新华财经伊斯坦布尔2月2日电（记者许万虎）土耳其贸易部2日发布统计数据显示，受黄金和能源相关 产品出口下滑等因素影响，今年1月土耳其商品出口额同比下降3.9%，降至203亿美元。 初步统计显示，1月土耳其贸易逆差同比扩大11.2%；进口额小幅增长0.03%，至287亿美元。 从出口目的地看，德国仍是土耳其1月最大出口市场，其次为美国和英国；欧盟仍占据土耳其出口的最 大份额。 土耳其贸易部长厄梅尔·博拉特表示，每年1月通常是出口动能相对较弱的月份，今年年初工作日减少尤 为明显，包括新年假期以及私营部门延长周末安排，对出口规模产生了较为显著的影响。 （文章来源：新华财经） 从出口结构看，中间产品仍是土耳其最大的出口类别，但出口额同比下降4.4%；消费品出口同比大幅 下降10.6%。制造业继续主导土耳其出口，1月制造业产品出口占出口总额的近93%；农业和采矿业出口 合计占比不足7%。 ...

美国总统特朗普日前称，若加拿大同中国达成贸易协定，美方将对所有加拿大进口商品征收100%关 税。 对此，外交部发言人郭嘉昆26日在例行记者会上表示，中国主张各国应以共赢而非零和的理念、合作而 非对抗的方式处理国与国关系。中加构建新型战略伙伴关系，就妥善解决中加之间经贸问题作出一些具 体安排，体现了平等相待、开放包容、和平合作、共享共赢的精神，不针对任何第三方，符合两国人民 共同利益，也有利于世界和平稳定与发展繁荣。 据此前媒体报道： 面对美国总统特朗普以中国为借口对加拿大发出100%关税威胁，加总理卡尼当地时间1月25日回应说， 与中国达成的相关协议并非自由贸易协议，而是在"纠正过去几年中出现的一些问题"。 当地时间1月25 日，卡尼对特朗普的最新关税威胁作出回应。 视频截图 媒体25日指出，卡尼说的是上周他访华期间就电动汽车、农业和水产品等领域与中方达成的贸易安排。 卡尼表示，相关协议只是对几个近期受关税影响的行业下调关税，"我们与中国所做的是纠正过去几年 出现的一些问题"。 卡尼称，加拿大"尊重并遵守"美墨加协定（CUSMA）中的相关承诺，无意与中国推进自贸协议。根据 美墨加协定，三国若计划与"非市场经济 ...

Group 1: Gold Futures Market - Gold futures are currently trading around 934.94 yuan per gram, with a decline of 2.52% [1] - The highest price reached was 940.88 yuan per gram, while the lowest was 921.38 yuan per gram [1] - The short-term outlook for gold futures appears to be fluctuating [1] Group 2: U.S. Tariff Policy Changes - President Trump signed an executive order on November 14, removing certain agricultural products from the "reciprocal tariff" list, effective from November 13 [3] - The U.S. has eliminated tariffs on certain food imports from Argentina, Ecuador, Guatemala, and El Salvador, including coffee and bananas, in response to public concerns over rising prices [3] - A comprehensive agreement was reached between the U.S. and South Korea regarding tariffs and defense, with specific tariff adjustments on products and a commitment from South Korea to invest $350 billion in the U.S. [3] - To mitigate the impact of U.S. tariff policies, the South Korean government plans to increase electric vehicle subsidies by 20% by 2025, reaching 936 billion won, and provide over 15 trillion won in policy financing to auto parts suppliers [3] Group 3: Key Levels for Gold Futures - The key resistance levels for gold futures are identified between 1001 yuan per gram and 1020 yuan per gram [4] - Important support levels are noted to be between 766 yuan per gram and 950 yuan per gram [4]

Core Points - The U.S. White House announced an executive order signed by President Trump on November 14, adjusting the scope of "reciprocal tariffs" by excluding certain agricultural products from additional tariffs previously imposed under the "Reciprocal Tariff Executive Order" [1] - The executive order states that the adjustments are based on assessments of domestic product demand and capacity, as well as recommendations from government agencies, in response to the "national emergency" declared in the original order [1] - The updated tariff exemption list and potential adjustments for "allied partners" will take effect on November 13, 2025, at 12:01 AM Eastern Time [1] - The order also mandates modifications to the "U.S. Harmonized Tariff Schedule" and the processing of potential tariff refunds [1] - On the same day, the Swiss Federal Council announced a reduction in U.S. tariffs on Swiss products from 39% to 15% following trade negotiations [1] - The negotiations, led by Swiss Federal Councillor and Minister of Economic Affairs Parmelin, aimed to lower the current 39% import tariff on numerous Swiss goods, which has been in effect since August 7, 2025 [1]

