Bank of America raised its target price for Taiwan Semiconductor's US stocks to $155, expecting Taiwan Semiconductor's foundry revenue below the industry-leading 7nm process to achieve a compound annual growth rate of 22% from 2023 to 2025; Morgan Stanley raised Coinbase's target price from $95 to $150

Rating Quick Look | Taiwan Semiconductor and Coinbase's target prices significantly raised! Weibo faces "price cuts"

美银表示，系统性基金逐步削减美国股票多头头寸。标普 500 指数和纳斯达克 100 指数的上涨速度放缓，可能导致 CTA 开始平仓。上周 SPX 和 NDX 多头仓位小幅下降，本周可能出现类似逐步平仓。尽管标普 500 指数上周创下历史新高，但标普 500 指数和纳斯达克 100 指数均录得去年 10 月以来的首次两周连跌。CTA 仍看多欧洲斯托克 50 指数和日经 225 指数。

美银：系统性基金逐步削减美国股票多头头寸

消息人士：福特汽车据称正在开发一款售价为 2.5 万美元的紧凑型电动车，预计将于 2026 年底首次亮相。福特汽车新的电动车平台将采用更便宜的锂铁磷酸电池。福特汽车紧凑型车型是三款新的低成本电动车之一。

高盛指出，人形机器人到 2035 年呈爆发式增长，出货量将达到 140 万台，市场规模达 380 亿美元。

高盛看人形机器人：AI 超预期、一年降本 40%、未来需求看制造业工人和老年人护理

摩根士丹利策略师表示，最近美债收益率上涨已使其接近关键水平，将考验美股是否会再度对利率变得更加敏感。Michael Wilson 带领的团队将 4.35% 视为 10 年期美债收益率的重要技术位，需关注股市对利率敏感性上升的迹象”。

摩根士丹利策略师：美债利率逼近重要技术位 将对美股构成考验

UBTECH ROBOTICS(09880) rose 15.77%, with a trading turnover 284.7 Million HKD, and a year-to-date rose 182.9%. JD HEALTH(06618) rose 6.62%, with a trading turnover 297.8 Million HKD, and a year-to-date fell 15.6%. LI AUTO(02015) fell 5.63%, with a trading turnover 2.1 Billion HKD, and a year-to-date fell 5.5%. FUYAO GLASS(03606) fell 5.56%, with a trading turnover 277.2 Million HKD, and a year-to-date rose 2.9%.

Top 5 HK Stock Gainers/Losers (>100B) (3.18)

ZX INC(09890) fell 10.99%, with a trading turnover 95.9 Million HKD, and a year-to-date fell 46%. GOLDENSOLAR(01121) fell 8.64%, with a trading turnover 3.3 Million HKD, and a year-to-date rose 62.5%. HONGJIU FRUIT(06689) fell 8.51%, with a trading turnover 134.1 Million HKD, and a year-to-date fell 42.7%.

Top 10 HK Stock Losers (3.18)

DONGFENG GROUP(00489) rose 17.3%, with a trading turnover 322.1 Million HKD, and a year-to-date fell 4.1%. UBTECH ROBOTICS(09880) rose 15.77%, with a trading turnover 284.7 Million HKD, and a year-to-date rose 182.9%. MEITU(01357) rose 14.6%, with a trading turnover 835.5 Million HKD, and a year-to-date rose 0.3%.

Top 10 HK Stock Gainers (3.18)

3 月 18 日，盒马相关人士向记者确认，盒马 CEO 侯毅因年满 60 岁正式退休，未来将担任盒马首席荣誉顾问。据了解，这项任命是以盒马全员信的方式宣布的，现任 CFO 的严筱磊将兼任 CEO。在信中，阿里集团对侯毅为盒马起步和发展作出的贡献给予高度评价。

盒马 CEO 侯毅正式退休

In the past five years, Pinduoduo's stock price has dropped by at least 6% after releasing its Q4 financial report, and even dropped by over 14% last year! This Wednesday, on March 20th, Pinduoduo will release its annual report. Will it be different this time?

Does Pinduoduo always experience a significant drop after its Q4 financial report?

英伟达连续第 10 周上涨 0.4%，创下历史纪录，市值达 2.2 万亿美元，成为第三大上市公司。这一行情使投资者对人工智能芯片热情高涨，推高了英伟达股价。周一将举行年度 GTC 大会，英伟达首席执行官黄仁勋将发表讲话。

行情持续之久前所未见 英伟达连续第 10 周上涨

高盛发布报告指出，美股对人工智能（AI）持乐观态度，但认为尚未出现科技泡沫。报告还提到，长期增长估算升至 11%，略高于平均水平的 9%，但仍低于科技泡沫时期的 16% 及 2021 年后期的 13%。在十只 TMT 股票中，每股盈利增长预测中值为 15%，预计市盈率为 28 倍。投资者关注除英伟达外的其他有潜力受益 AI 的股份，认为 AI 趋势将涉及半导体、云服务供应、器材、数据中心 REITs 等。

