The first investment bank to pour cold water on Arm has emerged! Bernstein believes that the market's expectations for ARM's revenue growth are overly optimistic as the mobile terminal market matures.

Bernstein "pours cold water" on Arm: It's too early to say AI is the winner

中信证券认为，9 月 5 年期 LPR 存在一定的下调空间，但商业银行主动调降的概率不高，即便 LPR 报价下调，对于债市也很难直接视作一个利空的信号。

MLF“按兵不动” 本月 LPR 会下调吗？

贝壳翻越第二座山

瑞银称，在当前中国股市疲软的情况下，有理由更加乐观，基本面和股价表现之间的分化可能由情绪低迷所致，需要时间才能扭转；但基于某些指标，市场可能已经触底。其在报告中指出，A 股月度外资大量流出、人民币汇率和 10 年期国债收益率均处于极端水平，以及 A 股交易量较低，H 股卖空交易量较高，历史上这些迹象表明股市可能已触底。对市场底部期间历史阶段的分析显示，之后表现最好的行业包括互联网（电商）和各种消费子行业，如餐饮、休闲和啤酒。

瑞银：中国股市可能已经触底

Sensor Tower 商店情报数据显示，2023 年 8 月腾讯《王者荣耀》在全球 App Store 和 Google Play 吸金 2.38 亿美元，蝉联全球手游畅销榜冠军。腾讯《PUBG Mobile》(合并《和平精英》收入) 以 1.4 亿美元的收入位列榜单第 2 名。米哈游《崩坏：星穹铁道》位列榜单第 3 名。收入榜前五另外两款游戏为网易《逆水寒》手游和 Dream Games《Royal Match》。

8 月全球热门移动游戏收入 TOP10：腾讯《王者荣耀》蝉联冠军

近日，快手自研文生图大模型 “可图”（Kolors）正式亮相，快手宣布在站内短视频评论开始内测 AI 文生图功能——快手 AI 玩评，用户可以通过输入各种创意文字，一键生成海量风格图片。据悉，这是快手继 “AI 对话” 功能之后，在短视频场景内探索落地的又一 AIGC 能力。

快手自研文生图大模型 “可图” 正式登场

爱美客跳水盘中跌超 5%，成交额超 3 亿元。

恒指高开 0.06%，恒生科技指数涨 0.16%。蔚来跌近 5%。

Durable Entertainment is not "durable," what are the difficulties in listing on the Hong Kong Stock Exchange?

Tencent's largest shareholder, Naspers CEO, has suddenly announced his resignation without disclosing any succession plans. It is currently unclear whether the company's divestment actions will continue.

CEO suddenly resigns, will there be any changes to the "Tencent major shareholder" reduction plan?

According to reports, OpenAI is actively working to release a multimodal large-scale language model (MLLM), codenamed Gobi, before Google Gemini is launched, in order to surpass Google and maintain its leading position.

AI Sets off a New Wave? OpenAI Rushes to Release "Multimodal" Large Model before Google Gemini

自去年年底以来，深圳可售型人才房项目入市备受关注。9 月 18 日，位于前海片区的云海湾花园项目官网公布认购资格审核结果，共有 10896 户符合人才住房认购条件家庭，前海云海湾本批次共推出 718 套房源，平均超过 15 户家庭抢购 1 套房源。

超万户抢 718 套房！深圳新房再现 “万人摇”

据联交所股权披露，美团首席执行官兼理想汽车非执行董事王兴，上周连续 4 天减持理想汽车。王兴在 9 月 12 日至 15 日期间，累计减持了 194.79 万股，平均作价介乎约 157.84~160.51 港元，合共套现约 3.11 亿港元。

王兴减持理想汽车，4 天累计套现 3.1 亿港元

软银将从 Arm 股份出售中录得 51.2 亿美元的账面资本盈余。

As of the close on Monday, the S&P 500 index has experienced a consecutive 100 trading days with a closing decline of no more than 1.5%. Since reaching its peak this year, the index has only had four declines of more than 1% within a two-month period. Apart from that, the daily fluctuations have been minimal, reaching a level not seen since 2018. Some analysts believe that there is a higher possibility of a decline in the U.S. stock market in late September and October.

For the past one hundred days, the U.S. stock market has not experienced a daily decline of more than 1.5%. Is this the calm before the storm?

