苹果可能加倍投入中国市场，绝大部分 iPhone 生产仍将留在中国。韦德布什证券公司表示，苹果此次中国之行表明中国对苹果来说非常重要，同时苹果也需要中国。尽管苹果将部分 iPhone 生产分散到其他国家，但绝大多数仍将留在中国。该券商维持苹果的 “跑赢大盘” 评级和 250 美元的目标价不变。

韦德布什：苹果或加倍投入中国市场，绝大部分 iPhone 生产仍将留在中国

腾讯控股涨超 4%，股价站上 300 港元，创近 3 个月新高，成交额近 70 亿港元。

重新站上 7 万美元关口的比特币，在美国盘内交易中波动也越来越大，波动性 “在美国开盘时间更为集中”！加密市场的变化比特币 ETF 在美国交易日收盘前计算其资产净值时现货交易量的飙升。

理解市场 | 比特币美盘波动为何如此剧烈？

港股造车新势力走高，理想汽车涨超 3%，蔚来汽车涨 2.6%，小鹏汽车涨超 2%。

博通股票受华尔街分析师青睐，被认为是值得买入的人工智能（AI）概念股。在投资者会议上，博通宣布了多款 AI 基础设施创新新品，并强调了其开放、可扩展、节能的理念。华尔街分析师认为，博通将继续受益于 AI 热潮前景，并调升了对博通股票的评级。博通产品在 AI 网络组件方面处于领先地位，能够连接高性能芯片并传输数据。博通展示了其构建支撑 AI 工作负载所需的 XPU 基础网络。

“世界级 AI 玩家”！继英伟达后，博通股价被华尔街分析师青睐

Bank of America pointed out that the computing power required for AI model training has increased by 275 times every 2 years. The next generation of computers will include high-performance computing, edge computing, spatial computing, quantum computing, and biological computing

Bank of America AI Deep Dive Report: Where are the computing power opportunities in the AI era?

金十数据 3 月 26 日讯，继时隔六年重返 Facebook 之后，特斯拉又被发现在扎克伯格旗下另一社交平台 Instagram 上做起了广告。电动汽车分析师索耶·梅里特发帖称，特斯拉已正式开始在 Instagram 上投放付费广告，这标志着该公司首次涉足该平台的广告业务。据分析，特斯拉之所以决定放下身段，在 Instagram 和 Facebook 上做广告，可能是因为竞争加剧，电动汽车普及速度放缓，该公司面临着提高电动汽车吸引力的压力。

继 Facebook 之后，特斯拉开始在 Instagram 上投放广告

小米集团涨超 3%，成交额超 10 亿港元。

Financial benefits are prioritized over engineering and manufacturing, leading to talents with the ability to build and design aircraft being squeezed out of the power center

The CEO who was fired is just a "scapegoat"? The root of Boeing's problems lies in the "collapse of engineering culture"

3 月 26 日，香港财库局局长许正宇对媒体表示，香港可以凭借其深厚的专业服务人才库、税赋优惠以及通往中国内地的通道，满足富裕家庭资产多元化的需求。有信心实现吸引 200 个家族办公室的目标。香港财政司司长陈茂波去年出席家族办公室专业服务网络启动仪时表示，不少家族办公室将会落户香港。目标在 2025 年年底前吸引最少 200 间家族办公室在港设立或扩展业务。许正宇指，香港将主办裕泽香江论坛，将配合合家族办公室行业的需求。同时，港府正在考虑提供税收安排以促进私人投资，香港将确保加密货币监管制度可持续。尽管香港资本市场受到高利率的影响，但保险和财富行业仍呈现强劲增长。

许正宇：香港有信心实现吸引 200 个家族办公室的目标

Warren Buffett, as a famous American investor, holds a huge amount of cash and has not entered the US stock market. He and his investment team have been net sellers of US stocks for the past five quarters. Berkshire Hathaway, led by Buffett, has a massive cash reserve, reaching a historical high of $167.6 billion. Although he has always liked to invest in companies with competitive advantages and strong management teams, in the past 15 months, they have sold more stocks than they bought, totaling nearly $39 billion. Buffett's strategy is closely watched, and investors can learn about his buying and selling activities through the quarterly holdings reports submitted to the US Securities and Exchange Commission by Berkshire Hathaway

Feeling that US stocks are too expensive? Holding a massive cash pile of $168 billion, "Stock God" Warren Buffett is still hesitant to enter the market

据证券时报，事实上，深圳在取消 “70/90 政策” 上已做出尝试，2023 年出让地块中的深圳湾超级总部地块并无 “70/90 政策” 的限制。根据深圳乐有家的数据显示，2023 年成交的二手房中，3 房单位依然是主力户型，但占比相对 2022 年略有减少，4 房及以上的大户型占比则有显著提升。

