港股三大运营商拉升，港股中国联通涨超 5%，中国电信涨近 4%，中国移动涨超 2%。

* 恒指升幅扩至逾百点 重上万六水平

* 恒指升幅扩至逾百点  重上万六水平

The continuous rise of Pro UltrPro Shrt S&Pro 500 in the US stock market has exceeded analysts' year-end expectations, causing concerns among the bulls. The stock market has been driven up by the optimism fueled by the rise in the stock prices of NVIDIA and Microsoft. However, the speed of the rise in Pro UltrPro Shrt S&Pro 500 has raised concerns among some seasoned professionals that a speculative bubble similar to the late 1990s may occur. They are worried that there may be a "melt-up" dominated by technology stocks, ultimately leading to a market crash.

Sound the alarm! The rapid rise of the US stock market has veteran bulls worried about a repeat of the 1990s crash.

港股新能源汽车股震荡走低，蔚来跌超 7%，小鹏汽车跌超 6%，理想汽车跌超 5%，长城汽车、比亚迪股份跌超 3%。

* 高盛料人行首季及第三季下调政策利率 次季及第四季降准

* 高盛料人行首季及第三季下调政策利率  次季及第四季降准

中金发布研究报告，维持阿里巴巴-SW“跑赢行业” 评级，目标价 109 港元。报告下调公司 2024 和 2025 财年净利润预期。马云和蔡崇信增持阿里股份。阿里巴巴回购普通股，流通股净减少 3.3%。阿里巴巴-SW 股价上涨 7.32% 至 72.6 港元，投行买入评级，目标均价 105.49 港元。阿里巴巴-SW 港股市值 14791.7 亿港元，排名零售行业第 1。以上信息由中金发布的研究报告整理生成。

中金发布研究报告称，维持阿里巴巴-SW“跑赢行业” 评级，目标价 109 港元

“利润水平，尤其是纳斯达克的利润水平，正日益受到关注，持仓和利润都在扩大，平均多头头寸的利润接近 5%，增加了获利回吐的风险，并为短期内的持续反弹创造了潜在的阻力。”

理解市场 | 美股短期内为何可能下跌 10%？

恒生科技指数跌幅扩大至超 1.5%，恒指跌 0.3%。

德银全球首席投资官克里斯蒂安·诺尔廷周四表示，美国经济今年的增长率可能为 0.8%，远低于 2023 年 2.3% 的预期增速。随着这种减速渗透到股市，短期内可能会出现较当前水平下跌 5% 至 10% 的情况。

德银：美国今年经济增长将大幅放缓，股市短期内或下跌 10%

特斯拉公司推出的人形机器人擎天柱在首尔移动展亮相，马斯克表示其可以带领特斯拉成为人工智能巨头。特斯拉发布第四季度财报，马斯克回应了其要求特斯拉 25% 投票权一事，表示特斯拉在人工智能推理领域效率最高，但对渗透特斯拉机构股东的激进分子持谨慎态度。马斯克还提到，人形机器人擎天柱有潜力远远超过特斯拉其他产品的价值总和，部分擎天柱很有可能在明年交付。马斯克强调特斯拉正在确保擎天柱的安全性。

特斯拉人形机器人最早明年交付，马斯克：价值潜力远超其他产品总和

港股内房股拉升，富力地产涨超 12%，新城发展、越秀地产涨超 5%，龙湖集团涨超 4%。

The stock prices of XPENG-W and Li Auto-W fell in early trading, dropping by over 6% and 3.75% respectively. In addition, Tesla's fourth-quarter adjusted revenue was lower than expected, causing its stock price to decline in after-hours trading. UBS released a research report pointing out that the Chinese electric vehicle industry is facing challenges in price competition. Large companies such as BYD and CATL will become market consolidators, while smaller, loss-making companies will face greater difficulties. The deteriorating refinancing environment will also limit companies' investments in research and development and market positioning.

Hong Kong Stock Market Update | XPENG-W drops over 6%, leading the decline in automotive stocks. Tesla's fourth-quarter adjusted revenue falls below expectations.

SK 海力士公布了亮眼的第四季度财报，营业利润首次扭亏为盈。由于高端存储芯片需求上升，AI 存储芯片 HBM3 和大容量移动 DRAM 销售额大幅增长。SK 海力士成为韩国市值第二高的公司，是高带宽存储芯片市场的领导者。投资者看好 AI 发展推动对下一代 DRAM 的新需求。尽管半导体市场低迷，但行业高管预计市场将逐步反弹，特别是随着 AI 技术的发展。SK 海力士计划增加资本支出，优先考虑高带宽内存和其他战略产品。三星电子公布的业绩令人失望，显示出市场的压力，但该行业前景仍然乐观。

芯片市场开始复苏？SK 海力士一年来首次扭亏为盈

BTFP 到期不续或 “埋下伏笔”。若流动性风险在三月集中爆发，降息不足以平息风波，接下来美联储只能结束 QT，甚至重启 QE。

美联储官宣 “终结、加息”！“三月大戏” 即将上演？

港股开盘，恒指开涨 0.57%，科指开涨 0.03%。科网股涨跌不一，百度涨约 2%，东方甄选跌超 6%。

The new model is priced at $25,000 and adopts a more efficient and cost-effective "unpacking process".

