XPENG-W will point out in the conference call that it is expected to achieve a positive overall operating cash flow in the second half of this year. The gross margin is expected to turn positive in the fourth quarter of this year. By the end of 2024, the goal of cost reduction by 25% is expected to be achieved, and there is confidence in launching fully autonomous driving vehicles in the most mainstream 150,000-level car segment.

XPENG-W Phone Conference: Significant Increase in September G6 Deliveries, Gross Margin Turns Positive in Q4

摘要：数据显示，中概股被高瓴资本和高毅资产看好。其中，贝壳、亚朵、中通快递被加仓。拼多多被高瓴资本减持的同时，却被高毅资产大幅买入 48%；科技股方面，两者均对亚马逊进行了清仓。

全球顶级机构出手了：清仓亚马逊，押注中概股

小鹏汽车：有信心在 2024 年年底实现整体成本降低 25% 的目标 | 小鹏汽车在 2023 年第二季度业绩电话会议上表示，截止到现在，我们非常有信心在 2024 年年底实现整体成本降低 25% 的目标，并且在多个单项领域要超过这个目标，这些降本措施在大幅度提升产品竞争力的同时，将会让毛利率在 2024 年有非常显著的改善。

小鹏汽车：有信心在 2024 年年底实现整体成本降低 25% 的目标 

8 月 18 日，小鹏汽车董事长何小鹏在业绩会上表示，公司正与供应商一起提升产能，预计 9 月 G6 的交付量会有显著提升，带动公司整体月销量达到 1.5 万台以上。何小鹏提到，接下来将基于扶摇架构推出更多爆款车型。随着 G6 产能迅速爬坡以及现有车型的更新，小鹏将在四季度冲击月交付 2 万的目标。

何小鹏：四季度将冲击 2 万台月交付

The continuous rate hikes by the Federal Reserve have led to a continuous increase in housing financing costs. Currently, we are at a critical stage in the trend of 30-year mortgage rates. If the 30-year mortgage rate surpasses 7.2%, it is highly likely to reach 8%.

US mortgage rates soar to 7%, reaching a 20-year high! Analysis: 8% is not a dream.

杜邦分析将 ROE 拆分为净利润率、总资产周转率和杠杆倍数，帮助分析公司的盈利能力和资产利用效率。

曾生：净资产收益率与杜邦分析 1

Vipshop's Q2 revenue increased by 13.6% from RMB 24.5 billion in the same period last year to RMB 27.9 billion, while non-GAAP net profit increased by 63.5% from RMB 1.3 billion in the same period last year to RMB 2.1 billion.

Vipshop's second-quarter revenue increased by 13.6%, performance guidance fell nearly 6% below expectations | Earnings Report

Zhitong Financial APP News, XPENG-W released the results for the second quarter of the three months ended June 30, 2023. The group achieved a total income of RMB 5.06 billion yuan (the same below), up 25.5 from the previous month and down 31.9 from the previous year. Car sales revenue was 4.42 billion yuan, up 25.9 from the previous month and down 36.2 from the previous year. Net loss was 2.8 billion yuan, up 20% from the previous month and 3.8 from the previous year; net loss of basic and diluted common stock of $1.63. "Our first strategic model, the G6, built on the soaring architecture, was officially launched in June and quickly became one of the best-selling models, giving us tremendous momentum for sales growth. I believe the success of the G6 is just the beginning, and we will see more models launched on the soaring architecture in the future." Mr. He Xiaopeng, chairman and chief executive officer of XPENG-W, said. "In the nine years since the XPENG-W was founded, we have always adhered to our faith in technology. Our industry-leading full-stack self-developed electric platform and intelligent technology have made substantial breakthroughs in commercialization, both on the client side and in our strategic cooperation with Volkswagen Group, the world's leading car company." "Driven by new products and more efficient channels, our deliveries have increased for six consecutive months." Dr. Gu Hongdi, honorary vice chairman and co-president of XPENG-W, said. "As new products such as the G6 drive significant growth in our sales, we expect gross margin to gradually recover and operating efficiency to continue to improve, resulting in significant improvements in free cash flow.

