Luxury goods giant LVMH experienced a slowdown in growth in the first quarter, with several core businesses falling short of expectations. Revenue growth in the fashion and leather goods division dropped to its lowest level since 2016, while sales in the wine and spirits division also declined. However, sales in the perfume and cosmetics division exceeded expectations, and there was a higher organic revenue growth in the selective retailing division. Sales in the Asian market declined much less than expected. Overall, LVMH achieved organic revenue growth in the first quarter, but it fell short of analysts' expectations

Luxury goods giant LVMH: Growth slows in the first quarter, multiple core businesses fall short of expectations

AMD launches its first commercial AI-enhanced desktop chip, which can boost desktop performance by up to 47% and graphics performance by up to three times. HP and Lenovo will start releasing products equipped with these new chips in the second quarter

Powering AI PCs! AMD launches its first commercial AI-enhanced desktop chip

近期黄金价格持续上涨，但与基本面背离，市场猜测央行购买黄金是其中原因之一。然而，央行购买黄金与金价的相关性不稳定，且 3 月全球央行黄金储备未见明显增长，因此央行可能并非金价上涨的核心因素。央行购买黄金的主要考量包括国际贸易支付和债务兑付等需求、增强主权货币信用、货币超发和流动性泛滥背景下的黄金配置需求。综合来看，央行购买黄金可能仍是大趋势。黄金价格短期可能有回调风险，但年内整体偏多。

本轮黄金新高，是全球央行买起来的吗？

Morgan Stanley's first-quarter revenue and net profit increased year-on-year, exceeding expectations. The company plans to distribute a dividend of $0.85 per share. Revenue in major divisions has all increased, with investment banking revenue up by 16%. Stock trading revenue increased, while fixed income net revenue declined. The company's assets under management reached $7 trillion. The stock price rose due to the release of the report

Strong wealth management and stock trading revenue drive Morgan Stanley's Q1 net profit to grow by 14% year-on-year, exceeding expectations | Financial Report News

OpenAI's CEO stated that the cost of AI in the future will approach zero, and predicted the era of GPT-6 and GPT-8, where people will be amazed by the wide applications and tasks completed by AI. The COO mentioned that enterprise supply chains need the support of AI technology, and integrating ChatGPT technology into business processes can reduce expenses by 20%. However, the adoption cycle of AI technology in enterprises is slow, and the ChatGPT enterprise version is still progressing slowly. They both believe that losing top researchers, research culture, and computing resources will severely hinder the development of OpenAI

OpenAI CEO and COO's first joint interview: GPT-6 will become a universal tool, and the cost of AI in the future will approach zero

Wei Jianjun is the chairman of Great Wall Motors. He showcased the company's NOA driving capability with high-precision maps in a live stream, demonstrating the progress of Great Wall Motors in the field of intelligence. During the live stream, Wei Jianjun conducted road tests in Baoding city with the new Blue Mountain model, and the test results showed excellent performance. Great Wall Motors has made significant progress in the field of intelligent driving, and Wei Jianjun also expressed the intention to strengthen interaction with users and consumers. This live streaming event was conducted by Great Wall Motors to allow consumers to experience the company's changes and is also part of the transformation of intelligent sales models

"The Baoding Racing God" has also started live streaming

Bank of America's net profit in the first quarter fell by 18%, mainly dragged down by a decline in net interest income and a sharp increase in losses in commercial real estate. Despite revenue exceeding expectations, net profit declined year-on-year, while earnings per share exceeded expectations. The CEO of Bank of America stated that the business performed well, attracting more customers and deepening cooperation relationships. Net interest income continued to decline, while stock trading business reached a new record high. Consumer banking business and global wealth and investment management department saw stable revenue growth, while global banking and markets department revenue increased slightly. Overall, Bank of America's performance was strong, with investment banking revenue exceeding expectations

Affected by high interest rates, Bank of America's Q1 net profit fell by 18%, with unexpected surge in losses from commercial real estate | Financial Report Insights

JP Morgan and Bank of America predict that the Japanese Yen will fall to 160, marking an important milestone. Julia Wang from JP Morgan is closely monitoring the speed of the Yen's decline, as a too rapid and disorderly decline may trigger intervention. In addition, traders are also watching whether the Yen will fall to 170, and are speculating on whether the Bank of Japan will make a strong response. The recent sharp decline of the Yen has sparked speculation in the market