Tesla: The goal is to launch the next generation of cars by the end of 2025, and Tesla is currently in between two "waves of growth".

SK 海力士：2024 年将继续削减传统芯片产量。

Sales of colorectal cancer early screening products have exceeded 1 billion yuan, but the market is more concerned about the company's cash flow and accounts receivable.

Noah's 1 billion target for a single product has been achieved, but the market is more eager for positive cash flow?

在特斯拉 2023 四季度及全年业绩电话会上，特斯拉 CEO 马斯克表示，“坦率地说，如果不建立贸易壁垒，中国车企几乎会摧毁世界上大多数其他汽车公司，他们非常好。” 马斯克表示，我们没有看到与中国汽车制造商合作的明显机会，除非允许他们使用特斯拉的充电网络或许可其使用自动驾驶技术。

马斯克财报会 “再吹” 中国车企：全球最有竞争力

SK 海力士四季度运营利润 3460.3 亿韩元，好于分析师预期的亏损 1699.1 亿韩元，Q3 亏损 1.79 万亿韩元。毛利润率为 20%，为连续第三个季度回升。

AI 需求火爆！ SK 海力士四季度意外盈利，HBM3 增长超过五倍，正在开发 HBM4

特斯拉：预计今年电池业务的增速料将超过电动汽车的增幅。

在电话会上，马斯克提到 FSD 自动驾驶时称特斯拉是 AI 应用效率全球最高的公司。他表示新的汽车制造系统将被用在奥斯汀超级工厂制造的下一代车型上，然后将其推广到墨西哥新工厂以及其他超级工厂。他指出，其他汽车制造商对特斯拉 (TSLA) 授权 FSD 的兴趣不大。在被问到有关马斯克最近的 AI 声明的问题时，马斯克表示，他推动加强控制是基于对人工智能变得过于强大的危险的担忧，以及激进投资者可能会对潜在危险技术的决策产生不当影响。据称，Cybertruck 的需求已经 “摆脱困境”，但没有透露任何细节。马斯克强调，擎天柱人形机器人正在快速发展。展望未来，马斯克认为 Optimus 最终可能成为公司最大的业务。最后，马斯克表示，他猜测特斯拉 (TSLA) 可能成为全球最有价值公司。目前，特斯拉市值为 6610 亿美元，是美国第十大公司。

特斯拉财报电话会热点：AI、超级工厂计划、Cyber​​truck 和 Optimus 机器人

NVIDIA, AMD, Microsoft, Meta, and Alphabet-C reached historic highs, while Bitcoin fell to $40,000. Tesla's fourth-quarter EPS was lower than expected, and no specific delivery targets were given. Boeing's Max aircraft production expansion was halted by regulatory agencies. Tesla may deliver humanoid robot "Optimus" next year. Jack Ma replaced SoftBank as Alibaba's largest shareholder.

Breakfast | SPDR S&P 500 hits four-day high, NVIDIA and other star stocks reach new highs, Tesla's earnings report guidance is not optimistic.

马斯克表示，Cybertruck 今年的产量已几乎售罄。他说:“这是生产受限的情况，而不是需求受限的情况”，“我们可以大幅提价，但感觉不对。”

马斯克称 Cybertruck 今年产量几乎售罄

马斯克在财报会上表示，特斯拉可能会举办另一次 AI 日活动。马斯克说:“我们发现，我们的一些竞争对手一帧一帧地看我们做什么，然后我们发现这些东西被复制了”，“电池日也是一样。” 马斯克补充说，举办这些活动的主要目标是招聘。

马斯克称特斯拉可能举办另一次 AI 日活动

历次降准降息后的市场演绎规律是降准后市场短期提振效应明显，TMT、家电、医药医美行业相对占优。降息前市场已开启对降息预期的交易，降息当日交易充分、市场上涨，大盘风格略占优。近五年调降 LPR 后煤炭、农业、石油石化、银行表现较好。当前时点若降准但利率保持原水平，对微观流动性影响偏中性，但有助于引导市场对宽信用的预期，提振 A 股市场风险偏好。

历次降准降息后，市场怎么走？

Tesla has announced its financial performance for the fourth quarter of 2023, and both revenue and profit fell short of expectations. The fourth-quarter profit dropped by nearly 40%, marking the first annual decline since 2017. Tesla has warned that sales growth in 2024 will slow down, causing the stock price to drop more than 5% after hours. The earnings report shows that Tesla's automotive revenue growth has been weak, with gross margins falling to the lowest level since 2019. Annual revenue increased by 19% YoY, reaching a historical high. Adjusted net profit and EBITDA declined YoY, attributed to the decrease in average vehicle selling price and increased operating expenses. Tesla is facing challenges of slowing sales and profit pressure.

