多位基金经理在一季度大幅加仓港股，尤其是腾讯控股、美团等港股互联网龙头。基金一季报显示，基金港股仓位相较去年底有所提升。腾讯控股和美团成为多只基金的重仓股。南向资金连续净买入，3 月净买入额达 792.48 亿元。

多位基金经理一季度大手笔加仓港股

The IMF has issued a warning to central banks in Asia, advising them not to focus too much on the actions that the Federal Reserve may take when formulating their own monetary policies. The IMF's Asia-Pacific director pointed out that the US monetary policy has a strong and direct impact on the financial conditions and exchange rates in Asia. He warned that if central banks in various countries closely follow the Fed's policies, it may disrupt their own price stability. It is recommended that central banks formulate policies based on their own circumstances and avoid excessive reliance on expectations of future actions by the Federal Reserve

IMF warning: Major Asian central banks should not overly rely on the policy direction of the Federal Reserve

台积电发布财报，利润增长，但下调了半导体行业和全球晶圆代工行业的增长预期，导致芯片股下挫。Meta 发布强大的 AI 模型 Llama 3，英伟达股价转涨。三大美国股指集体高开，标普纳指曾跌近 0.2%，后转涨，纳指曾跌近 0.6%，后开盘半个小时后转涨，道琼斯涨幅超过 330 点，午盘转跌。

台积电指引打击芯片股，标普纳指恐五连跌，英伟达、Meta 高举 AI 大旗反弹

Google has made sweeping reforms, focusing mainly on the development and collaboration of AI technology. They plan to merge research teams, relocate the AI ethics team, and enhance inter-departmental cooperation. This move aims to streamline the development process, accelerate development speed, and improve work efficiency and innovation capabilities. Google's CEO Sundar Pichai is excited about these changes and plans to share more information during the earnings conference call. Google's stock price also rose slightly by 0.71% after the announcement

Google's bold reform, integrating multiple teams to accelerate the AI process

AI agent technology is gradually becoming a key tool for enterprise automation, capable of automatically completing various complex tasks such as shopping and travel planning. Tech giants like Microsoft, Google, and OpenAI are competing to develop their own versions of AI agents to earn more revenue. Microsoft is developing intelligent assistants to help salespeople automatically process orders and invoices, and enhance their capabilities to handle more complex tasks. In addition, Microsoft also provides a tool for software developers that can automatically provide solutions and help write and run code. This trend is expected to become an essential tool for enterprises, improving work efficiency

AI agents becoming a commercial "lifeline"? Microsoft, Google, and OpenAI are actively preparing

Geely plans to divest Volvo B shares, with a transaction value of USD 1.3 billion. Geely will remain the second largest investor in Volvo, holding 88.5 million A shares. Geely stated that this divestment aligns with its long-term strategy. Geely sold 49.5 million shares through Bank of America Securities, Goldman Sachs Europe, and Barclays, with a guided price of SEK 285.9 per share. Volvo's first-quarter operating profit exceeded expectations, and the stock price has already risen by 12% this year

Geely plans to divest Volvo B shares, with a transaction value of $1.3 billion

TSMC announced its first-quarter performance, slightly exceeding market expectations, but facing weak demand for traditional server and automotive chips. Wall Street believes that the demand in the AI field can still help TSMC offset the sluggish impact, and expects its packaging and testing capabilities to double again. Despite the stock price decline, TSMC executives stated that due to strong demand for 3nm and 5nm processes, they expect improved operational performance in the second quarter. The CFO stated that TSMC's capital expenditure is expected to remain between $28 billion and $32 billion. Revenue growth rate is expected to reach 21% to 26% in 2023

Performance guidance is mixed, TSMC plunges, Wall Street: Not afraid! Huge advantages in the AI ​​wave

Lenovo unveiled multiple AI PCs embedded with the personal AI assistant "Lenovo Xiaotian" at the Innovation and Technology Conference, featuring five key characteristics: a personal intelligent agent with large models and natural user interaction, a personal knowledge base, local heterogeneous AI computing power, an open artificial intelligence application ecosystem, and personal data and privacy protection. Lenovo Xiaotian can provide users with an AI experience through natural interaction, continuously deepen its understanding of users through personal documents, and offer more precise and personalized services. This represents a truly personalized AI computer in the current Chinese market

Lenovo releases multiple AI computers with embedded personal intelligent agents

Shanghai copper hit a new high since 2006, with copper prices rising continuously both domestically and internationally. On the news front, Vale's Sossego copper mine in Brazil has been shut down, leading to an expected severe shortage in refined copper supply. Guotai Junan Securities believes that with the widening industry supply-demand gap, copper prices are expected to rise to above $12,000 per ton. The cash cost of copper mines has a steep tail end, requiring copper prices to rise to $12,000-$14,000 per ton to stimulate supply growth. Based on the increase in demand for copper in household appliances, the global refined copper supply-demand gap is expected to increase

Copper in Shanghai hit a new high since 2006, what happened?

