25 June 2025 China Macro Tracker Economics Domestic consumption becoming brighter Middle East tensions: Assessing the potential of oil price shocks on China The global price of Brent crude oil spiked on the back of increased tensions in the Middle East, but has since declined (under USD70/b). While there is still a risk of oil price volatility, our Oil team expects oil prices to settle back down to USD65/b by Q4 if de-escalation is sustained as a base case (see Oil market flash, 23 June). 18% of China's ene ...

KUALA LUMPUR, Malaysia, June 24, 2025 /PRNewswire/ -- WF Holding Ltd (Stock Code: WFF), a manufacturer of fiberglass reinforced plastic, or FRP, products based in Malaysia, has officially announced plans to make significant investments in China to expand its business scope and promote bilateral economic cooperation and technological exchanges. The company is looking for suitable corporate land in various parts of China to add factories. The company expects to strengthen its production capacity, expand its C ...

青岛日报社/观海新闻6月20日讯 观海新闻记者自青岛证监局获悉，今年前5个月，青岛市各类市场主体在沪深交易所累计发行债券融资533.39 亿元，同比增长10%。新增公司债券加权平均利率2.66%，较2024年下降32个基点，较5年期以上LPR利率低84个基点，全市新增交易所债券发 行主体6家。 不仅仅是融资总量的提升和融资成本的下降，在有效助力科技创新、助力城投产业化转型、推动存量资产盘活等方面，交易所债券也发挥积极 作用。 赋能科技创新，服务新质生产力 科技创新是发展新质生产力的"牛鼻子"。为了支持科技创新，银行间债券市场和交易所债券市场推出科技创新债券。2021年沪深交易所启动科 技创新债券试点，2022年进入常态化发行。2025年5月7日，中国人民银行、中国证监会联合发布《关于支持发行科技创新债券有关事宜的公 告》，从扩大发行范围、丰富产品体系、完善配套支持机制等方面，对支持科技创新债券发行提出多项举措。紧随其后，上交所、深交所、北 交所、交易商协会等发布实施细则。 5月30日，山东融发腾达产业发展集团有限公司在交易所发行青岛首单高成长产业债暨新政后首单科技创新公司债券5亿元；6月3日，青岛融合 产业发 ...

专题：2025陆家嘴论坛召开，央行、金融监管总局、证监会等发布重磅政策 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 6月18日，在2025陆家嘴论坛上，英国金融行为监管局首席执行官Nikhil RATHI发表主题演讲，他强 调，面对日益常态化的市场高波动性，监管机构必须前瞻布局，持续改革以保持市场韧性。 最后他警示了主权债券市场波动及主权与企业债务基金蕴含的潜在风险。他透露，当前全球未偿债务规 模高达约100万亿美元，其中40%面临再融资需求。我们需要信息分享来共担风险。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 Nikhil RATHI开篇即指出，近年来资本市场经历巨大波动，市场、资金流动与技术发展速度空前。"对 监管者而言，必须站在前沿，紧跟发展与变化。"他表示，尽管环境动荡，市场仍在有效运作，持续发 挥价格发现功能，这种韧性至关重要。"我们已习惯这种持续的波动，目睹了标准差的显著偏离——过 去数月发生之事，在以往数十年都属罕见。这是新规则，我们必须适应，技术驱动下程序化交易在各类 资产中的广泛应用更赋予其新内涵。" 面对挑战，他阐述了英国的应对策 ...

Core Insights - Deere & Company is committed to supporting Brazil's agricultural transformation, positioning itself as a key player in the country's rise as a global agricultural superpower [1] - Brazil's agricultural production is expected to increase significantly over the next decade, with soybeans projected to rise by 46%, corn by 50%, sugarcane by 20%, and cotton by 38% [1] Group 1: Market Position and Growth - Corn and soy account for 90% of Brazil's total grain production, highlighting the strategic importance of these crops for Deere [1] - Deere's tractor market share in Brazil has nearly doubled from 2009 to 2024, with significant growth in the combine (1.5 times), planter (2.5 times), and sprayer (2 times) markets [4] - The company has made substantial investments in Brazil, including eight factories, four facilities, and one R&D center, diversifying its product portfolio beyond just soybeans [3] Group 2: Technological Innovations - Expanding farming areas by utilizing degraded land and implementing double cropping practices will support agricultural growth, with Deere's precision solutions playing a crucial role [2] - Deere is addressing poor cell coverage in Brazil by developing satellite-based solutions for real-time data management, expecting its connected machines to grow from 17 in 2020 to 200 by 2030 [3] Group 3: Competitive Landscape - Other players like AGCO Corporation and CNH Industrial are also focusing on the Brazilian market, with AGCO announcing new facilities and investments to enhance its manufacturing presence [5][7] - CNH Industrial showcased innovative products at Agrishow 2025, indicating a competitive environment in agricultural machinery [6] Group 4: Financial Performance - Deere's shares have increased by 21.9% this year, outperforming the industry growth of 21% and the S&P 500's gain of 1.7% [8] - The forward 12-month price/earnings (P/E) ratio for Deere is 25.11X, compared to the industry average of 23.46X, suggesting it may not be a compelling value proposition at current levels [10] Group 5: Earnings Estimates - The Zacks Consensus Estimate for Deere's fiscal 2025 earnings indicates a year-over-year decline of 26.5%, with revenues expected to drop by 15% [11] - However, fiscal 2026 estimates show a potential recovery with earnings growth of 17% and a revenue increase of 7.3% [11]

