Group 1: Market Overview - The central bank conducted a 7-day reverse repurchase operation of 229.9 billion yuan at a fixed rate of 1.50%, with a net withdrawal of 225.5 billion yuan on that day [1][3] - Despite the central bank's continuous net withdrawal, the interbank market remained loose at the beginning of the month, with the overnight repo weighted average rate falling about 9 basis points to below 1.8% [3] - The latest overnight financing rate in the US is 4.41% [4] Group 2: Interest Rates and Bonds - The one-year interbank certificates of deposit (CDs) traded around 1.86%, down from approximately 1.90% the previous day [6] - Major interest rate bonds in the interbank market saw collective yield declines, with the 1-year government bond yield at 1.5875%, down 0.25 basis points, and the 10-year yield at 1.9940%, down 3.60 basis points [8] - Government bond futures closed collectively higher, with the 30-year main contract up 0.86% [11] Group 3: Policy and Development - The State Council issued opinions on improving price governance mechanisms, emphasizing the need for macroeconomic policy coordination to enhance price level control effectiveness [12] - A meeting was held in Chongqing to discuss the high-quality development of the bond market, aiming to support local enterprises in issuing various innovative bonds [13] Group 4: Global Macro Trends - Goldman Sachs revised its forecast for the 10-year Japanese government bond yield at the end of 2025 from 1.60% to 1.50%, reflecting increased risks of a US economic recession [15] Group 5: Bond Market Events - Fuzhou City is promoting policy guarantee companies to provide credit enhancement for private enterprises issuing bonds [17] - The Xinjiang Production and Construction Corps plans to issue 12.80922 billion yuan in local bonds in the second quarter [17] - The 10-year benchmark government bond yield in India has fallen to its lowest level since January 7, 2022 [17]

Core Viewpoint - The article discusses the impact of the U.S. debt ceiling on Treasury supply and liquidity, predicting a potential increase in 10-year Treasury yields to 4.8% after the debt ceiling issue is resolved, driven by supply-demand imbalances and resilient inflation [1][2]. Group 1: Economic and Policy Analysis - Since mid-January, the debt ceiling has limited Treasury supply, leading to a liquidity turning point and a decrease in the 10-year yield from 4.8% to around 4.2% [1]. - The uncertainty surrounding Trump's policies has negatively impacted market confidence, but recent data suggests economic resilience, with stable housing demand and a rebound in job creation [4][14]. - The article anticipates that the pessimistic sentiment regarding the economy may bottom out in the second quarter, aided by the potential implementation of tax cuts and deregulation policies [4][5]. Group 2: Fiscal Outlook - The fiscal deficit has not shown signs of reduction, with the cumulative deficit for the first five months of the fiscal year reaching $1.15 trillion, compared to $828.1 billion in the same period last year [18][20]. - The proposed "One Big Beautiful Bill" could further increase the deficit, with a projected net increase of approximately $2.8 trillion in the basic deficit by 2034 [24][25]. Group 3: Monetary Policy and Liquidity Risks - The article highlights that the debt ceiling has led to a tightening of liquidity, with the Federal Reserve preparing for potential liquidity risks as the debt ceiling is expected to be resolved by June [27][28]. - The Fed has already begun to slow down its balance sheet reduction, decreasing the monthly reduction from $250 billion to $50 billion [28]. Group 4: Supply and Demand Analysis - The supply of Treasuries is expected to increase post-debt ceiling resolution, with projected net financing of approximately $1.4 trillion in the third quarter [27][33]. - Demand for Treasuries remains weak, with significant reliance on money market funds, while foreign demand has decreased, particularly from key countries like Japan and the UK [36][39]. Group 5: Interest Rate Projections - The article predicts that long-term interest rates will continue to rise, potentially exceeding 4.8% after the debt ceiling is resolved, due to increased supply and persistent demand shortages [45][46]. - The anticipated economic recovery and potential tax cuts may support higher nominal growth rates, which could lead to an increase in interest rates [47][58].

