Group 1 - The 2025 Tsinghua Wudaokou Global Financial Forum opened in Shenzhen, focusing on the theme of building an open and inclusive economic and financial system [1] - Experts discussed the challenges and opportunities in international trade and investment amid global changes, emphasizing the need for resilient multilateral cooperation frameworks [1] - Hu Xiaolan highlighted three "rebalancing" aspects in international trade and investment, including cost-effectiveness, global trade adjustments, and currency diversification [1][3] Group 2 - Li Nan pointed out that while global GDP and trade have shown growth, foreign direct investment (FDI) remains stagnant, indicating a low-growth, high-debt global environment [3][5] - Investment protection policies in developed countries have surged by 140% since 2020, reflecting a shift towards national security considerations in trade and investment [5] - The digital economy is projected to grow at an annual rate of 10% to 12%, contrasting with the decline in other investment areas [5] Group 3 - Marshall Mills emphasized the need to eliminate trade barriers and protectionism to unlock potential growth in productivity and the private sector [7] - He suggested that China should increase fiscal spending to boost domestic demand and enhance social security to achieve economic rebalancing [7] - Cui Li stressed the importance of product strength and long-term competitive advantages in navigating the current challenging environment [9] Group 4 - Cui Li also discussed the significance of compliance, resilience, and resource connectivity in adapting to uncertainty [9] - The discussion included insights on how developing countries can achieve sustainable growth amid limited resources and the importance of Chinese investments abroad [9][10]

Group 1 - The Zhengdong New District is organizing a job fair on May 17 to assist local companies in recruitment and promote employment in the region, featuring over 50 participating employers from various industries [1][2] - The job fair will offer more than 5,200 job positions across sectors such as IT, smart manufacturing, commercial services, agriculture, production manufacturing, biomedicine, cultural media, machinery, food, real estate, and education [1] - Employers will conduct on-site interviews and may issue job offers immediately, enhancing the efficiency of the recruitment process [1][2] Group 2 - A separate job fair targeting youth will also be held on the same day, providing over 11,700 job positions, primarily aimed at young talents, high-level professionals, recent graduates, and veterans [2] - The participating companies in the youth job fair span multiple industries, including computer science, environmental technology, education, mechanical manufacturing, digital intelligence, tourism, media, finance, law, hospitality, automotive, logistics, healthcare, agriculture, beauty, software, foreign trade, and food [2] - The job positions available will cover a wide range of professional categories, focusing on roles such as new media operations, project managers, operational directors, management trainees, e-commerce, technical positions, administrative roles, design, accounting, engineering, and internships [2][3]

新华财经上海5月7日电（记者郭慕清）清科创业旗下清科研究中心发布的最新报告显示，2025 年第一 季度，我国并购市场交易规模同比上涨 23.4%，在政策支持与市场活力的双重驱动下，呈现出一片繁荣 景象，为经济发展注入新动力。 记者梳理发现，2024 年以来，多项鼓励企业并购重组的政策相继出台。2025 年初，国家金融监管总局 再次发力，放宽科技企业并购贷款限制，为并购市场注入一剂"强心针"。3 月发布的科技企业并购贷款 试点政策，更是将并购贷款金额占比放宽至 80%，期限延长至 10 年，北京、上海等 18 个科技资源富 集城市纳入试点范围。在政策的积极引导下，市场各方并购意愿被充分激发。尽管并购交易数量尚未显 著增加，但在多起大额案例的有力带动下，并购市场交易规模已连续三个季度稳步上涨。 具体来看，境内并购呈现大额案例频现、整合重组加速的特点。数据显示，2025 年第一季度，境内并 购交易共完成 488 起，虽数量同比下滑 20.9%，但交易金额却高达 2248.89 亿元人民币，同比大幅上升 50.3%。产业内整合重组与产业链上下游资源整合成为突出特点，金融、汽车、机械制造、互联网等多 个领域均出现大规模 ...

