恒生科技指数盘初拉升，涨幅扩大至 2%，恒指涨 1.5%。地产股、科网股涨幅居前。

药明康德早盘继续低开，跌逾 4%。公司发布澄清公告表示，药明康德的业务发展不会对任何国家的安全构成风险，始终遵守各运营地所在国的法律法规。

药明康德继续低开 公司坚信不会对任何国家的安全构成风险

苹果公司计划于 2024 年 3 月起，在 27 个欧盟国家开放侧载、第三方应用商店、非 WebKit 引擎浏览器、开放 NFC 等服务，并引入 600 多个新的 API。这一举措是苹果被迫适应欧盟的法律法规，限制范围仅限于欧洲市场。该变化可能对用户的隐私和安全体验产生影响。这是关于苹果公司开放欧洲市场应用商店和 NFC 的消息。

iPhone 面向欧洲市场开放应用商店、NFC：国行无缘

亚洲股市上涨，中东局势导致油价飙升。美国军人死亡事件引发市场关注，但数据和央行会议将占据主导地位。美元持稳，美联储或将保持耐心。股市指数期货有所下跌，日本股市上涨，韩国股市也有所增长。总之，市场将在中东冲突风险和其他重要事件之间权衡。

亚市早盘：亚股走高 中东局势导致油价上涨

2021 年是小米手机市场份额上的巅峰；把小米送上业务巅峰的是华为，把小米拉下宝座的是华为剥离出来的荣耀

公司解读 | 小米手机出货量为什么跌得这么厉害？

Tesla announced fourth-quarter earnings that fell short of expectations, while also warning that delivery growth in 2024 may be significantly lower than in 2023. Gene Munster and Brian Barker from Deepwater Asset Management pointed out that the slowdown in Tesla's sales growth this year could be attributed to the "Osborne effect." They stated that Tesla has revealed plans to launch a more affordable new model, which justifies the downward adjustment in growth expectations for 2024. Although Tesla's outlook did not include more details, Munster believes that Tesla's growth story will resume in the second half of 2025. Currently, the market generally expects Tesla's revenue in 2024 to be $110.5 billion, with earnings per share of $3.26.

Tesla's weak prospects disappoint the public, analysts argue: it's mostly the "Osborne effect" at play.

新加坡金管局维持货币区间的斜率、宽度和中点不变。

药明合联港交所公告：不知悉股价及交投量异常变动原因，集团继续正常经营业务。

平准资金以相对无偏的方式为市场缓解流动性压力，但市场多数机构投资者对 A 股的反弹行情并不舒适。国家队的歪打正着背后是长期基本面发生的变化。市场结构产生的不同影响是一面镜子，它照射出了市场过去拥挤的地方。国内以去金融化为核心的基本面变化正在发生。实物韧性凸显，中游制造业可能面临利润空间的压缩，消费。

民生策略：平准力量正在以相对无偏的方式为市场缓解流动性压力

Morgan Stanley analysts believe that Tesla's price reduction strategy not only erodes profits but also fails to significantly increase revenue. Wedbush analysts lowered Tesla's target price by 10% on Thursday, but it is still more than 50% higher than Wednesday's closing price. They referred to the price reduction as a "Category 4 hurricane" in the near term, but maintained their buy rating and remained optimistic about its long-term performance.

Tesla's drop of over 20% at the beginning of the year is not enough? JPMorgan Chase warns of another 30% drop, while Wedbush cuts its target but still predicts a significant increase.

This week, the Federal Reserve will hold its first interest rate decision of the year, and the US non-farm payroll data and China's PMI will be released. Tech giants such as Apple, Microsoft, Alphabet-C, and Amazon will announce their earnings. QDII funds are making a comeback, reducing their holdings of US stocks and increasing their holdings of Chinese stocks. The CEO of LV has once again surpassed Elon Musk to reclaim the title of the world's richest person. The Boeing crisis continues to escalate. CATL and Didi have officially announced the establishment of a joint venture company for battery swapping.

Breakfast | Perhaps the most intense "stock market risk week" is coming, mainland QDII funds increase their holdings of Hong Kong stocks.

前 13 只股票推动了标准普尔指数今年迄今的整体上涨，其中前 5 只股票贡献了约 70%。

美股依旧是 “少数人的牛市”

Novo Nordisk's antidiabetic and weight-loss drug, semaglutide tablets, has been approved for market in China. This drug is used to treat type 2 diabetes and is the first orally administered GLP-1 receptor agonist to be approved for market in the country. CITIC Securities believes that there is a wide base of overweight and obese patients in China, leading to an increased demand for GLP-1 drugs and further expanding the market space. Related stocks include FOSUN PHARMA, INNOVENT BIO, and UNITED LAB. Previously, semaglutide has been approved for market in overseas markets and has gained popularity due to its efficacy and promotion.