Core Points - Siddhi Acquisition Corp. has priced its upsized initial public offering (IPO) of 24,000,000 units at $10.00 per unit, with trading on Nasdaq starting April 1, 2025 [1] - Each unit consists of one Class A ordinary share and one right to receive one-tenth of a Class A ordinary share upon a business combination [1] - The offering includes a 45-day option for the underwriter to purchase an additional 3,600,000 units to cover over-allotments [2] - The IPO is expected to close on April 2, 2025, subject to customary closing conditions [3] Company Overview - Siddhi Acquisition Corp. is a blank check company formed to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination [4] - The company aims to identify high-growth businesses positioned to leverage major secular trends and is well-suited for public markets [4]

Cannot view this video? Visit: https://www.youtube.com/watch?v=QNNFXMGKGKo To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246719 Jefferies is a leading global, full-service investment banking and capital markets firm that provides advisory, sales and trading, research, and wealth and asset management services. With more than 47 offices around the world, we offer insights and expertise to investors, companies, and governments. Founded in 1962, Jefferies st ...

Core Viewpoint - The global economic recovery has been weak, and financial institutions, including Huaxing Capital, are facing significant challenges. Despite performance losses and a shrinking scale, there are signs of marginal improvement in revenue growth and reduced losses in the latest financial report. The new management team is expected to bring changes to the business direction and operational model, which may be more significant than short-term performance data [1]. Group 1: Business Performance - Huaxing Capital's business is divided into investment banking, asset management, and Huaxing Securities. The investment banking sector, a core engine, has faced challenges, with 2024 Hong Kong IPOs totaling 70, raising HKD 87.6 billion, an 88% increase year-on-year, but still far from the highs of 2020 and 2021 [2]. - In the U.S. market, Chinese company IPOs in 2024 reached 62, raising USD 3 billion, both figures doubling year-on-year but still significantly lower than the peaks of 2020 and 2021 [4]. - Huaxing Capital's investment banking revenue was RMB 220 million in 2024, a 16.8% increase year-on-year, achieved by focusing on high-value sectors like AGI and advanced manufacturing [5]. - The total AUM for Huaxing Capital was RMB 32 billion, a 12.9% decrease year-on-year, reflecting pressure on the asset management business due to a narrowed exit path [5]. Group 2: Asset Management Insights - The investment management segment generated RMB 316 million in revenue, a 17.2% increase, contributing 38% to the group's total revenue [6]. - Huaxing Capital's fund exit amount reached RMB 3.2 billion in 2024, with five of the ten main funds achieving a DPI over 100%, indicating strong returns for LPs [7][8]. - The company is increasing its focus on sectors like technology, renewable energy, and healthcare to align with economic transformation trends [7]. Group 3: Huaxing Securities Performance - Huaxing Securities faced challenges in the A-share market, with IPO financing dropping to RMB 67.35 billion, an almost 80% decrease year-on-year, marking the first time below RMB 100 billion since 2015 [9]. - Despite the downturn, Huaxing Securities achieved significant growth in its wealth management business, with user registrations and new clients increasing by 95% and 208%, respectively [9]. Group 4: Future Development and Policy Environment - Huaxing Capital's future development will be influenced by policy guidance, industry cycles, and organizational changes [10]. - The China Securities Regulatory Commission's new policies encourage mergers and acquisitions, particularly in semiconductor and renewable energy sectors, aligning with Huaxing Capital's focus [12]. - Hong Kong's regulatory changes are enhancing its position as a preferred listing location for innovative tech companies, which complements Huaxing Capital's recent initiatives in digital asset services [13][14]. - The new management has shifted the focus towards "technology + industry," aiming to deepen investments in AGI and explore Web3.0 and cryptocurrency sectors [14][15]. Group 5: Resilience and Strategic Positioning - Huaxing Capital demonstrates resilience by actively restructuring rather than passively contracting during market downturns, focusing on the rise of Chinese technology [16]. - The company has sufficient cash reserves and has cleared its debts, providing a safety net to navigate industry fluctuations and seize opportunities during recovery [17].

