美国 3 月核心 CPI 同比 3.8%，预期 3.7%，前值 3.8%。

TSMC achieved its highest sales growth since 2022 in the first quarter of this year, with a 34.3% year-on-year increase in sales in March and a 16.5% year-on-year increase for the first quarter. Driven by the AI boom, the global chip market is beginning to recover. TSMC, the world's largest contract chip manufacturer, serves a customer base that includes tech giants such as Apple and NVIDIA. TSMC's stock price has reached a historic high, with the market expecting steady growth. The company plans to increase capital expenditures, with revenue expected to grow by over 20% this year. TSMC is actively building new factories to supply data centers for internet giants

Riding the AI wave, TSMC achieved its largest sales growth in the first quarter of 2022

Wall Street analysts have adjusted price targets for Nvidia and Tesla. Morgan Stanley has raised its price target for Nvidia due to strong demand and pricing power in the semiconductor space. Jefferies, on the other hand, has lowered its price target for Tesla citing internal challenges and softening sales in China. These adjustments come at a time when Nvidia's stock has been under scrutiny, while Tesla has reported lower-than-expected production and delivery numbers.

Wall Street Analysts Adjust Targets For Nvidia And Tesla Amid Market Movements

香港证监会即将批准比特币现货 ETF，嘉实和华夏基金有望率先尝鲜。这是中国头部基金公司香港子公司首次获批虚拟资产管理业务。港交所将在批准后的两周准备上架事宜，计划在 4 月底前上架比特币现货 ETF。

香港比特币现货 ETF 获批在即，嘉实、华夏有望率先尝鲜

XPeng Motors rose more than 3% in pre-market trading, leading Chinese concept stocks. Alibaba and Pinduoduo rose more than 2%, while JD.com, Nio, Li Auto, Bilibili, NetEase, and Baidu rose more than 1%. Faraday Future surged 18% at one point, but the gain has now narrowed to less than 4%. TSMC also rose nearly 2% at one point

Pre-market trading in US stocks: XPeng and Alibaba lead the rise in Chinese concept stocks! Market focuses on tonight's US CPI

TSMC's sales in March increased by 34%, rising 1.5% in pre-market trading

WSB Hot Discussion | OpenAI+ Nuclear Energy, ALCC Receives Attention

A decision-making framework: Regret Minimization Framework; You must pay the price for your uniqueness, but it's worth it

These 110 thoughts make Bezos comparable to Musk

Morgan Stanley has lowered Alibaba's target price from HKD 100 to HKD 95, suggesting investors to take advantage of its weak stock price. They believe that Alibaba's current price level is supported, mainly because the current price implies a 7% shareholder return next year, which is attractive

Rating Quick Look | TSMC's target price significantly raised! Alibaba, Tesla facing price cuts

Recently, Chinese assets have surged, with Hong Kong stocks soaring and the Hang Seng China Enterprises Index entering a technical bull market, attracting global funds back to the Chinese market. At the same time, Singapore iron ore futures prices have seen the largest two-day increase in over two years, mainly due to China's steel demand and production growth. Strong U.S. economic data has dashed expectations of interest rate cuts, diminishing the attractiveness of U.S. stocks and leading to a situation where market expectations for Fed rate cuts are facing a "collapse." Investing in the Chinese stock market offers better value for money, especially with optimism towards Hong Kong stocks. Chinese internet ADR ETFs continue to rise, with valuations of Chinese internet ADR stocks at low levels, making them highly attractive. According to data, the valuation of Chinese internet ADR stocks corresponded to a PE ratio of 15.7 times in September 2023, 14.2 times in December 2023, and had already dropped to around 13 times by March 2024

Iron ore prices surged, Hong Kong stocks in a "technical bull market", is the "long China" trade back?