Core Viewpoint - The Chinese private equity market is showing signs of recovery in Q1 2025, with a narrowing decline in the number and scale of newly raised funds, indicating a stabilization trend driven by strong policy support [1][5]. Fundraising Activities - In Q1 2025, the number and scale of newly raised funds in China's private equity market saw a year-on-year decline of approximately 3%, with 992 funds raising a total of 347.08 billion RMB, a significant narrowing compared to the full year 2024's declines of 43.0% and 20.8% [2]. - The proportion of RMB funds increased, with 988 RMB funds raising 342.62 billion RMB, a year-on-year increase of 1.7%, accounting for 99.6% of the total number of funds [2]. - Foreign currency funds continued to struggle, with only 4 foreign currency funds raising approximately 4.47 billion RMB, a year-on-year decline of 77.9% [2]. Fund Type Distribution - In Q1 2025, the number of newly raised venture capital funds was the highest, totaling 657, a slight year-on-year decrease of 3.1%, while the fundraising scale increased by 2.6% to 111.72 billion RMB [3]. - Growth funds ranked second in number with 278 funds, but led in fundraising scale at 188.47 billion RMB, a year-on-year increase of 42.4% [3]. - M&A funds also saw significant growth in both number and scale due to policy guidance [3]. Investment Activities - The investment activity in China's private equity market rebounded in Q1 2025, with 2,329 investment cases completed, a year-on-year increase of 12.2%, although the disclosed investment amount was approximately 139.82 billion RMB, down 27.9% [4]. - Excluding extreme cases, the estimated total investment scale for the 2,329 cases could reach 180 billion RMB, with a reduced year-on-year decline of around 8% [4]. - The hard technology sector remained a focus, with the semiconductor and electronic equipment sector leading in both the number of investment cases and amounts, totaling 514 cases and 43.48 billion RMB, a year-on-year increase of 37.0% [4]. Regional Distribution - The leading regions for newly raised funds were Zhejiang, Jiangsu, and Shandong, with Zhejiang at the forefront with 204 funds [3]. - In terms of fundraising scale, Beijing led with 62.30 billion RMB, a year-on-year increase of 6.2% [3]. - Investment case concentration was high in Jiangsu, Shanghai, Zhejiang, Shenzhen, and Beijing, with Jiangsu having the highest number of cases [4]. Policy Support - The government introduced several key policies to support the high-quality development of the private equity market, including guidelines to improve the management mechanisms of different types of funds and to encourage long-term capital investment [5]. - Industry experts noted that the fundraising side showed strong resilience, and the investment pace is gradually recovering, suggesting that diversified capital will enter the market in an orderly manner [5].

Core Insights - Gartner reported revenue of $1.53 billion for the quarter ended March 2025, reflecting a 4.2% increase year-over-year, with EPS at $2.98 compared to $2.93 in the same quarter last year [1] - The reported revenue met the Zacks Consensus Estimate, while the EPS exceeded the consensus estimate by 9.56% [1] Financial Performance Metrics - Revenue from Research was $1.32 billion, slightly below the estimated $1.33 billion [4] - Revenue from Conferences was $73 million, significantly lower than the estimated $92.79 million [4] - Revenue from Consulting was $140 million, surpassing the estimated $113.05 million [4] Stock Performance - Gartner's shares have returned +11.6% over the past month, slightly outperforming the Zacks S&P 500 composite's +11.5% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Insights - The job market is increasingly challenging, but there are promising IT career paths for individuals with no prior experience [1] Group 1: IT Career Opportunities - Python is highlighted as an accessible programming language, with many companies hiring Python developers, especially for data analysis roles, offering an average salary increase of 2K for those who know Python [3] - Front-end development is in high demand, with frameworks like Vue and React being popular among developers, leading to a competitive job market where many graduates quickly secure positions [3] - Data analysis skills using tools like Pandas and Tableau are becoming essential across various industries, including retail, with a notable gender representation in the field [3] - Cybersecurity roles are increasingly valuable, with professionals in penetration testing and vulnerability assessment commanding salaries upwards of 30K after three years of experience [3] - UI design is another entry point into the IT industry, with tools like Figma and Sketch being user-friendly for those with a good aesthetic sense [3] Group 2: Training and Education - The importance of selecting the right training institution is emphasized, with recommendations for programs that provide hands-on project experience and accessible instructor support [4] - Completing practical projects is crucial for job applications, as employers prefer to see a portfolio of work rather than theoretical knowledge [4] - English proficiency is not a barrier for entering programming, as the required vocabulary is basic and many development environments offer auto-completion features [4] Group 3: Market Trends - The current job market for IT roles is more equitable compared to other industries, as success is primarily determined by skills rather than connections [5] - The demand for IT skills continues to grow, making it a viable option for career transition despite increased competition compared to previous years [5]

