MEITUAN(03690) rose 5.56%, with a trading turnover 3.4 Billion HKD, and a year-to-date rose 22.8%. TENCENT(00700) rose 5.46%, with a trading turnover 13.1 Billion HKD, and a year-to-date rose 9.1%. LI AUTO-W(02015) fell 8.33%, with a trading turnover 2.6 Billion HKD, and a year-to-date fell 33.8%. CHINA COAL(01898) fell 6.06%, with a trading turnover 405.1 Million HKD, and a year-to-date rose 11.3%.

Top 5 HK Stock Gainers/Losers (>100B) (4.22)

Morgan Stanley economist Seth Carpenter believes that the global interest expense as a percentage of GDP will increase from the current 2.5% to 3.5% by the end of this decade, with debt sustainability being a focus for the next decade or longer. In its latest report, Morgan Stanley pointed out that the global interest expense as a percentage of GDP will increase from the current 2.5% to 3.5% by the end of this decade, with debt sustainability being a focus for the next decade or longer

Crisis approaching? Morgan Stanley: The United States has only "a few years" to solve the ongoing debt issue

The competition in the new energy vehicle market is fierce, with Tesla and Li Auto lowering prices to cope with market pressure. Tesla has made significant price cuts and may continue to lower prices to maintain competitiveness. The emergence of Xiaomi's SU7 has brought competitive pressure to Tesla, with orders exceeding 100,000 units. Other car manufacturers have also launched price reduction promotions

Top-performing new energy vehicles are also forced to lower prices | Jianzhi Research

理想汽车今日宣布 2024 年 4 月 22 日起，2024 款理想 L7、理想 L8、理想 L9 及理想 MEGA 将采用全新的价格体系，新定购用户及已定购未交付的用户均可享受新价格。

理想汽车跟随特斯拉加入价格战：股价跌破 100 港元 股价面临腰斩

The hottest contracts last Friday: Tesla puts with a same-day expiration and a strike price of $150, with a trading volume of 140,000 contracts. Nvidia options trading doubled to 3.39 million contracts, with 137,000 contracts of puts with a strike price of $800. SMCI options trading surged to 490,000 contracts, with a fifty-fifty split between call options and put options. ARM options trading surged to 430,000 contracts, with puts accounting for seventy percent

US Stock Options | Nvidia, Netflix trading volume doubles! SMCI, ARM trading volume surges

Guosen Securities: Start slowly increasing positions when the S&P 500 index reaches below 5050 (currently at 4967 points)

Institution: U.S. stocks enter the accumulation zone, with three steps to increase positions

The U.S. stock market has experienced a significant pullback, with investors still debating whether to buy. Analysts believe this is a normal adjustment, while some investors think it is a good opportunity to buy on dips. The S&P 500 index may fall by 10%. Historical data shows that the stock market typically experiences a significant decline after a strong start, but eventually it will still rise

Bearish sentiment lingers in the US stock market, "buying the dip" still carries risks

外交部发言人汪文斌宣布：应中共中央政治局委员、外交部长王毅邀请，美国国务卿安东尼·布林肯将于 4 月 24 日至 26 日访华。

美国国务卿布林肯将访华

华为的临时政策是为了 “截胡” 小米 SU7 订单，他们会给下了小米 SU7 订单的车主 5000 元现金补贴，减免在智界 S7 车价上的小米 SU7 锁单不可退的 5000 元定金。这项政策将持续到 5 月底。华为门店工作人员表示，该政策可与智界 S7 的其他优惠活动重叠，并且不会影响原本的小米 SU7 订单。华为与奇瑞汽车合作发布了首款智慧轿车智界 S7，据称智界 S7 已经开始交付。

华为 “截胡” 小米，用小米 SU7 订单买智界 S7，华为门店：减免 5000 元

美股 AI 板块近期暴跌，盈利将受考验，市场关注宏观不确定性。5 月 1 日的美联储议息会议将是市场观测的窗口，6 月份 FOMC 的降息概率会对未来美股表现产生影响。近期 AI 相关股票下跌，显示分子端支撑出现崩塌。本周特斯拉、微软、META 和 Alphabet 将公布财报，形成市场压力测试。降息会成为未来一段时间内的博弈焦点，纽约联储公布的隔夜逆回购存量下降，引发市场流动性担忧。

