美联储主席鲍威尔本周国会作证前，蓝筹科技股拖累美股集体下跌。苹果五日连跌，英伟达四日连涨，市值逼近苹果。郭明錤称，市场下修今年 iPhone 出货预期。苹果 AI 战略模糊，投资者逐渐失去耐心。环保人士纵火致特斯拉德国工厂停工。淡马锡讨论投资 OpenAI。阿里巴巴领投中国 AI 初创公司 MiniMax。蔚来去年四季度亏损扩大，一季度交付指引不及预期。

早餐 | 郭明錤料英伟达市值将超苹果，Meta 大范围宕机

比特币在周二从历史最高点下跌了 10%，受到加密货币交易所上的大量抛售的限制。抛售压力对比特币价格构成了巨大障碍，拖累该加密货币走低。比特币价格跌至 62,000 美元，触发了一场主要的杠杆清算潮。此次价格波动还导致其他小型加密货币下跌。比特币持有者因获利而纷纷出售。在过去 24 小时内，清算了超过 8.1 亿美元的杠杆衍生品交易头寸，涉及所有数字资产。

创新高后没站稳！比特币一度下跌 10%

The three major US stock indexes all closed down by at least 1%, with the Nasdaq hitting a two-week low and the Dow hitting a two-week low. Tesla fell by nearly 4%, continuing to lead the decline among the "Big Seven" tech stocks, with Apple dropping by nearly 3% for the fifth consecutive decline. Nvidia initially fell by over 2% before rebounding, while AMD erased most of its 3% intraday decline. TSMC's US stock fell by over 2%, all falling from historical highs. AI concept stock SoundHound fell by over 10%, while Super Micro (SMCI) fell by over 9% before rebounding. Regional bank NYCB rose by nearly 19%, its first rise since last Friday's plunge, and Target rose by 12% after its earnings report. Chinese concept stocks fell by 1.5%, marking a second consecutive decline, with Nio initially falling by 10% before closing up nearly 3%. In Europe, ASML fell by 1.5% and Novo Nordisk fell by 2.5%, both dropping from record highs. After the US ISM index was released, the yield on the 10-year US Treasury bond hit a more than three-week low, dropping by over 10 basis points at one point. The US dollar index quickly turned lower and hit a more than one-week low, while the offshore RMB briefly rose and regained the 7.21 level. Bitcoin rose above $69,000 to hit a new all-time high intraday, before briefly falling by over $9,000, a drop of over 10%. US oil fell for two consecutive days to a one-week low, while Brent crude fell from a nearly four-month high for two days, with a short-term rebound after the US ISM release. Gold futures hit a new all-time high for the third consecutive day, rising by over 1% intraday. London copper halted its three-day rise, while London nickel fell by 1%, bidding farewell to its near four-month high.

Tech stocks dragged down the market, with the Nasdaq falling more than 2% at one point. NVIDIA narrowly hit a new high, NIO-SW saw a big turnaround during trading, and Bitcoin plummeted nearly $10,000 after reaching a historic high.

Apogee Therapeutic(APGE) rose 42.07%, with a trading turnover 381.4 Million USD, and a year-to-date rose 112.2%. Aerovironment(AVAV) rose 27.94%, with a trading turnover 542.0 Million USD, and a year-to-date rose 32.6%. New York Community Bancorp(NYCB) rose 17.95%, with a trading turnover 164.7 Million USD, and a year-to-date fell 68.4%.

Top 10 US Stock Gainers (3.5)

Microstrategy(MSTR) fell 21.21%, with a trading turnover 6.6 Billion USD, and a year-to-date rose 66.4%. Gitlab(GTLB) fell 20.99%, with a trading turnover 1.3 Billion USD, and a year-to-date fell 6.5%. Albemarle(ALB) fell 17.86%, with a trading turnover 2.2 Billion USD, and a year-to-date fell 24.3%.

