在京东电商平台，一家名为"京胖宝库经营部"的珠宝店铺格外醒目——所售饰品均标注着"胖东来品 质"字样，产品标价从百余元到3万元不等。根据京东商城证照信息，该店铺属"个人经营者"，经营 地址为江西宜春市某小区仓库。 当记者以消费者身份咨询时，该店铺客服声称，"与胖东来为同一供应链"，并表示"货是一样的"，甚至 提到"可到检测机构检测"。然而，当被要求出示具体凭证时，商家却闪烁其词。 对此，胖东来工作人员对记者称，暂未在京东平台开设相关店铺，其对上述店铺"打擦边球"行为也颇为 无奈。"一直都在各个（电商）平台检索、取证，但数量太多了。"该人士表示，尤其是这种标注"胖东 来品质"而非明确标注"胖东来"的行为，维权难度更大，"还需要消费者擦亮眼睛，慎重选择。" 实际上，这种"蹭名"胖东来的现象并不少见。不久前，浙江海宁一家名为"胖都来"的商场开业，因名称 与"胖东来"高度相似，被指蹭热度。 胖东来迅速反击，不仅向浙江当地市场监管部门正式投诉，还向对方邮寄了律师函。"因为'胖东来'作 为零售行业的知名品牌，已经有显著的辨识度。'胖都来'的宣传行为容易造成消费者的混淆。"胖东来 相关负责人表示。 君悦（合肥）律师事务所主 ...

Group 1 - U.S. retail giants, under pressure from tariffs, initially sought to have Chinese suppliers bear the cost of tariffs but later agreed to have U.S. parties cover the costs after discussions with Chinese authorities [1] - Recently, U.S. retailers have attempted to shift the burden of shipping costs onto Chinese suppliers, exacerbated by a surge in shipping prices due to increased imports during the tariff suspension period [1][4] - Major U.S. retailers, including Walmart and Nike, are negotiating with Chinese suppliers to share up to 66% of the U.S. tariff costs, which were previously absorbed by U.S. buyers [2] Group 2 - Shipping costs have skyrocketed, with rates for containers to the U.S. West Coast reaching $6,000 to $7,000, nearly double the rates from late May [4] - The cost of shipping from Ningbo-Zhoushan Port to the U.S. West Coast has increased to $3,000, three times the price from April, raising concerns among exporters about their ability to absorb these costs [4] - The shipping industry is facing capacity shortages due to a surge in demand, with significant delays expected in restoring normal shipping operations [4][5] Group 3 - The Ningbo-Zhoushan Port is taking measures to handle the increased export orders, anticipating a recovery in shipping volumes to the U.S. following the tariff reductions [5] - The port plans to enhance service levels and improve operational efficiency to accommodate the expected rise in shipping demand [5]

