GMT EIGHT - OPPORTUNITIES IN CHINA

Malaysian Foreign Minister Mohamed said on the 28th that the Iranian government has allowed several Malaysian oil tankers stranded in the Strait of Hormuz to pass. Mohamed told the media that despite the relevant oil tankers being allowed to pass through the Strait of Hormuz due to the current tense situation in the Middle East, they still need to wait for the appropriate "passage window". (Xinhua News Agency).

Trump always takes action on the weekends, so Wall Street no longer dares to hold positions over the weekend.

Trump regularly uses weekends to announce major developments, forcing Wall Street to readjust.

Overnight US stocks | The three major indexes have fallen for five consecutive weeks, the Dow Jones has entered a correction zone, and tech stocks have fallen across the board.

As of the close, the Dow Jones fell 792.67 points, a decrease of 1.72%, to 45167.44 points; the Nasdaq fell 459.72 points, a decrease of 2.15%, to 20948.36 points; the S&P 500 index fell 108.31 points, a decrease of 1.67%, to 6368.85 points.

WTI crude oil broke through $101 per barrel, rising 6.98% intraday.

The Dow fell 1.73%, the Nasdaq fell 2.15%, and the S&P 500 fell 1.67%. Among the top traded stocks, Nvidia fell 2.17%, Tesla fell 2.76%, Micron Technology rose 0.5%, and Meta Platforms fell 3.99%.

Brent crude oil breaks through $106 per barrel, jumping 4.15% during the day.

According to Bloomberg, data from ICE Data Services showed that the five-year credit default swap (CDS) for Oracle rose by 0.079 percentage points (7.9 basis points) to 198.58 basis points during intraday trading, which would set a new historical record if it closes at that level, surpassing the previous peak in December 2008. With major tech giants borrowing heavily to build AI infrastructure, Oracle has become a key barometer on Wall Street for measuring credit risk in the AI sector. John Lloyd, global credit head at Juheng Capital, stated that Oracle's CDS is now a key indicator for AI risk in the credit market, with widening spreads reflecting market judgments on the scale of leverage needed for funding AI infrastructure, rather than bearish views on Oracle's fundamentals itself. To support investments in the AI field, Oracle has significantly increased its debt levels, with around $120 billion in bonds now included in the Bloomberg U.S. Investment Grade Corporate Bond Index, making it the largest issuer in the index after the banking industry.

Sinotruk Jinan Truck (03808) released its annual performance, with a net profit attributable to shareholders of 7.019 billion yuan, an increase of 19.82% year-on-year.

China National Heavy Duty Truck Group (03808) released its annual performance for the year ending December 31, 2025. The group achieved a revenue of RMB 109.541 billion, an increase of 15.23% year-on-year. The net profit attributable to equity shareholders of the company was RMB 7.019 billion, an increase of 19.82% year-on-year. The basic earnings per share were RMB 2.57, with a proposed final dividend of HK$0.88 per share.

YOFC(06869) released its annual performance with a net profit attributable to the parent of 814 million yuan, an increase of 20.4% year-on-year.

Changfei Fiber Optic Cable (06869) announced its annual results for the year ended December 31, 2025. The group achieved a revenue of RMB 14.252 billion, an increase of 16.85% year-on-year. Net profit attributable to equity shareholders of the parent company was RMB 814 million, an increase of 20.4% year-on-year. Earnings per share were RMB 1.07. The proposed final dividend is RMB 0.295 per share.

DATANG POWER (00991) announced its annual performance with a net profit attributable to parent company of 7.539 billion yuan, an increase of 66.13% year on year.

Datang Power (00991) released its 2025 annual performance, with the group achieving operating revenue of 121.255 billion yuan, a decrease of 1.8% year-on-year; net profit attributable to equity holders of the company was 7.539 billion yuan, an increase of 66.13% year-on-year; basic earnings per share were 32.37 fen. It is proposed to distribute a final dividend of 0.0930 yuan per share.

AUSNUTRIA (01717) announced its annual performance with a net profit attributable to shareholders of 1.78 billion yuan, a decrease of 24.8% year-on-year.

