In terms of the U.S. stock market, the three major indices closed slightly lower. The Dow Jones Industrial Average (道指) fell by 0.16%, the Nasdaq Composite (納指) dropped by 0.13%, and the S&P 500 (標普) declined by 0.38%.
Most large-cap tech stocks ended the day with losses. Microsoft (微軟) decreased by 0.68%, Apple (蘋果) dropped by 0.75%, NVIDIA (英偉達) rose by 0.35%, Google (谷歌) fell by 4.5%, Meta (formerly Facebook) (Meta) declined by 0.47%, and Tesla (特斯拉) dropped by 3.87%.
As for Chinese concept stocks (中概股), most of them experienced gains. TSMC (台積電) rose by 0.86%, Alibaba (阿里) increased by 0.72%, Pinduoduo (拼多多) fell by 0.95%, NetEase (網易) dropped by 1.08%, Li Auto (理想) surged by 18.79%, Trip.com (攜程網) declined by 3.04%, and NIO (蔚來) rose by 4.63%.
In terms of global assets performance, the yield on the 10-year U.S. Treasury bond increased by 0.659% to reach 4.28%. It displayed a spread of -44.5 basis points compared to the 2-year Treasury bond yield. The VIX volatility index decreased by 0.07%, and Brent crude oil rose by 1%. Gold prices fell by 0.21% to $2031.35 per ounce. The U.S. dollar index declined by 0.18% to reach 103.78.
Key News:
1. 5.5G enters its commercial year as Huawei officially launches the telecom industry's first large-scale model.
At the 2024 World Mobile Communications Congress (MWC 2024), 5G-A (5.5G) became a focal point for many participants. China Mobile and Huawei have already provided a commercialization schedule. Huawei officially launched the telecom industry's first large-scale model, which offers intelligent applications based on roles and scenarios, including enhancing operational efficiency for communication service providers.
2. Ideal Auto releases "the best financial report ever" and will not produce vehicles priced below 200,000 yuan.
In the fourth quarter of 2023, Ideal Auto achieved revenue of 41.73 billion yuan, a year-on-year increase of 136.4%. The adjusted net profit attributable to shareholders was 4.49 billion yuan. The projected revenue for the first quarter of 2024 is expected to be between 31.25 billion and 32.19 billion yuan, with a year-on-year growth of 66.3% to 71.3%. Li Xiang, the founder of Ideal Auto, stated that in the next five years, the company will not produce vehicles priced below 200,000 yuan.
3. Implementation of "Cross-Border Wealth Management Connect 2.0."
The new version of the "Cross-Border Wealth Management Connect" business pilot implementation rules in the Guangdong-Hong Kong-Macao Greater Bay Area focuses on improving convenience, expanding the market, and regulating services. It mainly optimizes investor access conditions, appropriately increases the individual investor quota, expands the scope of business pilots, and further improves promotional and sales arrangements. To attract Southbound users, many banks have launched RMB deposit incentives of up to 6%, as well as various benefits such as lucky draws and cashback for purchasing wealth management products.
4. Xiaomi's Car Price to be Revealed "Soon"
Lei Jun, the CEO of Xiaomi Group, stated that the pricing of Xiaomi's car will be revealed "soon," with deliveries expected to begin as early as the second quarter. The initial buyers of this car are expected to overlap significantly with our smartphone users.
5. Alibaba Chairman Cai Chongxin: Alibaba has Regained its Status as a Top Chinese E-commerce Company.
With the restructuring and the arrival of a new management team, we have more confidence in Alibaba's position as a top Chinese e-commerce company. Although we are not as confident as before and feel the pressure of competition, we can now say, "We are back." Cai Chongxin also stated that Cainiao is waiting for a better timing for its Hong Kong listing.
6. Monthly Injection Weight Loss Drug Enters Clinical Trials in China, Promising 14.5% Weight Reduction in Three Months.
According to the National Medical Products Administration's registration and information disclosure platform for clinical trials, on February 21st, multinational pharmaceutical company Amgen published a Phase I study on the weight loss drug AMG 133. AMG 133 belongs to the GLP-1 class of drugs, similar to popular weight loss drugs such as semaglutide (Novo Nordisk) and tirzepatide (Eli Lilly).
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