Compared to its competitors, Blackwell demonstrates outstanding performance, but in order to fully unleash Blackwell's potential, switching to liquid cooling has become almost necessary

A comprehensive understanding of NVIDIA's "new GPU": 5 times faster than H100? 1200W power consumption? Liquid cooling? How does it compare to MI300X?

IMOTIONAUTOTECH(01274) rose 9.29%, with a trading turnover 72.1 Million HKD, and a year-to-date rose 111.3%. XTEP INT'L(01368) rose 9.03%, with a trading turnover 236.0 Million HKD, and a year-to-date rose 12.2%. CONANT OPTICAL(02276) rose 8.8%, with a trading turnover 13.6 Million HKD, and a year-to-date rose 15.6%.

Top 10 HK Stock Gainers (3.19)

YANKUANG ENERGY(01171) rose 1.94%, with a trading turnover 550.7 Million HKD, and a year-to-date rose 20.2%. CNOOC(00883) rose 1.49%, with a trading turnover 1.4 Billion HKD, and a year-to-date rose 36.3%. LI AUTO(02015) fell 7.99%, with a trading turnover 2.5 Billion HKD, and a year-to-date fell 13.1%. WUXI APPTEC(02359) fell 7.49%, with a trading turnover 801.2 Million HKD, and a year-to-date fell 50.2%.

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

HIGHTIDE-B(02511) fell 17.06%, with a trading turnover 8.9 Million HKD, and a year-to-date fell 50.8%. ESR(01821) fell 12.32%, with a trading turnover 200.1 Million HKD, and a year-to-date fell 28.1%. HONGJIU FRUIT(06689) fell 10.3%, with a trading turnover 152.2 Million HKD, and a year-to-date fell 48.6%.

Top 10 HK Stock Losers (3.19)

临床阶段生物制药公司 Fusion Pharmaceuticals 盘前飙涨 94%，报 20.65 美元。

美股异动 |Fusion Pharmaceuticals 盘前飙涨 94% 阿斯利康拟溢价近一倍收购

人工智能发展带来投资机遇与挑战。AI 主题 ETF 产品受追捧，规模飙升。

“英伟达浪潮” 中，AI 主题 ETF 过去一年规模已翻倍

There are reports that Li Auto's expected orders for MEGA within 24 hours were around 3,000 units, but the final result fell short of expectations, only achieving half of the target. Currently, Li Auto's core management team is discussing whether to lower MEGA's annual sales target to 50,000-60,000 units

Understanding the market | Why did LI Auto drop 8% today?

Overnight hottest contract: Tesla with a maturity date of March 22 and a strike price of $175, with a trading volume exceeding 110,000 contracts! Google's A call options surged to 820,000 contracts, with a 72% call option ratio; Google's C call options soared to 400,000 contracts, with a 66% call option ratio

US Stock Options | NVIDIA, AMD, SOUN Trading Volume Halved! Alphabet-C Trading Volume Surged

XIAOMI-W will announce its financial report after the Hong Kong stock market closes today

Financial Report Preview | Will Xiaomi Motors contribute to a market value of 900 billion RMB?

Fintech company Robinhood has fully launched commission-free trading services in the UK, but has postponed its plans to increase leverage lending functions. UK customers can access over 6,000 US-listed stocks through the Robinhood app, and enjoy benefits such as non-investment cash interest, zero trading commissions, and no foreign exchange fees. However, the launch of margin investment services has been temporarily put on hold due to discussions with regulatory authorities. The President of Robinhood UK stated that the company will continue to provide local products and services that meet customer demands

Robinhood enters the UK market with commission-free trading, while its margin lending plan is temporarily suspended

比特币延续跌势，导致全球最大的比特币交易所交易基金流出创下记录。规模为 250 亿美元的灰度比特币信托周一流出 6.43 亿美元，是自 1 月 11 日转换为 ETF 以来的最大流出量。此外，对新上市的现货比特币 ETF 的需求也在减少，资金流向富达和贝莱德等巨头产品也减少。货币政策的不确定性和资产泡沫风险也令市场人士担忧。比特币价格下跌约 3%，至 65380 美元。

