东盟-中国-海合会峰会联合声明：促进高质量共建"一带一路"合作和无缝衔接的互联互通 金十数据5月28日讯，东盟-中国-海合会峰会联合声明发布，其中提到，促进高质量共建"一带一路"合 作和无缝衔接的互联互通，包括发展物流走廊和数字平台；促进可持续基础设施建设，支持经济多元化 联动发展和无缝衔接，经济增长和可持续发展；鉴于海洋作为推动相关地区增长和繁荣的关键因素的重 要性，探讨进一步合作，加强基础设施建设，实现无缝和高效的互联互通，包括认识到维护和促进海上 安全与安保的重要性。 （新华社） ...

Group 1 - The Azerbaijani government places high importance on developing relations with China and firmly adheres to the One China principle [1] - Azerbaijan is willing to deepen political mutual trust with China and expand bilateral trade and investment [1] - The cooperation between Azerbaijan and China will focus on areas such as connectivity, infrastructure, renewable energy, and cultural exchanges [1]

Market Overview - The recent US-China talks exceeded market expectations, leading to a significant surge in the Hang Seng Index by 2.98% with trading volume reaching 322.4 billion [1] - The ceasefire agreement between India and Pakistan has positively impacted both countries' stock markets, with Pakistan's KSE-30 index soaring by 9.2%, marking its largest increase since 2008 [1] US-China Trade Relations - The US announced a suspension of a 24% tariff set to take effect on April 2, 2025, while maintaining a 10% tariff, effectively reducing the overall tariff on Chinese goods from 145% to 30% [2] - This significant concession from the US is attributed to several factors, including the need to replenish dwindling inventories and the urgency to achieve results ahead of the upcoming elections [3] Sector Performance - The consumer electronics sector, particularly companies within Apple's supply chain, benefited the most from the tariff reductions, with stocks like Highway Electronics and AAC Technologies rising over 13% [4] - Automotive parts suppliers with significant North American business exposure, such as Minth Group and Quanfeng Holdings, saw stock increases of nearly 10% [4] Financial Sector Response - Major financial institutions, including Hongye Futures and CITIC Securities, experienced stock price increases of over 6%, reflecting positive market sentiment following the trade talks [5] Individual Company Highlights - Midea Group reported a record revenue of 128.4 billion yuan in Q1 2025, a 20.61% year-on-year increase, and plans to enhance its overseas presence through strategic partnerships [10] - The company is also making strides in the commercial air conditioning sector and aims to expand its robotics division with new product testing scheduled for May [11] International Relations and Infrastructure - Brazilian President Lula's visit to China aims to strengthen bilateral relations and discuss infrastructure projects, including a railway connecting Brazil to China, which could reshape international trade logistics [8]

Investment Rating - The report maintains an "Outperform" rating for the company [5][39]. Core Views - The company's Q1 2025 performance shows significant growth driven by the buoyancy of the Hong Kong stock market, with revenue reaching HKD 6.831 billion, a year-on-year increase of 31.3% and a quarter-on-quarter increase of 8.2%. Net profit attributable to shareholders was HKD 4.077 billion, up 37.3% year-on-year and 7.9% quarter-on-quarter [1][8]. - The revenue structure is dominated by trading fees and transaction system usage fees, which accounted for 46.1% and 29.0% of total revenue, respectively, totaling over 75% [1][8]. - The company exhibits a high EBITDA margin of 76.6% in Q1 2025, reflecting significant scale effects [1][8]. - The effective tax rate has increased significantly due to the OECD's "Pillar Two" rules, which may keep the tax rate above 15% in the future, slightly impacting net profit [1][12]. Summary by Sections Company Performance - In Q1 2025, the average daily trading volume (ADT) for cash securities reached HKD 225.4 billion, a remarkable year-on-year increase of 153.0% [2][20]. - The company has a light asset model with high gross margins, where operating expenses were HKD 1.516 billion, with personnel costs making up 64.4% of total expenses [3][35]. - The company maintains a stable dividend payout ratio of around 90%, with a historical dividend yield of 2%-3% over the past decade [3][35]. Market Dynamics - The report highlights that southbound capital is a key driver of trading volume, with the southbound trading ADT for Q1 2025 being HKD 1.099 billion, accounting for 24.4% of the total ADT [2][20]. - The number of mainland companies listing in Hong Kong has become dominant, contributing to a rich pool of quality investment targets [2][26]. Financial Forecasts - Revenue projections for the company show a steady growth trajectory, with expected revenues of HKD 26.237 billion in 2025, reflecting a year-on-year growth of 17.3% [4][47]. - The net profit attributable to shareholders is forecasted to reach HKD 15.428 billion in 2025, with a growth rate of 18.2% [4][47]. - The report anticipates a slight downward adjustment of 5.56% in net profit estimates for 2025-2027 due to the increased tax rate [3][39].

