市场消息：微策略以约 6.23 亿美元现金购买了约 9245 个比特币。

GWMOTOR needs a major transformation

Q4 smartphone business ended 7 consecutive quarters of year-on-year decline, returning to positive growth

Mobile business rebounds, XIAOMI-W's Q4 revenue hits a 7-quarter high, with adjusted net profit soaring by 236.1% year-on-year | Financial Report Insights

加密货币交易所 BitMEX 正在调查导致比特币闪崩的异常交易活动。比特币价格在 BitMEX 跌至 8900 美元的低点，而在竞争对手交易所的价格超过 6.6 万美元。BitMEX 发言人表示，发现了涉及极少数账户的激进抛售行为。比特币价格下跌了约 14%。比特币周二下跌 6.3%。

交易所 BitMEX 调查比特币周一闪崩原因：发现 “激进抛售行为”

比特币短线跌破 63000 美元，日内跌超 6%；以太坊触及 3200 美元，日内跌超 8%。自 3 月 14 日见顶以来，比特币累计回落超 10000 美元。数据显示，规模为 250 亿美元的灰度比特币信托周一流出 6.43 亿美元，这是自 1 月 11 日转换为 ETF 以来的最大流出量。

比特币自历史新高回落超 1 万美元 日内跌超 6%

Equilibrium, opportunity cost, rational individuals, trade makes everyone's economic situation better

The Ten Principles of Economics by Mankiw, helping you to think rationally

XPeng fluctuated, rising more than 4% before the performance report, dropping more than 2% before the performance report, and now surging 4%; Bilibili fell more than 3%, NetEase and JD.com fell more than 2%; among the seven technology giants, only Tesla and Apple rose; Microstrategy fell more than 10%, Marathon Digital fell more than 6%, Coinbase fell more than 5%

Pre-market trading in US stocks: XPeng-W surged 4% after earnings, while cryptocurrency-related stocks plummeted

Apple is striving to break into the AI arena, planning to embed Alphabet-C's Gemini large model. Alphabet-C surged over 4% overnight

WSB Hot Discussion | BTC leaked? 12% drop on the 7th day

小鹏汽车预计第一季度交付量 21000 至 22500 辆，市场预期 54268 辆。

小鹏汽车 2023 年 Q4 营收 130.5 亿元，市场预期 133.94 亿元，上年同期 51.4 亿元；预计第一季度营收 58 亿元人民币至 62 亿元人民币。

小鹏汽车第四季度净亏损 13.5 亿元人民币

NVIDIA takes a crucial step in entering the sovereign AI market

Teaming up with Oracle, NVIDIA aims to sell "Sovereign AI" to countries worldwide

AI unicorn Astera Lab is adding fuel to the hot AI market, with an IPO price per share between $32 and $34, potentially valuing the company at over $5 billion

"The Little Nvidia" is here! Plans to IPO this Wednesday

In response to the latest delivery forecasts, production situation, as well as unfavorable factors such as the stoppage caused by the red sea conflict and power issues at German car factories, Goldman Sachs has lowered Tesla's target price from $220 to $190, with a "Neutral" rating

Rating Quick Look | NVIDIA's target price has been significantly raised again! Tesla faces price cuts, NIO-SW receives positive outlook

Compared to its competitors, Blackwell demonstrates outstanding performance, but in order to fully unleash Blackwell's potential, switching to liquid cooling has become almost necessary

A comprehensive understanding of NVIDIA's "new GPU": 5 times faster than H100? 1200W power consumption? Liquid cooling? How does it compare to MI300X?

IMOTIONAUTOTECH(01274) rose 9.29%, with a trading turnover 72.1 Million HKD, and a year-to-date rose 111.3%. XTEP INT'L(01368) rose 9.03%, with a trading turnover 236.0 Million HKD, and a year-to-date rose 12.2%. CONANT OPTICAL(02276) rose 8.8%, with a trading turnover 13.6 Million HKD, and a year-to-date rose 15.6%.

Top 10 HK Stock Gainers (3.19)

YANKUANG ENERGY(01171) rose 1.94%, with a trading turnover 550.7 Million HKD, and a year-to-date rose 20.2%. CNOOC(00883) rose 1.49%, with a trading turnover 1.4 Billion HKD, and a year-to-date rose 36.3%. LI AUTO(02015) fell 7.99%, with a trading turnover 2.5 Billion HKD, and a year-to-date fell 13.1%. WUXI APPTEC(02359) fell 7.49%, with a trading turnover 801.2 Million HKD, and a year-to-date fell 50.2%.

