中国 1 至 12 月全国房地产开发投资 -9.6%，预期 -9.5%，前值 -9.4%。

中国四季度 GDP 环比 1%，预期 1.1%，前值 1.3%。

China's property sales fell 8.5% in 2023, with investment down 9.6%, indicating ongoing struggles in the sector due to weak demand. New construction starts also declined by 20.4%. Funds raised by property developers were down 13.6%. These figures reflect the challenges faced by the Chinese property market.

China's 2023 property sales fell 8.5%, investment down 9.6%

XPENG-W fell more than 7%, hitting a new low of HKD 39.75 since June last year. As of the time of writing, it has dropped 7.55% to HKD 39.8, with a turnover of HKD 256 million. In terms of news, Citigroup recently pointed out in a research report that the pure electric vehicle market may face challenges this year due to an oversupply of models, especially in the RMB 200,000 to RMB 300,000 market segment where most of XPeng's products are positioned. The competition will be more intense. In addition, Tesla's price reduction in the Chinese market may also pose a threat to XPENG-W. The bank has lowered XPENG-W's target price from HKD 41 to HKD 39.6, maintaining a "sell" rating but removing the high-risk rating. The bank stated that considering the competition in the electric vehicle market, it has slightly lowered XPENG-W's sales forecasts for 2023 to 2025 from 155,000, 260,000, and 338,000 units to 142,000, 250,000, and 325,000 units respectively. It has also adjusted the gross margin forecasts for the same period to 1.9%, 7.7%, and 9.6%, while increasing the net loss forecasts by 1% to 5%, to RMB 11.46 billion, RMB 9.96 billion, and RMB 9.36 billion respectively.

Hong Kong Stock Market News | XPENG-W falls more than 7%, hitting a new 7-month low, Citigroup suggests that Tesla's price reduction may pose a threat to XPENG-W.

高盛策略师认为，在美国股市估值高企的情况下，小盘股和必需消费品板块仍具有投资价值。标普 500 指数距离历史新高不远，标普指数市盈率已达到 20 倍，高盛认为当前还有三个领域存在投资价值，即小盘股、定价能力弱的个股和必需消费品类股。尽管小盘股近期上涨，但罗素 2000 指数的市盈率仍低于 10 年平均值，且必需消费品股票的估值也颇具吸引力。

高盛：美股估值虽高企，小型股和必需消费品板块尚有投资价值

提醒：北京时间 10:00，将公布中国四季度 GDP、中国 12 月规模以上工业增加值、中国 1 至 12 月全国房地产开发投资等数据。

富兰克林邓普顿表示，对今年股市持正面看法，看好小型企业。他们认为，美国经济可能实现 “软着陆”，利率已触顶，这将推动 2024 年股市表现。富兰克林股票团队认为，资讯科技行业回报将受到需求释放、数码转型、通胀稳定和估值合理等因素的影响。他们还指出，美国股市在 2024 年有望向好，但估值扩张空间有限，投资者可聚焦相对增长和集中基准以外的投资。

富兰克林邓普顿：对今年股市持正面看法 看好小型企业

Coinbase 成为美国现货比特币交易基金（ETF）的核心，将垄断数字货币的定价权，但同时也面临一系列风险。多家 ETF 发行者将依赖 Coinbase 来确保基金运作，数字资产交易所已准备好为大公司提供托管、交易和借贷服务。然而，新推出的低费率基金也构成了对 Coinbase 核心交易平台收入的威胁。此外，Coinbase 的多重角色引起美国证券交易委员会（SEC）的关注，该委员会指责 Coinbase 经营一个未注册的交易所、经纪商和清算所。Coinbase 对此提出异议。

干掉赵长鹏后，Coinbase 将垄断数字货币的定价权

Unfazed by the pressure of interest rate cuts, Wall Street believes that US stocks can still rise!

This year's report is tearing up earlier! Wall Street has been intensively raising its expectations for the US stock market this year, especially Goldman Sachs...

