GMT EIGHT - OPPORTUNITIES IN CHINA

Minister of Culture and Tourism: The number of domestic travelers and their spending during the entire year of 2025 and the Spring Festival holiday in 2026 both reached record highs.

Minister of Culture and Tourism Sun Yueli stated at the fourth session of the 14th National People's Congress' theme press conference on March 7th that during this year's 9-day Spring Festival holiday, domestic tourism reached 5.96 billion visits, with spending exceeding over 800 billion yuan, hitting a new historical high. By 2025, the number of domestic resident trips is expected to surpass 6.5 billion, a year-on-year increase of over 16%, with spending reaching 6.3 trillion yuan, a year-on-year growth of 9.5%, also setting a new historical record.

Xpeng (XPEV.US) G6 Super Long-Range Version Listed: 2250 TOPS Computing Power + Second Generation VLA

Xiaopeng Motors held a press conference in Guangzhou, announcing the official launch of the Xiaopeng G6 super extended-range version.

After hours, Vertiv Holdings rose more than 5%, EchoStar communication rose 4%, Lumentum rose more than 2%, and Coherent rose more than 1%. Standard & Poor's Dow Jones Indices has included the above companies in the S&P 500 Index.

US crude oil futures closed at $90.90 per barrel, rising $9.89, marking the largest single-day increase since April 2020.

The Dow fell 0.95%, the Nasdaq fell 1.59%, and the S&P 500 fell 1.33%. Among the top traded stocks, Nvidia fell 3.01%, Tesla fell 2.17%, Broadcom fell 0.69%, and Micron Technology fell 6.74%.

Nasdaq China Golden Dragon Index closed up 0.75%

Wanguo Data increased by 7.16%, Haitian Network increased by 7.10%, Tims China increased by 6.47%, Youpinche increased by 6.11%, and Jingdong increased by 6.14%.

US Stock Market Move | Star Technology Stocks Generally Decline, Meta (META.US) Falls More Than 3%

On Friday, tech stocks in the U.S. fell, with Meta (META.US) dropping more than 3%.

Shenzhen Zhaowei Machinery & Electronics (02692): Priced at 71.28 Hong Kong dollars per share, the Hong Kong public offering received 1536.76 times oversubscription.

Zhaowei Electrical (02692) announced that the company will globally issue approximately 26.7483 million H shares, with 10% of the shares being offered in Hong Kong and 90% offered internationally. The final offer price is HK$71.28 per share, with a net raise of approximately HK$1.828 billion from the global sale. Trading of the H shares, with a lot size of 100 shares, is expected to commence on the Stock Exchange of Hong Kong at 9:00 a.m. on Monday, March 9, 2026.

Ecolab Inc. (02649) finally priced its shares at 11 Hong Kong dollars per share, with the public offering in Hong Kong oversubscribed by 5,297.23 times.

You'll share the match (02649) announced the distribution results, the company sold about 20.336 million H shares globally, with 10% of public sales in Hong Kong and 90% of international sales. The final offer price is HK $11.00 per share, with a net fundraising of approximately HK $176 million from global sales. Each lot is 200 shares, and it is expected that H shares will begin trading on the Hong Kong Stock Exchange at 9:00 am on Monday, March 9, 2026.

Traders increase holdings betting that the Federal Reserve will cut interest rates at least once in 2026.

Shenzhen-Hong Kong Stock Connect adjusts Hong Kong stock targets: JD INDUSTRIALS (07618) and others are added, while BEIJING AIRPORT (00694) and others are removed.

The list of securities under the Hong Kong stock connect has been adjusted. Among them, added securities include Xindao Intelligent (00470), Dipu Technology (01384), Yaocai Securities Finance (01428), and Jd.com Industrial (07618).

ZTE Corporation (00763) released its 2025 annual performance, with a net profit attributable to shareholders of 5.618 billion yuan, a year-on-year decrease of 33.32%.

ZTE Corporation (00763) released its performance forecast for 2025, with operating income of approximately 133.896 billion yuan, a year-on-year increase of 10.38%; the net profit attributable to ordinary shareholders of the listed company was 5.618 billion yuan, a year-on-year decrease of 33.32%; basic earnings per share were 1.17 yuan and a final dividend of 4.11 yuan (including tax) per 10 shares is proposed.

