万科回应济南总经理肖劲被带走调查：济南万科表示，肖劲因个人原因配合相关部门调查。公司运营正常，由金亚斌接任济南公司总经理。目前调查仍在进行中，请以相关政府部门披露信息为准。

Jack Ma published a long article on Alibaba's intranet supporting the transformation of Alibaba, affirming the courage of the new management team composed of Joseph Tsai and Eddie Wu. Jack Ma stated that Alibaba has returned to a healthy growth track and supports continued reform. He believes that Alibaba's strategic direction is becoming more focused, and organizational management efficiency has also significantly improved. Jack Ma affirmed the changes Alibaba has made in the past year and looked forward to Alibaba's future

Jack Ma expressed support for Alibaba's transformation

The current sharp decline is due to the lack of buying support, rather than the fundamental pricing of Tianrui, so a sharp rise is likely to follow the sharp decline, and even existing shareholders may choose to intervene at a low cost. The company's financial tightness is just a superficial issue, the core lies in the changing trend variables of the cement industry, and the ability to generate cash flow is weakening

Yesterday's plummet by 99%, today's trading halt! What exactly happened to China Tianrui Cement?

美国 3 月 CPI 数据公布前夕，媒体爆料称，美国劳工统计局的经济学家向华尔街的 “超级用户” 透露了非公开信息，引发了人们对数据可靠性和信息披露公平性的质疑。此前，媒体曝光了这些 “超级用户” 的存在，引发了舆论争议。这一事件涉及到经济数据的可靠性和信息公平性，引发了人们的关注和担忧。

CPI“闹剧”，是华尔街有 “内幕”，还是美国操纵数据？

杰富瑞：将特斯拉目标价从 185 美元下调至 165 美元。

恒生指数和恒生科指今日齐涨，科网股表现强劲，哔哩哔哩、京东和阿里巴巴涨幅超过 5%。汽车股和黄金股也有明显涨幅。同时，浩森金融科技今日反弹超过 700%，升能集团涨幅一度超过 80%。

恒指涨 1.88% 科指涨 2.48% 科网股领涨大市 阿里巴巴、京东涨超 5%

财政部在地方政府债务限额空间内安排一定规模的再融资政府债券，支持地方特别是高风险地区化解融资平台隐性债务和清理政府拖欠企业账款等，缓释到期债务集中偿还压力，降低利息支出负担。按照 “省负总责，市县尽全力化债” 的原则，各地立足自身努力，统筹各类资源，制定化债方案，逐项明确具体措施。经过各方面协同努力，地方债务风险得到整体缓解。地方政府法定债务本息兑付有效保障，隐性债务规模逐步下降；政府拖欠企业账款清偿工作取得积极进展，地方融资平台数量有所减少。总的看，目前我国地方政府债务化解工作有序推进，风险总体可控。

财政部：目前我国地方政府债务化解工作有序推进，风险总体可控

The three major A-share indexes opened lower collectively, with the Hang Seng Tech Index rising by more than 1%. Precious metals, new industrialization and other sectors led the gains, while iron ore, artificial meat, rare earth permanent magnet and other sectors led the declines. NetEase rose by 0.51%, and NetEase Games officially announced that games under Blizzard will return to the mainland China market in the summer of 2024

The three major A-share indexes opened lower collectively, with the Hang Seng Technology Index rising more than 1%

嘉实基金香港子公司嘉实国际获得香港证监会批准，在现有资产管理牌照的基础上增加虚拟资产资管服务。嘉实基金还申请了比特币现货 ETF，预计最快今年第二季度落地。

嘉实基金香港子公司获香港证监会批准虚拟资产资管服务

恒生指数、恒生科技指数日内双双涨超 2%，黄金、汽车、科网股领涨大盘。

平安信托旗下的 “平安信托福宁 615 号集合资金信托计划” 因投资厦门的正荣地产项目导致兑付延期，该项目目前销售不佳。该计划存续信托规模约为 7.7 亿元。

平安信托致歉！旗下一产品延期兑付

The People's Bank of China has been increasing its gold reserves for the 17th consecutive month, becoming the largest buyer among central banks. China has also surpassed India to become the world's largest consumer of gold jewelry. The selling of gold ETFs has nearly come to a halt, and the price of gold is expected to continue to rise. The assets under management of gold ETFs under Amundi have surpassed the $3 billion mark for the first time, indicating a reduction in investors' selling of gold. It is expected that the price of gold will soar to a historical high of over $2350 per ounce. The belief in gold by Western investors may spread to the West in the future

The story of gold, when will the East believe, and when will the West believe?

