德国大众起诉中国经销商从中国进口的新能源车进行销售，并要求销毁车辆并支付销毁费用。此事件的导火索是中欧新能源车价差，中国市场上新能源车的价格普遍便宜 80% 以上。中国自主品牌崛起加剧了市场竞争，中国品牌新能源车出海机遇增加。中国新兴汽车市场国家崛起，新能源汽车领域展现出优势，差距吸引了大量车商和消费者的目光。德国新能源汽车产业链不如国内完善和成熟，劳动力成本较高等原因导致德国市场价格较高。

德国大众 “汉堡销车”，“中国造” 新能源车的反攻？

《浦东新区综合改革试点实施方案（2023-2027 年）》提出，完善资本市场对科技企业上市融资、并购重组等制度安排，研究适时推出科创板期权产品，为跨境技术交易提供本外币结算等金融服务便利。鼓励发展创业投资，支持和引导民间资本以市场化方式参与发起设立创业投资基金、股权投资基金，培育天使投资人群体。支持设立与科创企业生命周期相衔接、与科创融资相匹配的创业投资或私募投资基金，发展与创投类企业发展周期、风险特征、资金需求相匹配的金融产品。健全资金来源多元、退出渠道畅通的企业并购基金市场。提升科技保险服务质效，依托上海保险交易所，依法合规开展保险产品、技术、模式等方面探索，按市场化原则深化科技保险风险补偿机制试点。完善中小微企业贷款担保基金政策。实施科技产业金融一体化专项试点。

中办、国办：完善资本市场对科技企业上市融资、并购重组等制度安排，研究适时推出科创板期权产品

Chinese concept stocks fell sharply before the market, with XPENG-W falling more than 7%, Bilibili falling more than 5%, JD, BIDU-SW, and Li Auto falling more than 4%, NetEase, NIO, and BABA-SWR falling more than 3%, and Pinduoduo falling more than 2%. Semiconductor stocks Intel and ASML rose more than 1%, AMD briefly rose more than 1%, and Qualcomm and NVIDIA followed suit.

Pre-market US stocks | XPENG-W falls more than 7%, leading the decline in Chinese concept stocks! Intel and AMD lead the rise in semiconductor stocks.

巴菲特的投资哲学一直强调价值投资和长期持有，他对花旗银行的投资可能表明他看到了花旗在 Fraser 领导下的潜力；而 Fraser 的重组计划虽然面临挑战，但其核心正是提高花旗的长期价值，与巴菲特的投资理念不谋而合。

巴菲特两年前究竟为何清仓富国买入花旗？

Dahua Jixian downgraded LI AUTO-W from "buy" to "sell" with a target price cut from HKD 190 to HKD 100; Yamato Holdings Co., Ltd. downgraded Bilibili from "buy" to "hold" with a significant target price reduction from HKD 160 to HKD 77.

Rating Quick Look | Ideanomics, Bilibili Ratings and Target Prices All Significantly Lowered! "Buy" Tencent, "Hold" Kuaishou-W

Intel, AMD, and Qualcomm are all embedding their own NPU (Neural Processing Unit) into their chips, posing a threat to NVIDIA's GPU dominance in AI PC computing power. However, even without an NPU, NVIDIA's GPU can still deliver outstanding performance on PCs.

Crazy speculation on AI PCs in the US stock market! Intel, AMD, and Qualcomm join forces to challenge NVIDIA's dominant position

香港证券及期货专业总会建议将打风开市安排交由立法会或财经事务委员会进行谘询。他们认为这一决策已经超出了仅仅影响证券界利益的范畴，因此应该进行更广泛的咨询。信中还提到，在恶劣天气下开市会对银行业造成影响，涉及到雇佣合约、假期安排和薪酬安排等方面的问题。总会还指出，恶劣天气下开市可能导致交易更集中在少量龙头券商，出现系统性风险。

香港证券及期货专业总会：打风开市安排应交由立法会或旗下委员会谘询

华泰证券发布港股策略报告，指出外资上周流出，内资流入。建议持仓宜谨慎防御，关注红利、内资流入和景气回升的投资主题。港股市场的过度乐观的美联储降息预期调整可能是外资流出的主要原因。同时，近期恒指沽空比例上升，地产板块的做空比例已超过市场底部水位，预示市场情绪可能接近底部。建议关注高股息资产、能源、电信服务及资本货物。