抖音小程序正在扩充平台的内容多样性，支持第三方公司分发内容和变现。虽然抖音的做法接近微信小程序，但其在知识阅读和视频资讯方面拥有较高流量，可能会吸引部分微信订阅号用户的注意力。目前，抖音小程序的用户量相比微信小程序还有较大差距。抖音将支持合作方在平台上通过内容付费与广告变现。

抖音小程序要做图文内容，支持第三方公司分发内容和变现

Tesla will release its first-quarter financial report next Tuesday, with an expected negative free cash flow since 2020 and a continued decline in gross margin. Tesla's stock price has fallen by more than 37%, and investors are full of uncertainty about its strategic adjustments. Barclays analysts predict that the first-quarter report will show Tesla's negative free cash flow and a decrease in gross margin to 14.6%. Tesla has canceled the Model 2 project, leaving investors to pin their hopes on binary bets such as artificial intelligence, energy storage, and autonomous driving technology, shaking market confidence. The decline in stock price and strategic adjustments have intensified investors' anxiety

Next Tuesday, another moment for Tesla to test its loyal fans?

小米集团创始人雷军在直播中表示，小米 SU7 销量比预期高出 3 到 5 倍。他还讲述了自己的人生经历，表示靠勤奋、努力和时代机会一步步走到今天，并强调人生成功需要靠梦想和奋斗。雷军的直播获得了 1.9 亿的点赞和超过 10 万的在线观众。

雷军：卡里没有冰冷的 40 亿！小米 SU7 销量比预期高 3 到 5 倍，“讲成功为时过早”！

According to UBS's foreign exchange valuation model, the US dollar is overvalued by about 2.5% to 5.5%, much lower than the previous estimate of 20-25%. This level of overvaluation is not as severe as implied by a simple PPP model, possibly due to the impact of US economic growth relative to other G10 countries and rising commodity prices. In terms of other currencies, the Japanese yen is undervalued by about 25%, the Euro is undervalued by 5%. The Australian dollar, New Zealand dollar, and Scandinavian currencies are undervalued, while the Canadian dollar and Swiss franc are overvalued. The British pound and New Zealand dollar are considered to be close to equilibrium. These valuation results may provide some reference value for investor decision-making

The US dollar has risen too high? UBS: Exchange rate valuation is far from extreme levels

Due to the overall strong US economy, the expectation of interest rate cuts continues to be postponed, which is a good thing!

Slower interest rate cuts are better for the long-term outlook of the US stock market

Li Auto rose nearly 2% in pre-market trading, while NetEase and Baidu rose over 1%. Bilibili, Nio, XPeng, Pinduoduo, and Alibaba all saw gains, while JD.com experienced a slight decline. TSMC initially rose nearly 4%, but is now down over 2%. First-quarter revenue and net profit both exceeded expectations

Pre-market trading in US stocks | Li Auto leads the way in Chinese concept stocks! Among the seven giants, only Tesla fell by more than 1%

德意志银行将特斯拉评级从买进下调至持有，目标价 123 美元。

The emergence of electric Vertical Take-Off and Landing (eVTOL) aircraft has changed the cost issue of commercializing low-altitude transportation, making the "flying drops" mode of transportation affordable for everyone. According to analysts from Guosheng Securities, the manufacturing cost of eVTOL can be compressed to within one million RMB, and with economies of scale, there is still a potential 30-40% cost reduction for future aircraft. McKinsey predicts that the operating cost of eVTOL can be reduced to $0.5-2.5 per seat-mile, indicating a broad prospect for the low-altitude economy market. Li Jian, former deputy director of the Civil Aviation Administration of China, stated that the volume of the low-altitude economy is expected to reach 50 trillion RMB, presenting an opportunity for China to overtake in a curve

You can also afford to "Feidi" now

Barclays expects that Tesla's first-quarter performance, especially the gross margin, to be lower than expected, which may disappoint investors. The news of Musk turning to Robotaxi may not necessarily please investors and has created a significant negative impact on Tesla's investment strategy, bringing about great uncertainty for the company's future

Rating Quick Look | Tesla, Asml target prices slashed significantly! Intel receives positive outlook

Tesla shareholders may vote on Elon Musk's $56 billion pay package again, following a court ruling voiding the package. Chairperson Robyn Denholm disagrees with the ruling and suggests subjecting the original package to a new vote. Some shareholders argue that the compensation is reasonable considering Musk's achievements. A shareholder who filed the lawsuit is requesting over 29 million Tesla shares as legal fees. The information falls into the category of corporate major event information.

