早餐 | 标普创出今年第 20 个历史新高，媒体称美股交易结算周期将变 T+1

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Overnight Morning Market

Canadian, American, and European stock markets hit new highs, with US stocks rising for four consecutive days. SPDR S&P 500, Dow Jones, Huatai-PB NASDAQ 100 ETF (QDII), and Huatai-PB NASDAQ 100 ETF (QDII) all hit new highs

Following the Federal Reserve's "dovish" guidance of maintaining three interest rate cuts this year, the next day saw all three major US stock indexes opening high and continuing to rise. The indexes have risen for four consecutive days, with the SPDR S&P 500 hitting a new closing high for three consecutive days, marking the 20th record-breaking time this year and stabilizing above 5200 points. The Dow Jones and Huatai-PB NASDAQ 100 ETF (QDII) hit new highs for two consecutive days, with Huatai-PB NASDAQ 100 ETF (QDII) also reaching a record high.

Based on the "improvement in corporate profit prospects and the AI boom," Societe Generale raised its year-end target for the SPDR S&P 500 index from 4750 points to 5500 points, becoming the most optimistic investment bank on Wall Street. However, UBS warned that the gains in large tech stocks may not be sustainable.

Meta rose by 0.4%, Amazon remained flat, Microsoft rose by about 1%, Apple fell by 4.1% to its worst performance in seven and a half months, losing market value exceeding $110 billion. Google Class A shares fell by 0.8%, Tesla fell by 1.6%. NVIDIA rose by 1.2% for four consecutive days, TSMC's US stocks rose by about 2%, Micron Technology rose by over 14% for its best performance since December 2011.

AI concept stocks turned lower after midday. Palantir fell by 0.3%, Oracle fell by 0.1% after hitting a new high for three consecutive days, C3.ai fell by nearly 1%, Adobe fell by 1.5%, SoundHound.ai fell by nearly 16%, BigBear.ai fell by nearly 4%. However, AMD rose by over 8%, ending a five-day decline, and Silicon Valley AI infrastructure hardware unicorn Astera Labs surged by up to 29%, doubling its IPO price on Wednesday.

"American version of Tieba" Reddit (RDDT.N) rose by 50% on its first day of listing, closing at $49.6 per share, with an IPO price of $34 per share. (Jinshi Data APP)

Blue Chips and Hot Stocks

Alibaba is reportedly cashing out $357.8 million by selling Bilibili ADRs.

After a five-year investigation, the US Department of Justice files an antitrust lawsuit against Apple

The US Department of Justice and 16 state attorneys general filed a lawsuit against Apple on Thursday, alleging that Apple's control over iPhone app distribution hindered innovation that could make it easier for consumers to switch phones.

Apple responds to the lawsuit by the US Department of Justice: The intention is to turn the iPhone into an Android phone. One of the advantages of the iPhone is its privacy and security. If the Department of Justice wins, Apple will have to make significant concessions in this regard.

The EU will launch its first investigation into Apple and Google under digital laws The European Commission is preparing to announce an investigation into Apple and Google's compliance with the EU Digital Markets Act (DMA) in the coming days, potentially paving the way for hefty fines. Meta's proposed monthly fee plan for Facebook and Instagram may also be subject to scrutiny by the EU. The DMA allows the EU to impose fines of up to 10% of a company's global annual revenue.

Tesla's Shanghai energy storage project is expected to complete trial production within the year, with a capacity of nearly 40GWh.

Leapmotor and Baosteel have signed a new round of strategic cooperation to accelerate their international expansion progress.

BYD has announced its entry into the passenger car market in Greece, releasing the Yuan PLUS (BYD ATTO 3) and Sea Lion models, with plans to introduce additional models such as the Dolphin, Song PLUS EV Champion Edition, and Song PLUS DM-i Champion Edition.

Xiaomi's SU7 has arrived in stores, and internal employees can test drive it in advance.

