恒指开盘跌 0.96%，恒生科技指数跌 1.27%。

亚洲股市在隔夜美股下跌的影响下出现下跌。标普 500 指数和纳斯达克 100 指数下跌，澳大利亚、日本和韩国股市也出现下跌。油价下跌，金价趋于稳定。美元和欧元基本持平，离岸人民币基本持平。比特币和以太币上涨。大宗商品方面，WTI 原油下跌，现货金上涨。整体来看，亚洲股市下跌，大宗商品价格出现波动。

亚市早盘：亚洲股市下跌 追随隔夜美国股市跌势

The US stock market is approaching historical highs, but it is facing significant selling pressure. Disappointing earnings reports from FedEx and General Mills have dampened the optimism for a "resilient" consumer cyclical rebound. Some investors have been buying a large number of put options on the S&P 500 index, which may exacerbate the market sell-off.

Understanding the Market | Suddenly Crashed! What Happened to the Overnight US Stock Market?

For the first time in decades! In Japan, you can finally earn interest on your savings.

A Landmark Event! After a decade of "zero interest rates on deposits," the Japanese banking industry has started raising interest rates.

OpenAI 的 ChatGPT 新增了聊天存档功能，用户可以保存聊天记录并进行精细化管理。这个功能对于科研、医疗、写作、金融、律师等行业非常有帮助，用户可以构建自己的文本资料数据库。聊天存档功能可以保证数据的准确性，方便用户回顾聊天记录和与他人共享。

ChatGPT 新增聊天存档功能，可构建自己的聊天数据库啦！

2024 年货币政策的三个 “锚”：汇率约束、银行成本、通胀水平。预计明年货币政策将逐步趋稳，注重资金直达实体，工具进退可控。降息方面，可能小于 MLF；降准方面，存在调降空间，但或难成为临时补充流动性的最优选择；信贷投放将注重质量和定向性。关注汇率升值超调，可能成为宽松的触发器。2024 年央行面临的目标权衡与能力边界将影响货币政策取向。

2024 年中国货币政策的三个 “锚”

Philadelphia Fed President Harker believes that the pace of economic slowdown in the United States seems to be faster than the government data shows. While the Fed does need to start cutting interest rates, there is no need to take immediate action.

Dovish officials refute optimistic market expectations: Rate cuts are necessary, but not immediate

Micron Tech's revenue for the first quarter of the fiscal year exceeded the company's revised guidance, while the loss was lower than expected and narrowed by 21% compared to the same period last year. It is expected that the revenue for the second quarter will increase by up to nearly 50% beyond expectations, and the EPS loss will narrow by up to 80% beyond expectations. Micron Tech stated that memory chip prices will rise in the next two years, and high-bandwidth memory revenue for this fiscal year is expected to reach hundreds of millions of dollars.

Chip recovery is improving, Micron Tech's previous quarter's revenue exceeded expectations by nearly 16%, and this quarter's guidance is even stronger. After the market closed, the stock jumped more than 5% | Earnings Report

摩根士丹利投资管理公司的 Jim Caron 表示，该公司正准备迎接未来 “艰难” 的一年。但部分一贯看涨的人士，包括 Fundstrat Global Advisors LLC 的 Tom Lee、Oppenheimer Asset Management 的 John Stoltzfus 和 BMO Capital Markets 的 Brian Belski 却预计会反弹，理由是过度悲观。Carson Group Holdings LLC 的 Ryan Detrick 预计经济表现坚韧将推动股市上涨，此外美国银行的 Savita Subramanian 年中掉头看多，从者如云。

押中美股反弹的少数机构预计 2024 年还能进一步上涨

The three major US stock indexes all fell more than 1%, with the Nasdaq and Dow Jones experiencing the largest decline in at least two months. The Dow Jones ended its five-day streak of hitting new all-time highs. FedEx shares fell 12% after the earnings report, leading the decline in the S&P 500. Tesla dropped nearly 4%, while Alphabet-C bucked the trend and rose more than 1%. Nvidia fell over 3%, marking its largest decline in nearly two months. Micron shares briefly jumped more than 5% after the earnings report. Chinese concept stocks retreated, with a decline of over 3%. NIO-SW fell 10% and Gaotu Education dropped 12%. UK stocks rose 1% after the release of the CPI data. The yield on 10-year UK bonds dropped more than 10 basis points, hitting an eight-month low, while the yield on 10-year German bonds fell below 2.0% for the first time in nine months. The yield on 10-year US bonds fell below 3.90% for several consecutive days, hitting a five-month low, and the yield on 2-year US bonds dropped more than 10 basis points. The British pound hit a new daily low, moving away from the high it reached after last week's Federal Reserve meeting. The US dollar index rebounded. Offshore renminbi fell more than 300 points, breaking through the 7.15 level. Crude oil rose for the third consecutive day, hitting a new high for the month before retreating. Gold and London copper fell from their two-week highs.

