Analysis indicates that the entry barrier in the tea beverage market is low, competition is intense, and valuation is inevitably under pressure

Why did Chabaida plummet on its first day of listing?

Overnight hottest contracts: Over 70,000 contracts of Nvidia calls with a strike price of $800 were traded. Tesla put options trading volume fell to 1.8 million, with 55% being put options. 50,000 put options with a strike price of $140 expiring on April 26 were traded. Riot options trading surged to 300,000 contracts, with 79% being call options

US Stock Options | Market cools significantly! NVIDIA, Apple, Amazon trading volume halved

人社部将做好个人养老金全面推开前的相关准备工作，持续实施企业职工基本养老保险全国统筹，确保养老金按时足额发放。同时，研究完善个人养老金制度配套政策，扎实开展社保基金管理巩固提升行动，并推动扩大企业职工基本养老保险基金委托投资规模。个人养老金制度平稳实施，已有超 5000 万人开立个人养老金账户。

人社部：将做好个人养老金全面推开前的相关准备工作

布林肯国务卿此次访华是中美两国落实元首旧金山会晤共识的一部分，目的是保持对话、管控分歧、推进合作、加强国际事务协调。双方将就落实会晤和共同关心的国际和地区问题交换意见。

中方认为布林肯访华的最好结果是什么？外交部回应

中国外交部发言人汪文斌说，我们坚决反对美方自己拱火浇油，却对中方甩锅推责的这种虚伪做法。中国同包括俄罗斯在内的各国开展正常经贸往来的权利不容侵犯，我们将坚定捍卫自身的合法权益。

中国外交部回应 “美国被曝正起草可能切断中国一些银行与全球金融体系联系的制裁措施”

Goldman Sachs expects that the annualized growth rate of core PCE in the first quarter of the United States will increase from an average of 1.9% per month in the second half of 2023 to 4.0%. This is mainly driven by sectors such as consumer electronics, financial services, and healthcare. However, as these drivers fade, the monthly consecutive growth rate of core PCE inflation from the first quarter to the end of the year will slow down from an average of 0.33% to 0.18%

Goldman Sachs: US PCE inflation rose in the first quarter, but will subsequently decline

The possibility of the Federal Reserve raising interest rates within a year has risen to 20%, with investors starting to bet on the Fed raising rates again. Analysts point out that investors' expectations of another rate hike by the Fed continue to heat up, with the options market indicating a 20% chance of a rate hike in the next 12 months. In response, former U.S. Treasury Secretary Summers stated that the latest data showing sustained inflationary pressures suggest that the Fed's next policy action may be a rate hike rather than a rate cut. Meanwhile, Federal Reserve Vice Chairman Richard Clarida believes that if the core inflation rate rises above 3%, the likelihood of a rate hike will increase. Currently, the market generally expects the core PCE index to reach 2.7% in March

The possibility of the Federal Reserve raising interest rates within a year has increased to 20%! Investors are no longer "stubborn"

Despite better-than-expected financial performance during earnings season, the S&P 500 index continued to decline. Investors have expressed doubts about the company's profitability and growth prospects, which is the main reason for the stock price drop. Even when performance exceeds expectations, stocks typically only rise by an average of 0.8% the next day, lower than historical levels. On the other hand, companies with performance below expectations see an average stock price drop of 5.8%, exceeding the average decline of the past 5 years. The S&P 500 index has been underperforming due to rising bond yields and weakening expectations of a Fed rate hike. Both good and bad news have resulted in lackluster performance in the overall stock market. There has been a "digestion issue" in the market before and after earnings season, where regardless of performance, S&P 500 component stocks have shown poorer performance the day after compared to previous years. Even positive news may not necessarily receive a good response, especially for stocks that have already experienced significant gains

Why is the financial report season performing well, but the S&P is still falling?