全国其他重点城市也在逐步放开 “70/90 政策”

小鹏汽车向记者解释了阿里巴巴减持小鹏汽车 ADR 的行为。小鹏汽车表示，此举是阿里基于自身资产管理目标和核心业务调整，并不影响双方的合作。小鹏和阿里将继续在研发、营销和 AI 科技创新方面合作。小鹏汽车企业现金储备增加，现金流进入正循环，核心经营数据向好。阿里仍是小鹏汽车最重要的战略合作伙伴。

小鹏汽车：阿里减持系出于核心业务战略调整 双方仍持续合作

东亚地区的低生育率问题是由经济发展、就业竞争、劳动强度和育儿成本等因素共同造成的。与欧洲地区相比，东亚的总和生育率持续下滑，目前处于世界最低水平。经济发展和女性劳动参与率的提高是导致低生育率的主要原因。此外，较晚的初婚年龄和婚姻关系的重要性也对生育率造成影响。

人口的转变：东亚 “低生育率” 的背后？

Morgan Stanley raised TSMC's target price to NTD 860, 10% higher than the current stock price, expecting TSMC to outperform the entire semiconductor market in the long term

Apple is starting to focus on AI chips, Morgan Stanley believes TSMC will benefit the most

Short-term focus on cosmetics, long-term reliance on medical beauty?

Giant Biotech's net profit increased by 44.9% in 23 years, but there are still two problems in the medium to long term | Jianzhi Research

中国发展高层论坛 2024 年年会昨天（3 月 25 日）落下帷幕。国家数据局局长刘烈宏昨天（25 日）表示，生成式人工智能的快速发展对算力提出了更高、更迫切的需求，全国一体化算力体系建设的必要性愈益突出。目前，国家正在加快构建联网调度、普惠易用、绿色安全的全国一体化算力体系。刘烈宏表示，我国数据生产量和存储量快速增长，为智慧城市建设运行、工业互联网利用等数智化应用提供了丰富的 “原料”。以人工智能为例，中国 10 亿参数规模以上的大模型数量已超 100 个，行业大模型深度赋能电子信息、医疗、交通等领域，形成上百种应用模式，赋能千行百业。

国家数据局：中国 10 亿参数规模以上大模型数量已超 100 个

飞书 CEO 谢欣于今天早上发布全员信，宣布适当精简规模，进行新一轮组织调整。“我们也发现了组织自身存在的问题：团队规模比较大，但组织不够精干，大家也感受到效率在变低，力量不够聚焦，这不利于业务的长期发展。” 谢欣于全员信中表示。

飞书发布全员信：适当精简规模，“感受到效率在变低”

OpenAI 在官网介绍了该公司与艺术家和电影制片人的早期合作情况，展示了 Sora 如何帮助人们把想法转变为现实。

OpenAI 官方公布 Sora 第一波试用反馈：无头气球人，会飞的猪……艺术家放飞自我

特斯拉更新了官网，向美国和加拿大新购车用户提供为期一个月的免费 FSD 体验。在回复 Whole Mars Catalog 的一个贴子时，马斯克澄清：“本周开始，全美所有适用车辆将能免费试用 FSD 一个月”。这将包含几乎所有已交付车辆（需配备 HW3 硬件）。此外，马斯克给特斯拉全员发送了一封题为 “FSD V12.3.1” 的电子邮件称，今后，在北美地区交车前，必须安装并激活 FSD V12.3.1，并让客户进行短暂试驾。

马斯克：本周开始，全美所有适用车辆将免费试用 FSD 一个月

Concept stocks related to Bitcoin rose across the board in the morning session. As of the time of publication, Blueport Interactive rose by 7.69% to HKD 0.84; OSL Group rose by 6.53% to HKD 7.99; Meitu Inc. rose by 4.75% to HKD 3.53; and New Fire Technology Holdings rose by 2.36% to HKD 3.47. In terms of news, Bitcoin reversed its decline from last week. On Monday, spot Bitcoin ETFs surged by about 11%. The CME Bitcoin futures BTC main contract was priced at $71,075, up 6.84% from the New York closing price last Friday; the CME Ethereum futures DCR main contract was priced at $3,637.5, up 6.17% from last Friday. It is reported that on January 11th, the U.S. Securities and Exchange Commission (SEC) officially approved the listing of 11 Bitcoin spot ETFs for trading. According to coinglass data, as of March 20th, the total assets under management of Bitcoin ETFs reached $58.721 billion. According to Goldman Sachs data, in the futures market, the number of open Bitcoin contracts hit a new high, exceeding 33,000 contracts with a nominal value of nearly $12 billion

Hong Kong Stock Market News | OSL Group surged over 8%, leading the Bitcoin concept. Bitcoin price returned to $70,000, with open interest hitting a new high