腾讯是中国最赚钱的互联网公司；阿里是账上现金储备最多的公司；京东的员工人数最多，公司收入最高，但利润率极低；网易赚钱最舒服，经营相当稳健；拼多多人效最高，员工数量只有美团的七分之一，但创造的收入规模已经接近美团。

互联网大厂这一年：降本、赚钱、座次重排

在港股市场，小市值公司的暴涨暴跌并不鲜见，闪崩背后往往存在多重因素，例如质押盘 “斩仓”，杀猪盘 “洗仓” 等，其中因质押盘被 “斩仓” 出现频次最高。

暴跌 91% 后又一度疯涨 730%！浩森金融科技怎么了？

小摩建议投资者趁阿里疲弱时吸纳，主因虽然目前对阿里 3 月止第四财季的经调整每股盈利预测较市场预期低 23%，但认为阿里现价水平有支持，主要由于现价意味着明年市值可带来 7% 的股东回报率，具吸引力。

摩根大通降阿里目标价至 95 港元 建议投资者趁疲弱时吸纳

Hybrid bonding will not replace TCB, but will complement each other. After the failure of Moore's Law, advanced packaging technology has become the main way to improve chip performance. NVIDIA adopts Chiplet design on B200, relying on TSMC's advanced CoWoS packaging technology. The continuous advancement of advanced packaging technology has driven the development of TCB and hybrid bonding. Advanced packaging is defined as packaging with die size smaller than 100 microns, with widespread application of fan-out packaging

Will hybrid bonds replace TCB?

港股科网股触底反弹，阿里巴巴涨超 4%，京东、美团涨超 3%，微博、汽车之家、东方甄选均涨超 2.5%，腾讯控股、百度均涨近 2%。

马云判断 “三、五年的时间跨度对于互联网领域而言，犹如一个世纪之久，足以发生翻天覆地的变化，AI 时代刚刚到来，一切才刚开始，我们正当其时！”

马云内部发声：AI 时代刚刚到来，我们正当其时（全文）

Yesterday, individual stocks experienced a violent rebound in the morning session after a flash crash. Haosen Financial Technology surged by 730% at one point, while Shengneng Group rose by over 80%. China Tianrun Cement announced a trading halt, while Haosen Financial Technology and Shengneng Group experienced a violent rebound during trading hours. Haosen Financial Technology surged by 541.51% to HKD 3.4, while Shengneng Group rose by 35.71% to HKD 2.85. Shengneng Group stated that they were not aware of the reason behind the volatility, and there were no significant changes in their business operations. Tianrui Cement saw its stock price plummet by 99% due to disappearing buying interest and supply chain issues

Hong Kong stock market anomaly | Yesterday's flash crash individual stocks violently rebounded in the morning, Haosen Financial Technology surged by 730% at one point, and Ascendas Group rose by over 80%

恒指涨幅达 1%，舜宇光学科技涨超 4%，新奥能源、阿里巴巴、药明生物均涨超 3%。

Xiaomi's SU7 listing has become a hot seller, triggering a price war and a wave of price cuts in the automotive industry. The year 2024 is full of competition and changes in the automotive industry. Based on annual performance, SAIC Group, BYD, and Li Auto have become industry leaders. The prices of traditional car manufacturers have risen, while the prices of new car-making forces have fallen. BYD's new energy brand leads in sales, while Geely and Great Wall's new energy vehicle penetration rates are also increasing. The automotive industry is facing a survival of the fittest scenario where the strong maintain their competitive advantage

Xiaomi SU7 enters the market with a surge in orders, reshaping the automotive industry: Can the leader maintain its strength?

