From Salesforce to Shopify, the growth of software giants comes from "price increases". Which comes first, AI increment or customer churn?

理想汽车 2023 年 8 月交付 34,914 辆，三款车型交付均破万。

CITIC Securities believes that in the medium and short term, generative AI will contribute to the explosive growth of short-term performance in the English market. However, NVIDIA remains a typical cyclical stock, and it is necessary to closely observe its upward momentum in short-term performance and the inflection point of its performance cycle.

CITIC Securities: NVIDIA's "monopoly" will last at least until Q2 next year, with a 30x forward P/E ratio supporting the stock price.

蔚来宣布推出 9 月限时购车优惠政策，2023 年 9 月 1 日至 9 月 30 日期间支付定金购买蔚来新车的用户，提车后可获赠万元购车礼包，包括 30 张换电体验券、2000 元车商城抵用券、价值 4560 元的 NOP+1 年免费使用权和 10000 购车积分。置换优惠方面，9 月 1 日至 9 月 30 日期间支付定金购买蔚来新车，并通过蔚来 App-以旧换新置换非蔚来品牌旧车的用户：提车后可获赠 30000 积分。

蔚来推出 9 月限时购车优惠政策

Tesla Model 3, expected redesign, unexpected price increase

Tesla brings the new Model 3 to the market. Are domestic car companies ready?

20,000 to buy a Tesla, it fell through.

On September 1st, Beijing, Shanghai, Shenzhen, and other cities successively announced the minimum interest rates for personal housing loans in their respective regions.

Beijing, Shanghai, and Shenzhen have successively announced the lower limit of the first home loan interest rate.

Citi expects that Samsung will start supplying HBM3 to NVIDIA from the fourth quarter, and by 2024, Samsung may supply up to 30% of HBM3 chips to NVIDIA.

Q4 Starts Selling Shovels to NVIDIA? Samsung Soars Over 6%

据报道，三星与英伟达签署协议，供应 HBM3 存储芯片。

特斯拉在美国下架了 Model S 标准续航版和 Model X 标准续航版车型。

香港交易所取消今日全天的交易。

Eastern Selection operates on multiple platforms.

The Rebellion and Migration of Yu Minhong

特斯拉开始接受德国、法国和意大利 Model 3 焕新版的订单，交付计划定于 10 月至 11 月。

戴尔第二财季收入下降 13%，至 229 亿美元，高于市场预期的 208 亿美元；调整后每股净利润为 1.74 美元，高于市场预期的 1.14 美元。公司预计，截至 10 月份的第三财季营收约为 230 亿美元，高于市场预期的 217 亿美元。戴尔将全年营收指引上调至 895 亿美元至 915 亿美元，较上年同期下降约 12%，但高于市场预期的 869 亿美元，和 15% 的降幅。

PC 市场复苏有望？戴尔第二财季业绩、下季度指引大超预期，盘后一度大涨超 10%

离岸人民币兑美元涨幅扩大，收复 7.25 关口，现报 7.2482 元，日内涨约 270 点。

因八号台风信号仍在生效，港交所取消上午时段交易。

China's strong market growth has driven Lululemon's performance to rise against the trend, with second-quarter revenue and net profit both increasing by 18% year-on-year.

China's sales surge by 60%! "Middle-class Harvester" Lululemon reports strong growth in the second quarter.

UBS set a new record for quarterly profits among European and American banks in the second quarter; UBS's market value has risen to second place in Europe, surpassing the American giant Citibank.

God's Acquisition! Six months later, UBS finally reveals to the world: "How profitable is the acquisition of Credit Suisse"

特斯拉中国官网显示，Model 3 焕新版正式上市，这是 Model 3 车型 6 年来的首次更新，后轮驱动 Model 3 焕新版价格 259900 起。

特斯拉发布新款 Model 3，起售价接近 26 万人民币

Broadcom announced its financial results for the third quarter of fiscal year 2023, ending on July 30th.

AI frenzy fails to reverse the decline in technology spending! Broadcom's Q3 performance exceeds expectations, but Q4 guidance is disappointing.

This year, Arm Holdings Ltd., one of the most anticipated companies to go public, is preparing to set the price range for its initial public offering (IPO) before the start of the investor roadshow next week.

Arm's listing plan has surfaced, and the roadshow for its IPO is expected to begin after the Labor Day holiday in the United States. The pricing of the IPO may be announced on September 13th.

In July, Intel reported a surprise return to earnings in the second quarter, with the median revenue guidance for the third quarter higher than analysts expected. Intel CEO said on Thursday, the current performance has been above the midpoint of the three quarter guidance.

Optimistic about the recovery of the PC market, Intel's CEO expects Q3 to exceed expectations, causing the stock price to briefly surge by 3%.

