盲盒恐惧症

Over the next decade, China is poised to compete with or potentially surpass the United States in the field of artificial intelligence, but the key factor lies in electricity supply rather than chips. China's energy production is twice that of the United States, and it is projected that China can achieve computing power comparable to the United States by 2035 through economies of scale, and may even surpass it. However, China still lags in semiconductor technology, and the outcome of this competition remains highly uncertain.

Huachuang Securities' recently released January-February fiscal data report shows that general public finance revenue declined 1.4% year-on-year, while expenditure grew 6.1%. Fiscal support for infrastructure remains robust, with Q1 fiscal funds available for use expected to reach growth of 26.3%. Despite pressures on government debt and land sales revenue, improved fund adequacy and notably increased project capital contributions are driving stable infrastructure operations. However, local project investment targets are set conservatively, requiring continued observation of future policy implementation and NDRC project reviews.

美國聯合航空公司警告稱，因與伊朗衝突相關的燃油成本上升，航空業面臨壓力。儘管旅行需求強勁，仍計劃削減約5%的運力，並暫停部分航線，以應對可能的高油價。

The disruption of the Strait of Hormuz is affecting sectors beyond the energy market, threatening global supply chains and trade flows, including shortages of critical industrial inputs such as petrochemical products and fertilizers. Emerging markets and some developed economies face greater risks. The economic impact could lead to higher inflation and slower global growth.

TrendForce发布3月面板价格趋势，电视和显示器面板价格上涨，笔电面板价格持平。电视面板因促销活动需求稳定，上涨1-3美元；显示器面板在成本压力下略有涨幅；笔电面板因成本上涨预期将维持价格平稳。

February 2026, national passenger vehicle industry inventory dropped to 3.33 million units, down 240,000 units from the previous month, but up 250,000 units year-over-year, with inventory management trends improving. February retail sales declined 25% year-over-year, production decreased significantly, and market demand remained weak. New energy vehicle inventory fluctuated, with overall inventory pressure still substantial. Automakers need to carefully adjust their production and sales pace to respond to market changes.

瑞銀指出，鐵礦石價格對能源成本的敏感度提高，油價上漲推高了礦業的運輸和生產成本。每上漲$10/桶，成本增$0.40至$0.80/噸，儘管需求疲軟，較高的能源成本仍支撐價格。而不同生產商受影響程度不同，澳大利亞礦商相對有利。未來油價走勢將成關鍵因素。

OpenAI計劃在年底前將員工數量增加至約8,000人，重點招聘產品開發、工程、研究等領域，以加速拓展企業市場並與競爭對手Anthropic抗衡。同時，OpenAI也在優化產品策略，提高企業客戶的採用率。

在交易中，知足是关键，追求过多可能增加风险。盈利的首要任务是保住本金，放弃无把握的交易。当前黄金短线偏空，关注4970-4800区间；原油持续上看，目标在98-120。

黄金近期出现大幅下跌，导致不少投资者爆仓和套牢，市场掀起哀嚎。然而，随着昨日和今日的大幅反弹，部分人开始看到希望，认为黄金将再度上涨。校立对此表示谨慎，认为反弹并未改变整体回调趋势，后续下跌可能仍会出现。同时，美元指数大跌也显现压力，但预期不会持续，未来有可能反弹。建议投资者逢低买入，并保持轻仓操作。

近期黃金價格連續震盪下跌，與中東衝突並未對其產生預期的刺激作用。原因在於美元流動性外洩，資本外撤導致黃金拋售。美元指數在關鍵位置，需關注美聯儲決議對其走向的影響，操作上建議逢低買入。

China Hongqiao's 2025 performance was robust, with revenue growing 4% year-over-year to RMB 162.35 billion, and net profit increasing 1.2% to RMB 22.64 billion. The financial structure was optimized with the asset-liability ratio declining to 42.2%, and cash increasing 14.3% to RMB 51.19 billion. Electrolytic aluminum sales remained stable with improved gross margins, while alumina sales grew 22.7%.

IDC最新報告顯示，2025年全球手持智能相機市場出貨量將達到1,665萬台，銷售額突破461億元人民幣，大疆和影石在市場中表現突出。預計到2030年市場規模超4,000萬台。市場競爭激烈，GoPro面臨挑戰。相機技術創新和演算法優化將成為行業核心競爭力。

Super Micro Computer co-founder Liaw stepped down as director due to federal prosecution involving a $500 million export control violation case. The company appointed a new compliance officer to stabilize its regulatory position. The board was reduced to 8 members, facing a credibility test.

紫金礦業在2025年實現了歷史新高的淨利517.77億元，受金價上漲推動，亦計劃大規模現金分紅。然而，2026年金價回調使股價震盪下行，企業盈利增速可能放緩。分析認為短期內金價承壓，但中長期前景仍看好。

PT Merdeka Gold Resources Tbk（MGR）向港交所申請上市，瑞銀和中信證券為聯席保薦人。MGR是印尼主要黃金開採公司，擁有印尼最大的Pani金礦，預計到2030年將在亞洲金礦中名列前茅。公司依託MCG的支持，展現出強大的行業競爭力和增長潛力。

Chinastock Finance APP learned that according to the disclosure of the Hong Kong Stock Exchange on March 20, PT Merdeka Gold Resources Tbk((abbreviated as: MGR)) submitted a listing application to the Hong Kong Stock Exchange Main Board, with UBS and CITIC Securities as joint sponsors. The prospectus shows that MGR is a gold mining company listed on the Indonesian Stock Exchange and is one of the leading pure gold producers in Asia.

小鹏汽車2025年財報顯示，公司實現歷史新高，全年總收入767.2億元，交付量429445台，並首次單季盈利。小鹏董事長何小鹏強調，透過技術驅動與核心技術自研，形成良性循環，計劃在2026年推出新車型並加速AI技術商業化，推動從智能電動車企向物理AI智能體領域發展。

俄罗斯总統普京重申對伊朗的承諾，稱克里姆林宮是伊朗的「忠實朋友和可靠夥伴」。此時，伊朗正面臨嚴重的地緣政治和經濟危機，儘管雙方展示團結，但俄羅斯的實際軍事和經濟援助受到質疑。分析認為，普京的表態旨在保持外交影響力，避免直接軍事干預。