AMD 将于 30 日盘后公布业绩，预计营收为 54.2 亿美元，同比增长 1.2%。

财报前瞻｜在英伟达的阴影下，AMD 能否有惊喜？

国泰君安一季度归母净利润下滑，受金融工具投资收益净额同比下降影响。营业收入和净利润分别减少 14.05% 和 18.13%。扣除非经常性损益的净利润减少 25.46%。公司表示，这主要是由于市场波动导致金融工具投资收益净额下降。投资收益同比减少 229.85%，公允价值变动收益增加 484.02%。

1 季度赚近 25 亿，国泰君安归母净利润悄然下滑

On the news front, Tesla is reportedly set to collaborate with Baidu in China on map and navigation functions. Apple rose nearly 2% in pre-market trading, Amazon rose nearly 1%; Nio rose 4%, Li Auto rose over 3%, XPeng and NetEase rose over 1%. Philips surged 47%, Fulton Financial briefly rose over 12%, Paramount Global rose 5%, Deutsche Bank fell over 6%

Pre-market trading in US stocks | Tesla up nearly 8%, Baidu up nearly 6%! Cryptocurrency concept stocks plummet

Morgan Stanley predicts that XPeng's stock price will rise within 15 days, with a probability ranging from 70% to 80%. It points out that the significant pullback in the company's stock price has made short-term valuation more attractive, giving XPeng an H-share target price of HKD 71

Rating Quick Look | Apple's rating, Microsoft's target price raised! Tesla, Intel face price cuts

马斯克与宁德时代董事长曾毓群在北京会晤，讨论 4680 电池技术与成本问题。特斯拉面临 4680 电池自产挑战，同时，宁德时代推出新型快充电池，展望双方可能的进一步技术合作与成本削减。

马斯克与宁德时代曾毓群会面，时隔一年，双方又会商谈什么？

瑞银发出警告，提醒投资者对欧美周期股回调风险保持警惕。目前周期股估值过高且面临季节性逆风，建议转向防守型股票。分析师指出，欧美周期股面临三大危机，包括宏观经济动能趋于见顶、淡季周期表现低迷以及市场风险偏好逆转。此外，美国的信贷状况依然紧张，长期债务也加大了货币政策的滞后性。瑞银预计美国今年的 GDP 增速仅有 1.4%。

瑞银：警惕欧美周期股回调风险

Huaxia Hong Kong, Bosera International, and Jiashi International will list 6 virtual asset spot currency ETFs on the Hong Kong Stock Exchange on April 30. Tiger Brokers (Hong Kong) trading app will provide commission-free and platform fee-free trading to all Hong Kong clients. This issuance marks an important step for Hong Kong in becoming an international virtual asset center and is expected to attract more funds into the Hong Kong market. In addition, investors can subscribe to these ETFs directly with Bitcoin and Ethereum, demonstrating Hong Kong's commitment to building a more open, transparent, and liquid virtual asset market ecosystem

Hong Kong Virtual Asset Spot ETF to be listed tomorrow! Tiger Securities launches zero commission trading

BEKE-W(02423) rose 7.44%, with a trading turnover 135.4 Million HKD, and a year-to-date fell 4.6%. AIA(01299) rose 6.11%, with a trading turnover 7.6 Billion HKD, and a year-to-date fell 15.8%. NEW ORIENTAL-S(09901) fell 6.85%, with a trading turnover 405.7 Million HKD, and a year-to-date rose 15.7%. TRIP.COM-S(09961) fell 4.97%, with a trading turnover 1.1 Billion HKD, and a year-to-date rose 39.2%.

Top 5 HK Stock Gainers/Losers (>100B) (4.29)

SUNAC(01918) rose 28.32%, with a trading turnover 1.8 Billion HKD, and a year-to-date fell 3.3%. AGILE GROUP(03383) rose 21.21%, with a trading turnover 58.1 Million HKD, and a year-to-date fell 29.4%. CHINA VANKE(02202) rose 18.99%, with a trading turnover 1.2 Billion HKD, and a year-to-date fell 31.4%.

