Hang Seng Index futures closed down 0.32% at 24,716 points in the night session, 25 points below the spot price.

The New York Fed's manufacturing index in the United States in March was -20, the lowest since January 2024.

Foreign 1. Morgan Stanley: Now is the best time to advise global investors to increase their allocation to Chinese stocks. 2. Goldman Sachs: European institutions are increasingly optimistic and plan to increase their holdings of Chinese consumer stocks, and have gradually built positions in January. 3. Citi: Oil prices below $60 will weaken US shale oil production. 4. Goldman Sachs: Lowered forecasts for oil prices and crude oil demand growth. 5. Goldman Sachs: European markets can accelerate growth by easing restrictions. 6. Barclays: The Bank of England is expected to keep interest rates unchanged at its March meeting and may cut interest rates in May. 7. Deutsche Bank: The Bank of England may cut interest rates to 3.5% by the end of the year. 8. Deutsche Bank: Inflation data limits the Fed's ability to take action to support the economy. Domestic 1. Minsheng Macro: US stagflation may be the benchmark, and gold is the "version answer". 2. CITIC Construction Investment: The price trend of gold in 2025 may change from a favorable period to a volatile period. 3. CITIC Securities: The scheduled interest rate is lowered, and the insurance funds are accelerated to enter the market. 4. CITIC Construction Investment: For the first time in nearly 20 years, A-shares have emerged from an independent market during the sharp drop in US stocks, demonstrating the characteristics of "confidence revaluation bull". 5. Guosheng Macro: From the perspective of social financing in February, the prospects of interest rate cuts and reserve requirement ratio cuts are greater than the probability of a short-term reserve requirement ratio cut. 6. Industrial Securities: "China is strong and the United States is weak" is mostly in the period of downward earnings of US stocks, and A-shares at that time have certain performance comparative advantages. 7. Galaxy Securities: It is still in a rebound market driven by multiple factors. 8. CITIC Securities: Urban renewal is accelerating, and housing inspection & insurance are setting sail. 9. Huatai Securities: The special plan to promote consumption has been implemented, and we are optimistic about the opportunity of consumption revaluation.