Top 10 US Stock Losers (3.5)

比特币短线反弹近 3000 美元，现报 6.2 万美元/枚。

比特币失守 62000 美元/枚，日内跌幅 8.18%。

浙商银行发布了社招启事，招募固定收益投资部门和权益投资部门负责人等多个核心岗位。浙银理财对应聘人员有年龄和学历要求，要求应聘者需要全日制大学本科及以上学历，35 周岁及以下人员须为硕士及以上学历。浙银理财有限责任公司（筹）是浙商银行全资设立的理财子公司，拥有 20 亿元注册资本。此次招聘的岗位包括固收投资、权益投资、投资研究部、法律合规部等多个部门负责人和投资经理。浙商银行将为员工提供职业生涯发展规划和具有竞争力的薪酬福利待遇。招聘要求年龄较严格，各部门负责人需具有 5 年及以上相关工作经验，投资经理需有 3 年及以上全职工作经历。

诚心下聘！银行理财子又开始 “招兵买马” 了

比特币失守 64000 美元/枚，日内跌幅扩大至 5.19%，最低至 63877.40 美元/枚。

天风国际证券分析师郭明錤表示，先前 2024 年 iPhone 出货的市场共识为 2.2-2.25 亿部，现在已经开始下修，并向我之前预测的 2 亿部靠拢。如果 Apple 今年无法推出优于市场预期的生成式 AI 服务，Nvidia 的市值将很有可能超越 Apple。

郭明錤：市场下调今年 iPhone 销量预期，英伟达市值料超越苹果

Tianfeng International Securities analyst Guo Minghao stated that the previous market consensus for Apple's shipments in 2024 was 220-225 million units. It is now being revised downwards and approaching his earlier prediction of 200 million units. If Apple fails to launch a generative AI service that exceeds market expectations this year, there is a high possibility that Nvidia's market value will surpass Apple's.

Top Apple analyst: If Apple fails to launch AI services beyond expectations, its market value may be surpassed by NVIDIA.

比特币突破历史新高，涨至 69000 美元/枚，今年累涨 62.64%。以太坊也创下 2022 年 1 月以来新高，站上 3800 美元/枚。相关比特币概念股也随之上涨。市场对比特币价格升至 8 万美元的预期增加。数据显示，美国机构对加密货币投资和对冲的兴趣在增加。虚值看涨期权集中在 6.5 万美元、7 万美元、7.5 万美元和 8 万美元处。这些数据表明了市场对加密货币的看涨情绪。

比特币突破历史新高 市场看涨至 8 万美元！

BABA-SWR's "Crown Prince" steps down.

Lenovo Group also wants to seize the opportunities brought by AI in the PC industry.

Is LENOVO GROUP making a comeback again?

MicroStrategy 下跌 7%，其宣布发行可转债以购买比特币。AMD 跌超 2%，媒体报道称，超威半导体对华销售 “定制版 AI 芯片”，被美政府认定 “性能太强” 阻拦。特斯拉跌近 2%，公司欧洲唯一工厂据报道断电停产。苹果跌超 2%，消息面上，机构数据显示，今年前六周，苹果公司在中国的 iPhone 销量同比下降 24%，在中国智能手机供应商中排名第四。

道指开跌 0.25%，标普 500 跌 0.43%，纳指跌 0.83%

币安：由于技术错误，加密货币提现出现问题。

The second brand is mainly responsible for volume sales, while the main brand is tasked with ensuring profit margins.

NIO's conference call: This year's capital expenditure will be significantly lower than in 2023.

At the time of the launch of the Hong Kong Stock Connect: WL DELICIOUS faces a "double pain" of price and distribution channels.

比特币再次上破 68000 美元，日内涨 2.3%，距离历史新高仅差 1000 美元。

How successful is Novo Nordisk AS? A company that has helped its home country Denmark avoid decline.

英伟达市值达到 2 万亿美元巅峰，黄仁勋成为科技领域王者，目前他正布局于药物发现和计算生物学领域。英伟达通过销售 GPU 积累了巨额财富，满足了 PC 游戏玩家的需求。黄仁勋向所有人开放 GPU 后，英伟达的 GPU 在人工智能计算方面表现出色。如今，生成式人工智能语言模型高度依赖英伟达的 GPU，对其需求量前所未有。2022 年底，英伟达 GPU 供应不足，导致产量无法满足市场需求。尽管供应仍然不足，但情况正在逐步改善。

英伟达黄仁勋影响力到底有多大？或可一言决定 AI 竞赛胜负

The demand for weight loss drugs is boosting the outsourcing market for pharmaceutical manufacturing. Data shows that the global contract development and manufacturing market that supports pharmaceutical companies in production and clinical trials is expected to grow from $72 billion to $90 billion in the next two years.

The "miracle weight-loss drug" is in high demand! Eli Lilly has reached an agreement with outsourcing contractors to expand production capacity.