Top 5 HK Stock Gainers/Losers (>100B) (3.19)

HIGHTIDE-B(02511) fell 17.06%, with a trading turnover 8.9 Million HKD, and a year-to-date fell 50.8%. ESR(01821) fell 12.32%, with a trading turnover 200.1 Million HKD, and a year-to-date fell 28.1%. HONGJIU FRUIT(06689) fell 10.3%, with a trading turnover 152.2 Million HKD, and a year-to-date fell 48.6%.

Top 10 HK Stock Losers (3.19)

临床阶段生物制药公司 Fusion Pharmaceuticals 盘前飙涨 94%，报 20.65 美元。

美股异动 |Fusion Pharmaceuticals 盘前飙涨 94% 阿斯利康拟溢价近一倍收购

人工智能发展带来投资机遇与挑战。AI 主题 ETF 产品受追捧，规模飙升。

“英伟达浪潮” 中，AI 主题 ETF 过去一年规模已翻倍

There are reports that Li Auto's expected orders for MEGA within 24 hours were around 3,000 units, but the final result fell short of expectations, only achieving half of the target. Currently, Li Auto's core management team is discussing whether to lower MEGA's annual sales target to 50,000-60,000 units

Understanding the market | Why did LI Auto drop 8% today?

Overnight hottest contract: Tesla with a maturity date of March 22 and a strike price of $175, with a trading volume exceeding 110,000 contracts! Google's A call options surged to 820,000 contracts, with a 72% call option ratio; Google's C call options soared to 400,000 contracts, with a 66% call option ratio

US Stock Options | NVIDIA, AMD, SOUN Trading Volume Halved! Alphabet-C Trading Volume Surged

XIAOMI-W will announce its financial report after the Hong Kong stock market closes today

Financial Report Preview | Will Xiaomi Motors contribute to a market value of 900 billion RMB?

Fintech company Robinhood has fully launched commission-free trading services in the UK, but has postponed its plans to increase leverage lending functions. UK customers can access over 6,000 US-listed stocks through the Robinhood app, and enjoy benefits such as non-investment cash interest, zero trading commissions, and no foreign exchange fees. However, the launch of margin investment services has been temporarily put on hold due to discussions with regulatory authorities. The President of Robinhood UK stated that the company will continue to provide local products and services that meet customer demands

Robinhood enters the UK market with commission-free trading, while its margin lending plan is temporarily suspended

比特币延续跌势，导致全球最大的比特币交易所交易基金流出创下记录。规模为 250 亿美元的灰度比特币信托周一流出 6.43 亿美元，是自 1 月 11 日转换为 ETF 以来的最大流出量。此外，对新上市的现货比特币 ETF 的需求也在减少，资金流向富达和贝莱德等巨头产品也减少。货币政策的不确定性和资产泡沫风险也令市场人士担忧。比特币价格下跌约 3%，至 65380 美元。

比特币延续跌势 灰度基金单日 “失血” 逾 6 亿美元

荷兰合作银行放弃将土耳其子公司出售给加密货币公司的交易。

苹果和谷歌正在谈判合作，以解决其在生成式 AI 领域的滞后问题。消息一经公布，谷歌母公司 Alphabet 股价上涨，证实了苹果追赶 AI 浪潮的决心。尽管合作细节尚未确定，但苹果还与 OpenAI 进行了讨论。两大科技巨头之间的合作试探已不是第一次，他们一直是 “相爱相杀” 的关系。在过去的二十多年中，他们从密友到对手，一直在商业竞争中角逐。究竟在 AI 时代，谁更需要谁，目前还没有定论。

AI 时代，苹果和谷歌究竟谁更需要谁？

比特币和其他加密货币出现下跌，灰度比特币信托经历单日最大规模资金外流，流出 6.43 亿美元。此前，九只新现货比特币 ETF 上市，吸引了强劲需求，但现在资金流入富达投资和贝莱德等巨头产品的资金也在减少。这一情况可能对比特币价格产生负面影响。

灰度 ETF 出现单日最大规模资金外流，推动比特币下跌

加密货币市场回落，比特币难以守在 65,000 美元大关上方，之前美国一只大型比特币交易所交易基金遭遇资金流出，而且市场削减了对美联储降息的押注。该最大数字货币报 65,550 美元左右，下跌约 3%。其他主要加密货币也大多走低。

比特币下跌 资金流出 ETF、美联储政策前景打击加密货币

马斯克：每两周发布对全自动驾驶的 3 项重大改进。

最强 AI 芯片 Blackwell 问世，推理能力提升 30 倍！黄仁勋介绍道，训练一个 1.8 万亿参数 GPT 模型，如果用 Hopper 来做，可能需要 8000 个 GPU，耗电 15 兆瓦，如果用 Blackwell 来做，只需要 2000 个 GPU，且耗电仅为四兆瓦。

