliant on single sourcing from China [80][81] Question: International volume growth outlook - The company anticipates that trade flows will shift, allowing for potential growth in international markets despite challenges in the China to U.S. lane [89][90]