媒体援引知情人士表示，Elliott 投资住友商事的规模约为 “数百亿日元”。按照住友商事周五收盘价 3909 日元计算，每 100 亿日元的投资相当于住友商事 0.2% 的股份。

抄巴菲特作业？华尔街秃鹫 Elliott 也大规模持仓日本商社

Microsoft and Google have released excellent quarterly results, driving the development of the artificial intelligence field. The strong performance of these tech giants has led to a rise in the stock market, while the market is also confident in the growth potential of large tech companies investing heavily in advanced technologies. The potential of artificial intelligence is not limited to Microsoft and Google, as other companies such as Amazon and Apple may also continue to shine. Investors are returning to the artificial intelligence sector, and the outlook for artificial intelligence investment remains optimistic

Microsoft and Google's strong financial reports ignite the AI craze. Can Amazon and Apple continue to shine?

港股近期上涨可能基于以下四点逻辑：估值便宜、国内基本面向好、港股分红高、资本市场政策催化。同时，港股的内外资流动性均有改善，外资净流出规模收窄，内地基金对港股的仓位也有所增加。港股属于全球权益类资产中的估值洼地，具有配置价值。恒生指数的估值处于历史分位较低，而日股和印度股市的外资净流入规模开始回落。当前外资对中国资产仍具备较广阔的增配空间。总体来说，港股目前吸引了较多资金的关注和配置。

港股上涨，内外资在交易什么？

Wall Street bulls firmly believe that the "bull market is in full swing", and even if there is no interest rate cut this year, the US stock market is expected to continue to rise. Despite the cooling expectations for a rate cut by the Federal Reserve, optimistic bullish forces believe that the trend of US economic growth and the profit data of tech giants will support the stock market. The S&P 500 index hit near historic highs last week, leaving investors to ponder whether the soft pullback is a temporary phenomenon. However, some investors point out that when interest rates lingered near current levels for many years in the 1990s, the market value of US stocks tripled. Despite uncertain global economic prospects, there are still driving forces propelling the stock market forward

Wall Street bulls firmly believe that "the bull market is in full swing": even if there is no interest rate cut this year, the US stock market is expected to continue to surge ahead

The Federal Reserve wants to "normalize monetary policy", but to what level of "normalization"? This is a key question that concerns the long-term trend of global asset prices

New York Federal Reserve News Agency: Even if the Federal Reserve cuts interest rates this year, there will not be ultra-low interest rates again

房地产市场进一步调整，住房需求下降，二手房供应增加。虽然人口和城镇化等长期因素与房地产趋势相关，但目前的房地产销售和指标偏离长期均衡值。国际上，仅靠降价难以实现房地产市场的自发企稳。宏观政策的发力是扭转地产市场的关键。展望未来，年初的政策安排可能继续解除限购、防范风险等举措。一季度房地产销售额大幅下降，住房需求减少，二手房供应急剧增加。新房销售与人口及城镇化拟合的长期均衡值相差较大。

地产需求，去哪儿呢？

黄金、利率和美元同涨的现象违背了传统定价规律。根据历史经验，当这三者同时上涨时，金价下一个月和两个月往往会下跌。黄金短期透支，但降息交易未结束，长期前景仍有机会。黄金今年以来涨幅超过 16%，成为全球焦点。黄金与美元和美债利率之间的反向关系正在失效。4 月以来，美债利率上升，美元指数上涨，而黄金一度大涨。黄金是否正在经历第三次全球货币体系寻锚将对资产定价产生重大影响。

中金：上次黄金、利率与美元同涨发生了什么？

长城汽车旗下的魏牌新能源在北京车展上发布了全蓝山智驾版，成为长城最先进智能化技术的首款量产车型。这款车采用了 Coffee Pilot Ultra 高阶智能辅助驾驶和 Coffee OS 3 智慧空间系统，具备了全融合泊车系统和自动泊车等功能。接下来，长城汽车计划将这些智能化技术逐步应用到其他车型上。此外，魏牌新能源还将陆续搭载 Hi4 智能四驱电混技术，加速迈进电四驱时代。长城汽车通过这些举措来应对激烈的市场竞争，并进行国际化和渠道变革。

长城加速卷 “智能化”

Lidar enters the market below 200,000 RMB

Hesai launches a "Technology Equality" campaign

科大讯飞发布了首个支持长文本、长图文、长语音的大模型，展示了在国内大模型技术竞赛中的技术能力。科大讯飞计划于 6 月 27 日发布星火 V4.0，希望通过多年技术沉淀来拥抱 AI 时代。然而，目前科大讯飞的 AI 能力尚未带来业绩爆发，公司财报显示收入增长 4.41%。

