Powell's testimony on interest rate cuts was no surprise, and the three major U.S. stock indexes stopped falling for two consecutive daysOnly Nvidia and Meta closed higher, Tesla fell more than 2%, leading the decline for three consecutive days. Chip stocks outperformed**, Nvidia closed up more than 3%, AMD rose nearly 3%, and TSMC U.S. stocks rose nearly 5%.All hit an all-time high。Regional BanksNYCB Deep V**, closed up more than 7% after falling nearly 50% intraday. The pan-European stock index** reached a new all-time high.
During Powell's testimony,U.S. Treasury yields accelerated downward, the 10-year yield hit a one-month low; The U.S. dollar index extended its decline, hitting a new one-month low.
* Stopped two consecutive declines, and U.S. oil came out of a one-week lowIt once rose by more than 3%.It hit a record high for four consecutive days, spot ** hit a record high after three months. London zinc rose more than 1%, hitting a new one-month high; London copper** to a two-week high. Bitcoin rallied nearly $6,000 at one point, re-on 6$70,000, not yet close to Tuesday's all-time high.
In the Chinese market, the U.S. stock market session,China concept stocks outperformed**, the Chinese concept stock index closed up nearly 2%.JD.com surged 16% after the earnings report, Weilai rose more than 5%, and Xpeng Motors rose nearly 5%; The offshore yuan turned up, recovering 721 rose by more than 100 points. A-share ** adjusted, the three major indexes were slightly **, and the Hang Seng Technology Index rose more than 2%.The yield on the 10-year Treasury note fell below 23%。
Wu QingProtecting small and medium-sized investors is the most important core task, and hard measures are taken against companies with low dividends. For acts such as technical divorce, securities lending and selling, and refinancing, further plug the loopholes in the relevant system.U.S. stocks: The Dow rose 02%, and the S&P 500 rose 051%, Nasdaq rose 058%。Pan GongshengThere is still room for RRR cuts in the future, will take the maintenance of stability as an important consideration of monetary policy. The People's Bank of China will set up a re-loan for scientific and technological innovation and technological transformation
Zheng ShajieEquipment renewal will be a huge market of more than 5 trillion yuan
JD.comThe first financial report was released after a year of implementing the low-price strategy, with revenue exceeding expectations and net profitA $3 billion buyback program is planned；Meeting: Focus on competitiveness, promote the construction of platform ecology, and pilot overseas business in small steps; JD.com surged 16%.
PowellHouse of Representatives testified:This year may be appropriate for a rate cut, and the Fed needs to be more confident about inflation before it can cut rates, action depends on the economy,The draft of the new regulations on bank capital increase may be overhauled
U.S. February"Small non-farm" ADPEmployment**,an increase of 140,000 people, but less than expected. USA JanuaryJolts job openings retreated but remained elevated, the number of voluntary departures is the lowest in three years.
Jensen Huang"Almost every day".perplexityDo your search. Nvidiacfo：The AI infrastructure market is expected to reach $2 trillionNvidia is more than just a hardware company.
