今年股东大会将是伯克希尔首次举办问答环节，市场担忧后巴菲特时代的伯克希尔前景。巴菲特将与 CEO 接班人共同回答股东提问。关注点包括 CEO 继任计划、公司未来发展、股票投资等问题。伯克希尔股价已累涨近 12%，但最近有所回落。

接班计划、澄清神秘持股、规划卸任后的未来？巴菲特在股东大会也许说这些

Microsoft's Chief Technology Officer said in an email: "As I delved deeper into trying to understand the gap in model training capabilities between Google and us, I became very, very concerned."

Microsoft internal email "leaked": Investing billions in OpenAI in 2019 because it was far behind Google

鲍威尔被认为是二十一世纪的伯恩斯，他注定在维护美元流动性方面要反应迅速。尽管美联储在加息降息问题上保持摇摆不定，但他们必须对维护美元流动性这个关系到核心利益的问题作出快速准确的反应。此外，美联储决定放缓缩表的进程，以确保维持健康的货币流动性。目前资产负债表下降幅度已超过上一次缩表时的降幅。

鲍威尔注定是 “二十一世纪的伯恩斯”

IMOTIONAUTOTECH(01274) fell 39.24%, with a trading turnover 39.0 Million HKD, and a year-to-date rose 78%. ADICON HOLDINGS(09860) fell 12.59%, with a trading turnover 13.1 Million HKD, and a year-to-date fell 23.3%. WUXI XDC(02268) fell 10.41%, with a trading turnover 45.8 Million HKD, and a year-to-date fell 35.5%.

Top 10 HK Stock Losers (5.3)

BEKE-W(02423) rose 6.84%, with a trading turnover 108.3 Million HKD, and a year-to-date rose 5%. NEW ORIENTAL-S(09901) rose 5.62%, with a trading turnover 337.0 Million HKD, and a year-to-date rose 15.7%. WUXI APPTEC(02359) fell 5.3%, with a trading turnover 244.5 Million HKD, and a year-to-date fell 53.9%. CTG DUTY-FREE(01880) fell 3.77%, with a trading turnover 93.8 Million HKD, and a year-to-date fell 10%.

Top 5 HK Stock Gainers/Losers (>100B) (5.3)

KEEP(03650) rose 19.5%, with a trading turnover 111.8 Million HKD, and a year-to-date fell 31.4%. CGN MINING(01164) rose 12.38%, with a trading turnover 146.2 Million HKD, and a year-to-date rose 32%. UNITEDENERGY GP(00467) rose 12.28%, with a trading turnover 252.5 Million HKD, and a year-to-date fell 24.7%.

Top 10 HK Stock Gainers (5.3)

巨头科技公司微软、谷歌母公司 Alphabet、Meta 和亚马逊公布了 2024 财年一季报，营业利润率同比增长。然而，公司的巨额支出可能难以带来利润，微软预计 2025 年营业利润率将下降，亚马逊预计 AI 驱动的资本支出将增加。微软是唯一实现 AI 变现的公司，但投资成本巨大。除了微软，Meta 和 Alphabet 也表示资本支出增长，建造数据中心的成本增加导致折旧费用增加，进一步抑制利润。AI 资本支出飙升可能是建设数据中心成本增加的原因之一。

巨头 “豪赌 AI” 何时开始影响财报？

4 月非农前瞻：美/日持续回调波动或加剧。美联储本周会议维持利率不变，鲍威尔表示下一次行动不太可能是加息，导致美元和美债收益率大幅回落。预计本月新增 24.3 万就业，失业率维持在 3.8%，时薪增速或略降至 4%。强劲的就业市场将打压降息预期，利好美元指数，反之则刺激降息预期回升，推动黄金和美股上行。利率市场预计全年仅一次降息。本周已揭晓的美国就业数据好坏不一。日元大幅回升，市场普遍认为日本央行已经先后...

4 月非农前瞻 — 美/日持续回调波动或加剧

In theory, putting digital versions of all assets from stocks to real estate on the blockchain can create new markets and provide fast, 24/7 trading and settlement

Winning the Bitcoin ETF battle is just the beginning, BlackRock's next step: tokenizing traditional assets

Coinbase's first-quarter revenue increased by 113% year-on-year to $1.64 billion, with institutional trading volume rising by 115% year-on-year to 3.12 trillion times

Coinbase's first-quarter report exceeded expectations, with ETF driving institutional trading volume to a record high

Cook stated that Apple's investment in AI technology is significant. The company, with its seamless integration of hardware, software, and services, specialized "neural engine" AI chip, and relentless focus on privacy, has a unique advantage in the field of AI. It is expected that there will be innovative achievements showcased in June

Apple's phone conference emphasizes AI in various aspects, Cook: We have unique advantages!

