招行发布高净值人群 “画像”：316 万人千万身家，40 岁以下接近半数

从 “政策底” 到 “市场底” 的实现路径？

【会议纪要】广发策略戴康：从日本经验看未来中国投资机会

On the one hand, since the end of August, heavyweight policies have continued to boost market sentiment. On the other hand, during this earnings season, the performance of popular Chinese concept stocks has exceeded analysts' expectations. In the second quarter of this year, the earnings per share of the technology sector increased by 35% compared to the same period last year, reaching the highest growth rate since the third quarter of 2020.

Chinese concept stocks had a strong start in September: amidst a series of policy changes and better-than-expected earnings reports, is the market finally responding?

理想汽车、蔚来和小鹏汽车等 “造车新势力” 以及比亚迪都宣布了创纪录的数据，广汽集团旗下埃安、吉利汽车旗下极氪等多家传统车企集团孵化的 “新二代” 企业也纷纷刷新纪录。

274386 辆，刷新纪录

Looking at Salesforce's AI landscape, it has established partnerships with almost all well-known large-scale model companies and invested in 11 AI startups in just 3 months. As the "king" of the enterprise service industry, Salesforce and SAP may gain considerable profits in the wave of AI, thanks to their strong customer advantages.

Left-hand enterprise customers, right-hand massive capital investment - "B-side champion" Salesforce, Sap's AI strategy

Track Hyper | Google's Attempt to Shake NVIDIA's Empire

Amazon, Microsoft, and Google, the three giants, dominate the cloud computing market. In an effort to get a piece of the action, NVIDIA, the AI computing power leader, has decided to invest in a rising star and host its DGX Cloud on various cloud platforms provided by these service providers. However, the distribution of benefits is ever-changing, and everything may have just begun.

Joining forces with Google to support CoreWeave, NVIDIA is fully committed to building the "AI Cloud".

The first bond extension has been approved.

Country Garden Seizes Breathing Space

Dell's deployment in AI-related businesses has gradually been reflected in its earnings report. With the support of AI, the PC market may have the potential to recover. Guo Mingchi, an analyst at Tianfeng International, exclaimed that Dell will become an underestimated beneficiary at the moment when AI computing power is growing explosively.

Dell soared 20% and its stock price reached a new high, as the PC giant also jumped on the AI bandwagon.

英伟达最新季度财报公布后，不仅 AMD 沉默英特尔流泪，做过长时间心理建设的分析师也没想到真实情况如此超预期。更可怕的是，英伟达同比暴涨 854% 的收入，很大程度上是因为 “只能卖这么多”，而不是 “卖出去了这么多”。一大堆 “初创公司拿 H100 抵押贷款” 的小作文背后，反应的是 H100 GPU 供应紧张的事实。

谁卡了英伟达的脖子？

According to informed sources, SoftBank has listed some of Arm's largest customers as strategic investors in the chip company's IPO, including Apple, Nvidia, Intel, Samsung Electronics, and others.

Multiple companies such as Apple and NVIDIA are expected to become strategic investors in Arm's IPO in the United States.

Taking a 25-year, 1 million RMB existing housing loan with an original interest rate of 5.1% as an example, assuming the mortgage rate drops to 4.3%, borrowers can save over 5,000 RMB in interest expenses annually.

New Policies in the Real Estate Market: "Translation" for You! Regarding Interbank Loan Conversion, Determination of the Lower Limit of Interest Rates Before the "Anchor Change" in 2020, Interest Savings...

七年磨一剑，新 Model 3 终于来了。

特斯拉告别 “鲶鱼” 时代

Microsoft-backed cloud and data security startup Rubrik's roadshow could start as early as October. Recently, the long-dormant U.S. IPO market, especially for technology companies, has shown signs of renewed activity. Arm will launch its IPO roadshow next week, and food delivery company Instacart and marketing automation platform company Klaviyo are also keeping up with the trend.

The reopening of the US technology IPO market is further evidenced by Rubrik, supported by Microsoft, expected to go public later this year.

Bank of America's "Sell-Side Indicator" is used to track the average stock allocation recommendations of sell-side strategists and is a reliable contrarian indicator. In August, the indicator stood at 53.5%. Backtesting has shown that when it is at or below the current level, the 12-month return of the S&P 500 is positive in 95% of cases.