Ausnutria (01717) has released its annual performance report for the year ending December 31, 2025. The company reported revenue of 7.488 billion yuan, a year-on-year increase of 1.2%. Gross profit was 2.893 billion yuan, a year-on-year decrease of 6.9%. Net profit attributable to equity holders was 178 million yuan, a year-on-year decrease of 24.8%. Basic earnings per share were 9.98 cents, and the final dividend per share was 0.05 Hong Kong dollars.

CRRC Corporation (01766) has released its performance results for the year 2025, with a net profit attributable to shareholders of 13.181 billion yuan, a year-on-year increase of 6.4%.

China Zhongche (01766) released its financial performance for the year 2025, with operating income of 273.063 billion yuan, a year-on-year increase of 10.79%. Net profit attributable to shareholders of the listed company reached 13.181 billion yuan, a year-on-year increase of 6.40%. Basic earnings per share were 0.46 yuan.

EMBRY HOLDINGS (01388) released its annual performance, with a shareholder's net loss of HK$253 million, a year-on-year decrease of 32.2%.

Anli Fang Holdings (01388) released its annual performance as of December 31, 2025, stating that the group made a profit of HK$1.17 billion, an increase of 1.51% year-on-year. The company's owners recorded an annual loss of HK$253 million, a decrease of 32.2% year-on-year. Loss per share was 59.94 Hong Kong cents.

Shandong Gold Mining (01787)s subsidiary Shanjin International Gold has re-submitted an application to the Hong Kong Stock Exchange for the issuance and listing of overseas listed shares and has published the application materials.

Shandong Gold (01787) announced that its holding subsidiary Shandong Gold International Gold Corporation Limited (Shandong Gold International) is applying to issue overseas listed shares (H shares) and to be listed on the main board of the Hong Kong Stock Exchange (SEHK).

Russian oil lifeline reignited! Baltic Sea oil export chain attacked, adding fuel to global oil price rally.

Satellite data shows that Russia's critical Baltic Sea oil ports have once again caught fire - the Primorsk and Ust-Luga oil ports along the Baltic Sea coast caught fire after being attacked by drones at night.

Li Qiang presided over the executive meeting of the State Council to listen to a report on the current development of the service industry in China.

Li Qiang presided over the State Council executive meeting, studying and implementing the important speech spirit of General Secretary Xi Jinping at the symposium on deepening the high-quality construction and development of Xiong'an New Area.

China Merchants Bank (03968) announced that its net profit attributable to shareholders in 2025 was 1501.81 billion yuan, an increase of 1.21% year-on-year.

China Merchants Bank (03968) announced its performance in 2025, achieving an operating net income of 337.273 billion yuan, a year-on-year increase of 0.05%; including a net interest income of 215.593 billion yuan, a year-on-year increase of 2.04%, and a non-interest net income of 121.68 billion yuan, a year-on-year decrease of 3.31%. The net profit attributable to the bank's shareholders was 150.181 billion yuan, an increase of 1.21% year-on-year; with a basic earnings per share of 5.70 yuan.

The drop in the S&P 500 and Nasdaq 100 stock index futures has widened to the intraday low.

Dividend insurance demonstration interest rate is planned to be lowered to 3.5%.

It was learned from relevant channels on March 27 that the life insurance industry has reached a consensus on reducing the demonstration interest rate for dividend insurance, with plans to further lower it to 3.5%, in order to prevent sales misguidance and interest rate risk. The demonstration interest rate is the interest rate level used by insurance companies when demonstrating future benefits in the sale of dividend insurance products. Currently, the highest demonstration interest rate for dividend insurance is 3.9%. A too high demonstration interest rate can easily lead to sales misguidance and invisible "run" pressure.

Southbound funds net sold 2.883 billion Hong Kong dollars today.

In terms of Stock Connect (Shanghai), Changfei Optical Fiber Cable and Bubble Mart received net purchases of HK$555 million and HK$469 million respectively; Yingfu Fund ranked first in net sales with an amount of HK$3.556 billion. In Stock Connect (Shenzhen), Meituan-W and Bubble Mart received net purchases of HK$224 million and net sales of HK$11.8552 million respectively; Changfei Optical Fiber Cable ranked first in net sales with an amount of HK$328 million.

