理想 MEGA 是一款面向大家庭出行需求的纯电动 MPV 车型，起售价为 55.98 万元。该车注重内部空间和舒适性，适合家庭出行。然而，根据笔者观察，该车的参数和特点可能不足以使其在市场上取得好销售。理想汽车是少数持 “正向开发” 理念的企业，他们根据市场调研和用户洞察来定义产品点和配置。这与 “逆向与对标” 的方法不同，后者是根据市场上已有的热销车型来定义产品。

理想 MEGA，能卖得过宝马 X5 吗？

预约看盘量创 11 个月新高，内地买家咨询量翻倍。业内人士表示，近期香港房价跌幅有望逐步收窄。

全面 “撤辣” 后首个周末，香港楼市爆了！

北向资金上周净买入 235.45 亿元，2 月份净买入累计高达 607 亿元，创下 2019 年全年纪录。此次北向资金流入主要是通过汇丰控股等机构增持，其他外资投行席位持仓没有明显变化。对于稳定且持续的流入，财政政策起到关键作用。东吴证券认为，外资流入与市场中小级别的风格轮动高度相关，北向资金加速流入有望加快成长风格的崛起。此外，北向资金净买入量最多的行业是电子、有色金属、汽车和家电。

北向单月流入已超去年全年，大举加码科技行业，抄底次新

Vietnam's stock market is outperforming globally, with the Japanese stock market hitting a new high of 40,000 points, and crude oil leading the way in global asset classes.

Vietnam outperformed Japanese stocks and the S&P Biotech Index in chip stocks. | Overseas Major Asset Weekly Report

Tesla: Currently, there is a shortage of chips in the United States. In a year, there will be a shortage of transformers, and in about two years, there will be a shortage of electricity.

Dell Technologies is rumored to release the NVIDIA B200 next year, with a power consumption of up to 1000W. The ultimate benefit for AI is: energy?

斯托克欧洲 600 指数今年以来的涨幅仅为标普 500 指数的一半，现在可能是欧洲巨头们赶超的好时机。欧洲超级权重股表现亮眼，吸引全球投资者的目光。根据不同金融机构的观点，欧洲的超级七巨头包括诺和诺德、阿斯麦、路威酩轩、SAP、施耐德、历峰集团和法拉利。这些公司的股价相对较低，利润率吸引人。斯托克欧洲 600 指数今年迄今涨幅中，这 7 只股票贡献了近 70% 的涨幅。现在是欧洲巨头们赶超的好时机。

追赶 Mag 7，这是欧洲巨头的机会

中国基金报记者获悉，继美国首批比特币现货 ETF“通关” 后，香港金融机构加快对虚拟资产现货 ETF 的布局节奏。有消息传出，已有基金公司子公司提交相关申请，有些尚未递交申请的也在加快筹备工作。

比特币现货 ETF 要来了？多家基金香港子公司摩拳擦掌

2024 年金价有望再创新高，受金融属性和避险属性的影响，加上估值水平相对合理，预计金价将继续上涨。未来黄金市场的变数可能在于人工智能的发展能否提升全要素生产率，解决供给不足的问题。2023 年，沪金全年涨幅为 17.28%，其中国际金价贡献了大部分涨幅。2024 年金价的金融属性预计将走强，不会成为金价的拖累。降息开始后一年金价收益率明显高于降息前一年，量化宽松政策和央行扩表对金价有明显提振作用。

天风宋雪涛：2024 金价有望再创新高

Mark Papermaster stated that power is a key limiting factor in chip development, and improving energy efficiency is absolutely AMD's top priority.

Full Interview with AMD CTO: Surging Demand for AI Inference Chips, GPU Supply Shortage Will Surely Ease

The valuation has been significantly lowered compared to its private valuation of $10 billion in 2021. Reddit's IPO is not only a major bet on the company's future development but also a test of the increasingly active environment in the current U.S. IPO market.

The first tech IPO in the US this year! "American Reddit" Reddit is planning to be valued at $6.5 billion.

