Compared to US Treasury bonds, the S&P 500 index is expensive: the yield on US Treasury bonds is currently higher than the peak in October 2022, when the S&P 500 index was around 3600 points, and it is currently around 4500 points.

US stocks set for a significant pullback? Wall Street: This year's gains will be preserved!

天眼查 App 显示，近日，恒大地产集团有限公司新增多则被执行人信息，被执行金额合计 36 亿余元，涉及票据纠纷、票据追索权纠纷等，执行法院为深圳市中级人民法院、广州市荔湾区人民法院、深圳市南山区人民法院等。风险信息显示，目前，恒大地产集团有限公司存在超 560 条被执行人信息，被执行总金额 495 亿余元，此外还存在多条限制消费令、失信被执行人和终本案件信息。

恒大地产被强制执行 36 亿

香港特区政府财经事务及库务局局长许正宇表示，香港将发行至少 150 亿港元绿色零售债券，为合资格的绿色项目提供融资或再融资。票据期限为三年，“保底息” 为 4.75%，半年派息一次，票据将于 10 月 10 日发行。

香港将发行至少 150 亿港元绿色债券

Although Wall Street investment banks have increased their bets on the Federal Reserve guiding a soft landing for the US economy, there are still economists and strategists who stick to their recession forecasts.

Is the US economy still in recession? Wall Street is in an uproar.

The market believes that the current level of policy support in China is limited, making it unlikely for Hong Kong stocks to improve significantly. The rebound of US stocks is also hindered, further constraining Hong Kong stocks. In addition, the latest data on China's service industry has further raised concerns among investors about the country's economic recovery.

Why did Hong Kong stocks fall again? Policy expectations come and go quickly!

On September 5th, Hang Seng Index Company pointed out that in the first eight months of 2023, the average daily turnover of the Hong Kong stock market was HKD 1.12 trillion, a YoY decrease of 12%, currently below the long-term upward trend.

Hang Seng Company: Hong Kong stock trading volume slows down, but trading activity remains robust.

9 月 5 日，华为官方账号发文称，网传 “美国邀请任正非去美国” 等信息，纯属造谣。

携程美股盘前跌超 4%，此前公布第二季度财报。

诺辉健康造假罗生门再生波折：做空方放出更多调查细节

If investors start seeing bad economic data as "bad news," it could put pressure on a rebound in the US stock market in 2023.

US stocks are still trading. "Bad news is good news"? Things are changing.

一、事件：Meta 发布新一代头显 Meta 宣布将于 9 月 27 日正式发布新一代 VR 头显 Meta Quest...

苹果之后，又一巨头将发布头显新品

Similar to the period when Nvidia's stock price rose significantly and rapidly in the first half of the year, it is possible that such a period has passed. However, Nvidia is expected to find bottom support around a PE ratio of 30x. In the short term, Nvidia may still experience upward fluctuations, and any significant price adjustments will also provide good opportunities for entry.

Can NVIDIA, which has risen 230% this year, continue to rise?

Longtime shareholders "lavishly" praise Buffett.

"The 'Stock God' faith is strong! Long-time shareholders praise Buffett: Berkshire (BRK) can still outperform the S&P 500 even if it falls by 99%."

The energy sector of the S&P 500 index has risen 2.8% year-to-date, ranking sixth among the best-performing sectors, but far behind the 44% return of the information technology sector.

International oil prices soar, will energy stocks see a repeat of last year's surge?

Microsoft refuses to impose the same "gatekeeper" obligations on Bing as Google Search, citing Bing's much smaller scale. Apple believes that iMessage has not reached the threshold of user numbers required for the applicable rules, and therefore should not comply with such obligations.

"The era of 'strict regulation' has arrived! Europe is ready to 'hammer' the tech giants, with Apple and Microsoft raising the flag of resistance."

