【True Zoom Finance】April 17 Noon Briefing: Richard Yu's new move! Announced live stream on April 18 to discuss SU7

"With the Xiaomi SU7's launch generating overwhelming traffic, the 'marketing war' among automakers has entered a new phase. Recently, Great Wall Motors Chairman Wei Jianjun, Jiyue CEO Xia Yiping, and Neta Auto CEO Daniel Zhang have all appeared in live streams. Xiaomi Group Chairman and CEO Lei Jun also announced that he will host a live stream on April 18 to discuss the SU7. Baidu launched the Wenxin Intelligent Agent Platform. Positive signals emerge in the property market: the year-on-year decline in new home sales indicators narrows."

Key News

Baidu Launches Wenxin Intelligent Agent Platform$BIDU-SW(09888.HK)

l At the Create2024 Baidu AI Developer Conference, Baidu launched the Wenxin Intelligent Agent Platform. Baidu Search General Manager Zhao Shiqi stated that model applications in 2024 are about to bear fruit, but having large models alone is not enough. A platform is needed to make it convenient for everyone to utilize the capabilities of large models, enabling individuals to develop their own intelligent agents.

Positive Signals in the Property Market: Year-on-Year Decline in New Home Sales Indicators Narrows

l On April 16, the National Bureau of Statistics released data on the real estate market.

l Data from January to March shows that the year-on-year decline in national new home sales area and sales volume has narrowed compared to January-February. However, the year-on-year decline in real estate development investment and developers' funding sources has expanded.

l Industry insiders believe that the narrowing year-on-year decline in national new home sales indicators indicates that policy effects in some core cities have begun to show in March, with the market showing signs of recovery.

l Data from the National Bureau of Statistics shows that from January to March, new commercial housing sales area was 226.68 million square meters, a year-on-year decrease of 19.4%, with residential sales area down 23.4%. New commercial housing sales volume was 2.1355 trillion yuan, a year-on-year decrease of 27.6%, with residential sales down 30.7%.

l Yan Yuejin, Research Director at E-House Research Institute, believes that the year-on-year decline in national commercial housing sales area from January to March has narrowed compared to January-February, indicating market recovery starting in March. Feedback from various regions shows that March saw an active increase in property viewings and signings. Sales of luxury projects in some cities were also very strong, suggesting the market is in a positive recovery trend. Additionally, stabilizing or slightly rebounding prices have objectively had a positive impact on indicators like sales volume.

l Yan Yuejin further pointed out that from January to March, the national average commercial housing sales price was 9,421 yuan per square meter, a year-on-year decrease of 7.6%. The overall narrowing trend in price declines suggests that after the price drop, there is a stabilizing trend, and market confidence is beginning to recover.

l Chen Wenjing, Market Research Director at China Index Academy, noted that since March, central authorities and regulators have continuously released positive signals to stabilize the market, explicitly stating the need to "further optimize real estate policies." Cities like Beijing and Hangzhou have continued to relax purchase restrictions to stimulate potential homebuying demand. In the first quarter, the year-on-year decline in national new commercial housing sales area and sales volume narrowed compared to January-February, with policy effects in some core cities leading to a mild recovery in March. However, overall, the new home market still faces adjustment pressures, and the year-on-year decline in sales volume remains significant due to the high base from the same period last year.

Lei Jun's New Move! Announces Live Stream on April 18 to Discuss SU7$XIAOMI-W(01810.HK)

l With the Xiaomi SU7's launch generating overwhelming traffic, the "marketing war" among automakers has entered a new phase. Recently, Great Wall Motors Chairman Wei Jianjun, Jiyue CEO Xia Yiping, and Neta Auto CEO Daniel Zhang have all appeared in live streams. Xiaomi Group Chairman and CEO Lei Jun also announced that he will host a live stream on April 18 to discuss the SU7.

l On April 16, Lei Jun made another move, announcing on Weibo that he will start a live stream on the 18th to "talk about the SU7's sales performance these days." Since its launch, the SU7 has maintained high traffic and 话题度. Lei Jun has spared no effort in promoting the new car on social media. As of April 16, Lei Jun has already released 18 episodes of "Xiaomi SU7 Answers Netizens' Questions" on Weibo, staying at the forefront of marketing.