《大行报告》华泰证券：港股主动资金上周流出扩大 持仓宜谨慎防御

Intel will announce its fourth-quarter earnings report on the morning of January 26th. Over the past year, Intel's stock price has rebounded strongly by 65%, outperforming the S&P 500 index. Analysts generally expect Intel's performance in the fourth quarter to be good, and investors are optimistic about its performance. In addition, Intel has demonstrated diversified strategic focuses in areas such as divesting its programmable solutions business and expanding its artificial intelligence plans. It is expected that Intel will be able to maintain its sustained strength while advancing its strategic priorities.

Earnings Report Preview | Stock Price Strongly Rebounds 65% Is Intel's Turning Point Here?

奈飞将于周二美股盘后公布第四季度财报。奈飞管理层预计第四季度收入将同比增长 11%，达到 87 亿美元。预计奈飞 Q4 每股收益为 2.24 美元，营收为 87.1 亿美元，同比增长 11%。奈飞在三季度新增了 876 万订阅用户，广告套餐的订阅量环比增长了 70%。自由现金流为 18.9 亿美元，达到了 2023 年全年自由现金流目标。股价在 2023 年上涨了 65.1%。利润增长仍然依赖于收入增长，提价措施可以增强投资者对奈飞现阶段保持高增长能力的信心。

财报前瞻 | 奈飞值得追涨吗？

近日，网友称闲鱼微信小程序即将上线。询问了闲鱼官方客服，对方表示确有其事，目前还没有正式上线，先面向少部分人进行测试。在闲鱼发布的宝贝会被闲鱼微信小程序的买家看到，只有开通微信收款，微信小程序买家才能购买该商品。交易获得的收款，会转入到闲鱼微信收款余额。

闲鱼开启微信收款内测

小鹏自动驾驶大牛王弢，离职了。这也就意味着，小鹏自动驾驶重要人物吴新宙的核心团队成员，正随着吴新宙出走逐渐离开小鹏。

小鹏再失自动驾驶大牛！吴恩达高徒王弢离职

根据给定的信息，《大行报告》大摩认为今年与整体新兴市场和中国相比，仍然看好日本和印度股市。摩根士丹利指出，日本股市表现强劲，预测东证股价指数有潜在上升的空间。同时，该行指出日本的名目 GDP 成长、积极的企业盈利上调以及净资产收益率上升的结构性趋势将推动日本股市在全球其他地区表现优异。此外，该行还指出东证股价指数的多个板块录得正回报，其中汽车和运输设备、商业和批发贸易以及能源行业表现最好。

《大行报告》大摩：今年与整体新兴市场和中国相比 仍然看好日本和印度股市

市场消息：贝莱德寻求以 30% 的折扣出售上海写字楼。

At NVIDIA, I experienced failure, great failure, all of which was shameful and embarrassing, almost leading us to destruction.

Investor Profile | Huang Renxun: I have experienced three failures

最近，OpenAI 的 GPT-5 训练需要大量的芯片资源，为了不让英伟达垄断市场，Sam Altman 计划筹集数十亿美元，建立全球性的半导体晶圆厂网络。Altman 希望未来几年内建成一个自给自足的半导体供应链帝国，以满足 AI 技术的广泛应用需求。他正在与中东投资者和台积电谈判合作关系，以训练和运行 AI 模型的芯片。Altman 认为算力和能源将成为未来世界的两大货币。

GPT-5 被 5 万张 H100 卡脖子！Altman 急筹数十亿美元，欲取代英伟达建起 AI 芯片帝国

日本股市日经指数创 34 年新高，受美股强劲涨势影响。日经指数上涨 1.69%，收报 36,546.95 点，创 1990 年以来新高。其中，207 只成分股上涨，17 只下跌，1 只持平。房地产和科技板块表现最好。日本央行即将宣布政策决定，投资者对其影响持观望态度。虽然日经指数涨势广泛，但技术指标显示市场过热，分析师警告可能会回落。尽管如此，日经指数今年迄今上涨 9.2%，领先于其他发达市场。

日本股市：日经指数创 34 年新高，跟随美股强劲涨势

Last Friday's hottest options: Tesla with a strike price of $210 had a trading volume of nearly 260,000 contracts! Apple with a strike price of $190 had a trading volume of nearly 170,000 contracts. Alibaba options trading volume rose to 570,000 contracts, with call options accounting for 82.5%.

