交银国际认为，从净资金流来说，港股持续反弹的概率较大！虽然盈利预期尚未修复，但在内外环境改善、叠加低估值、高沽空回落等一系列因素的推动下，港股的反弹预计可以持续。

港股反弹或将持续数月！恒生科技翻身了？

Will NVIDIA continue to rise or will it come to a halt?

Who can put an end to NVIDIA?

Super Micro Computer is highly regarded by institutions for its role in the field of artificial intelligence, and its collaboration with NVIDIA is one of the driving forces behind its rise. The company's performance continues to grow, with an expected earnings per share of $35 by the 2025 fiscal year, and a 25% increase in stock price this year. Super Micro Computer provides high-performance AI server products for building AI server clusters, which is of significant importance in supporting the development of artificial intelligence. Wall Street analysts have given Super Micro Computer a "moderate buy" rating, with an average target price of $956.33.

Deeply tied to NVIDIA, "AI giant stock" Super Micro Computer receives institutional bullish calls again.

In the first month of 2024, Tesla kicked off the competition with a first-place finish, marking a strong start and reclaiming a spot in the top three. BYD's Song (including BEV and PHEV) maintained its second position, but with the intensifying internal competition, such as the rising sales of Song L and the upcoming launch of the Sea Lion 07, it remains uncertain if Song will follow in the footsteps of the previous Qin Plus. The Qin Plus was once BYD's best-selling model, but has now been replaced by the Song.

Global Electric Vehicle Sales Ranking for January: Aito M7 ranks fourth! BYD's dominance is gradually fading.

The growth rate of charging piles has surpassed that of electric vehicles.

Charging pile growth surpasses electric vehicles | Insight Research

Large companies are expected to enter a "benign investment cycle". It is projected that by 2024, the capital expenditures of Microsoft, Amazon, Alphabet-C, and Meta Platforms will reach $180 billion, a 27% increase year-on-year. Bank of America has raised its earnings per share targets for the S&P 500 index in 2024 and 2025. Investments in artificial intelligence and domestic investment in the United States will lead to productivity improvements, benefiting semiconductor and network technologies. Additionally, there will be an increase in demand for electrification, utilities, and commodities. This investment may lead to a benign cycle, following more than a decade of underinvestment.

Bank of America has raised its earnings target for US stocks, bringing a "benign investment cycle" for tech giants with AI.

格兰瑟姆警告称，类似 2009 年的美股大跌将会在未来某个时间点上演，届时美股市盈率和利润率都将创下历史新低。他更看好日本股市，预计日元对美元将升值 20% 甚至 30%。

价投大佬 Grantham：AI 引发了 “泡沫中的泡沫”，美股前景很糟糕

据深圳发布消息，3 月 12 日，苹果公司宣布将扩大在中国的应用研究实验室，以支持产品的制造。公司将提升上海研究中心的能力，为所有产品线的可靠性、质量和材料分析提供支持。值得注意的是，苹果此次进一步宣布，今年晚些时候，苹果还将在深圳开设一个新的应用研究实验室，为整个区域的员工提供更有力的支持，并深化与本地供应商的合作。这一全新的实验室将增强对 iPhone、iPad、Apple Vision Pro 等产品的测试和研究能力。

苹果官宣：拟在深圳新设应用研究实验室

MEITU surged over 7%, as of the time of publication, it rose by 7.05% to HKD 3.34, with a turnover of HKD 177 million. On the news front, Bitcoin trading has been heating up recently. On March 12, Bitcoin hit a high of $72,890, about RMB 523,000, rising over 5% intraday to hit a new high. At the same time, related concept stocks such as MEITU, a Hong Kong-listed company, have also seen significant gains recently. In the options market, there is a strong interest in betting on Bitcoin breaking through $80,000 or even $100,000. In addition, MEITU recently released an earnings forecast, expecting a net profit attributable to shareholders of approximately RMB 330-370 million for the year ending December 31, 2023, based on non-international financial reporting standards, representing a growth of about 200% to 230% compared to the year ending December 31, 2022. TF Securities pointed out that against the backdrop of gradually improving generative AI capabilities, MEITU is expected to validate its product strength, and the release of the profit forecast is expected to continue to convey positive information to the market.

