小镇中央的一个环形交叉路口上矗立着一座跃马雕像，提醒游客这里是法拉利（Ferrari）的故乡。 意大利的设计、独特性和赛车传统让法拉利不仅成为了汽车行业的冠军，更成就了它独具特色的身 份。 法拉利与汽车行业中的一些低端品牌相比，展现出令人瞩目的差异。例如，与斯坦兰蒂斯 （Stellantis）这一大众汽车制造商相比，后者由2021年菲亚特克莱斯勒（Fiat Chrysler）与标致雪 铁龙集团（Groupe PSA）合并而成，而菲亚特克莱斯勒曾在2016年将法拉利出售。 法拉利和斯坦兰蒂斯的共同点是，都由菲亚特创始人阿涅利（Agnelli）家族的投资公司Exor拥有股 份。但两者的相似之处仅此而已。 去年，斯坦兰蒂斯售出了570万辆汽车，而法拉利的销量则不到14,000辆。然而，法拉利的市值高达 740亿欧元（约合870亿美元），远远超过斯坦兰蒂斯的250亿欧元（约合280亿美元）。 导 语：那么，在电动时代，法拉利还能继续辉煌吗？ 马拉内洛（Maranello）是一个平凡的小镇，位于博洛尼亚（Bologna）和摩德纳（Modena）等建筑 瑰宝附近，乍看之下与这些地方的魅力毫无关系。然而，这个小镇的主要吸引 ...

Group 1: Tariff Impact on the Automotive Industry - President Trump announced a 25% tariff on imported cars starting April 2025 and on auto parts starting May 2025, affecting 8 million imported vehicles annually, which constitutes 50% of total new car sales in the U.S. [2] - The automotive supply chain in the U.S. is highly globalized, leading to increased costs for car manufacturers due to tariffs, prompting many companies to raise vehicle prices [2][10]. - Analysts predict that the new car prices could increase by 10% to 15% for vehicles directly affected by the tariffs, while those not fully impacted may see a 5% increase [10]. Group 2: Price Adjustments by Automakers - Subaru announced price increases on several models, with adjustments ranging from $750 to $2055, effective June, citing the need to offset rising costs [3]. - Ford plans to raise prices on three models produced in Mexico, with increases up to $2000, and previously warned of a potential $1.5 billion loss due to tariffs [4][6]. - Ferrari responded quickly to the tariff announcement by increasing prices on certain models by up to 10%, with significant price hikes on high-end models [5][6]. Group 3: Company Strategies and Market Reactions - Some automakers, like Hyundai and Volkswagen, are currently holding off on price increases, with Volkswagen maintaining existing prices until June to avoid consumer burden [7][8]. - Toyota and Honda have chosen to absorb the increased costs temporarily, focusing on cost-cutting and efficiency improvements instead of immediate price hikes [8][9]. - Despite some companies holding off on price increases, the consensus is that price hikes are inevitable as the tariffs remain in effect [9]. Group 4: Market Trends and Consumer Behavior - U.S. light vehicle sales dropped by 10% year-over-year in May, attributed to consumers purchasing vehicles in advance of the tariff implementation [9]. - The ongoing tariff situation is expected to shift consumer preferences towards used cars, potentially driving up their prices as new car prices rise [10].

国泰海通证券分析师认为，无风险利率下行将是 2025 年中国股市上升的关键动力，其对 A/H 股估值提 升将是广谱性的，蓝筹股估值中枢将得以提升，同时成长股估值空间得以打开。 现金流 800ETF的成分股以大盘蓝筹股为主，其选股逻辑侧重于高股息率、稳定现金流和盈利能力。 现金流ETF800紧密跟踪中证800自由现金流指数，中证800自由现金流指数从中证800指数样本中选取50 只自由现金流率较高的上市公司证券作为指数样本，以反映中证800指数样本中现金流创造能力较强的 上市公司证券的整体表现。 截至2025年5月28日 10:47，中证800自由现金流指数(932368)上涨0.90%，成分股德邦股份(603056)上涨 9.98%，老凤祥(600612)上涨7.35%，老百姓(603883)上涨3.99%，韵达股份(002120)上涨2.84%，陕西煤 业(601225)上涨2.20%。 现金流ETF800(516460)上涨0.59%，最新价报1.03元。 消息面上，中办国办推动现代企业制度：提出支持上市公司引入持股5%以上的机构投资者，制定长期 现金分红政策。 业内人士认为，此举将提升公司治理质量，吸引 ...

While that's true, investors also have to consider context. That context is that Ferrari's typical consumer doesn't really have money issues. It's the driving force behind the stock's resiliency during a recession, since those consumers are less affected by such downturns and continue buying Ferraris regardless of the economic outlook. Also weighing in its favor is that the company focuses on very strict exclusivity, going as far to limit the number of vehicles it sells to keep demand high and prices strong ...