跨境支付公司连连数字发布公告，计划全球发售 5592 万股股份，招股日期为 3 月 20 日至 3 月 25 日。预计若超额配股权及发售量调整选择权悉数行使，所得款项净额约为 6.684 亿港元。所得款项将用于提高技术能力、用户扩大业务、战略投资及收购以及一般公司用途及营运资金需求。连连数字成立于 2009 年，是中国提供支付解决方案的数字科技公司之一，服务了约 320 万家商户及企业。2023 年前 9 个月的数字支付服务总支付额为 1.31 万亿元，同比增长 45.5%。

今起公开招股，跨境支付第一股来了

Source: CICC Online. On March 20th, TENCENT (HK,00700) is set to disclose its financial report for the fourth quarter and full year of 2023. Currently, institutions predict that TENCENT's revenue in the fourth quarter will increase by about 8% year-on-year, reaching 157 billion RMB, while Non-IFRS net profit is expected to increase by approximately 33-35%, reaching 40 billion RMB. In 2023, TENCENT has achieved revenue and profit growth for multiple consecutive quarters, with profit growth outpacing revenue growth driven by high-quality revenue, and gross profit growth remaining above 20%, surpassing revenue growth. Institutions unanimously predict that TENCENT is expected to achieve annual revenue exceeding 610 billion RMB, Non-IFRS net profit exceeding 150 billion RMB, with a gross profit margin of 47%, surpassing the historical high of 46% in 2020. Sealand Securities pointed out that TENCENT's core business is stable, with abundant game product reserves in 2024, continued commercialization potential of video advertising and e-commerce, giving TENCENT a total target market value of 3.54 trillion RMB, corresponding to a target price of 375 yuan/412 Hong Kong dollars, maintaining a "buy" rating. Looking at different business segments, TENCENT's core sectors such as financial technology and enterprise services, advertising, games, and WeChat's commercial ecosystem all maintain strong momentum, with new growth highlights. The financial technology and enterprise services sector show steady growth, solidifying its position as the top revenue pillar. According to Sealand Securities' estimates, the revenue from financial technology and enterprise services representing the real economy in the fourth quarter of 2023 may reach 54.2 billion RMB, a 15% year-on-year increase and a 4% increase from the previous quarter

TENCENT Q4 financial report is about to be disclosed: Gross profit and net profit are expected to achieve double-digit high growth for two consecutive quarters

Semiconductor startup Astera Labs raised $713 million in its initial public offering (IPO), with the stock priced above the market pricing range. Astera's investors include Intel and Sutter Hill Ventures. According to the documents, Astera is valued at around $5.5 billion. This IPO exceeded the fundraising of companies Instacart and Klaviyo. Morgan Stanley and JP Morgan led the IPO. In summary, Astera Labs conducted its IPO, raising $713 million with the stock priced above market expectations

"AI unicorn" AsteraIPO with a scale of up to USD 7.13 billion will debut on Nasdaq tonight

If Tesla is similar to ChatGPT-3 or 3.5, then FSD V12.4 may be similar to GPT-4

Regarding the version of Tesla and subsequent improvement issues

有用户反应特斯拉 Cybertruck 车门出现缝隙的问题。特斯拉 CEO 埃隆·马斯克回应称，这不是 “车门贴合” 的问题。大约有 15 辆现役的 Cybertruck 出现了车门锁扣松动的问题，原因是车门安装后扭矩不足。在特斯拉服务中修复此问题需要 5 分钟，并且此问题已在生产中得到解决。

马斯克回应 Cybertruck 车门问题

恒生科技指数日内涨超 1%，阅文集团涨超 7%，理想汽车涨超 4%，小鹏汽车涨近 4%，同程旅行涨超 3.5%。

马斯克：特斯拉 FSD V12.3.1 应该在本周末开始推出。

侯毅突然 “退休”，盒马留下哪些难题？盒马的多元化店态形式模糊了其定位，分散了主力店资源，被认为是重大战略失误。阿里宣布盒马鲜生是其下属的新零售实体样本。盒马进入调整期，阿里可能逐步退出实体零售业务。这一消息得到蔡崇信的回应，表示阿里退出实体零售是合理的，但需要时间实现。新阿里 CEO 吴泳铭上任后进行了人士调整。