港交所：由于天文台现已发出八号台风信号，股市和衍生品市场推迟开市。

当地时间周四，埃隆·马斯克在社交媒体平台 X 表示，X 将允许用户能够在该平台上进行语音和视频通话，且无需手机号码。马斯克周四在 X 上发帖称，X 的用户将不需要手机号码，就能在 IOS 设备、安卓设备以及电脑上使用语音和视频通话功能。不过，马斯克并未透露这些功能将何时向用户开放。

马斯克：X 将推出语音和视频通话功能

Karniol-Tambour said that looking back, if we want the Federal Reserve to cut interest rates quickly, we would find that the economy needs to collapse rapidly. However, this is far from our current situation. The bond market expects many interest rate cuts next year, but this is likely to be difficult to achieve.

Bridgewater Co-CIO: The Fed Needs More Time Than Market Expects to Cut Interest Rates

Thanks to the "accounting thickening" brought by the acquisition of Credit Suisse, UBS's net profit in the second quarter reached $28.88 billion, setting a record for the same period in the European and American banking industry. Boosted by the "historic" earnings report, UBS's European stocks surged more than 7%, reaching the highest level in fifteen years since the 2008 financial crisis. UBS's flagship business, global wealth management, continues to attract substantial funds, improving net asset outflows for Credit Suisse and receiving praise from Wall Street.

Credit Suisse's First Earnings Report After Finalizing the Acquisition: Net Profit in the Second Quarter Reaches the Highest in Banking History | Earnings Report Insights

中国人民银行、国家金融监督管理总局下发《关于降低存量首套住房贷款利率有关事项的通知》，近期各方政策措施的出台，将有力地支持房地产市场健康有序发展。降低存量房贷利率可节约居民利息负担。存量首套住房商业性个人住房贷款利率调整后，几千万户、上亿居民的财务负担会有明显下降，平均降幅大约为 0.8 个百分点。以 100 万元、25 年期、原利率 5.1% 的存量房贷为例，假设房贷利率降至 4.3%，可节约借款人利息支出每年超 5000 元，可以不用再节衣缩食提前还贷，显著增加消费能力。

存量首套房贷利率调整后 几千万户、上亿居民的财务负担会有明显下降

金十数据 8 月 31 日讯，中国人民银行、国家金融监督管理总局：此次差别化住房信贷政策调整优化的重点，一是统一全国商业性个人住房贷款最低首付款比例政策下限。不再区分实施 “限购” 城市和不实施 “限购” 城市，首套住房和二套住房商业性个人住房贷款最低首付款比例政策下限统一为不低于 20% 和 30%。二是将二套住房利率政策下限调整为不低于相应期限贷款市场报价利率（LPR）加 20 个基点。首套住房利率政策下限仍为不低于相应期限 LPR 减 20 个基点。各地可按照因城施策原则，根据当地房地产市场形势和调控需要，自主确定辖区内首套和二套住房最低首付款比例和利率下限。

两部门：各地可按照因城施策原则，自主确定辖区内首套和二套住房最低首付款比例和利率下限

中国人民银行、国家金融监督管理总局：存量首套住房商业性个人住房贷款，是指 2023 年 8 月 31 日前金融机构已发放的和已签订合同但未发放的首套住房商业性个人住房贷款，或借款人实际住房情况符合所在城市首套住房标准的其他存量住房商业性个人住房贷款。

央行：自 2023 年 9 月 25 日起，存量首套住房商业性个人住房贷款的借款人可向承贷金融机构提出申请，由该金融机构新发放贷款置换存量首套住房商业性个人住房贷款。新发放贷款的利率水平由金融机构与借款人自主协商确定，但在贷款市场报价利率（LPR）上的加点幅度，不得低于原贷款发放时所在城市首套住房商业性个人住房贷款利率政策下限。

中国人民银行、国家金融监督管理总局：首套住房商业性个人住房贷款利率政策下限按现行规定执行，二套住房商业性个人住房贷款利率政策下限调整为不低于相应期限贷款市场报价利率加 20 个基点。

对于贷款购买商品住房的居民家庭，首套住房商业性个人住房贷款最低首付款比例统一为不低于 20%，二套住房商业性个人住房贷款最低首付款比例统一为不低于 30%。

中国人民银行、国家金融监督管理总局关于调整优化差别化住房信贷政策的通知

从最初拼安全到拼技术、再到拼价格，现在的蔚小理又开始拼渠道了。

蔚小理的价格战打到哪儿了

董事长赵陵，总裁刘秋明，副总裁朱勤参会

光大证券业绩说明会回应热点问题：反腐、股价、降费……

华泰证券召开业绩说明会：发挥投行资管特色优势，大力发展资管业务

People have returned, but they are more cautious in their spending.

Half-year performance hits a new high: Has Haidilao turned the corner?

