国务院总理李强日前签署国务院令，公布《未成年人网络保护条例》，自 2024 年 1 月 1 日起施行。

Microsoft will announce its financial performance for the first quarter of fiscal year 2024.

Earnings Report Preview | Microsoft Q1 Earnings Report is Coming, Can Cloud + AI Become a Revenue Generator?

传英伟达正开发 Arm 架构 PC 芯片挑战英特尔，Arm 盘前涨超 2.3%，英特尔跌近 1%。

Nordic orlistat may be able to help others solve their weight problems, but it cannot easily solve its own problems.

How exaggerated is the 'weight' of the 'weight-loss drug star' Novo Nordisk? One stock accounts for 50% of the index weight.

据外交部网站，外交部发言人毛宁宣布：应美国国务卿布林肯邀请，中共中央政治局委员、外交部长王毅将于 10 月 26 日至 28 日访问美国。

王毅将访问美国

Since Musk took over, X's advertising revenue in the United States has declined by at least 55% per month.

Musk's Worries: Most Top Advertisers Have Withdrawn from X Platform

Cathie Wood 旗下分析师认为，Cybertruck“难产” 对特斯拉来说并不是问题。最重要的是，特斯拉在自动驾驶领域遥遥领先！

“女股神” 为何又在看涨特斯拉？

The three-month interbank lending rate, which reflects the cost of bank funds, has slightly increased to 5.23060%, reaching a new high in the past week.

Hong Kong Dollar Interest Rates Rise Across the Board, Overnight and One-Month Rates Reach One-Week Highs

TikTok has joined the battle of instant retail.

Borrowing money to buy NVIDIA chips and using these chips as collateral, can this "bold gamble" make money? H100 has become a new type of "collateral asset", as long as NVIDIA chips continue to "dominate" the market, cloud service providers can be profitable.

The "Ponzi Game" of GPUs?

A Wall Street prophet who predicted a rebound in the stock market in the first half of this year has stated that we should not expect a significant surge in the US stock market anytime soon.

A strategist who previously predicted a rebound in the US stock market in the first half of the year now believes that the S&P 500 index will remain stagnant.

亚洲市场早盘惨绿，香港地区、韩国、日本主要指数齐跌。

“全球资产定价之锚” 剧烈震荡 亚洲市场全线下跌

比特币价格自 2022 年以来首次触及 35,000 美元关口。

The government has announced that the Legislative Council will hold a meeting tomorrow (25th) at 11 am, during which the Chief Executive, Mr. Li Ka-chiu, will deliver the "Policy Address". (ha/w)

Lee Jia Chao will deliver the Policy Address tomorrow morning at 11 o'clock.

中国恒大盘中跌幅一度超过 21%，目前跌幅收窄至约 14%。

据财政部网站消息，根据国务院副总理、中美经贸中方牵头人何立峰和美国财政部部长珍妮特·耶伦 7 月在北京会谈期间达成的共识，10 月 24 日，中美经济工作组以视频方式举行第一次会议。此次会议由两国财政部副部长级官员主持。双方就两国及全球宏观经济形势和政策、双边经济关系、合作应对全球挑战等议题进行了深入、坦诚、建设性的沟通。中方表达了中方的关切。双方将继续保持沟通。

中美经济工作组举行第一次会议

* 大摩上调拼多多目标价至 140 美元 料 Temu 2026 开始有利润

* 大摩上调拼多多目标价至 140 美元  料 Temu 2026 开始有利润

Overall, the Hang Seng Index is showing a positive bias around the 17,000 level, with more positive factors. There is a possibility that breaking below 17,000 could create a bear trap.

Intelligence Decision Reference | The key to the Hang Seng Index stabilizing lies in whether incremental funds can enter quickly.

恒指低开 0.69%，恒生科技指数跌 0.04%。携程集团涨超 4%，小鹏汽车涨超 2%；华虹半导体、京东跌超 1%。

The 'Pandemic Warrior' Bill Ackman and the 'Old Bond King' Bill Gross, the most famous bearish figures on US bonds, have both stated that the historic collapse of US bonds has gone too far. At the same time, Hartnett, the top bearish strategist for US stocks, has indicated that the timing for a tactical rebound in US stocks will be at the end of the year.

