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Starting from the T-table: Unpacking the first principles of US dollar liquidity and global asset pricing

Starting from the T-table: Unpacking the first principles of US dollar liquidity and global asset pricing

``` Content of This Session I'm very glad to collaborate with Wallstreetcn for this course. Many people present here are both members of our GMF and users of Wallstreetcn, so today we have old friends and many new friends. Today is a full day course, I hope everyone can

Leadership Change During the Low Interest Rate Cycle: Wang Liang Retires from China Merchants Bank, Wang Xiaoqing Takes Charge of the "Retail King"

Leadership Change During the Low Interest Rate Cycle: Wang Liang Retires from China Merchants Bank, Wang Xiaoqing Takes Charge of the "Retail King"

``` On April 30, China Merchants Bank held a cadre meeting to announce that the current Party Secretary and President Wang Liang would retire upon reaching the age limit, and Wang Xiaoqing, General Manager of China Merchants Financial Holdings, would take over as Party Secretary. In line with standard business practices,

Google: Cloud business "surges" past competitors, but the 190 billion capital expenditure is the real gamble

Google: Cloud business "surges" past competitors, but the 190 billion capital expenditure is the real gamble

① **Cloud business surpasses $20 billion for the first time, growth rate crushes AWS and Azure**: Google Cloud revenue grew 63% year-on-year to $20 billion, operating margin soared from 17.8% to 32.9%, far outpacing AWS's 28% and Azure's 40%. Backlog orders doubled quarter-over-quarter to $462

The global economy stands at a "crossroads"—as the energy shock nears a critical point.

The global economy stands at a "crossroads"—as the energy shock nears a critical point.

``` This is an unprecedented energy shock—while a "black hole" has opened up on the supply side, the market price signal has yet to fully awaken. Rapid depletion of inventories and the large-scale release of strategic reserves, along with market optimism about the short-term reopening of the strait,

Pien Tze Huang's growth myth ends? Both revenue and profit stall

Pien Tze Huang's growth myth ends? Both revenue and profit stall

``` Pianzihuang delivered a clearly decelerating report card in 2025, with revenue and profit both declining, ending its long-term growth narrative. In 2025, Pianzihuang achieved revenue of 9.001 billion yuan, down 16.56% year-on-year; net profit attributable to shareholders was 2.159 billion yuan, down 27.49% year-on-year. This is

How did OpenAI’s "Stargate" project bring down Oracle?

How did OpenAI’s "Stargate" project bring down Oracle?

``` OpenAI's "Stargate" AI data center project may be pushing Oracle into a financial predicament with potentially catastrophic consequences. Although the project debuted with grand ambitions, it is plagued by severely delayed engineering progress, hundreds of billions of dollars in debt, and a core client financially incapable

Cainiao’s global expansion continues: Secures major warehouses in Europe consecutively

Cainiao’s global expansion continues: Secures major warehouses in Europe consecutively

``` Author | Huang Yu WallstreetCN has learned that recently Cainiao has leased large areas of warehouses in the UK and Spain, with some leases lasting up to 10 years. Especially in Spain, Cainiao has leased a 37,000-square-meter warehouse, which is one of the seven largest warehouse property transactions nationwide since