市场消息：作业帮据悉申请美国 IPO。

港股雅居乐集团午后大幅拉升，现涨约 25%。

UBS believes that the current valuation of gold stocks is relatively low, with a price-to-earnings ratio 40% below the average level. Furthermore, the trend is decoupled from the price of gold. If gold stocks were to conform to a normal relationship with the price of gold (with a beta coefficient of 190/90, i.e., 2 to 1), the stock price should rise by 45%

UBS: Seven Reasons to Overweight Gold Stocks

三星与 AMD 签订了 30 亿美元的 HBM3E 出售协议，三星还同意购买 AMD 的 GPU 以换取 HBM 产品的交易。这项协议预计将用于 Instinct MI350 系列 AI 芯片上。三星的 HBM3E 12H DRAM 具有高频宽和容量，采用了先进的热压非导电薄膜技术。该协议是一项重大商业事件。

报道：三星与 AMD 签订 30 亿美元 HBM3E 出售协议

BEIJING, April 25 (Reuters) - XPengsaid on Thursday that the Chinese electric vehicle maker’s software and artificial intelligence training upgrades will enter a “super fast cycle” from May, and that it hoped use of its platform would expand beyond China to Europe and other Asian countries.He Xiaopeng, founder and CEO of the Volkswagen-backed automaker, made the comments at a press conference on the opening day of the Beijing auto show.

XPeng CEO says software, AI upgrades to enter 'super fast cycle'

2024 北京车展开幕，小鹏汽车举行发布会，小鹏汽车董事长何小鹏发表演讲。何小鹏公布了小鹏汽车全新品牌 MONA，品牌寓意 Made Of New AI，定位全球 AI 智驾汽车普及者。他表示，MONA 品牌今年 6 月会释放更多信息，今年下半年，会比雷总的小米 SU7 有更好的销量。

小鹏汽车公布全新品牌 MONA，何小鹏：会比小米 SU7 有更好的销量

Tesla faces multiple headwinds, with investors questioning its prospects. Declining sales, confusing product strategy signals, and an aging product line unable to keep up are causing concerns. Tesla CEO Musk is more focused on the future of self-driving robotaxis rather than developing cheaper electric vehicles. Tesla has pledged to accelerate the launch of more affordable models, but faces challenges in a high-interest rate environment and intensifying competition. Demand growth is slowing, and electric vehicles will eventually dominate the market

Multiple negative factors are pressing down, can Tesla still "turn the tide"?

Compared to startups that are still chasing after GPT-4 with valuations ranging from 10 to 20 billion RMB, SenseTime, with over 20 billion RMB in assets (considering 23 billion in net assets, mainly 9.4 billion in cash, a building in Lingang, machinery and graphics cards), has not actually been given any valuation

After resuming trading, it rose another 15%! What is SenseTime really rising?

The sharp decline in Meta has raised investors' doubts about the profitability of AI, as well as concerns about the overall technology sector. Some analysts have expressed that "Meta's revenue outlook falling short of expectations has dimmed any optimistic expectations about AI."

Meta also "thundered", causing tech stock investors to "break through the defense"

The Indonesian rupiah is facing a depreciation storm, with the Indonesian central bank unexpectedly raising interest rates by 25 basis points to stabilize the exchange rate. However, analysts generally question the effectiveness of this move. The trend of the Indonesian rupiah will still depend on the Fed's interest rate cut expectations on one hand, and whether it can attract foreign capital inflows will also be crucial in determining the Indonesian rupiah's fate

The Asian currency war continues, Indonesia unexpectedly raises interest rates, Wall Street still feels it's not enough

