根据给定的信息，该信息属于投资研究相关信息。根据托管机构类型，北上资金被分为 “真外资” 和 “假外资”。目前，“假外资” 规模远低于 “真外资”，但最近 “假外资” 大幅流入，集中在某中资机构席位。行业层面，“假外资” 集中流入 “真外资” 大幅流出的权重行业。根据方正证券的观点，“真外资” 可能继续加仓权重股。

真假外资之辩：谁在买？买什么？怎么看？

Despite the international gold price experiencing a slight correction compared to the beginning of the year, there are still institutions and investors who are optimistic about the gold trend in 2024. The People's Bank of China has been increasing its gold holdings for the 14th consecutive month, and there is strong demand for gold purchases by central banks worldwide, providing price support for gold. The World Gold Council predicts that the unexpectedly high gold purchases by central banks globally will contribute to around 10% of gold performance, and central banks of various countries may continue the trend of gold purchases in 2024. Gold investment and jewelry demand play a significant role in global gold demand. According to data, the global demand for gold bars and coins in the first three quarters of 2023 was 876 tons, and the global demand for gold jewelry consumption was 1467 tons.

Hong Kong Stock Concept Tracking | With the approaching of the Spring Festival, the "gold rush" is on again! Long Element Jewelry is being snapped up. Will the gold price continue to rise? (With concept stocks attached)

恒指开盘跌 0.33%，报 16158.72 点，恒生科技指数跌 0.79%。联想集团、哔哩哔哩跌超 3%，理想汽车、百度跌超 1%。

投资者们对备受期待的现货比特币 ETF 的兴趣正在降温，本周三是现货比特币 ETF 自 1 月 11 日开始交易以来资金流入最少的一天。9 只现货比特币 ETF 在周三获得了约 2.7 亿美元的资金流入，但考虑到 Grayscale 比特币信托的资金流出，这 10 只 ETF 在周三的整体资金净流出约为 1.53 亿美元。摩根大通表示这一表现 “令人失望”，并下调了加密货币交易所 Coinbase 的评级。虽然需求放缓，但从交易和流量指标来看，这组现货比特币 ETF 是历史上最成功的 ETF。比特币价格在美国批准现货比特币 ETF 后下跌了 20% 以上，但分析师预计进一步下跌的空间有限。

投资者兴趣降温 现货比特币 ETF 资金流入创新低

Since the beginning of the new year, Tesla's stock price has fallen by more than 25%. On Thursday, its market value evaporated by $80 billion in a single day, reaching slightly above $570 billion, allowing pharmaceutical giant Pfizer, with a market value of $596 billion, to surpass it.

Eli Lilly's market value surpasses Tesla: "Weight loss pills" exceed "Musk"?

特斯拉发布了 2023 年的财报，虽然全年营收创新高达 967.73 亿美元，但利润下滑 35%。价格战是导致利润下降的主要原因。特斯拉在 2023 年率先降价，并被迫开启连环降价模式。特斯拉在全球范围内生产了约 185 万辆汽车，交付了约 181 万辆汽车，但持续的价格战使得特斯拉面临压力。特斯拉对于 2024 年的销量目标没有明确表示，但表示可能会低于 2023 年。特斯拉在财报中提到，2024 年是一个困难的一年，低价车型不能量产，老款车型竞争力不足。特斯拉继续在价格方面做文章，并且高毛利时代已经过去。

焦点分析 | 特斯拉：艰难 2023，煎熬 2024

Microsoft's market value reaches $3 trillion, while Tesla plunges 12%. Microsoft Games will lay off 1,900 employees. Taobao launches Huawei HarmonyOS native app development. Apple makes a historic concession in the European Union, significantly reducing the commission rate for the European App Store. Huang Renxun discusses chip supply shortage issues with TSMC's CEO. OpenAI cuts the price of its GPT-3.5 Turbo model by 50%. SoftBank Group responds to reducing its stake in Alibaba. The US Federal Trade Commission launches an investigation into investments in OpenAI and Anthropic.

Breakfast | AMD, the chip giant, hits a new high, while Tesla's market value evaporates by $210 billion this month.

