Macro and Strategy - The US Federal Reserve's July FOMC meeting indicated a hawkish stance from Powell, suggesting a low probability of interest rate cuts in September [3][9] - The PMI data for July shows a seasonal decline, with manufacturing PMI remaining below the growth line for four consecutive months, indicating economic pressure [3][9] - The "anti-involution" policy is starting to show effects, with manufacturing price indicators recovering, although overall demand recovery remains uncertain [3][9] Industry and Company - The energy storage industry is experiencing rapid growth, with domestic storage system shipments reaching 110 GWh in the first half of 2025, nearly matching the total for 2024 [15][17] - Emerging markets are expected to become significant export destinations for domestic energy storage companies, driven by power shortages and supportive government policies [16][17] - The fluorochemical industry is seeing a rise in mainstream refrigerant prices, with expectations for continued price strength due to seasonal demand increases [19][22] - Adidas reported a 12% increase in brand revenue for Q2 2025, despite tariff impacts, maintaining a positive outlook for the year [25][26] - The US agricultural sector anticipates an upward trend in beef prices for 2026, with a slight reduction in milk inventory expected [26][29]

Group 1 - Adidas reported global revenue of €6 billion in Q2 2025, a 12% increase year-on-year on a currency-neutral basis [1] - Operating profit for Q2 reached €546 million, reflecting a 58% year-on-year growth [1] - Gross margin improved by 0.9 percentage points to 51.7% in Q2 2025 [1] Group 2 - For the first half of 2025, Adidas achieved global revenue of €12.105 billion, a 14% year-on-year increase [1] - Operating profit for the first half was €1.2 billion, up 70% year-on-year [1] - Gross margin for the first half improved by 0.9 percentage points to 51.9% [1] Group 3 - Both the performance and fashion segments of Adidas experienced double-digit growth in Q2, with increases of 12% and 13% respectively [1] - Footwear revenue grew by 9% year-on-year, with the ADIZERO 0 series running business seeing over 25% growth [1] - Apparel revenue increased by 17%, while accessories revenue rose by 7% [1] Group 4 - The Greater China region, a key strategic market for Adidas, reported revenue of €798 million in Q2, a year-on-year increase of 11% [1] - For the first half of 2025, the Greater China region contributed €1.827 billion in revenue, reflecting a 13% year-on-year growth [1] Group 5 - Adidas CEO Gulden expressed pride in the team's performance and confidence in the company's strategy of being a globally successful brand with local thinking [2] - Despite facing a €20 million impact from tariffs in Q2, the company maintains its initial outlook for 2025, expecting double-digit revenue growth and operating profit between €1.7 billion and €1.8 billion [2]

Group 1: Government Initiatives - The Ministry of Finance announced the establishment of a "Childcare Subsidy Fund" with an initial budget of approximately 90 billion yuan for this year [1][2] - The National Development and Reform Commission is soliciting public opinions on guidelines for government investment funds, emphasizing the need to control investment amounts and promote effective market-government collaboration [2] Group 2: Industry Developments - The China Metal Materials Circulation Association issued a proposal to resist "involution-style competition" in the steel circulation industry, advocating for compliance with laws and encouraging cooperative models in logistics and processing [3] - The Anhui Provincial Department of Industry and Information Technology is seeking opinions on a plan to optimize the non-ferrous metal industry, focusing on enhancing supply chains and promoting high-end, intelligent, and green development [3] Group 3: Market Trends - The sports industry is experiencing a surge in interest, with several sports-related stocks seeing significant gains following the announcement of the "Hunan Super League" and the upcoming World Games in Chengdu [5][6] - The baby and toddler sector is gaining momentum due to the implementation of the childcare subsidy system, with stocks in this sector showing strong performance [7] Group 4: Financial Performance - Nine funds have seen their net values double this year, driven by the ongoing performance of the innovative drug sector, with specific funds reporting returns exceeding 100% [13] - XGIMI Technology expects a revenue of 1.626 billion yuan for the first half of 2025, a year-on-year increase of 1.63%, while Longjiang Electric Power anticipates a revenue of 36.587 billion yuan, up 5.02% year-on-year [9]