由于对关税、贸易和地缘政治不确定性的担忧加剧，避险需求仍在继续，推动黄金价格持续创新高。上 周五，现货黄金涨0.88%，报3084.25美元/盎司；COMEX黄金期货6月合约涨0.59%，报3116.6美元，周 累涨2.26%；均继续创历史新高。 今日（2025年3月31日），现货黄金高开，盘中继续走高，将历史新高刷新至3109美元/盎司。黄金ETF 基金（159937）今日高开高走，盘中涨超1%，价格最高报7.030元，再创历史新高，成交额已超2亿 元，盘中交易溢价。该ETF年内涨幅超17%，资金净流入额超18亿元，最新规模超194亿元。 消息面上，特朗普关税政策进一步加码。3月26日，特朗普签署行政令对汽车和关键零部件进口额外征 收25%关税，自加墨进口的汽车仅对非美国成分加征，自加墨进口的关键零部件暂缓征收。欧盟和加拿 大均暗示将报复汽车关税。 此外，特朗普周日（3月31日）在空军一号上作出震撼性表态，宣布即将于4月2日"解放日"公布的对等 关税政策将覆盖所有贸易伙伴国，彻底打破此前仅针对10-15个贸易逆差大国的预期。这一政策转向标 志着美国贸易保护主义进入全新阶段，可能引发全球贸易体系的地震式重构。 ...

Summary of Key Points from the Conference Call Industry Overview - The report discusses the current state of the global economy, focusing on macroeconomic indicators and market performance across various asset classes, particularly equities, bonds, and commodities [2][3][4]. Core Insights and Arguments 1. **Economic Indicators**: - The Euro area-wide flash composite PMI is reported at 50.4, indicating mixed data across countries and sectors [2][3]. - US growth forecasts have been revised down to 1.7% for Q4/Q4 due to tariff-induced uncertainty affecting sentiment and growth [3][4]. 2. **Market Performance**: - US equities showed signs of relief, supported by expectations of limited tariff announcements [2]. - Asian equities and commodities performed well, while the US Dollar rebounded after a recent correction [2]. 3. **Central Bank Policies**: - Central banks, including the Fed, BoJ, and BoE, have slowed their pace of easing, maintaining steady rates, except for the Swiss National Bank, which cut rates by 25 basis points [2][3]. 4. **Investment Recommendations**: - A balanced portfolio is recommended, with overweight positions in equities and bonds, neutral in commodities and cash, and underweight in credit [5]. - Selective cross-asset option overlays are suggested, such as put spreads on oil as a hedge against lower global growth [5]. 5. **Volatility and Risk Management**: - Implied volatility has increased, particularly for equities, prompting a focus on diversification across and within asset classes [5]. - Strategies like selling risk-reversals on EUR/CHF are highlighted to hedge against European growth downside risks [5]. 6. **Safe Haven Assets**: - Diversifying safe havens beyond the US Dollar is advised, with JPY/AUD showing greater sensitivity to global growth expectations compared to Dollar crosses [5]. Additional Important Content - The report emphasizes the negative correlation between G4 yields and economic surprises across regions, with the exception of Germany, where expectations of increased fiscal spending have driven yields upward [4][16]. - The performance of credit indices has outperformed equities during sell-offs due to their lower beta to risk-off episodes [4]. - The report includes various exhibits that illustrate the performance of different asset classes, risk appetite indicators, and valuation metrics [8][24][29][64]. This summary encapsulates the key points from the conference call, providing insights into the current economic landscape, market performance, and investment strategies recommended by Goldman Sachs.

Core Insights - In 2024, the company achieved operating revenue of 21.333 billion yuan and a net profit attributable to shareholders of 5.694 billion yuan, with a significant increase in Q4 revenue and profit year-on-year [1] Business Performance - Investment banking revenue for the year was 2.583 billion yuan, with the company ranking first in the market for serving Chinese enterprises in global IPOs, completing 28 deals with a total financing amount of 4.424 billion USD [2][4] - The company served 6 A-share IPOs as the lead underwriter, raising 3.590 billion yuan, and completed 19 Hong Kong IPOs with a total underwriting amount of 3.835 billion USD [3][4] - Debt financing saw the company rank fourth in domestic bond underwriting with a scale of 711.224 billion yuan, while it led in overseas bond underwriting among Chinese brokers with 5.266 billion USD [4] Wealth Management - Wealth management revenue reached 6.982 billion yuan, reflecting a year-on-year increase of 1.55%, with total client numbers growing by approximately 1.7 million to nearly 8.5 million [5][6] - The total assets under management in wealth management reached approximately 3.18 trillion yuan, with a product scale of nearly 370 billion yuan [6] Asset Management - The asset management segment generated revenue of 1.096 billion yuan, a 15.01% increase year-on-year, driven by improved net income from non-listed equity and fund investments [6] - The public fund management scale grew to 207.33 billion yuan, a 63% increase, while private equity assets under management reached 457.6 billion yuan, ranking first among brokerage private equity subsidiaries [6] Fixed Income Business - The fixed income business saw significant growth, achieving revenue of 3.706 billion yuan, an increase of 47.13% year-on-year, attributed to product innovation and enhanced customer service [7]

