How successful is Novo Nordisk AS? A company that has helped its home country Denmark avoid decline.

英伟达市值达到 2 万亿美元巅峰，黄仁勋成为科技领域王者，目前他正布局于药物发现和计算生物学领域。英伟达通过销售 GPU 积累了巨额财富，满足了 PC 游戏玩家的需求。黄仁勋向所有人开放 GPU 后，英伟达的 GPU 在人工智能计算方面表现出色。如今，生成式人工智能语言模型高度依赖英伟达的 GPU，对其需求量前所未有。2022 年底，英伟达 GPU 供应不足，导致产量无法满足市场需求。尽管供应仍然不足，但情况正在逐步改善。

英伟达黄仁勋影响力到底有多大？或可一言决定 AI 竞赛胜负

The demand for weight loss drugs is boosting the outsourcing market for pharmaceutical manufacturing. Data shows that the global contract development and manufacturing market that supports pharmaceutical companies in production and clinical trials is expected to grow from $72 billion to $90 billion in the next two years.

The "miracle weight-loss drug" is in high demand! Eli Lilly has reached an agreement with outsourcing contractors to expand production capacity.

虚拟银行 Mox 计划下半年推出虚拟资产投资服务，让客户可通过手机 App 投资比特币、以太币等加密货币。此举使 Mox Bank 成为香港首家提供虚拟资产投资服务的虚拟银行。Mox Invest 还提供港股、美股交易及基金投资服务，交易费用低。Mox Bank 计划与香港持牌虚拟资产交易平台合作，并希望提供美国的比特币现货 ETF 投资服务。此外，Mox Invest 与安联投资合作，让客户可投资安联收益增值基金。基金资产组合主要投资定息收益和环球股票。

虚拟银行 Mox 计划下半年推出虚拟资产投资服务

Digihost 通过多年托管协议，将 4,640 台 S19 XPS 150TH 矿机纳入比特币挖矿机群。

UBS analyst Joni Teves believes that central bank gold purchases and physical demand have provided effective support for the gold price, while short covering in the futures market has also helped support the gold price; the frenzy of US bond expansion has also led to a hot trend in "credit devaluation" trading of the US dollar, driving gold prices higher.

Expectations of a Fed rate cut have declined, so why has gold still hit a new high?

After the release of the earnings report, NIO-SW fell more than 4% in pre-market trading, while JD, NetEase, and BIDU-SW dropped over 2%. Alibaba fell more than 1%, with only Li Auto rising nearly 2%. Cryptocurrency-related stocks experienced a sharp decline, while Trump-related stock Phunware surged 40% at one point, following a 75.28% increase in the previous trading day.

Pre-market trading in the US: NIO-SW leads the decline in Chinese concept stocks after earnings, while AMD and Tesla lead the decline in technology stocks.

蔚来汽车：预计第一季度交付量为 31,000 至 33,000 辆，市场预期为 44,035 辆。

蔚来：2023 年 Q4 营收 171 亿元，上年同期 160.64 亿元，市场预期 167.86 亿元。

MicroStrategy 跌幅扩大至 10%，Marathon Digital 跌超 7%，Coinbase 跌超 3%。

加密货币相关股票美股盘前普跌

"The Poor Charlie's Almanack": Investing 90% of your assets in one stock can also be a rational choice.

Should we go all in or not? Buffett and Munger interpret it this way.

Furui has raised LI AUTO's target price by 34% to HKD 239.34, believing that the pricing of the new L series version should help alleviate the company's profit pressure; CMB Securities has raised XPENG-W's target price by 78% to HKD 69, expecting a rebound in XPENG-W's delivery volume in March, presenting a trading opportunity.

Rating Quick Look | Li Auto, XPeng-W, NetEase! Target prices significantly raised!

Taiwan Semiconductor currently ranks ninth in the world in terms of market value, which is approximately 2.3 times that of the largest A-share company, CHINA MOBILE.

Hot topic on WSB: Taiwan Semiconductor breaks $700 billion, hitting a 30-year high!

MicroStrategy 盘前下跌 5.4%，其宣布发行可转债以购买比特币。

MicroStrategy plans to raise $600 million to increase its Bitcoin holdings by selling convertible senior notes. The company has been purchasing Bitcoin since 2020 as a hedge against inflation and currently holds Bitcoin worth approximately $13 billion. MicroStrategy's co-founder, Michael Saylor, has become a proponent of Bitcoin, and this proposed issuance comes as Bitcoin nears its historical high. The convertible senior notes will be offered to qualified institutional buyers, with initial purchasers having the option to buy an additional $90 million in principal amount of notes within 13 days. MicroStrategy's stock price surged by 24%.

MicroStrategy plans to raise $600 million to increase its holdings of Bitcoin, adding fuel to the cryptocurrency frenzy!

