Wedbush Securities analyst Dan Ives stated that the demand for Apple's new iPhone 15 during the holiday season remains strong, especially in the Chinese market. In a report released on Friday, he wrote, "Despite the negative bear market noise a few months ago, as we enter the important holiday season, our assessment of Apple's Asian supply chain for the iPhone 15 remains very stringent, especially in the Chinese region." "We have not seen any significant negative revisions in iPhone sales in the Asian region during the holiday season/early 2024, which indicates that we believe the consumer demand environment for the iPhone 15 has been very stable so far, which is good news for Apple."

Analyst: Demand for iPhone 15 remains strong, especially in China.

市场消息：三井住友金融集团称总裁兼首席执行官 JUN OHTA 去世，享年 65 岁。

与光伏企业赚得盆满钵满相反，同为新能源主力的风电企业陷入了盈利下滑的困境。2023 年前三季度，金风科技、明阳智能（601615.

​逆风出海，中国风电企业别无选择

Author | Liu Baodan

The sluggish consumer demand combined with the intense market competition has led to the gradual decline of Taobao's Double 12 event in recent years. Recently, Huasheng.com noticed that when asked about the timing of the Double 12 event, Taobao replied that the event has been cancelled this year and will no longer be held. Instead, it will be replaced by the "Taobao Good Price Festival".

Taobao is unbeatable again 12

Author | Huang Yu
Editor | Zhang Xiaoling

Unlike Huawei, which is determined not to go public, Honor has been holding the "IPO script" since it became independent three years ago. Now, the plot has finally reached its first climax. On the evening of November 22nd, Honor, which has been rumored to be seeking a backdoor listing, officially announced that it will go public through an IPO and also announced a change in leadership. Wu Hui, the former chairman of Shenzhen Water Group, will serve as the new chairman of Honor, while the former chairman, Wan Biao, will serve as vice chairman. Three years ago, when Honor was acquired, it was rumored to have signed an "IPO gambling agreement" with its strategic investment shareholders.

Another mobile phone manufacturer is going to IPO after Xiaomi.

NVIDIA beats TSMC and Intel to claim the top spot in the chip industry's revenue for the first time. In the latest released revenue assessment report for the chip industry, NVIDIA jumped from fourth place to first. Independent semiconductor industry analyst Dan Nystedt pointed out that with the release of third-quarter financial data, NVIDIA has taken the revenue crown from chip manufacturing giant TSMC.

NVIDIA truly reaches the summit as the "King of Chips"

作者 | 曹安浔 编辑 | 周智宇 新能源车下半场，各大传统车企转型提速并掀起新一轮资本和业绩狂欢。在比亚迪之后，一众车企都给自己定下了万亿的 “小目标”。如今，广汽的万亿蓝图也在逐渐铺开，在宣布停产燃油车计划表、提出 “NEXT” 计划半年多后，广汽在广州车展上公布了其更进一步的新能源转型规划。

万亿广汽的野心

2023 年，中国医药行业在海外市场的发展迎来新的里程碑。继传奇生物和百济神州成功出海后，经过两年的相对沉寂，到了 2023 年下半年，君实生物、和黄医药、亿帆医药的产品接连获得美国食品药品监督管理局（FDA）的批准。这一系列创新产品获批，开启了中国医药出海的新时期。

生物类似药出海美国，迎来拐点 | 见智研究

特斯拉 FSD 快要来了，这次好像是真的。作为国内智能辅助驾驶领域「看不见的大象」，以往人们在讨论起 FSD 能力如何如何，总能听到「先进国内再说」的声音，其中有同台竞技的底气，也不乏质疑。从四部委联合印发通知、中国官网车主手册内添加 FSD Beta 版的功能介绍，到昨天特斯拉中国正面回应 FSD 入华「目前确实正在推进中」，种种事件都在印证：「大象」开始显形。

FSD 即将入华，来吧特斯拉！中国智驾早想一决高低了

After a one-day closure for Thanksgiving, the US stock market closed early on "Black Friday". The three major indices showed mixed performance, but maintained a weekly gain for the past month. Some individual stocks were affected by reports, with Nvidia, which was reported to delay the launch of its new chip in China, falling to a two-week low and leading the decline in blue-chip technology stocks. Despite its third-quarter performance surpassing expectations, the company's stock price failed to receive a boost from its earnings report, as its fourth-quarter revenue guidance fell below Wall Street's high-end expectations and warned of a significant decline in sales to China for the current quarter.

