Jefferies is deeply impressed by XPeng's ability to stabilize car profit margins in the price war. With improved cash flow and a strong product cycle starting in the second half of the year, XPeng appears to be on track to turn losses around. The bank predicts that XPeng will incur losses of RMB 4.5 and 3.6 per share in the next two years to reflect the latest product schedule

Rating Quick Look | Xiaomi's target price raised after SU7 release! XPeng Motors faces price cuts

Tesla is undergoing a manufacturing process reform called "unboxing process," which will cut production costs in half. Tesla plans to launch a $25,000 electric car to withstand price competition from the Chinese market. The company stated that this change could reduce manufacturing footprint by over 40% and build future factories at a faster pace and lower cost. Tesla's stock price has recently fallen, but CEO Musk said that progress in producing cheaper cars is going very smoothly

Subverting a century-old traditional craftsmanship! Musk's ambition may be the key to Tesla's return to the top

Overnight hottest contracts: Tesla puts with a same-day expiry and a strike price of $177.5, with over 120,000 contracts traded. Palantir options trading doubled to 530,000 contracts, with call options accounting for 65%. AMC movie theater chain options trading surged to 290,000 contracts, with call options accounting for 58%. The previously hot Carnival Cruise Line options trading halved to 230,000 contracts, with call options accounting for 77%

US Stock Options | Tesla, Nvidia put options are hot! Amazon, Mara trading volume rises

宁德时代董事长曾毓群回应美方指控，表示电池不可能是间谍，比喻电池就像建房子的砖。曾毓群还质疑日本厂商宣扬的固态电池技术是否真的能够商业化，认为该技术还存在不完善、耐用性不足和安全问题。他表示自己对固态电池的研发进展非常了解，但推向市场仍面临许多困难。

宁德时代董事长曾毓群回应美方指控：电池就像建房子的砖，砖怎么可能是间谍？

特斯拉股价持续下跌，受亚洲电动车竞争影响，需求放缓。华尔街分析师纷纷调降特斯拉交付量预期，股价目标位也下调。特斯拉将于下周公布第一季度交付数据，随后公布盈利情况。

关键数据公布在即，特斯拉又遭华尔街分析师集体唱空

日经 225 指数一季度累涨 20.63%，创有纪录以来最大季度涨幅。支撑日本股市上涨的因素主要包括公司治理改善、日元走软带来的外国买盘以及对日本央行将坚持宽松货币政策的预期。日本股市上涨，日元汇率贬值至 34 年来的最低水平。

日经 225 指数创有纪录以来最大季度涨幅，日经 ETF 涨超 20%

LINGBAO GOLD(03330) rose 23.65%, with a trading turnover 83.1 Million HKD, and a year-to-date rose 86.2%. UBTECH ROBOTICS(09880) rose 17.57%, with a trading turnover 183.8 Million HKD, and a year-to-date rose 149%. PALASINO(02536) rose 15.78%, with a trading turnover 220.6 Million HKD, and a year-to-date rose 100.4%.

Top 10 HK Stock Gainers (3.28)

CMS(00867) fell 34.45%, with a trading turnover 438.0 Million HKD, and a year-to-date fell 40.6%. BEIJING ENT(00392) fell 22.39%, with a trading turnover 606.1 Million HKD, and a year-to-date fell 16.4%. ASCENTAGE-B(06855) fell 19.09%, with a trading turnover 209.3 Million HKD, and a year-to-date fell 34.9%.

Top 10 HK Stock Losers (3.28)

HAIER SMARTHOME(06690) rose 8.22%, with a trading turnover 582.1 Million HKD, and a year-to-date rose 10.4%. CTG DUTY-FREE(01880) rose 7.29%, with a trading turnover 191.0 Million HKD, and a year-to-date rose 1.8%. CEB BANK(06818) fell 12.79%, with a trading turnover 298.2 Million HKD, and a year-to-date fell 3%. HK &amp; CHINA GAS(00003) fell 3.42%, with a trading turnover 191.0 Million HKD, and a year-to-date fell 0.8%.

