Group 1 - Kingsoft Software (03888) saw a nearly 5% drop in stock price, with Q1 revenue increasing by 9% year-on-year to 2.338 billion yuan, but net profit attributable to the parent company slightly decreased by 0.24% to 284 million yuan. Office software and services revenue grew by 6% year-on-year but fell by 13% quarter-on-quarter, while online gaming and other revenue increased by 14% year-on-year but decreased by 20% quarter-on-quarter [1] - Li Auto-W (02015) rose over 7%, reporting a 1.1% year-on-year revenue increase and a 9.4% rise in net profit for Q1. The company expects Q2 delivery volume to increase by 13.3%-17.9% year-on-year, with revenue projected to grow by 2.5%-6.7%. CEO Li Xiang expressed confidence in restoring monthly sales to 50,000 units and plans to launch the pure electric SUV i8 in July [1] - Hand Return Group (02621) debuted on the market but fell over 7% on its first day. The company is an internet-based life insurance intermediary with platforms like Xiaoyusan, Kachaba, and Niubao100, raising approximately 134 million HKD from its listing [1] - Yiming Anke-B (01541) surged over 13%, with its stock price doubling within the month. The company announced preliminary efficacy and safety data for its core product IMM2510 in treating non-small cell lung cancer (NSCLC) during I/II phase clinical trials [1] Group 2 - Meizhong Jiahe (02453) increased by over 7%, having developed a proprietary proton therapy language model successfully deployed in a Guangzhou hospital. The company plans to raise approximately 93.94 million HKD through a discounted share placement for equipment procurement, loan repayment, and working capital [2] - Gome Retail (06808) rose over 6%, with reports indicating that after a major shareholder change, the company is on track to transform its business, focusing on sales scale and absolute gross profit by FY2026. The company turned profitable in the second half of the last fiscal year, reporting a net profit of 199 million yuan, and plans to distribute 1.5 billion yuan in dividends for FY2025 [2] - Sany International (00631) saw a rise of over 4%, reporting a 14.6% year-on-year revenue increase to 5.876 billion yuan and a 23.2% rise in net profit to 635 million yuan for Q1. Growth was attributed to global expansion, digitalization, and low-carbon strategies [2] Group 3 - Dekang Agriculture (02419) surged over 8%, with analysts noting that April pig prices remained strong despite the seasonal downturn, and May's supply-demand dynamics are expected to support rising pig prices. The company is recognized for its leading breeding costs, projected to be below 13 yuan per kilogram, with an estimated 30% growth in pig output over the next three years [3] - Fubo Group (03738) increased by over 13%, completing an oversubscribed financing of over 500 million HKD for AI research and financial optimization. The company reported a total revenue increase of approximately 23% year-on-year, with mainland China revenue growing by about 21% and monthly recurring revenue (MRR) increasing by around 30% [3] - Gako Si-B (01167) rose over 8%, with a cumulative increase of over 25% this week. The company received domestic approval for its KRAS G12C inhibitor, used in specific non-small cell lung cancer treatments [3] - Fosun Pharma (02196) increased by over 6%, announcing that its self-developed new drug, Luwo Meitini tablets, has been approved for market release by the National Medical Products Administration [3] Group 4 - The smartphone supply chain stocks collectively fell, with companies like Hillstone Technology dropping over 5% and Sunny Optical, BYD Electronics, and GoerTek all declining over 3%. This decline was attributed to market concerns following the reinstatement of tariffs from the Trump administration [4] - Xiansheng Pharmaceutical (02096) rose over 8%, with five of its drugs selected for the 2025 ASCO annual meeting. The company's innovative drug BD's international expansion has garnered attention, including a deal with AbbVie worth over 1 billion USD [4] - Yika (09923) surged over 10%, following a 27% increase the previous day. The company recently obtained a payment license in Arizona, USA, with a projected nearly 5-fold increase in overseas transaction volume in 2024 [4] - Stone Pharmaceutical Group (01093) rose over 7%, with ongoing negotiations for three potential transactions involving products like EGFR-ADC, with total potential payments reaching approximately 5 billion USD, one of which is expected to be completed in June [4]

Group 1 - A significant capital migration is occurring on Wall Street, with investors abandoning traditional safe-haven asset gold in favor of Bitcoin [1] - Over the past five weeks, U.S. Bitcoin ETFs have attracted more than $9 billion in inflows, while gold ETFs have experienced an outflow of over $2.8 billion during the same period [1] - Bitcoin reached a historical high of $111,980 earlier this month, driven by favorable regulatory signals and rising macroeconomic uncertainty [1] Group 2 - Despite gold's increase of over 25% this year, it has recently declined, currently trading more than $200 below its historical high of $3,500 [3] - Analysts suggest that the market's acceptance of Bitcoin as a legitimate hedging tool is increasing, with both Bitcoin and gold viewed as effective hedges against currency devaluation [7] - Bitcoin's decentralized nature is seen as more effective against financial system risks compared to gold, especially in light of recent geopolitical tensions and concerns over U.S. government stability [7]

Core Insights - The U.S. ETF market is experiencing a divergence, with investors shifting from gold to Bitcoin as a "digital alternative" [1] - Over the past five weeks, Bitcoin ETFs have attracted over $9 billion, while gold ETFs have seen outflows exceeding $2.8 billion [1] Group 1 - Bitcoin ETFs have seen significant inflows, with the BlackRock iShares Bitcoin ETF (IBIT) attracting the most capital [1] - In contrast, gold ETFs are facing substantial outflows, indicating a shift in investor preference [1] - The trend suggests a growing acceptance and demand for Bitcoin as an investment vehicle compared to traditional assets like gold [1]

美国副总统万斯：人工智能的发展将以正面和负面的方式深刻影响比特币的未来。 ...

