GMT EIGHT - OPPORTUNITIES IN CHINA

218 billion funds entered the market against the trend through stock ETFs, and broad-based stocks became the preferred "safe haven".

Broad-based ETF once again plays the role of a "safe haven", with funds flowing against the trend exceeding 10 billion yuan on Monday. According to data statistics, on March 23, a total of 1,361 tradable stock ETFs in the overall market accumulated a net inflow of 21.803 billion yuan in a single day. From the perspective of fund flows, broad-based ETFs representing core A-share assets once again play the role of a "safe haven", becoming the main direction for bottom-fishing funds to surge into; in contrast, themed ETFs such as non-ferrous metals and chemicals have encountered significant selling.

Three ministries issue documents to regulate the management of traditional Chinese medicine services in primary medical and health institutions.

The State Administration of Traditional Chinese Medicine, the National Health Commission, and the National Health Commission issued the "Notice on Further Standardizing the Management of Traditional Chinese Medicine Services in Primary Healthcare Institutions", requiring local traditional Chinese medicine authorities to work together with health and disease control authorities to strengthen supervision and management of traditional Chinese medicine services in primary healthcare institutions. The State Administration of Traditional Chinese Medicine, the National Health Commission, and the National Health Commission require local traditional Chinese medicine authorities to work together with health and disease control authorities to strengthen supervision and management of traditional Chinese medicine services in primary healthcare institutions, and to investigate and deal with illegal activities in accordance with the law, and to handle complaints and reports related to traditional Chinese medicine services in a timely manner.

CHINA FOODS (00506) released its annual performance: Shareholders' profit reached 862 million yuan, a year-on-year growth of 0.17%. The scale of smart retail business equipment remains the industry leader.

China Food (00506) announced its annual results for the year ending December 31, 2025. The group's revenue reached 22.07 billion yuan, an increase of 2.7% year-on-year. Shareholders' profit attributable to equity holders was 862 million yuan, an increase of 0.17% year-on-year. Earnings per share were 30.82 cents. Final dividend was 0.154 yuan.

MIXUE GROUP (02097) announces annual performance with a net profit of 5.927 billion yuan, a year-on-year increase of 33.1%, with approximately 60,000 global stores and continued deepening of overseas layout.

MEX Snow Group (02097) released its annual performance data for the year ending on December 31, 2025. The group's revenue was 33.56 billion yuan, a year-on-year growth of 35.2%; net profit was 5.927 billion yuan, a year-on-year growth of 33.1%; basic earnings per share were 15.65 yuan.

GIORDANO INT'L (00709) announces annual performance, with a net profit attributable to shareholders of HKD 217 million, a year-on-year increase of 0.46%. E-commerce revenue experienced double-digit growth.

Giordano International Limited (00709) announced its annual performance for the year ended December 31, 2025. The group's revenue was HK$3.854 billion, a decrease of 1.66% year-on-year. Shareholders' profit attributable to equity holders was HK$217 million, an increase of 0.46% year-on-year. Earnings per share were 13.4 Hong Kong cents. The final dividend was 6.4 Hong Kong cents per share.

361 DEGREES (01361) released its annual performance, with a net profit attributable to shareholders of 1.309 billion yuan, an increase of 13.95% year-on-year. The children's business and globalization strategy have achieved significant results.

361 Degrees (01361) released its annual performance in 2025, with the group's income reaching 11.146 billion RMB, a year-on-year increase of 10.64%; shareholders' net profit was 1.309 billion RMB, a year-on-year increase of 13.95%; earnings per share were 63.3 cents; and final dividend per share was 11.3 Hong Kong cents.

Growing concerns over escalating Middle East situation as Brent oil rebounds by 4% to nearly $104 after sharp drop

Middle East conflict escalates, causing crude oil prices to rise again.

The roller coaster turns again! Gold may suffer the longest consecutive decline in history, with the situation in Iran becoming a "liquidity magnet".

Investors continue to weigh conflicting statements from various parties in the Middle East, while the price of gold continues to fall. The delay by the United States in attacking Iran's energy infrastructure only brings a brief respite to the sharp decline of this precious metal in times of war.