美股 AI 板块暴跌：盈利将受考验，关注宏观不确定性

Enterprises are reserved about AI PCs on the corporate side, only providing them to specific technical teams and considering them when costs are lower and products are more mature. Some CIOs indicated that they will purchase AI PCs only during regular device replacement cycles. Dell and Lenovo are actively promoting AI PC products, with Dell pricing them only $230 higher than non-AI devices, while Lenovo emphasizes that investing in AI PCs is very worthwhile. AI PCs reduce latency, decrease cloud service costs, enhance data security, and privacy protection by running AI models on the device

"Replacement wave" for AI PCs? Chip and PC manufacturers can't wait, but the enterprise side is still watching

Concept stocks related to Bitcoin surged. As of the time of publication, Xiongan Technology rose by 7.46% to HKD 0.072; New Fire Technology Holdings rose by 5.56% to HKD 2.85; OSL Group rose by 5% to HKD 10.08; and Meitu Inc. rose by 2.74% to HKD 3. On the news front, Bitcoin broke through $66,000 per coin on Monday, the first time since April 15. At 8:09 on April 20, Bitcoin successfully completed its fourth halving at block height 840,000, reducing mining rewards from 6.25 BTC to 3.125 BTC. The last halving occurred on May 11, 2020. Analysts at JP Morgan believe that Bitcoin is likely to face pressure in the short term due to overbuying in the market. Nansen research analysts, on the other hand, stated that the price return of Bitcoin after halving is generally higher. Within 250 days after halving, the return is five to six times that of other years. The analyst believes that the current macroeconomic situation in the United States is forcing risk assets, including cryptocurrencies, to adjust, but the upward trend of Bitcoin remains unchanged

Market Insight | Bitcoin concept stocks surge, Xun'an Technology rises more than 7% as Bitcoin breaks through $66,000 in the short term

Jiang Ping's trading logic: Good trades need to reflect thinking, the result of independent thinking

The most outstanding Chinese trader on Wall Street: once earned $100 million a year

OSL Group rose nearly 6% in the afternoon, up 4.17% as of the time of publication, at HKD 10, with a turnover of HKD 25.4535 million. On the news front, data shows that on April 20, 2024, at 8:09, Bitcoin successfully completed its fourth halving at block height 840,000, reducing the mining reward from 6.25 BTC to 3.125 BTC. The last halving occurred on May 11, 2020. Today, Bitcoin rose to $66,000 during the trading session, up about 1.5% intraday. It is worth noting that on April 15, the Hong Kong SFC approved three institutions to issue Bitcoin and Ethereum spot ETFs. In addition to adding Ethereum compared to the United States, physical delivery is also allowed. OSL is the first licensed and compliant cryptocurrency exchange in Hong Kong. OSL Digital Securities, a subsidiary of OSL Group, announced its partnership with Huaxia Fund (Hong Kong) as the first virtual asset trading and custody partner, providing support for its first Bitcoin and Ethereum spot ETF in Hong Kong. At the same time, OSL was also appointed as the first virtual asset trading and custody partner for JPMorgan International

Understanding the Market | OSL Group Rises Nearly 6% in the Afternoon, Bitcoin Returns to $66,000, Hong Kong Approves Bitcoin Ethereum Spot ETF

NYSE is considering extending US stock trading hours to seven days a week, 24 hours a day, and is soliciting feedback from market participants. While some retail brokerages have started offering 24-hour trading services during weekdays, achieving exchange operations around the clock still faces challenges. 24X Company is seeking SEC approval to become the first exchange to operate 24 hours a day, but the SEC will review the plan over the next few months. Institutional investors have limited interest in overnight trading, mainly due to concerns such as poor liquidity and settlement risks. Operating around the clock may face issues such as employee scheduling arrangements

24/7 stock trading in the US coming soon? NYSE conducts survey with market participants

With a price-to-sales (or "P/S") ratio of 2.7x Intel Corporation (NASDAQ:INTC) may be sending bullish signals at the moment, given that almost half of all the Semiconductor companies in the United States have P/S ratios greater than 3.9x and even P/S higher than 9x are not unusual. However, the P/S might be low for a reason and it requires further investigation to determine if it's justified.How Has Intel Performed Recently?

