1. JPMorgan says S&P 500 expected to hit new highs
2. SEC gives the green light to exchanges, Ethereum spot ETF is coming
3. Nvidia's total market value exceeds US$2.6 trillion, and many investment banks raise their target prices; HSBC: The market still underestimates Nvidia
4. Huang Renxun: Dell is a key partner for Nvidia to promote AI infrastructure
5. Xiaomi's adjusted net profit hits a new high in Q1! SU7 aims to deliver 120,000 units in the whole year
6. JD.com and Alibaba have both launched their products! The next most likely candidates are Tencent and Meituan?

The number of first-time unemployment claims in the United States in the week of May 18 recorded the largest two-week decline since September

Initial claims for unemployment benefits fell to 215,000 in the week ended May 18, just below market forecasts for 220,000. Continuing claims were little changed at 1.794 million in the week ended May 11.

JPMorgan traders say S&P 500 could hit new highs

JPMorgan Chase's trading desk believes that strong results from AI darling Nvidia and steady economic growth mean the S&P 500 may have further room to rise. "With the AI theme still in play and macro assumptions remaining unchanged, we may continue to set new all-time highs," a team including Andrew Tyler, JPMorgan's head of U.S. market research, wrote in a report to clients. He believes that GDP growth at or above trend, positive earnings, and the Federal Reserve's on-hold policy are all bull market recipes.

Goldman Sachs: Hedge funds continue to bet on AI, but tech giants are no longer popular

A Goldman Sachs report showed that hedge funds reduced their holdings of Google, Amazon, Nvidia, Microsoft and Meta stocks in the first quarter. Among the "Seven Sisters", only Apple was not reduced, but instead was increased by hedge funds.

COMEX gold futures closed down 2.6%

COMEX gold futures closed down 2.6% at $2,330.6 per ounce; COMEX silver futures closed down 3.72% at $30.325 per ounce.

Related assets: $UGL , $GLD , $IAU , $SLV

The US Securities and Exchange Commission has given the green light to exchanges, and Ethereum spot ETF is coming

After the U.S. stock market closed on Thursday, May 23rd, Eastern Time, the U.S. Securities and Exchange Commission (SEC) announced that it approved the Ethereum spot ETF trading plans submitted by the New York Stock Exchange, the Chicago Board Options Exchange (CBOE) and Nasdaq. This means that amid speculation about whether it will be listed this week or in a few months, U.S. regulators have given the green light to exchanges that intend to trade Ethereum spot ETFs, paving the way for Ethereum ETFs to be listed in the United States. However, it is worth noting that the SEC's approval does not mean that the Ethereum ETF has been fully approved . Before the ETF is actually listed, the issuer of the relevant ETF must obtain the SEC's approval for its specific ETF listing plan .

Related targets: Coinbase, Canaan Technology, Marathon Digital, CleanSpark $CLSK , $RIOT , $BTCM , $BETS

On Thursday, the US Markit PMI hit expectations of rate cuts, and the three major US stock indexes closed down across the board. The Dow fell 1.53%, the worst single-day performance since March 2023 , the S&P 500 fell 0.74%, and the Nasdaq fell 0.39%. Among the seven technology giants , only Nvidia closed higher, rising more than 10% during the session and closing up 9.3% to a record high , while Tesla fell 3.5%. The chip stock index rose more than 2% at the beginning of the session and then turned down, Intel fell more than 4%, and AMD fell more than 3%. AI concept stock Dell rose 10% during the session and closed up nearly 4%, while Super Micro Computer (SMCI) rose 11% at the beginning of the session and closed down 3%.

Popular Chinese concept stocks generally fell , with the Nasdaq China Golden Dragon Index falling 3.71%, Bilibili falling 12.37% after earnings , Beike falling 10.02%, and Canaan Technology falling 6.42%; in terms of gains, Pinduoduo rose 4.45% . Chinese concept new energy vehicle stocks fell across the board, with NIO falling 8.4%, Xpeng Motors falling 7.43%, and Li Auto falling 5.73%.