"Price war" impact on Tesla's profits, the first decline in 7 years! After-hours trading fell more than 5%, warning of a significant slowdown in sales in 2024.

马斯克在财报会上表示，他正在寻求对特斯拉的额外控制权，这样他就可以在公司人工智能和机器人技术的处理上有更大的影响力。马斯克说:“我看到了一条通往创造一个真正具有巨大能力和力量的人工智能和机器人巨人的道路。”“我不想控制它，” 他说，寻求更多投票权是因为不想 “被某个随机的股东咨询公司投票否决”。

马斯克：寻求更多投票权是为扩大影响力，不是控制特斯拉

特斯拉在财报中披露，目前美国得克萨斯州超级工厂 Cybertruck 皮卡年产能少于 12.5 万辆。特斯拉表示，考虑到 Cybertruck 的制造复杂性，其预计该车型产能爬坡期较其他车型更长。

特斯拉：得州超级工厂 Cybertruck 皮卡年产能少于 12.5 万辆

IBM announced its fourth-quarter performance for 2023, with revenue of $17.4 billion, a YoY growth of 4.1%, surpassing market expectations. Earnings per share were $3.87, also exceeding market expectations. The consulting business revenue grew by 6%, while the software business revenue was slightly lower than expected. IBM is optimistic about its revenue and cash flow for 2024, expecting free cash flow to reach approximately $12 billion and revenue to grow at a "mid-single-digit" rate. In addition, IBM plans to lay off employees and stated that customer demand for artificial intelligence is accelerating.

After-hours stock price rose more than 8%! IBM's Q4 revenue and EPS exceeded expectations, and the 2024 performance outlook is optimistic.

马斯克：超算 Dojo 是 “值得一试的长期冒险”，“绝非确定事项”。

The SPDR S&P 500 hit a new high for four consecutive days, while the Nasdaq rose for five consecutive days; the Dow Jones fell for two consecutive days. After the earnings report, Netflix saw its largest increase in three months; chip stocks rose by over 1%, with Nvidia up over 2%, and AMD, Microsoft, Meta, and Alphabet-C all hitting new highs. Microsoft's market value once surpassed $3 trillion during trading hours. After the earnings report, Tesla fell over 5% after hours. European tech stocks rose nearly 5%, with ASML up nearly 10% after the earnings report, reaching a new high. Chinese concept stocks rose nearly 2%, with New Oriental up nearly 6% and BIDU-SW up over 3%. After the release of the US PMI, US bond yields rebounded, with the 10-year yield rising by 10 basis points, approaching a one-month high. The US dollar index fell from a six-week high; the day after the Bank of Japan's decision, the yen rebounded, rising over 1% during trading hours, while the Canadian dollar fell after the Bank of Canada meeting. The renminbi rose over 200 points, breaking through 7.15 for the first time in over two weeks during trading hours. Bitcoin bid farewell to its seven-week low and briefly rose above $40,000. Crude oil rebounded, approaching a four-week high, with Brent crude recovering $80; US natural gas rose nearly 8%. Gold fell. London copper and nickel rose for two consecutive days to a new high for the year.

Earnings report is impressive, technology stocks are strong, SPDR S&P 500 hits a new high again, Netflix rises more than 10%, AMD rises nearly 6%, and Chinese concept stocks outperform the market.

马斯克：将于明年下半年开始生产下一代汽车。

EquiLend 旗下证券借贷平台每月处理交易超过 2.4 万亿美元。EquiLend 称，周一出现技术性问题，外部未经授权访问其系统，导致系统部分掉线，可能需数日恢复正常。黑客勒索团伙 LockBit 称对攻击负责。

连黑客都跟空头作对：处理上万亿美元交易的华尔街核心融券平台遭攻击

Tesla saw its first annual profit decline since 2017 last year, with a 40% drop in fourth-quarter profits. Both revenue and earnings per share fell short of expectations. The company also warned that growth in production, deliveries, and shipments will slow down this year, without disclosing specific delivery targets. As a result, Tesla's stock price briefly dropped 5% after hours. Currently, Tesla is focusing on researching the next generation of vehicles, which it says will be "low-cost" and is expected to begin production in the late 2025.

