美国白宫发布关于加拿大关税行动的情况说明。

CITIC Securities says the shipbuilding sector is in a decade-long upcycle, driven by fleet replacement and tighter environmental regulations. External shocks have created divergence across vessel segments and uneven rotation. Elevated tanker freight rates have triggered an ordering surge: new tanker orders have risen sharply since November 2025 and full-year tanker orders are expected to remain high. CITIC sees bulk carrier orders potentially becoming the next growth driver. Leading indicators: new-build price index for August was 186.34, YoY +0.04%, MoM +0.46%, up five consecutive months, underscoring a supply-tight, seller’s market and supporting a constructive view on the sector.

HSBC global CIO Willem Sels said US equities are not as expensive as they appear and valuations still do not fully reflect an AI-driven productivity and earnings upswing. He noted the US–Europe P/E gap has narrowed but multiples have yet to price an AI-led structural investment cycle; semiconductor names are particularly discounted and skepticism over 2027 earnings forecasts should fade as companies provide concrete order flow and guidance. Sels remains broadly bullish, saying markets have repeatedly shrugged off shocks because economic and corporate resilience has outpaced expectations and governments and firms have acted proactively. He added that AI adopters show stronger revenue, earnings and margin growth—especially in the US—signaling tangible productivity gains. The main market risk is a sharp rise in bond yields; he flagged the 10-year US Treasury around 5% as a potential trigger for volatility and warned markets have become complacent about low bond volatility.