JP Morgan and Bank of America in unison: The Japanese Yen falling to 160 is within reach

丘栋荣是一位在两家公募基金公司都取得行业领先业绩的基金经理。2024 年一季度，他的基金遇到了六年来最逆风的春季，出现了个位数负收益。丘栋荣对部分基金进行了少许降仓，但仍保持了高仓位风格。他减持了中国宏桥和神火等个股，因为宏桥股价暴涨，神火则涨幅较大。丘栋荣的股票仓位仍然相对稳定。此外，丘栋荣是否在神火和宏桥之间进行了交易需要进一步观察。新能车领域的投资表现不佳。

面对六年来最 “逆风” 春季，丘栋荣交出了意外 “答卷”！

随着韩国对高风险代币的投机需求激增，韩元目前已成为全球加密资产交易量最大的货币。研究公司 Kaiko 的数据显示，2024 年第一季度，韩元在中心化加密货币交易所的累计交易量为 4560 亿美元，而美元交易量为 4450 亿美元。

韩元取代美元成为第一季度加密货币交易的首选货币

Adobe 宣布将在其 Premiere Pro 软件中添加第三方 AI 视频生成模型的插件，包括 OpenAI 的 Sora 和 Runway 的 Gen-2 和 Pika。此举将使用户能够在视频素材中直接添加或减少内容，并使用 Sora 自动生成一段视频。此功能将为 Adobe 的 Creative Cloud 用户带来革命性的变化，使他们能够编辑和处理实景视频以及 AI 素材。这一更新预示着新技术即将落地。对于 Adobe 的付费用户群体来说，这是一件大事。

Sora 加入 Adobe 全家桶，视频改图加戏样样行

AI stock C3.ai plunged 7% overnight, marking the seventh consecutive week of nearly halving its value, making it the AI stock with the largest decline

WSB Hot Discussion | Tesla hits near one-year low in pre-market trading

How to navigate through difficult economic cycles? Munger: Accept it as it comes, and then figure out how to deal with it

Munger: I invested in Costco, Berkshire, Li Lu's fund, and Avi Apartments

Nio fell more than 4% in pre-market trading, Bilibili and XPeng fell more than 2%, Li Auto and Pinduoduo fell more than 1%, Alibaba, JD.com, and NetEase fell nearly 1%; Microsoft briefly rose, but then turned lower; Tesla fell more than 2%, NVIDIA fell nearly 1%. Trump concept stock DJT fell more than 4% at one point

Pre-market trading in US stocks: Technology stocks, Chinese concept stocks, and cryptocurrency concept stocks all fell across the board!

中国证监会北京监管局对中国银河证券股份有限公司出具了警示函，原因是公司未能有效实施合规管理。监管局要求该公司建立健全内部控制制度，加强业务和人员管理，提升合规管理水平。

这家龙头券商被出具警示函！因公司未能有效实施合规管理

CICC International expects that Tencent's high marketing expenses in the fourth quarter of last year will not continue. The company will continue to maintain the trend of faster gross profit growth than revenue, and faster operating profit growth than gross profit. With the stable operation of old games in the second quarter and confirmed revenue in the first quarter, coupled with the launch of new games (Dungeon & Warriors), Tencent's game revenue growth rate will turn positive, showing a performance of starting low and ending high for the whole year

Rating Quick Look | Tencent's target price slightly raised! JD.com, HKEX face "price cuts"

美股周一表现颓靡，道指六连跌。这印证了美国银行先前发出的下跌警告是正确的。那么，他们究竟是如何准确预测到的呢？当时判断的理由到底是什么？

理解市场 | 准确预测美股 “黑色星期一”！美银当时的警告是怎么说的？

Wall Street is sounding the alarm, with bearish signals accumulating in the US stock market due to geopolitical tensions and interest rate trends. Citigroup strategists have indicated that investors are heavily selling off long positions in futures, which may further exacerbate the decline in US stocks. 88% of long positions in the S&P 500 Index are currently in a loss-making state. The US stock market is facing two major unfavorable factors: cooling expectations of interest rate cuts and geopolitical risks. US inflation and retail data released exceeded expectations, reducing the likelihood of a Fed rate cut. The yield on the US 10-year Treasury bond has reached a new high for the year. The stock market has underestimated the impact of rising price pressures on Fed policy and bond yields

Wall Street is sounding the alarm! Is the negative news piling up in the US stock market, leading to deeper and deeper declines?