l A salesperson from a new automaker told reporters that the Xiaomi SU7's 热度 "reached another level from the moment of its launch, thanks to Lei Jun's personal charisma, which is hard for other brands to replicate."

l With Xiaomi and Huawei entering the fray, more automakers are realizing the importance of marketing. Recently, many 车企 "top executives" have stepped forward, moving from behind the scenes to the forefront.

l On April 15, Wei Jianjun 直播亲测无图全场景 NOA 智驾， completing a 16.6 km autonomous driving test in Baoding, Hebei. During the 直播， Wei Jianjun said he would increase the frequency of live streams in the future.

l On the same day, Xia Yiping and Baidu Chairman and CEO Robin Li also co-hosted a "dual CEO" live stream, test-driving Jiyue's intelligent 驾驶 while introducing Baidu Apollo's 纯视觉智驾， Wenxin Yiyan, and other AI technologies.

l On April 14, Yin Tongyue, Party Secretary of Chery Holding Group，直播 with Luo Zhenyu，挑战长途高速高阶智驾 to 预热即将发售的产品。

l Beyond online live streams, these executives have also been busy offline. Recently, Wang Chuanfu appeared in Jinan, Linyi, and Qingdao to deliver cars to 腾势，方程豹， and 元 UP owners while inspecting county-level markets, earning praise from many consumers. Wei Jianjun, Lei Jun, Wang Chuanfu, and others "personally delivering cars" seems to have become a corporate "standard."

Today's Forex and Commodities News

EUR/USD: Euro Extends Decline Against Dollar, Breaks Below 1.0630, Focus on ECB President Lagarde's Speech

l In early Asian trading on Wednesday, the euro held steady against the dollar near 1.0615.

l Fed Chair Powell stated that given the strength of the labor market, it is appropriate to let restrictive policies continue to work.

l ECB President Lagarde noted that the ECB will still cut rates in the near term, but this depends on any major shocks.

l In early Asian trading on Wednesday, the euro extended its decline against the dollar to near 1.0620, rebounding from the yearly low of 1.0600. However, hawkish comments from Fed officials and 避险资金流动 may boost the dollar (USD) and limit the upside for EUR/USD in the short term.

l On Tuesday, Fed Chair Powell said the U.S. economy is performing quite strongly. Powell further noted that recent data shows a lack of significant progress on inflation this year, requiring "longer than expected" to gain confidence that inflation is on track to reach the 2% target. Powell's hawkish tone provided some support for the dollar and weighed on EUR/USD.

l Data-wise, U.S. March housing starts were 1.32 million units, down 14.7% from the previous quarter, with the prior figure at 12.7% (revised to 10.7%). U.S. building permits fell 4.3% from February's 2.3% growth (revised to 1.9%). Finally, March industrial production 月率 was 0.4%, matching market expectations, the same as February's 0.4% growth.

l In the eurozone, due to weak economic prospects and cooling core inflation pressures, speculation is growing that the ECB will start cutting rates in June. ECB President Lagarde said on Tuesday that the ECB will still cut rates in the near term, but this depends on any major shocks. Lagarde also stated that the ECB will closely monitor oil prices against the backdrop of escalating tensions in the Middle East. Later on Wednesday, the eurozone March HICP will be released. Additionally, ECB officials including 西波罗内，施纳贝尔， and Lagarde will deliver speeches.

Precious Metals: Gold Soars, Exchanges Step In! Goldman Sachs Bullish on Gold at $2,700

l This year, gold prices have repeatedly hit record highs, with investor sentiment running high. Gold and silver have become the most eye-catching 明星 assets among major asset classes，备受热捧. Institutions like Goldman Sachs remain bullish on gold, but exchanges have just stepped in...

l On April 16, the Shanghai Futures Exchange (SHFE) and the Shanghai International Energy Exchange (INE) issued notices on risk control measures for several 品种， adjusting price limits, margin ratios, and intraday 平仓手续费 for some contracts.

