技术进步对 CPI 的影响分为两个阶段：行业成长末期出现价格战导致商品降价，技术成熟期旧商品价格平稳下降。手机行业和新能源汽车市场都是技术进步引发价格下行的典型例子。手机价格战后，手机价格长期负增长；汽车行业也出现了产能过剩和价格战。技术进步还带来了服务价格的降低。CPI 的核心仍然是收入和需求。

价格战和技术进步对 CPI 的影响有多大？

当前数字资产市场对 Memecoin 的狂热交易量已达加密货币泡沫破裂前的水平，顶级 memecoins 交易量已达近 800 亿美元。尽管存在市场顶部的担忧，但新资金密集流入加密货币市场，推动了 memecoin 的快速增长。memecoin 是一个存在已久的现象，小型投资者和推广者将其低价视为获得巨额回报的机会。然而，这些代币的市值并不能很好地反映实际可变现的价格。总市值已超过 600 亿美元的 memecoin 仍持续受到粉丝们的狂热追捧。

狂热升温！Memecoin 交易量达加密货币泡沫破裂前水平

MicroStrategy issued bonds again this month to raise funds for buying coins, anticipating a long bull market for Bitcoin. By issuing bonds, MicroStrategy raised $782 million to purchase more Bitcoin. The company plans to issue $500 million in 2031 convertible unsecured senior notes, stating that the proceeds may be used for general corporate purposes. Michael Saylor, the Chairman of MicroStrategy, stated that the company has purchased 12,000 Bitcoins with convertible notes and excess cash, bringing its total Bitcoin holdings to 205,000, valued at over $15 billion. Bitcoin rose by 2.7% on Wednesday, surpassing $73,400. MicroStrategy's stock price also saw an increase, soaring by 180% this year. Saylor expects Bitcoin to attract more institutional investors and is optimistic about the Bitcoin halving process next month.

Chasing high and increasing positions! MicroStrategy issued bonds again this month to raise funds for buying coins. Can we expect a long bull market for Bitcoin?

比特币大牛迈克·诺沃格拉茨表示，比特币上涨是由投资者采用加密货币推动的，不太可能再次跌破 5 万美元。他认为这是新的底部，只要资金流入 ETF 仍然是正的，价格将继续上涨。尽管比特币 ETF 扩大了投资者接触，但其市值仍然只占比特币总市值的一小部分。比特币的总市值约为 1.5 万亿美元，而近十几只比特币 ETF 的总市值只有大约 400 亿美元。

比特币大牛诺沃格拉茨：5 万美元以下不再见

一份业务战略文件显示，阿里巴巴集团计划未来三年在韩国投资 11 亿美元，寻求建立一个物流中心并扩大业务。据提交给韩国政府的计划，阿里巴巴今年将斥资 2 亿美元建设一个物流中心。还计划投入 1 亿美元帮助中小型韩国企业将产品销往海外。将投资约 1000 亿韩元助力加强韩国的消费者保护。

报道：阿里巴巴计划未来三年在韩国投资 11 亿美元

SoundHound AI(SOUN) rose 24.82%, with a trading turnover 1.3 Billion USD, and a year-to-date rose 308%. Beauty Health(SKIN) rose 18.38%, with a trading turnover 91.1 Million USD, and a year-to-date rose 36.7%. Williams Sonoma(WSM) rose 17.76%, with a trading turnover 1.4 Billion USD, and a year-to-date rose 41.3%.

Top 10 US Stock Gainers (3.13)

Neumora Therapeutics(NMRA) fell 14.64%, with a trading turnover 56.6 Million USD, and a year-to-date fell 13.1%. Dollar Tree(DLTR) fell 14.21%, with a trading turnover 1.9 Billion USD, and a year-to-date fell 9.6%. ZIM Integrated Shipping Services(ZIM) fell 13.64%, with a trading turnover 199.7 Million USD, and a year-to-date rose 2%.

Top 10 US Stock Losers (3.13)

Tuniu(TOUR) rose 16.42%, with a trading turnover 2.4 Million USD, and a year-to-date rose 23.4%. Hutchmed China(HCM) rose 13.66%, with a trading turnover 12.0 Million USD, and a year-to-date rose 2.5%. NaaS Tech(NAAS) fell 26.85%, with a trading turnover 7.4 Million USD, and a year-to-date fell 28.3%. Hesai(HSAI) fell 9.79%, with a trading turnover 5.4 Million USD, and a year-to-date fell 47.8%.

