<p>TradingKey - 美国与伊朗停火谈判的前景主导了周三的市场走势。随着伊朗立场的强硬，油价从盘中低点反弹，最终收高。美国股票和国债并未跟随油价的反转，均以适度上涨收盘，标志着它们之间的暂时背离。</p>
<p>美国向伊朗提交 15 点停火提案的消息引发了市场的剧烈反应，布伦特原油一度下跌 3%。在伊朗拒绝该提案，表示不会允许特朗普决定停火时机后，伊朗外长澄清说信息交流并不构成谈判，布伦特和 WTI 恢复了盘中所有损失。WTI 最终上涨超过 3%，而布伦特上涨超过 2%。</p>
<p>在个股方面，来自大中华区的政策信号提振了平台经济板块的情绪。在 “外卖竞争应回归理性” 的评论中，美团上涨 14.43%，京东上涨 8.3%，阿里巴巴上涨 3.5%。谷歌发布的 KV 缓存压缩技术对存储股造成压力，SanDisk 和美光表现最差，分别下跌 3.5% 和 3.4%。</p>
<p>大部分 “七大巨头” 股票收盘上涨：英伟达上涨 1.99%，亚马逊上涨 2.16%，特斯拉上涨 0.76%，苹果上涨 0.39%，Meta 上涨 0.33%，谷歌上涨 0.17%，而微软下跌 0.46%。</p>
<h2>市场头条：</h2>
<p><strong>美伊沟通差异仍然显著，停火之路不明。</strong> 伊朗拒绝了美国的停火提案，并强调不会接受外部设定的停火时间表；然而，白宫表示双方的沟通是 “富有成效的”。伊朗提出五项条件，包括承认其对霍尔木兹海峡的主权，并将美国的提案描述为 “脱离现实”。它还警告称，如果地区国家支持其对手，相关基础设施可能面临袭击风险。伊朗外长重申，目前的互动仅是通过 “友好国家” 的信息交流，尚未达到正式谈判阶段。</p>
<p><strong>拉加德表示，如果必要，利率可能在任何会议上进行调整。</strong> 欧洲央行行长表示，如果能源价格冲击进一步蔓延至通胀，央行将迅速采取行动。尽管在全面评估冲击的规模和持续时间之前不会做出仓促决定，但她强调对中期 2% 通胀目标的承诺是 “无条件的”，政策工具仍然高度灵活。</p>
<p><strong>人工智能技术的演变扰乱存储逻辑，导致短期市场重新定价。</strong> 谷歌推出 TurboQuant 技术，将大型模型 KV 缓存压缩到 3 位，实现约 6 倍的内存压缩和高达 8 倍的推理加速，这引发了市场对存储需求的担忧。然而，摩根士丹利指出，该技术主要在推理阶段发挥作用，可能通过降低长期成本来推动人工智能应用的扩展。</p>
<p><strong>SpaceX 的 IPO 进程可能加速。</strong> 市场消息称，SpaceX 可能在本周最早提交 IPO 文件，目标是在 6 月完成上市，预计筹资规模超过 750 亿美元，高于之前市场预期的约 500 亿美元。该公司的最新估值已达到约 1.25 万亿美元。在此次发行中，零售投资者的配额可能超过 20%，并且可能没有传统的六个月锁定期。</p>
<h2>当前交易最活跃的 10 只股票</h2>
<p>下表列出了当前市场上交易最活跃的十只股票。这些资产在巨大的交易量和高流动性的推动下，已成为跟踪全球市场动态的关键基准。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260326/top10-stock-0325-14adf5cfbe684f2da977e9283a6409b6.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260326/top10-stock-0325-14adf5cfbe684f2da977e9283a6409b6.jpg"/></p>
<p>了解更多</p>

西方石油

标普全球能源股指数 ETF - iShares

美国油气勘探与生产 ETF - iShares

<p>美国与伊朗的停火谈判仍然不确定，影响市场走势。在伊朗拒绝美国的停火提议后，油价反弹，WTI 原油和布伦特原油分别上涨超过 3% 和 2%。美国股市小幅上涨，尤其是在中国平台经济领域，美团上涨了 14.43%。七大科技股大多数收盘上涨。欧洲央行行长拉加德表示，如果有必要，利率可能会进行调整。SpaceX 预计将很快提交 IPO 申请，目标是在 6 月上市，估值为 1.25 万亿美元，筹资目标超过 750 亿美元</p>

