本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 担保对象及基本情况 ■ ● 累计担保情况 ■ 海南航空控股股份有限公司（以下简称"海航控股"或"公司"）全资子公司海南航空进出口贸易有限公司 （以下简称"海南航贸"）拟与Honeywell International Inc.及其子公司（以下合称"霍尼韦尔"）开展长期 的航空设备采购合作。公司向霍尼韦尔出具担保函件，为海南航贸与霍尼韦尔之间的采购业务相关的支 付义务提供连带保证担保，根据霍尼韦尔提供的授信额度，公司为海南航贸提供的担保金额不超过300 万美元。 截至本公告日，海南航贸尚未与霍尼韦尔之间产生采购业务。 （二）内部决策程序 为共享金融机构授信资源，满足公司与控股子公司经营发展的正常需要，公司于2024年12月18日召开第 十届董事会第三十四次会议、于2024年12月30日召开2024年第五次临时股东大会审议通过了《关于与控 股子公司2025年互保额度的议案》，批准公司与控股子公司2025年的新增互保额度为158.00亿元，其 中，公司为资产负债率为 ...

Group 1 - The core point of the article is the signing of a supplementary agreement regarding the three-party supervision of the fundraising account by Chengdu Lihang Technology Co., Ltd. (stock code: 603261, stock abbreviation: *ST Lihang) [1][3] - In 2022, *ST Lihang publicly issued 19.25 million shares at a price of 19.70 yuan per share, raising a total of 379.225 million yuan, with a net amount of 334.7213 million yuan after deducting issuance costs [1][2] - The supplementary agreement aims to further standardize the management and use of the raised funds, ensuring the protection of investors' legal rights [3] Group 2 - The supplementary agreement specifies that a special fundraising account has been opened at Chengdu Bank for the storage and use of funds related to aviation equipment and rotorcraft manufacturing projects, and temporarily idle funds may be used to supplement working capital [2] - The agreement outlines the responsibilities of Huaxi Securities in supervising the management of the raised funds in accordance with relevant laws and regulations [2] - The supplementary agreement is legally binding and will take precedence over any conflicting terms in the original agreement, while the remaining parts of the original agreement will continue to be effective [2]

Core Viewpoint - The recent imposition of tariffs by the U.S. on certain Brazilian exports, reaching up to 50%, is seen as a politically motivated challenge to international multilateral trade rules, prompting calls for enhanced coordination among BRICS nations to stabilize trade and diversify trade settlement currencies [1][2]. Group 1: Impact on Trade Relations - The U.S. tariffs represent an unprecedented strain in U.S.-Brazil relations, highlighting the urgency for BRICS to strengthen internal coordination mechanisms and the importance of de-dollarization for member countries to conduct autonomous trade and mitigate risks [1][2]. - The tariffs are perceived as a departure from conventional trade logic, indicating an increase in protectionism and geopolitical risks [1][2]. Group 2: Financial Mechanism Reforms - BRICS nations are accelerating reforms in financial and settlement mechanisms in response to trade disruptions, with Russia notably shifting to alternative currencies after being excluded from the SWIFT system [2]. - The growing role of currencies like the yuan and ruble in bilateral and multilateral trade reflects a strategic move towards greater autonomy and resilience against unilateral trade pressures [2]. Group 3: Strategic Recommendations for Brazil - Brazil is advised to focus more on BRICS mechanisms and South-South cooperation, particularly in manufacturing and high-tech industries, to identify new trade growth points [2]. - Brazilian companies, such as Embraer, are encouraged to diversify their market presence and adapt products to better integrate into emerging markets, especially in light of the complexities involved in developing alternative markets for high-tech products [2]. Group 4: Long-term Economic Implications - The long-term effects of the U.S. tariffs are expected to undermine the multilateral trading system centered around the WTO, leading to instability and increased protectionist sentiments globally [3][4]. - The tariffs are likely to raise costs for U.S. consumers, creating pressure from domestic industries on the government to reassess these tariff practices due to their inflationary impact and potential to hinder the U.S. economy [4].

