2023-11-17-富昌金融集团-研究报告_4页_391kb

November 17, 2023
Fuchang Securities Research Report

I. Key News

International/North China

1. US-China High-Level Meeting: Chinese and US leaders agreed to promote and strengthen dialogue and cooperation in various fields, including business, economy, finance, export controls, and technology. They also committed to increasing direct flights and expanding student exchange programs.
2. Walmart Financial Results: The company reported a 5.2% revenue growth for its 2024 fiscal Q3 and adjusted EPS of $1.53. CEO Rex Tillerson attributed recent sales declines to disruptions in October's final weeks.

Domestic
3. US Treasury Market: US money market funds reached record highs, with assets up by $21.9 billion. The Fed maintained its policy interest rate at 5.25%-5.5%, the highest level in 22 years.
4. Alibaba Strategic Adjustments: Ant Group's planned SPAC listing is delayed due to concerns over US chip export restrictions. Jack Ma's family trust plans to sell 100 million shares.

Key Takeaways

• US-China dialogue mechanisms were reinforced, but market sentiment remains cautious due to trade tensions.
• Alibaba's fiscal 2023 annual dividend is expected to be around $2.5 billion, but strategic shifts reflect ongoing regulatory and geopolitical pressures.

II. Market Recap

Commodities

• Gold: Prices held steady amid cooling rate expectations.
• Oil: Inventories surged, leading to a drop in oil prices.

Global Indices

• US Markets: Mixed results with the Dow slightly down, S&P 500 up, and Nasdaq flat.
• Asia-Pacific: Hong Kong and Chinese markets saw slight declines amid regional concerns.
• European Markets: London and Paris indices fell due to profit-taking.

Key Takeaways

• Markets reacted to US inflation data and Fed policy, with rates hikes delayed.
• Geopolitical risks weighed on investor sentiment globally.

III. Disclaimer

This report does not constitute an investment recommendation and is subject to risks, including market volatility and regulatory changes.

English Summary

November 17, 2023  
Fuchang Securities Research Report  

### **I. Key News**  
1. US and China agreed to strengthen cooperation in finance, technology, and trade during high-level talks, aiming to expand direct flights and student exchanges.  
2. Walmart's Q3 2024 results show strong revenue growth, but the company warns about temporary sales declines.  
3. US Treasury flows into money markets reach record highs as the Fed maintains rates amid inflation concerns.  
4. Alibaba's strategic pivot includes delaying Ant's SPAC listing amid chip export restrictions, with Jack Ma's trust planning major stock sales.  

### **II. Market Recap**  
- Commodities: Gold and oil prices fell on inventory and demand concerns.  
- Global Indices: US markets mixed, with Asia-Pacific and European markets lagging due to profit-taking and geopolitical risks.  

### **III. Disclaimer**  
The report neither recommends investments nor guarantees accuracy. Investors must consider risks independently.