US Stock Options | Tesla and NVIDIA both traded over 2.4 million contracts! AMD, Apple, and Alibaba call options also surged.

恒生指数下跌超过 3%，多家成份股也出现了较大幅度的下跌，包括华润置地下跌 11%，龙湖集团下跌 10%，海底捞下跌 8%，碧桂园服务、翰森制药和李宁都下跌了超过 7%。

Trump concept stock DWAC continues to be listed, with a cumulative increase of 52% last week; NVIDIA and AMD continue to dominate the list.

Hot discussion on WSB | SMCI soars 36%, up over 1140% in just over a year

The US Real Estate Price Index has fallen for 23 consecutive weeks, reaching a new low in over 7 years! This is mainly due to the poor performance of Hong Kong stocks, which have been repeatedly declining and have had a negative impact on the market. Some owners who are eager to sell have lowered their prices, resulting in an increase in discounted properties and dragging down the confidence index for two consecutive weeks.

Hong Kong's discounted properties are on the rise!

LI AUTO's stock price has fallen nearly 7%, reaching a new low since May last year, with a turnover of HKD 587 million. LI AUTO has been overtaken in the weekly sales ranking of new energy vehicle brands for two consecutive weeks, indicating a weakening sales trend. Due to market slowdown and intensified competition, LI AUTO has reduced the price of its products by 8% to 10%, leading to a downward revision of its net profit forecast by Dahua Securities. The bank has also lowered its delivery volume forecast for this year and the next.

Hong Kong Stock Market Update | LI AUTO falls nearly 7%, hitting an 8-month low. Sales trend weakens as it is overtaken by competitors for two consecutive weeks.

跨境 ETF 持续受资金追捧，美国 50ETF 午后快速拉升涨停，溢价率超 10%，此外日经 ETF 大涨超 4%，纳斯达克 ETF 涨 3.54%。

美国 50ETF 午后涨停 溢价率超 10%

港股内房股集体下跌，华润置地、绿城中国、越秀地产、融创中国、龙湖集团、碧桂园、富力地产股票价格出现较大幅度的跌落。

根据天风国际证券分析师郭明錤的报告，预估苹果 Vision Pro 在开放预购后的首周末卖出 16 万至 18 万部。Vision Pro 的出货时间延长至 5-7 周，但今年的出货量预计可达到 50 万部。然而，需求在预购销售一空后迅速下滑，因此需要继续观察其他市场需求和应用更新来判断需求变化。

苹果 Vision Pro 到底有多火爆？郭明錤：首个周末预购可能达到 16 万至 18 万部

金十数据 1 月 22 日讯，大和发表研报指，哔哩哔哩短期内缺乏催化剂支持，加上市场竞争激烈及宏观不确定性，为增加广告业务变现带来压力，因此将其 H 股投资评级由买入下调至持有，目标价相应由 160 港元大幅下调逾半至 77 港元。

大和：降哔哩哔哩评级至持有 降低目标价至 77 港元

本周日本央行将公布利率决议，关注行长植田和男对可持续通胀的评估。预计央行将维持主要货币政策稳定，维持短期政策利率在-0.1% 并保持收益率曲线控制项目参数不变。经济学家认为取消负利率只是时间问题，乐天证券首席经济学家表示在 4 月份政策会议上放弃负利率是最自然的。工资增长迹象明显，官员们鼓舞。央行将研究春季劳资谈判初步结果及其他数据参考。