NVIDIA's further decline drags down the NASDAQ Composite Index, while the S&P continues to rise, hitting its longest weekly gain in five months. Chinese concept stocks shine, with BIDU-SWR's earnings report showing a remarkable surge of over 10% for the week.

Author | Chai Xuchen

It's surprising that in the last few months of this year, the high traffic in the domestic car market has been taken over by the once unpopular MPV models. This end-of-year battle has also spread to the 2023 Guangzhou Auto Show. The "million-level" Volvo EM90, 2024 Langtu Dreamer, GAC Trumpchi E8, Wei Pai Gaoshan, Lexus LM 500h, Hechuang V09, General Motors' limited edition Century · Yunshui Yin, Tengshi D9 Founder's Edition, Volkswagen ID.Buzz, and many others have all taken the stage to join the battle.

Xiaopeng wants to "gamble" again.

Author | Chai Xuchen "When we go to war, we either don't go or we go all out. Before the listing of (Xtreme 007), the entire supply chain had been thoroughly reviewed. Once the war starts, we will go full throttle. The entire Meishan factory is now operating at full speed." In an interview at the 2023 Guangzhou Auto Show, when asked about the internal sales expectations for the Xtreme 007, Vice President Zhu Ling said.

Extreme Kr wants to engage in close combat with Tesla.

Author | Zhou Zhiyu

54 years ago at the Frankfurt Motor Show, a car with gull-wing doors, a low-slung body, and a bold orange color scheme stunned the entire exhibition. This was the Mercedes-Benz C111 experimental vehicle, hailed as a "laboratory on wheels." With a power output of up to 350 horsepower, it could effortlessly reach speeds of 300 kilometers per hour.

Mercedes-Benz is going to teach the new forces a lesson.

作者 | 周智宇 问界 M7 超预期，小鹏 G6 爆单。在过去三年新能源汽车电动化上半场超预期发展后，智能化下半场的到来，也有些猝不及防。场内的玩家，在智能化上战得火热，都试图将智能化标签牢牢贴在自己身上，成为消费者心目中的 “首选”。

比亚迪腾势想领跑智能化下半场

图源：万达集团官网 作者 | 曹安浔 编辑 | 张晓玲 一个多月前，万达集团董事长王健林现身北京，看起来又苍老、消瘦了很多，即使微微笑着，眉间川字纹也很明显，与几年前圆脸富态的他已不可比。珠海万达商管上市已经拖了两年，老王心力交瘁。他儿子王思聪的公司又被强制执行 2.

王健林仍想安全上岸

金十数据 11 月 24 日讯，记者从上海某经销商处获悉，比亚迪王朝网旗下秦、汉、唐、宋等多款车型的现金优惠幅度扩大到了 3000 元到 1 万元；海洋网车型目前价格仍并未出现明显松动，保持了月初的降幅。其中降幅较大的秦 PLUS DM-i 和秦 PLUS EV 车型优惠幅度均高达 1 万元，秦 PLUS DM-i 起售价下探至 8.98 万元。（澎湃）

比亚迪旗下多款车型降价促销

Since October, the spot gold price has risen sharply, approaching the $2,000 per ounce mark, supported by expectations of a rate cut by the Federal Reserve. As we approach the end of 2023, is there still room for gold prices to rise next year? According to the latest annual outlook on precious metals released by the analyst team at UBS, led by Joni Teves, investors currently have relatively low positions in gold. As the global economy continues to recover from the ongoing COVID-19 pandemic, they have reduced their gold holdings. However, as the economic cycle matures and policies shift, their attitude towards gold is expected to change accordingly.

