Group 1: Market Performance - Energy sector ETF increased by 0.45%, closing at 89.13 with a volume of 15.08 million shares and a market cap of $22.32 billion, reflecting a 5.72% increase [1][2] - Consumer discretionary ETF rose by 0.03%, closing at 221.43 with a volume of 3.35 million shares and a market cap of $27.81 billion, showing a slight decline of 0.82% [1][2] - Global airline ETF decreased by 2.26%, closing at 25.03 with a volume of 3.13 million shares and a market cap of $78.84 million, indicating a 1.26% decline [1][2] Group 2: Sector Specifics - Biotechnology index ETF fell by 1.54%, closing at 131.59 with a volume of 1.65 million shares and a market cap of $10.45 billion, down by 0.38% [1][2] - Regional bank ETF declined by 1.07%, closing at 62.89 with a volume of 1.40 million shares and a market cap of $5.25 billion, reflecting a 5.63% increase [1][2] - Financial sector ETF dropped by 1.04%, closing at 52.16 with a volume of 30.29 million shares and a market cap of $58.06 billion, showing an 8.69% increase [1][2]

Core Viewpoint - The recent tariff actions by the Trump administration have caused short-term market fluctuations, but strong corporate earnings expectations and enthusiasm for artificial intelligence are helping investors absorb the uncertainty of trade policies and maintain an overall optimistic stance on risk assets [1]. Market Performance - On Wednesday, the Dow Jones fell by 0.03%, while the S&P 500 rose by 0.04% and the Nasdaq increased by 0.1% [2]. - Major industry ETFs mostly declined, with the energy sector ETF down nearly 1% and the internet stock index ETF down 0.5%, while the global airline industry ETF rose over 4% [3][14]. - The European Stoxx 600 index increased by 0.6%, marking its longest four-day winning streak in over a month [1]. Sector Highlights - Delta Air Lines saw an approximate 11% increase in its stock price after exceeding second-quarter earnings expectations and restoring its full-year earnings guidance [2]. - Rare earth stocks surged, with MP Materials rising about 57% and USA Rare Earth increasing by approximately 17% following news of the U.S. Department of Defense becoming the largest shareholder of MP Materials [11][13]. - The copper price on the London Metal Exchange rose by 0.4%, ending a five-day decline, while in New York, copper prices increased by 2.1%, marking an over 11% cumulative rise since the announcement of tariffs [19]. Economic Indicators - The 10-year U.S. Treasury yield rose by 1 basis point to 4.35% [4]. - The WTI crude oil price fell by 1% to $66.27 per barrel, and Brent crude also saw a 1% decline to $69.47 per barrel [9][16]. - The U.S. dollar exchange rate remained stable, with minimal changes in the euro to dollar ratio at 1.1728 [6]. Investment Sentiment - Analysts suggest that the market's sensitivity to tariff news has decreased, with ongoing economic growth signs and confidence in upcoming earnings seasons providing support for stock market gains [19]. - Strong performance in technology stocks, such as Nvidia and Tesla, is seen as a crucial pillar of market confidence, with recommendations for investors to consider buying on dips [23].