According to the statistics of the 52-week high and low data of Hong Kong stocks, as of the closing on March 5th, 52 stocks hit a 52-week high, with SUCCESS DRAGON, JIA GROUP, and WISDOM SPORTS ranking in the top 3 in terms of hitting new highs. Additionally, 99 stocks hit a 52-week low, with China Aneng Energy, Australia Asia Group, and GOME Retail ranking in the top three in terms of hitting new lows.

Zhitong Hong Kong Stock 52-Week Highs and Lows Statistics | March 5th

UBTECH ROBOTICS(09880) rose 8.34%, with a trading turnover 50.5 Million HKD, and a year-to-date rose 18.7%. CHINA RE(01508) rose 6.45%, with a trading turnover 12.9 Million HKD, and a year-to-date rose 8.8%. SINOSYNERGY(09663) rose 5.92%, with a trading turnover 11.1 Million HKD, and a year-to-date fell 9%.

Top 10 HK Stock Gainers (3.5)

ZIJIN MINING(02899) rose 1.37%, with a trading turnover 541.5 Million HKD, and a year-to-date rose 4.4%. TME-SW(01698) rose 1.1%, with a trading turnover 2.8 Million HKD, and a year-to-date rose 22.1%. JD(09618) fell 7.54%, with a trading turnover 1.9 Billion HKD, and a year-to-date fell 26.4%. BIDU-SW(09888) fell 5.74%, with a trading turnover 1.8 Billion HKD, and a year-to-date fell 17.9%.

Top 5 HK Stock Gainers/Losers (>100B) (3.5)

HIGHTIDE-B(02511) fell 17.38%, with a trading turnover 6.6 Million HKD, and a year-to-date fell 42.1%. CIFI HOLD GP(00884) fell 13.7%, with a trading turnover 79.4 Million HKD, and a year-to-date rose 23.5%. HORIZON CD(09930) fell 13.62%, with a trading turnover 4.1 Million HKD, and a year-to-date fell 55.8%.

Top 10 HK Stock Losers (3.5)

涨破 6.8 万美元且市值创新高！比特币 “背后的巨人”：亚洲投资者占交易量七成。比特币的疯狂反弹正在受到亚洲投资者的推动。根据 The Block 的加密货币交易数据，韩国和其他亚洲国家的交易员约占比特币交易量的 70%。供需同利好，比特币价格飙涨来自新的美国现货比特币 ETF 的需求，以及比特币供应增长即将放缓。比特币的价格逼近历史新高，市值达到 1.35 万亿美元，创下纪录。

涨破 6.8 万美元且市值创新高！比特币 “背后的巨人”：亚洲投资者占交易量七成

The continuous decline in sales and intense competition have also made Apple anxious.

In the first six weeks of this year, sales in China dropped by 24%! Apple has found the reason for the price reduction.

特斯拉周一大跌 7%，与其最新在中国的销售数据有关：特斯拉中国批发销量约 6 万辆，同比下滑 19%，创下 2022 年 12 月以来最低！

特斯拉股价遭重锤！马斯克首富头衔易主，发生了什么？

Intel's trading volume surged to 640,000 contracts, with a call option ratio of 75.8%; Nio's options trading volume surged to nearly 510,000 contracts, with a call option ratio of 55%. The hottest contracts overnight: Tesla with a March 8 expiration date, with strike prices of $200 and $195, traded over 150,000 and 110,000 contracts respectively!

US Stock Options | AMD trading volume halved! Tesla, NVIDIA continue to be hot: trading volume still exceeds 2 million contracts

“我们认为，对人工智能增长的预期是非理性的繁荣……人工智能（带来的机会）很大，真的很大，只是没有投资者想象的那么大。”

理解市场 | 奈飞、AMD 们为何可能开始被抛售？

韩国金融监管机构负责人周二表示，韩国当局正在讨论是否允许在该国批准现货比特币交易所交易基金。韩国金融监督院院长李福贤表示：“我是对虚拟资产持积极态度的人之一，而其他人则持谨慎态度，我们也需要听取他们的意见。”

韩国当局讨论批准比特币现货 ETF 的前景

恒生指数盘中跌超 3%，恒生科技指数现跌 4.35%。

政府工作报告起草组负责人表示，财政赤字率是反映财政政策力度和财政风险水平的重要指标，在国际上有一个所谓 3% 赤字率警戒线的说法，当然也不是金科玉律，很多国家在一定时期远远超过 3%，有的达到两位数。对中国而言，这些年从支持经济发展、防范财政风险、实现财政可持续这些角度考虑，我们的赤字率一直保持在合理适度的水平。