虽然一季度财报出炉后导致 Meta 股价跳水，但有分析认为，Meta 在人工智能的投资以及在视频化转型上的成功让它在未来发展中仍处于有利位置。

大跌的 Meta：一次财报的 miss 并不改变大的趋势

US tech stock valuations are too high, Schroders' quantitative stock research team calls for close attention to whether the earnings and growth momentum of the "Big Seven" in technology are matching. By early 2024, the US technology sector's weight in the local stock market index has reached a historical high, but currently the fundamentals of the technology sector are strong, with significant impact on the financial markets. Schroders believes that in 2024, there will be rotation in the financial markets, with increased volatility and fewer favorable factors for overall market returns. US stock index valuations are not attractive, with the S&P 500 index forecasted price-to-earnings ratio nearly 20% higher than its 15-year median

Schroder: Currently, the valuation of US stocks is too high. Pay close attention to whether the earnings and growth momentum of the "Big Seven" in technology are matching

New Oriental-S opened nearly 15% lower after the earnings report, with overnight US stocks falling nearly 14%. As of the time of writing, it has dropped by 14.95% to HKD 60.3, with a turnover of HKD 278.358 million. In terms of news, New Oriental released its financial results for the third quarter of the 2024 fiscal year yesterday. The group achieved a net revenue of USD 1.207 billion during the period, a year-on-year increase of 60.1%; operating profit of USD 113 million, a year-on-year increase of 70.6%; net profit attributable to New Oriental shareholders of USD 87.167 million, a year-on-year increase of 6.8%; adjusted net profit attributable to shareholders of USD 105 million, lower than the market's previous expectation of USD 120 million; net profit margin of 8.7%, compared to 13% in the same period last year. CICC International pointed out that it is expected that the revenue in the fourth quarter will increase by 38% to USD 1.18 billion (management guidance of 28%-31%), and the operating profit margin may decrease by 3 percentage points year-on-year to 6%, mainly due to increased investment in Eastern Selection and the off-season of the education business, as well as investment in culture and tourism. After the earnings release, the stock price closed down by 14%, mainly affected by short-term pressure on profit margins, with the current price corresponding to a P/E ratio of 20 for the education business. The bank believes that the demand for education and the company's business performance remain stable, and expects a 30% increase in education revenue in the 2025 fiscal year, with continuous optimization of profit margins

Market Analysis | New Oriental Education & Technology Group Inc. opens nearly 15% lower after earnings release, with increased investment in East Selection likely to pressure short-term profit margins

IBM's stock price plummeted nearly 9% in after-hours trading on Wednesday, as the company's first-quarter revenue fell short of analysts' expectations. Earlier, IBM announced plans to acquire cloud software company HashiCorp for $6.4 billion in an all-cash deal, aiming to strengthen its competitiveness in the cloud computing sector

IBM's first-quarter revenue fell short of expectations, with its stock price dropping by 9%

港股开盘，恒指开跌 0.33%，科指开跌 0.48%。商汤复牌后涨势延续，开涨 17.50%。

商汤在港交所公告，将于今天上午九时正起恢复买卖。因此，与该公司有关的所有结构性产品亦将同时恢复买卖。

Mark Zuckerberg stated that building a leading artificial intelligence is a much larger task that may take several years. This statement further raised concerns in the market about expenses, with Meta's post-market decline widening to nearly 20% at one point. What's even more worrying for the market is that, while heavily promoting AI, Zuckerberg still insists on his obsession with the metaverse

Stock price plunges as Zuckerberg initiates earnings call: "Very determined" to significantly increase AI investment before generating revenue

华润饮料递表港股 IPO：瓶装水市场战火又起？

特斯拉发布了 2024 Q1 财报后，股价上涨约 13%，市值增加了 4000 亿元人民币。此外，特斯拉推出了全新的特斯拉 Model 3 高性能版，售价为 33.59 万元起。该车具有优秀的性能参数，如百公里加速 2.9 秒、动力总成为 510 匹马力等。特斯拉的新动作和新车型引起了市场的关注。

