市场消息：乌克兰外长和英国外交大臣在伦敦举行会晤。 ...

金融界消息 截至2025年4月21日收盘，深康佳Ａ（000016）报收于5.02元，上涨3.29%，换手率5.08%， 成交量81.10万手，成交金额4.03亿元。 资金流向方面，今日主力资金净流入4635.23万元，占比成交额11.51%。其中，超大单净流入4147.38万 元、占成交额10.3%，大单净流入487.85万元、占成交额1.21%，中单净流出流出1628.08万元、占成交 额4.04%，小单净流出3007.15万元、占成交额7.47%。 通过天眼查大数据分析，康佳集团股份有限公司共对外投资了107家企业，参与招投标项目1232次，知 识产权方面有商标信息425条，专利信息4843条，此外企业还拥有行政许可68个。 来源：金融界 深康佳A最新一期业绩显示，截至2024年报，公司营业总收入111.15亿元、同比减少37.73%，归属净利 润329558.87万元，同比减少52.31%，扣非净利润320550.41万元，同比减少9.99%，流动比率0.634、速 动比率0.493、资产负债率92.65%。 天眼查商业履历信息显示，康佳集团股份有限公司，成立于1980年，位于深圳市，是一家以从事计算 ...

Financial Performance - The total revenue for 2024 reached HKD 476,682 million, with an EBITDA of HKD 102,600 million and EBIT of HKD 54,431 million[18]. - Total revenue for 2024 reached HKD 476,682 million, a 3% increase from HKD 461,558 million in 2023[20]. - EBITDA for 2024 was HKD 125,108 million, down 2% from HKD 127,309 million in 2023[20]. - EBIT decreased by 6% to HKD 58,758 million in 2024 from HKD 62,770 million in 2023[20]. - Net profit attributable to ordinary shareholders was HKD 17,088 million, a 27% decline compared to HKD 23,500 million in the previous year[20]. - The financial and investment segment reported a basic EBITDA of HKD 58,171 million, excluding non-cash impairments from the Vietnam telecommunications business[19]. - The financial and investment segment's revenue increased by 2% to HKD 97,512 million compared to HKD 95,835 million in 2023[20]. - Interest expenses and other financing costs were HKD 24,050 million, a slight decrease of 1% from HKD 24,200 million[20]. - The reported profit attributable to ordinary shareholders for 2024 is HKD 17,088 million, a decrease of 27% compared to HKD 23,500 million in 2023[40]. - Basic earnings per share for 2024 is HKD 4.46, down from HKD 6.14 in 2023[41]. - The group's cash and cash equivalents totaled HKD 129.45 billion, with total debt amounting to HKD 259.09 billion, resulting in a net debt to total equity ratio of 16.2%[53]. Revenue Breakdown - The revenue from Europe amounted to HKD 244,372 million, while revenue from Asia, Australia, and others was HKD 73,198 million[18]. - The retail segment generated HKD 190,193 million in revenue, representing a 4% increase year-over-year[20]. - CK Hutchison Group Telecom reported revenue of HKD 88,371 million, a 2% increase from HKD 86,814 million in 2023[20]. - The infrastructure segment's revenue grew by 1% to HKD 55,324 million from HKD 54,714 million[20]. - The port and related services segment recorded revenue of HKD 45.28 billion, an increase of 11% compared to 2023, driven by a 6% rise in throughput and growth across all divisions[43]. - The European Group's revenue was HKD 81.71 billion, up 2% year-on-year, driven by an increase in total customer numbers and effective revenue growth measures[49]. Operational Highlights - The port division handled a total throughput of 87.5 million TEUs (twenty-foot equivalent units) in 2024, operating in 53 ports across 24 countries[11]. - The company has a workforce of over 300,000 employees operating in approximately 50 countries/markets[9]. - The company processed a total of 87.5 million twenty-foot equivalent units (TEUs) in 2024[71]. - Container throughput increased by 6% to 87.5 million TEUs, with local and transshipment cargo accounting for 65% and 35% respectively[73]. - The company added two new berths in Thailand and Mexico, bringing the total number of berths to 295[78]. Sustainability and Governance - The company emphasizes sustainability and corporate governance, implementing new technologies to address environmental and social challenges[9]. - CKHGT has been certified by Sustainalytics as a top-rated company in ESG for 2025[34]. - The group achieved a 20% reduction in carbon emissions compared to baseline levels, aligning with its carbon reduction targets[54]. - The retail division achieved a significant reduction in