Beike: Second-hand housing shows a year-on-year improvement trend, while new housing continues to be under pressure

英伟达股价连续第二个交易日创收盘历史新高，一季报数据超预期，营业收入、净利润大幅增长。多只主动型 QDII 产品重仓英伟达，取得优异投资业绩。人工智能发展速度快，市场供不应求，AI 硬件需求高景气。国内多只重仓英伟达的主动型 QDII 产品收益回报显著。建信新兴市场混合（QDII）A 一季度收益率达 25.63%，持仓英伟达第二大重仓股。其他主动型 QDII 产品收益率也在 17% 以上。英伟达股价已翻倍，年内涨幅超 115%。

重仓，英伟达带飞！业绩创年内新高

The policy effect has not been verified yet, but the stock price has already surged ahead

"Strong medicine for a serious illness", can Beike be saved?

马斯克计划在 2025 年秋季前投入一台超级计算机，其规模将是当前最大 GPU 集群的四倍。他计划与 Oracle 合作开发这个超级计算机，并已从 Oracle 租用了大约 1.6 万台 H100 芯片服务器。预计这台超级计算机需要花费数十亿美元，并获得足够的电力。马斯克的决定是为了与竞争对手保持竞争力，因为他们计划在明年推出类似规模的 AI 芯片集群。这个超级计算机将提供更强大的计算能力，有助于提升人工智能技术。

马斯克和他的 “超级算力工厂”

未来五年的芯片行业有巨大的增长机会，尤其是涉及到人工智能技术的硬件和软件。根据预测，制造设备、零部件和软件供应商，芯片制造商，以及芯片和 AI 软件设计公司的总收入将接近 1 万亿美元。其中，Nvidia Corp.、台湾半导体制造公司、Broadcom Inc. 和 Qualcomm Inc. 将占据近一半的市场份额。这些变化将对半导体行业的领导地位产生重大影响。

未来五年的芯片大赢家

消费电子行业回暖导致覆铜板价格上涨，建滔积层板发涨价函。覆铜板龙头公司建滔积层板称，由于铜价格上涨和客户备货较多，从即日起提价 5 元/张-10 元/张。涨价引发市场关注，同行业上市公司涨价动向不一。其他 A 股上市公司表示，价格变动视市场情况而定。

行业龙头发函！消费电子 “热” 了？

刘强东在京东高层会议上批评了公司管理失误，表示不会容忍不拼搏的员工。京东近期发现有员工代打卡现象，每次收费 15 元，每月达 1.4 万次。为了解决这个问题，京东开始严查考勤，调整午休规则，并要求员工接受工作饱和度考量。总结：京东管理层反思失误，批评不拼搏员工，严查代打卡行为。

刘强东怒了：“不拼搏不是兄弟”！京东代打卡有人收 15 元/次

李嘉诚频频打折卖楼，引发市场关注。长江实业集团主席李泽钜表示，楼盘定价根据不同条件确定，包括位置、交通、周边环境和市场环境。长实打折出售新盘是为吸引买家入市。香港楼市热度回落，二手楼市表现下滑。李泽钜认为香港楼市发展受房屋政策和利率走向影响。他看好香港经济，愿意考虑投资优质资产。长实旗下项目洪水桥的住宅项目推出打折销售。总结：李嘉诚频频打折卖楼引发市场关注，香港楼市热度回落。

李嘉诚，为何频频 “打折卖楼”？

英伟达以其卓越的 GPU 技术和强大的 AI 计算能力，在全球科技领域成为不可忽视的力量。截至 2025 财年第一财季，英伟达实现营收 260 亿美元，净利润 148.8 亿美元，数据中心业务营收达 226 亿美元。其股价首次突破 1000 美元/股，总市值突破 2.6 万亿美元。英伟达通过投资和收购，不断扩大其业务版图，成为第四大风险投资企业。在医疗保健与生物技术领域，英伟达通过投资多家具有领先技术的公司，形成了新的商业模式。其推出的 BioNeMo 平台在药物研发领域得到广泛采用。