今年为什么把赤字率安排在 3%？

比特币快速下挫，短线走低超 1000 美元，跌破 66000 美元/枚，日内跌 2.21%。

AIPC 是当前 AI 实现规模化扩展及应用落地的关键，中金认为其在模型侧、硬件侧、软件及应用侧均存在产业升级趋势。移动 AI 部署正在从云端走向移动端，AIPC 在模型侧、硬件侧、软件及应用侧将发生变化。谷歌、Meta 等公司推出的轻量化模型引领移动模型发展趋势，手机厂商也在努力轻量化移动模型开发。AIPC 的发展带动了 Arm 架构、异构计算和存储升级，对算力、内存和功耗提出更高要求。此外，AIPC 在散热、电池等方面也将带来升级变化。

AIPC，AI 端侧落地第一站

一手物业成交宗数大幅增加，恒基兆业地产旗下项目售罄速度惊人。深圳房产中介门店咨询量增加 50 倍，带看量增加 20 倍。由于买家可节省大笔税项开支，加上香港特区政府大力吸引人才，预计非香港本地买家及投资者将重投香港楼市。

“撤辣” 后，香港楼市热度飙升！有多夸张？

摩根大通交易员认为，美国现在正处于不对称衰退之后的经济扩张中期，1 月份通胀火热可能只是一个例外，未来美股或继续上涨。不过，由于股市已经出现技术性超买，经济衰退论调重燃，AI 板块易受利空因素冲击，信贷紧缩等等，美股仍存下行风险。

摩根大通：技术性看多美股，但仍有这些担忧

Real estate stocks continue to decline. As of the time of publication, SHIMAO GROUP fell by 5.56%, to HKD 0.51; YUEXIU PROPERTY dropped by 3.89%, to HKD 4.7; CHINA VANKE decreased by 3.75%, to HKD 5.39; and XINCHENG DEVELOPMENT fell by 3.57%, to HKD 1.08. According to data from Ke Rui, in February 2024, the sales turnover of the Top 100 developers was 185.86 billion yuan, a 60% decrease compared to February 2023 and a 53.7% decrease compared to February 2022; a 20.9% decrease compared to January 2024. The supply of new housing in 30 key cities increased by 3.46 million square meters, a 53% decrease compared to the previous month and a 55% decrease year-on-year. Guojin Securities pointed out that the new housing market has been under pressure since the beginning of 2024, with sales of real estate enterprises remaining low mainly due to weak demand expectations, lack of confidence, subdued demand and purchasing power, and the supply side being in the traditional off-season, resulting in low enthusiasm for real estate promotion and marketing by enterprises. The bank believes that with sales continuing to hit bottom, industry risks have not yet been cleared, and real estate enterprises need to actively sell to secure liquidity.

Hong Kong stock market anomaly | Property stocks continue to decline, the new housing market remains under pressure, and real estate companies' sales volume remains low.

Bitcoin surged past $68,000, nearing its record high, as inflows into US-listed bitcoin funds increased. The rally also coincided with record-breaking stock indexes and declining volatility gauges. Smaller rival cryptocurrency ether also saw gains, driven by speculation of exchange-traded funds. Tether, a stablecoin issuer, announced that the number of dollar-pegged stablecoins it issued has crossed $100 billion.

Bitcoin surges past $68,000, in sight of record high

SINOHOPE TECH surged over 4%, as of the time of publication, it rose by 4.04% to HKD 3.35, with a turnover of HKD 3.3551 million. On the news front, Bitcoin broke through $68,000, reaching a high of $68,569.44, approaching the historical high of $68,991.85 set on November 10, 2011. Bitcoin has risen by nearly 50% so far this year, with some market commentators even predicting that it could surpass the $100,000 mark by the end of the year. It is reported that SINOHOPE TECH mainly provides virtual asset trading and technical solution services, including virtual asset lending and asset management for clients, as well as providing over-the-counter trading platforms, acting as an exchange. In the 2023 fiscal year, revenue generated from over-the-counter trading and lending management services amounted to HKD 2.811 billion, accounting for 99.19% of total revenue.

Hong Kong Stock Market Update | SINOHOPE TECH Holdings surged over 4% as Bitcoin breaks through $68,000.