Japan's unexpected decrease in inflation to its lowest level in nearly four years, but the easing of subsidies and soaring oil prices may make the 'cooling off' fleeting.

The key inflation indicator in Japan slowed more than expected, dropping to its lowest level in nearly four years, mainly due to the impact of public utility subsidies reducing energy costs. However, the recent surge in oil prices may push inflation back up in the coming months.

New stock first day | Keli Technology (02729) first listed for trading in the morning with a 92.08% opening gain. The company focuses on intelligent intra-logistics in the Siasun Robot & Automation field.

Kailos Technology (02729) made its debut on the stock market. The announcement shows that each share is priced at 16.66 Hong Kong dollars, with a total of 36.798 million shares issued, and each lot containing 200 shares, resulting in a net amount of approximately 617 million Hong Kong dollars. As of the time of writing, it has risen by 92.08%, trading at 32 Hong Kong dollars with a turnover of 180 million Hong Kong dollars.

Samsung: Galaxy S26 series will support AirDrop transmission, first available in South Korea.

Samsung announced on March 23 that the Galaxy S26 flagship series will support AirDrop transfer, allowing users to share content between devices through "Quick Share." This feature will be gradually rolled out starting from March 23, with the first batch available in South Korea, followed by expansion to Europe, Japan, North America, and other regions. Initially, only the Galaxy S26 flagship series will have the AirDrop transfer feature, and whether it will be extended to other devices in the future will be announced separately.

Commodity trading giant Vitol Group: The oil market is highly focused on the movements in the Strait of Hormuz, with volatility far exceeding the past.

Ben Marshall, CEO of the Vedro Group Americas, said that the oil market is currently pricing in the reopening of the Strait of Hormuz sooner rather than later. The market is currently "almost entirely focused" on when more crude oil will resume flowing through the Strait of Hormuz.

West China Cement (02233) announces its annual performance. The net profit attributable to shareholders increased by 40.5% to 880 million yuan. The final dividend is 0.048 yuan.

Western Cement (02233) released its annual performance for the year 2025, with a revenue of 9.621 billion RMB, a year-on-year increase of 15.3%; profit attributable to shareholders was 880 million RMB, a year-on-year increase of 40.5%; basic earnings per share were 16.1 cents; and a final dividend of 0.048 yuan per share.

KEYMED BIO-B(02162): The holding company Ouro Medicines has been acquired by Gilead, with expected maximum revenue of approximately $320 million.

Connora-B (02162) announced that the company, through its wholly-owned subsidiary One Bridge Hong Kong, holds approximately 15% minority interest in the share capital of Ouro Medicines. This interest is accounted for in the company's consolidated financial statements at fair value and any changes in value are recorded in the current period's profit and loss.

Spot gold lost the 4370 US dollars per ounce mark, falling 1.00% within the day.

Expectations for easing tensions between the U.S. and Iran are rising, with international oil prices plummeting by over 10% in a single day.

Affected by signs of easing tensions in the Middle East, international oil prices fell sharply on Monday.

WUXI XDC (02268) net profit doubles in 2025, shareholders' profit after adjustment is about 15.59 billion yuan, an increase of 69.9% year-on-year.

WuXi AppTec (02268) announced its performance in 2025, with revenue of approximately 5.944 billion yuan, an increase of 46.7% year-on-year; gross profit of approximately 2.139 billion yuan, an increase of 72.5% year-on-year; adjusted net profit attributable to owners of the company of approximately 1.559 billion yuan, an increase of 69.9% year-on-year; net profit increased by 38.4% year-on-year to 1.48 billion yuan. The total unfinished order volume of the group also increased by 50.3% from 991 million USD as of December 31, 2024 to 1.489 billion USD as of December 31, 2025.

COUNTRY GARDEN (02007) releases a profit warning, expecting annual profit to be around 1 billion to 2.2 billion yuan, turning from a loss to profit on a year-on-year basis.