2023 年，标普 500 指数回报近 60% 主要归功于 “七巨头” 超大盘股的表现。这些股票占标普 500 指数总市值的近 30%。投资者是否应当进行适当的多元化配置以分散投资风险，减少对持仓最重的股票的配置并进行调整再平衡是管理集中度风险的方法之一。此外，等权重指数期货可以帮助投资者增加或对冲风险敞口，更好地把握广泛的投资机会。同时，尽管收益率曲线出现倒挂，但美国经济有预测认为有望避免严重的收缩或经济衰退而实现软着陆。

“七巨头” 领涨美股：分散投资时机已到？

Overnight hottest contracts: Tesla calls with an expiration date of April 12 and a strike price of $180 traded over 140,000 contracts, while Tesla puts with a strike price of $170 traded nearly 130,000 contracts! Cannabis stock Tilray options trading surged to 205,000 contracts, with 71.5% being call options; Alibaba options trading soared to 190,000 contracts, with 75% being call options

US Stock Options | NVIDIA, Intel, Google trading volume doubles! Alibaba's trading volume also surges!

IM Motors has launched a new car, the L6, which features a semi-solid-state battery with a range of 1,000 kilometers, a Lizard digital chassis, IMOS car system, and other advanced configurations. Liu Tao stated that the L6's competitors are the Model 3 and the 34C series. IM Motors' sales have always been low, but the launch of the LS6 has led to monthly sales exceeding 10,000 units. However, sales declined again earlier this year, so IM Motors needs more popular models like the L6 to boost sales growth

IM Motors "confronts" Xiaomi

FOURTH PARADIGM(06682) fell 5.4%, with a trading turnover 9.2 Million HKD, and a year-to-date rose 8.2%. FOSUN TOURISM(01992) fell 5.35%, with a trading turnover 5.1 Million HKD, and a year-to-date fell 38.9%. JUNSHI BIO(01877) fell 5.16%, with a trading turnover 16.6 Million HKD, and a year-to-date fell 45.2%.

Top 10 HK Stock Losers (4.10)

HANG SENG BANK(00011) rose 6.01%, with a trading turnover 483.5 Million HKD, and a year-to-date rose 13.5%. ZIJIN MINING(02899) rose 5.24%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 39%. CTG DUTY-FREE(01880) fell 3.2%, with a trading turnover 139.4 Million HKD, and a year-to-date fell 5.4%. PRADA(01913) fell 2.68%, with a trading turnover 77.4 Million HKD, and a year-to-date rose 30.1%.

Top 5 HK Stock Gainers/Losers (>100B) (4.10)

SANERGY GROUP(02459) rose 43.33%, with a trading turnover 28.9 Million HKD, and a year-to-date fell 66.6%. FIH(02038) rose 16.95%, with a trading turnover 40.1 Million HKD, and a year-to-date rose 13.1%. SHIYUE DAOTIAN(09676) rose 15.03%, with a trading turnover 10.7 Million HKD, and a year-to-date fell 17%.

Top 10 HK Stock Gainers (4.10)

Citigroup predicts that the second round of the bull market for copper has begun, driven mainly by the growth in decarbonization demand and the increasing demand from emerging AI/data centers. Citigroup expects the price of copper to reach $10,000 per ton in the fourth quarter of this year, about 6% higher than the current price of around $9,467 per ton in London Metal Exchange. Investor confidence and a rebound in manufacturing indicators have also supported the rise in copper prices. Copper is considered the preferred commodity to express economic growth trading. In the commodity sector, copper will benefit from decarbonization and AI data center demand

Citi: The second round of the bull market for copper has just begun

Cancer screening company Nuohui Health is facing its biggest crisis since going public. Deloitte has raised doubts about the authenticity of the company's revenue, leading to a delay in the annual report and a trading halt of the stock. Deloitte has raised multiple objections, including the effectiveness of product transactions, the commercial substance and reasonableness of the sales model, among others. This questioning has had a huge impact on the company. There have been previous investigations into financial data falsification, but the storm subsided after it was pointed out that the falsification was made public. The current issue lies with the doubts raised by the auditing firm. Nuohui Health is facing a major trust crisis

