Market Insights: Mar 6th, 2024

A-Share Market Trends:

• Today, the overall A-share market presented a trend of fluctuations and declines, with the ChiNext Index's decline expanding to 1%, and the Shenzhen Component Index and Shanghai Composite Index falling by 0.64% and 0.19% respectively.
• Among major industry sectors, stocks in the semiconductor chips, automotive industry chain, and general artificial intelligence fields led the declines, with nearly 3000 stocks falling across the market.
• The CSI 2000 Index slightly rose by 0.19%, while the Wind Micro-cap Index increased by 1.23%, and the Hang Seng Tech Index also saw a rise of 0.79%.

International Economic Data:

• The ISM Services PMI in the United States for February showed a slowdown, with employment and price indices falling back, but the new orders index for future demand rose to 56.1, the highest since August last year.
• The Eurozone's Producer Price Index (PPI) for January continued to decline year-on-year for nine consecutive months, with the largest month-on-month drop in nearly a year. Persistent declines in energy prices led to a year-on-year decrease of 8.6% in the Eurozone's January PPI, and a month-on-month decrease of 0.9%, exceeding expectations.
• Japan's Tokyo CPI rose by 2.5% year-on-year, marking the first significant bounce in inflation in 22 months, potentially prompting the Bank of Japan to adjust its policies to combat inflation.

Financial Markets:

• International gold prices broke through $2100, setting a new historical high, while domestic pure gold jewelry prices also reached record levels, breaking through 636 yuan/gram.
• Bitcoin momentarily surged past $69,000 to set a new all-time high, but then sharply fell, dropping below $60,000 at one point.
• Wall Street stocks fell for the second consecutive day, with tech stocks dragging down the market. The Nasdaq index at one point fell more than 2%.
• Tesla fell about 10% over two days, with Elon Musk's position as the world's richest person overtaken by Amazon founder Jeff Bezos, and AI-related shares declined.

Technology Stock Market:

• The "Tech Magnificent Seven", which have recently supported the strength in the stock market, saw their market value evaporate by $233 billion yesterday, intensifying the downturn in the U.S. stock market. However, analysts believe this is a normal correction in a bull market.
• At the close on Tuesday, Apple (AAPL) fell 2.8%, Amazon (AMZN) nearly 2%, Microsoft (MSFT) 3%, and Alphabet (GOOGL), Meta (META), and Tesla (TSLA) ended lower by 0.5%, 1.6%, and 3.9% respectively.
• AMD's "special edition" chips for sales to China faced restrictions, requiring an export license to continue sales.

Individual Stock Dynamics:

• Nongfu Spring's stock price fell for three consecutive days. On March 5, after the opening, Nongfu Spring's stock price rapidly declined, touching the day's low point after 11:00, before experiencing a rebound around noon.
• Today's Hong Kong stock market showed a trend of fluctuating upwards, with the Hang Seng Index rising by more than 1%. Tech stocks performed particularly strongly, with JD.com Group-SW, Wuxi Biologics, and others rising by more than 7%, Kuaishou-W by more than 6%, and JD Health, Leading Ideal Cars, and XPeng Motors-W by more than 4%.