Core Viewpoint - The recent US-China trade negotiations have led to a significant reduction in tariffs, which is expected to positively impact China's economic growth and reduce the need for aggressive policy easing [2][3][5]. Group 1: Trade Negotiations and Tariff Adjustments - The US has agreed to cancel some retaliatory tariffs on China, reducing the effective tariff rate from over 100% to approximately 39% [2][3]. - China's effective tariff rate on the US will also decrease from 144% to around 30% as part of the agreement [2][3]. - The unexpected extent of tariff reductions suggests a lower drag on China's economic growth than previously anticipated, leading to adjustments in export growth forecasts [3][5]. Group 2: Economic Growth Predictions - China's export growth forecast for 2025 has been revised from -5% to 0%, with net exports now expected to contribute +0.1 percentage points to GDP growth [3][5]. - The GDP growth forecasts for 2025 and 2026 have been increased from 4.0% and 3.5% to 4.6% and 3.8%, respectively, due to the positive impact of tariff reductions [5]. Group 3: Policy Responses and Economic Stability - The Chinese government is focusing on stabilizing employment, businesses, and market confidence while maintaining a conservative approach to fiscal policy [6][8]. - Despite the need for short-term fiscal expansion, there are concerns about long-term fiscal sustainability, leading to a more cautious use of fiscal resources [7][8]. - The government is prioritizing high-tech manufacturing and structural transformation towards quality growth rather than quantity [9][10]. Group 4: Manufacturing Sector and Export Competitiveness - China's manufacturing sector remains a key focus, with significant investments in high-tech industries and a strong global export presence [9][10]. - The country has maintained a competitive edge in various mid-to-high-end product categories, with a notable increase in export shares to emerging markets [9][10]. - The low cost of production factors, including labor and industrial land, continues to support China's export competitiveness [10][11]. Group 5: Long-term Economic Rebalancing - The trade tensions may accelerate China's shift towards an economy driven by domestic demand and consumption rather than external demand [12]. - There is a clear long-term direction towards economic rebalancing, emphasizing household consumption and local market development [12].

腾讯音乐娱乐集团首席执行官梁柱表示："得益于对丰富优质内容和多元化创新产品的坚定投入，我们 欣慰地看到用户的全周期价值在持续提升。同时，付费用户规模和单个付费用户月均收入进一步增长， 其中超级会员订阅表现尤为强劲。展望未来，我们将持续强化核心竞争力，并通过不断探索和创新，进 一步拓展用户音乐消费的深度和广度。" 毛利率从2024年同期的40.9%提升至44.1%，主要得益于音乐订阅收入和广告服务收入的强劲增长，以 及自制内容的逐渐增加。此外，收入分成成本的降幅超过了社交娱乐服务和其他服务收入降幅，也给毛 利率带来了积极影响。 腾讯音乐娱乐集团执行董事长彭迦信表示："我们坚定践行高质量增长，本季度继续取得亮眼的业绩表 现，其中收入增长强劲，盈利保持稳健。依托于我们坚实的业务基础、日益丰富多元的音乐生态以及健 康的财务状况，我们有信心从容应对国际局势的不确定性。一季度的良好开局，使我们更加坚定能够在 2025年及未来继续实现业务的可持续增长。" 智通财经APP讯，腾讯音乐-SW(01698)公布2025年第一季度业绩，总收入为人民币73.6亿元(10.1亿美 元)，同比增长8.7%。公司权益持有人应占净利润为人民 ...