Meta 和 IBM 联合成立 AI 联盟，有 50 家全球知名机构加入。该联盟旨在培育开放社区，共享和开发满足各地需求的解决方案。该联盟将加速人工智能领域负责任的创新，并确保科学严谨性、信任、安全、保障、多样性和经济竞争力。AI 联盟将启动或加强项目，包括开发和部署基准和评估标准、工具和其他资源，以负责任地开发和使用 AI 系统。这是一个重大的业务事件。

Meta 和 IBM 成立「AI 联盟」！50 家知名机构加入，网友：AI 版复仇者联盟？

中信集团公告，奚国华任中国中信集团有限公司党委书记。奚国华此前担任中国中信集团有限公司副董事长、总经理，目前还担任多家公司的副董事长、总经理。奚国华在多个场合发表公开发言，表示中信集团将贯彻落实中央金融工作会议精神，加强创新引领、技术攻关和开放合作。此外，他还表示中信集团将推动种业科技自立自强，为国家种业发展作出贡献。

中信集团党委书记迎新，原副董事长奚国华晋升

投行人兼任独董争议暗起，海电运维 IPO 乘 “抢装潮” 东风后何去何从？海电运维因券商投行执行董事兼任独董而引发争议。虽然表面上看兼任没有问题，但投行一般不会允许相关从业人员担任拟上市公司的独董。海电运维的第二大股东新思路与保荐机构中信建投存在潜在联系。施娟担任海电运维独立董事期间兼任财通证券投行部执行董事，符合规则。

投行人兼任独董争议暗起，海电运维 IPO 乘 “抢装潮” 东风后何去何从？

This year, Microsoft and Meta became the largest buyers by purchasing 150,000 H100 GPUs from NVIDIA. Tencent purchased 50,000 H800 GPUs, while BIDU-SWR and Alibaba bought 30,000 and 25,000 GPUs respectively. Companies such as Alphabet-C, Amazon, and Oracle also rushed to purchase 50,000 GPUs. Chinese tech giants Tencent, BIDU-SWR, and Alibaba have become major customers of NVIDIA chips. In addition, the startup cloud service provider CoreWeave also acquired 40,000 GPUs. NVIDIA allocated a large number of new cards and directly invested in CoreWeave to support its growth.

Who grabbed the most NVIDIA GPUs this year?

美股三大指数期货上涨，纳斯达克 100 指数期货涨 0.4%，标普 500 指数期货涨 0.3%，道指期货涨 0.2%。

Bitcoin broke through the $44,000 mark, reaching its highest level since April 2022. Bitcoin has risen over 160% this year, and the increasing demand for the highly anticipated US Bitcoin Exchange Traded Fund (ETF) has further boosted its upward momentum. Meanwhile, Ethereum has risen 88% year-to-date. Investors are also looking forward to the Bitcoin halving, which is expected to occur in the spring of 2024. The settlement between Binance and the US Department of Justice is seen as a major obstacle to cleaning up the cryptocurrency industry following the FTX incident.

Breaking through the $44,000 mark! The prospect of a Bitcoin ETF boosts market confidence.

SoftBank, led by Masayoshi Son, plans to acquire Cubic Telecom in Ireland to enter the field of connected cars. SoftBank will pay 473 million euros to acquire a 51% stake in Cubic Telecom, which will increase Cubic's valuation to over 900 million euros. The transaction is expected to be completed in the first half of next year. Cubic provides network connectivity services to approximately 17 million vehicles worldwide, and SoftBank hopes to accelerate global expansion through this collaboration. Citing a McKinsey research report, both companies believe that the connected car market is expected to generate billions of dollars in revenue by 2030, with approximately 95% of new cars equipped with network connectivity. This acquisition will help Cubic expand its market share.

Son Masayoshi "Fierce Investment" in Autonomous Driving

Recently, there are two major catalysts for Apple's stock price: the expected rebound in smartphone shipments next year + the boost from FII's performance!

After regaining a market value of $3 trillion, can the "stock king" Apple continue to rise?