What happened? The most famous bears in the US bond and stock markets suddenly shouted in unison, "It's over."

此次和中东合作伙伴两项战略合作协议与备忘录的签署，标志着中东资本市场、产业市场对 BeyonCa 的高度认可。

沙特资本入局，东风汽车涨停！

邹迎光已接任中信建投总经理一职，曾担任中信证券固定收益部行政负责人。

重磅！又一家中字头券商迎来新掌门？

Tencent Holdings will announce its 3Q23 earnings report on November 15th. Several securities firms have provided their analysis reports on the company's performance in the third quarter. Among them, CITIC Securities predicts that the company's revenue in 3Q23 will reach 152.8 billion yuan, a year-on-year increase of 9.1%.

Tencent Holdings' Performance Outlook: Healthy Growth Expected in Q3 for Gaming and Advertising, Unleashing the Value of Business Ecosystem

字节跳动正在重新考虑字节跳动 VR（虚拟现实）业务 PICO 的战略定位。从多位知情人士处独家获悉，近期 PICO 多位核心业务负责人相继离职和调岗，今年上半年，PICO 副总裁任利锋已实际意义上处于离职状态，长期不负责 PICO 的业务管理，但仍挂职在公司内。据内部员工称，PICO 此前高峰期员工数量超过 2000 人，其中市场部门员工离职约 2/3，技术部门流失率稍低，目前整体离职员工数量接近高峰时期的一半。当天晚些时候，PICO 相关负责人回复称，公司会保持产品正常运营，并持续加强在产品技术方面的投入。

字节系元宇宙业务转向？PICO 近半员工离开，多名高管离职调岗

NVIDIA has started developing personal computer chips based on the ARM architecture for Microsoft's Windows operating system. The chip is expected to be released as early as 2025. This latest move by NVIDIA is part of the joint effort between Microsoft and chip companies to build ARM-based processors for Windows PCs.

Intel faces strong competition! NVIDIA develops personal computer chips based on ARM architecture.

The US stock market opened lower as the 10-year Treasury yield rose above 5%, but later rebounded as the yield retreated, leading to a midday rally. However, the Dow Jones and S&P 500 erased their gains to reach a four-and-a-half-month low, while the Russell small-cap index hit a one-year low. Chip stocks fell in the final trading session, but Nvidia and Arm bucked the trend and rose. The China concept index rose nearly 1%, leading the way with strong performance. Hedge fund guru Bill Ackman closed out his short position on long-term US bonds, and the two-year Treasury yield hit a new low for the week. Oil prices hit a weekly low, with Brent crude falling below $92 and $90 per barrel. The US dollar index hovered near a four-week low, with the offshore yuan approaching 7.31 yuan, and Bitcoin rising above $30,000 and $31,000. Gold retreated from a five-month high, while London copper touched an 11-month low before rebounding.

US stocks reversed the V-shaped trend, with only the Nasdaq rising, while long-term bond yields plunged 20 basis points after reaching a 16-year high, and oil prices fell 3% during the session.

Recently, there have been analyses suggesting that Apple will integrate generative AI into the iPhone and iPad as early as next year. It is likely that they will combine cloud AI and "edge AI" and may introduce generative AI features starting from iOS 18 and iPadOS 18.

Apple is quietly investing $1 billion a year in AI.

In recent times, the macroeconomic data in the United States has been positive, but inflation remains high, putting the Federal Reserve in a dilemma of whether to continue raising interest rates. A former Federal Reserve economist wrote an article stating that there may be risks in raising interest rates when economic growth is above trend levels because "trends" are difficult to predict accurately. As a comparison, former Federal Reserve Chairman Greenspan wisely paused interest rate hikes in the mid-1990s, and now Powell is also facing this decision.

US Economic Data Beats Expectations: Is Powell's "Greenspan Moment" Coming?

Another internet giant has retired.

KK 集团，一家潮玩零售商，与大摩合作，继续向港股市场发起冲击。

Chevron has agreed to acquire Hess for $53 billion. This is the second major deal in the US oil industry in just a few weeks.

Another major deal in the US oil industry! Chevron has agreed to acquire Hess for $53 billion.

