Report Industry Investment Rating No information provided. Core View of the Report The report focuses on the current situation of different industries, including production and service industries, and analyzes the price trends, production status, and market pricing of upstream, midstream, and downstream industries. It also mentions that the overall industry credit spread has recently declined slightly [1][2][3][4]. Summary by Relevant Catalogs 1. Middle - View Event Overview - **Production Industry**: The US Trade Representative's Office has launched a public consultation on a proposed modification to ship - related policies, which is considered beneficial to the shipping and energy industries as it relaxes review and fee requirements for foreign ships and eases regulations on LNG carriers [1]. - **Service Industry**: The Ministry of Finance is actively cooperating to improve the "one - old - one - young" service system, advancing community - supported home - based elderly care services and promoting the high - quality development of inclusive childcare services [1]. 2. Industry Overview Upstream - **Energy**: International oil prices are rising [1]. - **Chemical**: The prices of urea and soda ash are falling [1]. - **Black**: There is a slight decline [1]. Midstream - **Chemical**: The PTA operating rate has rebounded, while the PX operating rate has recently declined [2]. - **Infrastructure**: The asphalt operating rate has been continuously rising recently [2]. Downstream - **Real Estate**: The sales of commercial housing in first - and second - tier cities are the same as last year and at a near - three - year low [3]. - **Service**: The number of domestic flights has decreased cyclically [3]. 3. Market Pricing The overall industry credit spread has recently declined slightly [4]. 4. Industry Credit Spread Tracking The report provides the credit spread data of various industries on June 11, 2025, including the values of the same period last year, a quarter ago, a month ago, last week, and this week, as well as the quantile [49]. 5. Key Industry Price Index Tracking The report shows the price index data of multiple industries on June 10, 2025, including the frequency, unit, update time, current value, year - on - year change, and the trend in the past 5 days [50].

Group 1 - Major industry ETFs in the US stock market mostly rose, with Energy ETFs and Biotechnology Index ETFs increasing over 1%, and Healthcare ETFs rising nearly 1% [1] Group 2 - Energy ETF (XLE) current price is $84.77, up by $1.20 (+1.44%), with a trading volume of 1.824 million shares and a total market value of $21.228 billion, showing a year-to-date change of -0.27% [2] - Biotechnology Index ETF (IBB) current price is $128.88, up by $1.29 (+1.01%), with a trading volume of 122,100 shares and a total market value of $10.233 billion, reflecting a year-to-date change of -2.43% [2] - Healthcare ETF (XLV) current price is $135.14, up by $0.99 (+0.74%), with a trading volume of 304,000 shares and a total market value of $25.860 billion, indicating a year-to-date change of -1.39% [2] - Semiconductor ETF (SMH) current price is $258.06, up by $1.10 (+0.43%), with a trading volume of 166,700 shares and a total market value of $3.051 billion, showing a year-to-date change of +6.56% [2] - Global Technology ETF (IXN) current price is $87.20, up by $0.23 (+0.26%), with a trading volume of 4,806 shares and a total market value of $1.221 billion, reflecting a year-to-date change of +2.89% [2] - Utilities ETF (XLU) current price is $80.86, up by $0.19 (+0.24%), with a trading volume of 531,700 shares and a total market value of $11.739 billion, indicating a year-to-date change of +7.59% [2] - Consumer Staples ETF (XLP) current price is $81.77, up by $0.19 (+0.23%), with a trading volume of 352,400 shares and a total market value of $13.837 billion, reflecting a year-to-date change of +4.57% [2] - Internet Index ETF (FDN) current price is $260.81, up by $0.39 (+0.15%), with a trading volume of 3,871 shares and a total market value of $17.318 billion, indicating a year-to-date change of +7.25% [2] - Consumer Discretionary ETF (XLY) current price is $213.94, down by $0.07 (+0.03%), with a trading volume of 77,139 shares and a total market value of $26.872 billion, showing a year-to-date change of -4.38% [2] - Technology Sector ETF (XLK) current price is $239.56, up by $0.03 (+0.01%), with a trading volume of 161,100 shares and a total market value of $76.193 billion, reflecting a year-to-date change of +3.21% [2] - Banking ETF (KBE) current price is $54.36, unchanged (0.00%), with a trading volume of 28,542 shares and a total market value of $4.208 billion, indicating a year-to-date change of -1.30% [2] - Regional Banking ETF (KRE) current price is $58.30, down by $0.01 (-0.01%), with a trading volume of 295,200 shares and a total market value of $4.866 billion, reflecting a year-to-date change of -2.75% [2] - Financials ETF (XLF) current price is $50.90, down by $0.10 (-0.19%), with a trading volume of 817,600 shares and a total market value of $56.655 billion, indicating a year-to-date change of +5.70% [2] - Global Airlines ETF (JETS) current price is $23.24, down by $0.08 (-0.34%), with a trading volume of 16,867 shares and a total market value of $73.206 million, reflecting a year-to-date change of -8.32% [2]

