每经头条（nbdtoutiao）——能给主人"打电话"的宠物智能手机也来了！宠物产业3000亿元市场大爆 发，行业上市公司"涨"声一片 每经AI快讯，达威股份（SZ 300535，收盘价：21.3元）8月27日发布公告称，公司第六届第二十二次董 事会会议于2025年8月26日在公司四楼会议室以现场会议的方式召开。会议审议了《2025年半年度报告 全文及摘要》等文件。 2024年1至12月份，达威股份的营业收入构成为：化学品占比87.65%，木材生产加工业占比7.55%，化 工贸易占比2.96%，其他占比1.84%。 （记者 胡玲） ...

Core Viewpoint - The company expects a significant recovery in annual earnings driven by rising chemical sales prices, reduced asset impairments, and ongoing cost control measures [1] Financial Performance - The company projects earnings per share to range between 7 to 12 Rand, benefiting from a year-on-year increase in average chemical prices and strict cost management [1] - For the fiscal year 2024 to 2025, the company's pre-tax impairment losses are expected to drop significantly to 20.7 billion Rand, compared to 74.9 billion Rand in the same period last year [1] - This anticipated earnings turnaround contrasts sharply with a loss of 69.94 Rand per share in the fiscal year 2023 to 2024 [1] - The adjusted EBITDA is projected to decline by 10% to 17%, falling within the range of 50 billion to 54 billion Rand [1]

Group 1 - Shell is intensifying the evaluation of its globally loss-making chemical assets to "stem the bleeding" [1] - The CEO revealed that the company is considering selective shutdowns of facilities in Europe and seeking partners for its chemical assets in the U.S. [1] - The adjusted loss for Shell's chemical business in Q2 reached $192 million, marking the fourth consecutive quarter of losses, with a total adjusted loss of $329 million for the first half of the year [1] Group 2 - Over the past three years, Shell's chemical business has consistently reported annual losses [1] - The company has 1.71 million tons/year of ethylene capacity in Europe and 3.82 million tons/year in the U.S. [2] - Major operational bases in Europe include integrated petrochemical sites in Germany and the Netherlands, with a joint venture with ExxonMobil in the UK [2]

Group 1 - The core impact of the tariffs is evident, with a significant decline in U.S. imports from Europe, dropping from $56.6 billion in May to $45.2 billion in June, marking the lowest level since February 2024 [2] - The automotive sector is the hardest hit, with a year-on-year decline of 36% in European exports to the U.S. in June due to a 25% additional tariff [3][6] - Other sectors also experienced declines, with transportation equipment and chemicals seeing year-on-year drops of 30% and 19% respectively, while some sectors like base metals and agricultural products remained resilient due to tariff exemptions [7] Group 2 - The report warns that the observed decline is still mild compared to the potential overall losses predicted by models, indicating that more severe impacts are yet to come [4][9] - Starting August 1, the average tariff rate on European exports to the U.S. increased from 12% in June to 16%, with the current 15% rate being more damaging than the previous 10% during the tariff suspension period [11] - The negative impacts of tariffs may have a lagging effect, particularly in the pharmaceutical sector, where a significant drop in exports is anticipated as inventory is consumed and tariffs potentially rise further [11]

Group 1 - The core index of the London stock market, the FTSE 100, closed at 9128.30 points, up by 59.72 points, representing a 0.66% increase [1] - European stock indices experienced an overall increase, with the French CAC40 index rising by 1.14% to 7632.01 points and the German DAX index increasing by 1.42% to 23757.69 points [1] Group 2 - Bank stocks led the gains in the London stock market, with Lloyds Banking Group rising by 9.00%, St. James's Place up by 4.24%, and National Westminster Bank increasing by 3.17% [1] - Service sector stocks were the biggest losers, with Haleon down by 2.63%, and Next falling by 1.74% [1]

Core Insights - Singapore's manufacturing output in June increased by 8% year-on-year, marking the 12th consecutive month of growth and significantly higher than the 3.6% increase in May [1] - Excluding the biomedical manufacturing sector, the output grew by 8.2% year-on-year [1] Manufacturing Sector Performance - Precision engineering saw the highest growth in June, with a year-on-year increase of 18.9%, driven by a 19.3% rise in machinery and systems [1] - The overall output of the precision engineering sector grew by 5.7% in the first half of the year [1] - Biomedical manufacturing experienced an 11.3% year-on-year growth, with the pharmaceutical industry surging by 38.8% due to a low comparison base from the previous year, while the medical technology sector declined by 2.5% [1] - The biomedical manufacturing sector's output grew by 3.0% in the first half of the year [1] Transportation Engineering and Other Sectors - Transportation engineering output increased by 9.2%, with the aerospace sector continuing its upward trend at 20.6%, although the growth rate slowed compared to May [1] - Overall, transportation engineering grew by 16.4% in the first half of the year [1] - The electronics and chemicals sectors reported year-on-year increases of 6.6% and 1.1%, respectively, with the electronics sector's output growing by 7.8% in the first half of the year [1] - The chemicals sector experienced a decline of 1.9% [1] Decline in General Manufacturing - General manufacturing was the only sector to report a decline in June, contracting by 11.6% year-on-year, with only printing output increasing by 2.5% while all other areas saw decreases [1]