ZTE Corporation: Net profit of 5.618 billion yuan in 2025, a year-on-year decrease of 33.32%.

ZTE Corporation announced that its operating income in 2025 reached 133.895 billion yuan, a year-on-year increase of 10.38%. The net profit was 5.618 billion yuan, a year-on-year decrease of 33.32%. The company's profit distribution plan for 2025: distribute 4.11 yuan in cash to every 10 shareholders.

The retail price of gasoline in the United States has reached a 19-month high! Inflation may become a "roadblock" for Trump in the midterm elections.

According to data from the American Automobile Association (AAA), the retail price of gasoline in the United States rose to $3.32 per gallon on Thursday, the highest level since September 2024.

Southbound capital today net sold 21.88 billion yuan. In the Hong Kong Stock Connect (Shanghai) channel, Xiaomi Group-W and Alibaba-W received net sales of 1.041 billion Hong Kong dollars and 1.94 billion Hong Kong dollars respectively. Tencent Holdings topped the net buying with an amount of 10.18 billion Hong Kong dollars; In the Hong Kong Stock Connect (Shenzhen) channel, SMIC and BYD received net sales of 5.85 billion Hong Kong dollars and 5.2 billion Hong Kong dollars respectively; Tencent Holdings topped the net buying with an amount of 12.44 billion Hong Kong dollars.

Minister of Commerce: More incremental policies such as the launch of the departure tax refund 2.0 version will be introduced.

Minister of Commerce Wang Wentao said at the economic themed press conference of the Fourth Session of the Fourteenth National People's Congress on March 6 that the Ministry of Commerce will continue to build the "Buy in China" brand this year from three aspects: organizing activities, issuing policies, and creating better shopping environments. In terms of policy issuance, more incremental policies such as expanding and upgrading consumer goods consumption and the 2.0 version of outbound tax refunds will be introduced.

Lan Foan: Greater efforts in fiscal policy to boost.

On March 6th, at the press conference on economic themes of the Fourth Session of the 14th National People's Congress, Minister of Finance Lou Jiwei stated that a more proactive fiscal policy can be summed up as being reflected in the scale of funds, with sufficient policy intensity; and in strengthening policy coordination, further amplifying the effects.

Zheng Zhajie: Arrange more policies and funds to better unleash consumer potential.

On March 6th, at the economic themed press conference of the Fourth Session of the Fourteenth National People's Congress, Zheng Zhajie, Director of the National Development and Reform Commission, stated that efforts will be made to build a strong domestic market, with a focus on consumption and investment. In terms of consumption, the "two new" policy will be implemented, a special action plan to boost consumption will be launched, more policies and funds will be arranged, and the consumption potential will be better unleashed.

Due to almost a complete halt in shipping in the Hormuz Strait, crude oil prices have regained their previous decline.

Middle East conflict affects energy supply: Benchmark revises valuation logic, upgrades Antero (AR.US) rating to "buy"

Investment bank Benchmark has upgraded Antero Resources (AR.US) from "Hold" to "Buy" with a target price of $44.

Caustic soda futures main contract rose 7% intra-day, currently trading at 2348.00 yuan.

Spot gold rose 1% intraday, now trading at $5133.01 per ounce.

The shipping index European futures continuous main contract fell 11% intraday to 1760.00 points.

WTI crude oil drops below $79 per barrel.

WTI crude oil fell below $79 per barrel and dropped by 2.63% within the day.

INSILICO (03696) has reached a milestone in its collaboration with TAIJING, with the external authorization of the CKD anemia new drug ISM4808, completing the enrollment of the first subject in the Phase I clinical trial and administering the drug.

Innovent Biologics (03696) announced that the company has reached the first milestone agreement with Taijin (stock code: 4157.TWO) for the chronic kidney disease (CKD) anemia innovative drug ISM4808 previously licensed to Taijin. Recently, Taijin has successfully completed the enrollment and dosing of the first subject in the Phase I clinical trial of the AI-driven PHD inhibitor. The clinical trial is a randomized, double-blind, placebo-controlled study, including single ascending dose (SAD) and multiple ascending dose (MAD) parts, aiming to evaluate the safety, tolerability, and pharmacokinetic characteristics of ISM4808 in healthy adults.