Market Performance - Emerging markets outperformed slightly last week, with MSCI Emerging Markets up by 1.9% compared to MSCI Developed Markets at 1.3% [3] - Among developed markets, the Nasdaq index showed the strongest performance with a gain of 2.2%, while the Nikkei 225 was the weakest, declining by 0.6% [3] - In the emerging markets, the South Korean Composite Index led with a 4.2% increase, while the Mexican MXX index lagged with a 0.4% rise [3] Trading Sentiment - Global stock market trading volumes generally weakened last week, with Hong Kong's Hang Seng Index trading volume decreasing to 171 billion shares and $588.7 billion [11] - In Hong Kong, short selling increased to 15.9%, indicating a low historical sentiment level, while the NAAIM manager index in the US decreased to 81.6%, suggesting a high historical sentiment level [11] Valuation Trends - Developed markets saw an overall valuation increase, with the latest PE and PB ratios at 22.7x and 3.6x, respectively, placing them in the 90% and 99% percentile levels since 2010 [17] - Emerging markets also experienced a valuation uplift, with PE and PB ratios at 15.2x and 1.9x, respectively, in the 75% and 86% percentile levels since 2010 [18] Sector Performance - In Hong Kong, the materials and healthcare sectors led with gains of 5.6% and 4.1%, while telecommunications and industrial sectors lagged with declines of 0.6% and 0.2% [9] - In the US, communication services and information technology sectors outperformed with increases of 3.2% and 3%, while consumer staples and utilities underperformed with declines of 1.6% and 1% [9] Fund Flows - There was a continuation of capital inflow into Hong Kong stocks, despite a slight tightening of macro liquidity globally [25] - Recent data indicated a net outflow of 5.2 billion HKD from Hong Kong stocks, with stable foreign capital experiencing a significant outflow of 21.8 billion HKD [27] Earnings Expectations - Earnings expectations for global markets were mostly revised downwards last week, with the Hang Seng Index's 2025 EPS forecast adjusted from 2220 to 2219 [29] - In the US, the S&P 500's 2025 EPS forecast remained unchanged at 263, while in Europe, the STOXX50's EPS forecast also held steady at 347 [30]

Core Viewpoint - The performance of major industry ETFs in the U.S. stock market is mixed, with semiconductor ETFs showing significant gains while financial sector ETFs are declining [1]. Group 1: Semiconductor Sector - Semiconductor ETF increased by 2.28%, reaching a price of $258.50, with a trading volume of 205.80 million shares and a total market value of $30.56 billion [2]. - Year-to-date performance for the semiconductor ETF is up by 6.74% [2]. Group 2: Regional Banks - Regional bank ETF rose by 0.94%, priced at $58.56, with a trading volume of 183.49 million shares and a total market value of $48.87 billion [2]. - Year-to-date performance for the regional bank ETF is down by 2.31% [2]. Group 3: Financial Sector - Financial sector ETF decreased by 0.86%, priced at $50.84, with a trading volume of 521.25 million shares and a total market value of $565.87 billion [2]. - Year-to-date performance for the financial sector ETF is up by 5.58% [2]. Group 4: Technology Sector - Technology sector ETF increased by 0.89%, priced at $240.49, with a trading volume of 119.49 million shares and a total market value of $764.89 billion [2]. - Year-to-date performance for the technology sector ETF is up by 3.61% [2].

