在2025年的秋天，美国又对中国下手了，这次，不是常见的电子器件，而是直接冲着中国的造船业来 了。 10月4日，美国海关再度针对中国，要对中国船只出招，时间定在10天后，也就是14号正式生效，表面 看是政策调整，实际上是一场针对中国制造的新动作，只不过这次的"战场"从陆地转到了海上。 此事一出，全球轰动，毕竟造船可不是普通买卖，不少强国都是海运起家的，它关系到一个国家在海上 的"存在感"，而美国突然下这手，背后藏着的，是对中国造船能力迅速扩张的强烈不安。 美国海关痛下杀手，但差距难以弥补 2025年4月，美国就开始对中国船只设置阻碍，这是美国惯用的贸易手段之一，目的就是找出对方"可能 存在的问题"，然后找个理由加税，而到了10月初，调查结果一确定，美国马上宣布了新规。 具体来说，美国计划从，中国出厂的，中国运营的，运载大宗汽车物件的，这么集中方向开始加税。 这么一看，美国这回不是冲着某个公司来的，是把整个中国造船产业都纳入了打击范围，这不是简单 的"贸易摩擦"，而是直接动了中国在海上物流体系中的根基。 美国之所以出这招，就是一个字——怕，怕什么？怕中国的造船业太强，强到已经对它构成实质性的威 胁。 过去几十年 ...

Group 1: Historical Trade Patterns - In the 1940s, the US dominated global trade, with a GDP share of approximately 40% and manufacturing output accounting for 50% of the global total[4] - By 1948, US merchandise trade accounted for 17.2% of global trade, with exports making up 21.6%[19] - In the 1950s, West Germany's export share rose from 1.8% in 1948 to 8.7% by 1962, with a trade surplus rate of 3.65% in 1957[5] - Japan's global merchandise export share increased from 0.4% in 1948 to 6.9% in 1972, reaching 7.5% by 1978[32] Group 2: Economic Growth and Trade Strategies - The Marshall Plan provided $13.3 billion (equivalent to $150 billion in 2017) to 16 European countries from 1948 to 1951, aiding in post-war recovery[20] - Japan's export growth rate averaged 16.8% in the 1960s, more than double the global trade growth rate during that period[30] - The "Asian Tigers" saw their global trade market share increase from 2.4% in 1970 to 10% by 1993, with export market share rising from 3.8% in 1980 to 10.1% in 1994[35] Group 3: China's Trade Expansion - China's merchandise trade share rose from 3.6% in 2000 to 13.1% by 2020, with exports increasing from 3.9% to 14.7% during the same period[48] - By 2024, China's total merchandise trade is projected to reach $6.2 trillion, a 292-fold increase from 1978 and 13 times that of 2000[10] - The share of exports to the US, Japan, and the EU decreased from 53% in 2000 to 33% in 2024, while ASEAN's share increased from 7% to 16.4%[10]

欧盟近日表示，如果美国总统特朗普如外界预期般对欧盟商品征收基准关税，欧盟将对包括波音公司飞机在内的美国进口商品征收报复性关税。 欧盟官员预计，即使贸易谈判达成协议，美国仍会保留部分关税。此前，负责欧盟贸易事务的欧盟委员会并未明确表示此举是否会引发欧盟的报 复。 据新华社4月3日报道，美国总统特朗普2日在白宫签署两项关于所谓"对等关税"的行政令，宣布美国对贸易伙伴设立10%的"最低基准关税"，并对 某些贸易伙伴征收更高关税。欧盟产业政策专员Stephane Sejourne表示： "如果美国坚持不对称协议，包括最终谈判结果仍保留10%的关税，我们将需要采取报复和再平衡措施，涉及一些关键领域。" 随着7月9日关税生效日的临近，欧盟正加紧与华盛顿达成协议。特朗普曾猛烈抨击欧盟，称其成立是为了"坑害"美国，并指责欧盟存在商品贸易 顺差和阻碍美国贸易的壁垒。欧盟估计，目前美国对欧盟出口商品征收的关税总额已达3800亿欧元（约合4390亿美元），约占其对美出口总额的 70%。 谈判陷入僵局，欧盟指责美方要求不公 欧盟委员会上周告知成员国，美国坚持的要求可能导致一份不公平的协议。 据媒体此前报道，美国的一些要求包括与鱼类出 ...

