百亿黄金基金经理许之彦分享华安基金黄金量化投资模型课程。最近金价创历史新高，引发人们对黄金投资的关注。许之彦介绍了黄金投资的核心问题和市场格局的变化，帮助大家构建黄金投资组合。此外，他还提到了美元走强、美国黄金 ETF 持仓下降和美国实际利率上行等传统黄金分析框架的失效。通过这次课程，投资者可以更好地理解黄金投资的关键因素和未来金价的走势。

百亿黄金基金经理教你构建投资框架：许之彦首次对外分享华安基金黄金量化投资模型

美联储降息对牛市没有影响，好消息现在不再意味着坏消息。美国财政部的 “隐形宽松” 可能压倒了鲍威尔的量化宽松，通过财政部 TGA 账户和美联储逆回购释放的流动性比美联储资产负债表收缩规模还要高出 4170 亿美元。

美联储降息几次，牛市根本不在乎

When Tesla was at its peak, Musk shifted his focus to robots; as supply chain issues became more prominent, Musk chose to no longer introduce new car models and shelved plans for a low-cost car, instead focusing on aggressively developing the higher-cost FSD

The pitfall of Tesla today was already laid three years ago when it was at its peak

Further supported the potential of Wegovy in treating obesity-related diseases

Novo Nordisk: "Weight-loss miracle drug" Semaglutide can alleviate heart failure symptoms in diabetic patients

高端算力产品英伟达 A800 的市价已升至约 11 万元/张，这使得 AI 应用的 “准入” 门槛变得更高。然而，有人在知识分享平台上发布了一条 “2 元/卡时可租英伟达 A800 算力卡” 的帖子，引起了业内的关注。英伟达官方回应称，确有此事。这一信息可能属于商业相关信息。

2 元/卡时可租英伟达 A800 算力卡？官方回应：“确有此事”

宁德时代正在与福特、通用和特斯拉等美国汽车厂商展开合作，以推动电动汽车技术的发展。福特与宁德时代合作在美国建设电动汽车电池厂，特斯拉则向宁德时代租用电池工具并共同研发新的电池化学成分。同时，通用汽车计划获得宁德时代的磷酸铁锂电池技术授权，并可能在北美建立合资电池工厂。这些合作将有助于降低电动车价格并提高电池性能。

宁德时代的美国战略

特斯拉眼下集中火力开发 Robotaxi，是否意味着 FSD 自动驾驶技术已经取得了突破性进展。面对众多的监管障碍、高企的成本和 FSD 尚未成熟的现实，Robotaxi 可能无法支撑特斯拉的下一个增长阶段。

马斯克又赌了！无人出租车能救特斯拉吗？

近期金、铜、原油等大宗商品价格持续走高，今年以来美股能源股表现甚至超过了科技业。科技对商品在过去一个长周期内的绝对优势是否面临又一个拐点？

特斯拉首席执行官马斯克驳斥了路透社关于特斯拉放弃推出低价车型计划的报道，并指称其为谎言。据报道，近年来中国车企推出了大量低成本电动汽车车型，这导致该细分市场变得非常拥挤，特斯拉难以在该市场中有所作为。

放弃推出低价车型？马斯克驳斥路透社散布谎言

香港周大福家族的三代郑志刚勇闯 VC 圈，不同于传统的香港家族对地产、金融行业的布局，郑志刚对互联网、新一代信息技术、新能源等新兴行业尤其关注，创办的 C Capital 先后成为蔚来、小鹏、SHEIN 等多家独角兽的背后投资人。这次是谁？

4775 亿，香港富三代郑志刚又要收获一个 IPO

在谈及阿里巴巴今天面临的挑战时，蔡崇信坦言，“阿里落后了，因为我们忘记了真正的客户是谁。我们的客户是使用我们的 app 进行购物的用户，而我们没有给他们最好的体验。某种程度上我们有点自食其果。”

