Apple(AAPL) rose 0.86%, with a trading turnover 17.9 Billion USD, and a year-to-date fell 8.2%. Progressive(PGR) rose 0.81%, with a trading turnover 1.1 Billion USD, and a year-to-date rose 28.8%. JPMorgan Chase(JPM) fell 6.47%, with a trading turnover 5.8 Billion USD, and a year-to-date rose 8.9%. Intel(INTC) fell 5.16%, with a trading turnover 2.9 Billion USD, and a year-to-date fell 28.8%.

Top 5 US Stock Gainers/Losers (>100B) (4.12)

XPeng(XPEV) fell 9.79%, with a trading turnover 126.8 Million USD, and a year-to-date fell 48.9%. Array Tech(ARRY) fell 8.74%, with a trading turnover 79.8 Million USD, and a year-to-date fell 23%. Arista Networks(ANET) fell 8.48%, with a trading turnover 1.6 Billion USD, and a year-to-date rose 15.3%.

Top 10 US Stock Losers (4.12)

As Wall Street takes turns to be bullish, precious metals experience a sharp decline, giving back the intraday gains and turning into a significant drop. Intraday, spot gold fell by 1.5%, trading at $2337.5 per ounce, falling back from its high by about $100; spot silver fell by 1.65%, trading at $27.97 per ounce, with an intraday retracement of up to about 6%

As Wall Street takes turns to be bullish, precious metals experience a sharp decline, giving back the intraday gains and turning into a significant drop

比特币一度跳水跌至 65000 美元下方，现反弹拉升近 2000 美元至 66500 美元，日内跌超 5%。

JPMorgan Chase, Citigroup, Wells Fargo, and BlackRock released their financial reports on Friday. JPMorgan Chase's net interest income fell short of expectations, indicating that the benefits of high interest rates to banks may be diminishing. Citigroup's first-quarter FICC sales and trading revenue exceeded expectations, while BlackRock's net fund inflows fell short of expectations. On Friday, shares of major banks generally fell. JPMorgan Chase's full-year net interest income outlook is slightly below expectations, and it raised its full-year expense guidance, leading to a decline in stock price. JPMorgan Chase's first-quarter net interest income increased by 11% year-on-year, but the full-year net interest income outlook did not improve, and loans and expenses also fell short of market expectations

High interest rate benefits are dissipating, Wall Street big banks' net interest income "warning" JP Morgan plunges 6% | Financial Report Insights

比特币向下触及 69000 美元/枚，日内跌 2.12%。

The Japanese stock market is booming, attracting a large number of foreign investors. In order to meet customer demand, major Wall Street banks have increased their roadshow efforts, directly hiring Japanese analysts to interact with clients face-to-face and attract them to invest in the Japanese market. Companies like Citigroup and Morgan Stanley have also taken similar measures. In addition, Bank of America held conference calls where Japanese analysts shared the best stock investment recommendations. With the recovery of the Japanese economy, the professions of analysts and traders in the financial industry are becoming more active

The Japanese stock market is on fire, and the financial sector is also heating up, with roadshows being held one after another

Commodities across the board surged, with significant gains in gold, copper, oil, and aluminum. Pre-market trading in US AI stocks declined. Expectations of interest rate cuts are rising, leading to a rise in European stocks. Non-dollar currencies are under pressure, with the Euro falling to a 5-month low

Commodities across the board are surging! Gold, copper, oil, and aluminum are all rising, while pre-market trading for AI stocks in the US is declining

黄金在短时间内快速涨破 2300 美元/盎司，可能是因为全球央行开始转向宽松政策和散户及亚洲投资者入场。要站上 2500 美元/盎司，关键在于韧性的美国通胀和大宗商品牛市的出现。此外，中长期黄金分析需要考虑疫情后逆全球化和高通胀的宏观环境变化，以及信用货币体系受到挑战的叙事。黄金可能对通胀和大宗商品更加敏感。

黄金：站上 2500，需要怎样的 “宏观叙事”？

Banking stocks released their rankings, kicking off a new round of earnings season: BlackRock's performance exceeded expectations, with assets under management reaching $10.47 trillion, expected to be $10.43 trillion; Citigroup's Q1 revenue was $21.1 billion, expected to be $20.38 billion

WSB Hot Discussion | Nvidia rebounds for two days, Goldman Sachs: Expected Q1 earnings per share to increase fourfold

The company's revenue in 2023 was $2.678 billion, with a compound annual growth rate of only 6.9% over the past 13 years

Norway's Sovereign Wealth Fund also interested? ULS to go public tonight with a valuation of $5.6 billion

