On September 5th, Hang Seng Index Company pointed out that in the first eight months of 2023, the average daily turnover of the Hong Kong stock market was HKD 1.12 trillion, a YoY decrease of 12%, currently below the long-term upward trend.

Hang Seng Company: Hong Kong stock trading volume slows down, but trading activity remains robust.

9 月 5 日，华为官方账号发文称，网传 “美国邀请任正非去美国” 等信息，纯属造谣。

携程美股盘前跌超 4%，此前公布第二季度财报。

诺辉健康造假罗生门再生波折：做空方放出更多调查细节

一、事件：Meta 发布新一代头显 Meta 宣布将于 9 月 27 日正式发布新一代 VR 头显 Meta Quest...

苹果之后，又一巨头将发布头显新品

Longtime shareholders "lavishly" praise Buffett.

"The 'Stock God' faith is strong! Long-time shareholders praise Buffett: Berkshire (BRK) can still outperform the S&P 500 even if it falls by 99%."

Microsoft refuses to impose the same "gatekeeper" obligations on Bing as Google Search, citing Bing's much smaller scale. Apple believes that iMessage has not reached the threshold of user numbers required for the applicable rules, and therefore should not comply with such obligations.

"The era of 'strict regulation' has arrived! Europe is ready to 'hammer' the tech giants, with Apple and Microsoft raising the flag of resistance."

安信证券认为，本轮 “认房不认贷” 弱于 2014 年，限购区首付比例下限比 2015 年低 10%，但在因城施策背景下，一线城市未必会按照最低下限执行，当前按揭利率处于历史低位，但考虑到经济增长差异，预计未来还有继续下行的空间。

本轮房地产放松力度如何？

蓝月亮股价盘中跳水跌超 20%，是否遭遇机构砍仓成迷

Shenwan Hongyuan believes that the development of AI capabilities will still take a considerable amount of time, and it is recommended that proactive equity investors adhere to fundamental investment principles.

Can machines completely replace humans in stock investment?

美国 9 月大概率不加息，变局来自核心通胀快速走低后预期变化的契机，噪音来自油价推高整体通胀。中国市场政策继续推进，变局来自积少成多的累积，底部相对明确，空间仍待打开。

中金：中美市场的可能 “变局” 来自哪？

工信部、财政部联合印发《电子信息制造业 2023—2024 年稳增长行动方案》，提出六大增长点，其中包括 5G 手机出货量占比超过 85%。该行动方案还提到培育虚拟现实、视听产业、先进计算等六大新增长点。市场预计，新机发布潮和 AI 落地将刺激消费电子行业需求。

两部门重磅发文！涉及 5G、大模型、光储等

Cloud Weak Market "Building Muscles"

Morgan Stanley strategist warns that the US stock market is showing signs of complacency, with the volatility index nearing historic lows and positions increasing above average levels. For the US stock market, there is no longer a safety net, and a trend of retail investors entering the market in a frenzy is emerging due to the fear of missing out on the current US stock rally.

Morgan Stanley warns: Complacency in the U.S. stock market is worrisome.

香港特区行政长官李家超今日宣布，10 月 1 日国庆节当天，香港将举办烟花汇演，这是时隔 5 年后香港再次举办的烟花表演。

时隔 5 年后重启！李家超：香港将举办国庆烟花汇演

9 月 5 日，携程公布截至 6 月 30 日第二季度未经审计的财务业绩。携程联合创始人、董事局主席梁建章表示，中国消费者的需求开始从商品消费转向服务消费，因而旅游需求始终保持韧性。携程也将持续提升产品供应，并且以 AI 等创新方式增强用户体验，为抓住未来机遇做好充分准备。

携程梁建章：从 “商品消费” 转向 “服务消费” 旅游需求将保持韧性

融创中国涨超 20%，两日大涨 60%。原因是什么？

据瑞幸咖啡官方微博，酱香拿铁单品首日销量突破 542 万杯，单品首日销售额突破 1 亿元。

港股持续走低，恒指跌超 1%，恒生科技指数跌 1.21%。

市场消息：印度尼西亚为 ChatGPT 创始人 Altman 颁发首张黄金签证。

供应链近期传出，苹果有意开发更低价 MacBook 系列产品，借此与 Chromebook 一争教育市场。 但也有供应链表示，苹果确实还在开发该系列产品，只是按照目前进度，最快也要在 2024 年下半之后。苹果低价 MacBook 可能会另辟新产品线，与现有 MacBook Air 及 Pro 做出区隔，外观仍采用金属机壳，只是材质不同，机构件单价更低，售价更亲民。

消息称苹果开发更低价 MacBook

恒生科技指数盘初跌幅一度扩大至 1%。

市场消息：美国总统拜登将前往印度新德里参加 9 月 7 日的 G20 峰会，将于周五会见印度总理莫迪。

* 花旗普遍下调内地券商股目标价 首选华泰证券及中信证券

* 花旗普遍下调内地券商股目标价  首选华泰证券及中信证券

L'Occitane's stock plummeted more than 28% upon resumption of trading. As of the time of writing, it has dropped 28.42% to HKD 19.9, with a turnover of HKD 7.1988 million.

