Hot News

• On Friday's Pre-Market Trading, the three major futures indexes rose slightly.

• Some Drone Concept stocks surged, with SES rising over 21%.

• Tesla rebounded in Pre-Market Trading after falling 6% yesterday; Institutions expect the delivery volume to continue to grow in 2025.

Yesterday, the stock price plummeted by 6% due to Q4 delivery volume being below expectations and marking the first decline in over a decade. $Tesla (TSLA.US)$ Today, there was a slight rebound in Pre-Market Trading. In terms of news, a Morgan Stanley report indicated that Tesla's Q4 delivery volume was about 3% lower than market expectations. Although the group ultimately failed to achieve its 'slight growth' target for the 2024 fiscal year, the delivery of 0.4956 million vehicles during the quarter set a company record, exceeding the same period in 2023 by over 0.01 million vehicles. Additionally, some Institutions claimed that, given Tesla's low electric vehicle inventory, the delivery volume is expected to continue to grow in 2025, with cumulative deliveries likely to exceed 9 million vehicles by the end of the year, and may reach 10 million vehicles by mid-next year.

• Tesla will release its Q4 and full-year Earnings Reports on January 30 at Beijing time.

According to Tesla's official website, the company will release its Earnings Reports for the fourth quarter and full year of 2024 on January 29 at 5:30 PM Eastern Time (6:30 AM Beijing Time on January 30). After the release, Tesla will hold an Earnings Conference at the same time.

• After being shorted by Hindenburg Research, Carvana fell nearly 4% in Pre-Market Trading.

Online used car retailer. $Carvana (CVNA.US)$ Fell nearly 4%. In news, Hindenburg Research released a report stating that they are shorting Carvana, claiming that the company's recent turnaround to profitability is a "mirage," supported by unstable loans and accounting manipulation. Hindenburg stated that it discovered the company sold $0.8 billion in loans to suspicious undisclosed related parties, as well as details on how accounting manipulation and lax underwriting drove revenue growth in provisional reports, while insiders cashed out billions of dollars of stock.

• MINISO continues to rise nearly 6% in Pre-Market Trading, with the founder stating that the company will continue to develop the IP economy and lead interest consumption.

$MINISO (MNSO.US)$ Continues to rise nearly 6% in Pre-Market Trading, reporting at $26.71, poised to set a new high in over a year. In news, MINISO Group's founder, Board of Directors Chairman and CEO Ye Guofu released a New Year's message at the beginning of the year, mentioning that MINISO will continue to develop the IP economy, lead interest consumption, strengthen professionalism and leading advantages, moving towards the vision of becoming the world's number one IP design retail group. Additionally, MINISO recently announced a partnership with the popular game "Black Myth: Wukong," becoming its official authorized partner. MINISO will co-launch co-branded products with "Black Myth: Wukong," expected to be released in 2025.

• United States Steel fell over 8% in Pre-Market Trading, with reports that Biden will officially block Japan's Steel acquisition plan of $15 billion.

According to media reports, President Biden will completely block the acquisition case of Japan's Steel Company. $United States Steel (X.US)$ ending the lobbying of both companies to the U.S. government and both parties. Two people with knowledge revealed that Biden is expected to announce the blocking of this $15 billion deal as early as this Friday (January 3). In the long term, the Biden administration generally holds a cautious and opposing attitude towards this case.mergers and acquisitions.Cautious stance on the proposal, leaning towards opposition. As of the time of writing, United States Steel has dropped over 8% in Pre-Market Trading.

• Alibaba's significant buyback, with over 100 billion repurchased in a year.

$Alibaba (BABA.US)$ The latest announcement shows that in the past 2024 calendar year, a total of 16 billion USD was invested in share buybacks, equivalent to approximately 116.8 billion RMB. Over a year, the buyback exceeded 100 billion, leading among Chinese concept stocks. Alibaba's announcement indicates that there is still 20.7 billion USD available under the share repurchase plan, which is valid until March 2027.

• The US government locks in a ten-year clean energy supply: Nuclear power giant Constellation wins a 1 billion USD L.

