Core Viewpoint - Climate risk has evolved from a marginal issue to a central theme in the global economy and investment landscape, reshaping industry structures and capital flows [4][6]. Group 1: Physical Risks - Physical risks refer to the direct impacts of extreme weather events and long-term trends caused by climate change on the economy and society. For instance, Europe experienced a 2.4°C increase in average temperature over the past five years, with 2024 projected to be the hottest year on record, leading to significant economic losses [6][10]. - Asia faces severe challenges as well, with India experiencing unprecedented heatwaves in 2024, resulting in a 15% reduction in food production, and the Pacific island nation of Tuvalu facing existential threats due to rising sea levels [6][10]. Group 2: Transition Risks - Transition risks arise from changes in policies, technologies, markets, and perceptions associated with the shift to a low-carbon economy. For example, the Dutch court mandated a local energy company to reduce emissions by 45% over ten years, or face substantial fines [7][10]. - The shift in consumer preferences towards green products has led to a decline in demand for fossil fuel vehicles, while companies with poor environmental performance risk losing public trust [7][10]. Group 3: Challenges to the Paris Agreement - The Paris Agreement aims to limit the global average temperature increase to below 2°C compared to pre-industrial levels, with efforts to restrict it to 1.5°C. However, the current trajectory shows a 1.55°C increase, with extreme weather events becoming more frequent, posing significant threats to ecosystems and human society [10][11]. - The gap between current greenhouse gas emissions and the reductions needed to meet the 1.5°C target is substantial, necessitating immediate and stronger measures to mitigate climate change [10][11]. Group 4: Impact on Financial Markets - Climate risk has become a crucial factor in financial market pricing, with physical risks affecting infrastructure and corporate operations, thereby increasing credit risk. Transition risks lead to the depreciation of high-carbon assets, exacerbating market volatility [11][13]. - Investors are shifting their risk preferences towards low-carbon sectors, further amplifying market instability through capital reallocation [11][13]. Group 5: Global Actions - Policy initiatives are driving the global race towards carbon neutrality, with China’s carbon market covering approximately 4.5 billion tons of CO2 emissions, the largest globally. The U.S. Inflation Reduction Act allocates $369 billion to energy security and climate initiatives, while the EU's Carbon Border Adjustment Mechanism (CBAM) imposes additional tariffs on carbon-intensive imports [14][16]. - The renewable energy sector is witnessing significant growth, with investments in renewables surpassing fossil fuels for the first time globally. In Europe, renewable energy generation is expected to account for 45% of total generation in 2024 [16][17]. Group 6: Chinese Listed Companies - Domestic regulations are tightening, with stock exchanges enhancing ESG disclosure rules, compelling companies to establish climate risk management systems and improve sustainability capabilities [18][19]. - International compliance challenges arise from the EU's CBAM and U.S. SEC requirements for climate risk disclosures, necessitating companies to develop low-carbon management systems to convert compliance pressures into competitive advantages [18][19]. Group 7: Asset Management Institutions - Climate risk has increased uncertainty in asset pricing, with physical risks potentially leading to asset impairments and transition risks affecting high-carbon industries. Regulatory pressures are rising, requiring institutions to integrate climate factors into their risk management frameworks [20][21]. - The low-carbon transition presents strategic opportunities for asset management firms, with a focus on high-growth sectors such as renewable energy and green transportation, allowing for early positioning in key industry segments [20][21]. Group 8: Climate Risk Management Framework - The Task Force on Climate-related Financial Disclosures (TCFD) provides a systematic methodology for institutions to manage climate risks, emphasizing the need for board-level integration of climate issues into strategic decision-making [22][23]. - The ISSB standards released in 2023 build upon TCFD principles, enhancing requirements for emissions disclosures and climate resilience analysis, pushing climate information disclosure from voluntary guidelines to mandatory standards [22][23]. Group 9: Practical Applications by Asset Management Firms - The firm has integrated climate risk management into its investment processes, utilizing ESG ratings and carbon emissions data to monitor investment portfolios and conduct climate scenario analyses [25][26]. - Engaging with listed companies on climate risk and sustainability issues, the firm aims to assist in developing climate risk management systems and seizing opportunities during the transition [25][26]. - The firm has joined global initiatives to promote responsible investment practices, sharing experiences and participating in standard-setting to foster a resilient sustainable investment ecosystem [25][26].