greenhouse gas emissions, with Scope 1 and 2 emissions decreasing by over 70% year-on-year and more than 75% compared to the 2018 baseline[103]. - The company faces challenges in maintaining the same level of emissions reduction by 2030 due to fluctuating costs of energy attribute certificates and market uncertainties[103]. Strategic Initiatives - The company plans to distribute a final dividend of HKD 1.51 per share, down from HKD 1.77 in 2023, resulting in a total annual dividend of HKD 2.20 per share[42]. - The company plans to limit capital expenditures and new investments while focusing on strict cash flow management due to an unstable operating environment[57]. - The company aims to enhance productivity and reduce operating expenses by accelerating the adoption of suitable emerging technology tools[57]. - The merger with Vodafone UK has been approved, paving the way for the creation of the third-largest telecommunications operator in the region, expected to complete in the first half of 2025[34]. Market and Customer Insights - The total number of loyal members in the health and beauty products segment rose to 168 million, an increase from 157 million in 2023, with a sales participation rate of 65%[93]. - The overall retail segment experienced a same-store sales growth of 3.1% in 2024, compared to 6.9% in 2023[95]. - The number of retail stores increased by 3% to 16,951 in 2024, up from 16,491 in 2023[92]. - The contribution of exclusive agency product sales to total sales in the health and beauty products segment was 36%, down from 37% in 2023[93]. Challenges and Risks - A one-time charge of HKD 3,740 million was recorded for non-cash impairment related to the telecommunications business in Vietnam[23]. - The company reported a net loss of HKD 1,751 million in 2024, slightly higher than the loss of HKD 1,712 million in 2023[149]. - The average revenue per user (ARPU) in the UK decreased by 9% to GBP 16.68, highlighting pricing pressures[161]. - The total number of registered customers decreased to 42.8 million in 2024 from 43.7 million in 2023, with a decline in active customers to 40.7 million from 40.2 million[153].

美联储戴利：硬数据并非对稳健增长和劳动力市场的误读。 ...

Investment Rating - The report maintains a Neutral rating across equity regions to maximize diversification, with an Overweight (OW) stance on bonds and an Underweight (UW) on credit [3][6]. Core Insights - The report highlights a cross-asset repricing of growth and inflation due to rising tariff risks, leading to a more defensive investment stance [1][7]. - US equity strategists have reduced their S&P 500 return forecasts to -5% for 3 months and +6% for 12 months, while European strategists have adjusted their forecasts to -6% for 3 months and +5% for 12 months [3][19]. - The average US tariff rate is expected to rise by 5 percentage points to 15%, with GDP growth revised down to 1% from 1.5% [1][2]. Summary by Sections Economic Outlook - The report indicates a mixed economic outlook with US manufacturing PMI falling to 49.8, and inflation expectations rising, leading to a revised recession probability of 35% [1][2]. - European economists have also cut growth forecasts and raised inflation expectations, anticipating an ECB cut in July [1]. Asset Allocation - The report suggests a shift to more defensive positions, recommending selective hedges due to elevated implied volatility across asset classes [3][6]. - The commodities team has raised their 2025 gold forecast to $3,300 per troy ounce, indicating a shift in diversification strategies towards gold and the Yen [2][19]. Market Performance - The report notes a decline in cross-asset pricing of growth across regions, with credit repricing growth risks more clearly [2][19]. - The Dollar has become more sensitive to the S&P 500, reducing its diversification potential, while gold and Yen have emerged as key diversifiers [2][19].