Tesla shareholders to vote on $56B pay package for Elon Musk (again)

Groq CEO Jonathan stated that by the end of next year, they will deploy 1.5 million LPU chips, occupying more than half of the global inference demand. The market share of inference in the future is expected to grow significantly. Groq's chips have several times the advantage in inference speed and cost, compared to NVIDIA which excels in AI training but has limitations in inference. Groq's innovative architecture achieves performance improvements and avoids being constrained by the supply chain. AI inference is very sensitive to latency, with every 100 milliseconds of improvement leading to increased user engagement. In the next 1-2 years, Groq will deploy 1.5 million inference chips, potentially accounting for half of the global inference computing power

Groq CEO's latest interview: Deploying 1.5 million LPUs by the end of next year, dominating half of the world's inference demand

小米董事长雷军今日在小米汽车交付中心开启直播，聊小米 SU7 的销售情况。他在直播中提到，网上有很多关于自己的谣言。“我不是高考状元，没有考过 700 分，人生低谷里也没有冰冷的 40 亿。” 雷军表示，自己是农村出身，靠勤奋努力一步一步走到今天。人生的成功不是爽文，要靠梦想、奋斗和贵人相助。“看一看笑一笑就好，恳请大家帮我辟谣。”

雷军：我不是高考状元，没有考过 700 分，人生低谷里也没有冰冷的 40 亿

Overnight hottest contracts: Tesla calls with an expiration date of April 19th and a strike price of $160 traded nearly 170,000 contracts, while Tesla puts with strike prices of $155, $240, $220, and $150 traded 160,000 contracts, 158,000 contracts, 120,000 contracts, and 110,000 contracts respectively

US Stock Options | Tesla puts are being bought like crazy! Nvidia, AMD, TSMC trading volume surges!

CANGGANGRAILWAY(02169) fell 9.52%, with a trading turnover 17.9 Million HKD, and a year-to-date fell 55.6%. UNITEDENERGY GP(00467) fell 8.62%, with a trading turnover 339.6 Million HKD, and a year-to-date fell 37.6%. CNBM(03323) fell 8.28%, with a trading turnover 176.5 Million HKD, and a year-to-date fell 17.1%.

Top 10 HK Stock Losers (4.18)

CPIC(02601) rose 5.78%, with a trading turnover 569.5 Million HKD, and a year-to-date fell 0.1%. SHENZHOU INTL(02313) rose 5.09%, with a trading turnover 405.6 Million HKD, and a year-to-date fell 8.8%. BEIGENE(06160) fell 2.28%, with a trading turnover 87.7 Million HKD, and a year-to-date fell 28.1%. CNOOC(00883) fell 2.23%, with a trading turnover 1.8 Billion HKD, and a year-to-date rose 41.5%.

Top 5 HK Stock Gainers/Losers (>100B) (4.18)

MIGAO GROUP(09879) rose 30.88%, with a trading turnover 17.7 Million HKD, and a year-to-date rose 30.9%. KEEP(03650) rose 12.72%, with a trading turnover 226.0 Million HKD, and a year-to-date fell 54.2%. MEILAN AIRPORT(00357) rose 8.35%, with a trading turnover 22.8 Million HKD, and a year-to-date rose 8.7%.