Groq 是近期 AI 芯片界的一个明星。3 月 2 日，据报道，Groq 收购了一家人工智能解决方案公司 Definitive Intelligence。Groq 是由前谷歌员工乔纳森·罗斯创立的，团队中成员有谷歌、亚马逊、苹果的前员工。Groq 开发了一款 LPU（语言处理单元）推理引擎，该引擎在 AI 市场上展现了快速的推理速度，比英伟达的 GPU 有显著提升。Groq 的挑战者主要从推理切入，AI 推理市场对英伟达来说非常重要。

挑战英伟达，需要另辟蹊径

Guosheng Securities announced the development of self-designed mining machines, expecting more mining companies to enter the market. The cost of Bitcoin mining is expected to double, making high-performance mining machines crucial. BitDeer has purchased mining chips from TSMC, with delivery expected in the first quarter of 2024. Mining profits are influenced by mining difficulty and electricity costs, and halving will lead to a significant cost increase. With the bottoming out and rebound of coin prices, the mining market is starting to recover, leading to a rise in mining machine prices and a trend towards centralized computing power. The Bitcoin halving is expected to occur in April 2024. Mining equipment needs to be more efficient and advanced to ensure mining profitability.

Guosheng Securities: Bitdeer officially announces self-developed mining machines, expecting more mining companies to join the game in the future.

AI 硬件暴涨的一晚，DELL 股价上涨 31%，引爆了 AI 领域的投资热情。NVDA、AMD、MRVL、西部数据、博通等公司的股价也纷纷上涨。美联储表示，人工智能可以改善劳动力结果，减少不平等。DELL 订单增速超过业绩确认速度，导致在手订单增长 3.5 倍。公司上调了 2027 年 AI 服务器的行业总地址。尽管 PC 市场疲软，但市场仍然看好 AI 领域的发展。

AI 硬件暴涨的一晚

In 1986, Adcock founded two major content platforms, StreetofWalls.com and Working App, established an AI headhunting company, founded the electric flying taxi company Archer and led it to go public. Now, his humanoid robot startup Figure AI has attracted investments from Amazon, NVIDIA, and others, making him highly sought after.

Backed by tech giants, is the founder of Figure AI the "Musk 2.0"?

理想汽车发布旗下首款纯电车型理想 MEGA MAX，售价 55.98 万元。理想 MEGA 外观设计独特，风阻系数低，百公里电耗仅为 15.9kWh。理想汽车计划今年下半年推出 3 款纯电车型，全面入局纯电市场。

比小鹏、问界都贵，谁给了理想 MEGA 勇气？

S&P and Nasdaq hit new record highs at the close, while Dow rebounded for several days but ended the week with an overall decline. Chip stocks outperformed the market for two days, with NVIDIA up 4%, AMD up over 5%, both hitting new highs, Broadcom up over 7%, and TSMC up over 4%. Meta rose by 2.5%, reaching new all-time highs for two consecutive days; Apple hit a near four-month low. Following the earnings report, Dell Technologies surged nearly 32%. New York Community Bank (NYCB) fell by nearly 26%. Chinese concept stocks rebounded, closing up 1%, marking a weekly gain for the Year of the Dragon, with XPeng up 5.5% and Li Auto down 5.1%. Japanese stocks continued to hit new highs; European indices hit new highs after a week, with the German index hitting new highs for eight consecutive days, ASML up 2.7% to a record high, and Volkswagen down 5% after the earnings report. After the release of the ISM Manufacturing Index, U.S. bond yields plummeted, dropping more than 10 basis points from the daily high to hit a two-week low; the U.S. dollar index, which hit an intraday high for over a week, turned lower; offshore RMB narrowed its decline and regained 7.21. Bitcoin surged over 20% in a week. Crude oil rebounded to a near four-month high, rising over 3% for the week, with U.S. oil briefly up over 3%, breaking above $80 for the first time in nearly four months. Gold hit a new all-time high, rising 2% for the largest gain in two and a half months. LME aluminum rose for the fourth consecutive week to a four-week high, up nearly 3% for the week, LME copper rose for two consecutive days but still fell for the week, and LME lead fell for the fourth consecutive week, down 3% for the week.

Loose expectations are heating up, US bonds surged, gold hit a historic high, US, European, and Japanese stocks had a strong start in March, NVIDIA's market value exceeded 2 trillion, while NYCB bank in the crisis-stricken area experienced a sharp decline.

