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

In the era of large models, are small companies sidelined?

纳斯达克综合指数连续第四周下跌，下跌 5.52%，为自 2022 年 12 月以来最长连续下跌。Meta 因荷兰隐私监管机构的警告，可能被迫停止使用 Facebook，导致股价暴跌。美股正面临通胀问题，可能引发经济衰退，类似 2008 年的情况。荷兰政府也表示可能停止使用 Facebook。总之，短期利空对美股影响较大，而通胀可能成为引发经济衰退的因素。

刚刚！万亿巨头，突传重大利空！

US technology stocks encountered selling pressure this week, as Wall Street prepares for the earnings reports of tech giants next week. It is expected that the "Big Seven" (Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla) will see a significant 38% increase in first-quarter profits. Investors have high expectations for earnings and guidance, and if the financial results disappoint, the market may further enter oversold territory. This week, the market capitalization of the "Big Seven" evaporated by $950 billion, with Nvidia experiencing the largest loss in market value. Analysts expect tech stock earnings reports to be a key catalyst driving the rise of US tech stocks. Meanwhile, some companies like ASML and TSMC have already released unfavorable signals

US tech stocks are plummeting, next week's financial report will be crucial

This week, the combined market value of the "Seven Sisters" evaporated by $950 billion, with Nvidia suffering the most severe market value loss. Tesla's stock price led the decline, plummeting by over 14% this week. Nvidia's stock price tumbled by 13.6%, resulting in a market value loss of nearly $300 billion, far exceeding its competitor AMD

AMD dropped by one! Nvidia's market value evaporated by $300 billion this week, and the "Seven Sisters of the US Stock Market" experienced the worst week in history

公募基金降佣落地，券商需依靠投研能力取胜。基金公司将更重视固收 +、资产配置型和 ETF 等产品，同时寻求业务多元化。《公开募集证券投资基金证券交易费用管理规定》自 7 月 1 日起正式实施，明确了交易佣金费率水平和分配比例上限等要求。此举标志着公募基金行业费改第二阶段举措正式落地，综合费率水平将继续下降。同时，第三阶段的基金销售环节收费和其他配套改革措施正在推进中。

中金：公募降佣落地，券商未来靠投研能力取胜

Bitcoin has completed its fourth "halving" in history, leading to a decline in Bitcoin prices. Morgan Stanley predicts that the "halving" will impact Bitcoin miners, potentially triggering industry consolidation and a wave of mine closures. Previous "halving" events have affected both Bitcoin prices and the number of addresses, but market observers believe that the impact of this "halving" has already been digested by the market. Morgan Stanley analysts expect Bitcoin to be under pressure in the short term

Bitcoin completes its fourth "halving" in history

Super Micro Computer's stock price plummeted by 20%, Nvidia tumbled by 10%, and ARM dropped nearly 17%. Super Micro Computer is set to announce its third-quarter earnings on April 30, but has not provided a positive pre-announcement, causing concerns among investors. Super Micro Computer is a company that manufactures computers and sells them to enterprises, with strong demand for its servers in the market. Its stock price has surged in recent years, but Friday's sharp decline made it the biggest loser among the S&P 500 index components

AI craze cools down! "Tenfold stock of the year" AMD plunges 20%, Nvidia tumbles 10%, ARM also collapses

香港会计及财务汇报局将调查普华永道审计恒大失败的举报信。举报信指控普华永道存在质量管理和审计程序问题，会计局将对涉事的事务所及个人采取严厉执法行动。普华永道回应称将对此事进行调查。此举引起了公众对会计专业诚信的关注。

香港会财局调查普华永道，恒大地产 2 年虚增收入 5600 亿元

BLOCKCHAIN.COM 称比特币已经减半。

Tech stocks experienced a "Black Friday" last Friday, with the S&P 500 and Nasdaq falling for six consecutive days. Nvidia dropped by 10%, while Netflix fell by 9%. Gold and crude oil saw a rise followed by a fall. Comments from Federal Reserve officials dampened expectations of a rate cut, and the decline in tech stocks also put pressure on the overall market. These are all fluctuations in stock prices

Tech stocks experience "Black Friday"! The S&P and Nasdaq both fell for the sixth consecutive day, with Nvidia plunging 10% and Netflix plummeting 9%. Middle East risks eased, while gold and crude oil surged before pulling back

美联储发布的半年度金融稳定性报告指出，持续的通胀是金融稳定的主要风险之一，对冲基金的杠杆率也创下自 2013 年以来的新高。报告还提及了地缘政治问题和 2024 年美国总统大选。尽管报告没有发现广泛的金融风险，但美联储官员认为经济需要放缓，以实现可持续的通胀回升。

美联储金融稳定报告：通胀被视作头号风险，对冲基金杠杆率创 2013 年以来新高

Super Micro Computer(SMCI) fell 23.14%, with a trading turnover 13.3 Billion USD, and a year-to-date rose 151.1%. ARM(ARM) fell 16.9%, with a trading turnover 2.7 Billion USD, and a year-to-date rose 16%. NVIDIA(NVDA) fell 10%, with a trading turnover 69.4 Billion USD, and a year-to-date rose 53.9%.

