股票市场处于历史高位附近，但投资者预计未来 10 年股息的增长将微乎其微。标普 500 指数在 2020 年经历了大起大落，投资者对其当前估值水平持谨慎态度。标普 500 年度股息指数期货显示，投资者对未来 10 年的实际股息支付预期大幅降低。投资者对股息前景较为悲观，尽管股市接近创纪录高位。投资者对未来 10 年股息支付增长接近零的预期可能是由于通胀率和利率上升的影响。

股票：未来 10 年股息前景黯淡？

理想汽车全自研多模态认知大模型 Mind GPT 正式通过国家《生成式人工智能服务管理暂行办法》备案，成为首个通过该备案的汽车厂商自研大模型。据了解，Mind GPT 是在汽车智能座舱落地的全自研多模态认知大模型，训练数据规模达 3 万亿 Token。

理想汽车 Mind GPT 正式通过国家备案，训练数据规模达 3 万亿 Token

Claude 3's large cup Opus topped the list, with the large cup Sonnet and the small cup Haiku achieving impressive fourth and sixth places respectively. Haiku's level has reached GPT-4

A new king of large models is born! Claude 3 surpasses GPT4 for the first time

速卖通 AliExpress 成为 2024 欧洲杯官方合作伙伴，也是首个电商赞助商。比赛期间，速卖通 AliExpress 将为全球消费者提供商品折扣、互动游戏玩法及奖品等。此举是阿里财报显示，AliExpress 持续加大海外投入，为全球消费者提供优质购物体验的一部分。速卖通在多个市场取得显著进展，被评为西班牙最佳电子商务平台，并成为欧洲最大的跨境电商平台。

速卖通 AliExpress 拿下 2024 欧洲杯官方赞助商

Chip stocks rose collectively in the morning session. As of the time of writing, Shanghai Fudan rose by 5.06% to HKD 10.8, SMIC (Semiconductor Manufacturing International Corporation) rose by 3.35% to HKD 15.42, and Huahong Semiconductor rose by 2.53% to HKD 15.4. On the news front, on March 27th, Minister of Commerce Wang Wentao met with Dutch Minister for Foreign Trade and Development Cooperation Van Liwen in Beijing. The two sides exchanged in-depth views on topics such as the export of lithography machines to China and strengthening cooperation in the semiconductor industry. In addition, China's Changxin Technology's major shareholder, Da-Jin Fund, and SMIC jointly transferred shares. After the share transfer, Panshi Hong Kong or its affiliates will hold 403 million shares of Changxin Technology, accounting for 22.54% of the total share capital of the company, becoming the controlling shareholder of Changxin Technology. China Resources, the actual controller of Panshi Hong Kong, will become the controlling shareholder of Changxin Technology. China Resources has committed to resolving competition issues with China Resources Micro

Hong Kong Stock Market Update | Chip stocks collectively rise in the morning session, with SMIC up more than 3%. China and the Netherlands exchange in-depth views on issues such as lithography machines exported to China

恒生科技指数涨 4%，恒生指数涨 1.65%。哔哩哔哩涨 10%，海尔智家涨 8%，美团涨近 7%，百度、快手、商汤涨超 4%。

The market is most concerned with two indicators, one is price, and the other is order volume. To be revealed tonight

Xiaomi's IPO conference, focusing on pricing, order volume, and analyst opinions

BlackRock's tokenized fund BUIDL has attracted over $240 million in funding. The fund invests in cash, US Treasury securities, and repurchase agreements, and issues a cryptocurrency called BUIDL. BlackRock is one of the largest advocates for cryptocurrencies among mainstream financial companies, with its iShares Bitcoin Trust Fund attracting over $13 billion in inflows. The fund primarily serves cryptocurrency companies, Treasury derivatives projects, and the stablecoin market. BlackRock's BUIDL fund has attracted investments from crypto startups like Ondo Finance

Raising over $240 million in a week, BlackRock's tokenized fund is "really fragrant"

今年港股回购金额超 450 亿港元！近期港股上市公司的回购规模越来越大，主要还是在于公司认为其估值被市场持续低估。恒生指数市净率处于有史以来最低的水平附近。

港股回升背后的强大动力是什么？

恒指涨超 1％，恒生科技指数涨 2.8％，科网股走强，哔哩哔哩大涨 8％，美团、海尔智家、京东均涨超 6％。

美团-W 拉升，一度涨 5.3% 至 96 港元。消息面上，穆迪 27 日发布报告，将美团的信用展望从 “稳定” 上调至 “正面”，并重申其 Baa3 的发行人评级及优先无担保票据评级。

