LB Select
2023.11.30 00:04
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Breakfast | Morgan Stanley warns US stocks will fall nearly 8% next year, Duan Yongping buys back Tencent

PDD rose nearly 2%, with its market value surpassing Alibaba during trading hours. It is reported that Apple may abandon independent research and development of 5G modem chips. The CEO of NVIDIA stated that artificial intelligence will surpass human capabilities within 5 years. General Motors has resumed its full-year profit guidance for 2023 and announced a $10 billion accelerated stock repurchase plan. The estimated valuation of Huawei's new joint venture company is expected to reach 250 billion yuan. Media reports suggest that the US Congress is preparing to abandon plans to strengthen control over Chinese technology investments using the National Defense Authorization Act. Fu Jing China Holdings and Yan Zhi Wu have started their IPOs. The CEOs of Meta, X, TikTok, and Snap will attend a Senate hearing next year.

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Market: Overnight and this morning

US stock futures opened higher, with Dow Jones futures up 0.3%, S&P 500 futures and Nasdaq futures up 0.1%.

Pinduoduo's market value surpasses Alibaba's during trading

US Q3 GDP revised up to the fastest pace in nearly two years. The Federal Reserve's Beige Book confirmed that the economy and prices are slowing down simultaneously. Several Fed officials' speeches deepened market expectations of an economic soft landing and interest rate cuts in the first half of next year. The Dow Jones has risen for two consecutive days, reaching its highest level since August 7th. The S&P 500 fell 0.09%, and the Nasdaq fell 0.16%.

Tech giants are all falling. Meta fell 2%, Google A fell 1.6%, Apple reversed its gains and fell 0.5%, Amazon fell 0.5%, Microsoft fell 1%, Netflix fell 0.4%, and Tesla fell 1% after rising for three consecutive days.

Popular Chinese stocks are falling. JD-SWR fell 2.6%, BIDU-SWR fell 1.3%, Pinduoduo rose nearly 2%. Alibaba fell 2.7%, Tencent ADR fell 1.5%, and Bilibili fell 11%. NIO fell 0.4%, XPeng fell 4%, Li Auto fell over 5%, Meituan ADR fell 6.7%, and Weibo fell over 3%.

What happened to blue-chip stocks and hot stocks

Apple may abandon independent development of 5G modem chips

General Motors CEO: US electric vehicle sales will exceed 1 million units for the first time this year

According to Reuters: Huawei's new joint venture company could be valued at up to 250 billion yuan, with FAW and Dongfeng seeking minority stakes.

Didi apologizes again: The preliminary cause of the accident is a software failure, not the rumored "cyber attack".

Yili Group and Huawei Cloud sign a comprehensive cooperation agreement

The two companies will build on Yili's existing information technology infrastructure to explore cooperation in areas such as IDC cloud migration, smart campuses, digital offices, metaverse, and digital humans.

NVIDIA CEO Jensen Huang: Artificial intelligence will surpass humans within 5 years

Bilibili: Will focus resources on more competitive gaming projects

Bilibili CEO Chen Rui stated that the gaming business has cut off projects that do not meet market requirements and cannot generate profits. In the future, resources will be focused on projects with greater market competitiveness. Bilibili has a natural advantage in the gaming field and needs to turn that advantage into reality.

Magic Cube Quantitative: DeepSeek, its universal large language model, officially released: DeepSeek LLM67B

The model is fully open source, and the service has been fully opened for internal testing. The Coder code model was released in early November.

Insiders: JAC Motors is a potential partner for NIO's battery swapping business

Market news: CEOs of Meta Platforms, social media platform "X", TikTok, and Snap will testify at a US Senate hearing on January 31st next year. Investment Guru Duan Yongping Buys Back Tencent Shares After Clearing Out at the Beginning of the Year

Duan Yongping, the investment guru who cleared out Tencent Holdings ADR at the beginning of the year, has bought back 200,000 shares of Tencent between $41.05 and $41.1 per share. He also stated that he will continue to slowly buy back the portion he sold half a year ago.

He Xiaopeng, Chairman of Xiaopeng Motors: The Next Three Years in the Smart Car Industry Will Be the Most Brutal

But also the most opportunistic; it is not only important to establish several strong points, but also to have no weak points.

Listed Companies Release Earnings Reports

Bilibili's net revenue for the third quarter remained flat YoY; adjusted net loss was 860 million yuan, a 51% decrease YoY; daily active users reached 103 million, a 14% increase YoY. Due to lower-than-expected mobile game revenue, the company expects its full-year net revenue to be at the lower end of the range of 22.5 billion yuan to 23.5 billion yuan.

General Motors announced the resumption of its full-year profit guidance for 2023, with an expected net profit of $9.1 billion to $9.7 billion and diluted earnings per share between $6.52 and $7.02. The company also announced a $10 billion accelerated stock repurchase plan and plans to increase common stock dividends by 33% starting in 2024.

IPO Opportunities

Fujing China Holdings and Yan Zhiwu Begin IPOs

Fujing China Holdings plans to sell 110 million shares on the Hong Kong Stock Exchange at a price not exceeding HK$1.28 per share. The shares will be listed for trading on December 8.

Yan Zhiwu plans to sell 32 million shares in Hong Kong, with a maximum offering price of HK$11. The H shares are expected to be listed for trading on the Hong Kong Stock Exchange on December 12.

Macro: Taking You Around the World

Morgan Stanley Warns: US Stocks to Fall Nearly 8% Next Year

The bank predicts that the S&P 500 index will close at 4,200 points in 2024, which is nearly an 8% decline from its current level. "We expect the US stock market to face a more challenging macro backdrop next year, with consumer trends softening as investor positions and sentiment reverse." "The stock market is currently overvalued, volatility is near historic lows, and geopolitical risks remain high."

US GDP Growth in the Third Quarter Exceeds Expectations, Reaching the Fastest Pace in Nearly Two Years

The revised annualized quarterly rate of real GDP growth in the third quarter was 5.2%, the fastest pace in nearly two years. The revised quarterly rate of real personal consumption expenditure growth in the third quarter was 3.6%, showing less robust growth.

UAW Pushes for Comprehensive Unionization of US Automakers

The United Auto Workers (UAW) has launched a unionization campaign targeting at least 13 automakers, including Tesla, Toyota, Volkswagen, and Rivian.

Media: US Congress Prepared to Abandon Plans to Strengthen Control of Chinese Technology Investments Using the Defense Authorization Act

According to Bloomberg, Patrick McHenry, Chairman of the House Financial Services Committee, is effectively blocking a measure that would require companies to notify the government of certain investments in China and other related countries. The measure had previously been approved by an overwhelming majority in the Senate. Nottingham, UK, Declares Bankruptcy

Nottingham, a central industrial city in the UK, has announced its factual bankruptcy, which means it will cease all expenditures beyond what is legally required. Nottingham is the second largest trading hub in the UK after London.

If lithium prices fall to 100,000 yuan, about 60% of lithium salt listed companies will face losses

The average spot price of battery-grade lithium carbonate in the mainland market is 131,900 yuan per ton, and it has been declining for 30 consecutive trading days. If it falls to 100,000 yuan, about 60% of lithium salt listed companies will suffer losses, potentially triggering another round of production cuts, following those in April and September this year.