Products & Services - "Meitou Pro" offers in-depth stock analysis and tracking with 50 video issues per year [1] - "Meitou Pro" provides a professional analyst team and a community of over 10,000 members for discussion [1] - "Meitou Pro" shares daily investment perspectives, professional data, and trading summaries, with over 120 video issues and 10,000+ investment viewpoints already available [1] Investment Strategies & Education - The content covers a range of investment topics, including post-modern cycles, electric vehicle investment, and overcoming Wall Street strategies [1] - The content also covers topics such as US Treasury bond outlook, quantitative risk assessment, and various investment strategies [1] - The platform offers educational content on ETFs, AI investment limitations, and strategies for dealing with inflation [1] - Option trading tutorials are available, covering basic concepts, practical demonstrations, and strategies for using traditional stocks for options [1] Market Analysis & Insights - The content includes analysis of various sectors such as payment, cloud computing, healthcare, streaming media, Chinese stocks, cannabis, metaverse, and AI [1] Community & Contact - Business cooperation can be reached via meitouinvesting@gmailcom [1] - The WeChat official account is Meitou_Investing, and the WeChat ID is meitoujiangmeigu [1]

关税可能导致GDP增长和投资下降。 美国明尼阿波利斯联储主席卡什卡利（2026年FOMC票委）：比预期更严重的经济衰退可能会引发新的 前景。 ...

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Core Viewpoint - The article emphasizes the importance of maintaining confidence in investment despite temporary losses, suggesting that setbacks should be viewed as learning opportunities rather than failures [2]. Economic Indicators - The U.S. manufacturing and services Purchasing Managers' Index (PMI) for March is set to be released, with any reading below 50 indicating a contraction in business activity, which could put short-term pressure on the dollar and potentially drive gold prices higher [2]. - The Personal Consumption Expenditures (PCE) price index, a key inflation indicator favored by the Federal Reserve, will also be released. A stronger-than-expected core PCE could support the dollar and lead to a decline in gold prices, while weaker data may alleviate inflation concerns and stabilize gold prices [3]. Gold Market Analysis - Recent market activity shows a significant pullback in gold prices, marking the first occurrence of a bearish candle since the recent upward trend. The price has retreated to the 3000 level, indicating a potential correction phase [5]. - The analysis suggests two scenarios for the gold market: if prices stabilize above 3000, there may be further upward movement; however, if the 3000 support level is breached, deeper declines could follow. The next few trading days are critical, particularly regarding the 3000 support line [5]. Trading Recommendations - Suggested trading strategy includes selling on a rebound near 3025-3030 with a stop loss at 3037 and a target of 3006, as well as buying on a pullback near 3000-3005 with a stop loss at 2993 and a target of 3035 [6].

Core Viewpoint - The article draws a parallel between weight management and investment, emphasizing that both require discipline, personalized strategies, and long-term commitment rather than seeking quick fixes [2][4][7]. Group 1: Weight Management Insights - The National Health Commission of China announced a "Weight Management Year" initiative, highlighting the importance of weight management in public health [1]. - Successful weight management often involves gradual changes over time, rather than rapid weight loss, which can lead to rebound effects [6][7]. - Individuals must take personal responsibility for their weight management journey, recognizing that effective methods may vary from person to person [7]. Group 2: Investment Insights - Similar to weight management, successful investing is not just about knowledge but also about perseverance and the ability to stick to a plan [7]. - The temptation to find shortcuts in investing mirrors the desire for quick weight loss, which can lead to poor outcomes [5][6]. - A thoughtful, individualized approach to investing, akin to developing a sustainable weight management plan, is essential for long-term success [7].

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Core Viewpoint - The article emphasizes the importance of honesty in both personal reflection and investment decisions, suggesting that true understanding and improvement come from acknowledging one's weaknesses and mistakes [3][4][19]. Group 1: Challenges of Honesty - The first challenge of honesty is the reluctance to acknowledge known weaknesses, as many investors avoid admitting their losses, which can hinder their growth [9]. - The second challenge lies in the inability to identify deeper issues, similar to how patients may struggle to articulate their true feelings to a psychologist [9][10]. - Many investors focus on external validation rather than internal reflection, leading to poor decision-making and a lack of accountability [10][13]. Group 2: The Impact of Ego on Investment - Investors often treat the market as a battleground for self-worth, where profits are seen as validation and losses as a threat to their dignity [11][13]. - This ego-driven approach can prevent investors from recognizing their mistakes, leading to further losses as they refuse to accept that their initial decisions were flawed [11][12]. - The article highlights that acknowledging mistakes is not a sign of defeat but rather a crucial step towards recovery and better decision-making [14][16]. Group 3: Learning from Mistakes - The process of admitting errors can lead to valuable insights and improved strategies, as demonstrated by an investor who learned to wait for market corrections after reflecting on past decisions [15][17]. - Recognizing that losses are part of a probabilistic game rather than a personal failure can help investors detach their self-esteem from their financial outcomes [12][18]. - The article suggests that a more honest dialogue with oneself and tools like AI can facilitate this process, allowing investors to focus on the essence of wealth accumulation rather than ego [18][19].