Due to lower-than-expected sales orders, Li Auto has lowered its first-quarter delivery expectations from 100,000-103,000 vehicles to 76,000-78,000 vehicles. Li Xiang sent a company-wide message stating that there are pacing issues with the Li Auto MEGA and the company is overly focused on sales volume.

FedEx plans to increase its stock buyback by $500 million in the fourth quarter, with the board approving a new $5 billion stock buyback plan.

Lululemon expects first-quarter net revenue to be between $21.8 billion and $22 billion, lower than the expected $22.6 billion.

LVMH is advancing its senior management restructuring, with CEO Bernard Arnault's key deputy, Beloni, stepping down as managing director.

The German national men's football team has signed with Nike, ending a 77-year partnership with Adidas, citing Nike's "best economic offer to date."

Samsonite stated that it is seeking a secondary listing of its shares on a major stock exchange outside of the Hong Kong Stock Exchange.

Rumors suggest that relevant departments in Shenzhen are in talks with Ping An of China, planning to transfer the shares of Vanke held by the Shenzhen Metro to Ping An. Ping An has stated that the rumors are "false news."

Chips and Artificial Intelligence

A major fire occurred at a Samsung semiconductor factory, which may impact the memory chip market.

Samsung is set to supply AI accelerator chips worth 1 trillion Korean won to the South Korean search service site Naver.

Intel plans to invest $100 billion in new construction and expansion of factories in four states in the United States.

Microsoft's first batch of AI computers has arrived, featuring one-click Copilot activation, Intel Core Ultra support, and unavailable in retail stores. Microsoft has launched the first batch of Surface AI PCs designed for business users: Surface Pro 10 Business Edition and Surface Laptop 6 Business Edition.

Dark Side of the Moon: Since March 20th, Kimi's traffic increase trend has far exceeded expectations, leading to abnormal SaaS customer experiences.

The United States is considering sanctions against Chinese chip companies related to Huawei. China's Ministry of Commerce stated that it will take necessary measures to safeguard the legitimate rights and interests of enterprises.

Cryptocurrency

Bitcoin continues to decline during trading hours, falling below $65,000 per coin and dropping by 3.09% intraday In the first three trading days of this week (March 18-20), 10 US spot Bitcoin ETFs experienced a capital outflow of $742 million, marking the largest "three consecutive days" capital outflow since their listing on January 11, 2024.

Macro: Taking You Around the World

US stock trading settlement cycle to change from T+2 to T+1

According to Reuters, in order to reduce the risk of unsettled trades after the volatility period, the US stock trading settlement cycle will change from T+2 to T+1 starting from May 28. Currently, the US stock market operates on a T+0 trading system, but settles on a T+2 delivery system.

CITIC Securities: There are no significant volatility factors in the US stock market in the first half of this year. The real variable may lie in the impact of the US presidential election on the stock market in the second half of the year. It is expected that this year's election uncertainty will bring significant volatility to the stock market.

Federal Reserve Chairman Powell will deliver a speech at the Federal Reserve Bank of San Francisco event on March 29 at 12:30 local time (March 30 at 0:30 Singapore time) on the theme of "Macroeconomics and Monetary Policy."

BlackRock CEO Fink: "Greater Upside" for Japanese Stock Market

BlackRock CEO Fink stated that due to the high quality of some companies combined with the weakening yen, there is "greater upside" for the Japanese stock market. "We are overweight in Japanese stocks, and in US dollar terms, Japanese stocks are very cheap." The Japanese economy has "turned the corner," hoping to see the Bank of Japan take action "faster," and expects the Federal Reserve to cut interest rates in June.

Hong Kong-listed companies continue to increase their buyback efforts. As of March 21, 115 Hong Kong-listed companies have initiated buybacks this year, with a total repurchase quantity of 2.058 billion shares and a cumulative repurchase amount of HKD 40.387 billion, a year-on-year increase of 208%.

China's Ministry of Finance: Overall, the debt level of the Chinese government is still moderate.

Six departments including the State Administration for Market Regulation in China have clarified the definition and scope of prefabricated vegetables: preservatives are not allowed in the production process