黄仁勋 GTC 演讲全文来了！

Concept stocks related to Bitcoin collectively fell. As of the time of publication, BOYAA fell by 6.31% to HKD 1.93; MEITU fell by 3.6% to HKD 3.48; OSL Group fell by 2.88% to HKD 7.77; GRANDSHORES fell by 1.18% to HKD 0.084. On the news front, the price of Bitcoin has been steadily rising over the past few months, hitting a new high of $73,881.3 on March 14th. In the following days, the price of Bitcoin continued to decline, with the intraday price falling below $65,000 today, currently at $64,956, down nearly 4% intraday. It is reported that J.P. Morgan once released a report in February pointing out that the highly anticipated Bitcoin halving event will occur in April, which may have a serious negative impact on the profitability of Bitcoin miners. The report warned that the price of Bitcoin could plummet to $42,000 per coin, with a potential downside of over 36% from the current price. In addition, the Bank of Japan raised interest rates for the first time since 2007, signaling the end of the era of negative interest rates

HK Stock Market News | Bitcoin concept stocks collectively decline as Bitcoin price continues to fall, breaking below $65,000 during today's trading session

多位律师表示，此次罚款不会影响债权人的债务清偿，在清偿顺序中，补偿性债权优先于惩罚性债权。如若恒大地产及许家印没钱了，则须通过查封、扣押个人财产等方式追缴。

恒大被罚 41.75 亿，到底怎么缴？

Yotta has ordered over 4,000 NVIDIA-manufactured H100 chips and expects to receive approximately 20,000 of these chips in June, marking the largest bet on AI in India to date

NVIDIA supports Indian startup Yotta, making the biggest bet on AI in India

比特币跌超过 3%，跌破 65000 美元/枚的水平。

美国国债投资者正争相退出全球最大规模的长期限国债 ETF(美股代码：TLT)，导致该 ETF 连续八日下跌。在美联储和日本央行利率决定之前，降息预期降温施压美债价格，并削弱市场对安全资产的需求。该 ETF 已连续五周出现资金外流，约 20 亿美元流出。与此同时，风险资产表现乐观，股市和加密货币的 ETF 吸引资金。交易员们关注美联储是否会改变对今年降息预期，以及日本央行是否会放弃负利率政策。

降息预期接连遭重挫 长期限美债 ETF 连跌八日！高达 20 亿美元流出

As the electric vehicle craze subsides, traditional car stocks are once again in the limelight, with their undervaluation and stable cash flow beginning to attract investors. Analysts believe that against the backdrop of weakening demand for electric vehicles, General Motors, Ford Motor, and Stellantis may emerge as winners

As the electric vehicle craze fades, the stock prices of traditional American car manufacturers are on the rise

许家印被限制高消费，涉及借款合同纠纷案件。中国恒大目前存在多条被执行人信息，被执行总金额超过百亿元。恒大地产集团和恒大集团也存在大量被执行人信息。

许家印被限制高消费

高盛下调特斯拉目标价至 190 美元，原因是预测销量下降及生产问题。根据第三方市场数据，特斯拉今年首两个月交付量按年增幅高单位数，但按季比较则预期下降低双位数百分比。预计首季销量将低于早前估计的 47.5 万辆，目前调整为 43.5 万辆。高盛预测全年汽车交付量将按年增长 9.5% 至 198 万辆，较此前预测下调。高盛还将特斯拉的 2025 和 2026 年交付量预测下调，并调低了 2024 至 2026 年每股盈利预测。

高盛：下调特斯拉目标价至 190 美元，反映生产及市场遇逆风

奥特曼认为，算力将成为未来最宝贵的财富之一，会成为未来的 “货币”，人工智能的发展将是一场巨大的权力斗争。公司、组织、国家都可能为了争夺这份未来的 “货币” 而展开竞争。OpenAI 正在寻找新的董事会成员，希望引入具有不同专业背景的人才。GPT-5 将是一款新一代大语言模型，通用人工智能（AGI）的远景规划也备受关注。

奥特曼最新万字访谈：GPT-5 能力提升超乎想象，算力将成为未来最重要的货币

Warren Buffett's Berkshire Hathaway, known as the "Stock God," has accelerated its pace of repurchasing its own stock, indicating Buffett's belief that the company's stock is undervalued. Before March 6th this year, Berkshire Hathaway repurchased shares equivalent to 3,808 Class A shares, amounting to approximately $2.2 billion to $2.4 billion. Last year, Berkshire Hathaway repurchased shares worth as much as $9.2 billion. Buffett stated that stock buybacks help in managing the company's cash and equivalents. Berkshire Hathaway currently holds $167.6 billion in cash and equivalents and aims to maintain a cash cushion of $30 billion. Berkshire Hathaway's stock price has risen by about 14% so far this year

Berkshire Hathaway accelerates its buyback pace. Will the followers of the "Stock God" continue to "recharge" their faith?