英伟达总裁兼 CEO 黄仁勋报告（期权）行权。

Goldman Sachs believes that Tesla may further reduce prices in 2024 to support higher sales volume, which will weaken the earnings per share growth brought by cost reduction. Goldman Sachs has lowered its earnings per share expectations for Tesla in the next two years from the previous $3.00/$4.25 to $2.90/$4.15. Despite the price reduction, Goldman Sachs believes that Tesla's sales volume in the third quarter is still lower than previously expected, but deliveries will rebound in the fourth quarter. Last week, Morgan Stanley released a very optimistic forecast, causing Tesla's stock to surge more than 10% on that day.

Contrary to Goldman Sachs, Goldman Sachs predicts that the Tesla price war will continue unabated, lowering profit expectations, causing the latter's stock to fall more than 3%.

Media reports have stated that Saudi Arabia is using its purchasing power for metals and minerals required for some electric vehicles to attract Tesla. Prior to the release of these reports, the President of Turkey had just extended an olive branch to Musk regarding the establishment of a factory in the country. Last month, there were media reports indicating Tesla's interest in building a factory in India.

Tesla to build a new factory in Saudi Arabia? Musk denounces the report as completely fake news!

投资者等待周三的美联储利率决策，开盘近一小时标普 500 指数和纳指已相继转涨，道指和罗素小盘股跌幅也有所收窄，道指接近平盘位，费城半导体指数也在盘初止跌转涨。特斯拉跌近 4% 后跌幅收窄至不足 3%，Arm 跌超 4%。美债收益率集体小幅走高，美元指数 DXY 微涨且徘徊 105.34，接近上周所创的六个月高位。离岸人民币失守 7.29 元或跌超 210 点。国际油价持续上涨，不断刷新去年 11 月以来的十个月最高，美油 WTI 盘初涨 1%。

标普纳指低开后转涨，中概指数跌幅显著收窄，离岸人民币跌超 200 点

来源：金十数据经济学家预计，美联储本周将在会议结束时维持利率不变，并将暗示可能在今年剩下的两次会议之一上加息 25 个基点，但不会给出这样做的承诺。

鲍威尔又要搬出陈词滥调？市场仍不能掉以轻心！

存量房贷利率调降在即，银行积极备战

On September 18th, the Ministry of Industry and Information Technology's Science and Technology Department publicly solicited opinions on the "Draft Plan for the Establishment of the Industrial and Information Technology Ministry's Metaverse Standardization Working Group."

The Ministry of Industry and Information Technology: Conducting research on application standards for industrial metaverse, urban metaverse, virtual digital humans, etc.

During periods of significant exchange rate fluctuations, gold can meet investors' hedging and value preservation needs in the foreign exchange market.

The yen's downward trend shows no signs of stopping as Japanese people scramble to buy gold.

According to Dolphin Research, the asset-liability ratio of the Federal Reserve is now an order of magnitude larger than it was in 2006. Given the current short-term policy interest rates, the yield curve should be flatter. In other words, adjusting for the size of the balance sheet, the degree of inversion in the yield curve will decrease, and may even exhibit a positive slope.

Goldman Sachs: Inverted yield curve does not necessarily mean a recession in the United States, because "this time is different"

The euro weakened, coupled with the Federal Reserve's "higher and longer" tightening policy, which helps further consolidate the strong position of the US dollar. Market expectations are that central banks of various countries convening monetary policy meetings this week will mostly follow the European Central Bank, implying that interest rates have reached their peak.

Bearish positions plummet! Hedge funds shift to bullish on the US dollar ahead of the Federal Reserve meeting.

摩根士丹利策略师：多数客户预计美国经济 2024 年衰退，股市将面临挑战。

易点云港股暴涨近 90%，成交额超 1500 万港元。

一、行情 9 月 18 日，自动加速板块大涨，华阳集团、威帝股份、中原内配等多股涨停。

【大涨解读】无人驾驶：国内外多重催化刺激，自动驾驶大涨，机构称正迎来三大拐点

中金认为，美国周期的大方向依然往下，相反，中国 “政策底” 较为明显，关键在于修复的斜率和强度，仍需要看到更多 “对症” 政策巩固，关键在于中央财政和地产。

中金：中美周期当前所处位置

9 月 18 日，阿里巴巴集团旗下土耳其电商公司 Trendyol 在声明中表示，阿里巴巴集团总裁迈克尔·埃文斯在与土耳其总统埃尔多安会面时说，阿里巴巴计划未来一段时间在土耳其投资 20 亿美元，并已通过 Trendyol 对土耳其投资了 14 亿美元。

阿里巴巴集团计划在土耳其投资 20 亿美元

央行主管媒体《金融时报》发文称，市场预期明显转好。

央行主管媒体：物价触底回升 人民币汇率形成后续支撑

That 5 millionth vehicle, a white, updated Model 3 sedan, rolled off the line at Tesla's Shanghai factory. The post Tesla's 5 millionth vehicle rolls off line at Shanghai plant appeared first on CnEVPost. For more articles, please visit CnEVPost.