Hong Kong Stock Market Update: Meitu surged over 7%, while Bitcoin broke through $72,000 to hit a new high.

JPMorgan Chase warns of a possible pullback in the US stock market, citing excessively high market concentration that could trigger a collapse. Strategists at JPMorgan Chase suggest that with increasing stock positions, investors should anticipate a price decline. They point out that the influence of the magnificent seven giants has led to an extremely high market concentration, further widening the gap between the top 10 stocks and the next 40 stocks. They caution investors that when excitement around artificial intelligence reaches its peak, the market may reverse course.

Be cautious of the pullback in US stocks! JPMorgan Chase warns: Market concentration may lead to a collapse.

为何房价跌去两成，仍是港人接不起的盘？今年香港房价或还将继续下跌 5%-10%？当前个体楼盘反映过热，可能只是短时间政策刺激下的 “反弹”！

香港「撤辣」：新楼盘抽签重现「万人摇」，购房者一人横扫 9 套房

外资对中国股市的兴趣不断增加，特别是在房地产市场、物价运行态势、国有企业改革、人工智能和消费等领域。美银美林的报告显示，外资对国有企业改革存在分歧，但许多华尔街大行对国有企业改革持乐观态度。此外，外资也对中国的人工智能企业和高品质消费品牌感兴趣。整体而言，外资对中国股市持积极态度。

外资转向？美银美林：美国机构 “更关心” 中国股市了

UBTECH ROBOTICS's stock price has risen by over 8%, with an expected increase in revenue from humanoid robot business. The company was included in the Hang Seng Composite Index and the Hang Seng Stock Connect Greater Bay Area Composite Index on March 4, entering the list of securities eligible for trading under the Stock Connect program. Guotai Junan Securities stated that 2024 will be the eve of mass production of humanoid robots, with humanoid robots actively participating in industrial interactions to prepare for true mass production. Additionally, the company expects short-term contributions from education and logistics robots in the future, while revenue from humanoid robot business is anticipated to increase.

Hong Kong Stock Market Update: UBTECH ROBOTICS surged over 8% as it was recently included in the Stock Connect program. The company expects an increase in revenue contribution from its humanoid robot business.

港股汽车股多数上涨，理想汽车涨近 6%，吉利汽车涨超 4%，零跑汽车、北京汽车涨超 3%，比亚迪股份、华晨中国涨超 2%。

OpenAI：openai.com 网站出现登录问题，正在修复该问题。

港股内房股集体下跌，金辉控股跌超 4%，碧桂园、中梁控股、万科企业、世茂集团跌超 1%。

HORIZON CD released its 2023 performance report, with revenue of 9.61 billion yuan, a year-on-year increase of 22.0%. The net profit attributable to common shareholders for the year was 960 million yuan, a year-on-year increase of 44.9%. The stock price surged by over 28% due to the strong performance, with a 25% increase, closing at 1.60 Hong Kong dollars and a turnover of 7.05 million Hong Kong dollars. The company announced a restricted stock and equity incentive plan, forecasting a net profit attributable to the parent company of 10.8/12.2/14.0 billion yuan for 2024-2026. Huatai Securities believes that the company's continued diversification and expansion into overseas markets will lead to sustained growth.

Hong Kong Stock Market Update: HORIZON CD soared over 28% after releasing its performance report, with a net profit attributable to shareholders of HKD 960 million for the 23-year period, a YoY increase of 44.9%.

截至发稿，BOSS-W 涨 20.77%。消息方面，该公司公布 20223 财年业绩，其中营业收入为 8.40 亿美元，同比增加 25.37%；净利润为 1.55 亿美元，同比增加 873.01%。

港股 Boss 直聘涨超 20% 去年净利同比增近 9 倍

On Wall Street, the expectations for a rise are high, but Mike Wilson from Morgan Stanley remains firm in not raising the expectations, citing a lack of broad profit growth reasons. He predicts that the S&P 500 index will reach 4,500 points by the end of the year, lower than the current 5,118 points. Despite other banks raising their forecasts, Wilson believes that the increase in multiples is not enough to change expectations. He is concerned that profit growth is still missing and indicates that the risk of a hard landing has not yet been eliminated.

