The release of the open-source large model Llama 3 has sparked discussions in the AI community. Meta has launched two models of different scales and plans to release more versions in the future. The model is expected to exceed 400 billion parameters and compete with Claude 3. Meta's CEO announced that an AI assistant based on the Llama 3 model now covers multiple applications and has introduced an image generator. The emergence of Llama 3 directly competes with OpenAI's GPT-4. Meta insists on the open-source route, scoring a point for open-source models. The official version of Llama 3 is expected to be released in July this year. Insiders revealed that researchers have not yet fine-tuned it, nor have they decided whether it will be a multimodal model. Llama 3 is hailed as one of the best-performing open-source models

Llama 3 returns as a king, can it rival GPT-4 and catch up with closed-source models with open-source models?

Volkswagen and XPeng announced that they will embark on a collaboration on electronic and electrical architecture technology to jointly develop a new electronic and electrical architecture. Volkswagen plans to launch its planned electric vehicle models in 2026 and accelerate the iteration speed of its platform in China. In this regard, Volkswagen has also invested 2.5 billion euros with XPeng to expand production and innovation centers. This move demonstrates Volkswagen's emphasis on the Chinese market. For XPeng, this collaboration helps accelerate the transition period and enhance confidence among consumers and investors

Volkswagen and XPeng are getting closer

Large American pension funds are cashing out of US stocks, reducing their holdings by $325 billion and reallocating to bonds and private equity. This is due to the overvaluation of US stocks and the high interest rate environment, with fund managers evaluating risks and adjusting their investment portfolios. In response, some pension funds are moving funds into bonds and alternative investments to seek stable returns and reduce risks

One of the drivers behind the five consecutive declines in US stocks? Large American pension funds are taking profits

马云三次内部表态，阿里重组的真正结束。马云在一封全员信中鼓舞士气，强调要纠正昨天的问题并面向未来改革。阿里目前在中国电商市场份额约为四成，但抖音成为了威胁，争夺阿里的利润来源。马云的表态对应了阿里过去一年的三个思考：如何改革主业电商、如何应对竞争、如何面向未来。员工们戏称马云全员信的叙事很 MAGA——让阿里巴巴再次伟大。

马云三次内部表态，阿里重组的真正结束

The S&P 500 and Nasdaq have fallen for five consecutive days, with Tesla and Amazon both dropping for five days in a row, while Apple has dropped for four consecutive days. Meta has launched a new AI model, Llama 3. Netflix fell more than 6% after hours, with first-quarter subscribers exceeding expectations. Google is restructuring its artificial intelligence team to accelerate progress. Boeing is targeting the low-altitude economy and plans to bring flying cars to Asia by 2030. Long-time bull Deutsche Bank analyst Emmanuel Rosner has lowered the target price for Tesla. The Macau property market is completely cooling down

Breakfast | US stock market hits the longest losing streak in six months, Netflix revenue guidance falls short of estimates

JPMorgan and Deutsche Bank believe that the positive impact of Bitcoin halving has been largely reflected in the price. JPMorgan expects the halving to mainly affect Bitcoin mining, potentially leading to industry consolidation. On the other hand, analysts at Deutsche Bank believe that the price of Bitcoin will not rise significantly after the halving, as the market has already digested this event. While the price is not expected to fluctuate dramatically, Deutsche Bank believes that the price of Bitcoin will remain high. Additionally, factors such as central bank interest rate cuts and regulatory changes may also affect the price of Bitcoin

Bitcoin price to surge after halving? Morgan Stanley and Deutsche Bank do not agree

Lithium Americas(LAC) fell 29.71%, with a trading turnover 153.3 Million USD, and a year-to-date fell 27.2%. Eyepoint Pharmaceuticals(EYPT) fell 16.43%, with a trading turnover 75.9 Million USD, and a year-to-date fell 24.3%. Ibotta(IBTA) fell 12.19%, with a trading turnover 445.1 Million USD, and a year-to-date .

Top 10 US Stock Losers (4.18)

Trump Media &amp; Tech(DJT) rose 25.72%, with a trading turnover 534.9 Million USD, and a year-to-date rose 89.7%. Canopy Growth(CGC) rose 20.65%, with a trading turnover 128.2 Million USD, and a year-to-date rose 53.2%. Badger Meter(BMI) rose 16.65%, with a trading turnover 122.0 Million USD, and a year-to-date rose 15.8%.

Top 10 US Stock Gainers (4.18)

TH International /Cayman Islands(THCH) rose 23.08%, with a trading turnover 18.6 Million USD, and a year-to-date fell 26.9%. Gaotu Techedu(GOTU) rose 8.69%, with a trading turnover 37.5 Million USD, and a year-to-date rose 76.2%. Canaan(CAN) fell 17.11%, with a trading turnover 18.4 Million USD, and a year-to-date fell 60.2%. Microvast(MVST) fell 5.41%, with a trading turnover 1.1 Million USD, and a year-to-date fell 64.8%.

Top 5 CDRs Gainers/Losers (>100M) (4.18)

Elevance Health(ELV) rose 3.19%, with a trading turnover 1.4 Billion USD, and a year-to-date rose 11.8%. Unitedhealth(UNH) rose 2.96%, with a trading turnover 4.4 Billion USD, and a year-to-date fell 6%. Taiwan Semiconductor(TSM) fell 4.86%, with a trading turnover 5.2 Billion USD, and a year-to-date rose 27.9%. Micron Tech(MU) fell 3.78%, with a trading turnover 3.6 Billion USD, and a year-to-date rose 31.3%.

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

Netflix's first-quarter financial report for 2024 showed an increase of 9.33 million paid users, nearly doubling expectations. Revenue in the first quarter increased by 15%, with the profit margin reaching a three-year high. However, the company warned that user growth in the second quarter will be lower than in the first quarter, indicating a slowdown in user growth, leading to a post-market decline in stock price. Wall Street's average target price for Netflix in the next 12 months is $598.98. While Netflix's Q1 financial report exceeded expectations overall, market expectations for its future growth momentum have weakened

Netflix Q1 subscriber additions of 9.33 million doubled expectations, but hinted at slowing growth, dropping 7% after hours | Financial Report Insights

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。