Good morning! A wonderful day starts with making money.
<h3>Market: Overnight and this morning</h3>
The three major US stock indices opened higher for three consecutive trading days and maintained an upward trend throughout the day. The Dow Jones Industrial Average rose 0.36%, closing above 38,000 points for the first time in history. The S&amp;P 500 rose 0.22%, also reaching a new closing high since last Friday along with the Dow. The Nasdaq rose 0.32%, marking a new closing high since January 4, 2022 for two consecutive trading days.
Tesla fell 1.6%. Apple's market value returned to $3 trillion, rising 1.2% for three consecutive trading days. Netflix rose nearly 0.6%, Microsoft reached a new intraday high but closed down 0.5%. Meta reached a new intraday high with a market value briefly exceeding $1 trillion, but closed down 0.4%; Amazon fell nearly 0.4%.
NVIDIA closed up nearly 0.3%, setting new intraday and closing highs for three consecutive trading days. Micron Tech rose nearly 2%, Intel rose nearly 0.2%, AMD fell nearly 3.5%, and Arm fell 1.9%. Gilead Sciences (GILD.O) fell more than 10% as its cancer drug failed to meet the primary endpoint in a study.
Chinese concept stocks underperformed the broader market. The Nasdaq Golden Dragon China Index (HXC) fell 2.2%, continuing its decline for six consecutive trading days and hitting a new low in more than a year. XPeng Motors fell 3.1%, Li Auto fell 2.8%, and NIO fell over 1%. Tencent Music fell more than 3%, Baidu fell nearly 3%, JD.com fell nearly 3%, Bilibili fell more than 2%, Alibaba and Pinduoduo fell more than 1%, and NetEase fell nearly 0.9%.
The enthusiasm for ETF approvals has cooled down, and Bitcoin fell below $40,000 for the first time since early December last year.
ASML (ASML.O) stock price in Europe reached a two-year high, surpassing Nestle to become the third largest listed company in Europe, with a market value second only to Novo Nordisk A/S and LVMH.
The earnings season is entering its peak this week. From Tuesday to Friday, many industry leaders will release their quarterly reports, including Procter &amp; Gamble and Johnson &amp; Johnson's reports before the market opens on Tuesday, Netflix's report after the market closes on the same day, AT&amp;T's report before the market opens on Wednesday, Tesla and IBM's reports after the market closes on the same day, Blackstone's report before the market opens on Thursday, and Intel and T-Mobile's reports after the market closes, and American Express's report before the market opens on Friday.
<h3>What happened to blue-chip stocks and hot stocks</h3>
Selling Shanghai office buildings at a 30% discount? BlackRock responds: It has nothing to do with BlackRock Fund and BlackRock Jiantou Wealth Management
According to media reports, the Shanghai office building project rumored to be up for sale is managed by a private equity fund of BlackRock's overseas real estate investment team and has no connection with BlackRock's domestic business.
Market news: Scott Stuber, the head of Netflix's film business, will leave to start a new company.
Alphabet's X Lab will lay off employees and turn to external investors
X Lab has been discussing financing issues with venture capital and other investors in recent months and is planning a restructuring to make its projects easier to spin off from X Lab and become independent startups. As a result, X Lab will implement a round of layoffs.
Media: OpenAI founder Sam Altman will meet with the CEO of Samsung's chip business in South Korea.
Apple's Vision Pro online orders have been delayed until March 8th to 15th.
The Federal Aviation Administration (FAA) recommends inspecting the door plugs in the middle exits of Boeing 737-900ER.
Sources revealed that TSMC has determined the location for its 1nm process plant, with an investment of over one trillion New Taiwan dollars.
Panasonic's battery business focuses on improving productivity, which may delay the construction of a new battery factory in the United States.
Morgan Stanley: Tesla's target price has been lowered from $380.00 to $345.00, believing that the electric vehicle market is oversupplied.
Benchmark: Amazon's target price has been raised from $170 to $175.
Country Garden plans to transfer assets, including Fenghuangcheng Hotel in Zengcheng District, Grade A office building in Zengcheng District, Fenghuangcheng Yongwang Commercial Property in Zengcheng District, Bingguiguan Zanglongfu Office Building in Panyu District, and Renhe Apartment Building in Baiyun District, with a total transfer price of 3.818 billion yuan.
Maotai and Luckin jointly launched the &#34;Dragon Year Sauce Chocolate&#34; for the New Year.
According to multiple Luckin Coffee store sources, this new product has achieved considerable sales, but many customers have feedbacked that it is too sweet.
<h3>IPO Opportunities</h3>
Tanyu's parent company, Gantang Mingshan, responds to Hong Kong IPO: Specific IPO plan will be implemented in three years.
Gantang Mingshan, the parent company of Tanyu, is considering conducting a Hong Kong IPO as early as this year, with an estimated valuation between 7 billion and 8 billion yuan. Gantang Mingshan stated that at the current stage, external institutions have only been introduced to assist in optimizing the company's governance structure and internal control system. The specific IPO plan is expected to be implemented in three years.
ANTA's subsidiary, Amer Sports, confirms the issuance of 100 million shares in the US IPO.
The expected issue price is between $16 and $18. ANTA's affiliated entity intends to purchase up to $220 million in common shares, and Tencent's affiliated entity intends to purchase up to $70 million in shares.
<h3>Macro: A Global Perspective</h3>
Goldman Sachs Global Head of Trading Strategy: The Fed will start cutting interest rates in March.
It is expected that there will be four interest rate cuts by 2024, and the central banks in Europe and the UK will also follow the Fed's lead. Although risk assets will generally rise this year, it will be difficult to navigate the market in the first half due to the market's changing bets on the timing and pace of Fed rate cuts.
Cash is King: US retail investors remain cautious amid the stock market surge.
Data from Vanda Research shows that in the 10 trading days leading up to January 16th, individual net purchases of US stocks totaled $11.7 billion, compared to a peak of $17 billion during the same period last year when the S&amp;P 500 index fell by 18%. Cash and cash-like instruments continue to offer unprecedented yields, with an average return of 5.16%.
Mainland star fund managers have different views on the reallocation of Hong Kong stocks such as Tencent and Kuaishou.
Fund managers stated that they can already see more positive changes and will remain patient, waiting for opportunities for a turnaround.
The Hong Kong Securities and Futures Professionals Association issued an open letter to the Legislative Council's Financial Affairs Committee, pointing out that the consultation document issued by the Hong Kong Exchanges and Clearing on November 30th last year to maintain normal trading in adverse weather conditions was too hasty.
China's State Council Meeting: Research and Deployment of Promoting Artificial Intelligence Empowering New Industrialization
The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the &#34;Comprehensive Reform Pilot Implementation Plan for Pudong New Area (2023-2027)&#34;.

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The three major US stock indexes maintained an upward trend throughout the day, with the Dow Jones Industrial Average surpassing 38,000 points for the first time. Apple's market value has returned to $3 trillion, while Microsoft and Meta have reached new highs during trading hours. NVIDIA has set new highs in both opening and closing prices for three consecutive trading days. Mainland star fund managers have different views on the reallocation of Tencent, KUAISHOU-W, and other Hong Kong stocks. The delivery date for online orders of Apple Vision Pro has been postponed. TSMC has confirmed the location for its 1nm process plant. Country Garden plans to transfer assets totaling 3.8 billion yuan. Moutai and Luckin jointly launched the "Dragon Year Sauce Chocolate," which is now on the market.

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Breakfast | US tech blue chips strive for new historical highs, Tesla's target price lowered by Morgan Stanley