离岸人民币突然走强，与港股大涨形成共振，海外投资者成为推动港股上升的新力量。离岸人民币走强可能受到空头回补和市场对其他货币对的观测影响。港股的表现成为宏观交易员情绪的先行指标，对于市场而言是个好消息。在美国降息前，港股似乎仍然是确定性更强的投资选择。总体而言，离岸人民币大涨对市场是积极的，更多投资者开始关注港股表现。

离岸人民币：与港股一起共舞

安进发布一季度财报，营收增长 22%，股价盘后大涨 13%。GLP-1 管线进展顺利，AMG 133 二期临床数据即将读出，正在筹备三期临床。此消息使安进市值增加 200 亿美元。GLP-1 领域吸引越来越多的 MNC 进入，包括礼来、诺和诺德。其他公司如辉瑞、罗氏、阿斯利康、勃林格殷格翰、默沙东也在该领域有布局。

安进大涨 13%：GIPR 抗体/GLP-1 即将推进到三期临床

PDD(PDD) rose 10.48%, with a trading turnover 2.9 Billion USD, and a year-to-date fell 6%. Qualcomm(QCOM) rose 9.74%, with a trading turnover 4.6 Billion USD, and a year-to-date rose 25.2%. Linde(LIN) fell 5.2%, with a trading turnover 2.2 Billion USD, and a year-to-date rose 2.5%. Novo Nordisk AS(NVO) fell 4.02%, with a trading turnover 1.1 Billion USD, and a year-to-date rose 20.7%.

Top 5 US Stock Gainers/Losers (>100B) (5.2)

Haoxi Health Tech(HAO) rose 26.56%, with a trading turnover 1.1 Million USD, and a year-to-date rose 122.8%. XPeng(XPEV) rose 15.76%, with a trading turnover 261.6 Million USD, and a year-to-date fell 35.6%. Zhihu(ZH) fell 0.11%, with a trading turnover 2.2 Million USD, and a year-to-date fell 29.5%.

Top 5 CDRs Gainers/Losers (>100M) (5.2)

Vestis(VSTS) fell 44.99%, with a trading turnover 303.9 Million USD, and a year-to-date fell 51.9%. XPEL Tech(XPEL) fell 38.91%, with a trading turnover 80.8 Million USD, and a year-to-date fell 39%. Fastly(FSLY) fell 32.02%, with a trading turnover 237.2 Million USD, and a year-to-date fell 50.6%.

Top 10 US Stock Losers (5.2)

Aspen Aerogels(ASPN) rose 56.7%, with a trading turnover 266.1 Million USD, and a year-to-date rose 51.1%. Enovix(ENVX) rose 45.55%, with a trading turnover 230.6 Million USD, and a year-to-date fell 24.3%. Carvana(CVNA) rose 33.77%, with a trading turnover 2.8 Billion USD, and a year-to-date rose 120.1%.

Top 10 US Stock Gainers (5.2)

Since the beginning of last year, Google's parent company Alphabet has been reducing its workforce. The "core" team of this restructuring is responsible for building the technical foundation of the company's flagship products and protecting user information security

Google's new cost-cutting strategy: "Core" team lays off 200 people, some positions moved to India and Mexico

美国私募阿波罗全球管理与索尼影业联合发出收购要约，阿波罗提出 260 亿美元的收购报价，超过了派拉蒙的市值。派拉蒙股价大幅上涨，市场对此次收购兴趣高涨。派拉蒙是好莱坞巨头，拥有哥伦比亚广播公司、尼克儿童频道等知名品牌。这是阿波罗近期与派拉蒙相关的一系列收购消息之一。

联手索尼豪掷 260 亿！私募阿波罗出价收购好莱坞巨头派拉蒙

美联储维持利率不变，市场关注经济和通胀数据。美国一季度劳动力成本增幅超预期，可能带来通胀风险。预计周五公布的非农就业报告将显示就业增长放缓。股市受芯片股反弹支撑，高通业绩超预期大涨 10%。

重磅就业报告前，芯片股反弹力挺美股，绩优高通一度大涨 10%

The Hong Kong stock market opened with a strong start, experiencing a violent surge and closing at 18207 points. Federal Reserve Chairman Powell stated that a rate hike is unlikely, leading to a positive market response. The cryptocurrency market suffered a major setback, with Bitcoin plummeting and other currencies also experiencing significant declines

Intelligence Hong Kong Stock Analysis | Hong Kong stocks violently rise in May, leading the way with dual attributes of SenseTime

比特币站上 59000 美元/枚，日内涨 2.92%。

After gold prices hit a historical high of $2431 in April, the Bank of Korea made a rare statement this week that it will also buy more gold in the medium to long term

Are Koreans also joining the gold rush?