Intel announced its fourth-quarter performance for 2023, with revenue of $15.4 billion, a 10% year-on-year increase, surpassing market expectations. However, data center sales were lower than expected, while PC chip sales exceeded expectations. Intel expects revenue and earnings per share for the first quarter of 2024 to be lower than analyst forecasts. Intel is facing challenges in the recovery of its PC business and the sluggish data center chip market. The company is also seeking ways to reduce expenses. Overall, Intel still has a long way to go to return to its former glory.

After-hours stock price fell more than 10%! Intel's Q1 guidance is far below expectations, and the road to glory is long.

二月上半月和下半月之间的美股表现的差异被认为是戏剧性的，二月份的最后两周是历史上一年中最糟糕的两周。这可能引发担心美国市场出现泡沫的人们的担忧。

The S&P 500 hit a new all-time high for five consecutive days, while the Nasdaq briefly turned negative and the Dow Jones rebounded to a new record high. Chip stocks initially declined during the trading session, closing off their historical highs. AMD rose over 1%, while Nvidia hit a new closing high for the sixth consecutive day, although it briefly turned negative during the session. Tesla experienced its largest drop in a year after its earnings report, closing down 12%. Alphabet-C rose over 2%, along with Microsoft and Meta, both hitting new all-time closing highs. ASML, listed in Europe, rose 4.6%, continuing to set new historical highs. Chinese concept stocks rose over 1% in early trading before turning negative, with Bilibili falling nearly 4% and XPeng dropping over 2%. New Oriental EDU & Tech saw a more than 6% increase in its stock price the day after its earnings report. After the European Central Bank meeting, the two-year German bond yield plunged more than 10 basis points, causing the euro to decline and the US dollar index to jump, approaching a six-week high. Following the release of GDP data, US bond yields declined, with the two-year yield dropping by 10 basis points at one point. Offshore renminbi fell from a two-week high, dropping over 300 points and approaching 7.19. Crude oil rose 3%, marking its largest gain in three weeks and reaching a new high in nearly two months. London copper and nickel both rose for the third consecutive day, hitting a four-week high. London tin hit a five-month high. Gold rebounded slightly.

SPDR S&P 500 hits another all-time high, chip giants NVIDIA and AMD reach new highs, while Tesla plunges over 10% dragging down the Nasdaq.

The FTC is paying attention to the competitive landscape of artificial intelligence companies and plans to review the investment situation of Microsoft, Alphabet-C-C, and Amazon in this technology. The FTC has sent inquiries to these companies requesting relevant information. Microsoft has invested in OpenAI, Amazon has announced an investment in Anthropic, and Alphabet-C-C's Alphabet-C division plans to invest in Anthropic. The FTC stated that it will examine the partnership relationships and investments of these companies to understand their impact on the competitive landscape. These companies have 45 days to respond.

FTC wields the "big knife" of antitrust, this time "cutting" into the AI field

Under the pressure of regulatory antitrust, Apple has made a historic change in the European market. This reform will allow users to download software from sources other than Apple for the first time. People will also be able to use other payment systems and have an easier time choosing a new default web browser. Apple will significantly reduce the commission rate of the APP Store in the European market from 30% to 15%-10%. This will have a negative impact on Apple's important service revenue. As a result, the stock price fell on Thursday.

Apple makes concessions in the European Union! Lower fees, allow downloads outside the App Store, changes in browsers and payment systems.

OpenAI 将 GPT-3.5 Turbo 模型的输入价格下调 50%。

LVMH's organic revenue in the fourth quarter increased by 10%, which did not slow down further as analysts expected. The organic revenue growth of its largest business, fashion and leather goods, in the quarter was 9%, lower than expected. However, the annual growth was 14%, reaching a historic high in revenue. LVMH's annual revenue growth was nearly 9%, less than half of the growth rate expected for 2022. Meanwhile, other Asian regions such as Europe, Japan, and China recorded double-digit organic revenue growth for the year. LVMH's CFO stated that there are no plans to further increase prices in 2024.