US stocks plummeted in the afternoon, with SPDR S&P 500 experiencing its largest decline in nearly three months. The Nasdaq ended its nine-day winning streak. UK inflation slowed down, and UK bonds surged.

提醒：12 月 21 日，将是特斯拉（TSLA）被纳入标普 500 指数的三周年。这段时间以来，特斯拉累计上涨 6.7%，标普 500 指数同期累涨 27.16%。

CME 比特币期货 BTC 和以太币期货 DCR 价格都有所上涨，欧股数字货币概念股中，Coinshares International Ltd.和 Northern Data AG 股价上涨，而 Safello Group AB 股价下跌。

周三（12 月 20 日），标普日用消费品板块收跌 2.02%，公用事业板块也跌将近 2.0%，可选消费和金融板块跌超 1.7%；信息技术/科技板块跌超 1.5%，创 10 月 26 日以来最大单日跌幅，报 3350.76 点，结束之前连续三个交易日创收盘历史新高的趋势；能源板块跌约 1.0% 跌幅倒数第二，电信服务板块跌 0.05%。

标普 500 指数的 11 个板块全线溃败，科技板块连续三天创新高之后回调

According to the media, Apple has been producing Vision Pro at full speed in China for several weeks, preparing for its launch in February next year. Apple sent an email to software developers this Wednesday, encouraging them to test their apps with the latest tools and send the software to Apple for feedback. Production issues in the final stage may potentially cause Apple to delay the launch.

Super Headset to be released before Chinese New Year? Apple reportedly full-speed production of Vision Pro in China

华纳兄弟探索（WBD）与派拉蒙全球（PARA）洽谈合并事宜。

苹果公司最近数周在中国全速生产混合头显 Vision Pro，计划明年 2 月上市。

On Wednesday, Bitcoin-related stocks rose. As of the time of writing, Canaan Technology rose more than 20%, Marathon Digital rose more than 7%, MicroStrategy and Bit Digital rose nearly 4%, Riot Platforms rose more than 4.7%, and Coinbase rose more than 3%.

US Stock Market Update | Bitcoin-related stocks rise, Jia Nan Technology surges over 20%

Among the 43 US shell-listed new energy companies from 2020 to 2022, more than 18 companies will run out of cash by the end of next year, with only enough cash to sustain a few weeks for 7 of them. Without cost-cutting or financing, these companies will face a "dire situation".

The decline of new energy: Start-up companies in the US stock market that want to become the next Tesla are running out of money.

For most of 2023, Tesla has expressed concerns about the global economy, and the CFO of Tesla has also stated that the company is focusing on cost-cutting measures to cope with the challenging economic environment.

Cutting expenses? Reports suggest that Tesla will skip employee performance stock incentives.

与去年 12 月相比，特斯拉 Model 3 降价 6%，比亚迪汉同期仅降价 5%，此外两者三季度市场份额均为 17%。

特斯拉降价幅度赢了比亚迪，但份额没有

比特币涨超 1%，向上触及 43000 美元/枚。

Analysis suggests that ByteDance's revenue is expected to increase by 30% YoY in 2023, with ByteDance's e-commerce business becoming a growth engine for the company.

Report: ByteDance's revenue in 2023 exceeds $110 billion, surpassing Tencent.

Morgan Stanley pointed out that the market's expectations of interest rate cuts in March are somewhat overly optimistic. The bank believes that in the next two months, inflation may rebound and the cooling of the labor market may also be relatively slow, which could delay the timing of interest rate cuts until June.

Morgan Stanley: US inflation is expected to rebound in the next two months, making it unlikely for interest rates to be lowered in March next year!