Bank of America's important indicators forecast: The S&P 500 index is expected to rise by 15% in the next 12 months.

就业报告强化 9 月暂停加息预期，美股走高，标普纳指势将连涨两周

The US ISM Manufacturing Index rose to 47.6 in August, indicating a halt in the deterioration of the sluggish situation. Progress has been made in reducing excess inventory, coupled with a rebound in consumer goods spending, giving manufacturers some hope. The price index has rebounded significantly but remains in contraction territory.

The US manufacturing sector contracted for the 10th consecutive month in August, but reached a six-month high, indicating a gradual easing of the sluggish situation.

赛道 Hyper | 荣耀折叠新势力崛起

Guangqi Aion's terminal sales exceeded 50,000, maintaining its position as the top-selling brand. Among the 8 car companies that have released data, 7 have achieved sales of over 10,000 units.

New Forces in Car Manufacturing August Rankings: Ideal Delivery Increases 7 Times YoY, NIO Sales Stabilize, Xiaopeng G6 Gains Momentum

"Broadcom," the "acquisition maniac," sets off towards the world's second-largest AI chip company.

Behind the trillion-dollar Nvidia, there is another hidden AI player in the market.

国务院总理李强 1 日在京会见国际货币基金组织总裁格奥尔基耶娃。李强表示，今年以来，中国经济持续恢复，总体回升向好。我们将进一步强化政策协同，促进经济增长，坚持改革开放不动摇，优化民营企业发展环境，推动外贸稳规模优结构，更大力度吸引和利用外资。中方支持基金组织在全球治理中继续发挥重要作用。希望基金组织推动第十六次份额总检查取得有意义的成果，反对保护主义和各种形式的 “脱钩断链”。

李强：我们将优化民营企业发展环境，推动外贸稳规模优结构，更大力度吸引和利用外资

北京：执行 “认房不认贷” 政策措施。

9 月 1 日，市住房城乡建设管理委、市房屋管理局、人民银行上海市分行、国家金融监督管理总局上海监管局联合印发了《关于优化我市个人住房贷款中住房套数认定标准的通知》，执行购买首套房贷款 “认房不用认贷” 政策措施。通知规定，居民家庭（包括借款人、配偶及未成年子女）申请贷款购买商品住房时，家庭成员在我市名下无成套住房的，不论是否已利用贷款购买过住房，银行业金融机构均按首套住房执行住房信贷政策。该规定自通知印发次日起执行。

上海：执行 “认房不用认贷” 政策措施

The Hong Kong Observatory stated that the eyewall of Super Typhoon Surra is currently located about 30 kilometers east of the Hong Kong Observatory and is gradually approaching the city. Strong winds are blowing throughout the city, with near gale-force winds offshore and hurricane-force winds in some high areas. Heavy rain and strong gusts associated with Surra are affecting the city.

Observatory: Will assess the need to issue Typhoon Signal No. 10 based on local wind changes.

US Version of WeChat? Musk frequently stacks new features on X, aiming to create a "universal app".

X adds audio and video calling feature, bringing Musk closer to "American version of WeChat"

美国银行援引 EPFR 数据：截至周三的一周内，有 103 亿美元资金流入股市，65 亿美元流入现金，17 亿美元流入债券，3 亿美元流入黄金。

中国 “新势力” 新能源车车企–蔚来汽车、小鹏汽车和理想汽车周五公布月度交付数据，理想无悬念再度坐稳交付量头把交椅，同比激增 6.6 倍。蔚来以近两万台交付跟随其后惟环比下挫；小鹏汽车虽垫底但环比增长强劲。

中国理想汽车 8 月交付同比激增 6.6 倍领头 “蔚小理”，蔚来环比失速小鹏劲增

The Hong Kong Observatory has announced that the eye wall of the powerful typhoon Surra is currently located about 50 kilometers east of the Hong Kong Observatory and is gradually approaching the city. Strong winds are blowing across the city, with gales offshore and hurricane-force winds in some high areas. The strong winds and heavy rain associated with Surra are affecting Hong Kong.

