The trillion leverage game may come to an end! Major reforms in Hong Kong's IPOs allow for financing of up to 90%.

① When the leverage ratio of the IPO Subscription funds exceeds 90%, does it imply that the issuance pricing has deviated from the fundamentals and has evolved into a capital-driven speculation? ② Under the current system with no leverage ceiling, how do Brokerages form a systemic risk loop through "financing concentration - collateral valuation - liquidation chain reaction"?

cls.cn00:01 ET

Goldman Sachs: The effective tax rate in the USA may soar to its highest level in decades this year, Bullish on China's A-shares and Listed in Hong Kong.

①Goldman Sachs expects that the effective tax rate in the USA will rise by an average of 10 percentage points this year, the highest level in decades, which could lower the GDP growth forecast for the USA in 2025 to 1.7%; ②Goldman Sachs is Bullish on European stocks and China's A-shares and Listed in Hong Kong, expecting that the European stock market will continue to outperform Large Cap, and has raised the earnings per share growth forecast for Europe.

cls.cnMar 18 23:36 ET

Hong Kong stock morning report | Policies support innovation like autonomous driving, Xiaopeng Autos delivered over 30% more last year.

① Zhejiang: A further effort will be made to strengthen the application scenarios for major projects such as Smart Clothing, autonomous driving, Brain-computer Interface, and Siasun Robot&Automation. ② Three departments: Support will be provided for the scrapping and updating of commercial trucks that meet National III and National IV emission standards. ③ Su Zifeng: AMD provided support on the first day of the DeepSeek launch. ④ NVIDIA: Will collaborate with telecommunications companies to develop AI-based 6G wireless technology.

cls.cnMar 18 19:04 ET

Hong Kong stock morning report | The Ministry of Commerce will organize the pilot reform of the Autos circulation Consumer. The Chinese concept stock Golden Dragon Index closed at a 37-month high.

① The Ministry of Commerce stated that it will organize a pilot program for reforms in Autos circulation Consumer. ② OECD has lowered its Global economic growth forecast. ③ USA investment bank Lazard: It is expected that under inflationary pressure, the Federal Reserve will not cut interest rates in 2025. ④ Tesla China launched a free FSD experience event: lasting for 1 month.

cls.cnMar 17 19:08 ET

Investing heavily in China occupies an important position! Bank of America’s main strategy for 2025: "BIG".

Recently, a wave of asset allocation characterized by "the East rising and the West falling" has been triggered in the Global market; many people in Wall Street institutions have expressed their views on the current decline of the US stock market, as well as the increasing popularity of US Treasury bonds, Gold, and Central European Assets; Michael Hartnett, the Chief Analyst of Bank of America, who was once dubbed the "most accurate Analyst on Wall Street," recently shared his perspective.

cls.cnMar 17 04:46 ET

Wall Street is changing its tune! Goldman Sachs warns that the theory of 'American exceptionalism' is fading, betting on Europe, China, and Emerging Markets.

The "exceptionalism of the USA" is diminishing, while Europe, China, and Emerging Markets are beginning to rise.

Zhitong FinanceMar 17 04:33 ET