Based on observations from the semiconductor industry and information from Bloomberg, Advanced Micro Devices Inc. saw a significant increase in stock price on Thursday, continuing its surge to set a new record among a series of records this year. The stock rose by 9.1%, pushing the company's market value above $300 billion for the first time. The stock has more than doubled since its low point in October. The company is considered one of the major beneficiaries of artificial intelligence, and last month, optimism about new AI processors helped AMD's stock recover from weak forecasts. Earlier on Thursday, Citigroup wrote that it remains "extremely bullish on semiconductors," especially with the "continuing growth of the AI market," as various businesses and organizations are purchasing AI chips. The company ranks AMD, Nvidia Corp., and Broadcom Inc. as some of its favored stocks. However, despite the recent surge, the stock does not appear cheap. Its price-to-earnings ratio is close to 50 times the expected P/E ratio, much higher than industry leader Nvidia's P/E ratio of 32 times, which is relatively moderate. AMD's data center chips hit a record, with GPU sales reaching $3.8 billion. AMD announced its financial performance for the fourth quarter of 2023 and the entire fiscal year. The company achieved strong results at the end of this year, with its data center GPU business growing due to increased demand from the AI boom.

Bloomberg: AMD's market value soared, surpassing $300 billion.

《安徽省新能源汽车产业集群发展条例》自 2024 年 3 月 1 日起正式施行。该《条例》是中国首部省级层面的新能源汽车产业专项法规。《条例》共设 7 章 43 条，从安徽省新能源汽车产业发展实际需要出发，进行探索创新，包括总则、创新引领、产业链提升、场景拓展、开放合作等。

中国首部省级层面新能源汽车产业专项法规施行

金十数据 3 月 1 日讯，美联储威廉姆斯表示，他认为官员们没有必要进一步收紧政策，并重申他预计央行将在今年晚些时候降息。威廉姆斯承认，通货膨胀率已经从几十年来的高点回落，但他强调，官员们希望看到通货膨胀率回到 2%，并持续保持在这个水平。他预计美联储将在今年晚些时候降息，他们将把利率调回到更正常的水平。这些言论与他最近的言论相呼应，而包括美联储主席鲍威尔在内的多位美联储官员最近几周明确表示，鉴于经济和劳动力市场的潜在弹性，以及通胀前景面临的持续风险，他们认为没有必要仓促降息。

美联储威廉姆斯重申：今年晚些时候可能会进行降息

中共中央政治局 2 月 29 日下午就新能源技术与我国的能源安全进行第十二次集体学习。

2 月份，中国官方制造业采购经理指数 (PMI) 为 49.1，比上月下降 0.1 个百分点。大型企业 PMI 为 50.4，与上月持平；中型企业 PMI 为 49.1，上升 0.2 个百分点；小型企业 PMI 为 46.4，下降 0.8 个百分点。生产指数为 49.8，下降 1.5 个百分点；新订单指数为 49，持平；原材料库存指数为 47.4，下降 0.2 个百分点；从业人员指数为 47.5，下降 0.1 个百分点；供应商配送时间指数为 48.8，下降 2.0 个百分点。非制造业商务活动指数为 51.4，上升 0.7 个百分点。建筑业商务活动指数为 53.5，下降 0.4 个百分点；服务业商务活动指数为 51，上升 0.9 个百分点。新订单指数为 46.8，下降 0.8 个百分点；投入品价格指数为 50.6，上升 1 个百分点；销售价格指数为 48.5，下降 0.4 个百分点；从业人员指数为 47，持平；业务活动预期指数为 57.7，下降 2 个百分点。综合 PMI 产出指数为 50.9，与上月持平。

中国 2 月官方制造业 PMI 49.1 市场预期 49

港股开盘，恒指开跌 0.7%，科指开跌 1.02%。科网股走低，网易跌 3.8%。

网易发布 2023 年第四季度及全年财报，总营收突破千亿元大关，同比增长 6.7%。尽管低于预期，网易 CEO 丁磊表示，近一年来 AI 技术突飞猛进，将极大提高内容质量。网易非常重视 AI 在游戏、音乐等场景的应用。