Top 5 CDRs Gainers/Losers (>100M) (3.13)

Nextera Energy(NEE) rose 4.18%, with a trading turnover 1.0 Billion USD, and a year-to-date fell 1.1%. PDD(PDD) rose 3.55%, with a trading turnover 1.6 Billion USD, and a year-to-date fell 16.4%. Tesla(TSLA) fell 4.54%, with a trading turnover 18.1 Billion USD, and a year-to-date fell 31.8%. Intel(INTC) fell 4.44%, with a trading turnover 2.3 Billion USD, and a year-to-date fell 13.8%.

Top 5 US Stock Gainers/Losers (>100B) (3.13)

Dow Jones Industrial Average rose for the third consecutive day. The energy sector surged by over 1%. Tesla, downgraded and slashed in target price by Fuguo Bank, hit a near ten-month low; chip stocks fell by over 2%, with NVIDIA dropping by over 1% after a nearly 4% intraday drop, AMD down by nearly 4%, and Intel falling by over 4%. Chinese concept stocks rose by 1%, leading the market for four consecutive days, hitting a more than three-month high. BeiGene surged by nearly 8%, Pinduoduo by over 3%, while NIO-SW dropped by over 4%, XPENG-W and Li Auto both down by at least 3%. European and French-Italian stock indices hit new all-time highs again, while the German stock market temporarily bid farewell to its historical high, with Volkswagen falling by nearly 6%. The U.S. bond yields rose for the third consecutive day, with the two-year yield hitting a two-week high. The U.S. dollar index retreated, falling to a more than one-month low. Offshore renminbi fell by over a hundred points to below 7.20. Bitcoin surged by $3,000 intraday, breaking through $73,000, hitting a new all-time high for the fourth time in six days. Crude oil rebounded, marking the largest monthly gain in a month, with Brent crude rising by over 2% to a four-month high, and U.S. oil ending a four-day decline, rising by 3% at one point. Gold rebounded, with spot gold approaching a record high at the close. London copper rose by over 3%, hitting an 11-month high, while London tin rose by nearly 2% to a seven-month high.

Chip stocks rebounded for a day, while the S&P and Nasdaq fell back. Tesla dropped more than 4%. Chinese concept stocks outperformed the market, and Bitcoin surged past $73,000, hitting a new all-time high.

“网红券商” Robinhood 2 月托管资金 1187 亿美元，同比增长 59%，2023 年同期 747 亿美元。2 月证券成交量 809 亿，同比增长 41%。2 月期权合约成交量 1.191 亿，同比增长 33%。2 月加密数字货币成交额 65 亿美元，同比增长 86%。2 月加密货币日均成交量 30 万，同比增长 50%。

五粮液公司近日在拼多多平台发现多家店铺销售假冒的五粮液产品，严重损害了公司声誉和消费者权益。该公司将采取法律手段追究责任人的法律责任。拼多多平台表示对假冒商品采取零容忍政策，会严肃处理质疑商品，并提供相关凭证。此外，五粮液在拼多多平台上出现价格倒挂现象，对其提价策略构成挑战。为稳定市场价格秩序，五粮液将采取一系列措施，并确保经销商的盈利能力。

拼多多喜提 “3.15” 大奖？五粮液打假拼多多

The lowest of the three policy interest rates of the European Central Bank will be a key lever to change short-term borrowing costs. At the same time, the ECB will delegate more power to banks to decide on the amount of cash needed for operations. In addition, the current bond holdings will continue to be phased out, and the ECB will provide liquidity through a new structured asset portfolio.

The European Central Bank has announced a new monetary policy framework, establishing a system of interest rate floors and devolving more power to banks.

美股区块链概念股上涨，比特币和以太坊等加密货币继续走强，带动了 MicroStrategy、Block、CleanSpark、PayPal、Coinbase 等公司股价上涨。加密货币总市值突破 2.9 万亿美元，比特币市占率达 49.7%。

美股区块链概念股上涨集体上涨：PayPal 涨超 5%，Coinbase 涨超 4%

On Wednesday, Bitcoin-related stocks rose. As of the time of publication, MicroStrategy surged over 7%, while Riot Blockchain, Marathon Digital, and Canaan all rose over 2%. On Monday, analysts including Gautam Chhugani from Bernstein published a report expressing a strong bullish view on the future of Bitcoin. They claimed that under the current strong upward trend, the price of Bitcoin will skyrocket after the "halving" in April. Chhugani and others predict that Bitcoin could rise to $150,000 by the middle of next year.

