The S&P continues to approach all-time highsThe Dow is at an all-time high。Tesla rose nearly 2%, Microsoft fell back after being sued for AI model development, and chip stock indexes continued to hit new highs.
Strong bidding demand has helped the U.S. Treasury to become largeU.S. Treasury yields fell more than 10 basis points intradayThe 10-year yield fell below 3 for the first time in five months8%, a seven-month low in two-year yields. The U.S. dollar index has been in the red for four consecutive yearsIt fell below 101 intraday for the first time in five months.
For the first time, it rose above $2,090, the London benchmark gold price hit an all-time high. Lunxi rose more than 3%, and London copper ** to a five-month high。** Fell to the high of the month,down nearly 2%.
The market moves to watch on Wednesday are,There was a sudden influx of money into safe-haven assets。In addition to U.S. bonds and **,The Swiss franc jumped 15%, a new high since January 2015.
In the Chinese market, during the U.S. stock market, the Chinese concept stock index closed flatThe next day, NetEase closed down nearly 5%, and Tencent fell nearly 3%., NIO fell more than 2%, while Li Auto rose nearly 4%;The offshore yuan fell below 7 at one point16. It fell by more than 180 points. The Shanghai Composite Index returned to above 2,900 points, A-share consumption and heavyweight stocks strengthened, the game weakened in the afternoon, and Hong Kong stock NetEase rose 10%.
Securities and Futures CommissionResponse".Restricted shares are not allowed to be borrowed or borrowed": Crack down on violations.U.S. stocks: The Dow rose 03%, and the S&P 500 rose 014%, the Nasdaq rose 016%。China, NovemberThe profit of industrial enterprises above designated size was 29 percent year-on-year5%, achieving positive growth for four consecutive months.
Liu QiangdongShouting changes after amplifying the move,The salary of all retail employees has been raised, and the first-line salary of procurement and sales has almost doubled
ApplesAcquiredUnexpected big wins, the U.S. Court of Appeals suspended the ban on the Apple WatchApple resumes sales of watches in the United States
Report:Bank of JapanIt will be in the season from January to MarchReduce the size of bond purchases
Microsoft's "ChatGPT Family Bucket" was launched on Android, GPT-4 is free to use without logging in, and it also has built-in GPT-4V, Turbo and third-party plug-ins. The New York TimesProsecutionMicrosoftwithopenaiCopyright Infringement,Claims for billions of dollars.
European stocks: Europe's STOXX 600 index closed up 021%。Germany's DAX 30 index closed up 021%。France's CAC 40 index closed up 004%。Britain's FTSE 100 index closed up 036%。
A shares: The Shanghai Composite Index closed at 291461 points, up 054%。The Shenzhen Component Index closed at 919174 points, up 038%。The GEM index closed at 180983 points, up 007%。
Bond market: The yield on the benchmark US 10-year Treasury bond **1078 basis points, at 37889%。The two-year Treasury yield fell 1166 basis points at 42354%。
commodity: WTI closed down 1 in February$46, down 193% to 74$11 barrel. Brent closed down 1 in February$42, down 175% to 79$65 barrel. COMEX closed up 1 in February13% at 2093$10 oz. LME copper closed up $117, or 136%。
Domestic macro
The China Securities Regulatory Commission responded to the "restricted shares shall not be allowed to lend securities": it will crack down on violations. In the next step, the China Securities Regulatory Commission will comprehensively strengthen penetrating supervisionEstablish and improve the working mechanism of penetrating supervision, and violate the requirements of "restricted shares shall not be borrowed" through multi-layer nesting, collusive trading, tandem arbitrage, etcCrack down hard。The two departments jointly issued typical cases of punishing foreign exchange-related violations and crimes. The person in charge of the Management and Inspection Department of the State Administration of Foreign Exchange: We will earnestly implement the deployment and requirements of the first-class financial work conference, strictly enforce the law, dare to show the sword, and work with the judicial authorities to maintain a high-pressure crackdown on illegal cross-border financial activities. The profits of China's industrial enterprises above designated size in November were 29 year-on-year5%, achieving positive growth for four consecutive months From January to November, the profits of industrial enterprises above designated size fell by 4 year-on-year4%, the decline was 3 percent narrower than that from January to October4 percentage points. Shenwan Hongyuan** said that the profits of industrial enterprises rebounded significantly in November, but the actual inventory continued to weaken, the former reflects the pull of the demand for industrial products after the improvement of investment demand, while the latter reflects the lower level of service industry inventory on the drag on industrial inventoryIt is expected that the actual industrial inventory will be more sustainable after the second quarter of next yearDomestic companies