XPENG-W released its second-quarter performance report, with a net loss of 2.8 billion yuan, a 20% increase compared to the previous quarter, and a 3.8% increase compared to the same period last year.

小鹏汽车盘前跌幅一度扩大至逾 8%，公司二季度净利润不及预期。

小鹏汽车：2023 年第二季度汽车销售收入为人民币 44.2 亿元，较 2022 年同期下降 36.2%，并较 2023 年第一季度上升 25.9%。

Video Number has taken the spotlight in TENCENT's Earnings Report.

Tencent's E-commerce Dream Sees Hope

According to an announcement by EVERGRANDE, the company has noticed media reports and would like to clarify that it is currently proceeding with the overseas debt restructuring plan as scheduled. As the group's US dollar bonds are subject to New York law, the company has applied to the US court for recognition of the overseas debt restructuring agreement and arrangement under the legal systems of Hong Kong and the British Virgin Islands (BVI) in accordance with Chapter 15 of the US Code. This is a normal part of the overseas restructuring process and does not involve bankruptcy applications.

EVERGRANDE clarifies: The overseas debt restructuring is being carried out according to plan and does not involve bankruptcy applications.

HANOI, Aug 18 (Reuters) - Vietnamese stocks (.VNI) closed down 4.5% at 1,177.99 on Friday, the lowest level in nearly a month, led by shares of property companies and VinFast’s parent company.

Vietnam stocks fall to one-month low as VinFast parent retreats

证监会：将持续畅通企业境外上市渠道，推出更多符合条件的 “绿灯” 案例，包括市场较为关注的协议控制（VIE）架构企业和平台企业。同时，推动形成更加透明、高效、顺畅的境外上市监管协调机制，尊重企业依法合规自主选择境外上市地，支持符合条件的企业用好两个市场、两种资源实现规范健康发展。

证监会表示，目前，已经宣布在沪深港通中引入大宗交易机制。下一步，将进一步推出务实举措，激发香港市场活力，促进内地和香港市场协同发展。一是持续优化互联互通机制，进一步拓展互联互通标的范围，在港股通中增设人民币股票交易柜台。二是在香港推出国债期货及相关 A 股指数期权。三是支持在美上市中概股在香港双重上市。

证监会：支持香港市场发展，统筹提升 A 股、港股活跃度

今晚，美股将面临 8 月期权到期的考验，而这可能使市场面临又一轮抛售。当前做市商正从 ‘多头’ 转向 ‘空头’，如果美股在今晚进一步下跌，做市商或加剧负面走势。

不到 24 小时！2.2 万亿美元期权即将到期 美股 “波动性爆炸” 一触即发？

A single H100 graphics card can earn approximately 200,000 yuan, and the orders are scheduled until 2024. Old Huang is going to make a fortune!

H100 Profit Margin 1000%! Is NVIDIA Comparable to a "Money Printing Machine"?

盘面上，消闲文娱、稀土概念、石油股、煤炭股涨幅居前，互联网医疗、汽车、中医药等板块领跌。

港股缩量下行，恒指跌穿 18000 点，恒科指跌逾 3%，碧桂园成唯一上涨内房股

The decrease in inventory of homes for sale has prompted a recovery in the US housing market.

Buffett's "blessing" propels US real estate stocks to rise against the trend, undeterred by high interest rates.

According to reports, Bing's market share in July was 3%, with a monthly user count of only 1% compared to Alphabet-C, and there was little improvement compared to January (before the release of the new version of Bing). Technical experts warn that AI may never be able to generate revenue.

AI skepticism spreads! Bing fails to defeat Alphabet-C, the success or failure of Office AI version attracts attention

洪九果品港股跌超 14%，为连续第七日下跌，刷新上市以来新低。

诺辉健康与做空方对垒纪实：谁在说谎？

恒生科技指数跌幅扩大至 2%，京东健康跌近 10%，阿里健康跌超 8%，平安好医生跌超 5%，小鹏汽车跌超 6%。

香港恒生指数转涨，此前一度跌 0.6%。

According to informed sources, Arm, the British chip design company under SoftBank Group, has finalized the list of underwriters for its initial public offering (IPO), with a total of 28 banks participating in this IPO.