Core Points - The White House announced an executive order signed by President Trump on November 14, adjusting the scope of "reciprocal tariffs" by excluding certain agricultural products from additional tariffs previously imposed under the "Reciprocal Tariff Executive Order" [1] - The executive order states that the adjustments are based on assessments of domestic product demand and capacity, as well as recommendations from government agencies, indicating a need to modify the tariff list in response to the declared "national emergency" [1] - The updated tariff exemption list and potential adjustments for "allied partners" will take effect at 12:01 AM EST on November 13, 2025 [1] - The executive order also mandates modifications to the "U.S. Harmonized Tariff Schedule" and outlines procedures for potential tariff refunds [1]

Core Insights - CNH Industrial reported third-quarter 2025 adjusted earnings per share (EPS) of 8 cents, down from 24 cents in the prior-year quarter, and missed the Zacks Consensus Estimate of 13 cents [1][9] - Consolidated revenues declined nearly 5% year over year to $4.4 billion but exceeded the Zacks Consensus Estimate of $4.3 billion [2][9] Segment Performance - Agriculture segment net sales fell 10% year over year to $2.96 billion, slightly beating the estimate of $2.93 billion, with adjusted EBIT down 59% to $137 million, missing the estimate of $195.2 million [3] - Construction segment sales rose 8% year over year to $739 million, surpassing the estimate of $653.2 million, but adjusted EBIT decreased 65% to $14 million, missing the estimate of $18.4 million [4] - Financial Services segment revenues increased 4% to $684 million, exceeding the estimate of $644.2 million, but net income fell from $78 million to $47 million [5] Financial Details - As of September 30, 2025, cash and cash equivalents were $2.3 billion, down from $3.19 billion at the end of 2024, while total debt increased to $27.13 billion from $26.88 billion [6] - Net cash provided by operating activities was $659 million, compared to $791 million in the prior year [6] - Free cash outflow from industrial activities was $188 million, slightly higher than the $180 million outflow in the third quarter of 2024 [7] Updated Guidance for 2025 - Agriculture sales are now expected to decrease 11-13% year over year, an improvement from the previous estimate of a decline of 12-20% [8] - Adjusted EBIT margin for the Agriculture segment is now expected to be between 5.7% and 6.2%, down from the previous estimate of 7-9% [8] - Construction segment sales are expected to decrease 3-5% year over year, better than the previous estimate of a decline of 4-15% [8] - Free cash flow from industrial activities is now expected to be between $200 million and $500 million, up from the previous estimate of $100 million to $500 million [10]

Core Insights - The 2025 Hunan Yiyang Economic and Trade Cooperation Conference was held in London, aiming to enhance economic ties between Yiyang and the UK [1][2] - The conference featured over 100 attendees, including notable figures from both Chinese and British political and business sectors, highlighting the importance of bilateral cooperation [1] Group 1: Conference Highlights - The event was organized by the Yiyang Municipal Government and aimed to showcase Yiyang's development and cooperation opportunities [1] - Key speakers included UK House of Lords member Kirkhope, who provided insights on Sino-British economic cooperation, and John McLean, who emphasized the role of institutions in facilitating trade [1] - Yiyang's Mayor Xiong Wei delivered an enthusiastic speech outlining the city's development and collaboration prospects [1] Group 2: Project Promotion - The conference included a project promotion segment led by Yiyang's Director of Commerce, Xiao Juan, showcasing the city's rich industrial resources and vast cooperation potential [2] - Entrepreneurs from the UK shared their investment experiences in Yiyang, highlighting the favorable business environment [2] - Various local companies presented their products and collaboration opportunities, including Anhua Black Tea Group and Hunan Agricultural Products Company, emphasizing Yiyang's strengths in agriculture and cultural industries [2] Group 3: Future Cooperation - The conference successfully deepened the understanding of Yiyang among British attendees and established a cooperative channel for businesses [2] - Participants expressed intentions to explore further cooperation in areas such as specialty agriculture, advanced manufacturing, and cultural industries [2] - The event is seen as a stepping stone towards creating a new chapter in transoceanic economic exchanges between Yiyang and London [2]