Group 1: Global Manufacturing PMI - The global manufacturing PMI for May is 49.2%, indicating a slight increase of 0.1 percentage points from the previous month, but it remains below the expansion threshold for three consecutive months, reflecting weak economic momentum [1] - In Asia, the manufacturing PMI returned to the expansion zone at 50.4%, while the Americas, Africa, and Europe remain in contraction [1] - The US manufacturing PMI for May is 48.5%, down 0.2 percentage points from the previous month, marking a four-month decline [2][1] Group 2: US Trade Deficit - The US trade deficit in April narrowed significantly by 55.5% to $61.6 billion, the lowest level in 2023, reversing the trend of widening deficits seen in the first quarter [3] - Imports fell by a record 16.3% in April, while exports increased by 3%, indicating a shift in trade dynamics due to tariff policies [3] - The trade deficit with China decreased to $19.7 billion, the lowest since March 2020, while deficits with Canada and Mexico also shrank [3] Group 3: European Central Bank Actions - The European Central Bank (ECB) announced a 25 basis point cut in key interest rates, marking the eighth rate cut since June of the previous year, with the main refinancing rate now at 2% [5] - Eurozone inflation rates have decreased, with the harmonized CPI for May falling to 1.9%, the first time below 2% since September 2024 [5] - The ECB signaled a potential end to the rate-cutting cycle, as economic conditions stabilize and inflation pressures ease [6][5] Group 4: Domestic Appliance Subsidy Adjustments - Several regions in China have suspended or adjusted the "national subsidy" for replacing old appliances due to the depletion of available funds [8] - The subsidy program has been popular among residents, but its recent suspension may be a temporary measure as new funding is being planned [9] - The impact of the subsidy on stimulating domestic demand has been significant, but broader recovery in consumer spending is still needed [9] Group 5: Didi's Financial Performance - Didi reported a revenue of 53.26 billion yuan for Q1 2025, an 8.5% increase year-on-year, with a net profit of 2.36 billion yuan, up 188.14% from the previous year [10] - The total order volume for Didi's domestic ride-hailing services increased by 10.3% year-on-year, while international orders grew by 24.9% [10] - The improvement in profitability is attributed to higher order volumes and a reduction in losses from overseas operations [11][10] Group 6: Precious Metals Price Surge - Silver prices have surged past $36, reaching the highest level since February 2012, while platinum prices also hit a two-year high at $1,154.73 per ounce [12] - Over the past year, silver and platinum have increased by 19% and 13%, respectively, while gold has risen by 42% [12] - The price increases are linked to industrial demand, with silver being crucial for solar panels and platinum used in automotive catalysts [12] Group 7: Market Overview - The stock market experienced mixed performance, with the Shanghai Composite Index closing at 3,385.36 points, up 0.04%, while the Shenzhen Component Index fell by 0.19% [17] - Market activity was characterized by a lack of clear direction, with various sectors showing both gains and losses [17] - The recent market movements are influenced by expectations of future policy support and ongoing trade negotiations [18]

Core Insights - Walmart is expanding its drone delivery service to five new cities to enhance online sales and improve delivery speed [1] - The company aims to be the first retailer to implement large-scale drone delivery operations across five states [1] - Faster delivery services are crucial for Walmart's growth as consumers increasingly prioritize convenience [1] Group 1: Expansion of Drone Delivery - Walmart will launch drone delivery services in Charlotte, Tampa, Atlanta, Houston, and Orlando, covering 100 stores [1] - The service will allow for delivery of items such as fresh fruits, eggs, pet food, and ice cream within minutes [1] - Walmart's Chief eCommerce Officer highlighted the flexibility that faster delivery windows provide to consumers [1] Group 2: Financial Implications - Walmart expects its online business to become profitable this year after investing billions to compete with e-commerce giants like Amazon [1] - The company is focused on reducing costs associated with e-commerce, which have been high due to shipping, labor, and fuel expenses [1] - Efforts to cut costs include automating warehouses and processing more orders in bulk [1] Group 3: Partnerships and Collaborations - Walmart is deepening its collaboration with Alphabet's drone company Wing, which began in 2023 in Dallas [2] - Wing has received FAA approval to operate drones within a 6-mile radius of Walmart stores [2] - Walmart is also partnering with another drone delivery company, Zipline, in Texas and Arkansas [2]

