党的二十届三中全会强调要坚持和落实"两个毫不动摇"，鼓励、支持、引导非公有制经济发展，促进各 种所有制经济优势互补、共同发展。2025年2月召开的民营企业座谈会强调，民营经济发展前景广阔、 大有可为，要扎扎实实落实促进民营经济发展的政策措施，继续下大气力解决民营企业融资难融资贵问 题，促进民营经济健康发展、高质量发展。 新华财经北京3月28日电（记者闫鹏）近日，中金公司管理委员会成员王曙光接受记者采访时表示，中 金公司将继续秉持"植根中国、融通世界"的理念，充分发挥专业能力和国际化优势，积极服务国家发展 战略，持续助力科技创新，为民营经济和资本市场高质量发展贡献更多力量。 王曙光表示，民营经济是推进中国式现代化的生力军，是高质量发展的重要基础。民营经济作为社会主 义市场经济的重要组成部分，不仅在稳定增长、促进就业、改善民生等方面发挥了关键作用，而且在创 新驱动发展战略中占据着越来越重要的位置。 根据统计，民营经济贡献了50%以上的税收，60%以上的国内生产总值，70%以上的技术创新成果， 80%以上的城镇劳动就业，90%以上的企业数量；在国家高新技术企业中，民营企业已达42万多家，占 比超92%。"因此，支持 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report emphasizes the importance of reducing positions during market peaks to avoid potential losses, as demonstrated by the case of the E Fund Anxin Return Fund in 2015 [2][4] - It highlights that absolute return products are not suitable for investors who frequently monitor net value fluctuations, advocating for a long-term investment perspective [5][6] - The report suggests that the recent adjustments in the bond market, driven by rising interest rates, have led to a decline in convertible bond valuations, necessitating cautious bottom-fishing strategies [9][11] Summary by Sections Market Strategy - In 2015, the E Fund Anxin Return Fund effectively reduced its position during the bull market, which helped mitigate losses during subsequent market corrections [2][4] - Investors should maintain a calm demeanor and provide clear communication regarding position adjustments, using historical data to build trust with clients [6] Fund Performance - In 2015, structured funds exhibited strong performance, particularly at market peaks, although they ultimately faced liquidation [7] - The key to success during this period was maintaining product consistency, with absolute return products reducing positions at high valuations [7] Market Indicators - A significant drop below the 20-day moving average is identified as a signal for potential market downturns, serving as a stop-loss indicator [8] - The report notes that the current market conditions suggest a need to lower positions to around 30% and focus on stocks with high value [10] Future Market Expectations - The report anticipates that the adjustment process in the convertible bond market will continue for about a month, with valuation compression potentially exceeding expectations [11]

Investment Rating - The report indicates a mixed investment outlook for the global consumer market, with strong resilience in high and middle-income consumer categories, while low-income consumers face weakened purchasing power [1][2]. Core Insights - The global consumer market shows significant differentiation, with high and middle-income categories demonstrating strong demand resilience, while low-income consumers are struggling [1][2]. - Essential consumer goods outperformed discretionary goods in Q4, driven by high inflation impacting low-income purchasing power, leading to a preference for cost-effective products [1][3]. - The global beauty market is expected to grow at around 4% in 2025, with emerging markets outperforming developed regions [1][12]. Summary by Sections Global Consumer Market Performance - The performance of global consumer goods companies in Q4 shows significant regional disparities, with North America experiencing flat overall demand and Europe outperforming [2]. - Japan's consumption growth is driven by inflation and inbound tourism, while Southeast Asia and India remain active markets [2]. Essential vs. Discretionary Goods - Essential goods performed better than discretionary goods in Q4 due to macroeconomic uncertainties, with leading companies in various sectors likely to show more pronounced performance [3]. Sportswear and Apparel Trends - The global sportswear industry saw strong growth in outdoor sports segments, while the mass apparel market remains competitive [4]. - U.S. holiday shopping season promotions boosted sales, but a slight decline is expected in 2025 due to macro uncertainties [4]. Beauty Market Dynamics - The beauty market varies significantly across regions, with North America facing pressure in mass cosmetics, while high-end fragrances continue to grow [7]. - The Chinese beauty market is facing challenges, with a projected retail sales decline in 2024 [8]. Food and Beverage Industry Outlook - The global food and beverage industry faces challenges from low-income consumer pressures in developed markets and slowing income growth in emerging markets [10]. - North American food demand is under pressure, while beverage demand remains relatively stable [10][11]. Future Projections - The beauty industry is expected to see a 4% growth rate in 2025, with emerging markets like India and Southeast Asia becoming key performance drivers for overseas beauty companies [12]. - The food and beverage sector is likely to experience a decline in revenue expectations but maintain earnings per share (EPS) stability due to effective cost management [10].