Liu Qiangdong shouted that after the change, the salary of all retail employees was raised, and the first-line salary of procurement and sales was almost doubled. JD.com announced that early next year,The average salary increase of all employees of JD Retail is not less than 20%, and the annual fixed salary of front-line business personnel such as procurement and sales is nearly 100%.。Less than three weeks ago, Liu Qiangdong replied to a long article on the intranet about employees' questions about Jingdong**, low prices, etc., saying that it must be changed, otherwise there is no way out. This year's private equity performance: as of December 22,The overall profit of the 42 digits was a loss of 397%, 12-bit managed products achieve positive returnsThe highest return is over 210%.。Tongwei Daqo's two leading companies invested another 43 billion yuan to expand production against the trend, betting heavily on polysilicon. Jianzhi Research believes that Tongwei and Daqo choose to expand production against the trend at the current timeThe strategic considerations are manifold。First of all, they believe that we are now in a trough period in the photovoltaic industry, and it is a good opportunity to expand the layout. Second, the current level of polysilicon poses a survival challenge for second- and third-tier companies, which do not have the same strong capacity to expand production capacity as leading companies. By bucking the trend, Tongwei and Daqo have increased their market share and accelerated the elimination of outdated production capacity in the polysilicon industry. In the long run, this will lead to a greater concentration of polysilicon market share in the hands of industry leaders. Report: Tesla's Shanghai factory will launch a new version of the Model Y, and mass production will begin as soon as the middle of next year. Earlier this year, Tesla revamped the Model 3 to appeal to Chinese consumers with a sleeker look and longer range. Overseas macro
Top foreign banks outlook for 2024. Analysts generally believe that 2024 will be followed by the start of the interest rate cut cycle by the US and European central banksThe US dollar is under pressure, the yield on the 10-year Treasury note will show "Low in the front and high in the back".European stocks strengthenedThe euro has weakened more than the dollarJapanese yen and Japanese stocks**Emerging markets are becoming more attractiveCommodities are on the upswing。Report: The Bank of Japan will reduce its bond purchases in the January-March quarter. The Bank of Japan plans to buy 4000-900 billion yen of 5-year and 10-year government bonds in each operation in the coming quarter, compared to 4500-900 billion yen in the previous quarter. The Bank of Japan has also cut its purchases of bonds of other maturities. Russia: Brent** is expected to average between $80 and $85 per barrel next year. Russian Deputy Prime Minister Alexander Novak also said that Russia is a responsible participant in the agreement to cut productionThe Russian side fulfilled its obligations. Overseas companies
Apple won a major surprise victory as the U.S. Court of Appeals suspended the ban on the Apple Watch. On Wednesday, an appeals court in Washington, D.C., suspended the U.S. International Commission (ITC) ban on some of Apple's smartwatches. At the same time, Apple is appealing the ITC's ban and requesting an extension of the time during which the ban can be suspended. Subsequently, Apple said that it would resume sales of watches in the United States. AI topics are related
Take a look at the 50 most popular AI appsChatGPT attracted 14 billion traffic visits in just ten months after its release, the top 50 AI apps received a total of 24 billion visits in a year. The U.S. has the largest number of AI users, contributing 5.5 billion visits. AI chatbots are the most popular, with 19.1 billion visits. The top 10 most popular AI apps are: ChatGPT, Character AI, Quillbot, Midjourney, Hugging Face, Google Bard, Novel AI, Capcut, Janitorai, Civitai. "Next Musk": In the past 90 days, the timeline for AI and robots has been significantly advanced. "We may be able to see the development of robots, AI algorithms, and large models with advanced AI capabilities faster than the speed of development at the hardware level," said Brett Adcock at X. OpenAI focuses on AI hardware device development, poaching another Apple designer, and the outgoing Apple Vice President of Product Design, Tang Tan, will join LoveFrom, the new company of former