别克 GL8 加入新能源战局，推出首款新能源插混版车型 GL8 陆尊 PHEV，定价 35.99 万-41.99 万元。该车在纯电和综合续航上做到了 138km 和 1370km，拥有智能化配置和安全舒适性能。别克希望通过 GL8 陆尊 PHEV 夺回高端 MPV 市场地位。在竞争激烈的 MPV 市场，自主品牌也纷纷进入新能源领域，如腾势 D9、极氪 009 等。别克 GL8 曾长期霸占国内 MPV 市场，但去年被腾势 D9 超越。新 GL8 陆尊 PHEV 是别克反击的一枪，别克决心重新夺回 MPV 市场地位。

“MPV 一哥” 加入新能源战局

Benefiting from strengthened cost control and optimized revenue structure, CITIC Securities achieved a Q1 weighted average return on net assets of 1.88%

CITIC Securities Q1 revenue and profit both declined, but the amount of equity underwriting still ranks first in the industry | Financial Report News

GAC Sounds the Charge for Autonomous Driving "Charge"

新能源行业的头部企业供需关系已经出现逆转，增量方向值得关注。光伏组件和锂电池产业链的排产和需求速度都在快速增长，通过海外布局和供需错配修炼内功，竞争力增强。下半年可能会体现在财务报表上。市场参与资金属性发生变化，估值体系也改变，需要重新适应和建立投资框架。新能源行业包括光伏和电动车两个行业，储能的占比开始提升，短期需求可能会快速释放。光伏组件和锂电池产业链的排产和需求速度出现快速增长。

新能源 “干将” 赵诣：头部企业供需关系已出现逆转

腾讯发布了汽车行业大模型 “全域智能” 方案，并与多家汽车企业展开合作。该方案将模型、算力、AI 工程平台等嵌入汽车企业应用，提供智能分析和营销转化等服务。腾讯还设立了智能汽车云双专区，为自动驾驶开发提供数据闭环服务。腾讯希望成为汽车产业升级的数字化助手和生态共建者，为汽车智能化发展提供支持。

腾讯加速 “上车”

Is Xiaomi about to be squeezed out of the top five?

瑞士央行主席：比特币并非没有风险之物。

中美达成五点共识，包括继续稳定并发展中美关系、保持高层交往和各层级接触、推进中美禁毒、气候变化、人工智能合作、扩大人文交流、就国际地区热点问题保持协商。双方将举行中美人工智能政府间对话首次会议，继续推进中美关系指导原则磋商。同时，中美禁毒工作组将举行高官会，美方欢迎中国气候变化事务特使刘振民访美。

中美达成五点共识

XPeng Motors rose 10% in pre-market trading, leading Chinese concept stocks. Li Auto and Nio rose over 7%, Bilibili rose nearly 6%, JD.com rose nearly 5%, Alibaba, Pinduoduo, and Baidu rose over 2%. Snap surged over 25% at one point, Google rose over 11%, Amazon and Microsoft rose over 3%, Tesla, Nvidia, AMD, and Meta rose over 1%, while Intel fell nearly 8% at one point

Pre-market trading in US stocks | Google soared 11%, XPeng Motors surged 10%, leading the gains! Is another tech stock frenzy coming after earnings?

习近平：我们不怕竞争，但竞争应该是共同进步，而不是零和博弈。中方坚持不结盟，美方也不要搞 “小圈子”。（央视新闻）

The American Bitcoin Exchange Traded Fund (ETF) experienced a significant fund outflow in the past week, with a single-day outflow reaching $218 million. This reflects a significant decrease in demand for risk assets due to the weakening expectations of a rate cut by the Federal Reserve. The BlackRock Bitcoin Fund has performed well for 71 consecutive days, raising nearly $18 billion in funds. However, as the cryptocurrency market frenzy cools down, investors have gradually withdrawn. The price of Bitcoin has stabilized at $64,497, down from its mid-March high