业界精英云集，论坛"朋友圈"持续扩大 5月8日，第16届国际基础设施投资与建设高峰论坛暨展览（简称第16届国际基建论坛）组委会在北京召 开新闻发布会，介绍将于6月10－12日在澳门举办的第16届国际基建论坛，以及同期由国家商务部主办 的第11届中国－拉美和加勒比国家基础设施合作论坛（简称中拉基础设施合作论坛）的筹备工作情况。 中国对外承包工程商会房秋晨会长、副会长于晓虹，澳门招商投资促进局余雨生主席，商务部台港澳司 左祥华二级巡视员（副司级），美大司刘大江二级巡视员（副司级）出席发布会。发布会由承包商会新 闻发言人、秘书长姚丹波主持。来自新华社、人民日报、中国日报、环球时报和国际商报等40余家主流 媒体记者出席。 发布会上，房秋晨会长介绍了本届论坛的筹备进展情况。余雨生主席介绍了论坛的澳门元素和澳门会展 业发展情况。左祥华二级巡视员（副司级）介绍了内地支持澳门会展业及促进经济适度多元发展的举措 和成果。刘大江二级巡视员（副司级）介绍了第11届中拉基础设施合作论坛的筹备进展，以及中国同拉 美和加勒比国家的经贸合作情况。于晓虹副会长回答了有关媒体提问。 作为全球基础设施合作领域规格最高、规模最大、最具影响力的年度 ...

Core Viewpoint - The partnership between Taobao Tmall and Xiaohongshu is seen as a strategic move to integrate content and e-commerce, aiming to enhance user engagement and drive sales through a seamless shopping experience [2][3]. Group 1: Partnership Details - The collaboration allows Xiaohongshu's "grass planting" notes to link directly to the Taobao app, creating a full chain from content discovery to purchase [2]. - This alliance is viewed as a response to the competitive e-commerce landscape, where traditional platforms face growth challenges while content communities like Xiaohongshu are emerging as new traffic hubs [4][6]. Group 2: Market Context - Xiaohongshu has seen significant growth, with over 300 million monthly active users, and 70% of these users engage in search activities, indicating a shift in consumer behavior towards content-driven shopping [3][4]. - In contrast, Taobao Tmall's revenue growth has stagnated, with a reported revenue of 1360.91 billion yuan, reflecting only a 5% year-on-year increase [3]. Group 3: Strategic Implications - The partnership is expected to help Taobao Tmall capture younger audiences and leverage Xiaohongshu's content capabilities, while Xiaohongshu gains access to commercial infrastructure [3][6]. - The integration of "grass planting" strategies is anticipated to enhance conversion rates for brands, as evidenced by a 20% increase in click-through rates and a 109% rise in interaction rates for participating brands [7][8]. Group 4: Competitive Landscape - The collaboration poses a potential challenge to Douyin's e-commerce growth, as Xiaohongshu's community-driven approach may attract high-value users away from Douyin [8][10]. - The trend of "breaking down walls" in the e-commerce sector reflects a broader industry shift towards interoperability among major platforms, enhancing user experience and operational efficiency [9][10].

Group 1 - The stability of global supply chains is crucial for national competitiveness and strategic security, with current challenges including extreme weather, geopolitical conflicts, and public health events increasing the risk of trade disruptions [1] - The rise of unilateralism and trade protectionism is exacerbating global trade frictions, leading some countries to attempt to create closed supply chain "circles," which disrupts global supply chain order [1] - The application of digital technologies in supply chains has introduced risks such as digital security issues, digital barriers, and information asymmetry, complicating efficient collaboration between upstream and downstream entities [1] Group 2 - Many countries are diversifying their supply chains to ensure security, which raises the need for enhanced cooperation among nations in infrastructure, regulatory frameworks, and digital platforms [2] - Strengthening infrastructure connectivity is essential for global supply chain operations, requiring the construction of comprehensive logistics networks that facilitate the free flow of goods, information, and resources [2] - There is a need for increased investment in new infrastructure, such as e-commerce platforms and cross-border payment systems, to lower search costs and enhance global supply chain cooperation [3] Group 3 - Aligning rules and standards among countries is necessary to reduce supply chain costs and improve efficiency, requiring coordination of technical specifications and industry standards [3] - Active participation in multilateral cooperation mechanisms and high-standard regional trade agreements is vital for maintaining supply chain stability and establishing a predictable framework for cooperation [4] - Establishing a cross-border information sharing mechanism and unified supply chain standards can enhance international standardization levels and facilitate better supply chain collaboration [4] Group 4 - The application of digital technologies is crucial for improving the stability of global supply chain cooperation, enabling smart resource allocation and risk monitoring [5] - Digital trade platforms can play a significant role in stabilizing global trade and enhancing supply chain management capabilities, helping to mitigate risks associated with external uncertainties [5] - Integrating physical goods with digital services can improve responsiveness to supply and demand changes, thereby reducing supply chain risks [5]