本次美联储议息会议决定保持利率水平不变，但缩表减速。鲍威尔表态保持稳健中性姿态，但不能排除降息的可能性。鲍威尔的鸽派立场受市场认可，美债收益率下降，美股有所回落。

美联储议息会议笔记：缩表刹车，铁头鸽派

According to Zhitong Financial Data, as of the close on May 2nd, 66 stocks hit a 52-week high, with Weijun Biotechnology, Zhongneng Holdings, and Yongsheng Services ranking in the top 3. Additionally, 43 stocks hit a 52-week low, with China Regenerative Medicine, Guonong Financial Investment, and Yadong Group ranking in the top three

Intelligence Hong Kong Stock 52-Week Highs and Lows Statistics | May 2nd

WUXI APPTEC(02359) rose 9.03%, with a trading turnover 175.8 Million HKD, and a year-to-date fell 51.4%. MEITUAN(03690) rose 8.77%, with a trading turnover 6.4 Billion HKD, and a year-to-date rose 45.4%. PICC P&amp;C(02328) fell 5.53%, with a trading turnover 437.5 Million HKD, and a year-to-date fell 0.5%. CGN POWER(01816) fell 4.18%, with a trading turnover 80.1 Million HKD, and a year-to-date rose 23.5%.

Top 5 HK Stock Gainers/Losers (>100B) (5.2)

IMOTIONAUTOTECH(01274) fell 11.99%, with a trading turnover 22.6 Million HKD, and a year-to-date rose 193%. INTL GENIUS(00033) fell 11.9%, with a trading turnover 3.3 Million HKD, and a year-to-date fell 18.3%. DL HOLDINGS GP(01709) fell 10.62%, with a trading turnover 7.3 Million HKD, and a year-to-date rose 4.4%.

Top 10 HK Stock Losers (5.2)

SENSETIME-W(00020) rose 36.07%, with a trading turnover 3.0 Billion HKD, and a year-to-date rose 43.1%. NIO-SW(09866) rose 20.7%, with a trading turnover 287.5 Million HKD, and a year-to-date fell 41.4%. MING YUAN CLOUD(00909) rose 20.24%, with a trading turnover 44.0 Million HKD, and a year-to-date rose 3.1%.

Top 10 HK Stock Gainers (5.2)

美联储主席鲍威尔在本月 FOMC 会议上释放了鸽派信号，表示下一步利率行动不可能是加息。分析师认为，鲍威尔可能已经预览了即将发布的非农就业数据，因此认为利率已经见顶，即使通胀继续略显胶着，也可能降息。鲍威尔的言论使美债收益率降低。尽管近期数据显示通胀有回升势头，但如果劳动力市场足够疲软，美联储也可能调低利率。根据已公布的小非农 ADP 报告，目前仍无法确定就业市场是否疲软。

鲍威尔敢于 “放鸽”，美联储提前看到周五非农数据了吗？

Google has achieved a "technological breakthrough" through the Gemini AI model and custom AI chips, reducing the cost of AI chatbot Q&A by 80%, but it is still higher than traditional search costs

Google has reduced the cost of AI question answering by 80%!

中国出海电商平台的四家主要玩家，包括 Temu、TikTok Shop、阿里海外电商和 Shein，今年的交易额增长目标分别为 233%、150%、125% 和 40%。其中，Temu 最为激进，目标为 600 亿美元，是去年销售额的 3.33 倍；而 TikTok Shop 则定下了 500 亿美元的目标。阿里国际数字商业集团的零售电商板块则目标为 850 亿美元至 900 亿美元。而 Shein 则希望同比增长 40%，达到 630 亿美元。这四家平台互相竞争，互相学习，今年都在尝试半托管模式以节省物流成本和扩展品类。

中国出海电商四小龙竞赛：翻倍增长，用一切办法

Overnight, the US stocks and bonds experienced a "rise before fall", what happened?