美国证交会备忘录显示，黑石、纳斯达克和美国证交会今日举行会议，讨论设立比特币 ETF 的监控和合规措施，以确保市场完整性和防范欺诈活动。预计比特币 ETF 即将到来，市场应做好准备，明年格局可能会有所变化。

美证交会探讨比特币 ETF 市场预期似乎愈发明朗

香港证监会发布新闻告诫公众，提防涉嫌虚拟资产欺诈行为的实体 LonShiX 和 Bitbank Financial Holding Group。警方已封锁相关网站和账户。

香港证监会告诫公众提防 LonShiX 等涉嫌虚拟资产相关欺诈行为

The Federal Reserve's shift to a rate-cutting stance has boosted investor optimism in the US stock market IPOs. Currently, the upward trend in the US stock market has expanded to include small-cap stocks and other sectors, and it is expected that companies preparing to go public may accelerate their IPO timelines. However, the timing of a significant recovery in the new stock market remains uncertain, depending on the decline in the federal funds rate and seasonal factors. The market expects a 75 basis point reduction in the federal funds rate next year. In addition, there are risks associated with the US election and the pandemic. Bankers are cautiously optimistic about the return of larger-scale IPOs next year.

With the possibility of a Fed rate cut, will the US IPO market no longer experience a "false recovery" next year?

Tesla has cut prices for its electric cars in China more than BYD did for its flagship Han sedan, according to a study by JL Warren Capital. Tesla reduced the price of its Model 3 by 6% and the Model Y by 11%, while BYD's Han only saw a 5% price decrease. This price competition reflects the intense market competition in China's electric vehicle industry.

Tesla cut EV prices in China more than BYD did for its flagship Han sedan this year, study finds

Despite the potential challenges of Bitcoin spot ETF, the CEO of MicroStrategy stated that the company still finds Bitcoin investment attractive. The company offers leveraged high-performance investment tools and holds $6.5 billion worth of Bitcoin. Analysts expect the U.S. Securities and Exchange Commission to approve the Bitcoin spot ETF by mid-January. Saylor stated that the strategy of purchasing Bitcoin through zero-interest "smart" leverage will maintain the company's competitiveness. MicroStrategy's stock price has surged over 300%, surpassing the increase in Bitcoin.

Facing potential challenges from Bitcoin spot ETF, MicroStrategy CEO Michael Saylor remains confident.

Coinbase CEO Brian Armstrong believes that cryptocurrency is the future of currency. Despite regulatory obstacles, the price of cryptocurrencies has risen by 90% this year. Armstrong believes that cryptocurrency regulation in the United States is "lagging behind" other countries, but he remains optimistic about the longevity of cryptocurrencies. The approval of a Bitcoin ETF could stimulate renewed investment from investors and institutional capital, while also increasing awareness among the general public. Cryptocurrencies are not just a speculative asset class, but can also be used for various practical purposes such as stablecoin payments, commercial remittances, and DeFi lending. People are now starting to build a new type of application platform known as Web3.

Coinbase CEO: Cryptocurrency is the "future of currency."

作为中国商界一个独特的存在，京东曾经无限风光，万亿市值，稳居电商老二，依靠优质服务实现了口碑与利润的双丰收。然而，电商江湖，没有永恒的壁垒，只有变化。三年之前，京东市值还与拼多多站在同一起跑线，3 年后的今天，拼多多一骑绝尘完成了对前浪阿里的市值反超。

“不躺平” 的刘强东能再造京东吗？

In 2024, as the hype subsides, the AI industry will experience a significant transformation and reshuffling.

2024 AI Six Major Predictions: OpenAI's Transformation, Apple's Entry... The AI battlefield will see a major reshuffle

据港交所微博，香港圣诞节假期将至，投资者请留意沪深港通交易安排。北向沪股通和深股通及南向港股通将于 12 月 25 日至 12 月 26 日暂停交易。12 月 27 日，沪深港通将如常开通。

港交所：沪深港通下周一、下周二暂停交易

亚洲股市在美股走强的带动下继续上涨。日经 225 指数创下一周来最大盘中涨幅，中国香港、韩国和澳大利亚的股指也走高。美国国债收益率下滑，市场猜测日本央行退出负利率政策的猜测降温，日本国债收益率下跌。美元指数走低后企稳，亚洲货币涨跌互现。比特币下跌，以太币基本持平。西德克萨斯中质原油和现货黄金基本持平。