Top 5 HK Stock Gainers/Losers (>100B) (3.28)

Renowned short-selling institution Kerrisdale Capital announced a short position on MicroStrategy, citing the latter's stock valuation as too high. With more diverse and convenient ways to invest in Bitcoin, the value of MSTR stock's "unique access to the cryptocurrency market" has been greatly discounted

A 14% plunge! A bearish report sent "Bitcoin shadow stock" MSTR crashing down

Hume AI 最近推出了共情 AI 语音接口 EVI，可以将情感智能人工智能语音集成到健康和保健、AR/VR、客户服务呼叫中心、医疗保健等领域的应用程序中。Hume AI 利用声调了解用户何时说完话，预测他们的偏好，并随着时间的推移优化满意度。这个创新有望加速 AI 取代客服行业的进程。

对话式 AI 的天花板来了，Hume AI 再拿 5000 万美金融资

比特币跌破 70000 美元/枚，日内跌 1.10%。

5G-A will officially start commercial operation in 2024. China Mobile announced plans to expand to over 300 cities nationwide within the year, establishing the world's largest 5G-A commercial network. The Shenzhen Industrial and Information Technology Bureau also proposed an action plan to deepen the innovation of 5G-A applications. 5G-A will achieve nearly a 10-fold network performance improvement in multiple fields

Suddenly going crazy! A quick look at what 5G-A driven by low-altitude economy is all about

Morgan Stanley analysts predict that semiconductor manufacturer Arm Holdings is expected to achieve higher revenue and profits in the mid-term. Morgan Stanley has raised Arm's 2026 revenue forecast to $4.92 billion and earnings per share forecast to $2.18. Arm will receive $35 per CPU. In addition, Arm has signed a long-term agreement with Apple, extending until 2040. However, these payments have not yet flowed into Arm's profit and loss account. Morgan Stanley is cautious about Arm's collaboration with NVIDIA. Analysts believe that Arm's Neoverse V2 core is used in NVIDIA's Grace CPU, with each CPU receiving $35

The next NVIDIA? Morgan Stanley praises AI chip technology to bring significant revenue growth to ARM

小米 SU7 是一辆备受瞩目的新车，仅在 27 分钟内就获得了 5 万台的订单。虽然有不少人已经分析了其外观和参数，但今天我们将关注智能座舱。这个新车的智能座舱体验是否吸引人们下单购买，这是一个重要的问题。

半小时卖光全年产能，小米 SU7 到底 “香” 在哪？

1688，有点火。就如营销大师特劳特所说，“品牌有且仅有两种存在方式，要么差异化，要么陷入价格战，直至死亡，别无选择。”

“低价为王” 时代，拼多多在北上广遇到了狠人

China Vanke Group's management voluntarily reduces compensation, with the total pre-tax remuneration for 2023 decreasing by 73.6%. Chairman Yu Liang, President Zhu Jiusheng, and Chairman of the Supervisory Board Xie Dong voluntarily receive a monthly pre-tax salary of 10,000 yuan. This move is in response to a 7.6% decrease in operating income and a 46.4% decrease in net profit in 2023. Previously, the management of China Vanke Group has reduced compensation several times

Zeng, with a monthly salary of 1 million RMB, voluntarily reduced his salary at Vanke: 10,000 RMB before tax per month!

TSMC Chairman Liu Deyin published an article on the IEEE website, interpreting the impact of the artificial intelligence revolution on the semiconductor industry. He stated that in the next ten years, artificial intelligence will require a GPU with 1 trillion transistors, which is 10 times the current device quantity. The development of artificial intelligence will bring many innovative applications, such as generative artificial intelligence and ChatGPT, which are expected to become digital assistants for all human endeavors. These advancements are made possible by efficient machine learning algorithms, the availability of large amounts of data, and advances in semiconductor technology

One trillion transistors GPU is coming, TSMC Chairman wrote an article to interpret

