Core Viewpoint - The ongoing port transaction between Cheung Kong Holdings and BlackRock has raised significant concerns among various sectors in China, leading to warnings for Li Ka-shing to reconsider the deal in light of national interests [1][2]. Regulatory Actions - The State Administration for Market Regulation (SAMR) has announced an investigation into the port transaction, emphasizing the need to protect fair market competition and public interest [1][2]. - The legal basis for the investigation is grounded in the Anti-Monopoly Law, which applies to foreign monopolistic behaviors affecting domestic market competition [2]. Financial Impact - Cheung Kong Holdings is facing dual challenges: potential legal sanctions and significant economic losses, with its market value dropping over 30 billion HKD in just 11 trading days [3]. - The company's stock price has been adversely affected, leading to a loss of public trust and raising concerns about its future market prospects in China [3]. Legal Considerations - The transaction with BlackRock did not undergo a global bidding process, which may limit competition and could lead to legal repercussions if deemed monopolistic by the SAMR [4]. - If found guilty of monopolistic practices, Cheung Kong Holdings could face administrative penalties, including fines based on a percentage of its previous year's sales [4]. Current Developments - Reports indicate that Cheung Kong Holdings may not sign the agreements for the two Panamanian ports with the U.S. company as previously planned, suggesting a shift in strategy [5]. - The best course of action for Cheung Kong Holdings would be to terminate the transaction and disclose any economic pressures from the U.S. to the Chinese government [6].

Group 1: US Tariff Plans and Market Reactions - President Trump plans to announce new tariffs in the coming days, indicating a willingness to negotiate tariff agreements with other countries, but any agreements will likely occur after the tariffs take effect on April 2 [1] - The US stock market saw significant declines, with the Nasdaq dropping 2.7%, the S&P 500 down 1.97%, and the Dow Jones falling 1.69% [1][4] Group 2: Technology Sector Performance - Major tech stocks experienced declines, with Netflix, Google, Amazon, and Meta falling over 4%, while Tesla, Microsoft, and Intel dropped over 3% [2] - The Nasdaq Golden Dragon China Index fell by 3.11%, with popular Chinese stocks like Baidu and NIO dropping over 5% [2] Group 3: IPO Market Developments - Wolfspeed's stock plummeted approximately 52%, marking the worst single-day performance for an IPO in the US [3] - CoreWeave's IPO closed flat at $40 on its first day of trading [3] Group 4: Commodity Market Trends - COMEX gold futures for June rose by 0.59% to $3116.6, marking a weekly increase of 2.26% [4] - WTI crude oil futures for May fell by 0.8% to $69.36 per barrel, with a weekly increase of 1.58% [4] Group 5: Regulatory and Taxation News - The Trump administration is unexpectedly considering higher taxes on the wealthy, which could provide room for other priority issues [6] - The EU plans to impose mild penalties on Apple and Meta under its digital market regulations, potentially leading to fines amounting to billions of dollars [8] Group 6: Market Movements and Trends - The six major state-owned banks in China reported a total net profit of approximately 1.4 trillion yuan for 2024, averaging about 38 billion yuan per day [17] - The Chinese central bank stated that current financial risks are overall controllable, with the financial system's resilience expected to improve as the macro economy recovers [20]

Government Initiatives - The State Council held a meeting on March 28 to discuss the promotion of cross-border e-commerce comprehensive pilot zones and to expedite the clearance of overdue corporate payments [1] - The National Taxation Administration and the Ministry of Finance have drafted a revised version of the Tax Collection and Administration Law, which is open for public consultation until April 27 [1] Economic Policies - The State Council released a white paper detailing the development and progress of human rights in Tibet, highlighting significant advancements since the peaceful liberation [2] - A new regulatory mechanism for enterprise-related fees has been established, focusing on improving the collection and handling of fee-related issues [2] - A notification was issued to public medical institutions to stop collecting outpatient prepayments by March 31, 2025, and to reduce inpatient prepayment amounts by June 30, 2025 [2] - The central bank held a financial stability meeting to summarize 2024's work and plan for 2025, emphasizing risk monitoring and resolution [2] - An implementation plan for the high-quality development of the aluminum industry was released, aiming for enhanced supply chain resilience and global leadership by 2027 [2] Financial Sector Developments - The National Financial Supervision Administration issued a plan for the high-quality development of pension finance in the banking and insurance sectors over the next five years [3] - The National Foreign Exchange Administration reported a current account surplus of $423.9 billion for 2024, representing 2.2% of GDP, indicating a balanced international payment situation [3] Market Performance - The China Securities Regulatory Commission revised the Management Measures for Information Disclosure of Listed Companies, effective July 1, 2025, to strengthen risk disclosure requirements [4] - On March 28, the A-share market saw a decline with the Shanghai Composite Index down 0.67% to 3351.31 points, and total market turnover at 1.15 trillion yuan [4] - The Hong Kong Hang Seng Index closed down 0.65% at 23426.6 points, with significant net purchases in Alibaba and SMIC, while Xiaomi faced net selling [4] Company Financials - The six major state-owned banks reported a combined net profit of approximately 1.4 trillion yuan for 2024, with a daily average profit of about 3.8 billion yuan, while total revenue grew by 1.5% to around 4.6 trillion yuan [6] - SF Holding achieved a revenue of 284.42 billion yuan in 2024, marking a year-on-year growth of 10.07%, with a net profit increase of 23.51% to 10.17 billion yuan [6]