亚市午盘：亚股接力美股走强

EAST BUY's stock price has dropped more than 7%, and as of the time of writing, it has fallen by 7.08% to HKD 29.55, with a turnover of HKD 381 million. On the news front, on the evening of December 18th, Yu Minhong and Dong Yuhui conducted a live broadcast on the EAST BUY account. Yu Minhong and Dong Yuhui revealed that Dong Yuhui will have another live broadcast on the 21st before taking a long vacation. In addition, according to data from the third-party short video e-commerce digital marketing service platform, Chananma, on the evening of the 18th, Dong Yuhui's return to the first live broadcast resulted in a significant increase in the number of viewers in the EAST BUY live room, with a slight increase in sales volume and sales revenue, but a decrease in the conversion rate (sales volume/viewers), dropping from about 2.8% on the 17th to 2%. Previously, on the evening of December 17th, EAST BUY announced on the Hong Kong Stock Exchange that the board of directors had decided on December 16th to remove Sun Dongxu from the position of CEO and dismiss him from his position as an executive director of the company. In addition, Dong Yuhui was promoted to senior partner. Yu Minhong also announced on his personal Douyin account that, after the board of directors' research and decision, Dong Yuhui has been appointed as the cultural assistant to the board of directors of New Oriental Education & Technology Group and concurrently serves as the vice president of New Oriental Culture & Tourism Group. With this, the "short essay" incident comes to an end with relevant personnel changes.

Hong Kong Stock Market News | EAST BUY falls more than 7%, Dong Yuhui announces another long vacation

Tesla's prospects have raised concerns on Wall Street, with several investment banks lowering their growth expectations for the company. Analysts suggest that some of Tesla's electric vehicles may lose eligibility for government subsidies, putting pressure on the company's revenue. According to data, Wall Street's outlook on Tesla's performance is increasingly pessimistic, with profit forecasts declining and delivery expectations being adjusted. These bearish comments reflect the intensified competition and the loss of incentives that Tesla is facing. Investors should exercise caution when dealing with the price fluctuations of Tesla's stock.

Is the electric car boom over? Multiple investment banks lower Tesla's growth expectations.

萨尔瓦多总统的比特币投资浮亏约 8%。现货比特币 ETF 获批或将带来超 700 亿美元资本流入。GBTC 转换为比特币现货 ETF 后，摩根大通预计将流出 27 亿美元资金。超过 1 年未活跃的比特币流通供应量比例达 70.35%，创历史新高。灰度 GBTC 负溢价率进一步收窄至 9.78%。Coinbase 的储备增加约 1.2 万枚 BTC，Binance 的储备减少 5000BTC。新加坡将于 2024 年起禁止保证金杠杆交易。韩国将于 2024 年邀请 10 万公民测试 CBDC。美 CFTC 拟继续追查违规加密交易所，接触美国客户是特权而非权力。SBF 与洪都拉斯前总统被关押在一起，向警卫提供加密投资建议。

每日数字货币动态汇总

The stock prices of American oil giants ExxonMobil and Chevron have fallen this year, due to the impact of macroeconomic conditions, operational challenges, and fluctuations in crude oil prices in 2023. ExxonMobil's net profit and earnings per share in the third quarter have declined by more than half, and Chevron's net profit has also decreased. Despite this, Wall Street analysts remain optimistic about these two stocks and have given them a "buy" rating. In addition, both companies are actively engaged in mergers and acquisitions.

Will ExxonMobil and Chevron be able to turn around next year as energy prices plummet in 2023?

Alibaba announced that CEO Wu Yongming will also serve as CEO of Taotian Group, ensuring unified command of core strategies. Within three months of taking over as CEO of Alibaba Group, Wu Yongming has clarified the strategic focus and priority choices for the entire group, made resolute decisions around the core business, and comprehensively promoted the rejuvenation of the management team. With Wu Yongming concurrently serving as the top executive of Alibaba Cloud and Taotian, it will help lead Taotian's transformation through technological innovation and ensure unified command and high-intensity continuous investment in the two strategic focuses of e-commerce and cloud for the group.

Alibaba Group CEO Wu Yongming concurrently serves as CEO of Taotian Group to ensure unified command of core strategies.