Nvidia's total market value exceeds $2.6 trillion, and many investment banks raise their target prices

Nvidia closed up 9.32%, with a high of $1,063 per share, continuing to set a new record high . Its total market value exceeded $2.6 trillion, and Nvidia's market value exceeded the total market value of all German stocks . The company's first quarter financial report showed that the company's revenue, profit, and Q2 guidance all exceeded market expectations. Goldman Sachs raised Nvidia's target price from $1,100 to $1,200, Piper Sandler raised Nvidia's target price from $1,050 to $1,200, and Citi raised Nvidia's target price from $1,030 to $1,260.

HSBC: The market still underestimates Nvidia, and growth in fiscal 2026 is also guaranteed

HSBC pointed out in its latest analysis report that Nvidia's management is also optimistic about future demand expectations, and with the technical advantages of the NVL server architecture and GB200, growth in fiscal 2026 is also guaranteed. HSBC believes that the market still underestimates the impact of the technical advantages of the NVL server architecture and GB200 platform, which will be the most important driving force for its FY26e data center growth. HSBC maintains Nvidia's target price of $1,350, which is 42% higher than its current share price, and the target price-to-earnings ratio (PE) is 30 times.

Morgan Stanley: AI PC penetration rate will reach 65% by 2028, Lenovo and Dell will be the biggest beneficiaries

Morgan Stanley predicts that when the penetration rate of AI PCs reaches 20% in 2025, PC shipments will accelerate; Microsoft's "Copilot+PC" will become the first "killer application" for AI PCs. Among global PC OEMs, Lenovo has self-developed AI chips, the most comprehensive AI features, and AI assistants. AI drives the PC and server businesses. Morgan Stanley has significantly raised Lenovo's target price by 65%. Although the application of AI technology in the asset management industry is still in its early stages, it has great potential and can bring fundamental changes to the industry. Generative AI is expected to bring a 20% to 40% productivity improvement in the operating model of asset management companies.

Huang Renxun: Dell is a key partner for Nvidia to promote AI infrastructure

Huang Renxun is attracted by Dell's ability to provide one-stop AI infrastructure capabilities for storage, networking and computing, which will help Nvidia open up more government agencies and enterprise markets in the future.

Tesla's Shanghai Energy Storage Super Factory has officially started construction . The initial plan of the project is to produce 10,000 ultra-large electrochemical commercial energy storage systems annually, with a storage capacity of nearly 40 GWh. Mass production is expected to be achieved in the first quarter of 2025.

TSMC: The 3nm expansion capacity is still in short supply, and seven plants are planned to be built this year; it is expected that the semiconductor and foundry market will reach 1 trillion US dollars by 2030.

Morgan Stanley Chairman James Gorman announced that he will step down as chairman of Morgan Stanley at the end of the year. The company did not immediately announce a successor, but CEO Ted Pick is expected to eventually take the position.

Xiaomi's adjusted net profit hits a new high in Q1! SU7 aims to deliver 120,000 units in the whole year

Xiaomi Group's total revenue in the first quarter was 75.5 billion yuan, up 27% year-on-year, and its adjusted net profit was 6.5 billion yuan, up 100.8% year-on-year, setting a new record for a single quarter, including 2.3 billion yuan in expenses for innovative businesses such as smart electric vehicles. Revenue from the smartphone business was 46.5 billion yuan, up 32.9% year-on-year, and global smartphone shipments were 40.6 million units, up 33.7% year-on-year. Xiaomi President Lu Weibing said that the annual delivery volume of Xiaomi SU7 will be ensured to reach 100,000 units, and the annual delivery volume will be 120,000 units. Lu Weibing predicted that Xiaomi's mobile phone shipments in the second quarter will still increase significantly year-on-year, and are expected to exceed the first quarter, with annual shipments of at least 160 million to 165 million.