凭两款车暴涨 4000 亿市值，是市场给特斯拉的最后机会

Several investment banks have lowered Tesla's target price, but Tesla's closing price surged by over 12%. Meta's potential market value has decreased by over $220 billion, and its revenue guidance has disappointed Wall Street. NVIDIA's H200 has started deliveries. Qualcomm has launched the Snapdragon X Plus platform. IBM is set to acquire the software company HashiCorp. President Biden signed a bill forcing ByteDance to divest its TikTok US business. Jia Shi, Huaxia, Boshi Bitcoin ETF, and Ethereum ETF have been approved in Hong Kong

Breakfast | S&P 500 Nasdaq rise for the third consecutive day, Meta plunges 18% after hours due to revenue guidance

IBM's acquisition of HashiCorp is overshadowed by a decline in consulting sales, as IBM's first-quarter revenue grew 1% year-on-year to $14.5 billion, reiterating its free cash flow expectation of $12 billion. IBM will acquire HashiCorp for $6.4 billion, marking its largest acquisition since the $34 billion purchase of RedHat in 2019. IBM CEO Arvind Krishna is transforming the company into a high-growth business focused on software and services. IBM's stock price fell by about 9% in after-hours trading

IBM fell due to weak consulting sales, acquiring HashiCorp under a cloud of uncertainty

DGX H200 is a new AI supercomputer created by NVIDIA, which interconnects multiple Grace Hopper super chips to the same GPU. It has a massive shared GPU memory space of 19.5TB, GPU-to-GPU bandwidth of 900GB, and AI performance of 128 petaFLOPS

OpenAI "Tries Out": Receives the world's first DGX H200 AI supercomputer from NVIDIA

Dow Jones Industrial Average halted its four-day winning streak, with Boeing rising 5% in early trading after its earnings report, but falling nearly 3% after being downgraded by Moody's. Tesla saw its largest gain in two years. Google rose for the third consecutive day to a historical high before its earnings report. Nvidia rose 2% in early trading but fell 3.3% by the close, while the semiconductor index rose over 1% for the third consecutive day, with Texas Instruments rising 5.6% after its earnings report. The FTSE 100 temporarily bid farewell to its historical high, with semiconductor stock ASMI rising 11% after its earnings report. Chinese concept stocks rose over 1%, outperforming the market for three days, with Bilibili closing up 11%, while Nio and Xiaomi rose over 3% and Li Auto fell nearly 4%. Demand for 5-year U.S. Treasury notes was weak, and the yield on 10-year U.S. Treasury notes rose for the first time this week. The Japanese yen fell below 155, hitting a new low since 1990 for the third consecutive day, while the U.S. dollar index hit a near two-week low before rebounding. Offshore renminbi fell nearly 200 points intraday, breaking below 7.27 for the first time in a week. Bitcoin briefly fell more than $3,000, breaking below the $64,000 mark. Crude oil retreated, with short-term gains after the release of U.S. EIA crude oil inventory data. Gold fell for the third consecutive day, with spot gold hitting a near three-week low. Copper halted its two-day decline, while tin hit a one-week low again but the decline eased significantly

S&P Nasdaq narrowly rose for the third consecutive day, with Nvidia plunging nearly 6% intraday. Tesla soared 12% after its financial report, while Meta plummeted more than 10% after hours. The Japanese yen fell below a key level

Tesla(TSLA) rose 12.06%, with a trading turnover 29.3 Billion USD, and a year-to-date fell 34.8%. Boston Scientific(BSX) rose 5.68%, with a trading turnover 1.1 Billion USD, and a year-to-date rose 26.1%. Netflix(NFLX) fell 3.92%, with a trading turnover 3.0 Billion USD, and a year-to-date rose 14%. NVIDIA(NVDA) fell 3.33%, with a trading turnover 41.4 Billion USD, and a year-to-date rose 60.9%.

