建行、中行、农行公告汇金增持进度，汇金公司增持了三家银行的股份，持股比例分别为中行 64.13%、建行 57.14%、农行 40.14%。增持行动发生在去年四季度，汇金公司表示将继续支持三家银行的稳健发展。

建行、中行、农行公告汇金增持进度：去年四季度扫货合计超 8 亿股

英国资产管理公司 Ruffer LLP 近期采取了历史上最大规模的持现金策略，以应对市场可能出现的剧烈反转。该公司将三分之二的资金配置为现金，并购买信用违约互换和美国股票期权等保险政策，以防范可能的大幅下跌。他们对市场波动持悲观态度，特别是对美国利率削减的过度乐观和流动性风险的担忧。Ruffer 希望通过资本保护实现回报，避免重复类似 1987 年的股市崩盘。

防范 1987 年式崩盘 英国资管公司 Ruffer 疯狂配置现金

UBS sets Tencent's target price at HKD 428, expecting Tencent's domestic game performance in the first quarter to be weak, with a 5% year-on-year decline, but advertising revenue in the first quarter is expected to increase by 16% year-on-year, relative to the market's expectation of a 19% increase. CICC predicts that Alibaba's fourth-quarter e-commerce GMV will increase by 6% year-on-year, and continuous observation is still needed on the sustainability of e-commerce GMV/CMR positive growth, with the target price raised to USD 111/HKD 107

Rating Quick Look | Alibaba, Xiaomi, Meta Target Prices Raised! Tencent, Kuaishou Receive Positive Outlook

XIAOMI-W(01810) rose 2.61%, with a trading turnover 3.4 Billion HKD, and a year-to-date rose 5.8%. NEW ORIENTAL-S(09901) rose 2.39%, with a trading turnover 175.0 Million HKD, and a year-to-date rose 27.8%. AIA(01299) fell 5.81%, with a trading turnover 4.2 Billion HKD, and a year-to-date fell 28.6%. PING AN(02318) fell 5.69%, with a trading turnover 2.4 Billion HKD, and a year-to-date fell 13.3%.

Top 5 HK Stock Gainers/Losers (>100B) (4.12)

ZX INC(09890) fell 13.82%, with a trading turnover 72.8 Million HKD, and a year-to-date fell 48.4%. LONGFOR GROUP(00960) fell 8.64%, with a trading turnover 312.9 Million HKD, and a year-to-date fell 24.7%. ZA ONLINE(06060) fell 8.6%, with a trading turnover 110.9 Million HKD, and a year-to-date fell 29.7%.

Top 10 HK Stock Losers (4.12)

FIH(02038) rose 14.86%, with a trading turnover 48.4 Million HKD, and a year-to-date rose 39.3%. WANGUO MINING(03939) rose 13.29%, with a trading turnover 37.4 Million HKD, and a year-to-date rose 147.8%. LINGBAO GOLD(03330) rose 11.6%, with a trading turnover 79.6 Million HKD, and a year-to-date rose 152.5%.

Top 10 HK Stock Gainers (4.12)

Overnight hottest contracts: Tesla calls with expiration dates of April 12th, with strike prices of $175 and $172.5, traded over 210,000 and 200,000 contracts respectively. Tesla puts with a strike price of $170 traded over 170,000 contracts. Rivian options trading surged to 300,000 contracts, with 57% being call options. Nikola options trading surged to 200,000 contracts, with 51% being put options

US Stock Options | Tesla, Nvidia Soar in Trading Volume, Apple Nearly Doubles in Trading Volume!