Investment Rating - The report maintains a cautious stance on the market, indicating that the cost-effectiveness of chasing high points is low, particularly around the 25,000 mark [2][3]. Core Insights - The current market exhibits extreme structural characteristics, with the technology sector driving index gains, while macro policies like monetary easing and fiscal policies are crucial for the expansion of other sectors [3][4]. - Southbound capital has become a significant driving force for the rebound in the Hong Kong stock market, with an expected inflow of nearly 200 billion HKD for the year, primarily from personal private equity and trend trading funds [3][11]. - The Hong Kong stock market's placement mechanism leads to almost unlimited chip supply, which can dilute the holdings of southbound capital, limiting its absolute pricing power [3][13]. - The U.S. stock market is influenced by AI, geopolitical issues, and policy uncertainties, with some bubbles already deflated, indicating a phase of bubble formation rather than a burst [3][14][15]. - The fiscal policy in 2025 will focus more on demand stimulation, particularly in the consumer sector, emphasizing the "investment in people" concept to enhance future supply potential and current consumption demand [3][25][34]. Summary by Sections Market Structure and Future Strategies - The market is characterized by a significant reliance on the technology sector, which constitutes about 40% of the Hang Seng Index, while the remaining 60% depends on macro policies [4]. - The performance of the new consumption sector in the Hong Kong market reflects structural opportunities and market sentiment recovery, benefiting from national trends and young consumer preferences [3][35][39]. Southbound Capital Dynamics - Southbound capital has seen a significant increase in inflow, averaging over 8 billion HKD daily since the Spring Festival, compared to over 3 billion HKD last year [11]. - Despite the increase in holdings, southbound capital does not possess absolute pricing power due to the open financial market and the stock placement mechanism [12][13]. U.S. Market Conditions - The U.S. stock market is currently facing several challenges, including AI-driven disruptions and policy uncertainties, which could affect the Federal Reserve's ability to lower interest rates [14][19]. - The valuation of the U.S. stock market remains high, but some bubbles have been deflated, making certain leading stocks' valuations more reasonable [15][17][23]. Consumer Sector Insights - The report highlights the importance of consumer demand in fiscal policy, with a focus on enhancing living standards through investments in education, healthcare, and social security [25][26][34]. - Recent policies aimed at boosting consumption have been comprehensive, addressing various factors affecting consumer behavior and emphasizing quality supply to stimulate demand [37][38]. New Consumption Trends - The new consumption sector in Hong Kong is expected to maintain rapid growth, driven by changing consumer preferences and the emergence of structural opportunities [35][36][39]. - The report suggests that the new consumption sector's performance is independent of traditional quality consumption factors, indicating a shift in market dynamics [35][36].