比特币延续跌势 灰度基金单日 “失血” 逾 6 亿美元

荷兰合作银行放弃将土耳其子公司出售给加密货币公司的交易。

苹果和谷歌正在谈判合作，以解决其在生成式 AI 领域的滞后问题。消息一经公布，谷歌母公司 Alphabet 股价上涨，证实了苹果追赶 AI 浪潮的决心。尽管合作细节尚未确定，但苹果还与 OpenAI 进行了讨论。两大科技巨头之间的合作试探已不是第一次，他们一直是 “相爱相杀” 的关系。在过去的二十多年中，他们从密友到对手，一直在商业竞争中角逐。究竟在 AI 时代，谁更需要谁，目前还没有定论。

AI 时代，苹果和谷歌究竟谁更需要谁？

比特币和其他加密货币出现下跌，灰度比特币信托经历单日最大规模资金外流，流出 6.43 亿美元。此前，九只新现货比特币 ETF 上市，吸引了强劲需求，但现在资金流入富达投资和贝莱德等巨头产品的资金也在减少。这一情况可能对比特币价格产生负面影响。

灰度 ETF 出现单日最大规模资金外流，推动比特币下跌

加密货币市场回落，比特币难以守在 65,000 美元大关上方，之前美国一只大型比特币交易所交易基金遭遇资金流出，而且市场削减了对美联储降息的押注。该最大数字货币报 65,550 美元左右，下跌约 3%。其他主要加密货币也大多走低。

比特币下跌 资金流出 ETF、美联储政策前景打击加密货币

马斯克：每两周发布对全自动驾驶的 3 项重大改进。

最强 AI 芯片 Blackwell 问世，推理能力提升 30 倍！黄仁勋介绍道，训练一个 1.8 万亿参数 GPT 模型，如果用 Hopper 来做，可能需要 8000 个 GPU，耗电 15 兆瓦，如果用 Blackwell 来做，只需要 2000 个 GPU，且耗电仅为四兆瓦。

黄仁勋 GTC 演讲全文来了！

Concept stocks related to Bitcoin collectively fell. As of the time of publication, BOYAA fell by 6.31% to HKD 1.93; MEITU fell by 3.6% to HKD 3.48; OSL Group fell by 2.88% to HKD 7.77; GRANDSHORES fell by 1.18% to HKD 0.084. On the news front, the price of Bitcoin has been steadily rising over the past few months, hitting a new high of $73,881.3 on March 14th. In the following days, the price of Bitcoin continued to decline, with the intraday price falling below $65,000 today, currently at $64,956, down nearly 4% intraday. It is reported that J.P. Morgan once released a report in February pointing out that the highly anticipated Bitcoin halving event will occur in April, which may have a serious negative impact on the profitability of Bitcoin miners. The report warned that the price of Bitcoin could plummet to $42,000 per coin, with a potential downside of over 36% from the current price. In addition, the Bank of Japan raised interest rates for the first time since 2007, signaling the end of the era of negative interest rates

HK Stock Market News | Bitcoin concept stocks collectively decline as Bitcoin price continues to fall, breaking below $65,000 during today's trading session

多位律师表示，此次罚款不会影响债权人的债务清偿，在清偿顺序中，补偿性债权优先于惩罚性债权。如若恒大地产及许家印没钱了，则须通过查封、扣押个人财产等方式追缴。

恒大被罚 41.75 亿，到底怎么缴？

Yotta has ordered over 4,000 NVIDIA-manufactured H100 chips and expects to receive approximately 20,000 of these chips in June, marking the largest bet on AI in India to date

NVIDIA supports Indian startup Yotta, making the biggest bet on AI in India

比特币跌超过 3%，跌破 65000 美元/枚的水平。

美国国债投资者正争相退出全球最大规模的长期限国债 ETF(美股代码：TLT)，导致该 ETF 连续八日下跌。在美联储和日本央行利率决定之前，降息预期降温施压美债价格，并削弱市场对安全资产的需求。该 ETF 已连续五周出现资金外流，约 20 亿美元流出。与此同时，风险资产表现乐观，股市和加密货币的 ETF 吸引资金。交易员们关注美联储是否会改变对今年降息预期，以及日本央行是否会放弃负利率政策。