The Observatory will issue the No. 9 Gale or Storm Signal at 6:20 PM.

市场消息：香港天文台将发布第二高级别台风信号，为三年来首次。

蔚来汽车 8 月交付数量环比下降 5.5%。

From Salesforce to Shopify, the growth of software giants comes from "price increases". Which comes first, AI increment or customer churn?

理想汽车 2023 年 8 月交付 34,914 辆，三款车型交付均破万。

CITIC Securities believes that in the medium and short term, generative AI will contribute to the explosive growth of short-term performance in the English market. However, NVIDIA remains a typical cyclical stock, and it is necessary to closely observe its upward momentum in short-term performance and the inflection point of its performance cycle.

CITIC Securities: NVIDIA's "monopoly" will last at least until Q2 next year, with a 30x forward P/E ratio supporting the stock price.

蔚来宣布推出 9 月限时购车优惠政策，2023 年 9 月 1 日至 9 月 30 日期间支付定金购买蔚来新车的用户，提车后可获赠万元购车礼包，包括 30 张换电体验券、2000 元车商城抵用券、价值 4560 元的 NOP+1 年免费使用权和 10000 购车积分。置换优惠方面，9 月 1 日至 9 月 30 日期间支付定金购买蔚来新车，并通过蔚来 App-以旧换新置换非蔚来品牌旧车的用户：提车后可获赠 30000 积分。

蔚来推出 9 月限时购车优惠政策

Tesla Model 3, expected redesign, unexpected price increase

Tesla brings the new Model 3 to the market. Are domestic car companies ready?

20,000 to buy a Tesla, it fell through.

On September 1st, Beijing, Shanghai, Shenzhen, and other cities successively announced the minimum interest rates for personal housing loans in their respective regions.

Beijing, Shanghai, and Shenzhen have successively announced the lower limit of the first home loan interest rate.

Citi expects that Samsung will start supplying HBM3 to NVIDIA from the fourth quarter, and by 2024, Samsung may supply up to 30% of HBM3 chips to NVIDIA.

Q4 Starts Selling Shovels to NVIDIA? Samsung Soars Over 6%

据报道，三星与英伟达签署协议，供应 HBM3 存储芯片。

特斯拉在美国下架了 Model S 标准续航版和 Model X 标准续航版车型。

香港交易所取消今日全天的交易。

Eastern Selection operates on multiple platforms.

The Rebellion and Migration of Yu Minhong

特斯拉开始接受德国、法国和意大利 Model 3 焕新版的订单，交付计划定于 10 月至 11 月。

戴尔第二财季收入下降 13%，至 229 亿美元，高于市场预期的 208 亿美元；调整后每股净利润为 1.74 美元，高于市场预期的 1.14 美元。公司预计，截至 10 月份的第三财季营收约为 230 亿美元，高于市场预期的 217 亿美元。戴尔将全年营收指引上调至 895 亿美元至 915 亿美元，较上年同期下降约 12%，但高于市场预期的 869 亿美元，和 15% 的降幅。

PC 市场复苏有望？戴尔第二财季业绩、下季度指引大超预期，盘后一度大涨超 10%

离岸人民币兑美元涨幅扩大，收复 7.25 关口，现报 7.2482 元，日内涨约 270 点。

因八号台风信号仍在生效，港交所取消上午时段交易。

China's strong market growth has driven Lululemon's performance to rise against the trend, with second-quarter revenue and net profit both increasing by 18% year-on-year.

China's sales surge by 60%! "Middle-class Harvester" Lululemon reports strong growth in the second quarter.

UBS set a new record for quarterly profits among European and American banks in the second quarter; UBS's market value has risen to second place in Europe, surpassing the American giant Citibank.

God's Acquisition! Six months later, UBS finally reveals to the world: "How profitable is the acquisition of Credit Suisse"

特斯拉中国官网显示，Model 3 焕新版正式上市，这是 Model 3 车型 6 年来的首次更新，后轮驱动 Model 3 焕新版价格 259900 起。

特斯拉发布新款 Model 3，起售价接近 26 万人民币

Broadcom announced its financial results for the third quarter of fiscal year 2023, ending on July 30th.