GMT EIGHT - OPPORTUNITIES IN CHINA

Powell calls long-term inflation expectations stable, markets pull back on rate hike bets, and three major indices edge up slightly.

Federal Reserve Chairman Powell stated that current long-term inflation expectations remain stable overall, and they are closely monitoring the potential impact of the war.

CITIC FAMC (02799) announced its annual performance for 2025, with a net profit attributable to the company's shareholders of 11.086 billion yuan, an increase of 15.3% year-on-year.

China CITIC Financial Assets (02799) released its performance for the year 2025, with the Group's operating performance steadily improving. The total revenue reached RMB 80.476 billion, a year-on-year increase of 43.0% excluding one-time impact factors. The net profit attributable to the company's shareholders reached RMB 11.086 billion, a year-on-year increase of 15.3%, excluding the impact of disposing of Gold Leasing Company. The average equity return rate was 18.7%, an increase of 0.3 percentage points from 2024, and the average asset return rate was 0.93%, an increase of 0.18 percentage points from 2024. The basic earnings per share reached RMB 0.13, with profit scale, per capita profit creation, equity return rate, and other operating indicators leading the industry.

Shanghai Pharmaceuticals Holding (02607) released its annual performance for 2025, with a net profit attributable to shareholders of 5.725 billion yuan, an increase of 25.74% year-on-year.

Shanghai Pharmaceuticals (02607) announced its performance for the year 2025, with operating income of 283.58 billion yuan, a year-on-year increase of 3.03%. Among which: the pharmaceutical industry achieved sales revenue of 24.522 billion yuan, an increase of 3.33% year-on-year; pharmaceutical commercial achieved sales revenue of 259.058 billion yuan, an increase of 3.00% year-on-year. The net profit attributable to shareholders of the listed company was 5.725 billion yuan, a year-on-year increase of 25.74%.

The light boat was successfully launched after initial test flights.

Journalists learned from the Innovation Research Institute of Microsatellites of the Chinese Academy of Sciences that at 19:00 on March 30, 2026, Beijing time, the Lijian-2 Yaoyi launch vehicle was launched into space at the Dongfeng Commercial Aerospace Innovation Test Area, successfully delivering the Light Boat Prototype Test Flight Ship into the designated orbit. The flight test mission was a complete success. The Light Boat Prototype Test Flight Ship was developed by the Innovation Research Institute of Microsatellites of the Chinese Academy of Sciences, weighing only 4.2 tons, with a single cabin integrated configuration that can flexibly adapt to multiple types of rockets and has excellent launch compatibility. This flight test carried a total of 27 projects including technology reserves, on-orbit verification, scientific exploration, and popular science works, with a total payload of 1.02 tons, conducting a series of on-orbit technology experiments at altitudes ranging from 200 kilometers to 600 kilometers. After entering orbit, the Light Boat Prototype Test Flight Ship will conduct key technical verification of in-orbit flight, and the subsequent Light Boat Production Cargo Ship will dock with the Chinese space station and provide upward cargo transportation services for the Chinese space station.

GF SEC (01776) announced that the net profit attributable to shareholders for 2025 was 13.702 billion yuan, a year-on-year increase of 42.18%.

Guangfa Securities (01776) announced its performance for the year 2025, with a total revenue and other income of 44.513 billion yuan, an increase of 21.72% year-on-year; the net profit attributable to the company's shareholders was 13.702 billion yuan, an increase of 42.18% year-on-year; and the basic earnings per share were 1.68 yuan. As of December 31, 2025, the total assets of the group were 975.484 billion yuan, an increase of 28.57% compared to the end of the previous year.

BBMG Corporation (02009) announced its annual performance, with a net loss attributable to the owners of the company of 1.009 billion yuan, an increase of 81.83% year-on-year.

China Gezhouba Group Corporation (02009) announced its annual performance as of December 31, 2025. The group achieved operating income of RMB 91.113 billion (the same unit below), a decrease of 17.7% year-on-year; net loss attributable to the owners of the parent company was RMB 1.009 billion, an increase of 81.83% year-on-year; basic loss per share attributable to the parent company's shareholders (excluding other equity instruments interest) was approximately RMB 0.19; proposed final dividend of RMB 0.05 per share.

Midea Group: Net profit of 43.945 billion yuan in 2025, a year-on-year increase of 14.03%.