Core Viewpoint - The stability of global supply chains is crucial for a country's competitiveness and strategic security, necessitating a focus on risk management and connectivity to maintain stability in the current complex international landscape [1] Group 1: Global Supply Chain Risks - Global supply chains are complex networks involving multiple entities, industries, regions, and stages, making them susceptible to various influencing factors [1] - Current uncertainties affecting global supply chains include extreme weather, geopolitical conflicts, and public health events, which increase the risk of disruptions in key trade routes [1] - These disruptions lead to demand fluctuations and changes in market expectations, amplifying the impact on supply chain management complexity and operational costs [1] Group 2: Trade and Policy Challenges - The rise of unilateralism and trade protectionism has intensified global trade frictions, with some countries attempting to create closed and exclusive supply chain "circles" [1] - Such actions disrupt the order of global supply chains and increase intervention in supply chain dynamics [1] Group 3: Digital Technology Implications - While digital technology fosters closer cooperation among upstream and downstream supply chain entities, it also introduces digital security risks, digital barriers, and a lack of unified technical standards [1] - These issues result in information asymmetry between different stages of the supply chain, hindering efficient collaboration [1]

全球自己面临再平衡需求，外资巨头继续唱多中国市场。中证A500指数ETF（563880）标的指数筛选标准包括"ESG"以及"互联互通"筛选，更对外资"口 味"，是面向全球的中国优质资投资首选。 最新数据显示，全市场ETF规模首次突破4万亿元大关，相比去年9月26日突破3万亿元大关，仅用了6个多月时间，继续跑出发展加速度。宽基ETF是规模增 长绝对的主力。ETF规模从3万亿元增长至4万亿元的过程中，宽基ETF规模猛增近4800亿元。 上周五（4月18日），中证A500指数ETF（563880）翘尾冲高，收涨0.21%，反包前日跌幅，周度K线收涨0.53%。 上周五（4月18日），中证A500指数ETF（563880）标的指数收涨0.02%，成分股涨跌不一，信维通信、胜宏科技涨超6%，凯莱英涨超5%，沪电股份、华东 医药等涨超4%，中兴通讯涨超3%，东方财富、立讯精密等涨超1%，赤峰黄金跌超2%，寒武纪跌超1%，贵州茅台、赛力斯等微跌。 中信证券认为，贸易摩擦进入僵持阶段，僵持阶段比的是两国的经济韧性，中国的政策选项更多、空间更大、能耗更久。在此背景下，A股市场作为核心关 键环节，是政策关注重点，亦是全球资本市场 ...

盘后财政政策重大发布！A500ETF(159339)今日深 V收盘翻红，过去10个交易日日均成交额7.40亿元 消息面上，2025年3月24日，财政部发布《2024年中国财政政策执行情况报告》称，2025年财政政 策要更加积极，持续用力、更加给力。强调提高财政赤字率，加大支出强度、加快支出进度。安排更大 规模政府债券，为稳增长、调结构提供更多支撑。支持全方位扩大国内需求。大力提振消费。支持现代 化产业体系建设。着力提升科技创新能力，加大中央本级科技投入。 A500ETF（159339）跟踪A股新时代核心宽基A500指数，以500只成份股覆盖A股市场营收的63%和 净利润的70%，代表A股核心资产。所有成份股都处于互联互通范围内，便利外资配置。指数编制方案 重视行业均衡，均衡配置"科技+顺周期"，把握A股盈利主线。 3月24日，A股市场临近收盘大幅反弹，A500指数深V修复至收红。A500指数成份股中，石英股份 涨超10%，江西铜业、胜宏科技、中集集团涨超5%，洛阳钼业、铜陵有色、新易盛、西部超导涨超 4%，其余成份股走势积极。 A500ETF（159339）跟踪中证A500指数，在编制方案上具备四大特点，分别 ...