出品｜虎嗅汽车组作者｜李文博编辑｜周到头图｜视频截图燃油车时代，一台车卖了六年进行改款，是再正常不过的现象。如果销量不错，这台车还会额外获得 “常青树” 的美誉。但在电动车时代，一台车卖了六年才改款，这家公司会直接和 “不思进取”、“胸无大志” 划上等号，这台车也会被大家无情嘲笑成 “老古董”。不过，如果这家公司是由 “显眼包” 埃隆·马斯克创立的特斯拉；如果这台车是影响了整个世界汽车工业进程的 Model 3，就另当别论了。因为即便放到今天，2016 年 4 月 1 日发布的现款特斯拉 Model 3，虽然在部分技术领域不够领先，但都完全不妨碍它依然是一台战力爆表的智能电动汽车。旧款都还这么能打，新款会不会直接上天？全世界人民对改款后 Model 3 的期待值，拉得可谓是一天比一天满。终于，特斯拉决定在本周五（9 月 1 日），正式发布内部代号 “Project Highland” 的新款 Model 3。据接近特斯拉的消息人士告诉虎嗅，目前公司全员都已进入 “战备” 姿态，卯足劲迎接新款 Model3 的降临。早在 8 月 16 日，特斯拉线下门店就开始接受新款 Model 3 的预定，定金有效期为两个月。

独家｜特斯拉新款 Model 3，明天真来

天眼查 App 显示，近日，因有履行能力而拒不履行生效法律文书确定义务，恒大财富关联公司恒大金融财富管理有限公司被列为失信被执行人，涉及劳动争议案件。案件流程信息显示，今年 6 月，该公司因此案被强制执行 5.4 万余元。恒大金融财富管理有限公司成立于 2015 年 11 月，法定代表人为杜亮，注册资本 10 亿人民币，由恒大金融控股集团有限公司全资持股，后者为恒大集团有限公司全资子公司。

恒大财富公司被列为老赖

国盛证券指出，不少分项仍处收缩区间。往后看，政策组合拳到了加快落地的关口，紧盯核心一二线松地产和 “一揽子化债方案”。

国盛熊园：PMI 连升 3 个月，有 5 大信号

NVIDIA's forward P/E ratio for 2024 is 28 times, which is lower than companies like Amazon, Adobe, and Microsoft. The industry average multiple is 23.

Analyst: Compared to other tech giants, Nvidia is still "too cheap," with a target price of $730.

中美双方同意在两国商务部间建立多层级沟通渠道，加强在经贸领域的沟通。王文涛部长与雷蒙多部长同意保持经常性沟通，遇到重要问题及时直接讨论，每年至少会见一次。

商务部详解中美沟通新机制：遇到重要问题两国部长将及时直接讨论

A clothing factory that rejects OEM production for big brands is now expanding overseas through Alibaba.

瑞银集团美股盘前涨近 6%，二季度盈利创新高。

Last night, the cannabis concept stocks in the US stock market experienced a surge.

US cannabis stocks are soaring! Vaporization sector of Wuma Technology is experiencing rapid growth.

Wall Street's target price shows that the US construction stocks have surged 47% year-to-date, surpassing the 41% increase of the Nasdaq index.

Buffett's Choice: This year, the performance of US construction stocks has even surpassed that of AI.

金十数据 8 月 31 日讯，星展发表报告指，智能手机市场下行，不过小米集团在欧洲、中东及拉丁美洲的市场占有率进一步上升，其中欧洲及中东排名第二，拉丁美洲排第三，预期全年可以保持市场份额，跑赢其他 Andriod 手机生产商同业。该行预期小米整体毛利率由去年的 17%，改善至 2025 年的 21%，受惠高毛利率的互联网服务贡献增加，由去年的 10% 增加至 2025 年的 12%。星展表示将小米今明两年的盈利预测，分别上调 18% 及 10%，以反映各项业务毛利率改善，维持买入评级，目标价由 13 港元上调至 18 港元。

星展上调小米集团目标价至 18 港元，评级买入

Melius Research analyst Ben Reitzes believes that Nvidia is still "undervalued". The analyst rates the stock as "buy" with a target price of $730.

Nvidia hits new high, analysts believe stock price is still "cheap"

Meituan announced that the Hong Kong food delivery platform KeeTa will expand its services to Hong Kong Island. Two briefing sessions will be held next Tuesday (5th). Prior to this, the company has set up mobile information stations in Quarry Bay, Causeway Bay, and Wan Chai for delivery drivers to register. (mn/s)

Meituan's subsidiary KeeTa expands its services to Hong Kong Island.

The ready-to-drink tea market is making waves again, as Dongfang Shuye drives up the performance of Nongfu Spring.

据 Drive Tesla Canada 报道，特斯拉在准备推出新款 Model 3 的同时，正在美国和加拿大市场对 Model 3 库存车提供大幅折扣。在美国，特斯拉 Model 3 库存车的折扣幅度在 3000 至 5000 美元之间。目前后轮驱动版的折扣为 3700 美元，折扣后部分地区的价格低至 37490 美元。加上 7500 美元的税收抵免，Model 3 库存车现在的价格不到 3 万美元。该报道还称，特斯拉在加拿大为 Model 3 库存车提供了约 5000 至 7000 加元的折扣。