恒生科技指数跌幅扩大至 2%，蔚来跌超 7% 领跌成分股，小鹏汽车跌超 6%。恒指现跌 1.4%。

苹果本周邀请媒体和嘉宾对新款头显 Vision Pro 展开测试。部分媒体表示佩戴 20 分钟会感到疼痛，但更换 Dual Loop 头带后感觉更舒服。媒体对 Vision Pro 的沉浸式体验给予积极评价，但也指出虚拟键盘体验较差。总体而言，Vision Pro 的体验优秀，可以选择迪士尼风格的背景观看内容。

苹果 Vision Pro 头显媒体评论解禁：戴 20 分钟感到疼

Barclays has raised its target price for AMD by $80, and predicts that the company's AI chip sales may reach $4 billion this year, surpassing $7 billion by 2025.

What happened to the 8% surge in AMD's stock price?

1 月 17 日，据 Salesforce 官微消息，Spring '24 宣布 Einstein Copilot 将于 2024 年 2 月落地 Salesforce。该生成式 AI 聊天机器人将用于整个 Salesforce 产品套件。据介绍，Einstein Copilot 应用于 CRM 应用程序中，智能回应任何用户查询。

Salesforce 生成式 AI 聊天机器人将于 2 月发布

投资者在灰度比特币信托（GBTC）上市首日撤资超过 5 亿美元，这在一定程度上反映了投资者可能正在获利回吐。与此同时，其他 9 只现货比特币 ETF 吸引了近 14 亿美元的资金流入。这表明投资者正在转向价格更低的比特币现货 ETF，GBTC 费率较高且费用为 1.5%。此外，Grayscale 的研究董事总经理表示，随着其他发行商进入市场，投资者对新产品的转向也是正常现象。预计 GBTC 基金将在未来几周内流失超过 10 亿美元的资金。

投资者选择获利了结  灰度比特币信托资金流失近 6 亿美元

Expectations of interest rate cuts were hit, Boeing fell nearly 8% and weighed down the Dow, and Chinese concept stocks underperformed the broader market. Sam Altman, CEO of OpenAI, said that breakthroughs in nuclear fusion are the key to the future of AI. Apple surpassed Samsung for the first time to become the global leader in annual smartphone sales. Vodafone is stepping up its investment in AI, with plans to invest $1.5 billion over the next 10 years for strategic cooperation with Microsoft. BYD will invest 100 billion yuan in the field of intelligentization in the future. The United States launched a new round of strikes against Houthi anti-ship missiles in Yemen on Tuesday.

Breakfast | BlackRock warns US stocks are too expensive, Apple launches visionOS App Store

专题：世界经济论坛第五十四届年会_2024 冬季达沃斯 当地时间 1 月 16 日，国务院总理李强出席世界经济论坛 2024 年年会并发表特别致辞。李强在致辞后强调，要坚持以人为本普惠包容，以 “善治” 促 “善智”。

李强总理：要给人工智能发展划红线或底线

乌克兰央行副行长表示关键利率可能在 2024 年下调。美联储的定期融资贷款 BTFP 余额创下纪录，达到 1313 亿美元。埃及央行保持隔夜存款利率和隔夜贷款利率不变。欧洲央行副行长表示现在放松货币政策为时尚早，不认为欧元区将陷入技术性衰退。美联储将于 2024 年 1 月 1 日实施透明政策。印尼央行将政策利率维持在 6% 水平，预计印尼 2024 年、2025 年通胀率将保持在目标范围内。巴西央行行长表示未来两次会议是重要时期，认为降息步伐是适当的。土耳其央行加息 250 个基点至 42.5%，表示将继续实施量化紧缩。

每日全球央行动态一览

Director Waller stated that caution should be exercised to avoid excessive tightening; there is no reason to take action as quickly as in previous interest rate cycles. When the timing is right, interest rates can and should be lowered in a deliberate and cautious manner.