Core Viewpoint - The majority of major industry ETFs in the US stock market experienced declines, with the energy sector ETF dropping nearly 1%, while the global airline industry ETF saw an increase of over 4% [1] Industry Performance Summary - **Global Airline Industry ETF**: Current price at 24.84, increased by 0.97 (+4.06%), with a trading volume of 766,000 shares and a total market value of 78.246 million, down 2.01% year-to-date [2] - **Consumer Discretionary ETF**: Current price at 220.04, increased by 1.09 (+0.50%), with a trading volume of 161,800 shares and a total market value of 27.638 billion, down 1.44% year-to-date [2] - **Semiconductor ETF**: Current price at 286.80, increased by 1.38 (+0.48%), with a trading volume of 416,800 shares and a total market value of 3.39 billion, up 18.43% year-to-date [2] - **Global Technology ETF**: Current price at 93.67, decreased by 0.01 (-0.01%), with a trading volume of 7,760 shares and a total market value of 1.311 billion, up 10.74% year-to-date [2] - **Technology Sector ETF**: Current price at 257.57, decreased by 0.26 (-0.10%), with a trading volume of 344,900 shares and a total market value of 81.922 billion, up 11.15% year-to-date [2] - **Financial Sector ETF**: Current price at 52.34, decreased by 0.06 (-0.11%), with a trading volume of 1.8149 million shares and a total market value of 58.257 billion, up 9.06% year-to-date [2] - **Consumer Staples ETF**: Current price at 80.64, decreased by 0.17 (-0.22%), with a trading volume of 1.8377 million shares and a total market value of 13.647 billion, up 3.84% year-to-date [2] - **Regional Bank ETF**: Current price at 62.98, decreased by 0.14 (-0.22%), with a trading volume of 379,700 shares and a total market value of 5.256 billion, up 5.78% year-to-date [2] - **Healthcare ETF**: Current price at 135.08, decreased by 0.41 (-0.30%), with a trading volume of 735,700 shares and a total market value of 25.850 billion, down 0.96% year-to-date [2] - **Banking Sector ETF**: Current price at 58.20, decreased by 0.18 (-0.32%), with a trading volume of 29,790 shares and a total market value of 4.504 billion, up 6.39% year-to-date [2] - **Biotechnology Index ETF**: Current price at 131.87, decreased by 0.42 (-0.32%), with a trading volume of 58,256 shares and a total market value of 10.470 billion, down 0.17% year-to-date [2] - **Utilities ETF**: Current price at 81.59, decreased by 0.31 (-0.38%), with a trading volume of 1.0498 million shares and a total market value of 11.845 billion, up 9.31% year-to-date [2] - **Internet Sector Index ETF**: Current price at 268.18, decreased by 1.33 (-0.49%), with a trading volume of 5,097 shares and a total market value of 17.807 billion, up 10.28% year-to-date [2] - **Energy Sector ETF**: Current price at 87.30, decreased by 0.76 (-0.86%), with a trading volume of 1.1767 million shares and a total market value of 21.862 billion, up 3.55% year-to-date [2]

Core Insights - Delta Air Lines reported adjusted revenue of $15.51 billion for Q2, exceeding the forecast of $15.45 billion [1] - The company achieved earnings per share of $2.10, surpassing the expected $2.07 [2] - For Q3, Delta Air Lines projects earnings per share between $1.25 and $1.75 [3] - The company has reinstated its full-year performance guidance, expecting adjusted earnings per share of $5.25 to $6.25, leading to an over 8% increase in pre-market stock price [4]

Policy Implementation - China has announced a significant visa exemption policy for citizens of Saudi Arabia, Oman, Kuwait, and Bahrain, allowing them to enter China for business, tourism, family visits, and transit without a visa for up to 30 days from June 9, 2025, to June 8, 2026 [1][2] - This policy extends China's visa-free access to all member countries of the Gulf Cooperation Council (GCC), enhancing travel convenience for both tourists and business travelers [1][2] Market Reaction - Following the announcement, there was a 90% increase in flight searches from GCC countries to China, indicating a strong demand for travel [7] - Airlines and travel agencies quickly responded by launching new direct flights and customized travel packages to cater to the anticipated influx of tourists [8][7] Economic Impact - The visa exemption policy aligns with China's broader strategy of high-level openness and is expected to significantly boost bilateral trade and tourism, with 75% of the 26.94 million foreign visitors to China in 2024 expected to enter through visa-free channels [10][12] - The policy is projected to facilitate deeper cooperation in various sectors, including energy, infrastructure, and technology, thereby enhancing the economic ties between China and GCC countries [12] Cultural Exchange - The policy is anticipated to foster greater cultural understanding and educational cooperation, as it opens new avenues for cultural and academic exchanges between China and the Gulf region [12] - The growing interest in "China tours" on social media reflects the increasing cultural allure of China, further driving tourism from the Gulf [10][12]