“如果说英伟达代表了人工智能交易的第一阶段，那么第二阶段将是其他公司帮助建立与人工智能相关的基础设施，” 该行写道，“第三阶段是将人工智能纳入其产品以增加收入的公司，而第四阶段是与人工智能相关的生产力提高，这应该可以在许多企业中实现。” 

高盛：AI 交易第一阶段还没完！英伟达还能涨

Tesla shareholders are expected to face the worst performance in seven years, but are more concerned about the company's strategic positioning. Tesla plans to abandon the development of the affordable Model 2 and shift its focus to developing Robotaxi, with a strong emphasis on the advancement of autonomous driving technology. Investors are optimistic about the potential of Tesla's self-driving cars. Barclays analysts predict that Tesla's upcoming quarterly performance will be unsatisfactory

Is there a major change in direction? Tesla shareholders prepare for the worst performance in seven years

渣打银行数字资产研究主管杰夫•肯德里克近日接受采访时重申，他对比特币今年底的价格目标为 15 万美元，这意味着比特币到今年年底还将在今年 3 月的历史新高基础上再涨一倍以上。

渣打坚持看涨比特币：年底前将再涨一倍

港股 “新茶饮第二股” 茶百道上市首日大跌超 30%，散户浮亏超过 600 万港元。茶百道发行价 17.5 港元/股，每手 200 股计算，散户打新一手亏损至少 1256 港元。茶百道乙组打新只有 4 人，其中 1 人认购了 100 万股，目前账面亏损达到 628 万港元。茶百道暗盘交易跌幅为 13.71%，意味着市场对其前景持谨慎或负面看法。茶百道在公开发售市场散户打新热情不高，甚至出现未足额认购情况。

有散户已浮亏超 600 万港元！茶百道上市大跌

Arbitrage trading is fleeing from emerging markets. Reasons for the exodus include rising yields at both ends, the US dollar index hitting a new high for the year, risk aversion triggered by the Middle East crisis, and an increase in implied volatility, leading to a decline in the arbitrage cost-effectiveness. High-yield emerging market currencies such as the Mexican peso have experienced significant declines, related to economic data, the Middle East crisis, and rising volatility. Foreign capital is bullish on the US dollar, believing that the strength of the dollar will continue. The Japanese yen continues to weaken, but the likelihood of intervention by the Bank of Japan is low

Arbitrage trading is fleeing from emerging markets

Tesla will announce its first-quarter financial report this Tuesday, with an expected decrease in profit margin. Focus on its product roadmap and demand for electric vehicles. Tesla is expected to have an adjusted earnings per share of $0.52 this quarter, with operating revenue of $22.31 billion and a 40% decline in operating profit. Wall Street predicts a car gross margin of 15.2%, lower than the same period last year. Tesla's first-quarter delivery volume was lower than expected, with global deliveries at 386,810 units and production at 433,371 units. Tesla's stock price has fallen by about 43% year-to-date

Tesla will face a "major test" in the first quarter: Profit margins are expected to decline, focusing on the product roadmap

Asian stock markets rose, with gold falling below the $2300 mark. The rebound in US stocks overnight boosted Asian stock markets, leading to a higher opening. International gold prices plummeted by over 1% during the day, dropping below $2300 per ounce. The Governor of the Bank of Japan stated the need to maintain loose monetary policy conditions for a period of time. In the Asian foreign exchange market, the yen to dollar exchange rate fluctuated slightly, closing at 154.74

Asia-Pacific stock markets rise, gold plunges breaking below the 2300 mark during trading hours