国务院印发了《关于加强监管防范风险推动资本市场高质量发展的若干意见》，明确了我国资本市场的发展目标和路线图。其中，重点关注的九大看点包括资本市场高质量发展的 “五个必须”，发行上市制度的升级，制定上市公司市值管理指引等。这些政策将对资本市场产生积极影响。

资本市场 “国九条” 时隔十年再升级，九大看点值得关注

JP Morgan pointed out that, from the perspective of the 5G upgrade cycle, the valuation reevaluation began one year before the release of 5G products (iPhone 12 in 2020). By analogy, the AI upgrade cycle will start from iPhone 17 (expected to be released in September 2025), and the valuation reevaluation will come in 2024. JP Morgan slightly adjusted Apple's year-end target price from $215 to $210, with a 20% upside potential from the current stock price, giving Apple stock an overweight rating

Reassessing Apple's "AI Potential" - Comparing the AI Phone Upgrade Trend to the 5G Boom

Silver has outperformed gold this year, hitting a three-year high and is expected to break through $30. As a substitute for gold, silver is favored by investors, and tight supply and demand have also supported the rise in silver prices. Investors are surprised by the trend of gold and silver prices, expecting no significant pullback and a possible continuation of the uptrend

20%! Silver has outperformed gold in terms of price increase this year

富智康集团今日再度上涨近 18%！为何？供应链分析师透露，苹果计划于今年晚些时候发布价格更低的 AirPods 耳机，而新款低价 AirPods 将由富士康子公司制造。

这只股票本周大涨 80%！

港股电讯设备股午后再度拉升，小米集团涨超 3%，中兴通讯涨超 1.5%，长飞光纤等跟涨。

评级机构惠誉日前下调中国评级展望至负面後，确认香港的长期外币发行人违约评级为「AA-」，评级展望为稳定。惠誉表示，香港经济高度依赖内地经济，但其「AA-」评级仍受到香港庞大的财政缓冲、强劲的外部财政和高人均收入水平所支撑。公共和外部财政与「AA」级同类别相比都表现良好。评级也反映治理和机构管理实践与中国紧密结合，趋势自 2019 年以来稳步推进。

惠誉确认香港评级为「AA-」展望为稳定

The price of gold has broken through historical highs, reaching over $2400 and is expected to potentially double to $4000 in the future. Analysts at UBS believe that based on historical data, once the gold price breaks the previous high by more than 10%, the upward trend will be rapid and intense. Investors should pay attention to real interest rates and recession conditions to decide whether to chase the rise or avoid it. Warning signals have been issued in the gold market, indicating a possible mispricing. Bank of America commodity strategist predicts that by 2025, the price of gold will rise to $3000 per ounce. Silver is also expected to benefit

What does it mean when gold breaks through its previous high by more than 10%?

海通证券召开 2023 年度业绩说明会，公司净利下滑 85%。公司表示业绩下滑主要原因有四个方面：市场波动导致境外金融资产估值下降、财务成本受欧美央行加息影响大幅增长、投行和经纪等收入减少、上年比较基数较小使信用资产减值拨备增加。接下来，公司将以深化金融供给侧结构性改革为主线，加强财富管理业务机构化转型和海通国际业务一体化经营管理。

海通证券业绩会 “直面” 挑战：净利下滑 85% 后，如何干？干什么？

In the latest interview with Cathy Wood, she mentioned several important points. She believes that Tesla is leading in the field of autonomous driving and humanoid robots, and is optimistic about its long-term prospects. She also predicted that by 2030, autonomous taxi services will generate huge revenue, benefiting platform providers like Tesla. She mentioned that NVIDIA is leading in the AI competition, but more evidence is needed to prove its valuation is reasonable. She also talked about how Chinese and other cloud service providers are working on developing their own chips, and expects AI technology to replace some job positions, although the overall number of employment positions will continue to increase. Lastly, she mentioned selling NVIDIA stocks too early and reallocating funds to Coinbase, which has outperformed NVIDIA in the past year

Latest interview with Cathie Wood: NVIDIA "sold too early" is no big deal, the new purchase Coinbase is doing even better

Raymond James has raised NVIDIA's target price from $850 to $1100 and reiterated a "strong buy" rating. The company believes that investors' concerns about NVIDIA's customer spending pause are unfounded. NVIDIA has launched the Blackwell series GPU, which has received high praise from Wall Street. This series of products enables NVIDIA to gain additional share in data center capital expenditures and continue to maintain revenue momentum in the field of artificial intelligence. It is expected that NVIDIA's Mellanox division will also benefit from the growth in demand for artificial intelligence