Gold's outlook for next year? UBS: With the combination of the Fed's interest rate cuts and a significant drop in real interest rates, the price of gold may reach new highs.

Investors are betting that the Federal Reserve will complete its rate hike cycle and conduct multiple interest rate cuts next year. As a result, they are selling the US dollar at the fastest pace in a year. According to media reports on Friday, DWS Group, with assets under management of $400 billion, stated that asset management companies are expected to sell 1.6% of their US dollar exposure this month, marking the largest monthly outflow since November last year. According to DWS Group's data, there have been only six instances in the past twenty years where the US dollar has been sold off so rapidly, with the most recent occurrence happening in November last year, when the US dollar index weakened by about 10% before the end of January.

Betting on the peak of US interest rates, asset management companies are selling the US dollar at the fastest pace in a year.

Zhitong App learned that on November 24th, the Securities and Futures Commission of Hong Kong announced that Hong Kong plans to launch Chinese government bond futures contracts. Hong Kong Exchanges and Clearing Limited (HKEX) is currently undertaking the necessary preparations, including proposing amendments to relevant rules. HKEX will announce the details and launch date as soon as possible.

Hong Kong Securities and Futures Commission: Hong Kong plans to launch Chinese government bond futures.

The pain of the three-year adjustment in the smartphone industry seems to be nearing its end. On November 23, according to data released by market research firm Counterpoint Research, global smartphone sales in October increased by 5% compared to the same period last year. This is the first month-on-month sales growth since June 2021 and also sets a new monthly sales record since January 2022. Prior to this, global smartphone sales had been declining year-on-year for 27 consecutive months.

Why is there a wave of smartphone upgrades? Goldman Sachs has given a new reason.

金十数据 11 月 24 日讯，11 月 24 日，外交部发言人毛宁宣布，为便利中外人员往来服务高质量发展和高水平对外开放，中方决定试行扩大单方面免签国家范围，对法国、德国、意大利、荷兰、西班牙、马来西亚 6 个国家持普通护照人员实行单方面免签政策。2023 年 12 月 1 日至 2024 年 11 月 30 日期间，上述国家持普通护照人员来华经商、旅游观光、探亲访友和过境不超过 15 天，可免办签证入境。

外交部：中方将对法、德、意、荷、西、马六国试行免签政策

路透新加坡/北京 11 月 24 日 - 两位熟悉内情的消息人士称，Nvidia(辉达/英伟达) 已告知中国客户，为遵守美国出口规定而设计的新款人工智能 (AI) 芯片将延后到明年第一季度推出。消息人士称，延后推出的芯片是 H20，它是 Nvidia 为遵守美国新的出口限制而开发的三款面向中国市场的芯片中功能最强大的一款，延后推出可能会打乱 Nvidia 在中国保持市场份额以对抗华为 (HWT.

《独家新闻》Nvidia 延后推出面向中国市场的新款 AI 芯片 -- 消息人士

Ma Yun's entry has added fuel to the already hot pre-packaged food track. According to media reports, on November 22nd, Hangzhou Daijingtou 22 Cultural Art Co., Ltd. established a wholly-owned subsidiary, Hangzhou Majia Kitchen Food Co., Ltd., with a registered capital of 10 million yuan. The equity structure of the former company shows that Ma Yun holds 99.9% of the shares.

After Dong Mingzhu, is Jack Ma also entering the pre-packaged meal industry?