European stocks: Europe's STOXX 600 index closed up 039%。Germany's DAX 30 index closed up 010%。France's CAC 40 index closed up 028%。Britain's FTSE 100 index closed up 043%。
A shares: The Shanghai Composite Index fell 026%, the Shenzhen Component Index fell 022%, the GEM index fell 006%。
Bond market: The yield on the benchmark US 10-year Treasury note fell 447 basis points, at 41078%。The two-year Treasury yield rose 040 basis points at 45620%。
commodity: WTI closed up 0$98, an increase of 125% to 79$13 barrel. Brent closed up 0$92, up 112% to 82$96 barrel. COMEX closed up 076% at 2158$20 oz. COMEX closed up 2 in May12% to 24$493 oz. London copper closed up more than 1%, and London tin rose about 14%, London zinc rose more than 16%。
Domestic macro
Wu QingProtecting small and medium-sized investors is the most important core task, and hard measures are taken against companies with low dividends. 。The second session of the 14th National People's Congress held a press conference on the economic theme, and Wu Qing, chairman of the China Securities Regulatory Commission, saidFor acts such as technical divorce, securities lending and selling, and refinancing, further plug the loopholes in the relevant system. 。It is necessary to severely crack down on major shareholders and actual controllers who violate laws and regulations and crack down on them in accordance with the law. Pan GongshengThere is still room for RRR cuts in the future, will take the maintenance of stability as an important consideration of monetary policy. The People's Bank of China will set up a re-loan for scientific and technological innovation and technological transformation。The RMB exchange rate will remain basically stable at a reasonable and balanced level. Encourage financial institutions such as China's sovereign wealth** and other business entities to invest abroad. Zheng ShajieEquipment renewal will be a huge market of more than 5 trillion yuan。Zheng Shajie, director of the National Development and Reform Commission, said that the first quarter is expected to achieve a good start; This year's economic growth target of about 5% is a goal that can be achieved with a single jump; The issuance and use of ultra-long-term special treasury bonds is a major policy measure. China's 10-year government bond yield hit a new lowBelow 23%！Minsheng ** pointed out that there are still no major negative factors in the short-term bond market, and there is still support for longs, and CICC expects the low point of the 10-year treasury bond yield to fall to 2 this year2% or less, Cinda** pointed out that the long-term trend of bond bulls may not have reversed yet. Mainland home buyers,Speculating on the Hong Kong property market。In the week after the "withdrawal", some mainland investors spent 20 million yuan to sweep 4 real estate projects, with an average of 110 transactions per day. Domestic companies
JD.com's first financial report after a year of implementing the low-price strategy was released, with revenue exceeding expectations and net profitA $3 billion buyback program is planned；**Yes:Focus on competitivenessto promote the ecological construction of the platformPilot overseas business in small stepsJD.com surged 16%. JD.com's revenue in the fourth quarter reached 306.1 billion yuan, a year-on-year increase of 36%, and full-year revenue increased by 37%；The net profit attributable to the parent company in the fourth quarter was 3.4 billion yuan, compared with 3 billion yuan in the same period last year. JD.com announced that it will repurchase shares worth up to $3 billion over the next 36 months ending March 2027. At the meeting, JD.com's senior management said that in 2024, JD.com will continue to focus on promoting the construction of ** competitiveness and platform ecologyWe are confident to outperform the zero growth rate of the society。In addition, JD.com has been paying attention to internationalization opportunities and piloting overseas business in small steps. Overseas macro
Powell's House of Representatives testified: This year may be suitable for interest rate cuts, the Fed needs to be more confident in inflation to cut interest rates, and the action depends on the economy, the new draft rules for bank capital increases or major changes Powell said that there is some confidence in inflation falling to the target, and he hopes to see more data before cutting interest ratesHe doesn't want inflation to reach 2% before monetary easing begins；The draft of the new bank capital rules will have a wide range of substantive changes and will not preclude new proposals; There is no reason to believe that there is a risk of a recession in the near term, and the economy is expected to continue to grow at a solid pace; Even if inflation is contained, the labor market is likely to remain strong, and the Fed will not announce a soft landing; The commercial real estate challenge is "manageable" and will be a problem for many yearsSome banks will suffer losses, and the risk is concentrated in small and medium-sized banks, and the key is to ensure that these banks have sufficient capital to cover the losses; Migration fuels GDP and has a neutral impact on inflation; Interest rate cuts will make the property market pick up, there are structural problems in the U.S. housing market; AI may replace the workforce, or it may enhance the workforce. Federal Reserve Beige Book: Most regions say economic activity has increased slightlyIt is becoming increasingly difficult to pass on high costs。