Economic Overview - The US economy experienced a contraction in Q1 with GDP shrinking by 0.3%, marking the first decline in three years [3] - The core PCE price index rose to 3.5% due to surging imports and tariff expectations, with experts predicting a potential recession by summer [3] - Market expectations for Federal Reserve interest rate cuts are volatile, with Goldman Sachs forecasting 25 basis point cuts in June, July, and September [3] Technology Sector - Microsoft achieved a significant market valuation increase of $1.6 trillion, reaching $3.2 trillion, surpassing Apple, driven by Azure cloud services and AI [3] - Microsoft is in talks with Elon Musk's Grok AI for collaboration, indicating intensified competition in the AI sector [3] Precious Metals - International gold prices dropped by 1.8%, with domestic gold jewelry prices falling below 1000 yuan per gram [4] - Global gold investment demand surged by 170% in Q1, with Chinese gold ETF inflows hitting a record high, indicating gold's enduring status as a safe-haven asset [4] - Gold mining companies are seeing explosive earnings, while downstream jewelry firms may face pressure, highlighting a divergence in the sector [4] Cryptocurrency Market - Bitcoin prices are nearing the $100,000 mark, driven by momentum trading in the spot market, with over $3.2 billion inflows into Bitcoin ETFs last week [4] - Despite short-term optimism, there remains low demand in derivatives, suggesting market divergence on long-term trends [4] A-Share Market - A-share cash dividend distribution is projected to exceed 2.3 trillion yuan in 2024, with Industrial and Commercial Bank of China distributing 109.7 billion yuan [5] - The stock "Good Idea" boasts a dividend yield of 16.91%, making it more attractive than bank savings [5] - Long-term holding strategies can yield both capital gains and tax savings, emphasizing a smart investment approach [5]

Group 1: Market Overview - The Hong Kong stock market is expected to experience low trading activity ahead of the Qingming Festival, with investors adopting a wait-and-see approach following the announcement of reciprocal tariff measures by the U.S. President [2][3] - The Hang Seng Index opened lower and fluctuated throughout the day, ultimately closing at 23,202, a slight decrease of 4 points, with total market turnover reaching 216.598 billion [3] Group 2: Macro & Industry Dynamics - Hong Kong is reportedly considering establishing an over-the-counter trading market for delisted stocks, providing investors with an opportunity to recover losses from nearly worthless securities [6] - Deloitte forecasts that Hong Kong's IPO market will remain strong, with expectations of 80 new listings and a fundraising scale of 130 to 150 billion, following a significant increase in new listings and capital raised in the first quarter [7] Group 3: Company News - Dongfeng and Changan Automobile are in the final stages of merger negotiations, which would create the largest automotive company in mainland China, focusing on electric vehicle development [9] - BYD has announced a price reduction for its electric vehicles in Japan, marking its first price cut in the country, aimed at boosting sales amid stagnant demand [10] - Postal Savings Bank of China plans to raise 130 billion RMB through A-share placement, which is expected to enhance its core Tier 1 capital ratio by 1.5 percentage points [11]