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]

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， ...

仅剩最后七天的时间，长江和记就要完成和贝莱德集团的港口交易了，其中就包括最受外界关注的两座巴拿马港口。不过就在双方即将交割之际，又有新的 消息传来，这次李嘉诚出售港口一事，或许仍有转机... 虽然这一消息并不意味着大陆将会立刻全面禁止同李嘉诚的合作，但是对李嘉诚的压力无疑再次增加。但是外媒一般认为，大陆的施压对于长江和记的影响 比较有限，因为长江和记仅有12%的收入来自香港和大陆，其主要业务覆盖欧洲，北美以及澳大利亚。 涉及零售，电信，以及公共事业等领域，其实港口行业本身也并非长江和记的主营业务，因此李嘉诚的企业和国企的业务往来本身就不多。但是李嘉诚其长 子李泽钜所负责的房地产部门，长江实业五分之一的长期租赁物业都位于中国大陆，其大部分用于开发的待售房地产项目的土地储备也位于大陆。 3月4日，长江和记宣布将会以228亿美元的价格，向贝莱德集团出售其位于23个国家的43个港口的相关权益，其中包括巴拿马的两座港口，这两座港口恰好 位于巴拿马运河的两端。而这一消息一经公布，立刻就引起了轩然大波。 以《大公报》为首的舆论界，立刻对李嘉诚发起"猛攻"。早在特朗普刚刚就任总统的时候，他就已经对巴拿马运河表现出了浓厚的兴趣 ...

长和事件持续热议 "营商不顾国家利益 终究会自毁 基石" 对于长江和记公司计划出售巴拿马运河港口等资产一事，社会各界高度关注，舆论持续升温。在百年未 有之大变局中，企业家应该如何既算好企业财务的小账，也算好国家发展的大账？这是不能回避的重大 问题。 社会各界人士纷纷指出，有关企业在美国胁迫下出卖港口运营权，其实是短视的行为，助长了霸权主义 的气焰，只会为世界带来更多的矛盾和冲突。"国家强盛商界兴旺，国家受困企业受损"，他们呼吁有关 企业不要执迷不悟，挺起胸膛面对美方施压，站在历史正确的一方。 众所周知，港口运营不是普通资产，是关键基础设施，这次长和交易涉及重大国家利益。特朗普上台后 针对巴拿马运河的一系列霸权主义行径，更令人看清霸权本质，对美国来说只有"比不过就抢"的强盗逻 辑。那些空谈所谓"在商言商"的言论，不是天真就是煳涂或者装煳涂。 国家才是港企坚定靠山 立法会议员严刚指出，和黄港口其他海外41个码头也大多分布在"一带一路"的重要沿线国家和地区，因 此，港口管理的得失确实关乎重大的国家利益。港资企业是国家改革开放的参与者，也是国家稳定发展 的受益者，国家才是港资企业的坚定靠山。营商无视甚至牺牲国家发展利 ...

李嘉诚旗下长和2024年净利跌超27％，港口业务两 位数增长仍被抛售 华夏时报（www.chinatimes.net.cn）记者 梁宝欣 深圳报道 3月24日，李嘉诚旗下长江和记实业有限公司（以下简称"长和"）股价较前一交易日反弹逾4%，当天收 盘报45.05港元/股，总市值为1725.44亿港元。 近段时间长和股价波动明显，消息面上，主要受两方面因素影响。其一，长和出售港口事宜引发市场高 度关注。其二，长和2024年业绩披露情况也左右着股价走势。 财报显示，2024年长和总营收4766.82亿港元，同比增长3.3%；归母净利润170.88亿港元，同比下降 27.3%。 港口业务营收同比增长11% 2024年，长和有五大收入来源，分别是港口及相关服务、零售、基建、电讯和财务及投资与其他。 紧随其后的是财务及投资以及其他业务板块，该板块实现收入975.12亿港元，较上一年度同比增长 2%，占整体营收的20%。 再者，电讯业务实现收入883.71亿港元，同样呈现出2%的同比增幅，占整体营收的19%。另外，基建业 务实现收入553.24亿港元，同比增长1%，在整体营收中占比12%。 从2024年收入占比来看，零售业 ...

近年来，随着全民健身热潮的兴起和健康生活方式的普及，瑜伽、慢跑、骑行、飞盘等轻运动，因 具有"低门槛、高舒适度、强社交属性"等特征，逐渐成为都市人群的新宠。随之而来的是相关产业的爆 发式增长，比如轻运动服饰市场。轻运动不仅重塑了运动服饰的功能性需求，更推动了羽绒服与运动内 衣两大品类的创新迭代，形成"科技赋能场景、舒适引领潮流"的消费新逻辑。 轻运动服饰市场需求随运动频次增加而激增，消费者既追求抗震性，又注重舒适与美观，推动行业 向"场景融合"升级。轻运动羽绒服领域，超轻量化与高功能性成为核心突破点。例如，采用90%鹅绒填 充的革新设计，通过专利防钻绒技术实现运动无束缚感，同时以短款修身剪裁和多场景适配性(如通勤 与户外切换)打破传统羽绒服的臃肿标签。轻运动内衣的进化更显多元化，一方面，专业支撑技术(如四 级减震系统、动态承托设计)成为女性运动健康的核心保障，通过减少胸部震动幅度降低运动损伤风 险；另一方面，无缝一体织工艺与速干透气面料(如锦纶+氨纶混纺)推动内衣向"无感穿戴"升级，甚至 成为街头穿搭的时尚单品。 基于艾媒自主研发并获得省部级重大科技专项立项的CMDAS大数据系统监测及严格的调查，以及 对中国 ...