Hong Kong Stock Concept Tracking | Oral Semaglutide Approved for Listing in China, Weight Loss Indication on the Way, Domestic Companies Also Have Layout (with Concept Stocks)

药明生物澄清：法案草案中对公司首席执行官及执行董事陈智胜有关经历的描述具有误导性。股价下跌 18.17%。

药明生物澄清：法案草案中对公司首席执行官及执行董事陈智胜有关经历的描述具有误导性

ECB President Lagarde's "dovish speech" on Thursday also had a positive impact on the market.

Core assets boost European stocks: Strong earnings reports from LV and SAP AG-Sponsored, French and German stock indices take turns hitting new highs this week.

S&P 500 and Nasdaq ended their five-day winning streak, while Dow Jones turned positive during the day and hit new all-time highs, all posting three consecutive weeks of gains. The technology sector led the decline in the S&P 500, with chip stocks falling for the second consecutive week to a one-week low. Intel experienced its largest drop in over two years, while AMD fell nearly 2% and Nvidia fell nearly 1%. Alphabet-C and Meta continued to reach new closing highs. Tesla rebounded slightly, but its earnings report caused a cumulative drop of nearly 14% for the week. Netflix, on the other hand, saw an 18% increase in its earnings report for the week. Chinese stocks fell for the second consecutive week, but still posted a cumulative increase of nearly 4% for the week. Nio rose over 1%, while New Oriental EDU & Tech fell over 1% and had an 11% increase in its earnings report for the week. European stocks hit a two-year high, with a weekly increase of over 3%. LVMH saw a nearly 13% increase after its earnings report, and ASML had a 16% increase for the week. The two-year German bond yield dropped more than 10 basis points for the week. After the release of the US PCE data, the 10-year US Treasury yield rose and approached a five-week high. The US dollar index continued to fall from its six-week high, but has seen cumulative gains since the beginning of the year. Gold rose and then fell, posting a second consecutive week of decline. Offshore renminbi fell more than 100 basis points and dropped below 7.19, but saw its first weekly increase since the beginning of the year. Bitcoin rose more than $2,000 during the day, approaching $42,000 and hitting a one-week high. Crude oil reached a new high in nearly two months, with US oil posting its largest weekly gain in nearly four months and Brent oil posting its second largest weekly gain since the conflict in the Middle East. The FTSE 100 had its fifth consecutive week of gains, rising over 5% for the week. Copper fell from its four-week high, but still posted a weekly gain of over 2%.

Chip giants drag down the S&P and Nasdaq, Intel warns of earnings, plunging over 10%, NVIDIA and AMD hit historical lows, crude oil surges over 6% in a week.

比特币向上触及 42000 美元/枚，为 1 月 21 日以来首次，日内涨 5.25%。

SK Hynix plans to expand its investment in HBE production facilities, with investments in facilities related to Through Silicon Via (TSV) expected to more than double by 2023. The company aims to double its production capacity and plans to start producing its fifth-generation high-bandwidth memory product, HBM3E, in the first half of 2024 to meet the increasing demand for high-performance AI products.

AI SK plans to more than double its HBM production capacity

From the first responsible investment concept fund and the first Equator Bank in the country, responsible investment has gone through a 15-year long journey, and ESG has become an emerging mainstream...

Sustainable Column | "Dual Carbon" Three-Year Anniversary, What Do 1889 Investors Say?

The better-than-expected earnings report has alleviated some concerns in the market about the demand for luxury goods. However, LVMH's scale and financial strength far surpass its peers in the industry, which does not fully indicate an overall improvement in the industry.

LVMH's impressive financial report: Is the downturn in the luxury goods industry over?

美国 12 月核心 PCE 物价指数同比增长 2.9%，增速创 2021 年 3 月以来新低。

保时捷发布了全新纯电动 Macan，这是其旗下第二款纯电车型，也是首款 SUV 车型。该车型分为 Macan 4 和 Macan Turbo 两款，目前在中国市场已经开始预售。虽然价格尚未确定，但预计起价约为 55 万元。保时捷希望通过推出电动 Macan 来提振销量，因为去年其销量下降了 15%。新车型的外观造型酷似保时捷传统风格，但网友们对其外观并不满意。新车型采用了家族式设计语言，车身尺寸较为紧凑，更像一台 Coupe 车型。全新纯电 Macan 的预计正式上市时间为 2024 年。

最便宜纯电保时捷来了！网友：不是买不起，小米更有性价比

Previously served as the Chief Auditor of BANK OF CHINA.

