The price increase of DRAM in the second half of the year is expected to slow down, but HBM production capacity remains scarce

Track Hyper | DRAM prices surge: Micron and Samsung both benefit

港股市场近期大涨，恒生指数突破 18000 点。外资流入主要是因为外围市场波动下的再平衡需求。若今年一季度持续流出的资金全部回流，将有 49 亿美元流入。港股的涨幅主要是由资金面推升的估值驱动，风险溢价透支明显。港股仅靠情绪改善可能还有 2-7% 的空间，若后续政策发力，盈利增长 10% 将带来约 20% 的上涨空间。

中金：港股还有多少空间？

一旦中国经济回升，港股弹性可能更大。根据历史数据，恒生指数在中国经济回升期间通常能够获得超额收益。虽然近期恒生指数下跌幅度较大，但最近两年的 ROE 下降幅度并不大，估值也创历史新低，表明海外投资者对中国经济的悲观预期可能过度了。港股快速上涨可能意味着投资者对国内经济预期改善。总之，一旦经济预期缓和，港股有可能具有比 A 股更大的弹性。

一旦经济回升，港股弹性可能更大

Is it reliable to use large models for stock selection? Morgan Stanley becomes the first major bank on Wall Street to try it out

AI Investment Advisory Step 1: JP Morgan launches Index GPT, focusing on hot topics first!

水电燃气价格上涨对 CPI 和 PPI 有一定影响，但公用事业价格对 CPI 的贡献较小。近期水、电、燃气价格上涨主要针对居民端，燃气价格上涨幅度较大。水价上涨影响较小，而电价调整体现在优化峰谷分时电价。尽管价格上涨幅度较大，但由于占比较低，对 CPI 影响有限。

水电燃气价格上涨，能推动通胀么？

Buffett expects that by the end of this quarter, Berkshire's cash holdings may increase to $200 billion. When asked by investors why Berkshire Hathaway is holding such a large amount of cash and not investing, Buffett said, "We only swing the bat when it's the right pitch." "We are happy to spend money, but we won't spend it unless we believe that the investment target has low risk and can make a lot of money."

With over $180 billion in cash at Berkshire Hathaway, why isn't Warren Buffett making any investments yet?

Warren Buffett said that he only heavily invested in Apple after holding shares in multiple consumer companies and feeling that he completely understood consumer behavior. Buffett advises everyone to think about how they would like others to read their obituary, and then start creating a life that can help you achieve that goal

Warren Buffett's investment and life tips: "Practice" buying multiple companies before buying Apple, a good life starts with writing obituaries

巴菲特在伯克希尔股东大会上明确了公司的接班人计划，将由阿贝尔担任未来的 CEO。巴菲特表示，未来的 CEO 将决定伯克希尔的所有投资决策，他相信阿贝尔了解企业和普通股。巴菲特认为，伯克希尔的资金规模已经很大，不适合让 200 名员工每人管理 10 亿美元。他认为责任应该由 CEO 承担，且此决定受到资产增长程度的影响。

巴菲特明确接班人计划：未来 CEO 决定所有伯克希尔投资，下一任 “不会等太久”

巴菲特在伯克希尔的股东年会上表示，尽管在一季度减持了苹果股票，但苹果仍是伯克希尔最大的投资。巴菲特表示，苹果是一家比美国运通和可口可乐更好的公司，iPhone 可能是有史以来最伟大的产品。巴菲特还提到，他减持苹果股票可能是为了避免未来面临更高的纳税，因为他预计税率可能会提高。巴菲特表示，伯克希尔仍将长期持有苹果、美国运通和可口可乐的股票。

Q1 砍仓 13% 仍力挺苹果！巴菲特说苹果将是长期投资，减持和纳税有关

Wall Street traders are trying to outsmart the data-dependent Federal Reserve, but the conflicting signals released by economic data have left them "being slapped in the face" from both sides, making them wrong no matter what they do

Another "flip-flop" week, with the US stock market watching the Federal Reserve, and the Federal Reserve watching the data