Raymond James: Demand concerns "unfounded" Raises NVIDIA's target price to $1100

Xiaomi Group-W's stock price rose by more than 3% to reach HKD 16.66, with a turnover of HKD 7.32 billion. Morgan Stanley has designated Xiaomi Group as a top pick and raised the target price from HKD 17.50 to HKD 20. Analysts pointed out that the increase in target price is based on the valuation improvement of Xiaomi's electric vehicle business and the synergistic effect of smartphones and AIoT. In addition, Xiaomi Group announced its performance for the fourth quarter of 2023, with revenue increasing by 10.9% year-on-year, gross profit increasing by 37.2% year-on-year, and adjusted net profit increasing by 236.1% year-on-year. It is expected to achieve revenue of approximately RMB 270.97 billion in 2023, a decrease of 3.2% year-on-year

Hong Kong Stock Market News | Xiaomi Group-W rose more than 3%, Morgan Stanley listed the company as a top pick with a target price of HKD 20

The "Mag 7" in the US stock market is expected to see a 38% increase in profits in the first quarter of this year. A stable economy is expected to drive profit growth for S&P 500 index component companies, with strong profits from large tech companies being a key driver. Google is approaching a market value of nearly $2 trillion, Amazon's stock price is hitting a historic high, and Apple plans a comprehensive overhaul of its Mac product line. Investors will closely monitor the earnings of these companies to validate whether the P/E ratio of the S&P 500 is reasonable. Stock valuation advantages are approaching the lowest levels in nearly 20 years, and the continued growth of company profits is crucial to proving the current stock valuations and investor sentiment are rational. Expectations for US companies have risen significantly among investors, which may be a sign of heightened market sentiment

The financial reporting season begins, "Mag 7" returns

2023 年，中国餐饮业整体迎来强势复苏，收入突破 5 万亿大关，同比增长 20.4%。餐饮行业洗牌也在紧锣密鼓展开，连锁化率提升，中大型企业市场份额增加。港股餐饮板块上市公司业绩表现良好，营收和净利润增幅超过 30%，股东回报率攀升。部分公司股息率达到或超过 4%。

餐饮股业绩集体 “亮剑”，谁是高成长、高股息的投资标的？

截至发稿，信基沙溪涨 109.4%。消息方面，控股股东所持公司 14.16% 股份在 10 日遭强制出售，令公司股价出现闪崩行情，当时盘中一度跌超 85%。此外，该公司已向联交所申请恢复公司股份于联交所买卖，自 4 月 12 日上午 9 时正起生效。

信基沙溪复牌涨近 110% 此前股价一度跌超 85%

港股开盘，恒指和科指均下跌，紫金矿业上涨，蔚来汽车、网易、阿里巴巴、理想汽车、京东等股票均下跌。

高盛预计标普 500 指数成分股未来一年平均回报 11%，认为目前回调是投资者吸纳的良机。根据宏观及基本环境评估，标指下月回升 5% 的概率为 26%。高盛认为认沽期权价值被低估，机会率有 22%。

高盛：预计标普 500 指数成分股未来一年平均回报 11%

Apple's stock price soared by 4.3%, increasing its market value by $112 billion, driven by reports of the new generation chip M4. The M4 chip will focus on AI functionality, with the first batch of Mac computers equipped with M4 chips expected to debut by the end of 2024. In early 2025, more new products will be released, including the new generation Mac Studio and Mac Pro. The M4 processor will have at least three main models, and the first batch of M4 Mac computers is expected to be launched later this year

Catalyst for Apple's sharp rise: Understanding the M4 chip in one article, Apple opens the door to AI PCs