Apple legendary designer Jony Ive, to participate in new AI hardware projects, responsible for the design of product appearance and function. Previously, Altman reached a cooperation with IVE and Masayoshi Son to jointly develop an artificial intelligence hardware device that can replace mobile phones. Microsoft's "ChatGPT Family Bucket" is launched on Android, GPT-4 is free to use without logging in, and it also has built-in GPT-4V, Turbo and third-party plug-ins. Microsoft's own ChatGPT-like app is online. Compared with Bing Chat, which can both search and chat, Copilot's main function is AI chat, and the main one is free. Report: Anthropic, one of the three giants of AI large models, is expected to exceed 8 percent in annualized revenue next year$500 million. This ** represents a significant increase from the company's September estimate of $500 million. Anthropic is currently raising about $7.7 billion at a pre-investment valuation of $15 billion$500 million in funds, a three-fold increase from the valuation of the previous round of financing. The New York Times sued Microsoft and OpenAI for copyright infringementClaims for billions of dollars. 。The New York Times alleges that Microsoft and OpenAI illegally copied and used millions of articles to train large language models, arguing that their AI models undermine the ability of news to protect and monetize content, posing a threat to high-quality news reporting. 1、Industrial Internet|According to ** report, on December 27, Jin Zhuanglong, Minister of Industry and Information Technology, said at a series of reports on the economic situation of "comprehensively promoting Chinese-style modernization" that it is necessary to work hard and work hard for a long time to promote new industrialization. Forward-looking layout of future industries, promote artificial intelligence-enabled new industrialization, promote green and low-carbon development of industry, build world-class enterprises, consolidate and enhance the upward trend of the industrial economy, and promote new industrialization to continuously achieve new breakthroughs and new results.
Comments: Since the beginning of this year, "new industrialization" has been mentioned in many important meetings. The most typical manifestation of new industrialization is the construction of the industrial Internet. At present, promoting the deep integration of industrialization and informatization, and making full use of digital technology, intelligence and data-driven methods to improve management, operation, production efficiency and product quality are the main development directions for effectively promoting new industrialization. Among them, industrial software runs through the whole manufacturing value chain of products, equipment, production, management, services, etc., and is the core technical support of intelligent manufacturing, which deeply benefits from the systematic promotion of new industrialization.
Satellite Internet|According to reports, Geely will launch 11 satellites in group 02 of the "Geely Future Planetary Constellation" in early 2024, two of which are named "Geely Galaxy" and "Remote Stargazing". Geely's ZEEKR 001FR is also equipped with on-board satellite communication technology, which is the first time that satellite calls have been applied in the automotive field. According to the R&D team Geely Shikong Daoyu, the call rate achieved by its on-board satellite communication technology is better than that of mobile phone satellite communication, with higher call quality, voice fidelity, and normal sound quality. Moreover, the vehicle-mounted satellite communication also has a higher communication gain, and the whole machine has high sensitivity, even in a harsh communication environment, it can receive satellite signals faster and better.
Comments: Limited by factors such as mobile phone size and battery capacity, satellite communication is regarded as a supplementary means of emergency communication. In contrast, in-vehicle satellite communication technology has more advantages, and the user experience will be more convenient and smooth. For example, a car has a longer battery life than a mobile phone, and with an omnidirectional receiving antenna, it is also more capable of receiving satellite signals. When using the in-vehicle satellite communication function in an unobstructed environment, the car automatically aligns with the satellite through an omnidirectional antenna, and the user can freely connect to the satellite without feeling the front of the vehicle or the body at a specific angle. With the promotion of Geely and other car companies, the front-mounted satellite call module is expected to become a new trend in the automotive industry, driving the commercial process of direct connection of automobiles to satellites.