随着比特币在过去 24 小时内上涨 4.8%，截至 8 月被报道为第三大比特币持有者的 Robinhood Markets 周二收涨逾 10%，盘后续涨近 3%。上周日，全球市值最大的加密货币比特币突破 4 万美元，达到 2022 年 5 月以来的最高水平，部分原因是市场对美国证券交易委员会 (SEC) 将批准现货比特币 ETF 持乐观态度。周三，该代币延续涨势，一度突破 4.4 万美元。据 CoinDesk8 月的报道称，Arkham Intelligence 的数据显示，Robinhood 持有一个加密货币钱包，里面有超过 30 亿美元的比特币，是仅次于币安和 Bitfinex 的第三大比特币持有者。在过去的一周里，Robinhood 的股价上涨了 26%，超过了比特币 18% 的涨幅。周一，Robinhood 公布了其 11 月交易量的初步细节，包括加密货币名义交易量环比上涨约 75%。

比特币涨势凶猛 第三大比特币 “巨鲸” Robinhood 跟随收涨逾 10%

10 月 JOLTS 职位空缺数超预期下滑，释放就业市场降温的迹象，加强了美联储明年可能降息的预期。美国国债收益率下滑，美股表现不一。苹果和英伟达等科技股支持下，纳指转涨。中概股整体下挫，蔚来汽车股价盘中一度大涨。美元指数上升，离岸人民币跌破 7.17。比特币创新高，原油价格创新低。中国财政部称中国经济持续恢复向好，预计四季度将保持回升向好态势。投资者对美联储明年降息的预期存在风险。

就业市场降温助美债反弹，科技股给力纳指转涨，原油创五个月新低，比特币续创新高

最近比特币价格飙升超过 50%，达到近两年来的最高水平。根据 CCData 数据，韩国加密货币交易员的影响力也在增加。11 月，韩元成为比特币中最大的法定货币交易对，占据 42.8% 的市场份额。韩国加密货币社区因 Terra 崩溃而受到打击，但许多加密货币公司仍认为韩国提供了巨大机会。韩元市场份额的增加和美元的减少反映了这一趋势。

CCData：近期比特币涨势韩国加密货币交易员影响力跃升

巴克莱遭卡塔尔大金主减持 6 亿美元股票，股价下跌超 4%。卡塔尔投资局将股票出售给美国银行和花旗，巴克莱遭受重击。此前卡塔尔投资局在金融危机时期帮助巴克莱避免救助，此次减持对巴克莱来说意义重大。巴克莱正在考虑削减成本，并将公布战略和重组计划。

昔日 “救命恩人” 超 6 亿美元抛售！巴克莱遭卡塔尔大金主砍半减持

蔚来汽车董事长兼 CEO 李斌在电话会上透露了一些公司的重要信息。他表示，蔚来已完成第二品牌阿尔卑斯的试制，自主制造成本将下降 10%，充电桩业务已经盈亏平衡。此外，蔚来将于 12 月 23 日的 NIO Day 上发布一款全新旗舰车型，并表示将加大对纯电市场的转型。财报显示，蔚来三季度营收为 190.7 亿元，净亏损为 45.57 亿元，车辆交付量达 5.5 万辆。总体而言，蔚来汽车在发展和财务方面表现良好。

蔚来电话会：自主制造成本将下降 10%，即将发布全新车型或成 “新标杆”

黄金持续上涨后，分析师预计白银将是下一个上涨的贵金属。目前银金比率超过 81:1，表明银价被低估。历史上，当银金差价较大时，银会表现优于黄金，并且在短时间内大幅上涨。Euro Pacific Capital Inc.的首席执行官指出，现在购买银是划算的。同时，预测未来 10 年银的需求将翻倍，光伏及电动车对白银的需求旺盛。

黄金大涨后，下面轮到白银了？

French AI startup Mistral AI's latest round of financing is in its final stages, with a valuation of approximately $2 billion. Shareholders include A16z, Nvidia, Salesforce, and others. The company, founded less than a year ago, has been hailed as the "European version of Open AI." All three founders of Mistral are core founders of Llama, and they have made a name for themselves in the field of AI with their development efficiency and open-source advantages. Previously, Mistral raised $113 million in seed funding.