侯毅突然 “退休”，盒马留下哪些难题？

State-owned major shareholders successively come to the rescue of Vanke

Li Auto rebounded by over 4%, as of the time of publication, it rose by 4.46% to HKD 133.6, with a turnover of HKD 6.52 billion. On the news front, according to media reports, sources revealed that within 72 hours of Li Auto MEGA's listing, there were approximately 3,218 confirmed orders nationwide, but cancellations amounted to around 10,297 units. Another source mentioned that the core management of Li Auto is currently discussing whether to adjust the annual sales target of MEGA to 50,000-60,000 units, but the specific numbers have yet to be confirmed. UBS previously pointed out that the new design of MEGA has received criticism, with some investors viewing it as a failure of the company's pure electric vehicle plan. Despite the poor performance of the orders in the first three days of the vehicle's launch, the bank believes that there are measures that can be taken to remedy the situation, including offering more color options, adding decorations, and launching targeted advertisements. Morgan Stanley released a report stating that Li Auto will introduce CDC sports suspension models for L7 and L8, along with launching a limited-time promotion. The bank views this as a timely and necessary strategic adjustment, but it will take time to prove its effectiveness

Hong Kong Stock Market News | LI AUTO rebounds more than 4% as MEGA starts off unfavorably. UBS previously stated that there are still measures to remedy the situation

阿根廷民众积极购买比特币以应对超级通胀，需求达到 20 个月来最高水平。过去两个月，比索兑换成美元的吸引力下降，而比特币兑美元汇率大幅上涨。阿根廷成为全球加密货币采用率最高的国家之一。阿根廷总统实施休克疗法政策，民众努力度过经济衰退和高通胀。阿根廷比索走强，但比特币购买量达到 20 个月来的最高水平。

苦 “超级通胀” 久矣的阿根廷民众：美元没有比特币 “香”

美联储本周的会议重点是聆听信号，将更新经济预测和利率走向的预测。市场普遍认为，美联储将采取耐心、数据驱动的方式，不急于降息。预计第一次降息将在 6 月份。点阵图也将成为关注焦点，投资者将关注联邦公开市场委员会成员对未来利率的预期。目前，市场预计美联储将在 6 月份降息三次。市场也将密切关注央行本周如何传递其信息。

今晚美联储会议重点是 “聆听信号”：点阵图、6 月降息概率、经济预期

光大证券发布研究报告，维持腾讯控股 “买入” 评级，目标价 430 港元。报告指出，腾讯在第三季度非 IFRS 净利润显著增长，预测未来三年净利润将保持增长。虽然《元梦之星》表现一般，但腾讯在 24 年及后续有多款游戏产品亟待上线，可能提振其游戏业务。此外，关注《DNF 手游》等新产品的商业化前景。光大证券认为，腾讯仍有较多潜力新品，值得关注。

光大证券：维持腾讯控股 “买入” 评级 目标价 430 港元

The market expects that TENCENT's revenue in Q4 2023 will be RMB 1573.64 billion, a year-on-year increase of 9%; the adjusted net profit will be RMB 41.469 billion, a year-on-year increase of 40%, with an expected earnings per share of RMB 3.58. The market will focus on the performance of the mobile game "Dream of the Elements" and the multiplayer online battle arena game (MOBA) in December last year to observe the driving force for accelerating game revenue this year

Preview | TENCENT performance to be unveiled on Wednesday! "Dream of the Yuan" streaming performance becomes the focus of market attention

March 19 (Reuters) - Astera Labs Inc (IPO-:* ASTERA LABS ANNOUNCES PRICING OF INITIAL PUBLIC OFFERING* PRICING OF ITS INITIAL PUBLIC OFFERING OF 19.8 MILLION SHARES OF ITS COMMON STOCK AT A PRICE TO PUBLIC OF $36.00 PER SHARE* : SHARES ARE EXPECTED TO BEGIN TRADING ON NASDAQ GLOBAL SELECT MARKET UNDER TICKER SYMBOL &#34;ALAB&#34; ON MARCH 20, 2024

Astera Labs Announces Pricing Of Initial Public Offering

Sales volume, revenue, and gross profit margin are back on a positive growth trajectory, XPeng-W may not be far from turning the tide against the headwinds

