Some investors attribute the rebound in pro-cyclical sectors and leading core assets to re-inflation trades, but CICC believes it is somewhat forced. From a fundamental perspective, the short-term rebound in Hong Kong stocks is more due to short covering and inflows from some foreign capital for short-term speculative rebounds

Market Insight | How to view the rebound of Hong Kong stocks last week?

英伟达将举办 GTC 开发者大会，展示了其在软件生态系统方面的优势。GTC 是为开发者举办的展会，Nvidia 围绕 CUDA 及其软件堆栈构建了软件生态系统。合作伙伴对英伟达至关重要，数百家公司和数百万开发人员在其产品上构建工具，难以在短期内转移到其他公司的芯片上运行。英伟达的软件护城河取决于软件生态系统的固有惯性，公司的投资和合作关系表明其具有巨大的竞争优势。

英伟达 CUDA 护城河，到底有多深？

Nowadays, in the US stock market, only three electric vehicle manufacturers can sustain profitability, namely Tesla, BYD, and LI AUTO. The total value of these three companies is approximately $650 billion, which is far below the peak of $1.4 trillion.

Electric vehicle stocks, just a dream?

美银证券将台积电美股目标价上调至 155 美元，预计结构性先进节点的需求将更强劲，同时认为台积电的行业龙头地位将受益于英特尔将 CPU 模块外包予台积电的消息。美银还预测，台积电的代工收入在 2023 年至 2025 年的年均复合增长率将达 22%。

美银：上调台积电美股目标价至 155 美元 料结构性先进节点的需求将更强劲

高盛预计日本央行将在周二取消负利率，同时退出对日本国债收益率曲线的控制政策。此前，日本公布的薪资增长数据和日本央行官员透露的消息暗示日本央行可能会加息。日本最大规模工会组织宣布了强于预期的年度薪资协议，进一步刺激了市场对日本央行行动的猜测情绪。这将是自 2007 年以来的首次加息，也意味着日本成为全球最后一个结束负利率的国家。

重磅展望出炉！ “华尔街预期风向标” 高盛押注日本央行周二取消负利率

After a five-year hiatus, GTC is returning to offline events. Will Huang Renxun bring out some real heavyweights this time?

AI Summit! NVIDIA GTC Conference: Great Expectations, Can B100 Handle the Scene?

国家统计局：1—2 月份，社会消费品零售总额 81307 亿元，同比增长 5.5%。其中，除汽车以外的消费品零售额 74194 亿元，增长 5.2%。

中国 1-2 月今年迄今城镇固定资产投资年率 4.2%，预期 3.20%，前值 3%。

中国 2 月城镇调查失业率 5.3%，预期 5.10%，前值 5.1%。

港股药品股持续下挫，康龙成化跌超 5%，和黄医药跌近 4%，信达生物跌超 3%，凯莱英、绿叶制药、翰森制药均跌超 2.5%。

XPeng-W surged more than 5%, as of the time of writing, it increased by 4.89% to HKD 39.65, with a trading volume of HKD 92.2449 million.

Hong Kong Stock Market Update: XPENG-W surged over 5% as it is about to launch a brand new model. The intelligent driving flagship model is set to officially hit the road in the second quarter.

马斯克突然开源 Grok：3140 亿参数巨无霸，免费可商用

The "Magnificent Seven" tech and growth stocks are trading at high valuations, raising concerns among investors. Tesla and Apple have seen declines in their shares due to uncertain outlooks, while Nvidia has experienced significant gains. The performance of these stocks has accounted for a majority of the S&P 500's appreciation. However, the growth trajectory of the "Magnificent Seven" is expected to moderate in the future, which may impact their valuations. Investors remain optimistic but are cautious about the potential risks.

Wall St Week Ahead-Fracturing 'Magnificent Seven' trade puts spotlight on megacap valuations

Tesla's position as "more than a car company" is being challenged by analysts. Concerns include the departure of key members from Tesla's AI team, uncertain charging profits, eroding competitive edge, underwhelming Cybertruck prospects, and questions about Tesla's battery technology. These factors, along with competition from Chinese startups and market turbulence, could pose challenges for Tesla in the near to mid-term. Tesla's stock ended Thursday's session at a 10-month low.

Cracks In Tesla's Armor? Bearish Analyst Shares Value Investor's Take On Why Wall Street's 'More-Than-A-Car-Company' Thesis Is Flawed

港股开盘，恒指开跌 0.18%，科指开跌 0.4%；京东涨超 2%，药明生物涨近 1.5%。

中金认为，通胀预期抬升促成政策转向，日央行或取消 YCC 以及退出负利率。此举减少全球便宜钱供给，停止扩表也会使得全球金融流动性短期承压。

中金：日本央行政策调整七问七答

由远东发展分拆的百乐皇宫公布招股详情，拟全球发售 1.