Some buyers choose to wait and see, waiting for market prices they can accept. NVIDIA's stock price fell by about 1%, and the outlook for AI GPU chip demand showed a mixed expectation. The "price game" signal between buyers and sellers has emerged, especially when some buyers choose to wait and see, waiting for market prices they can accept. The channel forecast for data center GPU shipments remains largely unchanged, and chip shortages are expected to continue for some time, especially with the tight supply of chips from TSMC. NVIDIA's customers are still testing the H200 and L20 chips, and it is expected that the scale of customer trials will increase in the first half of 2024. Some customers may prefer to wait and see temporarily, waiting for market prices they can accept. It is not yet clear why NVIDIA's AI GPU demand suddenly showed a mixed forecast, but it is speculated that it may be related to the launch of new products and the release of powerful chips by competitors.

Is the "price game" of AI chips emerging? Will Nvidia's monopoly face variables?

The Hong Kong stock market tends to follow trends. Often, by the time retail investors realize the medium to long-term trend, the stock price has already approached its high point. Both A-shares and Hong Kong stocks have stagnant funds and low trading volume. The Chinese securities brokerage sector has experienced the greatest volatility recently, with rumors of mergers and acquisitions heating up. The mergers and acquisitions in the securities industry are expected to enter an accelerated period, but the attractiveness of the securities sector to off-exchange speculative funds seems to be declining. The A-share market in the Beijing Stock Exchange has shown obvious profitability, attracting new speculative funds. The IPO market in the Beijing Stock Exchange is gradually heating up, with 34 companies accepted since September. It is expected that the trading volume in the Beijing Stock Exchange can exceed 80 billion yuan per day next year.

Is Hang Seng Index gradually approaching the turning point of a bear market?

恒指开盘涨 0.87%，恒生科技指数涨 1.36%。蔚来涨超 6%，京东集团涨超 4%，阿里巴巴、哔哩哔哩涨超 2%。

中国 12 月一年期贷款市场报价利率 (LPR) 3.45%，预期 3.45%，前值 3.45%。

中国 12 月五年期贷款市场报价利率 (LPR) 4.2%，预期 4.2%，前值 4.2%。

如果把纳斯达克 100 看作一种长期债券，其公允价值应该是 12877 点，比当前报价水平低了 23%。如果市场已经和合理估值脱钩，那么过去两月的大涨意味着该指数现在已经出现了泡沫！

理解市场 | 今年涨超 50%！纳指为什么已经太贵了？

散户投资者成为美股上涨的主要推动者，以 18 个月来最快的速度买入，上个月股市总需求超过 600 亿美元。散户通常是 ETF 的买家，上个月以美元计算创下历史新高。标普 500 ETF 自美联储 FOMC 以来已连续 4 天出现大量资金流入。

腾讯和网易相继进军派对游戏市场，腾讯自研的派对游戏《元梦之星》上线五天就获得了巨大成功，成为国民游戏的潜力之作。据七麦数据显示，该游戏在 iOS 平台已获得超过 5000 万元人民币的流水，预计安卓端收入更高。派对游戏市场正在从过去的 “小众” 走向 “大众”。

派对游戏成社交游戏新贵？ 腾讯、网易双巨头纷纷入局

特斯拉公司的管理人员对一些受薪员工说，公司今年不会提供基于绩效的股权奖励。该公司没有给出这一变化的原因。但来自不同部门的四名员工表示，他们认为这种调整是普遍的。工人们的生活成本仍有适度的增长，基本工资也有所调整。目前尚不清楚这是一次反常现象，还是特斯拉薪酬理念发生了更大的转变，即在股权授予方面采取了更有针对性的方式。

消息称特斯拉不进行年度员工股票奖励

美国法院批准了一项命令，要求币安和其创始人赵长鹏向 CFTC 支付总额为 28.5 亿美元的罚款。赵长鹏个人被处以 1.5 亿美元的民事罚款，并要求币安退还 13.5 亿美元的非法交易费用，同时对币安公司罚款 13.5 亿美元。此前，CFTC 指控币安存在利益冲突和非法活动，赵长鹏与美国司法部达成和解协议并辞去 CEO 职务。币安成立于 2017 年，是全球性的加密货币交易所。

美国法院批准命令 币安和赵长鹏将向 CFTC 支付 28.5 亿美元罚款

According to industry estimates, as of the end of November, the sales of VR headsets and AR glasses in the United States have decreased by nearly 40% YoY this year, compared to only a 2% decrease last year. However, the strong sales of Quest 3 have helped boost the market, at least during the holiday season. In the eight weeks leading up to November, VR headset sales in the United States increased by 42% YoY.