Investment Rating - The report provides a positive outlook on several sectors, particularly in chemicals, aviation, and refrigerants, indicating potential investment opportunities in leading companies like Baofeng and Wanhua [3][8]. Core Insights - The chemical sector has been in a downward cycle for over three years, but a significant decline in capital expenditure is expected in 2025, which may stabilize demand due to supportive domestic policies [3][5][6]. - The refrigerant sector is performing well, with rising market prices and expected profit increases in the second quarter [9]. - The aviation sector shows signs of recovery, with improving ticket prices and demand expected to rise during holiday periods [13][14]. - Companies like Manbang and China Civil Aviation Information Network are highlighted for their strong performance and optimistic growth forecasts [15][17]. Summary by Sections Chemical Sector - The chemical sector has faced a prolonged downturn, but capital expenditure is expected to decrease significantly in 2025, leading to a potential end to rapid capacity growth [3][5]. - Domestic demand is stabilizing as the real estate market's drag diminishes, supported by policies aimed at boosting consumption [6]. - High upstream energy costs, particularly for crude oil, continue to pressure midstream chemical companies, but a potential adjustment in oil prices could present investment opportunities [7][8]. Refrigerant Sector - The refrigerant market has shown strong performance, with both market and long-term prices on the rise, leading to improved profits for companies in this sector [9]. Aviation Sector - Recent trends indicate a recovery in the aviation sector, with domestic ticket prices showing a narrowing decline and expected demand increases during holiday seasons [13]. - Boeing's limited capacity recovery continues to tighten global aircraft supply, benefiting the aircraft leasing industry [14]. Company Performance - Manbang's performance exceeded expectations, with projected compound profit growth of over 30% for 2025 and 2026, supported by strong online transaction capabilities [15][16]. - China Civil Aviation Information Network is expected to see optimistic growth in 2025, with a low valuation and potential for value appreciation [17][18]. Fiberglass Sector - The fiberglass industry is experiencing demand growth driven by wind power and consumer electronics, with leading companies maintaining strong pricing power [19][20]. Cement Sector - The cement sector shows signs of recovery with improved shipment rates and stable demand, particularly in southern markets, suggesting potential for price increases [21]. Glass Industry - The float glass industry faces challenges but is seeing marginal improvements in production and sales rates, with specific companies like Xinyi Glass highlighted for their competitive advantages [22]. Non-Ferrous Metals - The non-ferrous metals market, particularly copper and aluminum, is experiencing upward trends due to supply constraints and increasing demand, indicating a potential reversal in market conditions [26]. Titanium Industry - The titanium industry is poised for growth due to strong domestic demand and reduced import supply, with companies like Hunan Gold being recommended for investment [27]. Bond Market Outlook - The bond market is expected to experience a downward trend in yields as monetary policy becomes more accommodative, indicating a favorable environment for bond investments [32].