巴西的一家交易所运营商在 3 月 28 日的一份文件中表示，该公司已获得该国证券监管机构的批准，可以在 4 月份推出比特币期货。

国联证券预计，2023Q3 我国数据中心用电将进一步增长，2025 年有望达到 1400 万架，2022-2025 年 CAGR 预计为 29.1%。数据中心的用电需求增长将拉动电力设备企业的业绩，推荐中国核电和三峡能源。同时，数据中心对电能质量的要求较高，将进一步提升电力设备需求，推荐金盘科技和科华数据。根据 IEA 的预测，全球数据中心用电量有望大幅提升，相关电力需求将在 2026 年达到 800TWh 至 1050TWh。虽然相关用电需求增长迅速，但对全球用电总量的影响有限。

国联证券：数据中心对电力需求的拉动有多大？

Vanke wishes for a ninth victory: Vanke will definitely pass this level

Vanke wishes for a ninth victory: Financial institutions are Vanke's allies

美国最富有的 1% 人群的财富在年末的美股大涨中创下了 44.6 万亿美元的新纪录。这一群体持有的股票和基金价值从上一季度的 17.65 万亿美元增加至 19.7 万亿美元。股市上涨也将刺激消费者支出，但也存在股市动荡可能引发经济脆弱性的潜在情况。最新报告显示，美国股票持有情况呈现 “头重脚轻” 的状态，前 1% 的人拥有个人持有股票总数的一半。这一现象主要促进了高端消费市场和支出市场的发展。

美股大涨拉动财富增值 美国前 1% 人群财富创 44 万亿美元记录

With the blessing of technology stocks, global stock markets "galloped" in the first quarter. The S&P hit a new closing high 22 times this year, while the VanEck Semiconductor ETF rose by 28.5%, potentially achieving the largest quarterly increase since the first quarter of 2023

AI is causing a frenzy, with US semiconductor ETFs skyrocketing in the first quarter

美国人工智能专家斯图尔特·罗素表示，中美人工智能发展不是零和博弈，应确保每个国家都有足够的资源来发展人工智能。他认为人工智能技术的传播速度可能比其他技术更快，可以提高经济生产效率，改善经济落后地区人们的生活水平。

美国人工智能专家：中美人工智能发展不是零和博弈

We have moved beyond the stage where retail investors do not know what they are doing. They are the second edition of retail investors, just more seasoned

Is the "everything rises" scenario replaying in the US market? Retail investors trading fever is back?

eVTOL, as the core carrier of low-altitude economy, has entered the stage of large-scale commercial use, and is expected to rapidly cultivate a complete low-altitude economic industry chain. China's development of eVTOL has comprehensive advantages and is expected to become a global business card. There are various technical routes for eVTOL, including rotor, power, and energy replenishment routes. As for rotor technology, tilt-rotor may become the mainstream route; for power technology, pure electric eVTOL may become the mainstream route; for energy replenishment methods, the battery swapping model may become a beneficial supplement to the eVTOL energy replenishment system. eVTOL's distributed electric drive system has high barriers to entry, focusing on core components and paying attention to the migration of new energy vehicles and the aviation industry chain

CICC discusses eVTOL: the next global business card for the Chinese industry

小米汽车 APP 显示，5000 辆小米 SU7 创始版已经全部售罄，创始版的定金为每辆 2 万元，且不可退，这意味着小米汽车仅创始版的定金就已收到 1 亿元。

5000 辆小米 SU7 创始版已经全部售罄

Tesla's first-quarter delivery volume is about to be announced, with analysts starting to successively lower delivery expectations. Weak demand in the Chinese market will make the first quarter a "nightmare"

Stuck in China! Wall Street successively lowers Tesla's target price

Former cryptocurrency tycoon and founder of the cryptocurrency exchange FTX, SBF, has been sentenced to 25 years in prison for seven charges including fraud and money laundering, with over $11 billion in assets confiscated. The verdict, which is lower than what the prosecutors requested but higher than what the defense suggested, has sparked controversy. SBF denies the crimes and claims to be a victim of the market downturn, but the court believes he has not shown remorse and the crimes are serious. The verdict sends a significant message, similar to the sentence of the former CEO of Enron. SBF's lawyer has stated they are considering an appeal. The judgment has important implications for the cryptocurrency industry

