Merck(MRK) rose 4.96%, with a trading turnover 2.1 Billion USD, and a year-to-date rose 21.7%. Intel(INTC) rose 4.24%, with a trading turnover 2.2 Billion USD, and a year-to-date fell 12.7%. PDD(PDD) fell 2.86%, with a trading turnover 974.6 Million USD, and a year-to-date fell 20.3%. ServiceNow(NOW) fell 2.51%, with a trading turnover 1.1 Billion USD, and a year-to-date rose 7.4%.

Top 5 US Stock Gainers/Losers (>100B) (3.27)

GameStop(GME) fell 15.03%, with a trading turnover 234.6 Million USD, and a year-to-date fell 24.9%. Krispy Kreme(DNUT) fell 11.53%, with a trading turnover 380.4 Million USD, and a year-to-date rose 2%. Reddit(RDDT) fell 11.3%, with a trading turnover 1.1 Billion USD, and a year-to-date rose 69.9%.

Top 10 US Stock Losers (3.27)

高盛最新预计，养老基金可能会卖出约 320 亿美元的股票，以重新平衡其仓位。这将是自 2023 年 6 月以来最大的一次再平衡仓位调整。当前美股市场上最大的买家——企业回购，正处于关闭期。本周美股将迎来长周末，交易量稀少，可能给市场额外的压力。

高盛警告：季度再平衡将至，养老金或抛售 320 亿美元股票

美国 AI 初创公司 Databricks 公布，在语言理解、编程和数学方面，其将开源的模型 DBRX 的测试得分均高于 GPT-3.5、Mixtral、Meta 的 Llama 2-70B、马斯克旗下 xAI 的 Grok-1。作为混合专家模型，DBRX 的输出 token 速度高 Llama 2 一筹。

全球最强开源 AI 大模型来了！Databricks 称 DBRX 吊打 Llama 2 和 GPT-3.5

With the rapid decline in the computing cost of generative artificial intelligence, there will be a significant mismatch between the rapid growth in AI demand and the slow growth of electricity infrastructure. Morgan Stanley compares this mismatch to a "tortoise and hare race," implying that although AI is currently booming like the hare leading the race, the growth in AI demand relies on electricity supply. More data centers may pay a higher premium for electricity to ensure faster power, as a result, the slow-growing electricity infrastructure sector, as the tortoise, may have better prospects

Missed out on US stock AI? Morgan Stanley offers a new idea: buy power stocks

In the AI ​​battle, tech giants are increasingly doubling down on AI ​​startups to maintain their leading positions. Among them, Amazon's investment in Anthropic is its largest venture capital investment to date, surpassing the $1.3 billion investment in electric vehicle manufacturer Rivian

Amazon has added a $2.75 billion investment in the AI startup company Anthropic, marking the largest venture capital investment in Amazon's history

Kuaishou needs a new story

China Resources Land aims to become the "King of Large Asset Management"

中国人保发布了 2023 年年报，营业总收入同比增长 4.4%，净利润同比减少 10.2%。集团业务稳健增长，保险服务收入同比增长 7.5%，原保险保费收入同比增长 6.9%。人保财险业务规模稳步增长，保险服务收入同比增长 7.7%。人保健康首年期交保费同比增长 34.1%。人身险板块业务发展可持续性大幅增强。

人保营业收入同比增长 4.4%，股息支付率连续四年高于 30%

比特币向上触及 71000 美元/枚，日内涨 1.70%。

由于周四是复活节假期前最后交易日，美债在下午 2 点、美股在下午 4 点就将迎来本季度最终交易，这意味着未来 48 小时内可能会出现更多抛售。

美股周二尾盘缘何 “闪崩”？高盛交易员：养老基金抛售或是罪魁祸首

Haier Smart Home's revenue in 2023 increased by 7.3% year-on-year to 261.4 billion yuan, with net profit increasing by 12.8% year-on-year to 16.6 billion yuan, and plans to distribute 7.4 billion yuan in cash dividends

Strong refrigeration industry Haier Smart Home's revenue hit a new historical high in 2023, with double-digit growth in net profit | Financial Report Insights

短线做空者愿意支付超过 200 倍于美股平均水平、超过 300 倍于苹果公司水平的做空费率，足见很多人押注特朗普社交媒体公司的股价即将大幅回落。

美股最贵做空交易：做空特朗普

National Wealth Innovation Company plans to invest HKD 5 million in purchasing cryptocurrency and virtual asset funds. This will help the company actively layout in the Web 3.0 business field, transform into the innovative finance and technology finance industry, and adapt to market changes

Guofu Innovation plans to invest HKD 5 million to purchase cryptocurrency and virtual asset funds