Historic outflow of $218 million in a single day hits the US Bitcoin ETF

财政部、税务总局发布公告，规定自 2024 年 1 月 1 日起至 2027 年 12 月 31 日，纳税人行权可按公告规定执行。对于 2023 年 1 月 1 日后行权且未缴纳全部税款的纳税人，可分期缴纳税款，期限为行权日起计算。

财政部：境内上市公司授予个人的股票期权、限制性股票和股权奖励，经向主管税务机关备案，个人可自股票期权行权、限制性股票解禁或取得股权奖励之日起，在不超过 36 个月的期限内缴纳个人所得税。纳税人在此期间内离职的，应在离职前缴清全部税款。

Driven by tightening supply, copper prices have risen by over 17% since the beginning of this year. In terms of news, BHP Billiton's plan to acquire Anglo American Resources has further increased the attractiveness of copper assets

First time in 2 years! Copper price breaks through the $10,000 mark

UBS raised Tencent Holdings' target price to HKD 438, believing that the recovery of overseas gaming business seems to be overlooked by investors. The bank envisions a positive performance of the gaming business in the international market, which will support the company in achieving significant improvements. In addition, besides the launch of the mobile game "Dungeon & Fighter," the potential rebound in the performance of existing games may also bring upward potential

Rating Quick Look | Tencent, Google Target Prices Raised! Tesla, Meta Face Price Cuts!

On June 21st, a total of 245,000 contracts of Brazilian oil call options with a strike price of $15 expired, making it the most active contract overnight. On December 20th, 220,000 contracts of Brazilian oil call options with a strike price of $12 expired. Additionally, 200,000 contracts of Brazilian oil call options with a strike price of $12 and an expiration date of January 17, 2025 were traded. Furthermore, nearly 190,000 contracts of Brazilian oil call options with a strike price of $16 and an expiration date of May 17, 2024 were traded

US Stock Options | Meta's trading volume doubles, Petrobras call options are being speculated! Microsoft, Google, Amazon all see a surge in trading volume

SENSETIME-W(00020) rose 43.37%, with a trading turnover 4.1 Billion HKD, and a year-to-date rose 2.6%. GUOLIAN SEC(01456) rose 25.08%, with a trading turnover 386.2 Million HKD, and a year-to-date rose 7.6%. IDREAMSKY(01119) rose 19.03%, with a trading turnover 116.8 Million HKD, and a year-to-date rose 27.3%.

Top 10 HK Stock Gainers (4.26)

FUYAO GLASS(03606) rose 11.57%, with a trading turnover 388.5 Million HKD, and a year-to-date rose 24.3%. NEW ORIENTAL-S(09901) rose 10.37%, with a trading turnover 834.4 Million HKD, and a year-to-date rose 24.3%. YANKUANG ENERGY(01171) fell 3.6%, with a trading turnover 810.1 Million HKD, and a year-to-date rose 11.7%. CGN POWER(01816) fell 3.3%, with a trading turnover 261.7 Million HKD, and a year-to-date rose 29.4%.

Top 5 HK Stock Gainers/Losers (>100B) (4.26)

STAR SHINE HLDG(01440) fell 15.51%, with a trading turnover 4.3 Million HKD, and a year-to-date rose 35.6%. DC HOLDINGS(00861) fell 14.76%, with a trading turnover 120.7 Million HKD, and a year-to-date rose 22%. J&amp;T EXPRESS-W(01519) fell 12.14%, with a trading turnover 97.5 Million HKD, and a year-to-date fell 59.7%.

Top 10 HK Stock Losers (4.26)

商汤尾盘持续走强，日内涨超 42%，本周内实现股价翻倍。

On April 26, the National Press and Publication Administration released the approval information for domestic online games in April 2024, with a total of 95 games approved. This includes 4 games under the Zhongqingbao umbrella: "Ancient and Modern 2 - Wind Rises in Penglai", "Chinese Painting World Records", "Lost Island Spin-off Pumpkin Town", and "Ten Continents Prosperous Scenery". In addition, NetEase's "Broken Land" is also on the list

In April, 95 domestic online games, including those from companies such as Zhongqingbao, were approved for publication