Morgan Stanley, known for its contrarian stance on Wall Street, remains steadfast in its bearish outlook by maintaining its year-end target of 4,500 points for the Pro UltrPro Shrt S&Pro 500.

根据给定的信息，这属于商业相关信息的范畴。在 2024 年和 2025 年，英伟达 GPU 芯片仍然会供不应求，但一家美国 AI 软件公司的 CEO 预测，明年供需再平衡后，英伟达 GPU 芯片价格将会大幅下降，对许多 AI 科技巨头和初创公司的商业模式会产生影响。

美国 AI 软件独角兽 CEO 预测：明年英伟达 GPU 芯片价格将会暴跌，甚至变得不值钱｜钛媒体 AGI

在降本增效、利润重于规模的主旋律下，阿里云为什么又一次选择降价？

价格战，阿里云的中场战事

Amazon, Microsoft, and Alphabet-C have internally begun adjusting expectations for sales teams, emphasizing the gap between the current technology of generative AI and their marketing claims.

Application deployment hindered? Alphabet-C and Amazon quietly lower expectations for generative AI.

Citigroup analysts believe that there have been some positive changes in the Chinese real estate industry recently, including: 1. Bank support for Vanke, 2. Gradual recovery in new home sales, 3. Increase in transaction volume in the second-hand housing market. Investors should consider adopting a neutral bullish stance in the second quarter.

Wall Street is bullish on real estate again! Citigroup: It's time to re-examine the Chinese real estate industry.

Gold and Bitcoin have performed well in the past two weeks, showing significant increases. CITIC SEC believes that this is related to the heightened risk aversion caused by multiple geopolitical events. Gold is influenced by central bank purchases, while Bitcoin is benefiting from the "halving" and ETF investments. It is expected that both gold and Bitcoin will continue to be positively impacted by event factors, but to a limited extent. Close monitoring is required.

CITIC Securities: How do you see the future market of gold and Bitcoin?

随着比特币价格创历史新高，券商伯恩斯坦的分析师表示，他们 “现在更加确信”，到 2025 年中期，这种最大的加密货币将达到 15 万美元。在当前强劲势头的支撑下，比特币价格可能会在 4 月份减半之后 “突破”。“我们在估算中建立了比特币的机构流量，以得出比特币的价格。我们估计 2024 年流入 100 亿美元，2025 年再流入 600 亿美元。”

券商伯恩斯坦：比特币明年中有望达 15 万美元

伯恩斯坦分析师认为，在当前强劲势头的支撑下，比特币价格可能会在 4 月份减半之后 “突破”！他们 “现在更加确信”，到 2025 年中期，比特币将达到 15 万美元。

比特币明年有望涨到 15 万美元？！

Bitcoin hit a new all-time high, driving an increased demand for leveraged investment tools. The inflow of funds into leveraged Bitcoin Exchange-Traded Funds (ETFs) based on futures has now become comparable to spot Bitcoin ETFs. Among them, the inflow of funds into VolatilityShares' 2x Bitcoin Strategy ETF is second only to BlackRock and Fidelity Investments' spot Bitcoin ETF. Leveraged Bitcoin ETFs account for nearly 25% of the open interest on the Chicago Mercantile Exchange. The growing demand from investors for leveraged long positions has led to a significant influx of funds into leveraged ETFs. U.S. financial institutions tend to use regulated products, while overseas entities are turning to derivative trading and other channels. Investors are leveraging their bets through various channels in the latest bull market.

Bitcoin's surge stimulates risk appetite! Leveraged ETFs attract a massive influx of funds.