网易丁磊：今天 AI 能做到的比过去十年还要重大

Multiple Federal Reserve officials have spoken on interest rate cuts. The S&P and Nasdaq rebounded to historic highs, rising for four consecutive months. NVIDIA hit a new high, stocks related to virtual currency surged, and Chinese concept stocks rose by over 10% in February. Bridgewater's Dalio stated that the U.S. stock market bubble "doesn't seem that big." Microsoft launched Copilot Financial Edition. Intel is reviving the Altera brand, leveraging AI to impact IPOs. JD Cloud: "Lower prices at will, compete to the end!" Dingdong Maicai achieved annual Non-GAAP profitability for the first time. Creditors took the opportunity to sell Xu Jiayin's top luxury mansion, valued at approximately HKD 500 million.

Breakfast | US stocks are back in a strong profitable trend, JD Cloud is directly competing with Alibaba Cloud.

比特币投资者 Michael Novogratz 表示，比特币可能会出现回调，随后反弹至创纪录水平，并在年底大幅上涨。目前市场上出现明显的 “错失恐惧” 情绪，越来越多的人想要购买比特币。Novogratz 认为市场杠杆过高，可能会导致洗牌，人们无法承受高杠杆。此外，他预计以太坊 ETF 将在今年获得 SEC 的批准。

知名加密货币投资者 Michael Novogratz：比特币或出现回调 随后反弹至创纪录水平

京东云宣布开启比价活动，对标产品最低成交价再优惠 10%，并承诺 “买贵就赔”。阿里云也宣布降价，涉及多款产品。此次活动引发了云计算厂商之间的价格战。根据数据显示，中国公有云服务市场规模不断增长。此次比价活动属于商业相关信息，是一项商业事件。

云上战争，京东硬刚阿里

近日，证券时报·e 公司记者了解到，春节后医疗减肥市场火爆，一些医院的减肥患者数量增长超过 50%。同时，减肥针剂销售和咨询量也显著增加。此消息引发资本市场相关概念股快速上涨。然而，一些行业人士指出，普通人缺乏专业团队支持很难复制明星减重路径，而且减重方式都存在一定副作用和风险，建议患者在专业指导下合理减重。

实探节后医疗减肥市场 部分医院接诊量增长超五成

S&P and Nasdaq rebound to historic highs, with the three major US stock indices rising for four consecutive months. S&P and Dow post their largest year-to-date gains in the first two months of 2019. Chip stocks rose by 2.7%, with Nvidia surging nearly 2%, both hitting record highs. Nvidia saw over 20% gains in both January and February. AI concept stocks rebounded strongly, with C3.ai rising over 20% after its earnings report. The German stock index hit a record high for seven consecutive days, rising for four months in a row. Chinese concept stocks retreated for two days, but accumulated over 10% gains in February. NetEase fell by nearly 4% after its earnings report, Baidu dropped by almost 2%, both seeing losses for two consecutive days. XPeng Motors rose by 8%, while Nio surged by nearly 6%. Following the PCE release, US bond yields flattened and then declined, with the two-year yield hitting a one-week low, but still rising by over 40 basis points in February. The US dollar index hit a daily low, then rebounded, approaching a one-week high, rising for two consecutive months. Offshore RMB rose by over a hundred points during the day, recovering to 7.21, moving away from a low of over a week. Bitcoin fell by over $3000 and dropped below $61,000, bidding farewell to its two-year high, with over a 40% gain in February. US oil fell for two consecutive days, while Brent crude futures temporarily bid farewell to a three-month high, both rising for two months in a row; US natural gas fell by over 10% in February. Following the PCE release, gold prices surged, with gold futures hitting a four-week high, but falling for two consecutive months. London copper rebounded, but still fell by over 1% in February; London nickel rose for three consecutive days to a three-month high, with a 10% surge in February. Updates in progress.

Heavyweight PCE growth did not exceed expectations, US bonds surged, US stocks rebounded, SPDR S&P 500 achieved its best start in five years, and Bitcoin saw its largest monthly increase in over three years.