XUNFEIHEALTH (02506) announced its annual performance, with operating income reaching 915 million yuan, a year-on-year increase of 24.7%.

Xunfei Medical Technology (02506) announced its annual performance for the year ending December 31, 2025, with revenue of 915 million RMB, an increase of 24.7% year-on-year; net loss attributable to the parent company of 64.788 million RMB, a decrease of 51.1% year-on-year; and gross profit of 462 million RMB, an increase of 14.2% year-on-year.

Before the outbreak of war in the Middle East, consumer spending in the UK had cooled down, with retail sales in February declining for the first time in three months.

The latest data released by the UK's National Statistics Office shows that retail sales in the UK recorded their first decline in three months in February.

YUEXIUTRANSPORT (01052) releases annual performance, with a net profit of 533 million yuan attributable to shareholders, a decrease of 18.85% year-on-year.

Yuexiu Transport Infrastructure Limited (01052) released its annual performance for the year ending December 31, 2025. The group achieved a revenue of RMB 4.331 billion, an increase of 12% year-on-year. The company's net profit attributable to shareholders was RMB 0.533 billion, a decrease of 18.85% year-on-year. Earnings per share were RMB 0.3185, and the proposed final dividend per share is HKD 0.13.

COSCO Shipping responds to the false news that two container ships crossed the Strait of Hormuz.

On March 27th, there were reports that two 20,000 TEU container ships, "COSCO Indian Ocean" and "COSCO Arctic Ocean", under the China COSCO Shipping Corporation were beginning to cross the Strait and return home while stranded in the Persian Gulf on the west side of the Strait of Hormuz. A spokesperson for China COSCO Shipping Corporation stated to reporters that the above news is false and should not be believed. Upon checking ShipView, it was found that the two ships are still in the Gulf.

The US Dollar Index (DXY) touched 100 on the upside, rising by 0.06% intraday.

Morgan Stanley warns: If the Iran war continues until June, oil prices could skyrocket to $200!

The Macquarie Group Limited stated that if the Iran war drags on until June and the Strait of Hormuz remains closed, oil prices may reach a record high of $200 per barrel.

The news is that the spot price of helium has surged by 50%, and big factories such as Samsung and SK Hynix are closely watching the supply of process materials.

According to industry sources, the spot price of helium has skyrocketed, rising by more than 50%. Samsung Electronics, SK Hynix, Dongbu HiTek, and other semiconductor manufacturers' procurement departments are checking the supply and price fluctuations of key materials every day to prevent production interruptions.

XD INC (02400) announced annual performance, with a net profit of 1.657 billion yuan, a year-on-year increase of 86%. AI empowers the game ecosystem and drives the dual wheel with the TapTap platform.

Heartbeat Co. (02400) announced its full-year financial performance for the fiscal year ending December 31, 2025. The Group's total revenue was 5.764 billion RMB, an increase of 15% year-on-year; profit attributable to shareholders was 1.535 billion RMB, an increase of 89.2% year-on-year; net profit was 1.657 billion RMB, an increase of 86% year-on-year.

Comparison of the US-Iran War with historical wars: Is the trend of stocks, bonds, and oil more similar to the Gulf War period?

Each day that the conflict between the US and Iran continues, it will exacerbate the energy impact and push the global economy, as well as stocks and bonds, into even greater danger.

National Bureau of Statistics: From January to February 2026, the profit of industrial enterprises above designated size in the country increased by 15.2% year-on-year.

On March 27, the National Bureau of Statistics released data showing that in January and February, the total profits of industrial enterprises above a designated size in China reached 1.0256 trillion yuan, an increase of 15.2% year-on-year.

The artificial intelligence company Anthropic is considering an IPO as early as October.

According to reports, artificial intelligence company Anthropic is considering an IPO as early as October, and has already started preliminary discussions with multiple Wall Street banks regarding the potential listing. Earlier reports suggested that Anthropic could raise over $60 billion through the IPO.

VOBILE GROUP (03738) releases annual performance with net profit of 212 million Hong Kong dollars, a year-on-year increase of 33.57%. AI and Web3 drive the release of value of content assets.