Intel Corporation's Low P/S No Reason For Excitement

特斯拉股票评级下调，可能不再生产低成本汽车，改用自动驾驶机器人出租车，股价下跌 3%，今年跌幅达 39%。分析师认为这将给盈利和自由现金流预期带来下行空间。

特斯拉多头为何降低评级

五一假期火车票已开售，一些第三方平台推出付费抢票服务。有声音称，第三方平台用技术把票抢走，再通过加速包的方式加价卖给用户。一位 12306 客服表示，铁路部门没有授权任何第三方软件购票，如果官网没有票，第三方平台上也是没有的。第三方平台给用户提供的抢票功能相当于旅客把信息委托给了第三方平台，第三方平台拿着旅客信息到 12306 进行候补。

12306 客服回应 “第三方平台用技术抢票”：也是候补

Apple is developing a large-scale language model (LLM) that runs on the device side, prioritizing response speed and privacy protection capabilities. While Apple's AI tools may lag behind in functionality and knowledge, this approach will significantly speed up response times and make it easier for Apple to maintain privacy. Apple will also announce its artificial intelligence strategy at the global developers conference

Report: Apple ramps up AI competition with self-developed large on-device models

市场消息：纽交所就全天交易向市场参与者进行调查。

Last week, among the seven giants of the US stock market, Tesla and Nvidia both plummeted by 14%, while Apple and Amazon dropped by over 6%, and Meta fell by 6%. In the Hong Kong stock market, Kuaishou suffered the most severe decline, plummeting by 10% during the week; Alibaba and Meituan dropped by nearly 7%, NetEase and Baidu fell by over 5%, JD.com dropped by 5%, Xiaomi fell by over 4%, and Tencent dropped by nearly 2%

Tech Stock Weekly Recap: Across-the-board plunge! Tesla, Nvidia plummeted 14% in a week!

Investors' patience with Tesla is running out. This Tuesday, Tesla will announce its first-quarter performance, with the market expecting its operating profit to plummet by 40% and its revenue to decline for the first time in four years

Mass layoffs and Model 2 delay, Musk "All In" on RoboTaxi and FSD

腾讯宣布，2024 年 5 月 21 日《地下城与勇士：起源》（《DNF 手游》）将正式上线。光大证券指出，《地下城与勇士》手游得益于 DNF 这一 IP 的影响力，有望成为稳定且盈利能力强的产品，上线后为腾讯 24 年贡献可观业绩增量。

腾讯大涨 5.5%，《DNF 手游》定档 ，有望贡献可观收入

中国监管机构宣布了 5 项支持香港市场的措施，包括扩大 ETF 通、将房地产投资信托基金纳入互联互通、支持人民币股票交易柜台纳入港股通、进一步加强基金互认，以及支持更多龙头企业来港上市。但香港市场面临的主要压力是资金流入不足和海外资金流入有限，上述措施提供了更多选择，但还需要降低沪深港通的门槛和南向投资者的股息税率来解决流动性问题。

内地五措施支持香港金融市场  惟短期影响有限

一名交易员在 “美国贴吧” Reddit 上表示，上周五通过 OTM 买入英伟达零日看跌期权，其账户金额短短数小时内从 800 美元飙升至 100,000 美元。英伟达股价当天收跌 10%。

有人上周五花 800 美元买入英伟达零日看跌期权，账户金额当天飙升至 10 万美元

恒指持续走强，盘初涨超 2%，中国生物制药涨超 5% 领涨成分股。

中国央行 4 月 LPR 维持不变，1 年期为 3.45%，5 年期以上为 3.95%。此举符合市场预期，有助于减缓银行息差下滑压力，维持实体经济发展的稳健性。同时，降准、降息、定向工具仍在工具箱，具体实施需看宏观经济修复、物价回升及房地产复苏节奏而定。

“不降息”！中国 4 月 1 年期、5 年期 LPR 均维持不变

港股新能源车跟随走弱，小鹏汽车跌超 4%，零跑汽车跌超 3%，蔚来汽车跌超 2%。

全球芯片巨头企业英伟达在一天内市值蒸发超过 2120 亿美元，约合人民币 15350 亿元。此次下跌不仅是英伟达的问题，也反映了美股整体估值偏高的问题。英伟达的下跌可能预示着 AI 行情的结束。特斯拉曾经历类似的局面，随着新能源产业的风口过去，特斯拉股价下跌，凯西·伍德的基金表现不佳。AI 领域可能会进入泡沫阶段。

一夜跌没 15350 亿元！芯片巨头英伟达，会不会步特斯拉后尘？

截至发稿，网易-S 涨 3.64%、京东集团-SW 涨 3.29%、腾讯控股涨 3.09%、美团-W 涨 2.47%。

港股科技指数成份股多数走强 网易涨近 4%

This week, key data on economic growth and inflation, as well as the performance announcements of Tesla, Meta, Microsoft, and Google's parent company Alphabet, will determine whether the sluggishness of the US stock market will continue!