Sales growth unexpectedly rebounded in the fourth quarter, LVMH's 2023 performance reaches a new historical high | Earnings Report Insights

美国四季度实际 GDP 年化季环比初值 3.3%，预期 2%，前值 4.9%。

SK 海力士 Q4 扭亏对芯片业意味着什么？

美银证券将奈飞目标价上调至 650 美元，并重申 “买入” 评级。奈飞去年第四季业绩表现强劲，用户净增长达 1,310 万，创历史新高。奈飞与美国世界摔角娱乐公司签订了一份 50 亿美元的十年期转播权协议，美银看好奈飞在体育领域的战略扩张。美银还调整了奈飞今年首季收入、经营利润以及全年预测，上调至 92 亿、24 亿和 395.2 亿美元。目标价从 585 美元上调至 650 美元。

美银：上调奈飞目标价至 650 美元 重申 “买入” 评级

软银集团回应减持阿里巴巴：未在市场上买卖任何阿里巴巴新股，未来也不打算这样做。

软银集团回应减持阿里巴巴：未在市场上买卖新的阿里股份，未来也不会

日本企业面临国内市场萎缩的压力，加速向海外扩张。日企积水住宅以约 49 亿美元收购美国住宅建筑公司 MDC，溢价高达 41%。同时，日本钢铁公司新日铁以 149 亿美元现金收购全美第四大钢铁制造商美国钢铁，溢价达 40%。这两笔收购案将使日本企业在美国建筑和钢铁领域取得重要地位。此外，日本金融集团也进行了一系列海外收购。这些收购案表明，随着日本国内市场的萎缩，日本企业对更大规模的并购交易有着更大的兴趣。

一个月内拿下美国第四大钢铁厂和第十二大开发商，现金充裕的日资 “出海买增长”

Is Tencent opening its second headquarters in Beijing?

Tencent has invested 6.4 billion yuan in Beijing.

What does PetroChina's second consecutive daily limit after 8 years mean?

The history of PetroChina's daily limit: Either in a bull market or in a market rescue

Tesla's pre-market stock fell more than 7%, with fourth-quarter performance below expectations and a warning that growth will slow this year. TAL Education's pre-market stock briefly rose more than 8%, with the company's third-quarter net revenue exceeding expectations. American Superconductor briefly rose more than 20%, with Q3 earnings per share and sales exceeding expectations.

Pre-market US Stocks | Tesla plunges after earnings, TAL Education soars! NVIDIA leads chip stocks higher

A heavyweight figure in short-term trading.

Character | From 3 million to 30 billion! The legendary Japanese retail investor

美股三大股指齐涨，半导体盘前普涨，特斯拉盘前跌超 8％。中概股盘前涨跌不一，老虎证券涨 2%，贝壳涨近 2%，富途控股涨 1.5%，京东涨超 1%，百度跌 1.5%，蔚来跌超 1%，小鹏汽车跌近 1%。特斯拉四季度业绩不及预期，警告今年增长将放缓。欧洲主要股指小幅低开，欧洲 Stoxx50 指数开盘下跌 0.14%，德国 DAX 指数跌 0.2%，英国富时 100 指数跌 0.2%，法国 CAC40 指数跌 0.2%。今日晚间，欧洲央行（ECB）将公布利率决议。

美股三大股指齐涨，半导体盘前普涨，特斯拉盘前跌超 8％

Morgan Stanley pointed out that Tesla has provided almost no details about its outlook for the next year. Although Tesla stated that its sales in 2024 will "significantly decline" compared to last year, it did not specify the percentage. The bank predicts that Tesla's sales growth in 2024 will drop to 15%, less than half of the 38% growth rate in 2023.

Rating Quick Look | Tesla's post-performance target price has been lowered! JD, Bilibili, and BIDU-SW also face "price cuts"

苹果 MR 头显 Vision Pro 预售火爆，华强北却反应冷淡。Vision Pro 起售价高达 3499 美元，预订服务器在 5 分钟内被挤爆，库存 18 分钟售罄。然而，深圳华强北几乎没有专门销售 MR 产品的档口。Vision Pro 被认为是虚拟现实的 “iPhone 时刻”，但华强北档口老板表示 MR 产品目前还太小众，且只能用来看电影。

实探！苹果 Vision Pro 预售被抢空，在华强北却 “遇冷”？多家公司正全力跟进

CHALIECO leads the surge today with a 78% increase! "Market value management included in the assessment of central enterprises," why can it significantly boost the stock price of "A-share" companies? Analysts believe that the shift from "scale assessment" to "market value assessment" will accelerate the revaluation process of monopolistic scarce assets of state-owned enterprises and strengthen the high dividend trend of state-owned enterprises monopolizing "scarce assets".