本周日本央行利率决议需关注哪些信息？ 

英伟达 CEO 黄仁勋本周低调访问中国，参加了中国区年会并参演节目。此次访问是黄仁勋数年来首次访问中国大陆，他还到访了英伟达在北京、上海和深圳的办公室。

英伟达黄仁勋参加中国区年会 穿 “东北大花” 热舞

亚洲股市回落，美国股指期货延续涨势。油价企稳，美元兑 G10 货币走弱。投资者关注美国 GDP、央行利率决议、韩国经济数据等。股市表现：标普 500 指数期货、纳斯达克 100 指数期货上涨，日本股市领涨，韩国股市下跌，香港恒生指数下跌，上证综合指数下跌，澳大利亚 S&P/ASX 200 指数上涨。货币表现：美元持平，欧元兑美元持平，日元兑美元上涨，人民币兑美元持平，澳元兑美元持平。加密货币表现：比特币下跌，以太币下跌。债券方面未提及具体情况。

亚市午盘：亚洲股市回吐部分涨幅 日本股市领涨

美元连续第三天走弱，美国股指期货创下历史新高。纳斯达克期货一度上涨 0.8%，标普 500 指数期货上涨 0.3%。10 年期美国国债收益率下跌一个基点，至 4.11% 附近。大型科技股推动标普 500 指数上周五创下纪录新高。

美国股指期货触及纪录高位

波音客机故障事件持续发酵！联合航空周五之前取消波音 737 MAX 9 航班

According to the given news information, this information belongs to investment research. According to the survey results, two-thirds of the respondents believe that betting on the Federal Reserve's early easing of monetary policy is the "most foolish" trade. Although the S&P 500 index closed at a historic high last week, investors are in a battle with data showing the resilience of the U.S. economy and Federal Reserve officials who oppose premature rate cuts. Wall Street's anxiety over excessive bullish bets on Fed rate cuts is growing. Traders have reduced the number of rate cuts to five and have begun to cut back on bets that the Fed will start a monetary easing cycle in March. Investors are less optimistic about stocks than they were in November last year, but still prefer stocks over bonds. The stock market is dominated by bulls, but respondents have a lukewarm attitude towards Bitcoin.

Bulls in the US stock market need to be cautious! According to a survey by MLIV Pulse, betting on an early interest rate cut by the Federal Reserve is considered the "most foolish" trade.

In 2023, the overseas hedge fund industry generated a profit of $218 billion for its clients. Among them, the top 20 companies managed less than 1/5 of the industry's assets, but contributed nearly 1/3 of the industry's profits.

Top 20 Profitable Overseas Hedge Funds in 2023: TCI Takes the Lead, Followed by Citadel

* 花旗降百度目标价至 171 美元 股价回调为「买入」机会

* 花旗降百度目标价至 171 美元  股价回调为「买入」机会

The latest report of the Hang Seng Technology Index is 3052.88 points, a decrease of 72% from its peak of 11001 points on February 26, 2021.

Is Huatai-PB CSOP Hang Seng Technology ETF (QDII) launching a "3000-point defense battle"?

东方甄选可能与 TikTok 合作，进行海外供应链业务。东方甄选的招聘页面显示，他们正在招聘与 TikTok 合作的职位，包括海外店铺运营经理、内容运营经理和商务经理。商务经理的工作内容包括供应商资源开发、采购流程优化、供应商信息分析和采购市场趋势分析等。这一合作有助于东方甄选建立稳定的供货渠道，开拓新品牌新品类。

东方甄选出海或与 TikTok 合作

* 麦格理削李宁目标价 38% 至 26 元 评级「跑赢大市」

* 麦格理削李宁目标价 38% 至 26 元  评级「跑赢大市」

Hong Kong property stocks are all down. As of the time of writing, Hang Lung PPT fell 6.11% to HKD 9.07; Swire Properties fell 4.69% to HKD 14.22; Wharf REIC fell 2.63% to HKD 22.65; CK Asset fell 2.41% to HKD 34.45. According to a report by Morgan Stanley, interest rate cuts since the second half of this year should help reduce interest expenses, but the housing market needs support from mortgage rate cuts and improved market sentiment, which may not happen this year. It is expected that Hong Kong's property prices will fall by 10% for the whole year, returning to the level of August 2016. In addition, the bank predicts that Hong Kong's interbank rates in the first half of this year will be about 100 basis points higher than the same period last year, which is unfavorable for companies with high debt and a high proportion of floating interest rates. The bank believes that only companies with strong balance sheets are more likely to maintain or increase dividends in this environment.

