国家统计局：10 月份，规模以上工业增加值同比实际增长 4.6%。从环比看，10 月份，规模以上工业增加值比上月增长 0.39%。1—10 月份，规模以上工业增加值同比增长 4.1%。

中国 10 月社会消费品零售总额同比 7.6%，预期 7%，前值 5.5%。

中国 1 至 10 月社会消费品零售总额同比 6.9%，预期 6.9%，前值 6.8%。

中国 10 月规模以上工业增加值年率 4.6%，预期 4.3%，前值 4.50%。

Tiger Global has submitted its third-quarter (Q3) holdings report (13F) for the period ending September 30, 2023.

180-degree turn! Tiger Global increases holdings of tech giants "FAMG" in Q3, positions in PDD and Alibaba

Michael Burry 继第二季度卖掉 10 万股阿里巴巴持仓之后，第三季度又买入了 5 万股阿里股票。至于京东，继第二季度出清 25 万股之后，第三季度他又买回了一半。两股仓位市值合计约 800 万美元，占 Scion 股票持仓的 18%。

“大空头” 原型：再次做多阿里巴巴和京东

多方入局下，AI 芯片竞争已趋白热化。

华泰证券：AI 芯片竞争加剧 英伟达发布 H200 新品迭代提速显著

Investors are covering their short positions, driving the US stock market higher.

Year-end market situation stable? CPI drives short "panic" cover and boosts US stocks.

高瓴当季前十大重仓股为百济神州、拼多多、贝壳、传奇生物、微软、DoorDash、赛富时、阿里巴巴、TAKE-TWO 互动软件、亚马逊，中概股数量占半数，市值占比超过 70%！

高瓴三季度继续重仓中概股！新进特斯拉、SEA

Ken Griffin, the founder of the well-known hedge fund Citadel, said on Tuesday that he expects the Federal Reserve to refrain from further interest rate hikes. However, he also warned that if the Fed cuts rates too early, it may undermine the credibility of its commitment to the 2% inflation target. Griffin expressed surprise at the sharp drop in US bond yields on Tuesday and believes that the US fiscal policy is unlikely to tighten significantly next year. He still predicts a recession in the US in the second quarter of next year.

"New King of Hedge Funds" Griffin: If the Federal Reserve cuts interest rates too quickly, its reputation may be damaged.

Industry insiders point out that some investors panic and cover their short positions, which often pushes up stock prices. However, once most of these short positions are covered, it may be a sign that the upward trend will weaken.

US CPI cools down more than expected, short sellers panic buy, small-cap stocks achieve best single-day performance of the year.

In October, the core CPI in the United States increased by 4% YoY, the weakest in two years, confirming the market's expectation that the Federal Reserve has completed its rate hikes and intensifying bets on the magnitude of interest rate cuts next year. The Dow Jones Industrial Average rose nearly 500 points, reaching its highest level in two months, while the S&P 500 also rose nearly 2%. The Nasdaq rose 2.4%, breaking free from its technical consolidation phase, and the Russell 2000 small-cap stocks rose over 5%, achieving their best performance in a year. Chip stocks rose 3.6%, with Nvidia matching its longest record of consecutive gains since going public, and Tesla rose over 6%. Chinese concept stocks rose over 2%, reaching their highest level in a month after three consecutive days of gains, while XPENG-W rose nearly 10%. US bond yields plunged across the board, with the benchmark bond yield hitting a seven-week low. The US dollar index fell 1.6% and fell below 104, while the Japanese yen rose 1% and approached 150. Offshore renminbi rose more than 400 points and approached 7.25 yuan. Oil prices rose nearly 2% before retreating from a one-week high, with US oil briefly attempting to break through $80. Spot gold rose over 1% to $1970, silver rose nearly 4%, and palladium rose 5%. London copper reached its highest level in a month and zinc rose nearly 2%.

S&P 500 and Nasdaq had their best performance in April, with Microsoft and Nvidia reaching new highs, while US bond yields dropped more than 20 basis points.