安信证券认为，本轮 “认房不认贷” 弱于 2014 年，限购区首付比例下限比 2015 年低 10%，但在因城施策背景下，一线城市未必会按照最低下限执行，当前按揭利率处于历史低位，但考虑到经济增长差异，预计未来还有继续下行的空间。

本轮房地产放松力度如何？

蓝月亮股价盘中跳水跌超 20%，是否遭遇机构砍仓成迷

Shenwan Hongyuan believes that the development of AI capabilities will still take a considerable amount of time, and it is recommended that proactive equity investors adhere to fundamental investment principles.

Can machines completely replace humans in stock investment?

Arm's revenue for the most recent fiscal year was $2.68 billion, with a net profit of $524 million. This indicates that, based on historical performance, Arm's price-to-earnings ratio is between 95 and 105 times, which is lower than Nvidia's historical P/E ratio of 117 times.

Is Arm's valuation before the IPO only slightly over $50 billion, cheaper than Nvidia?

美国 9 月大概率不加息，变局来自核心通胀快速走低后预期变化的契机，噪音来自油价推高整体通胀。中国市场政策继续推进，变局来自积少成多的累积，底部相对明确，空间仍待打开。

中金：中美市场的可能 “变局” 来自哪？

工信部、财政部联合印发《电子信息制造业 2023—2024 年稳增长行动方案》，提出六大增长点，其中包括 5G 手机出货量占比超过 85%。该行动方案还提到培育虚拟现实、视听产业、先进计算等六大新增长点。市场预计，新机发布潮和 AI 落地将刺激消费电子行业需求。

两部门重磅发文！涉及 5G、大模型、光储等

Guotai Junan believes that against the backdrop of the domestic policy expectations heating up and the Federal Reserve's interest rate hike cycle nearing its end, there may be a window of opportunity for stock market gains. It is recommended to adopt a style-switching strategy during a larger box-shaped volatile market, focusing on the Hang Seng Technology Index, internet retail, and the valuation advantage of the real estate sector in the Hong Kong stock market!

How to invest after the Hong Kong stock market hits bottom? Pay attention to technology stocks during the oversold rebound!

Cloud Weak Market "Building Muscles"

CICC believes that there is still pressure on the shift of financial liquidity, but the growth provides a hedge, so there is no need to worry about the risk of a deep adjustment. At this stage, it is not recommended to chase after high-priced US stocks, but if there is a significant adjustment, it can be an opportunity to enter again. Growth is still the main theme.

The most dangerous September for US stocks is here! But why may it not experience a significant decline? Growth stocks remain the main focus!

Morgan Stanley strategist warns that the US stock market is showing signs of complacency, with the volatility index nearing historic lows and positions increasing above average levels. For the US stock market, there is no longer a safety net, and a trend of retail investors entering the market in a frenzy is emerging due to the fear of missing out on the current US stock rally.

Morgan Stanley warns: Complacency in the U.S. stock market is worrisome.

香港特区行政长官李家超今日宣布，10 月 1 日国庆节当天，香港将举办烟花汇演，这是时隔 5 年后香港再次举办的烟花表演。

时隔 5 年后重启！李家超：香港将举办国庆烟花汇演

The stabilization or reversal of the RMB exchange rate, the gradual introduction of domestic policies to stabilize growth, and other factors will all contribute to the upward momentum of the Hong Kong stock market in September. It is recommended to pay attention to growth sectors that are expected to benefit from the return of foreign capital to the Chinese market, including internet leaders, new energy vehicles, and undervalued biotechnology companies.

The market can be more optimistic now! Hong Kong stocks are expected to rise in September, where is the rationale?