港股美团拉升涨超 5%，穆迪将美团信用展望上调至 “正面”

港股药明系走高，药明合联涨超 9%，药明生物涨超 7%，药明康德涨近 3%。

面向企业端的 AI 独角兽 Cohere 新一轮融资进入后期谈判阶段，有望冲击 50 亿美元估值，在去年 6 月 Cohere 的估值为 22 亿美元。

AI 新锐 Cohere 接近完成融资，估值或达 50 亿美元

亚马逊据悉计划在未来几年通过削减办公室空置率节省 13 亿美元。

西门子公司辟谣称不会撤离中国市场，否认相关传闻。西门子表示中国是其全球最重要的市场之一，将继续坚定在中国发展。

西门子辟谣彻底撤离中国：未来仍将继续坚定在中国发展

On the first day of listing, Fugene China's stock price surged by over 120% at one point, but has now narrowed to around 77%, trading at HKD 1.91. Fugene is the largest potted vegetable producer in Shandong Province. This time, it plans to globally issue 100 million shares, with a board lot of 2000 shares, priced in the range of HKD 1.08 to HKD 1.28 per share

New Stock | Fugle China once surged over 120%!

Financial Report 2024 | Once again caught in the dilemma of increasing revenue without increasing profit, Mengniu changes leadership to catch up with Yili

Short sellers flock into crypto stocks, with MicroStrategy and Coinbase most likely to face short squeeze. Data shows high short squeeze potential for crypto-related stocks, with MicroStrategy and Coinbase scoring high in short squeeze potential. At the same time, short positions in crypto stocks are significant, with bearish bets totaling $10.7 billion. Additionally, Bitcoin miners Marathon Digital, Riot Platforms, and CleanSpark are heavily shorted. Prices of crypto stocks have surged significantly, especially MicroStrategy and Coinbase

Be careful! Short sellers are flocking into cryptocurrency stocks, and a short squeeze situation is imminent

Is it a good time to buy mining stocks? Analysts at Morgan Stanley believe that Riot Platforms is expected to rise by 20% in the next 12 months. The rise in Bitcoin prices has benefited cryptocurrency miners, but Riot Platforms' stock price has dropped by nearly 20%. The emergence of spot Bitcoin ETFs has weakened the attractiveness of mining stocks. Despite the upcoming Bitcoin halving, investors' anxiety may affect mining stocks. Analysts are optimistic about Riot Platforms' industry-leading position and liquidity portfolio, upgrading its rating to "hold" with a target price of $15

Is it a good time to buy mining stocks? Morgan Stanley believes Riot Platforms is expected to rise by 20% in the next 12 months

The "meme stock" craze is back, with both Reddit and DJT stocks soaring significantly due to the enthusiasm of retail investors. Analysts believe that the price movements are mainly driven by market sentiment and fund flows, unrelated to fundamentals

Currently, the favorite stocks of American retail investors: Trump and Reddit

As one of the top three companies in the industry, Zhongchuang Innovation also faces the harsh reality of declining profits and slowing revenue

As share increases, profits decrease, the three major lithium battery players can't withstand the price war anymore | Jianzhi Research

小米汽车 SU7 购车发票金额曝光：26.14 万元！但发票显示销售方和购买方都是 “厦门小米景明科技有限公司”，可能只是渠道商采购的试驾车。需要注意：开票价格也可能是选配后的价格，那么 26.14 万可能就并非实际其售价了。

26.14 万元！这就是小米汽车的价格？

有望成为下一任美联储主席的有力候选人、美联储现任理事沃勒周三美股盘后 “放鹰”。沃勒在最新讲话中四次使用了 “不必急于行动” 一词，包括当日发言的标题。虽然讲话整体鹰派，但沃勒仍表示，随着美国经济在通胀方面取得进一步进展，今年某个时候降息将是适当的。

向鲍威尔挥动鹰派 “大锤”！美联储沃勒：没必要着急降息

US regional judges have agreed to the US Securities and Exchange Commission (SEC) filing a lawsuit against the cryptocurrency exchange platform Coinbase. The SEC accuses Coinbase of engaging in illegal activities such as unregistered securities sales and issuance. The judge believes that the SEC has jurisdiction over cryptocurrencies and states that crypto trading falls within the securities framework. This ruling is a victory for the SEC, but the case may enter a lengthy investigation phase and may require a Supreme Court ruling. Coinbase's Chief Legal Officer stated that the company remains confident in the lawsuit. The SEC sued Coinbase in June last year, accusing it of profiting from facilitating illegal securities sales