《新股消息》百乐皇宫今起招股 一手入场费 2,626.22 元

比特币回落至 67000 美元/枚下方，日内跌 1.79%。

CFRA Research 表示，特斯拉 2024 年的股价暴跌只不过是一次迟来的合理调整，其价格最终将反弹至 275 美元，意味着该股较上周五收盘上涨 68%！为什么？

理解市场 | 特斯拉暴跌实是 “抄底良机”？

Is the existence of the "AI bubble" no longer important? Even Wall Street finds it hard to deny that popular tech stocks like NVIDIA may still have a significant room for valuation expansion!

Understanding the market | Wall Street's logic in trading US stocks has undergone a significant change! Why?

这个时候，马斯克当然不会忘了嘲讽 OpenAI 一番，「我们想了解更多 OpenAI 的开放部分」。

马斯克开源 Grok-1:3140 亿参数迄今最大，权重架构全开放，磁力下载

Under the boost of NVIDIA's AI chips, Super Micro Computer's server sales have surged, with the company's revenue expected to double this year, leading ahead of many major competitors.

A 12-fold increase in one year! "AI's most promising stock" Super Micro Computer will be included in the S&P index today.

近日，北美地区的特斯拉车主们陆续接收到 FSD（全自动驾驶）V12.3 版本的更新推送。据用户反馈，相较于之前的 V12.

FSD V12.3 大规模推送在即 将引入神经网络

百乐皇宫于 2024 年 3 月 18 日-2024 年 3 月 21 日招股，拟全球发售 1.43 亿股股份，包括 8571.

新股公告 | 百乐皇宫今起招股 预计 3 月 26 日上市 引入向上国际科技作为基投认购 7000 万港元的发售股份

This week, the global market will welcome the "Super Central Bank Week", with releases of earnings reports from XIAOMI-WR, XPeng, MEITUAN, and others. Hema and Darunfa both deny being sold to COFCO by Alibaba. Apple launches the 300 billion parameter MM1 multimodal large model. Media reports suggest that the actual orders for Li Auto's MEGA are lower than expected. Tesla's Model Y sees price increases in multiple European countries and the United States. NVIDIA's GTC conference is set to take place, with the potential release of the B100 computing chip. Reports indicate that Reddit's IPO has received 5 times oversubscription.

Breakfast | NVIDIA is preparing to welcome the Federal Reserve meeting, TENCENT, Pinduoduo, and other earnings reports.

AIGC 红利、用户流失但战略性 “狗住了”，美图转运

靠 AIGC 翻身，又遇比特币大涨，蔡文胜的美图「赌赢」了？

黄金价格上涨，消费者关注度上升。黄金首饰价格较高，但银行购买黄金价格较金店便宜。一些银行的足金投资金条价格普遍在 516-530 元之间，黄金首饰价格也更便宜。购买黄金需谨慎，不宜追涨。

八折买黄金首饰，可能么？

Binance's newly appointed CEO Richard Teng predicts that as institutional investors pour more funds into ETFs supporting cryptocurrencies, Bitcoin will surpass $80,000. He pointed out that earlier this year, the launch of Bitcoin ETFs in the United States attracted institutional investors and new capital inflows. Despite recent fluctuations and sell-offs in the price of Bitcoin, reduced supply and increased demand will drive its price above $80,000. Binance founder Zhao Changpeng resigned as CEO, and Richard Teng took over. Binance is one of the world's largest cryptocurrency exchange platforms

Bullish voices are constantly heard! Binance's new CEO: Expects Bitcoin to break through $80,000 amid continuous inflow of ETFs

Reddit's IPO is currently oversubscribed by four to five times, increasing the likelihood that it will reach its targeted valuation of $6.5 billion. Despite past financial losses, the company's influential online communities and its involvement in the "meme-stock" saga have generated interest. The IPO aims to raise up to $748 million and includes reserved shares for eligible users and moderators on the platform.

EXCLUSIVE-Reddit's IPO as much as five times oversubscribed, sources say

亿航智能成功获得全球首张 eVTOL 适航认证，带动了其营收和股价的大幅增长。2023 财年第四季度，亿航智能实现了营收 5660 万元，同比增长 261%，并实现了单季经营现金流转正。整个 2023 年，亿航智能实现了 1.17 亿元的营收，同比增长 164.97%。此外，公司预计 2024 年第一季度营收将增长约 160%。此次适航认证对于亿航智能来说是重要的里程碑，推动了业务增长和市场需求的增加。

“飞行汽车第一股”，营收大涨

比特币减半事件即将到来，预计将在 2024 年 4 月 17 日发生。减半机制是指每增加 21 万个区块，矿工获得比特币奖励将减少 50%。此次减半事件是比特币诞生以来的第四次。市场预计减半事件会影响比特币挖矿的回报率。根据市场资料，减半事件可能会持续到比特币被挖掘完，预计在 2140 年左右。比特币价格在周末出现下跌，跌破 6.5 万美元。

比特币减半事件倒数 30 日，何谓减半？

The market will never smoothly transition to electric vehicles. Analysts believe that as early user demand is met, the momentum of electric cars will slow down.

The European and American electric vehicles suffered a "major defeat", while the "reverse version" of TM ADR US staged a comeback.

