Core Viewpoint - The conference held in Zhengzhou aimed to facilitate the connection between local enterprises and international capital markets, specifically focusing on the Hong Kong Stock Exchange listing policies and opportunities for companies from Zhengzhou to access the capital market [1][3]. Group 1: Conference Objectives and Participants - The event titled "Set Sail for Hong Kong, Capital Set Off" attracted representatives from well-known investment and financial institutions, along with over 50 local enterprise leaders [1]. - The conference was organized by the Zhengzhou Municipal Committee Financial Office, with support from various local investment and management companies [1]. Group 2: Importance of Overseas Listing - Overseas listing is a crucial aspect of capital market openness, supporting enterprises in integrating into global development and enhancing the open economy [3]. - The case of local enterprise Mixue Ice Cream, which saw its stock price rise from HKD 202.5 at IPO to HKD 533 by June 12, 2023, exemplifies the potential success of Zhengzhou companies in the Hong Kong market [3]. Group 3: Future Plans for Local Enterprises - Zhengzhou aims to create a financial market that is standardized, transparent, open, vibrant, and resilient, focusing on policy, service, and environmental improvements to support enterprises seeking international development [4]. Group 4: Expert Insights and Practical Guidance - Experts from leading financial institutions provided insights on the Hong Kong listing process, including regulatory requirements and tax compliance considerations [6][7]. - The average timeline for a Hong Kong IPO is approximately 8 to 10 months, with recommendations for early communication with regulatory bodies during the restructuring phase [6]. Group 5: Additional Activities and Focus Areas - A parallel event focused on the challenges of mergers and acquisitions in the renewable energy sector, discussing new paths for industry and capital operations [8].

Group 1 - US Treasury Secretary Janet Yellen stated that US government bonds "will never default," despite warnings from industry leaders about a potential collapse in the bond market [1][3] - Jamie Dimon, CEO of JPMorgan Chase, expressed concerns at the Reagan National Economic Forum, indicating that excessive fiscal spending and quantitative easing could lead to cracks in the bond market, although he is uncertain when a crisis might occur [3] - Goldman Sachs President John Waldron highlighted that the focus is shifting from tariff disputes to the rising government debt, identifying the budget debate and fiscal condition as the biggest macroeconomic risks [3] Group 2 - The US government debt ceiling is set at $36.1 trillion, which was reached in early January, leading the Treasury to rely on "extraordinary measures" to avoid default [4] - Analysts predict that the fiscal deficit for the 2026 fiscal year could reach $2.2 trillion, with a deficit rate of 7%, exceeding market expectations, which may increase supply pressure on US bonds [4] - The rising deficit is expected to push up US bond yields and exacerbate the fiscal burden, potentially becoming a source of ongoing volatility for dollar assets [4]

Group 1 - The core viewpoint emphasizes the need for financial innovation to support the development of the data factor market, addressing challenges such as data asset valuation and risk management in financial institutions [1][2] - A significant bottleneck in the data factor market is the difficulty in valuing data assets, which hinders their use as collateral for loans. Financial institutions are hesitant to lend against data assets due to their rapid depreciation and uncertainty in valuation [2] - The increasing global influence of Chinese technology companies is leading to a rise in overseas listings, presenting both opportunities and challenges for domestic capital markets. If domestic markets do not enhance their attractiveness, high-quality companies may migrate abroad [4] Group 2 - New types of risks are emerging from the use of standardized AI algorithms in financial institutions, which can lead to homogeneity in risk assessment and potential market volatility due to collective investor behavior [5] - The importance of both digital intelligence and institutional innovation is highlighted, as the financial sector must not only focus on technological advancements but also on improving regulatory frameworks and market mechanisms to enhance competitiveness [6] - China's financial technology patent applications accounted for over 40% of the global total in 2022, indicating rapid technological advancement, yet there remains a need for systemic improvements to avoid inefficiencies in a highly digitized financial system [6]

棱镜 . 以下文章来源于棱镜 ，作者肖望 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 "避风港"为何失灵？ 作者 | 肖望 编辑 | 孙春芳 来源 | 棱镜 （ID：lengjing_qqfinance） 9 90元/克！这是4月11日一早金饰品牌周大福公布的首饰金价，创下历史新高。两天时间 内大涨近60元/克，连见多了世面的周大福店员也不由得连连感叹：太疯狂了。 首饰金价破千仅一步之遥，另一边周六福品牌的999 .9足金饰品价已抢先一步，挂牌1 010 元/克。 金饰价格创历史新高，背后是国际金价的深"V"型反转：4月3日至4月7日，国际金价连续 三个交易日暴跌，区间跌幅达到7.08%；但从4月8日至4月11日，金价又快速反弹，并创 下历史新高3263美元/盎司。上海黄金交易所报价也从4月7日开盘的7 03元/克拉涨至762 元/克，5天上涨近60元/克，涨幅约8. 40%。 这样的波动幅度，在黄金市场中并不常见。而高盛、瑞银等国际投行还进一步上调了对黄 金的价格预期。 投资者对黄金的押注热情高涨，甚至有投资者贷款炒金，试图抓住黄金的"历史机遇"，短 短五天里就经历了巨亏到大赚的两极反转。 黄金大跌源于 ...