9 月 5 日，携程公布截至 6 月 30 日第二季度未经审计的财务业绩。携程联合创始人、董事局主席梁建章表示，中国消费者的需求开始从商品消费转向服务消费，因而旅游需求始终保持韧性。携程也将持续提升产品供应，并且以 AI 等创新方式增强用户体验，为抓住未来机遇做好充分准备。

携程梁建章：从 “商品消费” 转向 “服务消费” 旅游需求将保持韧性

融创中国涨超 20%，两日大涨 60%。原因是什么？

据瑞幸咖啡官方微博，酱香拿铁单品首日销量突破 542 万杯，单品首日销售额突破 1 亿元。

港股持续走低，恒指跌超 1%，恒生科技指数跌 1.21%。

市场消息：印度尼西亚为 ChatGPT 创始人 Altman 颁发首张黄金签证。

供应链近期传出，苹果有意开发更低价 MacBook 系列产品，借此与 Chromebook 一争教育市场。 但也有供应链表示，苹果确实还在开发该系列产品，只是按照目前进度，最快也要在 2024 年下半之后。苹果低价 MacBook 可能会另辟新产品线，与现有 MacBook Air 及 Pro 做出区隔，外观仍采用金属机壳，只是材质不同，机构件单价更低，售价更亲民。

消息称苹果开发更低价 MacBook

恒生科技指数盘初跌幅一度扩大至 1%。

市场消息：美国总统拜登将前往印度新德里参加 9 月 7 日的 G20 峰会，将于周五会见印度总理莫迪。

* 花旗普遍下调内地券商股目标价 首选华泰证券及中信证券

* 花旗普遍下调内地券商股目标价  首选华泰证券及中信证券

L'Occitane's stock plummeted more than 28% upon resumption of trading. As of the time of writing, it has dropped 28.42% to HKD 19.9, with a turnover of HKD 7.1988 million.

Hong Kong Stock Market | L'Occitane Resumes Trading with a Sharp Decline of Over 28% as Controlling Shareholder Decides Not to Submit Voluntary General Offer for Full Acquisition

Yimingang Technology-B made its debut on the stock market. According to the announcement, the company issued approximately 17.1472 million shares at a price of HKD 18.60 per share, with a board lot size of 200 shares. The net proceeds amounted to approximately HKD 233.4 million. As of the time of writing, the stock has risen by 13.98% to HKD 21.2, with a trading volume of HKD 4.6257 million.

New Stock First Day | Yiming Angke-B Debuts on the Market with a High Opening of 13.98% in the Morning Session

Second-quarter revenue increased by 180% YoY, a 29% increase compared to the same period in 2019. Net profit skyrocketed by 14 times, and all business segments experienced significant growth beyond expectations.

Travel Recovery, Surging Performance, Ctrip's Q2 Earnings Report "Explodes" | Financial Report Insights

Global oil industry important conference reveals information: Rise?!

Key Issue of Oil Prices: At a crucial global oil conference, industry executives are extremely optimistic about China's demand.

在厚奶生产过程中，茅台酒厂押运来价值 3000 万元的茅台，并派人盯着一瓶瓶加进原料中，最后还将瓶子集体运走，非常严格。

瑞幸，深夜公开！倒了 3000 万茅台，一瓶一瓶往里加！

The results of the Phase 3 trial of the "miracle weight-loss drug" Semaglutide have been announced, showing a 20% reduction in the risk of heart disease and stroke. As a result, Novo Nordisk's stock price skyrocketed by 17%, reaching a market value of $423.6 billion, closing in on the luxury goods giant LVMH's market value of $442 billion.

Is weight loss medication surpassing luxury brand bags? Novo Nordisk is catching up with LVMH, reaching the top in Europe?

Alibaba Cloud declined to comment on rumors of raising 10-20 billion yuan in financing before going public. Media reports suggest that Apple has placed orders for iPhone 15 in the second half of the year, and the USBC interface may not be compatible with Android. Xiaopeng Motors plans to enter the German, British, French, and other markets next year. Novo Nordisk's weight-loss miracle drug has landed in the UK. SF Holdings has submitted an application for listing to the Hong Kong Stock Exchange.

Breakfast | Top institutions warn that US stock valuations are too high, Arm's valuation may be lowered on the eve of listing.