4 月 26 日下午，国家主席习近平将在北京人民大会堂会见美国国务卿布林肯。

习近平将会见美国国务卿布林肯

SenseTime's stock price has risen for three consecutive days, with a weekly increase of over 80%, marking the largest weekly gain since its listing. SenseTime has released the "RiRiXin 5.0" large model that competes with GPT-4 Turbo in terms of comprehensive capabilities, and has launched a full-stack large model product matrix for "cloud, edge, and end". SenseTime's large model capabilities have empowered multiple ecosystem partners, and its performance has also achieved a rapid growth of 200% year-on-year. SenseTime is an influential company in the field of AI

SenseTime's continuous stimulation of stock price rebound with version 5.0 surged over 80% for the week, marking the largest weekly increase since its listing

商汤日内涨幅扩大至 30%，本周累涨近 90%。

雷军、王传福、李想、李斌和何小鹏商讨了统一生态建设的可能性，以提高汽车的灵活性和可玩性。他们讨论了可以减少车内配置，使用配件的方式来解决问题，并希望统一接口，实现互相兼容。这个建议受到了与会人员的支持，他们认为这将使购买汽车就像购买房子一样，可以根据个人喜好进行个性化装修。

雷军：李想、李斌、小鹏都同意统一生态建设，要不王传福你牵头组织一下吧

瑞银转軚看好内地楼市，内房股发力，龙湖及中海外领涨蓝筹。午后恒指上涨 443 点，最新报 17,683 点，升 398 点或 2.31%。多只内房股升幅逾一成，预计今年销售及楼价降幅放缓，明年住宅需求和供应将恢复到历史平均水平。投资组合多元及庞大的房企，股价或会反弹。

瑞银转軚看好内地楼市  内房股发力  龙湖及中海外领涨蓝筹

OSL Group strengthens cooperation with Huaying Securities to promote the innovative service of physical subscription and redemption of Hong Kong spot virtual asset ETFs. This collaboration will fully prepare for the launch of ETF products, enhance the liquidity of digital assets, and allow more investors to enter the digital asset market. As the only listed company in Hong Kong focusing on digital assets, OSL has a good market reputation and a sound compliance operating model in the industry. The cooperation will play a leading role in promoting the future development of digital asset investment in Hong Kong

OSL Group strengthens cooperation with Huaying Securities to promote innovative services for physical subscription and redemption of Hong Kong spot virtual asset ETFs

AI investment has already begun to bring huge benefits to Google and Microsoft, but for Meta's performance, it is more like a heavy burden. The road to monetizing AI is still long and arduous

Why did Meta plummet while Microsoft and Google surged, all "gambling" on AI?

OPENAI 正在调查 CHATGPT 上的错误。

Will a "national securities" with a market value of hundreds of billions come? Guolian Securities' acquisition of Minsheng Securities officially kicks off

SenseTime-W rose by over 6% again, with a cumulative increase of over 50% this week. As of the time of publication, it rose by 6.02% to HKD 0.88, with a turnover of HKD 4.16 billion. Haitong International released a report stating that SenseTime recently launched a 600 billion parameter large model "RiRiXin 5.0", which significantly improves knowledge, mathematics, reasoning, and coding capabilities, comprehensively benchmarking against GPT-4 Turbo. The report mentioned that "RiRiXin 5.0" not only benchmarks against GPT-4 Turbo but also outperforms it in the Chinese context. Due to the current ambiguity in the commercialization of generative artificial intelligence, it is believed that SenseTime is significantly undervalued. Considering the rarity of computing power infrastructure, valuation is made based on asset net worth, as the company's AI infrastructure and large language models are still far from generating profits. The report maintains an outperform rating with a target price of HKD 1.5, believing that it is well positioned in the GenAI boom

Understanding the Market | SenseTime-W Surges Over 6% Again, SenseTime Ririx 5.0 Outperforms GPT-4 Turbo in Chinese Context

Meta once again significantly increased AI spending, but guidance fell short of expectations not due to AI

AI investment exceeding expectations triggers Meta's sharp decline? This blame should not fall on GPUs