On March 30, Midea Group announced that the operating income in 2025 was 456.452 billion yuan, an increase of 12.11% year-on-year. Net profit was 43.945 billion yuan, an increase of 14.03% year-on-year. The company's profit distribution plan for the year 2025 is to distribute 43 yuan in cash for every 10 shares.

ZOOMLION (01157) announces its financial performance for 2025, with a net profit attributable to shareholders of approximately 4.79 billion yuan, a year-on-year increase of 35.73%. Earnings per share at the end of the period is 0.2 yuan.

China National Heavy Machinery Corporation (01157) announced its performance in 2025, with a total operating revenue of RMB 52.107 billion, a year-on-year increase of 14.58%. The net profit attributable to shareholders of the company in the current year was RMB 4.779 billion, a year-on-year increase of 35.73%. The basic earnings per share were RMB 0.55, and the final dividend was RMB 0.2 per share.

The cost of recovery of the second Long March rocket is expected to be reduced to half of SpaceX's cost.

On March 30th, today, Yang Haoliang, the chief commander of the Lijian No. 2, told reporters that by drawing on the logic of automatic production lines and modular development in the automotive industry, the Lijian No. 2 launch vehicle can achieve an annual production capacity of 20 launches. Currently, the Lijian No. 2 launch vehicle does not recover the cost of a single launch, which is 30,000 RMB per kilogram. Compared with the SpaceX Falcon 9 launch vehicle, which costs 5000 US dollars per kilogram per launch, the cost is basically the same. However, the Lijian No. 2 may see a significant decrease in cost to half of SpaceX's once it is recovered in the future.

In 2025, Country Garden's net profit attributable to shareholders is expected to be approximately 3.261 billion yuan, turning losses into profits year-on-year, and achieving positive overall cash flow and profit.

Country Garden Group (02007) announced its 2025 performance, with total revenue reaching approximately RMB 154.89 billion, net profit of approximately RMB 1.62 billion, and net profit attributable to the company's shareholders at approximately RMB 3.261 billion, turning losses into profits year-on-year. Throughout the year, about 170,000 units of houses were delivered, with a cumulative delivery of approximately 19.82 million square meters of building area, covering 204 cities in 28 provinces.

HYGEIA HEALTH (06078) announced its performance for 2025, with a net profit of approximately 161.5 million yuan, a year-on-year decrease of 73.0%.

Haoy Medical (06078) announced its performance in 2025, with revenue of approximately 4.09 billion yuan, a year-on-year decrease of 9.8%. Net profit was approximately 161.5 million yuan, a year-on-year decrease of 73.0%.

Chongqing Sokon Industry Group Stock (09927) announced its performance for 2025, with a pre-tax profit of approximately 7.47 billion yuan, a year-on-year increase of 50.86%, and a dividend of 0.8 yuan per share.

Sailes (09927) announced its performance in 2025, with sales of new energy vehicles reaching 472,300 units, an increase of 10.63% year-on-year. Revenue was approximately 164.88 billion yuan, up 13.63% year-on-year; gross profit was 44.324 billion yuan, an increase of 28.29% year-on-year; pre-tax profit was approximately 7.47 billion yuan, up 50.86% year-on-year; net profit attributable to the company's owners was approximately 5.957 billion yuan, an increase of 0.18% year-on-year; basic earnings per share were 3.68 yuan, with a proposed cash dividend of 0.8 yuan per share (tax included).

The State Administration for Market Regulation and the Competition Directorate-General of the European Commission jointly hosted the 28th EU-China Competition Policy Week.

Sina Finance News on March 30th, from March 23rd to 27th, the State Administration for Market Regulation and the Directorate-General for Competition of the European Commission jointly held the 28th EU-China Competition Policy Week online. The two sides conducted in-depth exchanges and discussions on topics such as China's fair competition review system, the EU state aid control system, market competition status investigation and assessment, anti-monopoly regulation in the digital economy sector, and review of operator concentration. Both sides stated that they will further strengthen exchanges and cooperation in the field of anti-monopoly, maintain a fair market competition order, and promote the sustainable development of their economic and trade relations.

New stock news | Xizhi Technology's Hong Kong IPO and "full circulation" of domestically unlisted shares approved by the China Securities Regulatory Commission

On March 30, the International Cooperation Department of the China Securities Regulatory Commission issued a filing notice regarding the overseas issuance and listing of Shanghai Xizhi Technology Co., Ltd. and the full circulation of its domestically unlisted shares.