利率如果更高更长，小票还会遭殃。

小盘股大幅跑输！美股大小盘涨幅差创 20 多年来最大

First Principle Thinking, Second-Order Thinking, Inversion

Ten models of thinking related to investment decisions

XPeng led the pre-market decline by over 4%, Nio dropped by over 3%, Li Auto fell by over 2%. Trump concept stock DJT surged over 16% at one point. Merck rose nearly 5% to a new high. GameStop GME plummeted by 23% at one point. hello Group surged by nearly 15% at one point. PaySign surged over 32% at one point. Robinhood surged over 8% at one point

Pre-market trading in US stocks | Nio and Li Auto lead the decline in Chinese concept stocks! Trump concept stock DJT continues to soar

Financial Report 2024 | Sugar-free Tea "Ignites" Nongfu Spring, Net Profit Margin Hits Historic High Amid Expansion of Water Sources and Cost Reductions

Morgan Stanley believes that accelerating overseas expansion and increasing revenue from new businesses will be the key to improving Bubble Mart's performance and valuation. It is expected that overseas market revenue will double this year, leading to a target price increase from HKD 32 to HKD 38

Another successful case of going global? Morgan Stanley: Pop Mart is expected to enter the "fast lane" within 1-2 years

Credit Suisse maintains Alibaba's target price at HKD 114, believing that in the current market conditions, Alibaba's withdrawal of Cainiao's Hong Kong IPO application did not come as a complete surprise to the market; Citigroup lowered Tesla's target price from $224 to $196, and revised down the company's first-quarter delivery volume forecast from 473,300 to 429,900 vehicles, only a 2% increase year-on-year

Rating Quick Look | Tesla's target price has been lowered again! Microsoft, Alibaba, Apple are optimistic

AI newcomer ALAB, which has already doubled, surged overnight before falling back, with an intraday volatility of 20%, bringing its market value down to $12.7 billion

WSB Hot Discussion | Reddit's stock price doubled in 4 days, with a market value exceeding $10 billion

香港金管局预计数字人民币将在香港进一步扩大试点范围，届时更多香港市民将可便捷开立和使用数字人民币钱包，并透过转数快为其数字人民币钱包增值。

香港金管局：预计数字人民币将在香港进一步扩大试点范围

日本财务省、金融厅和日本央行召开紧急会议讨论金融市场。分析认为，神田真人会重申市场一直听到的同样话术的口头干预。他们可能会干预市场，但不会直接宣布或明确表示。

市场评日本金融紧急会议

"First Stock of Potted Vegetables" Fu Jing China Holdings will be listed on the Hong Kong Stock Exchange tomorrow (Thursday, March 28). Data from the grey market shows that the stock once surged by 147%, but the current increase has fallen to around 96%, trading at HKD 2.12. According to the announcement, Fu Jing China Holdings plans to globally issue 100 million shares, with a board lot of 2000 shares per hand, priced in the range of HKD 1.08 to HKD 1.28 per share

Dark pool | FuJing China Holdings surged 147% at one point!

Goldman Sachs: In the market where HBM has increased tenfold in four years, Micron will take over half of the market share, while Intel may come from behind

AI Spring breeze blows to storage chips, Micron Technology, Western Digital, and Intel become hot cakes

LianLian Digital will officially debut on the Hong Kong Stock Exchange tomorrow. On Wednesday, March 27th, the grey market data showed that the stock opened more than 3% higher, then dropped more than 5% at one point, and now the decline has narrowed to around 2.35%. LianLian Digital issued 55.92 million shares in this IPO, including 5.592 million shares for public offering in Hong Kong and 50.328 million shares for international offering. The issue price range is between HKD 10.21 and HKD 10.95 per share, with a board lot of 500 shares

Dark pool | LianLian Digital once fell more than 5%

SHENZHOU INTL(02313) rose 10.49%, with a trading turnover 1.3 Billion HKD, and a year-to-date fell 9.6%. PRADA(01913) rose 3.23%, with a trading turnover 88.7 Million HKD, and a year-to-date rose 43.3%. CITIC(00267) fell 6.42%, with a trading turnover 295.1 Million HKD, and a year-to-date fell 2.8%. BYD COMPANY(01211) fell 6.11%, with a trading turnover 4.2 Billion HKD, and a year-to-date fell 5.4%.

Top 5 HK Stock Gainers/Losers (>100B) (3.27)

PALASINO(02536) rose 50%, with a trading turnover 107.1 Million HKD, and a year-to-date rose 73.1%. LINKLOGIS-W(09959) rose 20%, with a trading turnover 215.0 Million HKD, and a year-to-date fell 8.9%. HYGEIA HEALTH(06078) rose 15.97%, with a trading turnover 312.2 Million HKD, and a year-to-date fell 13.6%.