Understanding the Market | Devastating Blow to US Stocks! What Did the Federal Reserve Director Actually Say?

媒体称美国对也门胡塞武装实施新一轮打击。随后，一名美国官员宣称，美国若干无人机对多个胡塞导弹发射地点实施 “先发制人” 的打击。油价周二波动不大。

美国对胡塞武装新一轮打击，壳牌、日本三大航运停止红海航线，希腊货船遇袭

印度央行行长沙克蒂坎塔·达斯：加密货币存在巨大风险。

Microsoft CEO Nadella stated that he does not wish to increase control over OpenAI at a time when regulatory agencies are planning to investigate the relationship between Microsoft and OpenAI. Therefore, he has no intention of obtaining a seat on OpenAI's board of directors. He also mentioned that OpenAI relies on Microsoft for certain key technologies.

Microsoft's Nadella: No intention to obtain a seat on OpenAI's board OpenAI relies on Microsoft for key technologies

日本新 NISA 制度推行，旨在促进家庭长期投资和资产积累。该制度设立面向个人投资者的税收优惠制度，免税额度扩大至 360 万日元，并将免税期改为无限期。日本家庭金融资产中，现金和存款占比最高，股票配置比例较低。新 NISA 的启动可望为日本股市带来增量资金。

日本散户，在逃离股市？！

蚂蚁集团自研的 GPU 显存 + 传输优化开源项目 GLake 集成了高效的动态显存组合技术框架 GMLake，并宣布 GMLake 已被深度学习主流框架 PyTorch 集成。GMLake 能够在大模型训练、推理框架底层以及系统层对显存和传输进行一体优化，最高提高 33% 的 GPU 可用显存。这一技术使显存使用更为高效。

蚂蚁集团：自研 GMLake 已被 PyTorch 集成，可提升 33% GPU 可用显存

14 important executives have changed positions, and personnel changes in the banking industry are heating up at the beginning of the year.

沙特主权财富基金计划今年对半导体行业进行大规模投资，并寻求创建国家航天公司。沙特希望成为全球领导者，并吸引中国科技公司的投资。沙特主权财富基金是沙特王储振兴经济的重要组成部分，已经迅速积累了约 7000 亿美元的资产。该基金计划到 2025 年控制 1 万亿美元的资产。沙特还计划在王国西海岸开发汽车制造中心，并涉足芯片和电池等下游产业。

沙特拟大笔投资，进军半导体和航空领域

Gundlach 指出，标普 500 已经形成双顶形态，当前是一个糟糕的交易位置，美股 “七姐妹” 自去年 7 越来处于横盘状态，上涨趋势或被打破。

“新债王” 警告：现在买入美股风险很高，今年经济衰退的可能性为 75%

In the PC era, Microsoft dominated, in the smartphone era, it belonged to Apple, and in the era of artificial intelligence, is Microsoft reclaiming the "throne"?

The "battle of the tech giants" between Apple and Microsoft always signifies the shift in "tech dominance".

丘栋荣在最新季报中表达了他对医药股和港股智能车行业的乐观态度，认为医药股空间巨大，优质房企的投资回报潜力依然上佳。他提醒投资者不要在市场回调时失去信心，认为中国权益资产是最值得承担风险的大类资产。丘栋荣优先配置那些基本面改善、盈利能力高增长和高弹性的公司。总结来说，丘栋荣在季报中给出了对不同行业的乐观展望和投资建议。

丘栋荣最新告白： 不要在未来回首时，懊悔现在买得不够

With a staggering 800 million yuan bet on its shoulders, Shengtong Technology, an enterprise-level interactive AI supplier, is making a splash in the Hong Kong stock market IPO.