零跑汽车港股涨幅扩大至 9%，2023 年收入 167.47 亿元，同比增加 35.22%。

港股美图盘中一度涨超 6%，消息面上，比特币重回 7 万美元关口上方。

On Monday, Trump's DWAC stock holdings were valued at $3.9 billion, but this unexpected windfall cannot be cashed out immediately. Trump's net worth has reached $6.4 billion, making him the first time to enter the Bloomberg Billionaires Index's list of the world's 500 richest people

The focus of the second half of the year? The purest "Trump concept stock" surged 35% on Monday

即使未来的腾讯将转型为价值股，但这毕竟需要时间，而过程中如果公司基本面预期出现较为正面的边际变化，大概率将赚到些许估值提升的钱。所以，当前估值的腾讯，等于多了一个免费的成长股期权。

腾讯、阿里们都在提升股东回报！为什么？

Leapmotor has achieved positive operating cash flow, with nearly 20 billion cash on its balance sheet

In 2023, leading the way to achieve self-blood generation | Jianzhi Research

近一个月来，美股能源、原材料、工业、公用事业的表现已经超越科技和通信服务。七巨头当前贡献了标普 500 指数 40% 的涨幅。相比之下，去年这一比例超过 60%。意味着什么？

科技股不再一枝独秀！美股大盘要涨了？

Financial Report 2024 | Price war lowers unit price, 9.9 embarks on franchise participation in expansion race

Jia Yangqing is one of the most prominent global AI scientists. The deep learning framework he created, Caffe, has been adopted by companies such as Microsoft, Yahoo, and NVIDIA. After leaving Alibaba in 2023, he founded Lepton.AI

After a year of entrepreneurship in Silicon Valley, Jia Yangqing shared his observations on the AI industry: costs, market increment, and business models

吴恩达指出，AI 智能体工作流将在今年推动人工智能取得巨大进步，可能是下一个突破方向。通过智能体工作流，可以要求算法多次迭代文档，产生更好的结果。吴恩达团队分析了 AI 编写代码的发展，关注算法在广泛使用的基准上的表现。

吴恩达：AI 智能体工作流今年将有巨大进展，可能是下一个突破方向

EU antitrust regulators threaten tech giants, Nasdaq falls from record high, Nvidia hits new high. Trump's social media company merges and goes public, closing up 35%. Boeing executives undergo major changes: CEO, chairman, etc. will step down. Google, Intel, and Qualcomm plan to develop AI software through a foundation to compete with Nvidia. ByteDance accelerates AI development, poaching a large number of employees from Baidu and Alibaba. Last week, global cryptocurrency funds saw a record outflow of $942 million

Breakfast | EU antitrust regulation drags down tech giants collectively, Apple reportedly to launch AI store

Gold prices rose by 0.7% on Monday, driven by expectations of a rate cut by the Federal Reserve. The closing price of the New York Mercantile Exchange's March gold futures contract was $2,174.80 per ounce, the fifth highest closing price in history. Federal Reserve officials have expressed caution about rate cuts, with the Chicago Fed President expecting three rate cuts this year while the Atlanta Fed President expects only one. Gold, as a hedge against inflation, has seen price increases this year, with lingering concerns in the market about inflation. Investors are worried about the level of U.S. government debt. Major central banks are lowering interest rates, fueling expectations of rate cuts. Gold remains attractive, driven by various factors

Inflation and rate cut expectations drive gold prices higher, according to TD Securities: Q2 may easily break through $2,300

Meta is directly sending job invitations without interviews to compete for AI talents, offering salary increases to employees who are considering leaving, and CEO Mark Zuckerberg personally wrote a letter to invite researchers

Zuckerberg personally takes action! Meta initiates a fierce battle for AI talent

On Monday, the spot Bitcoin ETFs surged by about 11%. In the past week, the largest short-selling volume of non-commercial Bitcoin CME futures since October last year has appeared. The mysterious buyer known as "Mr. Whale" and "Mr. 100" made another move, with weekend data showing that this buyer bought all the mined Bitcoins in the past two days. Financial blog Zerohedge exclaimed that a short squeeze is coming!

After experiencing the largest weekly decline in six months, Bitcoin surged back above $71,000, is a short squeeze coming?

