2026.02. 05 本文字数：1733，阅读时长大约3分钟 作者 | 第一财经 程程 飞机认证近日成为了美加贸易博弈的最新阵地。 加拿大交通部当地时间3日表示，正在与美国联邦航空管理局（FAA）合作，处理湾流宇航公司(Gulfstream)喷气机部分型号的审批延迟问题。 对于特朗普此前的威胁，他表示，认证或取消美国境内所有飞机的适航许可由FAA负责，美国总统并没有权力通过行政命令撤销已经发布的适航认证。 此前，美国总统特朗普在社交媒体上指责加拿大"错误、非法且执意拒绝认证"湾流500、600、700、800这四款机型，并威胁对在美国销售的加拿大飞 机征收50%的关税，并取消庞巴迪环球飞机以及加拿大制造的其他飞机的认证，但白宫官员随后澄清，特朗普并未暗示美国将取消对在役加拿大制造飞 机的认证。 同济大学航空与力学学院教授、飞行器工程研究所所长沈海军对第一财经记者表示，除非加拿大认可美国FAA的适航证，否则湾流飞机无法交付给加拿 大买家，也无法在加拿大领空内执行飞行任务。 各国日益注重自主适航审定能力 根据全球航空规则，飞机设计与制造国的主要监管机构负责颁发型号合格证，其他国家监管机构基于双边协议进行认可或验 ...

加拿大交通部当地时间3日表示，正在与美国联邦航空管理局（FAA）合作，处理湾流宇航公司 (Gulfstream)喷气机部分型号的审批延迟问题。 特朗普的威胁让增长中的公务机市场充满不确定性。 飞机认证近日成为了美加贸易博弈的最新阵地。 此前，美国总统特朗普在社交媒体上指责加拿大"错误、非法且执意拒绝认证"湾流500、600、700、800 这四款机型，并威胁对在美国销售的加拿大飞机征收50%的关税，并取消庞巴迪环球飞机以及加拿大制 造的其他飞机的认证，但白宫官员随后澄清，特朗普并未暗示美国将取消对在役加拿大制造飞机的认 证。 同济大学航空与力学学院教授、飞行器工程研究所所长沈海军对第一财经记者表示，除非加拿大认可美 国FAA的适航证，否则湾流飞机无法交付给加拿大买家，也无法在加拿大领空内执行飞行任务。 FAA局长贝德福德（Bryan Bedford ）也在近日参加新加坡樟宜航空峰会时称"想要一个公平的竞争环 境"，并表示，希望其他机构接受FAA对飞机的认证。"他们通常会做验证程序，这些程序不应该耗费 五、六、七年。"他说。 "这其实体现了美国的技术霸权。"沈海军认为，美方一直希望FAA通过的认证被其他国家无条 ...

Core Viewpoint - President Trump threatens to decertify Canadian-made aircraft and impose a 50% tariff unless Canada certifies Gulfstream jets, accusing Canada of blocking certification while allowing its own planes access to the U.S. market [1][2]. Group 1: Aircraft Certification Dispute - The dispute revolves around the aircraft certification process, which determines whether planes can be sold and operated in a country [1]. - Trump claims Canada has illegally refused to certify Gulfstream jets, which he describes as technologically advanced [2]. - He asserts that Canada is effectively prohibiting the sale of Gulfstream products through the certification process [2]. Group 2: Proposed Tariffs and Impact - Trump announced that if the situation is not corrected, he will impose a 50% tariff on all aircraft sold into the U.S. from Canada [2]. - It remains unclear which specific aircraft, beyond Bombardier's Global Express line, would be affected by the proposed tariffs [5]. - As of early Friday, over 400 Canadian-made aircraft were operating to and from U.S. airports, with 150 Global Express aircraft registered in the U.S. [5]. Group 3: Regulatory Authority and Responses - The authority to decertify aircraft rests with the FAA, and it is uncertain how Trump would implement such a decertification [9]. - The Federal Aviation Administration and the European Union Aviation Safety Agency have certified the Gulfstream G800 jet, while Transport Canada has not responded to requests for comment [8].

Group 1: Trade Tariffs and Aircraft Certification - President Trump announced a potential 50% tariff on Canadian aircraft sold in the US, contingent on Canada's certification of Gulfstream jets [1] - Trump accused Canada of illegally refusing to certify Gulfstream jets, claiming this prohibition affects Gulfstream's sales in Canada [1] - The threat of decertifying Canadian-made Bombardier aircraft could impact US corporate travel, as many companies rely on Bombardier jets [4][5] Group 2: Impact on Bombardier - Bombardier's CRJ regional jets are widely used by US airlines, with American Airlines operating about 200 CRJ aircraft and Delta Air Lines having over 150 [2] - More than half of Bombardier's global fleet of over 5,200 aircraft operates in the US, with 64% of sales coming from the US market [10] - The majority of Bombardier's Global 7500 jet costs are tied to US manufacturing, with significant components sourced from various states [11] Group 3: Industry Reactions and Context - Aviation analysts expressed concerns about the implications of Trump's actions on safety and certification processes [3] - The ongoing trade tensions between the US and Canada are highlighted by Trump's threats, which coincide with negotiations over the USMCA trade agreement [7] - The US Trade Representative's report does not mention Canada's aircraft certification process as a non-tariff barrier [12]

