英伟达的客户们在下一个财年将继续增加对人工智能资本的投入。微软预计在 2025 年将继续增加在云投资和人工智能基础设施方面的资本支出。谷歌也计划在 2024 年加大对人工智能应用的资本投入。这些公司对人工智能的投资将带来长期增长机会。微软的 Azure 业务和谷歌的 GoogleCloud 业务正在不断推动人工智能的发展。

英伟达的客户们下一个财年的打算

比特币向下触及 65000 美元，24 小时内跌 4.25%。

Zhejiang Securities believes that NVIDIA will release a series of generative AI applications at the GTC2024 conference, which could become a new growth point for the company.

NVIDIA: Besides B100, also consider application testing.

垂直行业成为 AI 应用创业的新突破口。创业公司的竞争壁垒取决于想法的明显度和构建难度。AI 应用产品很难构建竞争壁垒。现有巨头企业成为应用 AI 技术的第一批市场参与者。在 AI 时代，技术差异不再是软件公司的差异化因素。AI 应用创业面临与 100 家创业企业和现有企业的竞争。AI 应用就像瓶装水，无处不在且必需品。AI 时代的技术差异趋近于零。

多家 VC 谈 AI 应用的护城河：技术差异正趋近于零

JPMorgan Chase stated that the narrowing gap between HBM execution progress and DRAM profit margins in the industry is a key factor for Samsung Electronics to outperform its peers in stock performance.

When the market narrative shifts from "AI memory" to "overall memory recovery," is it Samsung's opportunity?

日本第二大和第三大车企本田和日产宣布将在电动车和智能移动领域开展合作，以应对中美在电动化领域的快速发展。两家公司希望通过合作降低成本，合作的范围包括采购零部件、电动汽车相关核心部件的开发，汽车智能技术和软件开发等。

日本第二大和第三大车企抱团取暖

Without the boost of artificial intelligence, will Apple become a "boring" value stock?

比特币跌破 65000 美元，最低报 64742 美元，日内跌超 5%。

两位美国参议员表示，希望美国证券交易委员会主席 Gary Gensler 取消任何进一步的加密货币 ETF，理由是这会给散户投资者带来巨大风险。

财付通支付科技有限公司获准增加注册资本至 153 亿元人民币，成为注册资本最高的非银行支付机构。该公司是由深圳市腾讯计算机系统有限公司持有的，提供微信支付、QQ 钱包的支付牌照和银行通道技术支持。去年曾被罚没近 30 亿元，但表示将加大在科技创新、提升支付服务质量等方面的投入。

财付通注册资本获准从 10 亿增至 153 亿，成注册资本最高的非银行支付机构

Last year, Huawei's losses decreased to 6 billion yuan, and Richard Yu expects to turn losses into profits this year. Richard Yu also mentioned the "feud" with XPeng, believing that the healthy competition in the field of intelligent driving between the two sides will contribute to mutual progress.

Richard Yu: XPeng-W is currently the best in domestic intelligent driving, but now Huawei has entered the game.

TCL is making a move again.

中国新能源汽车市场的渗透率预计将在未来三个月内突破 50%，甚至更高。根据比亚迪董事长王传福的预测，新能源汽车将成为主导地位。中国汽车工业经过 70 年发展，去年产销量首次突破了 3000 万台，同时跃居全球第一大汽车出口国。中国新能源汽车产销量连续 9 年位居全球第一，占全球比重超过 60%。加快发展电动汽车有助于调整能源结构，实现绿色可持续发展的未来。新能源转型趋势不可逆转，中国市场变革速度和效率更快。新能源汽车市场空间仍然很大，但市场竞争激烈，行业已进入结构性调整阶段。产业集中度提升是全球汽车强国形成的必然阶段。

王传福：新能源渗透率将在 3 个月内突破 50%

Relying solely on the flow of ETFs to infer market and investment directions can be misleading.