Last year, Tesla's profits dropped for the first time in 7 years. The fourth-quarter performance fell short of expectations, and the company warned that growth would slow down this year. After the market closed, the stock price dropped by 5%.

万泰生物发布 2023 年业绩预减公告，预计归母净利润将减少 71.49% 至 74.66%。此次减少的主要原因是默沙东九价 HPV 疫苗扩展至 9-45 岁，导致低价型疫苗板块收入下降超过 40 亿元。九价 HPV 疫苗扩龄还导致 9 至 14 岁年龄群体接种次数减少，给万泰生物等厂商带来更多价格压力。同时，国产二价 HPV 疫苗厂商也受到冲击。智飞生物则受益于九价 HPV 疫苗扩龄，疫苗销售收入同比增长超过 50%。

默沙东九价 HPV 疫苗冲击波：第一个受害者出现了

比特币挖矿公司 Hut 8 在强力回击做空报告后，股价在美股盘前交易中一度上涨超过 9%。公司表示，做空报告充满错误信息，并认为其目的是为了对公司股价产生负面影响。Hut 8 董事会对公司的合并、战略计划和管理团队充满信心。公司在去年与 USBTC 完成了全股票交易的合并计划，提高了挖矿能力。最近，Hut 8 的股价大幅下跌约 32%。

挖矿公司 Hut 8 强力回击做空报告 盘前股价一度反弹超 9%

英国豪车品牌路特斯为了扩大用户接触面，降低入门门槛，推出了价格更低的纯电 SUV ELETRE 车型。此举是为了提高销量并进入纯电豪华主流市场。路特斯在过去几年的销量长期不济，2018 年制定的品牌复兴战略目标仍有很长的路要走。目前，路特斯在 2023 年上半年共收获约 1.7 万个订单，但官方仍未公布具体交付量。路特斯的亏损也给控股股东吉利带来了不小的负担。去年，路特斯进行了组织结构精简，重点裁员约 200 人。展望未来，路特斯仍需努力重振销量和知名度。

英国豪车路特斯也下沉了

Good news about the health of the semiconductor industry?

ASML's European stocks surged by 7%! Q4 order revenue reached a record high, and net profit hit a historic high.

中国人民银行将于 2 月 5 日下调存款准备金率 0.5 个百分点，向市场提供长期流动性约 1 万亿元。降准幅度超预期，但降准原因与市场理解有本质区别。降准是为了降低实际利率，调节实体需求，但同时需要呵护商业银行利润。货币乘数增速也超预期下行。

申万宏源：超预期降准的两层内涵

The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio for financial institutions, effective from February 5, 2024. Jack Ma has become the largest single shareholder of Alibaba, while SoftBank's stake is approaching zero. Tesla responded by saying they have never heard of producing a "compact crossover vehicle".

Pre-market trading in US stocks | Netflix surges 10% leading the tech stocks! Chinese concept stocks soar, Jack Ma becomes the largest single shareholder of BABA-SWR

Wang Jianlin "cuts meat" for the Chinese New Year

第 17 届亚洲金融论坛于 1 月 24~25 日在香港会议展览中心举行，主题为 “多边合作 同谱新篇”，旨在探寻新形势下的新机遇。鉴于上一轮港府降低股票印花税的措施收效甚微，香港财政司司长陈茂波表示，港府目前没有取消股票印花税的打算。

陈茂波：港府目前没有取消股票印花税的打算

GWMOTOR's Q4 profit experienced a flash crash? The impact is not significant.

The ups and downs of 2023 did not break through GWMOTOR's defense circle | Insight Research

金十数据 1 月 24 日讯，美国阿拉斯加航空公司及美国联合航空公司均表示，对波音公司飞机的质量问题感到失望，或将在未来考虑其他的飞机购买方案。

阿拉斯加航空及美联航或考虑不再购买波音飞机

There have been continuous market rumors about Tesla's plan to produce affordable cars, while Tesla has repeatedly postponed and denied such claims.

Tesla to launch a $25,000 entry-level car in 2025? Tesla responds!

Retail investors tend to selectively search for reasons for stock price increases while ignoring reasons for price declines.

Investment Strategy | The Best Way to Make Money by Exploiting Human Weaknesses

Netflix soared nearly 10% in pre-market trading and topped the WSB popularity chart.

Hot discussion on WSB stocks | Pre-market surge of 5%, ASML, the leading photolithography machine company, delivers impressive performance

UBS believes that it is time to increase investment in the Chinese automotive industry due to its leading global competitiveness in electrification, intelligent development, and cost control. The bank is particularly optimistic about leading stocks in the electric vehicle sector such as BYD and CATL, and remains more positive on Li Auto than NIO-SW and XPENG-W.