比特币上涨突破 64000 美元，日内涨幅达 3.8%，连续三日上涨。

比尔·盖茨仍然在幕后默默策划微软的 AI 革命，提供战略建议、评估产品、聘用高管，并与 OpenAI 联合创始人兼 CEO 萨姆·阿尔特曼保持密切关系。他的设想成为现实，推动了微软与 OpenAI 的合作，并促成了搜索引擎 Bing 的推出。盖茨长期关注 AI 领域的发展，与 OpenAI 会面，提出挑战并提供意见。在 OpenAI 夺权事变后，盖茨积极帮助重建。他对 GPT-4 的演示非常震惊，并提供了微软使用该模型的建议。比尔·盖茨的影响力对微软 AI 的发展起到了关键作用。

美媒曝猛料：69 岁比尔·盖茨仍是幕后大佬，主导微软 OpenAI 联姻

Buffett has always regarded user loyalty as Apple's biggest moat, but with iPhone sales continuing to weaken and regulatory pressure increasing, how long can this moat be maintained?

Investing in Apple with an annual return of 26%! Buffett's "most successful investment", Berkshire shareholders are starting to worry

Bank of America strategist Michael Hartnett said that a weak non-farm payroll report could increase the risk of stock market sell-offs. According to him, US economic data shows a slowdown in economic growth, with high inflation and labor costs. He believes that the market is in the "late stage of a long bull market" and may eventually experience a bubble or recession. In addition, Hartnett also pointed out that bonds are in the "early stage of a long bear market" and the US dollar is in a "long bear market". Commodities, on the other hand, are in the "early stage of a long bull market"

Bank of America: Weak employment report is a signal of stagnation, increasing the risk of selling US stocks

OpenAI 将于 5 月 9 日发布 ChatGPT 搜索引擎，挑战谷歌搜索。目前，OpenAI 已经更新了网站主页，显示将会有一个搜索框，用户可以向 ChatGPT 问任何事情。消息发布时间也意味着 OpenAI 不希望谷歌的 “Google I/O” 大会抢了该产品的风头。OpenAI 计划与微软的 Bing 合作开发这款搜索引擎。目前，谷歌占据市场份额的 90%，但用户对谷歌搜索广告过多的问题抱怨已久。许多人认为，OpenAI 的进军将给谷歌带来挑战。

OpenAI 下周将发布 ChatGPT 搜索引擎，挑战谷歌搜索！

The US economic reports are currently diverging, causing a blow to market bears. Federal Reserve Chairman Powell's positive remarks and weak employment data have driven the stock market higher, but the conflicting economic reports have cost investors when betting on the Fed's next interest rate decision. Recent reports show a surge in retail sales, while US Gross Domestic Product (GDP) is slowing down. Industrial production is rising, while manufacturing is slowing down. The stock market's intraday volatility index has reached its highest level since November. Wall Street traders are withdrawing funds from credit and cryptocurrencies, while reducing their exposure to stocks

US economic report shows divergence, market bears suffer setbacks

The three major US stock indexes closed up by at least 1%, with the Nasdaq up by about 2%; Apple saw its largest gain in 17 months; Amgen led the S&P and Dow, while the weight-loss drug giants Eli Lilly and Novo Nordisk's European stocks once fell by over 3%; the chip index closed up by over 2%, but still fell for the whole week, with Nvidia up by 3.5%, Qualcomm soaring the next day and then falling, and AMD's financial report leading to a weekly drop of over 4%; the energy sector fell by over 3% for the week; Chinese concept stocks index closed up by 1.7%, hitting a six-month high for the third consecutive week, with NetEase rising by over 4%, while XPeng and Li Auto fell by over 3%. The UK stock market hit record highs continuously, with Societe Generale falling by over 5% after its financial report, and Novo Nordisk's financial report leading to a cumulative 4% drop for the week. After the non-farm payroll data, US bond yields plunged by over 10 basis points, the two-year yield dropped by over 20 basis points in three days, marking the largest three-day drop since January; the US dollar index hit a new low for over three weeks since the release of the March CPI data; the Japanese yen rebounded by over 1% during trading to reclaim 152; offshore renminbi rose by over 400 points during trading, breaking through 7.17 to hit a two-month high; Bitcoin rose by over $3000 during trading to surpass the $62,000 mark; gold pulled back after a rally and briefly fell by nearly 2%, marking a two-week decline. Crude oil hit a seven-week low and the largest weekly drop in three months, with US oil falling for the fifth consecutive week, dropping by nearly 7% for the week. The London tin rose by over 3% but still fell for the second consecutive week, while London copper rebounded by 1.5% to halt a three-week decline, ending a four-week consecutive rise