Overnight hottest contracts: Tesla calls with an expiration date of April 19 and a strike price of $170 traded over 120,000 contracts. Rivian options surged to 350,000 contracts, with 57% being call options. Nio options soared to 220,000 contracts, with 58% being call options. Coinbase options surged to 180,000 contracts, with 55% being call options

US Stock Options | Apple trading volume halved, Nvidia and AMD fell! Tesla still traded nearly 2 million contracts

INTL GENIUS(00033) fell 13.77%, with a trading turnover 8.6 Million HKD, and a year-to-date rose 17.5%. FIH(02038) fell 11.69%, with a trading turnover 11.6 Million HKD, and a year-to-date rose 11.5%. FIT HON TENG(06088) fell 10.34%, with a trading turnover 66.6 Million HKD, and a year-to-date rose 54.2%.

Top 10 HK Stock Losers (4.16)

YANKUANG ENERGY(01171) rose 1.69%, with a trading turnover 468.6 Million HKD, and a year-to-date rose 22%. CHINA COAL(01898) rose 1.21%, with a trading turnover 215.6 Million HKD, and a year-to-date rose 17.6%. SANDS CHINA LTD(01928) fell 5.97%, with a trading turnover 897.7 Million HKD, and a year-to-date fell 13.8%. BEKE-W(02423) fell 5.17%, with a trading turnover 70.2 Million HKD, and a year-to-date fell 20%.

Top 5 HK Stock Gainers/Losers (>100B) (4.16)

CANGGANGRAILWAY(02169) rose 28.41%, with a trading turnover 151.4 Million HKD, and a year-to-date fell 47.1%. CHENMING PAPER(01812) rose 8.59%, with a trading turnover 16.6 Million HKD, and a year-to-date fell 11.5%. XD INC(02400) rose 5.35%, with a trading turnover 69.9 Million HKD, and a year-to-date rose 46.7%.

Top 10 HK Stock Gainers (4.16)

美股盘前特斯拉一度跌近 1%，亚马逊微跌。中概股中哔哩哔哩跌近 2%，小鹏汽车跌 1.8%。

恒指收跌 2.12% 录得四连跌，恒生科技指数跌 3.04%。汽车、消费、有色股跌幅居前，舜宇光学科技跌超 6% 领跌蓝筹；蔚来跌超 10%，小鹏汽车跌近 6%。内房股冲高回落，旭辉控股集团涨超 4%。

欧洲股市大幅下跌，美元持续强势，黄金和比特币价格短期大幅下跌。美国 3 月零售数据超预期，显示经济韧性，市场预期美联储不会立即降息。日元兑美元触及 34 年新低。欧洲股市受外资抛售拖累跌幅超过 1%。黄金价格急挫，现货黄金报价为 2370 美元/盎司。布油价格相对稳定，为 90 美元/桶。比特币和以太币价格均下跌超过 4%。

欧股全线重挫，美元继续坚挺，现货黄金短线急挫，布油企稳在 90 关口

The Middle East situation is impacting the global financial markets. Citibank believes that in case of escalated conflict, gold and the Japanese yen are better safe-haven choices. The risk of a significant increase in oil prices is low, and the global market may return to a trading pattern centered around the Federal Reserve. During periods of rising geopolitical uncertainty, gold is seen as a safe-haven asset. Citibank predicts that the current oil market has already absorbed some risk premium, and has raised its short-term oil price forecast to $88. Goldman Sachs believes that if the Middle East situation escalates, oil prices could rise to $100

The best hedge trades for geopolitical conflicts: crude oil, gold, or Japanese yen?

The US stock market is at risk of a potential pullback due to stretched positioning, according to Citigroup's strategists. Investors have been pouring billions of dollars into US stock futures, leading to a "very extended" positioning. This trend, coupled with the potential risks of a weaker jobs report, raises concerns. Other global markets, including Europe and Japan, also show signs of profit-taking risks. It is important for investors to closely monitor economic indicators for any shifts in sentiment.