Nuo Hui Health is caught in the storm of delayed annual reports and revenue recognition | Jianzhi Research

Barclays Bank expects that despite the escalating geopolitical crisis in the Middle East, there will be limited upside for oil prices. While the geopolitical risk premium may temporarily retreat, global demand growth, OPEC+ production cuts, and slower capacity growth in non-OPEC countries will support oil prices. Barclays Bank has raised its Brent crude oil price target to $90 per barrel in 2024 and $94 per barrel in 2025. In addition, Barclays analysis believes that geopolitical crises will not lead to significant supply disruptions

The Middle East is shrouded in dark clouds, will oil prices rise?

Tonight at 20:30, the CPI will be announced. The reason for the high and sustained inflation in the United States: the economy is performing exceptionally well, and the U.S. is indirectly easing monetary policy

Tonight's CPI, double inflation? How will the US stock market perform?

Morgan Stanley pointed out that compared to the Federal Reserve, each additional interest rate cut by the European Central Bank may lead to a 1% drop in the Euro against the US Dollar. With the increasing differentiation between the European and American economies, the Euro remains weak. It is expected that the ECB will cut interest rates more times than the Federal Reserve this year, raising expectations for the Euro to fall towards parity with the Dollar. If the Federal Reserve keeps interest rates unchanged while the ECB eases monetary policy, the Euro against the Dollar may easily fall below parity. The economic divergence between Europe and the US is evident, with strong US employment data and inflation in the Eurozone falling faster than expected. Traders predict that the European Central Bank will cut interest rates by about 85 basis points in 2024, while forecasting that the Federal Reserve will only cut rates by 65 basis points. Currently, the Euro has fallen by over 1.5% to $1.085 against the Dollar. Approximately 60% of option positions expect the Euro to depreciate

After the expectation of a rate cut by the Federal Reserve "collapsed", the euro was the one that got hurt

Recently, international crude oil prices have been rising, with Wall Street predicting that oil prices will surpass $100. Wall Street investment banks believe that a shortage of crude oil supply and geopolitical turmoil are the main factors driving the increase in oil prices. The global economic recovery and increasing demand for crude oil are also key driving factors behind the rise in oil prices. Institutions such as Morgan Stanley and Goldman Sachs predict that oil prices will reach $100 by the end of 2023 or even earlier. The rise in oil prices may have potential implications for oil-producing countries

The $100 oil price has almost become a consensus on Wall Street

特斯拉第二季度交付量可能会继续下降，分析师预计较去年同期减少 4.6%。汽车行业整体需求环境的恶化对特斯拉的销售构成了挑战。特斯拉上周发布的产销数据显示，第一季度交付量同比暴跌 8.5%。

分析师称特斯拉第二季度交付量恐延续颓势

The minutes of tonight's FOMC meeting will have a significant impact on interest rate cut expectations and clues to end quantitative tightening. Wall Street investment banks are "pouring cold water" on interest rate cut expectations, while Morgan Stanley is preparing for the Fed to raise rates to 8%. The March meeting minutes will reveal the extent of internal divisions within the Fed on interest rate cuts. Powell has stated that he will accept dissenting views, and the market is watching whether he will forcefully push for a rate cut in June. In addition, the market is also watching when the Fed will slow down its bond-buying pace. The meeting minutes will be released at 2 a.m. Beijing time on Thursday

Can there be any more rate cut expectations? Tonight's FOMC meeting minutes are very important

Morgan Stanley expects the spot price of iron ore to reach $120 per ton in the third quarter as Chinese iron ore prices rise. With stable Chinese economic data, a rebound in the stock market, and optimism about the global economic outlook, the manufacturing PMI index in China is expanding, and the service PMI has reached its highest level. The A-share market's rebound reflects increased market confidence. Macquarie Group, a financial company, points out that the construction industry in China is active, iron ore inventories have peaked, and national blast furnace steel production has increased. Morgan Stanley indicates that the supply-demand balance will support price increases. It is expected that stable demand, a lack of shipping supply, and reduced Chinese inventories will drive spot prices in the third quarter to further rise to $120 per ton