Xiaomi said in the conference call that in terms of AI big models, Xiaomi focuses on the end-side AI model and cooperates with general big model companies to launch AI-based functions and applications. AI mobile phones are more of a packaging of AI functions. It is not a new category, nor will it have a significant boost to the overall mobile phone market. Overseas revenue increased by 40% year-on-year. The growth in the number of users is the main driving force for revenue growth. The number of overseas users increased by 50 million to nearly 500 million, and the monetization ability has also increased accordingly.

JD.com and Alibaba have both launched their products! The next most likely candidates are Tencent and Meituan?

Alibaba announced in the Hong Kong Stock Exchange that it plans to issue convertible senior notes with a total principal amount of US$4.5 billion and due in 2031. The proceeds will be used for share repurchases, etc. Earlier (May 21), JD.com announced that it plans to issue convertible bonds with a total size of US$1.75 billion. JD.com said that this convertible bond issuance will enable it to use low financing costs (0.25% coupon rate) to accelerate the stock repurchase process at the current stock price. The conversion price is 45.7%, and the market price premium is about 35%.

HSBC said: "It is not surprising that Internet companies use the bond market to enhance shareholder returns. In the current high interest rate environment, convertible bonds provide a better financing option than ordinary bonds. Meituan, Tencent, NetEase and Pinduoduo may also follow suit. It is estimated that Meituan and Tencent are the most likely companies to issue convertible bonds, while NetEase may remain more defensive."

30 billion yuan! Vanke receives strong support from institutions

Less than two months after announcing the transformation of its financing model, Vanke's financing has made significant progress. On May 23, it was reported that Vanke received a 20 billion syndicated loan led by China Merchants Bank, with the collateral being the equity of Vanke's Vanwei Logistics. As of now, 10 billion yuan of the relevant loan has been received. Industry insiders pointed out that this is the largest single loan in the real estate industry since 2020, and it is also the largest single syndicated loan provided by financial institutions to real estate companies since the industry's deep adjustment.

Lenovo Group's revenue in the fourth quarter was US$13.833 billion, a year-on-year increase of 9%; profit attributable to equity holders increased by 118% to US$248 million, the third highest level in history; and it proposed a final dividend of 0.30 HK cents per share for the year.

Bilibili's revenue in the first quarter increased by 12% year-on-year, and its net loss increased by 21.4% year-on-year. The adjusted net loss was RMB 456 million, narrowing by 56% year-on-year. Advertising revenue increased by 31% year-on-year, and the number of daily active users exceeded 100 million, and the number of monthly active users reached a record high.

NetEase's revenue in the first quarter increased by 7.2% year-on-year, and its net profit increased by 13% year-on-year. Games are still the pillar business of NetEase, and the net income of games and related value-added services increased by 7% year-on-year to 21.5 billion yuan. Youdao's net income was RMB 1.4 billion, an increase of 19.7% year-on-year.

Shell's transaction volume in the first quarter was 629.9 billion yuan, down 35.2% year-on-year; net income was 16.4 billion yuan, down 19.2% year-on-year; adjusted net profit was 1.392 billion yuan. The number of mobile monthly active users was 47.7 million.

Weibo's net income in the first quarter was $396 million, down 4.4% year-on-year; adjusted net profit was $107 million. The number of monthly active users in March was 588 million, and the average number of daily active users was 255 million.

DYNAM JAPAN (06889.HK) annual net profit increased by 87.4% to HK$175 million and the final dividend was 2.5 yen per share

Sunwin Holdings (01741.HK)'s interim revenue decreased by approximately 14.4% to approximately HK$92.1 million

Sino Biopharmaceutical (01177.HK): Phase III study of bemosubishizumab injection combined with anlotinib hydrochloride capsules for first-line treatment of advanced renal cell carcinoma achieved positive results

Conoya-B (02162.HK): Scipibazumab injection included in the priority review and approval process for the treatment of chronic sinusitis with nasal polyps

Hong Kong Stocks Financial Report

Tongdao Recruitment

The above is today’s Washington Morning News. You are welcome to leave a message for discussion. I wish you a smooth investment!

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