Country Garden (02007) announced that the loss for the year ended December 31, 2024 was approximately RMB 35.145 billion. The Group expects a profit for the year ending December 31, 2025 to be between approximately RMB 1 billion and RMB 2.2 billion. Based on the information currently available, the main reason for the turnaround from loss to profit this year is due to non-cash gains recorded by the Group from completing debt restructuring. Excluding the impact of the aforementioned debt restructuring gains, the Group recorded losses mainly due to industry pressures affecting the gross profit level of its development business, as well as further provisions for impairment of certain assets and property projects.

US stock index futures increase; S&P 500 e-mini futures up 2.7%, Nasdaq 100 futures up 2.6%, Dow futures up 2.7%.

The UAE has restarted the Habshan natural gas plant, with most of its liquefied natural gas production capacity temporarily suspended.

National Development and Reform Commission: Starting from 24:00 on March 23, the domestic prices of gasoline and diesel will be increased by 1160 yuan and 1115 yuan per ton respectively.

According to the current price mechanism, the domestic prices of gasoline and diesel (standard quality) should be increased by 2205 yuan and 2120 yuan per ton on March 23, respectively. After adjustments, the actual increases are 1160 yuan and 1115 yuan.

AI computing power demand continues to surge! South Korea's "AI squid game" is in full swing, igniting the demand for ten thousand AMD AI chips.

AMD's AI computing power solution is gaining more positive market recognition, and is expected to continue to erode the market share of "AI chip superpower" NVIDIA, with a share of up to 90% in the trillion-dollar AI core computing cluster field.

dramatic return of the Fed rate hike expectations: oil price surge pushes the probability of rate hike in October to 35%

The Fed rate expectations have undergone a dramatic reversal. Federal funds futures data now show a 35% probability of at least a 25 basis point rate hike after the October Federal Open Market Committee (FOMC) meeting.

According to the global large-scale model aggregation routing platform OpenRouter, last week (3.16-3.22), the global model invocation volume ranking list shows that China's large model invocation volume has exceeded that of the United States for three consecutive weeks. Data shows that out of the top nine models called last week (after deduplicating Xiaomi's beta and official versions), Chinese models occupy five spots including the Xiaomi Group's MiMo-V2-Pro, Step 3.5 Flash, MiniMax M2.5, DeepSeek V3.2, and Zhipu GLM5 Turbo. The total number of calls is 7.359T, a 56.9% increase from the previous week's 4.69T, further expanding the growth rate.

CSI 1000 Stock Index Futures main contract dropped over 3% intraday, now trading at 7381.4 points.

Japanese authorities have once again sounded the alarm for intervention! The yen hovers around the 160 warning line, and Japanese bond yields are approaching multi-decade highs.

Amidst the tension in the Middle East causing continuous pressure on the Japanese yen, Japanese authorities have issued a warning to speculators. Junzaburo Mimura, Japan's top foreign exchange official, stated that the Japanese government will take all possible measures to address fluctuations in the foreign exchange market when necessary.

The escalation of tensions between the US and Iran triggers concerns about inflation, causing gold to plunge by 4% at one point, almost erasing its annual gains.

As the Middle East war enters its fourth week, both the US and Iran threaten to launch new attacks against each other. As a result, the price of gold has plummeted significantly, almost wiping out the gains for the year.

Facing the explosive demand for FSD and Siasun Robot&Automation, Tesla, Inc. (TSLA.US) builds its own chip "moat." Analysts say this will promote the integration of AI and aerospace industries.

Musk announced that he will build two advanced chip factories in a large industrial park in Austin, Texas. One of the factories will provide computing power support for cars and humanoid robots, while the other will provide chips for AI data centers deployed in space.

Siasun Robot&Automation (01021) Launches IPO: How well can the Chinese collaboration Siasun Robot&Automation perform as a "overseas sales champion"?

With the support of the capital market, Huan Robotics' global layout and technological advantages are expected to further expand. Its investment value will continue to be evident in industrial upgrading and performance realization, making it worthy of long-term attention.

The balance of financing in the two markets decreased by 17.266 billion yuan compared to the previous day.