Betting on a rebound in Chinese demand? Iron ore sees its largest two-day increase in two years

Xinji Shaxi plunged in the afternoon, with a sharp drop of over 85% during the trading session, hitting a low of 0.029 Hong Kong dollars, setting a new historical low. As of the time of writing, it has dropped by 84.4% to 0.034 Hong Kong dollars, with a trading volume of 4.107 million Hong Kong dollars, and the total market value falling below 50 million Hong Kong dollars. On the news front, Xinji Shaxi previously announced its annual performance, with a group revenue of 273 million yuan, a year-on-year decrease of 8.39%; a net loss of 80.267 million yuan, a year-on-year narrowing of 52.06%. The announcement stated that the reduction in losses in 2023 was mainly due to the decrease in fair value losses of investment properties held by the group this year. 

Zhixun Finance pointed out in "Hong Kong Stock Market Shockingly Plunges to Zero at the End of the Day, China Tianrui Cement Stock Price Plummets by 99%! What Happened?" that three stocks jointly plummeted at the end of trading yesterday. China Tianrui Cement suffered the deepest decline, reaching 99.04%, while Haosen Financial and Shengneng Group fell by 90.96% and 49.88% respectively. Zhixun Finance APP warned that due to the prevalence of years of fraudulent culture in the Hong Kong stock market, many seemingly unrelated stocks are actually connected in some way, and once one of these related stocks encounters a problem, it will affect a large number of stocks, leading to a chain reaction

Hong Kong Stock Market Anomaly | Sunac China plunges in the afternoon, with a sharp drop of over 85% during trading, causing its total market value to fall below HKD 50 million

Vanke Corporation fell nearly 4% in the afternoon, as of the time of publication, it fell 3.63% to HKD 4.25 with a turnover of HKD 194 million. On the news front, market news reported that Xiao Jin, the general manager of Vanke Jinan Company, was taken away for investigation by the Shandong police 48 hours ago. The Shanghai Securities News quoted Jinan Vanke's response, stating that Xiao Jin is cooperating with the relevant authorities for personal reasons, the company's operations are normal, and Jin Yabin has taken over as the general manager of Jinan Company. Currently, the investigation is still ongoing, please refer to the information disclosed by the relevant government departments. In addition, Nomura's previous research report indicated that Vanke's revenue fell by only 8% year-on-year last year, but core profits dropped by 51% to RMB 9.8 billion, with a further deterioration in gross profit margin, down 4 percentage points year-on-year to 15.2%. Furthermore, Vanke announced no dividend distribution, the first time in 31 years. The bank believes that due to Vanke's greater operational and financial difficulties since the third quarter of last year, the performance is disappointing but understandable. At the same time, the company needs to protect its solvency

Hong Kong Stock Market News | Vanke Corporation fell nearly 4% in the afternoon, Jinan Vanke General Manager taken away for investigation

4 月 10 日消息，特斯拉据悉超越 Coinbase，成凯西·伍德旗舰 ETF 的最大持股。

特斯拉据悉超越 Coinbase，成凯西·伍德旗舰 ETF 的最大持股

万科回应济南总经理肖劲被带走调查：济南万科表示，肖劲因个人原因配合相关部门调查。公司运营正常，由金亚斌接任济南公司总经理。目前调查仍在进行中，请以相关政府部门披露信息为准。

Jack Ma published a long article on Alibaba's intranet supporting the transformation of Alibaba, affirming the courage of the new management team composed of Joseph Tsai and Eddie Wu. Jack Ma stated that Alibaba has returned to a healthy growth track and supports continued reform. He believes that Alibaba's strategic direction is becoming more focused, and organizational management efficiency has also significantly improved. Jack Ma affirmed the changes Alibaba has made in the past year and looked forward to Alibaba's future

Jack Ma expressed support for Alibaba's transformation

The current sharp decline is due to the lack of buying support, rather than the fundamental pricing of Tianrui, so a sharp rise is likely to follow the sharp decline, and even existing shareholders may choose to intervene at a low cost. The company's financial tightness is just a superficial issue, the core lies in the changing trend variables of the cement industry, and the ability to generate cash flow is weakening

Yesterday's plummet by 99%, today's trading halt! What exactly happened to China Tianrui Cement?