Investors are shifting from gold to Bitcoin? JPMorgan Chase: Those who love gold buy gold bars, those who love Bitcoin buy ETFs.

The "Apollo" robot deployed in the Mercedes-Benz factory is approximately 1.72 meters tall, weighing around 144 pounds. The theoretical maximum load capacity is close to 50 pounds, indicating it may primarily be used for heavy object handling.

Physical labor is being done by someone! Mercedes-Benz factory pilot introduces humanoid robots.

美国参议员敦促 SEC 停止批准新的加密货币 ETF，以避免散户投资者面临的风险。他们对数字加密货币交易所交易基金的风险表示担忧，认为其容易受到欺诈和市场操纵的影响。这也是监管机构对数字加密货币市场加大审查力度的一部分。

美参议员敦促 SEC 停止批准新的加密货币 ETF

比特币跌破 69000 美元/枚，日内跌 2.34%。

美国检方要求判处加密货币交易所 FTX 创始人班克曼 - 弗里德至高 50 年监禁，指控他策划了史上最大金融欺诈案。检方表示，他从 FTX 客户和投资者那里窃取了 80 多亿美元，使数以万计的人成为受害者。检方驳回了班克曼 - 弗里德律师的主张，称受害者无法通过破产程序收回资金，遭受了无法弥补的损害。

美国检方寻求判处 FTX 创始人班克曼 - 弗里德至高 50 年监禁

比特币和其他加密货币在经历了短暂调整后，于周五部分回升。分析师认为，价格可能会进一步下跌，即使交易员在未来几个月继续看涨加密货币。比特币的价格在过去 24 小时内下跌了 1.3%，至 68,600 美元，比 24 小时内的高点大约 72,300 美元低了 5.1%。这似乎是对创纪录水平的短期修正。根据 CoinMarketCap.com 的数据，周五数字货币市场总价值最低达到 2.5 万亿美元，比前一天下跌了近 2000 亿美元。交易平台 SynFutures 的首席执行官表示，“即使比特币在未来几天见证了一个被推迟很久的修正，它看起来还是将继续上涨。” 今年比特币仍上涨了约三分之二，并且继续受到几个因素的支持，包括股市走高和 ETF 引入的新一轮投资者兴趣。

加密货币经历短暂调整 接下来会怎么走？

三大美股指因周五再跌全周转跌，纳指收跌近 1%，和标普连跌两周，道指连跌三周。芯片股指累跌 4%，创开年来第二大周跌，盘中一度涨近 2% 的英伟达收跌 0.1%，本周累涨不足 0.4%，AMD 反弹、涨超 2%，本周仍累跌近 8%。财报后 AI 概念股 Adobe 跌近 14%。中概股指两连跌，本周仍累涨近 4%，理想汽车收涨超 2%。泛欧股指两连跌，仍连涨八周，创 2018 年来最长周涨，法意西股齐创历史新高。美债收益率再创两周新高，一周升超 20 个基点。美元指数连创一周新高，创两月最大周涨幅。离岸人民币四连阴，全天未能收复 7.20。比特币盘中曾跌破 6.6 万美元，较周四所创历史高位回落近 8000 美元。原油跌落四个月高位，本周仍涨近 4%，美油守住 80 美元关口。黄金两连跌至逾一周新低。伦铜 11 个月来首次涨破 9000 美元，一周涨近 6%。

“三巫日” 5 万亿到期压顶，标普纳指三连跌，芯片股指连挫，英伟达惊险十周连涨，比特币加速跳水

周五纽约尾盘，CME 比特币期货 BTC 主力合约报 68215.00 美元，较周四纽约尾盘跌 1.99%，本周累跌 2.28%，交投于 74415.00-66125.00 美元区间。CME 以太币期货 DCR 主力合约报 3651.50 美元，较周四跌 3.84%，本周累跌 8.41%，交投于 4138.50-3589.00 美元区间。

比特币期货跌约 2% 勉强守住 6.8 万美元，ETF 普跌，数字货币概念股多数收涨

UBS believes that Tesla's performance may fall below market expectations before 2026. Starting in 2026, Tesla's next wave of growth will be driven by the Model 2.