Agricultural Bank of China: The net profit for the whole year is 291.04 billion yuan, estimated to be 291.24 billion yuan.

Hong Kong SFC: Paperless securities market system expected to be implemented on November 16th.

The Hong Kong Securities and Futures Commission announced that the paperless securities market system is expected to be implemented on November 16, 2026.

The Shenzhen Stock Exchange issued a notice on the market risk control work during the Qingming Festival in 2026.

Sina Finance News on March 30th, starting from the clearing at the close on April 2, 2026, the margin ratio for contracts such as Au, mAu, NYAuTN06, and NYAuTN12 will be adjusted from 18% to 19%, while the limit for daily fluctuations will be adjusted from 17% to 18%. The margin ratio for Ag contracts will be adjusted from 24% to 25%, and the limit for daily fluctuations will be adjusted from 23% to 24%.

One month after the release of Kimi K2.5, the ARR of the dark side of the Moon exceeded 100 million US dollars.

According to sources familiar with the matter, on March 30th, after one month of the release of the Kimi K2.5 model, the ARR on the dark side of the moon surpassed 100 million US dollars. The source also mentioned that after the launch of the K2.5 model, the TPM quota supplied by the API quickly tightened, with some customers making commitments of tens of millions of dollars in consumption and prepayment guarantees in order to receive priority supply.

News stated that Apple's OLED iMac all-in-one computer is scheduled for release in 2029-2030 and has requested display companies to provide samples.

Sina Finance reported on March 30th that Apple has recently requested Samsung Display and LG Display, the two major IT OLED panel companies, to use production lines to produce OLED samples suitable for the iMac all-in-one computer, in preparation for the expected OLED iMac to be released in 2029-2030. Samsung Display plans to use existing QD-OLED production lines to manufacture samples with a pixel density of 220 PPI. LG Display plans to use the as-yet uncommercialized BGBRG five-layer serial Tandem W-OLED scheme for trial production panels.

Spot gold rose 1% intraday to $4540.45 per ounce.

The ChiNext Index fell by 1.00%, now at 3262.908 points; the Shanghai Composite Index rose by 0.13%, now at 3918.779 points; the Shenzhen Component Index fell by 0.52%, now at 13688.677 points.

SHENZHOU INTL(02313) announces annual performance, with a net profit after tax of approximately 5.825 billion yuan, a year-on-year decrease of about 6.7%.

Belle International Holdings Limited (02313) released its annual performance for the year ending December 31, 2025. The group achieved a revenue of 30.994 billion yuan, an increase of 8.13% year-on-year. The equity attributable to owners of the parent company was 5.825 billion yuan, a decrease of 6.66% year-on-year. Earnings per share were 3.88 yuan, with a proposed final dividend of 1.2 Hong Kong dollars per share.

New Stock News | O'Lord Services' Hong Kong IPO Prospectus Invalid

Orient Service Group Co., Ltd. (referred to as Orient Service) submitted its Hong Kong Stock Exchange prospectus on September 30, 2025, which expired six months later on March 30, 2026. Agricultural Bank International was its exclusive sponsor when submitting the application.

New Stock Information | Nexchip Semiconductor Corporation (688249.SH) Hong Kong IPO prospectus is invalid.

Hefei Crystal Integrated Circuit Co., Ltd. (referred to as Crystal Integrated Circuit) (688249.SH) submitted its Hong Kong stock prospectus on September 29, 2025, which expired after 6 months on March 29, 2026. At the time of submission, China International Capital Corporation Limited was its exclusive sponsor.

New Stock News | Streamax Technology's (002970.SZ) Hong Kong IPO prospectus invalidated.

Shenzhen Ruiming Technology Co., Ltd. (Ruiming Technology, 002970.SZ) submitted its Hong Kong IPO prospectus on September 30, 2025, which expired 6 months later on March 30, 2026. Zhongjin Company was its exclusive sponsor when submitting the prospectus.

New stock news | Bao Feng Tang's Hong Kong IPO prospectus invalid

The Hong Kong stock prospectus submitted by Zhuhai Baofengtang Semiconductor Co., Ltd. on September 30, 2025, expired on March 30, 2026, after 6 months.