近几个月来，美国债务负担增长速度明显加快，几乎每 100 天增加约 1 万亿美元。截至周三 (2 月 28 日)，美国债务接近了 34.4 万亿美元，这是联邦政府为支付运营费用而借入的资金。穆迪投资者服务公司预计，美国的财政赤字仍将非常庞大，从而显着削弱债务承受能力。

每 100 天增加约 1 万亿美元！美国债务接近 34.4 万亿美元

Altman's wealth can be largely traced back to a VC fund and some startup investments. With Reddit's initial public offering, his wealth is expected to continue growing as the fund associated with him is one of Reddit's largest shareholders.

Sam Altman's personal wealth has reached at least $2 billion, not including his stake in OpenAI!

Despite the severe pressure on the banking system easing since March last year, some risk areas still need to be monitored. Upward pressure on asset valuations persists, with real estate prices rising relative to rents and stock market price-earnings ratios remaining high. Borrowing from non-financial corporations and households continues to grow at a pace lower than nominal GDP growth, with the debt-to-GDP ratio currently at its lowest level in close to 20 years. Vulnerabilities from leverage in the financial sector remain significant. Although banks' regulatory risk-based capital ratios have remained stable and generally increased, for some banks, the fair value decline of their fixed-rate assets is quite substantial relative to regulatory capital.

The Federal Reserve's semi-annual monetary policy report: Still highly vigilant about inflation risks, warning of fragility in financial stability.

天风国际证券分析师郭明錤：苹果公司停止苹果电动汽车（Apple Car）开发的讨论热络，看似一件大事，但全世界没有一只股票因为这件事而大涨或大跌 (如果有请提醒我，谢谢)。资金是很老实的，这代表资本市场早就不在意苹果是否要开发 Apple Car 这件事。

郭明錤：资本市场早就不在意苹果是否要开发苹果电动汽车这件事

香港地产公司碧桂园遭到建滔集团清盘呈请，涉及一笔 16 亿港元的贷款。建滔集团主席张国荣是香港地产隐贵，过去与碧桂园有合作关系。此举被认为是逼债行为，可能影响碧桂园的债务重组和上岸步伐。碧桂园将努力反对呈请，维护自身利益。该清盘呈请对公司整体不会产生重大影响。建滔集团申请清盘并不代表一定会被批准，破产管理人可以撤销呈请。此事件反映了香港地产市场调整时期的挑战。

香港地产隐贵背刺碧桂园

对当前经济形势的几个判断：民生银行指出，经济呈冷热不均状态，服务消费相对火热，建筑业和房地产复工不及预期，制造业仍面临需求不足压力。2 月服务业商务活动指数环比上升 0.9 个百分点，连续两个月回升且强于季节性。2 月建筑业商务活动指数环比下降 0.4 个百分点，强于季节性。2 月制造业 PMI 较上月回落 0.1 个百分点至 49.1%，略好于季节性。决策层加大稳增长力度，相关政策展开。服务业景气度上升，但制造业仍需提振。

对当前经济形势的几个判断

小鹏汽车 2 月 29 日发生车祸，事故前车辆状态正常，未开启辅助驾驶功能，车速高达 169km/h。

小鹏汽车：2 月 29 日上午发生的小鹏 P7 交通事故发生前车辆状态正常，未开启辅助驾驶功能

面对徘徊于高位的美股，巴克莱给出策略：用看涨期权 “以小博大”；美股三大股指期货涨跌不一。

美股前瞻 | 美联储官员密集发声：今年降息两到三次

数据显示，目前加密货币总市值已突破 2.4 万亿美元，目前为 2,416,302,003,125 美元，24 小时交易额为 155,367,561,909 美元。目前 BTC 市值为 1,218,836,072,263 美元，ETH 市值为 410,109,836,041 美元。

加密货币总市值突破 2.4 万亿美元

工商银行将聘任姚明德为副行长，这是自 2024 年以来上市银行人事变动频繁的一例。姚明德是中国农业银行 25 年老员工，曾任中国农业银行总行财务会计部副总经理等职务。工行目前有五位副行长和一位董事会秘书，行长职位暂时空缺。近期国有大行的高级管理层也有变动，中国银行和建设银行也都迎来了新的副行长。值得注意的是，农业银行的行长职位目前也暂时空缺。

工行新任副行长 “就位”

The fifth domestic CAR-T therapy has arrived in China: CARSGEN-B approved for the treatment of multiple myeloma.

When everyone is cheering for the stock market, you must decisively sell, regardless of whether it will continue to rise; when stocks are so cheap that no one wants them, you should dare to buy, regardless of whether they will fall further.

