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

Tesla is in trouble again! The United States is investigating the entire lineup, pointing directly at the self-driving software

Citigroup still believes that the market's complete pricing out of rate cuts this year is a mistake. This is because concerns about slowing growth will be a key factor for the Fed to consider rate cuts, and the details of first-quarter GDP show that the support from fiscal stimulus is weakening, with soft commodity spending. Therefore, Citigroup believes that despite inflation not yet showing sustained slowing, the Fed will still cut rates this summer

Is the United States facing "stagflation" concerns? Citi insists that the Federal Reserve will cut interest rates in the summer

In the first quarter, the average selling price of commercial coal of China Shenhua decreased by 7.7% year-on-year to 573 yuan/ton, leading to a slight decline in the profit of the coal business. The power generation business achieved growth, with the total electricity sales volume of the company increasing by 7.0% year-on-year

Coal stocks in Q1 cooled down, China Shenhua's revenue slightly increased, with profits declining by 14% year-on-year | Financial Report Insights

In the first quarter, Moutai's direct sales channel revenue reached 19.319 billion yuan, while the "i Moutai" digital marketing platform generated 5.343 billion yuan in tax-free revenue for alcoholic beverages

Guizhou Maotai's net profit in the first quarter was 24.065 billion, a year-on-year increase of 15.73% | Financial Report Insights

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

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