Artificial intelligence and machine learning are expected to see a budget allocation increase in the healthcare industry, from 5.5% in 2022 to 10.5% in 2024. It highlights the specific impact of this rapidly developing field on the industry.

The AI Wave Sweeps the Healthcare Industry! Big Mo: AI Spending to Account for 11% of Healthcare Budget by 2024

俄罗斯总统普京 9 月 4 日在实施 “摩尔曼斯克液化气” 项目的会议上表示，鉴于扩大与友好国家合作的良好前景，俄罗斯正在考虑加快建设远东管线以及 “西伯利亚力量 2” 天然气管道的可能性。

普京：考虑加快建设 “西伯利亚力量 2” 的可能性

以 Bart Gysens 为首的摩根士丹利分析师表示，英国地产股是一种价值投资，而非价值陷阱。分析师们表示，在经历了艰难的一年之后，英国地产股已经出现超卖，目前这类股票的债务水平较低，且资产负债表资本充足。英国地产股今年一直不受欢迎，原因是利率上升和英国经济衰退的可能性上升提高了资本价值和租金增长面临的负面风险。数据显示，今年迄今为止，富时 350 房地产投资信托指数下跌了约 8%，而富时 300 指数上涨了 0.6%。

大摩：超卖的英国地产股已成价值投资

与 iPhone 14 相比，苹果订购的 iPhone 15 数量要更少，这可能是由于预计 2023 年下半年的全球智能手机市场将呈现疲软态势。iPhone 的供应链已经在为秋季发布的 iPhone 15 做准备，但可能不会像 2022 年那样生产那么多的设备。高级分析师 Luke Lin 称，苹果在 8 月份为 2023 年下半年的 iPhone 15 系列订购了 8000 万至 9000 万部智能手机，这比 2022 年 8 月份为 2022 年下半年的 iPhone 14 订购的 9000 万至 1 亿部要低。在 iPhone 15 系列中，iPhone 15 Pro Max 占据了最大的订单份额，其次是 iPhone 15 Pro，然后是 iPhone 15，最后是 iPhone 15 Plus。

iPhone15 系列生产或少于上代 iPhone15ProMax 或为系列生产最多机型

据报道，印度数字支付巨头 Paytm 今日推出了一款 Soundbox 设备，允许商家同时接受移动支付和刷卡支付，所支持的网络包括维萨、万事达、美国运通和印度本土支付系统 RuPay。这款新设备名为 “Card Soundbox”，售价 999 卢比（约合 12.08 美元）。除了接受支付，它还能提供即时音频支付提醒，以防止欺诈。在此之前，Paytm 竞争对手 Pine Labs 也发布一款类似的设备，成本几乎是普通的 “销售点”（PoS）终端的 1/3。

“印度支付宝” Paytm 推出支付音箱，同时支持手机和银行卡付款

European stock indices were generally flat, with overall declines in stock indices across Europe. Weight loss drug Wegovy continued to rise, with a temporary increase of over 2%, maintaining its position as the highest-valued company in Europe, surpassing LVMH. The US dollar index saw two consecutive gains before halting. Offshore renminbi broke through 7.26 during intraday trading, rising by over 100 points before reversing its gains. Brent crude oil experienced its fifth consecutive increase, while European natural gas fell by nearly 6%. London copper fell from its four-week high, while London aluminum saw its fourth consecutive gain and London tin reached a three-week high with two consecutive increases. Gold experienced a decline during intraday trading.

US stocks closed for the day, European stocks surged and then fell back, Novo Nordisk reached a new all-time high, and Brent crude oil hit a nine-month high again.

Renowned strategy analyst Michael Hartnett of Bank of America pointed out that the 10-year US Treasury bond is likely to experience an annual decline for the third consecutive year, which has never happened in US history. Inflation is bound to be stickier than the expectations of the Federal Reserve. The Fed has already completed this round of interest rate hikes and should sell stocks. Compared to the 2010s, the returns on stocks and bonds in the 2020s will be lower.