美股盘初，主要行业ETF普跌，生物科技指数ETF跌超2%，半导体ETF、区域银行ETF均跌超1%。 | 生物科技指 ... | 121.00 | -3.25 (-2.61%) 38.12万股 | | | --- | --- | --- | --- | | us IBB | | | | | 半导体ETF - ... | 240.59 | -3.49 (-1.43%) | 38.11万股 | | us SMH | | | | | 能源业ETF --- | 81.42 | -0.84 (-1.02%) | 103.08万股 | | us XLE | | | | | 区域银行ET ... | 56.73 | -0.56 (-0.99%) | 27.65万股 | | us KRE | | | | | 全球航空业E ... | 22.56 | -0.18 (-0.79%) | 76653股 | | us JETS | | | | | 医疗业ETF - ... | 131.42 | -0.94 (-0.71%) | 50.44万股 | | us XLV | | | | | 黄金ETF-SP ... | 303.79 | - ...

Group 1 - Major industry ETFs in the U.S. stock market are mostly rising at the beginning of trading [1] - The semiconductor ETF has increased by over 2% [1] - The global airline industry ETF and the global technology stock index ETF are among the top gainers [1]

标普500指数的11个板块中，可选消费板块涨3.04%，信息技术/科技板块涨2.55%，电信板块涨2.14%。 | 行业ETF v | 当前价 ◆ | 涨跌幅 ÷ | 成交量 ÷ | | 总市值 ; 年初至今 ; | 0 | | --- | --- | --- | --- | --- | --- | --- | | 全球航空业E ... | 22.78 | +0.86 (+3.92%) | 269.17万股 | 7175.70万 -10.14% | | (1) *** | | us JETS | 22.59 | -0.19 (-0.83%) 盘后 | | | | | | 半导体ETF --- | 244.97 | +7.53 (+3.17%) | 876.09万股 | 28.96亿 | +1.16% | เป็น … | | us SMH | 244.86 | -0.11 (-0.04%) 盘后 | | | | | | 可选消费ET ... | 216.87 | +6.22 (+2.95%) | 394.23万股 | 272.40亿 | -3.07% | ( ) ... | | us XLY | 216.98 ...

Core Viewpoint - Singapore's manufacturing sector continued its growth momentum in April, driven by early shipments in the electronics and aerospace engineering industries, with a year-on-year increase of 5.9% and a month-on-month increase of 5.3%, marking the tenth consecutive month of positive growth [1] Group 1: Manufacturing Performance - The manufacturing sector, excluding biomedical, saw a year-on-year growth of 8.1% in April, with the electronics sector experiencing a significant increase of 15.2% and aerospace engineering growing by 22.9% [1] - The growth in the electronics sector was primarily driven by strong export demand for communications and consumer electronics (up 67.8%), semiconductors (up 11.7%), and computer peripherals (up 11.3%) [1] - The aerospace sector was boosted by robust demand for commercial aviation maintenance, repair, and overhaul (MRO), which surged by 39.5% year-on-year [1] Group 2: Future Risks and Concerns - Despite the strong data, analysts express caution regarding future trends, noting that the current manufacturing growth is influenced by an "early shipment effect" that may not be sustainable, especially after the end of the "90-day tariff buffer window" [1] - OCBC Bank predicts that Singapore's manufacturing growth for the entire year of 2025 may only reach 0-2%, with the possibility of negative year-on-year growth in the second half of the year [2] - UOB warns that the significant growth in April was largely due to export companies rushing to ship products to avoid potential tariffs, and future trade disputes, particularly between the US and Europe, could severely impact Singapore's relevant industries [2] Group 3: Subsector Performance - Some manufacturing subsectors in Singapore showed weak performance, with biomedical manufacturing declining by 1.1%, chemicals down by 3.2%, and general manufacturing (including food, printing, and furniture) experiencing a decline of 15.2% [2] - The chemical industry faced challenges due to high inventories of refined oil and petrochemical products, compounded by raw material supply issues and maintenance activities, leading to continued output declines [2] - The biomedical sector's output was affected by changes in the product structure of active pharmaceutical ingredients (API), resulting in a year-on-year decrease in pharmaceutical output of 1.6% [2]