Top 10 HK Stock Gainers (4.18)

18 日下午 16 点，雷军在北京小米汽车交付中心准时开启直播。

恒生指数收涨 0.82%，恒生科技指数涨 0.5%。KEEP 涨超 12%，中国平安、东方甄选涨超 4%；中国白银集团跌超 6%，远洋集团跌超 5%。

4 月 18 日下午，台积电举行线上法人说明会。针对海外布局最新情况，总裁魏哲家表示，台积电美国及日本厂布局依进度推动，亚利桑那州厂将如期于 2025 年上半年量产 4 纳米制程，熊本厂则今年第四季度即可量产。至于法人关心台积电的定价策略，魏哲家表示，海外厂成本高，且有通膨影响，预期客户会分担更高成本，台积电长期毛利率仍可望达 53% 以上。

台积电回应定价策略：客户会分担更高成本，长期毛利率仍可望达 53% 以上

中国人民银行副行长朱鹤新表示，未来货币政策仍有空间，将继续观察政策效果和经济恢复情况，并加强宏观乐观情绪。他还指出，人民币汇率在稳定基础上有所升值，央行将继续以市场供求为基础，稳定外汇市场形势，纠偏顺周期行为，防范汇率超调风险，保持人民币汇率在均衡水平上基本稳定。货币政策司司长邹澜表示，目前广义货币存量已经较高，信贷需求转弱，信贷结构也在优化升级。

中国央行：未来货币政策还有空间

美日韩三国当地时间 4 月 17 日发布财长会议联合声明称，美国财长耶伦、日本财务大臣铃木俊一和韩国企划财政部长官崔相穆 17 日在国际货币基金组织和世界银行的春季年会期间讨论了汇率问题。声明称，三方将 “继续根据我们现有的 20 国集团承诺就外汇市场发展密切磋商，同时承认日韩对日元和韩元近期大幅贬值的严重担忧”。

美日韩发布三国财长会议联合声明，承认日韩对近期本币贬值的 “严重担忧”

4 月 18 日，台积电召开法说会，总裁魏哲家在法说会上提到，台积今年健康成长目标不变。不过依据魏哲家释出的景气看法，则将全球晶圆代工产业的成长预测下修，较先前一次预期 20% 下修至 10%。

台积电下修全球晶圆代工成长预测

XPeng Motors is currently facing a dual dilemma of declining sales and personnel adjustments, with monthly sales dropping below 10,000 units, ranking seventh. Several co-founders and executives have resigned, and the company has been taken over by the Great Wall Motors group, leading to significant internal changes. XPeng Motors needs sales to prove the effectiveness of its reforms, but sales remain below expectations. Meanwhile, Xiaomi's entry has increased competitive pressure on XPeng Motors. Sales performance in recent quarters has been uneven, with the flagship model X9 performing well while other models have insufficient sales. Despite multiple price adjustments, sales growth has not been stimulated

Iron Lady "cleanses" XPeng after

美国通胀居高不下的 “三大支柱” 是房价、保险和能源，导致通胀持续上升。房价上涨是由于住房供给短缺，保险成本上升和能源价格上涨也是重要因素。美联储原计划降息，但通胀持续高位使得降息计划被谨慎重置。目前交易员预计今年将有一到两次降息。

美国通胀居高不下的 “三大支柱”：房价、保险和能源

Is the depreciation of the Japanese Yen good for Japanese stocks? Morgan Stanley believes that if the Japanese Yen exchange rate falls below 152, it will be a turning point for the trend of Japanese stocks, which may have a negative impact on the Japanese stock market. The continuous depreciation of the Japanese Yen may affect residents' consumption expenditure, exacerbate the gap between export-oriented enterprises and domestic demand-oriented enterprises, be unfavorable to small and medium-sized enterprises, and reduce the return on investment for overseas investors. The Japanese financial authorities should consider intervening in the foreign exchange market to support the Japanese Yen. Morgan Stanley believes that the depreciation of the Japanese Yen is beneficial for corporate profit growth, but excessive weakness is detrimental to the stock market

Is the depreciation of the Japanese Yen a good thing for Japanese stocks? 152 is the watershed

Digital marketing newcomer Ibotta (IBTA) raised approximately $570 million in funding, with an IPO price set at $88, higher than the expected range of $76-$84

Another unicorn will IPO tonight, with revenue increasing by 50% and a valuation of $2.67 billion

Q1 revenue increased by 16.5% year-on-year, with EPS growth of 8.9%

Night Trading | TSMC surged 5.7% at one point, driving the semiconductor sector higher

Experts warn that the US stock market is about to enter a bear market and reset, with a projected 30%-50% decline in the stock market in the next year. This expert indicates that the rise in defensive assets such as precious metals, energy stocks, and industrial stocks suggests that the bull market is coming to an end, and investors should be cautious of stock losses. In addition, the strong performance of industrial stocks also implies an economic slowdown. The possibility of the US economy entering a recession is 58%

Experts warn: US stocks are about to "reset", with a potential 50% drop in the next year