全球经济分析公司BCA Research地缘宏观首席策略师帕皮奇（Marko Papic）解释称，899条款名为"对 不公平外国税收的执法补救措施"。这一条款实际上赋予了美国财长极大的裁量权，财长可单方面认定 某国实施"不公平外国税收"，进而对该国所有投资者（包括个人、企业、实体或信托）征收最高20%的 惩罚性税率，并采取其他限制措施。 899条款是什么 根据贝克麦坚时律师事务所的分析，"大而美法案中"拟议的899条款旨在对某些外国税收措施进行报 复，特别是针对经合组织（OECD）第二支柱项目中的低税利润规则（UTPR）、数字服务税 （DST）、转移利润税（DPT），以及其他被视为"域外"或"歧视性"的税收措施。除此之外，财政部还 被授权可以认定其他"域外"或"歧视性"税收为"不公平外国税收"，包括不被视为外国所得税或不在双边 税收协定范围内的税种。 分析认为，该条款的提出是在市场信心本就脆弱之际"自找麻烦"。 美国总统特朗普大力推动的"大而美法案"中，一项旨在提高外国投资者在美税收的条款（第899条款） 正引发跨国企业的广泛关注和强烈反对。 全球商会（Global Business Alliance）主席萨 ...

Core Viewpoint - The article discusses the selective application of tariffs by the U.S. government, highlighting how Russia and North Korea have managed to avoid these tariffs while other allies face significant trade barriers. This reflects a dual standard in U.S. trade policy driven by political and economic interests. Group 1: U.S. Tariff Policy - The U.S. has refrained from imposing tariffs on Russia to avoid disrupting the ongoing Russia-Ukraine negotiations, indicating a strategic choice to separate economic measures from diplomatic efforts [3] - In the first quarter of 2024, U.S. imports of strategic materials from Russia increased by 37%, with titanium and uranium being critical for the aerospace and energy sectors, respectively [5] - The U.S. is currently seeking to restart diplomatic relations with North Korea, which has led to a lack of tariffs on North Korean goods, despite the absence of formal trade [7] Group 2: Economic Implications - The dual standards in tariff application reveal the deep intertwining of U.S. capital and political interests, as seen in the military-industrial complex where companies profit from both sides of the Russia-Ukraine conflict [8] - Imposing tariffs on Russian companies could disrupt U.S. supply chains, particularly in agriculture, where significant exports are routed through Kazakhstan to North Korea [9] - The article suggests that the U.S. is leaving an emergency channel open in global supply chains, allowing goods to be rerouted through Russia and North Korea to avoid tariffs [10] Group 3: Global Trade Dynamics - The article highlights that other countries may adopt similar strategies to bypass U.S. tariffs, using Russia and North Korea as intermediaries for exports to the U.S. [13] - The U.S. has previously imported palladium from Russia despite it being on the sanctions list, indicating a pattern of selective enforcement of trade regulations [13] - The ongoing tariff battle is reshaping global trade dynamics, encouraging businesses to find creative ways to continue operating in the U.S. market despite tariffs [15]

美国总统特朗普在贸易战升级后只坚持了18天，就已经处理不了烂摊子了。 日前特朗普也终于不等电话了，直接表示准备"大幅度减免对华关税"，对华保持友好。 为什么扬言要"斗到最后"的美国政府率先求和了？ 美国能源业单月损失巨大，许多小型能源企业面临着资金链断裂和破产的风险，这些企业还有不少之前是支持特朗普的。 包括大豆、肉类等"深红州"基本盘，都体验到了市场震荡。 在美国的媒体上，所报道的中美贸易战的正式打响是从4日开始的。 以中国向美国还击"对等关税"为节点，特朗普的态度不到两周就出现了各种"里程碑"式的变化。 先是贝森特强硬威胁，表示如果谁报复就会受到严重代价； 后续9日特朗普又宣布对中国单独加税，要对华战斗到底； 11日特朗普再度表态，希望能讨论达成协议的问题，他声称正在等中国的电话； 过了不久之后白宫又声称"电话应该让中国先打""球在中国的一方"。 与此同时美国一边释放谈判信号，一边将关税加到145%的水平线上，完全看不到诚意所在。 那么回顾过去的这半个月，到底发生了什么事情？ 首先是美国的能源与农业产业在贸易战中遭受重创。 在能源领域，中国作为美国原油的重要进口国，大幅削减了从美国的进口量。 据统计，贸易 ...