There are two factions within the Federal Reserve. Some officials have been concerned about keeping interest rates too high for too long, fearing that it would put pressure on the economy. Another faction believes that due to the strong economy, there is almost no need to cut interest rates this year

"New Federal Reserve News Agency": Regardless of what Powell "says", ultimately inflation speaks for itself

美联储 5 月议息会议平淡结束，市场未得到确切消息，导致市场表现平淡。鲍威尔的讲话暗示加息周期结束，降息条件不确定。市场对美国经济不适应，对中国经济表现重新定价。市场焦点转向港股，恒生指数表现优于美股。市场犹豫于面对宏观不确定性，股票投资者受高利率压制。

你看到的是美联储，我看到的是港股

Two weeks ago, Tesla executives emphasized in an internal email that Musk believes the Supercharger network is "very critical."

Tesla suddenly laid off the entire Supercharger team, leaving the entire American electric vehicle industry stunned

5 月 FOMC 会议显示，美联储将维持一定时间的紧缩姿态，并排除了下一步加息的可能性。会议宣布将于 6 月开始缩减国债降速，但市场对此反应较小。市场担心美联储是否会更加鹰派，但中金认为短期内更紧缩反而有利于降息交易重启。预计年内仍有降息可能，但需以金融条件收紧为前提。

5 月 FOMC：美联储短期紧一些不是坏事，三季度是改善时机

The S&P and Nasdaq closed down for two consecutive days, but after Powell's speech, the three major US stock indexes all rose by more than 1%. Following earnings reports, Amazon rose by over 2%, while Starbucks fell by 16%; chip stocks fell by over 3%; Chinese concept stocks rebounded, with Nio announcing delivery numbers and closing up nearly 12%. The UK stock market continued to fall from historical highs, with Aston Martin falling by nearly 7% after earnings, and GlaxoSmithKline rising by nearly 2%. After Powell's speech, the two-year US Treasury yield fell by over 10 basis points, breaking below 5.0%, bidding farewell to a five-month high; the US dollar index, which hit a two-week high during the session, accelerated its decline. The Japanese yen surged by over 3% in late trading, approaching 153 at one point. Offshore renminbi rose by over 200 points during the session, breaking through 7.24, hitting a five-week high. Bitcoin fell by over $4,000 during the session, dropping below the $57,000 mark, but rebounded by over $2,000 after the Fed meeting. Crude oil fell by over 3%, marking the largest drop in nearly four months, falling for the third consecutive day to a seven-week low. Gold rebounded, with gold futures moving away from a four-week low, rising by over 1% during the session after the Fed meeting. London copper fell from a two-year high over the past two days, while London tin fell by nearly 2%, hitting a three-week low again

The Federal Reserve saves US bonds, US stock indexes surge during the day, tech stocks weigh down the market, Nvidia falls by nearly 4%, AMD plunges 14% after earnings, and AMD falls by 9%

He said that although inflation has significantly slowed down in the past year, it still remains above the 2% target. The lack of further progress in combating inflation, with U.S. inflation data for 2024 so far consistently higher than expected. Powell said that the timing of rate cuts depends on the data, and the FOMC will make decisions at each meeting, but the next step is unlikely to be a rate hike. If the labor market unexpectedly weakens, it will ensure a rate cut by the FOMC. After Powell's speech, the three major U.S. stock indexes briefly rose by more than 1%, but after full digestion, the S&P 500 index and the Nasdaq index eventually closed lower

Powell: The time to gain confidence in rate cuts will be longer than expected, but the next step is unlikely to be a rate hike (full text attached)

NIO(NIO) rose 11.65%, with a trading turnover 766.1 Million USD, and a year-to-date fell 41.9%. Jinkosolar(JKS) rose 4.15%, with a trading turnover 14.0 Million USD, and a year-to-date fell 32%. Yatsen(YSG) fell 5.03%, with a trading turnover 1.7 Million USD, and a year-to-date rose 13.4%. Haoxi Health Tech(HAO) fell 4.09%, with a trading turnover 1.5 Million USD, and a year-to-date rose 76%.

Top 5 CDRs Gainers/Losers (>100M) (5.1)

Pfizer(PFE) rose 6.09%, with a trading turnover 2.6 Billion USD, and a year-to-date fell 4.2%. Johnson &amp; Johnson(JNJ) rose 4.56%, with a trading turnover 2.2 Billion USD, and a year-to-date fell 2.8%. AMD(AMD) fell 8.91%, with a trading turnover 13.0 Billion USD, and a year-to-date fell 2.1%. Broadcom(AVGO) fell 4.42%, with a trading turnover 3.9 Billion USD, and a year-to-date rose 11.9%.