SSAB Capital Markets Day 2025 Summary Company Overview - **Company**: SSAB (OTCPK:SSAA.F) - **Event**: Capital Markets Day 2025 - **Date**: November 04, 2025 - **Location**: Oxelosund, Sweden Key Points and Arguments Strategic Direction - SSAB is transitioning from old technology to new technology, emphasizing innovation in steel production [2][14] - The company aims to enhance its premium leadership in the market, focusing on unique customer value and advanced high strength steel [22][23] Market Position - SSAB Special Steel holds a global market share of approximately 30%, with 50% market share in North America, South America, and Europe [24][25] - SSAB Americas has been ranked as the number one supplier for quality and delivery performance [25] - The company is positioned as a preferred supplier for specialty grades and quenched and tempered steel [25] Financial Performance - SSAB has maintained an average EBITDA of 14% over business cycles, outperforming European peers despite challenges from cheap imports [29][30] - The company has a net cash position of approximately SEK 811 billion and is committed to a 40% dividend of net profit [29][31] Investment Strategy - SSAB plans to increase strategic investments to reposition itself in the market, focusing on premium products and reducing dependency on spot market prices [32][36] - The company is investing in electric arc furnaces and new production lines to enhance efficiency and capacity [63][66] Industry Dynamics - The global steel industry is facing overcapacity, particularly from subsidized imports from Asia, which is changing the competitive landscape [41] - SSAB anticipates the implementation of safeguards by the European Commission to protect the European steel industry [41][42] Product Development - SSAB is focusing on advanced high strength steels, which are increasingly in demand across various sectors, including automotive and construction [40][46] - The company is developing unique products like the Dokol 1,700 and ARMORCs for specialized applications [51][53] Sustainability and Low Emission Steel - SSAB is committed to producing low emission steel and anticipates strong demand from automotive companies willing to pay a premium for sustainable products [86][88] - The company is exploring hydrogen-reduced DRI production in partnership with LKB to secure green feedstock [93][95] Future Outlook - SSAB aims to increase its premium product share to 55% by 2030, with ambitions to reach 75% thereafter [60][61] - The company is well-positioned to capitalize on market trends favoring advanced high strength steel and sustainable production methods [70] Additional Important Content - SSAB's operational excellence is demonstrated through continuous improvements in safety and production stability, with a focus on reducing lost time injury frequency [39] - The company is exploring value-added operations, including 3D printing and laser hardening, to enhance its product offerings [55][56] - SSAB's strategy includes a strong emphasis on collaboration with customers to develop tailored solutions that deliver significant value [104][105]

Financial Data and Key Metrics Changes - Total net sales for Q2 2025 were $13.8 million, up 6% sequentially and 19% year over year from $11.6 million [23] - Adjusted EBITDA for the quarter was positive at $478,000, an increase from $89,000 in the prior year period [30] - Gross margin for Q2 was 48.2%, down from 52.7% in the prior year period, attributed to a higher mix of lower-margin FST hardware sales [27] Business Line Data and Key Metrics Changes - Food Service Technology (FST) revenue rose to $4.8 million, up 14% year over year, with recurring FST revenue climbing to $3 million, showing solid gains [13][23] - Casino and gaming revenue reached $7.6 million, up 42% year over year and 14% sequentially, driven by improved market demand and new OEM partnerships [16][26] - POS automation sales declined 49% year over year to $590,000, expected to remain in the $500,000 to $600,000 range per quarter [26] Market Data and Key Metrics Changes - The casino and gaming market is experiencing a rebound, with normalized buying levels from major OEMs and new opportunities in non-casino charitable gaming applications [16][18] - The FST market is seeing strong momentum, with a focus on operational efficiency and sales process improvements contributing to positive results [14][20] Company Strategy and Development Direction - The company has acquired a perpetual license for the BOHA! software source code for $2.55 million, which is expected to generate significant benefits and cost savings in the future [8][12] - The strategy includes a "land and expand" approach to client acquisition, focusing on smaller initial sales with the potential for future expansions [15][37] - Management emphasizes disciplined investments and execution of the corporate plan to maximize shareholder value [20][21] Management's Comments on Operating Environment and Future Outlook - Management is optimistic about the company's trajectory, expecting continued growth in FST and stability in the casino and gaming sectors [21][22] - The company raised its full-year revenue guidance to between $49 million and $53 million, reflecting confidence in ongoing market demand [21] - Management acknowledges the need to monitor broader economic factors affecting the casino and gaming industry but does not foresee long-term concerns [20] Other Important Information - The company expects to capitalize $3.55 million of the acquisition costs and begin amortizing it in early 2027 [12][31] - The balance sheet remains solid, with cash and cash equivalents of nearly $18 million at the end of Q2 [30] Q&A Session Summary Question: Satisfaction with FST sales excluding QSR - Management expressed excitement about progress in selling to newer client bases and emphasized the importance of customer engagement and sales training [34][36] Question: Potential for adding software components to QSR sales - Management confirmed ongoing discussions about adding software components to terminal sales for large QSRs [39][40] Question: Market share gains in casino and gaming - Management indicated a focus on gradually eroding competitors' market positions and emphasized the importance of being present in new opportunities [41][42]