2025.07.31 本文字数：2232，阅读时长大约4分钟 作者 |第一财经 樊志菁 美联储重申等待关税影响明朗化 决议声明称，尽管净出口的波动影响了数据，但最近的指标表明，经济活动继续以稳健的速度扩张。失 业率仍然很低，劳动力市场状况稳健，通货膨胀率有所上升。 FOMC重申，寻求在长期内实现最大就业率和2%的通货膨胀率。经济前景的不确定性有所增加，委员 会关注其双重任务的双向风险。 美联储主席鲍威尔在会后新闻发布会上表示，今年上半年经济增长有所放缓，但美联储完全有能力应对 潜在的发展。"与去年的2.5%相比，2025年上半年的增长放缓至1.2%。增长放缓主要反映了消费支出的 放缓。"美联储主席表示，"我们认为，目前的货币政策立场使我们能够及时应对潜在的经济发展。" 谈及关税的影响，美联储主席表示，"更高的关税已经开始体现在一些商品的价格上，但对经济活动和 通货膨胀的总体影响还有待观察。" 鲍威尔认为，一个合理的基本情况可能是，对通胀的影响将是短期的。但他也警告说，征税可能会导致 更持久的通胀变化，"我们的义务是保持长期通胀预期稳定，防止价格水平的一次性上涨成为持续的通 胀问题。" 北京时间7月31日凌晨2 ...

作者 | 第一财经 樊志菁 北京时间7月31日凌晨2点，美联储公布利率决议。 联邦公开市场委员会（FOMC）以9-2的方式决定维持利率区间在4.25%-4.50%不变。美联储主席 鲍威尔表示，可以在等待关税政策是否推高通胀的同时保持利率稳定。他透露，尚未就9月可能的政 策调整"作出任何决定"。受此影响，美股尾盘跳水，美元指数逼近100大关，国际金价走弱。 美联储重申等待关税影响明朗化 决议声明称，尽管净出口的波动影响了数据，但最近的指标表明，经济活动继续以稳健的速度扩张。 失业率仍然很低，劳动力市场状况稳健，通货膨胀率有所上升。 FOMC重申，寻求在长期内实现最大就业率和2%的通货膨胀率。经济前景的不确定性有所增加，委 员会关注其双重任务的双向风险。 美联储主席鲍威尔在会后新闻发布会上表示，今年上半年经济增长有所放缓，但美联储完全有能力应 对潜在的发展。"与去年的2.5%相比，2025年上半年的增长放缓至1.2%。增长放缓主要反映了消 费支出的放缓。"美联储主席表示，"我们认为，目前的货币政策立场使我们能够及时应对潜在的经 济发展。" 2025.07. 31 本文字数：2232，阅读时长大约4分钟 在本次会议 ...

Group 1 - The Federal Reserve decided to maintain the interest rate range at 4.25%-4.50% with a vote of 9-2, indicating a cautious approach to economic conditions and inflation [1][2] - Economic activity continues to expand at a steady pace, with low unemployment and a robust labor market, although inflation rates have risen [2][4] - The Fed aims for maximum employment and a long-term inflation rate of 2%, while acknowledging increased uncertainty in the economic outlook [2][4] Group 2 - Fed Chair Powell noted that the economic growth has slowed in the first half of the year, with a forecasted growth rate of 1.2% for the first half of 2025, down from 2.5% [2][5] - Higher tariffs are beginning to impact prices of certain goods, but the overall effect on economic activity and inflation remains to be seen [2][5] - Powell emphasized the importance of monitoring the labor market for signs of weakness, which could influence future monetary policy decisions [2][6] Group 3 - The dissenting votes from Fed officials Waller and Bowman mark a rare occurrence, as it is the first time since December 1993 that two board members formally opposed the FOMC decision [3][4] - The recent GDP growth rate of 3% in Q2 has not alleviated concerns about the economic outlook for the second half of the year [5][6] - Companies are beginning to pass on tariff costs to consumers, with Procter & Gamble and Nike indicating price increases due to tariffs [5][6]

