据泰媒报道，泰商业部新闻发言人蓬蓬表示，8月份泰国出口额277亿美元，增长5.8%，连续14个月增 长，1-8月增长13.3%，不包括石油、黄金和军事装备。美国实施对等关税后，增速放缓，大多数进口商 放缓进口。但电子和电器仍增长。大米、橡胶和木薯等农产品面临价格竞争压力。 其中，农产品及加工农产品下降11%，工业产品增长11%。对美出口增长13%，连续23个月增长，主要 是计算机及相关设备、电话通讯设备及零部件、电力变压器及零部件。下降的主要有半导体、橡胶制 品、珠宝。1-8月对美出口增长28%。 对华增长6%，增长的主要产品有计算机及相关设备、电路板、铜及铜产品。下滑的主要有水果、化学 品、塑料颗粒。1-8月对华出口增长18%。 预计全年出口仍保持增长。美国与多个国家达成了低于原先水平的对等关税税率，人们对关税的担忧有 所缓解。泰国关税水平与本地区其他国家相近。但此前的预防性进口和目前的需求疲软，预计将减缓出 口速度。持续的边境贸易障碍、印度大米出口加速、美国经济放缓、泰铢快速增值将继续给泰国今年出 口造成压力。泰商业部将加快推进贸易协议谈判、拓展新的出口市场，确保出口增长。 ...

Summary of Key Points from Conference Call Records Industry Overview - The U.S. technology sector is experiencing significant divergence from traditional industries, with AI-driven tech companies showing strong performance while other sectors suffer from high interest rates and tariffs [1][3][4] - The S&P 500 index growth is primarily attributed to technology stocks, indicating structural economic differences [1][4] Core Insights and Arguments - **Investment Trends**: In Q2 2025, investments related to AI in electricity, communications, computer equipment, and software grew by 13.9%, while other fixed asset investments declined by 1.7% [5] - **Import Data**: Computer and related equipment imports surged by 54.7% in Q2 2025, the highest in 20 years, while remaining imports showed a negative growth of 4% [6][7] - **Real Estate Market**: The U.S. real estate market remains sluggish, with negative growth for two consecutive quarters due to high mortgage rates and increased costs from tariffs [8] - **Construction Investment**: Construction investment has also been weak, attributed to the reduction of subsidies from the Biden administration and low oil prices affecting energy sector investments [9][10] - **AI's Economic Role**: While AI investments are growing rapidly, they currently cannot fully support the U.S. economy due to the limited number of jobs in the sector and its negative impact on the labor market [11] - **GDP Growth**: The rebound in Q2 2025 GDP to 3.0% was mainly due to import/export fluctuations and inventory changes, indicating underlying domestic demand is slowing [12] Additional Important Insights - **Inflation Risks**: There are signs of internal stagflation in the U.S. economy, with rising service sector prices and declining new orders [15] - **Corporate Profitability**: High tariffs are significantly suppressing corporate profit margins, as companies are reluctant to raise prices to maintain market share [16] - **Global Tariff Impact**: High global tariffs are expected to increase future price pressures on consumers, particularly in the automotive sector [17][21] - **Inflation Trends**: A structural rise in inflation is anticipated in the second half of 2025, driven by core commodity price increases [19] - **Federal Reserve Leadership**: The potential nomination of Waller as the next Federal Reserve Chair is seen as favorable due to his academic background and previous hawkish stance, though his loyalty to Trump is questioned [20][22][24] This summary encapsulates the key points from the conference call records, highlighting the current state of the U.S. economy, particularly the technology sector, investment trends, and implications for inflation and Federal Reserve policies.