台积电预计第二季度毛利率 51% 至 53%，市场预期 52.8%。

台积电 2024 年 Q1 净利润 2255 亿台币，市场预期 2149 亿台币，上年同期 2069 亿台币。

波士顿动力发布新一代 Atlas 机器人，展示了其惊人的运动能力和电动化改进。这标志着人形机器人已经进入了新的时代，超越了以往的液压动力限制。这一消息引起了广泛的关注和讨论。

波士顿动力发布新一代 Atlas 机器人——模仿人类，然后超越人类

Indian service exports have grown at a nearly 11% compound annual growth rate, especially in the areas of computer and professional consulting services. It is expected that by 2030, service exports will reach 11% of India's GDP. Goldman Sachs believes that India is emerging as the "world's service factory" in the digital age

Is AI all about Indians? India has become the "world's service factory"

纳斯达克指数触发的 “兴登堡预警” 次数再创新高。预警次数增加往往预示着市场可能出现回调或横盘整理。投资者应注意，该指标虽可参考，但不能完全依赖，且仅凭单一信号做出投资决策通常不明智。当前美国经济状况良好，且流动性充裕为市场提供了支撑，短期内看不到明显的衰退迹象。

Why did Invo Bioscience soar? Its fourth-quarter revenue increased by 396.15% year-on-year! As for short selling data, the number of shares shorted overnight skyrocketed from just a few thousand or hundred shares to nearly 7 million shares, with the volume of short selling transactions surging to tens of millions

Overnight surged by 140%, short interest also surged! What happened to INVO?

TSMC will announce its Q1 financial report tomorrow afternoon

Financial Report Preview | TSMC Stable? March Revenue Surges by 34.4%

港股汽车股持续走高，恒大汽车涨超 10%，小鹏汽车、蔚来汽车涨超 3%，吉利汽车涨超 2%，理想汽车涨超 1%。

Non-life insurance stocks led the gains in the morning session, with share prices of China Taiping, PICC, New China Life, and China Life all rising. Regulatory guidance to lower the cost of liabilities is expected to improve the asset side. Premium income for life insurance in the first quarter continued to be under pressure, but the premium income performance of listed insurance companies showed a bottoming out and rebound. Property insurance business benefited from holiday effects and economic recovery, leading to growth in premium income. The valuation of the insurance sector is at historically low levels, with sufficient safety margins, and the industry maintains a "buy" rating

Understanding the Market | Non-life Insurance Stocks Lead the Morning Rise, Regulatory Guidance to Reduce Debt Costs, Asset Side Expected to See Marginal Improvement

4 月底港交所上架现货比特币 ETF，嘉实国际和华夏基金等公司获批发行此类产品，预示着加密市场的未来充满无限可能。嘉实国际资产管理有限公司是全球资产管理行业中占有举足轻重地位的公司之一，嘉实基金管理有限公司是中国最大的基金管理公司之一。

4 月底港交所上架现货比特币 ETF，对行业影响有多大？

“我们认为投资者低估了：1）英伟达创建的芯片 + 硬件 + 软件生态系统的重要性；2）计算时代持续 15-20 年，通常由一家垂直整合的生态系统公司主导，其回报率在 100- 1000 倍之间。”

牛市情景下，英伟达股价明年有望升破 1500 美元？！

ASML's new orders in the first quarter were far below expectations, dragging down global chip stocks. ASML explained that the decline in orders was mainly due to a decrease in demand for the most advanced EUV lithography machines. This impact caused ASML's stock price to fall by 7.09%. Other chip stocks were also affected, with Micron Technology, Broadcom, Qualcomm, Intel, and Arm all experiencing declines in their stock prices. Analysts believe that chip stocks may experience volatility. Furthermore, the decrease in ASML orders also serves as a reminder that many industries, apart from artificial intelligence technology, are still facing challenges of slowing demand

ASML caught fire, global chip stocks affected?

"AIGC First Stock" Chumenwenwen is listed on the Hong Kong Stock Exchange, but investors are not very enthusiastic about it. Despite having a luxurious lineup of investors, the products and operational aspects are not outstanding enough, leading investors to be cautious. Chumenwenwen plans to globally issue 84.568 million shares, accounting for only 5.67% of the total issued share capital, with an IPO price corresponding to a PS ratio of about 11 times in 2022. Huang Lichong believes that the overall downturn in the capital market and overvaluation are the reasons for the less than ideal subscription for Chumenwenwen's listing. The net proceeds raised are also relatively small, with limited impact on the company's development