CFRA Research 表示，特斯拉 2024 年的股价暴跌只不过是一次迟来的合理调整，其价格最终将反弹至 275 美元，意味着该股较上周五收盘上涨 68%！为什么？

理解市场 | 特斯拉暴跌实是 “抄底良机”？

Is the existence of the "AI bubble" no longer important? Even Wall Street finds it hard to deny that popular tech stocks like NVIDIA may still have a significant room for valuation expansion!

Understanding the market | Wall Street's logic in trading US stocks has undergone a significant change! Why?

这个时候，马斯克当然不会忘了嘲讽 OpenAI 一番，「我们想了解更多 OpenAI 的开放部分」。

马斯克开源 Grok-1:3140 亿参数迄今最大，权重架构全开放，磁力下载

Under the boost of NVIDIA's AI chips, Super Micro Computer's server sales have surged, with the company's revenue expected to double this year, leading ahead of many major competitors.

A 12-fold increase in one year! "AI's most promising stock" Super Micro Computer will be included in the S&P index today.

近日，北美地区的特斯拉车主们陆续接收到 FSD（全自动驾驶）V12.3 版本的更新推送。据用户反馈，相较于之前的 V12.

FSD V12.3 大规模推送在即 将引入神经网络

百乐皇宫于 2024 年 3 月 18 日-2024 年 3 月 21 日招股，拟全球发售 1.43 亿股股份，包括 8571.

新股公告 | 百乐皇宫今起招股 预计 3 月 26 日上市 引入向上国际科技作为基投认购 7000 万港元的发售股份

This week, the global market will welcome the "Super Central Bank Week", with releases of earnings reports from XIAOMI-WR, XPeng, MEITUAN, and others. Hema and Darunfa both deny being sold to COFCO by Alibaba. Apple launches the 300 billion parameter MM1 multimodal large model. Media reports suggest that the actual orders for Li Auto's MEGA are lower than expected. Tesla's Model Y sees price increases in multiple European countries and the United States. NVIDIA's GTC conference is set to take place, with the potential release of the B100 computing chip. Reports indicate that Reddit's IPO has received 5 times oversubscription.

Breakfast | NVIDIA is preparing to welcome the Federal Reserve meeting, TENCENT, Pinduoduo, and other earnings reports.

AIGC 红利、用户流失但战略性 “狗住了”，美图转运

靠 AIGC 翻身，又遇比特币大涨，蔡文胜的美图「赌赢」了？

黄金价格上涨，消费者关注度上升。黄金首饰价格较高，但银行购买黄金价格较金店便宜。一些银行的足金投资金条价格普遍在 516-530 元之间，黄金首饰价格也更便宜。购买黄金需谨慎，不宜追涨。

八折买黄金首饰，可能么？

Binance's newly appointed CEO Richard Teng predicts that as institutional investors pour more funds into ETFs supporting cryptocurrencies, Bitcoin will surpass $80,000. He pointed out that earlier this year, the launch of Bitcoin ETFs in the United States attracted institutional investors and new capital inflows. Despite recent fluctuations and sell-offs in the price of Bitcoin, reduced supply and increased demand will drive its price above $80,000. Binance founder Zhao Changpeng resigned as CEO, and Richard Teng took over. Binance is one of the world's largest cryptocurrency exchange platforms

Bullish voices are constantly heard! Binance's new CEO: Expects Bitcoin to break through $80,000 amid continuous inflow of ETFs

Reddit's IPO is currently oversubscribed by four to five times, increasing the likelihood that it will reach its targeted valuation of $6.5 billion. Despite past financial losses, the company's influential online communities and its involvement in the "meme-stock" saga have generated interest. The IPO aims to raise up to $748 million and includes reserved shares for eligible users and moderators on the platform.

EXCLUSIVE-Reddit's IPO as much as five times oversubscribed, sources say

亿航智能成功获得全球首张 eVTOL 适航认证，带动了其营收和股价的大幅增长。2023 财年第四季度，亿航智能实现了营收 5660 万元，同比增长 261%，并实现了单季经营现金流转正。整个 2023 年，亿航智能实现了 1.17 亿元的营收，同比增长 164.97%。此外，公司预计 2024 年第一季度营收将增长约 160%。此次适航认证对于亿航智能来说是重要的里程碑，推动了业务增长和市场需求的增加。

“飞行汽车第一股”，营收大涨

比特币减半事件即将到来，预计将在 2024 年 4 月 17 日发生。减半机制是指每增加 21 万个区块，矿工获得比特币奖励将减少 50%。此次减半事件是比特币诞生以来的第四次。市场预计减半事件会影响比特币挖矿的回报率。根据市场资料，减半事件可能会持续到比特币被挖掘完，预计在 2140 年左右。比特币价格在周末出现下跌，跌破 6.5 万美元。

比特币减半事件倒数 30 日，何谓减半？

The market will never smoothly transition to electric vehicles. Analysts believe that as early user demand is met, the momentum of electric cars will slow down.

The European and American electric vehicles suffered a "major defeat", while the "reverse version" of TM ADR US staged a comeback.

比特币向上触及 67000 美元/枚，日内跌幅收窄至 1.30%。

近日，摩根大通针对比特币发布的一份报告，引发市场关注。报告指出，备受期待的比特币减半事件将在 4 月份到来，这可能会对比特币矿工的盈利能力产生严重负面影响。报告警告，比特币的价格可能会因此暴跌至 4.2 万美元/枚，较目前价格的潜在下跌空间超 36%。

比特币减半将在 4 月到来

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.