As of March 20, the Shanghai Stock Exchange's margin financing balance was reported at 1,328.72 billion yuan, a decrease of 8.089 billion yuan from the previous trading day; the Shenzhen Stock Exchange's margin financing balance was reported at 1,277.85 billion yuan, a decrease of 9.177 billion yuan from the previous trading day; the total margin financing balance of the two exchanges was 2,606.57 billion yuan, a decrease of 17.266 billion yuan from the previous trading day.

Middle East confrontation last ultimatum countdown inflation data this week become the "watch and wait" critical period for the Fed Global economy facing a "stress test"

In a relatively quiet week for economic data, market attention may focus on any clues related to inflation and the labor market situation, especially after Federal Reserve Chairman Powell made more hawkish remarks following last Wednesday's rate decision.

The Nikkei 225 index opened at 52,468.72 points in the morning, down 1.69%.

Chifeng Jilong Gold Mining (06693) has been acquired by Zijin Mining Group (02899) for 242 million A-shares and has subscribed to 311 million shares of subscription shares. Trading will resume on March 23rd.

Chifeng Gold (06693) announced that the Board of Directors received notice from Ms. Li Jinyang and Zhejiang Hanfeng on March 22, 2026, that they had entered into a stock transfer agreement with Zijin Gold (Zijin Mining Group (02899)'s wholly-owned subsidiary). They conditionally agreed to sell a total of 242 million A shares, accounting for approximately 12.73% of the total issued share capital of the company as of the date of this announcement and before the completion of the proposed investment.

The confrontation between the US and Iran enters the countdown! Global market risk aversion intensifies, US stock futures fluctuate lower, and bond market selling intensifies.

On Monday morning, as investors faced another potentially turbulent trading day with no signs of easing in the Middle East conflict entering its fourth week, US stock index futures oscillated between gains and losses.

SINOPHARM (01099) released its annual performance, with a net profit attributable to the parent company of 7.155 billion yuan, a year-on-year increase of 1.5%. The final dividend is 0.69 yuan per share.

China National Pharmaceutical Group (01099) announced its annual results for the year ending on December 31, 2025. The group achieved a revenue of RMB 575.168 billion (all in the same unit), a decrease of 1.6% year-on-year. The attributable profit to equity holders of the parent company was RMB 7.155 billion, an increase of 1.5% year-on-year. Earnings per share were RMB 2.29, with a proposed final dividend of RMB 0.69 per share.

Guotai Haitong: Chinese stock market is expected to hit a major bottom and turning point.

China's supportive easing stance and diversified reserves/diversified growth contribute to a faster breakthrough of risk narratives.

Trump's issuing of a "final ultimatum" has raised concerns about the escalation of the Iran conflict, causing international oil prices to rise in response.

Trump's ultimatum on the Strait of Hormuz could lead to an escalation of war and an increase in oil prices.

Copper Master (00664) will be listed for public offering from March 23 to March 26, intending to globally issue 7.4068 million H shares.

Copper Master (00664) is scheduled to go public from March 23 to March 26, 2026. The company plans to globally offer 7.4068 million H shares, with 10% allocated for sale in Hong Kong and 90% for international sale, along with an additional 15% for over-allotment option. The offering price per share is set at HK$60-68, with a minimum trading lot of 100 shares. It is expected that trading of H shares will commence on the Stock Exchange of Hong Kong at 9:00 am on March 31, 2026 (Tuesday).

Fourier (03625) will be listed from March 23rd to March 26th, planning to globally issue 12 million H shares.

Furui (03625) will be listed from March 23 to March 26, 2026. The company plans to globally sell 12 million H shares, with 5% sold in Hong Kong and 95% sold internationally, with an additional 15% of over-allotment option. The offer price is 40-50 Hong Kong dollars per share, with a minimum of 100 shares per lot. It is expected that the H shares will begin trading on the Hong Kong Stock Exchange at 9:00 am on March 31, 2026 (Tuesday).

Chifeng Jilong Gold Mining (06693) released its annual performance, with a net profit attributable to owners of the company of 3.082 billion yuan, an increase of 74.7% year-on-year.