巴拿马港口（资料图） 长和早前与贝莱德牵头的"BlackRock-TiL"财团达成原则性协议，计划出售不含中国内地及香港港口资产、包含巴拿马在内的43个港口业务，预计套现190亿 美元。此消息一经传出，便引发各界争议。香港特区政府在3月4日意外得知该交易后，立即与长和取得联系，双方此后一直保持沟通，试图寻找合理解决方 案。香港特区行政长官李家超也曾公开表示，社会对该事件的关切值得重视，港府要求外国政府为香港企业提供公平营商环境，反对使用胁迫手段，且任何 交易须符合法律法规要求，港府会依法依规处理。 在国家市场监督管理总局宣布审查前，官方其实已多次对李嘉诚进行劝告，希望其终止与贝莱德集团之间的交易。但李嘉诚方面一直举棋不定。从商业角度 看，按照相关协议，如果长和在交易进入倒计时阶段突然终止，必然要向贝莱德集团赔付大量经济损失，这是李嘉诚不愿接受的。可在国家利益面前，长和 的私利显然微不足道。 巴拿马港口（资料图） 据港媒《星岛头条》3月28日报道，接近长和高层的消息人士透露，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。而在同一天，国家市场监督管理总局也做出回应， ...

Summary of Kingsoft Cloud (KC) Conference Call Company Overview - **Company**: Kingsoft Cloud (KC) - **Industry**: Cloud Services in China Key Points and Arguments Demand and Revenue Outlook - Kingsoft Cloud's revenue from Xiaomi and Kingsoft Corp accounted for **22%** of 4Q24 revenue, an increase of **2 percentage points quarter-over-quarter** [5] - Management is optimistic about rising demand, particularly in AI applications, and has set a revenue cap for 2025-27 based on estimated computing power clusters of Tesla's Full Self-Driving (FSD) technology [5] - Projected cloud revenue from Xiaomi for 2025 is estimated at **Rmb2.3 billion**, which is part of Xiaomi's **Rmb8 billion** AI investments [5] AI Revenue Breakdown - Approximately **50%** of AI revenue is derived from Xiaomi/Kingsoft, with the remainder coming from external customers in AI, autonomous driving, and robotics [5] - Training demand accounted for most of the revenue in 4Q24, but inference demand has been increasing due to the emergence of DeepSeek, which has lowered AI investment thresholds for mid-sized enterprises [5] AI Cloud Unit Economics - The payback period for upfront AI GPU server investments is estimated at **3-4 years** [6] - AI revenue enjoys a gross profit margin (GPM) of **20%+**, compared to **10%+** for traditional public cloud services [6] Growth Projections - Kingsoft Cloud is expected to see a **33%** revenue growth in 2025, up from **10%** in 2024, marking the fastest growth among covered cloud companies [7] - Revenue from related parties (Xiaomi/Kingsoft) is projected to grow at a **48% CAGR** from 2024 to 2027, while third-party customer revenue is expected to grow at **14% CAGR** [7] Investment Strategy - Kingsoft Cloud plans to invest **Rmb10 billion** in AI for 2025, which includes capital expenditures and off-balance-sheet arrangements for computational power [9] - The company is focusing on prudent investments, such as renting or revamping data centers instead of building new ones [9] Competitive Landscape - Kingsoft Cloud aims to outpace peers by **5-10 percentage points** in revenue growth rate and is adjusting its customer base to improve efficiency [9] - The GPM in 4Q24 was close to that of China's largest cloud hyperscaler, indicating competitive positioning [9] Risks and Valuation - The current rating for Kingsoft Cloud is **Neutral**, with a 12-month target price of **US$15.6** based on discounted cash flow (DCF) analysis [2][8] - Key risks include stronger revenue synergies with related parties, competition, and the ability to secure funding for capital expenditures [8] Additional Important Information - Kingsoft Cloud's market cap is approximately **$3.8 billion**, with projected revenues of **Rmb7.79 billion** for 2024 [10] - The company is currently rated **Neutral** relative to its peers, reflecting a fair valuation in the market [7] This summary encapsulates the critical insights from the conference call, highlighting Kingsoft Cloud's growth potential, competitive positioning, and strategic investments in AI and cloud services.