UBS is bearish on Tesla: slashing the target price by 26% to $165, the next wave of growth is expected in 2026.

BMW responds to being named on March 15th.

太古地产公布了 2023 年财报，显示其收入同比增长 6%，股东应占溢利下滑 67%。然而，剔除估值带来的减值影响后，太古地产的 “收租” 生意仍然非常赚钱，股东应占基本溢利同比增长 33%。太古地产的租金收入为 135.25 亿港元，同比增长 10%，其中办公楼租金微降 2%，零售物业租金增长 22%。太古地产的负债率较低，资产负债率为 18.71%，净负债率为 12.7%。太古地产的现金流持续充裕，现金余额同比增长 11% 为 50.97 亿港元。此外，太古地产在内地零售市场复苏中表现出色，实现了内地零售物业租金收入的回升。

“包租公” 太古地产赚麻了

比特币和以太币等加密货币在过去 24 小时内大幅下跌，市值下跌 7%，为今年最大跌幅。高于预期的通胀数据和交易员获利了结是导致下跌的原因之一。比特币在过去 24 小时内暴跌 8%，抹去了本周的涨幅，引发整个市场的下跌。追踪加密货币的期货遭受超过 8 亿美元的损失，为今年第二大损失。6.6 亿美元的多头头寸被平仓，可能是导致加密货币大幅下滑的原因之一。市场分析师预计，加密货币在可能反弹之前将进一步下跌。

加密货币市值大跌 7%，6.6 亿美元多头头寸被平仓

A report from Bank of America shows that due to investors' lack of concern about stagflation risks, funds flowing into the US stock market have reached a historic high. As of the week ending March 13th, US stock funds received a total of $56 billion in inflows, with the majority going into the technology sector, reaching $6.8 billion. Despite the macro situation shifting from a golden-haired girl scenario to stagflation, the above situation is still occurring. Inflation rates in developed and emerging markets remain high, and cracks are finally appearing in the US labor market. According to information provided on the website, the economic data released in the US this week is mixed. February's PPI exceeded expectations, CPI is also rising rapidly, while initial and continuing jobless claims are lower than expected.

Bank of America: Overlooked Risks of Stagnation, Record High Inflows of Funds into US Stocks in a Single Week

建行董事长更迭，张金良接任建行行长。张金良具有多家银行的领导经验，曾在中国银行和中国光大银行担任要职。他还曾任中国邮政集团总经理和中国邮政储蓄银行董事长。张金良的任命将对建行的经营和发展产生重要影响。

建行董事长更新，行长张金良接 “接棒”

The next three stages include the infrastructure stage, the "AI Empowerment Benefits" stage, and the "Productivity Enhancement" stage. Investors may quickly trade stocks in the first two stages, while stocks in the fourth stage have significant long-term growth potential.

Goldman Sachs: NVIDIA has led the first phase of the AI industry, paving the way for the next three stages.

ByteDance Games is cautiously crossing the river with NetEase and Tencent.

The premise is to first invest in building a factory in India.

India has announced a reduction in import tariffs on electric vehicles for specific car companies in order to attract external investments.

2023 年以来金价持续上涨，主要与市场博弈美联储货币宽松有关。近期黄金连破前高，原因是市场对美联储货币宽松定价存在反复，黄金价格在预期纠偏过程中震荡上行。此外，美国通胀粘性减弱的市场预期仍在，金融体系脆弱环节的风险也持续暴露，这两个因素共同提振了金价。展望未来黄金走势，重点关注二季度美联储降息拐点临近、国际政经关系重塑和海外新一轮货币宽松的影响。

为什么 2023 年以来金价持续上涨？

Morgan Stanley believes that battery costs will remain low in the first quarter, with orders and customer traffic continuing to recover, and the launch of new products and car shows also being positive factors.