Crypto market hit again: US judge agrees SEC to continue suing Coinbase

Trump Media & Technology Group continues to soar, with a market value exceeding $8 billion and a price-to-sales ratio of over 2000 times. Trump holds approximately 78.8 million shares of DJT, representing a 60% stake, with a value of around $5 billion

DJT continued to soar on the second day, with a "ridiculous" valuation, Trump "never been so rich"

比特币站上 70000 美元/枚，日内涨 1.65%。

Micron Technology hits a new high. Trump Media surges over 14%. After Reddit's sharp rise, three executives quickly cash out $24.5 million. Intel announces "AI PC Acceleration Program". Google launches an AI tool that can create travel guides. Wedbush lowers Tesla's target price. Media reports of "Tencent layoffs ranging from 10% to 30%" deemed untrue. US court rules that the Securities and Exchange Commission (SEC) can continue to sue Coinbase

Breakfast | Wall Street giants unanimously warn of the risk of a US stock market downturn, Reddit targeted by short-selling institutions "hunted down"

Nvidia's stock has reached a key Fibonacci price level, which could indicate a potential double top. The Relative Strength Indicator (RSI) also suggests a double top formation. The stock may either break out to new highs or experience a decisive decline. Further market action will determine the next move.

Nvidia’s Stock Reaches Crossroads At Key Fibonacci Price Level

Dubravko Lakos-Bujas, Chief Global Equity Strategist at Morgan Stanley, warned that the best-performing stocks in the US stock market are becoming too crowded, increasing the risk of a pullback. He advised clients to diversify their holdings and manage risks. He believes that many positive factors have already been priced in, limiting upside surprises in the market, while risks remain lurking in the background. He pointed out that the past three market pullbacks occurred after high levels of crowding. In addition, both Tesla and Apple experienced declines after strong performances

JP Morgan remains bearish: US stocks are too crowded, beware of flash crash risks

Coinbase's motion to dismiss the lawsuit filed by the US SEC was rejected by the court, allowing the SEC to continue its litigation against Coinbase. US District Judge Kathleen Failla not only found that most of the SEC's allegations against Coinbase are suitable for trial, but also expressed support for the SEC's long-held view on cryptocurrencies, namely that many tokenized assets constitute securities

Key Turning Point for Coinbase Lawsuit by the U.S. SEC: Cryptocurrency Market at a Disadvantage, Bitcoin Slides

US retail investors are buying fewer stocks during tax season, but their interest in high-leverage exchange-traded funds is increasing. Retail funds are flowing into four of the most popular ETFs, including the S&P 500 Index ETF, the Nasdaq 100 ETF, the 3x Long Nasdaq ETF, and the 3x Long Semiconductor ETF. The use of leverage by individual investors has significantly increased, but this also makes them more vulnerable to stock pullbacks. Retail trading activity may start to pick up in early May

Tax season in the United States, individual investors are tight on funds! They collectively flock to high-leverage ETFs

GCT SEMICONDUCTOR HOLDING INC(GCTS) rose 568.69%, with a trading turnover 141.4 Million USD, and a year-to-date rose 535.8%. NuScale Power(SMR) rose 38.22%, with a trading turnover 86.0 Million USD, and a year-to-date rose 74.8%. Stoke Therapeutics(STOK) rose 37.71%, with a trading turnover 251.6 Million USD, and a year-to-date rose 169.4%.

Top 10 US Stock Gainers (3.27)

Noah(NOAH) rose 17.19%, with a trading turnover 5.3 Million USD, and a year-to-date fell 14.1%. Jinkosolar(JKS) rose 9.91%, with a trading turnover 28.3 Million USD, and a year-to-date fell 33%. XPeng(XPEV) fell 8.55%, with a trading turnover 290.8 Million USD, and a year-to-date fell 46.5%. ZKH(ZKH) fell 8.39%, with a trading turnover 1.5 Million USD, and a year-to-date rose 2.4%.

Top 5 CDRs Gainers/Losers (>100M) (3.27)

Merck(MRK) rose 4.96%, with a trading turnover 2.1 Billion USD, and a year-to-date rose 21.7%. Intel(INTC) rose 4.24%, with a trading turnover 2.2 Billion USD, and a year-to-date fell 12.7%. PDD(PDD) fell 2.86%, with a trading turnover 974.6 Million USD, and a year-to-date fell 20.3%. ServiceNow(NOW) fell 2.51%, with a trading turnover 1.1 Billion USD, and a year-to-date rose 7.4%.