这种被称为 “结构性保护” 的 ETF 产品，声称能让投资者在股市获得可观回报的同时，完全规避下行风险，投资者的 “梦中情基” 出现了？

“不会跌” 的股票 ETF 要上市了

市场消息：三星开始大规模生产第九代 V-NAND。

4 月 23 日，香港证监会警示公众，提防以 “CBEX 集团” 及 “Bitget Pro” 名称运作的实体，涉嫌从事虚拟资产相关欺诈活动。香港警务处已应香港证监会要求，采取行动封锁相关网站。虽然有关网站已被封锁，但公众应提防骗徒可能继续建立具有相似域名的网站。香港证监会指，投资者报称在提取虚拟资产时遇到困难或出现未经授权的提款，香港证监会怀疑有关平台可能曾以伪造的提款记录欺骗投资者。同时香港证监会亦已于周二 (23 日) 将 CBEX 集团及 Bitget Pro 以及两者各自的相关网站列入香港证监会可疑虚拟资产交易平台警示名单。香港证监会提醒，网上投资骗局可能涉及任何类型的资产和通过多种渠道进行，而投资者可能会蒙受重大损失。因此，投资者在作出投资决定时应保持警惕和提防欺诈行为。

香港证监会告诫公众提防 CBEX 集团及 Bitget Pro 涉嫌从事虚拟资产相关欺诈行为

现货黄金跌破 2300 美元/盎司，日内跌幅达 1.32%，现报 2298.71 美元/盎司。

截至发稿，药明合联涨 8.86%、康希诺生物涨 5.26%、药明康德涨 2.85%。

港股医药股多数上涨 药明合联涨近 9%

Bank of America has listed Apple as its top pick for stocks in 2024. The bank's analysts are optimistic about Apple's performance and prospects, believing it has a rich catalyst path and defensive cash flow. Despite a market capitalization loss of nearly $180 billion and a decline in Apple's stock price, the bank remains bullish on its service revenue growth and strong profit margins. However, a weak demand environment may impact a price pullback. Morgan Stanley has lowered Apple's target price from $220 to $210, expecting Apple to provide disappointing guidance. Wall Street is skeptical about Apple but recommends buying on weakness after earnings

Bank of America goes against the trend and recommends Apple as its top pick for 2024

比特币市场在 3 月份飙升至创纪录高点后，目前仍处于超买区间。而且尽管最近加密市场复苏，但风险资本融资仍然很低，这是比特币价格的另一个不利因素。

小摩警告：“减半” 是比特币暴跌的开始

Tesla's stock price has fallen for seven consecutive days, with Wall Street expecting the worst financial report in seven years. Tesla's first-quarter deliveries dropped by 8.5%, with price cuts of up to $2000. In addition, Tesla has recalled 3878 Cybertruck electric pickups and laid off over 10% of its workforce. On the eve of the financial report, market concerns about Tesla's financial performance have intensified. Tesla plans to release its financial report early Wednesday morning

On the eve of the financial report, Tesla has experienced a "seven consecutive declines". Can Musk "turn the tide" tomorrow morning?

英伟达 Jim Fan 反击扎克伯格 AI“寒冬” 论，认为人工智能领域仍有巨大潜力，特别是在机器人技术等方面。他指出大型语言模型只是人工智能领域的一小部分，人工智能是由多种不同技术组成的"大拼图"。Jim Fan 的观点与马斯克一致，认为未来人工智能的发展将非常迅速。

英伟达 Jim Fan 反击扎克伯格 AI“寒冬” 论：AI 领域还有巨大潜力

SAP, the largest software company in Europe, announced its first-quarter financial report, showing a 25% year-on-year growth in cloud computing revenue to 3.9 billion euros, in line with expectations. SAP stated that the backlog of cloud computing orders increased by 28% to 14.2 billion euros, setting a record for the fastest growth in history. The company's CEO stated that looking ahead, SAP has strong growth momentum in business AI and cloud services. In addition, SAP is integrating artificial intelligence tools into its products and has invested in several startups. As for the stock price, SAP's US stocks rose by 1.4%

Driven by AI, cloud revenue grew well in the first quarter, with Europe's largest software company SAP's financial report meeting expectations

Gold prices experienced the largest drop in nearly two years under the dual pressure of easing tensions in the Middle East and profit-taking by investors. Gold fell by as much as 2.8%, dropping from last Friday's record high close. The cooling of the situation in the Middle East has reduced safe-haven demand, and Iran's attack on Israel is also not expected to trigger a full-scale war. In addition, profit-taking by investors has also put pressure on the gold price. Gold has risen by over 50% in the past two years, with a recent surge of nearly 20%. UBS predicts that unless geopolitical risks escalate, gold may enter a period of consolidation

The largest drop in nearly two years! Gold prices hit hard, what happened?