降息预期接连遭重挫 长期限美债 ETF 连跌八日！高达 20 亿美元流出

As the electric vehicle craze subsides, traditional car stocks are once again in the limelight, with their undervaluation and stable cash flow beginning to attract investors. Analysts believe that against the backdrop of weakening demand for electric vehicles, General Motors, Ford Motor, and Stellantis may emerge as winners

As the electric vehicle craze fades, the stock prices of traditional American car manufacturers are on the rise

许家印被限制高消费，涉及借款合同纠纷案件。中国恒大目前存在多条被执行人信息，被执行总金额超过百亿元。恒大地产集团和恒大集团也存在大量被执行人信息。

许家印被限制高消费

高盛下调特斯拉目标价至 190 美元，原因是预测销量下降及生产问题。根据第三方市场数据，特斯拉今年首两个月交付量按年增幅高单位数，但按季比较则预期下降低双位数百分比。预计首季销量将低于早前估计的 47.5 万辆，目前调整为 43.5 万辆。高盛预测全年汽车交付量将按年增长 9.5% 至 198 万辆，较此前预测下调。高盛还将特斯拉的 2025 和 2026 年交付量预测下调，并调低了 2024 至 2026 年每股盈利预测。

高盛：下调特斯拉目标价至 190 美元，反映生产及市场遇逆风

奥特曼认为，算力将成为未来最宝贵的财富之一，会成为未来的 “货币”，人工智能的发展将是一场巨大的权力斗争。公司、组织、国家都可能为了争夺这份未来的 “货币” 而展开竞争。OpenAI 正在寻找新的董事会成员，希望引入具有不同专业背景的人才。GPT-5 将是一款新一代大语言模型，通用人工智能（AGI）的远景规划也备受关注。

奥特曼最新万字访谈：GPT-5 能力提升超乎想象，算力将成为未来最重要的货币

Warren Buffett's Berkshire Hathaway, known as the "Stock God," has accelerated its pace of repurchasing its own stock, indicating Buffett's belief that the company's stock is undervalued. Before March 6th this year, Berkshire Hathaway repurchased shares equivalent to 3,808 Class A shares, amounting to approximately $2.2 billion to $2.4 billion. Last year, Berkshire Hathaway repurchased shares worth as much as $9.2 billion. Buffett stated that stock buybacks help in managing the company's cash and equivalents. Berkshire Hathaway currently holds $167.6 billion in cash and equivalents and aims to maintain a cash cushion of $30 billion. Berkshire Hathaway's stock price has risen by about 14% so far this year

Berkshire Hathaway accelerates its buyback pace. Will the followers of the "Stock God" continue to "recharge" their faith?

港股医药外包概念持续下挫，药明康德跌近 8%，药明生物跌近 6%，金斯瑞生物科技跌 5.5%，昭衍新药、康龙成化均跌 3%。

港股汽车股开盘直线下挫，理想汽车、蔚来汽车均跌超 7%，小鹏汽车跌近 6%，恒大汽车跌超 4.5%，零跑汽车跌近 4%，比亚迪股份、长城汽车均跌 2%。

比特币向下触及 66000 美元/枚，日内跌 2.02%。美元指数 DXY 升至 103.66，为自 3 月 6 日以来最高水平。英镑兑美元 GBP/USD 下跌至约两周低点 1.2713。

比特币向下触及 66000 美元/枚

全球基金重新押注中国股市，表明投资者对全球第二大股市信心复苏。挪威的 Skagen AS 及其美国同行 Boston Partners 近几个月都增持了在中国内地和香港上市的股票，理由是估值低廉、风险被大幅计入股价，以及盈利改善。此举也让人希望中国股市最近的反弹有持续支撑作用。全球投资者可能越来越相信中国股市，以及中国重振经济增长。

长期空头转为看涨 全球基金重新押注中国股市

Huang Renxun said, "Building a basic model of a general humanoid robot is one of the most exciting problems we can solve in the field of AI today."

