GMT EIGHT - OPPORTUNITIES IN CHINA

Buffett: Stock market valuation is not attractive, but still deeply involved in investment decisions.

"Stock God" Warren Buffett said in an interview with CNBC that the stock market valuation is still not attractive. After the stock market fell this year, Berkshire Hathaway did not find many attractive investments in the market. Buffett downplayed recent market fluctuations, stating that the current environment is far from the periods in the past that created major buying opportunities: "Since I took over, the market has fallen by more than 50% at least three times. The current situation is not worth getting excited about." Even though he has stepped down as CEO of Berkshire Hathaway, the 95-year-old Buffett is still deeply involved in investment decisions. He said he still goes to the office every day, staying informed about the market. His daily routine includes calling Berkshire's financial assets manager, Mark Millard, before the market opens to discuss market dynamics. Millard then executes trades based on these discussions, indicating that despite handing over the CEO position to Abel in early 2026, Buffett still remains personally involved.

Huawei's revenue in 2025 is 880.9 billion yuan.

On March 31, Huawei released its annual report for 2025. The report shows that Huawei's operational results met expectations, achieving a global sales revenue of 880.9 billion yuan and a net profit of 68 billion yuan. R&D investment in 2025 reached 192.3 billion yuan, accounting for approximately 21.8% of the annual revenue, with a cumulative R&D expenditure of over 1.382 trillion yuan in the past decade.

Shandong Molong Petroleum Machinery (00568) announced that its net profit attributable to the parent for the year 2025 is approximately 5.1556 million yuan, reversing from a loss to a profit compared to the previous year.

Shandong Molong (00568) announced its performance in 2025, with total operating income of approximately 1.762 billion yuan, an increase of about 29.88% year-on-year. The net profit attributable to the parent company's shareholders is approximately 5.1556 million yuan, turning losses into profits year-on-year; basic earnings per share is 0.01 yuan.

RUIXIN INT'L (00724) requests to submit the decision to cancel the company's listing status to the Listing Review Committee for review.

Ray and International Group (00724) announced that on March 20, 2026, the company received a letter from the Stock Exchange, indicating that the Listing Committee of the Stock Exchange has decided to cancel the listing status of the company according to Rule 6.01A(1) of the Listing Rules.

In 2025, China's insurance industry will see a year-on-year increase of 40.1% in underwriting new energy vehicles.

Sina Finance, March 31st news, the China Association of Actuaries and China Bank Insurance Information Technology Management Co., Ltd. released information on China's new energy vehicle insurance payments in 2025. Data shows: In 2025, China's insurance industry will underwrite 43.58 million new energy vehicles, an increase of 12.48 million vehicles from the previous year, a growth of 40.1%; premium income 190 billion yuan, providing risk protection amounting to 1.59 trillion yuan; underwriting losses are 5.6 billion yuan, a decrease of 1 billion yuan compared to the previous year; comprehensive cost ratio decreased by 1.3 percentage points compared to the previous year. The number of new energy vehicles types is 429, including 370 passenger cars and 59 trucks.

Tomb-sweeping holiday, the toll on highways will be waived for 3 days.

Sina Finance reported on March 31st that according to the Ministry of Transport, during the Qingming Festival holiday in 2026, small passenger vehicles with 7 seats or less will continue to be exempt from toll fees on highways. The free passage period is from 0:00 on April 4th to 24:00 on April 6th, totaling 3 days.

MNSO (09896) released its annual performance report with adjusted net profit increasing by 6.5% to 2.898 billion yuan. The company opened 705 new stores, driving steady performance growth.

Miniso (09896) released its annual performance for the year ended December 31, 2025, with revenue increasing by 26.2% year-on-year to RMB 21.444 billion; the overall same-store sales growth of Miniso Group reached a low single-digit level; gross profit increased by 26.3% year-on-year to RMB 9.648 billion; gross profit margin was 45.0%, compared to 44.9% last year; adjusted net profit increased by 6.5% to RMB 2.898 billion; adjusted basic earnings per American depositary share increased by 8.3% year-on-year to RMB 9.44; final dividend per ordinary share was $0.0941.

Ministry of Finance: The total operating income of state-owned enterprises in January and February was 12.5655 trillion yuan, a year-on-year increase of 0.2%.