Top 5 US Stock Gainers/Losers (>100B) (4.24)

MMTEC(MTC) rose 60.71%, with a trading turnover 27.1 Million USD, and a year-to-date rose 260%. Troops(TROO) rose 29.36%, with a trading turnover 11.2 Million USD, and a year-to-date fell 52.8%. New Oriental EDU &amp; Tech(EDU) fell 13.96%, with a trading turnover 869.7 Million USD, and a year-to-date rose 5.2%. NaaS Tech(NAAS) fell 12.26%, with a trading turnover 1.9 Million USD, and a year-to-date fell 43.4%.

Top 5 CDRs Gainers/Losers (>100M) (4.24)

New Oriental EDU &amp; Tech(EDU) fell 13.96%, with a trading turnover 869.7 Million USD, and a year-to-date rose 5.2%. Old Dominion Freight(ODFL) fell 11.05%, with a trading turnover 891.3 Million USD, and a year-to-date fell 3.6%. Teledyne Tech(TDY) fell 10.95%, with a trading turnover 401.7 Million USD, and a year-to-date fell 18.8%.

Top 10 US Stock Losers (4.24)

B Riley Financial(RILY) rose 36.97%, with a trading turnover 373.4 Million USD, and a year-to-date rose 45.2%. Tesla(TSLA) rose 12.06%, with a trading turnover 29.3 Billion USD, and a year-to-date fell 34.8%. Hasbro(HAS) rose 11.85%, with a trading turnover 471.3 Million USD, and a year-to-date rose 29.1%.

Top 10 US Stock Gainers (4.24)

穆迪下调波音信用评级至 Baa3，负面评级展望，波音股价受影响。波音 737 型飞机事故导致生产量下滑，现金流不足，可能需要发行新债务。波音第一季度财报好于预期，但穆迪评级下调消息使股价下跌。波音 737 质量问题和事故影响业绩和现金流。

穆迪下调波音信用评级，距离 “垃圾级” 一步之遥，波音股价跳水

Looking back at history, it can be found that high interest rates do not necessarily mean bad news for the US stock market and the country's economy. It is unreasonable to say that high interest rates lead to economic recession. Generally speaking, as long as high interest rates are related to economic growth, it is not a bad thing. Industry insiders point out that close attention should be paid to the information conveyed by the current financial reporting season, such as the impact of interest rates on corporate profit margins and consumer behavior

The Fed may keep interest rates at high levels for longer, which may not be as bad as the market thinks

HSBC analyst Neumann believes that due to the downside risks to Japan's economic growth, monetary tightening in Japan will need to be gradual and not too hasty to avoid causing excessive impact on the economy and consumption. In addition, Neumann predicts that by the end of 2025, Japan's nominal interest rate may rise to 0.75%

What is the next step for the Bank of Japan? HSBC provides a roadmap

A 股基金和 QDII 基金纷纷将仓位从美股移回港股。QDII 基金减配港股增仓美股的操作与去年相反。南方香港优选基金经理认为，港股价值凸显，资金开始布局稳健且分红回购意愿较强的公司。春节期间核心消费数据表现超出预期，市场对港股充满信心。

理解市场 | 大陆基金 “联手” QDII 做多，港股赚钱效应迅速扩散

The research report believes that as the trend of de-dollarization intensifies, most central banks are beginning to implement the strategy of "buying gold, selling US dollar assets", with developing country central banks increasing their gold holdings more significantly than developed countries. It is expected that China will continue to purchase gold and gradually reach the global average level, with still a 10% growth potential; in the future, the proportion of global central bank gold reserves is expected to increase by nearly 1% annually, corresponding to an annual gold purchase volume of over 350 tons

Central Bank Buying Gold, How Much Do You Know?

Dropping the cabin door and the wheels, has Boeing, a century-old company, become "fragile skin"?

Boeing is in trouble again! Can better-than-expected financial reports save its tarnished reputation?

