Core Viewpoint - The U.S. stock market has experienced a significant decline, with the Nasdaq dropping over 20% from its yearly high, entering a bear market, largely due to misjudgments by President Trump regarding tariffs and China's response [2][3][4]. Market Performance - The U.S. stock market has seen its highest trading volume in history, indicating a massive sell-off [3]. - All three major U.S. stock indices closed at their lowest prices of the day, suggesting that the downturn is not yet over [3]. Economic Indicators - The market's reaction to Trump's tariff announcements has been negative, with expectations for a quick resolution to trade tensions diminishing [3][4]. - Non-farm payroll data, which was better than expected, failed to provide a market rebound, as it was anticipated that a lower figure would have a more positive impact [4]. Federal Reserve Policy - The future trajectory of global markets will depend on how growth concerns and inflation worries are priced in, with the Federal Reserve's policy framework shifting from "data-dependent" to "risk management" [5]. - If economic conditions worsen before inflation stabilizes, the Fed may quickly lower interest rates, potentially leading to a market rally [5]. Geopolitical Factors - Trump's recent comments about negotiations with countries like Vietnam and Brazil briefly lifted market sentiment, but this was short-lived following remarks from Fed Chair Powell [6]. - The uncertainty surrounding Trump's policies has increased market volatility, with fears stemming from both uncertainty and ignorance [7]. Future Outlook - The market is expected to face continued turbulence, with questions about the potential for a stock market crash, the future of the dollar, and the performance of commodities like gold and oil [8]. - A report suggests that the U.S. has implemented tariffs based on a questionable formula, raising questions about the timing and implications of these measures [9]. - The dollar has weakened significantly following the announcement of "reciprocal tariffs," marking the beginning of a new wave of declines [10]. - China is reportedly reassessing its strategies in response to U.S. tariffs, with four actions anticipated to shape future trade negotiations [10].

在论坛期间， 施南德 还接受了 中央电视台财经频道专访 。谈及当前国际经贸环境，施南德表示 挑战的确与机遇并存 ，特别是在面临挑战时，创新往往迸发活 力，创造新的模式。虽然经济增长的模式和速度各不相同，但 亚洲整体处于全球经济增长的中心 。 色 。 博鳌亚洲论坛2025年年会 上周五在海南博鳌落幕。论坛期间， 高盛亚太区（除日本外）总裁施南德(Kevin Sneader) 参与了由国际货币基金组织原副总裁朱 民所主持的 "不稳定世界中寻找货币与金融稳定" 分论坛，探讨亚洲经济体如何应对发达经济体货币政策的外溢效应、如何有效应对公共债务和私人部门债务 压力以维护金融稳定。 施南德 在分论坛上分享了他 对全球货币及财政政策的看法，分析亚洲及中国在全球经济增长及众多上下行风险因素中扮演的关键角 " 亚洲仍是全球增长的中心 ——看清这一点非常重要。 我们能清晰地看到对中国经济增长前景的乐观情绪显著增强 ，东南亚区域在全球制造业经济中也愈发 成熟。尽管世界经济逆风而行，亚洲依旧是世界经济增长的中心。" 施南德 在接受央视采访时表示。 施南德 在采访中也提及，自去年9月中国政府推出增量经济刺激政策以来，伴随持续的货币和财 ...