美国 3 月通胀再次超预期，核心 CPI 与超级核心 CPI 延续了去年 8 月以来的反弹趋势。当前美国 “二次通胀” 已不再是 “叙事”，而成为温和的现实趋势。美国更可能经历一轮温和的需求侧通胀，联储亦不需要大开大合的货币政策调整。

美国二次通胀，从叙事到现实

印度计划垄断市场，中国药企加速研发！印度药企 Biocon 瞄准 1000 亿美元的减肥药市场，并计划垄断该市场。随着丹麦制药巨头诺和诺德等减肥药专利即将到期，Biocon 将推出利拉鲁肽注射剂的仿制药。减肥药已为诺和诺德等制药公司带来了创纪录的利润，但随着专利到期，更便宜的仿制药将涌入市场。除了 Biocon，印度太阳药业等仿制药企业也参与竞争。

印度计划垄断市场，中国药企加速研发！“减肥神药” 专利将过期，谁的机遇？

Deutsche Bank and other Wall Street banks significantly reduce expectations for a Fed rate cut. Nvidia has risen for two consecutive days. Apple's stock price hits an 11-month high, with plans to fully update the Mac product line, with the M4 chip featuring enhanced AI capabilities set to be launched at the end of 2024 or early 2025. Microsoft will launch new AI tools and AI PC products in May. Amazon is expected to launch its first production satellite this year

Breakfast | Nasdaq, Google, Amazon hit record highs together, southbound funds have been buying Hong Kong stocks for 9 consecutive days

新加坡金管局维持货币波动区间的斜率、宽度和中点不变。

Globe Life(GL) fell 53.14%, with a trading turnover 2.4 Billion USD, and a year-to-date fell 59.4%. Nikola(NKLA) fell 26.73%, with a trading turnover 236.8 Million USD, and a year-to-date fell 18%. Root(ROOT) fell 14.53%, with a trading turnover 74.7 Million USD, and a year-to-date rose 526.9%.

Top 10 US Stock Losers (4.11)

Iczoom(IZM) rose 10.69%, with a trading turnover 112.3 Million USD, and a year-to-date rose 314%. Cheetah Mobile(CMCM) rose 10.08%, with a trading turnover 1.6 Million USD, and a year-to-date rose 91.7%. Jinkosolar(JKS) fell 5.33%, with a trading turnover 32.5 Million USD, and a year-to-date fell 35.1%. Canadian Solar(CSIQ) fell 4.49%, with a trading turnover 53.5 Million USD, and a year-to-date fell 36.8%.

Top 5 CDRs Gainers/Losers (>100M) (4.11)

Alpine Immune Sciences(ALPN) rose 36.9%, with a trading turnover 2.2 Billion USD, and a year-to-date rose 237.9%. Enliven Therapeutics(ELVN) rose 20.18%, with a trading turnover 82.0 Million USD, and a year-to-date rose 72.1%. Vera Therapeutics(VERA) rose 17.3%, with a trading turnover 208.3 Million USD, and a year-to-date rose 217.4%.

Top 10 US Stock Gainers (4.11)

ARM(ARM) rose 4.75%, with a trading turnover 789.6 Million USD, and a year-to-date rose 74.5%. Broadcom(AVGO) rose 4.54%, with a trading turnover 4.3 Billion USD, and a year-to-date rose 24.4%. Morgan Stanley(MS) fell 5.25%, with a trading turnover 2.2 Billion USD, and a year-to-date fell 6%. HSBC(HSBC) fell 2.06%, with a trading turnover 84.1 Million USD, and a year-to-date rose 5%.