Group 1 - The German Chemical Industry Association (VCI) has noted exceptions regarding "certain chemicals" in the EU-US trade agreement, but it is unclear which specific chemicals are being referred to [1]

Summary of Key Points from the Conference Call Industry Overview - The report discusses the concept of "anti-involution" in the context of China's economic landscape, particularly focusing on the supply-side challenges that are more complex compared to the previous cycle from 2015 to 2018 [2][3]. Core Insights and Arguments 1. **Policy Signals**: There is a notable increase in policy signals regarding "anti-involution," with comparisons made to the supply-side reform 1.0 period. The current challenges differ significantly from those faced between 2015 and 2018 due to changes in industry competition and macroeconomic conditions [2][3]. 2. **Structural Reforms Needed**: To achieve lasting results in anti-involution, there is a consensus on the necessity for deeper structural reforms, including adjustments to local incentive mechanisms and tax reforms aimed at rebalancing towards consumption [3][10]. 3. **Recent Government Actions**: - On July 16, the State Council emphasized a combination of short-term and long-term measures to regulate competition in the new energy vehicle sector. - On July 18, the State Administration for Market Regulation held discussions with major food delivery platforms. - The Ministry of Industry and Information Technology announced supply-side reforms in ten key industries, including non-ferrous metals and petrochemicals [7]. 4. **Market Signals Ignored**: The report highlights that part of the competition's involution is due to ignored market signals, leading to continued capacity expansion despite falling prices [10]. 5. **Historical Context**: The report draws parallels between the current economic situation and past experiences, noting that anti-involution will not be a quick fix. The GDP deflator index has been negative for nine consecutive quarters since Q2 2023, indicating entrenched deflationary pressures [11]. 6. **Capacity Utilization and Industry Dynamics**: The report notes that the current overcapacity is largely in emerging industries, with 50-90% of capacity owned by the private sector, making administrative capacity reduction more challenging compared to the previous cycle [11][19]. 7. **Potential for Mergers and Acquisitions**: There is an expectation for large enterprises in the polysilicon industry to form acquisition funds to consolidate smaller firms, although execution remains uncertain due to declining demand and high inventory levels [12]. 8. **Gradual Progress Expected**: The report suggests that while some upstream industries may see moderate consolidation, the urgency for adjustment is lower compared to previous reforms [17][20]. 9. **Reform Timing and Delays**: The implementation of formal plans for capacity reduction may experience delays of 3-8 months, reflecting the complexities of the current economic environment compared to the 2015-2018 period [20]. Other Important Insights - **Demand Recovery Limitations**: The report indicates that the cyclical growth may fluctuate at lower levels due to debt and demographic challenges, with limited upside for demand recovery without decisive stimulus measures [18]. - **Need for Comprehensive Policy Mix**: The optimal policy combination would involve more aggressive demand rebalancing measures alongside faster structural reforms to achieve sustainable re-inflation [24]. - **Caution Against Overly Aggressive Measures**: The report warns that overly aggressive capacity reduction without sufficient demand support could lead to deeper deflation after a brief improvement in prices [24]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state of the industry and the anticipated direction of policy and economic reforms in China.

Group 1 - The core viewpoint of the article is that the EU is preparing to impose tariffs on US services as a response to the US's recent tariff announcements, escalating the trade conflict into the digital services sector [1][2][4] - The EU is considering a potential tariff list that includes fees on digital services, particularly targeting advertising revenue from US tech companies [2][3] - The EU's response is partly driven by the significant trade surplus the US enjoys in services, amounting to approximately $100 billion annually, making it a more vulnerable target for retaliation [3] Group 2 - The trade negotiations between the US and EU are currently at an impasse, with both sides expressing a willingness to retaliate if necessary [4] - EU officials are actively discussing the situation in Washington, indicating that there are still considerable differences between the two parties [4] - The EU is open to accepting a 10% tariff but seeks to reduce the 25% tariff on automobiles and secure guarantees on future exemptions for pharmaceuticals and semiconductors [4]

Group 1 - Japan's manufacturing confidence has slightly improved in July, with the manufacturing sentiment index rising from +6 in June to +7 in July, driven by a recovery in the semiconductor industry [1] - The service sector sentiment index has remained unchanged at +30 for the third consecutive month, indicating stability in service industry confidence [1] - The electronic machinery sector index improved from -16 in June to -4 in July, while the chemical sector index rose from +12 to +18, attributed to better chip demand [1] Group 2 - The transportation machinery sector index, which includes Japan's key automotive industry, decreased from +20 in June to +9 in July, with concerns over the impact of a 25% U.S. tariff on exports and costs [1] - Overall service sector confidence showed mixed results, with wholesalers experiencing improved confidence, while sectors such as real estate, retail, IT, and transportation saw declines compared to June [1]