重磅！Meta 宣布开放混合现实操作系统 Meta Horizon OS，允许其他公司设计更多头戴显示器。联想、微软和华硕成为首批合作伙伴。Meta Horizon OS 是为 AR 和 VR 设备设计的操作系统，支持跨设备运行、Metaverse 整合、优化性能和新的交互方式。Meta 的开放模式类似于谷歌的安卓系统，提供通用操作系统平台和开放生态系统，吸引更多合作伙伴。这一举措可能引发元宇宙热潮，涉及生产力、娱乐、游戏、运动等多个领域。

重磅！VR、AR 领域一夜变天：Meta 宣布开放混合现实操作系统

瑞银将 A 股和港股评级上调至 “超配”。

Tesla fell for seven consecutive trading days, while Nvidia rose nearly 4.4% and Pinduoduo surged over 9%. UBS believes that the profit growth of the six major tech giants is expected to slow down, with the industry rating downgraded from "overweight" to "neutral". Bank of America ranks Apple as the TOP 1 for 2024. Morgan Stanley lowered the target price for Apple Inc. Baidu stated that it has not given up on its L2 business. Tencent is about to launch "Dungeon & Warriors: Origin". Chabaida and Tianjin Jianfa officially listed today

Breakfast | Tesla sets a record for the longest consecutive decline, Chinese concept stocks outperform the market, UBS downgrades the ratings of six American technology giants

Tesla's marketing team has been downsized, with Musk announcing a 20% reduction in workforce. Tesla's stock price fell by another 3.4%. The scale of Tesla's layoffs exceeds the previously announced 10%. Tesla has always avoided using advertisements, but investors are calling on Musk to pay more attention to marketing. The layoffs at Tesla reflect a reassessment of advertising strategies. Tesla's stock has fallen by over 40% year-to-date, ranking second worst in the S&P 500 index

Tesla's marketing team, established just 4 months ago, has been completely laid off

Mobile-Health Network Solutions(MNDR) fell 12.54%, with a trading turnover 73.1 Million USD, and a year-to-date rose 496.3%. Informatica(INFA) fell 10.51%, with a trading turnover 325.2 Million USD, and a year-to-date rose 10.9%. Energy Fuels(UUUU) fell 9.25%, with a trading turnover 53.1 Million USD, and a year-to-date fell 26.3%.

Top 10 US Stock Losers (4.22)

Matterport(MTTR) rose 175.86%, with a trading turnover 344.4 Million USD, and a year-to-date rose 78.4%. Riot Platforms(RIOT) rose 23.11%, with a trading turnover 598.9 Million USD, and a year-to-date fell 27.3%. Microstrategy(MSTR) rose 12.77%, with a trading turnover 2.5 Billion USD, and a year-to-date rose 109.6%.

Top 10 US Stock Gainers (4.22)

Canaan(CAN) rose 23.65%, with a trading turnover 25.2 Million USD, and a year-to-date fell 59.7%. Bit Digital(BTBT) rose 10.61%, with a trading turnover 18.7 Million USD, and a year-to-date fell 48.2%. Jin Medical(ZJYL) fell 11.37%, with a trading turnover 1.6 Million USD, and a year-to-date fell 72.3%. Li Auto(LI) fell 5.57%, with a trading turnover 343.0 Million USD, and a year-to-date fell 33.4%.