Group 1 - The private equity securities investment fund industry has been growing and plays a positive role in meeting residents' investment and financial management needs [1] - There are frequent illegal activities by fraudsters impersonating industry institutions, causing losses for many investors [1] - The article promotes the "2025 National Campaign to Prevent Illegal Securities and Futures Fund Activities," focusing on the theme "Beware of Stock Market Scammers, Stay Away from Illegal Stock Recommendations" [1] Group 2 - The article shares educational short videos produced by the Asset Management Association of China to help investors identify illegal practitioners and protect their legal rights [1] - Video content includes information on private fund manager registration, private fund filing information, qualifications of fund practitioners, and a backup system for private fund information disclosure [2][3]

Core Viewpoint - The article emphasizes the importance of understanding market trends and investment opportunities while highlighting the need for careful analysis and research in decision-making processes [1]. Group 1 - The article discusses the significance of monitoring economic indicators and their impact on investment strategies [1]. - It highlights the necessity for investors to stay informed about global market developments and geopolitical events that could influence market dynamics [1]. - The article suggests that thorough research and analysis can uncover potential investment opportunities and mitigate risks [1].

重要提示：本材料不构成淡水泉任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩 不预示未来表现。投资须谨慎。 从DeepSeek R1的出圈带动全球资本重估中国科技资产，再到以Mauns为代表的各式各样的"AI助手"层 出不穷在，AI正在更广泛的融入人们的生产生活方式。区别于上一轮互联网浪潮，AI应用有其自身的 发展特点。在互联网和移动互联网时代，场景和平台的核心价值在于通过提升匹配效率、降低交易成本 以加速信息传播，信息的病毒式传播本质是生产关系（如分配方式）的变革，因此互联网应用的发展节 奏偏快。而 AI 应用作为价值创造的工具，主要通过提升生产力，优化操作流程，实现效率提升等方 式，潜移默化地改变用户的使用习惯，核心是基于大模型能力的产品化过程，发展节奏呈现出缓慢渗透 的特点。 当前AI应用尚处于早期发展阶段，从技术角度可以分为两类。 另一类是原生AI应用，AI 能力是其最核心的产品要素，开发过程中通常需要充分利用 AI 功能来构 建全新的应用场景和用户体验，如豆包、Kimi 等大模型厂家衍生出来的聊天工具平台，以及目前品 类开发还不全面，但对模型能力要求较高的漫画、 ...

重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 "中美硬脱钩试验"未能奏效 自中美在瑞士日内瓦达成多项经贸领域重要共识后，中美关系从一个极端情况进入到暂时的正常情况之 下，全球资本市场都为之松了一口气。特朗普这一次极限施压，暴露出其自身市场和供应链的弱点。考 虑到这些弱点短期难以改变，可以预见，在未来90天内，甚至更长时间，中美有意愿朝着一个能够去谈 成的方向努力。我们认为，结果可能收敛于：双方解决掉能解决的问题，达成阶段性协议；抛开不能解 决的问题，包括一些战略品、非关税壁垒等，留在后面再博弈。 接下来的"追光灯"可能转向欧盟、日本、韩国、越南、印度等国。在美国硬实力下，尽管有些国家和地 区宣称反制，但意志和实力难及中国，可能延长与美国的谈判时间。 当前局势下，世界多极化趋势开始显现，这为中国改革开放提供了新的空间。"中美硬脱钩试验"的失 败，说明中美的"相互纠缠"可能会持续相当长时间。特朗普打破了一个旧世界，却没提供新世界方案， 世界开始走向多极化。价值观政治不再流行，现实主义占据上风。"政冷经热"的国际背景，为中 ...

投资理财不受 查清资质量关键 不法分子假冒行业机构名义开展不法活动主要有三种形式： 一是发布假冒基金公司客服热线，待居民拨打后套取身份证号码、银行卡账户及 密码等信息实施诈骗。 二是假冒基金公司网站、APP，编造高回报的投资方式，诱骗居民充值、转账。 三是假冒基金公司知名基金经理或其他员工,开立社交账号、发表市场观点，诱 导居民加入非法投资群后实施诈骗。 敬请广大投资者提高警惕。 账投资者为本 "巴菲特今年即将退休，但是价值长期投资、理性投资、努力回报投资者，这些基 本的理念是不会退休的。巴菲特退休以后,这个时代也在呼唤新的伟大的投资家, 我们市场有一批非常优秀的企业和企业家，相信也一定会产生一批优秀的投资家、 投资机构。也许不是一、两个股神,但肯定会有一些百年老店、投资机构,优秀的 投资团队会在我们的市场上产生。" -- 一国证监会主用吴清 2025年5月7日国新办新闻发布会 民法典宣传月 《中华人民共和国民法典》是新中国第一部以"法典"命名的法 律,自2021年１月１日起施行。民法典在国家法律体系中的 地位仅次研宪法。它系统整合了婚姻法、继承法、合同法等九 部现行民事法律,涵盖总则、物权、合同、人格权、婚 ...