Saying goodbye to selling one car at a loss, XPeng-W finally sees a turning point | Jianzhi Research

Huang Renxun believes that predicting when a qualified AGI will appear depends on how you define AGI, and AI illusions can be easily resolved by ensuring that the answers undergo sufficient research

Huang Renxun: AI hallucinations can be solved, AGI is expected to be achieved in five years

比特币自跌破 65000 美元整数关口之后，虚拟货币市场整体的波动率和风险溢价均有所上升，反映出市场存在一定数量的短期恐慌盘。比特币减半也将在 4 月份到来，小摩认为还有可能继续导致暴跌！

超 24 万人爆仓！比特币为何又遭遇一夜闪崩？

ANT GROUP initiates organizational upgrade. The world's largest pension fund explores Bitcoin. "The most bullish AI stock" Super Micro Computer plans to issue 2 million shares, causing a sharp drop in stock prices. AMD and MicroStrategy both see insiders selling stocks at high prices. Xiaomi's car pricing may be a bit expensive, with Xiaomi phones expected to break through the price range of 6,000 to 10,000 yuan this year. BYD's Indonesian factory aims to start commercial production in early 2026

Breakfast | SPDR S&P 500 hits a new high, "most bullish AI stock" drops for the fourth consecutive time, NVIDIA options speculation is outrageous

MicroStrategy's stock price plummeted by 20% amid the violent fluctuations in Bitcoin, revealing the hidden leverage risks behind it. As the largest corporate holder of Bitcoin, the company's investors purchased its stock to increase exposure to Bitcoin. However, the sharp fluctuations in Bitcoin prices led to a significant drop in MicroStrategy's stock price. The company's decline over the past two days reached 20%, marking the largest two-day decline since 2022. Despite holding around $14 billion worth of Bitcoin, MicroStrategy's stock price carries a premium of over 90% relative to the value of its Bitcoin assets. Investors now face the question of whether they should buy MicroStrategy's stock on dips

A 20% plunge in two days! The leveraged risks behind "Bitcoin shadow stock" MicroStrategy are starting to emerge

比特币跌破 6.2 万美元关口，以太坊跌破 3200 美元。

20 年期美债的市场需求通常远不如 10 年期和 30 年期国债，本次拍卖多个数据亮眼，对市场构成提振。分析称，这是一次出色的美债拍卖，需求井喷的消息将各期限美债收益率推至日内低点，标普 500 指数上涨。

美联储决议前夕，最让市场担心的 20 年期美债拍卖意外强劲，美股美债上涨

比特币在周二一度跌至不到 63,000 美元，因为比特币交易基金出现了自 3 月 1 日以来的首次净流出。过去七天比特币下跌了 7.8%，但今年迄今仍上涨了 50% 以上。投资者正在关注美联储会议的结果，可能会影响比特币的短期价格走势。

比特币一度跌至 6.3 万美元下方 ETF 现 3 月初来首次净流出

期权交易商减少对美股看涨押注，看跌期权需求相对走高。根据数据显示，近几周来，与标普 500 指数挂钩的看跌期权需求上升，导致偏度指标走高。交易者对股市下跌的可能性稍微更加担心了。与此同时，股票在上涨日的波动性比下跌日更大，挑战了传统观念。期权市场相关的期权以及指数跟踪交易所交易基金的期权都出现了类似的模式。

期权交易商减少对美股看涨押注！看跌期权需求相对走高

Fusion Pharmaceuticals(FUSN) rose 99.06%, with a trading turnover 867.0 Million USD, and a year-to-date rose 120.4%. Crinetics Pharmaceuticals(CRNX) rose 19.11%, with a trading turnover 136.8 Million USD, and a year-to-date rose 27%. EHang(EH) rose 15.55%, with a trading turnover 80.6 Million USD, and a year-to-date rose 6.6%.

Top 10 US Stock Gainers (3.19)

NuScale Power(SMR) fell 34.85%, with a trading turnover 108.5 Million USD, and a year-to-date rose 100%. Root(ROOT) fell 21.29%, with a trading turnover 89.1 Million USD, and a year-to-date rose 344.1%. Dlocal Uruguay(DLO) fell 17.49%, with a trading turnover 137.3 Million USD, and a year-to-date fell 15.2%.

