On Thursday, Powell's speech gave no sign of a "bailout". Us bond yields climbed again, leading to a collective decline in the three major stock indexes, and the Nasdaq plunged more than 2 per cent again, giving up all its gains for the year.

Hot Chinese stocks fell across the board on Thursday.

The specific performance is as follows:

In terms of large-scale China-listed stocksBABA fell 2.44%, JD.com 3.04%, NetEase, Inc 0.90%, Baidu, Inc. 6.20%, Pinduoduo 6.13%, Bilibili Inc. 8.73%, Dada Nexus Limited 7.65%

Electric vehicle stocks continue to fallNIO Inc. fell 5.42%, Li Auto Inc. 1.98% and XPeng Inc. 2.23%

Focus review

• CITIC: the reasonable valuation of Baidu, Inc. should be of the order of 120 billion US dollars.

CITIC pointed out in a research report that thanks to the recovery of the domestic online advertising market and the optimization of Baidu, Inc. 's own products & operations, superimposed on this year's low base, Baidu, Inc. advertising is expected to return to double-digit growth in 2021, and the commercialization of innovative business is also expected to accelerate.

Using segment valuation, Baidu, Inc. 's reasonable valuation should be of the order of US $120 billion in 2021, corresponding to the target price of US $360 / ADR, and 33 times the overall business PE of 2021, with a "buy" rating, while the positive progress of the automobile company will provide the company with higher valuation flexibility.

As of press time, Baidu, Inc. 's latest market capitalization is $88.8 billion, which is 35 per cent higher than that of 120 billion.

• Qutoutiao fell 26%! In 2020, Q4 made a profit for the first time, but revenue fell 21.5% year on year.

On Thursday, Qutoutiao fell about 26%, and its latest share price was at $2.83. Earlier, the company reported that Q4 revenue fell 21.5% in 2020 compared with the same period last year.

According to the financial report, Qutoutiao's revenue in the fourth quarter of 2020 was 1.302 billion yuan, down 21.5 percent from the same period last year, compared with 1.658 billion yuan in the same period last year. In 2020, Qutoutiao's total revenue reached 5.285 billion yuan, an increase of 15.3% over the previous month. Under non-American general accounting standards, the operating profit in the fourth quarter reached 42.5 million yuan, achieving the first quarterly profit since listing. In addition, the financial report also announced the completion of round C financing of US $110 million.

• JPMorgan Chase & Co: lower NIO Inc. 's target price to $70; Deutsche Bank: recommend buying on bargains

JPMorgan Chase & Co issued a research report, lowering NIO Inc. 's target price from US $75 to US $70, maintaining the "overweight" rating. The bank is more concerned that the issuance of new shares will dilute existing shareholders than higher-than-expected performance losses and the potential risk of production constraints.

Deutsche Bank, on the other hand, suggested buying NIO Inc. on a bargain, reiterating NIO Inc. 's target price of $70. Edison Yu, an analyst at Deutsche Bank, said NIO Inc. 's delivery could reach 100000 in 2021, although he conservatively expected it to be 96000, 6000 more than his previous forecast.

Yu believes that with the increase of NIO Inc. 's brand awareness, the company is expected to become a leader in China's high-end automobile market. In addition, he says, there are several untapped areas for growth. Yu pointed out that the company will enter the European market in the second half of this year, and investors may have underestimated the potential sales of its products in Europe.

• Jianghuai Automobile plans to set up a joint venture with NIO Inc.

Jianghuai Automobile announced that in view of the fact that the two sides hope to further deepen cooperation in advanced manufacturing and service management and supply chain in the field of intelligent network-connected new energy vehicles, based on the principle of equality and mutual benefit, after friendly consultation, the two sides plan to set up Jianglai Advanced Manufacturing Technology Co., Ltd., a joint venture in Hefei, China. At present, the joint venture is still in the planning stage and will not affect the company's operating performance.