当地时间周一，马斯克旗下 X 公司拆除了安装在旧金山总部大楼顶部仅三天的 “X” 标志，此前旧金山市政府谴责该公司未经许可在其大楼上方安装这个巨大的闪光标志，对周边居民的生活造成困扰。旧金山建筑检验局表示，他们自上周五以来收到了 24 起关于该标志的投诉，包括 “对其结构安全和照明的担忧”。

马斯克的 X 公司拆除安装仅三天的新标志，因被投诉扰民

Just as retail investors are rushing into US stocks, hedge funds are rapidly reducing their positions in US stocks. Market analysis suggests that the retreat of hedge funds' positions in US stocks may indicate a shift in market sentiment.

The direction of the US stock market is about to change? Hedge funds rapidly reduce their positions in US stocks.

The largest oil ETF, WisdomTree's Brent Crude ETF, has set a record for the largest withdrawal since its inception. Investors flocked to this ETF at the end of last year, causing its assets under management to skyrocket to over ten times its size in December. Now, those investors who bought at the bottom are starting to cash out.

Crude oil ETF cash-out reaches a record high as oil prices surpass $80

Although the market generally expects a small probability of another rate hike at the September meeting of the Federal Reserve, Charles Evans, a dovish official and the President of the Chicago Fed, has not publicly expressed explicit support for a pause in rate hikes in September. In his latest speech, he stated that the decline in inflation is excellent news, but he remains open-minded about the September meeting.

Market expectations too optimistic? Dovish Fed committee member says they have not yet decided whether to support a pause in rate hikes at the September meeting.

Morgan Stanley predicts that by the end of this year, the price of gold will reach $2012 per ounce, and by 2024, the gold price will continue to rise to a historic high, potentially reaching $2175. Compared to the current price, this means that the gold price has about a 10% upside potential in approximately a year and a half.

Morgan Stanley: Gold price to reach $2000 this year, set to break records next year!

Media reported on Monday that Boken Shoes is expected to IPO as early as September. With a valuation of $10 billion, it has doubled since being acquired by private equity firm L Catterton over two years ago. In July, there were earlier reports that Boken Shoes was in talks to go public in the US, with a potential valuation exceeding $6 billion.

"Barbie" boosts sales, Bucken shoes rumored to be listed, valuation could reach up to 10 billion US dollars.

OpenAI：现在，本公司在所有支持 ChatGPT 的国家和地区都提供安卓版 ChatGPT APP。

在 7 月最后一个交易日，美股三大指数集体小幅高开，开盘一小时内涨幅显著收窄，纳指一度短暂转跌，罗素小盘股涨 0.8% 领跑。纳斯达克金龙中国指数一度抹除盘初跌幅并转涨 0.5%，但小鹏汽车跌 12.3%。两年与 10 年期美债收益率均小幅下行超 1 个基点。美油 WTI 涨近 1%。

美股盘初涨幅显著收窄，纳指短暂转跌，中概指数一度短线跳涨

“全球汽车一哥” 要向比亚迪取经

Goldman Sachs found that the current sensitivity of the US stock market to inflation news is 12 times the historical normal level.

Goldman Sachs: US stocks in "bad news is good news" mode

快手港交所公告，本公司董事会谨此知会本公司股东及有意投资者，基于董事会目前可得的财务资料，截至 2023 年 6 月 30 日止六个月，预期录得本集团净利润不低于人民币 5.6 亿元，较 2022 年同期本集团录得的净亏损约人民币 94.3 亿元，实现扭亏为盈。

快手：预计上半年净利润实现扭亏为盈

Hardware recommendations to pay attention to: Nvidia, AMD, Coherent; software recommendations to pay attention to: Microsoft, ServiceNow, Snowflake, The Trade Desk, Perion Network, Duolingo and other companies.

From the perspective of the US stock earnings season, which technology stocks are worth buying?

李强主持召开国务院常务会议，会议强调，要加强逆周期调节和政策储备研究，相机出台新的政策举措，更好体现宏观政策的针对性、组合性和协同性。要着力激发民间投资活力，加快解决拖欠企业账款问题，坚决整治乱收费、乱罚款、乱摊派。要活跃资本市场，提振投资者信心。要加快培育壮大战略性新兴产业，打造新的支柱产业，增强我国在全球产业链供应链中的竞争力影响力。要调整优化房地产政策，根据不同需求、不同城市等推出有利于房地产市场平稳健康发展的政策举措，加快研究构建房地产业新发展模式。

国务院常务会议：要加强逆周期调节和政策储备研究 相机出台新的政策举措

From a short-term perspective, the advertising business remains the cornerstone of Alphabet-C. Looking at the medium to long term, Alphabet-C's cloud and artificial intelligence will become the core drivers of growth for Alphabet-C.