Employment explosion triggers rate cut expectations! US bonds surge, US stocks rebound throughout the week, S&P posts strongest daily gain in two months, top performer Apple surges 6%, and Amgen rises nearly 12%

Sprout Social(SPT) fell 40.15%, with a trading turnover 417.5 Million USD, and a year-to-date fell 53.1%. Uniti(UNIT) fell 26.37%, with a trading turnover 99.1 Million USD, and a year-to-date fell 21.1%. Owens &amp; Minor(OMI) fell 25.7%, with a trading turnover 57.6 Million USD, and a year-to-date fell 5.5%.

Top 10 US Stock Losers (5.3)

GameStop(GME) rose 29.08%, with a trading turnover 547.4 Million USD, and a year-to-date fell 6%. Twist Bioscience(TWST) rose 28.74%, with a trading turnover 179.3 Million USD, and a year-to-date rose 11.8%. Ardelyx(ARDX) rose 28.42%, with a trading turnover 213.4 Million USD, and a year-to-date rose 40.6%.

Top 10 US Stock Gainers (5.3)

Amgen(AMGN) rose 11.82%, with a trading turnover 3.0 Billion USD, and a year-to-date rose 8.9%. Apple(AAPL) rose 5.98%, with a trading turnover 30.0 Billion USD, and a year-to-date fell 4.6%. Eli Lilly(LLY) fell 2.77%, with a trading turnover 3.4 Billion USD, and a year-to-date rose 26.4%. Petroleo Brasileiro SA(PBR) fell 1.37%, with a trading turnover 428.3 Million USD, and a year-to-date rose 7.6%.

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

GigaCloud Tech(GCT) rose 7.41%, with a trading turnover 108.3 Million USD, and a year-to-date rose 103.7%. ATRenew(RERE) rose 5.12%, with a trading turnover 3.0 Million USD, and a year-to-date rose 17.7%. EHang(EH) fell 5.13%, with a trading turnover 18.6 Million USD, and a year-to-date rose 3.5%. Canaan(CAN) fell 4.41%, with a trading turnover 8.1 Million USD, and a year-to-date fell 61.9%.

Top 5 CDRs Gainers/Losers (>100M) (5.3)

Federal Reserve Governor Bowman said that as the Fed maintains high interest rates, inflation will eventually decrease. However, if future data shows that the progress of inflation decline has stalled or reversed, she is willing to raise interest rates. Chicago Fed President Evans said he is waiting for more data to assess whether inflation will fall to the target. The robust non-farm payroll report this Friday provides more assurance that the economy is not overheating and inflation is not rising

Fed hawks and doves "spar" - Bowman: High inflation will persist for a period of time, Goolsbee: Need more Friday-like employment reports

coinbase 首席财务官阿莱西亚·哈斯在 BTV 上评论说：Base 区块链为支付提供了基础，当你谈论加密货币时，缩小范围很重要。

Bitcoin hits $62,000, leading to a collective rise in US blockchain stocks. MicroStrategy rose over 7%, Cipher Mining rose over 7%, Bakkt Holdings rose over 4.7%, Digihost Technology rose nearly 4%, Mawson Infrastructure rose over 3%, Ebang International rose over 2%, and CleanSpark rose over 1%

US Stock Market News | Blockchain stocks collectively rise, with MicroStrategy up more than 7%

Coinbase achieved a turnaround in the first quarter of 2024, with earnings per share of $4.40, exceeding market expectations. The net profit of the digital token trading platform was $1.18 billion, marking a significant financial reversal compared to the same period last year. The report shows that Coinbase's consumer trading revenue for this quarter was $935 million, an increase of over 100% compared to the same period last year. In addition, subscription and service revenue also saw growth. Coinbase's stock price rose by nearly 9% before the report was released, and the stock has risen by about 32% year-to-date

Coinbase turns losses into profits, with first-quarter earnings per share of $4.40 exceeding market expectations

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