比特币突破 6 万 8 重燃迷因币狂潮，加密市场全面爆发。备受争议的迷因币再次成为热点，一些加密货币交易于创纪录的高位。狗狗币等老牌热门资产表现出色，而新面孔如 Pepe 币和 Dogwifhat 也在不断刷新高点。迷因币一直是零售加密投资者和推广者之间的现象，这次迷因币热潮被认为与比特币代码的改变有关。虽然以前的迷因币热潮往往标志着市场的顶峰，但一些支持者表示，这次不同。

比特币突破 6 万 8 重燃迷因币狂潮 加密市场全面爆发！

Four Seas International surged more than 14%, closing at a 14.71% increase, reaching HKD 1.95 with a turnover of HKD 6.25 million. On the news front, on February 28th, Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, announced the 2024-2025 fiscal budget in the Legislative Council. It was pointed out that with immediate effect, all residential property transactions in Hong Kong will no longer require additional stamp duties such as Special Stamp Duty (SSD), Buyer's Stamp Duty (BSD), and New Residential Stamp Duty (NRSD). Analysts in the industry believe that the comprehensive removal of these measures will significantly reduce transaction costs and holding costs, stimulating an increase in property transactions in the Hong Kong market. In the short term, the property market is expected to stabilize and boost market confidence. However, constrained by interest rate factors, solely relying on the removal of these measures may not be enough to reverse the downward trend. It will require interest rate cuts and economic recovery. At least until early next year, property prices are expected to rebound.

Hong Kong Stock Market Update: Four Seas International surged over 14%, completely revoking the "tough measures" in the property market, leading to a significant surge in the heat of the Hong Kong property market.

CRO 概念股回调，睿智医药、诺思格、药石科技跌近 4%，金凯生科、美迪西、凯莱英跌逾 3%。

一图速览 2024 年政府工作报告。

一图速览 2024 年中国政府工作报告

GUM 常务董事陈锐隆指出，港股 2 月明显反弹，主要因为市场期待 3 月中央政府会推出刺激政策，加上本港的财政预算案中宣布全面撤除楼市印花税，刺激市民购买意欲。

2 月强积金人均赚 7,384 元！

BILIBILI-W's stock price rose by over 4% to reach HKD 83.7, with a trading volume of HKD 65.76 million. The latest data shows that in February, a total of 111 domestic online games obtained licenses, including highly anticipated big IP games like "Black Myth: Wukong" and "Infinite Warmth". The future development prospects of the gaming industry look promising, with the increase in the number of licenses and the acquisition of heavyweight games expected to drive up the industry's valuation. In addition, Alphabet-C's foundational world model Genie is poised to provide support for game scene generation.

Hong Kong stock market anomaly | BILIBILI-W rose more than 4%. The continuous issuance and increase in the number of game licenses may drive the valuation of the gaming sector higher.

港股科网股走低，微博跌近 8%，京东跌 4.69%，百度跌 3.36%，美团跌 2.35%。

十四届全国人大二次会议 5 日上午在人民大会堂开幕，国务院总理李强向大会作政府工作报告。政府工作报告称，加强城乡社区养老服务网络建设，加大农村养老服务补短板力度。加强老年用品和服务供给，大力发展银发经济。推进建立长期护理保险制度。

政府工作报告：大力发展银发经济

政府工作报告说，城乡居民基础养老金月最低标准提高 20 元，继续提高退休人员基本养老金，完善养老保险全国统筹。在全国实施个人养老金制度，积极发展第三支柱养老保险。

政府工作报告：2024 年城乡居民基础养老金月最低标准提高 20 元

政府工作报告说，适应新型城镇化发展趋势和房地产市场供求关系变化，加快构建房地产发展新模式。加大保障性住房建设和供给，完善商品房相关基础性制度，满足居民刚性住房需求和多样化改善性住房需求。

政府工作报告：加快构建房地产发展新模式

The U.S. Securities and Exchange Commission (SEC) has further delayed the decision on BlackRock's application to issue an Ethereum spot ETF, causing Ethereum to rise by 4.7% to $3,654. BlackRock submitted the ETF application in November last year, and if approved, the ETF will be listed on Nasdaq.

The U.S. Securities and Exchange Commission has once again postponed its decision on the review of BlackRock.

Q3 增速为 Meta 两倍，按前三季度计，字节跳动的收入同比增长 40%，营业利润同比增长 53%。

去年三季度，字节跳动收入大涨 43%，最新估值超 2500 亿美元

CICC International estimates that NIO-SW's net loss in the fourth quarter of last year is expected to narrow slightly to 4.4 billion yuan compared to the previous quarter. However, looking ahead to 2024, considering the lack of new car contributions in the first half of the year and the internal cannibalization of existing models, NIO-SW's sales growth this year may be the lowest among the three new forces.

Looking ahead | What to look for in NIO's Q4 earnings report? Is the net loss expected to continue narrowing?

2024 年《政府工作报告》提出：增加收入、优化供给、减少限制性措施，多方面激发消费潜能。

中国今年 GDP 目标：增长 5% 左右

“AI 新贵” 超微电脑持续引发市场狂热，今年迄今涨超 246%，过去 12 个月涨近 1000%，为英伟达涨幅的 4 倍。“现在除了英伟达之外，还有一个名字可以推动标普 500 走强”。