曾经天上飞的资本，如今却从天而降，狠狠砸了他一脸！你看这情形，怎么就像一场车祸，眼睁睁地看着他连人带车一起翻车，想做点什么又无力回天。 这时候，你不能不想问，李嘉诚到底在想什么？怎么还不趁早止损，亡羊补牢呢？这事儿越拖越麻烦！你再看看他那边的动静，照这速度下去，自己玩完的 节奏都能算出来。 万一真到了那一天，难道真得等到自己被"笑"成笑柄，再打算出手吗？如果最后走到这一步，不知道他脸上那股自信都去哪了，真是让人捉摸不透。 李嘉诚慌了！因为长和股票11天蒸发了300多亿港币，真的心疼死了 李嘉诚慌了，真的是慌了。你看他那一脸心情沉重的样子，像极了曾经那种意气风发的模样，但如今的李嘉诚，哪里还有当年那个香港首富的气场？一场股 市暴跌，直接让他的长和集团股票蒸发了超过300亿港币！你敢信吗？不过才11天的时间，简直是眼睁睁看着自己的财富如流水般溜走，连带的，还有曾经 的豪言壮语、辉煌历史，统统都跟着一起下滑。 你敢说，这不让人心疼吗？看着这几百亿的蒸发，真的是说不出话来。曾几何时，李嘉诚可是那个力压群雄，敢于挑战一切困难的商界巨头。可如今呢？他 的长和股票一跌再跌，跌得一点点没有节制。 想象一下，李嘉诚眼下心里的急 ...

Summary of Conference Call Notes Industry and Company Involved - The conference call primarily discusses the shipping and maritime industry, focusing on the impact of the US 301 tariff law on container shipping and shipbuilding sectors, as well as the strategic moves of Mediterranean Shipping Company (MSC) and Deep Sea Technology. Core Points and Arguments - **Impact of US 301 Tariff Law**: The implementation of the US 301 tariff law is expected to significantly affect the container shipping and shipbuilding industries. If enacted, congestion at West Coast ports will likely lead to increased freight rates and affect shipbuilding orders. Major shipping alliances, such as the Ocean Alliance, may adjust routes, causing a surge in port throughput that US ports may struggle to accommodate, further driving up container shipping prices [3][5][6]. - **Demand for Small Container Ships**: The 301 tariff law will likely result in higher rental rates for small container ships. Major shipping alliances are expected to require more small feeder vessels for service quality, leading to a shortage of these ships, particularly for Southeast Asia routes, thus pushing rental prices up [5]. - **Mediterranean Shipping Company's Acquisition of Long River**: The acquisition is driven by commercial synergy rather than geopolitical tensions. MSC aims to enhance its port share and service quality, especially on US routes. If interests are managed well, the acquisition has a high probability of success and significant commercial value for MSC [6]. - **BlackRock and Infrastructure Investment Group's Influence**: Their investment strategy in the port sector is expected to impact the valuation of port assets. Their approach is similar to that of Japanese trading companies before market increases, suggesting a need for close monitoring of their proposals [7]. - **OPEC Production Increase and Its Effect on the Cruise Market**: Recent pressures on Iran's black market and OPEC's production increase have reversed the declining trend in the cruise market's share. If the full 2.2 million barrels per day increase is realized, VLCC freight rates could reach between $80,000 and $100,000 [8]. - **Aging Fleet and New Ship Deliveries**: Although new ships are expected to be delivered starting in 2026, the number of aging vessels being retired is minimal, which will not offset the aging fleet trend. The actual impact on capacity withdrawal remains limited due to the indistinct separation between black market and normal market operations [9]. - **Deep Sea Technology's Potential**: If Deep Sea Technology can successfully mass-produce high-tech ship designs, it will enhance the technical level of shipyards and create valuation opportunities. The 301 investigation is somewhat related to the development of deep-sea technology, which could mitigate negative impacts on civil shipping [10]. - **Marine Ranching Demand Surge**: The demand for marine ranching is increasing due to consumption upgrades. The adaptation of drilling platforms or VLCCs for tuna farming has already been implemented in Shandong. Increased investment in this area could yield high-profit opportunities for Deep Sea Technology [13]. - **Deep Sea Mining Potential**: With rising gold prices and increasing demand for rare metals, the demand for deep-sea mining vessels is expected to grow. The cost of manganese mining is currently lower than some land-based mining, indicating potential for development in this sector [14]. - **High-Standard Dredging Vessels**: These vessels are not only relevant for South China Sea disputes but also for anticipated deep-sea engineering projects, such as data center construction. Capital expenditure or technological breakthroughs could drive these projects forward, enhancing the flexibility of shipyards and providing further revaluation opportunities [15]. Other Important but Possibly Overlooked Content - The aging fleet issue is compounded by the limited number of older vessels being retired, which could lead to a supply-demand imbalance in the future [9]. - The strategic importance of managing interests in acquisitions, particularly in the context of geopolitical tensions, is highlighted as crucial for successful transactions [6]. - The potential for technological advancements in underwater robotics and AI to reduce costs and break through technical barriers in deep-sea technology is noted as a positive development [11].