港股浩森金融科技一度涨超 700%，前一交易日收跌超 90%。

Elon Musk expects that the next generation large-scale model Grok 3 will require 100,000 NVIDIA H100 GPUs, with potential power consumption equivalent to that of a small city. Musk pointed out that the current development of AI technology faces two major challenges: a shortage of high-end GPUs and enormous power demand. Nevertheless, advancements in computing and storage technology will make it possible to train even larger language models in the coming years. Musk predicts that an artificial intelligence smarter than the most intelligent human will be born in the next one to two years

Musk: The next-generation large model Grok 3 will require 100,000 NVIDIA H100 chips

网易公司首席执行官兼董事丁磊表示，很高兴能够在信任和相互尊重的基础上开启下一个篇章，为用户提供更刺激、更有创意的娱乐体验。暴雪宣布旗下游戏将重返中国大陆市场，双方将积极协同，为广大社区带来游戏的快乐。

网易丁磊：很高兴能够在信任和相互尊重的基础上开启下一个篇章

美国经济表现强劲，非农就业人数和 ISM 制造业 PMI 超过预期。然而，中金认为中期内美国不会出现二次通胀压力，因为供给相对需求增长更快，降低了物价。数据季节性扰动意味着未来增长将进入下行通道，也不会推高通胀。此外，科技革命提高生产效率，也有降低通胀的效果。目前，美联储尚未开启降息周期，市场预期 2024 年降息次数由 7 次下降到 3 次，6 月降息概率降至 45% 左右。

美国通胀又要起来了？中金：可能性不大

网易游戏官宣：将暴雪游戏重新带回国服。

Google has launched the data center chip Axion based on the Arm architecture, which has a 30% higher performance than general Arm chips and a 50% higher performance than the current generation x86 chips produced by Intel. Axion is suitable for Google's search engine and AI-related work, helping to process large amounts of data and deploy services for billions of users, playing an important role in the field of AI. Google plans to expand such usage and make it available to the public later this year. This move signifies Google's efforts to catch up with competitors in the cloud field such as Amazon and Microsoft

Following Microsoft and Amazon in reducing reliance on NVIDIA, Google launches data center chip

Wall Street investment banks have adjusted their expectations for the Fed's interest rate cuts this year. Bridgewater's CIO stated that US inflation and strong economic growth have caused the rate cut expectations to "derail", with Morgan Stanley's chairman predicting that rates may rise to 8%. Vanguard Group believes that the Fed will not cut interest rates this year, which could have an impact on global central banks and markets. Investors have seen a shift in expectations for Fed rate cuts, with futures traders betting on the smallest rate cut since last year. Currently, Fed fund futures are pricing in a 60 basis point cut for this year

Wall Street takes turns pouring cold water! Bridgewater CIO: Fed rate cut expectations have "gone off track"

车市价格战升级，多家车企降价竞争激烈。小米 SU7、极氪 007、问界新 M7 等车型纷纷降价，引发了热销车型碾压小米的局面。奇瑞、蔚来、小鹏等新造车企业也纷纷推出补贴政策。新能源车企受益于碳酸锂价格下跌和电池成本降低，造车成本有所下降，价格战空间增加。然而，燃油车厂商面临着新能源车带来的巨大压力。车市竞争白热化，汽车厂家雪上加霜。

车市恶战已突破底线，谁不降谁先死？

The Dow Jones Industrial Average fell for the second consecutive day, while the S&P 500 and Nasdaq barely closed higher. Gold mining stocks collectively strengthened, with NVIDIA falling nearly 5% at one point. Goldman Sachs lowered Tesla's target price for the third time this year. Intel released the Gaudi 3 chip. Google unveiled data center processors and new AI chips based on ARM architecture. Boeing engineers exposed aircraft defects. The non-founder edition of Xiaomi's SU7 is expected to start delivery in late April

Breakfast | "Smart Money" continues to short US stocks, Intel launches chip with performance exceeding H100

The "halving" of Bitcoin has already been partially priced in, according to the CEO of Marathon Digital. Bitcoin has risen by over 60% so far this year. The halving plan will cut miners' income in half by the end of April. Although the halving may have some impact on the price, miners are satisfied with it. The price of Bitcoin has recently experienced a slight decline, but there is still market demand

MarathonCEO: Bitcoin "halving" benefits have been partially priced in

Goldman Sachs and American Express lowering high-yield savings account interest rates show a clear dovish trend. This may be because they realize that the Federal Reserve is about to cut interest rates. The rate cuts by Goldman Sachs and American Express indicate that the market's expectations for Fed rate cuts this year are overly pessimistic

Expected Fed rate cut coming soon? Goldman Sachs and American Express leading the way with rate cuts

Analog Devices(ADI) rose 3.78%, with a trading turnover 931.1 Million USD, and a year-to-date rose 3.3%. Cisco(CSCO) rose 3.67%, with a trading turnover 1.3 Billion USD, and a year-to-date rose 0.6%. Eaton Corp.(ETN) fell 3.7%, with a trading turnover 1.3 Billion USD, and a year-to-date rose 30.8%. Progressive(PGR) fell 2.65%, with a trading turnover 547.6 Million USD, and a year-to-date rose 29.4%.