美股股指期货继续走低，标普 500 指数跌 0.37%，道指期货跌 0.35%，纳指期货跌 0.39%，此前 10 年期美债收益率再度触及 5% 关口。

首届链博会将于今年 11 月 28 日至 12 月 2 日在北京中国国际展览中心顺义馆举行，由中国贸促会主办，设置了 5 大 “链条” 和供应链服务展区

第一届链博会要来了！特斯拉、宁德时代确定参展，苹果也在潜在名单？

英伟达 Eureka 在超过 80% 的任务中都超越人类专家，让机器人平均性能提升到 50% 以上。而且，近半数研究人员都是华人。

用 GPT-4 训练机器人！英伟达最新 Agent 开源：任务越复杂越拿手

Intel will announce its third-quarter earnings on the morning of October 27th, Beijing time.

Earnings Report Preview | Will a 35% increase in stock price this year help Intel continue to rebound in Q3 performance?

The road to full commercialization of solid-state batteries is still long.

Embracing Electrification: Media Reports Toyota is Close to Mass Production of Solid-State Batteries

过去三年里，它靠价格战杀出重围，在竞争激烈的快递市场争得一席地，背后承压的却是持续的业绩 “出血” 以及众多加盟商在陪跑。此次推开资本市场大门后，极兔还能继续狂飙吗？

舍命狂奔三年，极兔速递等待上市 “输血”

After experiencing a decline for 12 to 14 months, analysts have gradually started revising their revenue forecasts for the company, indicating that market sentiment is finally beginning to strengthen.

Earnings Report Preview | Search advertising business rebounds, Alphabet's revenue growth is expected to return to double digits.

李志青：中国企业 ESG 已经完成了从 0 到 1 的突破，接下来需要寻求大量资本融入绿色发展的路径，服务好实体经济绿色发展和高质量发展。

从一到多：ESG 与企业价值

Just had a short meeting, and the IPO window for US stocks has closed again.

In the coming week, major US tech companies will release their earnings reports one after another.

Earnings reports from US tech giants are bombarding us! It's a crucial moment that determines global risk appetite.

天眼查 App 显示，近日，深圳市比亚迪锂电池有限公司发生工商变更，王传福卸任法定代表人、董事长，由何龙接任。

王传福卸任比亚迪锂电池董事长

General Motors and Ford will announce their third-quarter earnings and future guidance this week. Currently, the strike and contract negotiations led by the United Auto Workers (UAW) are still ongoing.

Earnings Report Preview | General Motors and Ford's Earnings Reports are Coming! The Impact of Strikes will soon be revealed.

Royal Bank of Canada Capital Markets stated that the frenzy surrounding a new type of weight-loss drug has caused a partial stock market crash, making food companies appear more attractive.

Refuting the "GLP-1 bear market theory"! RBC argues that the market's panic over food and beverage stocks is excessive.

The 'Seven Sisters' are expected to drive most of the market's growth, and with US bonds now offering investors a relatively low-risk option, it means that these companies' earnings reports have little room for disappointment.

Tesla's "unfavorable start", is the tech giant's earnings report meeting a "disaster day" for the US stock market?

上证指数在巴以冲突后至今-4%，去年俄乌冲突相同时间跨度后，-7%；恒生指数在巴以冲突后至今-2%，呈先涨后跌态势，去年单边下行，幅度-13%。

巴以对比俄乌：大类资产怎么走

刘慈欣、郝景芳后，第三位获得雨果奖作品奖的中国科幻作家。

金融圈"爆了"！招行 90 后员工获 “雨果奖”！

路透底特律 10 月 20 日 - 美国汽车工人联盟 (UAW) 主席 Shawn Fain 周五警告说，除非底特律三大汽车制造商改善工资和福利待遇，否则美国卡车和运动型车 (运动休旅车，SUV) 工厂将举行更多的罢工。

美国汽车工人联盟向底特律车厂施压，要求提高待遇并威胁更多罢工

美债利率对行情仍有制约，短期美国部分经济数据依然强劲，但景气预期指标均开始走弱，年内美联储再次加息概率不大，静待美债供需关系改善推动长端利率走弱。

中信证券：静待美国长端利率走弱

中东乱局冲击能源供应，油价和美债双双承压，标普指数坚守住 4200 点至关重要。