Core Viewpoint - China's green industry is leading globally, with recent breakthroughs in AI prompting a reevaluation of its innovation capabilities, while weak demand remains a significant economic challenge [3][5]. Group 1: Economic Growth Dynamics - The contrast between strong supply and weak demand in China's economy highlights the importance of economies of scale, which can drive innovation and efficiency [5][6]. - The transition from scale inefficiency to a new scale economy is characterized by the growth of green and digital economies, which lower unit costs through large-scale production [3][4]. - Challenges to realizing economies of scale include internal factors like the adjustment of the financial cycle and external pressures from geopolitical tensions, particularly with the U.S. [3][4][5]. Group 2: Green Industry Development - China's green industry has achieved significant scale, with solar panel production capacity accounting for approximately 80% of the global market and nearly 60% of the global market for new energy passenger vehicles in 2023 [13][15]. - The success of the green industry is attributed to economies of scale and government policies that correct externalities, facilitating a shift from fossil fuels to competitive manufacturing [15][16]. - The need for public policy intervention arises from the negative externalities associated with fossil fuels and the positive externalities of green energy innovation, necessitating support for research and development [16][17]. Group 3: AI and Digital Economy - The recent emergence of the DeepSeek AI model illustrates the potential for innovation in China's digital economy, emphasizing the interplay between scaling laws and economies of scale [19][20]. - The scaling laws suggest that increasing model parameters and computational resources can enhance AI performance, but the marginal returns diminish, necessitating algorithmic advancements [20][21]. - China's comparative advantage in AI lies in its large talent pool and application scenarios, positioning it well for algorithmic innovation despite U.S. restrictions on computational resources [21][22]. Group 4: Geopolitical Economic Challenges - The G2 model of innovation, where the U.S. focuses on technological innovation and China on industrial innovation, is under threat from geopolitical tensions, impacting both supply and demand dynamics [25][26]. - China's role as the largest manufacturing hub faces challenges from protectionist measures, which could suppress demand for its green industry products [27][28]. - The transition from scale inefficiency to a new scale economy requires a focus on market mechanisms and government interventions to optimize resource allocation [28][29]. Group 5: Policy Recommendations - To address weak demand, macroeconomic policies should shift towards fiscal expansion targeting household sectors, enhancing social security systems to stimulate consumption [33][35]. - The government should prioritize demand-side policies, including reducing taxes and increasing transfer payments to improve disposable income for lower-income groups [35][36]. - Emphasizing investment in human capital and social welfare can enhance long-term economic growth and innovation, aligning with the need for a shift from supply-side to demand-side focus [36][38].

作者 | 深鹏 数据支持 | 勾股大 数 据（www.gogudata.com） 4 月 2 日，即明天，懂王说是美国的解放日。 然而，对于全球投资者来说，有可能是 "受难日"。 因为他的关税政策，已经在全球资本市场掀起了巨浪，逼得全球股市都进入了下跌模式，美股自己还是最惨的 一个，反之，避险之王的黄金价格，则节节攀升。 不管你信不信，反正市场走势已经说明一切。 避险，依然是当下的市场整体风格。 而且，即便已经下跌了不少，然而站在这个时点，市场神经依然高度紧绷。 因为懂王最终的全球关税政策如何，依然迷雾重重，但它也是影响市场涨跌最重要也是最关键的因素，没有之 一。 01 底牌到底如何？ 说实话，这个问题真的无法提前判断。 相信大家对于懂王各种烟雾弹的作风已经很清楚了，今天说东，明天说西，后天再来一个南，最后结果是北。 如果你没有定力，一定会被他绕晕，然后很容易糊里糊涂地做了一些不知所谓的交易，运气好可以获得一些盈 利，但更多的时候，应该是亏损的概率高一点。 就像昨晚，美股大跌，但最后因为特朗普说的 "友好"言论，又硬生生地拉了回来，但盘后、夜盘，又继续开 启下跌模式。 很明显，涨跌全靠特朗普，真不是一句虚话。 ...