蔡崇信的两重反思来了，阿里的前途命运在哪？

比特币向上触及 69000 美元/枚，日内涨 1.94%。

有分析师认为，英伟达股价将在年底前下跌 20%，而且 “今年走得越高，明年就会跌得越多”。这主要是因为 “英伟达不太可能保持其快速增长速度，因为投资 AI 的公司最终必然会退出”。

英伟达最好的日子已经过去？

3 只黄金 ETF 的年报显示，桥水（中国）投资管理有限公司（“桥水（中国）”）旗下产品继续坚定持有黄金 ETF。博时黄金 ETF 年报显示，2023 年末，桥水全天候增强型中国私募证券投资基金三号、桥水全天候增强型中国私募证券投资基金一号、桥水全天候增强型中国私募证券投资基金二号三只基金分别持有 4662.48 万份、929.42 万份、871.06 万份，分列除 ETF 联接基金之外的第一、第二、第四大持有人。

桥水（中国）持有的黄金 ETF 高达 9.87 亿元，或已大赚 3 亿元

近日，OpenAI 首席执行官 Sam Altman 表示：“电影将变成视频游戏，而视频游戏将变成某种好得难以想象的东西。” 一位 X 用户评论称：“视频游戏基本上就是电影。现代 AAA 游戏基本上都是一个很长的过场动画，偶尔需要 ‘按下 A’。” 马斯克回应称：“确实”，并加了一个 “笑哭” 的表情符号。

OpenAI 首席执行官奥特曼称电影将变成视频游戏

3 年前，美国电商巨头亚马逊在英国开了第一家生鲜杂货店。消费者可以买到从肉类、奶制品到水果和蔬菜等所有东西，然后不用排队结账就可以直接出门。据说这项技术是由人工智能自主驱动的，亚马逊将其称为 “直接走”（Just Walk Out）。但 The Information 最近披露，这项 “魔幻技术” 的背后，其实是由大约 1000 名身在印度的廉价劳动力通过监控观看顾客挑选的物品完成的。亚马逊的一名发言人对相关说法表示异议，称位于印度的团队 “主要是协助训练 ‘直接走’ 项目中使用的模型”。

外媒曝：亚马逊超市 AI 技术背后，是约 1000 名在印度的廉价劳动力

Inflation and cost pressures "ate up" the gains that originally belonged to gold mining stocks

Gold price soaring, why are the world's largest gold mining stocks not moving up?

Bank of America Merrill Lynch predicts that the power consumption of AI will grow at a compound annual growth rate of 25-33% between 2023 and 2028. Operators of data centers and electricity grids need to seek more efficient power and heat management solutions to support this growth

Bank of America Merrill Lynch elaborates on AI power demand, cooling demand, and challenges facing the US power grid

OpenAI 的神秘 AI 硬件公司正在寻求外部投资，希望筹集最多 10 亿美元的资金。该公司由 OpenAI 首席执行官 Sam Altman 和前苹果设计总监 Jony Ive 共同创办。目前尚不清楚 OpenAI 是否会参股该公司。该公司估值可能会有一个较高的起始价。该公司正在开发一款与传统手机外观不相似的 AI 设备，该设备将结合 ARM 芯片、苹果硬件和 OpenAI 软件。该公司的目标是开发与 AI 集成的新型硬件产品，以帮助用户在没有屏幕时访问 AI 和其他应用程序。

“AI 届的 iPhone” 来了？Altman 和 “iPhone 之父” Jony Ive 的 AI 设备公司开始募资

BTIG analysts predict that the Bitcoin halving will drive up MicroStrategy's stock price, with the target price raised to $1800, still with a 10% upside potential. The analyst pointed out that the Bitcoin halving has led to a significant increase in Bitcoin price in the past three events, and the halving event expected to occur this month is likely to be a positive catalyst for Bitcoin and MicroStrategy stock prices. The analyst also stated that investors will continue to embrace Bitcoin as a safe haven against inflation. In addition, MicroStrategy holds over 214,000 Bitcoins this year, and investors are willing to pay a premium for the company's Bitcoins

