Summary of Key Points from Conference Call Records Industry Overview - The records discuss the impact of tariffs on Asian exports and the overall economic growth in the region, particularly focusing on the effects of U.S.-China trade relations and the performance of various markets including India, Japan, and China [1][2][3]. Core Insights and Arguments 1. **Asian Export Performance**: Asian exports have shown limited improvement after a brief rebound, with exports to the U.S. stagnating and non-tech sector exports fluctuating within a narrow range, indicating significant impacts from global economic slowdown [1][2][3]. 2. **Tariff Impact**: Tariffs have had a notable negative effect on both Asian and U.S. economic growth, with U.S. GDP growth expected to slow from 2% in Q2 to 1% in Q4 of 2025, while global growth is projected to decline from 3.9% to 3.5% [2][9]. 3. **Capital Expenditure Stagnation**: U.S. capital expenditures have stagnated, with capital goods imports showing zero growth, which poses challenges for Asian economies, particularly in tech and non-tech sectors [5][9]. 4. **India-U.S. Trade Tensions**: Trade tensions between India and the U.S. may lead to a reduction in Indian exports to the U.S., but the overall impact is deemed manageable, with Indian corporate revenue expected to improve by Q3 2025 due to government policy actions [6][7][25]. 5. **Market Dynamics**: Recent market volatility suggests a significant directional change, with high valuations and risks of downturns in both U.S. and Chinese markets. Financial stocks have outperformed hardware companies, while AI-driven software firms have shown better performance [8][9]. 6. **China's Market Performance**: The onshore Chinese market has outperformed offshore markets, driven by rising long-term bond yields and positive liquidity indicators, with the Shanghai Composite Index reaching its highest level since 2015 [12][13][14]. 7. **Japan's Market Outlook**: Japan's stock market has rebounded strongly but may be overbought, with potential short-term correction risks. Long-term factors supporting the market include U.S. tax reforms and political changes in Japan [18][19]. 8. **Sector Performance in Japan**: Attractive sectors in Japan include construction software, information communication, real estate, and utilities, while the automotive sector faces uncertainties due to trade policies [19][20]. Additional Important Insights 1. **CPI and Deflationary Pressures**: Deflationary pressures from China are spreading across the region, contributing to downward pressure on CPI, which has remained below central bank targets [21][22]. 2. **Investment Strategy in A-shares**: Increasing positions in A-shares can effectively reduce portfolio risk due to their low correlation with global markets, especially during periods of significant volatility [16]. 3. **Monitoring Indicators for China**: Investors should focus on financing balance ratios, government bond yields, and upcoming policy events to assess the sustainability of the Chinese market [15]. 4. **Political Landscape in Japan**: The political situation in Japan remains uncertain, with potential leadership changes that could impact economic policies and market dynamics [27][28]. This summary encapsulates the critical insights and data points from the conference call records, providing a comprehensive overview of the current economic landscape and market dynamics in Asia.

银河国际研究部负责人、首席宏观策略师成亚曼：中国企业加速布局东盟市场 数字经济与AI合作成新亮点 科技创新离不开国际合作和开放共享。如今，东盟已成为国内企业的重要合作伙伴，合作双方在多维度实现全领域深度融合。3月28日，2025中关村论坛年 会平行论坛"东盟创新合作发展论坛"上，多位嘉宾以"东盟金融资本赋能中国科技企业全球化"为核心议题发表看法，分享优秀企业案例，共议区域创新合作 新蓝图。 中关村发展集团副总经理周瑞：跨境服务平台助力企业拓展东盟市场 "企业一站式跨境发展服务平台（2025）"正式发布，旨在搭建桥梁，促进中国与东盟企业之间的资源交流与合作。该平台将提供市场调研、政策咨询、金融 支持等全方位服务，助力企业高效落地，降低创新成本，推动创新创业生态的国际化发展。 中关村发展集团通过"2+N+X"战略布局，构建了线上线下两张网络。线下运营90余个科技园区，触达大量创新创业个体；线上则通过数字化平台整合自营产 品及合作伙伴资源，为企业提供科技股权投资、融资租赁、知识产权等多元化服务。目前，中关村发展集团参与的基金规模超1700亿元，投融资规模近800 亿元。 此次发布的跨境服务平台是中关村发展集团国际化 ...