China Merchants Group (03738) released its full-year performance for the year ending December 31, 2025. The group's revenue was HK$2.872 billion, an increase of 19.62% year-on-year; net profit was HK$212 million, an increase of 33.57% year-on-year; and pre-tax profit was HK$267 million, an increase of 42.76% year-on-year.

Beijing Shougang Langze Technology Co., Ltd. submitted its listing application to the Hong Kong Stock Exchange.

According to the documents of the Hong Kong Stock Exchange: Beijing Shougang Lanzetech Technology Co., Ltd. has submitted an application for listing to the Hong Kong Stock Exchange.

Meta(WETA.US) bets big on AI infrastructure! Plans to invest 10 billion US dollars to build a data center in Texas, with investment scale increasing nearly 6 times

Meta will invest over $10 billion in building a data center in El Paso, Texas. This amount is significantly higher than previously anticipated and is the latest in a series of major investments by the company in infrastructure needed to support its AI ambitions.

The uncertain prospects of a ceasefire between the US and Iran have rocked the global market, with gold falling below $4400 at one point, edging towards a technical bear market.

Due to conflicting signals from President Trump on whether the US and Iran can reach an agreement to end the month-long war, global markets have become further volatile, causing a drop in the price of gold.

ZAI LAB (09688) announces annual performance with a 15% year-on-year increase in total revenue to 460 million US dollars. Positive progress seen in all product pipelines.

China Kanghui Holdings (09688) announced its full year financial performance for the fiscal year ending December 31, 2025. Net product revenue increased by 15% to 457 million US dollars, mainly due to the increase in sales of Dingyoule (benefiting from strong patient demand and continuous expansion of hospital coverage, partially affected by supply restrictions within the year) and Nuizailer (benefiting from the improvement in market coverage and penetration rate). Net loss decreased by 32% to 176 million US dollars, primarily due to product revenue growth outpacing net operating expenses and foreign exchange losses turning into foreign exchange gains, offset by a decrease in interest income. Basic and diluted loss per share was 0.16 US dollars.

Federal Reserve Vice Chairman Jefferson: It was expected that once the impact of tariffs subsided, with the help of increased productivity and relaxed regulations, the process of inflation slowing down would restart. Despite the high degree of uncertainty, the US economy is expected to expand at a rate of around 2% or slightly faster this year. It will closely monitor whether high costs will become entrenched in the economy.

US oil opens 1% lower, US stock futures rise

In early trading on Friday in the Asia-Pacific region, international oil prices fell, with WTI crude oil down 1.00% to $93.531 per barrel. US stock index futures rose, with Dow Jones index futures up 0.19%, S&P 500 index futures up 0.21%, and Nasdaq 100 index futures up 0.21%.

Financial market volatility intensifies! Trump delays strike on Iranian energy facilities until April 6th, Nasdaq falls into technical pullback.

On Thursday after the closing of the US stock market, President Trump announced that the deadline for the final strike on Iranian energy facilities would be delayed again by 10 days until April 6th.

Market "last line of defense" is weakening! Analysts: Weakness in the semiconductor sector may trigger a greater adjustment in the US stock market.

Amid the overall pressure in the technology sector, the semiconductor sector, which has been a key force supporting the market, is showing signs of weakening.

Air China Limited (00753) released its financial performance for the year 2025, with a net loss attributable to shareholders of 1.788 billion yuan, an increase of 668.8% year-on-year.

Air China (00753) released its annual results for the year ending December 31, 2025, with revenue of 171.485 billion yuan, a year-on-year increase of 2.9%; the company's attributable net loss to shareholders was 1.788 billion yuan, a year-on-year increase of 668.8%; basic loss per share was 0.11 yuan.

Shandong Gold Mining (01787) announced its performance for 2025, with a net profit attributable to owners of approximately 4.739 billion yuan, an increase of about 60.57% year-on-year.

Shandong Gold (01787) announced its performance for 2025, with revenue of approximately 104.287 billion yuan, an increase of about 26.38% year-on-year; net profit attributable to shareholders of the parent company was approximately 4.739 billion yuan, an increase of about 60.57% year-on-year; basic earnings per share was 0.94 yuan, and the final dividend was 1.80 yuan per 10 shares (including tax).