Mistral, a competitor of Open AI, is valued at nearly $2 billion and has prestigious shareholders such as A16z and Nvidia.

According to the data from Zhitong App, as of the close on December 5th, there were 31 stocks that hit a 52-week high. Among them, Wei Qiao Textile, Jin An Industrial, and Jianhong Group Holdings ranked in the top three with a high rate of 79.78%, 47.25%, and 44.62% respectively. In addition, there were 298 stocks that hit a 52-week low. Among them, Ding Yi Feng Holdings, Ke Di - B, and Zhu Guang Holdings ranked in the top three with a low rate of -35.16%, -17.35%, and -14.92% respectively.

Zhitong Hong Kong Stock 52-Week Highs and Lows Statistics | December 5th

IBM released the quantum computing chip "Heron" and the quantum computer IBM Quantum System II, and made plans to produce a supercomputer in 2033. The Heron processor has three to five times better performance and a 2/3 lower error rate than previous quantum processors. IBM has also demonstrated a new modular system that promises to produce compelling quantum machines by 2033.

IBM has announced the release of a quantum computing chip and plans to build a supercomputer within 10 years.

特斯拉知名多头加里·布莱克认为，这款电动皮卡在美国市场的潜力被低估了，可能会进一步推动特斯拉的盈利增长。此外，Cybertruck 的成功将使特斯拉能够在几年内推出更小、更便宜的版本，并出口到欧洲和亚洲。这一预测对特斯拉的股价和市值也有积极影响。

2027 年 Cybertruck 交付量有望达 60 万辆？！

海归 “厂二代” 转向 To C 赛道，背靠跨境电商平台 Temu 实现 “自救”。通过入驻 Temu，厂二代们迎头赶上了中国新兴跨境电商平台的高增长。据 36 氪报道，今年第三季度 Temu 的销售额已经突破 50 亿美金，拼多多的市值也已超过阿里巴巴。中小工厂近年来面临订单下滑、利润降低的困境。厂二代们的转型成为让工厂 “活下去” 的主要路径。

海归 “厂二代” 自救：Temu 崛起与中国外贸叙事变迁

参考一下拼多多和瑞幸，也是要狠狠大跌后才能有目前的翻倍行情。按照港股短期状况，美团或药明估值都贵了，且最重要下跌逻辑还未结束，没有足够的空间吸引机构进场。美团要看抖音带来的竞争，药明则最决于宏观环境，虽然后者的因素较容易好转，但在这次指引变脸下，可能需要时间让机构重新建立信心。

又是港股痛苦的一天！后市继续多灾多难？

Competition with Douyin has already begun to erode MEITUAN-W's profits, and the future performance growth is also not optimistic. The recent large-scale personnel adjustments and widespread reshuffling of personnel imply MEITUAN-W's anxiety in market competition!

Meituan "Looking Inward"

半导体行业分析师普遍认为，随着个人电脑和智能手机市场库存调整消退，加上人工智能工作负载的需求增加，明年半导体市场将恢复增长。根据 Gartner 的预测，2024 年全球半导体收入预计将增长 16.8%，达到 6240 亿美元。然而，Gartner 也指出，2023 年全球半导体收入将下降 11%。分析师表示，需求与供应平衡以及人工智能处理器和内存市场的增长将推动半导体行业在 2024 年反弹。

芯片，全面复苏？

Meizu announced that it will enter the automotive industry and launch its first new energy vehicle, the MEIZU DreamCar MX. This move is one of the trends of smartphone manufacturers collectively entering the automotive industry. There are three main reasons why smartphone companies are venturing into car manufacturing: first, the automotive industry is gradually shifting towards electrification, and smartphone manufacturers have the ability to enter the electric vehicle manufacturing field; second, the new energy vehicle market is maintaining growth, providing manufacturers with greater growth potential; third, smartphones and cars are closely connected as two major consumer electronic products, and smartphone manufacturers entering the new energy vehicle industry can meet the needs of mobile travel and smart living.

