Core Insights - The CEO of UBS highlighted that the future economic outlook is particularly difficult to predict, indicating significant uncertainty in the market [1] - Tariffs pose a major risk to global growth and inflation, suggesting that trade policies could have far-reaching implications for the economy [1] Economic Outlook - The CEO emphasized the unpredictability of future economic trends, which could affect investment strategies and market stability [1] - The statement reflects broader concerns within the financial industry regarding economic forecasts and potential volatility [1] Risks to Growth and Inflation - Tariffs are identified as a critical factor that could negatively impact both global economic growth and inflation rates [1] - This insight points to the need for investors to closely monitor trade policies and their potential effects on the market [1]

每经编辑 张喜威 袁东 国务院总理李强4月27日主持召开国务院常务会议，部署开展美丽河湖保护与建设行动，研究进一步加强困境儿童福利保障有关举措，讨论《中华人民共和 国医疗保障法（草案）》，决定核准浙江三门三期工程等核电项目。（央视新闻） 2 商务部等6部门发通知，事关离境退税 据商务部网站4月27日消息，商务部等6部门发布关于进一步优化离境退税政策扩大入境消费的通知，其中指出，下调离境退税起退点。境外旅客同日同店购 买退税物品金额达到200元人民币，且符合其他相关规定的，可以申请办理离境退税。提升退税商品供给水平。指导退税商店根据境外旅客需求，不断丰富 和优化商品供给，增加老字号产品、中国消费名品、智能产品、非遗产品、工艺美术产品、地理标志产品、文化创意产品、名优特产、体育用品等优质产品 供应。 1 李强主持召开国务院常务会议 商务部：坚定维护多边贸易体制和全球产供链稳定 4月27日，中国与德国就中德汽车产业合作、欧盟对华电动汽车反补贴案等议题进行交流。商务部表示，当前国际形势复杂严峻，个别国家单边主义、保护 主义做法严重破坏国际经贸秩序和全球产供链稳定，汽车行业首当其冲。中国和欧盟是捍卫多边主义和自由贸易的 ...

日前，市场监管总局新闻发言人就长和港口交易事回答了记者提问。有记者问：据《华尔街日报》4月 16日报道， 长和出售海外港口将分拆为两个交易继续进行，国家市场监督管理总局对此有何评论？ 答：我们高度关注有关交易，将依法进行审查。交易各方不得采取任何方式规避审查，未获批准前，不 得实施集中，否则将承担法律责任。 ...

Investment Rating - The report maintains a Buy rating on Sany Heavy Industry with a target price of Rmb24.00, indicating an expected share price return of 25.1% and a total expected return of 26.6% [6]. Core Insights - Sany Heavy Industry is focusing on high-quality growth and third-party markets due to the ongoing deglobalization trend, targeting regions without competitive local construction machinery OEMs [1][2]. - The management is optimistic about the demand for excavators in China, driven by labor replacement and the export of second-hand excavators, while remaining cautious about non-excavator demand due to a sluggish property market [3][5]. - Significant upside potential is identified in ultra-large excavators and aftermarket services, where Sany currently lags behind competitors like Caterpillar and Komatsu [4][5]. Summary by Sections Market Focus - Sany plans to concentrate on third-party markets such as the Middle East, South America, and Africa, where local competition is minimal [2]. Demand Outlook - Management expresses a positive outlook for excavator demand in China, anticipating a shift similar to Japan's market, while being cautious about non-excavator machinery due to ongoing property market challenges [3]. Growth Strategy - The company aims for high-quality growth by focusing on receivable recoveries and investing in R&D while reducing operational expenses to enhance competitiveness [5][8]. Capital Expenditure - Future capital expenditure is expected to remain low, around Rmb2.9 billion, reflecting a 35% year-over-year decrease, as Sany does not plan significant capacity expansion in China due to oversupply [8]. Global Expansion - Sany is considering expanding production capacities in regions like Brazil and Eastern Europe to adapt to the deglobalization trend, where production costs are significantly lower than in China [8]. IPO Plans - The planned Hong Kong IPO is viewed as a step towards deepening Sany's globalization efforts, despite having sufficient cash reserves for operational needs [9].