恒指 10 日、20 日以及 50 日平均线组合已确认在 17600 点聚焦，守稳其上将可保持稳好状态发展，有利短期升势随时再度伸展，年底前有望朝着 19000 点进发！

港股下一个突破点可能在 18300 点！

一、事件：AMD 发售 MI300 系列 GPU 媒体报道，在 12 月 6 日于圣何塞举办的 Advancing AI 在线发布会上，AMD 将发售 MI300 系列 GPU。根据此前发布会，MI300 系列产品包含 MI300A 与 MI300X 芯片。其中，MI300A 是由 1460 亿个晶体管组成的 CPU+GPU 加速器，这种布局可以让 CPU 更快地准备数据，将数据加载到 GPU 上，从而加快模型的训练。

AMD 全新 AI 芯片发售在即，大单已在手，有望叫板英伟达

Taobao announced that the Double 12 event will not be held this year. Instead, a large-scale event called "Taobao Year-end Good Price Festival" will be held in December, with merchant recruitment expected to start at the end of November.

Taobao has canceled its Double 12 event this year and will instead hold the "Taobao Year-End Good Price Festival" next month.

按照市场预期，此次宁德时代赴港 IPO 的融资规模可能参考此前其瑞士 GDR 目标发行规模，预计在 50 亿至 60 亿美元（折合人民币约 358 亿元至 429 亿元）。

“宁王” 或锁定明年港股最大 IPO

Tesla, which had previously been self-righteous in the turmoil of the US automotive industry strike, has become the target of attack by Swedish unions. As the strike escalates and more industries join in, Tesla's CEO, Tesla, can no longer sit still. On Thursday (November 23), local time, Tesla commented on social media X (formerly Twitter), saying, "This is insane." The strike was led by 130 mechanics from Tesla's repair shops, who belong to the IF Metal Union.

The wave of strikes in the United States has spread to Tesla in Sweden, and Musk commented, "This is crazy."

对于苹果来说，信号似乎是一个永远绕不过去的坎。早在 2010 年的 iPhone 4 之上，就闹出了一个 “天线门”。在这一年的 6 月 24 日，举世瞩目的 iPhone 4 正式发布，但在数小时后，就有美国网友在论坛上发布帖子，称 iPhone4 引以为傲的框线天线设计存在致命缺陷，在用户用手紧握 iPhone4 的时候，其移动网络的信号就会在数分钟内完全衰减到无法通话的水平，这就是著名的 “死亡之握”。

一颗难倒了苹果的芯片

The power struggle within OpenAI, the world's most famous tech startup, came to an end with CEO Ultraman taking back the helm within 100 hours. However, the behind-the-scenes battles between tech giants are far from over. Some analysts point out that compared to Microsoft, which fought to turn the tide and desperately avoided wasting its billions of dollars in investment, Meta, which was not truly involved in the power struggle, may be the silent winner among the giants.

The OpenAI farce comes to an end, is Meta the "biggest winner" that has been overlooked?

"XIAOMI-W, in the new decade, has reached a crucial 'leap moment'. In the future, we will witness the emergence of more concentrated and advanced technologies from XIAOMI-W, presenting a brand new XIAOMI-W before all of you." Before the release of XIAOMI-W's surging OS, Lei Jun wrote this on his social media. From 2010 to 2020, the first ten years of XIAOMI-W's establishment were a period of validation and development of its business model, rapidly scaling up its operations."

Analyzing the "First Decade" and "New Decade" of XIAOMI-W from the 2023 Q3 Earnings Report

Zhitong App has learned that the real estate stocks have collectively fallen in the morning session. As of the time of writing, Shimao Group has dropped 6.9%, with a price of HKD 0.81.

Hong Kong Stock Market Update | Property stocks collectively decline, SHIMAO GROUP drops more than 8% at one point, SINO-OCEAN GP drops more than 3%.

摩根大通表示，中國據報道考慮允許向房企提供無抵押貸款，如果這類措施得以嚴格執行，特別是向困境民營房企提供更多此類貸款，這對銀行來說將是負面，恐將帶來中期信用風險。

內銀向房企提供無抵押貸款或是冒險之舉？

According to the equity disclosure documents of the Hong Kong Stock Exchange, Li Zekai, the Chairman of Electric Profit, purchased company shares on November 17th to 22nd, for an average price ranging from 3.8974 to 3.