Airbus and Boeing are at a crossroads: Airbus is meeting the strong demand for long-haul flights by increasing production, directly taking some market share from Boeing, while Boeing is busy dealing with regulatory pressure and improving manufacturing quality

Airbus increases A350 aircraft production, takes advantage of Boeing's plight to secure a large order of 100 aircraft from Indian Airlines

恒生科技指数涨幅扩大至 3%，科网股集体强势，恒指现涨 1.65%。

Dongfang Selection rebounded by more than 7%, after falling by over 10% yesterday. As of the time of publication, it rose by 7.27% to HKD 17.12, with a turnover of HKD 129 million. According to the latest information from the Hong Kong Stock Exchange, on April 24, Dongfang Selection received New Oriental Education & Technology Group Inc.'s on-market increase of 1 million shares at an average price of HKD 17.3879 per share, involving approximately HKD 1738.79 million. After the increase, New Oriental Education & Technology Group Inc.'s latest shareholding amount is 588 million shares, with a shareholding ratio rising to 57.04%. Goldman Sachs research report pointed out that the worst situation for Dongfang Selection has passed, and it is expected that the operating gross profit margin will improve to 7% in the fourth quarter of the 2024 fiscal year. The bank has lowered Dongfang Selection's target price from HKD 21.5 to HKD 18.4, based on increased profit margin pressure, with an investment rating of "Neutral"

Understanding the Market | Dongfang Selection rebounds by over 7%, receiving 1 million shares increase from New Oriental, Goldman Sachs optimistic about its improvement in operating gross profit margin in the fourth quarter

HashiCorp is known for its infrastructure-as-code tool Terraform, which is used to provision cloud and on-premises resourcesIBM execs said the deal will extend the company’s hybrid cloud capabilitiesAnalysts said the deal is likely an attempt by IBM to extend its market reach and fill in gaps IBM found in its Ansible platformIBM isn’t messing around with the hybrid cloud. The company just dropped a cool $6.

Analysts say this is why IBM is spending $6.4B on HashiCorp

“美国恐怖故事” 上演，经济增长意外 “爆冷”，核心通胀却异常顽固，美国 “滞胀” 风险似乎正在增加，摩根大通 CEO 担忧美国经济可能会重蹈上世纪 70 年代的覆辙。

美国滞胀？这是美联储最大的噩梦

港股途虎涨超 10%，此前获纳入港股通标的证券名单。

In a move that has broad implications for the cloud infrastructure technology market, IBM announced on its earnings call on April 24th that it is buying cloud technology firm HashiCorp for $35 a share, or $6.4 billion.The move puts to rest HashiCorp’s tumultuous tenure in the public markets and firms up IBM’s leadership position as one of the leading providers of cloud management tools. IBM already owns Red Hat, which it purchased for $34 billion in 2019.

What IBM’s Deal For HashiCorp Means For The Cloud Infra Battle

存储器巨头正聚焦于 NAND 闪存堆叠层的突破，以及 DRAM 先进制程节点和 3D DRAM 技术。三星预计将于本月量产第 9 代 NAND 闪存，层数将达到 290 层，展望未来计划研发 1000 层 NAND 闪存。美光已完成试产下一代 1γ DRAM，并计划利用 EUV 技术开始大规模生产 1c 纳米 DRAM。三星计划在 2025 年迈入 3D DRAM 时代，已展示了垂直通道晶体管和堆叠式 DRAM 技术。SK 海力士正在研发以 IGZO 为沟道材料的新一代 3D DRAM。

存储器大战：NAND 闪存和 DRAM

比特币失守 64000 美元/枚，日内跌幅 1.29%。

"Quarterly $10 billion" becomes the entry ticket for the AI battle! Meta has raised its capital expenditure forecast for this year by $10 billion, increasing to $35 billion to $40 billion for the whole year; Google said it will spend about $12 billion or more on capital expenditures each quarter this year; Microsoft reported a capital expenditure of $14 billion in the last quarter and expects to continue to "substantially" increase it

Google, Microsoft, and Meta, the three tech giants, summarized in a conference call: "Aggressive spending" is extremely determined!