New Secretary of the Board of Directors Appointed at Bank of China: "Everything is Clear"

Tesla has already made contact with sovereign wealth funds in the Middle East and other countries, and xAI plans to raise $6 billion to challenge OpenAI.

Valued at $20 billion! Musk's AI startup reportedly seeks $6 billion in funding.

拼多多旗下跨境电商平台 Temu 推出 “半托管模式”，试点放在美国市场，旨在解决商家的清库存压力。该模式允许商家自行发货履约，但不能超过亚马逊的定价。此举有助于 Temu 扩充品类和降低履约成本。目前 Temu 的配送时常为 7-10 天，而亚马逊 Prime 会员则为 1-2 天，普通用户为 2-5 天。为了降低履约成本，Temu 与物流公司合作。

Temu 将启 “半托管” 模式，要帮亚马逊商家清库存

比特币日内涨幅扩大至逾 3%，ProShares 比特币策略 ETF 上涨 3.6%。

Options are not gambling tools, but rather sophisticated insurance.

Profile | He made 1 billion in just 3 months using options

Intel plunged 11% in pre-market trading, dragging down chip stocks.

Hot discussion on WSB | AMC ENT cumulative plummeted 99%, ranked 25th on the popularity list

比特币向上触及 41000 美元/枚，创 4 日新高，日内涨 2.83%。

Bank of America believes that the interest rate cuts by central banks in Europe and the United States may be much lower than market expectations. If the market expectations are not met, the US dollar may benefit in the short term.

If the central banks in Europe and the United States do not cut interest rates this year?

美国四季度 1 美元的 GDP 增长，是用 1.55 美元赤字、超 2.50 美元债务换来的。

美国 GDP 超预期，意味着软着陆？未必，还有个大隐患

会议强调，金融机构要高度重视，加强组织领导，建立内部机制，明确工作规则。对符合授信条件的项目，要建立授信绿色通道，优化审批流程、缩短审批时限，积极满足合理融资需求。对开发建设暂时遇到困难但资金基本能够平衡的项目，不盲目抽贷、断贷、压贷，通过存量贷款展期、调整还款安排、新增贷款等方式予以支持。同时，金融机构要加强资金封闭管理，严防信贷资金被挪用。

国家金融监督管理总局：对符合授信条件的项目积极满足合理融资需求 加强资金封闭管理，严防信贷资金被挪用

光大证券资管聘任张丁为总经理助理。张丁在过去担任了多个机构的研究员和经理，具备丰富的投资经验。2017 年加入光证资管后，他担任了多个集合计划的投资经理职务。这一提拔表明光大证券资管加强了固收投资能力。

巩固固收投资能力， 这家券商资管提拔一名总助

Tech stocks in the US stock market fell across the board before the market opened, with only Tesla rising by nearly 1%. Intel plummeted over 12% due to lower-than-expected Q1 performance guidance. AMD fell over 2%, while NVIDIA dropped over 1%. Chinese concept stocks also experienced a significant decline, with Bilibili falling over 3%, JD.com and NetEase dropping over 2%, and Li Auto, XPeng-W, Pinduoduo, Alibaba, and Nio all falling over 1%.

Pre-market US Stocks | Intel plunges 12%, leading the decline in chip stocks! Chinese concept stocks fall, Tesla rises!

Tech stock bull Wade Bush has lowered Tesla's target price from $350 to $315. Meanwhile, Lyon has raised PDD's target price to $180 but lowered Tencent's target price to HKD 440. Wall Street is also lowering target prices for JD, XPENG-W, and Apple!

Rating Quick Look | PDD, Netflix, Microsoft, AMD Target Prices Raised! Tesla, Tencent Face "Price Cuts"

多只重磅科技股将于下周放榜，美股盘后关注苹果、微软、谷歌亚马逊及 Meta Platforms。此外，埃克森美孚石油、通用汽车等明星股亦将公布最新财报。中国 1 月官方 PMI 将于下周公布，美国非农数据亦将于下周公布。美联储 FOMC 将于下周四凌晨公布利率决议，敬请留意。

英特尔美股盘前大跌 12%，公司一季度业绩指引远逊预期。

香港证监会今日告诫公众，提防两项分别名为 “Floki Staking Program＂及 “TokenFi Staking Program＂的可疑投资产品。两项产品涉及加密货币质押服务，并声称可提供 30% 至超过 100% 的高水平年率化回报目标。

香港证监会：提防两项可疑投资产品

The Nasdaq 100 futures, which are mainly composed of technology stocks, fell nearly 1%. European stocks continued their upward trend from the previous day, with the French CAC 40 index expanding its gains to 1.36%, driven by luxury goods giant LVMH.