Nuclear power|China Nuclear Power said on the investor interactive platform on December 26 that China's first nuclear energy ** industrial steam supply project is expected to be completed by the end of this year. After the completion of the project, the annual steam supply capacity can reach 4.8 million tons, which can reduce the annual combustion of standard coal by 400,000 tons, and reduce the equivalent emission reduction of carbon dioxide by 1.07 million tons, sulfur dioxide by 184 tons and nitrogen oxides by 263 tons. At present, the relevant petrochemical enterprises are very optimistic about the industrial steam supply by "Hualong No. 1" or high-temperature gas-cooled reactors, and the actual demand is also more urgent.
Comments: Nuclear energy can play an important role in clean heating, industrial steam supply, desalination, hydrogen production, nuclear-powered ships, isotope production, etc. Taking industrial steam supply as an example, because large-scale chemical bases need to supply industrial steam supply, limited by carbon emissions, new thermal power and gas power are very limited, and nuclear steam supply can just make up for this gap. The benefits of industrial heating and steam supply are very good, because the efficiency of nuclear steam supply can theoretically reach 100%, which is higher than the efficiency of nuclear steam conversion power generation. The multi-purpose utilization of nuclear energy has a wide range of application scenarios, including coupling with the petrochemical industry, and its pricing is calculated based on the number of yuan per ton of steam for specific parameters, which has good economy.
Sodium batteries|On December 27, JAC's sodium-electric version of the Flower Fairy officially rolled off the assembly line, becoming the world's first mass-produced model of sodium batteries. Mass deliveries of the new vehicles are expected to begin in January next year. This model adopts the sodium-ion cylindrical battery cell provided by Zhongke Haina, and is equipped with a honeycomb battery structure developed by JAC, which has the safety feature of never spontaneously combusting.
Comments: As an important power battery variety, sodium battery is expected to form a complementary industrial pattern with lithium iron phosphate batteries, becoming a low-cost solution to boost the popularization of popular electric vehicles. Xia Shunli, chairman of Yttrium Wei Technology, said that the promotion and application of sodium batteries will bring new development opportunities to the electric vehicle market. Looking forward to the future, with the continuous progress and maturity of sodium battery technology, it will inject new impetus into the innovation of electric vehicle technology and the development of the market.
Photovoltaics|Recently, the world's largest commercial-sized megawatt-level perovskite module photovoltaic demonstration project led by China Huaneng has been fully put into operation at Huaneng Qinghai Gonghe Photovoltaic Power Station, marking a major leap in China's perovskite photovoltaic cell technology from production line to commercial demonstration, providing data support for the further upgrading and iteration of perovskite photovoltaic cell technology, and accelerating the industrialization process. Relying on the abundant solar energy resources of Qinghai Province, Huaneng Qinghai Branch has cooperated with Huaneng Clean Energy Technology Research Institute, Kunshan GCL Optoelectronics and many national scientific research institutes and universities to carry out perovskite photovoltaic module demonstration under high altitude and strong ultraviolet conditions on the Qinghai-Tibet Plateau. We continued to carry out technical research and process debugging, realized the development of core equipment for the mass production line of perovskite in square meters, and completed the upgrading of the entire upstream and downstream industrial chain of perovskite modules from materials to process equipment, with the localization rate of core equipment reaching more than 90%, the size of perovskite modules reaching 1 meter and 2 meters, and the conversion efficiency of modules continuously setting new records.
Comments: Compared with traditional crystalline silicon solar cells, perovskite solar cells are considered to have higher photoelectric conversion efficiency, lower raw material costs and a wider range of applications due to their strong light absorption capacity and wide spectral absorption range. With the investment of more resources and R&D strength, the obstacles on the road to perovskite industrialization have been gradually removed. For example, recently, Jidian Solar once again set a new record for the efficiency of the largest perovskite module, and the photoelectric conversion efficiency of GCL Optoelectronics' 369mm 555mm perovskite tandem module reached 2634%, and then the world's largest commercial-sized megawatt-level perovskite module photovoltaic demonstration project is put into operation, which will actively promote the application and development of perovskite photovoltaic modules.