Li Zekai increased his holdings of Dianying by 11.54 million yuan for four consecutive days.

With the Federal Reserve's interest rate hike cycle nearing its end, the process of balance sheet reduction has also attracted much attention. The Federal Reserve officially announced at the FOMC meeting in May last year that it would begin reducing its balance sheet from June 1st until November 1st. Over the course of 18 months, the Federal Reserve's balance sheet has been reduced by approximately $1.04 trillion to $7 trillion.

When will the Fed stop shrinking its balance sheet? Goldman Sachs: It will start "hitting the brakes" in Q3 next year and end in Q1 2015.

近日，摩根资产管理发布了《2024 年长期资本市场假设》，为投资者提供各种资产类别未来 10 至 15 年的风险回报展望。这是摩根资产全球最知名的展望报告之一。上述报告指出，鉴于宏观环境不断变化，重新审视分散投资和投资组合构建的假设： 60/40（美元）股债组合在未来 10 至 15 年的预测年回报率仍具有不俗的吸引力，同时投资者可通过其他方法提升潜在回报。

摩根资管发布 2024 长期资本假设，另类资产可提升长期回报率，中国股票仍具有一定的吸引力

即将到来的 2024 年，美国很可能完成从加息到降息周期的转折，投资者紧盯着下面 8 个美联储公布利率决议的日子，要知道，2024 年的任何一场议息会议都可能 “震撼市场”！• 1 月 31 日 • 3 月 20 日 • 5 月 1 日 • 6 月 12 日 • 7 月 31 日 • 9 月 1 日 • 11 月 7 日 • 12 月 18 日 而最受重视的时间点当属——5 月 1 日（北京时间 5 月 2 日）这一天。最近公布的美联储联，美联储官员们又一次集体认为，当前的经济状况更适合将利率在一段时间内保持高位，重申将谨慎行事，且没有流露结束加息周期的意愿。

所有人都在猜：明年哪个时点，美联储降息？

The recent wave of sell-offs in the US stock and bond markets lasted until late October, but has seen a strong rebound in the past two weeks. According to analysts at J.P. Morgan, this trend is essentially technical in nature and driven by momentum strategies and short covering. In their report released last week, the J.P. Morgan analyst team, led by Marko Kolanovic, stated that the risk-return profile of stocks remains unattractive. Given the uncertain economic outlook for next year, they are maintaining a defensive stance on the stock market. They believe that restrictive monetary policies may persist for some time, stock valuations are high, and with the weakening of liquidity buffers and a series of high interest rates, consumers may begin to tighten their spending. This could lead to a tightening of consumer loan products, loan standards, and an increase in delinquency rates.

Morgan Stanley discusses recent "asset allocation": shifting from government bonds to commodities, stocks still lack cost-effectiveness.

On November 23rd, Tesla CEO Elon Musk revealed on the social media platform X that Tesla's electric pickup truck is on its way to Tesla stores in North America (Figure 1). Previously, Tesla revealed that one million people have pre-ordered the Tesla, with a target of producing 200,000 vehicles per year. According to media reports, Guo Mingchi, a well-known analyst at Tianfeng Securities, stated on October 10th that Tesla's estimated shipments this year are 100-200 units, reaching 100,000-120,000 units next year, and 240,000-260,000 units by 2025.

Musk: Cybertruck electric pickup is being shipped to Tesla stores in North America.

Every new force in the car manufacturing industry has its unique brand label. For example, XPENG-W is known for its "high-end intelligent driving configuration," Ideal for its "extended range and large volume," ZERO and NIO for their "high cost-performance ratio," WENJIE for being "far ahead," and NIO-SW for its "excellent customer experience and unique battery swapping service." NIO-SW has made great efforts to establish and consolidate this brand label. However, due to the fact that battery swapping models are not mainstream in the market, NIO-SW faces significant challenges in promoting the popularity of the battery swapping model on its own. The continuous high expenditure has also raised doubts in the market. However, NIO-SW's battery swapping business is now at a turning point.