AI ASIC and SSD demand soar! Marvell Technology, Inc. (MRVL.US) enjoys the "AI inference dividend" with operating profit surging by 72%.

Customized silicon chip design for ultra-large scale data center customers is no longer a peripheral business, but one of the core growth engines for global chip companies.

WTI crude oil broke through $80 per barrel, falling 2.33% intraday.

The U.S. State Department: The United States and the interim government of Venezuela have agreed to reestablish diplomatic and consular relations.

The US Secretary of the Interior said that various options for controlling oil prices are being considered.

US Secretary of the Interior Doug Bergum said that the Trump administration is weighing a series of options to address the surge in oil and gasoline prices during the Iran war. Bergum said in an interview on Thursday, "All options are being considered," and added that the list of options includes both actions that could have an immediate impact and longer-term, more complex solutions. President Trump held a closed-door meeting on Tuesday with Bergum and other senior advisors to discuss a range of options, subsequently announcing plans to provide insurance coverage and send naval escorts to ensure the safe passage of oil tankers and other ships through the Strait of Hormuz. Other possibilities include releasing crude oil from the US emergency oil reserves and potentially coordinating with other countries to maximize effectiveness. However, government officials have not yet taken measures to tap into the strategic petroleum reserves. Meanwhile, Bergum said that the details of the plan for the US International Development Finance Corporation to provide insurance for oil tankers are still being finalized. "The team is working hard," he said, mentioning that Treasury Secretary Scott Benson and Energy Secretary Chris Wright are also involved.

Chicago Mercantile Exchange: lowered the initial margin for COMEX 100 gold futures from 9% to 7%; reduced the initial margin ratio for COMEX 5000 silver futures from 18% to 14%.

International oil prices rose sharply on the 5th.

As of the close of the day, the price of light crude oil futures for delivery in April on the New York Mercantile Exchange rose by $6.35 to close at $81.01 per barrel, an increase of 8.51%; the price of Brent crude oil futures for delivery in May rose by $4.01 to close at $85.41 per barrel, an increase of 4.93%.

The three major U.S. stock indexes closed lower.

On Thursday, the three major U.S. stock indexes fell, with the Dow Jones falling 1.62%, the Nasdaq falling 0.33%, and the S&P 500 falling 0.61%. Large-cap tech stocks showed mixed movements, with Broadcom rising over 4%, Microsoft and Oracle rising over 1%, and Amazon and Intel closing slightly up. Meta fell over 1%, while Google, Apple, and Tesla closed slightly down.

Report: The US Department of Defense is seeking information on potential reserves of five key minerals.

The U.S. Department of Defense is soliciting information on potential reserves of five key minerals. The Defense Logistics Agency posted a notice on its official website on Wednesday, requesting information on lithium, nickel, tin, chromium, and tellurium to understand details such as interested suppliers, product specifications, material sources, and market conditions. The Defense Logistics Agency stated that this solicitation is for potential procurement preparations, involving 550 tons of lithium carbonate, 3,500 tons of nickel, 1,978 tons of London Metal Exchange-grade tin, 37 tons of tellurium, and 4,500 short tons of chromium. In addition, the Defense Logistics Agency is also soliciting information on the reprocessing or remelting of 1,978 tons of tin ingots affected by the "tin plague".

IFBH(06603) clarifies: IF brand's 100% coconut water contains no added external sugar, external water, or artificial flavorings.

IFBH (06603) issued a statement to notify the company's shareholders and potential investors that the Board of Directors has noticed recent media reports alleging that IF-branded 100% coconut water contains added external sugars and water (such allegations).

The private credit market in the United States has been hit by another bombshell! BlackRock, Inc. (BLK.US) has written off another loan, valuing it at zero.

Blackrock lowered the valuation of a private loan from 100% face value directly to zero, while just three months ago the loan was still assessed at face value. This marks the second sudden "zeroing out" case that the private credit department has recently experienced.

An ideal will release a wheeled robot this year.