Llama-3 公布基础训练设施，使用 49000 个 H100。Meta 在官网公布了两个全新的 24K H100 GPU 集群，用于训练大模型 Llama-3。预计到 2024 年底，Meta 将拥有 600,000 个 H100 的算力。Meta 作为全球市值最高的科技公司之一，致力于构建通用人工智能。Meta 每天处理数百万亿次 AI 模型的请求，需要高效、灵活的网络来保证数据中心的安全和稳定运行。

Llama-3 公布基础训练设施，使用 49000 个 H100

 “七巨头” 推动的涨势明显过火！“我们已经很久没有见到股市或经济领域出现任何重要的调整，现在市场显得特别脆弱，我们似乎更容易受到重大调整的影响。”

理解市场 | 现在为何该关注美股中小盘股了？

当前的信息属于"Corporate finance related information"（公司财务相关信息）类别。根据给定的信息，可以总结如下：
兴业研究指出，2022 年末 69 家农商行整体各项贷款占比指标为 53.74%，农商行未来可用于增加债券投资的资金相对有限。大行贷款偏强，而中小行债券投资增速走高，大行和中小行资金运用表现分化对债市产生影响。根据历史经验，在中小行存贷款增速差和债券投资增速均明显回落时，10 年国债收益率上行的概率较大。银行资产负债结构是市场主要关注因素。

大行放贷、小行买债：边界在哪？

The U.S. stock indexes collectively rose for the first time this week, with Apple rising for three consecutive days, Nvidia up over 7%, and the Chinese concept stock index hitting a new high for the year. The U.S. Department of Defense canceled a $2.5 billion chip subsidy plan for Intel. Apple plans to establish a new laboratory in Shenzhen to start developing the MacBook Pro with the M4 chip. Xiaomi's car went public and delivered. The whistleblower on Boeing 787 safety issues "committed suicide" on the day he testified in court.

Breakfast | Aggressive analyst predicts NVIDIA to reach $1200, value investor says AI is causing "a bubble within a bubble."

Analysts believe that the company's new growth opportunities may be revealed at the annual GTC conference starting next week, including some of NVIDIA's lesser-known business areas, such as software services and inference applications.

Another 37% increase? Some analysts are already bullish on NVIDIA reaching $1200.

Acadia Pharma(ACAD) fell 17.2%, with a trading turnover 147.8 Million USD, and a year-to-date fell 36.2%. Southwest Airlines(LUV) fell 14.86%, with a trading turnover 1.2 Billion USD, and a year-to-date rose 0.2%. Asana(ASAN) fell 12.72%, with a trading turnover 150.5 Million USD, and a year-to-date fell 13.7%.

Top 10 US Stock Losers (3.12)

Oracle(ORCL) rose 11.75%, with a trading turnover 6.2 Billion USD, and a year-to-date rose 21.4%. NVIDIA(NVDA) rose 7.16%, with a trading turnover 59.3 Billion USD, and a year-to-date rose 85.6%. Boeing(BA) fell 4.29%, with a trading turnover 3.5 Billion USD, and a year-to-date fell 29.3%. RTX(RTX) fell 1.59%, with a trading turnover 851.4 Million USD, and a year-to-date rose 7.7%.

Top 5 US Stock Gainers/Losers (>100B) (3.12)

Ranpak(PACK) rose 51.72%, with a trading turnover 55.9 Million USD, and a year-to-date rose 13.9%. GigaCloud Tech(GCT) rose 19.46%, with a trading turnover 81.5 Million USD, and a year-to-date rose 101.4%. Kanzhun(BZ) rose 18.8%, with a trading turnover 292.5 Million USD, and a year-to-date rose 25.2%.

Top 10 US Stock Gainers (3.12)

ATRenew(RERE) rose 26.89%, with a trading turnover 24.5 Million USD, and a year-to-date fell 21.4%. GigaCloud Tech(GCT) rose 19.46%, with a trading turnover 81.5 Million USD, and a year-to-date rose 101.4%. Microvast(MVST) fell 6.61%, with a trading turnover 3.6 Million USD, and a year-to-date fell 53.4%. Jin Medical(ZJYL) fell 6.4%, with a trading turnover 3.6 Million USD, and a year-to-date fell 48.1%.

Top 5 CDRs Gainers/Losers (>100M) (3.12)

对冲基金 Citadel 的创始人 Ken Griffin 认为，美联储在降息时应该采取谨慎缓慢的方式，以免未来需要重新加息，从而给市场带来更大的不确定性和波动。

“对冲基金新王” Griffin：美联储不应过快降息，警惕反复操作引发市场动荡

量化交易巨头 Citadel 创始人格里芬：加密货币需要清晰的监管来吸引 “大玩家”。

The crisis facing Boeing, especially the production restrictions and safety investigations of the 737 Max aircraft, is having a significant impact on the entire aviation industry. This has not only led to a reduction in Boeing's aircraft deliveries but also had negative effects on the operations and financial conditions of many airlines.