Core Insights - INVL Technology's equity and net asset value as of March 31, 2025, were EUR 51.36 million and EUR 4.2767 per share, reflecting a decrease of 0.1% and 0.3% respectively from the start of the year [1][3] - The company reported a net loss of EUR 0.079 million for the first quarter of 2025, compared to a net profit of EUR 0.279 million in the same period of 2024 [2][3] Financial Performance - The company's investments in managed companies reached EUR 54.16 million at the end of March 2025, up from EUR 45.35 million at the end of March 2024 [1] - INVL Technology's portfolio companies generated aggregated revenues of EUR 12.9 million in January-March 2025, an 8.1% decline year-on-year, while gross profit increased by 0.6% to EUR 4.3 million [5] - The aggregated EBITDA for the portfolio companies decreased by 26.4% to EUR 0.8 million [5] Individual Company Performance - NRD Cyber Security's consolidated revenue increased by 28.2% year-on-year to EUR 1.97 million, with gross profit growing by 25.2% to EUR 1.09 million and EBITDA rising by 26.3% to EUR 0.33 million [6] - NRD Companies reported consolidated revenue of EUR 2.73 million, a 5.7% increase from the previous year, but its gross profit decreased by 0.5% to EUR 1.24 million, with EBITDA falling by 36.1% to EUR 0.18 million [7] - Novian's consolidated revenue was EUR 5.99 million, down 27.0% year-on-year, with gross profit decreasing by 17.5% to EUR 1.43 million and EBITDA dropping by 51.0% to EUR 0.26 million [8] Strategic Outlook - The Managing Partner of INVL Technology, Kazimieras Tonkūnas, expressed optimism for growth in 2025 despite negative impacts from currency exchange rate fluctuations, citing contracts signed by the businesses [4] - INVL Technology is a closed-end investment company managed by INVL Asset Management, with a mandate to exit investments by mid-July 2026 and distribute proceeds to shareholders [10]

Investment Rating - The report maintains an Overweight rating on Technology and upgrades Autos to Overweight within Cyclical Value, while Underweighting Construction, Energy, Telecoms, and Utilities [2][7][24]. Core Insights - European equities have stabilized amid moderating trade rhetoric from the Trump Administration, but EPS downgrades are accelerating, with the Earnings Revision Index (ERI) at "recessionary" levels around -60% [2][4][3]. - Historically, such negative ERI readings have been contrarian buy signals, with European equities averaging 25% returns over the following 12 months [4][8]. - The ongoing Q1 reporting season shows 61% of Stoxx 600 companies exceeding EPS expectations, indicating low expectations overall [5][6]. Summary by Sections Earnings - The ERI for Europe is at -61%, the lowest since COVID, indicating widespread downgrades across sectors, with expectations of further downgrades averaging around 20% [15][16]. - Analysts expect a 6 percentage point drag on MSCI ACWI EPS growth due to proposed tariffs, aligning with a global EPS growth forecast of +4% for 2025 [6][27]. Market Views & Sector Strategy - The report suggests that trading conditions may remain volatile due to macro and policy uncertainties, but there is potential for a 5-10% upside for European equities by year-end [7][24]. - The report recommends a balanced approach with Overweights in Tech and Autos, while maintaining Overweights in traditional Defensives like Health Care and Personal Care [2][7]. Valuation - The Pan-European Stoxx 600 index trades at a 12-month forward PE of 13-14x, in line with its long-run median, while traditional Cyclicals are trading at the lowest valuations [85][86]. - The report notes that the current 27% discount of Europe to the US remains significant despite narrowing [85][86].

IDC总裁德尔普雷特在接受日本经济新闻（中文版：日经中文网）的独家采访时透露，2025年全 球IT支出增长率将从同比增长10％降至同比增长5％。2025年半导体市场的增长率也可能从原本 预计的11％降至9％左右…… IDC总裁克劳福德・德尔普雷特（Crawford Del Prete）在接受日本经济新闻（中文版：日经中文 网）的独家采访时透露了上述内容。此前，IDC预计2025年的IT支出规模为4.1万亿美元，同比增 长10％。德尔普雷特表示，由于美国启动关税政策，"被认为会出现增长率降至5％的情况"。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 IT支出不仅包括智能手机和服务器等硬件，还涵盖云服务等软件产品。预计硬件和软件都将因特 朗普关税而导致成本增加，并转嫁到价格上。德尔普雷特预测称："价格上涨会让消费者难以购买 产品和服务，自2025年下半年起，IT支出将减速"。 除了IT支出外，IDC还汇总了半导体市场动向。包括特朗普政府正在考虑引进的半导体关税政 策，IDC还在研究2025年半导体市场的增长率从原本预计的11％降至9％左右的可能性。 半导体的设计、生产、制造设备、零部 ...

智通财经4月27日电，据日经中文，美国特朗普政府的关税政策正在成为高科技产业的逆风，如果将税 率上升部分转嫁到价格上，那么智能手机、个人电脑、服务器等多种产品的需求将下降。调查公司IDC 预计，2025年全球IT支出增长率将从同比增长10％降至同比增长5％。此前，IDC预计2025年的IT支出 规模为4.1万亿美元，同比增长10％。 受特朗普关税影响 IDC预计2025年全球IT支出增长率将从10％降至5％ ...