虚拟银行 Mox 计划下半年推出虚拟资产投资服务，让客户可通过手机 App 投资比特币、以太币等加密货币。此举使 Mox Bank 成为香港首家提供虚拟资产投资服务的虚拟银行。Mox Invest 还提供港股、美股交易及基金投资服务，交易费用低。Mox Bank 计划与香港持牌虚拟资产交易平台合作，并希望提供美国的比特币现货 ETF 投资服务。此外，Mox Invest 与安联投资合作，让客户可投资安联收益增值基金。基金资产组合主要投资定息收益和环球股票。

虚拟银行 Mox 计划下半年推出虚拟资产投资服务

Digihost 通过多年托管协议，将 4,640 台 S19 XPS 150TH 矿机纳入比特币挖矿机群。

UBS analyst Joni Teves believes that central bank gold purchases and physical demand have provided effective support for the gold price, while short covering in the futures market has also helped support the gold price; the frenzy of US bond expansion has also led to a hot trend in "credit devaluation" trading of the US dollar, driving gold prices higher.

Expectations of a Fed rate cut have declined, so why has gold still hit a new high?

After the release of the earnings report, NIO-SW fell more than 4% in pre-market trading, while JD, NetEase, and BIDU-SW dropped over 2%. Alibaba fell more than 1%, with only Li Auto rising nearly 2%. Cryptocurrency-related stocks experienced a sharp decline, while Trump-related stock Phunware surged 40% at one point, following a 75.28% increase in the previous trading day.

Pre-market trading in the US: NIO-SW leads the decline in Chinese concept stocks after earnings, while AMD and Tesla lead the decline in technology stocks.

蔚来汽车：预计第一季度交付量为 31,000 至 33,000 辆，市场预期为 44,035 辆。

蔚来：2023 年 Q4 营收 171 亿元，上年同期 160.64 亿元，市场预期 167.86 亿元。

MicroStrategy 跌幅扩大至 10%，Marathon Digital 跌超 7%，Coinbase 跌超 3%。

加密货币相关股票美股盘前普跌

"The Poor Charlie's Almanack": Investing 90% of your assets in one stock can also be a rational choice.

Should we go all in or not? Buffett and Munger interpret it this way.

Furui has raised LI AUTO's target price by 34% to HKD 239.34, believing that the pricing of the new L series version should help alleviate the company's profit pressure; CMB Securities has raised XPENG-W's target price by 78% to HKD 69, expecting a rebound in XPENG-W's delivery volume in March, presenting a trading opportunity.

Rating Quick Look | Li Auto, XPeng-W, NetEase! Target prices significantly raised!

Taiwan Semiconductor currently ranks ninth in the world in terms of market value, which is approximately 2.3 times that of the largest A-share company, CHINA MOBILE.

Hot topic on WSB: Taiwan Semiconductor breaks $700 billion, hitting a 30-year high!

MicroStrategy 盘前下跌 5.4%，其宣布发行可转债以购买比特币。

MicroStrategy plans to raise $600 million to increase its Bitcoin holdings by selling convertible senior notes. The company has been purchasing Bitcoin since 2020 as a hedge against inflation and currently holds Bitcoin worth approximately $13 billion. MicroStrategy's co-founder, Michael Saylor, has become a proponent of Bitcoin, and this proposed issuance comes as Bitcoin nears its historical high. The convertible senior notes will be offered to qualified institutional buyers, with initial purchasers having the option to buy an additional $90 million in principal amount of notes within 13 days. MicroStrategy's stock price surged by 24%.

MicroStrategy plans to raise $600 million to increase its holdings of Bitcoin, adding fuel to the cryptocurrency frenzy!

According to the statistics of the 52-week high and low data of Hong Kong stocks, as of the closing on March 5th, 52 stocks hit a 52-week high, with SUCCESS DRAGON, JIA GROUP, and WISDOM SPORTS ranking in the top 3 in terms of hitting new highs. Additionally, 99 stocks hit a 52-week low, with China Aneng Energy, Australia Asia Group, and GOME Retail ranking in the top three in terms of hitting new lows.

Zhitong Hong Kong Stock 52-Week Highs and Lows Statistics | March 5th

UBTECH ROBOTICS(09880) rose 8.34%, with a trading turnover 50.5 Million HKD, and a year-to-date rose 18.7%. CHINA RE(01508) rose 6.45%, with a trading turnover 12.9 Million HKD, and a year-to-date rose 8.8%. SINOSYNERGY(09663) rose 5.92%, with a trading turnover 11.1 Million HKD, and a year-to-date fell 9%.