Eight of the 12 regional Feds reported a slight increase in economic activity, three others reported little change, and one reported slight weakness, according to the Fed's Beige Book. However, it is becoming increasingly difficult for companies to pass on higher costs to customers as they become sensitive to change. U.S. "Small Non-Farm" ADP Employment in February**,an increase of 140,000 people, but less than expected. ADP employment, known as "small non-farm", was in line with expectations but higher than the previous value**, wage growth for job-hoppers accelerated for the first time in more than a year, and jobs in the service sector continued to grow sharply. The analysis points outThis data will not affect the Fed's interest rate decision this year. Job Vacancies for JOLTS in US for JanuaryRetreat but still at a high level, the number of voluntary departures is the lowest in three years. JOLTS Job Vacancies in USA for January 88630,000, expected 8.85 million, and 902 in December60,000 people. About 3.39 million people voluntarily left their jobs in January, the lowest in three years. There were also reductions in both recruitment and layoffs. The African currency could not withstand it, and Egypt officially announced its "surrender".Exchange rate**40%.。With foreign exchange shortages, high inflation, and an economy on the verge of collapse, the whole of Africa is already in jeopardy. Egypt, Africa's second-largest economy, is trying to resolve the crisisGet an IMF loan, forced to "break the wrist of a strong man" and give up exchange rate intervention. Overseas companies
Jensen Huang"Search almost every day" perplexity。With a huge user base, Perplexity's valuation has doubled in two months, it is more time-sensitive than ChatGPT and will not "gibberish", it is more accurate and direct than the answers given by Google, and it is not bothered by ads, and the future of conversational search engines may be coming. Nvidia CFO:The AI infrastructure market is expected to reach $2 trillionNvidia is more than just a hardware company. According to Kress, Nvidia is positioning itself not just as a hardware company that provides AI chips, but as a company that provides overall accelerated computing solutions for data centers. The war between OpenAI and Musk escalated, and OpenAI responded publicly."Reject all of Musk's claims", revealing screenshots of the executives' email exchanges over the past 8 years. OpenAI said that Musk was dissatisfied with the failure to enjoy the results of OpenAI, so he filed a lawsuit, AGI required more investment than expected, and both parties recognized the need to build a for-profit entity, but Musk wanted to control the company to merge with Tesla, but failed, but filed a lawsuit after OpenAI achieved results. Musk has always understood that for OpenAI to achieve its mission, it does not mean that it needs to be open source. Regional bank NYCB officially announced that it had raised more than 1 billion yuan, and its share price fell by nearly 50% before rising by more than 30%. * The New York Community Bank (NYCB) is looking to receive a cash injection through ** equity to boost confidence in the bank, according to the bank. Since then, NYCB's stock price has dived, and finally closed up more than 7%, rising for two consecutive days. 1、Industrial machine tools|At the economic theme press conference held on March 6, the National Development and Reform Commission said that it will combine the promotion of urban renewal and the transformation of old communities, promote the renewal of equipment in the field of construction and municipal infrastructure by classification, support the renewal of transportation equipment and old agricultural machinery, and promote the upgrading of equipment in the fields of education, cultural tourism, medical care, etc., so as to drive the production and application of more advanced equipment; With the in-depth promotion of high-quality development, the demand for equipment renewal will continue to expand, and it is initially estimated that this is a huge market of more than 5 trillion yuan.
Comments: Guoxin** pointed out that general equipment includes machine tools and tools, industrial control and industrial robots, injection molding machines, laser equipment, forklifts, reducers, etc., with certain standard attributes, and the downstream can be widely used in most manufacturing fields such as automobiles, electronics, home appliances, packaging, and daily necessities. The implementation of large-scale equipment renewal and trade-in of consumer goods will strongly promote the recovery of the general equipment industry. At the same time, some of the leading sub-sectors of general equipment have shown a bottom-out recovery and are expected to accelerate their upward trend in 2024.
Flash|According to TrendForce, the revenue of the NAND Flash industry reached 114 in the fourth quarter of 2023US$900 million, up 245% quarter-on-quarter. Enterprises continue to express the view that demand in 2024 is better than in 2023, and start strategic stocking to drive. Looking forward to the first quarter of this year, despite the traditional off-season, due to the fact that the inventory level of the first chain has improved significantly and is still in the first trend, customers continue to increase purchase orders, and it is expected that the revenue of the NAND flash industry will still increase by two percent quarter-on-quarter.