Chifeng Gold (06693) announced its annual performance ending on December 31, 2025. The group achieved a revenue of 12.639 billion yuan, a year-on-year increase of 40.03%; the net profit attributable to the parent company was 3.082 billion yuan, a year-on-year increase of 74.7%; and the basic earnings per share were 1.69 yuan. It is proposed to distribute a cash dividend of 0.32 yuan per share at the end of the period.

ZHAOJIN MINING (01818) announced its annual performance with a net profit attributable to shareholders of 3.614 billion yuan, an increase of 149.1% year-on-year. All major indicators saw significant growth, reaching a new historical high.

Zijin Mining (01818) announced its full-year performance for the year ending December 31, 2025. The group achieved a revenue of RMB 18.056 billion, representing a year-on-year increase of 56.32%; net profit attributable to shareholders was RMB 3.614 billion, a year-on-year increase of 149.1%; basic earnings per share were RMB 0.96. A cash dividend of RMB 0.1 per share is proposed to be distributed.

SINOPEC CORP (00386) releases annual performance with a net profit attributable to shareholders of 31.809 billion yuan, a year-on-year decrease of 36.8%.

China Petroleum and Chemical Corporation (00386) announced its annual performance for the year ending December 31, 2025. The company achieved operating revenue of 2,835.83 billion yuan (RMB, same below), a decrease of 9.5% year-on-year; net profit attributable to shareholders was 31.809 billion yuan, a decrease of 36.8% year-on-year; basic earnings per share was 0.262 yuan. It is proposed to distribute a final cash dividend of 0.112 yuan per share (including tax).

Open Source Securities: Rapid Development of AIGC Drives Demand Growth, Emphasizing Investment Opportunities in Optoelectronics Chips and Materials.

The industry believes that as optical networks continue to upgrade, the demand for devices such as EML, VCSEL, and CW lasers will continue to increase, and optical chip enterprises may usher in a golden opportunity for industrial development.

Huachuang Securities: This year, the capital for fiscal projects is relatively abundant, with less resistance to the start of construction for infrastructure projects than last year.

This year, the newly added government debt is basically on par with last year, and land sales revenue is still under pressure. However, with the carryover of two 500 billion increment policies in the fourth quarter of last year and the supplementation of 800 billion new policy financial instruments issued this year, it is estimated that fiscal funds with physical quantities can grow by 9.7% this year, reaching a new high since 2022.

TrendForce Consulting: TV and monitor panel prices increased in March, while laptop panel prices stopped falling.

On March 20, TrendForce released the March panel price trends: In March 2026, prices for TV and monitor panels are rising, while prices for laptop panels have stopped falling.

Cui Dongshu: The inventory of passenger cars in the national industry by the end of February 2026 was 3.33 million, a decrease of 240,000 from the previous month.

On March 21, Cui Dongshu posted that by the end of February 2026, the national passenger car industry has a total inventory of 3.33 million vehicles, a decrease of 240,000 vehicles from the previous month and an increase of 250,000 vehicles from February 2025, indicating a good trend of controlled decrease in inventory.

IDC: Global shipments of handheld smart cameras are expected to surge by 83% in 2025, with a compound annual growth rate of nearly 20% over the next five years.

IDC predicts that the global market size of handheld smart cameras is expected to exceed 40 million units by 2030, with a five-year compound annual growth rate close to 20%.

"TACO Moment" is coming? As rumors of "ground forces taking the island" spread, Trump suddenly mentioned "downgrading military action."

Trump's remarks may be able to change the mood for one night, but they cannot change the impact on oil supply for a quarter.

Nobel laureate in economics sounded the alarm: when AI no longer empowers humanity, the "phantom economy" will devour everything.

AI was created to replace you - not to help you.

"Is the old saying 'buy gold in troubled times' failing? The triple threat behind the biggest weekly drop in gold prices in 43 years"

The sharp drop in gold prices is not caused by a single factor, but is the result of three forces working simultaneously and reinforcing each other.

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