Will the US stock market be saved this week? The Federal Reserve's "favorite" inflation indicator, and the financial reports of tech giants are coming

抖音和微信都推出了对小游戏开发者的激励计划，但抖音的激励更大。小游戏因其题材多变、开发门槛低、研发上线周期短的特点吸引了腾讯、网易等公司的加入，整个小游戏生态也越发火爆。

字节又和微信杠上了

美国股市回落给持有现金的投资者提供了买入机会。纽约梅隆银行财富管理部门首席投资官建议投资者在低位买入，并预计标普 500 指数有望在 2024 年前升破 5400 点。该银行增持美国大盘股，特别看好科技、医疗保健和工业板块。投资者对美联储降息的预期降低，市场对降息预期的降低被视为健康的现象。股市的上涨将取决于财报情况。

美股 “抄底” 机会来了？专家：建议逢低买入，标普 500 有望升破 5400 点

全球顶尖交易商正在将大数据与人工智能应用于大宗商品交易领域，以在市场中获得竞争优势。交易公司主要利用 AI 提升业务效率和分析能力。科技浪潮席卷了整个行业，推动交易模式更加高效、智能化。然而，传统交易商仍强调实物交易的重要性。此外，大宗商品交易商通过部署自有的 AI 系统填补信息鸿沟，推动更高效的交易。这一趋势预示着未来交易将更加智能化，但实物交易仍是核心业务。

学习 Citadel，大宗商品掀 “军备竞赛”：AI 和大数据

大模型公司的资方决定在估值上升后卖掉老股，引发关注。然而，大模型公司的退出并不普遍，投资人普遍持续投资。近期，微软聘请了人工智能初创公司 Inflection AI 的创始人，加大了对 AI 领域的投资。国内互联网巨头阿里、腾讯和美团也积极参与大模型公司的投资。总体而言，大模型公司的商业化进程仍需关注。

第一批投大模型的 VC，开始卖老股了？

The U.S. House of Representatives passed the TikTok divestiture bill. Insiders deny that Hou Yi and Daniel Zhang plan to join forces to acquire Hema for 2 billion. Tesla lowers prices in the Chinese, American, and European markets. Musk advocates prioritizing the development of RoboTaxi, putting pressure on the production of 25,000 Model vehicles. Li Auto's L6 accumulates over 10,000 orders in 72 hours. XPeng offers a limited-time 500 million yuan car purchase subsidy. Salesforce's acquisition negotiations with data management software provider Informatica have collapsed

Breakfast | The financial reports of US tech giants are coming, the media reports that Hou Yi and Daniel Zhang are joining forces to buy Hema for $2 billion

美银 Hartnett 总结了美股科技股、大宗商品和美元同时走强的情况，并指出这在过去 60 年中只发生过 5 年。这些年份都与刺激引发的繁荣、新冠疫情、泡沫和拐点有关。这种情况很奇怪，可能意味着当前经济的不稳定性。

美银 Hartnett 认为二季度风险资产的市场环境将从 “经济好消息=利好” 变为 “经济好消息=利空”。比特币原油居首，区域银行股和清洁能源股跌幅最大。他列出了美国市场二季度 “四大反向交易”。

特斯拉下调中美欧市场售价，全系在中国大陆地区降价 1.4 万元！周末的降价策略表明，特斯拉担心需求下降得太快。现在，投资者的目光都聚焦在将于 4 月 23 日举行的特斯拉第一季度财报电话会议上，他们想知道特斯拉准备如何重振业绩。