<p>TradingKey - Prospects for U.S.-Iran ceasefire negotiations dominated market movements on Wednesday. As Iran's stance hardened, oil prices rebounded from session lows to finish higher. U.S. equities and Treasuries did not mirror the reversal in oil, both closing with modest gains and marking a temporary divergence in their correlation.</p>
<div class="lb-trans"><p>TradingKey - 美国与伊朗停火谈判的前景主导了周三的市场走势。随着伊朗立场的强硬，油价从盘中低点反弹，最终收高。美国股票和国债并未跟随油价的反转，均以适度上涨收盘，标志着它们之间的暂时背离。</p>
</div><p>Reports of the U.S. submitting a 15-point ceasefire proposal to Iran triggered a sharp market reaction, sending Brent crude down as much as 3%. After Iran rejected the proposal, stating it would not allow Trump to dictate the timing of a truce, and the Iranian Foreign Minister clarified that the exchange of messages did not constitute negotiations, Brent and WTI recovered all intraday losses. WTI ended up over 3%, while Brent rose more than 2%.</p>
<div class="lb-trans"><p>美国向伊朗提交 15 点停火提案的消息引发了市场的剧烈反应，布伦特原油一度下跌 3%。在伊朗拒绝该提案，表示不会允许特朗普决定停火时机后，伊朗外长澄清说信息交流并不构成谈判，布伦特和 WTI 恢复了盘中所有损失。WTI 最终上涨超过 3%，而布伦特上涨超过 2%。</p>
</div><p>In individual stocks, policy signals from the Greater China region bolstered sentiment for the platform economy sector. Amid comments that &#34;competition in food delivery should return to rationality,&#34; Meituan surged 14.43%, JD.com jumped 8.3%, and Alibaba rose 3.5%. Google's release of KV cache compression technology weighed on storage stocks, with SanDisk and Micron among the worst performers, falling 3.5% and 3.4% respectively.</p>
<div class="lb-trans"><p>在个股方面，来自大中华区的政策信号提振了平台经济板块的情绪。在 “外卖竞争应回归理性” 的评论中，美团上涨 14.43%，京东上涨 8.3%，阿里巴巴上涨 3.5%。谷歌发布的 KV 缓存压缩技术对存储股造成压力，SanDisk 和美光表现最差，分别下跌 3.5% 和 3.4%。</p>
</div><p>Most of the Magnificent Seven stocks closed higher: Nvidia rose 1.99%, Amazon gained 2.16%, Tesla added 0.76%, Apple advanced 0.39%, Meta rose 0.33%, and Google edged up 0.17%, while Microsoft fell 0.46%.</p>
<div class="lb-trans"><p>大部分 “七大巨头” 股票收盘上涨：英伟达上涨 1.99%，亚马逊上涨 2.16%，特斯拉上涨 0.76%，苹果上涨 0.39%，Meta 上涨 0.33%，谷歌上涨 0.17%，而微软下跌 0.46%。</p>
</div><h2>Market Headlines:</h2>
<div class="lb-trans"><h2>市场头条：</h2>
</div><p><strong>Differences in US-Iran communications remain significant, and the path to a ceasefire is unclear.</strong> Iran rejected the U.S. ceasefire proposal and emphasized that it will not accept externally set ceasefire timelines; the White House, however, stated that communications between the two sides have been &#34;productive.&#34; Iran proposed five conditions, including the recognition of its sovereignty over the Strait of Hormuz, and described the U.S. proposal as &#34;detached from reality.&#34; It also warned that if regional countries support its adversaries, related infrastructure may face the risk of strikes. The Iranian Foreign Minister reiterated that current interactions are merely messaging through &#34;friendly nations&#34; and have not yet reached the formal negotiation stage.</p>
<div class="lb-trans"><p><strong>美伊沟通差异仍然显著，停火之路不明。</strong> 伊朗拒绝了美国的停火提案，并强调不会接受外部设定的停火时间表；然而，白宫表示双方的沟通是 “富有成效的”。伊朗提出五项条件，包括承认其对霍尔木兹海峡的主权，并将美国的提案描述为 “脱离现实”。它还警告称，如果地区国家支持其对手，相关基础设施可能面临袭击风险。伊朗外长重申，目前的互动仅是通过 “友好国家” 的信息交流，尚未达到正式谈判阶段。</p>