According to a survey report from Bank of America, fund managers have shown the highest level of optimism towards bonds since the financial crisis, with bond overweights reaching a new high since 2009. Most fund managers believe that the current round of interest rate hikes by the Federal Reserve has come to an end, and there is a high probability of a soft landing for the economy next year. In addition, the long positions of Morgan Stanley's US Treasury clients have increased by 4 percentage points, reaching the highest level since November 2010.

Global fund managers are going crazy buying bonds! Optimism reaches its highest level since the financial crisis.

Goldman Sachs believes that "the last mile of reducing inflation" is actually not that difficult and does not require an economic recession, and may not even require further interest rate hikes. However, Goldman Sachs also points out that developed markets will not cut interest rates before the second half of next year unless economic growth is weaker than expected.

Goldman Sachs 2024 Global Macro Outlook: The toughest is behind us

The United States has set a new record as the world's largest oil-producing country, but it may be difficult for Saudi Arabia and Russia to achieve the expected production cuts.

IEA: Raises oil demand expectations for the next two years, expects a small-scale supply surplus in the first half of next year.

Huawei wants to start "dividing the world into three" now.

Internet giants are all joining HarmonyOS.

Bridgewater Associates, the world's largest hedge fund, has submitted its third-quarter holdings report (13F) as of September 30, 2023.

Bridgewater's Q3 pursuit of the AI trend: Establishing positions in Nvidia and Broadcom, while "big consumer" stocks remain the ballast.

相较于特斯拉供不应求的观点，不少业内人士倾向于逼单的说法，即通过小幅涨价促使正在观望的消费者下单。

特斯拉中国一个月内完成全系涨价，供不应求还是刺激成交？

Analysts generally believe that with the gradual decline in energy prices, the overall inflation, which has seen a slight increase in the past 3 months, will return to a downward trend. However, due to the rise in housing costs, core inflation may experience a slight rebound.

How far is the "last mile" for the Federal Reserve? Focus on tonight's heavyweight CPI data.

Tesla's long-term prospects remain promising, and many of the unfavorable factors the company is currently facing are temporary. Now may be a good time to increase holdings in Tesla. From a long-term perspective, Tesla still has many catalysts for upward growth that can help the stock break free from its current slump.

Is it still worth buying Tesla on dips despite declining profits and Cybertruck production difficulties?

理想汽车受惠于规模效应上升，第三季盈利胜预期，纯利录 28 亿元人民币，按季增 23%，去年同期亏损 16 亿元人民币，收入为 347 亿元人民币，按年增长 272%，按季增 21%，高于市场预期，亦料纯电动车车型将于明年带动增长，维持美股目标价 56 美元及买入评级。

大和：理想 Q3 盈利高于预期维持美股目标价 56 美元及买入评级

香港恒生指数收跌 0.17%，恒生科技指数跌 0.74%。中国恒大跌超 5%，天齐锂业跌超 4%，赣锋锂业跌超 3%，美团、小米集团跌超 2%；华虹半导体涨超 5%，小鹏汽车涨超 3%。

Yellen stated that the fundamentals of the US economy are strong, and US Treasury bonds remain the most important safe and liquid assets in the world. She disagrees with Moody's decision.

Yellen "tough talk": Disagrees with Moody's downgrade of US rating outlook

今年三季度，理想日销 1142 辆，3 天多就能赚 1 亿，卖一辆能赚 2.67 万，营收、利润均创新高。明年进入智能驾驶第一梯队。

理想日销破千日赚三千万！李想：面对华为 0 抱怨

If Siri charges a monthly fee of $5 and the iPhone installation base penetrates by 10% each month, the service revenue will increase by at least $7 billion annually.

Morgan Stanley: Generative AI to Land on Apple and Mac Next Year, Apple Will "Ride the Wind"

According to market sources, Hebei Jinli New Energy Technology Co., Ltd. is considering an initial public offering in Hong Kong as early as next year, aiming to raise $2 billion in funds.