SoftBank's subsidiary, Arm, has hired 28 underwriters for its IPO.

腾讯正在成为 “微信公司”

According to reports, Elon Musk's space exploration technology company SpaceX achieved profitability in the first quarter of this year due to soaring revenue.

Revenue surge drives Tesla's subsidiary SpaceX to achieve profitability in the first quarter of this year.

北京时间周五 5:30AM 左右，比特币突然暴跌 8% 以上，一度跌至 25，409 美元，加密交易所 Bitfinex 上的比特币价格甚至更低，一度触及 24，715 美元的低点，随后回升至 26，000 美元以上。此次下跌使比特币市值自 6 月 16 日以来首次跌破 5000 亿美元，并创下 6 月 20 日以来的最低点。CoinGlass 数据显示，截至发稿时，暴跌导致过去 24 小时清算金额超过 10 亿美元。

比特币短线跌破 2.6 万美元  24 小时爆仓超 10 亿美元

US Treasury yields rose, attracting a rush of bond buyers, while US tech stocks suffered setbacks, with the Nasdaq Composite Index falling 6.1% this month. Meanwhile, the broader financial environment is also tightening.

In the past 15 years, the "dividend" has come to an end, and overseas markets are returning to the "high-yield era". Are technology stocks leading the way?

Thanks to the soaring revenue, SpaceX, known for its technology-intensive approach, has finally turned its losses into profits.

Last year's revenue doubled, with first-quarter revenue of $1.5 billion and a profit of $55 million! Rare exposure of SpaceX's financial data.

Benefiting from the popularity of weight loss drugs in the United States, Novo Nordisk's market value has increased by more than one-third this year. According to market analysis, Novo Nordisk's outstanding performance has led to a decrease in interest rates in Denmark. However, just like Nokia's impact on Finland in the past, allowing a domestic company to play such a disproportionate role in the economy poses risks for a small country.

The United States is enthusiastic about weight loss drugs, reshaping the Danish economy.

浙商证券认为，银行将从前期的 “合理让利” 过渡到 “银行有利润，实体有支持的共赢局面”，通过存贷款跟随式调整、释放银行杠杆等方式维持银行合理利润。

央行首提银行合理利润

在内地降息背景下， “存款特种兵” 们正将目光投向香港。随着香港存款利率不断上行，赴港开户热潮仍在持续。记者获悉，近期部分银行针对新客户推出短期高息存款，年化利率最高超过 7%。

超过 7%！香港存款又火了！

According to a statement from the American housing finance institution, Fannie Mae, as of August 17th, the average interest rate for a 30-year fixed mortgage in the United States is 7.09%, higher than last week's 6.96%, reaching the highest level since April 2002.

7.09%! US mortgage rates rise to a 20-year high, real estate market cools significantly

申万宏源表示，本次报告传达出进一步稳地产（降息）、稳商业银行利润（降存款利率、降准）和稳汇率（坚决防范汇率超调）的 “三稳” 导向，且由于我国资本账户不完全可兑换，央行亦表示有充足政策工具储备，上述三大目标可同时实现。

央行传达 “三稳” 信号：稳地产、稳商业银行利润和稳汇率

香港信报：长实在香港的油塘亲海駅 I 住宅项目获 22 倍超额认购。

据悉 Meta Platforms 正准备推出帮助开发者自动生成编程代码的软件。

软银旗下的 ARM 据称已和 28 家银行达成协议，准备进行 2023 年规模最大的 IPO。

金十数据 8 月 18 日讯，据外媒报道，美国证交会（SEC）准备允许首只基于以太坊期货的 ETF 上市，这对长期以来寻求提供此类产品的几家公司来说是一个重大胜利。据知情人士透露，监管机构不太可能阻止这些产品。包括 Volatility Shares、Bitwise 在内的近 12 家公司已申请推出以太坊期货 ETF。目前暂时无法确定哪些基金将获得批准。一位知情人士说，官员们已经暗示，有几家公司的产品可能会在 10 月份之前上市。监管机构此前拒绝批准直接基于加密货币的 ETF，但在 2021 年底，它开始允许在芝加哥商品交易所交易的涉及比特币期货合约的基金交易。越来越多的人猜测，基于以太坊期货 (也在 CME 交易) 的产品将紧接而来。尽管如此，SEC 对涉及第二大加密货币衍生品的产品的批准一直行动缓慢。