商汤科技在上海举办技术交流日活动，发布了全新升级的 “日日新 SenseNova 5.0” 大模型体系。商汤股价大幅上涨，B 类股份交易暂停。新模型在知识、数学、推理及代码能力方面提升，超越 GPT-4 Turbo，在文科能力、推理能力和总结能力上有显著提升。新模型还具备多模态能力，可应用于教育、内容产业等场景。

商汤大模型一体机可节约 80% 推理成本，完成云端边全栈布局

美国联邦贸易委员会（FTC）宣布全面废除员工竞业协议，禁止用人单位与雇员签署新的竞业禁止协议。现有的竞业协议对高级管理人员仍然有效，其他员工的现有竞业协议在规定生效日期后不再执行。该法规的实施将促进新企业的成立，创新的崛起，并提高员工收入。此举对科技行业尤为重要，对亚马逊等公司的竞业协议也有影响。

全世界 IT 人苦竞业久矣！美国 FTC 宣布全面废除员工竞业协议

证券时报网讯，证券时报•数据宝统计显示，4 月 24 日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 182.56 亿港元，占当日港股通成交金额的 43.30%，净买入金额 8.42 亿港元。上榜的成交活跃股中，腾讯控股成交额为 58.05 亿港元，成交金额居首；其次是美团-W、快手-W，成交金额分别为 33.10 亿港元、15.43 亿港元。

商汤-W 近一个月首次上榜港股通成交活跃榜

华夏基金、嘉实国际、博时国际三家基金子公司申请的香港比特币现货 ETF 和以太坊现货 ETF 已获得香港证监会批准，将于 4 月 29 日发行，4 月 30 日在香港交易所上市。这是亚洲市场上首次推出此类产品，为投资者提供了一个安全、高效且便捷的配置数字资产的工具。

被指香港金融史重大时刻 华夏博时嘉实三家现货比特币、以太币 ETF 获批

Most institutional investors feel compelled to invest at all times. Their behavior is like a referee calling shots and hitting balls, forcing them to swing almost every club and giving up the choice of hitting frequency. Psychology and empirical evidence seem to strongly indicate that investors tend to take action. After all, they are engaged in "active" management, but perhaps they should remember that waiting is also a choice

Outstanding investors spend most of their time waiting

嘉实国际和华夏基金获得香港证监会批准，将推出亚洲市场首个比特币和以太币现货 ETF。两个产品预计在 4 月底上市交易，旨在提供对比特币和以太币实时价格的投资回报。这些 ETF 通过合作的加密货币交易所受监管，在传统交易所上市，并由专业基金公司管理。预计这一举措将吸引加密资产投资者将实物加密货币转换为 ETF 产品。

官宣！4 月底上市交易，嘉实、华夏比特币 ETF、以太币 ETF 正式获批

Tesla rose more than 12% in pre-market trading, Meta rose more than 2%, Nvidia and AMD rose more than 1%; Bilibili surged 8%, Nio, JD.com, Alibaba rose more than 2%, NetEase, Baidu, XPeng rose more than 1%. German biotechnology company Evotec plummeted 40% at one point. Digital accessibility company AudioEye surged nearly 12%

Pre-market trading in US stocks | Tesla surged 12%, Bilibili surged 8%! Chinese concept stocks, technology stocks are back?

Tesla's price reduction strategy is no longer effective

Saving Tesla, is FSD the life-saving straw? | Jianzhi Research

The Hang Seng Index hit a new high for the year, while the Hang Seng Tech Index rose by 8.2% over three days. In the first three days of this week, Meituan rose by over 17%, Tencent by over 12%, Kuaishou by over 17%, Bilibili by 14%, JD.com by 13%, Alibaba by 8.5%, and Baidu by over 6%

Internet giants surged, Hong Kong stocks rose for the third consecutive day!