Hong Kong Stock Market | L'Occitane Resumes Trading with a Sharp Decline of Over 28% as Controlling Shareholder Decides Not to Submit Voluntary General Offer for Full Acquisition

Yimingang Technology-B made its debut on the stock market. According to the announcement, the company issued approximately 17.1472 million shares at a price of HKD 18.60 per share, with a board lot size of 200 shares. The net proceeds amounted to approximately HKD 233.4 million. As of the time of writing, the stock has risen by 13.98% to HKD 21.2, with a trading volume of HKD 4.6257 million.

New Stock First Day | Yiming Angke-B Debuts on the Market with a High Opening of 13.98% in the Morning Session

Second-quarter revenue increased by 180% YoY, a 29% increase compared to the same period in 2019. Net profit skyrocketed by 14 times, and all business segments experienced significant growth beyond expectations.

Travel Recovery, Surging Performance, Ctrip's Q2 Earnings Report "Explodes" | Financial Report Insights

Global oil industry important conference reveals information: Rise?!

Key Issue of Oil Prices: At a crucial global oil conference, industry executives are extremely optimistic about China's demand.

在厚奶生产过程中，茅台酒厂押运来价值 3000 万元的茅台，并派人盯着一瓶瓶加进原料中，最后还将瓶子集体运走，非常严格。

瑞幸，深夜公开！倒了 3000 万茅台，一瓶一瓶往里加！

The results of the Phase 3 trial of the "miracle weight-loss drug" Semaglutide have been announced, showing a 20% reduction in the risk of heart disease and stroke. As a result, Novo Nordisk's stock price skyrocketed by 17%, reaching a market value of $423.6 billion, closing in on the luxury goods giant LVMH's market value of $442 billion.

Is weight loss medication surpassing luxury brand bags? Novo Nordisk is catching up with LVMH, reaching the top in Europe?

Artificial intelligence and machine learning are expected to see a budget allocation increase in the healthcare industry, from 5.5% in 2022 to 10.5% in 2024. It highlights the specific impact of this rapidly developing field on the industry.

The AI Wave Sweeps the Healthcare Industry! Big Mo: AI Spending to Account for 11% of Healthcare Budget by 2024

俄罗斯总统普京 9 月 4 日在实施 “摩尔曼斯克液化气” 项目的会议上表示，鉴于扩大与友好国家合作的良好前景，俄罗斯正在考虑加快建设远东管线以及 “西伯利亚力量 2” 天然气管道的可能性。

普京：考虑加快建设 “西伯利亚力量 2” 的可能性

以 Bart Gysens 为首的摩根士丹利分析师表示，英国地产股是一种价值投资，而非价值陷阱。分析师们表示，在经历了艰难的一年之后，英国地产股已经出现超卖，目前这类股票的债务水平较低，且资产负债表资本充足。英国地产股今年一直不受欢迎，原因是利率上升和英国经济衰退的可能性上升提高了资本价值和租金增长面临的负面风险。数据显示，今年迄今为止，富时 350 房地产投资信托指数下跌了约 8%，而富时 300 指数上涨了 0.6%。

大摩：超卖的英国地产股已成价值投资

与 iPhone 14 相比，苹果订购的 iPhone 15 数量要更少，这可能是由于预计 2023 年下半年的全球智能手机市场将呈现疲软态势。iPhone 的供应链已经在为秋季发布的 iPhone 15 做准备，但可能不会像 2022 年那样生产那么多的设备。高级分析师 Luke Lin 称，苹果在 8 月份为 2023 年下半年的 iPhone 15 系列订购了 8000 万至 9000 万部智能手机，这比 2022 年 8 月份为 2022 年下半年的 iPhone 14 订购的 9000 万至 1 亿部要低。在 iPhone 15 系列中，iPhone 15 Pro Max 占据了最大的订单份额，其次是 iPhone 15 Pro，然后是 iPhone 15，最后是 iPhone 15 Plus。

iPhone15 系列生产或少于上代 iPhone15ProMax 或为系列生产最多机型

据报道，印度数字支付巨头 Paytm 今日推出了一款 Soundbox 设备，允许商家同时接受移动支付和刷卡支付，所支持的网络包括维萨、万事达、美国运通和印度本土支付系统 RuPay。这款新设备名为 “Card Soundbox”，售价 999 卢比（约合 12.08 美元）。除了接受支付，它还能提供即时音频支付提醒，以防止欺诈。在此之前，Paytm 竞争对手 Pine Labs 也发布一款类似的设备，成本几乎是普通的 “销售点”（PoS）终端的 1/3。

“印度支付宝” Paytm 推出支付音箱，同时支持手机和银行卡付款

European stock indices were generally flat, with overall declines in stock indices across Europe. Weight loss drug Wegovy continued to rise, with a temporary increase of over 2%, maintaining its position as the highest-valued company in Europe, surpassing LVMH. The US dollar index saw two consecutive gains before halting. Offshore renminbi broke through 7.26 during intraday trading, rising by over 100 points before reversing its gains. Brent crude oil experienced its fifth consecutive increase, while European natural gas fell by nearly 6%. London copper fell from its four-week high, while London aluminum saw its fourth consecutive gain and London tin reached a three-week high with two consecutive increases. Gold experienced a decline during intraday trading.