Top 10 US Stock Losers (3.19)

Microvast(MVST) rose 16.54%, with a trading turnover 7.2 Million USD, and a year-to-date fell 54.9%. EHang(EH) rose 15.55%, with a trading turnover 80.6 Million USD, and a year-to-date rose 6.6%. GigaCloud Tech(GCT) fell 13.71%, with a trading turnover 179.2 Million USD, and a year-to-date rose 61.4%. Yiren Digital(YRD) fell 7.89%, with a trading turnover 1.9 Million USD, and a year-to-date rose 68.3%.

Top 5 CDRs Gainers/Losers (>100M) (3.19)

Unilever(UL) rose 2.76%, with a trading turnover 239.0 Million USD, and a year-to-date rose 3.8%. Toyota Motor(TM) rose 2.37%, with a trading turnover 84.7 Million USD, and a year-to-date rose 33.2%. AMD(AMD) fell 4.84%, with a trading turnover 15.1 Billion USD, and a year-to-date rose 23.1%. ARM(ARM) fell 3.98%, with a trading turnover 1.0 Billion USD, and a year-to-date rose 65.8%.

Top 5 US Stock Gainers/Losers (>100B) (3.19)

Analysis suggests that AMD's poor stock performance may be related to internal personnel selling $16 million worth of shares in the past year, lack of AI infrastructure hype, and stagnant PC sales, causing market concerns about its prospects

Intraday plunge of 7%! AMD insiders selling stocks attracts market attention

As of the Tuesday's closing of the US stock market, there are over 37,000 open contracts for NVIDIA call options expiring this Friday with a strike price of $1940. NVIDIA is becoming a casino for YOLO traders

NVIDIA's options speculation is outrageous! Someone is betting that the stock price will double this week

NVIDIA leads the volatility of large technology, AI, and chip stocks, with the S&P Nasdaq reversing its decline in the afternoon and the Dow posting its largest gain in three weeks. However, chip stocks have fallen for five consecutive days to a two-week low, with AMD dropping by about 7% before closing down nearly 5%. Oracle hit a new high for the second consecutive day. Chinese concept stocks narrowed their losses, with XPeng opening 7% higher before closing up 0.7%. Ahead of the Fed's decision, the US bond yields fell by about 5 basis points, with the 10-year Treasury yield moving away from a nearly four-month high. Oil prices remained at a five-month high for two consecutive days, with Brent crude closing above $87 and US crude rising by nearly 1%. The US dollar index hit a two-week high, as the Bank of Japan ended its negative interest rate and YCC policy, but the yen approached 151. Bitcoin briefly fell by 7% and dropped below $63,000

After falling 4%, NVIDIA rebounded by 1%, driving the SPDR S&P 500 to a new high, while the Japanese yen suffered a defeat, hitting a four-month low

Huang Renxun said that he expects the data center to be a very large business. The global annual expenditure on data center equipment is expected to total $250 billion, with NVIDIA's products occupying a larger share than other chip manufacturers

Huang Renxun confidently stated: The data center business is worth 250 billion yuan a year, and NVIDIA will grab the majority of the "cake"

菜鸟正在加快推进全球 5 日达业务，计划在 2023 年第四季度实现三位数增长。该业务是行业首个规模化落地的跨境电商快线产品，已成为拉动速卖通订单增长的主要动力。菜鸟在国际物流方面具有优势，是全球最大的跨境电商物流企业之一，收入已与国内物流收入持平。通过与速卖通合作，菜鸟加强了物流时效，提升了消费者的购物体验和电商平台的竞争优势。

菜鸟海外疾飞

Financial Report 2024 | Sales of high-end liquor increased by 60%, CHINA RES BEER claims no impact from consumption downgrade

华尔街对于美国股市是否存在 “狂热” 情绪持不同意见。美国银行的策略师认为，虽然存在一些风险，但美股的强劲盈利和美国经济韧性使其有进一步上涨的空间。然而，首席投资策略师却认为，“科技七巨头” 和加密货币领域正在形成泡沫。这一观点与前者相左。总的来说，美股的反弹并没有反映出之前股价与价值之间的巨大差距或大量使用杠杆的情况。