Hong Kong property stocks plummeted across the board, with Hang Lung Properties falling more than 6%. Morgan Stanley predicts a 10% decline in Hong Kong property prices for the whole year.

恒指最新急插 334 點，失守萬五關，科指插 2.8%，騰訊插 3%，美團瀉 6%，港交所插 3.9%。內地維持 LPR 不變，內房股受壓。潤地瀉近 9%。股市出現大幅下跌，投資者需密切關注市場走勢。

恒指最新急插 334 點 失守萬五關

Zuckerberg stated that by the end of the year, Meta Platforms will possess nearly 600,000 H100 chips (worth up to 150 billion RMB).

Night Market Scan | AI is hot! AMD rose 3.5% at one point, NVIDIA rose 1.5%

Still expanding into the medical device market.

New stock returns continue to rise, and the red-hot market welcomes a "rising star"

How does the current Hong Kong stock market compare to previous bottoms? What can we expect in the future? First of all, some technical indicators are approaching extreme levels seen in previous bottoms! The support level for the Hang Seng Index on a monthly basis is around 14,600. However, for the rebound to be sustained, it still requires policy measures that are "appropriate" to the situation as a foundation.

Understanding the Market | How far has the Hong Kong stock market fallen?

申万宏源认为，需求侧存在堵点约束了地产政策的效果。PSL 将是潜在破局方向，但需要转变投向，期待投向范围扩容至保交楼，并适当引入财政资金。地产竣工结构是需求侧堵点之一，已售期房竣工偏低，导致地产需求和消费需求受限。此外，堵点还约束了信用传导。申万宏源建议政策对症下药破解堵点，以引导存量政策重新发挥作用。

申万宏源：什么政策短期更能 “对症下药”？

港股科网股持续下挫，美团跌超 5%，哔哩哔哩跌近 5%，商汤跌超 3%，携程集团、腾讯控股、东方甄选、百度集团跌超 2%。

港股科网股持续下挫 美团跌超 5%

STAR CM fell more than 5% again, and has plummeted 94% since its high point in June last year. As of the time of writing, it has fallen 5.56% to HKD 6.97, with a turnover of HKD 3.16 million. On the news front, on December 28, 2023, when the one-year lock-up period for STAR CM's listing expired, there was a CCASS storage anomaly (usually seen as a precursor to shareholders planning to sell shares), with a staggering 236 million shares being stored in China Merchants Securities Hong Kong, accounting for 59.33% of the company's actual circulating share capital. Based on the closing price that day, the market value of this storage position exceeded HKD 4.4 billion. In addition, on the evening of August 17, 2023, a recording of Li Wen's narration of unfair treatment during her participation in "The Voice of China" was exposed. On August 25, Zhejiang Satellite TV issued a statement saying that due to the investigation into the problems raised by the audience and netizens regarding the program "The Voice of China", the show has been temporarily suspended. Analysts believe that STAR CM's variety show business has been performing poorly in recent years, and the suspension of "The Voice of China" is like the last straw that breaks the camel's back. In the absence of any signs of improvement in the fundamentals and with pessimistic market expectations, STAR CM may not have reached its "bottom" yet.

Hong Kong Stock Market Update | STAR CM falls over 5%, down 94% since its peak in June last year.

恒生科技指数跌超 1%，恒指跌近 1%。

* 美银证券升苹果评级至「买入」目标价上调至至 225 美元

科技股凶猛的同时，货币基金依旧疯狂吸金！对经济软着陆的怀疑、对利率政策的不确定性，以及地缘政治因素对市场的潜在影响，投资者在此背景下倾向于 “哑铃策略”，即将资产配置在高风险的科技股和低风险的货币基金上。

理解市场 | 美股投资者为何倾向于 “哑铃策略”？

* 美银证券升微软目标价至 450 美元 料今年增长加快