Top 5 CDRs Gainers/Losers (>100M) (4.22)

PDD(PDD) rose 9.38%, with a trading turnover 1.8 Billion USD, and a year-to-date fell 15.2%. NVIDIA(NVDA) rose 4.35%, with a trading turnover 46.7 Billion USD, and a year-to-date rose 60.6%. Verizon(VZ) fell 4.67%, with a trading turnover 2.0 Billion USD, and a year-to-date rose 6.1%. Tesla(TSLA) fell 3.4%, with a trading turnover 15.1 Billion USD, and a year-to-date fell 42.8%.

Top 5 US Stock Gainers/Losers (>100B) (4.22)

The Zimbabwe stock market plummeted by 99.95% due to the introduction of the new currency ZiG, putting pressure on exchanges and brokerage firms due to liquidity challenges and declining revenues. Zimbabwean investors flocked to the stock market for safe haven, but their lack of understanding of the new currency led to negative impacts on the stock market. The Zimbabwean dollar depreciated by 80% and the inflation rate reached 55.3%. The stock market became a safe haven for investors, but also raised concerns that the rising market may signal the next currency crisis. The introduction of the new currency ZiG had a severe impact on the stock market, with trading volume and value significantly decreasing

The Zimbabwe stock market evaporated by 99.95%! Blame it all on the new currency ZIG

After the sharp drop in NVIDIA's stock price, analysts believe that the demand outlook is positive. NVIDIA has visibility on orders from hyperscale cloud providers and tier-2 cloud providers until October. The upcoming Blackwell series is expected to drive double-digit growth by the end of this year and throughout 2025. The stock prices of AMD and Dell Technologies have also been affected, but analysts believe that NVIDIA's supply and demand situation is relatively balanced, so investors need not worry. The demand outlook for NVIDIA is promising

After the biggest plunge in over four years, analysts are calling for bottom fishing in NVIDIA: the demand outlook is promising

摩根大通策略师认为，美国股市可能还有进一步下跌的空间。原因包括债券收益率上升、油价高企以及股市集中度较高等。策略师们担心对股票估值的自满情绪、通胀居高不下、对美联储降息预期的进一步调整以及过于乐观的利润前景。此外，美元走强、收益率上升和股票集中度均显示风险高企。建议考虑买入日本消费相关股票，因为预计实际工资增长将推升日本个人消费和股价。

摩根大通策略师：美国股市可能还有进一步下跌的空间

Gold prices have recently experienced a pullback, but UBS believes that investors can take advantage of this opportunity to increase their gold holdings. Geopolitical risks still exist, which may support the long-term gold market. In the short term, the gold market may enter a consolidation phase, but if geopolitical tensions escalate, it could increase the inflow of safe-haven funds into gold. Investors may take profits and sell some of their positions, but market positioning indicates that investors are still holding a bullish stance on gold, which is favorable for a long-term bull market. UBS maintains a bullish view on gold

Gold peaked? UBS: Without new catalysts, current levels may remain volatile

公募基金在 2024 年第一季度末的重仓股出现了变化，紫金矿业成为新进入前五的股票。公募基金经理对紫金矿业的持仓态度坚定，即使股价不断上涨，仍有基金继续加仓。此外，家用电器、通信和电子股也备受欢迎。这表明对于大行情，不错过才是最重要的。

公募基金重仓 “新面孔”！曾经的 “爱答不理”，现在的 “高攀不起”

UBS downgraded the ratings of six major tech giants including Apple, Amazon, Google, Meta, Microsoft, and Nvidia to "Neutral" due to a reversal in profit momentum. The stock prices of these companies have already dropped by 8%, and the expected earnings per share growth rate for next year will decrease from 42% to 16%. Analysts believe this reflects the challenging competition and cyclical pressures these stocks are facing. Morgan Stanley believes that the performance of large tech giants will become a drag on the US stock market

Going against Morgan Stanley! UBS pessimistic about performance and downgrades ratings of six giants including NVIDIA to "Neutral"

The possibility of further appreciation of the US dollar has weakened, but it still maintains a leading position compared to other currencies. HSBC believes that the level of US bond yields, central bank dovish policies, and safe-haven demand may support the US dollar. However, as market expectations for a Fed rate cut have decreased, the momentum for the US dollar to rise may weaken. The report points out that the trend of US bond yields and geopolitical tensions may have an impact on the US dollar

What else can the US dollar rely on to continue rising?