国务院总理李强：中国经济 2023 年预计增长 5.2%。

Tesla fell more than 2% in pre-market trading. Earlier, Tesla stated that it hopes to obtain 25% voting control of Tesla before achieving its artificial intelligence goals. XPENG-W fell more than 6% in pre-market trading, while Li Auto dropped nearly 5%. BIDU-SW fell more than 4%, and BABA-SWR, JD.com, Bilibili, and Pinduoduo all fell more than 2%. NetEase and NIO fell by nearly 2%.

Pre-market US stocks | XPENG-W, Li Xiang, BIDU-SW lead the decline of Chinese concept stocks! Tesla and Apple are also falling.

恒指今日再挫 350 點，失守萬六關。東亞銀行財富管理處投資策略師陳偉聰表示，短期不排除股市進一步下行，相信在 15400 點有支持。按指數成份股盈利增長一成，以及預測市盈率 9 倍計算，今年對恒指的目標價為 19500 點。

東亞：恒指今年目標價 19500 點

据港媒引述日本媒体消息，大韩航空与国泰航空客机在日本北海道新千岁机场相撞。

香港国泰航空客机与大韩航空客机在日本北海道机场相撞

JPMorgan Chase believes that starting in April, the Federal Reserve will reduce the monthly scale of US Treasury bond reduction from the current $60 billion to $30 billion, and will stop quantitative tightening (QT) in November.

JPMorgan Chase provides a timeline for the Federal Reserve's QT reduction: Discussion in January, Announcement in March, Implementation in April.

瑞银将 2024 年标普 500 指数目标从 4850 点上调至 5150 点。

BANK OF E ASIA predicts that the Hang Seng Index may see another low in the short term, with support expected around 15,400 points and a P/E ratio of 7.7-7.8 times. Due to the large holdings of technology and growth stocks by foreign investors, as well as lower-than-expected profit growth, the Hang Seng Index is facing selling pressure. The performance of Hong Kong stocks is weak, and the net outflow of foreign capital is causing concerns for the mainland economy. BANK OF E ASIA expects a positive outlook for the renminbi, with the anticipation of a rate cut by the Federal Reserve in the first half of 2024, and the renminbi exchange rate will fluctuate within the range of 7-7.15. The downgrade of China's economic outlook by Moody's has limited impact on the trend of the renminbi.

BANK OF E ASIA: It is not ruled out that the Hang Seng Index may see another low in the short term, with support around 15,400 points.

Goldman Sachs has continued to include PDD and KUAISHOU-W in its "conviction buy" list, and has reiterated its "buy" rating for Tencent, NEW ORIENTAL-S, NetEase-S, Xiaomi-W, TAL Education, and Manbang. Why? It is expected that the market will continue to play a "zero-sum game"!

Rating Quick Look | Target prices for TENCENT, BABA-SWR lowered! PDD, KUAISHOU-W "Strong Buy" confirmed

红海航运保费飙升，绕道非洲 “更具经济性”。苏伊士运河交通量大幅下滑，航运巨头马士基称红海航道中断可能持续数月。保险费用的上涨导致综合成本增加，船东和租船人开始权衡支付额外保险费用和苏伊士运河过境费，或者选择绕道好望角支付额外燃料费用。红海一直是欧亚之间的贸易通道，但现在船只选择绕道非洲。根据数据显示，苏伊士运河交通量比去年同期下降 30%。美国运输部建议商船避开南红海，称"通过南红海的商船仍然面临高度风险"。

不只是 “胆子大不大” 的问题，红海航运保费飙升，绕道非洲 “更具经济性”

道指期货跌幅扩大至 0.4%，标普 500 指数期货跌 0.5%，纳指期货跌 0.

快手今日发布《快手员工暖心年货》通知：员工按司龄可领取最高 2866 元的 “暖心购物金”，购物金可在快手商城使用。快手董事长兼 CEO 程一笑在内部信中透露，2023 年，快手实现了公司上市以来的首次集团层面整体盈利。除了面向员工发放 “暖心购物金”，快手商城还将于 1 月 17 日开启为期 12 天的 “员工内购专属会场”，员工可以更优惠的价格买到多种年货。

快手宣布上市后首次整体盈利，向员工发最高 2866 元春节购物金

Roy Newberg: Work is fun, I still go to work every day at the age of 94; I didn't go to college, but I have been constantly learning.