Top 10 US Stock Losers (4.19)

American Express(AXP) rose 6.23%, with a trading turnover 1.7 Billion USD, and a year-to-date rose 24.2%. Petroleo Brasileiro SA(PBR) rose 5.71%, with a trading turnover 558.5 Million USD, and a year-to-date rose 3.1%. NVIDIA(NVDA) fell 10%, with a trading turnover 69.4 Billion USD, and a year-to-date rose 53.9%. Netflix(NFLX) fell 9.09%, with a trading turnover 9.2 Billion USD, and a year-to-date rose 14%.

Top 5 US Stock Gainers/Losers (>100B) (4.19)

Bit Digital(BTBT) rose 2.59%, with a trading turnover 10.1 Million USD, and a year-to-date fell 53.2%. Lufax(LU) rose 1.64%, with a trading turnover 6.3 Million USD, and a year-to-date rose 41.4%. Canaan(CAN) fell 18.25%, with a trading turnover 16.2 Million USD, and a year-to-date fell 67.4%. Li Auto(LI) fell 9.6%, with a trading turnover 328.9 Million USD, and a year-to-date fell 29.5%.

Top 5 CDRs Gainers/Losers (>100M) (4.19)

Mobile-Health Network Solutions(MNDR) rose 33.87%, with a trading turnover 267.8 Million USD, and a year-to-date rose 581.8%. Paramount Global(PARA) rose 13.4%, with a trading turnover 555.4 Million USD, and a year-to-date fell 15.6%. Riot Platforms(RIOT) rose 10.13%, with a trading turnover 227.6 Million USD, and a year-to-date fell 41%.

Top 10 US Stock Gainers (4.19)

美国商品期货交易委员会：截至 2024 年 4 月 16 日当周，比特币净空头头寸为-363 份合约。

Google's algorithm is being overwhelmed by AI-driven search engine optimization, leading to more and more overseas users turning to TikTok and Reddit for searches. AI-generated junk and low-quality content are preventing people from finding what they are looking for, and Google's algorithm is unable to identify these issues. Despite Google's long-standing dominance in the global search market, its search results are becoming increasingly poor. Google is working hard to address this issue, but users are increasingly distrustful of its reliability. Especially when looking for product information, spam rankings always surpass genuine information

Is it all AI's fault? More and more overseas users are abandoning Google and turning to TikTok and Reddit to search for answers

Bitcoin will undergo its fourth halving, but Deutsche Bank believes that the market has already partially priced it in, so there won't be a significant surge. Historically, Bitcoin prices have risen after halving events, but recently, the correlation with stock indices has weakened, reducing the spillover effects. Currently, there are 19.7 million Bitcoins in circulation, and the halving process will continue until the year 2140. Bitcoin Cash saw a 12% price increase after its halving, making the halving event a positive for Bitcoin Cash

Bitcoin is expected to halve on Saturday. Deutsche Bank: The market has partially priced it in and is not expected to surge significantly

Lei Jun baptized the automotive industry with an internet marketing approach, triggering imitation from other automotive giants. During the live broadcast, Lei Jun showcased Xiaomi's car and promoted it. Other automotive giants also joined the live streaming trend one after another, trying to attract more consumer attention. This phenomenon was not common in the past, hence it has attracted widespread attention. It indicates that automotive giants are gradually moving from behind the scenes to the forefront, becoming the spokespersons for their own company products

Lei Jun leads the live streaming trend among industry leaders

中核钛白违规减持大案处罚落地！中信证券、中信中证、海通证券等涉入其中。预计罚款总额 1.55 亿元，没收总额合计 7753.2 万元。案件经过显示，中核钛白非公开发行 A 股股票申请获批后，中信中证向实际控制人王泽龙推荐定增多空方案。王泽龙决定实施定增套利，与中信中证和中信证券商议定增融券套利业务。中信中证还就挂钩 “中核钛白” 非公开发行股票的收益互换业务与海通证券沟通。这起大案的处罚结果将对相关企业产生重大影响。