《西安市支持科技企业提质增效实施方案（2025—2027年）》印发 以更大力度推动西安区域科技创新中心建设 近日，西安市人民政府办公厅印发《西安市支持科技企业提质增效实施方案（2025—2027年）》 （以下简称《方案》），以持续强化企业科技创新主体地位，提升科技企业创新引领力和竞争力，推动 科技服务业支撑新质生产力发展。 《方案》聚焦西安区域科技创新中心建设任务，明确到2027年西安市将实现高新技术企业超过1.8 万家（其中，规模以上企业超过3200家），营收总额达到1.5万亿元；瞪羚企业超过1200家；企业研发 投入经费占全社会研发投入经费比例达到55%；全市技术合同成交额达到5600亿元。 推进科技型企业量质双升。西安市将支持企业强化创新能力建设，加快成长为高新技术企业；支持 企业开发新产品，提供新服务，塑造发展优势；加快科技服务业企业"小升规"，支持龙头骨干企业纳入 科技领军（潜力）企业名录。 提升科技企业创新能力。西安市将鼓励规上企业建设研发机构，持续加大研发投入；支持有条件的 企业布局建设工程技术研究中心和技术创新中心，提升源头创新能力；引导龙头骨干企业布局建设高质 量孵化载体。 加强重点领域技术 ...

Group 1: Electric Vehicle Market Overview - Electric vehicle (EV) stocks are gaining investor interest due to their potential in the automobile sector and technological innovations like full self-driving (FSD) [1] - Tesla is a pioneer in the EV space with a market cap exceeding $1 trillion, but its core EV business has faced challenges, including a decline in U.S. market share and global sales [2][3] Group 2: Tesla's Performance and Future Initiatives - In Q1, Tesla reported deliveries of 337,000 cars, marking the lowest amount in over two years, with no signs of improvement in recent data [3] - Despite delivery challenges, Tesla maintains investor enthusiasm through future initiatives, including unsupervised FSD technology expected to be available by year-end and a Robotaxi demonstration planned for next month [4][5] - Tesla's FSD has undergone over $1 billion in testing, but questions remain regarding its readiness for commercialization and adherence to timelines [5] Group 3: BYD's Competitive Position - BYD has captured 34% of China's new energy vehicle market in 2024 and surpassed Tesla in revenue, reporting approximately $107 billion, although it also produces hybrid vehicles [8] - BYD's strategy focuses on producing cheaper EVs, with some models priced under $10,000, and superior charging technology, allowing for a 250-mile range recharge in just five minutes [9] - BYD plans significant expansion, aiming for half of its sales to occur outside of China by 2030 [9] Group 4: Comparison of Tesla and BYD - The choice between Tesla and BYD hinges on Tesla's ability to successfully implement FSD and develop its Optimus robot, with Musk's history of disruptive technology lending some credibility to Tesla's potential [11] - However, there are concerns about Tesla's high valuation based on speculation, while BYD appears to be executing better in its core business with a more reasonable earnings multiple of just under 27 times [12]

Core Viewpoint - Astronics Corporation (ATRO) has experienced a significant stock price increase of 48% over the past month, outperforming major indices and industry peers, driven by strong financial performance and positive market conditions [1][2][3]. Financial Performance - ATRO reported an 11.3% year-over-year increase in quarterly revenues, with a 17% rise in its Aerospace segment sales [4]. - The company's gross profit improved by 28.1% year-over-year, with gross margins expanding by 380 basis points to 29.5% [4]. - ATRO's net income for the first quarter reached $9.5 million, a turnaround from a net loss of $3.2 million in the previous year [5]. - The company achieved record bookings of $279.7 million, resulting in a backlog of $673 million, the highest in its history [5][6]. Market Outlook - The U.S. government is increasing its defense budget, with a proposed 13% increase to $1.01 trillion for fiscal 2026, which is expected to benefit ATRO [8]. - The demand for advanced cabin power systems and in-flight entertainment solutions is rising due to growing air travel, contributing to a 13.3% year-over-year increase in ATRO's Commercial Transport sales [10]. Earnings Estimates - The Zacks Consensus Estimate for ATRO's 2025 sales suggests a year-over-year growth of 6.4%, with an 8.5% improvement expected in 2026 [12]. - The earnings per share (EPS) estimate for the current quarter has increased by 6.5% to 33 cents, reflecting a 725% improvement from the prior year [6][14]. Valuation - ATRO's forward 12-month price-to-earnings (P/E) ratio is 18.47X, which is a discount compared to the industry average of 40.44X, indicating a favorable valuation for investors [15]. - Industry peers like Curtiss-Wright Corp. (CW) and Leonardo DRS (DRS) are trading at higher P/E ratios of 32.45X and 36.61X, respectively [16].

Liberty Energy Inc. (LBRT) is a key name in the oil and gas field services sub-industry, known for its expertise in hydraulic fracturing. This technique is important in the oil and gas sector for extracting oil and gas from tough underground rock formations, like shale. Liberty supports this process by offering a full set of services, everything from delivering proppant (a key material used in fracking) to sand mining, on-site fueling and data analytics to help companies operate more efficiently.The company ...

The utility energy industry is undergoing a unique transformation driven by the global push toward decarbonization, technological innovation, and evolving regulatory landscapes. There is a surge in renewable energy investment, and demand is rapidly increasing due to AI-driven dataI am an investment author with passion for finance and global markets. I enjoy gearing toward economic analysis, specifically on a macro level. Through current and forward looking market trends, fundamental and technical analysis, ...