The Zimbabwe stock market plummeted by 99.95% due to the introduction of the new currency ZiG, putting pressure on exchanges and brokerage firms due to liquidity challenges and declining revenues. Zimbabwean investors flocked to the stock market for safe haven, but their lack of understanding of the new currency led to negative impacts on the stock market. The Zimbabwean dollar depreciated by 80% and the inflation rate reached 55.3%. The stock market became a safe haven for investors, but also raised concerns that the rising market may signal the next currency crisis. The introduction of the new currency ZiG had a severe impact on the stock market, with trading volume and value significantly decreasing

The Zimbabwe stock market evaporated by 99.95%! Blame it all on the new currency ZIG

After the sharp drop in NVIDIA's stock price, analysts believe that the demand outlook is positive. NVIDIA has visibility on orders from hyperscale cloud providers and tier-2 cloud providers until October. The upcoming Blackwell series is expected to drive double-digit growth by the end of this year and throughout 2025. The stock prices of AMD and Dell Technologies have also been affected, but analysts believe that NVIDIA's supply and demand situation is relatively balanced, so investors need not worry. The demand outlook for NVIDIA is promising

After the biggest plunge in over four years, analysts are calling for bottom fishing in NVIDIA: the demand outlook is promising

摩根大通策略师认为，美国股市可能还有进一步下跌的空间。原因包括债券收益率上升、油价高企以及股市集中度较高等。策略师们担心对股票估值的自满情绪、通胀居高不下、对美联储降息预期的进一步调整以及过于乐观的利润前景。此外，美元走强、收益率上升和股票集中度均显示风险高企。建议考虑买入日本消费相关股票，因为预计实际工资增长将推升日本个人消费和股价。

摩根大通策略师：美国股市可能还有进一步下跌的空间

Gold prices have recently experienced a pullback, but UBS believes that investors can take advantage of this opportunity to increase their gold holdings. Geopolitical risks still exist, which may support the long-term gold market. In the short term, the gold market may enter a consolidation phase, but if geopolitical tensions escalate, it could increase the inflow of safe-haven funds into gold. Investors may take profits and sell some of their positions, but market positioning indicates that investors are still holding a bullish stance on gold, which is favorable for a long-term bull market. UBS maintains a bullish view on gold

Gold peaked? UBS: Without new catalysts, current levels may remain volatile

公募基金在 2024 年第一季度末的重仓股出现了变化，紫金矿业成为新进入前五的股票。公募基金经理对紫金矿业的持仓态度坚定，即使股价不断上涨，仍有基金继续加仓。此外，家用电器、通信和电子股也备受欢迎。这表明对于大行情，不错过才是最重要的。

公募基金重仓 “新面孔”！曾经的 “爱答不理”，现在的 “高攀不起”

UBS downgraded the ratings of six major tech giants including Apple, Amazon, Google, Meta, Microsoft, and Nvidia to "Neutral" due to a reversal in profit momentum. The stock prices of these companies have already dropped by 8%, and the expected earnings per share growth rate for next year will decrease from 42% to 16%. Analysts believe this reflects the challenging competition and cyclical pressures these stocks are facing. Morgan Stanley believes that the performance of large tech giants will become a drag on the US stock market

Going against Morgan Stanley! UBS pessimistic about performance and downgrades ratings of six giants including NVIDIA to "Neutral"

The possibility of further appreciation of the US dollar has weakened, but it still maintains a leading position compared to other currencies. HSBC believes that the level of US bond yields, central bank dovish policies, and safe-haven demand may support the US dollar. However, as market expectations for a Fed rate cut have decreased, the momentum for the US dollar to rise may weaken. The report points out that the trend of US bond yields and geopolitical tensions may have an impact on the US dollar

What else can the US dollar rely on to continue rising?

Japanese telecommunications giant SoftBank Group plans to invest 150 billion yen to enhance the computing power of its AI data centers, including purchasing GPU chips from NVIDIA for its own AI research and leasing to other companies. SoftBank also plans to build data centers across Japan, with an investment of 65 billion yen. This move is expected to strengthen SoftBank's competitive position in the AI field and boost Japan's participation in the global AI competition. SoftBank's investment in AI has also received a warm response from the market, with its stock price reaching a historic high

Report: SoftBank to invest $960 million to enhance artificial intelligence computing power

瑞幸在新加坡开设门店，但由于部分饮品的含糖量或饱和脂肪含量过高，被标注为 C 级和 D 级。其中最受欢迎的生椰拿铁被标注为 D 级，引起消费者不满。该事件涉及商业相关信息，需要注意饮料品牌在健康潮流中的应对策略。

生椰拿铁，在新加坡 “塌房” 了

Li Auto fell more than 7% in pre-market trading, XPeng fell nearly 4%, Nio fell more than 1%, Bilibili rose more than 2%, Alibaba and JD.com rose more than 1%; Tesla fell more than 2%, Nvidia rose nearly 3%, AMD, Meta rose more than 1%; Riot Platform rose nearly 6%, Microstrategy, Marathon Digital rose nearly 5%

Pre-market trading in US stocks | Li Auto plunges 7%, Tesla drops over 2%! Cryptocurrency concept stocks soar!

比特币减半完成，美股加密板块盘前普涨，Riot Platform 涨近 6%，Marathon Digital 涨近 5%，Hut 8 涨近 4%，Coinbase 涨 3%。

AI 即将演化为一场泡沫，上个交易日，英伟达突然暴跌 10%，市场对 AI 板块的判断已出现严重分歧。技术革命带来的想象力过剩、美联储的两难困境和散户的过度自信，共同推动虚假繁荣。市场的理性与疯狂总是交替上演，AI 泡沫的原因将在本期视频中揭示。

AI 即将演化为一场泡沫

Citigroup is optimistic about Tencent's stable execution capabilities and sustainable fast profit growth momentum. It is expected that Tencent's domestic games in the second quarter will resume year-on-year growth, and the seasonality of e-commerce may support video account advertising and live broadcast fees. It is believed that total revenue will accelerate growth again from the second quarter to the fourth quarter

Rating Quick Look | Netflix, Bilibili Target Price Raised! Tencent, Kuaishou "Buy", JD, NetEase Face "Price Cut"

Chabaida raised HKD 2.586 billion, currently the largest new stock in Hong Kong this year, with a market value exceeding HKD 20 billion and a current P/E ratio of less than 14 times

New Stock Grey Market | Chabaida falls more than 10% on its debut

INTL GENIUS(00033) fell 20.16%, with a trading turnover 5.7 Million HKD, and a year-to-date fell 12%. ZX INC(09890) fell 15.38%, with a trading turnover 62.9 Million HKD, and a year-to-date fell 52.7%. SUNSHINE INS(06963) fell 10.04%, with a trading turnover 22.6 Million HKD, and a year-to-date fell 48.5%.

Top 10 HK Stock Losers (4.22)

CITYCHAMP(00256) rose 18.18%, with a trading turnover 17.2 Million HKD, and a year-to-date fell 9.6%. MIGAO GROUP(09879) rose 14.76%, with a trading turnover 10.7 Million HKD, and a year-to-date rose 44.9%. FOURTH PARADIGM(06682) rose 10%, with a trading turnover 20.7 Million HKD, and a year-to-date rose 4.1%.

Top 10 HK Stock Gainers (4.22)

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。