Top 10 HK Stock Gainers (4.29)

HKBN(01310) fell 16.56%, with a trading turnover 149.5 Million HKD, and a year-to-date fell 27.8%. STAR SHINE HLDG(01440) fell 15.74%, with a trading turnover 4.4 Million HKD, and a year-to-date rose 14.2%. INTL GENIUS(00033) fell 10.68%, with a trading turnover 4.8 Million HKD, and a year-to-date fell 13.8%.

Top 10 HK Stock Losers (4.29)

The price of gold in China has been rising in sync with the US dollar index and the US bond index since early March this year. Many market participants believe that this rise is mainly driven by a large number of retail investors on the Shanghai Futures Exchange. Chinese consumers and institutional investors are rushing to buy physical gold bars, and the People's Bank of China has been buying gold for 17 consecutive months. The CEO of the precious metals trading daily, Metals Daily, stated that this rise may be a result of large-scale speculation by highly leveraged Chinese investors. Renowned economists predict that the price of gold will reach $3,000 per ounce. The People's Bank of China has significant room in the coming years to approach the global gold reserve benchmark

Retail investors' speculation causing a surge in gold prices? Expert: Gold prices are expected to reach $3000 in the future

Last week, Kuaishou led the way with a 27% surge, while Meituan and JD.com surged 21%, Tencent rose 15%, Alibaba increased by 13%, Xiaomi and Baidu rose over 9%, and NetEase went up by 4.5%. Among the seven giants in the US stock market, only Meta fell by 8% that week, while Nvidia surged 15%, Tesla rose by over 14%, Google increased by over 11%, Amazon and Apple rose by over 2%, and Microsoft rose by nearly 2%

Tech Stocks Weekly Recap: Almost across the board surged! Kuaishou soared 27%, Nvidia skyrocketed 15%!

欧股今年的上涨主要依赖市盈率倍数扩张，而非盈利增长驱动。尽管降息预期发生了显著变化，但投资者对于下半年复苏仍然有信心，这将对股市构成支撑。汇丰银行预计下半年和之后的盈利将出现反弹，但市场对 2024 年的盈利增长预期持续下降。美国经济数据和通胀数据对欧洲利率预期产生了影响。汇丰银行认为，市场对利率下降和经济增长加速的预期推动了股市上涨，但目前的盈利增长预测并没有相应改善。汇丰银行对股市的评级进行了调整，将瑞典股市评级下调至低配，将法国股市评级上调至中性，并维持了对英国和德国股市的中性评级。

降息预期砍了，欧股还能涨吗？

On Monday, due to speculators' nervousness ahead of the Federal Reserve's policy meeting this week, the cryptocurrency market fell. Bitcoin fell 2% to $62,500 at one point, its lowest level in a week. The Depository Trust Company, which provides settlement and clearing services in the United States, stated last Friday that the collateral value of ETFs related to cryptocurrencies will not be credited, raising doubts about the potential impact on the digital asset market. In addition, demand for a U.S. spot Bitcoin ETF continues to slow down. Data shows that Bitcoin's rally since 2024 has slowed from over 70% in mid-March to around 47%, with Bitcoin reaching a record high of nearly $74,000 in mid-March

Tension in the cryptocurrency market ahead of the Federal Reserve meeting, Bitcoin falls to a one-week low

Adopting new accounting standards may change the game rules for MicroStrategy, the largest holder of Bitcoin. The company currently treats cryptocurrency as an indefinite intangible asset, but the new accounting standards will allow it to recognize revenue and losses immediately, and classify crypto assets as financial assets. It is expected that an earlier adoption of the new accounting standards will increase MicroStrategy's retained earnings balance by approximately $3.1 billion by early 2024

Being included in the S&P 500 is not a dream! Benchmark: New accounting standards will significantly boost MicroStrategy's earnings

While the Japanese government has sufficient foreign exchange reserves to support its independent actions to stabilize the yen exchange rate, the cost of intervening in the foreign exchange market is also high without the support of the Federal Reserve's interest rate cuts

How was the intervention in the Japanese Yen historically carried out?

