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。 ...

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].

Core Viewpoint - The Federal Reserve's Daly emphasizes that hard data should not be misinterpreted regarding robust growth and the labor market [1] Group 1 - Daly suggests that the current economic indicators reflect a stable growth trajectory, countering any misconceptions about economic weakness [1] - The labor market remains strong, with low unemployment rates supporting the overall economic outlook [1] - Daly's comments indicate confidence in the resilience of the economy despite potential external challenges [1]

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.

Core Viewpoint - The significant decline in the stock price of Cheung Kong Holdings has resulted in a loss of over 30 billion HKD in just 11 days, raising concerns about the financial stability and decision-making of Li Ka-shing, once a prominent figure in the business world [1][3][5]. Group 1: Stock Performance - Cheung Kong Holdings has experienced a drastic drop in stock value, leading to a loss exceeding 30 billion HKD within a short span of 11 days [1][3]. - The continuous decline in stock prices has raised questions about the company's future and Li Ka-shing's ability to navigate the current market challenges [5][8]. Group 2: Li Ka-shing's Reputation - Li Ka-shing's current situation contrasts sharply with his past reputation as a formidable business leader, now facing significant financial setbacks [5][10]. - The once unshakeable confidence of Li Ka-shing appears to be waning, leading to speculation about his decision-making and strategic direction [7][10]. Group 3: Market Dynamics - The ongoing stock market volatility poses risks not only to Cheung Kong Holdings but also affects investor confidence and trust in Li Ka-shing's leadership [8][10]. - Competitors in the market seem to be better positioned to avoid risks, highlighting a potential shift in the competitive landscape [5][8].