Hot News

• Trump: In the coming days, tariffs on Autos, timber, and chips will be announced, which may reduce tariff collection for multiple countries.

According to CCTV News, on the 24th local time, US President Trump announced that he would impose additional tariffs on Autos, lumber, and chips in the coming days; he may also consider reducing tariffs for multiple countries and mentioned that at some point in the future, tariffs on Pharmaceutical products may be introduced. Trump stated that South Korea's Hyundai Motor will invest 5.8 billion USD to build a new Steel factory in Louisiana, indicating that tariffs are very effective. Hyundai noted that it will increase investment in the USA by 21 billion USD over the next four years, with the 5.8 billion USD new factory being part of that investment.

• Trump reiterated: hopes that the Federal Reserve will lower interest rates.

On the 24th local time, US President Trump stated that he hopes the Federal Reserve will lower interest rates. On the 19th of this month, the Federal Reserve ended its two-day monetary policy meeting, announcing that it would maintain the federal funds rate target range between 4.25% and 4.50%. This decision received dissatisfaction from President Trump, who stated via Social Media that the Federal Reserve should lower interest rates, as the effects of US tariffs are gradually penetrating the economy.

• April 2? No, the Options market is more concerned about two other dates.

S&P OptionsImplied volatilityOn March 31 and April 4, the volatility curve showed a significant rise, even exceeding that of April 2, which corresponds to the first trading day after the release of the USA's February Core PCE Price Index and the release timing of the March Non-Farm report. Analysts believe that the real risk may lie in the economic fundamentals rather than the tariff policy itself, so investors are more concerned about inflation and employment conditions.

• Support for comprehensive expansion of domestic demand! The Ministry of Finance made a significant statement.

The report from the Ministry of Finance proposed that by 2025, there should be comprehensive support to expand domestic demand, vigorously boost consumption, increase efforts to保障民生, and diversify channels to increase residents' income; by 2025, there should be a focus on enhancing technological innovation capabilities, increasing central government-level investment in technology, fully supporting the攻关 of key core technologies, and vigorously implementing the strategy of 科教兴国, prioritizing保障财政 education investment and supporting the建设 of an education strong nation.

• S&P Global's US manufacturing PMI preliminary value for March unexpectedly returned to contraction, with tariffs causing material costs to soar.

The US manufacturing PMI for March unexpectedly fell to 49.8. The initial value of the service PMI did not remain flat compared to February as expected, but instead rose to 54.3, with the composite PMI initial value increasing to 53.5. However, the outlook for the service industry has deteriorated, with confidence for the upcoming year declining to the second lowest point since 2022. The material cost指标 has risen to the highest level since April 2023.

• Retail investors in South Korea are flocking to "buy the dip" in US stocks, with inflow of funds reaching a historical high.

South Korean retail investors invested $10.2 billion in US stocks and ETFs from the beginning of this year to March 20, setting a quarterly inflow record since 2011. South Korean regulators and corporate executives are concerned that investors may fall into high-risk betting traps, and the Financial Supervisory Service of South Korea is considering tightening regulations on certain overseas ETFs.

Post-Market Trading

• US stock indexes collectively surged! The Nasdaq rose over 2%, and Tesla surged nearly 12%.

US stocks opened higher and continued to rise, with all three major indexes closing up. The Nasdaq rose 2.27%, the S&P 500 Index rose 1.76%, and the Dow Jones rose 1.42%.

Tesla rose nearly 12%, marking the largest single-day increase since November 7 of last year. NVIDIA, Amazon, and Meta rose over 3%, Google increased by over 2%, and Apple and Netflix rose over 1%.

The Nasdaq China Golden Dragon Index closed down 0.02%. NetEase and GDS Holdings rose nearly 3%, PDD Holdings and Baidu rose over 1%, while MINISO and iQIYI fell over 3%.

• Tesla surged 12%, achieving its best performance since the day after Trump's election win, as the FBI launched a "counter-terrorism" investigation.

Due to $Tesla (TSLA.US)$ the escalation of attack incidents in the USA, on March 24 local time, the FBI has established a special task force to investigate a series of attacks targeting Tesla. Earlier that day, police discovered multiple suspected "detonating devices" at a Tesla showroom in Austin, Texas, and the FBI has intervened to assist local law enforcement in the investigation. As a result of this news, Tesla saw an overnight surge of nearly 12%.

• Minister Wang Wentao meets with Apple CEO Tim Cook: Welcoming Apple to expand its investment in China.

According to the Ministry of Commerce website, Minister Wang Wentao met with the USA. $Apple (AAPL.US)$ CEO Cook. Both sides exchanged views on the development of Apple’s business in China and the Sino-US economic and trade relationship. Wang Wentao stated that the Chinese economy has shown strong resilience and vitality, becoming a hotbed for innovative development. China is unwavering in its commitment to expanding foreign investment, providing a fair competitive environment for foreign enterprises, and supporting policies that encourage consumption, such as allowing foreign products to participate fairly in the trade-in program. Apple is welcome to expand its investment in China, deeply integrate into the Chinese market, and share development opportunities.

• The 'Priority Notification' feature appears in Apple's iOS 18.4 RC version.

In the iOS 18.4 RC version pushed out by Apple on Monday (the so-called 'quasi-official version' of the new system), the 'Priority Notification' feature uses AI to detect important notifications. This feature automatically detects iPhone notifications, highlighting important content to make it more prominent on the lock screen. Traditionally, Apple launches the iOS 18.4 system in April. Previous test versions indicated that the highly anticipated Chinese version of Apple AI will also be launched in this version.