Huali Group released its 2023 annual report, with both revenue and net profit declining year-on-year, marking the first negative growth in performance. The company's cooperative clients include Nike, but due to factors such as inflation, sales performance has been poor. However, sales have shown improvement in the fourth quarter, with major client inventories gradually returning to normal levels, indicating that destocking may be nearing its end. Nevertheless, Nike's declining performance suggests that the industry's destocking inflection point may still require more time

Financial Report 2024 | Clearing inventory cycle faces tax rate pressure, Huali Group experiences a double decline in performance for the first time since its IPO

1968 Major Events: Buffett tried to sell the troublesome Berkshire, but failed; Intel Corporation was founded; Nixon won the presidential election; Apollo 8 entered lunar orbit, and humans saw the far side of the moon for the first time; the Treaty on the Non-Proliferation of Nuclear Weapons was officially opened for signature

Warren Buffett's 1968 "Letter to Shareholders": Everyone makes mistakes at some point

BlackRock announced its first-quarter performance in 2024, with a 37% increase in profit and an 11% year-on-year growth in total revenue. The asset management scale reached a record high of $10.47 trillion, a 15% year-on-year increase. BlackRock's diversified asset management products continue to attract investors. Although net inflows were lower than expected, the company remains optimistic about future growth. In addition, BlackRock's Bitcoin ETF attracted $14 billion in investments

BlackRock Q1 revenue and profit both exceeded expectations, with AUM growing by 15% year-on-year to reach a historical high

Intel has released a combination of hardware and software products including the AI chip Gaudi 3, the all-new brand Xeon 6 processor, and announced the upcoming launch of the next-generation Core Ultra processor family codenamed "LunarLake" this year. Intel aims to target NVIDIA with this move and compete for AI users with them. On the day of the launch event, NVIDIA's stock price fell by nearly 5%, while Intel's rose by 0.92%. Intel CEO Gelsinger is also quite satisfied with Gaudi 3, as the chip has significantly improved performance in training and inference, with higher energy efficiency. Intel also announced the upcoming release of Xeon 6 processors equipped with energy-efficient cores, as well as processors with higher AI performance. This launch event demonstrates Intel's competitive strength in the field of AI

Intel's surprise attack on Nvidia

市场消息：香港有望批准现货比特币和以太坊 ETF。

Google and Amazon did not use AMD's AI chips, instead opting for Nvidia and in-house chips. However, despite the lack of collaboration with these two tech giants, AMD still expects AI chip sales to reach a new high, exceeding $3.5 billion. In addition to partnerships with Microsoft, Oracle, and Meta, AMD also plans to install the latest GPUs in data centers

Google, Amazon, neither use AMD!

AMD and Intel fell nearly 2% in pre-market trading, while Tesla dropped over 1%; XPeng fell over 4%, Alibaba, JD.com, Li Auto, NetEase, and Baidu all fell over 2%; Chinese concept stocks, Shangchao Shu One, surged 35% at one point, while insurance company GLOBE LIFE surged 18%; yesterday, it plunged more than 53%

Pre-market trading in US stocks | XPeng, Alibaba lead the decline in Chinese concept stocks, AMD, Intel lead the decline in technology stocks!

建行、中行、农行公告汇金增持进度，汇金公司增持了三家银行的股份，持股比例分别为中行 64.13%、建行 57.14%、农行 40.14%。增持行动发生在去年四季度，汇金公司表示将继续支持三家银行的稳健发展。

建行、中行、农行公告汇金增持进度：去年四季度扫货合计超 8 亿股

英国资产管理公司 Ruffer LLP 近期采取了历史上最大规模的持现金策略，以应对市场可能出现的剧烈反转。该公司将三分之二的资金配置为现金，并购买信用违约互换和美国股票期权等保险政策，以防范可能的大幅下跌。他们对市场波动持悲观态度，特别是对美国利率削减的过度乐观和流动性风险的担忧。Ruffer 希望通过资本保护实现回报，避免重复类似 1987 年的股市崩盘。

防范 1987 年式崩盘 英国资管公司 Ruffer 疯狂配置现金

UBS sets Tencent's target price at HKD 428, expecting Tencent's domestic game performance in the first quarter to be weak, with a 5% year-on-year decline, but advertising revenue in the first quarter is expected to increase by 16% year-on-year, relative to the market's expectation of a 19% increase. CICC predicts that Alibaba's fourth-quarter e-commerce GMV will increase by 6% year-on-year, and continuous observation is still needed on the sustainability of e-commerce GMV/CMR positive growth, with the target price raised to USD 111/HKD 107

Rating Quick Look | Alibaba, Xiaomi, Meta Target Prices Raised! Tencent, Kuaishou Receive Positive Outlook

XIAOMI-W(01810) rose 2.61%, with a trading turnover 3.4 Billion HKD, and a year-to-date rose 5.8%. NEW ORIENTAL-S(09901) rose 2.39%, with a trading turnover 175.0 Million HKD, and a year-to-date rose 27.8%. AIA(01299) fell 5.81%, with a trading turnover 4.2 Billion HKD, and a year-to-date fell 28.6%. PING AN(02318) fell 5.69%, with a trading turnover 2.4 Billion HKD, and a year-to-date fell 13.3%.