Codename GROOT! NVIDIA is going to create "Universal Humanoid Robot Basic Model"

摩根士丹利财富管理首席投资官警告称，打压美元的结构性力量可能会对美股造成波及。她表示，日本收益率曲线管理告一段落以及比特币和大宗商品价格上涨，显示美元的涨势 “可能已达极限”。她建议投资者要为美元态势可能转变做好准备，并关注美元走强与市盈率的相关性。

摩根士丹利：打压美元的结构性力量可能反过来波及美股

顺风车乘客完全感觉不到 AI 在开！此次 FSD Beta V12.3 突然开放给所有 FSD 用户，大概能说明特斯拉内部认为系统已经比较成熟，可以交付给车主用了。

特斯拉纯视觉 FSD 来了！这是一种什么体验？

NVIDIA announced the launch of the most powerful AI chip Blackwell, with 208 billion transistors, improving costs and energy consumption by 25 times compared to the previous generation, and also released the 6G research cloud platform. Qualcomm introduced the third-generation platform Snapdragon 8s mobile platform, supporting on-device generative AI functions. Musk stated that the next generation Tesla Roadster will be equipped with rocket technology, surpassing the concept of cars. Apple is negotiating to implant Google's Gemini AI engine into the iPhone. The Bank of Japan will end Yield Curve Control (YCC) and ETF purchases. Falsely inflated revenue by 564 billion in 2 years! Evergrande Real Estate was fined 4.175 billion, with Xu Jiayin fined 47 million

Breakfast | NVIDIA launches the most powerful AI chip GB200, institutional investors sell off shares of seven tech giants

NVIDIA stated that Blackwell has improved its cost and energy consumption by 25 times compared to the previous generation, making it the most powerful chip in the world. It consists of 208 billion transistors and is manufactured using TSMC's 4nm process, supporting AI training with up to 10 trillion parameters and real-time Large Language Models (LLM) inference. The inference performance of GB200 NVL72 is up to 30 times higher than H100. Amazon, Microsoft, Google, and Oracle are among the first cloud service providers to support Blackwell. NVIDIA has launched the AI project Project GR00T to empower humanoid robots. TSMC and Synopsys will adopt NVIDIA's computational lithography technology. NVIDIA has introduced the new software NIM to make it easier for users to utilize existing NVIDIA GPUs for AI inference

NVIDIA AI Summit GTC unveiled, the most powerful AI chip Blackwell is here!

摩根士丹利财富管理首席投资官 Lisa Shalett 警告称，美元机制转变可能对美国股市造成风险。她指出，与亚洲的关系恶化、日本收益率曲线管理的结束以及比特币和大宗商品价格上涨等因素表明，美元可能已达到极限。她鼓励投资者将目光投向海外，寻求未来的股票回报以对冲可能的回调。此外，她还提到，市盈率扩大是美国股市上涨的主要原因之一。

大摩警告美股投资者 市场面临 “美元机制转变” 风险

华尔街预计，小鹏汽车全年净亏损将达到人民币 117.1 亿元，相较于 2022 年的预计亏损人民币 91.4 亿元有显著扩大。更令人担忧的是，尽管去年第四季度交付了 60,158 辆汽车，但这似乎并未能为小鹏带来实质性的财务改善。

前瞻 | 小鹏财报看什么：亏损还会继续扩大吗？

周一，两年期美债收益率升至三个月新高，10 年期美债收益率也走高。掉期交易员们预计 6 月不降息概率更大，今年降息次数或不到三次。高盛不到一个月再次下调美联储年内降息次数预期，从四次减少到三次。当前，只要有两位美联储官员将今年的降息次数从三次改为两次，点阵图的中值预测就会改变。

美联储会议前夕，掉期交易预计 6 月不降息概率更大，高盛再砍年内降息次数预期

Tellurian(TELL) fell 23.61%, with a trading turnover 51.7 Million USD, and a year-to-date fell 3%. GigaCloud Tech(GCT) fell 20.72%, with a trading turnover 297.5 Million USD, and a year-to-date rose 87%. Microstrategy(MSTR) fell 15.69%, with a trading turnover 7.1 Billion USD, and a year-to-date rose 137.9%.

Top 10 US Stock Losers (3.18)

Quantasing(QSG) rose 12.96%, with a trading turnover 1.5 Million USD, and a year-to-date rose 117.9%. Kingsoft Cloud(KC) rose 9.77%, with a trading turnover 6.0 Million USD, and a year-to-date fell 10.8%. Jin Medical(ZJYL) fell 28.54%, with a trading turnover 3.2 Million USD, and a year-to-date fell 74.8%. GigaCloud Tech(GCT) fell 20.72%, with a trading turnover 297.5 Million USD, and a year-to-date rose 87%.