Target price of $160! Alphabet-C's foundation is unshakable, cloud and AI are the long-term growth drivers.

Potential surprises may come from Apple's increased market share in China. Additionally, service business is expected to accelerate and achieve double-digit growth in the coming quarters.

Apple's sales are not good? Analysts: Still optimistic about Apple!

The S&P 500 index has recovered 76.4% of its decline. Nearly 70% of the constituent stocks in the S&P 500 index have stock prices higher than the 200-day moving average, and the subsequent low of the 14-day RSI indicator has remained higher than the previous low.

Technical Analysis | S&P 500 Breaks Key Retracement Level, Initiating a New Bull Market?

Morgan Stanley believes that the long-term narrative of XPENG-W has fundamentally changed and will surpass investors' concerns about its recent profit margin and financial pressure. As a result, the bank has upgraded its rating on XPENG-W from "underweight" to "neutral" and significantly raised the target price by 77.5% to HK$71!

Big Bank Quick Look | XPENG-W rating and target price have been significantly raised again! TENCENT still has 44% upside potential?

XPENG-W fell nearly 5%, NIO-SW rose over 4%, Sofi rose 6.5%, Amazon rose 0.8%. JD-SWR rose over 1%, PDD fell nearly 2%, BILIBILI-W fell nearly 4%, BEKE-W fell over 2%, BIDU-SWR rose 1%, iQiyi fell over 2%.

Pre-market trading in US stocks: Tesla to further reduce prices in Hong Kong, Citigroup downgrades Tencent Music rating, Walmart increases stake in Indian e-commerce.

Nomura believes that Video Account advertising is the most important driver of Tencent's advertising revenue growth, and it may also help WeChat further penetrate the e-commerce field. Moreover, Tencent will be a strong competitor to its peers in the field of AI, why is that?

Forward Looking | Target Price HK $510! Why did Tencent Video Number and AI Big Model win Wall Street's favor again?

"Regardless of when, whether it's in September or later, a pause (in interest rate hikes) is not guaranteed."

Lagarde Hawkish: Pause is not the end, further rate hikes may follow

HTSC believes that the current real estate policy is likely to focus on stabilizing the market, with a low probability of strong stimulus. The responsibility for local debt policy may be shared among the central government, local governments, and banks. Monetary policy is expected to remain moderately loose, with room for negotiation. In terms of capital market policy, we look forward to more practical measures in the future to introduce long-term funds and optimize cross-border capital flows.

Market Focus: How are the four major policies being implemented?

Recently, the earnings reports of technology giants indicate a strong performance in the advertising business and a bottoming out of the cloud business. High-frequency data shows a recovery in the retail business. However, Apple's revenue in the most recent quarter may have declined.

Tech giants are making efforts, will Apple and Amazon continue to boost the US stock market this week?

微软：理想和面包、技术和权力，我都要。

微软不想被 OpenAI 架空

Stimulating consumption signals are clear, and there is good news for Hong Kong stocks! The National Development and Reform Commission of China has issued a document requiring the prioritization of the recovery and expansion of consumption. Local regions are not allowed to implement new car purchase restrictions, and policies such as the reduction and exemption of vehicle purchase tax for new energy vehicles should be continued and optimized.

Why is the Hong Kong stock market's consumer sector booming?

The announced earnings of US stocks for the second quarter have increased by about 3% on average compared to the previous year, which is lower than the 9% growth rate in the same period last year. However, approximately 80% of the companies reported profits that exceeded expectations.

The most important thing in the US stock market right now is not the Federal Reserve, but the earnings report!

LVMH, Prada, and Richemont Group, the parent company of Cartier, have all reported a slowdown in sales growth in the United States. The rebound in the Chinese market is still ongoing, but at a slower pace than some had anticipated.

From LVMH to Prada, have the days of luxury brands "making money with their eyes closed" come to an end, and the merger battle begun?

Some economists believe that optimism overlooks recession signals and lags: historical lessons show that the economy slows down after the contraction cycle ends.

The stock market is "moving forward without hesitation," the bond market is "lying flat to the end," and the US market is unilaterally "all in" for a "soft landing."

谷歌 DeepMind 的机器人研究取得了重大突破，可以让机器人完成辨认物体、思考和推理等任务。

谷歌 AGI 机器人大招：用大模型给机器人造 “大脑”

Last Friday, Chinese concept stock options were actively traded. Tesla options traded 2.93 million contracts, with AMC Put accounting for over 60% of the volume; the most active were the calls with a strike price of $132 for Amazon. NIO options trading volume doubled, while XPeng options trading volume tripled.