Top 5 HK Stock Gainers/Losers (>100B) (4.12)

ZX INC(09890) fell 13.82%, with a trading turnover 72.8 Million HKD, and a year-to-date fell 48.4%. LONGFOR GROUP(00960) fell 8.64%, with a trading turnover 312.9 Million HKD, and a year-to-date fell 24.7%. ZA ONLINE(06060) fell 8.6%, with a trading turnover 110.9 Million HKD, and a year-to-date fell 29.7%.

Top 10 HK Stock Losers (4.12)

FIH(02038) rose 14.86%, with a trading turnover 48.4 Million HKD, and a year-to-date rose 39.3%. WANGUO MINING(03939) rose 13.29%, with a trading turnover 37.4 Million HKD, and a year-to-date rose 147.8%. LINGBAO GOLD(03330) rose 11.6%, with a trading turnover 79.6 Million HKD, and a year-to-date rose 152.5%.

Top 10 HK Stock Gainers (4.12)

Overnight hottest contracts: Tesla calls with expiration dates of April 12th, with strike prices of $175 and $172.5, traded over 210,000 and 200,000 contracts respectively. Tesla puts with a strike price of $170 traded over 170,000 contracts. Rivian options trading surged to 300,000 contracts, with 57% being call options. Nikola options trading surged to 200,000 contracts, with 51% being put options

US Stock Options | Tesla, Nvidia Soar in Trading Volume, Apple Nearly Doubles in Trading Volume!

国务院印发了《关于加强监管防范风险推动资本市场高质量发展的若干意见》，明确了我国资本市场的发展目标和路线图。其中，重点关注的九大看点包括资本市场高质量发展的 “五个必须”，发行上市制度的升级，制定上市公司市值管理指引等。这些政策将对资本市场产生积极影响。

资本市场 “国九条” 时隔十年再升级，九大看点值得关注

JP Morgan pointed out that, from the perspective of the 5G upgrade cycle, the valuation reevaluation began one year before the release of 5G products (iPhone 12 in 2020). By analogy, the AI upgrade cycle will start from iPhone 17 (expected to be released in September 2025), and the valuation reevaluation will come in 2024. JP Morgan slightly adjusted Apple's year-end target price from $215 to $210, with a 20% upside potential from the current stock price, giving Apple stock an overweight rating

Reassessing Apple's "AI Potential" - Comparing the AI Phone Upgrade Trend to the 5G Boom

Silver has outperformed gold this year, hitting a three-year high and is expected to break through $30. As a substitute for gold, silver is favored by investors, and tight supply and demand have also supported the rise in silver prices. Investors are surprised by the trend of gold and silver prices, expecting no significant pullback and a possible continuation of the uptrend

20%! Silver has outperformed gold in terms of price increase this year

富智康集团今日再度上涨近 18%！为何？供应链分析师透露，苹果计划于今年晚些时候发布价格更低的 AirPods 耳机，而新款低价 AirPods 将由富士康子公司制造。

这只股票本周大涨 80%！

港股电讯设备股午后再度拉升，小米集团涨超 3%，中兴通讯涨超 1.5%，长飞光纤等跟涨。

评级机构惠誉日前下调中国评级展望至负面後，确认香港的长期外币发行人违约评级为「AA-」，评级展望为稳定。惠誉表示，香港经济高度依赖内地经济，但其「AA-」评级仍受到香港庞大的财政缓冲、强劲的外部财政和高人均收入水平所支撑。公共和外部财政与「AA」级同类别相比都表现良好。评级也反映治理和机构管理实践与中国紧密结合，趋势自 2019 年以来稳步推进。

惠誉确认香港评级为「AA-」展望为稳定

The price of gold has broken through historical highs, reaching over $2400 and is expected to potentially double to $4000 in the future. Analysts at UBS believe that based on historical data, once the gold price breaks the previous high by more than 10%, the upward trend will be rapid and intense. Investors should pay attention to real interest rates and recession conditions to decide whether to chase the rise or avoid it. Warning signals have been issued in the gold market, indicating a possible mispricing. Bank of America commodity strategist predicts that by 2025, the price of gold will rise to $3000 per ounce. Silver is also expected to benefit

What does it mean when gold breaks through its previous high by more than 10%?