The hottest contracts last Friday: nearly 200,000 Tesla puts with a strike price of $170 expiring on the same day; 120,000 Nvidia calls with a strike price of $880. Google's Class A shares also saw a surge in trading volume, with over 60,000 bullish options expiring on May 3rd with a strike price of $175

US Stock Options | NVIDIA, Intel trading volume doubled! Meta "halved", Tesla traded nearly 3 million contracts

此前还是 “成长资产”，现在已经逐渐转为 “红利资产” 的 “新红利资产”，比如腾讯、阿里巴巴这些在今年宣布大额回购、分红的科网企业，在老红利资产因短期涨幅过快令人望而却步后，有望接过 “接力棒”，成为投资者、尤其是价值投资者心中新的拥趸。

港股迈入 “技术牛”，科网股今年能否迎双击行情？

市场和巨头都意识到，铜的产能不够！根据 CRU Group 预测，铜矿商需要在 2025 年至 2032 年间投资超过 1500 亿美元去扩大铜矿资本开支，以满足供应需求。必和必拓计划通过收购来扩大铜产量，尤其是当前全球铜供应紧俏的背景下。由于产能不足，铜价持续上涨，推动铜的产能缺口扩大。分析人士认为，矿商们似乎并未准备好开发新的铜矿，更愿意通过收购竞争对手来扩大产能。

市场和巨头都意识到：铜的产能不够！

瑞穗认为，日元兑美元周一大幅波动可能是因为日本逢公共假日市场流动性清淡所致，而非真正的干预导致。“由于假日期间日元市场流动性清淡，这意味着日元本来就容易波动。过去几天走势太快，市场可能在 160 和 159.5 一线获利了结。” 由算法驱动的账户调整头寸也可能推动了市场走势。

日元惊天暴涨 500 点，是政府出手干预了吗？

Elon Musk unexpectedly visited China. Is Tesla preparing for the landing of FSD in China through compliance with Chinese automotive data security requirements? Last time Tesla was on the brink of bankruptcy, China saved Musk. Can this miracle happen again this time?

When Tesla is in "dire straits" again, Musk comes up with a "Chinese solution"!

特斯拉在中国通过了国家汽车数据安全的全部要求，这是一个与商业相关的事件。特斯拉的 CEO 马斯克表示，特斯拉将在 2024 年投入约 100 亿美元用于 AI 训练和推理，加速清洁能源与自动驾驶技术的发展。此外，中国汽车工业协会和国家计算机网络应急技术处理协调中心根据相关法规标准，共有六家车企的 76 款车型符合汽车数据安全的合规要求。马斯克抵达中国后发表声明，表示将继续在中国深耕，并加速清洁能源与自动驾驶技术的落地。

马斯克，中国利好

Investors are always looking for stocks that are poised to beat at earnings season and Advanced Micro Devices, Inc. AMD may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Advanced Micro Devices is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat.

Is a Surprise Coming for Advanced Micro Devices This Earnings Season?

More of Wall Street’s biggest names will be reporting Q1 earnings this week, one of those being Advanced Micro Devices (NASDAQ:AMD). The chip giant will deliver its latest quarterly report on Tuesday once the market action comes to a halt.The stock had been one of the past year’s winners, enjoying the spoils of the AI-fueled tech rally. However, the story has soured somewhat more recently with the shares retreating by 25% since the early March peaks.