Bitcoin continues to rise, with record inflows of ETF funds. The price of Bitcoin once exceeded $63,000, surpassing analysts' expectations. At the same time, the newly launched Bitcoin Exchange Traded Fund (ETF) has attracted record inflows of funds. BlackRock's physical Bitcoin ETF is the top choice for investors, attracting over $6.12 billion in funds, with total assets under management exceeding $9 billion. In addition, nine new Bitcoin ETFs have collectively attracted $8 billion in new demand. The price of Bitcoin is currently stable above $61,000.

Bitcoin continues to rise, with record inflows of ETF funds.

尽管近来数据显示美国通胀上升，美联储高官们也承认这一点，但他们普遍并未改变自己此前的观点，即今年降息两到三次，也同时表示降息并非迫在眉睫。旧金山联储主席称，她对住房通胀正在下降越来越有信心。亚特兰大联储主席仍预计夏季开始降息合适。芝加哥联储主席称不要过度解读单月数据。

美联储多高官讲话，不急于降息，也无惧 1 月通胀数据

The emerging US startup Synth Labs has recently secured funding from M12, a venture capital fund under Microsoft, and a deep tech venture capital fund in the seed round led by former Google CEO Eric Schmidt. The goal is to ensure that AI systems operate according to human intent and mitigate the risk of AI getting out of control. AI alignment has become a hot topic in the field of AI.

What are tech giants focusing on? Aligning values with artificial intelligence! Microsoft has entered the game.

Microsoft has stated that by using Copilot for Finance, finance professionals can reduce the time spent on reconciliation to 10 to 20 minutes per week. This product is powered by Open AI, currently only available in a preview version, and pricing has not been disclosed yet.

Financial gospel? Microsoft releases Copilot for finance, accelerating reconciliation and data analysis.

美银美林和富国银行向客户提供比特币 ETF。

加密货币投资公司 Galaxy Digital 创始人 Novogratz：明年比特币价格将较现在大幅上涨。

ZEEKR leaves no room for XIAOMI-W to survive.

Who says innovative drugs can't make money when going global?

2024 Earnings Report | Domestic performance lags behind international, Takeda's down payment supports HUTCHMED in turning losses around.

HSBC predicts that Temu is expected to gain a market share of 3-6% in developed markets in the United States, Europe, and Asia. By 2025, Temu may achieve profitability, with its contribution to PDD's revenue expected to exceed 50% by then.

HSBC: Pinduoduo may achieve profitability by 2025, with overseas revenue accounting for over half. | The Four Little Dragons Going Global series.

The future trillion-dollar club in the US stock market may no longer be limited to just the "Big Seven."

Who will be the next "trillion-dollar company": Berkshire Hathaway, Eli Lilly, or Taiwan Semiconductor?

2021 年之前，货币政策主要通过降准、降息等手段进行逆周期调节，推动商业银行扩表宽信用。而 2021 年之后，货币政策更注重总量目标与结构目标的平衡，跨周期调节的操作增多。这一变化源于中国式现代化和现代化产业体系的新发展框架，以及宏观金融环境和政策空间特征的演变。在新的政策框架下，央行对结构性工具的偏好升高，增长与通胀变化触发总量宽松操作的阈值有所上升。在新的政策环境下，投资者对短久期与高确定性资产的偏好会上升，盈利对于权益市场的影响会被利率放大。

广发证券：货币政策新特征对权益市场定价有何影响？

Apple's dream of making cars for ten years has been shattered.

C3.AI's performance exceeded expectations, raising its full-year revenue guidance and rising 16% in pre-market trading.

US Stock Market Preview: PCE data is coming in tonight, with futures of the three major stock indices all falling.