Former cryptocurrency tycoon SBF sentenced to 25 years, fined over $11 billion in assets forfeited

Xiaomi reduced the price by 30,000 yuan the day before the launch event, and announced the starting price of Xiaomi SU7 at 215,900 yuan during the event. The event attracted widespread attention, with Xiaomi SU7 breaking the 10,000 mark in just 4 minutes after its release, 20,000 in 7 minutes, and 50,000 in 27 minutes. Xiaomi founder Lei Jun stated that the most difficult part of pricing was the breakeven point. Originally considering 239,000 yuan, the final price was set 30,000 yuan cheaper than Tesla. The introduction of Xiaomi SU7 has intensified competition in the new energy vehicle sector. Meanwhile, the current price war in the automobile industry is escalating, with multiple models announcing price reductions, including BYD and Li Auto, to reduce costs

Transcript of Lei Jun's interview: "Reduced the price by 30,000 yuan the day before the launch event"

NVIDIA's market value increased by $1 trillion in the first quarter. Following Reddit, MicroStrategy was also shorted. Xiaomi ADR rose by 12.1%. Microsoft develops tools to prevent AI chatbots from being taught badly. The first foldable screen iPhone will be delayed. Wall Street lowered its first-quarter delivery expectations for Tesla. Country Garden delayed the release of its performance, and its stock was suspended from trading

Breakfast | S&P 500 sees 5 consecutive months of gains for the first time in 10 years, Xiaomi's US-listed ADR soars by 12%

俄罗斯侦查委员会 3 月 28 日说，莫斯科近郊音乐厅恐袭嫌疑人与乌克兰民族主义者有关。俄侦查委员会当天在社交媒体发布消息说，通过审讯被捕嫌疑人、研究从他们身上缴获的技术设备并分析金融交易信息，已获取他们与乌克兰民族主义者有关联的证据。消息说，初步调查结果证明了恐袭嫌疑人行动的计划性，组织者进行了精心准备并提供资金支持。

俄侦查委员会：莫斯科近郊恐袭嫌疑人与乌克兰民族主义者有关

Dogecoin remains active in the cryptocurrency market, with a price increase of nearly 15%, reaching $0.2203, hitting the highest point in nearly 2 and a half years. The increase this year has reached 145%, surpassing the market value of Deutsche Bank, but still smaller compared to Dogecoin's peak market value. The rise of Dogecoin is consistent with the overall upward trend in the cryptocurrency market, influenced by Tesla CEO Elon Musk and the anticipation of the Bitcoin halving event. Dogecoin's position in the cryptocurrency market is stable, and its continuous rise reflects traders' enthusiasm for risk investment and the market's attention and interest in Dogecoin

Dogecoin rises to a near 2.5-year high, surpassing the market value of Deutsche Bank

Bit Digital(BTBT) rose 14.8%, with a trading turnover 47.7 Million USD, and a year-to-date fell 32.2%. SunCar Tech(SDA) rose 10.93%, with a trading turnover 3.0 Million USD, and a year-to-date fell 9%. Vnet(VNET) fell 8.55%, with a trading turnover 2.8 Million USD, and a year-to-date fell 46%. DouYu(DOYU) fell 5.87%, with a trading turnover 2.8 Million USD, and a year-to-date fell 30.6%.

Top 5 CDRs Gainers/Losers (>100M) (3.28)

Mesoblast(MESO) rose 43.55%, with a trading turnover 66.5 Million USD, and a year-to-date rose 127.7%. RH(RH) rose 17.26%, with a trading turnover 1.7 Billion USD, and a year-to-date rose 19.5%. Guardant Health(GH) rose 14.87%, with a trading turnover 110.2 Million USD, and a year-to-date fell 23.7%.

Top 10 US Stock Gainers (3.28)

MillerKnoll(MLKN) fell 18.9%, with a trading turnover 82.3 Million USD, and a year-to-date fell 6.5%. Reddit(RDDT) fell 14.6%, with a trading turnover 653.7 Million USD, and a year-to-date rose 45.1%. AMC ENT(AMC) fell 14.29%, with a trading turnover 165.4 Million USD, and a year-to-date fell 39.2%.