Group 1: Market Overview - The US stock market has experienced significant volatility due to multiple factors, particularly the uncertainty surrounding President Trump's upcoming tariff policy announcement [1][4] - On March 31, the three major US indices showed mixed performance, with the Dow Jones increasing by 1% to 42,001.76 points, the S&P 500 rising by 0.55% to 5,611.85 points, while the Nasdaq fell slightly by 0.14% to 17,299.29 points [2] - For March, the Dow Jones dropped by 4.2%, the S&P 500 fell by 5.75%, and the Nasdaq decreased by 8.21%, marking the largest monthly declines since December 2022 for both the S&P 500 and Nasdaq [2][5] Group 2: Newsmax Performance - Newsmax, a conservative news network, saw its stock price surge over 735% on its first day of trading on the NYSE, closing at $83.51 per share from an opening price of $14 [3] - The stock experienced multiple trading halts due to volatility, with 10 halts occurring within the first three hours of trading [3] - Despite the impressive stock performance, Newsmax's fundamentals appear weak, with projected losses exceeding $55 million in the first half of 2024 and total liabilities of $142 million against assets of only $69 million [3] Group 3: Tariff Policy Implications - Trump's tariff policy is anticipated to have profound effects on the global trade environment, particularly for countries and industries reliant on international trade [5] - Goldman Sachs has raised the probability of a US recession within the next 12 months to 35% and lowered the year-end target for the S&P 500 to 5,700 points [5] - The uncertainty surrounding the tariff policy has led investors to flock to defensive sectors, with consumer staples ETF rising by 1.57%, financials ETF by 1.22%, utilities ETF by 1.12%, and energy ETF by 1.1% [5]

Group 1 - The report emphasizes the application of DeepSeek's AI capabilities to reconstruct classic investment strategies in the domestic market, particularly focusing on the bond strategies of Salomon Brothers [1][12]. - DeepSeek successfully adapts Salomon Brothers' bond investment strategies to the domestic bond market by analyzing key factors such as expected yield, convexity, and duration for interest rate bonds, as well as spreads and premiums for credit bonds [1][21]. - The results indicate that DeepSeek's strategies enhance portfolio returns and Sharpe ratios through dynamic adjustments in the weight of interest rate and credit bonds [1][23]. Group 2 - The report highlights the adaptation of Berkshire Hathaway's (BRK) value investment strategy in the A-share market, focusing on long-term compounding, moat identification, and margin of safety [2][35]. - DeepSeek constructs a dual model for stock selection based on business models and financial metrics, outperforming the market by emphasizing brand strength, cost advantages, and moat characteristics [2][38]. - The report also discusses the simulation of ARK's growth investment style, showcasing a focus on disruptive growth sectors and the construction of strategies that leverage momentum and sector performance [2][46]. Group 3 - The report outlines the balance and switching between value and growth styles using DeepSeek, providing specific strategies for each style to adapt to varying market conditions [3][34]. - DeepSeek's "AI+BRK" strategy focuses on commercial value selection, which is beneficial during economic downturns, while the "AI+ARK" strategy emphasizes innovation and quality in growth stocks [3][52]. - The report concludes that the integration of AI with classic investment paradigms can preserve and extend the essence of these strategies across different market environments [3][30].

中国国际金融股份有限公司 关于本次交易符合《关于加强证券公司在投资银行类业务中 聘请第三方等廉洁从业风险防控的意见》的 相关规定之核查意见 中国国际金融股份有限公司（以下简称"中金公司"）接受希荻微电子集团 股份有限公司（以下简称"上市公司"或"公司"）委托，作为其本次发行股份 及支付现金购买资产并募集配套资金（以下简称"本次交易"）的独立财务顾 问。独立财务顾问按照《关于加强证券公司在投资银行类业务中聘请第三方等 廉洁从业风险防控的意见》（证监会公告201822 号）（以下简称"《廉洁从业 意见》"）的规定，就本次交易中聘请第三方情况进行了核查并出具本核查意 见。 一、上市公司聘请第三方情况 上述中介机构均为本次交易依法必备的证券服务机构。除前述证券服务机 构外，公司直接或间接聘请境外律师事务所方氏律师事务所、Hanson Bridgett LLP、28 Falcon Law Corporation、长江律师事务所、LAW FIRM JANKANG、 Concord&Sage 出具了境外法律意见书；此外，公司聘请北京大象无形咨询顾问 有限公司提供募投项目可行性研究服务；并聘请北京荣大科技股份有限公司提 供底 ...

