Market Overview - US stock indices experienced fluctuations, with the Dow Jones down 0.22%, Nasdaq up 0.32%, and S&P 500 up 0.01. The VIX index fell 0.45% to 17.61. The US dollar index decreased by 0.45% to 98.82. The yield on the 10-year US Treasury bond dropped by 2.244% to 4.356%, with a spread of 48.7 basis points compared to the 2-year bond yield. Spot gold rose by 0.56% to $3,372.18 per ounce, while Brent crude oil fell by 1.11% to $64.84 [1]. Industry & Stocks - In the industry sector, apart from energy, utilities, and consumer staples which fell by 1.95%, 1.75%, and 0.7% respectively, the other seven sectors of the S&P 500 saw gains: semiconductors up 1.49%, communications up 0.64%, materials up 0.38%, real estate up 0.31%, healthcare up 0.2%, technology up 0.15%, and industrials up 0.06 [1]. - Chinese concept stocks mostly rose, with KWEB up 2.48%, TSMC up 2.42%, Alibaba up 3.9%, Pinduoduo up 1.34%, JD.com up 2.84%, Li Auto down 0.17%, Xpeng up 3.77%, Futu up 6.93%, and NIO up 6.23 [1]. Focus of the Day - STMicroelectronics CEO Jean-Marc Chery indicated signs of market recovery, expecting increased demand that could boost performance in upcoming quarters. The company anticipates achieving the midpoint of its revenue forecast for Q2, which is $2.71 billion [3]. - Broadcom announced the shipment of its latest data center switch chip, Tomahawk 6, which boasts an Ethernet switching capacity of 102.4 terabits per second, double that of any current market Ethernet switch bandwidth. This chip is designed for data centers running AI processor clusters [5]. - The German government approved a tax relief plan worth €46 billion aimed at stimulating economic growth, which includes favorable depreciation options for businesses [6]. - India formally challenged the US over increased auto tariffs at the WTO, indicating a tougher trade stance despite ongoing negotiations for a temporary agreement [7]. Tesla Sales Data - Tesla's wholesale sales in China for May reached 61,662 units, a year-on-year decline of 15%. In Europe, sales plummeted, with UK sales down 45.8% to 1,758 units and German sales down 36.2% to 1,210 units [9]. - Cathie Wood's Ark Invest reduced its Tesla holdings by approximately 50,000 shares, realizing about $17 million, despite previously projecting a price target of $2,600 for Tesla [9]. Cryptocurrency Insights - Coinbase CEO Brian Armstrong warned that if the US fails to manage its debt effectively, Bitcoin could potentially replace the dollar as the new reserve currency. This sentiment is echoed by the Winklevoss twins, who advocate for Bitcoin investment amid rising US debt concerns [10]. Market Trends - Bubble Mart has emerged as the first tenfold stock in the "Guzi economy," with its share price soaring from HKD 19.8 to a peak of HKD 233.2, marking a cumulative increase of over 10 times and a market capitalization exceeding HKD 300 billion [10].

1、 美国贸易代表办公室宣布，延长对中国在技术转让、知识产权和创新方面的行为、政策及做法的301调查中的豁免期限。 豁免期限原定于5月31 日到期，现已延长至8月31日。中方此前多次向美方就301关税问题提出严正交涉。 世贸组织早已裁决301关税违反世贸组织规则， 不仅严重破坏国 际贸易秩序和全球产业链供应链安全稳定， 也没有解决自身的贸易逆差和产业竞争力问题，还推高了美国进口商品价格，成本最终由美国企业和消 费者承担。 2、 特朗普政府官员在法律争端中为关税辩护，坚称关税"不会消失"。 美国商务部长卢特尼克表示，请放心，关税不会消失。 白宫国家经济委员会主任 哈塞特亦表示， 他 "非常有信心" 最高法院的法官会支持特朗普的关税政策， 如果关税被阻止，也会有其他替代方案来确保美国重新实现公平贸易，但未 具体说明这一路径将如何实施。 3、 特斯拉CEO马斯克表示，虽然他一直是特朗普的坚定盟友，但并不总是支持政府的政策。 他表示，不想公开反对政府，但也不想为政府的所有行为 负责。 他对共和党提出的、目前国会正在辩论的数万亿美元税收和支出方案感到沮丧，该立法预计将使美国债务增加数万亿美元。 4、 5月车市进一步回暖 ...