但他在上周日缓和了对欧盟的威胁，将这些关税的最后期限延长至7月9日，以便美国继续与这个27国集 团进行谈判。 特朗普在2016年和2024年美国总统选举中获胜，部分原因是他吸引了多年来因美国制造业就业岗位流失 而受到伤害的工人阶级选民。 "说实话，我不打算生产T恤，也不打算生产袜子。我们可以在其他地方很好地完成这些。我们要做的 是芯片、计算机和许多其他东西，还有坦克和船只，"他说。 美国服装与鞋类协会（American Apparel & Footwear Association）在回应特朗普的言论时称，关税对该 行业不利。 "我们穿的衣服和鞋子97%依赖进口，而且服装和鞋类已经是美国关税最高的行业，我们需要聚焦于能 真正解决问题的务实方案，"该协会主席史蒂夫·拉马尔（Steve Lamar）在一份声明中表示，"更多关税 只会意味着美国制造商的投入成本上升，而价格上涨将损害低收入消费者的利益。" 特朗普此前通过广泛实施关税震动了全球市场，他在上周五重拾强硬贸易言论，推动从6月1日起对欧盟 商品征收50%关税，并警告苹果公司（ AAPL.O）称凡是非在美国生产的iPhone将被征收25%关税。 美国总统特朗普当 ...

Financial Data and Key Metrics Changes - The company reported record revenue of over $631 million for March, reflecting strong execution and digital marketing efforts despite a challenging retail environment [6][17] - Same store sales grew by 11%, driven by aggressive pricing and promotional initiatives, although overall unit volume declined year over year [8][17] - GAAP net income for the quarter was $3.3 million, or $0.14 per diluted share, an improvement from the previous year [19] - Adjusted EBITDA for the second quarter was $30.9 million, up 5% compared to last year [20] Business Line Data and Key Metrics Changes - The company experienced historically low margins on new and used boats due to aggressive pricing strategies, which skewed revenue towards lower-margin boat sales [9][18] - Diversification into higher-margin businesses, such as marinas and superyacht services, has helped mitigate cyclical volatility [9][12] Market Data and Key Metrics Changes - The company noted that most areas of the country showed improvement, with premium categories performing better than value-oriented segments [17][18] - Customer deposits decreased year over year but increased sequentially from December, indicating some recovery in demand [21] Company Strategy and Development Direction - The company is focused on a customer-centric approach and leveraging technology to enhance engagement and personalize the buying experience [6][7] - Strategic initiatives include selectively closing, consolidating, or expanding locations to align retail footprint with growth opportunities [10] - The company is committed to building relationships in iconic destinations and driving innovation in the superyacht marina industry [12] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the near-term growth outlook due to uncertainties related to tariffs and economic conditions [25] - The company remains confident in its long-term strategy and believes its premium segment positioning provides resilience [25][74] Other Important Information - The company has been recognized as a great place to work for two consecutive years, highlighting its strong team culture [13] - The company has bought back over 1.2 million shares under its share repurchase plan, indicating a commitment to prudent balance sheet management [21] Q&A Session Summary Question: Can you provide details on the disaggregation of the 11% same store sales growth? - Management noted that while same store sales grew by 11%, unit sales were down in the mid-single digits, indicating that the growth was driven by a shift towards higher average price point products [29][30] Question: What is the impact of tariffs on guidance? - Management clarified that the guidance reduction is primarily due to macro consumer concerns related to tariffs, with no specific tariff costs built into the guidance [39][40] Question: How is the promotional environment affecting inventory? - Management indicated that the industry is making progress in clearing aged inventory, but uncertainties in the market are leading to continued promotional activity [48][49] Question: How is demand in the superyacht division? - Management reported that the superyacht division remains solid, with strong bookings for the summer season in the Mediterranean [82][84] Question: What is the outlook for capital allocation in the current environment? - Management stated that while there are always acquisition opportunities, they are being more prudent in evaluating them given the current market conditions [86]