In January and February, the total operating income of state-owned enterprises was 12,565.0 billion yuan, an increase of 0.2% year-on-year. The total profits of state-owned enterprises were 626.62 billion yuan, a decrease of 2.0% year-on-year. State-owned enterprises paid taxes and fees of 1,093.25 billion yuan, a decrease of 2.3% year-on-year. By the end of February, the asset-liability ratio of state-owned enterprises was 65.4%, an increase of 0.5 percentage points year-on-year.

Ministry of Foreign Affairs: Recently, three Chinese ships have passed through the Strait of Hormuz.

With the coordination of relevant parties, three Chinese ships recently crossed the Strait of Hormuz.

Unilever PLC Sponsored ADR (UL.US) is close to completing the sale of its food business to McCormick & Company, Incorporated (MKC.US), making it the largest deal in the history of both companies.

Unilever has stated that negotiations to sell the majority of its food business to Meiho International are in the final stages, and the final deal may be officially announced later on Tuesday evening.

The Shanghai Composite Index fell 0.6% in the afternoon and again lost the 3900-point mark.

In the afternoon, the Shanghai Composite Index fluctuated and fell by 0.60%, once again falling below the 3900 point mark. Over 4200 individual stocks in the entire market fell, with coal, wind power, and chemical sectors leading the decline.

CHINACOMSERVICE (00552) announces annual performance, with a net profit of 3.61 billion yuan, a year-on-year increase of 0.1%, leading the growth in the domestic non-operator concession market.

China Communication Services (00552) announced its annual performance ending on December 31, 2025. The Group firmly grasped the opportunities brought by the explosive demand for intelligent computing in the era of artificial intelligence, actively responded to the challenges posed by customers' cautious investments and intensifying market competition, and achieved steady progress in operational performance with overall improvement in quality and efficiency.

Shipping index Eurodollar futures continuous main contract fell 8% intraday to 2360.00 points.

The Hang Seng Index fell, and the Hang Seng Technology Index dropped by 0.12%.

Changying-8 successfully completes its maiden flight - the "unmanned aerial heavy truck" capable of carrying 3.5 tons has arrived.

On March 31st, the large-scale Long Eagle-8 cargo delivery unmanned aircraft successfully made its first flight at Zhengzhou Shangjie Airport, becoming the largest cargo delivery drone to have flown globally to date. The Long Eagle-8 drone smoothly accelerated along the runway, climbing into the air after only 280 meters, successfully completing key tasks such as intelligent flight control, avionics, electromechanical systems, power, fuel, and flight quality verification. After a flight of about 30 minutes, the drone landed accurately and smoothly, completing the first flight mission satisfactorily. The entire flight was led by an intelligent system with human monitoring, maintaining stable flight attitudes throughout the process and ensuring the proper functioning of various systems, marking an important breakthrough for China in the 7-ton intelligent unmanned transportation platform field.

Nasdaq 100 index futures rose by 1%.

Middle East conflicts rewrite the logic of commodity pricing! U.S. petrochemical products and soybean oil are both facing a "price hike storm".

The reason why the prices of the chemical industry and soybean oil have both strengthened is because the Iran war has simultaneously activated the three variables of "energy cost - raw material substitution - trade flow restructuring".

The fires of war in the Middle East cannot crush the faith in gold! Buying pressure at lows sounds the trumpet of the return of the gold bull market "King's return"

The Iran war entered its fifth week, and gold finally stabilized around $4500.

New stock news | Slender West Lake Tourism submitted a second listing application to the Hong Kong Stock Exchange, specializing in famous waterway sightseeing services in Yangzhou.

According to the disclosure on March 30 by the Hong Kong Stock Exchange, Jiangsu Slender West Lake Cultural Tourism Co., Ltd. has once again submitted its listing application to the main board of the Hong Kong Stock Exchange, with Guotai Junan International as its exclusive sponsor.

US oil opens nearly 2% higher

Sina Finance news on March 31st, early in the morning in the Asia-Pacific region, international oil prices rose, WTI crude oil rose by 1.89% to $104.827 per barrel. US stock index futures fell slightly, with Dow Jones index futures up 0.03%, S&P 500 index futures down 0.01%, and Nasdaq 100 index futures down 0.06%. International precious metals rose, with spot gold up 0.07% to $4514.31 per ounce; spot silver rose by 0.30% to $70.30 per ounce.

The Dow rose 0.11%, the Nasdaq fell 0.73%, and the S&P 500 fell 0.39%. In terms of trading volume, among the top stocks were Nvidia, which fell 1.4%, Micron Technology, which fell 9.88%, Tesla, which fell 1.81%, and Microsoft, which rose 0.61%.

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.

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