New Stock News | It is rumored that Jinli Power will go public in Hong Kong as early as next year, just months after terminating its A-share IPO in September.

阿里巴巴国际站已经完成了对欧洲本土 B2B 数字贸易平台 Visable 的收购。此次收购之后，Visable 将继续保持独立运营，管理层和组织架构均保持不变。据了解，Visable 当前拥有两个欧洲本土 B2B 线上交易平台 WLW 和 Europages，覆盖英语、德语等多种语言，是全球最早的一批 B2B 电商平台。自此，阿里巴巴国际站将在欧洲实现双品牌运营，其中，阿里巴巴国际站平台将继续加强在欧洲的投入，同时也将为 Visable 旗下的 B2B 平台持续提供技术投入。

阿里巴巴国际站收购欧洲 B2B 平台 Visable

阿里巴巴智能信息事业群宣布发布全栈自研、千亿级参数的夸克大模型，将应用于通用搜索、医疗健康、教育学习、职场办公等场景。夸克 App 将借助自研大模型全面升级。

阿里智能信息事业群宣布发布自研大模型，夸克 App 将全面升级

马斯克，给自己玩了无数个 “分身”。

马斯克的 ChatGPT「Grok」，用起来到底怎么样？

Teaching disciples can be exhausting for the master.

Yum! Brands doesn't want to become the next Starbucks?

Analyst: Bullish on NVIDIA and TSMC's upward trend, AMD "looks more like a short squeeze".

Nine consecutive increases! Is NVIDIA going to hit another all-time high?

Facing the joint boycott from the Republican Party and the White House, especially the opposition from the hardline conservatives, the plan of the new Speaker of the House, Johnson, may still be in jeopardy.

Whether the US government will shut down this week will depend on the next 24 hours.

Electric vehicle manufacturer Stellantis announced on Monday that it will offer a voluntary buyout program to 6,400 salaried employees in the United States. This "buyout-style" layoff plan aims to reduce costs during the transition to electric vehicles.

Stellantis offers "buyout-style" severance plan to approximately half of its salaried employees in the United States.

Smaller size, better performance. Mistral AI, established for 6 months, is challenging Silicon Valley.

The new champion of open-source large models: not Meta's Llama 2, but from this European company

Tesla Bot 在设计理念、系统架构、迭代及感知方式与智能驾驶具备较强关联性，算法框架与相关 AI 软硬件储备有望支撑产品快速迭代及功能实现。

中信建投：Tesla Bot 与智能驾驶具备较强关联性 算法及 AI 软硬件有望支撑产品快速迭代

金十数据 11 月 14 日讯，10 月以来多家村镇银行发布公告，调整定存挂牌利率，其中，中长期存款利率下跌幅度较大。不过，值得注意的是，尽管村镇银行存款利率有所下降，但相比其他类型银行，其存款利率仍然相对较高。从我国银行存款利率整体来看，中信证券明明团队表示，截至 9 月，1 年期存款平均利率为 1.988%，已经跌破 2% 的整数关口。但是面对当前较为复杂的经营环境，银行后续仍有动力推动存款利率下行。东吴证券固收李勇团队认为，当前存款利率整体呈现出下调频率变高、期限越长下调幅度越大的特点。基于这一特征和当前的宏观环境，存款利率有再次下调的空间。（每经）

分析师称存款利率仍有下调空间

恒指高开 0.4%，报 17495.10 点；恒生科技指数涨 0.59%。理想汽车涨 4.1%，小鹏汽车、携程集团、快手等涨逾 1%。

利润率的连续季度改善！高盛表示，美国企业的利润率改善将支撑本财报季表现强于预期，即使营收超出预期的比率低于历史长期平均水平。

美股本次财报季，最大的亮点是什么？

UBS believes that the US economy will enter a recession in the second quarter of next year. "By March, the Federal Reserve will be concerned about very high real interest rates."

The boldest investment bank! UBS predicts that the Federal Reserve will "cut interest rates by 275 basis points" next year, four times the market consensus.