US Stock Options | Alibaba, XPENG-W, and NIO options trading volume increased 2-3 times, Roku options trading surged sevenfold

天眼查 App 显示，7 月 29 日，杭州恒云管理咨询有限公司发生工商变更，注册资本由 10 万人民币增至 1000 万人民币，增幅 9900%。该公司成立于今年 3 月，法定代表人为孙燕江，经营范围含企业管理、社会经济咨询服务、信息咨询服务、技术开发等，由阿里巴巴网络技术有限公司全资持股。

阿里旗下管理咨询公司增资至 1000 万，增幅达 99 倍

"Is the decrease in inflation due to the easing of supply constraints or the credit of the Federal Reserve raising interest rates?"

"New Fed News Agency": This "Key Debate on Inflation" will determine whether central banks in Europe and the United States will raise interest rates.

Due to the response of the Central Political Bureau meeting to the previous concerns about foreign capital, foreign capital has clearly returned. Southbound funds have adhered to value stocks and increased inflows into growth stocks, while foreign intermediaries have shown a preference for net inflows into value stocks. If future domestic policy expectations continue to heat up, it is expected to attract domestic and foreign capital inflows into the Hong Kong stock market.

Short selling ratio quickly fell back! Why are foreign investors "excited" about Hong Kong stocks again "?

记者 辛圆 7 月 31 日，国家发展改革委发布《关于恢复和扩大消费措施》，措施从稳定大宗消费、扩大服务消费、促进农村消费等七方面提出 20 条具体措施。

发改委发布恢复和扩大消费 20 条措施，涉及汽车、住房、旅游

Facebook 联合创始人达斯汀·莫斯科维茨对特斯拉公司和 SpaceX 的真正影响表示怀疑，认为埃隆·马斯克的成功在一定程度上是通过欺骗和夸大宣传等手段取得的。他的怀疑主要集中在马斯克的两家公司，特斯拉和 SpaceX，可能不像他们经常被描绘的那样具有革命性。他还对马斯克关于全自动驾驶汽车的承诺表示担忧，认为这些承诺让特斯拉以竞争对手的潜在损失为代价来吸引资源。

Facebook 联合创始人发长文质疑马斯克：特斯拉和 SpaceX 并不具有革命性

Wall Street and other investors are betting that the tech stock frenzy in 2023 will continue to gain momentum. In the latest market survey, out of 514 respondents, 77% of them plan to increase or maintain their investments in tech stocks in the next six months.

"AI Faith" May Help Drive Technology Stocks Higher, But the Road to "Profitability Test" is Long

The former employer has not yet announced the departure of the chairman.

BlackRock Chairman Tang Xiaodong's "New Trend": Wall Street Giant Castle Securities

中金发布研究报告称，虽然近期态势有望为市场提供支撑，而且可以相对积极一些，但是在基本面方面仍然需要出台进一步的政策举措，市场才能完全扭转当前困境...

中金：港股市场有望实现中枢上移 关注对政策和经济增长更为敏感的板块

China's official manufacturing PMI in July exceeded expectations, with technology, consumer, real estate, and pharmaceutical sectors all rising! Kuaishou and Bilibili surged 8%, JD.com rose over 6%, Meituan increased by more than 4%, Alibaba rose nearly 4%, Tencent and NetEase both rose over 2%.

Hang Seng TECH Index soared 4%! Why did Hong Kong stocks violently rally?

恒大汽车持续拉升，一度涨近 60%。

回港中概股集体走强，万国数据、金山云涨超 7%，华住集团涨超 6%，微博涨近 5%，宝尊电商、汽车之家等跟涨。

新加坡股市 28 日报：美团、快手、李宁等中概 5 倍做多权证大幅上涨

里昂：预计快手-W 第二季度收入同比增幅扩大至 26%，评级买入。

恒大汽车盘初涨超 20%，此前复牌首日收跌超 60%。

恒指涨幅扩大至 2%，恒生科技指数现涨 4.6%。

港股餐饮股盘初走强，呷哺呷哺涨近 10%，九毛九涨超 7%，奈雪的茶涨超 5%，海伦司、百胜中国等跟涨。

中国 7 月官方制造业 PMI 49.3，预期 48.9，前值 49。

* 花旗对腾讯音乐开启 30 日下跌催化剂观察

世茂集团在香港恢复交易，股价大跌 55%

港股科网股盘初集体冲高，哔哩哔哩涨超 7%，京东涨超 6%，美团、快手、阿里巴巴等跟涨。

Under the drive of AI, the most profitable real estate investment now is "building data centers".