Group 1 - Global stock markets experienced volatility in April and May but showed signs of recovery due to trade negotiations and other factors [1][2] - The European political stability and large-scale stimulus plans, along with signs of moderate recovery in the Chinese economy and resilience in the US economy, indicate that global equities may still be an attractive asset class [1][4] - High inflation above historical averages may favor stocks over bonds in the medium term [1] Group 2 - The energy sector was negatively impacted by falling oil prices, making it the worst-performing sector in the MSCI All Country World Index [2] - Defensive stocks, such as consumer staples and utilities, recorded positive returns as investors shifted their focus [2] - Optimism around corporate earnings and sustained growth led to a rebound in information technology and communication services stocks towards the end of May [2] Group 3 - Geopolitical risks, such as the conflicts between Russia and Ukraine, and India and Pakistan, may drive market development in Europe, which has suffered losses due to these conflicts [3] - Post-German elections, European political stability and large-scale spending on infrastructure and defense are expected to boost the European economy, presenting interesting investment opportunities [3] - The Chinese economy is projected to show moderate growth by 2025, despite facing structural challenges, with a shift towards innovation and green energy policies [3] Group 4 - The US economy demonstrates resilience with stable growth, strong job creation, and slowing inflation, supported by high levels of technology and infrastructure investment [4] - Consumer spending remains robust, and the market is expected to react less severely to current uncertainties, creating favorable conditions for equities [4] - Global economic slowdown provides diverse growth sources, potentially leading to broader market development [4] Group 5 - Companies in the "infrastructure" theme are expected to benefit from increasing demand for digital and physical solutions, driven by cloud computing, 5G implementation, and smart city projects [5] - The adjustment of global supply chains and investments in renewable energy are stimulating demand for reliable power and logistics infrastructure [5] - The "smart manufacturing" theme holds significant potential as industries adopt automation to reduce costs and enhance productivity [5]

| 行业ETF √ | 当前价 ◆ | 涨跌幅 # | 成交量 ÷ | | 总市值 = 年初至今 = | 0 | | --- | --- | --- | --- | --- | --- | --- | | 能源业ETF- ... | 81.95 | -1.63 (-1.95%) 2178.64万股 | | 205.22亿 | -3.58% | () ... | | us XLE | 81.97 | +0.02 (+0.02%) 盘后 | | | | | | 公用事业ET ... | 80.96 | -1.44 (-1.75%) 1643.58万股 | | 117.53亿 | +7.72% | (1 " " | | us XLU | 80.97 | +0.01 (+0.01%) 盘后 | | | | | | 区域银行ET ... | 56.64 | -0.71 (-1.24%) | 988.13万股 | 47.27亿 | -5.52% | 를 | | us KRE | 56.63 | -0.01 (-0.02%) 盘后 | | | | | | 银行业ETF ---- | 53.01 | -0.60 (-1.12 ...

Group 1 - Under the leadership of President Nayib Bukele, El Salvador is entering a new era of economic growth, focusing on development and prosperity [1] - The Salvadoran embassy in China is actively working to strengthen and expand bilateral relations with China, a leading global economy [1] - A key topic in the Salvadoran-Chinese bilateral relationship is the ongoing free trade agreement, which aims to create new cooperation opportunities for both countries [1] Group 2 - El Salvador has already begun exporting products like sugar and coffee to China, with significant potential in processed agricultural products and beverages [1] - The successful entry of Salvadoran juice brand "Petit" into the Chinese market through e-commerce platforms demonstrates the positive reception of Salvadoran products in China [1] - The improvement in domestic security under Bukele's governance has enhanced social efficiency and production effectiveness, contributing to economic growth [1] Group 3 - International credit rating agencies, such as S&P, have upgraded El Salvador's sovereign credit rating to B-, reflecting growing confidence in the country's economy [2] - This international recognition has invigorated key sectors including plastics, textiles, energy, tourism, construction, pharmaceuticals, and agricultural processing [2] - Collaborative projects with China, such as the "Sunset" amusement park and new infrastructure developments, are examples of how bilateral cooperation is driving economic growth [2]