美国 3 月 CPI 数据公布前夕，媒体爆料称，美国劳工统计局的经济学家向华尔街的 “超级用户” 透露了非公开信息，引发了人们对数据可靠性和信息披露公平性的质疑。此前，媒体曝光了这些 “超级用户” 的存在，引发了舆论争议。这一事件涉及到经济数据的可靠性和信息公平性，引发了人们的关注和担忧。

CPI“闹剧”，是华尔街有 “内幕”，还是美国操纵数据？

杰富瑞：将特斯拉目标价从 185 美元下调至 165 美元。

恒生指数和恒生科指今日齐涨，科网股表现强劲，哔哩哔哩、京东和阿里巴巴涨幅超过 5%。汽车股和黄金股也有明显涨幅。同时，浩森金融科技今日反弹超过 700%，升能集团涨幅一度超过 80%。

恒指涨 1.88% 科指涨 2.48% 科网股领涨大市 阿里巴巴、京东涨超 5%

财政部在地方政府债务限额空间内安排一定规模的再融资政府债券，支持地方特别是高风险地区化解融资平台隐性债务和清理政府拖欠企业账款等，缓释到期债务集中偿还压力，降低利息支出负担。按照 “省负总责，市县尽全力化债” 的原则，各地立足自身努力，统筹各类资源，制定化债方案，逐项明确具体措施。经过各方面协同努力，地方债务风险得到整体缓解。地方政府法定债务本息兑付有效保障，隐性债务规模逐步下降；政府拖欠企业账款清偿工作取得积极进展，地方融资平台数量有所减少。总的看，目前我国地方政府债务化解工作有序推进，风险总体可控。

财政部：目前我国地方政府债务化解工作有序推进，风险总体可控

The three major A-share indexes opened lower collectively, with the Hang Seng Tech Index rising by more than 1%. Precious metals, new industrialization and other sectors led the gains, while iron ore, artificial meat, rare earth permanent magnet and other sectors led the declines. NetEase rose by 0.51%, and NetEase Games officially announced that games under Blizzard will return to the mainland China market in the summer of 2024

The three major A-share indexes opened lower collectively, with the Hang Seng Technology Index rising more than 1%

嘉实基金香港子公司嘉实国际获得香港证监会批准，在现有资产管理牌照的基础上增加虚拟资产资管服务。嘉实基金还申请了比特币现货 ETF，预计最快今年第二季度落地。

嘉实基金香港子公司获香港证监会批准虚拟资产资管服务

恒生指数、恒生科技指数日内双双涨超 2%，黄金、汽车、科网股领涨大盘。

平安信托旗下的 “平安信托福宁 615 号集合资金信托计划” 因投资厦门的正荣地产项目导致兑付延期，该项目目前销售不佳。该计划存续信托规模约为 7.7 亿元。

平安信托致歉！旗下一产品延期兑付

The People's Bank of China has been increasing its gold reserves for the 17th consecutive month, becoming the largest buyer among central banks. China has also surpassed India to become the world's largest consumer of gold jewelry. The selling of gold ETFs has nearly come to a halt, and the price of gold is expected to continue to rise. The assets under management of gold ETFs under Amundi have surpassed the $3 billion mark for the first time, indicating a reduction in investors' selling of gold. It is expected that the price of gold will soar to a historical high of over $2350 per ounce. The belief in gold by Western investors may spread to the West in the future

The story of gold, when will the East believe, and when will the West believe?