Japanese telecommunications giant SoftBank Group plans to invest 150 billion yen to enhance the computing power of its AI data centers, including purchasing GPU chips from NVIDIA for its own AI research and leasing to other companies. SoftBank also plans to build data centers across Japan, with an investment of 65 billion yen. This move is expected to strengthen SoftBank's competitive position in the AI field and boost Japan's participation in the global AI competition. SoftBank's investment in AI has also received a warm response from the market, with its stock price reaching a historic high

Report: SoftBank to invest $960 million to enhance artificial intelligence computing power

瑞幸在新加坡开设门店，但由于部分饮品的含糖量或饱和脂肪含量过高，被标注为 C 级和 D 级。其中最受欢迎的生椰拿铁被标注为 D 级，引起消费者不满。该事件涉及商业相关信息，需要注意饮料品牌在健康潮流中的应对策略。

生椰拿铁，在新加坡 “塌房” 了

Li Auto fell more than 7% in pre-market trading, XPeng fell nearly 4%, Nio fell more than 1%, Bilibili rose more than 2%, Alibaba and JD.com rose more than 1%; Tesla fell more than 2%, Nvidia rose nearly 3%, AMD, Meta rose more than 1%; Riot Platform rose nearly 6%, Microstrategy, Marathon Digital rose nearly 5%

Pre-market trading in US stocks | Li Auto plunges 7%, Tesla drops over 2%! Cryptocurrency concept stocks soar!

比特币减半完成，美股加密板块盘前普涨，Riot Platform 涨近 6%，Marathon Digital 涨近 5%，Hut 8 涨近 4%，Coinbase 涨 3%。

AI 即将演化为一场泡沫，上个交易日，英伟达突然暴跌 10%，市场对 AI 板块的判断已出现严重分歧。技术革命带来的想象力过剩、美联储的两难困境和散户的过度自信，共同推动虚假繁荣。市场的理性与疯狂总是交替上演，AI 泡沫的原因将在本期视频中揭示。

AI 即将演化为一场泡沫

Citigroup is optimistic about Tencent's stable execution capabilities and sustainable fast profit growth momentum. It is expected that Tencent's domestic games in the second quarter will resume year-on-year growth, and the seasonality of e-commerce may support video account advertising and live broadcast fees. It is believed that total revenue will accelerate growth again from the second quarter to the fourth quarter

Rating Quick Look | Netflix, Bilibili Target Price Raised! Tencent, Kuaishou "Buy", JD, NetEase Face "Price Cut"

Chabaida raised HKD 2.586 billion, currently the largest new stock in Hong Kong this year, with a market value exceeding HKD 20 billion and a current P/E ratio of less than 14 times

New Stock Grey Market | Chabaida falls more than 10% on its debut

INTL GENIUS(00033) fell 20.16%, with a trading turnover 5.7 Million HKD, and a year-to-date fell 12%. ZX INC(09890) fell 15.38%, with a trading turnover 62.9 Million HKD, and a year-to-date fell 52.7%. SUNSHINE INS(06963) fell 10.04%, with a trading turnover 22.6 Million HKD, and a year-to-date fell 48.5%.

Top 10 HK Stock Losers (4.22)

CITYCHAMP(00256) rose 18.18%, with a trading turnover 17.2 Million HKD, and a year-to-date fell 9.6%. MIGAO GROUP(09879) rose 14.76%, with a trading turnover 10.7 Million HKD, and a year-to-date rose 44.9%. FOURTH PARADIGM(06682) rose 10%, with a trading turnover 20.7 Million HKD, and a year-to-date rose 4.1%.