Meizu's entry into the automotive industry is fueled by GEELY AUTO's courage | Insight Research

In 2023, the size of China's responsible investment market exceeded CNY 33 trillion, maintaining a high growth trend. The size of the green credit market was CNY 28.58 trillion, with a total sustainable securities investment of approximately CNY 3.66 trillion and sustainable equity investment of approximately CNY 0.82 trillion. In terms of institutional responsible investment practices, public fund institutions are leading other types of institutions. The number of ESG investment products has significantly increased, but the scale has declined. Overall, ESG-themed products outperform ordinary products in terms of "ESG volume".

Responsibility Investment Forum | China Responsible Investment Annual Report 2023: China's responsible investment scale exceeds CNY 33 trillion.

汇丰预计明年底内地 GDP 增长 5.2%，认为市场过度担心内地经济放缓风险。港股估值已反映很多悲观预期，明年受惠外围改善，对明年底恒指目标看好，而且中央政府应会加推更多房地产板块扶持政策。

市场过度悲观？明年底恒指目标 19890 点！

高盛策略师建议卖出明年 6 月到期的 SOFR 相关看涨期权。专家指出，资金流动力已经耗尽，有理由增加对冲投资组合，预计下周可能出现波动触发因素！

美股年末还会涨吗？华尔街狂泼冷水：反弹资金流动力已完全耗尽！

美国货运巨头 Yellow Corp 通过出售资产筹集逾 20 亿美元。（华尔街日报）

After both Bitcoin and gold rose on Monday, the price of gold plummeted while Bitcoin continued to rise. This is because Bitcoin is seen as a victory for risky assets rather than a safe haven asset. The increasing expectation of a rate cut by the Federal Reserve has heightened investors' interest in risky assets. Investors currently hold record levels of cash and are eager to make new investments, which has contributed to the rise of risky assets such as Bitcoin. The rise of Bitcoin is mainly driven by the optimistic sentiment that the U.S. Securities and Exchange Commission may soon approve ETFs for direct investment in cryptocurrencies, unrelated to macroeconomic factors. The rise in gold prices does not seem to be as strong as Bitcoin, and the price of gold has yet to break through the high point of 1980.

Why did gold prices plummet and Bitcoin continue to rise after both broke through on Monday?

全球药企竞相进军减肥药市场，由 GLP-1 引爆的减肥风潮已席卷全球，巨大的需求打开了千亿美元级别的市场空间。国内外企业纷纷抢滩，诺和诺德与礼来领跑，罗氏则是最新加入的跨国大药企。国内药企信达进度领先，恒瑞、华东医药、石药集团、豪森和中国生物制药等也纷纷下注。整个减肥药赛道的竞争激烈，成为全球金融编辑关注的焦点。

全球药企的减肥梦

According to Wall Street Journal, the market expects the Federal Reserve to cut interest rates multiple times next year, with a predicted reduction of 1.25 percentage points, equivalent to five rate cuts of 25 basis points each. Despite Powell's dampening remarks on rate cuts, the market still believes that there is a greater possibility of interest rates falling below 4% next year. A stock strategist from Morgan Stanley stated that the Fed has not truly changed its guidance during this period, but the views of the bond market are crucial. Deutsche Bank predicts that the Federal Reserve may cut interest rates seven times next year, with a reduction of 175 basis points.

How strong is the dovish expectation? The market prices in 5 interest rate cuts next year.

药明生物的项目增长缓慢和竞争对手强劲是导致业绩下调的原因之一。市场最为紧绷的情绪点到底在哪？困住 CXO 龙头、纷纷下调业绩预期的枷锁是何？被寒气侵蚀后的 CXO，何时才能恢复元气？

药明生物暴跌，CXO 全线飘绿背后：缺少 “预言家” 的狼人杀

罗宾汉市场公司：11 月加密货币名义交易量比 2023 年 10 月水平高出约 75%。

金价在过去几个月持续上涨，创下历史新高，引起了市场的关注。市场解释指出，此次上涨主要是由于美联储降息预期增强所致。尽管实际利率上升和通胀预期稳定应该导致黄金的吸引力下降，但金价却呈现出强势。过去的数据显示，金价与实际利率之间的关联在 2008 年后变得越来越显著，而在 2004-2006 年的加息周期中出现了 “格林斯潘之谜”。因此，金价走势仍需要密切关注。