Market Overview - US stock markets opened lower and closed significantly down, with the Nasdaq falling by 481.04 points, a decrease of 2.7%, and a weekly decline of 2.59% [1] - The S&P 500 index dropped by 1.97%, with a weekly decline of 1.53% [1] - The Dow Jones Industrial Average fell by 715.80 points, a decrease of 1.69%, and a weekly decline of 0.96% [1] - Major tech stocks saw significant declines, with Netflix, Google, Amazon, and Meta dropping over 4% [1] - The Bloomberg Technology Giants Index fell by 3.5% [1] Commodity Prices - Spot gold rose by 0.94% to $3084.33 per ounce, while COMEX gold futures increased by 0.88% to $3118 per ounce, both reaching historical highs [2] - International oil prices declined, with WTI crude oil for May down by 1.26% to $69.04 per barrel, and Brent crude for June down by 1.23% to $72.44 per barrel [3] Corporate Developments - China Unicom and Alibaba signed a strategic cooperation agreement to collaborate on smart infrastructure, AI technology, and urban solutions [18] - Li Guoqiang was appointed as the Party Secretary and Chairman of COFCO Group, which may lead to strategic adjustments and management optimization [20] - Dongxu Group and its affiliates faced administrative penalties totaling 1.7 billion yuan for securities violations, with 43 responsible parties penalized [22] Regulatory Updates - The China Securities Regulatory Commission (CSRC) announced modifications to the Securities Issuance and Underwriting Management Measures, prohibiting certain investors from lending shares during lock-up periods [5] - The CSRC also released the Listing Company Information Disclosure Management Measures, emphasizing the need for companies to disclose significant risk factors [6] Financial Sector Initiatives - The People's Bank of China held a financial stability meeting, emphasizing the need for risk monitoring and financial system resilience [9] - The National Financial Regulatory Administration issued a plan for the high-quality development of pension finance, aiming to establish a robust pension management system [11] Natural Disasters - A 7.9 magnitude earthquake in Myanmar resulted in 144 deaths and 732 injuries, with impacts felt in neighboring regions [14] - The earthquake also affected Yunnan, China, where 1,705 people were reported affected [14] Technology and Innovation - WeChat launched new features including automatic translation and message selection to enhance user experience [26] - ByteDance's Doubao AI assistant introduced a new "deep thinking" feature, allowing users to search while reasoning [27] - OpenAI upgraded its GPT-4o model, enhancing its capabilities for paid users [32]

来源：界面新闻 长和暂缓卖港口计划 据港媒《星岛头条》3月28日最新报道，接近长和高层消息人士透露，长和下星期不会签订 任何关于出售巴拿马港口的协议。此前消息称，长和原定4月2日前签订最终协议。 ■ ...

Core Viewpoint - The sale of the Panama port by Cheung Kong is currently on hold, with no agreement expected to be signed next week as previously planned [1][2]. Group 1 - Cheung Kong was initially set to finalize the sale of the Panama port by April 2, but recent reports indicate that this will not occur [1]. - The National Market Supervision Administration has confirmed that the transaction will undergo antitrust review to ensure fair market competition and protect public interest [2]. - The antitrust enforcement division is responsible for reviewing concentrated business behaviors and addressing any potential anti-competitive practices [2].

Core Viewpoint - The sale of global port assets by Cheung Kong Holdings to BlackRock has triggered significant market reactions and raised concerns about potential geopolitical implications, particularly regarding China's strategic interests in global trade routes [1][2]. Group 1: Market Reaction - Following the announcement of the asset sale, the combined market value of Cheung Kong and three other companies plummeted by over 78.1 billion HKD, with Cheung Kong's stock dropping 16.49% over 11 trading days [1]. - Investors are worried not only about the asset sale itself but also about the signal it sends regarding a potential shift away from the Chinese market [1]. Group 2: Geopolitical Implications - The ports in question handle 6% of global maritime trade, with 21.4% of Chinese shipping passing through the Panama Canal, highlighting their strategic importance [1]. - The Hong Kong and Macau Affairs Office criticized Li Ka-shing's actions, suggesting that the transaction could play a crucial role in the U.S. strategy to contain China [2]. - The Chinese government has indicated potential responses, including the possibility of sanctions against BlackRock if the transaction is perceived as being under U.S. pressure [2][3]. Group 3: Strategic Responses - State-owned enterprises like COSCO Shipping have expressed their commitment to monitoring global strategic ports and are accelerating investments in key locations such as Greece's Piraeus Port and Peru's Chancay Port [2]. - The Chinese Ministry of Commerce is revising the Foreign Investment Law to impose stricter scrutiny on the transfer of overseas assets in critical infrastructure sectors, specifically targeting ports and energy [2]. Group 4: Future Scenarios - If the transaction proceeds, Cheung Kong may face scrutiny and sanctions from the Chinese government, potentially impacting its domestic operations across various sectors [5]. - Alternatively, if the transaction is terminated, Li Ka-shing could mitigate losses and potentially restore trust with the Chinese government, positioning himself as a patriotic businessman [6]. - The outcome of this situation is not just a business decision but also a matter of historical significance for Li Ka-shing, as it could define his legacy in the context of national interests versus capital pursuits [6].

