Group 1: Hong Kong and Mainland Market Focus - The growth rate of social financing in Mainland China is expected to peak around mid-2025, driven by government bond issuance and low base effects from last year [13][15]. - Chinese equity assets are entering an annual bull market, with a focus on the core asset pool of 50 stocks in the Hong Kong-Shanghai-Shenzhen market [16][21]. - The iShares MSCI China ETF is highlighted as a key investment vehicle for international investors looking to access large and mid-cap Chinese stocks [23]. Group 2: UK Market Focus - The UK economy is expected to slow down, with GDP growth in Q2 likely to be weaker due to various economic indicators showing a gloomy outlook [32][36]. - The labor market is cooling, with the unemployment rate rising to 4.5% and wage growth slowing, indicating potential demand weakness in the coming months [32][41]. - The iShares MSCI UK ETF is noted for tracking the performance of large and mid-cap companies in the UK, providing exposure to the UK market [42]. Group 3: Stablecoin Theme - Global regulatory efforts are accelerating, with the U.S. and Hong Kong advancing legislation on stablecoins, which could enhance their role in cross-border payments [48][51]. - Stablecoins are seen as a programmable digital currency that can bridge the gap between fiat and cryptocurrencies, enhancing market liquidity [48][51]. - The advantages of compliant stablecoin systems over traditional SWIFT systems are highlighted, particularly in terms of efficiency and transparency in cross-border transactions [51][52].

资金、政策、技术共振，重视能源 IT 内需高景气赛道 20250518 摘要 • 国内电网和电源工程投资持续增长，2024 年分别同比增长 15.3%和 20.8%，国家电网预计 2025 年投资超 6,500 亿，同比增长 8%，南方电 网固投预计达 1,750 亿，同比增长约 5%，一季度国家电网投资增速达 27.7%，创历史新高，反映能源基建领域的强劲需求。 • 政策层面强调构建高比例新能源供给消纳体系和市场化价格体系，推动储 能、配电网、调度、车网融合等方向发展，并完善现货市场交易机制，为 能源 IT 领域发展提供政策支持。 • AI 技术在能源 IT 领域应用广泛，包括发电侧的功率预测精度提升，电网侧 的智能巡检、智能配电、智能调度，以及用电侧的智能营销和电价精准预 测，加速能源央企部署 AI 技术。 • 分布式光伏发展迅速，截至 2023 年底累计装机容量占比达 42.3%，相关 政策引导产业规范高质量发展，将带动装机稳步增长，同时增加功率预测、 电价预测需求，并推动配网系统自动化升级。 能源 IT 领域在当前阶段有哪些显著的优势？ 能源 IT 领域在当前阶段具有显著的比较优势，主要体现在资金、政 ...