l Among them, SHFE announced that starting from the close of April 17 (Wednesday), the 涨跌停板幅度 for gold and silver 期货合约 will be adjusted from 6% and 7% to 8%, with 套保交易保证金比例 rising from 7% and 8% to 9%, and 投机交易保证金比例 increasing from 8% and 9% to 10%.

l With the 持续快速上涨 of 贵金属 prices, trading volume and open interest in 沪金期货 and 沪银期货 have 双双放大. The SHFE has promptly introduced multiple 风控措施 to stabilize market sentiment and avoid 过热交易。

l Goldman Sachs recently raised its year-end gold price forecast to $2,700 per ounce (previously $2,300). Goldman believes that since mid-2022, most of gold's rally has been driven by new incremental (physical) factors, particularly 加速积累 by emerging market central banks and increased retail buying in Asia, which are well justified in the current macro and geopolitical environment. Additionally, considering that 联邦基金利率 may still be a potential catalyst to reduce ETF 阻力 later this year, along with risks from the U.S. election cycle and fiscal policy, the bullish bias for gold remains evident. As of around 00:15 Beijing time on the 17th，国际金价走势 remained relatively strong, while silver showed some adjustment.

Crude Oil: Economic Headwinds Offset Potential Supply Threats, Oil Prices Slightly Pressured

l During the Asian session on Wednesday (April 17), U.S. crude oil traded narrowly, currently around $85.47 per barrel. Oil prices edged lower on Tuesday as economic headwinds weighed on investor sentiment, capping gains from geopolitical tensions. The market is focused on Israel's response following Iran's attack over the weekend.

l Fed Chair Powell said on Tuesday that a series of disappointing data showing stronger-than-expected inflation means the Fed may need more time than previously thought to gain confidence that inflation is on track to 2%.

l Powell stated at an event hosted by the Wilson Center in Washington: "The recent data have clearly not given us greater confidence. Instead, they suggest it may take longer than expected to achieve that confidence."

l Matador Economics economist Tim Snyder said: "Rising rates are killing the market because the Fed seems stuck in the mud while the economy continues to expand."

l Influenced by hawkish comments from Fed officials, market expectations for Fed rate cuts were further delayed. The dollar index extended gains on Tuesday, hitting a near five-and-a-half-month high of 106.52, while the U.S. 10-year Treasury yield reached 4.696%, a near five-month high. This slightly pressured oil prices.

l U.S. Treasury Secretary Janet Yellen said the U.S. plans to impose new sanctions on Iran in the coming days following its unprecedented attack on Israel, which could weaken Iran's oil export capacity.

l As a major OPEC producer, Iran's daily crude output exceeds 3 million barrels.

l An official said that under international pressure to avoid further escalation in the Middle East, Israel's war cabinet was scheduled to meet for the third time in three days on Tuesday to decide on a response to Iran's attack.

l However, the third meeting was postponed to Wednesday as Western allies 希望迅速对伊朗实施新的制裁 to help deter Israel from taking major escalation steps.

l Several Israeli officials made it clear on Tuesday that they would respond to Iran's military strike, though the war cabinet has yet to reach consensus on how and when to respond. Meanwhile, an Israeli official said the response is not aimed at escalating regional tensions and hopes both sides can stop "mutual strikes" after this round.

l Israeli media reported that the military has finalized the type of response to Iran but has not determined the timing. The U.S. believes Israel will not directly strike Iran but will focus on its proxies.

l Israeli Defense Forces Chief of Staff Herzi Halevi hinted that the timing of the response is not urgent. He said they are implementing a policy to allow citizens to live almost as usual during Passover week. A simple interpretation of these signals suggests a major attack is not imminent in the coming days and may even be delayed longer.

l Russian media cited Kremlin sources reporting that Iranian President Ebrahim Raisi told Russian President Vladimir Putin that Iran is not interested in further escalation in the Middle East.

l Matthew Ryan, Market Strategy Director at global financial services firm Ebury, said: "So far, the market seems fairly optimistic about escalating tensions and cautiously hopeful that Israel's response will be restrained, avoiding all-out war."

Source: Goldhorse Capital Extramile