Baruch, the Wall Street genius: The crowd is always wrong!

AMD is trending third, with a 9% surge overnight, breaking a market value of over $300 billion. It continues to rise over 2% in pre-market trading.

WSB Hot Topic | Celsius soared 75 times in four years, surged 20% overnight

“信仰的力量”：2 月美股 AI 概念涨 10.18%、减肥药概念涨 15.56%、比特币暴涨 45%。

AI、减肥药、比特币，二月 “信则灵”！

蔚来汽车 2 月交付量 8132 辆，环比下降 19%。

Tesla argues that the relationship between OpenAI and Microsoft goes against the original intention of technology benefiting humanity. The reason why GPT-4 has not been open-sourced is due to commercial considerations rather than human interests.

Tesla is suing OpenAI and its CEO Ultraman, demanding that OpenAI be open-sourced.

Wall Street is on the lookout for companies leveraging artificial intelligence (AI) after Nvidia's success. Nvidia's stock has surged by 60% this year, driving interest in AI-related stocks and raising concerns about a potential bubble. Despite the risks, many investors are confident in sticking with big Nvidia positions. The surge in AI interest has also driven the Nasdaq Composite Index to a record high.

Wall Street Hunts For Next AI Gold Mine After Nvidia's Meteoric Rise

资深评论员 Mark Hulbert 指出，长期来看，欧股 Granolas 和美股七姐妹的投资回报将逊于市场平均水平。

美股 “七姐妹” 和欧股 “十一罗汉” 的热度还能持续多久？

Barclays analysts recommend investors to buy call options for Pro UltrPro Shrt S&Pro 500 to enter the US stock market and prepare for a possible pullback. As the US stock market is mainly driven by large tech companies, investors still have a strong bullish sentiment towards these tech giants. Barclays remains optimistic about the trend of tech giants but emphasizes the need for cautious investment, especially in 2023 when there is a historic rebound in large-cap tech stocks in the US. Both Pro UltrPro Shrt S&Pro 500 and the Nasdaq 100 index are currently near their all-time highs.

Facing the high levels of the US stock market, Barclays has proposed an intervention strategy: using call options to "bet big with a small investment."

下周关注蔚来汽车、京东、哔哩哔哩、中兴通讯等热门个股财报，以及中国 2 月 CPI 数据、2 月财新服务业 PMI、2 月外汇储备；美国 2 月 ADP 就业人数、2 月失业率等多个重要数据的公布。此外，美联储将公布经济状况褐皮书，美联储主席鲍威尔将发表半年度货币政策证词，请留意。

In the midst of the AI gold rush, the US stock market is abuzz with fund managers scrambling to find artificial intelligence tech companies. NVIDIA's stock price is soaring, with a market value exceeding $2 trillion, making it the third-largest company in the US. Artificial intelligence technology is believed to have a lasting presence. The Nasdaq Composite Index has reached a record high. Goldman Sachs reports a surge in AI mentions, while a Morgan Stanley survey shows that chief information officers are prioritizing artificial intelligence. The widespread adoption of AI could contribute 1.5 percentage points to US productivity growth. Investors are highly interested in the field of artificial intelligence.

The US stock market is caught in the AI gold rush. Besides NVIDIA, which other "gold mines" will shine?

市场传言 “蚂蚁集团宣布已成功从中国平安人寿手中收购方正证券”。受此影响，方正证券股价尾盘异动涨停。据记者向有关方面求证，上述传言不实。此前，市场曾传言蚂蚁集团出手收购瑞信在中国投资银行业务。由于方正证券持有瑞信证券 49% 股权，因此市场很可能误解为蚂蚁集团收购方正证券。

传言 “蚂蚁集团收购方正证券” 求证：不实消息

MEITUAN(03690) rose 10.78%, with a trading turnover 9.7 Billion HKD, and a year-to-date rose 7.9%. CHINA UNICOM(00762) rose 6.99%, with a trading turnover 784.1 Million HKD, and a year-to-date rose 18.8%. BEIGENE(06160) fell 8.44%, with a trading turnover 252.5 Million HKD, and a year-to-date fell 11.9%. FAST RETAIL-DRS(06288) fell 3.72%, with a trading turnover 1.4 Million HKD, and a year-to-date rose 11.7%.