海通证券召开 2023 年度业绩说明会，公司净利下滑 85%。公司表示业绩下滑主要原因有四个方面：市场波动导致境外金融资产估值下降、财务成本受欧美央行加息影响大幅增长、投行和经纪等收入减少、上年比较基数较小使信用资产减值拨备增加。接下来，公司将以深化金融供给侧结构性改革为主线，加强财富管理业务机构化转型和海通国际业务一体化经营管理。

海通证券业绩会 “直面” 挑战：净利下滑 85% 后，如何干？干什么？

In the latest interview with Cathy Wood, she mentioned several important points. She believes that Tesla is leading in the field of autonomous driving and humanoid robots, and is optimistic about its long-term prospects. She also predicted that by 2030, autonomous taxi services will generate huge revenue, benefiting platform providers like Tesla. She mentioned that NVIDIA is leading in the AI competition, but more evidence is needed to prove its valuation is reasonable. She also talked about how Chinese and other cloud service providers are working on developing their own chips, and expects AI technology to replace some job positions, although the overall number of employment positions will continue to increase. Lastly, she mentioned selling NVIDIA stocks too early and reallocating funds to Coinbase, which has outperformed NVIDIA in the past year

Latest interview with Cathie Wood: NVIDIA "sold too early" is no big deal, the new purchase Coinbase is doing even better

Raymond James has raised NVIDIA's target price from $850 to $1100 and reiterated a "strong buy" rating. The company believes that investors' concerns about NVIDIA's customer spending pause are unfounded. NVIDIA has launched the Blackwell series GPU, which has received high praise from Wall Street. This series of products enables NVIDIA to gain additional share in data center capital expenditures and continue to maintain revenue momentum in the field of artificial intelligence. It is expected that NVIDIA's Mellanox division will also benefit from the growth in demand for artificial intelligence

Raymond James: Demand concerns "unfounded" Raises NVIDIA's target price to $1100

Xiaomi Group-W's stock price rose by more than 3% to reach HKD 16.66, with a turnover of HKD 7.32 billion. Morgan Stanley has designated Xiaomi Group as a top pick and raised the target price from HKD 17.50 to HKD 20. Analysts pointed out that the increase in target price is based on the valuation improvement of Xiaomi's electric vehicle business and the synergistic effect of smartphones and AIoT. In addition, Xiaomi Group announced its performance for the fourth quarter of 2023, with revenue increasing by 10.9% year-on-year, gross profit increasing by 37.2% year-on-year, and adjusted net profit increasing by 236.1% year-on-year. It is expected to achieve revenue of approximately RMB 270.97 billion in 2023, a decrease of 3.2% year-on-year

Hong Kong Stock Market News | Xiaomi Group-W rose more than 3%, Morgan Stanley listed the company as a top pick with a target price of HKD 20

The "Mag 7" in the US stock market is expected to see a 38% increase in profits in the first quarter of this year. A stable economy is expected to drive profit growth for S&P 500 index component companies, with strong profits from large tech companies being a key driver. Google is approaching a market value of nearly $2 trillion, Amazon's stock price is hitting a historic high, and Apple plans a comprehensive overhaul of its Mac product line. Investors will closely monitor the earnings of these companies to validate whether the P/E ratio of the S&P 500 is reasonable. Stock valuation advantages are approaching the lowest levels in nearly 20 years, and the continued growth of company profits is crucial to proving the current stock valuations and investor sentiment are rational. Expectations for US companies have risen significantly among investors, which may be a sign of heightened market sentiment

The financial reporting season begins, "Mag 7" returns

2023 年，中国餐饮业整体迎来强势复苏，收入突破 5 万亿大关，同比增长 20.4%。餐饮行业洗牌也在紧锣密鼓展开，连锁化率提升，中大型企业市场份额增加。港股餐饮板块上市公司业绩表现良好，营收和净利润增幅超过 30%，股东回报率攀升。部分公司股息率达到或超过 4%。

餐饮股业绩集体 “亮剑”，谁是高成长、高股息的投资标的？

截至发稿，信基沙溪涨 109.4%。消息方面，控股股东所持公司 14.16% 股份在 10 日遭强制出售，令公司股价出现闪崩行情，当时盘中一度跌超 85%。此外，该公司已向联交所申请恢复公司股份于联交所买卖，自 4 月 12 日上午 9 时正起生效。