解读公司 | 特斯拉再次开打价格战？

几乎与 2021 年 12 月底的峰值相差无几的位置上，美股成长股（图为 SPYG，代表标普成长股 ETF）会 “二次见顶” 吗？

周二至周五，特斯拉、Meta、微软、谷歌、英特尔等公司将发布业绩报告。此信息属于公司财务相关信息，主要概括了各公司的业绩报告发布计划。

提醒：特斯拉、Meta、微软、谷歌、英特尔将发布业绩报告

特斯拉 CEO 马斯克主张优先开发无人驾驶出租车（RoboTaxi），而非 2.5 万美元的 Model 车型。马斯克已推动裁员 20%。本周将发布一季报。

报道：马斯克主张优先开发 RoboTaxi，特斯拉 2.5 万美元车型悬了？

中国驻美大使谢锋在哈佛肯尼迪中国论坛上发表演讲，希望中美双方按照相互尊重、和平共处、合作共赢的原则，探索新时期的正确相处之道。他强调了共同树立正确认知、有效管控分歧、推进互利合作、承担大国责任以及促进人文交流的重要性。

中国驻美大使：希望美方同中方相向而行探索相处之道

当前已有超 40 座城市阶段性取消首套房贷款利率下限。福建福州、安徽芜湖、山东济宁、青岛、烟台、江西南昌、赣州、九江和新余、辽宁沈阳、本溪、丹东、锦州、辽阳、广东潮州、汕尾等城市均宣布取消首套房贷款利率下限。广东省目前已有 15 个城市取消首套房贷款利率下限。截至目前，广东 15 个城市首套房贷款主流利率执行水平在 LPR-40BP 至 LPR-70BP 之间。

当前已有超 40 座城市阶段性取消首套房贷款利率下限

中国发展低空经济具备 “后发优势”，有望成为战略性新兴产业。预计政策支持和技术进展将推动低空飞行器市场快速发展。与新能源汽车产业链相结合，中国有望在全球产业竞争中占据领先地位。

中信证券：当下的低空经济可类比 2012 年新能源汽车

In March, the PCE price index in the United States may continue to remain high, becoming a focus of market attention. It is expected that the PCE index will accelerate slightly to 2.6% year-on-year, while the core PCE is expected to remain at 0.3% month-on-month. Compared to CPI data, PCE data suggests that inflation may be more moderate. This data may have an impact on the Fed's policy outlook, supporting keeping interest rates unchanged for a longer period of time. The market generally believes that the U.S. economy remains resilient, with no immediate urgency for interest rate cuts

Will the "Fed's favorite inflation gauge" save US stocks next week?

Micron Technology and TSMC collaborate to produce HBM4 chips, with the goal of mass production starting in 2026. SK Hynix is a leader in the HBM field and partners with NVIDIA to supply AI chips. The collaboration will enhance the competitiveness of custom memory platforms and strengthen SK Hynix's market-leading position as a comprehensive AI memory supplier. TSMC's advanced packaging technology helps HBM chips and Graphics Processing Units (GPUs) work efficiently together. SK Hynix is expected to supply NVIDIA with more advanced HBM3e chips this year

Micron and TSMC collaborate to produce HBM 4

Next week, the US stock earnings season is about to begin, with approximately 178 S&P 500 index component companies set to announce their performance. Among them, Tesla, Meta, Microsoft, and Google's parent company Alphabet, which make up over 40% of the S&P 500 market value, will release their earnings reports. According to media think tank data, the profits of the tech seven giants are expected to soar by 38% in the first quarter, while excluding these seven companies, the profits of the remaining companies in the S&P 500 index are projected to decline by 3.9%. Wall Street is not so optimistic about the earnings season, but if the performance of US stock companies is impressive, it will help boost market confidence

How crucial are next week's US stock earnings reports? Four out of the seven giants, which account for 40% of the S&P 500 market value, will take the stage!

In the era of large models, small companies may be marginalized, but small models will create new opportunities for them. Morgan Stanley believes that NVIDIA is the key to future computing power growth. Google, Meta, Amazon, and Microsoft will be beneficiaries in the development of large models. Morgan Stanley has given these large tech companies an overweight rating. The development of large models will require unprecedented computing power, posing a huge challenge for small companies. Morgan Stanley's report points out that the cost of developing large models is high, and barriers such as chip technology and artificial intelligence technology have increased, posing significant obstacles to entering the field of large models. Future computing power will experience exponential growth, and NVIDIA's chip technology is one of the key drivers of computing power growth