外媒：SEC 势将为以太坊期货 ETF 开绿灯

According to the latest released minutes of the Federal Reserve meeting, Fed officials pointed out at the July FOMC policy meeting that stock prices generally rose, corporate bond spreads narrowed, and asset valuation pressures were "significant". The risk assessment in May was deemed "moderate"; residential and commercial real estate prices were also mentioned, stating that they were "relatively high" compared to fundamentals.

Another bad news for the US stock market! Federal Reserve officials are becoming increasingly cautious about the stock market's rise.

Wall Street is becoming more optimistic ahead of Nvidia's earnings report next Wednesday, as it seems that the severe shortage of GPUs in the coming quarters will drive its performance. Many mainstream investment banks have listed Nvidia as their "preferred stock" to chase the AI boom, but some analysts are concerned that Nvidia's earnings report will be the biggest test for the AI hype. Currently, both Nvidia and Wall Street believe that second-quarter revenue will surpass $10 billion, reaching a new high.

Why is it difficult to short NVIDIA, which has surged 200% this year? Analysts say it monopolizes the AI economy.

十年期美债收益率再创十个月盘中新高，逼近 2007 年来高位。

“全球资产定价之锚” 再发威、收益率逼近 2007 年来高位，纳指转跌

"Digital Therapy First Unit" Brain Moving Aurora IPO: The "Question Bank Business" of Cognitive Impairment

哔哩哔哩董事长兼首席执行官陈睿表示：在努力构建充满活力的社区同时，我们持续提升商业化效率。通过全力执行这一战略，我们 2023 年第二季度的广告收入同比增长 36%。与此同时，我们的日均活跃用户数量同比增长 15%，达 96.5 百万。我们的用户依旧保持高参与度，第二季度，用户在哔哩哔哩的日均使用时长为 94 分钟，用户总使用时长 2 同比增长 22%。展望 2023 年下半年及未来，我们的首要任务仍然是实现收入和社区的高质量增长。

哔哩哔哩董事长兼首席执行官陈睿：我们的首要任务仍然是实现收入和社区的高质量增长

富士康在苹果的工厂已开始生产 iPhone 15 系列手机，目标是让印度和中国的发货时间更加接近同等水平。这是印度首次几乎与中国同时生产最新的 iPhone 机型。iPhone 15 在印度的生产规模将取决于零部件的供应情况，其中大部分需要进口，以及富士康工厂生产线的顺利投产。这两方面目前都面临局限。

苹果印度扩产关键点：首次几乎与中国同时生产 iPhone 新型号

The People's Bank of China has released the Monetary Policy Implementation Report for the second quarter of 2023.

The central bank: Maintaining the basic stability of the RMB exchange rate at a reasonable and balanced level, resolutely guarding against the risk of exchange rate overshooting.

比亚迪电子、理想汽车涨逾 3%，腾讯、小米、蔚来、中芯国际涨逾 1%，阿里、美团涨逾 0.9%，碧桂园跌超 7%。

恒生科技午后反转收涨 0.78%，汽车领涨，小鹏汽车涨 4.4%，京东跌 1.42%

Media reports claim that Alphabet-C's "new killer" Gemini combines the capabilities of three major models: GPT-4, Midjourney, and Stable Diffusion. It can also provide analysis charts, create graphics with text descriptions, and control software using text or voice commands.

Alphabet-C's GPT Killer: "The Most Powerful Model" Gemini Shows Its Potential, Expected to be Released in Autumn

奥本海默：将英伟达目标价从 420 美元上调至 500 美元。