高盛：美股对 AI 乐观情绪高涨 但认为尚未出现科技泡沫

美团-W 将在本周五公布去年第四季业绩。预测显示，美团 2023 年第四季经调整溢利将增加 2.5 倍至 3.71 倍，中位数为 29.54 亿元人民币。同时，预计其溢利将介于 4,400 万至 16.2 亿元人民币之间，中位数为 10.47 亿元人民币。此外，预测显示美团 2023 年第四季收入将增加 20.1% 至 24.6%，中位数为 725.46 亿元人民币。投资者将关注美团的管理层指引，包括外卖业务利润率、骑手补贴成本、到店业务竞争以及社区团购业务的未来营运策略等。

《季绩前瞻》券商料美团上季经调整溢利升逾 2.5 倍 聚焦营运指引及社区团购策略

The hottest contracts last Friday: Over 140,000 contracts were traded for Tesla with a same-day expiry and a strike price of $162.5! Nearly 80,000 contracts were traded for Tesla with a March 22 expiry and a strike price of $170. Nearly 70,000 contracts were traded for NVIDIA with a strike price of $880, while nearly 60,000 call contracts at the same price were traded

US Stock Options | Tesla's trading volume fell sharply to 2.45 million contracts! NVIDIA "counter-trend rise" continues to be hot

阿里巴巴电商在面临新生平台的竞争下逐渐失去光环，但今年以来情况有所改变。阿里巴巴通过调整策略，提升服务水平，加大人工智能应用，并重点发展直播带货和货架商城，力图收复流量失地。阿里巴巴集团董事会主席蔡崇信表示，经过一段时间的压力，阿里已重返中国顶级电商企业轨道。阿里巴巴正在努力回归，并加强对年轻人的吸引力。

阿里电商杀了个 “回马枪”

分析预计，本周美联储 “按兵不动” 几成定局，鲍威尔将一如既往地 “谨慎发言”，不会释放任何有关即将降息的暗号，衍生品市场预计 6 月降息的概率仅为 44%。

本周 FOMC 焦点：6 月会不会降息？今年还能降息三次么？

拼多多（PDD）今年股价跌超 20%，但杰富瑞分析师认为，现在可能是购买该股的好时机。预计 2023 年，拼多多股价有望上涨 79%，表现优于阿里（BABA）、京东（JD）等竞争对手。拼多多受到越来越多价格敏感的消费者青睐，为其海外市场进军奠定了基础。杰富瑞将拼多多股票评级从 “中性” 上调至 “买入”，目标价 157 美元。拼多多的主要竞争优势在于其专注于 DTC 模式，即直接将客户与制造商联系起来。预计拼多多 2023 年四季度仍将实现强劲增长，收入环比增长 16%，同比增长一倍以上。

今年跌超 20% 的拼多多，股价有望反弹 78%？

芯片独角兽公司 Astera Labs 计划在纳斯达克上市，筹资达 5.34 亿美元，市值有望超过 45 亿美元。其核心产品是数据和内存连接半导体，受益于大模型的发展，其发展迅猛。在 2022 年的 D 轮融资中，其估值已超过 32 亿美元。

风口上的 “小英伟达”?300 亿芯片独角兽 Astera Labs IPO，投资人赚了 150 倍

Citigroup, a major Wall Street firm, has raised Micron Tech's rating from "buy" to a target price of $150, expecting its latest performance to drive the stock price higher. Analysts generally believe that the revenue growth of Micron Tech's DRAM memory chips and HBM memory systems will help the company significantly reduce its losses. In addition, Micron Tech will also disclose details of the new AI hardware system bound with NVIDIA's HBM memory through cooperation. According to Wall Street analysts' forecasts, Micron Tech's revenue for the second quarter of fiscal year 2024 is expected to reach $5.33 billion, with a significant narrowing of net losses. Citigroup analyst Christopher Danely expects Micron Tech to have a potential upside of up to 60% in the next 12 months

Financial Report Preview | HBM's fundraising ability is at its peak! Will the latest performance boost Micron Tech's stock price?

Apple's stock price is stagnant due to concerns about growth and weak upgrade rates. KeyBanc maintains a lower hardware revenue forecast for Apple, citing Chinese competition and uncertainty surrounding App Store regulations. Despite a 6% month-over-month increase in hardware spending, year-to-date spending is down 20% compared to last year. Analysts expect a decline in second-quarter hardware sales, but the drop may be lower than estimated. Overall, the analyst sees limited movement in Apple's stock price and low conviction in a growth inflection.

Apple Stock Stuck In Neutral? Analyst Says Sales Inch Up, But Growth Concerns Linger

Apple has recently been in discussions with OpenAI, considering using its models

Report: Apple is in talks with Alphabet-C to embed Alphabet-C Gemini into the "AI version of iPhone"

2024 Financial Report | Holding ample cash but still "stuck" in dividend distribution, BAIYUNSHAN PH suspected of being voted out by the market

Hong Kong-listed leading technology stocks all rose during the week: JD surged 13%, XIAOMI-W rose 11%, and KUAISHOU-W rose 8.5%. Most of the seven giants in the US stock market rose during the week, with Google leading the way with a rise of over 4%, Meta falling over 4%, and Tesla plummeting nearly 7%

Weekly Tech Stock Roundup: Tesla continues to plummet, JD and Xiaomi-W lead the way with significant gains!

流量依然是美团的生命线，规模依然是美团的护城河。如果抖音和饿了么携手，并且抖音的流量与饿了么的规模实现了结合的话，美团的巨大优势，必然会荡然无存。

抖音、美团，必有一战

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