‘Time to Sell,’ Says Investor About AMD Stock

港股内房股拉升走强，佳兆业集团、中国奥园涨超 30%，融创中国、正荣地产涨超 20%，远洋集团、万科企业、富力地产、绿城中国涨超 10%。

港股内房股拉升走强 中国奥园、佳兆业集团涨超 30%

Hongji Group Holdings fell more than 30% in early trading. Last Friday, the stock price of the company plummeted by over 70%. As of the time of writing, it has dropped by 20.93% to HKD 0.68, with a turnover of HKD 6.4581 million, and the current total market value is less than HKD 100 million. In terms of news, Hongji Group Holdings announced that on April 24th and 25th, its major shareholder Xinde Li sold a total of 15.8 million shares to independent third parties, accounting for 13.72% of the company's share capital. After the sale, Xinde Li and its concerted parties will reduce their shareholding to 10.06% and continue to be the major shareholders. Apart from the sale, the Board of Directors is not aware of any reasons that have led to the recent decline in stock price and increase in trading volume

Market Insight | Henderson Land Development Group's stock once fell more than 30%, with a total market value of less than HKD 100 million, as its major shareholder sold 15.8 million shares

Sensetime-W surged more than 7%, with its stock price soaring nearly 47% last Friday and doubling within the week. As of the time of writing, it rose by 7.56% to HKD 1.28, with a turnover of HKD 18.61 billion. On the news front, on April 23, the company held its 2024 Technology Exchange Day, unveiling the 600 billion parameter large model "RiRiXin 5.0", which significantly enhances knowledge, mathematics, reasoning, and coding capabilities, comprehensively benchmarking against GPT-4Turbo. Guotou Securities pointed out that generative AI is gradually transitioning from technology to application landing, driving the growth of commercial order demand. Based on its technical capabilities and customer reputation, the company is expected to gain a certain market share and boost performance. In addition, Sensetime's integrated perception and decision-making large model UniAD made its debut at the Beijing Auto Show. It is the industry's first end-to-end model that integrates perception, decision-making, planning, and other modules into a full-stack Transformer, achieving integrated perception and decision-making without the need for abstracting and passing perception data step by step. At the Beijing Auto Show, Sensetime also unveiled its more powerful next-generation autonomous driving technology DriveAGI

Understanding the Market | SenseTime-W surged over 7%, doubling its stock price in the previous 5 days, as Generative AI Acceleration Technology applications are being implemented

恒生科技指数上涨 1.2%，抹去年初至今的跌幅。

Other night trading stocks with significant gains include Chinese concept stocks and semiconductor stocks. The recent surge in Hong Kong stocks has gradually made US-listed Chinese concept stocks more attractive

Overnight Trading | Tesla Soars 5%, FSD Accelerates Entry into China

Chengdu has completely lifted its housing purchase restrictions, leading to a surge in domestic real estate stocks. Sunac China Holdings rose by 15%, China Oceanwide Holdings by 10.53%, Shimao Group by 8.45%, and Vanke by 7.45%. This move is expected to promote the recovery of the real estate market, and other cities with purchase restrictions may also consider relaxing their policies

Market Insight | Real estate stocks across the board rise as Chengdu fully lifts purchase restrictions, institutions say other restricted cities may continue to relax

The largest independently held business intelligence company, MicroStrategy (MSTR), is set to reveal its Q1 results on April 29, 2024. 

MicroStrategy Expected To Swing to Losses in Q1 Results

港股优必选大涨 20%，公司牵头研发 “天工” 机器人平台，实现全球首例纯电驱全尺寸拟人奔跑。

港股商汤涨 9.82%。消息方面，该公司在近日推出 6000 亿参数大模型 “日日新 5.0” 备受市场关注，受此消息刺激，公司上周累计涨幅达到 105%。

商汤高开近 10% 股价一周翻倍

港股内房股早盘走高， 旭辉控股集团涨 15%，远洋集团涨 12.28%；雅居乐集团涨 3.03%；龙湖集团涨 2.73%。

JP Morgan believes that Microsoft is gradually increasing its cloud service supply capabilities to meet strong market demand, indicating that there may be more growth opportunities in the future. JP Morgan maintains its buy rating on Microsoft and raises the target price from the previous $440 to $470

JP Morgan: AI short sellers, step aside! The turning point for Microsoft's Azure cloud has arrived

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