Tesla's 5 millionth vehicle rolls off line at Shanghai plant

On the market, the diamond sector showed initial activity, with the automotive, hotel and catering, coal, and healthcare sectors leading the gains, while the communication, chip, education, securities, and military sectors experienced the largest declines.

The Shanghai and Shenzhen 300 Index hit a new low for the year, while the hotel and catering industries remained active. The automobile, communication, and military industries saw the largest declines, while the real estate sector continued to slide.

据报道，在 Arm 上市后，软银 CEO 孙正义希望继续在 AI 领域投资数百亿美元，OpenAI 为潜在投资对象之一。报道称孙正义还计划收购英国芯片公司 Graphcore。不过，上述三家公司对此传闻均作出了肯定以外的回复。软银和 OpenAI 表示 “拒绝置评”，而 Graphcore 直接否认 “收到软银的收购要约”。

软银 CEO 孙正义希望继续在 AI 领域投资数百亿美元 OpenAI 为潜在投资对象

港股快速走低，恒生科技指数跌幅扩大至 1.7%，恒指跌 1.5%。

港股中国恒大盘中重挫超 14%，现报 0.530 港元。

Western Securities expects that the short-term prices of second-hand houses will remain stable. If the housing market does not recover as expected, there is a possibility of further expansion of policy optimization boundaries in first-tier cities.

What are the new changes in the first-tier real estate market after the implementation of the policy 'Recognize the Property, Not the Loan'?

If the American automobile workers win the major strike, will the "four-day workweek" become mainstream in the United States?

Economists believe that although inflationary pressures have subsided and the labor market is weakening, the underlying momentum of the US economy remains strong. To bring inflation back down to 2%, it is necessary to raise borrowing costs to a higher level.

The market doesn't want more rate hikes, but economists think otherwise.

长江证券指出，反直觉的是，历史上商品房销售的回升大都是在居民收入的低迷时期。无论是刚性还是改善性需求，都取决于居民对于长期的预期，而不仅仅是短期收入。

居民，这次会加杠杆吗？

金十数据 9 月 18 日讯，苹果分析师郭明錤表示，自 iPhone 15 Pro Max 周五开始预订以来，对该设备的需求一直 “强劲” ，仍维持今年 iPhone 15 出货量约 8000 万部的出货量目标预期。郭明錤重申，iPhone 15 Pro Max 比 iPhone 15 系列中的其他设备更晚进入量产，这导致了该设备长时间的发货延迟。他表示，Pro Max 将继续面临比其他型号 “更明显” 的生产挑战。

郭明錤：维持今年 iPhone 15 出货量约 8000 万部的预期

根据香港交易所公告，东软熙康将在香港首次公开募股中以每股 4.76-5.91 港元的价格发售 1.338 亿股股份。计算得出，公司寻求在不行使超额配售选择权前筹集至多 7.91 亿港元。三位基石投资者同意认购高达 3,200 万美元的股份，具体取决于最终发行价。预计将于 9 月 28 日开始交易；中金公司是独家保荐人。

东软熙康寻求通过香港 IPO 筹资 1.01 亿美元 预计将于 9 月 28 日开始交易

美国白宫：拜登抵达纽约，将出席联合国大会。

As the end of the fourth quarter of 2023 approaches, a winning strategy in emerging markets is becoming increasingly clear: buying stocks of small companies.

This year's cumulative increase is nearly 15%! Buying small-cap stocks is becoming a winning strategy for emerging market investors.

新加坡电信称，KKR 将出资 11 亿新元收购新加坡电信区域数据中心业务 20% 的股份，对该公司的整体估值达到 55 亿新元。

Moore's Law is about to lose its effectiveness. With its outstanding advantages in high transmission speed, high energy efficiency ratio, and ultra-low latency, silicon photonics technology is becoming another competitive track in the semiconductor field.

Next-generation AI computing power "revolutionary technology", TSMC bets on "silicon photonics chips", is there an opportunity for the chip industry to "overtake on a curve"?

Oil prices are not only high, but also expected to rise. Saudi Arabia is posing a challenge to central banks around the world.

For Saudi Arabia, oil prices have long been at $100! And hedge funds are still fiercely bullish.

Although IPO, Sun Zhengyi still has concerns. Why is that?