Top 5 CDRs Gainers/Losers (>100M) (3.18)

FOMC 决策周，市场急速下调对 6 月美联储降息押注，标普纳指盘初涨超 1%，特斯拉收涨超 6% 领跑大型科技股，英伟达高开 5% 后收涨 0.7%，带动芯片股午后涨幅收窄。中概股指高开低走，理想汽车跌超 12%，亿航智能涨 30% 后一度转跌。美债收益率重返 2 月份所创的年内高位，油价涨约 2% 至近五个月新高。美元上涨徘徊两周高位，日元一度止跌转涨，比特币失守 6.7 万美元。黄金触及一周多新低反弹，伦铜一度涨穿 9160 美元创 11 个月新高。

AI 盛会令科技股狂飙，美股脱离两周低位，特斯拉涨超 6%，但英伟达一度转跌

Morgan Stanley believes that thanks to the strong research and development capabilities, profitability, and cash burning capabilities of the "weight loss duo" Eli Lilly and Novo Nordisk AS, their moats are wide, and the probability of continued profitability is very high. In addition, Eli Lilly's new oral drug orforglipron will change the landscape of the weight loss and diabetes drug market

JPMorgan Chase: Eli Lilly management believes that oral medications will change the landscape, and the moats of "weight loss giants" are underestimated by the market

Japanese media reported that the Bank of Japan will continue to stay in the market to avoid volatility, including continuing to purchase some Japanese government bonds to prevent bond yields from soaring, but the Yield Curve Control (YCC) framework will be abandoned. In terms of risk assets, the Bank of Japan will also end its purchases of Japanese stock ETFs and real estate investment trusts. The USD/JPY exchange rate is expected to decline in the short term

Report: Bank of Japan expected to end YCC and ETF purchases on March 19th

The recent rally in the S&P 500 has not reached the levels of the 2000 tech bubble or post-pandemic highs. Market-implied long-term growth expectations for S&P 500 stocks have also not matched previous levels. Valuations of top technology stocks are elevated but still lower than during the tech bubble and post-pandemic highs. Goldman Sachs identifies four phases of the current AI trade, with different companies benefiting at each stage. Investors are expected to trade Phase 2 and Phase 3 faster than Phase 4.

LIVE MARKETS-Recent rally in S&P 500 not yet as high as 2000 tech bubble, post-pandemic highs

美股在 GTC 会议和美联储货币政策决策周的刺激下迎来上涨。谷歌股价大涨 6%，创去年 12 月以来最佳表现，苹果、特斯拉和英伟达也均有涨幅。科技板块表现强劲，电信板块领涨。中概股中，小鹏汽车、蔚来、拼多多和 B 站等股票上涨。亿航智能股价大涨近 30%。美股行业 ETF 全线走高，半导体和科技行业 ETF 表现尤为突出。美国 3 月房产市场指数创新高。苹果和谷歌商谈合作。整体上市场情绪较好。

GTC 大会前 AI 股狂飙！标普纳指跳涨超 1%，谷歌涨 6%，英伟达涨 4%

Flood 认为，这表明市场广度正在改善，预计标普 500 将在第二季度突破 5500 点并继续走高。

高盛交易员：美股机构投资者还在继续抛售 Mag7，并买入周期股

It is expected that AI will reach a tipping point for comprehensive popularization and volume expansion

NVIDIA GTC Preview: B100 Heavyweight Release, AI Empowering Various Industries

As of before the Nasdaq Exchange malfunction, the market showed: Google rose more than 4%, Tesla and Nvidia rose more than 2%; XPeng led the way with a rise of more than 6%, Nio rose more than 4%, Li Auto fell more than 5%. "The first stock of flying cars" EHang Intelligent rose more than 12%

Pre-market trading in US stocks: Nasdaq Exchange experiencing technical difficulties! Tech stocks and Chinese concept stocks are rising, while cryptocurrency-related stocks are falling

Over 20 years, he turned the initial 5000 rupees (about 100 US dollars) into 5.8 billion US dollars, while the Indian SENSEX index also broke through the 70,000 point mark from the initial 150 points