Top 5 US Stock Gainers/Losers (>100B) (3.27)

GameStop(GME) fell 15.03%, with a trading turnover 234.6 Million USD, and a year-to-date fell 24.9%. Krispy Kreme(DNUT) fell 11.53%, with a trading turnover 380.4 Million USD, and a year-to-date rose 2%. Reddit(RDDT) fell 11.3%, with a trading turnover 1.1 Billion USD, and a year-to-date rose 69.9%.

Top 10 US Stock Losers (3.27)

高盛最新预计，养老基金可能会卖出约 320 亿美元的股票，以重新平衡其仓位。这将是自 2023 年 6 月以来最大的一次再平衡仓位调整。当前美股市场上最大的买家——企业回购，正处于关闭期。本周美股将迎来长周末，交易量稀少，可能给市场额外的压力。

高盛警告：季度再平衡将至，养老金或抛售 320 亿美元股票

美国 AI 初创公司 Databricks 公布，在语言理解、编程和数学方面，其将开源的模型 DBRX 的测试得分均高于 GPT-3.5、Mixtral、Meta 的 Llama 2-70B、马斯克旗下 xAI 的 Grok-1。作为混合专家模型，DBRX 的输出 token 速度高 Llama 2 一筹。

全球最强开源 AI 大模型来了！Databricks 称 DBRX 吊打 Llama 2 和 GPT-3.5

With the rapid decline in the computing cost of generative artificial intelligence, there will be a significant mismatch between the rapid growth in AI demand and the slow growth of electricity infrastructure. Morgan Stanley compares this mismatch to a "tortoise and hare race," implying that although AI is currently booming like the hare leading the race, the growth in AI demand relies on electricity supply. More data centers may pay a higher premium for electricity to ensure faster power, as a result, the slow-growing electricity infrastructure sector, as the tortoise, may have better prospects

Missed out on US stock AI? Morgan Stanley offers a new idea: buy power stocks

In the AI ​​battle, tech giants are increasingly doubling down on AI ​​startups to maintain their leading positions. Among them, Amazon's investment in Anthropic is its largest venture capital investment to date, surpassing the $1.3 billion investment in electric vehicle manufacturer Rivian

Amazon has added a $2.75 billion investment in the AI startup company Anthropic, marking the largest venture capital investment in Amazon's history

Kuaishou needs a new story

China Resources Land aims to become the "King of Large Asset Management"

中国人保发布了 2023 年年报，营业总收入同比增长 4.4%，净利润同比减少 10.2%。集团业务稳健增长，保险服务收入同比增长 7.5%，原保险保费收入同比增长 6.9%。人保财险业务规模稳步增长，保险服务收入同比增长 7.7%。人保健康首年期交保费同比增长 34.1%。人身险板块业务发展可持续性大幅增强。

人保营业收入同比增长 4.4%，股息支付率连续四年高于 30%

比特币向上触及 71000 美元/枚，日内涨 1.70%。

由于周四是复活节假期前最后交易日，美债在下午 2 点、美股在下午 4 点就将迎来本季度最终交易，这意味着未来 48 小时内可能会出现更多抛售。

美股周二尾盘缘何 “闪崩”？高盛交易员：养老基金抛售或是罪魁祸首

Haier Smart Home's revenue in 2023 increased by 7.3% year-on-year to 261.4 billion yuan, with net profit increasing by 12.8% year-on-year to 16.6 billion yuan, and plans to distribute 7.4 billion yuan in cash dividends

Strong refrigeration industry Haier Smart Home's revenue hit a new historical high in 2023, with double-digit growth in net profit | Financial Report Insights

短线做空者愿意支付超过 200 倍于美股平均水平、超过 300 倍于苹果公司水平的做空费率，足见很多人押注特朗普社交媒体公司的股价即将大幅回落。

美股最贵做空交易：做空特朗普

National Wealth Innovation Company plans to invest HKD 5 million in purchasing cryptocurrency and virtual asset funds. This will help the company actively layout in the Web 3.0 business field, transform into the innovative finance and technology finance industry, and adapt to market changes

Guofu Innovation plans to invest HKD 5 million to purchase cryptocurrency and virtual asset funds

利率如果更高更长，小票还会遭殃。

小盘股大幅跑输！美股大小盘涨幅差创 20 多年来最大

First Principle Thinking, Second-Order Thinking, Inversion

Ten models of thinking related to investment decisions

XPeng led the pre-market decline by over 4%, Nio dropped by over 3%, Li Auto fell by over 2%. Trump concept stock DJT surged over 16% at one point. Merck rose nearly 5% to a new high. GameStop GME plummeted by 23% at one point. hello Group surged by nearly 15% at one point. PaySign surged over 32% at one point. Robinhood surged over 8% at one point