U.S. Stock Market Update | Bitcoin-related stocks surge, MicroStrategy up over 7%

零跑在 3 月初的销量排行榜中排名第三，成为新势力 TOP3 之一。零跑的销量表现良好，1 月销量达到上万台，并且推出了四款车型，意图稳固市场地位。零跑的 C10 产品在各个方面超出用户预期，预定量达到近 5 万台。零跑的董事长朱江明表示，现在不仅要关注技术，还要注重产品定义，只有这样才能有出路。零跑的目标是在主流 SUV 市场中瞄准家庭出行市场，以较低价格与理想 L7 进行竞争。

零跑朝理想 “开了一枪”

华为最大对手爱立信近日传出要撤出中国市场的传闻，但据华尔街见闻了解，这一传闻并不属实。爱立信此次调整主要涉及云软件及服务事业部核心网业务的研发团队，不会退出中国市场。爱立信曾多次表达对中国市场的重视，并努力恢复在华业绩。中国已建成全球最大、技术领先的 5G 网络，对通信厂商而言，中国市场是无法轻易放弃的价值高地。爱立信将继续发力，在技术和策略上提升业绩。

华为最大对手要退出中国？

UBS pointed out that currently investors are generally bullish on the stock market, with a stronger preference for the chip and manufacturing industries. The consensus may lean towards avoiding a hard landing, while commercial risks are expected to gradually become more prominent.

UBS: Key Issues of Concern for Overseas Institutions Currently

比特币在六天内第四次创下历史新高，受到与比特币相关的美国 ETF 创纪录资金流入的推动。周三，比特币一度达到 73664 美元的高点，交易价格约为 72909 美元。同时，以太坊也受到投资者对加密货币的兴趣提振，交易价格一度上涨至 4083 美元。以太坊进行了最新的软件升级后，使用成本将大大降低。

ETF 净流入创历史新高！比特币势如破竹冲上 73000 美元

Porsche Automobil Holding SE is feeling the pressure.

支付科技公司 Stripe 主席：我们已经有一个团队在研究加密货币。

近 90% 的涨幅用了短短不到两个月，这年头恐怕只有虚拟货币能够造出这种耸动的故事。以比特币为代表的虚拟货币近日再现 “高光时刻”。3 月 12 日，比特币最高 72890 美元/枚，约 52.3 万元人民币/枚，日内涨超 5%，再创新高。

比特币疯涨背后：七成交易量来自亚洲 国内投资者警惕 “暗道” 炒币陷阱

Investors have poured over $200 million into the VanEck Russia ETF's Bitcoin spot ETF. Previously, the fund waived fees on the initial $1.5 billion in assets until the end of March next year.

The competition for Bitcoin ETF is heating up as VanEck Russia ETF attracts $200 million in funds by waiving fees.

According to research data from the Bank for International Settlements (BIS), 81% of investors will lose money on Bitcoin.

In 2014, Dogecoin surged by 30,000,000 times! Why did most people end up losing money?

美国 2 月 CPI 同比反弹至 3.2%，核心 CPI 同比增 3.8%，企业开始降价。瑞典家装巨头宜家扩大全球市场降价幅度，特斯拉、通用汽车、福特汽车等汽车公司也下调售价。电动车交易价格同比降幅达到 12.8%。运输和原材料成本下降，供应链正常化推动价格回落。

美通胀未止，但企业已开始降价

"Bitcoin halving" is a key factor driving the rise in Bitcoin prices! In addition, once breaking through important psychological and technical resistance levels, market sentiment often turns extremely optimistic, triggering a new wave of buying frenzy.

Understanding the market | Who is driving the "craze" of Bitcoin?

日本日股可能面临崩盘风险，如果日元升值超过 5%。最近 25 年的数据显示，日元升值时日经指数下跌。目前日元对美元及其他主要贸易伙伴货币持续升值，给日股带来压力。汇丰预测，日元将进入大幅升值的新时代，预计在 2024 年年底，1 美元将兑换 136 日元。市场预测，今年日本央行将收紧利率，而美联储可能降息。市场普遍预计，日元对美元的汇率将升值约 6%。

如果日元升值超过 5% 日股将崩盘？

Pre-market trading of Chinese concept stocks shows mixed movements. Bilibili is up by 2%, NetEase is up by over 1%, while Li Auto is down by nearly 3%. Alibaba, JD.com, NIO-SW, and XPENG-W are all experiencing declines. Microstrategy briefly surged by over 6%, Marathon Digital by over 4%, and Coinbase by nearly 2%.