信基沙溪复牌涨近 110% 此前股价一度跌超 85%

港股开盘，恒指和科指均下跌，紫金矿业上涨，蔚来汽车、网易、阿里巴巴、理想汽车、京东等股票均下跌。

高盛预计标普 500 指数成分股未来一年平均回报 11%，认为目前回调是投资者吸纳的良机。根据宏观及基本环境评估，标指下月回升 5% 的概率为 26%。高盛认为认沽期权价值被低估，机会率有 22%。

高盛：预计标普 500 指数成分股未来一年平均回报 11%

Apple's stock price soared by 4.3%, increasing its market value by $112 billion, driven by reports of the new generation chip M4. The M4 chip will focus on AI functionality, with the first batch of Mac computers equipped with M4 chips expected to debut by the end of 2024. In early 2025, more new products will be released, including the new generation Mac Studio and Mac Pro. The M4 processor will have at least three main models, and the first batch of M4 Mac computers is expected to be launched later this year

Catalyst for Apple's sharp rise: Understanding the M4 chip in one article, Apple opens the door to AI PCs

美国 3 月通胀再次超预期，核心 CPI 与超级核心 CPI 延续了去年 8 月以来的反弹趋势。当前美国 “二次通胀” 已不再是 “叙事”，而成为温和的现实趋势。美国更可能经历一轮温和的需求侧通胀，联储亦不需要大开大合的货币政策调整。

美国二次通胀，从叙事到现实

印度计划垄断市场，中国药企加速研发！印度药企 Biocon 瞄准 1000 亿美元的减肥药市场，并计划垄断该市场。随着丹麦制药巨头诺和诺德等减肥药专利即将到期，Biocon 将推出利拉鲁肽注射剂的仿制药。减肥药已为诺和诺德等制药公司带来了创纪录的利润，但随着专利到期，更便宜的仿制药将涌入市场。除了 Biocon，印度太阳药业等仿制药企业也参与竞争。

印度计划垄断市场，中国药企加速研发！“减肥神药” 专利将过期，谁的机遇？

Deutsche Bank and other Wall Street banks significantly reduce expectations for a Fed rate cut. Nvidia has risen for two consecutive days. Apple's stock price hits an 11-month high, with plans to fully update the Mac product line, with the M4 chip featuring enhanced AI capabilities set to be launched at the end of 2024 or early 2025. Microsoft will launch new AI tools and AI PC products in May. Amazon is expected to launch its first production satellite this year

Breakfast | Nasdaq, Google, Amazon hit record highs together, southbound funds have been buying Hong Kong stocks for 9 consecutive days

新加坡金管局维持货币波动区间的斜率、宽度和中点不变。

Globe Life(GL) fell 53.14%, with a trading turnover 2.4 Billion USD, and a year-to-date fell 59.4%. Nikola(NKLA) fell 26.73%, with a trading turnover 236.8 Million USD, and a year-to-date fell 18%. Root(ROOT) fell 14.53%, with a trading turnover 74.7 Million USD, and a year-to-date rose 526.9%.

Top 10 US Stock Losers (4.11)

Iczoom(IZM) rose 10.69%, with a trading turnover 112.3 Million USD, and a year-to-date rose 314%. Cheetah Mobile(CMCM) rose 10.08%, with a trading turnover 1.6 Million USD, and a year-to-date rose 91.7%. Jinkosolar(JKS) fell 5.33%, with a trading turnover 32.5 Million USD, and a year-to-date fell 35.1%. Canadian Solar(CSIQ) fell 4.49%, with a trading turnover 53.5 Million USD, and a year-to-date fell 36.8%.

Top 5 CDRs Gainers/Losers (>100M) (4.11)

Alpine Immune Sciences(ALPN) rose 36.9%, with a trading turnover 2.2 Billion USD, and a year-to-date rose 237.9%. Enliven Therapeutics(ELVN) rose 20.18%, with a trading turnover 82.0 Million USD, and a year-to-date rose 72.1%. Vera Therapeutics(VERA) rose 17.3%, with a trading turnover 208.3 Million USD, and a year-to-date rose 217.4%.

Top 10 US Stock Gainers (4.11)

ARM(ARM) rose 4.75%, with a trading turnover 789.6 Million USD, and a year-to-date rose 74.5%. Broadcom(AVGO) rose 4.54%, with a trading turnover 4.3 Billion USD, and a year-to-date rose 24.4%. Morgan Stanley(MS) fell 5.25%, with a trading turnover 2.2 Billion USD, and a year-to-date fell 6%. HSBC(HSBC) fell 2.06%, with a trading turnover 84.1 Million USD, and a year-to-date rose 5%.