金价的 “格林斯潘之谜”

Swiss pharmaceutical giant Roche has acquired weight loss drug developer Carmot Therapeutics for $3.1 billion, sparking competition in the global weight loss drug market. Roche will pay $2.7 billion as an initial payment, with the potential to pay up to an additional $400 million based on specific targets. Carmot's products include gut hormone candidate drugs for treating obesity in both diabetic and non-diabetic patients, with the most promising being CT-388, a GLP-1/GIP dual receptor agonist. Roche's goal is to make CT-388 the best obesity drug and compete with similar drugs from companies like Novo Nordisk and Eli Lilly.

Swiss pharmaceutical giant enters the weight loss drug market! Roche acquires Carmot for $3.1 billion.

The growth of electric car sales in Europe is slowing down, with consumer dissatisfaction with factors such as range, charging convenience, and price becoming limiting factors. German car manufacturers have lowered prices to promote sales, and the inadequate charging infrastructure in Europe is also a limiting factor. Companies such as Tesla, Volkswagen, and Mercedes-Benz predict an unfavorable market outlook.

Demand drops significantly + inadequate charging infrastructure, the European electric vehicle industry is in decline

萨尔瓦多总统表示，随着加密货币上涨至 42000 美元区域，该国的比特币投资现已盈利超过 300 万美元。

萨尔瓦多总统称该国的 BTC 投资盈利已超过 300 万美元

胜利证券与 EMC Labs 宣布推出合规比特币基金 Victory EMC BTC Cycle Fund，已获香港证监会批准投入市场。该基金面向合资格专业投资者，以数据挖掘和产业研究为基础，对比特币进行主动周期性配置。胜利证券是香港首家获得虚拟资产交易、咨询和资产管理服务牌照的持牌法团，此次合作将进一步巩固其在虚拟资产领域的领先地位。

胜利证券与 EMC Labs 联合推出合规比特币基金

2024 年，券商普遍认为中国经济将释放更好的活力，政策将总体偏向扩张，需求回暖将带动 CPI 和 PPI 温和回升，出口有望处于修复周期。预计 2024 年全年实际 GDP 增速可能为 5% 左右。券商认为明年财政和准财政将继续发力，货币政策利率趋下行，降准和降息都有可能。预计 2024 年金融市场形势将边际好转。

十大券商 2024 年经济展望：中国经济 “活力释放” 稳经济政策 “总体偏扩张”

大盘已走成了下降通道，需要保存实力，不要回撤过大。增量资金入市对市场带来一丝光亮，但量和想象中差距太大。美联储将 “谨慎行事”，对通胀降至 2% 有更多进展持谨慎态度。药明生物在经营交流会上预计药物开发营收下降 1...

智通港股解盘 | CXO 逻辑生变遭遇滑铁卢 恒指空头排列宜保存实力

比特币飙升至 41800 美元，推动了美国加密货币相关股票的涨幅。Coinbase、MicroStrategy、Riot Platforms 等股票涨幅均在 9% 至 19% 之间。交易员对美联储降息的信心增强，同时人们对比特币现货 ETF 的批准也持乐观态度。比特币今年已经飙升了大约 150%。根据 Bloomberg 分析师的预计，SEC 最早将于明年 1 月批准比特币现货 ETF。

美股异动 | 比特币飙升至 41800 美元 加密货币股盘前大涨

Bitcoin Vault 宣布在 P2B 加密货币交易所上线。

比特币触及 42000 美元，日内大涨 5.6%，续刷 2022 年 4 月以来新高。

格灵深瞳股价因其自主研发的跨年龄同亲缘人脸比对算法在寻亲中的成功应用而上涨。该公司的主营业务包括智慧金融和城市管理，其中智慧金融占据主导地位，为农业银行、建设银行等客户提供服务。城市管理业务主要涵盖治安、交通及社区管理。与海康威视不同，格灵深瞳的城市安防业务更注重软件和算法。公司目前的策略是售卖软件系统，由下游集成商进行集成后再卖给政府部门。公司表示智慧金融、城市管理和商业零售等领域都是下游落地场景，但有的领域已有成熟产品，有的还在试点阶段。