Core Insights - The report highlights the profitability pressure faced by the North Exchange in Q2 2025, primarily due to overseas disturbances and high fixed asset growth, with a forecasted turning point in the second half of the year [3][8]. - The technology manufacturing sector is leading the growth, driven by a combination of cyclical recovery and AI industry trends, while consumer sectors show a mixed performance [3][8]. - The report suggests three strategies to identify high-growth opportunities: selecting companies with sustained revenue growth, those with upward revisions in profit forecasts, and those with high contract liabilities and advance payments [3][8]. Summary by Sections Profitability Analysis - As of Q2 2025, the North Exchange reported a revenue growth rate of +4.9% and a net profit growth rate of -16.6%, indicating significant profitability challenges [8]. - The decline in net profit is attributed to a sharp drop in export growth to the U.S., with over 50% of companies experiencing negative net profit growth [8]. - Fixed asset growth reached a historical high of +30.2%, contributing to the pressure on profitability, with a gross margin of 22.4% [8]. Industry Structure - The technology manufacturing sector is experiencing high growth, with key industries such as computing, telecommunications, and electrical equipment showing positive trends [8]. - The report notes a structural recovery in midstream manufacturing, particularly in traditional robotics and engineering machinery, alongside emerging industries [8]. - Consumer sectors are experiencing a mixed recovery, with agriculture and forestry showing potential for improvement [8]. Investment Strategies - The report recommends identifying companies with consistent upward trends in revenue and net profit growth over the past four quarters, highlighting specific companies like Kaiter and Fujida [3][8]. - It also suggests focusing on companies with upward revisions in profit forecasts, such as Shuguang Shuchuang and Naconoer, which have seen significant increases in expected net profit growth [3][8]. - Companies with high contract liabilities and advance payments, like Kangnong Agriculture and Kun工科技, are also highlighted as potential investment opportunities [3][8].

Core Viewpoint - The article discusses the tax exemption policies for agricultural products sold by farmers' cooperatives and the conditions under which these exemptions apply [5][6]. Group 1: Tax Exemption for Agricultural Products - Agricultural producers selling their own products are exempt from value-added tax (VAT) [5]. - Farmers' cooperatives selling products produced by their members are also considered as agricultural producers and are exempt from VAT [5]. - Companies using a "company + farmer" model for selling livestock are eligible for VAT exemption as they are deemed to be selling self-produced agricultural products [6]. Group 2: Processed Agricultural Products - Once agricultural products are processed (e.g., tea leaves into refined tea), they no longer qualify for VAT exemption and must be taxed at the applicable rate [6]. - Sales of externally purchased agricultural products do not qualify for VAT exemption [6].

Group 1 - The core point of the news is the announcement by the White House that President Trump signed an executive order imposing a 25% tariff on Indian imports to the U.S. due to India's import of Russian oil, leading to a total tariff rate of up to 50% on Indian goods [1][3] - The U.S. has long-standing trade disagreements with India, particularly regarding market access in agriculture and dairy, which India has resisted due to domestic industry protection [3] - India's response to the tariff increase was to label it "unfair, unjust, and unreasonable," indicating that it would take necessary actions to protect its national interests [3] Group 2 - Some Indian factions are attempting to draw China into the situation, questioning why the U.S. is penalizing India while allowing China to import Russian oil without similar sanctions [4] - Indian Prime Minister Modi's planned visit to China for the Shanghai Cooperation Organization summit is seen as a potential signal to the U.S. that India is not isolated and may strengthen ties with China as leverage in negotiations [6] - The disparity in U.S. treatment of India and China is attributed to China's significant economic power and influence, which makes the U.S. cautious about imposing sanctions on China [7] Group 3 - China maintains a clear stance on not being drawn into geopolitical conflicts and emphasizes the importance of developing cooperative relationships based on mutual benefit with all countries, including India [9] - The evolving international landscape, including U.S.-India, India-Pakistan, and China-India relations, is characterized by uncertainty, and India needs to enhance its national strength to gain more respect and influence on the global stage [9]