2 月 29 日，阿里发布了一条 11 位合伙人、总裁的访谈视频，几乎所有阿里巴巴管理者都谈到了，如何以服务社会之心去不断解决问题，超越企业短期的波动。在多位阿里高管看来，商业和公益，都是解决社会痛点，倡导员工公益的重要初衷，是希望能在公益行动与商业创新上建立一座更紧密的桥梁。

蔡崇信、吴泳铭等 11 位管理层发声：回报社会是阿里最大价值

市场开始因美国大选感到恐慌，仿佛重回 1999 年 “世界末日即将来临” 的氛围，每位市场参与者都在重新判断他们投资组合中的风险承受能力。

美银证券：对于市场，年底的美国大选就像另一场 “千年虫”

比特币现货 ETF 的推出对原始加密货币市场产生了重大影响，比特币价格飙升 45%，接近历史高点。ETF 的引入加大了比特币交易的重心向美国转移，同时鼓励杠杆押注。比特币的交易量和涨势均超过了股市，吸引了寻求波动的交易员。此外，比特币永久期货的融资利率也达到了近期最高水平。这表明交易员急于押注获利，并准备向做空的投机者支付资金。比特币现货 ETF 的总交易量也大幅增加，比特币市场正在被重塑。

比特币 ETF 席卷华尔街 加密货币市场正在被重塑

NVIDIA is making breakthrough progress in the field of fundamental robotics technology, and the arrival of humanoid robots may be just around the corner.

Huang Renxun: Every day feels like the first day of entrepreneurship! I sacrificed everything for NVIDIA.

In this quarter, NetEase's net profit attributable to shareholders was 6.58 billion yuan, a year-on-year increase of 67%, but a decrease of 16% compared to the previous quarter. The profit growth was mainly driven by games such as "Revelation" and "Egg Party".

NetEase's pre-market trading fell by over 5%, with a 16% decrease in net profit QoQ in Q4. The daily active users of "Egg Party" during the Spring Festival exceeded 40 million.

CEO resigns! Snowflake plunges 23% in pre-market trading. Q4 revenue and profit beat expectations, but guidance falls short.

WSB Hot Topic | Up 6000% in Four Years! Functional beverage company Celsius is about to release its earnings report.

2024 年 2 月 27 日，外交部部长助理兼政策规划司司长苗得雨在上海同美国国务院政策规划司司长艾哈迈德举行新一轮中美外交政策磋商。双方重点就各自外交政策以及国际形势、地区热点问题等进行了坦诚、深入、建设性沟通。

中美举行新一轮外交政策磋商

美国证券交易委员会（SEC）公布了纽约证券交易所美国公司（NYSE American LLC）的提案，旨在修改规则以允许比特币 ETF、灰度比特币信托（GBTC）及任何持有比特币的信托的期权上市和交易。这将为投资者提供更多获取比特币市场曝光的机会，并作为对冲工具满足投资需求。SEC 将在 45 天内做出决定，可能延长至 90 天。

美国 SEC 考虑允许比特币 ETF 及相关信托期权上市交易

一辆小鹏汽车在江苏苏州发生车祸后起火，据知情人士透露，车辆被撞得严重，整个车辆都烧成了骨架。车主疑似当场死亡。事故原因仍在调查中。暂时没有小鹏汽车官方的相关消息来源。

知情人士回应小鹏汽车起火：整个车都烧成骨架，现场惨烈，车主疑似当场死亡

HANGZHOU, China, Feb. 29, 2024 /PRNewswire/ -- NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase" or the "Company"), a leading internet and game services provider, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023.Fourth Quarter 2023 Financial HighlightsNet revenues were RMB27.1 billion (US$3.8 billion), an increase of 7.0% compared with the fourth quarter of 2022.Games and related value-added services net revenues were RMB20.

NetEase Announces Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results

According to the data from Zhitong App, as of the close on February 29th, 48 stocks hit a 52-week high, with China International Equity, GOFINTECH INNOV, and FA Sanxing Bitcoin ranking in the top 3 with growth rates of 150.00%, 35.00%, and 14.04% respectively. Additionally, 40 stocks hit a 52-week low, with Shengnuo Medicine-B, TALENT PPT GP, and KANGLI INT HLDG ranking in the top three with decline rates of -25.30%, -15.04%, and -14.71% respectively.