Market Overview - The Hong Kong stock market has been on an upward trend since April 9, but showed signs of fatigue by the end of the month, with the Hang Seng Index dropping by 1.35% [1] - The U.S. is pushing for trade agreements with the EU and Japan, with Trump suggesting a 50% tariff on EU goods starting June 1, later postponed to July 9 to allow for further negotiations [1][2] - Japan's shipbuilding industry is facing a downturn, with new ship orders expected to decline significantly in 2024, making negotiations with the U.S. challenging [2] Industry Insights - The Chinese shipbuilding industry remains dominant, with China Shipbuilding Industry Group showing strong order volumes and profitability, leading to a stock price increase of over 6% [2] - Trump's tariffs on non-U.S. manufactured electronics, including a 25% tariff on Apple and Samsung, are expected to negatively impact the consumer electronics sector [2] - The automotive sector is experiencing intense price competition, particularly with BYD's aggressive discounting strategy, raising concerns about profit margins across the industry [3] Energy Sector Developments - The U.S. plans to initiate the construction of 10 large nuclear power plants by 2030, aiming to quadruple nuclear capacity by 2050, which has positively impacted related stocks in Hong Kong [4] - Domestic coal prices have decreased, benefiting thermal power companies, with major players like Datang Power and Huadian International seeing stock price increases of nearly 3% [4] Aviation Industry Performance - Major airlines in China reported increased passenger turnover and capacity in April, with the Civil Aviation Administration noting significant year-on-year growth in transport metrics [6] - The decline in international oil prices is improving the cost structure for airlines, enhancing profit margins [6][7] Company-Specific Highlights - China Resources Power reported a 7.9% increase in electricity sales in April 2025, with significant growth in renewable energy sales, although its renewable energy core profit saw a slight decline [9] - The company aims to add 10 GW of wind and solar capacity by 2025, with ongoing projects expected to contribute to future growth [10]

Core Insights - Greece's tourism industry is projected to grow in 2025, with international direct flights enhancing its appeal to long-haul travelers [1][5] - The number of travelers entering Greece by air increased by 10% year-on-year in the first four months of this year [1] - Greece is becoming a popular destination for Chinese tourists, driven by its historical sites and natural beauty [1][5] Tourism Growth Projections - Greece expects a 3% to 5% increase in international tourist numbers in 2025, potentially marking a third consecutive record year [1] - The Ionian Islands received approximately 3.8 million international visitors in 2024, reflecting a 5.5% increase year-on-year [3] Revenue Insights - Greece's tourism revenue reached €21.7 billion (approximately ¥177 billion) in 2024, surpassing €20.6 billion (approximately ¥168 billion) in 2023, marking a 5.3% growth [3] Chinese Tourist Market - Greece is one of the most favored destinations for Chinese tourists in Europe, attributed to its cultural and historical significance [4][5] - The number of Chinese tourists visiting Greece is expected to see significant growth in 2025, supported by increased flight routes and strategic partnerships [5][7] Flight Route Developments - Chinese airlines are planning to open new routes to Greece and increase flight frequencies, indicating a growing interest in Greece as a travel destination [7][8] - Spring Airlines has increased its Shanghai to Athens route to four flights per week, while other airlines are expanding their services to accommodate rising demand [8]