Understanding the Market | The explosive growth of "A+H shares" in the Hong Kong stock market, where is the logic?

IBM released its earnings report, with pre-market trading surging 8%. It ranks 6th in terms of popularity and is expected to continue boosting chip stocks.

Hot discussion on WSB | IBM takes over ASML, boosting chip stocks

软银集团全资子公司 Skybridge LLC 使用阿里巴巴股份与金融机构签订的预付远期合约，已分阶段实施，目前已全部完成实物结算。软银决定在截至 2024 年 3 月的财年非合并财务业绩中，将 12592 亿日元的投资证券收益，记入非经常性收入。这意味着，Skybridge 实际已完成减持阿里巴巴股份。

软银确认减持阿里巴巴股份 部分预付合约已完成实物结算

凯基证券将特斯拉评级下调至中性，目标价 213 美元。

But the hottest contract overnight is not a technology stock, but Pfizer, which expires on February 16th with a strike price of $26, with a trading volume of nearly 170,000 contracts! AMD, which expires on January 26th with a strike price of $180, closely follows with a trading volume of over 130,000 contracts.

US Stock Options | NVIDIA, Tesla, AMD, Netflix all experience a surge in trading volume!

分析师表示：“如果市场出现波动，那就是我们买入大盘的机会。”

德银全球 CIO：美股短期内会有 5-10% 的调整

金十数据 1 月 25 日讯，1 月 25 日，国新办就金融服务经济社会高质量发展举行新闻发布会，国家金融监督管理总局副局长肖远企表示，将继续做好个人住房贷款金融服务。支持各地城市政府和住建部门因城施策，进一步优化首付比例、贷款利率等个人住房贷款政策，指导、督促银行更好服务广大人民群众刚性和改善性住房的融资需求。

国家金融监督管理总局：将进一步优化首付比例、贷款利率等个人住房贷款政策

金十数据 1 月 25 日讯，1 月 25 日，国家金融监督管理总局副局长肖远企在国新办新闻发布会上表示，近期将召开相关工作部署会，要求银行尽快行动起来，在城市人民政府牵头协调下，与住建部门一起因城施策用好政策根据下，更加精准支持房地产项目合理融资需求。

金融监管总局：近期将召开相关工作部署会，更加精准支持房地产项目合理融资需求

小鹏汽车董事长、CEO 何小鹏今日表示，小鹏汽车与大众中国间的合作非常高效。通过合作，小鹏将在本地化、智能化方面给大众带来改变;而小鹏则将从大众学到汽车工程技术、生产质量管理体系，以及如何通过供应链降本的经验，共同联合在华开发软硬结合的产品。何小鹏同时透露，“今年小鹏会有一个非常高的目标”。

小鹏汽车何小鹏：与大众的合作非常高效 今年小鹏有非常高的目标

* 高盛：特斯拉无提供今年销量指引 显示增长可能显着放缓

* 高盛：特斯拉无提供今年销量指引  显示增长可能显着放缓

2 月 9 日起，中国和新加坡将互免持普通护照人员签证。协定将于 2024 年 2 月 9 日正式生效，届时，双方持普通护照人员可免签入境对方国家从事旅游、探亲、商务等私人事务，停留不超过 30 日。入境对方国家从事工作、新闻报道等须事先批准的活动以及拟在对方国家停留超过 30 日的，须在入境对方国家前办妥相应签证。

2 月 9 日起 中国和新加坡互免签证

The marginal impact of Tesla's price reduction, the difficulty in recovering profitability, the sluggish sales growth, and the lack of new models have cast a shadow over Tesla's prospects. In 2024, Tesla, which is accustomed to rapid progress, may prioritize stability.

Analysis Report | Is Tesla the biggest victim of price wars?