Top 10 US Stock Losers (3.28)

Bristol Myers Squibb(BMY) rose 1.84%, with a trading turnover 776.8 Million USD, and a year-to-date rose 6.9%. Accenture(ACN) rose 1.66%, with a trading turnover 1.2 Billion USD, and a year-to-date fell 0.9%. General Electric(GE) fell 2.55%, with a trading turnover 1.7 Billion USD, and a year-to-date rose 37.5%. Stellantis NV(STLA) fell 2.38%, with a trading turnover 177.5 Million USD, and a year-to-date rose 21.4%.

Top 5 US Stock Gainers/Losers (>100B) (3.28)

According to media reports, the new iPad from Apple is expected to be launched in early May. This time, the Pro and Air series will receive major updates, with the iPad Pro models featuring the new M3 chip, and the iPad Air will come with a larger screen

The new version of the iPad from Apple is finally coming! It will be released in early May, featuring an OLED screen, and a first appearance of 12.9 inches

小米 SU7 于 28 日正式宣布上市，“蔚小理” 等友商一把手被邀请到了发布会现场为小米造势。小米宣布 SU7 标准版起售价为 21.59 万元，友商股价在美股市场跌多涨少，特斯拉在周四收跌 2.2%，蔚来汽车跌 3.6%，小鹏汽车跌 1.6%，理想汽车涨 0.3%。小米集团 ADR 在美国粉单市场涨 12%。

小米汽车上市首日，友商股价跌多涨少

Google announced that the mobile AI model Gemini Nano will debut on Pixel 8, enabling smart replies. At the same time, Google will launch an AI Accelerator program to fund more non-profit organizations developing practical generative AI technologies

Google makes a big move! AI features will land on Pixel 8, investing $20 million to launch the AI acceleration project

加密货币交易所 FTX 创始人山姆·班克曼 - 弗里德因涉嫌数十亿美元欺诈罪在纽约被判入狱 20 年。

FTX 联合创始人 SBF 在法庭上对发生的一切表示道歉。他在量刑听证会上表示，他很抱歉，并对每个阶段发生的事情都感到抱歉。他承认自己做了一系列错误的决定，对此感到困扰。他还表示公司的员工为公司投入了全身心的努力，而他却抛弃了他们。

FTX 联合创始人 SBF 在法庭上对发生的一切表示道歉

Yuliang is only earning a monthly salary of 10,000 RMB now

Vanke plans to reduce its debt by 100 billion in the next two years

小米汽车：上市 27 分钟大定突破 5 万台。

On Thursday, most of the Bitcoin concept stocks rose. As of the time of publication, MicroStrategy fell by more than 3%; Riot Blockchain rose by over 4%, Marathon Digital rose by over 7%, and Canaan Technology rose by over 10%. In terms of news, Cathie Wood's ARK 21Shares Bitcoin ETF under ARK Investment Management successfully achieved a record-breaking $201.8 million in fund inflows, nearly five times its daily average fund inflow

U.S. Stock Market Update | Most Bitcoin-related stocks are up, with Canaan Technology rising over 10%

在今日的小米汽车上市发布会上，小米 CEO 雷军接受媒体采访。雷军表示，小米汽车发布会后，1 分钟就有 10 万人加心愿单，用户的热情是很高的。对于价格战，他表示，当前行业竞争很激烈，小米对竞争的残酷性有认知。价格战只是一种手法，应该打产品战、技术战、生态战。“智能和生态是我们最强大的优势。小米 SU7 50 万以内鲜有对手，我对这辆车很满意。” 雷军说。

雷军：价格战只是一种手法，应该打产品战、技术战、生态战

小米集团 (ADR) 美股盘前涨 3.7%，此前雷军公布小米汽车价格。

小米 SU7 Pro 版（后驱超长续航高阶智驾版）售价 24.59 万元。

小米 SU7 标准版（后驱长续航智驾版）售价 21.59 万元。