千亿 AI 巨头不想错过风口

CICC believes that the Hang Seng Index near 18000 is a key resistance level, with sentiment being overbought. Around 81% of S&P component stocks have outperformed expectations. The main driver of the unexpected surge in Hong Kong stocks is liquidity. Tesla will accelerate the implementation of autonomous driving technology in China. This week, the Federal Reserve will hold a monetary policy meeting, while Berkshire Hathaway will convene its shareholders' meeting. Xiaomi has denied rumors about planning three SUV models: the news is not true

Breakfast | Hong Kong stocks' overbought level hits a year-and-a-half high, Tesla to invest $10 billion in AI training and reasoning

XPeng sounds the charge

港股市场本周表现强劲，受到流动性改善和南向资金流入的推动。全球资金从日本股市转向低估值的港股，部分海外投资者对房地产基本面预期改善。此外，一季度权益类公募基金增配港股，南向资金持续流入港股市场。总体来看，港股市场的表现吸引了全球资金流向。

港股是 “南水” 买起来的吗？

TSMC introduces new chip technology, once again solidifying its leading position in wafer manufacturing

TSMC releases three new technologies in one go, once again challenging Intel?

The S&P 500 index is likely to achieve profit growth for the third consecutive quarter, but market risk appetite has reversed

Halfway through the financial reporting season, U.S. stocks are generally satisfactory

中国 A 股和港股因其接近历史地位的估值备受市场青睐，此外，日本和韩国的企业改革措施也支撑了 “价值投资” 的逻辑。

中国股市、日本金融股崛起的逻辑： 美联储推迟降息，外资转投 “价值”

MicroStrategy will report its financial results for the first quarter of 2024 after the U.S. financial markets close on Monday, April 29, 2024 and will host a live Video Webinar at 5:00 p.m. Eastern Time to discuss the results.

Coinbase Global, Inc. will publish its first quarter 2024 shareholder letter, including financial results, on Thursday, May 2, 2024, after market close.

Crypto whales recently transferred a significant amount of $1.3 billion in USD Coin (USDC) to the popular exchange platform Coinbase. Market analysts interpret this move as a potentially bullish signal.

Major Crypto Investors Transfer $1.3 Billion to Coinbase – What That Means

In the world of crypto, all eyes are on Base, the Layer-2 solution from Coinbase, as it braces for a substantial liquidity injection from the highly anticipated friend.tech airdrop. Speculation is rife as enthusiasts eagerly await the influx of liquidity coinciding with Coinbase's upcoming earnings report, which reveals Base's impressive $50 million revenue generation.The imminent launch of the friend.tech token airdrop, slated for April 29, has sent ripples of excitement through the community.

Base From Coinbase About to Explode With Liquidity as Most Hyped Airdrop Is Coming

Brian Armstrong, Chief Executive Officer (CEO) Coinbase, one of the world's largest crypto trading platforms, believes that Bitcoin (BTC) has an important role for the sustainability of Western civilization.

Coinbase CEO Brian Armstron: Bitcoin Can Last Western Civilization

In the perpetual time, the lifecycle of buildings is extended through continuous repair and maintenance, and these "frozen epics" involve not only history, craftsmanship, aesthetics

Sustainable Column | Digital Twin: Lenovo's "Wooden Tower" Restoration Technique

央行对长期国债收益率的关注引起了市场的关注。央行指出，长期国债收益率将与经济增长预期相匹配，并强调货币政策的逆周期调节力度。特别国债的发行有望缓解资产荒情况，并带来长期国债收益率的回升。这对金融机构来说存在风险，但央行将提供支持。同时，需重视经济发展模式和动力来源的变化对经济基本面的影响。债市需求端需关注金融机构的缩表和理财配置需求的增加等因素。

被央行三四次点名的长债

世界最大钻石供应商戴比尔斯的母公司英美资源集团正面临危机，钻石业务受天然钻石价格暴跌冲击，目标产量被削减。竞争对手必和必拓计划收购英美资源，尽管最终遭到拒绝，但英美资源仍面临麻烦。实验室培育钻石的出现改变了天然钻石的统治地位，培育钻石在消费市场崛起，已占据婚庆市场销量的 50%。培育钻石的崛起已经在近年得到市场验证，将对天然钻石的消费者群体规模产生制约作用。中国在全球培育钻产业链中占有重要位置。

一代枭雄，被河南老乡打崩了？

港股上周意外迎来强劲反弹，但目前超买程度创新高，资金轮动仍受外部压力，基本面改善需要政策发力。恒生指数 18,000 附近是关键阻力位，情绪已透支。资金的轮动可能会减弱，而长线资金需要基本面改善的支持。总结来说，港股的前景仍存在一定的不确定性。

港股会否重演大涨后回落的戏码？

Investors are not very responsive to the direct financial results of the seven giants. They are more concerned about the future investment and expenditure plans of these four companies, rather than just their current profit situation. Part of the reason is that the investment decisions of these companies can directly affect the direction of the stock market!

