A-share pre-market report: NVIDIA Corporation (NVDA.US) performance and guidance both exceed market expectations; CICC and Galaxy respond to merger rumors.

Pre-Market News 1. Nvidia's performance and guidance exceed market expectations, Huang Renxun praises the astonishing demand for Blackwell chips Type: Company Sentiment Impact: Positive Nvidia's Q4 revenue was $39.331 billion, an increase of 78% year-on-year, and net profit was $22.066 billion, a 72% increase year-on-year, both exceeding analyst expectations. In addition, the expected revenue for the new fiscal year Q1 is $43 billion. Huang Renxun stated in the financial report that the market's demand for Blackwell chips is astonishing. 2. CICC and China Galaxy respond to merger rumors: there is no plan for merging Type: Company Sentiment Impact: Neutral Yesterday afternoon, there were rumors that CICC and China Galaxy Securities would merge. In the evening, both companies issued a clarification announcement stating that they have not received any written or verbal information from government departments, regulatory agencies, or company shareholders regarding the merger rumors, and the controlling shareholders have no plans for a merger. 3. The China Banking and Insurance Regulatory Commission and the National Development and Reform Commission: Attracting more social capital to support the development of innovative enterprises Type: Macro Sentiment Impact: Positive The China Banking and Insurance Regulatory Commission and the National Development and Reform Commission jointly held a coordination mechanism advancement meeting to support financing for small and micro enterprises. The meeting proposed actively promoting pilot projects to attract more social capital to support the development of innovative enterprises and optimizing the equity investment environment to mobilize more funds and resources to support the pilot projects. 4. Highlights of the first cabinet meeting of the Trump administration: Ukraine, selling visas to repay debts, tariffs, etc. Type: Macro Sentiment Impact: Neutral Trump announced that Zelensky will visit the White House on Friday and sign a resource agreement. Trump also stated that most tariffs will continue to be implemented. It is expected that additional 25% tariffs will be imposed on EU imports to the US, with reciprocal tariffs effective on April 2nd, and 25% tariffs on imports from Mexico and non-energy imports from Canada. Investment Calendar Xiaomi will hold a double Ultra launch event today Investment Tips Investment Tip: The formation and bursting of market bubbles are inevitable. Investors should be wary of extreme valuations and take action before the bubble bursts. [US] Jeremy Grantham "The End of the Bubble" Editor's Viewpoint Editor's Viewpoint: Yesterday, all three major indexes collectively rose, with the steel sector showing strong growth, and brokerage stocks surged at the close under the influence of rumors; Orient stated that the overall technology sector is still worth considering from a long perspective. Institutional Views 1. CMSC: The AI sector has fallen in the past two years during earnings season, and attention should be paid to the possibility of declining earnings in late March. 2. Zhongtai: Technology stocks will continue to be active with increased volatility, maintaining a stable allocation of dividend assets and bonds in the medium term. 3. Orient: The overall technology sector is still the main mainstream variety in the market, and it is still worth considering from a long perspective. Positive and Negative Prospects 1. DeepSeek announces a reduction in API call prices, with a maximum decrease of 75% during off-peak hours Type: Market Hot Topic Soochow: DeepSeek has achieved a breakthrough in model capabilities and cost reduction through algorithm innovation in the context of limited high-end computing power. Furthermore, the open-source model is expected to further narrow the gap between domestic large models and overseas models, contributing to the valuation of AI-related businesses of leading Internet companies. 2. Prices of some rare earth products reach new highs in over a year, bringing new demand for humanoid Siasun Robot&Automation Type: Market Hot Topic CITIC SEC: 2025 is expected to be the year of mass production for humanoid Siasun Robot&Automation, with the industry breaking through the critical point at a super-linear speed. High-performance neodymium-iron-boron, as a key material for Siasun Robot&Automation motors, is expected to benefit fully in the future. Continued strategic allocation value for the rare earth permanent magnet sector is recommended. 3. Xiaomi's first AI glasses may be announced today, with internal sales expectations of 300,000 units Type: Market Hot Topic Zheshang: Policy and new product catalysts emerge frequently, and the development of AI glasses may reach a turning point of outbreak, as one of the important end-side applications of AI glasses, related products are expected to accelerate landing in the future. The global AI glasses market size is expected to exceed $300 billion by 2030. Announcement Speed Slightly Positive Announcements 1. Goertek Inc.: Controlling shareholder Goer Group plans to increase its stake in the company by 500 million to 1 billion yuan 2. Shanghai Awinic Technology: Net profit in 2024 increased by 399.83% year-on-year 3. Jiangsu Maixinlin Aviation Science and Technology Corp.: Net profit in 2024 was 45.28 million yuan, an increase of 197% year-on-year Slightly Negative Announcements 1. Chongqing Zonsen Power Machinery: Shareholder Tibet Guolong Technology plans to reduce its stake in the company by no more than 3% 2. Cybrid Technologies Inc.: Shareholder Yinhuan Investment plans to reduce its stake in the company by no more than 3% 3. Marssenger Kitchenware: Haining Dayou and Haining Dahong plan to jointly reduce their stake in the company by no more than 2.94% Overseas Markets Self-selected elder's tip: Trump's tariff statements have impacted market sentiment, with the Nasdaq and S&P briefly rising before falling back to barely close higher. Tech giants saw mixed gains and losses; Chinese concept stocks continued to outperform the overall market, with the Nasdaq China Golden Dragon Index surging by 3.66%. This article was reprinted from Tencent's Stock Selection, GMTEight Editor: Liu Xuan.