Market Overview - Major industry ETFs in the US stock market experienced an overall increase, with the biotechnology index ETF rising over 2%, and the semiconductor ETF increasing by more than 1% [1] Biotechnology Sector - The biotechnology index ETF is priced at 132.10, reflecting an increase of 2.77 (+2.14%) with a trading volume of 63,515 shares and a total market value of 10.489 billion [2] Semiconductor Sector - The semiconductor ETF is currently priced at 286.79, showing an increase of 3.31 (+1.17%) with a trading volume of 314,300 shares and a total market value of 33.90 billion, which is up 18.42% year-to-date [2] Global Technology Sector - The global technology stock index ETF is priced at 93.68, with an increase of 0.76 (+0.82%) and a trading volume of 5,242 shares, reflecting a year-to-date increase of 10.75% with a total market value of 1.312 billion [2] Airline Industry - The global airline industry ETF is priced at 24.13, with an increase of 0.19 (+0.79%) and a trading volume of 19,832 shares, but it has a total market value of 76.095 million, down 4.81% year-to-date [2] Healthcare Sector - The healthcare ETF is priced at 135.87, showing an increase of 0.90 (+0.67%) with a trading volume of 447,400 shares and a total market value of 26.001 billion, down 0.38% year-to-date [2] Technology Industry - The technology sector ETF is priced at 257.92, with an increase of 1.63 (+0.64%) and a trading volume of 158,900 shares, reflecting a total market value of 82.034 billion, up 11.30% year-to-date [2] Regional Banks - The regional bank ETF is priced at 63.48, showing an increase of 0.33 (+0.53%) with a trading volume of 353,000 shares and a total market value of 5.298 billion, up 6.62% year-to-date [2] Banking Sector - The banking ETF is priced at 58.74, with an increase of 0.28 (+0.48%) and a trading volume of 31,939 shares, reflecting a total market value of 4.547 billion, up 7.38% year-to-date [2] Consumer Discretionary - The consumer discretionary ETF is priced at 218.65, showing an increase of 0.99 (+0.45%) with a trading volume of 61,987 shares and a total market value of 27.463 billion, down 2.06% year-to-date [2] Financial Sector - The financial sector ETF is priced at 52.38, with an increase of 0.17 (+0.33%) and a trading volume of 1.314 million shares, reflecting a total market value of 58.301 billion, up 9.15% year-to-date [2] Utility Sector - The utility ETF is priced at 81.24, showing an increase of 0.10 (+0.12%) with a trading volume of 557,800 shares and a total market value of 11.794 billion, up 8.85% year-to-date [2] Energy Sector - The energy ETF is priced at 88.25, with a decrease of 0.26 (-0.29%) and a trading volume of 815,100 shares, reflecting a total market value of 22.100 billion, up 4.67% year-to-date [2]

Core Viewpoint - Cathay Pacific is expanding its business footprint in mainland China, focusing on digital transformation and IT capabilities to enhance operational efficiency and customer service [1][2][5]. Group 1: Expansion of IT Capabilities - Cathay Pacific has opened its largest IT office in Shenzhen, which can accommodate over 200 employees and will focus on system development, quality assurance, and technical support [1]. - The IT team has over 1,000 personnel, with 150 based in mainland cities, expected to grow to 200 by the end of the year, doubling by the end of 2024 [1][2]. - The establishment of the Shenzhen office is part of a broader strategy to enhance digital solutions tailored for the Chinese market [1][6]. Group 2: Recruitment and Digital Transformation - The airline has increased recruitment for frontline staff, hiring over 500 cabin crew members and expecting to reach 1,000 by year-end, alongside training 60+ mainland trainee pilots [2]. - Cathay Pacific's investment plan for 2024 includes a significant focus on digital and information technology, with annual investments exceeding HKD 3 billion in areas like AI and big data [2]. - The company has developed nearly 100 data models across various business areas, including customer service and flight operations [2]. Group 3: Operational Efficiency and AI Integration - The airline's flight operations have returned to pre-pandemic levels, but the increased capacity at Hong Kong airport presents new challenges [5]. - AI models are being utilized to simulate operations and optimize resource allocation in response to the expanded airport capacity [5]. - The integration of AIGC technology into chatbots has improved customer interaction, with over 80% of inquiries now handled by automated systems [5]. Group 4: Strategic Location and Collaboration - The Shenzhen IT office is strategically located in Qianhai, a key area for cross-border cooperation and technological innovation [7]. - The office is designed to facilitate collaboration among teams from Shenzhen, Guangzhou, and Hong Kong, focusing on proof of concept for cutting-edge technologies [8][9]. - Partnerships with local tech firms like Alibaba Cloud and Huawei are enhancing the airline's technological capabilities, including adapting its app for the HarmonyOS [9].

