Summary: Morgan Stanley stated that ASICs do show outstanding performance in certain specific application scenarios, but they heavily rely on the customization needs of specific clients; the development costs of ASICs are generally lower, but their system costs and Software deployment costs can be much higher than commercially deployable GPUs, resulting in a higher total cost of ownership. In addition, NVIDIA's CUDA ecosystem is very mature and widely used in Global Cloud Computing Services, with a market position that remains rock solid.

Will the Apple Intelligence feature for the Chinese version be launched soon? Apple announced that a developer event will be held in Shanghai on March 25th. The official Apple Developers website schedule shows that Apple will host the "Deep Dive into Apple Intelligence and Machine Learning" developer event in Shanghai on March 25th. In this online lecture, developers will explore the latest developments in Apple Intelligence and machine learning together, learn how to optimize user interactions with apps using Siri and App Intents, delve into advanced workflows for building intelligent features using machine learning-based APIs, and have the opportunity to participate in a live Q&A session with Apple experts.

According to the Daily Telegraph of India, Samsung stated on Friday that its latest Smart Phone, the Galaxy S25, has received a record 0.43 million pre-orders in India. The starting price of this phone is 0.080999 million rupees, and it can go up to 0.165 million rupees. Samsung India said in a statement that the number of pre-orders is 20% higher than that of its predecessor, the S24 series. Raju Pullan, Senior Vice President of Samsung India MX division, stated that there is strong demand for the Galaxy S25 series among young technology Consumers, who are at the forefront of using Galaxy AI. This year, the company expanded its flagship distribution network in India to 17,000 outlets, which helps the company tap into the demand from smaller cities.

State Administration of Taxation's value-added tax invoice data shows: During the Spring Festival holiday, the daily sales revenue of the national consumer-related industry increased by 10.8% compared to the previous Spring Festival holiday. Among them, commodity consumption and service consumption increased by 9.9% and 12.3% year-on-year respectively. Supported by the 'trade-in old products for new ones' policy, the consumption of household appliances and furnishings products has a relatively high growth rate. There is a strong demand for tourism, sightseeing, cultural, artistic, and sports services, and the consumption trend of grains, oils, and food is good.

FTSE China A50 Index Futures fell 2.7% at the opening of the market, closing down 1.15% in the night of the previous trading day. Taiwan Stock Exchange Weighted Stock Price Index dropped by over 4% at the opening, with Taiwan Semiconductor plummeting 6.6%; the Taiwan Dollar depreciated by 1% against the U.S. Dollar.

India: Reducing some import taxes to promote manufacturing industry development. In order to promote the development of the local manufacturing industry, the government led by Indian Prime Minister Modi has canceled import taxes on several electronic components in the federal budget. The Finance Minister announced during the parliamentary session on the federal budget starting from April 1 that India will not levy import taxes on various components including camera module parts and components required for printed circuit board assembly. Previously, India imposed a 2.5% tariff on these components. The Indian Finance Minister stated, "We will support the development of domestic manufacturing capabilities so that our economy can integrate into the global supply chain." The government will also reduce import taxes on components such as open batteries and glass panels used to manufacture flat panel displays to 5%. Previously, the import tax on some of these components was as high as 15%.

Shanghai International Port announced that in January 2025, the container throughput of Shanghai Port exceeded 5 million standard containers, reaching a new monthly historical high.

NVIDIA is reportedly approving Samsung's 8-layer HBM3E AI storage chip. (Bloomberg)

HSBC: Initial buy rating given to Ctrip, Target Price 608.40 Hong Kong dollars.

Ctrip's latest data shows that during the Spring Festival holiday from January 28th to February 4th, the number of inbound travel orders has more than doubled compared to the same period last year. Overall, during the Spring Festival, the popular domestic destinations are Shanghai, Beijing, Guangzhou, Shenzhen, Harbin, Chengdu, Hangzhou, Kunming, Xi'an, Chongqing. Harbin, the top destination for ice and snow tourism, remains in fifth place, with a year-on-year increase of 32% in travel booking orders. Kunming, Fuzhou, Xiamen and other cities preferred by northern tourists for avoiding the cold, saw a year-on-year increase of 18%, 30%, and 16% in travel booking orders during last year's Spring Festival.