Summary of Key Points from the Conference Call Industry and Company Overview - The focus is on the **Chinese equity market**, specifically indices such as **Hang Seng**, **HSCEI**, **MSCI China**, and **CSI 300** [2][45]. Core Insights and Arguments 1. **Index Target Increases**: The year-end index targets for Hang Seng, HSCEI, MSCI China, and CSI 300 have been raised to **25,800**, **9,500**, **83**, and **4,220**, respectively, indicating an upside of **9%** for Hang Seng, HSCEI, and MSCI China, and **8%** for CSI 300 from current levels [2][45]. 2. **Earnings Growth Forecasts**: Earnings growth forecasts for MSCI China have been adjusted to **7%** for 2025 and **9%** for 2026, driven by improved earnings estimates and macroeconomic outlook [2][49]. 3. **Earnings Beat**: MSCI China is experiencing its first earnings beat after **13 consecutive quarterly misses**, with a **net 8%** earnings beat reported for 4Q24, marking a significant recovery [3][9]. 4. **Valuation Re-rating**: MSCI China's valuation is expected to align with MSCI EM, with a **12-month forward P/E** forecast raised to **12.5x**, closing the previous discount of **6%** [4][51]. 5. **Geopolitical Risk**: The geopolitical landscape has improved, reducing the equity risk premium for China, which is expected to enhance its investability [33][51]. Additional Important Insights 1. **US Tariff Exposure**: MSCI China has only **3%** revenue exposure to the US, the lowest among major EM trading partners, making it relatively insulated from potential US tariff hikes [7][38]. 2. **Southbound Flow**: There has been a significant increase in southbound capital flows into Hong Kong, with a record net inflow of over **US$100 billion** in the previous year and **US$50 billion** year-to-date [52][55]. 3. **Sector Performance**: Technology and AI-related sectors are showing stronger momentum, with recommendations to be overweight in these areas while waiting for broader market improvements [8][49]. 4. **Market Concerns**: Key concerns include potential escalations in US-China tensions, macroeconomic slowdowns, and deflationary pressures, which could impact market performance [8][62][63]. Conclusion The Chinese equity market is showing signs of recovery with improved earnings forecasts and valuation adjustments. However, geopolitical risks and macroeconomic factors remain critical considerations for investors. The overall sentiment is cautiously optimistic, with recommendations to focus on high-quality stocks and sectors poised for growth.

Industry Insights - The international gold market has shown significant strength, with COMEX gold futures prices surpassing $3,040 per ounce and London spot gold prices reaching $3,030 per ounce, both setting new historical records [1] - Global central banks have purchased over 1,000 tons of gold for three consecutive years, indicating a strong demand for gold as a safe-haven asset [1] - Analysts from Macquarie Group predict an average gold price of $3,150 per ounce in Q3 2025, with Goldman Sachs forecasting a year-end price of $3,100 [2] Company Performance - Blue Hat's 1-ton gold holdings could appreciate to approximately $103 million if gold prices exceed $3,200 per ounce, representing a gain of over $40 million from the initial investment [3] - The CEO of Blue Hat emphasized that gold has proven to be a strong value-preserving asset amid global economic uncertainties, contributing to the company's financial stability and future business expansion [3] - Blue Hat is transitioning from a provider of communication services and AR interactive entertainment to becoming a leading intelligent commodity trader, leveraging its technological expertise [4]