“比特币持仓大户” 微策投资一季度每股亏损 3.09 美元，上年同期每股盈利为 31.79 美元。一季度营收 1.152 亿美元，分析师预期 1.237 亿美元。微策投资美股盘后跌 4%。

此前一直抱有乐观看多情绪的高盛分析师 David Kostin 在最近公布的每周报告中表现出了明显的谨慎态度。他预计，如果利率继续急剧上升，“股票将难以找到立足点”，无论宏观驱动因素如何。换句话说，如果最新的美债 “VaR 冲击” 加速，即使是目前支撑市场的 AI 叙事也会崩溃，因为它无法承受全部市场压力的泰山压顶。

高盛：如果美债收益率继续这么涨，AI 也撑不住美股

科技股再次挺美股走高，特斯拉盘中大涨 16%，英伟达逆市回落，日元盘中暴拉 3.5%。上周力挺大盘反弹的美股科技巨头部分延续涨势，再度带头支持主要美股指走高。本周二和周四盘后将公布财报的亚马逊和苹果继续上涨，自动驾驶系统接近在华落地被视为传来收入增长利好的特斯拉不到一周再度两位数大涨。中概新能源车股普涨，百度涨幅超过 7%。英伟达等部分科技巨头回落，遏制了大盘涨势。

科技股再挺美股走高，特斯拉盘中大涨 16%，英伟达逆市回落，日元盘中暴拉 3.5%

Apple releases the end-side large model OpenELM

Apple's AI Phone Strikes Back

工商银行发布一季报，显示其截至今年一季度末的总资产为 47.6 万亿元，同比增长 6.49%。一季度实现营业收入 2198.43 亿元，归属于母公司股东的净利润为 876.5 亿元，虽然同比减少 2.78%，但仍是最赚钱的银行。资产质量方面，不良贷款余额为 3708.88 亿元，不良贷款率为 1.36%。工行的一季度财务表现相对稳定。

“宇宙行” 披露一季报，工行日赚 9.63 亿

Bank of China released its first quarter report: a profit of 86.8 billion yuan in the first quarter, a slight decrease year-on-year

The deposit interest rate for the first quarter decreased by 5 basis points compared to the end of the previous year

"The King of Branches" Postal Savings Bank of China First Quarter Report: Revenue increased by 1.44% year-on-year, with a slight decrease in net profit

Tesla China official response: The estimate is ahead of schedule, specific timing is hard to say

Is Tesla's FSD about to land in China? The official purchase page shows it's coming soon

Vanke's first-quarter revenue was RMB 61.59 billion, a year-on-year decrease of 10%. Among them, the contract sales amount of the real estate development business was RMB 57.98 billion, a year-on-year decrease of 42.8%

Vanke Q1 revenue was 61.59 billion, with a net loss of 362 million, turning a year-on-year loss | Financial Report Insights

比亚迪股份 Q1 净利同比增 11% 至 45.7 亿元，研发同比大增 70%。一季度营收同比增长 3.97 至 1249.44 亿元。现金流量净额同比大幅下滑 29.29% 至 102.28 亿元。公司研发费用达到 106.10 亿元，占总营收的 8.49%。比亚迪一季度汽车销量上涨 7.96%，纯电乘用车和混动乘用车销量分别上涨 13.4%、14.48%。

比亚迪股份 Q1 净利同比增 11% 至 45.7 亿元，研发同比大增 70% | 财报见闻

华夏基金预计首批香港比特币现货 ETF 首发规模将超过 1.25 亿美元。华夏基金是在港三家发行商中规模最大的一家。与美国相比，香港的现货 ETF 允许现金和实物申购或续回，华夏的 ETF 更是唯一一家提供美元、港币和人民币三个柜台的发行方。比特币矿工、新加坡和中东等地区的投资者都对该 ETF 表现出兴趣。

华夏基金：预计首批香港比特币现货 ETF 首发规模将超过 1.25 亿美元

A bull market is born in pessimism, grows in doubt, thrives in optimism, and dies in euphoria. The most pessimistic time in the market is actually the best time to buy, while the most optimistic time in the market is the best time to sell

Crisis, crisis, opportunities in crisis

Vanke Rarely Hits Limit Up

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。