欧元区经济在5月意外萎缩，服务业表现跌至16个月以来最差水平，制造业的小幅改善被服务业的下跌所抵消。 22日，S&P Global发布的采购经理人指数（PMI）显示： "欧元区经济似乎难以站稳脚跟。" 法国的经济活动已连续9个月萎缩，综合PMI仅从4月份的47.8小幅上升至48，依旧远低于50的门槛。德法服务业活动均出现下跌。 数据发布后，货币市场加大了对欧洲央行今年将再降息两次的押注。对政策敏感的德国两年期国债收益率下跌3个基点至1.84%。欧元兑美元汇率扩大 跌幅，一度下跌0.3%至1.1296美元。 欧元区私营部门活动意外收缩，服务业表现疲软是主要拖累 根据S&P Global的数据显示，欧元区5月私营部门活动意外萎缩。汉堡商业银行的经济学家Cyrus de la Rubia表示： 他指出，虽然服务业的国外需求有所放缓，但国内需求的疲软才是拖累该行业的主要原因。服务业的疲软表现是导致整体PMI下降的关键因素，这预示 着欧元区经济复苏的道路将更加艰难。 5月份欧元区制造业的表现好于服务业，这是自疫情爆发以来首次出现的情况。De la Rubia认为，这可能与应对美国贸易关税的措施有关，而较低的油 价也可能 ...

Core Insights - The U.S. airline industry is experiencing a significant decline in ticket sales, with a 4% year-over-year drop in April, marking the largest monthly decrease since June 2024 and the third consecutive month of revenue decline [1][3] - Consumer confidence in the U.S. has fallen to its lowest level in nearly three years, largely attributed to economic uncertainties stemming from the Trump administration's policies, leading to reduced spending on travel [1][3] - Major airlines, including American Airlines, Delta, Southwest, and United, are adjusting their growth strategies and reducing capacity plans due to weak domestic travel demand [5][6] Ticket Sales and Pricing - U.S. airline ticket prices fell by 2.8% in April compared to March, continuing a downward trend for three months, with a 7.9% decrease year-over-year and a 13.2% drop compared to ten years ago [3] - The overall cost of travel in the U.S. has decreased by 2% compared to the same period in 2024, indicating stagnation or decline in the tourism sector [3][6] Corporate Responses - American Airlines has withdrawn its financial performance forecast for 2025 and is adjusting its operational strategies due to declining leisure travel demand [4][6] - The CEO of American Airlines noted a significant drop in domestic leisure travel demand since February, which has impacted the company's performance [4][5] Economic Context - The decline in travel spending is linked to broader economic challenges, including rising inflation, shrinking household incomes, and a drop in consumer spending confidence [1][6] - Credit card spending on flights and hotels has decreased, indicating a cooling trend in the U.S. tourism industry, with many airlines retracting their annual growth forecasts [6]

Group 1: Aviation Industry - The aviation industry in China is expected to benefit from the easing of US-China trade tensions and improving supply-demand dynamics, leading to enhanced pricing power [2][1] - Recommended stocks include China National Aviation (00753), Eastern Airlines (00670), Southern Airlines (01055), and Spring Airlines (601021.SH) [2] - Guangzhou Baiyun Airport (600004.SH) is favored as a defensive choice due to its lower exposure to duty-free business and high dividend yield amid consumer pressure [2][1] Group 2: Shipping Industry - Geopolitical factors are impacting freight rates, but oversupply of capacity remains a primary concern for the next 12 to 24 months [3] - The oil tanker segment is expected to benefit from OPEC+ production increases and tighter regulations on "shadow fleets," with recommendations to increase holdings in China Merchants Energy (601872.SH) and COSCO Shipping Energy (01138) [3] - For dry bulk shipping, Pacific Basin Shipping (02343) is recommended for its stable shareholder returns, while container shipping stocks like COSCO Shipping Holdings (01919) and Orient Overseas International (00316) are advised to be reduced [3] Group 3: Express Delivery Industry - The express delivery sector is anticipated to face intensified price competition and ongoing industry consolidation from 2025 onwards [4] - ZTO Express (ZTO.US) is viewed as the most promising stock in the next 12 to 24 months, while SF Express (002352.SZ) shows strong profit growth potential [4] - Companies leveraging artificial intelligence, such as ZTO, SF Express, and YTO Express (600233.SH), are also highlighted for their growth prospects [4]