Pre-market trading in the US: Tesla fell nearly 2%, leading the decline in tech stocks! Cryptocurrency-related stocks surged.

Goldman Sachs believes that the "Enhancing Corporate Value" plan will help alleviate the long-standing issue of the "Korea discount." In the future, the South Korean government may introduce more supporting measures, which are expected to help South Korea be included in the MSCI Developed Markets Index list in the next two years.

Goldman Sachs elaborates on the "Han Tech Estimate": It has already driven a 10% rebound in the South Korean stock market, and the next step is to impact the MSCI index.

数据显示，加密货币总市值突破 2.9 万亿美元，其中比特币市占率达 49.7%。

Evercore believes that NVIDIA's software business is "just the beginning," and expects NVIDIA to spend "significant" time at GTC outlining the potential for expanding its software business. In addition, "we continue to expect surprises in NVIDIA's market share in the inference market."

Rating Snapshot | Wall Street calls for NVIDIA to reach $1200! BYD rated as "Buy", Adobe faces price cuts.

Hong Kong stocks closed with the Hang Seng Index slightly down by 0.07%. Property stocks fell, while gold and power stocks rose. The Hang Seng China Enterprises Index dropped by 0.29%, and the Hang Seng Tech Index increased by 0.34%. CICC International predicts that the rebound of Hong Kong stocks will continue for several months. Blue-chip stocks were active, with Zijin Mining and GCL-Poly Energy rising, while China Medical System and China High Speed Transmission fell. Large-cap tech stocks had mixed performances, with Baidu up over 2% and Alibaba down over 1%. Gold and power stocks were positive, with NetEase rising by nearly 3% during trading. Property stocks retreated, and pharmaceutical stocks rallied towards the end of the session. Building materials, cement, household appliances, and heavy industries sectors showed lackluster performance.

Hong Kong stock market closed on March 13th. The Hang Seng Index slightly fell by 0.07%. Real estate stocks fell under pressure, while gold and power stocks rose collectively.

Statistics on the 52-week highs and lows of Hong Kong stocks show that as of the close on March 13th, 54 stocks hit a 52-week high, with JIMU GROUP, UNIVERSE ENT, and SUCCESSUNIVERSE ranking in the top 3 in terms of hitting new highs; additionally, 42 stocks hit a 52-week low, with JINGKE FINANCIAL INTERNATIONAL, Tuhu-W, and SHANGHAI GROWTH ranking in the top three in terms of hitting new lows.

Zhitong Hong Kong Stock 52-Week Highs and Lows Statistics on March 13th.

Overnight, the hottest contracts were all related to Tesla: Over 140,000 call options with a strike price of $180 expiring on March 15th were traded, nearly 120,000 put options with a strike price of $170 were traded, and over 100,000 put options with strike prices of $230 and $220 were both traded.

US stock options | BABA-SWR, JD, Oracle see significant increase in trading volume! Tesla put options are on fire.

Boeing's three-day plunge by 10% due to quality issues, whistleblower may face repercussions.

Discussion on WSB: Bitcoin plunges below $73,000, MARA and MSTR remain hot topics.

TUHU-W(09690) fell 35.35%, with a trading turnover 122.4 Million HKD, and a year-to-date fell 62.8%. CHANGJIU HLDGS(06959) fell 15.46%, with a trading turnover 3.4 Million HKD, and a year-to-date rose 244.5%. HIGHTIDE-B(02511) fell 12.92%, with a trading turnover 5.8 Million HKD, and a year-to-date fell 44.4%.

Top 10 HK Stock Losers (3.13)

HORIZON CD(09930) rose 33.59%, with a trading turnover 27.1 Million HKD, and a year-to-date fell 62.7%. SKB BIO-B(06990) rose 14.87%, with a trading turnover 147.7 Million HKD, and a year-to-date rose 31.4%. REMEGEN(09995) rose 14.79%, with a trading turnover 167.3 Million HKD, and a year-to-date fell 26.4%.

Top 10 HK Stock Gainers (3.13)

CMOC(03993) rose 7.98%, with a trading turnover 553.9 Million HKD, and a year-to-date rose 33%. BEKE-W(02423) rose 7.2%, with a trading turnover 75.5 Million HKD, and a year-to-date fell 10.6%. CPIC(02601) fell 7.6%, with a trading turnover 1.0 Billion HKD, and a year-to-date fell 10.5%. PICC GROUP(01339) fell 3.72%, with a trading turnover 107.6 Million HKD, and a year-to-date rose 7.9%.