US stock index futures all fell, while European stocks rose across the board, with LVMH surging 8%.

扎克伯格这两年似乎开始彻底放飞自我，甚至被称为 “马斯克化”。

元宇宙不去也罢？！小扎的新事业，是养吃坚果喝啤酒的神户牛

On January 26th, 200,000 contracts of Tesla with an expiration date of $180 were traded, making it the hottest overnight contract. Additionally, over 180,000 contracts of Tesla with a strike price of $190 were also traded! The trading volume of Alibaba options was halved to 220,000 contracts, with call options accounting for 72% of the total.

US Stock Options | Tesla's trading volume doubles to 4.68 million contracts! NVIDIA falls, BABA-SWR cut in half

灰度比特币信托基金（GBTC）的资金流出放缓，使比特币稳定在 4 万美元左右，有助于遏制比特币的暴跌。自 1 月 11 日比特币成为交易所交易基金以来，已有约 48 亿美元退出 GBTC 投资组合。GBTC 转型为现货 ETF 后，持有者选择抛售，引发了其他 9 只现货比特币 ETF 的上市。这些基金吸引了逾 50 亿美元的资金。

现货 ETF 已经主导市场？灰度比特币信托资金流出放缓 比特币站稳 4 万美元

港股半导体股尾盘多数下跌，宏光半导体跌近 7%，上海复旦、华虹半导体跌超 5%，中芯国际跌超 3%，晶门半导体跌近 2%。

OpenAI 连续推出五个大模型，其中包括 GPT-4 Turbo 预览模型、GPT-3.5 Turbo 模型、文本审核模型和文本嵌入模型。这些模型不仅更强大，还解决了以往的问题，比如 GPT-4 变懒的情况。此外，新的模型价格更低，降幅达到五分之一，对开发者来说是巨大的胜利。同时，OpenAI 还计划在未来几个月内推出新版 GPT-4 Turbo 和 GPT-3.5 Turbo 模型。总之，OpenAI 的连续更新为开发者带来了更多可能性。

GPT-4 不偷懒了！OpenAI 连甩五个大模型，价格最低打两折

美国银行：科技股迎来自 2023 年 8 月以来最大单周资金流入（28 亿美元）。

Individuals who understand both AI and product have become highly sought after by Silicon Valley giants.

Silicon Valley has already laid off 20,000 people at the beginning of the year. Are tech giants "laying off" to subsidize "AI"?

大摩調低恒指今年底目標至 16000 點，相當預測市盈率 8 倍。國企指數今年底的基本情境目標由 6350 點降至 5450 點。此為投資研究相關資訊。

大摩調低恒指今年底目標至 16000 點

1 月 26 日，特斯拉官博宣布，特斯拉赛博越野旅行车中国巡展将于 1 月 28 日正式开启，地点分别位于北京·华贸中心、上海·兴业太古汇、深圳·万象天地、杭州·湖滨 in77、南京·德基广场、西安·SKP、成都·太古里、重庆·龙湖时代天街。

特斯拉 Cybertruck 中国巡展将于 1 月 28 日开启

记者今日以投资者身份从华大智造方面获悉，就美国相关生物安全法案提案对公司的影响和公司的应对措施，公司正在核实、评估。注：今日下午，药明系和华大智造突然闪崩，业内流传美国拟出台《生物安全法案》，确保外国生物技术公司无法获得美国纳税人的资金，其中提及的公司有华大基因集团及其子公司华大智造和 Complete Genomics，以及另一家中国公司药明康德。

华大智造：对业内流传美提案影响正在核实、评估

针对美国个别议员拟相关生物安全法提案提议禁止华大基因、药明康德等外国生物公司一事，以及文件中提及 “药明生物首席执行官陈智胜曾任中国人民解放军军事医学科学院兼职教授” 这一信息，1 月 26 日下午，药明生物首席执行官陈智胜记者时称，“这只是一个反华议员的提议，到变成法律是极小概率事件，而且要几年时间。我个人也没有在军方任何机构任职过。我们会尽快公告澄清一下。