Top 5 US Stock Gainers/Losers (>100B) (4.9)

Destiny Tech100(DXYZ) fell 35.87%, with a trading turnover 659.6 Million USD, and a year-to-date rose 675.8%. Tilray Brands(TLRY) fell 20.66%, with a trading turnover 167.5 Million USD, and a year-to-date fell 10.7%. Harmonic(HLIT) fell 14.61%, with a trading turnover 73.9 Million USD, and a year-to-date fell 14%.

Top 10 US Stock Losers (4.9)

Iczoom(IZM) rose 43.45%, with a trading turnover 39.4 Million USD, and a year-to-date rose 219.1%. Niu Tech (NIU) rose 26.11%, with a trading turnover 3.9 Million USD, and a year-to-date rose 3.7%. GigaCloud Tech(GCT) fell 5.67%, with a trading turnover 65.6 Million USD, and a year-to-date rose 72.7%. ACM Research(ACMR) fell 4.58%, with a trading turnover 38.4 Million USD, and a year-to-date rose 52.3%.

Top 5 CDRs Gainers/Losers (>100M) (4.9)

Sunnova Energy(NOVA) rose 17.65%, with a trading turnover 65.6 Million USD, and a year-to-date fell 64.6%. Sunrun(RUN) rose 9.6%, with a trading turnover 182.9 Million USD, and a year-to-date fell 33.7%. XPeng(XPEV) rose 9.35%, with a trading turnover 178.7 Million USD, and a year-to-date fell 44.7%.

Top 10 US Stock Gainers (4.9)

Boeing engineer reported potential safety hazards in the 787 Dreamliner, causing Boeing's stock price to drop by over 2%. The report pointed out that improper aircraft connections could weaken structural integrity, and there were errors in maintenance and testing methods. In addition, over 1000 aircraft have missing parts, facing the risk of premature end of service life. Boeing responded by stating that a thorough analysis is underway, and engineers are addressing maintenance requirements, with FAA supervision. This news further intensified market concerns about the quality of Boeing products

Boeing engineer reports safety concerns with 787 Dreamliner, stock price drops over 2%

Hedge funds have been net selling global stocks for two consecutive weeks, mainly driven by short selling. The non-essential consumer goods sector is the most affected. According to customer data from Bank of America, hedge funds have been selling stocks for five consecutive weeks. Investors are reassessing the Fed's interest rate cut path. Market expectations for the number of interest rate cuts this year have decreased, leading investors to reassess the stock market outlook. The Dow Jones Industrial Average and the S&P 500 Index fell last week. The upward momentum of US stocks this week will face a key test, including inflation data and corporate earnings reports

The expectation of a Fed rate cut collapsed, "smart money" continues to short the stock market

Wall Street warns that Tesla's second-quarter delivery volume may once again decline year-on-year, with analysts believing that Tesla is facing a deteriorating demand environment. Despite this, Tesla announced plans to launch a self-driving ride-hailing service, which could have a positive impact on Tesla's stock price. While the market is pessimistic about Tesla's sales prospects, analysts at Fuguo Bank believe that Tesla is a growth company without growth. In conclusion, Tesla faces some challenges but also some opportunities

Wall Street warning: Tesla's second-quarter delivery volume may once again decline year-on-year

Google announced a series of artificial intelligence product updates for enterprise customers at the cloud computing conference, including Gemini Code Assistant, Google Vids, Vertex AI Agent Builder, and other new products. Gemini Code Assistant will compete with GitHub's Copilot Enterprise Edition, Google Vids is an AI-driven video creation tool, and Vertex AI Agent Builder can help enterprises build AI agents. In addition, other new products were also launched. Google emphasized the security and usability of its AI products for enterprises

Focus on enterprise AI applications, Google Cloud Computing Conference releases new products such as Google Vids and Gemini Code Assistant