BTIG: Bitcoin halving will be a positive catalyst, MicroStrategy's stock still has room to rise

Goldman Sachs believes that the market is overly optimistic about future oil prices, and the net position of managed money in crude oil increased significantly this week, which may lead to increased volatility in oil prices

Goldman Sachs on the current rise in oil prices: driven by both supply and demand, but short-term adjustments are needed

Samsung is forecasted to achieve an operating profit of KRW 6.6 trillion in the first quarter of this year, a year-on-year increase of 931%. Analysts believe that this optimistic forecast is mainly due to the rebound in memory chip prices

The memory cycle has arrived, profits "increased tenfold", Samsung enters the "golden period"

The battle is intense, with a slight disadvantage

Track Hyper | Will Samsung be able to take the lead in the CXL market as planned?

Some analysts believe that the cause of market volatility is not concerns about a recession, but rather a strong job market, factory output data, and soaring oil prices, all of which raise doubts about whether the Federal Reserve has room to cut interest rates in the near term

A turbulent week! Oil prices and economic data rise together, will the US stock market bid farewell to "unilateral upward trend"?

随着摩尔定律走到极限，Chiplet 被行业普遍认为是未来 5 年算力的主要提升技术。各大厂商纷纷采用 Chiplet 技术，包括 AMD 在内的厂商已经推出了相关产品。Chiplet 技术是将多个小芯片通过内部互联技术封装在一起，形成一个性能更强的大芯片。这种技术已经被广泛应用于芯片领域，被认为是未来的发展趋势。

大算力芯片，正在拥抱 Chiplet

英伟达股价最近下跌 11%，引发市场关注。分析认为，与思科不同，英伟达具备良好的盈利基础，估值合理，历史不会重演。

比特币突破 68000 美元/枚，日内涨 0.47%。

Shengfeng Development(SFWL) rose 12.87%, with a trading turnover 2.4 Million USD, and a year-to-date fell 34.4%. Iczoom(IZM) rose 8.95%, with a trading turnover 3.3 Million USD, and a year-to-date rose 87.8%. Microvast(MVST) fell 10.91%, with a trading turnover 5.6 Million USD, and a year-to-date fell 64.8%. Canadian Solar(CSIQ) fell 7.5%, with a trading turnover 42.3 Million USD, and a year-to-date fell 34.6%.

Top 5 CDRs Gainers/Losers (>100M) (4.5)

GE Aerospace(GE) rose 6.05%, with a trading turnover 2.3 Billion USD, and a year-to-date rose 53.6%. ServiceNow(NOW) rose 3.43%, with a trading turnover 1.0 Billion USD, and a year-to-date rose 10.9%. Tesla(TSLA) fell 3.63%, with a trading turnover 23.3 Billion USD, and a year-to-date fell 33.6%. Intel(INTC) fell 2.57%, with a trading turnover 2.6 Billion USD, and a year-to-date fell 22.8%.

Top 5 US Stock Gainers/Losers (>100B) (4.5)

Ermenegildo Zegna Holditalia SpA(ZGN) fell 14.2%, with a trading turnover 59.6 Million USD, and a year-to-date rose 3.4%. Trump Media &amp; Tech(DJT) fell 12.05%, with a trading turnover 241.6 Million USD, and a year-to-date rose 131.9%. Microstrategy(MSTR) fell 10.92%, with a trading turnover 3.5 Billion USD, and a year-to-date rose 127.8%.

Top 10 US Stock Losers (4.5)

Destiny Tech100(DXYZ) rose 76.51%, with a trading turnover 300.5 Million USD, and a year-to-date rose 617.6%. Root(ROOT) rose 16.88%, with a trading turnover 85.4 Million USD, and a year-to-date rose 691%. Coeur Mining(CDE) rose 12.21%, with a trading turnover 84.3 Million USD, and a year-to-date rose 49.4%.