New stock news | Binhui Biotech IPO prospectus invalidated

Wuhan Bin Hui Biological Technology Co., Ltd.-B (referred to as Bin Hui Biological) Hong Kong IPO prospectus submitted on September 30, 2025 expired after 6 months on March 30, 2026, with Huatai International, CICC International, and Bank of China International as joint sponsors at the time of submission.

New stock news | Annoyance Udah Hong Kong Stock IPO prospectus invalid

Anno Uda Genomics Technology (Beijing) Co., Ltd.'s Hong Kong stock prospectus submitted on September 30, 2025 expires after 6 months and will become invalid on March 30, 2026.

New stock news | Anhui Huaheng Biotechnology Co., Ltd. (688639.SH) Hong Kong IPO prospectus invalid.

Anhui Huaheng Biological Technology Co., Ltd. (referred to as Huaheng Biology, 688639.SH) submitted their Hong Kong IPO prospectus on September 30, 2025, which expired after 6 months on March 30, 2026. Huatai International was the exclusive sponsor at the time of submission.

New Stock News | Guosen Securities' Hong Kong IPO Prospectus Fails to be Effective

China National Service Holdings Limited (referred to as "National Service") submitted its Hong Kong stock prospectus on September 30, 2025 for a period of 6 months, which expired on March 30, 2026, with Fosun International Capital as its exclusive sponsor at the time of submission.

New stock news | Boche Holdings' Hong Kong IPO prospectus has become invalid

Boche Holding Limited (Cayman) (hereinafter referred to as "Boche Network") submitted its Hong Kong stock prospectus on September 30, 2025, which expired on March 30, 2026, after six months. At the time of submission, Citic Securities and Fosun International Capital were its joint sponsors.

Methanol continuous main contract rose 7% intraday, now reported at 3469.00 yuan.

The continuous main lithium carbonate contract rose by 5% intraday, now trading at 172500.00 yuan.

Brent crude oil breaks through $109/barrel, up 3.55% intraday.

The balance of financing in the two cities decreased by 79.12 billion yuan.

As of March 27, the financing balance of the Shanghai Stock Exchange was reported at 1,315.694 billion yuan, a decrease of 5.676 billion yuan from the previous trading day; the financing balance of the Shenzhen Stock Exchange was reported at 1,266.999 billion yuan, a decrease of 2.236 billion yuan from the previous trading day; the total financing balance of the two exchanges was 2,582.693 billion yuan, a decrease of 7.912 billion yuan from the previous trading day.

Houthi armed forces intervene, Brent oil spikes to $120! The Red Sea route is feared to follow in the footsteps of the Strait of Hormuz.

With the intervention of Iran-backed Houthi armed militias in Yemen in the Middle East war, coupled with more US troops arriving in the region, the oil prices have subsequently increased.

Energy transition "backpedaling"? Iran situation triggers "coal madness", global emissions reduction process may be hindered

The escalation of the Persian Gulf conflict has disrupted the oil and natural gas markets, while also potentially providing the most significant boost in years for coal - the most polluting fossil fuel.

The S&P 500 mini index futures fell by 0.7%, Nasdaq futures fell by 0.9%, and oil prices rose by more than 3%.

First monthly economic data released after the Middle East conflict: Consumer confidence in the United States has plummeted to freezing point, can non-farm jobs hold up in March?

Due to the ongoing and endless war in the Gulf region, the US stock market fell again last week, with the equity market continuing to decline.

CHINA RES LAND (01109) releases annual performance with a net profit attributable to shareholders of 25.418 billion yuan, a decrease of 0.45% year-on-year.

China Resources Land Limited (01109) announced its financial performance for the fiscal year ending December 31, 2024. The revenue was 281.438 billion yuan, a year-on-year increase of 0.91%. Shareholders' net profit was 25.418 billion yuan, a year-on-year decrease of 0.45%. Earnings per share was 3.56 yuan. It plans to distribute a final dividend of 0.966 yuan per share.

CHINA RES MIXC (01209) releases 2025 performance, with a net profit attributable to shareholders of 3.969 billion yuan, an increase of 10.31% year-on-year.

China Resources Mixc Lifestyle (HK01209) announced the financial performance for the fiscal year ending on December 31, 2025. The revenue was 18.022 billion yuan, an increase of 5.06% compared to the previous year. The net profit attributable to equity shareholders was 3.969 billion yuan, an increase of 10.31%. The basic earnings per share was 1.739 yuan. The company plans to distribute a final dividend of 0.509 yuan per share and a special dividend of 0.341 yuan per share.