Market Overview - COMEX gold reached $3064.7 per ounce, up 0.25% from the previous trading day, hitting a historical high [1] - London gold spot price also set a record at $3061.9 per ounce, driven by rising expectations of Federal Reserve rate cuts and escalating tensions in the Middle East [1] - Major brands like Chow Tai Fook and Luk Fook reported gold jewelry prices at 921 RMB per gram, with a daily increase of 3 RMB per gram [1] Institutional Predictions and Core Logic - Goldman Sachs predicts that Asian central banks will continue to increase gold holdings over the next 3-6 years, with monthly purchases expected to reach 70 tons by 2025, a 40% increase from previous forecasts [1] - The probability of the Federal Reserve cutting rates twice this year has risen to 65%, which will enhance gold's anti-inflation properties [1] - Geopolitical risks, including uncertainties from Trump's tariff policies and Middle Eastern tensions, have led to a 12.6-ton increase in global gold ETF holdings in March [1] - Goldman Sachs raised its end-2025 gold price target to $3300 per ounce, with extreme scenarios potentially reaching $4200 due to central bank purchases and ETF inflows [1] - Other institutions like Zheshang Securities and Zhongzheng Pengyuan also provided optimistic price forecasts, indicating strong support from geopolitical risks and central bank purchases [1] Key Signals and Investment Strategies - Long-term investors are advised to gradually build positions through gold ETFs or bank accumulation gold, utilizing dollar-cost averaging to mitigate risks [1] - Short-term traders should monitor the resistance range of $3050-$3100; a breakout could lead to targets around $3150, while a drop below $3000 may trigger selling [1] - Technical indicators suggest potential short-term pullbacks, with the RSI showing overbought conditions [1] - Policy risks include potential delays in Federal Reserve rate cuts or peace agreements in Ukraine, which could reverse market sentiment [1] Market Outlook and Asset Allocation - Optimistic scenario (30% probability): Escalating geopolitical conflicts and unexpected Fed rate cuts could push gold prices above $3300, benefiting gold stocks [2] - Neutral scenario (50% probability): Prices are expected to fluctuate around current levels, suitable for options strategies to capture volatility [2] - Pessimistic scenario (20% probability): A stronger-than-expected global economic recovery could lead to a drop in gold prices below $2800 [2] - Conservative investors are recommended to allocate 10%-15% to gold ETFs or physical gold to hedge against inflation and geopolitical risks [2] - Aggressive investors may consider a 20%-25% allocation to gold futures and mining stocks, using leverage while controlling total exposure to 30% of their capital [2]

Investment Rating - The investment rating for Ping An Bank is "Accumulate" with a target price of 13.85 CNY, maintaining the previous rating of "Accumulate" [2][3]. Core Views - The report indicates that Ping An Bank's revenue growth for 2024 is in line with expectations, while the growth rate of net profit attributable to shareholders is slightly lower. The asset quality remains stable, and the peak risk pressure in retail has passed. The target price is maintained at 13.85 CNY, with an "Accumulate" rating [3][4]. Financial Summary - **Revenue**: - 2023A: 164,699 million CNY - 2024A: 146,695 million CNY (down 8.4%) - 2025E: 140,552 million CNY (down 10.9%) - 2026E: 143,905 million CNY (down 4.2%) - 2027E: 150,694 million CNY (up 2.4%) [5] - **Net Profit (attributable to shareholders)**: - 2023A: 46,455 million CNY - 2024A: 44,508 million CNY (down 4.2%) - 2025E: 44,645 million CNY (up 0.3%) - 2026E: 46,557 million CNY (up 4.3%) - 2027E: 49,408 million CNY (up 6.1%) [5] - **Net Asset Value per Share**: - 2023A: 20.74 CNY - 2024A: 21.89 CNY - 2025E: 23.46 CNY - 2026E: 25.15 CNY - 2027E: 26.97 CNY [5] - **Return on Equity**: - 2023A: 11.4% - 2024A: 10.1% - 2025E: 9.6% - 2026E: 9.3% - 2027E: 9.3% [5] Market Data - **Current Price**: 11.97 CNY - **Market Capitalization**: 232,289 million CNY - **52-week Price Range**: 9.65 - 12.88 CNY [6] Asset Quality - The non-performing loan (NPL) ratio at the end of Q4 is 1.06%, consistent with the three-stage ratio. The attention rate and overdue rate have decreased slightly, indicating a stabilization in asset quality [18][19].