Summary of Conference Call Minutes Industry or Company Involved - Focus on the global market impact of the "reciprocal tariff" policy Core Points and Arguments - The recent tariff reduction from 145% to 10% exceeded expectations, alleviating short-term market concerns, but medium to long-term risks related to trade restrictions need monitoring, particularly around key dates in July and August [1][2] - The U.S. effective tax rate has decreased to 16-17%, indicating a significant shift in market dynamics [2] - The performance of U.S. stocks, particularly in the tech sector, has rebounded quickly, suggesting that previous recession fears may have been overstated [4] - The current market is characterized by limited upward momentum and constrained downside potential, indicating a state of indecision [2] - The liquidity shock is viewed as an occasional event that presents buying opportunities, with central bank interventions typically proving effective [4] Other Important but Possibly Overlooked Content - The recommendation to focus on sectors with strong end-demand and technology innovation, while also capitalizing on short-term trading opportunities in Hong Kong stocks [1] - The expectation that the core Personal Consumption Expenditures (PCE) inflation rate will decline to 3.5-4% by year-end, with the Federal Reserve potentially lowering rates 1-2 times in Q4 [4] - The suggestion to wait for U.S. Treasury yields to rise to 4.8-5% before making long positions, as the current yield of 4.5% is deemed unattractive [5][8] - The impact of tariff adjustments on China's market is projected to reduce GDP influence from 3% to 1-1.5%, with Hong Kong's earnings being less affected than A-shares [7][9] - Recommendations for gold investment strategies include dollar-cost averaging or grid trading, given the high levels of market congestion [6][9]

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]

一场资金大迁移正在华尔街上演！投资者抛弃传统避险之王黄金，涌入比特币。 5月29日，据彭博汇编的数据显示，过去五周内，美国比特币ETF吸引了超过90亿美元的资金流入，其中贝莱德旗下的iShares Bitcoin Trust ETF流 入的规模最大。与此形成鲜明对比的是，黄金ETF在同期遭遇了超过28亿美元的资金外流。 相比之下，尽管黄金今年迄今仍上涨逾25%，但过去数周已经明显回落，目前较历史高点3500美元低了超过200美元。 华尔街重新定义避险逻辑 据报道，分析师认为，这种轮换表明市场对比特币作为合法投资组合对冲工具的接受度日益提高。Jefferies全球股票策略师Christopher Wood表 示： "我对黄金和比特币都保持看涨态度。它们仍然是G7世界中对抗货币贬值的最佳对冲工具。" 分析指出，在贸易紧张局势缓解削弱对传统避险资产需求的同时，比特币作为另类价值储存手段的地位正在快速崛起，且恰逢美国财政稳定性担 忧升温之际。这也引发了华尔街对于黄金和比特币作为避险资产的辩论。 比特币本月早些时候触及111,980美元的历史新高，受到稳定币法案的进展等有利监管信号和宏观经济不确定性上升的推动。 也有人 ...

比特币ETF过去五周吸金90亿美元 同期黄金ETF资金流出超28亿美元 智通财经5月29日电，美国交易所交易基金(ETF)市场正在呈现分化格局：投资者从黄金转向其"数字替 代品"比特币。彭博数据显示，过去五周美国比特币ETF吸金超90亿美元，贝莱德iShares比特币ETF (IBIT)吸金最多，同期黄金ETF资金流出超过28亿美元。 ...

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。 ...

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]

美股高开 黄金股走低 金十数据5月27日讯，美股开盘，道指涨0.84%，标普500指数涨1.1%，纳指涨1.52%。拼多多(PDD.O)跌 18%，一季度业绩不及预期。黄金股跟随国际金价走低，金田跌5.4%。特朗普媒体科技集团(DJT.O)涨 3.69%，公司计划利用25亿美元募集资金建立比特币储备。特斯拉(TSLA.O)涨3.1%，此前马斯克称已回 归全天候工作状态。 ...

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]