Top 10 HK Stock Gainers (3.27)

在今日的京东金融直播时，中国人工智能产业发展联盟副理事长、京东探索研究院院长何晓冬博士认为，“AI 大规模应用的下一站是智能汽车，语言大模型、视频大模型、具身智能都可以与智能汽车关联起来”。

京东何晓冬：AI 大规模应用的下一站是智能汽车

The seven most popular contracts overnight are all related to Tesla: Over 170,000 contracts were traded for call options with a strike price of $185 and put options with a strike price of $180, both expiring on March 28th. Carnival Cruise Line, ARM options trading surged to 340,000 contracts each, while GameStop GME options trading surged to 250,000 contracts

US Stock Options | Tesla, GME, ARM Trading Volume Soars! Meme Stocks, Chip Stocks Hot

vivo X Fold3 系列折叠旗舰发布，以 219g 的轻薄机身重量刷新了大内折手机的纪录。通过超可靠铠羽架构，vivo X Fold3 系列实现了全性能平衡，消除了折叠机和直板机的物理边界。此外，vivo X Fold3 系列还是全球首款量产的生成式 AI 的折叠机旗舰。这款轻薄、可靠、全能的手机有望成为 2024 折叠机市场的领导者。同时，手机行业的创新低迷导致全球智能手机厂商出货量下降，苹果股价也下跌了 14.17%。

赛道 Hyper | vivo X Fold3 系列：折叠机皇音爆

It is difficult to say that the Hong Kong stock market has bottomed out. The new CEO of the Hong Kong Stock Exchange, Laura M Cha, stated that in the past few years, global and Hong Kong capital markets have faced many challenges. However, Hong Kong and the Stock Exchange play a "super connector" role between China and the world. In the long run, she sees more opportunities. She believes that many companies still want to go public, but they do not want to sell their shares cheaply in the current market conditions. The Hong Kong Stock Exchange has offices in London, New York, and Singapore, and actively communicates with many issuers around the world. She believes that when market conditions become more favorable, the Hong Kong Stock Exchange will be in a favorable position to capture these opportunities. As the world's second-largest economy, China has maintained its annual economic growth target at around 5% during this year's two sessions. The growth is still quite considerable, and there are many companies growing domestically, which she believes will be a strong source of issuers

Chen Yiting: It is difficult to say that the Hong Kong stock market has bottomed out at present. In the long run, more opportunities are expected

The soaring cocoa prices are eroding the profits of chocolate producers. Chocolate giant Hershey's saw flat earnings last year, with its stock price falling by about 23% over the past year. Meanwhile, Nestle's stock price dropped by nearly 13% during the same period

Is $10,000 expensive? With the largest supply shortage in sixty years, the price of cocoa may just be starting to rise

Adobe has launched more than a dozen new generative AI tools and features in one go, but the focus is on document imaging and office software, without introducing any new video features

Sora's stock price plunges, Adobe responds, market remains dissatisfied?

美国司法部指控加密货币交易所 KuCoin 及其创始人违反反洗钱规定。KuCoin 及其创始人被指控合谋经营无牌资金转移业务，未能维持适当的反洗钱计划。起诉书称，KuCoin 故意隐瞒美国用户在该平台上交易的事实，帮助其成为全球最大的加密货币交易平台之一，但却从未制定基本的反洗钱政策。

美国司法部指控加密货币交易所 KuCoin 及其创始人违反反洗钱规定

报告称，香港的目标是在第二季度实现现货比特币 ETF 的创建和赎回，这与美国完全不同，美国仅允许使用现金，即 “现金进，比特币 ETF 出”，而香港是 “比特币进，ETF 出”，这对市场来说可能是一个机会。

香港实物比特币 ETF 可能是一个重大的市场机会！

Japan raised interest rates for the first time since 2007, causing the yen to fall. This is due to the fact that the decision was well anticipated and the yen is the lowest-yielding G10 currency. The rates picture is also keeping Japanese investors' cash abroad, depriving the yen of support from repatriation flows. There is also a risk of intervention by Japanese authorities to support the yen.

EXPLAINER-Japan hiked interest rates. Why is the yen falling?