Summary of Key Points from Conference Call Records Industry or Company Involved - The discussion primarily revolves around the U.S.-China trade relations, specifically focusing on tariffs and legal proceedings related to these tariffs. Core Points and Arguments - The U.S. International Trade Court ruled that the President exceeded his authority in imposing tariffs based on international balance of payments, but the Federal Circuit Court has temporarily frozen this ruling, with a decision expected in mid-June [1][3][4] - The Federal Circuit Court may issue a special ruling allowing small and medium enterprises to import products tax-free, while other companies would still be subject to tariffs, differing from the International Trade Court's ruling that called for the cancellation of all tariffs [1][5] - The U.S. government is inclined to use Section 232 investigations to replace some reciprocal tariffs, as these tariffs are tied to national security and have legal stability, unlike reciprocal tariffs which have not undergone judicial scrutiny [1][6][7] - The Federal Circuit Court's decision on whether to suspend the lower court's ruling will determine the immediate future of the tariffs, with potential outcomes including the cancellation of tariffs or continued enforcement during a lengthy review process [3][9] - The IRA (Inflation Reduction Act) contains provisions unfavorable to Chinese companies, such as restrictions on cross-border technology transfers and collaborations with renewable energy equipment manufacturers, which could negatively impact Chinese renewable energy firms [1][19] Other Important but Possibly Overlooked Content - The Federal Circuit Court's handling of the current case reflects the complexity and uncertainty of the U.S. judicial system in dealing with international trade disputes [3][9] - The potential for a future U.S.-China tariff agreement is estimated to fall between 10% and 34%, with the fentanyl issue likely becoming a significant topic in discussions between leaders [2][25][26] - The U.S. Treasury Secretary indicated that the current stagnation in U.S.-China negotiations is partly due to judicial reviews and recent U.S. measures that are unfavorable to China, which could further complicate the competitive landscape for Chinese companies [21][22] - The U.S. government may seek to grant the President more authority to impose tariffs through legislative changes, although this process is expected to be complex and time-consuming [29] This summary encapsulates the critical aspects of the conference call records, highlighting the ongoing legal and political dynamics affecting U.S.-China trade relations and the implications for various stakeholders.

美国与欧盟的贸易谈判传来最新消息。 当地时间5月30日，欧盟委员会负责贸易和经济安全等事务的委员谢夫乔维奇与美国商务部长卢特尼克通话， 强调持续合作推动前瞻性解决方案，试图就双方贸易谈判进行沟通。据美媒报道，欧盟希望美国取消对钢铁和 汽车征收的25%关税，并希望美国总统特朗普放弃所谓的"对等关税"。 与此同时，欧盟委员会贸易委员东布罗夫斯基斯当天表示，近期美国法院对特朗普政府"对等关税"合法性的裁 决，给本已复杂的贸易环境再添一层不确定性。当前贸易谈判环境已充满变数，形势瞬息万变。 目前围绕关税的"司法大战"正面临较大的变数，包括美国企业在内的全球企业因"关税战"造成的损失也在持续 增加。据最新报道，因特朗普政府关税政策导致的成本上升和销售减少，全球主要大型企业的损失已经达到了 340亿美元。 关税的变数 据央视新闻客户端，当地时间30日，欧盟委员会负责贸易和经济安全等事务的委员塞夫科维奇与美国商务部长 卢特尼克通话，强调持续合作推动前瞻性解决方案，试图就双方贸易谈判进行沟通。 另据路透社报道，塞夫科维奇在社交平台上发帖称："我们投入了充足的时间和精力，因为提供前瞻性的解决 方案仍然是欧盟的首要任务。我们将保 ...

点击小程序查看报告原文 4月至今，特朗普的关税政策经历了一系列"戏剧性"变化， 对华"对等关税"从4月2日宣布加征的34%，逐步加码至"非理性"的125%，再降至中美会谈后甚 至比预期更低的10%（《 中美关税"降级"的资产含义 》）。市场也是如此，从关税宣布后的大跌到目前已经完全修复失地，就好像关税带来的影响"从没 发生过一样"。 图表：美国对中国本轮关税由145%降至30%，另外24%暂缓90天执行 资料来源：PIIE，中金公司研究部 关税政策如同"儿戏"般的变化，固然有特朗普自身执政风格的鲜明烙印，但也有不得不向现实低头的约束，因为如此高的关税对中美而言都是无法长期承 受的。 因此，关税从一个几乎等于"贸易禁运"的非理性水平降至一个"可贸易可谈判"的水平，虽然在时点和幅度上是无法预知的偶然，但几乎也是现实 的必然， 否则美国通胀、经济和金融市场都会面临很大压力，4月中下旬"股债汇三杀"就是市场的预演（《 上次"股债汇三杀"发生了什么？ 》）。 图表："对等关税"以来，美国4月中下旬出现股债汇"三杀" 资料来源：Bloomberg，中金公司研究部 往前看，关税政策进展大概率依然存在很大变数，不排除还会反复 ...

