积极面： Q1财报已公布四分之三，这些是市场抓到的趋势 随着第一季度财报季已完成超过四分之三，以下是卖方研究中一些最值得关注的要点。 整体情况： 截至目前，第一季度财报表现远好于预期，盈利增长达到+12%，是原先预期+6%的两倍，也明显优于 去年同期7%的每股收益增长。 企业普遍不愿提供前瞻性指引，即使有也维持现有水平。只有17%的标普500公司提供了下季度指引， 略低于平均水平；而有45%的公司提供了全年（FY1）指引，基本符合平均水平。在提供FY1指引的公 司中，维持之前指引比例高于平均。我们认为这种现象部分反映了企业在关税政策不确定性下，不愿贸 然调整指引。例如，部分公司在财报电话会议中提到其最新指引尚未反映关税影响（如 ABBV、 LKQ、MMM）。 利润率好于预期（尽管市场已预期较高），是目前正面惊喜的主因，平均每股收益超预期幅度为5%， 而销售额仅为1%。利润率通常是衰退的领先指标（利润率下滑往往意味着成本削减增加）。 负面： 高盛的销售与资本支出预测修正广度追踪指标显示，不确定性开始影响需求与投资（尽管还未达到最近 几次衰退的水平）。高盛预期市场对一致预期将进一步下调，但由于投资者已普遍意识到当 ...

马来西亚亚太"一带一路"共策会执行董事翁忠义表示，2009年后，中国和东盟双边投资关系得到加强， 更多高质量投资进入马来西亚，如中国-马来西亚钦州产业园区的建立、关丹港的扩建和现代化以及联 合钢铁项目的实施，为当地创造了数千个工作机会。此外，中国在马来西亚的高科技产业投资也不断增 加，如阿里巴巴与马来西亚40多所高等教育机构合作，为马来西亚学生提供改变人生的机遇；宝腾汽车 与吉利控股集团的合资合作，提升了宝腾的生产效率并恢复了其在马来西亚销售，吉利此前计划投资 100亿美元建设汽车枢纽，预计将吸引更多高质量的电动汽车及零部件投资，提升马来西亚在全球汽车 和技术领域的地位。这些不仅反映了两国经济联系在不断深化，也体现中国对马来西亚的投资质量，不 仅创造高价值的工作机会，还促进了技术发展，并长期惠及马来西亚经济。 翁忠义表示，展望2025年，东盟和中国将继续在创新方面携手合作，特别是数字和人工智能领域。 转自：新华财经 新华财经上海4月12日电（记者 王鹤）4月11日，在由新华通讯社与马来西亚国家新闻社共同主办的"中 国-东盟超大规模市场与互联互通"研讨会上，来自中国和马来西亚的各界专家、企业高管对中国-东盟 的 ...

Group 1 - The 13th China-Japan-South Korea Economic and Trade Ministers' Meeting was held in Seoul, focusing on enhancing trade and investment cooperation and achieving broad consensus on regional and multilateral cooperation [2] - The Ministry of Finance plans to invest 500 billion yuan in four major banks (China Construction Bank, Bank of China, Bank of Communications, and Postal Savings Bank) to supplement their core tier one capital [2] - The Civil Aviation Administration of China issued the first operational certificates for manned civil unmanned aerial vehicles to two companies, marking the beginning of the "manned era" in China's low-altitude economy [2] Group 2 - Starting in April, several banks will raise the annual interest rate on credit consumer loans to no less than 3%, prompting banks to notify customers to withdraw funds before the increase [4] - The domestic automobile sales growth is projected to be around 3%-4% this year, with a slight decline expected next year, according to the Deputy Director of the Market Economy Research Institute [4] - Great Wall Motors has signed a strategic agreement with Yushu Technology for collaboration in motion control and application development in factories and automotive scenarios [4] Group 3 - China National Offshore Oil Corporation announced the discovery of a large oil field in the eastern South China Sea, showcasing the potential for oil and gas exploration in deep-water areas [4] - A successful launch of the communication technology test satellite was conducted using the Long March 7 rocket, marking the 566th flight of the Long March series [5] - Sichuan Province aims to cultivate over 10 leading enterprises in the low-altitude economy by 2026, with an industry scale exceeding 50 billion yuan [5]

Group 1 - The Central Committee has decided to conduct in-depth education on the implementation of the Central Eight Regulations across the party, aiming to promote the normalization and long-term effectiveness of work style construction [2][7] - Since the 18th National Congress, General Secretary Xi Jinping has led the party in strictly implementing the Central Eight Regulations, enhancing work style and improving the party's image [2][7] - The Central Eight Regulations have become a "golden business card" for the Communist Party of China in terms of work style construction [7] Group 2 - A large-scale special program titled "Xi Jinping's Economic Thought Series" is set to air, which is the first systematic television documentary explaining Xi Jinping's economic thought [8] - The program is produced by the Central Radio and Television Station and the National Development and Reform Commission [8] Group 3 - Premier Li Qiang met with the President of the Asian Development Bank, Kenta Kato, to discuss cooperation [9] - Li Qiang signed a State Council order to publish the revised "Regulations on Guaranteeing Payment of Small and Medium-sized Enterprises" effective from June 1, 2025 [10] - Li Qiang also signed a State Council order to publish the "Regulations on Implementing the Anti-Foreign Sanctions Law of the People's Republic of China," which consists of 22 articles and takes effect immediately [11] Group 4 - The China Development Forum 2025 concluded, with international economic figures stating that China will continue to be a major contributor to global economic growth [15] - The forum emphasized China's commitment to high-quality development and high-level opening up, which injects new momentum into global prosperity [15] Group 5 - The Boao Forum for Asia 2025 is set to begin, with nearly 2,000 guests from over 60 countries and regions expected to attend [16]