Top 10 HK Stock Gainers (3.5)

ZIJIN MINING(02899) rose 1.37%, with a trading turnover 541.5 Million HKD, and a year-to-date rose 4.4%. TME-SW(01698) rose 1.1%, with a trading turnover 2.8 Million HKD, and a year-to-date rose 22.1%. JD(09618) fell 7.54%, with a trading turnover 1.9 Billion HKD, and a year-to-date fell 26.4%. BIDU-SW(09888) fell 5.74%, with a trading turnover 1.8 Billion HKD, and a year-to-date fell 17.9%.

Top 5 HK Stock Gainers/Losers (>100B) (3.5)

HIGHTIDE-B(02511) fell 17.38%, with a trading turnover 6.6 Million HKD, and a year-to-date fell 42.1%. CIFI HOLD GP(00884) fell 13.7%, with a trading turnover 79.4 Million HKD, and a year-to-date rose 23.5%. HORIZON CD(09930) fell 13.62%, with a trading turnover 4.1 Million HKD, and a year-to-date fell 55.8%.

Top 10 HK Stock Losers (3.5)

涨破 6.8 万美元且市值创新高！比特币 “背后的巨人”：亚洲投资者占交易量七成。比特币的疯狂反弹正在受到亚洲投资者的推动。根据 The Block 的加密货币交易数据，韩国和其他亚洲国家的交易员约占比特币交易量的 70%。供需同利好，比特币价格飙涨来自新的美国现货比特币 ETF 的需求，以及比特币供应增长即将放缓。比特币的价格逼近历史新高，市值达到 1.35 万亿美元，创下纪录。

涨破 6.8 万美元且市值创新高！比特币 “背后的巨人”：亚洲投资者占交易量七成

The continuous decline in sales and intense competition have also made Apple anxious.

In the first six weeks of this year, sales in China dropped by 24%! Apple has found the reason for the price reduction.

特斯拉周一大跌 7%，与其最新在中国的销售数据有关：特斯拉中国批发销量约 6 万辆，同比下滑 19%，创下 2022 年 12 月以来最低！

特斯拉股价遭重锤！马斯克首富头衔易主，发生了什么？

Intel's trading volume surged to 640,000 contracts, with a call option ratio of 75.8%; Nio's options trading volume surged to nearly 510,000 contracts, with a call option ratio of 55%. The hottest contracts overnight: Tesla with a March 8 expiration date, with strike prices of $200 and $195, traded over 150,000 and 110,000 contracts respectively!

US Stock Options | AMD trading volume halved! Tesla, NVIDIA continue to be hot: trading volume still exceeds 2 million contracts

“我们认为，对人工智能增长的预期是非理性的繁荣……人工智能（带来的机会）很大，真的很大，只是没有投资者想象的那么大。”

理解市场 | 奈飞、AMD 们为何可能开始被抛售？

韩国金融监管机构负责人周二表示，韩国当局正在讨论是否允许在该国批准现货比特币交易所交易基金。韩国金融监督院院长李福贤表示：“我是对虚拟资产持积极态度的人之一，而其他人则持谨慎态度，我们也需要听取他们的意见。”

韩国当局讨论批准比特币现货 ETF 的前景

恒生指数盘中跌超 3%，恒生科技指数现跌 4.35%。

政府工作报告起草组负责人表示，财政赤字率是反映财政政策力度和财政风险水平的重要指标，在国际上有一个所谓 3% 赤字率警戒线的说法，当然也不是金科玉律，很多国家在一定时期远远超过 3%，有的达到两位数。对中国而言，这些年从支持经济发展、防范财政风险、实现财政可持续这些角度考虑，我们的赤字率一直保持在合理适度的水平。

今年为什么把赤字率安排在 3%？

比特币快速下挫，短线走低超 1000 美元，跌破 66000 美元/枚，日内跌 2.21%。

AIPC 是当前 AI 实现规模化扩展及应用落地的关键，中金认为其在模型侧、硬件侧、软件及应用侧均存在产业升级趋势。移动 AI 部署正在从云端走向移动端，AIPC 在模型侧、硬件侧、软件及应用侧将发生变化。谷歌、Meta 等公司推出的轻量化模型引领移动模型发展趋势，手机厂商也在努力轻量化移动模型开发。AIPC 的发展带动了 Arm 架构、异构计算和存储升级，对算力、内存和功耗提出更高要求。此外，AIPC 在散热、电池等方面也将带来升级变化。

AIPC，AI 端侧落地第一站

一手物业成交宗数大幅增加，恒基兆业地产旗下项目售罄速度惊人。深圳房产中介门店咨询量增加 50 倍，带看量增加 20 倍。由于买家可节省大笔税项开支，加上香港特区政府大力吸引人才，预计非香港本地买家及投资者将重投香港楼市。