"Tech Seven Sisters" financial report phenomenon: The market doesn't care about how to make money, only cares about how to spend money

The strengthening of the US dollar may limit the rate-cutting pace of other central banks

If the Federal Reserve does not cut interest rates for a day, will it be difficult for the rest of the world to cut rates?

美国经济和全球市场可能来到了一个重要的十字路口。市场出现美元、美股和黄金的共同上涨，但美国第一季度 GDP 和 PCE 的数据让宏观叙事发生转变。目前认为美元是 “虚胖” 的，滞胀忧虑是 “跛脚” 的。美国经济自身是 “滞不足而胀有余” 的，但消费和投资仍然健康。市场对于再通胀的线索依旧存在，且对商品和新兴市场股市利好。

“再通胀” 还是 “再滞胀”？

On April 24th, TSMC held the 2024 Technology Symposium North America Summit, showcasing many cutting-edge technologies that attracted significant market attention. JP Morgan

JP Morgan: TSMC's Technological Breakthrough, the Key Engine of the AI Era

爱马仕、LVMH 和开云集团的奢侈品销售情况呈现出差异。爱马仕在第一季度实现了 17% 的收入增长，表现出色。而 LVMH 仅增长了 3%，受需求减弱和销售下降的影响。开云集团预警今年上半年利润可能下降高达 45%。奢侈品市场中，富裕消费者与中产消费者之间的差距日益扩大。股票市场上，爱马仕的股价上涨，开云的股价下跌。中国奢侈品市场的未来备受关注，尽管面临挑战，但富裕客户的购买力依然强劲。

爱马仕腾飞、开云大跌，奢侈品也分 “阶层”

The artificial intelligence bubble may be about to burst! Bank of America has sounded the alarm and advised to pay attention to the 10-year US Treasury real yield and credit spreads to find signals of when the AI-led rally may end. Bank of America believes that once the 10-year US Treasury real yield climbs to the range of 2.5% to 3%, coupled with widening credit spreads, it may trigger market concerns about an economic recession, disrupting the rally and weakening the dominance of mega-cap growth stocks. In addition, there is a differentiation in mega-cap tech stocks, with Tesla and Apple facing challenges in 2024, while giants like Nvidia and Microsoft show no signs of slowing down

AI bubble may be burst! Bank of America sounds the alarm and suggests paying attention to this indicator

ZEEKR created a "Card-playing God Car"

Impact overseas with a million units in sales

Great Wall Motors sets a small goal for "going global"

Leapmotor is going to compete with Li Auto

台积电进军硅光市场，制定 12.8Tbps 封装互联路线图。台积电的创新方法利用硅光子技术，有望解决互连和电源方面的关键挑战，为人工智能加速器和其他先进计算应用带来性能增强。光连接将成为下一代数据中心连接的关键技术，台积电本周在北美技术研讨会上概述了其 3D 光学引擎路线图，并制定了为全球带来高达 12.8Tbps 光学连接的计划。台积电的紧凑型通用光子引擎使用 SoIC-X 封装技术，能够实现最高的能源效率。展望未来，第二代 COUPE 将支持高达 6.40Tbps 的数据传输速率，并减少能源消耗。

台积电进军硅光市场，制定 12.8Tbps 封装互联路线图

In recent overseas financial reporting season, Meta/Google/Microsoft's performance frequently exceeded expectations, with a shortage of computing power cards

Increased demand for graphics cards, let's see what Meta, Google, and Microsoft have to say

Currently, HBM chips account for 15% of the general memory market, compared to 8% last year. Around HBM, manufacturers are also coming up with various strategies. In addition to deepening their efforts on existing technologies, they are quietly sounding the horn of attack around the future HBM 4

HBM 4, the battle begins!