</div><p><strong>Lagarde states interest rates could be adjusted at any meeting if necessary.</strong> The ECB President stated that the central bank will act swiftly if energy price shocks spill over further into inflation. Although no hasty decisions will be made before fully assessing the scale and duration of the shock, she emphasized that the commitment to the medium-term 2% inflation target is &#34;unconditional,&#34; and policy tools remain highly flexible.</p>
<div class="lb-trans"><p><strong>拉加德表示，如果必要，利率可能在任何会议上进行调整。</strong> 欧洲央行行长表示，如果能源价格冲击进一步蔓延至通胀，央行将迅速采取行动。尽管在全面评估冲击的规模和持续时间之前不会做出仓促决定，但她强调对中期 2% 通胀目标的承诺是 “无条件的”，政策工具仍然高度灵活。</p>
</div><p><strong>Evolution of AI technology disrupts storage logic, causing short-term market repricing.</strong> Google launched TurboQuant technology, compressing large model KV cache to 3 bits, achieving approximately 6x memory compression and up to 8x inference acceleration, which triggered market concerns over storage demand. However, Morgan Stanley noted that the technology primarily functions in the inference stage and may instead drive the expansion of AI applications by lowering costs in the long run.</p>
<div class="lb-trans"><p><strong>人工智能技术的演变扰乱存储逻辑，导致短期市场重新定价。</strong> 谷歌推出 TurboQuant 技术，将大型模型 KV 缓存压缩到 3 位，实现约 6 倍的内存压缩和高达 8 倍的推理加速，这引发了市场对存储需求的担忧。然而，摩根士丹利指出，该技术主要在推理阶段发挥作用，可能通过降低长期成本来推动人工智能应用的扩展。</p>
</div><p><strong>SpaceX IPO process may accelerate.</strong> Market sources say SpaceX could file IPO documents as early as this week, aiming to complete its listing in June, with an expected fundraising scale exceeding $75 billion, higher than the previous market expectation of about $50 billion. The company's latest valuation has reached approximately $1.25 trillion. In this offering, the retail investor allocation may exceed 20%, and there may be no traditional six-month lock-up period.</p>
<div class="lb-trans"><p><strong>SpaceX 的 IPO 进程可能加速。</strong> 市场消息称，SpaceX 可能在本周最早提交 IPO 文件，目标是在 6 月完成上市，预计筹资规模超过 750 亿美元，高于之前市场预期的约 500 亿美元。该公司的最新估值已达到约 1.25 万亿美元。在此次发行中，零售投资者的配额可能超过 20%，并且可能没有传统的六个月锁定期。</p>
</div><h2>Top 10 Most Actively Traded Stocks</h2>
<div class="lb-trans"><h2>当前交易最活跃的 10 只股票</h2>
</div><p>The following chart lists the ten most actively traded stocks in the current market. Driven by massive trading volume and high liquidity, these assets have become key benchmarks for tracking global market dynamics.</p>
<div class="lb-trans"><p>下表列出了当前市场上交易最活跃的十只股票。这些资产在巨大的交易量和高流动性的推动下，已成为跟踪全球市场动态的关键基准。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20260326/top10-stock-0325-14adf5cfbe684f2da977e9283a6409b6.jpg" alt="" original-src="https://resource.tradingkey.com/uploads/20260326/top10-stock-0325-14adf5cfbe684f2da977e9283a6409b6.jpg"/></p>
<p>Find out more</p>
<div class="lb-trans"><p>了解更多</p>
</div>

Today’s Market Recap: US-Iran Ceasefire Talks Uncertain, US Stocks Edge Higher, Chinese Concept Stocks Shine, SpaceX Expected to List in June

- 美伊停火谈判主导市场走势，原油价格回升。  
- 美国提交的 15 点停火提案遭伊朗拒绝，布伦特和 WTI 迅速反弹。  
- 欧洲央行行长表示必要时可调整利率，SpaceX IPO 进程或加速。

TradingKey

2 倍做多彭博原油 ETF - ProShares

美国 WTI 原油 ETF

能源业 ETF - Vanguard

美国石油设备与服务 ETF - iShares

能源业 ETF - SPDR

油气服务 ETF - Market Vectors

美团(ADR)

标普油气设备与服务 ETF - SPDR

炼油公司指数 ETF - VanEck Vectors

美团-W

美国布伦特原油期货基金

油气开采 ETF - SPDR

今日市场回顾：美伊停火谈判前景不明，美国股市小幅上涨，中概股表现出色，SpaceX 预计将在六月上市