01 大盘 昨夜美股三大股指持续走高。截至收盘，道指涨 1.78%，纳指涨 2.47%，标普涨 2.05%。恐慌指数VIX 跌 7.83%至18.96。美元指数昨日涨 0.63%，报99.61。美国十年国债收益率跌 1.375%，收报4.448%，相 较两年期国债收益率差47.1个基点。现货黄金昨日跌 1.25%，报3300.46美元/盎司。布伦特原油收跌 0.65%至63.75。 关税局势——①特朗普表示对向欧盟征收50%的关税感到非常满意，欧盟已呼吁尽快确定谈判日期 ② 哈塞特：美国对某些国家的关税可能降至10%或更低。关税的降低将适用于提供良好条件的国家 ③欧 盟理事会：欧盟国家同意免除大部分企业的碳边境关税 ④巴西延长钢铁行业的贸易保护措施期限并扩 大保护品类。 美国总统特朗普可能在未来几天内对俄罗斯实施新的制裁措施。新日铁收购案有望获发行，特朗普强调 美国仍握有美国钢铁(X.N)控制权。 02 行业&个股 行业板块方面，标普11大板块悉数收涨：半导体、科技、工业、原料、房地产、通讯、医疗、日常消 费、能源和公用事业分别收涨3.32%、2.38%、1.76%、1.75%、1.65%、1.63%、1.4 ...

国际货币基金组织发言人丽贝卡.马塞洛表示，萨尔瓦多政府钱包中的比特币应保持不变，以避免市场 动荡和增加风险。(新浪财经) ...

Group 1 - The 39th OPEC and non-OPEC oil-producing countries ministerial meeting is scheduled to take place, which may influence global oil supply and pricing dynamics [1] - The U.S. Vice President will deliver a speech at the "Bitcoin 2025" conference, potentially impacting cryptocurrency market sentiment [1] - The Federal Reserve's Williams will participate in a panel discussion at the Bank of Japan's financial research institute meeting, which could provide insights into U.S. monetary policy [1] Group 2 - Australia's April weighted CPI year-on-year data will be released, which is crucial for assessing inflation trends in the region [1] - The Reserve Bank of New Zealand will announce its interest rate decision and monetary policy statement, impacting the New Zealand dollar and economic outlook [1] - The final GDP year-on-year figure for France's first quarter will be published, providing insights into the country's economic performance [1] Group 3 - Germany's adjusted unemployment figures for May will be released, including both the number of unemployed and the unemployment rate, which are key indicators of labor market health [1] - The Swiss ZEW investor confidence index for May will be announced, reflecting investor sentiment and expectations for the Swiss economy [1] - The Richmond Fed's manufacturing index for May will be published, offering insights into the manufacturing sector's performance in the U.S. [1] Group 4 - The Federal Reserve will release the minutes from its May monetary policy meeting, which may provide clues about future interest rate decisions [1] - The API crude oil inventory data for the week ending May 23 will be released, which is significant for understanding oil supply trends in the U.S. [1]

Group 1 - US stock market opened higher with Dow Jones up 0.84%, S&P 500 up 1.1%, and Nasdaq up 1.52% [1] - Pinduoduo (PDD.O) fell 18% due to disappointing Q1 performance [1] - Gold stocks declined following a drop in international gold prices, with Jintian down 5.4% [1] Group 2 - Trump Media & Technology Group (DJT.O) rose 3.69% as the company plans to raise $2.5 billion to establish a Bitcoin reserve [1] - Tesla (TSLA.O) increased by 3.1% after Musk announced his return to full-time work [1]

Group 1 - The CME Bitcoin futures main contract increased by 4.00%, closing at $109,200 on May 23, with a peak of $112,000 on May 22 before a slight decline [1] - The CME Ether futures main contract decreased by 1.12%, settling at $2,551.50, while overall it has shown a trend of fluctuating upward [1] - A significant drop in cryptocurrency prices occurred after President Trump's threat to impose a 50% tariff on the EU on May 23 [1]

Domestic News - The China Securities Regulatory Commission (CSRC) announced stronger support for high-quality unprofitable technology companies to go public [1] - The People's Bank of China conducted a 500 billion yuan MLF operation with a one-year term on May 23 [1] - The Financial Regulatory Administration is set to approve the third batch of long-term investment reform pilot projects for insurance funds, with a scale of 60 billion yuan [1] - The State Administration of Foreign Exchange (SAFE) is enhancing cross-border financial services for technology companies and steadily advancing the Qualified Foreign Limited Partner (QFLP) pilot [1] - Xiaomi launched the flagship processor "Xuanjie O1," claiming it has first-tier performance, and officially released the YU7 model, positioned as a "luxury high-performance SUV," with the price yet to be announced [1] International News - Japan's Minister of Economic Revitalization announced a visit to the U.S. for tariff negotiations from Friday to Sunday [2] - The U.S. government is considering the withdrawal of approximately 4,500 troops from South Korea [4] - Institutions reported that BYD's pure electric vehicle sales in Europe surpassed Tesla for the first time in April [4] - Apple, Tesla, and Nvidia stocks are set to be traded as tokens on the Kraken trading platform [4]