$Constellation Energy (CEG.US)$ On Thursday, it was announced that a contract worth 1 billion USD has been secured, providing nuclear power to the US government over the next ten years. This record contract marks one of the largest energy procurements in the history of the US General Services Administration and is one of the US government's first climate-focused major energy agreements covering the existing nuclear reactor electricity. According to the agreement, Constellation will supply power to over 13 federal agencies, with a total generation expected to exceed 10 million megawatt-hours over ten years starting from April 25, enough to power more than one million homes annually.

Global macro

• Trump wields the "big stick"! Tariffs will become a hot topic at CES 2025.

At the 2025 Consumer Electronics Show (CES 2025) to be held next week in Las Vegas, automotive and technology companies will showcase their latest innovations. However, in this consumer-centric event, tariffs, a topic that usually isn't significant, will become the focus of heated discussion. Trump has promised to impose high tariffs on products imported from Canada, Mexico, China, and other US trade partners, raising concerns about the increased costs for businesses and consumers. Deborah Weinswig, CEO of the strategic consulting firm Coresight Research, said that in almost every conversation she had with clients before CES, the proposed tariffs were mentioned, 'this is certainly an issue that executives must address.'

• The rise in US Treasury yields + investors taking profits has led to a significant shrinkage in inflows to global equity funds.

Analysts from Institutions point out that if inflation in the USA remains sticky or rises due to Trump's tariffs, the Federal Reserve may pause interest rate cuts, and this unease is damaging market sentiment. Data from the London Stock Exchange Group (LSEG) shows that in the week ending December 18, investors fled global equity funds at the fastest pace in 15 years. The situation in the coming days will indicate whether the risk-averse sentiment in December is temporary or the beginning of a deeper trend. Signals from Trump's policies and the reactions of trade partners to his plans will be critical. Attention should also be paid to US Treasury yields, which rose by 40 basis points in December. Another increase may indicate the next round of stock sell-offs.

• Goldman Sachs' Institutional Brokerage Business reports that ETF short flow has seen the largest increase since 2021.

Goldman Sachs' institutional brokerage business stated that as the stock market's upward momentum cooled, hedge funds set an almost four-year record for short positions in asset class ETFs listed in the USA last month. Vincent Lin, co-head of Goldman Sachs Prime Insights & Analytics, indicated that the short flow of ETFs listed in the USA increased by 14.6% in December, marking the largest monthly increase since February 2021. Macro products such as indices and ETFs saw net buying in the first half of the month, but selling activity increased as the year came to a close. The most shorted market areas included Small Cap and Large Cap stocks, Medical Care, and Ping An Chinabond Medium-High Grade Corporate Bonds Spread Factor ETF.

• The People's Bank of China suggested increasing the intensity of monetary policy regulation and opportunistically lowering the reserve requirement ratio and interest rates during the fourth quarter regular meeting.

The Monetary Policy Committee of the People's Bank of China held its fourth quarter meeting (the 107th session) on December 27, 2024. The meeting studied the main ideas for the next phase of monetary policy, recommending an increase in the intensity of monetary policy regulation, enhancing the foresight, targeting, and effectiveness of monetary policy regulation, and opportunistically adjusting the reserve requirement ratio and interest rates based on domestic and foreign economic and financial conditions and the operation of financial markets. Maintaining ample liquidity, guiding Financial Institutions to increase the issuance of monetary credit, matching the scale of social financing and money supply growth with expected targets for economic growth and overall price levels.

• As market enthusiasm cooled, Blackrock's Bitcoin ETF faced record outflows.

On Thursday, investors withdrew funds from Blackrock's Bitcoin ETF. $iShares Bitcoin Trust (IBIT.US)$ A total of 0.333 billion dollars was withdrawn, marking the largest net outflow since the fund's launch. Additionally, the fund faced three consecutive days of net outflows, the longest duration of net outflows.

Bilibili rose more than 3% pre-market trading and was upgraded to "buy" by UBS, which raised its EPS estimate per share.

Reminder of Macroeconomic Events in the USA

(All in Peking Time)

23:00 USA December ISM Manufacturing PMI.

00:00 the next day, 2027 FOMC voting member, Richmond Fed President Barkin will speak.

Editor/new