Intel has released the new generation AI chip Gaudi 3, which is said to outperform Nvidia's competitor H100. Gaudi can reduce the training time of Llama2 and GPT-3 models by 50%, and increase the inference throughput of Llama and Falcon models by 50%. Intel will also collaborate with multiple enterprises to build an open platform for enterprise AI

Surpassing NVIDIA's H100! Intel launches the new generation AI chip Gaudi 3, enhancing large model training and inference capabilities by 50%

On Tuesday, stocks related to Bitcoin fell. As of the time of writing, MicroStrategy dropped more than 7%, Coinbase dropped more than 4%, Canaan Technology and Riot Blockchain dropped more than 1%. Ethereum fell by 5% intraday, now trading at $3,505 per coin; Bitcoin is currently down by 3.7%

U.S. Stock Market News | Bitcoin-related stocks decline, MicroStrategy drops more than 7%

以太坊日内跌幅达 5%，现报 3505 美元/枚；比特币现跌 3.7%。

以太坊日内跌幅达 5%

In the final trading session, three stocks in the Hong Kong stock market experienced simultaneous sharp declines, with China Tianrui Cement plunging the most by as much as 99.04%. The reason for the sharp drop may be the disappearance of buying interest and a significant return of supply. Trading volume data indicates that selling pressure mainly came from Zhongwei Financial, while buying interest mainly came from Futu, with retail investors possibly bottom fishing. After the stock plummeted by 99%, retail investors are anticipating a rebound tomorrow

Understanding the Market | Hong Kong Stocks Plunge to Zero at the Close, What Happened to China Tianrui Cement?

美股盘前小幅攀升，华尔街紧张等待美国 3 月份通胀报告。美国小企业信心下降至 11 年来最低水平。欧洲股市表现不一，WTI 原油和布伦特原油涨幅微弱。Coinbase 遭股东减仓，比特币跌破 70000 美元。丰田即将宣布与国内大厂的重要合作。台积电获得美商务部 116 亿美元资金支持。

美股盘前消息速递

Silver, as a substitute for gold, is favored by investors, and UBS expects that the performance of silver relative to gold will further improve. The tight supply and demand situation of silver is favorable for the upward trend of silver prices, but this alone is not enough to drive a significant increase in silver prices. UBS believes that the net long positions and ETFs of silver have started to rise, and the silver market may continue to experience a physical deficit. In addition, silver also plays an important role in the transition to green technology and renewable energy

Gold soared, how about silver?

当前，SEC 正就富达以太坊基金、灰度以太坊信托基金和 Bitwise 以太坊信托基金等拟发行的 ETF 征求公众意见。而业内对 SEC 批准这些产品的乐观情绪有所下降。贝莱德、富达和 Vaneck 等公司已在今年发行了现货比特币 ETF，目前这些公司正在等待以太坊现货 ETF 的批准。但一些发行人已经不确信能获得 SEC 的批准。

业内人士称 SEC 或拒绝批准以太坊 ETF

In March this year, there was a turnaround in the production and sales of new energy vehicles. The production and sales of passenger vehicles increased by 5.3% year-on-year and 77.5% month-on-month; the production and sales of new energy vehicles increased by 25.2% year-on-year and 84.9% month-on-month. In March, many new energy vehicle companies carried out price promotions and launched new models, including Li Auto MEGA, Xiaomi SU7, Leapmotor C10, Geely Galaxy L6, and Deep Blue G318, which received much attention. Several car companies announced price reductions or limited-time offers, with Tesla offering car insurance subsidies and paint reduction policies. The price reduction trend in March extended to April. The subsidy policies for new energy vehicles in some cities expired, while in other areas, the subsidy policies for new energy vehicles continued or new policies were introduced

Second-tier new forces collectively counterattack Nio, XPeng, and Li Auto | Insight Research

Energy stock ALCC, blessed by OpenAI founder, surged 22.5% overnight, rising for 11 consecutive trading days

WSB Hot Discussion | This new stock soared 11 times, is a shareholder of SpaceX

公募基金香港子公司加速布局比特币 ETF。香港证监会已发布通函，准备接受虚拟资产现货 ETF 的认可申请。嘉实国际和南方基金香港子公司已递交申请，华夏基金香港子公司与 HashKey Exchange 达成战略合作。预计最早于 2024 年二季度落地。