US stocks closed for the day, European stocks surged and then fell back, Novo Nordisk reached a new all-time high, and Brent crude oil hit a nine-month high again.

Renowned strategy analyst Michael Hartnett of Bank of America pointed out that the 10-year US Treasury bond is likely to experience an annual decline for the third consecutive year, which has never happened in US history. Inflation is bound to be stickier than the expectations of the Federal Reserve. The Fed has already completed this round of interest rate hikes and should sell stocks. Compared to the 2010s, the returns on stocks and bonds in the 2020s will be lower.

Renowned Analyst at Bank of America: Unprecedented Market Performance in US History!

In the UK, the minimum price for Wegovy, the "miracle weight-loss drug" from Novo Nordisk, which is sold for over $1300 per month in the United States, is £199, approximately $251, which is only about 19% of the price in the US. Due to the limited supply of Novo Nordisk's medication, most UK patients will have to wait for a period of time. Currently, only about 50,000 patients in England are able to use this medication.

Nordic's popular weight-loss drug, which has taken the United States by storm, has now arrived in the United Kingdom, with a price tag of less than one-fifth of what it costs in the US.

Arm's valuation may ultimately be between $50 billion and $60 billion, rather than the previously targeted range of $60 billion to $70 billion. The sluggish growth of the smartphone market and the temporary lack of benefits from the AI boom have both made Arm's prospects less promising. If Arm's IPO performs weaker than expected, it may even affect SoftBank's credit outlook.

Arm's valuation is likely to be lowered on the eve of its IPO. Can Masayoshi Son's bold gamble succeed?

GPU and high computational demand complement each other in the Transformer architecture. However, if in the near future, the Transformer that the AI world relies on is replaced by architectures with lower computational requirements, will it pose a threat to NVIDIA, the "shovel seller"?

NVIDIA's biggest risk lies in a corner that few people pay attention to!

《科创板日报》4 日讯，有消息称，阿里云考虑从国有公司融资至多 28 亿美元，在香港上市前考虑融资 100 亿至 200 亿元人民币。对此，阿里云相关人士回应称：暂时不予置评。

上市前考虑融资 100 亿-200 亿元？阿里云：不予置评

DIGITIMES Research 高级分析师 Luke Lin 指出，苹果今年 8 月已向供应链下达了 iPhone 15 系列下半年订单，总数为 8000-9000 万部，低于 2022 年 8 月为 iPhone 14 系列下达的 9000 万-1 亿部。

DIGITIMES Research：苹果 8 月已向供应链下达 iPhone 15 系列下半年订单 总数 8000-9000 万部

规划建设保障性住房工作部署电视电话会议 4 日在京召开，中共中央政治局委员、国务院副总理何立峰出席会议并讲话。何立峰强调，保障性住房建设是艰巨复杂的系统性工程，要坚持规划先行、谋定后动，扎实做好前期工作、严格项目管理和成本控制，综合考虑市场形势，合理把握建设节奏。要建立公平公正的配售机制，加强监督审计，重点针对住房有困难且收入不高的工薪收入群体及政府引进人才，按保本微利原则配售。保障性住房要实施严格封闭管理，不得上市交易。相关部门要抓紧完善政策体系，各地要加强领导力量，抓好组织实施，强化项目建设全链条监管，确保保障性住房建设取得预期成效。

国务院副总理何立峰：合理把握保障性住房建设节奏，保障性住房不得上市交易

比亚迪欧洲区总裁迈克尔·舒：比亚迪股份希望以 “实惠的价格” 进入欧洲电动汽车市场。

据报道，小鹏汽车明年将开始在德国销售汽车。

国君宏观指出，在当前经济背景下，红利加成长的资产组合大概率会持续占优，这背后是股权财政和活跃资本市场两个宏观政策路径的长期确定性。当前基本面在供需两端均存在结构性问题，这意味着随着市场企稳，央企红利与科技成长的风会继续吹。

股权财政 + 活跃资本市场=红利 + 成长？

Sellers of water also have their worries.

Who has grasped the lifeline of NVIDIA?

The upward momentum of the S&P 500 index may wane as economic data supports a prolonged period of tight monetary policy.

New Century's Biggest "Bull Trap"? US Bond Yields and the US Dollar "Take Off Together," US Stocks May Fall Another 9%!

港股中芯国际尾盘持续走强，现涨超 8%，创 6 月 20 日以来新高，成交超 21 亿港元。