Top 10 US Stock Gainers (4.5)

Elon Musk predicts that by 2020, there will be over 1 million robotaxis driving on the roads

Counterattack "Tesla black"? Musk announced to launch self-driving taxis on August 8th

Amid the "hawkish" tone of the Federal Reserve, will this non-farm payroll data bring a "good news" to the market?

After ADP skyrocketed, can "non-farm payrolls" drop tonight?

Guangda Securities released a research report stating that the rapid development of data centers may exacerbate copper shortages, with copper prices expected to continue to rise. It is predicted that by 2023, the global demand for copper in data centers will reach 467,000 tons, accounting for 1.7% of global copper consumption. Guangda Securities believes that although the demand for copper from data centers is relatively small, the annual incremental supply is comparable to the supply-demand gap, which may exacerbate copper shortages. In addition, Nvidia recently released the GB200 super chip, significantly increasing market attention to copper connections, and the development of the AI industry will also drive the construction demand for AI data centers. It is expected that by 2026, the electricity consumption of data centers, cryptocurrencies, and AI will significantly increase, further boosting the demand for copper

Guangda Securities: Rapid development of data centers may exacerbate copper shortages, bullish on copper prices continuing to rise

CHINA OILFIELD(02883) fell 16.11%, with a trading turnover 601.7 Million HKD, and a year-to-date rose 3.8%. ALPHAMAB-B(09966) fell 12.04%, with a trading turnover 7.5 Million HKD, and a year-to-date fell 38.4%. H&amp;H INTL HLDG(01112) fell 11.35%, with a trading turnover 10.4 Million HKD, and a year-to-date fell 20.6%.

Top 10 HK Stock Losers (4.5)

NAGACORP(03918) rose 14.12%, with a trading turnover 31.7 Million HKD, and a year-to-date rose 29%. MICROPORT(00853) rose 13.59%, with a trading turnover 50.3 Million HKD, and a year-to-date fell 19.6%. CITIC RESOURCES(01205) rose 9.89%, with a trading turnover 20.2 Million HKD, and a year-to-date rose 42.9%.

Top 10 HK Stock Gainers (4.5)

HAIER SMARTHOME(06690) rose 2.6%, with a trading turnover 258.3 Million HKD, and a year-to-date rose 16.3%. STANCHART(02888) rose 2.31%, with a trading turnover 32.7 Million HKD, and a year-to-date rose 7.5%. WUXI APPTEC(02359) fell 5.51%, with a trading turnover 265.4 Million HKD, and a year-to-date fell 55.8%. CEB BANK(06818) fell 4.78%, with a trading turnover 39.8 Million HKD, and a year-to-date fell 5.6%.

Top 5 HK Stock Gainers/Losers (>100B) (4.5)

Goldman Sachs expects copper prices to rise by 65% by 2025

Supply tightens, copper prices reach highest level in 14 months

美股盘中跳水、掀抛售狂潮。明尼阿波利斯联储主席卡什卡利暗示今年可能不降息，加剧了地缘紧张局势。中东地缘局势紧张，以色列总理发出打击伊朗的警告，以及以色列驻外外交官担忧遭伊朗报复。这些因素导致美股大幅下跌。

发生了什么？美股盘中跳水、掀抛售狂潮

So far this year, both gold and US stocks have performed well, but each has its own strengths and weaknesses. Dongwu Securities tends to favor US stocks, especially focusing on non-tech stocks that are expected to rise. While the bull market in gold is not over, there may be adjustment pressure after a sharp rise. Looking back at the past few election years, gold has taken the crown as the best-performing asset, while in 2016 US stocks outperformed. With decreasing economic uncertainty and a globally policy-neutral bias towards easing, Dongwu Securities believes that there is more room for growth in US stocks

East Money Securities: After reaching a new high, which is more worthwhile to hold, US stocks or gold?