港股医药外包概念持续下挫，药明康德跌近 8%，药明生物跌近 6%，金斯瑞生物科技跌 5.5%，昭衍新药、康龙成化均跌 3%。

港股汽车股开盘直线下挫，理想汽车、蔚来汽车均跌超 7%，小鹏汽车跌近 6%，恒大汽车跌超 4.5%，零跑汽车跌近 4%，比亚迪股份、长城汽车均跌 2%。

比特币向下触及 66000 美元/枚，日内跌 2.02%。美元指数 DXY 升至 103.66，为自 3 月 6 日以来最高水平。英镑兑美元 GBP/USD 下跌至约两周低点 1.2713。

比特币向下触及 66000 美元/枚

全球基金重新押注中国股市，表明投资者对全球第二大股市信心复苏。挪威的 Skagen AS 及其美国同行 Boston Partners 近几个月都增持了在中国内地和香港上市的股票，理由是估值低廉、风险被大幅计入股价，以及盈利改善。此举也让人希望中国股市最近的反弹有持续支撑作用。全球投资者可能越来越相信中国股市，以及中国重振经济增长。

长期空头转为看涨 全球基金重新押注中国股市

Huang Renxun said, "Building a basic model of a general humanoid robot is one of the most exciting problems we can solve in the field of AI today."

Codename GROOT! NVIDIA is going to create "Universal Humanoid Robot Basic Model"

摩根士丹利财富管理首席投资官警告称，打压美元的结构性力量可能会对美股造成波及。她表示，日本收益率曲线管理告一段落以及比特币和大宗商品价格上涨，显示美元的涨势 “可能已达极限”。她建议投资者要为美元态势可能转变做好准备，并关注美元走强与市盈率的相关性。

摩根士丹利：打压美元的结构性力量可能反过来波及美股

顺风车乘客完全感觉不到 AI 在开！此次 FSD Beta V12.3 突然开放给所有 FSD 用户，大概能说明特斯拉内部认为系统已经比较成熟，可以交付给车主用了。

特斯拉纯视觉 FSD 来了！这是一种什么体验？

NVIDIA announced the launch of the most powerful AI chip Blackwell, with 208 billion transistors, improving costs and energy consumption by 25 times compared to the previous generation, and also released the 6G research cloud platform. Qualcomm introduced the third-generation platform Snapdragon 8s mobile platform, supporting on-device generative AI functions. Musk stated that the next generation Tesla Roadster will be equipped with rocket technology, surpassing the concept of cars. Apple is negotiating to implant Google's Gemini AI engine into the iPhone. The Bank of Japan will end Yield Curve Control (YCC) and ETF purchases. Falsely inflated revenue by 564 billion in 2 years! Evergrande Real Estate was fined 4.175 billion, with Xu Jiayin fined 47 million

Breakfast | NVIDIA launches the most powerful AI chip GB200, institutional investors sell off shares of seven tech giants

NVIDIA stated that Blackwell has improved its cost and energy consumption by 25 times compared to the previous generation, making it the most powerful chip in the world. It consists of 208 billion transistors and is manufactured using TSMC's 4nm process, supporting AI training with up to 10 trillion parameters and real-time Large Language Models (LLM) inference. The inference performance of GB200 NVL72 is up to 30 times higher than H100. Amazon, Microsoft, Google, and Oracle are among the first cloud service providers to support Blackwell. NVIDIA has launched the AI project Project GR00T to empower humanoid robots. TSMC and Synopsys will adopt NVIDIA's computational lithography technology. NVIDIA has introduced the new software NIM to make it easier for users to utilize existing NVIDIA GPUs for AI inference

NVIDIA AI Summit GTC unveiled, the most powerful AI chip Blackwell is here!

摩根士丹利财富管理首席投资官 Lisa Shalett 警告称，美元机制转变可能对美国股市造成风险。她指出，与亚洲的关系恶化、日本收益率曲线管理的结束以及比特币和大宗商品价格上涨等因素表明，美元可能已达到极限。她鼓励投资者将目光投向海外，寻求未来的股票回报以对冲可能的回调。此外，她还提到，市盈率扩大是美国股市上涨的主要原因之一。