Top 5 HK Stock Gainers/Losers (>100B) (3.1)

首周末，香港特区政府财政预算案公布后，美联物业统计显示，15 个指标屋苑预约看楼量大幅增加，达到 479 组，比前一周增加了 77.4%。同时，放盘量增加了 34%，反价盘的数量较 2 月平均增加了 96%。这些数据显示，撤销楼市政策后，购买力一次过引爆，预计 3 月住宅物业交投兴旺，楼市将迎来 “大阳春”。

美联物业：“撤辣” 后周末预约看楼量增八成 反价盘倍增

港股收盘，恒指收涨 0.47%，科指收涨 1.66%。美团收涨 10.8%，成交额近 100 亿港元。

戴尔 Q4 实现收入 223.2 亿美元，同比下降 11%，但高于预期 221.7 亿美元；得益于人工智能（AI）优化服务器的推动，戴尔的基础设施解决方案业务出现回暖。

AI 生猛，戴尔收入下滑股价却暴涨 19%

Japan's economy has been in a long-term slump, but the stock market reflects the performance of Japanese companies. The recent rise in the Japanese stock market is mainly driven by improvements in corporate governance. NVIDIA's earnings report has become the catalyst for the Japanese stock market to reach a historic high.

Approaching 40,000 points! Japan's PMI sees the largest contraction in 3 years, but Japanese stocks continue to hit new highs.

亚太主要股指涨声一片，日股、澳股、印度股市齐创历史新高，A 股也在 2 月 “扬眉吐气” 了一把。日经 225 指数收盘涨 1.9%，报 39910.82 点，续刷历史新高。澳大利亚 S&P/ASX200 指数涨幅 0.61%，再创历史新高。印度 SENSEX 指数涨幅 1.5%，有望创下纪录收盘高点。A 股上证指数涨 0.39%，深证成指涨 1.12%，创业板指涨 0.94%，各股涨多跌少。A 股在 2 月累涨 8.13%，领先全球主要股指。

亚太主要股指涨声一片，日股、澳股、印度股市齐创历史新高，A 股也在 2 月 “扬眉吐气” 了一把

2 月 29 日，在博世集团举办的 BCW（Bosch Connected World）活动上，特斯拉 CEO 埃隆·马斯克接受连线采访并谈论了他对未来 5 到 10 年内人工智能发展进程的看法。对于人工智能技术的发展，马斯克评价说，“人工智能技术进展迅速，实际上，我从未见过哪种技术能比其进步更快。

马斯克：AI 发展速度前所未见，希望人形机器人 “善待” 人类

摩根大通分析师表示，比特币的减半事件可能导致比特币价格下跌。目前，比特币的平均生产成本为每枚 26500 美元，减半后将机械翻番至 53000 美元。然而，由于挖矿难度的增加，小型矿工将被迫退出运营，挖矿难度可能降低生产成本。策略师预测比特币在 4 月后可能回落至 42000 美元。预计哈希率下降约 20% 后，比特币的生产成本将降至 4.2 万美元。若比特币价格持续上涨，哈希率下降预测可能不会实现。

小摩向比特币狂潮 “泼冷水”：减半狂热冷却后将回调

3 月 1 日，香港财经事务及库务局局长许正宇表示，恶劣天气下维持股票市场运作是市场共识，相关准备工作将会在今年年中之前敲定细节，待市场准备就绪便会落实。许正宇指出，台风下进行股票交易，涉及钱银交收，券商员工到不了公司要在家工作，而在家工作则需要考虑网络是否能连接到公司等因素。许正宇还表示，促进股票市场流动性专责小组提出多项建议，包括上市安排、规管安排、持续推广新资金等，未来将会 “成熟一项、推一项”。此前，在近日已公布的香港《财政预算案》中有提到，目标今年中落实恶劣天气下维持港股市场运作。

许正宇：将在年中前敲定恶劣天气下运作股市的细节

The given information falls under the category of macroeconomic related information. The summary of the information is that market rate expectations for the Federal Open Market Committee (FOMC) are now aligned with the bank's projection of three rate cuts in 2024. The focus now is on what happens next, as a move from three to two cuts will be more challenging. This alignment limits how much yields can rise, but it is not necessarily negative for the dollar. The volatility in the markets remains subdued as investors await more data to determine the direction of inflation.

BUZZ-View of the Week: Fed pricing matches Fed dots, now what?

印度 SENSEX 指数续创历史新高，报 73,453.96 点，日内上涨 1.32%。