Comments: Soochow ** believes that with the increase in demand for smartphones, smart wearable devices, PCs, servers and other products, the demand for memory chips has grown. Through the observation of the performance improvement of production reduction, inventory and price increase transmission of major enterprises in the industrial chain, the expansion of new products such as HBM and DDR5 of large manufacturers is clear, and the breakthrough of localized storage products, AI and downstream demand recovery continue to catalyze, and we are optimistic about the performance of storage price increase**.
Robots|Recently, Tesla's recruitment official ** shows that the new Teslabot position of system engineer has been added. The position requires that the candidate has rich experience in realizing the mass production of new products, and has successfully implemented projects.
Comments: Debang ** believes that the main responsibility of Tesla Bot system engineers is to push the robot from the concept to mass production, and it is clear that Tesla has begun to prepare for mass production. Tesla's recruitment action is consistent with Musk and SH's caliber for the delivery time of robots. In addition, domestic robot companies such as UBTECH are also accelerating the pace of industrialization. On March 6, UBTECH rose 88% in Hong Kong.
Innovative drugs|According to the official news of "China National Nuclear Corporation", in December 2023, the Institute of Physical and Chemical Engineering of Nuclear Industry of China National Nuclear Corporation successfully produced high-abundance gram-level ytterbium-176 isotope products for the first time in the world using advanced technology, getting rid of the long-term dependence on imports of ytterbium-176 isotope products. A few days ago, the product successfully passed the irradiation preparation of the CMRR reactor of the Institute of Nuclear Physics and Chemistry of the China Academy of Engineering Physics, and obtained 159CI's carrier-free lutetium-177 product is qualified in all indicators, and the radioactive nuclear purity is greater than 999%, opening up a key link in the domestic nuclear drug industry chain.
Comments: It is understood that lutetium-177 is an ideal radioactive medical isotope, the emitted particles are very suitable as a new type of radioimmune agent for prostate cancer, breast cancer and other diseases, and the emitted Y rays are suitable for diagnostic imaging and radioactive effect evaluation, and have a wide range of application prospects in medical clinics. This technical achievement marks that the ytterbium-176 isotope product produced by the research team of the Institute of Nuclear Physics and Chemistry adopts advanced technology, fully meets the technical indicators of nuclear medicine production, realizes the independent and controllable Ytterbium-176 isotope materials in China, and provides an important guarantee for the independent and controllable development of nuclear medicine, and the key materials of nuclear medicine to break the monopoly and enter the international market.
New materials|According to **, scientists at the Fraunhofer Institute in Germany have successfully reduced the heat load of electronic components using ultra-thin diamond films, and the key to this technological breakthrough is the excellent thermal conductivity and insulation properties of diamond. According to the researchers, diamond nanomembranes can reduce the heat load on electronic components by a factor of 10, significantly improving their service life and overall equipment energy efficiency. In addition, if the technology is applied to the charging system, it can also increase the charging speed of electric vehicles by a factor of five.
Comments: What's even more exciting is that diamond nanofilms can be fabricated directly on silicon wafers, which is easy to achieve large-scale mass production. Diamond thin film is an excellent artificially prepared material that developed rapidly in the mid-to-late 80s of the last century, and has a wide range of application prospects in semiconductors, optics, aerospace industry, large-scale integrated circuits and other fields. At present, some domestic scientific research institutions have begun to apply diamond materials to the new generation of integrated circuit substrates research, if the future of diamond film materials in the field of integrated circuits to achieve a breakthrough, then the cultivation of diamond industry will open the development ceiling. With the continuous progress of science and technology, the application of diamond in the fields of sound, heat, light, electricity, as well as military and other cutting-edge and high-tech products will gradually increase, and new market demand will emerge.
China's January-February accounts.
China's foreign exchange reserves in February.
U.S. ** Biden delivers his State of the Union address to Congress.
Fed Chair Jerome Powell testified before the Senate Banking Committee.
The ECB's interest rate decision, President Lagarde held a press conference.
This year's voter, the president of the Cleveland Fed, spoke.
The number of initial jobless claims in the United States last week.
U.S. January Accounts.
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