IMF总裁格奥尔基耶娃：财政部长和中央银行行长一致同意减少不确定性以及努力澄清政策的重要性。 ...

Group 1 - The G20 meeting will take place in Washington, USA on April 23-24, 2025, focusing on global economic outlook and international financial architecture [1] - Key topics include addressing Africa's development and growth challenges [1] - The Governor of the People's Bank of China, Pan Gongsheng, will attend and speak at the meeting, alongside Deputy Governor Xuan Changneng [1]

Group 1 - The G20 meeting held in Washington focused on global macroeconomic conditions, financial stability, and promoting growth in Africa [1] - China's Finance Minister, Liu Kun, emphasized the insufficient momentum in global economic growth and the negative impact of trade wars on financial stability [1] - China advocates for a multilateral trading system centered around the WTO and calls for dialogue to resolve trade disputes while maintaining its legitimate rights [1] Group 2 - Liu Kun held bilateral meetings with finance ministers and officials from various countries, discussing macroeconomic conditions and G20 financial agenda [2] - Key discussions included enhancing multilateral cooperation, reforming international financial institutions, and supporting vulnerable countries facing debt challenges [1][2] - The importance of resource mobilization for African development and leveraging digital and green transitions for economic growth was highlighted [1]

Core Viewpoint - The third UNESCO International Museum Forum highlights the role of museums as cultural transmitters and agents of social change, emphasizing the strategic importance of cultural heritage protection and dissemination [4]. Group 1: Forum Overview - The forum, held in Hangzhou, gathered over 190 participants from more than 60 countries, including museum directors and experts, to discuss the past and future of museums [4]. - Key topics for discussion include the evolution of museums, the application of digital technology and artificial intelligence, and the role of museums as educational platforms for lifelong learning [5]. Group 2: Technological Integration - The integration of technology in museums is showcased through the use of AR glasses and interactive experiences, enhancing visitor engagement and understanding of historical contexts [5]. - The introduction of the latest spatial computing suite by Hangzhou Lingban Technology Co., Ltd. allows AR glasses to feature interactive games, route planning, and customized content [5]. - Guests experienced a seamless blend of real and virtual environments while using autonomous sightseeing vehicles, which provided real-time analysis of ancient water systems [5]. Group 3: Cultural Significance - The forum participants expressed admiration for the rich cultural heritage of the Liangzhu site, with comments on how technology enhances the understanding of ancient civilizations [4][5]. - The use of 1:1 restored burial models and immersive experiences was noted to evoke a strong sense of historical presence and emotional connection to the past [5].

金十数据4月23日讯，据华尔街日报报道，美国总统特朗普本周表示，他从未有过解雇美联储主席鲍威 尔的计划，并指责媒体散布虚假言论。但在白宫内部，一些高级官员认真对待了特朗普最近公开提出的 解雇鲍威尔的想法。据熟悉内情的人士透露，随着特朗普上周对美联储主席的批评愈演愈烈，白宫律师 私下审查了试图罢免鲍威尔的法律选项。本周初，当特朗普告诉他的高级助手他不会试图罢免鲍威尔 时，这些讨论戛然而止。这些人说，在财政部长贝森特和商务部长卢特尼克的干预下，特朗普做出了这 一决定， 他们警告特朗普说，此举可能会引发影响深远的市场混乱和一场混乱的法律斗争。其中一人 说，卢特尼克还告诉总统，解雇美联储主席的行动很可能不会导致利率方面出现任何实际变化，因为美 联储委员会的其他成员很可能会采取与鲍威尔类似的货币政策。 特朗普为何决定不解雇鲍威尔？财长和商务部长警告称将引发市场混乱 ...

市场消息：乌克兰外长和英国外交大臣在伦敦举行会晤。 ...