“AI 之王”，正瞄准这些风口！

极星汽车收到纳斯达克的退市通知，因未及时公布 2023 年财报数。公司表示正努力在可行的情况下尽快提交年报。如果未在规定时间内恢复合规，极星股票将从纳斯达克退市。退市将导致投资者面临巨大损失，并降低对公司的信任度。

遭退市警告，极星汽车 “四面楚歌”

Alibaba and JD.com make successive moves

本周全球资金面出现了一些变化。EPFR 资金数据显示，海外主动资金继续流出 A 股和港股，被动资金明显回流。南北向资金流入放缓，全球市场股票和债券继续流入，货币市场转为流出。美股流入，而日本、发达欧洲和新兴市场继续流出。国内资金方面，主动外资流出放缓，被动外资加速流入。此外，上周市场出现明显回调，与资金流入有一定滞后性有关。全球资金面方面，主动外资流出日股，美股转为流入，印度流入收窄。

中金 | 资金流向：被动外资大幅流入

With the help of generative AI wave, Dell, which has been quiet for a while, has now joined the ranks of AI innovators

Hitting a new high! Dell becomes the "AI new favorite", rising 114% this year

Bank of America believes that after NVIDIA announced a 1-for-10 stock split plan, high-priced tech stocks such as Broadcom, Netflix, and AMD may also become candidates for the next round of stock splits. Could there be a hidden wealth code behind this?

Splitting stocks! NVIDIA is just the first one, more tech stocks are coming up next

Morgan Stanley believes that, from the perspective of supply and demand, the crisis in the shipping industry has only delayed the arrival of the downward cycle. Once the disruption is eliminated, the industry may return to a period of cyclical downturn

Shipping revival? Morgan Stanley doesn't believe it!

By 2024, the volume will gradually increase, entering an acceleration phase from 2025 to 2026, with the penetration rate set to exceed 15% at an accelerating inflection point

What issues are being discussed in the AI PC era from the Lenovo conference call? | AI Dehydration

Bilibili's 2024 first quarter conference call minutes

Bilibili: Confident in high advertising growth this year (1Q24 conference call minutes)

The higher the US stocks rise, the more people want to short them. Investors who bet on the decline of US stocks and the increase in volatility have suffered heavy losses this month

Inverse and equal-weighted ETFs are lackluster, with historical low volatility, as the US stock market refuses to "question"!

Google's new "AI Overview" feature has been frequently experiencing errors, drawing widespread criticism from netizens. It even goes as far as telling you that everything on the internet is 100% true

Google AI's large model "failed"? It suggested users spread glue on pizza, claiming that eating stones is good for the body

当前，我国智能算力基础设施建设加速扩容。预计 2023 年中国智能算力市场规模将达到 5097 亿元，较上年增长 143.64%；预计 2024 年中国智能算力市场规模将增长至 8690 亿元。中国移动和中国电子等央国企正在为 AI 应用打造强大的算力 “心脏”。中国移动已启动内蒙古新型智算中心建设，规模达 6.7EFLOPS，是国内运营商最大的单体智算中心。中国电子展示了 “十大硬核科技” 中国电子云 CeaStor 信创分布式存储以及智算底座整体解决方案等产品。

巨头现身！加速打造算力 “心脏”

周五公布的数据暂时缓和市场对高通胀黏性的担忧。美国密歇根大学公布的消费者调查显示，在此前初值意外环比攀升至 3.5% 创半年新高后，5 月消费者的未来一年通胀预期终值较初值回落至 3.3%，低于预期 3.4%，未来五年通胀预期终值并未如预期企稳初值 3.1%，而是回落至 3.0%。数据公布后，美国国债价格加速上涨、收益率抹平日内升幅转降。

数据缓和通胀担忧，美股指反弹，道指仍终结五周连涨，英伟达财报周涨超 10%

This is the largest investment in the company's nearly 150-year history

Eli Lilly increases investment in "weight loss drug": announces $5.3 billion investment to expand production capacity

Despite the investment frenzy sparked by the demand for power infrastructure and supply chains in AI data centers, a report by Morgan Stanley pointed out that the massive water consumption issue of data centers has been relatively overlooked. By 2030, the daily water usage may reach 450 million gallons. In regions where water resources are scarce, the significant water demand of data centers may intensify competition, potentially affecting the availability of water resources and even leading to the closure of data centers

Is water the next shortage after electricity? Morgan Stanley: By 2030, data centers will consume 4.5 billion gallons of water per day!