腾讯是中国最赚钱的互联网公司；阿里是账上现金储备最多的公司；京东的员工人数最多，公司收入最高，但利润率极低；网易赚钱最舒服，经营相当稳健；拼多多人效最高，员工数量只有美团的七分之一，但创造的收入规模已经接近美团。

互联网大厂这一年：降本、赚钱、座次重排

在港股市场，小市值公司的暴涨暴跌并不鲜见，闪崩背后往往存在多重因素，例如质押盘 “斩仓”，杀猪盘 “洗仓” 等，其中因质押盘被 “斩仓” 出现频次最高。

暴跌 91% 后又一度疯涨 730%！浩森金融科技怎么了？

小摩建议投资者趁阿里疲弱时吸纳，主因虽然目前对阿里 3 月止第四财季的经调整每股盈利预测较市场预期低 23%，但认为阿里现价水平有支持，主要由于现价意味着明年市值可带来 7% 的股东回报率，具吸引力。

摩根大通降阿里目标价至 95 港元 建议投资者趁疲弱时吸纳

Hybrid bonding will not replace TCB, but will complement each other. After the failure of Moore's Law, advanced packaging technology has become the main way to improve chip performance. NVIDIA adopts Chiplet design on B200, relying on TSMC's advanced CoWoS packaging technology. The continuous advancement of advanced packaging technology has driven the development of TCB and hybrid bonding. Advanced packaging is defined as packaging with die size smaller than 100 microns, with widespread application of fan-out packaging

Will hybrid bonds replace TCB?

港股科网股触底反弹，阿里巴巴涨超 4%，京东、美团涨超 3%，微博、汽车之家、东方甄选均涨超 2.5%，腾讯控股、百度均涨近 2%。

马云判断 “三、五年的时间跨度对于互联网领域而言，犹如一个世纪之久，足以发生翻天覆地的变化，AI 时代刚刚到来，一切才刚开始，我们正当其时！”

马云内部发声：AI 时代刚刚到来，我们正当其时（全文）

Yesterday, individual stocks experienced a violent rebound in the morning session after a flash crash. Haosen Financial Technology surged by 730% at one point, while Shengneng Group rose by over 80%. China Tianrun Cement announced a trading halt, while Haosen Financial Technology and Shengneng Group experienced a violent rebound during trading hours. Haosen Financial Technology surged by 541.51% to HKD 3.4, while Shengneng Group rose by 35.71% to HKD 2.85. Shengneng Group stated that they were not aware of the reason behind the volatility, and there were no significant changes in their business operations. Tianrui Cement saw its stock price plummet by 99% due to disappearing buying interest and supply chain issues

Hong Kong stock market anomaly | Yesterday's flash crash individual stocks violently rebounded in the morning, Haosen Financial Technology surged by 730% at one point, and Ascendas Group rose by over 80%

恒指涨幅达 1%，舜宇光学科技涨超 4%，新奥能源、阿里巴巴、药明生物均涨超 3%。

Xiaomi's SU7 listing has become a hot seller, triggering a price war and a wave of price cuts in the automotive industry. The year 2024 is full of competition and changes in the automotive industry. Based on annual performance, SAIC Group, BYD, and Li Auto have become industry leaders. The prices of traditional car manufacturers have risen, while the prices of new car-making forces have fallen. BYD's new energy brand leads in sales, while Geely and Great Wall's new energy vehicle penetration rates are also increasing. The automotive industry is facing a survival of the fittest scenario where the strong maintain their competitive advantage

Xiaomi SU7 enters the market with a surge in orders, reshaping the automotive industry: Can the leader maintain its strength?

港股浩森金融科技一度涨超 700%，前一交易日收跌超 90%。

Elon Musk expects that the next generation large-scale model Grok 3 will require 100,000 NVIDIA H100 GPUs, with potential power consumption equivalent to that of a small city. Musk pointed out that the current development of AI technology faces two major challenges: a shortage of high-end GPUs and enormous power demand. Nevertheless, advancements in computing and storage technology will make it possible to train even larger language models in the coming years. Musk predicts that an artificial intelligence smarter than the most intelligent human will be born in the next one to two years