Core Viewpoint - The current economic situation in China is characterized by a cyclical downturn coupled with structural issues, necessitating measures to avoid the multiplier effect of a declining real estate market and to improve the economic structure [2][28]. Economic Growth and Policy Expectations - The GDP growth target for 2025 is expected to remain around 5% [4][92]. - The policy multiplier effect in 2025 is anticipated to be better than in 2024, with expectations for new initiatives in fiscal reform, budget investment, monetary policy, high-quality development, and technological innovation during the upcoming Two Sessions [3][90]. Monetary Policy Outlook - In 2025, a reserve requirement ratio (RRR) cut of 1 percentage point and interest rate cuts totaling 0.75 percentage points are expected, likely implemented in 2-3 phases [5][78]. - The downward trend in interest rates is projected to positively impact the stability of the real estate and stock markets, contributing to a prosperous capital market in 2025 [5][80]. Structural Issues and Consumption - The global economy faces severe structural problems, including geopolitical conflicts and economic disparities, which also affect China's economic landscape [26][24]. - There is a need to enhance consumption and expand domestic demand, particularly as the wealth effect from real estate diminishes [29][30]. Real Estate Market Dynamics - The real estate sector is undergoing a mean reversion process, with a prolonged adjustment period expected due to previous overvaluation [52][54]. - The contribution of real estate to GDP was significant, accounting for 25% during its peak, and its decline will have widespread negative impacts on various industries [32][34]. Investment and Consumption Trends - Investment returns are declining, leading to a contraction in expansion plans among households and private enterprises [30][46]. - Consumption is identified as a slow variable, contrasting with investment as a fast variable, indicating a need for structural improvements to stimulate long-term demand [41][44]. Fiscal Policy Recommendations - There is a call for increased fiscal stimulus, particularly in consumer spending, with suggestions to raise the fiscal deficit level and leverage central government finances [66][67]. - The current central government leverage is relatively low compared to other countries, indicating room for fiscal expansion [70][71]. Capital Market Outlook - The capital market is expected to thrive in 2025, supported by robust policy measures and a stable GDP growth environment [93][88]. - The focus on income distribution reform could significantly enhance consumption, with potential contributions estimated at around 200 billion annually if middle and low-income groups see an increase in their income share [84][85].

美东时间2月26日盘后，英伟达发布了2025财年第四季度财报（截至2025年1月26日）。 财报显示，英伟达第四财季营收393.31亿美元，比去年同期增长78％， 净利润为220.66亿美元，同比增长 72%。 其中数据中心业务收入为355.8亿美元， 同比增长93.32% 。 因此在2025财年，英伟达总共实现1304.97亿美元营收，同比增长114%；净利润达到728.80亿美元，同 比增长145%。 英伟达CEO黄仁勋表示，人工智能（AI）芯片Blackwell的需求惊人，已经大幅增产Blackwell AI芯片。 但从市场表现来看，美东时间2月26日英伟达收盘价为131.28美元/股，上涨3.67%，但盘后却震荡微 跌。 早在英伟达发布年报之前，雪球上一篇名为《英伟达财报前瞻：除了数字和黄仁勋，什么都不要听》的文 章就引起了诸多大V的讨论。 刚怼完网友的段永平也来凑了热闹。 "英伟达很难看懂的并不是短期的增长，而是长期的护城河到底是什么。10年后的英伟达肯定还在，但还是 目前的市场地位吗？" 得说，这句话有那么些眼熟。 2024年4月，段永平就发表过类似观点 "以前没看懂（英伟达），现在再看也还是没懂 ...

Global Economy and Inflation - Global economic activity is on the rise, with the Baltic Dry Index (BDI) averaging 894.6 points as of February 21, 2025, an increase of 103.00 points from the previous week [3][14] - The CRB Commodity Price Index averaged 314.99 points for the week, up by 2.53 points, indicating rising inflation levels [3][18] Domestic Economy and Inflation - China's official manufacturing PMI for January 2025 is at 49.1%, a decrease of 1.0 percentage points from the previous month, indicating economic contraction [4][23] - The average price of pork in China was 27.58 yuan per kilogram as of February 13, 2025, down by 0.66 yuan from the previous week, reflecting stable inflation [4][31] Industrial Production - The operating rate of high furnaces in China was 77.66% as of February 21, 2025, a decrease of 0.34 percentage points from the previous week [5][40] - The operating rate for rebar steel mills increased to 39.68%, up by 4.92 percentage points, indicating a mixed trend in industrial production [5][41] Consumption - Essential goods consumption remains stable, with the Keqiao Textile Price Index at 104.07 points, down by 0.24 points [6][53] - The average daily sales of passenger cars in China increased to 52,700 units as of February 16, 2025, up by 28,300 units from the previous week, indicating a rise in discretionary spending [6][58] Investment - Real estate transactions in 30 major cities averaged 21.49 million square meters per week as of February 23, 2025, an increase of 4.35 million square meters [7][62] - The domestic sales of excavators in January 2025 were 5,405 units, a slight decrease of 16 units year-on-year, indicating stabilization in infrastructure investment [7][67] Exports - The export container freight index was 1,318.71 points as of February 21, 2025, a decrease of 68.45 points, reflecting challenges in the export sector [8][76] - The foreign trade cargo throughput at major Chinese ports was 21,956.2 million tons, an increase of 3,246 million tons from the previous week [8][77] Emerging Industries - The Philadelphia Semiconductor Index averaged 5,251.19 points as of February 21, 2025, an increase of 137.04 points, indicating rising sentiment in the semiconductor sector [9][79] - The sales of new energy vehicles in China reached 943,703 units in January 2025, an increase of 214,386 units year-on-year, reflecting growth in the new energy sector [9][88]