比特币向上触及 67000 美元/枚，日内跌幅收窄至 1.30%。

近日，摩根大通针对比特币发布的一份报告，引发市场关注。报告指出，备受期待的比特币减半事件将在 4 月份到来，这可能会对比特币矿工的盈利能力产生严重负面影响。报告警告，比特币的价格可能会因此暴跌至 4.2 万美元/枚，较目前价格的潜在下跌空间超 36%。

比特币减半将在 4 月到来

英伟达的客户们在下一个财年将继续增加对人工智能资本的投入。微软预计在 2025 年将继续增加在云投资和人工智能基础设施方面的资本支出。谷歌也计划在 2024 年加大对人工智能应用的资本投入。这些公司对人工智能的投资将带来长期增长机会。微软的 Azure 业务和谷歌的 GoogleCloud 业务正在不断推动人工智能的发展。

英伟达的客户们下一个财年的打算

比特币向下触及 65000 美元，24 小时内跌 4.25%。

Zhejiang Securities believes that NVIDIA will release a series of generative AI applications at the GTC2024 conference, which could become a new growth point for the company.

NVIDIA: Besides B100, also consider application testing.

垂直行业成为 AI 应用创业的新突破口。创业公司的竞争壁垒取决于想法的明显度和构建难度。AI 应用产品很难构建竞争壁垒。现有巨头企业成为应用 AI 技术的第一批市场参与者。在 AI 时代，技术差异不再是软件公司的差异化因素。AI 应用创业面临与 100 家创业企业和现有企业的竞争。AI 应用就像瓶装水，无处不在且必需品。AI 时代的技术差异趋近于零。

多家 VC 谈 AI 应用的护城河：技术差异正趋近于零

JPMorgan Chase stated that the narrowing gap between HBM execution progress and DRAM profit margins in the industry is a key factor for Samsung Electronics to outperform its peers in stock performance.

When the market narrative shifts from "AI memory" to "overall memory recovery," is it Samsung's opportunity?

日本第二大和第三大车企本田和日产宣布将在电动车和智能移动领域开展合作，以应对中美在电动化领域的快速发展。两家公司希望通过合作降低成本，合作的范围包括采购零部件、电动汽车相关核心部件的开发，汽车智能技术和软件开发等。

日本第二大和第三大车企抱团取暖

Without the boost of artificial intelligence, will Apple become a "boring" value stock?

比特币跌破 65000 美元，最低报 64742 美元，日内跌超 5%。

两位美国参议员表示，希望美国证券交易委员会主席 Gary Gensler 取消任何进一步的加密货币 ETF，理由是这会给散户投资者带来巨大风险。

财付通支付科技有限公司获准增加注册资本至 153 亿元人民币，成为注册资本最高的非银行支付机构。该公司是由深圳市腾讯计算机系统有限公司持有的，提供微信支付、QQ 钱包的支付牌照和银行通道技术支持。去年曾被罚没近 30 亿元，但表示将加大在科技创新、提升支付服务质量等方面的投入。

财付通注册资本获准从 10 亿增至 153 亿，成注册资本最高的非银行支付机构

Last year, Huawei's losses decreased to 6 billion yuan, and Richard Yu expects to turn losses into profits this year. Richard Yu also mentioned the "feud" with XPeng, believing that the healthy competition in the field of intelligent driving between the two sides will contribute to mutual progress.

Richard Yu: XPeng-W is currently the best in domestic intelligent driving, but now Huawei has entered the game.

TCL is making a move again.

中国新能源汽车市场的渗透率预计将在未来三个月内突破 50%，甚至更高。根据比亚迪董事长王传福的预测，新能源汽车将成为主导地位。中国汽车工业经过 70 年发展，去年产销量首次突破了 3000 万台，同时跃居全球第一大汽车出口国。中国新能源汽车产销量连续 9 年位居全球第一，占全球比重超过 60%。加快发展电动汽车有助于调整能源结构，实现绿色可持续发展的未来。新能源转型趋势不可逆转，中国市场变革速度和效率更快。新能源汽车市场空间仍然很大，但市场竞争激烈，行业已进入结构性调整阶段。产业集中度提升是全球汽车强国形成的必然阶段。

王传福：新能源渗透率将在 3 个月内突破 50%

Relying solely on the flow of ETFs to infer market and investment directions can be misleading.

Investors are shifting from gold to Bitcoin? JPMorgan Chase: Those who love gold buy gold bars, those who love Bitcoin buy ETFs.

The "Apollo" robot deployed in the Mercedes-Benz factory is approximately 1.72 meters tall, weighing around 144 pounds. The theoretical maximum load capacity is close to 50 pounds, indicating it may primarily be used for heavy object handling.

Physical labor is being done by someone! Mercedes-Benz factory pilot introduces humanoid robots.

美国参议员敦促 SEC 停止批准新的加密货币 ETF，以避免散户投资者面临的风险。他们对数字加密货币交易所交易基金的风险表示担忧，认为其容易受到欺诈和市场操纵的影响。这也是监管机构对数字加密货币市场加大审查力度的一部分。