Group 1: Market Performance - Energy sector ETFs rose by 2.69%, while semiconductor ETFs increased by 1.33%. Other sectors such as biotechnology, regional banks, and the banking sector saw gains of at least 0.7%, whereas consumer discretionary ETFs fell by 0.34%, internet stock indices dropped by 0.77%, and financial sector ETFs decreased by 0.89% [1] - In the S&P 500 energy sector, companies like Devon Energy, Halliburton, APA, Occidental Petroleum, Hess Corporation, and Baker Hughes saw increases of at least 4.21%, with Diamondback Energy ranking fifth among Nasdaq 100 constituents [1] Group 2: ETF Details - Energy ETF closed at $88.50, up by 2.68%, with a total market value of $22.163 billion, reflecting a year-to-date increase of 4.97% [2] - Semiconductor ETF closed at $283.48, up by 1.33%, with a total market value of $3.351 billion, showing a year-to-date increase of 17.06% [2] - Biotechnology ETF closed at $129.33, up by 0.94%, with a total market value of $10.269 billion, down by 2.09% year-to-date [2] - Regional bank ETF closed at $63.15, up by 0.91%, with a total market value of $5.270 billion, reflecting a year-to-date increase of 6.06% [2] - Banking sector ETF closed at $58.46, up by 0.69%, with a total market value of $4.525 billion, showing a year-to-date increase of 6.87% [2] - Consumer discretionary ETF closed at $217.66, down by 0.34%, with a total market value of $27.339 billion, reflecting a year-to-date decrease of 2.51% [2] - Financial sector ETF closed at $52.21, down by 0.89%, with a total market value of $58.112 billion, showing a year-to-date increase of 8.79% [2]

本文字数：3705，阅读时长大约6分钟 2025.07. 08 作者 | 第一财经 周艾琳 高雅 关税风云进入第二季，但对于全球市场的影响在减弱。 据新华社消息，美国总统特朗普7日表示，将从8月1日起分别对来自日本、韩国等14个国家的进口产品 征收25%至40%不等的关税。 但此次关税风暴的冲击不及4月，美国三大指数7日跌幅不到1%；亚太股市7月8日表现更令人意外，日 韩股市并没有明显受到影响，日经225指数、韩国Kospi指数分别上涨0.25%、1.81%；上证综指和恒 生指数8日分别涨0.7%和1.09%；截至记者发稿，欧洲股市主要指数走势平稳，英国富时100指数、德 国DAX指数8日盘中小幅上涨。 截至北京时间7月8日21时20分，亚太主要股市当日收盘均出现上涨，欧洲主要股指当日盘中走势平稳，多数上涨。 接受第一财经记者采访的投资经理和策略师表示，市场对关税的担忧有所下降。高盛认为，欧美贸易谈 判达成协议的可能性在变大。同时，机构对股市的配置热度普遍升温，投行更是逆势上调美股目标价， 投资者亦敢于加码包括中国在内的亚太股市。唯独对于美债，各界依然保持担忧，全球央行增配黄金的 趋势仍将继续。 全球经济分析 ...

就主要航空公司而言，摩根士丹利认为，西南航空(LUV.US)在本财报季的风险最大，因其今年迄今的 强劲表现和待实施的内部举措。达美航空预计将交出稳健业绩，其国际航线和高端舱位表现突出。捷蓝 航空(JBLU.US)被认为面临压力，但如果管理层语气改善，可能会有意外惊喜.美联航(UAL.US)是投资 者预期最高的，但这可能导致其业绩指引令人失望。 瑞银则预计，航空业第二季度整体财报将基本符合预期，达美航空被视为主要航空公司中处境最佳。虽 然第二季度需求已经企稳，但国内休闲旅行和经济舱的持续疲软与温和预期相符。达美航空被认为比同 行处于更具建设性的环境中，部分原因是竞争格局以及纽瓦克航空交通中断的影响。 展望未来，瑞银预计，第三季度每可用座位英里收入(RASM)的指引将偏软，行业计划显示运力同比增 长将从第二季度的3%放缓至1.8%;需求仍然疲软，预计航空公司将对RASM持谨慎态度。该行分析师 Thomas Wadewitz警告称，如果需求未能复苏，可能需要进一步削减运力以支持RASM改善。 达美航空(DAL.US)将于7月10日率先拉开航空业第二季度财报季序幕。分析师表示，随着航空公司为下 半年定下基调，投资者需 ...