Core Viewpoint - The article discusses China's economic development through the lens of economic complexity, illustrating how the country has evolved from low-end manufacturing to high-end manufacturing, achieving a significant increase in its global manufacturing value added [1][3]. Summary by Sections 01 "Accumulation of Basic Letters" Stage (1978-2000) - In the early reform period, China's manufacturing capabilities were limited, primarily relying on labor resources and a basic industrial system, with policy reforms being crucial [5]. - By 2000, China's manufacturing value added accounted for 6% of the global total, ranking fourth, up from 2.7% in 1990 [5]. 02 "Expansion of the Letter Library" Stage (2001-2016) - Following China's accession to the WTO in 2001, the manufacturing sector engaged more deeply in the global economy, gaining access to advanced technologies and capital [7]. - The industry transitioned from simple processing to OEM, ODM, and OBM models, with companies like Huawei emerging as global leaders [7][8]. - Economic zones such as Shenzhen attracted foreign investment, enhancing local business environments and fostering successful manufacturing enterprises [7]. - The "Made in China 2025" initiative launched in 2015 aimed to elevate the country from a manufacturing giant to a manufacturing powerhouse, focusing on ten key sectors including new generation information technology and advanced rail transportation [10]. 03 "Formation of High Complexity Words" Stage (2016-Present) - Since 2016, geopolitical tensions and rising labor costs have prompted a shift towards self-reliance and innovation in China's manufacturing sector [12]. - The emergence of industrial clusters in regions like the Yangtze River Delta has enhanced manufacturing capabilities through collaborative synergies [13]. - Significant technological breakthroughs have occurred in fields such as high-speed rail and renewable energy, supported by increased R&D investment, which rose from 0.56% of GDP in the 1990s to 2.64% in 2023 [14]. - China has become a competitive player in cutting-edge technology sectors, including AI and semiconductor manufacturing [14][15]. - By early 2025, China is expected to have 79 out of 189 global "lighthouse factories," leading in digital manufacturing and industrial applications of robotics [15]. - The manufacturing sector is transitioning from low-end to mid-high end, with challenges remaining in core technologies like high-end chips [17]. - The past four decades of China's manufacturing rise represent a continuous upgrade process, transitioning from simple to complex production capabilities and from following to leading in innovation [18].

Core Viewpoint - The article emphasizes the importance of understanding market trends and potential investment opportunities in the current economic landscape [1]. Group 1: Market Trends - The article discusses the anticipated economic recovery in 2025, highlighting key sectors that are expected to benefit from this trend [1]. - It notes that consumer spending is projected to increase, which could positively impact retail and service industries [1]. Group 2: Investment Opportunities - The article identifies technology and renewable energy sectors as prime areas for investment, given their growth potential and alignment with global sustainability goals [1]. - It mentions specific companies within these sectors that are well-positioned to capitalize on emerging market demands [1].

重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 随着4月底临近，上市公司正迎来一季报的密集披露期。通常来讲，一季报作为上市公司每年首份公开 披露的业绩报告，对全年经营具有较强的前瞻性指引作用，因其不仅能够有效反映当下行业和公司的经 营状况，而且也能体现对未来经营的预期。我们以A股和港股总市值超过200亿元的所有上市企业，以 及其它具有行业代表性的公司为样本，梳理卖方分析师的盈利预测后，发现以下三个领域当前展现出了 明显的景气改善迹象： 1 AI产业链代表的科技行业 AI产业链代表的科技行业 数据来源：万得、淡水泉投资，选用数据区间为2024年1月1日至2025年4月18日。 超越经济周期、具有独立成长逻辑的优质公司 在宏观经济仍面临不确定性的大环境下，各行各业开始涌现出越来越多超越经济周期、具备独立成长逻 辑的优质公司。以储能产业链为例，虽然行业仍存在供给过剩的情况，但是部分龙头公司凭借全球化产 能布局在一定程度上规避关税影响，同时依靠先进技术带来的成本优势，海外产能充分受益于海外需求 增长带动的储能订单释放，形成量利 ...

重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 聚焦美国关税政策 过去一周，特朗普总统在几天之内对中国进口产品的关税调高到125%，连带之前与芬太尼相关的20% 关税，美国对中国进口产品的划一关税已升至145%。除此之外，中国的钢铝产品、汽车产品也在其他 关税的覆盖范围之内。中国则将所有原产地于美国的商品的关税同比例调高至125%，同时以美国产品 已经失去了市场接受的可能性为由，宣布不再理会美国进一步调升的关税税率，但会反击任何新的实质 性伤害。 的确，"对等关税"对于中美贸易已经产生影响。货运数据公司Vizion数据显示，中国赴美集装箱的订舱 数量上周急降到148000TEU（Twenty-foot Equivalent Unit，是国际上用于描述集装箱船及码头容量的标 准度量单位），对比此前一周为516000TEU。 考虑到中美两国各自的政策目标，在中美双方出牌博 弈之后，未来也不排除重回到谈判桌前的可能。 以美国对中国产品以及含有中国产品的第三国产品 的依赖程度，如此高的关税势必带来本国物价的上涨。 鉴于美国零售 ...