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The relationship between quantum computing and artificial intelligence (AI) is gaining attention, with significant investments from major tech companies like NVIDIA, which is establishing a quantum computing research lab in Boston to integrate quantum hardware with AI supercomputing [3][4] - The quantum computing industry is characterized by three main technological paths: superconducting, photonic, and ion trap, with various companies making advancements in each area [3][8] - AI agents are entering a more efficient and widespread application phase, marked as the L3 stage, with innovations in modular design and process demonstration enhancing user trust and accelerating large-scale applications [3][15] Summary by Sections Quantum Computing Development - Quantum computing is based on quantum mechanics, utilizing quantum bits (qubits) that can exist in multiple states, allowing for exponential speedup in certain computations [5] - Major companies like Google and IBM are actively developing quantum technologies, with Google's Sycamore processor featuring 53 qubits and the University of Science and Technology of China achieving 255 photonic qubits [5][11] Technological Paths and Industry Progress - The leading technological paths in quantum computing include: 1. Superconducting quantum computing, exemplified by Google's Sycamore and IBM's Horse Ridge [8] 2. Photonic computing, with advancements from the University of Science and Technology of China [8] 3. Ion trap technology, focused on by companies like MQ [8] - Companies are making significant strides in the quantum computing industry, with NVIDIA's new lab and various startups pushing the boundaries of technology [6][11] AI Agent Innovations - Recent advancements in AI agent products aim to enhance their operational capabilities and lower the barriers for developers, with notable products from OpenAI and Anthropic [12][14] - The modular design of AI agents allows for rapid integration of different subsystems, while process demonstration increases user confidence in AI applications [15][16] AI Middle Platform Development - The emergence of AI middle platforms is driven by the need for businesses to streamline operations and enhance collaboration across departments, with AI capabilities enabling real-time processing of multimodal data [19][22] - The DeepSeek model enhances enterprise capabilities by processing unstructured data and automating complex business processes, leading to improved efficiency and user insights [20][24] Hardware Industry Impact - The development of AI middle platforms is expected to drive growth in related hardware industries, including data hardware and computing power hardware, as businesses increasingly adopt AI technologies [23][24]

中金公司 从美国看美国 - 对话华尔街：黄金、市场与全球 变局 20250321 摘要 • 特朗普政府的激进政策，如大幅削减预算和提高关税，旨在解决美国长期 问题，但其快速推进和广泛范围引发市场担忧，导致标普 500 指数自 2 月 以来回调约 10%。 • 特朗普政府增加关税的目的不仅在于保护国内产业，还在于增加财政收入 以弥补减税政策导致的赤字，这与传统关税理论有所不同，但可能导致美 国经济难以承受价格上涨压力。 • 美联储目前对降息持观望态度，但承诺 2025 年可能降息以应对经济疲软 或衰退风险，同时需权衡通货膨胀压力，其决策将直接影响市场走向。 • 尽管短期内美元可能疲软，但美国股市、债市和美元在全球金融体系中仍 占据核心地位，难以被其他货币取代，其长期地位由美国经济和政治制度 决定。 • 黄金价格突破 3,000 美元创历史新高，主要受"黄金搬家"现象和普通消 费者对现货需求推动，但相关股票表现滞后，市场对其持续性持谨慎态度。 • 全球纸黄金 ETF 的囤积量在 2020 年达到峰值后有所回落，目前虽有回升， 但仍低于历史高位，表明机构投资者对黄金的兴趣相对谨慎。 特朗普加征关税对美国经济结构和制 ...

中金公司 全球资产重估 20250320 摘要 Q&A 过去一年全球市场发生了哪些变化？中金公司的资产配置观点有何调整？ 去年（2024 年）6 月，中金公司发布了大类资产下半年的展望报告，标题为 "守正待时"。报告的核心观点是防守，因为当时全球市场面临三个重要因素 的影响：首先，中国处于弱复苏状态，对风险情绪有一定压制；其次，美国虽 然投资者热情较高，但经济数据显示出下行趋势；最后，美国和欧洲即将迎来 关键选举，增加了政策的不确定性。这些因素叠加，使得我们在资产配置上采 取更稳健的策略，建议坚守黄金和债券等安全资产。事后来看，这一策略是正 确的，因为黄金价格持续上涨，中国债券表现良好，而美国债券在 7、8 月份也 因经济下行压力而表现突出。 除了防守，我们还关注权益资产，尤其是中国股 票。去年 6 月市场情绪较为悲观，有人将中国与 80 年代的日本进行对比，担心 中国股票可能会经历长期低迷。然而，我们通过研究发现，在过去 100 年中， • 全球宏观环境复杂多变，建议保持稳健的资产配置策略，适度增加权益类 资产，特别是中国股票的配置比例，因其估值相对较低且具有反弹潜力， 同时关注新兴市场机会。 • 中金公司 ...

中國國際金融股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於2025年3月28日召 開董事會會議，藉以（其中包括）審議和批准刊發本公司及其附屬公司截至2024年12月31 日止年度的年度業績公告，以及派發末期股息的建議（如有）。 承董事會命 中國國際金融股份有限公司 董事會秘書 孫男 中國，北京 2025年3月18日 於本公告日期，本公司執行董事為陳亮先生；非執行董事為張薇女士及孔令岩先生； 以及獨立非執行董事為吳港平先生、陸正飛先生、彼得•諾蘭先生及周禹先生。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China International Capital Corporation Limited 03908 董事會會議通告 ...