Intel's revenue in the first quarter exceeded expectations, growing by 9%. EPS earnings and gross margin were also higher than expected, but the guidance for the second quarter was below expectations. The wafer foundry business was "independent" in the first financial report, with a loss of $2.5 billion in the first quarter, almost doubling from the previous quarter. Intel's CEO stated that he is confident in achieving sequential quarterly growth this year, with Gaudi AI chip revenue potentially exceeding $500 million

Warning: Slow recovery, both revenue and profit guidance for Intel in the second quarter fall short, dropping more than 9% after hours｜Financial Report Insights

产品距离发布已经过了 20 多天了，结果打了一个年化卖 45 万辆的概念。这个年化的销售数字刚好超过了 Model Y2023 年的销售量，是全中国不分补能方式的年车型销售总冠军。

小米汽车锁单数据让我震惊了

外资巨头突然罕见唱多中国房地产市场，引发关注。瑞银大中华区房地产研究主管分析师 John LamJ 在最新的采访中表示：“在三年的看跌之后，由于政府的援助，我们第一次对中国房地产行业变得更加乐观。” 他预计，国内住房需求和供应将在明年某个时候恢复到历史平均水平，中国大型地产开发商们的股票可能会出现反弹。值得一提的是，John Lam 曾在 2021 年初罕见地对中国恒大集团给出了 “卖出” 评级，并将目标价从 14.5 港元下调至 6 港元，是唯一一位给予恒大卖出评级的分析师，震惊市场。站在当前，John Lam 认为，在经历了调整之后，中国房地产行业正准备缓慢复苏。

曾罕见对中国恒大作出 “卖出” 评级的瑞银分析师转向唱多中国楼市

谷歌盘后大涨 15%，首次宣布派息，再批准 700 亿美元回购。微软云业务在 AI 推动下加速增长，盘后涨 5%。Snap 盘后涨 32%。马斯克的 xAI 接近从红杉资本和其他公司筹集 60 亿美元。英特尔称芯片制造部门将在两年内实现收支平衡。字节跳动称没有任何出售 TikTok 的计划。

早餐 | 美股日内全线杀跌，谷歌盘后狂涨 15% 史上首次分红

Google's first-quarter revenue growth is the fastest in two years, with profits soaring by 60%, with a capital expenditure of $12 billion on AI. Cloud business growth has accelerated to 28% from the beginning of last year, with operating profits quadrupling and advertising revenue steadily improving. The company also issued quarterly dividends for the first time in history and plans to repurchase up to $70 billion in additional shares

Google issues its first dividend, with Q1 revenue, advertising, and cloud revenue all accelerating, rising 15% to a new high after hours | Financial report insights

Hertz Global(HTZ) fell 19.31%, with a trading turnover 123.5 Million USD, and a year-to-date fell 55%. Harley Davidson(HOG) fell 15.75%, with a trading turnover 355.6 Million USD, and a year-to-date fell 9.4%. FirstCash(FCFS) fell 13.19%, with a trading turnover 127.2 Million USD, and a year-to-date rose 6.1%.

Top 10 US Stock Losers (4.25)

Unilever(UL) rose 5.93%, with a trading turnover 343.4 Million USD, and a year-to-date rose 6%. Sanofi(SNY) rose 5.9%, with a trading turnover 318.5 Million USD, and a year-to-date fell 0.7%. Meta Platforms(META) fell 10.56%, with a trading turnover 35.8 Billion USD, and a year-to-date rose 24.9%. IBM(IBM) fell 8.25%, with a trading turnover 2.8 Billion USD, and a year-to-date rose 4.3%.

Top 5 US Stock Gainers/Losers (>100B) (4.25)

Loar(LOAR) rose 74.29%, with a trading turnover 323.3 Million USD, and a year-to-date . Impinj(PI) rose 28.65%, with a trading turnover 466.1 Million USD, and a year-to-date rose 72.8%. B Riley Financial(RILY) rose 16.61%, with a trading turnover 106.6 Million USD, and a year-to-date rose 69.3%.