谈及关税的影响，美联储主席表示，"更高的关税已经开始体现在一些商品的价格上，但对经济活动和 通货膨胀的总体影响还有待观察。" 鲍威尔正面对内部分裂和特朗普施压的双重考验。 北京时间7月31日凌晨2点，美联储公布利率决议。 联邦公开市场委员会（FOMC）以9-2的方式决定维持利率区间在4.25%-4.50%不变。美联储主席鲍威尔 表示，可以在等待关税政策是否推高通胀的同时保持利率稳定。他透露，尚未就9月可能的政策调整"作 出任何决定"。受此影响，美股尾盘跳水，美元指数逼近100大关，国际金价走弱。 美联储重申等待关税影响明朗化 决议声明称，尽管净出口的波动影响了数据，但最近的指标表明，经济活动继续以稳健的速度扩张。失 业率仍然很低，劳动力市场状况稳健，通货膨胀率有所上升。 FOMC重申，寻求在长期内实现最大就业率和2%的通货膨胀率。经济前景的不确定性有所增加，委员 会关注其双重任务的双向风险。 美联储主席鲍威尔在会后新闻发布会上表示，今年上半年经济增长有所放缓，但美联储完全有能力应对 潜在的发展。"与去年的2.5%相比，2025年上半年的增长放缓至1.2%。增长放缓主要反映了消费支出的 放缓。"美联储主席表示， ...

Core Insights - Amer Sports' stock price increased by 2.02% to $39.115 per share, with a total market capitalization of $21.692 billion as of July 31 [1] - The company reported total revenue of $1.472 billion for the fiscal year ending March 31, 2025, representing a year-over-year growth of 23.48% [1] - Net profit attributable to shareholders reached $135 million, showing a significant increase of 2539.22% compared to the previous year [1] Financial Highlights - Revenue for the fiscal year ending March 31, 2025: $1.472 billion, up 23.48% [1] - Net profit attributable to shareholders: $135 million, up 2539.22% [1] Market Activity - On July 28, Morgan Stanley raised the target price for Amer Sports to $46, with an "Overweight" rating [1] - The company is scheduled to release its fiscal year 2025 mid-term report on August 19, before the market opens [1] Company Overview - Amer Sports operates as a global platform for sports and outdoor brands, including Arc'teryx, Salomon, Wilson, Atomic, and Peak Performance [1] - The company manufactures, sells, and distributes sports equipment, apparel, and footwear through wholesale and direct-to-consumer channels across 34 countries, with major markets in North America, Europe, Asia, and China [1]

公司行政总裁Bjørn Gulden表示，目前未知最终美国关税税率，上季已造成数亿元损失；在最新进展 下，目前进口税将推高其美国产品的成本，预告下半年与关税相关的额外成本将达到2亿欧元，亦难以 估计关税对消费者需求将带来的影响程度。该公司维持全年业绩预测不变，预计经营溢利将在17亿至18 亿欧元之间，目前有信心实现相关目标，亦不排除会调整预期。 格隆汇7月30日｜德国体育用品公司阿迪达斯(Adidas)公布，截至今年6月底第二季度营业额59.52亿欧 元，同比增长2.2%；盈利3.69亿欧元，同比增长94%；经营溢利5.46亿欧元，同比增长57.7%。 ...

Core Insights - Adidas reported a strong performance in Q2 2025, with global revenue reaching €6 billion, a 12% year-over-year increase when adjusted for currency effects, and operating profit rising 58% to €546 million [1] - The company achieved a 14% year-over-year revenue growth in the first half of 2025, totaling €12.105 billion, with operating profit increasing 70% to €1.2 billion [1] - The Greater China region has shown consistent quality growth for nine consecutive quarters, with Q2 revenue of €798 million, up 11% year-over-year, and a total of €1.827 billion for the first half, reflecting a 13% increase [1] Financial Performance - In Q2 2025, Adidas' gross margin improved by 0.9 percentage points to 51.7%, while the first half gross margin also increased by 0.9 percentage points to 51.9% [1] - The footwear segment saw a 9% revenue increase, with the ADIZERO 0 series running shoes growing over 25% year-over-year [1] Strategic Initiatives - CEO Gulden emphasized the importance of a localized approach to global branding, focusing on hiring and retaining top talent to cater to local markets [2] - The company is committed to enhancing its presence in the Chinese market, with plans for more innovative product launches and deeper engagement in local sports initiatives [5] Market Engagement - Adidas has successfully engaged in various sports events, including supporting youth football leagues and basketball competitions, which have helped to boost brand visibility and consumer engagement [3] - The company has integrated fashion and sports through unique product launches and collaborations with designers, enhancing its appeal among consumers [5] Future Outlook - Despite facing cost increases due to tariffs, Adidas maintains its initial revenue growth outlook for 2025, expecting double-digit growth and operating profit between €1.7 billion and €1.8 billion [6] - The company plans to leverage competitive product lines and strong retail partnerships to drive revenue growth [6]