NIO's battery swapping finally pays off | Insights from Dolphin Research

四大信号：股指的主要贡献者是 AI、 AI 热潮似有拐点、纳指与其领先指标背离、前 10 大企业市值的占比过高，正在给美股发出明确预警！

技术分析 | 美股为什么危险了？

核心观点 2023 年 11 月 6 日，财政部继 2022 年 5 月和 7 月之后再次发布隐债问责案例。可见在隐性债务 “化存量” 的背景下，中央也保持着 “遏新增” 的态度，严肃查处新增隐性债务和隐性债务化解不实等违法违规行为。此轮隐债问责和 2022 年两轮有何不同，以及在当下特殊再融资债密集落地、融资平台化债加速的背景下有何特殊之处，值得进一步探讨。

中信证券：从 “化存量” 到 “遏新增”

Zhitong App has learned that Royal Bank of Canada Capital Markets said on Wednesday that the concentration of the top 10 companies with the largest market capitalization in the S&P 500 index continues to reach new highs. However, the company does not believe that this provides a clear signal for the future. Royal Bank of Canada Capital Markets explained that "the concentration is related to past periods of market pressure, but the signal is not clear."

US stocks "top-heavy" means market under pressure? Investment banks: Not necessarily!

Adobe is continuously expanding its generative AI capabilities. According to reports, Adobe has acquired Rephrase.ai, a generative AI startup that specializes in using AI technology to convert text into virtual image videos.

Breaking into the video field? Adobe acquires "AI Video" company

马斯克发布微博表示，所有初代 @特斯拉 Roadster 的原始设计和工程现在完全开源。我们拥有的一切，现在你也拥有。

马斯克：所有初代特斯拉 Roadster 的原始设计和工程现在完全开源

腾讯的 2023 年第三季度财报显示，营收和净利润同比增长，得益于增值服务业务、网络广告业务和金融科技及企业服务业务的快速增长。腾讯还积极布局 AI 大模型相关业务，预计未来业绩将持续攀升。此外，高盛发布研报维持腾讯 “买入” 评级，认为腾讯股价还有上涨空间。腾讯的业绩表现受到资本市场的积极反馈。

腾讯三季度财报解读：AI 大模型成下个十年的新支点？

港股地产股持续走高，旭辉控股一度涨近 30%，碧桂园涨近 13%，中国奥园涨超 12%，富力地产、雅居乐涨约 9%。

根据微软全球消息显示，微软 Copilot 具有商业数据保护功能的 Web AI 聊天功能将于今年 12 月 1 日正式上线，前期有 160 余个区域可使用。微软官方产品操作页面显示，虽然该服务可支持简体中文，但中国大陆地区用户尚不能尝鲜。

微软 Copilot Web AI 将于 12 月 1 日正式上线，支持简体中文

金十数据 11 月 23 日讯，摩根大通发表报告指，百度股价在过去一个月，与互联网同业的表现一致，但该行认为公司短期有上升潜力，因为生成式人工智能商业化进程较预期快，估计生成式人工智能明年可以带来超过 90 亿元人民币收入，而相关因素未有完全在股价反映。另外，百度的核心广告及云业务增长加快，亦支持股价表现。现价反映明年预测市盈率 11 倍，相信属低估，该行维持百度「增持」评级，上调对其目标价，由 180 港元升至 210 港元，反映明年预测市盈率 15 倍。

摩根大通：百度估值被低估 升目标价至 210 港元及评级 “增持”

In the coming week, the analysis of Black Friday sales and foot traffic trends, as well as the inevitable skirmishes at Walmart, will all be key indicators for evaluating consumer strength and overall economic indicators.