助亿万富豪成功寻亲股价起飞 ，格灵深瞳年内能否扭亏

国家新闻出版署发布 11 月国产网络游戏审批信息，共 87 款游戏获批。

Morgan Stanley predicts that the price of gold is expected to rebound significantly in 2024, reaching $2,300. Analysts at Morgan Stanley believe that the Federal Reserve's interest rate cuts and geopolitical uncertainties will drive the price of gold higher. At the same time, Morgan Stanley predicts that Brent crude oil will remain in the range of $80-90 per barrel next year, about $10 higher than the current level. Despite the poor performance of commodities this year, Morgan Stanley remains optimistic about the future trends of gold and oil in the next two years. It is expected that the Federal Reserve's interest rate cuts in the second half of 2024 and the first half of 2025 will trigger a significant rebound in the price of gold, pushing it to new highs. Morgan Stanley predicts that as real yields decline, the price of gold may rise.

J.P. Morgan's 2024 Commodity Outlook: Fed Rate Cuts Boosting Gold, Expected to Break Through $2300

According to the data from Zhitong App, as of the close on December 4th, there were 49 stocks that hit a 52-week high. Among them, BESTSTUDY EDU, GOLDEN THROAT, and MS GROUP HLDGS had the highest growth rates, which were 31.63%, 24.75%, and 20.93% respectively. In addition, there were 209 stocks that hit a 52-week low. Among them, YOUJU HOLDINGS, KEEP, and JINTAI ENERGY HOLDINGS had the lowest decline rates, which were -25.37%, -24.30%, and -20.00% respectively.

Zhitong Hong Kong Stock 52-week Highs and Lows Statistics | December 4th

金价创高，黄金 ETF 热度升温。近期黄金 ETF 净值创历史新高，规模回升。最近一月 14 只黄金 ETF 流入 5000 万份份额，约 2.5 亿。最近一季度流入 3.57 亿份，半年流入 10.2 亿份。新增黄金 ETF 集中在 9 月，包括华夏、广发、富国、工银瑞信等 10 家公募基金。部分基金公司所管产品未得市场认同。黄金 ETF 再度受到关注。

金价创高，黄金 ETF 热度升温

韩国散户投资者偏爱美国科技股杠杆型交易所交易基金 (ETF)，持有特斯拉和 FAANG 等股票。其中，Direxion-3 倍做多半导体 ETF 近期涨幅达 140%，而 Direion Daily-3 倍做多 20 年期以上国债 ETF 则下跌 30%。韩国个人投资者今年已向美国上市的杠杆和反向 ETF 投资了 23 亿美元，比去年增加了三倍。他们选择投资 ETF 的原因包括养老金制度不足、生活成本高企以及对风险投资的普遍偏好。韩国散户希望通过杠杆 ETF 获得更高的回报。

韩国散户偏爱美国科技股杠杆 ETF 携资数十亿美元狂买

库克将发布一款被寄望改变世界的混合现实新品 Vision Pro，有望成为和乔布斯一样的伟大商业领袖。苹果正在加速更新 VisionOS，开发了数量庞大的应用。库克近期的中国行有望降低第二代 Vision Pro 的造价，Vision Pro 的高成本短板也正在消解。如果 Vision Pro 能改变人与物理世界的交互方式，创造出全新的产业，库克就能和乔布斯一样，成为不朽。

赛道 Hyper | 成为乔布斯：库克力推 Vision Pro

中国工信部原部长苗圩表示，中国汽车市场正发生深刻变化，智能网联汽车产业发展将成为转型成功的标志。他认为，新能源汽车已经形成对传统燃油汽车的取代之势，预计 2035 年超过 50% 的新能源汽车目标可能会提前至 2025 年或 2026 年实现。