The Boeing incident triggered a chain reaction in the U.S. aviation industry, leading to Southwest Airlines experiencing its largest drop since the outbreak of the pandemic.

比特币回落至 70000 美元/枚下方，较日高回落超 3000 美元，日内跌 2.90%。

虽然不少解读认为美国通胀依然顽固，但大多数分析师认为通胀数据高增长不会持续太久，乐观者认为住房成本将下降。

美国 2 月通胀数据不利美联储？华尔街分析师：不会影响下半年启动降息

“尽管宏观经济和运营环境无疑充满挑战，但我们认为，影响电动汽车三大股的负面因素或多或少 (已经) 反映在股价上。尽管挑战依然存在，但我们看到了第二季持股量偏低的汽车股重回焦点的迹象。"

大摩：回调到底，建议买入蔚小理！

比特币与以太坊短线下挫，以太坊回落至 3900 美元/枚下方，日内跌 3.99%；比特币短线下挫 1300 美元，现报 70530 美元/枚。

According to a report from ZhiXin News on March 10th, a recent survey by TensorWave revealed that many AI professionals are planning to switch from NVIDIA's AI GPU platform to AMD's latest Instinct MI300X GPU. Jeff Tatarchuk, co-founder of TensorWave, recently disclosed through X platform that they conducted an independent survey covering 82 engineers and AI professionals, with about 50% of respondents expressing confidence in AMD. They believe that compared to NVIDIA's H100 series products, the MI300X not only offers better value for money but also has sufficient supply, avoiding issues with tight inventory. Jeff also mentioned that TensorWave will be adopting the MI300X AI accelerator. This is undoubtedly good news for AMD, as their Instinct series products have historically lagged behind NVIDIA in both performance and market recognition, resulting in a much smaller market share in the AI chip market. However, AMD's latest Instinct MI300X GPU, launched last year, has successfully surpassed NVIDIA's flagship product, the H100, in terms of performance.

Survey: A large number of users are planning to switch from the NVIDIA platform to AMD MI300X!

比特币短线下挫 800 美元，最低至 70863.9 美元/枚。

博通公司发布的财报显示，公司第一季度收入达到 119.61 亿美元，同比增长 34%。其中，AI 相关收入达到 23 亿美元，同比增长四倍，占半导体业务的 31%。公司预计 2024 财年 AI 收入占比将达到 35%，总额超 100 亿美元。此外，博通还宣布每股 5.25 美元的季度股息，并回购了价值 82.90 亿美元的 770 万股股票。

外资看财报「博通」：两大巨头客户需求强劲

比特币近期价格不断刷新纪录高位，受到资金流入加密市场和数字代币供应减缓的影响。CoinShares international 的报告显示，上周有 27 亿美元流入加密资产，创下记录新高，其中大部分流向了比特币。比特币 ETF 的推出和一些金融机构的净流入也是推动比特币上涨的因素。此外，英国伦交所和泰国证券管理局也表示将接受加密货币 ETF 的申请。

规模空前的资金涌入加密市场，比特币不断创新高

纳斯达克 100 指数上涨超过 1%，拼多多 ADR 和英伟达等成分股涨幅领先，市场表现较好。标普 500 指数上涨 0.8%，道指上涨 207 点，半导体指数上涨超过 0.9%。

纳斯达克 100 指数涨超 1%，成分股拼多多 ADR 和英伟达至少涨 4% 领跑

数字资产管理公司 Grayscale Investments 申请分拆其比特币现货 ETF 以降低投资者成本。该公司计划推出一种新的投资产品，即灰度比特币迷你信托，接收 GBTC 持有的一定数量的比特币，并向 GBTC 股东提供迷你信托的股票。此举是为了应对 GBTC 收费高于竞争对手的 ETF，导致投资者转向其他产品的问题。

灰度计划分拆其比特币现货 ETF，以降低投资者成本

比特币涨至 7.3 万美元，数字货币概念股涨跌不一。