Zhitong Hong Kong Stock 52-Week Highs and Lows Statistics on February 29th.

云音乐在港交所公告，2023 年经调整净利润 8.19 亿元，去年同期亏损 1.15 亿元。

云音乐：2023 年经调整净利润 8.19 亿元 同比扭亏为盈

The CEO of C3.AI believes that the future demand potential in the enterprise AI market is enormous. The company has achieved initial success in market expansion, customer attraction, and revenue growth. With financial performance exceeding expectations, C3.AI is capable of achieving rapid growth in the enterprise AI market. After Wednesday's market close, C3.AI's stock price surged over 12%.

B 端人工智能可能会迎来爆发？C3.ai 增长加速，股价暴涨

The contribution of Transformer to the Diffusion process is similar to an engine upgrade.

The key model behind Sora, the breakthrough to achieving AGI?

自美国证券交易委员会于 1 月宣布批准比特币现货交易所买卖基金上市，带动全球第二大加密货币交易所 Coinbase 市值水涨船高，其市值本周突破 500 亿美元已超过香港交易所和德国交易所，跃升为全球第四大上市交易所。

Coinbase 市值超越香港交易所 成为全球第四大上市交易所

When you think H200 is the strongest, NVIDIA is already preparing an even more powerful B100.

The most powerful AI chip B100 is coming! NVIDIA may release it in March.

美国股市估值虽然处于历史高位，但投资者仍不应避开股票，因为股价仍有上涨空间。虽然标普 500 指数的估值比过去高，但目前的市场构成与过去不同，公司盈利能力较高，股价可能会继续上涨。

美股 “贵得离谱”？华尔街唱多情绪高涨，分析师喊出 6000 点目标位

美股恐将回调 10%，技术面有压力。根据 Pipeer Sandler 首席市场技术分析师 Craig Johnson 的观点，美国股市即将出现 10% 的回调。他认为，股市出现了一些技术信号，显示股市还没有准备好进一步上涨。尽管投资者一直将资金投入大型科技股，但医疗保健和金融股一直落后，整个市场并未出现反弹。Johnson 预测，股市可能会在 3 月份发生调整，回调幅度可能达到 10%。

美股恐将回调 10%？分析师：反弹幅度不够大，技术面有压力

过去美联储通常在经济衰退时迅速降低利率，而这一次经济基本面看起来大不相同。

美联储官员：本轮降息节奏将 “与前几轮周期不同”

比特币日内大涨 5.00%，现报 63576 美元/枚。

随着芯片制造商的股价持续飙升，英伟达的内部人士加大了股票抛售力度。根据这家公司向美国证券交易委员会提交的 Form4 文件，上周财报公布后，英伟达董事出售了 99000 股，创 9 月份以来单月新高，总价值约 8000 万美元。

英伟达内部人士加大抛售力度 最新财报披露后已套现 8000 万美元

The cryptocurrency circle is staging another "night of terror"!

Bitcoin plunged after approaching historical highs, ETFs went crazy, Coinbase crashed, and Nigeria cracked down on people.

英伟达 IR 电话会议透露了很多信息。最大的两个推理用例是推荐系统和生成式 AI，其中推荐系统占 40% 中的 20%。今年的推理收入确认来自去年的购买。GTC 有超过 80% 的概率会发行 B100。供应仍然紧张，但 NVDA 能够直接了解最终客户并做出相应安排。关于 CY25 年的可见性，已经有很多信号。总体而言，这些信息展示了英伟达在推理和供应方面的优势和前景。

英伟达 IR call，信息量很大...

摩根士丹利在阿布扎比开设办事处。

美股 AXTI 股价在人工智能热潮中翻倍，累计涨幅超过 135%。AXTI 是一家化合物及单元素半导体基板开发商和生产商，产品包括砷化镓基板、磷化铟基板和锗基板。公司首席执行官预测 AI 领域的磷化铟订单将增加，磷化铟作为快速数据传输的平台需求有望增长。磷化铟是第二代 III-V 族化合物半导体，广泛应用于光模块、射频器件和 LED 等领域。