Brent crude oil opened up 3.3% at $116.25 per barrel.

The Wash hearing is scheduled to be held as soon as the week of April 13th.

The United States Senate Banking Committee is planning to hold a confirmation hearing for Kevin Wash as early as the week of April 13th. The exact date of the hearing has not been finalized yet, pending Wash's submission of the complete nomination documents.

Berkshire Hathaway's stock price has fallen for 8 consecutive days.

Recently, the continuous decline in the stock price of Berkshire Hathaway Inc. in the United States has attracted high market attention. As of this Friday, the company's stock price has fallen for 8 consecutive trading days, marking the longest consecutive decline since December 2018. Currently, Berkshire Hathaway's total market value is approximately $1 trillion. Since Warren Buffett announced his resignation as CEO at the end of last year, the company's stock price has fallen by more than 13%. Analysts believe that with the rise in energy prices and the uncertainty caused by conflicts in the Middle East, the overall pressure on the US stock market has caused Berkshire Hathaway's stock price to decline in sync with the market. During the same period, although the S&P 500 index did not experience multiple consecutive days of decline, its overall decline has reached 5.2%. Looking at the longer term, year-to-date, both Berkshire Hathaway and the S&P 500 index have similar declines, both close to 7%.

HANSOH PHARMA (03692) released its annual performance with a net profit attributable to shareholders of 5.55 billion yuan, an increase of 27.07% year-on-year.

Hanson Pharmaceuticals (03692) announced its annual results for the year ending on December 31, 2025. The group achieved a revenue of 15.028 billion yuan, representing a year-on-year growth of 22.57%. The attributable profit to the owners of the parent company was 5.55 billion yuan, an increase of 27.07% compared to the previous year. Earnings per share were 0.93 yuan. The company plans to distribute a final dividend of 20.00 Hong Kong cents per share.

GF SEC: Review of the 5 rounds of oil crisis, what are the rules of industry rotation?

Guangfa Securities stated that while the index is still bottoming out, the focus in April will be on new energy, domestic AI and DC, and overseas computing power.

CITIC SEC: Market funds favorably decline, relative and absolute returns of bank stocks and other equity assets may continue to decrease.

CITIC Securities stated that due to the decrease in market capital risk and the relatively stable broad liquidity environment, equity assets such as bank stocks may be more preferred by funds with lower drawdown requirements, continuing both relative and absolute returns.

CHINA RISUN GP (01907) releases annual performance, with a net profit attributable to shareholders of 58.08 million yuan, a year-on-year increase of 188.12%.

China Xuyang Group (01907) released its annual performance results for the year ended December 31, 2025. The Group achieved revenue of 39.286 billion yuan; the company's net profit attributable to owners reached 58.008 million yuan, an increase of 188.12% year-on-year; basic earnings per share were 0.013 yuan. It is proposed to distribute a final dividend of 0.19 yuan per share.

PETROCHINA (00857) announced its financial performance for 2025, with a net profit attributable to shareholders of 157.318 billion yuan, a year-on-year decrease of 4.5%.

China Petroleum & Chemical Corporation (00857) announced its performance for the year 2025, with revenue of 2,864.69 billion yuan, a decrease of 2.5% compared to the previous year. Net profit attributable to shareholders of the parent company was 157.318 billion yuan, a decrease of 4.5% year-on-year. Earnings per share were 0.86 yuan, with a proposed final dividend of 0.25 yuan per share.

China Petroleum: PetroChina's financial revenue in 2025 is 13.7 billion yuan, with a net profit of 5.61 billion yuan.

PetroChina announced that the company has conducted an assessment of the financial situation of Sinopec Finance for 2025. Sinopec Finance has a registered capital of 16.395 billion yuan, total assets of 709.09 billion yuan at the end of 2025, achieved operating income of 13.7 billion yuan, and a net profit of 5.61 billion yuan. The main regulatory indicators all meet the requirements. As of the end of 2025, the company had a deposit balance of 63.78 billion yuan in Sinopec Finance, accounting for 26.7%; a loan balance of 77.77 billion yuan, accounting for 38.6%. The business operations are normal, and no major risks have been identified. The 17th meeting of the ninth board of directors of the company approved the evaluation report in 2026.

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