<h3>U.S. Stock Market News</h3>
<ol>
<li>
Li Yunze, Director of the China Banking and Insurance Regulatory Commission, stated that they are studying the reduction of down payment ratios for car loans, while further optimizing the pricing mechanism for new energy vehicle insurance.
</li>
<li>
BABA-SWR is upgrading its employee incentive policy: Starting from April 1, 2024, two new changes will be made to the performance and promotion stock incentives granted to employees. Firstly, the pure stock incentive will be adjusted to a combination of &#34;stock + long-term cash&#34; incentive. Secondly, the ownership and distribution frequency of stocks will be accelerated, changing from annual ownership to quarterly ownership.
</li>
<li>
JPMorgan Chase stated that due to the latest performance, the relative undervaluation of the &#34;Tech Big Seven&#34; compared to other stocks is even more pronounced than five years ago. These leading U.S. tech stocks driving the U.S. stock market have not become more expensive on a relative basis, although they may be somewhat overvalued in absolute terms.
</li>
<li>
Tesla's German factory is expected to resume power supply as early as Monday night.
</li>
<li>
According to the Wall Street Journal, the largest natural gas producer in the U.S., EQT Corporation, will acquire U.S. natural gas gathering company Equitrans Midstream for $12.50 per share.
</li>
<li>
Marvell announced that its long-term partnership with TSMC will expand to 2nm, and they will develop the industry's first 2nm chip production platform optimized for accelerating infrastructure.
</li>
<li>
&#34;American Reddit&#34; is seeking to raise approximately $750 million through a U.S. IPO. The company plans to set the price range for the issuance of 22 million shares at $31-34 per share, aiming for a valuation of up to $6.5 billion through the U.S. IPO.
</li>
</ol>
<h3>Pre-market Movers</h3>
In the U.S. stock market pre-market, the three major stock index futures are down, while the fear index is rising.
Bitcoin is currently trading at $71,692, up nearly 3% in the past 24 hours; Ethereum is trading at $4,030, up over 2% in the past 24 hours.
Tech stocks are mixed, with Nvidia, which fell significantly last Friday, up nearly 2% pre-market, while AMD, Tesla, and Apple are up, and Amazon, Microsoft, and Meta are down.
Chinese concept stocks are surging, with Bilibili leading the gains with over 7% increase, followed by XPeng, Pinduoduo with over 4% increase, Nio with nearly 3% increase, JD.com with over 2% increase, BABA-SWR, Baidu, NetEase with over 1% increase, and Li Auto with a 1% increase.
In individual stocks, Wanwu Data surged over 20% pre-market, with Hillhouse Capital and others reportedly interested in investing in Wanwu Data's Asian data center.
Coinbase rose over 6% pre-market, with Goldman Sachs raising its target price to $282.
Kingsoft Cloud surged over 17% at one point pre-market, with Morgan Stanley upgrading its rating to overweight.
<h3>Strategy Review</h3>
1. How to understand the new employee incentive policy of BABA-SWR?
<ol>
<li>
&#34;Increasing long-term cash and accelerating equity ownership&#34; can be translated as: The money in hand is more certain now; the speed of receiving stocks has increased. By converting equity ownership on a quarterly basis, it greatly enhances the liquidity of factory workers' income. They can decide whether to sell or continue holding the stocks in hand, giving them more autonomy.
</li>
<li>
Key moment in this bull market cycle: Is it time to balance growth and value investment opportunities?
</li>
</ol>
If investors only focus on the weakening momentum of tech stocks, you might expect a correction or bear market later this year, but the trend towards small-cap stocks indicates otherwise.
<ol>
<li>Is there really a bubble risk in the US stock market?</li>
</ol>
There are signs that the strong momentum of the US stock market, mainly based on economic resilience and strong corporate profits, has not turned into speculative frenzy. Among the so-called &#34;Big Seven&#34; in the US stock market, the prices of several stocks have seen significant declines, indicating that investors are not recklessly pouring money into the market.

Before the market opens, Bilibili surged over 7%, leading the gains, while XPENG-W and Pinduoduo rose over 4%; NVIDIA, which fell sharply last Friday, rose nearly 2%. GDS surged over 20% at one point, Kingsoft Cloud rose over 17% at one point, and Coinbase gained over 6%. Bitcoin surpassed $71,000, and Ethereum broke through $4,000.

LB Select

Meta Platforms

Alphabet

Alphabet - C

Microsoft

Apple

Amazon

Tesla

NVIDIA

Coinbase

Kingsoft Cloud

Alibaba

JD.com

XPeng

Li Auto

Bilibili

NetEase

Baidu

BILIBILI-W

BABA-WR

BABA-W

GDS-SW

Pre-market trading in US stocks | Bilibili leads the way as Chinese concept stocks rise across the board! BABA-SWR introduces a new "long-term cash" incentive policy.