The market is too pessimistic! Morgan Stanley is bullish on the Chinese electric vehicle industry, stating that the second quarter may usher in an important turning point.

初探 GB200 参考设计，GB200 性能可能会成为大杀器，整体推理性能的提升可能是 20-40 倍。除以价格因素，依然可以获得 10 倍以上 per dollar 的性能提升。该设计适合推荐系统，但价格昂贵，可能给 AMD 带来竞争压力。CX7 和 CX8 是两种参考设计，B200 的价格有竞争力。GB200 的性能提升了 2 倍多，具体网络配置和架构设计有待了解。

初探 GB200 参考设计

IB SETTLEMENT 00147 plans to establish a joint venture in Laos with Lu Zeng, focusing on Bitcoin mining and trading. The equity will be distributed in a ratio of 51% to 49%. The initial capital of the joint venture is $2 million, intended for operational funds. The group believes that cryptocurrency has the potential as a store of value and plans to invest in cryptocurrencies with significant market value and long-term holding value. Bitcoin, as the largest cryptocurrency by market capitalization globally, has been in existence for many years.

International Business Settlement Subsidiary and Lu Zeng plan to establish a joint venture company in Laos.

Before the market opens, Microstrategy, Marathon Digital, and Coinbase all fell more than 4%. Fisker surged 46% at one point, driving up the shares of new energy vehicle companies like XPENG-W and Li Auto by over 2%. Biopharmaceutical company Jelun doubled at one point in pre-market trading, while Adobe dropped over 12% and Pagerduty fell more than 10%.

Pre-market trading in US stocks: Nio and Li Auto lead the gains among Chinese concept stocks, while cryptocurrency-related stocks experience a sharp decline!

3 月 15 日，有媒体报道，中粮集团要斥资百亿收购大润发，其援引知情人士消息称，中粮副总裁李江已经加入大润发的钉钉。报道中进一步提及，大润发目前正在裁员。不过，大润发方面回应称：假的，大润发将保留通过法律途径追究造谣者责任的权利。

大润发回应 100 亿卖身中粮集团传闻：假的

Faced with a surging market, few can resist the temptation of "doing something."

Losing money in a bull market! How do retail investors manage to do that?

MEITU has released its 2023 annual performance report, with revenue of approximately 2.6957 billion yuan, a year-on-year growth of about 29.3%. The net profit attributable to the equity holders of the parent company reached 378 million yuan, an increase of 301.8% year-on-year. The basic earnings per share were 0.09 yuan, with a proposed final dividend of 0.036 Hong Kong dollars per share. In addition, the company's monthly active users reached around 250 million, a year-on-year increase of 2.6%. The number of paid subscription users also saw a significant growth of 62.3%. The company plans to launch more generative AI functions for image and video usage scenarios in 2024, and is excited about the strategic opportunities of collaborating with Zcool.

MEITU released its 2023 annual performance report, with a net profit attributable to shareholders of 378 million yuan, a year-on-year increase of 301.8%. The final dividend is 0.036 Hong Kong dollars per share.

Adobe's revenue and profit exceeded expectations, but its guidance fell short of expectations, leading to a pre-market plunge of over 11%.

WSB is buzzing about it | Target price of $298, RBC reiterates a Buy rating on Tesla.

美股盘前三大股指期货涨跌不一，道指期货暂涨 0.04%；美股加密货币股票盘前下跌；Madrigal 药物获 FDA 批准为 NASH 肝病首个疗法；AdobeQ2 营收指引不及预期；沃尔玛寻求出售零售 AI 软件。

美股盘前三大股指期货涨跌不一 Madrigal 涨超 24%

Lion has lowered the target price of MEITUAN from HKD 205 to HKD 182. It is expected that MEITUAN's total revenue will maintain a year-on-year growth of 18% to 20% this year, but there is still significant pressure on profit margins. Adjusted EBIT in the first quarter of this year may decline by 5% year-on-year. However, once the live streaming business starts to monetize, profit margins are expected to improve.