Core Insights - UK retail sales surged in April, continuing a strong trend from earlier in the year, indicating consumer resilience amid rising bills and global trade tensions [1] - Retail sales increased by 1.2% month-on-month in April, marking the fourth consecutive month of growth, surpassing economists' expectations of 0.3% [1] - The warm and sunny weather in April contributed to the retail sales growth, with strong performance across most sectors [1] Retail Performance - Categories such as food and alcohol saw sales growth, reflecting consumer spending despite economic challenges [1] - The report coincided with the period following the announcement of tariffs by Trump, during which UK households faced significant increases in utility bills, train fares, and local government taxes [1] Consumer Confidence - A separate report indicated a slight rebound in UK consumer confidence in May after being impacted by Trump's tariffs in April, with consumers feeling more optimistic about their financial and economic situations [1] - Consumers expressed a greater willingness to purchase big-ticket items such as cars and furniture [1] Economic Outlook - According to Alex Kerr from Capital Economics, this marks the first time since 2015 (excluding the pandemic period) that retail sales have increased for four consecutive months, although he cautioned that this growth may not be sustainable [2] - Following the release of stronger-than-expected data, the British pound maintained its upward trend against the US dollar, rising by 0.3% to 1.3461, nearing its highest level since 2022 [2]

据该公司最新财报显示，截至今年4月30日的第一财季中，他们的净利润为44.9亿美元，同比下滑超过 12%。揭露了沃尔玛当前面临的巨大压力。与此同时，首席执行官道格·麦克米利恩表示，即便在新关 税措施生效后，公司仍无法完全消化关税带来的所有压力。 一则消息的传出，让特朗普愤怒不已。事实证明，降低对华关税正成为美国的救命稻草。 1.沃尔玛将上调价格，以应对关税问题 近期，美国零售巨头沃尔玛被推上了舆论的风口浪尖。沃尔玛公司高管宣布，他们不得不在本月底上调 部分商品的售价。这一决定震动了整个市场。到底是因为什么呢？归根结底，是因为利润受损和进口商 品比例过大。 沃尔玛在美国销售的商品中，有超过三分之一是进口商品，而这些商品的主要来源地包括中国、墨西 哥、加拿大、越南和印度。虽然美国政府对特定货物的征税有所下降，但对企业来说，负担依然沉重。 这种情况下，特朗普在社交媒体上"炮轰"沃尔玛，要求他们自己承担对华关税，而不是将成本转嫁给消 费者。事实是，即便沃尔玛能吞下一时的苦果，但不可能一直忍让。最终，美国消费者或许不得不为这 场关税战买单。 2.特朗普关税政策下，美企业选择加强与中国合作 曾几何时，特朗普宣称，要让中国 ...

美国财政部长贝森特18日在接受采访时表示，沃尔玛将自行消化部分关税，但他也承认，一部分加征关税的成本最终会 落到消费者头上。贝森特说，他17日与沃尔玛首席执行官董明伦进行了交谈，并在两次新闻节目采访中强调，他认为对 沃尔玛顾客来说真正重要的是汽油价格的下降。根据美国汽车协会（AAA）的数据，汽油平均价格约为每加仑3.18美 元，比一年前有所下降，但在过去一周也有所上涨。"沃尔玛将吸收部分关税，有些可能会转嫁给消费者。"贝森特说。 此前，据香港《南华早报》4月29日报道，在中美贸易争端升级而导致货运量锐减后，最近几天，沃尔玛和其他美国主要 零售商已通知中国江浙地区的部分制造商恢复供货。"我们的长期合作伙伴沃尔玛已经通知我们开始（向美国）发货，我 们不需要承担（对中国商品）新关税的额外成本。"4月28日，宁波一家大型文具办公用品出口商的副总裁透露，已收到 沃尔玛的通知，要求它们恢复对美国的正常供货。该公司表示，新进口关税的成本将由美国客户承担。 据智通财经报道，美国零售巨头沃尔玛公司高管15日表示，受美国关税政策影响，该公司将于本月晚些时候开始上调部 分商品在美售价。美国总统特朗普17日批评沃尔玛，在其社交平台T ...