Kuaishou aims to break the deadlock in e-commerce

Crazy sell-off! What did Bilibili do wrong again?

Challenge to deliver 120,000 vehicles within the year

Lei Jun has bigger ambitions

Goldman Sachs maintains its expectation of two interest rate cuts this year, with the second cut possibly in December

Goldman Sachs: Postpones the Fed's first rate cut from July to September

US stock index futures rose together, while the German DAX index, UK FTSE 100 index, French CAC40 index, and European Stoxx 50 index fell. WTI crude oil and Brent crude oil prices declined. Bank of America warned that global stock markets are overheated, with about 71% of stock indices above the moving average, which may trigger a sell signal. Inflation has become the biggest concern for investors, who hope to see inflation easing and the Federal Reserve cutting interest rates

US Stock Market Outlook | It is rumored that NVIDIA will lower the price of AI chips in China, and the US stock market will be closed next Monday

The company will continue to work hard to complete the quarterly report and plans to submit the quarterly report as soon as possible to re-comply with listing rules

Avalon GloboCare received a notice from Nasdaq regarding the delay in releasing quarterly reports

港股继续调整，阿里宣布最多发行 50 亿美元可转债，引发投资者担忧。部分企业绩后出现回调，如联想、贝壳、小米等。联想预计 AI PC 收入将显著增长，贝壳业绩同比下滑但交易量有望稳定。贝壳还进行了 2.2 亿美元的股票回购。

港股复盘：继续调整

近年来，高息股投资成为市场的主线，中国市场对股东回报的追求达到了新高度。高股息策略在各国市场都被验证，且表现超过指数。股息越高，股息税造成的回报损失越大，因此公司回购也成为一种回报股东的方式。高股息与大牛股并不矛盾，高股息策略可以稳定收益。然而，股息率较高的公司并不一定表现最好。美股的高股息个股长期表现处于较高水平。目前美股的高股息也比中国市场更受吸引。

美股的高息股是如何定价的

京东近日因存在代打卡现象而进行考勤调整，将午休时间缩短至一小时。此举是因为京东管理层反思了过去几年在管理上的失误，承认公司存在严重问题。由于激烈的竞争环境和业绩下滑，京东决定加强打卡机制，并开除代打卡现象严重的员工以及绩效差的员工。这一举措引发了关注，并引发了一系列变动。

上班收费代打卡，京东为曾经的管理不善买单

特斯拉上海储能超级工厂已正式开工，计划明年一季度实现量产。工厂主要生产特斯拉超大型电化学商用储能系统 Megapack，预计年产能将达 1 万台，储能规模近 40GWh。该工厂是特斯拉在美国本土外的首个储能超级工厂项目，也是其全球范围内第二座储能超级工厂。工厂的开工并未提振特斯拉股价，有观点认为市场已提前知晓该消息。特斯拉的股价报 173.740 美元/股，跌幅为 3.54%。

明年一季度投产！特斯拉上海储能超级工厂开工，储能市场的 “鲶鱼” 来了？

抖音电商的 2024 年 GMV 目标是 4 万亿，涨幅接近 50%。这意味着抖音电商今年的目标已经非常接近去年的拼多多成绩。

抖音电商 2024 年 GMV 目标是 4 万亿，非常接近去年的拼多多

以太网崛起，英伟达 Infiniband 正在遭受蚕食。自从 Nvidia 以 69 亿美元收购了 Mellanox 以来，人们一直在猜测 Nvidia 数据中心业务中计算和网络的区别。最新财报显示，计算业务较强，网络业务稍弱。然而，随着生成式人工智能市场的快速增长，Nvidia 在数据中心领域取得了成功。然而，竞争激烈，其他公司如 AMD 和英特尔也将进入市场。目前是 Nvidia 发展的好时机。