Group 1 - The 2025 Zhongguancun Forum focuses on "New Quality Productivity and Global Technology Cooperation," emphasizing the role of green finance in international development [1] - CICC (China International Capital Corporation) has supported over 390 billion yuan in green-related transactions in 2024, including the establishment of the first "Sustainable Development + Transformation + Two New" themed bond basket in the interbank market [1] - CICC has collaborated with Shanghai Environment Energy Exchange to launch a "Low Carbon Transition + ESG" investment evaluation system, providing technical support for the G20 Sustainable Finance Working Group for two consecutive years [1] Group 2 - Key experts, including CICC's Chief Economist Peng Wensheng, discussed the core issues of dual carbon strategy and green finance, highlighting the importance of comprehensive policy innovation and external cooperation for China's green industry [2] - Peng Wensheng identified three factors contributing to the success of China's green industry: economies of scale in manufacturing, market competition driving efficiency, and effective public policy intervention [2] - The roundtable discussion led by CICC's Managing Director Cheng Daming focused on the application of green finance and ESG principles in the real economy, exploring how ecological protection and innovation investment can promote sustainable development [3] Group 3 - CICC aims to build a multi-layered and comprehensive international cooperation system for green finance, facilitating the "going out" of green capital and supporting domestic financing for advanced green technologies [3] - The company plans to attract international green capital by issuing green bonds in international capital markets, aiding domestic green technology development [3] - CICC is committed to actively engaging in bilateral and multilateral cooperation in third-party markets to provide financial support for global green technology collaboration [3]

Group 1 - Trump has expressed the possibility of seeking a third presidential term, stating that it is too early to consider it seriously, and mentioned that "there are ways to do it" [1] - The 22nd Amendment of the U.S. Constitution limits presidents to two four-year terms, making it extremely difficult to overturn this amendment, requiring a two-thirds majority in both houses of Congress and approval from three-fourths of state legislatures [1] - Trump, at the age of 78, became the oldest president to assume office, surpassing Biden's record [1] Group 2 - Trump has run for president three times, first winning the election in 2016 and later losing in 2020, before announcing his candidacy again in 2022 [2] - Trump's political career began in 2015 when he announced his candidacy as a Republican, and he was officially nominated as the Republican candidate for the 2024 election in July 2024 [2] Group 3 - Concerns over a potential "Trump recession" have significantly impacted the U.S. stock market, with the market capitalization of the "Tech Seven" dropping by $2.7 trillion in three weeks [3] - Analysts warn that Trump's escalating tariff policies could lead to a recession or stagflation, drawing parallels to the policies of President Hoover during the Great Depression [3] - Goldman Sachs reported that the price-to-earnings ratio of the S&P 500 has increased by 25% over the past two years, indicating a potentially risky valuation for investors, with the current P/E ratio around 28 times [3] Group 4 - The cyclically adjusted P/E ratio of the S&P 500 is approximately 35 times, and historically, when this ratio exceeds 30, major U.S. stock indices have experienced declines ranging from 20% to 89% [4]

党的二十届三中全会强调要坚持和落实"两个毫不动摇"，鼓励、支持、引导非公有制经济发展，促进各 种所有制经济优势互补、共同发展。2025年2月召开的民营企业座谈会强调，民营经济发展前景广阔、 大有可为，要扎扎实实落实促进民营经济发展的政策措施，继续下大气力解决民营企业融资难融资贵问 题，促进民营经济健康发展、高质量发展。 新华财经北京3月28日电（记者闫鹏）近日，中金公司管理委员会成员王曙光接受记者采访时表示，中 金公司将继续秉持"植根中国、融通世界"的理念，充分发挥专业能力和国际化优势，积极服务国家发展 战略，持续助力科技创新，为民营经济和资本市场高质量发展贡献更多力量。 王曙光表示，民营经济是推进中国式现代化的生力军，是高质量发展的重要基础。民营经济作为社会主 义市场经济的重要组成部分，不仅在稳定增长、促进就业、改善民生等方面发挥了关键作用，而且在创 新驱动发展战略中占据着越来越重要的位置。 根据统计，民营经济贡献了50%以上的税收，60%以上的国内生产总值，70%以上的技术创新成果， 80%以上的城镇劳动就业，90%以上的企业数量；在国家高新技术企业中，民营企业已达42万多家，占 比超92%。"因此，支持 ...