Top 5 HK Stock Gainers/Losers (>100B) (3.13)

In 2024, Boeing aircraft accidents have occurred frequently, shaking market confidence. The sudden death of the "whistleblower" who exposed Boeing's safety issues, and United Airlines suspending Boeing orders have caused Boeing's stock to plummet by nearly 27% year-to-date, making it the second worst-performing company in the S&P 500.

Being labeled as the "second worst student in the US stock market," Boeing is facing quite a bit of trouble.

"Spring Struggle" Negotiation "Barometer" TM ADR US announced that employee bonuses will increase from 6.7 months' salary to 7.6 months' salary, becoming the highest annual bonus ever; a Japanese steel company announced a 14.2% salary increase, including regular raises.

The results of the Japanese "Shunto" are gradually being released: TM ADR US fully meets the union's wage demands.

More deadly than the U.S. ban! In the fourth quarter of last year, ByteDance's daily active users actually lagged behind Snapchat, YouTube, Instagram, and Meta Platforms, this group of "old folks".

ByteDance's daily active users experienced a sharp decline?!

1) The London Stock Exchange is about to accept applications for cryptocurrency ETNs, and the UK Financial Conduct Authority supports providing ETNs to institutional investors; 2) Bitcoin ETFs promote an increase in demand for Bitcoin; 3) The peak of the US interest rate hike cycle is conducive to boosting the attractiveness of Bitcoin; 4) The supply of Bitcoin in the Asian market is relatively limited; 5) Short-term market behavior; 6) Long-term investors have not sold Bitcoin on a large scale; 7) The deteriorating fiscal situation of the US government enhances Bitcoin's "safe haven" function.

Why has Bitcoin gone crazy? Seven major reasons!

Cloud computing revenue surged by 25%, while the remaining performance obligations (measuring backlog order indicators) increased by 29% year-on-year to over $80 billion, reflecting a sharp rise in artificial intelligence orders.

Overnight surged by 12%, what signals does Oracle's earnings report reveal?

比特币突破 73000 美元/枚，日内涨 2.77%。

Overnight, NVIDIA surged by 7%, seemingly as a response to the short sellers.

Will NVIDIA continue to surge?

SoftBank is facing a "soul-searching" dilemma: to sell or not to sell?

When "doubling in six months" meets "large-scale unlocking", ARM's stock price faces a test of selling pressure.

Jim Cramer, the host of CNBC's "Mad Money," advises investors to be patient amidst recent challenges faced by Apple. Despite drop in stock prices and sluggish iPhone sales in China, Cramer suggests holding onto Apple stock, citing potential long-term gains from AI-integrated iPhones and resolution of China-related concerns. Bank of America and Evercore ISI also express optimism about iPhone sales and highlight AI integration and underappreciated Service business as drivers for future stock growth. The recent turbulence in Apple's China market has made investors skeptical, but a surge in spending is expected to boost corporate profits.

Jim Cramer On Apple Stock: 'It's Only A Matter Of Time Before China Reignites'

The dividend payout period is 66 years longer than Exxon Mobil, 69 years longer than Eli Lilly, and twice as long as Coca Cola (104 years).

This company has quietly paid dividends for over 200 years.

Applied Therapeutics, Inc. a clinical-stage company, is currently focused on developing novel therapies against rare neurological, cardiac and ophthalmic disorders where there are high unmet medical needs.The company’s lead candidate is govorestat (also known as AT-007), a novel central nervous system penetrant ARI, which is being developed for three rare neurological diseases at present, including galactosemia, sorbitol dehydrogenase (SORD) deficiency and phosphomannomutase 2 deficiency.

Applied Therapeutics Surges 124% in a Month: Here's Why

日本银行业在房地产泡沫破灭后采取了一系列措施以保持生存。他们大力化解不良问题，大型金融集团间进行强强联合，地方银行间不断合并求生，并积极调整业务结构。然而，日本银行业长期表现低迷，资本市场表现不佳。2000 年至 2003 年，日本银行业连续四年亏损，不良问题和净息差收窄是亏损的核心因素。经过阵痛转型后，日本银行业的 ROE 自 2011 年以来维持在约 5.0%。总体而言，日本银行业在泡沫破灭后采取了措施以扭亏为盈并优化经营策略。