AKESO (09926) released its annual performance, with revenue increasing by 43.9% year-on-year to 3.056 billion yuan.

Kangfang Biotech (09926) announced its annual performance for the year ending December 31, 2025. The group achieved a revenue of RMB 3.056 billion (units the same), an increase of 43.9% year-on-year; gross profit of RMB 2.404 billion, an increase of 31.01% year-on-year; research and development expenses of RMB 1.575 billion, an increase of 32.61% year-on-year; and a loss of RMB 1.141 billion for the year, with a loss per share of RMB 1.23.

BLUE MOON GROUP (06993) reported a profit of HK$8.409 billion for the fiscal year 2025, with a year-end dividend of 10 Hong Kong cents per share.

Blue Moon Group (06993) announced its annual performance for the year ending December 31, 2025. The operating results for 2025 have shown significant improvement, with revenue of HK$8.409 billion, gross profit of HK$5.021 billion, and a net loss of HK$329 million, a 56.1% decrease compared to the previous year. It is proposed to pay a final dividend of 10.0 HK cents per share.

TSINGTAO BREW (00168) announced its 2025 performance, with a net profit attributable to shareholders of 4.59 billion yuan, a year-on-year increase of 5.6%. It plans to distribute a dividend of 2.35 yuan per share.

Tsingtao Brewery Co., Ltd. (00168) announced its performance in 2025, with product sales reaching 7.648 million kiloliters, a year-on-year increase of 1.5%; achieving operating income of RMB 32.47 billion, a year-on-year increase of 1%; and achieving a net profit attributable to shareholders of the listed company of RMB 4.59 billion, a year-on-year increase of 5.6%. The basic earnings per share is RMB 3.363, and the proposed cash dividend per share is RMB 2.35 (including tax).

YH ENT (02306) releases its annual performance, with a net profit attributable to shareholders of 64.168 million yuan, a year-on-year increase of 36.7%.

China Joy Entertainment (02306) released its annual performance as of December 31, 2025. The group achieved a revenue of 907 million yuan, an increase of 18.63% year-on-year; the profit attributable to the owners of the company was 64.168 million yuan, an increase of 36.7% year-on-year; and the earnings per share were 0.08 yuan.

JF SMARTINVEST (09636) releases annual performance with a net profit attributable to shareholders of 922 million yuan, an increase of 238.5% year-on-year.

Ninebot Smart Finance Holdings (09636) has released its annual performance for the year ending December 31, 2025, with a revenue of 3.43 billion yuan, an increase of 48.75% year-on-year. Equity shareholders' net profit was 922 million yuan, an increase of 238.5% year-on-year. Basic earnings per share were 2.05 yuan. It is proposed to distribute a final dividend of 0.36 Hong Kong dollars per share.

The Dow Jones Industrial Average fell by 0.5% at the opening, the S&P 500 fell by 0.8%, and the Nasdaq fell by 1.1%.

SanDisk fell 3.5%, Micron Technology fell 2.4%, Google launched a compression algorithm, claiming it can achieve 6 times memory savings. Mining stocks declined, with First Majestic Silver down 4.1%, Coeur Mining down 4.3%, and Hecla Mining down 4.3%. ASML fell 2.8%, and there was a large-scale strike at its headquarters in the Netherlands. Furniture company MillerKnoll fell 22.9%, with Q3 earnings below expectations. Tourism software company Navan rose 21.6%, turning a loss into profit in Q4.

CITIC SEC (06030) announced its annual performance for 2025, with a net profit attributable to shareholders of 30.076 billion yuan, a year-on-year increase of 38.57%.

CITIC Securities (06030) released its annual performance forecast for the year 2025, with the group achieving a total operating income and other income of RMB 104.682 billion, a year-on-year increase of 21.88%; achieving a net profit attributable to the shareholders of the parent company of RMB 30.076 billion, a year-on-year increase of 38.57%; achieving a basic earnings per share of RMB 1.96, a year-on-year increase of 39.01%; a weighted average return on equity of 10.59%, a year-on-year increase of 2.50 percentage points. It plans to distribute a cash dividend of RMB 4.10 (including tax) for every 10 shares.

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