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。

泡沫破灭后，日本银行如何生存？

GPT-4.5 Turbo 的产品页面被搜索引擎索引，预计本周四正式发布，是 OpenAI 迄今为止最快、最准确、最具可扩展性的模型。GPT-4.5 Turbo 具有更大的上下文窗口，窗口大小为 256,000 个 Token，是 GPT-4 Turbo 128K 的两倍。谷歌也正在测试类似的大模型 Gemini 1.5。

GPT-4.5 疑似面世，OpenAI 官网网页被索引，最快明天发布？

交银国际认为，从净资金流来说，港股持续反弹的概率较大！虽然盈利预期尚未修复，但在内外环境改善、叠加低估值、高沽空回落等一系列因素的推动下，港股的反弹预计可以持续。

港股反弹或将持续数月！恒生科技翻身了？

Will NVIDIA continue to rise or will it come to a halt?

Who can put an end to NVIDIA?

Super Micro Computer is highly regarded by institutions for its role in the field of artificial intelligence, and its collaboration with NVIDIA is one of the driving forces behind its rise. The company's performance continues to grow, with an expected earnings per share of $35 by the 2025 fiscal year, and a 25% increase in stock price this year. Super Micro Computer provides high-performance AI server products for building AI server clusters, which is of significant importance in supporting the development of artificial intelligence. Wall Street analysts have given Super Micro Computer a "moderate buy" rating, with an average target price of $956.33.

Deeply tied to NVIDIA, "AI giant stock" Super Micro Computer receives institutional bullish calls again.

In the first month of 2024, Tesla kicked off the competition with a first-place finish, marking a strong start and reclaiming a spot in the top three. BYD's Song (including BEV and PHEV) maintained its second position, but with the intensifying internal competition, such as the rising sales of Song L and the upcoming launch of the Sea Lion 07, it remains uncertain if Song will follow in the footsteps of the previous Qin Plus. The Qin Plus was once BYD's best-selling model, but has now been replaced by the Song.

Global Electric Vehicle Sales Ranking for January: Aito M7 ranks fourth! BYD's dominance is gradually fading.

The growth rate of charging piles has surpassed that of electric vehicles.

Charging pile growth surpasses electric vehicles | Insight Research

Large companies are expected to enter a "benign investment cycle". It is projected that by 2024, the capital expenditures of Microsoft, Amazon, Alphabet-C, and Meta Platforms will reach $180 billion, a 27% increase year-on-year. Bank of America has raised its earnings per share targets for the S&P 500 index in 2024 and 2025. Investments in artificial intelligence and domestic investment in the United States will lead to productivity improvements, benefiting semiconductor and network technologies. Additionally, there will be an increase in demand for electrification, utilities, and commodities. This investment may lead to a benign cycle, following more than a decade of underinvestment.

Bank of America has raised its earnings target for US stocks, bringing a "benign investment cycle" for tech giants with AI.

格兰瑟姆警告称，类似 2009 年的美股大跌将会在未来某个时间点上演，届时美股市盈率和利润率都将创下历史新低。他更看好日本股市，预计日元对美元将升值 20% 甚至 30%。

价投大佬 Grantham：AI 引发了 “泡沫中的泡沫”，美股前景很糟糕

据深圳发布消息，3 月 12 日，苹果公司宣布将扩大在中国的应用研究实验室，以支持产品的制造。公司将提升上海研究中心的能力，为所有产品线的可靠性、质量和材料分析提供支持。值得注意的是，苹果此次进一步宣布，今年晚些时候，苹果还将在深圳开设一个新的应用研究实验室，为整个区域的员工提供更有力的支持，并深化与本地供应商的合作。这一全新的实验室将增强对 iPhone、iPad、Apple Vision Pro 等产品的测试和研究能力。

苹果官宣：拟在深圳新设应用研究实验室

MEITU surged over 7%, as of the time of publication, it rose by 7.05% to HKD 3.34, with a turnover of HKD 177 million. On the news front, Bitcoin trading has been heating up recently. On March 12, Bitcoin hit a high of $72,890, about RMB 523,000, rising over 5% intraday to hit a new high. At the same time, related concept stocks such as MEITU, a Hong Kong-listed company, have also seen significant gains recently. In the options market, there is a strong interest in betting on Bitcoin breaking through $80,000 or even $100,000. In addition, MEITU recently released an earnings forecast, expecting a net profit attributable to shareholders of approximately RMB 330-370 million for the year ending December 31, 2023, based on non-international financial reporting standards, representing a growth of about 200% to 230% compared to the year ending December 31, 2022. TF Securities pointed out that against the backdrop of gradually improving generative AI capabilities, MEITU is expected to validate its product strength, and the release of the profit forecast is expected to continue to convey positive information to the market.

Hong Kong Stock Market Update: Meitu surged over 7%, while Bitcoin broke through $72,000 to hit a new high.

JPMorgan Chase warns of a possible pullback in the US stock market, citing excessively high market concentration that could trigger a collapse. Strategists at JPMorgan Chase suggest that with increasing stock positions, investors should anticipate a price decline. They point out that the influence of the magnificent seven giants has led to an extremely high market concentration, further widening the gap between the top 10 stocks and the next 40 stocks. They caution investors that when excitement around artificial intelligence reaches its peak, the market may reverse course.

Be cautious of the pullback in US stocks! JPMorgan Chase warns: Market concentration may lead to a collapse.

为何房价跌去两成，仍是港人接不起的盘？今年香港房价或还将继续下跌 5%-10%？当前个体楼盘反映过热，可能只是短时间政策刺激下的 “反弹”！