Rating Quick Look: Wall Street still bullish on Tesla! Meituan's target price sees a significant downward revision.

比特币短线走低 1400 美元，跌破 66000 美元/枚，日内跌 6.65%。以太坊失守 3600 美元/枚，日内跌幅 7.23%。

下周将有多只重磅科技股公布业绩，包括腾讯控股、美团、小米集团、中国移动、中国石油股份等。此外，拼多多、小鹏汽车等美股也将公布业绩。另外，中国和美国的一些经济数据也将公布，包括贷款市场报价利率、美联储利率决定、制造业 PMI 初值、服务业 PMI 初值等。美联储还将举行货币政策新闻发布会。

At the close of trading, the Hong Kong stock market showed a weak and volatile trend, with the Hang Seng Index falling by 1.42%. Copper stocks rose in the afternoon, while the pharmaceutical sector continued to decline. The Hang Seng Index closed at 16,720.89 points, with a weekly cumulative increase of 2.25% and a turnover of 139.086 billion Hong Kong dollars. In terms of blue-chip stocks, YAO MING KANGDE declined, while ZIJIN MINING and ENN ENERGY rose. Large-cap technology stocks were weak, with CRO concept stocks leading the decline. Stocks in household appliances, film and television, gambling, real estate, automotive, coal, and major financial sectors all trended lower. The Hong Kong stock market is awaiting strong stimulus policies from the mainland, with the Hang Seng Index preliminarily testing the 17,500 point mark.

Hong Kong stock market closed on March 15th | Hang Seng Index fell by 1.42%. Copper stocks rose in the afternoon, while the pharmaceutical sector continued to decline.

Since the launch of Sora, Adobe's stock price has plummeted by nearly 10%, more than double the decline of software service companies in the S&P 500 index during the same period.

The biggest victim of Sora: Adobe?

美股加密货币股票盘前下跌，ProShares 比特币策略 ETF 盘前下跌 2.5%，iShares 比特币 ETF 下跌 2.6%，MicroStrategy 跌超 6，Marathon Digital 跌超 5，Coinbase 跌 4.6%。

比特币从历史高位回落

Since hitting their lows for the year, Meituan leads the way with a surge of over 41%, Li Auto soared by 34%, Kuaishou-W, Bilibili, JD.com, NetEase, and XPeng all rose by over 20%; Xiaomi increased by 19%, Alibaba-Southwest Region's rise is on par with the market, close to 10%; Tencent rose by nearly 5%, Baidu-Southwest Region surged over 2%, and Nio slightly increased by 1%.

Tech stocks in the Hong Kong market, who's leading the rebound? Meituan and Li Auto!

So far this year, Super Micro Computer's stock price has surged by nearly 300%, making shareholders very profitable. According to the CANSLIM rule, Super Micro Computer may have even greater upside potential. The company's business strategy focuses on providing high-performance, energy-efficient server solutions that are suitable for cloud computing, artificial intelligence, and big data analytics. Super Micro Computer has strong connections with key industry players, allowing them to access the latest technological products. The company invests heavily in research and development, with revenue growth accelerating in sync with R&D investments. Based on the recently released earnings report, Super Micro Computer has shown exceptionally strong profit growth. It is likely to meet the CANSLIM criteria and is a stock worth investing in.

Analyzing why the "hottest AI stock" Super Micro Computer is still worth investing in using the CANSLIM method.

中国 2 月 M2 货币供应同比 8.7%，前值 8.7%。

ESR(01821) fell 11.73%, with a trading turnover 229.9 Million HKD, and a year-to-date fell 20.6%. WUXI BIO(02269) fell 10.2%, with a trading turnover 3.2 Billion HKD, and a year-to-date fell 51.2%. WUXI APPTEC(02359) fell 8.79%, with a trading turnover 1.0 Billion HKD, and a year-to-date fell 48.4%.