Core Viewpoint - The U.S. soybean industry is facing a crisis due to tariffs imposed by the Trump administration, leading to a significant loss of market share to Brazil, which has become the primary supplier to China [5][12][21] Group 1: Impact of Tariffs - Following the U.S. imposition of a 10% tariff on China in March 2025, China retaliated with a 10% tariff on U.S. soybeans, resulting in a total tariff rate of 13% [5] - The cost of U.S. soybeans increased by $45 per ton, causing a loss of price competitiveness against Brazilian soybeans, which are priced 20-30% lower [5][12] - U.S. soybean exports to China are projected to drop to 14 million tons in 2025, only one-third of the peak level in 2017 [7] Group 2: Political Ramifications - The agricultural states, traditionally Republican strongholds, are experiencing discontent among farmers due to the tariff policies, with only 38% of farmers in soybean-producing areas indicating continued support for the Republican Party [8] - Trump's urgency to secure soybean orders is driven by the upcoming 2026 midterm elections, as dissatisfaction among farmers could jeopardize his political support [8][11] Group 3: Market Dynamics - Brazil's soybean exports to China are expected to reach 34.5 million tons in the first half of 2025, a year-on-year increase of 18%, indicating a stable supply chain [12] - China is reducing its dependence on U.S. soybeans by adjusting feed formulations, which has led to a 15% decrease in soybean meal usage, equating to a reduction of 15 million tons in import demand [12] - Domestic soybean production in China is projected to increase by 8% in 2025, further mitigating reliance on imports [12] Group 4: Strategic Responses - The U.S. is facing a trade deficit of $295.4 billion, and the ongoing tariff war could result in a permanent loss of the Chinese market for U.S. soybeans [11] - China's response to U.S. trade policies includes diversifying soybean imports and leveraging its position in rare earth exports to pressure U.S. industries [19] - The trade conflict highlights a fundamental clash between two development models, with China strategically navigating external pressures while the U.S. remains entrenched in unilateralism [21]

Group 1 - The U.S. Department of Commerce restored export licenses for EDA software, aviation equipment, and engines to China, marking the end of a recent ban that began in late May [1][2] - The trade dispute escalated with tariffs increasing by 125% between the U.S. and China, leading to significant trade disruptions [2][4] - The U.S. government's ban on exports was a response to China's tightening of rare earth controls, which the U.S. viewed as a retaliatory measure [2][4] Group 2 - China's strict management of rare earth exports is aimed at preventing strategic resources from being used against its interests, creating a counterbalance in negotiations [4][5] - U.S. companies, particularly in the automotive sector, face supply chain disruptions due to China's rare earth export controls, which could lead to production halts [4][6] - The U.S. has relied on smuggling to obtain rare earth materials, but recent crackdowns by China threaten this supply route [6][10] Group 3 - The U.S. export ban on ethane, EDA software, and aviation equipment may backfire, as it could also harm U.S. exports and industries reliant on these markets [12][13] - EDA software is critical for semiconductor design, but China has made significant strides in developing its own alternatives since facing U.S. sanctions [13][18] - The C919 aircraft's engine options include domestically developed alternatives, such as the AEF1200, which is positioned to meet the aircraft's power requirements [15][16][18] Group 4 - The AEF1200 engine, derived from the WS20 military engine, is designed to compete with established Western models like the CFM56, showcasing China's advancements in aviation technology [15][16] - China's approach to building a self-sufficient supply chain in response to U.S. sanctions reflects a long-term strategy to mitigate risks associated with foreign dependencies [18][19] - The recent approval of rare earth exports to major U.S. automakers under strict conditions indicates a strategic compromise to ensure the continued development of China's aviation industry [18]

Group 1 - The core viewpoint of the article highlights the ongoing negotiations between China and the U.S. regarding tariff reductions and export controls, particularly focusing on rare earth elements and semiconductor regulations [1][3][5] - The second round of ministerial talks took place in London on June 9, following discussions in Switzerland, with key participants from both countries addressing issues related to rare earth export controls and semiconductor restrictions [1][2] - The U.S. Treasury Secretary and other officials participated in the talks, emphasizing the need for China to lift its rare earth export controls, which were implemented in April [1][2] Group 2 - The article notes that the U.S. has imposed a 30% tariff on imports from China, while China has responded with tariffs ranging from 10% to 15% on U.S. products, including agricultural goods [7] - There is uncertainty regarding whether the export controls will be modified as a result of the negotiations, with both sides showing reluctance to make concessions [7][4] - The Chinese Ministry of Commerce has approved a certain number of compliant export applications, indicating a strategic use of export controls as a negotiation tool [4][5]