Soochow Securities·2025-04-28 07:57Group 1 - The report highlights that the easing of tariffs and the "Besant Put" have become key catalysts for the US stock market, with expectations of a potential trade agreement with China [1][14][28] - Alphabet's Q1 2025 revenue reached $90.23 billion, a 12% year-on-year increase, with net profit soaring by 46% to $34.54 billion, exceeding market expectations [2][28] - The core search business of Google remains robust despite the rise of AI search models, as its advertising monetization capabilities significantly outperform those of AI models [2][28] Group 2 - The report indicates that the US stock market may experience fluctuations in the short term, but the worst phase of selling may have passed, supported by a potential interest rate cut by the Federal Reserve in June [2][29] - The Hong Kong stock market showed an overall rebound, with the Hang Seng Index, Hang Seng Tech, and Hang Seng China Enterprises rising by 2.7%, 2%, and 2.3% respectively [3][4] - The report suggests that the Hong Kong market requires new catalysts for further rebounds, as external risk pressures remain, and local and overseas funds are cautious [6][4]