Top 5 US Stock Gainers/Losers (>100B) (4.11)

Wall Street's major banks have different opinions on the Fed's interest rate cut expectations. Goldman Sachs expects the Fed to cut interest rates twice this year, while Barclays Bank expects only one rate cut. Bank of America and Deutsche Bank both believe that the Fed will only cut rates once in December this year. Deutsche Bank also points out that if inflation data disappoints or election results lead to fiscal policies that exacerbate inflation, the Fed will not cut rates this year or in 2025

Wall Street big banks are starting to be less pessimistic? Deutsche Bank, Bank of America: The Fed will not cut interest rates until December

Apple plans to release multiple Mac computers equipped with the M4 chip by the end of this year or early next year, including iMac, low-end and high-end MacBook Pro, and Mac mini. The M4 chip will highlight its AI processing capabilities and integrate with the new version of macOS. This move is seen as a significant effort by Apple to revive the declining sales of Mac. Following the news, Apple's stock price has risen. The M4 chip is divided into three versions ranging from entry-level to mid-to-high-end, corresponding to different models of Mac computers

AI-powered M4 is coming! Apple is preparing for a major upgrade with the strongest 3nm chips for Mac

Proficient Auto Logistics Inc.申请美国 IPO，寻求按代码 “PAL” 在纳斯达克公开交易其股票。

Apple's stock price saw a rare surge of 4.3%, with its market value increasing by $112 billion in a single day. Wall Street analysts believe that investors have underestimated Apple's gross margin potential. It is expected that in the coming years, the gross margin of Apple's product segment will increase by about 180 basis points, while the gross margin of the service segment will increase by about 150 basis points. Apple plans to launch a new generation chip, M4, with added artificial intelligence capabilities, which has boosted the stock price. Looking ahead, vertical integration and product portfolio are expected to enhance Apple's gross margin

Apple's "rare" surge by 4.3%, market value increased by $112 billion in a single day

中国一季度经济增速超预期，外资机构纷纷上调对中国经济增速的预测。高盛研究部将中国一季度 GDP 增速预测从 5.6% 上调至 7.5%，全年 GDP 增速预测从 4.8% 上修至 5.0%。多项经济数据显示出经济韧性，制造业 PMI 明显改善，海外经济体补库周期开启拉动中国出口。外资机构看好中国经济增长趋势。

多项经济数据超预期 外资机构看高中国一季度经济增速

A senior official from the Federal Reserve stated that there is no need to adjust monetary policy in the short term, but it is expected to cut interest rates later in the year. They believe that US inflation will gradually return to 2%. In particular, New York Fed President Williams pointed out that it will take quite some time to achieve the 2% inflation target. He expects inflation to fluctuate, but the labor market remains strong and the unemployment rate will gradually decline. The relationship between the Fed's inflation target and employment target is becoming more balanced. This is a piece of macroeconomic news

After the explosive CPI, many senior officials of the Federal Reserve stated: no interest rate cut in the near future is a certainty, the "three top officials" have not turned dovish

今年以来融券余额下降约 39.92%，被认定为是导致 A 股下跌的重要原因之一。多家券商暂停新增融券通券源，融券交易活跃度下降。

新增融券再启动暂停键，有头部券商融券池全部收回！融券余额已较年初下降近四成

Coinbase：COINBASE 衍生品已推出比特币现金和莱特币期货合约。

Sales of electric cars and plug-in hybrids in China rose significantly in March - by 85 per cent compared to February alone. However, the dip at the beginning of the year was also a typical seasonal phenomenon.

EV sales in China: March is the strongest month this year

微软与 Quantinuum 合作，展示了有史以来最可靠的逻辑量子比特，解决了量子计算的关键问题。通过虚拟化系统应用于硬件，量子计算的可靠性提升 800 倍。这一突破使得量子计算迈向了 2 级弹性量子计算的新时代。