Top 5 US Stock Gainers/Losers (>100B) (5.1)

New York Community Bancorp(NYCB) rose 28.11%, with a trading turnover 316.6 Million USD, and a year-to-date fell 66.7%. TransMedics(TMDX) rose 24.93%, with a trading turnover 582.4 Million USD, and a year-to-date rose 49%. Pinterest(PINS) rose 21.02%, with a trading turnover 1.8 Billion USD, and a year-to-date rose 9.3%.

Top 10 US Stock Gainers (5.1)

Leggett &amp; Platt(LEG) fell 26.67%, with a trading turnover 203.3 Million USD, and a year-to-date fell 48.5%. Canopy Growth(CGC) fell 23.12%, with a trading turnover 636.3 Million USD, and a year-to-date rose 123.9%. Tilray Brands(TLRY) fell 18.22%, with a trading turnover 194.1 Million USD, and a year-to-date fell 12.2%.

Top 10 US Stock Losers (5.1)

高通一季度营收 93.9 亿美元，略高于市场预期的 93.2 亿美元，公司预计二季度营收在 88 亿至 96 亿美元，区间中点高于市场预期的 90.8 亿美元，盘后股价一度涨 5%。

高通一季报营收和下季指引均超预期，盘后涨 5% | 财报见闻

以太坊和比特币均抹去美联储主席鲍威尔讲话时的涨幅，现报 2915 美元/枚和 57220 美元/枚，日内分别跌超 3% 和 4%。

From June, the monthly cap on the reduction of US Treasury bonds will be lowered to $250 billion, exceeding Wall Street's expected $300 billion with a decrease of $350 billion. The cap on institutional MBS remains unchanged. The Federal Reserve continues to emphasize that they will only cut interest rates when they are more confident that inflation will drop to 2% and when the risks of achieving employment and inflation targets are more balanced. It was also mentioned that there has been a lack of further progress in inflation decline in recent months. The "New Fed Communication Agency" stated that the Fed has indicated that inflation progress has stalled, extending the wait-and-see approach on interest rates

Starting from June, the QT slowdown! The Federal Reserve maintains high interest rates as scheduled, with the scale of the reduction in US Treasury holdings more than halved, warning of a lack of progress in inflation

There are two major changes in this meeting statement compared to the previous one. Firstly, the plan to reduce the balance sheet has been adjusted, with the monthly reduction limit of US Treasury bonds lowered by more than half. Secondly, new wording has been added to emphasize the lack of recent progress in inflation decline

Full comparison of changes in the April meeting statement of the Federal Reserve

After the Federal Reserve's decision was announced, the US stock market saw an expanded increase, with the Nasdaq turning positive. The US dollar and US bond yields deepened their declines, while gold's increase widened to 1% and broke through $2300, rising by about $6 in the short term. Powell's press conference accelerated the rise in US stocks and gold prices, with the Dow rising nearly 400 points, both the Nasdaq and S&P rising by 1%. The S&P also solidly turned positive, with the two-year US bond yield widening its decline to 11 basis points to less than 4.94%, breaking below the 5% mark, and the 10-year Treasury yield also dropping by 10 basis points

The Fed's decision caused rapid expansion in US stocks and gold prices, with the Dow and Nasdaq rising by 1%, while US bond yields plummeted

Anthropic has launched its first smartphone app, Claude, supported by the Claude 3 model developed by Anthropic. Currently, it is only available for iPhone and iPad users. Users of the Claude model can synchronize chat records, take and upload photos to the app for image analysis. Anthropic has also introduced its first enterprise service, Team, which charges $30 per month. Enterprises can access the Claude 3 model through this service, and team members can use Claude more times, with a context window of 200K. It also includes management tools and billing management

Standing on the shoulders of Apple, PK GPT! Anthropic enables iPhone apps to have AI robots

比特币价格闪崩，14.2 万人爆仓，蒸发超过 33 亿元。比特币在短短十多分钟内跌破 58000 美元和 57000 美元两个整数关口，其他虚拟货币也纷纷下跌。根据数据显示，爆仓总金额为 4.66 亿美元，多单爆仓 4.11 亿美元，空单爆仓 5515 万美元。

比特币闪崩超 33 亿元蒸发，超 14 万人爆仓

The wage growth rate of ADP has slowed down, which is good news for the Federal Reserve expecting a cooling of wage inflation. Recruitment in almost all industries remains stable, except for the information industry, where unemployment has occurred. After the release of ADP data, US stock futures continued to fall in pre-market trading, but the decline narrowed, and the US dollar index fell significantly