Citi says stretched positioning set to fuel US stock pullback

全球股指 MSCI 在 4 月累跌 4%，接近超卖水平。这一下跌主要由于美联储的宽松押注力度减弱和中东冲突的升级。MSCI 全球指数的 14 天相对强弱指数降至去年 10 月以来的水平，如果低于 30，可能表明市场动能逆转。该指数有望创下去年 10 月以来首次单月跌幅。

MSCI 全球股指 4 月已累跌 4%，RSI 接近超卖水平

港股半导体股多数下跌，晶门半导体、华虹半导体跌超 5%，上海复旦、中芯国际跌超 3%。

Crypto.com 交易所负责人 Kris Marszalek 近日表示，随着所谓减半日期的临近，比特币抛售可能会变得明显，但从长期来看，这一事件将支撑这一最大数字资产的价格。比特币的最近一次减半预计将在 4 月 20 日左右进行

Crypto.com 首席执行官称比特币减半期间可能出现明显抛售

The Bitcoin halving date is approaching, which will lead to an increase in selling pressure. However, in the long term, the halving event will support the price of Bitcoin. The head of Crypto.com exchange stated that the halving has a positive effect on the price of Bitcoin, but there are doubts in the market about the impact of the halving. Bitcoin is currently down 2.64% to $62,864. The CEO of Crypto.com expects Bitcoin to perform well in the six months after the halving. Crypto.com is one of the largest cryptocurrency exchanges, currently expanding and with hundreds of job vacancies

Bitcoin halving is "on the horizon" Industry insiders say: Short-term selling is inevitable but long-term will support the rise

港股科技股集体下跌，哔哩哔哩、快手、商汤、小米集团、美团跌幅超过 3%。

The CEO of DeepMind, an AI research department under Google, stated that Google will invest over $100 billion in artificial intelligence technology. He mentioned that Google has more powerful computing capabilities than its competitors, and partners with Google because they know that achieving general artificial intelligence requires a large amount of computing power. The public is already prepared to accept AI systems, even though they still have flaws and are prone to errors

DeepMind CEO: Google will invest over $100 billion in AI

预计香港证监会将在 4 月底一次批准首批虚拟货币 ETF，与美国证交会批准比特币现货 ETF 类似。多家资管公司已获得香港证监会有条件批准，计划发行投资比特币和以太币的 ETF 产品。嘉实国际和博时基金等公司也宣布获得批准。

传香港证监会或月底一次过批出首批虚拟货币 ETF

Apple's iPhone global shipments suffered a heavy blow in the first quarter, with a nearly 10% year-on-year decline, market share dropping to less than 20%, losing the top spot in phone shipments. Samsung reclaimed the top spot, with market share rising to over 20%. Xiaomi saw rapid growth in shipments, ranking third with a market share of 14%. Transsion Holdings' shipments surged by 85% to reach 28.5 million units

Sales slump, Apple loses its top spot in smartphone shipments, Samsung takes the lead, while Xiaomi grows rapidly to rank third!

中国 3 月社会消费品零售总额年率 3.1%，预期 4.6%。

中国 3 月规模以上工业增加值同比 4.5%。

中国一季度 GDP 同比 5.3%，前值 5.2%。

Wedbush believes that the recent dip in tech stocks presents a strong buying opportunity, with an expected 15% increase by the end of the year. Solid corporate earnings reports season may drive tech stocks to achieve double-digit gains once again. Higher-than-expected inflation levels in the past three months have reduced the likelihood of a Fed rate cut in June to 18% according to investors. However, Wedbush sees the profit environment for tech companies still looking strong, especially considering the frenzy around artificial intelligence. A robust earnings season could be a major positive catalyst for tech stocks. Based on Wedbush's consumer survey, consumer spending trends for internet companies in the first quarter are "strong". Strong growth is also expected in digital advertising, which will be a positive factor for companies like Google, Amazon, and Meta. The industry is expected to see a $1 trillion impact in AI spending over the next decade

Unafraid of the pullback! Wedbush calls for bottom fishing in tech stocks, expecting another 15% increase by the end of the year

3 月各线城市商品住宅销售价格环比降幅略有收窄，同比降幅扩大，统计局称 2024 年 3 月份，70 个大中城市新建商品住宅和二手住宅成交量比前期有所上升。一线城市新建商品住宅销售价格环比下降 0.1%，降幅比上月收窄 0.2 个百分点。三线城市新建商品住宅销售价格环比下降 0.4%，降幅与上月相同。一线城市二手住宅销售价格同比下降 7.3%，降幅比上月扩大 1.0 个百分点。三线城市二手住宅销售价格同比下降 5.9%，降幅比上月扩大 0.8 个百分点。