Lidar|Suteng Juchuang, which ranks second in the global and China's lidar solution market, announced on the 27th that it will open its IPO from December 27, 2023 to January 2, 2024, and intends to issue 2290980,000 shares, with a total proceeds of 9HK$8.5 billion and is expected to be listed on 5 January 2024. The day before, Hesai Technology, a global leader in lidar, announced that it has delivered more than 300,000 lidars since its establishment, becoming the first automotive lidar company in the world to achieve this achievement.
Comments: Lidar is a necessary configuration for vehicles to achieve L3 or above intelligent driving, this year is regarded as the year of the popularization of lidar, and many models that advertise intelligence are equipped with lidar. Recently, Huawei launched two new cars in a month, the Zhijie S7 and the Wenjie M9, which are equipped with Huawei's latest 192-line lidar, demonstrating the industry's most powerful lidar and the advanced intelligent driving and active safety capabilities it brings. With the continuous breakthrough and upgrading of intelligent technology, driven by the expansion of the scale of unmanned fleets, the increase in the penetration rate of lidar applications in advanced assisted driving, and the demand for robotics and smart city construction, China's lidar market has entered the fast lane, and the industrial chain is expected to benefit.
Genetically modified|According to the announcement No. 739 of the Ministry of Agriculture and Rural Affairs, the first batch of genetically modified corn and soybean seed production and operation licenses were approved and issued, and the relevant production and operation licenses involved a number of seed listed companies. It is understood that at present, genetically modified seeds have begun to be planted in some provinces, and the planting area of genetically modified corn will exceed 10 million mu this year. Judging from the publicity, the effective business areas include Beijing, Shanxi Province, Inner Mongolia, Liaoning Province, Jilin Province, Shandong Province, Henan Province, Hubei Province, Hainan Province, Sichuan Province, Yunnan Province, Gansu Province and other places.
Comments: The issue of food security is of great importance. Genetically modified organisms are an important means to ensure food security and revitalize the seed industry. This year's No. 1 document pointed out that it is necessary to carry out in-depth actions to revitalize the seed industry. Policies and regulations such as the Administrative Measures for the Safety Evaluation of Agricultural Genetically Modified Organisms, the National Standards for the Approval of Genetically Modified Corn Varieties (Trial), and the National Standards for the Approval of Genetically Modified Soybean Varieties (for Trial Implementation) have been issued to prepare for the commercialization of genetically modified organisms. According to the research report of the institution, after the commercialization of genetically modified seeds, the ex-factory scale of genetically modified seeds (corn and soybeans) in China is expected to reach 43.2 billion yuan, and the profit is expected to reach 13 billion yuan.
Specialty gases|According to reports, recently, the world's first set of 3The 60,000 nm3 d helium-containing coalbed methane extraction high-purity helium unit achieved a successful start-up in the development technology of Gansu Kebeide coal and coalbed methane of Yaojie Coal and Power Group, and successfully produced 99The high-purity helium with a purity of more than 999% marks that China has completely mastered the complete set of helium extraction process and engineering technology from helium-containing coalbed methane, and has made a major breakthrough in the technology of extracting high-purity helium from helium-containing coalbed methane in China.
Comments: Helium can be used as a pressure delivery agent and booster for rocket liquid fuel, and is widely used in missiles, spacecraft and supersonic aircraft. Helium is used as a shielding gas in smelting and welding, which is very important in shipbuilding and the manufacture of aircraft, spacecraft, rockets and **. Helium has a low mass density, weight density, and is non-flammable, which can be used to fill light bulbs, neon tubes, and is also an ideal gas for balloons and airships. Liquid helium can obtain a low temperature close to absolute (-273) and is used in the manufacture of superconducting devices.
The number of initial jobless claims in the United States last week.
U.S. November Commodity Accounts.
Changes in US EIA** inventories last week.
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