李书福推出了一款 “准百万级” 豪车 “极氪 009 光辉”，成为极氪旗下最贵的车型。这款主打豪华的四座版 MPV 以 78.9 万元的售价上市，旨在拔高品牌调性，获得 “共识” 的品牌形象。极氪 CEO 安聪慧表示，009 光辉是极氪打造的奢侈品，是 MPV 中的劳斯莱斯，定位清晰，满足富豪们的出行需求。极氪看中了高端豪华 MPV 市场的空白，产品和技术的竞争能力已具备甚至有所超越。

李书福有了他的 “梦中情车”

SenseTime-W has announced the launch of the 600 billion parameter large model "RiRiXin 5.0" and resumed trading on April 25th. This model has made significant improvements in knowledge, mathematics, reasoning, and coding capabilities, and is fully benchmarked against GPT-4Turbo. In addition, SenseTime-W has also released an industry large model integrated machine version and a mobile end-side large model SDK version. The board of directors has noticed abnormal fluctuations in the trading price and volume of Class B shares, but the specific reasons are unknown

SenseTime-W launches a 600 billion parameter large model "RiRiXin 5.0", resumes trading on April 25th

TME-SW(01698) rose 8.74%, with a trading turnover 7.7 Million HKD, and a year-to-date rose 46.3%. KUAISHOU-W(01024) rose 8.15%, with a trading turnover 3.4 Billion HKD, and a year-to-date rose 0.3%. LI AUTO-W(02015) fell 1.83%, with a trading turnover 1.5 Billion HKD, and a year-to-date fell 34.4%. CHINA COAL(01898) fell 0.91%, with a trading turnover 262.1 Million HKD, and a year-to-date rose 7.5%.

Top 5 HK Stock Gainers/Losers (>100B) (4.24)

TIANQI LITHIUM(09696) fell 19.15%, with a trading turnover 263.6 Million HKD, and a year-to-date fell 34%. CHABAIDAO(02555) fell 9.38%, with a trading turnover 35.4 Million HKD, and a year-to-date fell 33.7%. ZONQING LTD(01855) fell 6.14%, with a trading turnover 5.4 Million HKD, and a year-to-date rose 12%.

Top 10 HK Stock Losers (4.24)

SENSETIME-W(00020) rose 31.15%, with a trading turnover 1.3 Billion HKD, and a year-to-date fell 31%. KEEP(03650) rose 19.65%, with a trading turnover 424.5 Million HKD, and a year-to-date fell 41%. WEIMOB INC(02013) rose 13.22%, with a trading turnover 193.5 Million HKD, and a year-to-date fell 52.4%.

Top 10 HK Stock Gainers (4.24)

Nomura stated that Xiaomi's SU7 has a delivery target of 100,000 units this year, reflecting that the factory will operate at a relatively tight utilization rate. It is estimated that with the increase in delivery volume in the automotive business, the gross profit margin will be between 5% to 10%. When the annual delivery volume reaches 300,000 to 400,000 units, it will be able to achieve operational breakeven

Rating Quick Look | SU7 outlook exceeds expectations, Xiaomi's target price raised! Apple, Baidu face price cuts

中国产能出海或可以反过来促进新兴市场的需求上升，尤其是在当前新的宏观形势下。日本企业在过去几十年的出海经验可以为中国提供启示，通过持续对外出海和对内升级，日本成功地实现了产业升级和转型。中国企业需要在选择行业和市场方面谨慎决策。本文综合了中金行业分析师观点，提供了 A 股、港股和美股的出海受益标的供投资者参考。

中金：日企出海启示录

中国投资者近期在国际黄金市场上表现活跃，成为最具影响力的参与者之一。报道指出，中财期货是上期所黄金期货的最大多头，持有超过 50 吨黄金的看涨头寸，价值近 40 亿美元，相当于中国央行黄金储备的 2% 以上。金价的飙升以及上期所黄金交易量的激增也支持了中国投资者在黄金市场上的地位。这显示了新兴市场资本开始有能力影响黄金价格，使中国投资者掌握了黄金的定价权。