以太网崛起，英伟达 Infiniband 正在遭受蚕食

NetEase awaits new explosive products

UBS believes that the pullback in gold prices may be a prelude to a stronger rebound. This pullback is unlikely to scare investors, and any further pullback is expected to be seen as an opportunity to build positions

UBS: Gold "two steps forward, one step back", market fundamentals very strong

特斯拉上海工厂计划在 3 月至 6 月期间将 Model Y 的产量削减至少 20%，以应对需求疲软的问题。特斯拉在中国市场的销量下滑，中国电动汽车市场爆发价格战。特斯拉希望 2024 年在中国销售 60 万至 70 万辆电动汽车，在全球销售 200 万辆电动汽车。特斯拉尚未回应对减产计划的置评请求。

继裁员之后，特斯拉上海工厂被曝减产

辜朝明指出，QE 时代遗留的结构性问题，正在削弱美联储紧缩政策的效果——尽管连续大幅加息，金融环境仍较为宽松。在服务业通胀高企和大量流动性的情况下，美联储还需要更长时间的高利率，才能达到与之前政策同样的效果。

野村辜朝明：几周前，鲍威尔还被捧成 “当代格林斯潘”，如今美联储意识到紧缩还不够

Reminder: The US stock market will be closed next Monday in observance of Veterans Day

The focus has shifted entirely to autonomous driving

After cutting low-volume affordable models, Tesla cancels its grand plan to sell 20 million cars annually

New stock Quzhich Group surged 60% in the grey market, and will officially be listed on the Hong Kong Stock Exchange next Monday

Newly listed Quzhich Group's grey market surged by 60%

After the stock split, NVIDIA will meet the criteria for inclusion in the Dow Jones Industrial Average. Media analysis suggests that NVIDIA may replace Intel, which currently has the lowest weighting among the Dow components

Goodbye Intel! Will NVIDIA be included in the Dow Jones Industrial Average after the 1:10 split?

Microsoft will integrate AI deeply into the Windows system in the future, even breaking down the barriers between the Windows ecosystem and other hardware through cloud computing technology

Microsoft's next-generation operating system blueprint: AI and cloud-based Windows

The highest target price remains at $1400, from investment banks Rosenblatt and Cantor Fitzgerald

Summary of target prices from major banks after NVIDIA's financial report

中国大模型产业近年来呈现出许多奇特景象，一家公司首轮融资估值达 10 亿美元，成为独角兽。投资者纷纷抱团下注，形成了 “Club Deal”。这一行业引起了中国创投的关注和热议。

大模型的扑克牌：独家内幕故事

Shares of OneMedNet (NASDAQ:ONMD) climbed more than 100% on Thursday after the medical-data management company announced a more than five-fold increase in the size of its iRWD network and platform thanks to new partnerships.The company attributed the expansion to new network partnerships, including one with an undisclosed nationwide medical records custodian.

OneMedNet surges on network and platform expansion

Previously, the company announced that the expansion of its proprietary iRWD network and platform will exceed five times

Small-cap company ONMD soared 200%, with further gains of 60% in after-hours trading

In the past decade, with the influx of foreign tycoons, shop houses with unique historical value and scarce supply have been hotly traded, with prices rising from 5 million to 8 million Singapore dollars to 15 million to 20 million Singapore dollars

Jack Ma and Dalio both made a move, billionaires competing for Singapore's "shophouse"

自 80 年代以来，标普 500 成分股公司在宣布拆股后的 12 月里，平均股价表现能跑赢股指 13.5 个百分点。其中 90 年至 99 年经济强劲时期，超额收益最高，达到 18 个百分点，而 QE 和经济停滞期间较低，为 5 个百分点。【美银】