Investor Profile | From 150,000 to 1.6 billion, he still goes to work every day at the age of 94

In the wave of artificial intelligence, NVIDIA is undoubtedly a company at the forefront, becoming the first chip manufacturer with a market value of 1 trillion US dollars.

The Past and Present of Trillion-Dollar Nvidia

Chiplet 技术将对英特尔和台积电构成挑战，英特尔计划在 4 年内推出 5 个工艺节点，并通过 Chiplet 加快进程速度，而台积电则通过 3D 硅堆叠和先进封装技术快速响应 Chiplet。Chiplet 技术是一种模块化的方法，可以应对集成电路复杂性、摩尔定律、多样化应用、成本和上市时间考虑因素、互连挑战、异构集成等问题。此外，Chiplet 的开发需要行业合作。

Chiplet 将颠覆两巨头？

Tesla hopes to gain greater control over Tesla. He questions why, if the current holdings of stocks are already sufficient motivation, Fidelity and others who hold similar shares do not come to work?

Threaten shareholders? Tesla: Without 25% voting rights, it's better to work on AI and robotics outside of Tesla.

两轮上涨之间有不少相似之处：1.对工资持续上涨的预期；2.日元和美元同步走软。未来 12 个月，日股远期每股收益（EPS）可能会进一步上升！

牛市 2.0？开年这一轮日股大涨与去年那波有多像？

百果园股价在上市一周年时出现大幅下跌，一度跌超 34%。可能是由于部分上市前股东解禁套现导致的。根据公司半年报数据，大股东及董事余惠勇持有公司 29.79% 的股权。此外，其他股东的禁售期也在解禁日后结束。百果园此前曾发布公告称拟回购股份以提振市场信心，但股价仍下跌。

理解市场 | 盘中一度跌超 34%！百果园股价为何大跳水？

中国香港的加密货币交易所 HashKey Group 在一轮融资中筹集近 1 亿美元，估值超过 10 亿美元，成为新晋的加密货币独角兽。这笔资金将用于在香港建立 web3 生态系统以及授权产品。HashKey 的业务包括交易平台、风险投资和资产管理，是寻求利用香港打造数字资产中心的加密货币企业之一。此次融资的领投方之一是 OKX Ventures。加密货币初创公司的融资在市场崩盘和 FTX 交易所倒闭后大幅缩水，但过去 12 个月数字代币回升，刺激了风险投资前景改善的希望。

新晋加密货币独角兽 HashKey 融资近 1 亿美元 估值超 10 亿美元

百果园股价单日暴跌超 34%，市值蒸发 27 亿港元。百果园回应称，股价波动属资本市场正常现象，经营一切正常。公司计划实施回购计划，回购股份不超过总股本的 10%。百果园存在流通盘比例与大股东和机构投资者持股比例较高的情况。公司股价波动可能受限售股解禁及股东减持套现的影响。

单日市值蒸发 27 亿港元，百果园回应经营一切正常

亚太主要股市收盘全线走低。韩国综合指数跌 1.12%，报 2497.59 点。权重股方面，LG 集团跌逾 2%，三星电子跌 1.76%。日经 225 指数跌 0.79%，报 35619.18 点，终结 6 连涨行情。权重股方面，日立跌逾 2%，任天堂跌近 2%。澳洲标普 200 指数跌 1.09%，报 7414.80 点。新西兰 NZX50 指数跌 0.02%，报 11770.76 点。

亚太主要股市收盘全线走低，日经 225 终结 6 连涨行情

“王一博概念股” 乐华娱乐早盘大跌 80%，发生了什么？该股基石投资者的禁售截止日期为 2024 年 1 月 18 日，可能是有投资者知悉基石即将解禁，而提前沽售相关股份。