近日，新华社报道了中共代表团访问巴拿马的消息。与此同时，李嘉诚旗下长江和记出售港口一事引发轩然大波，长和市值在11个交易日蒸发323.6亿港 元，这笔交易背后藏着诸多复杂因素，引人深思。 贸易（资料图） 贸易（资料图） 香港媒体《大公报》在此次事件中扮演了重要角色。在不到一个月的时间里，《大公报》发布至少十几篇文章，对李嘉诚出售港口的决策进行抨击。其中， 3月13日发表的锐评《莫天真勿糊涂》、17日的"饮水思源有担当背靠祖国谋发展"社评，以及21日的评论文章《停止交割，切勿因小失大》，这三次发声尤 为引人注目。这些文章强调，商人不能向美国霸权低头，国家利益与个人利益紧密相连，即使向美国屈膝，也未必能保证自身利益。从国家利益角度来看， 这些港口未来极有可能被美国用作限制中国海外航运的工具，关乎国家的战略安全，绝不能仅仅当作普通商业活动对待。《大公报》的观点，代表了众多爱 国人士的心声，大家都期望李嘉诚能够及时停止这笔交易。 除了舆论压力，法律层面的问题也给李嘉诚带来了巨大挑战。近期有消息称，中方有关部门已介入调查李嘉诚出售海外港口业务一事，国家市场监督管理总 局等部门可能已着手研究该交易是否存在安全漏洞或反垄断 ...

在去年高增长、高基数的基础上，2024年生成式AI业务依然保持了极高的增速。这不仅彰显了以大模 型技术为基础的业务所具有的强劲生命力，也验证了商汤"AI基础设施(大装置)-大模型(日日新)-应用"三 位一体战略的可行性。该战略构建了完整的商业闭环：AI大装置为应用落地提供算力支撑，应用反馈 又指导基础设施升级；大模型能力与基础设施相互促进，实现算力效率的持续优化；同时，多元化的技 术路径加速了应用场景渗透，而应用实践又推动大模型向精细化方向发展。 特别值得关注的是，2024年生成式AI业务在总收入中的占比从34.8%提升至63.7%，是商汤集团最大的 业务收入。这标志着公司彻底完成从视觉AI向生成式AI战略转型的全面胜利，其收入结构变革已形成 不可逆的良性发展态势。 一、"三位一体"战略持续巩固技术领先地位，训练效率优于DeepSeek公开报告 商汤科技依托"大装置-大模型-应用"的深度协同创新，形成核心技术差异化优势，并持续巩固技术领先 地位。 2024年，商汤生成式AI业务收入突破24亿元，同比增长103.1%，连续两年保持三位数增长。这一强劲 表现推动商汤2024年全年收入同比增长10.8%，达到37. ...

据直新闻报道，3月18日，有记者提问，有报道称，在长江和记集团同意出售在巴拿马业务后，中国政府正就该集团出售 海外港口对其开展调查。外交部能否证实并提供更多细节？外交部发言人表示，有关具体情况请向主管部门询问。作为 原则，我想强调，中方一贯坚决反对利用经济胁迫、霸道霸凌侵犯损害他国正当权益的行为。 李嘉诚（资料图） 巴拿马运河（资料图） 回顾过去一段时间，长和在最近11个交易日里，市值累计已蒸发323.6亿港元，即使对于李嘉诚这样的富豪来说，这也不 是一个小数字。尤其值得一提的是，本月20号，长和发布了去年的业绩报告，数据显示去年长和总营收同比增长了 3.3%，是个比较亮眼的数据，按照常理，长和的股价不该继续下跌才对。至于长和股价下跌刹不住的原因，其实也不难 猜到，主要是李嘉诚出售港口的交易，可能会触发法律方面的问题。 李嘉诚（资料图） 随着李嘉诚旗下长江和记将43个港口打包出售给贝莱德财团的事情愈演愈烈，李氏家族已经被推到了舆论的风口浪尖 上，不仅官方两度发文、五连质问，就连民间的声讨也是极为强烈。按照原定时间，4月2日将是长江和记和贝莱德财团 签署交易案的日期，按照美国对巴拿马运河的觊觎和重要的战略位置， ...