Core Viewpoint - The article argues that misconceptions about trade deficits are shaping U.S. economic policy, particularly under Trump's administration, which could threaten U.S. prosperity and the international order [1][2]. Group 1: Trade Deficits and Economic Impact - The U.S. accumulated a current account deficit of $14.4 trillion from 2000 to 2024, which appears unsustainable, yet the net financial income only decreased by $190 billion during the same period, indicating a hidden strength in U.S. value creation through intangible assets [2][3]. - In 2024, the U.S. goods trade deficit is projected to reach $1.2 trillion, but a services trade surplus of $295 billion and significant sales from U.S. subsidiaries abroad (totaling $2.1 trillion) nearly offset this deficit, resulting in a net services surplus of $895 billion [2][3]. Group 2: Intangible Assets and Economic Structure - The actual amount "borrowed" by the U.S. is estimated at $28 trillion, with half used for domestic consumption and the other half for foreign direct investment, highlighting the unique way U.S. companies leverage capital with intangible assets to achieve higher returns [3][4]. - The concept of "dark matter," introduced by the author, refers to the unquantifiable value of knowledge assets that traditional statistics fail to capture, which has allowed the U.S. to maintain trade deficits without facing typical economic repercussions [3][4]. Group 3: Geopolitical Consequences - Trump's trade policies threaten the established global trade and investment principles, which could lead to reduced intellectual property protections and increased taxation on U.S. tech, pharmaceutical, and entertainment sectors, potentially depleting the income that offsets the current account deficit [4]. - The shift towards a more closed U.S. economy could undermine its historical role as a magnet for talent and innovation, leading to strategic isolation and a loss of influence in global affairs [4].

以下文章来源于海豚投研 ，作者海豚君 海豚投研 . 有灵魂的思考、有态度的研究。 来源 | 海豚投研 自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦 的升温，中美两国之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布 了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020 年~2022年间美国政府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等 在争端缓解后仍主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁 ...

自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温，中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020年~2022年间美国政 府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产，虽然最终落地的概率应当非常小，但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...

Company News - China Mobile reported Q1 operating revenue of 263.8 billion yuan, a year-on-year increase of 0.02%, and a net profit of 30.6 billion yuan, up 3.45% year-on-year [4] - ZTE Corporation achieved Q1 revenue of 32.968 billion yuan, a year-on-year increase of 7.82%, while net profit decreased by 10.5% to 2.453 billion yuan [5] - Tsunami Machine Tool China announced a profit warning, expecting annual net profit attributable to shareholders to be approximately 782 million yuan, a year-on-year increase of about 60% [6] - Zhejiang Shibao reported Q1 revenue of 718 million yuan, a year-on-year increase of 45.47%, and net profit of 48.735 million yuan, up 123.77% year-on-year [6] - Chongqing Steel reported Q1 revenue of 6.614 billion yuan, a year-on-year decrease of 14.51%, with a net loss of 117 million yuan, narrowing by 64.82% year-on-year [6] - Pop Mart's overall revenue in Q1 grew by 165%-170% year-on-year, with China revenue increasing by 95%-100% and overseas revenue rising by 475%-480% [6] - Datang Power completed approximately 60.3232 billion kWh of electricity generation in Q1, a year-on-year increase of about 0.76% [7] - Weilang Delicious plans to invest approximately 1 billion yuan in a new snack food production base in Nanning [8] Industry Insights - Huatai Securities remains optimistic about the relative performance of Hong Kong stocks, citing low market capitalization of export chains and midstream manufacturing companies sensitive to tariffs, along with continued support from technology company earnings [2] - Galaxy Securities notes that the impact of tariffs on the economy will depend on the outcomes of tariff negotiations and implementation, while China's macro policies are expected to strengthen counter-cyclical adjustments to mitigate external shocks [2] - The International Monetary Fund has downgraded the global economic growth forecast for 2025 from 3.3% to 2.8%, with a projected growth of 3% for 2026, attributing this to the impact of U.S. tariff measures and policy uncertainties [3] - The Ministry of Industry and Information Technology is soliciting opinions on the "Cloud Computing Comprehensive Standardization System Construction Guide (2025 Edition)", aiming to establish over 30 national and industry standards by 2027 to enhance the cloud computing industry's standard system [3] - The Ministry of Industry and Information Technology and the National Standardization Administration have issued guidelines for the construction of a national intelligent manufacturing standard system, targeting the formulation of over 100 national and industry standards by 2026 [3]

黄峥成中国首富 黄峥成中国首富 太古、恒隆地产利润下滑 万亿公募董事长被查 中芯国际利润率超预期增长 豪华电动车设计陷入两难 中国家庭去杠杆 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 据彭博亿万富翁指数，拼多多创始人黄峥最新财富已经达到 486 亿美元，超过农夫山泉创始人钟睒睒 （474 亿美元），成为中国首富。 拼多多的公司价值低于腾讯、字节，（目前）也略低于阿里，但黄峥在拼多多上市前出让给投资方和 团队的股份比例低于其他大公司，至今仍持有拼多多 25% 的股份，远高于马化腾（7.4%）、马云 （3.9%）和王兴（9.6%）。黄峥的净资产巅峰是 2021 年 2 月时的 715 亿美元，一个月后，他卸任拼 多多董事长，转而研究食品科学和生命科学。今年年初以来，拼多多股价跌了约 5.7%，黄峥的个人 财富少了近 30 亿美元。 钟睒睒拥有农夫山泉 84.5% 的股份，并直接和间接持有上市药企万泰生物 73% 的股份。他的净资产 巅峰同样是在 2021 年 2 月，最多时有 974 亿美元，而且他从当年 4 月开始就一直是中国首富。自年 初以来，农夫山泉和万泰生物股价跌幅分别为 34.7% 和 9 ...