Bitcoin price breaks through $71,000, with an intraday increase of 7.34%. Bitcoin investors have overlooked the impact of last week's outflow of funds from Bitcoin spot ETFs. In addition, the prices of Ethereum, Solana, and Dogecoin have also risen. The recent demand for Bitcoin ETFs is the main driving force behind the rise in Bitcoin prices. However, last week's fund outflows led traders to take more hedging measures and futures market liquidation. BlackRock's entry into the asset tokenization field, as well as the Swiss National Bank lowering its benchmark interest rate and other macroeconomic indicators, also support a positive start for the cryptocurrency market

Bitcoin is soaring again! The market ignores ETF fund outflows as Bitcoin surpasses $71,000 per coin

今日百乐皇宫上市，无新股申购。

百乐皇宫今日上市

Micron Tech(MU) rose 6.28%, with a trading turnover 6.6 Billion USD, and a year-to-date rose 37.3%. ARM(ARM) rose 3.1%, with a trading turnover 1.8 Billion USD, and a year-to-date rose 84.1%. Sony(SONY) fell 3%, with a trading turnover 62.2 Million USD, and a year-to-date fell 9.2%. Danaher(DHR) fell 2.75%, with a trading turnover 837.8 Million USD, and a year-to-date rose 7.1%.

Top 5 US Stock Gainers/Losers (>100B) (3.25)

Quantasing(QSG) rose 10.11%, with a trading turnover 1.6 Million USD, and a year-to-date rose 165.4%. Dada Nexus(DADA) rose 9.52%, with a trading turnover 6.7 Million USD, and a year-to-date fell 23.8%. Yiren Digital(YRD) fell 12.82%, with a trading turnover 2.2 Million USD, and a year-to-date rose 41.7%. Jin Medical(ZJYL) fell 7.17%, with a trading turnover 1.1 Million USD, and a year-to-date fell 77%.

Top 5 CDRs Gainers/Losers (>100M) (3.25)

Vimeo(VMEO) fell 27.26%, with a trading turnover 101.2 Million USD, and a year-to-date rose 0.8%. Canopy Growth(CGC) fell 19.38%, with a trading turnover 303.4 Million USD, and a year-to-date rose 21.3%. Compass Minerals(CMP) fell 17.09%, with a trading turnover 56.3 Million USD, and a year-to-date fell 42.2%.

Top 10 US Stock Losers (3.25)

Digital World Acquisition(DWAC) rose 35.22%, with a trading turnover 997.9 Million USD, and a year-to-date rose 185.4%. Reddit(RDDT) rose 30%, with a trading turnover 1.3 Billion USD, and a year-to-date rose 75.9%. Cardlytics(CDLX) rose 27.36%, with a trading turnover 57.9 Million USD, and a year-to-date rose 119.9%.

Top 10 US Stock Gainers (3.25)

芝加哥联储主席明确表态仍支持年内降息三次，是主流观点。从美联储多位高官近期的发言看，当前缩减 QT 比首次降息为何时，更具有确定性。

美联储多高官谈降息：理事库克强调谨慎，亚特兰大联储主席重申今年预计仅降一次

Tech giants such as Qualcomm, Google, and Intel, along with over a hundred startups, collectively besieged NVIDIA, attempting to focus on the AI software field to weaken NVIDIA's leading position. They are also guiding developers on how to migrate from NVIDIA's CUDA software platform to other platforms

Tech giants join forces to break NVIDIA's software monopoly, with Qualcomm, Google, and Intel all in the mix

比特币站上 71000 美元/枚，日内涨 7.34%。

According to a market survey conducted by Deutsche Bank on 250 global professionals in March, respondents generally believe that the main concern in the current US market is focused on persistent inflation issues rather than the risk of recession. Long-term inflation expectations are still declining, and the yield on US 10-year Treasury bonds is expected to drop another 100 basis points from current levels. The biggest bubble risks are in Bitcoin and the "FAANG" stocks, with Microsoft being seen as the best tech stock for the next 5 years. Over half of the respondents expect the S&P 500 index to fall by 10% in the future

Deutsche Bank March Market Survey: Professionals are most optimistic about this technology company in the next 5 years

资产管理巨头贝莱德称，比特币将是一个很好的投资组合多元化工具，尽管它最近与美国股市一起反弹。

电动化、自动化和飞行技术的融合，正在推动交通行业的转型。

美银深度报告：未来空中交通离我们不远了吗？

比特币站上 70000 美元/枚，日内涨 5.83%。

Apple, Google, and Meta fell more than 1% during the trading session. After receiving a $1 billion investment from the Saudi sovereign wealth fund's affiliated company PIC, Lucid briefly surged over 20%; while another electric vehicle company, Fisker, dropped nearly 30%

US stocks opened lower, with AMD falling more than 4% before rebounding, while Nvidia is set to hit a new high again. AI concept stock AMD briefly rose by 10%

Empire Technology Group expects an annual post-tax loss of not less than HKD 95 million, a decrease from 2022. The reasons for the decrease include reduced administrative expenses, reduced distribution expenses due to delayed launch of online games, increased income from the sale of subsidiary companies, reduced losses from depreciation of mining machines and cryptocurrencies, and increased losses from impairment of intangible assets

Empire Technology Group expects an annual post-tax loss of no less than HKD 95 million

比特币向上触及 69000 美元/枚，为 3 月 16 日以来首次，日内涨 4.32%。