美银策略师对美股是否存在 “狂热” 情绪意见不一

中信证券同意放弃对华夏基金 10% 股权的优先购买权，股权转让金额不低于 4.9 亿美元。这是中信证券两年内第二次股权变更，此次将协助天津海鹏办理股权转让及工商变更手续。华夏基金的股权结构中，中信证券持有 62.2%，加拿大 POWER CORPORATION 和 MACKENZIE FINANCIAL CORPORATION 分别持有 13.9%。2022 年 12 月，迈凯希金融公司成为华夏基金主要股东。

头部公募再启股权转让，小股东将易人？

On Tuesday, the blockchain sector of the US stock market experienced a general decline. As of the time of writing, MicroStrategy fell by over 17%, Coinbase fell by over 9%, and Riot Platforms fell by over 7%. Bitcoin dropped by more than 7%, trading at $62,602.8

US Stock Market News | Blockchain sector generally down, MicroStrategy drops more than 17%

数字货币概念股盘初普跌，追随比特币下挫的表现。Mercurity FinTech 目前跌 21.6%，微策投资跌 15.8%，CleanSpark 跌 12.2%，数字货币交易所 Coinbase 跌 8.3%，“网红券商” Robinhood 跌 7.6%。Grayscale 比特币信托跌约 6%，刷新日低至 56.18 美元。

美股下挫，英伟达跌 3% 拖累人工智能概念股。日元跌穿 150。市场下调美联储 6 月降息押注，费城半导体指数跌幅扩大至 2.4%。超微电脑跌 12.7%，英伟达 GTC 开发者大会开幕，AI 盛宴继续进行。

美股仅道指涨，英伟达跌 3% 拉低人工智能概念股，日元跌穿 150

Nvidia fell by 2.2%, chip stocks across the board collapsed, with most "Nvidia concept stocks" falling

Expectations of interest rate cuts fall, with mixed performance in the three major US stock indexes. Chip stocks across the board suffered losses, while XPeng-W rose by 3%

This collaboration can solve short-term headaches for both companies

AI joins Apple, Apple seeks Google, the market is very happy, the reasons are very sufficient?

市场消息：微策略以约 6.23 亿美元现金购买了约 9245 个比特币。

GWMOTOR needs a major transformation

Q4 smartphone business ended 7 consecutive quarters of year-on-year decline, returning to positive growth

Mobile business rebounds, XIAOMI-W's Q4 revenue hits a 7-quarter high, with adjusted net profit soaring by 236.1% year-on-year | Financial Report Insights

加密货币交易所 BitMEX 正在调查导致比特币闪崩的异常交易活动。比特币价格在 BitMEX 跌至 8900 美元的低点，而在竞争对手交易所的价格超过 6.6 万美元。BitMEX 发言人表示，发现了涉及极少数账户的激进抛售行为。比特币价格下跌了约 14%。比特币周二下跌 6.3%。

交易所 BitMEX 调查比特币周一闪崩原因：发现 “激进抛售行为”

比特币短线跌破 63000 美元，日内跌超 6%；以太坊触及 3200 美元，日内跌超 8%。自 3 月 14 日见顶以来，比特币累计回落超 10000 美元。数据显示，规模为 250 亿美元的灰度比特币信托周一流出 6.43 亿美元，这是自 1 月 11 日转换为 ETF 以来的最大流出量。

比特币自历史新高回落超 1 万美元 日内跌超 6%

Equilibrium, opportunity cost, rational individuals, trade makes everyone's economic situation better

The Ten Principles of Economics by Mankiw, helping you to think rationally

XPeng fluctuated, rising more than 4% before the performance report, dropping more than 2% before the performance report, and now surging 4%; Bilibili fell more than 3%, NetEase and JD.com fell more than 2%; among the seven technology giants, only Tesla and Apple rose; Microstrategy fell more than 10%, Marathon Digital fell more than 6%, Coinbase fell more than 5%

Pre-market trading in US stocks: XPeng-W surged 4% after earnings, while cryptocurrency-related stocks plummeted

Apple is striving to break into the AI arena, planning to embed Alphabet-C's Gemini large model. Alphabet-C surged over 4% overnight

WSB Hot Discussion | BTC leaked? 12% drop on the 7th day

小鹏汽车预计第一季度交付量 21000 至 22500 辆，市场预期 54268 辆。