中国 3 月各线城市新房、二手房价格环比降幅收窄，同比降幅扩大

紫金矿业股价创新高。紫金矿业涨 0.7%，报 18.59 元/股，股价再创新高，总市值突破 4894.00 亿元，成交额达 2.47 亿元。

紫金矿业股价创新高

Huachen China fell more than 6% in early trading. As of the time of publication, it has fallen by 3.67% to HKD 7.08, with a turnover of HKD 109 million. On the news front, Huachen China stated that, after considering the group's financial and cash flow situation, as well as any possible new strategic investment options, the board of directors has decided to declare a special dividend of HKD 1.5 per share. It is expected to be distributed in cash to shareholders listed on the company's share register as of May 3rd, with a payment date around May 17th. The company mentioned that after the distribution of the special dividend, most of the net proceeds from the sale of 25% equity in Huachen BMW will be distributed to shareholders through the special dividend, while the remaining net proceeds will be retained as the group's operating funds. The company may consider further dividend distributions within the year based on its cash flow situation

Hong Kong Stock Market News | Brilliance China's stock price dropped by over 6%, announcing a special dividend of HKD 1.5 per share. Most of the proceeds from the sale of Brilliance BMW's equity have been distributed

港股开盘，恒指开跌 1.4%，科指开跌 1.89%。汽车股多数下跌，蔚来汽车跌近 7%，理想汽车、小鹏汽车跌超 3%。

英伟达、英特尔、高通等半导体巨头均有研发中心位于以色列。分析人士认为，此次冲突对芯片产业链的整体影响还要看冲突持续时长，以色列当地芯片制造产能有限，当地较多的芯片设计公司或部门受冲突影响则理应较小。

理解市场 | 以色列冲突对英伟达、英特尔有多大影响？

新加坡总理李显龙将于 5 月 15 日辞职，交棒给黄循财。黄循财将出任新总理，并于当天晚上 8 时在新加坡总统府宣誓就职。李显龙在社交媒体上确认了这一消息，并呼吁民众支持新团队。黄循财是新加坡人民行动党的第四代领导团队新领导人，曾任新加坡抗击新冠疫情工作组负责人。李显龙是现年 72 岁的总理，自 2004 年以来连任总理。

新加坡总理李显龙将于 5 月 15 日辞职，交棒给黄循财

日本当局似乎对 150 日元左右的汇率相当满意，不需要日元升至 125 或 130 的水平，因为那会带来通缩冲击。目前对冲基金已将日元空头头寸增加至 2018 年 1 月以来的最高水平。

跌到 154 只是开始？日元为何可能会再跌 10%？

The Bitcoin ETF's fundraising ability is at its peak, driving Bitcoin's market share in the cryptocurrency field to a new high since 2021. Bitcoin occupies over half of the $2.4 trillion cryptocurrency market, reflecting the market's demand for a Bitcoin spot ETF approved by the U.S. SEC, as well as the decline in market capitalization of smaller tokens. Bitcoin's market share in the $2.4 trillion cryptocurrency market has reached nearly 55%, the highest level since 2021. U.S. asset management giants such as BlackRock and Fidelity Investments have launched U.S. Bitcoin spot ETFs accumulating assets of around $56 billion. The price of Bitcoin fell by about 6% amid profit-taking sentiment and a cooling expectation of a rate cut by the Federal Reserve

Bitcoin ETF's fundraising ability is at its peak! Driving Bitcoin's market share in the cryptocurrency field to a new high since 2021

US retail data hits interest rate cut expectations, Morgan Stanley bearish on US earnings season, escalating Middle East risks and other factors led to a sharp drop in US stocks. Tesla's senior vice president was reported to have resigned. Goldman Sachs said hedge funds may sell off $42 billion worth of stocks recently. Institutions believe that Apple's valuation is attractive after the drop, and is expected to ride the AI wave. The lock-up volume of Micron Technology's SU7 exceeded 60,000. Apple's iPhone shipments in the first quarter fell by nearly 10%. HSBC raised AMD's rating

Breakfast | S&P 500 falls below the 50-day moving average. Dow Jones falls for the sixth consecutive day, Morgan Stanley is bearish on the US earnings season

“这个市场早该回调了”？！对于迎来财报季的美股而言，接下来市场风格将如何演绎或决定本轮牛市的最终命运！从技术面角度而言，如果标普有效跌破 50 日均线，可能预示着未来将进一步回落。