量子计算可靠性提升 800 倍！微软开启 2 级弹性量子计算新时代

Kimi 走红，最大的压力将给到百度。因为 Kimi 的背后，已站着阿里的身影。随着阿里通义千问、百度文心一言等宣布免费开放 200 万—500 万甚至 1000 万字的长文本能力后，kimi 长文本推理能力瞬间被赶超，其 “Kimi 概念股” 的热度也开始消散。但短期看，已给用户普及了 “长文本推理能力” 的 kimi 是这波流量的赢家。据 similarweb 数据显示，Kimi Chat 的访问量已从去年十月的 15.6 万，增长至 2024 年 2 月的 279 万。而 3 月 19 日至 3 月 25 日，在月之暗面宣布把长文本能力从 20 万字提升至 200 万字那一周，Kimi 的访问量达到了 394 万次，略高于文心一言的 338 万次，一度跃升为国内网页端周度访问量最高的 AI 应用。据 similarweb 数据显示，整个 3 月 kimi 的访问量达到 1218.6 万次。Kimi 走红的背后，离不开当下阿里激进改革、转型 AI 的支持。有投资人透露，月之暗面新一轮融资完成后，阿里将成为其持股 40% 的单一大股东。不过，为了保证创始人团队保有绝对的决策权和控制权，做了 AB 股处理，拥有足够的投票权。消息称，最新 10 亿美金融资中有 8 亿美金来自阿里，部分资金以阿里提供的算力折算。悄然间，阿里在 AI 赛道已有多个棋子的布局。

Kimi 奇袭百度，文心一言酝酿改名

新晋 AI 搜索引擎秘塔 AI 在中国市场引起关注。该搜索引擎由秘塔网络科技开发，支持多轮对话式搜索，以及结构化信息展示。与传统搜索引擎相比，秘塔 AI 能更准确地理解用户的搜索意图，并提供精准的搜索结果。该搜索引擎还提供清爽的搜索体验，没有广告且免费使用。目前，秘塔 AI 搜索已经推出不到两个月，访问量已达数百万次。秘塔 AI 的创始人闵可锐在人工智能和自然语言处理技术方面拥有丰富的经验。

“中国版 Perplexity”？新晋 AI 搜索 “黑马” 秘塔何以出圈？

Bilibili rose nearly 3% in pre-market trading, Alibaba and JD.com rose over 1%, while Pinduoduo, Nio, XPeng, and Baidu all saw gains. NetEase fell over 1%, while Li Auto experienced a slight decline. In terms of individual stocks, Alpine Immune surged over 36%, as the company was acquired by Fosun Pharma for $4.9 billion

Pre-market trading in US stocks | Panic index surges 5%! Bilibili, Alibaba lead gains in Chinese concept stocks

Reddit has fallen for three consecutive days, hitting a historic low with the current stock price at $42

WSB Hot Discussion | Nvidia Unfazed by CPI, Continuing to Lead the US Stock Market?

Bank of America Merrill Lynch has lowered Tesla's target price from $280 to $220, believing that Tesla will face increasing profit pressure due to weak demand. Unless Tesla enters new regional markets, it is expected to be difficult for the company to generate additional sales with its existing product portfolio or without further price reductions

Rating Quick Look | NVIDIA, TSMC's target prices significantly raised! Alibaba, Tesla face price cuts again!

Bill Ackman manages assets of approximately $14 billion, with a five-year annualized return of 28%. His main holdings are low-profile consumer stocks

Five-year returns far exceed the S&P 500, and big shots also rely on these stocks

XinJiShaxi issued an announcement stating that the company's stock price fell and trading volume increased, leading to the controlling shareholder being forced to sell 212 million shares of the company. After the forced sale, the company's equity stake decreased. The board of directors confirmed that there were no significant changes in business operations and financial conditions. Trading of the company's shares has been suspended and will resume after the announcement is published

Xinji Shaxi: Controlling shareholder forced to sell 212 million shares, company to resume trading on April 12

CHINA COAL(01898) rose 2.68%, with a trading turnover 183.5 Million HKD, and a year-to-date rose 13.4%. YANKUANG ENERGY(01171) rose 2.2%, with a trading turnover 389.5 Million HKD, and a year-to-date rose 19.1%. BEIGENE(06160) fell 4.99%, with a trading turnover 95.6 Million HKD, and a year-to-date fell 19.6%. CHOW TAI FOOK(01929) fell 4.28%, with a trading turnover 100.2 Million HKD, and a year-to-date rose 0.2%.