比特币失守 67000 美元/枚，日内跌幅 1.45%。

Elon Musk: "As OpenAI lures Tesla engineers with high salaries, Tesla is increasing compensation to counteract."

The giants are in an "AI talent war", Musk exclaims "the craziest in history"

在 2023 年 10 月的投资者会议上，Nvidia 展示了其全新的 GPU 发展蓝图，将推出 H200 和 B100 GPU，以及 X100 GPU。Nvidia 的战略核心是统一架构，支持在任何地方进行模型训练和部署。其 AI 芯片布局涵盖了训练和推理两个人工智能关键应用，并支持 x86 和 Arm 两种不同硬件生态。Nvidia 旨在通过全面的差异化的 AI 解决方案保持技术和市场的领先地位。

英伟达 AI 芯片路线图分析与解读

比特币突破 68000 美元/枚，日内涨 0.10%。

HDFC Bank(HDB) rose 5.11%, with a trading turnover 413.0 Million USD, and a year-to-date fell 11.7%. NOVARTIS AG(NVS) rose 2.67%, with a trading turnover 247.5 Million USD, and a year-to-date fell 0.4%. AMD(AMD) fell 8.26%, with a trading turnover 15.3 Billion USD, and a year-to-date rose 12.5%. Abbvie(ABBV) fell 5.32%, with a trading turnover 1.8 Billion USD, and a year-to-date rose 9.4%.

Top 5 US Stock Gainers/Losers (>100B) (4.4)

Macrogenics(MGNX) rose 30.07%, with a trading turnover 120.8 Million USD, and a year-to-date rose 84.8%. Tevogen Bio(TVGN) rose 29.78%, with a trading turnover 84.1 Million USD, and a year-to-date fell 24.6%. STAAR Surgical(STAA) rose 16.48%, with a trading turnover 106.6 Million USD, and a year-to-date rose 45.8%.

Top 10 US Stock Gainers (4.4)

Iczoom(IZM) rose 19.07%, with a trading turnover 3.6 Million USD, and a year-to-date rose 72.4%. Dogness(DOGZ) rose 17.73%, with a trading turnover 4.2 Million USD, and a year-to-date rose 87.8%. Jiuzi(JZXN) fell 40.94%, with a trading turnover 8.8 Million USD, and a year-to-date rose 1.1%. Microvast(MVST) fell 8.89%, with a trading turnover 3.9 Million USD, and a year-to-date fell 60.5%.

Top 5 CDRs Gainers/Losers (>100M) (4.4)

Lamb Weston(LW) fell 19.37%, with a trading turnover 1.9 Billion USD, and a year-to-date fell 24.3%. Avidity Biosciences(RNA) fell 11.07%, with a trading turnover 62.6 Million USD, and a year-to-date rose 161.8%. Canopy Growth(CGC) fell 10.19%, with a trading turnover 451.8 Million USD, and a year-to-date rose 91.4%.

Top 10 US Stock Losers (4.4)

美联储多位高级官员发言，意见不一，引发市场震荡。明尼阿波利斯联储主席卡什卡里表示，今年可能不需要降息，要看通胀进展。美联储老领导则认为未来利率可能不会下降。芝加哥联储主席担心劳动力市场问题。鲍威尔主席强调美联储会等待通胀下降明显后再采取行动。美联储官员预计今年将进行三次降息，但有 9 人预计降息两次或更少。美股盘中大幅下跌，标普 500 指数各板块全线溃败。

美联储多高官密集发声，有官员直言今年可能不降息，美股盘中急跌

On Thursday, stocks related to Bitcoin concept rose. As of the time of publication, MicroStrategy surged over 7%, Riot Blockchain surged over 4%, Marathon Digital and Canaan Technology surged over 3%, and Coinbase surged over 2%