• Taiwan Semiconductor rose nearly 3%, with reports that the company will begin accepting 2-nanometer chip Orders on April 1.

$Taiwan Semiconductor (TSM.US)$ Overnight rose nearly 3% to $181.16. According to reports, Taiwan Semiconductor's 2-nanometer chip yield has reportedly reached 60%, and pre-orders will begin on April 1. Additionally, Taiwan Semiconductor's Kaohsiung and Hsinchu factories are working hard to ramp up 2-nanometer chip production, with capacity expected to reach 0.08 million units, and Apple seems to be the first customer to use the 2nm chip. Taiwan Semiconductor will also attract other customers by reducing costs and will launch the Cybershuttle program in April to reduce customer expenses.

• Alibaba open-sources the Qwen2.5-VL-32B-Instruct model.

On Monday night Beijing time, $Alibaba (BABA.US)$ announced the open-source visual language model Qwen2.5-VL-32B-Instruct. This new model not only shows superior performance compared to other advanced large models in the industry with similar parameters but can even outperform the larger Qwen2-VL-72B-Instruct model in multimodal tasks. Alibaba stated that it hopes this model becomes the best choice for users to deploy visual language models locally.

• PDD Holdings may invest another 100 billion, intensifying support for merchants.

$PDD Holdings (PDD.US)$ will further intensify support for merchants. According to informed sources close to PDD Holdings, the planned resource investment may exceed 100 billion yuan, mainly aimed at helping small and medium-sized merchants with high-quality transformation and upgrading, building a win-win e-commerce ecosystem among merchants, users, and the platform. Starting in the second half of 2024, PDD Holdings has introduced a series of new measures to benefit merchants, such as "100 Billion Exemption," "E-commerce Westward Program," and "New Quality Merchant Support Plan."

Top 20 by trading volume in the U.S. stock market.

Hong Kong Market Outlook

• The northbound capital increased its holdings in MEITUAN-W by over 0.8 billion Hong Kong dollars, bought BYD by over 0.4 billion Hong Kong dollars, and sold XIAOMI-W by over 0.9 billion Hong Kong dollars.

On March 24 (Monday), the southbound capital net purchased Hong Kong stocks worth 2.532 billion Hong Kong dollars.

$MEITUAN-W (03690.HK)$、$BYD COMPANY (01211.HK)$、$KUAISHOU-W (01024.HK)$Net inflows of 0.806 billion HKD, 0.427 billion HKD, and 0.256 billion HKD were respectively recorded;

$XIAOMI-W (01810.HK)$、$BYD ELECTRONIC (00285.HK)$、$CHINA MOBILE (00941.HK)$Net outflows of 0.969 billion HKD, 0.397 billion HKD, and 0.352 billion HKD were respectively experienced.

• Xiaomi Group: Plans to place 0.8 billion shares to raise approximately 42.5 billion Hong Kong dollars.

$XIAOMI-W (01810.HK)$ The announcement on the Hong Kong Stock Exchange states the plan to place 0.8 billion existing shares at a price of HKD 53.25 per share. This subscription is expected to raise a net amount of approximately HKD 42.5 billion, which will be used for business expansion, R&D investment, and other general purposes.

• BYD's Q4 net income soared by 73.1% year-on-year, reaching a record high, with a proposed dividend of 39.74 yuan.

$BYD COMPANY (01211.HK)$ Q4 revenue is 274.85 billion yuan, a year-on-year increase of 52.7%; Q4 net income is 15.02 billion yuan, a year-on-year increase of 73.1%. BYD's sales last year surpassed 100 billion USD for the first time, exceeding Tesla; the annual sales of pure electric vehicles reached 1.76 million units, slightly lower than Tesla, while total vehicle sales, including hybrids, reached 4.272 million units, a year-on-year increase of 41%.

Today's focus.

Keywords: USA Conference Board Consumer Confidence Index, Apple AI event in Shanghai, KUAISHOU-W, WUXI BIO, GameStop financial reports, Hong Kong Stock Nanshan Aluminium International listing.

On Tuesday, regarding economic data, the USA will release a series of real estate data, including the S&P/CS20 city unadjusted home price index year-on-year, FHFA home price index month-on-month, and the total annualized sales of new homes. Additionally, the USA will also announce the Conference Board Consumer Confidence Index and the Richmond Fed Manufacturing Index. For China's economic data, attention can be drawn to the People's Bank of China announcing the latest MLF operations. In February, the central bank conducted a 300 billion yuan MLF operation, maintaining the same interest rate, with a net withdrawal of 200 billion yuan, marking the seventh consecutive month of a reduced MLF operation.

In terms of financial events, FOMC permanent voter and New York Fed President Williams will deliver the opening speech at an event. $Apple (AAPL.US)$ An "In-Depth Exploration of Apple Smart and Machine Learning" developer event will be held in Shanghai, and the Boao Forum for Asia Annual Conference 2025 will take place from March 25 to 28 in Hainan Boao.

In terms of earnings reports, the Hong Kong stock market. $KUAISHOU-W (01024.HK)$ 、 $CHINA RES LAND (01109.HK)$ 、 $WUXI BIO (02269.HK)$ 、 $HAIDILAO (06862.HK)$ Performance will be announced; US stocks. $McCormick & Co (MKC.US)$ 、 $Core & Main (CNM.US)$ Earnings Reports will be released soon, among which $GameStop (GME.US)$ performance will be announced after the market closes.

Regarding new stocks, the Hong Kong stock market $NANSHAN AL INTL (02610.HK)$ is listed today.

Futubull Morning Reading:

Experience shows that the market has its own voice; the market is always right. Those who underestimate the market's capabilities will ultimately face losses!
—William O'Neil

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