韩国 SK 海力士和三星电子在高带宽内存（HBM）领域展开竞争，海力士暂时领先。HBM 作为 AI 加速卡的核心硬件，成本占比最高，因此成为各方关注的焦点。海力士已开始量产第五代 HBM3E 存储器，而三星计划在今年量产 HBM3E，并向英伟达供货。此外，美光科技也参与竞争，其技术实力有可能逆袭。三方竞争加剧了 AI 加速卡、大语言模型和 HBM 的竞争热度。

赛道 Hyper | 同室操戈：三星存储搏杀海力士

Tesla, Alphabet, and Microsoft report strong financial results

Amid a bearish sentiment, Nasdaq achieves its largest increase since November

AI 手机的本质是自主感知、自主决策执行、具备数字人格的 Agent。AI 手机作为终端 AI 核心入口，可能成为 AI 产业革命下应用层的颠覆性切入点。AI 手机行业深度报告探索了其潜在投资机遇，涵盖了 AI 手机的本质和颠覆性、优势和技术可行性，以及对手机厂商、硬件和软件三大环节的影响。新一代 AI 手机与上一代智能手机的区别在于其 NPU 算力大于 30 TOPS、搭载能够支持更快速高效端侧 Gen AI 模型的 SoC。

AI 手机的本质

Due to the dual pressures of declining refining margins and falling natural gas prices, global oil giants Exxon Mobil and Chevron both reported a slight decline in first-quarter profits. Faced with profit compression issues, the oil giants are working to increase refining production to offset revenue losses and increase share buybacks to attract investors

The "money printing machine" of oil giants has stopped

比特币跌破 63000 美元/枚，日内跌 1.43%。

NVIDIA's cumulative increase this week hit a record high in 11 months. Although the financial report has not been released yet, the performance is eye-catching, surpassing tech giants like Tesla and Google's parent company Alphabet, which surged after the financial report was released this week. The entire AI competition this week saw a rise in the "water sellers" semiconductor sector

NVIDIA fully resurrected! Surged over 6% on Friday, skyrocketed 15% for the whole week, semiconductor sector is booming again

Media reports that Apple and OpenAI have begun discussions on possible agreement terms and how to integrate OpenAI's features into this year's operating system iOS 18. Apple is also in discussions with Google to obtain authorization to use Gemini

Seize the opportunity to "woo" OpenAI and Google, Apple aims to equip iPhone 16 with GPT robots this year

Alphabet(GOOGL) rose 10.22%, with a trading turnover 11.1 Billion USD, and a year-to-date rose 23.1%. Alphabet-C(GOOG) rose 9.97%, with a trading turnover 9.8 Billion USD, and a year-to-date rose 23.2%. Intel(INTC) fell 9.2%, with a trading turnover 3.8 Billion USD, and a year-to-date fell 36.4%. Abbvie(ABBV) fell 4.58%, with a trading turnover 1.7 Billion USD, and a year-to-date rose 5.1%.

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

SAIA(SAIA) fell 21.03%, with a trading turnover 978.5 Million USD, and a year-to-date fell 2.1%. Kinsale Capital(KNSL) fell 17.31%, with a trading turnover 306.5 Million USD, and a year-to-date rose 11.9%. Trinet(TNET) fell 16.61%, with a trading turnover 84.7 Million USD, and a year-to-date fell 10.9%.

Top 10 US Stock Losers (4.26)

ImmunityBio(IBRX) rose 43.84%, with a trading turnover 269.0 Million USD, and a year-to-date rose 46.4%. Cullinan Therapeutics(CGEM) rose 31.43%, with a trading turnover 116.2 Million USD, and a year-to-date rose 148.3%. Snap(SNAP) rose 27.63%, with a trading turnover 2.3 Billion USD, and a year-to-date fell 14.1%.

Top 10 US Stock Gainers (4.26)

ATRenew(RERE) rose 22.98%, with a trading turnover 6.4 Million USD, and a year-to-date rose 3.1%. XPeng(XPEV) rose 10.73%, with a trading turnover 151.3 Million USD, and a year-to-date fell 46.3%. Silvercorp Met(SVM) fell 6.76%, with a trading turnover 16.0 Million USD, and a year-to-date rose 25.9%. Vnet(VNET) fell 4.82%, with a trading turnover 2.1 Million USD, and a year-to-date fell 44.9%.

Top 5 CDRs Gainers/Losers (>100M) (4.26)

Pfizer's gene therapy Beqvez has been officially approved by the U.S. Food and Drug Administration (FDA) for the treatment of moderate to severe B-type hemophilia in adult patients. Some analysts pointed out that this approval marks an important step for Pfizer to revive its business sharply declined during the COVID-19 pandemic

Pfizer's first gene therapy approved in the United States! Treating type B hemophilia

The National Highway Traffic Safety Administration (NHTSA) stated on Friday that it has launched an investigation into Tesla to determine whether the recall involving over 2 million vehicles announced by the company in December last year is sufficient. The agency said that some vehicles still experienced accidents after the recall update software was installed, and NHTSA conducted preliminary tests on repaired vehicles, with the test results supporting the initiation of the investigation