Market Insights: Mar 13th, 2024

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A-Share Trend: On March 13th, all three major A-share indices fell collectively, with the Shanghai Composite Index down 0.16%, the Shenzhen Component Index down 0.15%, and the ChiNext Index down 0.47%, breaking below the 1900-point mark. The performance of specific sectors in terms of gains and losses are as follows:

• Leading sectors in gains: CPO, Computing Power Chips, etc.
• Leading sectors in losses: SRAM Concept, Car Dismantling, etc.

Chinese Market: The A-share market experienced severe fluctuations, with high-dividend and artificial intelligence sectors generally declining, while liquor and real estate sectors surprisingly rose. Meanwhile, the price of the 30-year government bonds plummeted. Contrarily, the Hong Kong stock market performed strongly, with the Hang Seng Tech Index rising nearly 5%, led by technology and catering sectors, and real estate stocks also saw significant gains. During the US stock trading session, Chinese concept stocks continued to rise, with the index of Chinese concept stocks climbing nearly 4%, setting a new high for the year.

US Bond Market: The auction for 10-year US Treasury notes went poorly, with low overseas demand, resulting in the highest yield rate for this year at 4.166%, significantly higher than the previous auction's rate of 4.093%.

Corporate Business Dynamics:

• Japan's "Spring Offensive": Salaries in various Japanese industries have increased significantly compared to last year. Toyota announced an increase in annual bonuses to the highest ever at 7.6 months of salary, and Nippon Steel announced a pay rise including regular increases at 14.2%.
• Meta Announces News: Meta announced on its official website the launch of two new 24K H100 GPU clusters, encompassing 49,152 GPUs, aimed at training the massive scale model Llama-3. This model utilizes the RoCEv2 network and the PyTorch machine learning library. Llama-3 is expected to be operational by the end of April or mid-May.

International Financial Markets:

• US Stock Market: US stocks rose across the board, with the S&P 500 setting a new all-time high. Technology stocks rebounded with the Nasdaq Index rising over 1.5%.
• US Economic Data: The US Consumer Price Index (CPI) in February rose 3.2% year-over-year, exceeding market expectations, sparking concerns about the Federal Reserve possibly delaying rate cuts.
• Bitcoin Price Fluctuation: Bitcoin reached a new all-time high of $73,000 during the session but later declined, dropping more than $4,000 at one point.

Commodity Futures Market:

• Early Morning Close: Domestic main contracts had mixed results. Lithium carbonate, Shanghai nickel, red dates, white, 20-number rubber (NR), SC, and other varieties increased by more than 1%; apples, iron ore, urea, fiberboard, and other varieties fell by more than 1%.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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