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 476,682 million, representing a 3% increase from HKD 461,558 million in 2023[2]. - EBITDA for the same period was HKD 125,108 million, down 1% from HKD 127,309 million in 2023[2]. - Reported profit attributable to shareholders was HKD 17,088 million, a decrease of 27% compared to HKD 23,500 million in 2023[2]. - Basic earnings per share for 2024 was HKD 4.46, down 27% from HKD 6.14 in 2023[6]. - The board proposed a final dividend of HKD 1.514 per share, a decrease of 15% from HKD 1.775 in 2023[7]. - EBIT totaled HKD 58,758 million, reflecting a 6% decline compared to HKD 62,770 million in 2023[29]. - Net profit after tax fell by 20% to HKD 23,790 million in 2024 compared to HKD 29,921 million in 2023[31]. - The company reported a significant decline in EBIT for the financial and investment segment, down 53% to HKD 6,875 million from HKD 14,525 million in 2023[31]. Segment Performance - The port and related services segment recorded revenue of HKD 45,282 million, an 11% increase driven by a 6% rise in throughput[9]. - Retail segment revenue totaled HKD 190,193 million, a 4% increase, with EBITDA and EBIT both rising by 1%[11]. - CK Hutchison Group Telecom's revenue reached HKD 88,371 million, a 2% increase from last year, with EBITDA and EBIT rising by 8% and 54% respectively[16]. - The European 3 Group's revenue was HKD 81,710 million, a 2% increase year-on-year, driven by an increase in total customers and effective revenue growth measures[17]. - The infrastructure segment reported a 10% year-on-year increase in operating profit, with a net profit of HKD 8,150 million, reflecting a 1% increase compared to the previous year[14]. Impairments and Provisions - The group recognized a one-time non-cash impairment and other provisions of HKD 3,700 million related to its telecommunications business in Vietnam[5]. - The financial and investment segment reported a decline in EBITDA and EBIT due to a one-time non-cash impairment of HKD 3,740 million in the Vietnam telecom business[20]. - The impairment loss from the Vietnam telecommunications business is HKD 1,859 million, primarily due to increased competition and declining revenue expectations[152]. Cash Flow and Debt - The group's cash and cash equivalents totaled HKD 129,445 million, with total debt amounting to HKD 259,059 million, resulting in a net debt to total equity ratio of 16.2%[21]. - Operating cash flow before changes in working capital for 2024 was HKD 75,130 million, a slight decrease from HKD 75,416 million in 2023[139]. - Net cash from operating activities for 2024 was HKD 6,953 million, compared to HKD 54,228 million in 2023[72]. - The company reported a decrease in cash and cash equivalents by $(771) million during 2024[72]. - The total amount of cash, cash equivalents, and other marketable securities was HKD 16,596 million at the end of 2024, down from HKD 143,109 million in 2023[73]. Tax and Regulatory Matters - The total tax expense for 2024 is HKD 4,717 million, compared to HKD 3,003 million in 2023, indicating an increase of 57.1%[156]. - The group expects no significant tax risks related to the OECD's Pillar Two rules for the fiscal year ending December 31, 2024[156]. - The group anticipates that the new tax regulations will take effect starting January 1, 2025, with no immediate impact expected on the current fiscal year[156]. Environmental and Social Responsibility - The group achieved a 20% reduction in carbon emissions compared to baseline levels, aligning with its carbon reduction targets[23]. - The group received multiple awards for diversity and inclusion, highlighting its commitment to a supportive work environment[24]. Future Outlook - The company anticipates improved operational performance in the port sector in 2025, despite potential supply chain disruptions[9]. - The company plans to limit capital expenditures and focus on cash flow management due to an unstable operating environment[26]. - The company plans to continue focusing on market expansion and new product development in the upcoming fiscal year[75].