AI 创业公司 Kimi 概念股在资本市场受到关注，用户量飙升。月之暗面发布的 Kimi 智能助手支持 200 万字超长无损上下文，长文本能力超过谷歌 gemini 1.5 和 Claude3。该创业公司引起关注的原因是其突破在大模型长文本能力上的取得。

“Kimi 概念” 降温，长文本 “担不起” 大模型的下一步

GameStop、Reddit 以及 “特朗普媒体科技集团” 的股票表现和其期权交易的活跃，再次证明了散户投资者在市场上的巨大影响力。

鲍威尔宽松信号，“散户概念股” 再遭爆炒，火热程度堪比 2021 年

港股汽车股午后持续走低，多家汽车公司股价下跌超过 3%。

微软市值已经和苹果拉开一个特斯拉的距离！Wedbush 认为，“我们看到生成式人工智能和 Copilot 的采用正在加速，这反过来又为微软催化了更多的 Azure 云交易。随着人工智能在整个企业领域的爆炸式增长，未来 6 到 12 个月将出现主要势头。”

理解市场 | 微软为何还能再涨 18%？

AI 技术耗电多的问题成为焦点，预计 AI 将为能源行业创造巨大需求。因此，美股投资者开始关注拥有和运营发电厂的公司，如 Vistra、Constellation Energy 和 NRG Energy。虽然它们的股价涨幅不及纯正 AI 概念股英伟达，但高于微软。预测显示，AI 带来的数据中心电力需求将以每年 13%-15% 的速度增长。拥有多余发电能力的公司将直接受益，包括核电运营商和绿色能源开发商。同时，与数据中心签订高额电力购买协议可以为核能发电商带来盈利和未来发展。输电线和现场燃料电池供电公司也将从 AI 浪潮中获益。

AI 耗电，美股这么炒

The day after the listing of Paradise Palace, the stock price surged by over 26%, reaching a high of HKD 3.79, a cumulative increase of over 45% compared to the IPO price of HKD 2.6. As of the time of writing, it has risen by 26.33%, trading at HKD 3.79, with a turnover of HKD 36.3108 million and a total market value exceeding HKD 3 billion. It is reported that Paradise Palace was spun off from Far East Consortium, forming a comprehensive entertainment group integrating gaming and leisure businesses, with main operations in the Czech Republic and the German-Austrian region. It owns a comprehensive resort in the Czech Republic and two physical casinos, as well as operating three hotels in Germany and one in Austria, covering various services such as accommodation, dining, and conferences. Financial data shows that in the past fiscal years of 2021, 2022, 2023, and the first six months up to September 30, 2023 (with the fiscal year ending on March 31), Paradise Palace's operating income was HKD 146 million, HKD 351 million, HKD 529 million, and HKD 278 million respectively, with corresponding net profits of HKD 2.557 million, HKD 40.083 million, HKD 44.154 million, and HKD 17.054 million

Hong Kong Stock Market News | The second day of Beluga Palace's listing saw another increase of over 26%, accumulating over 40% increase compared to the IPO price, with a total market value exceeding HKD 3 billion

DJT 上市首日虽然一度大涨至熔断、最终也收涨 16%，但其做空比例已经达到 60%，超 400 万的做空股数，接近前一天 DWAC 做空股数的 4 倍！

特朗普概念股 DJT 做空数据暴增！

韩国电商巨头 Coupang 周三表示，计划未来三年投资 3 万亿韩元，在全国范围内扩大其超快速配送服务 “火箭交付” 业务，以巩固其在竞争激烈的市场中的主导地位。预计到 2026 年将 “火箭交付” 服务的覆盖范围扩大到全国的 88%，到 2027 年实现全国覆盖。此举是在中国电商巨头的竞争加剧之际做出的，尤其是阿里巴巴的全球速卖通。

Coupang 拟投 3 万亿韩元扩大配送服务，对抗阿里全球速卖通

Litigation disputes are difficult to resolve

2024 Financial Report | Heavy focus on NASH pipeline, can Geli Pharmaceuticals reverse the "no drugs to sell" situation

摩根大通策略师认为，美联储没有降息的理由。经济表现良好，失业率低，通胀率高于目标，而且 2024 年的增长预测也增加。其他经济学家也预测今年不会有降息。

摩根大通策略师：美联储现在没有理由降息

Rumble will be issuing its quarterly earnings data after the market closes on Wednesday, March 27th. Analysts expect the company to announce earnings of ($0.22) per share for the quarter.

Rumble Set to Announce Quarterly Earnings on Wednesday

港股汽车股走低，蔚来汽车跌 4.5%，小鹏汽车、比亚迪股份跌超 3%，零跑汽车跌 2%，恒大汽车、吉利汽车、长城汽车、理想汽车纷纷走低。

在经济数据持续性等待验证以及港元贬值压力尚未缓解的背景下，天风证券建议仍以高股息策略为主。短期内股息率较高的公用事业、能源、金融、电信等板块，即使未来市场波动率有所上升，也能在该环境中提供可观的相对收益；中长期而言，以半导体、互联网为代表的科技行业仍将是产业转型的主抓手，有望从政府支持以及国产替代中受益。