招联首席研究员董希淼表示，中国货币政策工具箱中的工具仍然较多，货币政策进一步调整的可能性和必要性均存在。四季度或继续加大政策实施力度，继续推动政策利率下行、降准、适度降低存款利率，压降银行资金成本。

性能飙升 90%，Llama 2 推理速度翻倍，大批超算中心来袭！大科技公司们又要开始囤货了。

老黄深夜炸场，世界最强 AI 芯片 H200 震撼发布！

The market is digesting Moody's downgrade of the US credit rating outlook to negative, waiting for the October CPI and PPI inflation data and the funding decision on whether the US government will shut down on Saturday. The S&P Nasdaq Composite Index failed to maintain its intraday gains, but the Dow Jones Industrial Average rose for the second consecutive day to its highest level in nearly eight weeks. Nvidia matched its longest winning streak since 2016, while Tesla rose more than 4% to achieve its largest increase since the beginning of the month. Eli Lilly approached its all-time high. The China concept index rose 1.8% and closed up 0.8%, with Baidu and Bilibili both rising more than 1%, and Tencent and Xiaopeng Motors both rising more than 2%. After Moody's downgrade of the outlook, US long-term bond yields performed relatively strongly, reflecting a "duration premium". The US dollar initially rose above 106 and then fell, while the Japanese yen initially fell to a one-year low of 152 and then rebounded, and the offshore renminbi rose above 7.29 yuan. Spot gold rose and approached $1950, while London copper rose 1.6% and moved away from its two-week low. OPEC is optimistic about demand in the next two years, and oil prices rose more than 1% to a one-week high.

S&P and Nasdaq turned down, while Nvidia continued to rise for the ninth day in a row. Chinese concept stocks performed strongly, leading the way. The increase in US bond yields was erased during the trading session.

In the UK, the average discount for electric cars in October was 11% lower than the suggested retail price. In Germany, where car manufacturers rarely offered discounts last year, some companies are now offering up to 20% off for their best-selling models. In the United States, the sales of discounted electric cars have doubled in the past 12 months.

"The market is no longer booming!" The global electric vehicle industry has entered a "winter mode", with discounted sales to increase sales volume.

NVIDIA has made a major upgrade to its popular H100 GPU to solidify its market-leading position. The company has launched the new H200 GPU, which has the ability to use HBM3e high-bandwidth memory and integrates 141GB of memory. The inference speed on Llama 2 is twice as fast as the H100. Major computer manufacturers and cloud service providers are expected to start using it in the second quarter of next year.

NVIDIA launches new AI chip H200, performance soars, stock price expected to rise for the ninth consecutive time.

TSMC's revenue in October saw its first year-on-year growth since February this year. With the continuous surge in demand for AI chips, the current market has a strong demand for TSMC's advanced CoWoS packaging, indicating a turning point in the chip market.

TSMC sees a long-awaited surge! Is the semiconductor industry on the verge of a new dawn?

After Moody's downgraded the US rating last week, US stock futures fell; European stocks were boosted by healthcare stocks and rose across the board, with Novo Nordisk hitting a one-month high; OPEC slightly raised global demand, and oil prices rose slightly.

US stock futures are down, while European stocks are generally up. Novo Nordisk rose 3% at one point, reaching a one-month high, and oil prices have seen a slight increase.

小鹏汽车：收购滴滴智能汽车开发业务资产的首次交割已于 2023 年 11 月 13 日发生，首次交割后，标的集团各成员公司均已成为本公司的全资附属公司，而标的集团的财务业绩将被并入本集团的合并财务报表中。

中国 10 月社会融资规模增量 18500 亿人民币，预期 19500 亿人民币，前值 41200 亿人民币。

中国 10 月 M2 货币供应同比 10.3%，预期 10.3%，前值 10.3%。

中国 10 月新增人民币贷款 7384 亿人民币，预期 6550 亿人民币，前值 23100 亿人民币。