Small-cap stocks in the US market have shown strong performance recently, and investors have confidence in the resilience of the economy. This rotation towards small-cap stocks signals the Federal Reserve's easing monetary policy. The market breadth of the seven giants in the US stock market has improved, with iShares Russell 2000 outperforming Pro UltrPro Shrt S&Pro 500. This bull market may present many opportunities. The stock market may face a pause or even a pullback in the upward trend, but technical analyst Wayne Whaley's indicators are releasing a buy signal.

Small-cap stocks rebound strongly, and the bull market in US stocks is expected to continue.

* 瑞银下调特斯拉目标价至 225 美元 看到欧美市场放缓及中国市场竞争激烈

* 富瑞：特斯拉至 2026 年前增长面临压力

中石油涨近 9%，成交额近 12 亿港元；中石化涨超 6%，中海油涨 3%。油价升至近一个月高点，原因是美国原油库存降幅远超预期，以及中国推出了更多刺激措施。国务院国资委有关负责人表示，将进一步研究把市值管理纳入中央企业负责人业绩考核，引导中央企业负责人更加重视所控股上市公司的市场表现，加大现金分红力度，更好地回报投资者。

理解市场 | 港股石油股为何大涨？

百度去年第四季预计保持稳定增长，核心业务总收入可能按年增长 8% 至 277 亿元人民币，利润率保持稳定。广告收入可能按年增长 7%，但电商平台的广告支出转为价格补贴部分抵销该增长。云计算收入料将恢复 11% 的按季增长。由于芯片供应的不确定性，里昂将 2024 和 2025 年收入预测下调约 1%，并将目标价从 170 美元下调至 158 美元。每年约 40 亿美元的自由现金流亦可支持股票回购。

里昂：降百度目标价至 158 美元 料上季增长维持稳定

市场消息：快时尚公司 Shein 投资者正试图出售私募市场交易中的股份，对该公司的估值低至 450 亿美元。

On January 25th, HKEX CEO Charles Li attended the Asian Financial Forum and stated that Hong Kong had only recorded 73 IPOs last year, a historical low. However, considering the relatively weak global economic performance, the IPO level was still considered satisfactory. At the same time, in the past six weeks, 20 new stocks have been listed in Hong Kong, indicating that companies' investment intentions are increasing. On the other hand, under the linked exchange rate system, the rise in US interest rates will directly affect the Hong Kong capital market. In addition, inflation expectations, geopolitical issues such as the Middle East conflict, and uncertainties surrounding the US presidential election, economic recession, and inflation control are the focus of the capital market this year.

Champions League Rise: In the past six weeks, 20 new stocks have been listed in Hong Kong IPO, indicating that companies' investment intentions are currently strengthening.

美国股市创历史新高，相较于全球股市，美股估值溢价较大。一些投资者将目光投向海外以寻求超额回报。尽管美国股票表现优异，但标普 500 指数与其他国家股票指数的估值差距接近 20 多年来的最大值，使得一些投资者认为国外投资机会更具吸引力。虽然标普 500 指数在科技公司方面表现突出，但其远期盈利预期接近 20 倍，远高于长期平均水平。相比之下，MSCI 全球指数的市盈率较低。根据世界银行预测，2024 年美国国内生产总值...

分析 - 创历史新高的美股与全球同类股票相比更加昂贵

跨境 ETF 多数下跌，标普 ETF 跌近 7%，印度基金 LOF 和日经 ETF 跌超 5%，海外科技 LOF 和标普 500ETF 跌超 2%。

特斯拉近期宣布降价，引发汽车圈内的价格战紧张氛围。此次降价是特斯拉对 Model 3 和 Model Y 的多次调价中的一部分，降幅总体高于涨幅。此举可能对其他车企造成压力，需要提振销量。2024 年预计价格战仍将延续，头部新能源车企增速可能承压。电池成本的下降也为车企进一步降价提供了空间。奥迪 A4 售价不到 30 万元，被认为是特斯拉将价格战玩到极致的例证。价格战仍在继续，车企面临是否继续降价的问题。

宝马 3 系降价 10 万，奥迪 A4 卖不到 30 万，2024 年车企再打价格战

The growth of data and AI software revenue by 1% is seen as a significant signal of transformation.