According to multiple sources, it has been learned that the company Ideal will release a dual-wheel robot within the year, primarily intended for factory manufacturing scenarios. It is known that Ideal's humanoid robot team has been in existence since April 2025 and has been secretly developing for nearly a year. The team's internal codename is Nexus, led by former Ninebot Intelligent hardware partner He Junpei, with fewer than 30 members reporting to CEO Ma Donghui. The team's project is classified as top secret and is not shown on the company's organizational chart, with other departments unaware of its progress. It has been revealed that Ideal Motors under the humanoid robot team has planned two products: a dual-wheel robot and a bipedal robot. The dual-wheel robot product is currently ready and is expected to be released in mid-year, primarily for factory manufacturing scenarios. "Ideal's approach to robotics is also inspired by Tesla, focusing on iterating technology capabilities in closed environments before gradually targeting consumer groups," a source familiar with the matter told us. (21 Caijing)

China Cosco Shipping suspends bookings for multiple routes, listed companies collectively respond to impact on business.

Regional conflicts have already had a substantial impact on the operations of some shipping companies. On the evening of March 4th, China Ocean Shipping Group announced that due to the escalating conflict in the Middle East, traffic in the Strait of Hormuz has been restricted. As of today, all new booking services on routes to the UAE, Qatar, Bahrain, Iraq, Saudi Arabia, Kuwait, and other related routes have been suspended. In response to this business adjustment, reporters contacted the four listed companies under China Ocean Shipping Group as investors. All companies said that their production and operations are currently normal, and the impact on financial data is still being observed. A senior expert in the shipping industry told reporters that at present, routes to the Middle East are severely blocked, "all routes to the Middle East have been suspended, and some vessels en route have even turned around". The expert also stated that the industry is currently in a wait-and-see state, "whether to spend a high price to send to a port far from the destination for complex transshipment, or to wait a bit longer, maybe the route will be restored". The prices of oil and war surcharges on relevant routes are currently increasing, and the pricing model has changed to "each customer negotiates individually".

XD Inc (02400) announces joy in profit, expecting a net profit of not less than 15.8 billion yuan in 2025, an increase of about 77.4% year-on-year.

Heartbeat Company (02400) announced that the group expects to achieve revenue of no less than RMB 5.71 billion for the year ending December 31, 2025, an increase of approximately 13.9% from the revenue of approximately RMB 5.0121 billion for the year ending December 31, 2024; and expects to achieve a net profit of no less than RMB 1.58 billion for the year ending December 31, 2025, an increase of approximately 77.4% from the net profit of approximately RMB 0.8905 billion for the year ending December 31, 2024.

BYD second-generation blade battery charges 70% in 5 minutes.

At tonight's BYD 2nd Generation Blade and Flash Charging Technology launch event, BYD officially released the second generation blade battery. It only takes five minutes to charge from 10% to 70% and only nine minutes to charge from 10% to 97%.

HUTCHMED (00013) released its annual performance with a net profit attributable to shareholders of $457 million USD, representing a year-on-year growth of 1111.03%.

Heyuan Pharmaceutical (00013) announced its full-year performance for 2025, with a total revenue of 549 million US dollars, a decrease of 12.96% year-on-year; net profit attributable to shareholders was 457 million US dollars, an increase of 1111.03% year-on-year; basic earnings per share were 0.53 US dollars.

Preview: State Council Information Office Holds Briefing on March 7 to Interpret the Outline of the "Fifteenth Five-Year Plan"

The State Council Information Office will hold a press conference at 3:00 pm on March 7, 2026, with Vice Chairman of the National Development and Reform Commission, Zheng Bei, interpreting the outline of the "14th Five-Year Plan" and answering questions from reporters.

JD-SW (09618) released its annual performance, with a net profit attributable to shareholders of 19.6 billion yuan and a final dividend of 0.5 US dollars per share.

JD.com Group-SW (09618) released its fourth quarter and full-year performance for 2025. In 2025, JD.com Group achieved a total revenue of 1.3091 trillion yuan, an increase of 13.0% compared to the previous year. The operating profit was 2.8 billion yuan, and the net profit attributable to ordinary shareholders was 19.6 billion yuan. The diluted earnings per ADS were 12.90 yuan. The company plans to distribute a cash dividend of 0.5 US dollars per ordinary share, or 1.0 US dollars per ADS.

AUTOHOME-S (02518) releases annual performance with a net profit of 1.443 billion yuan attributable to shareholders, and announces a $200 million stock buyback plan.

Autohome-S (02518) announced that in the fourth quarter of 2025, the group achieved a net income of 1.462 billion yuan; the net profit attributable to Autohome was approximately 234 million yuan; the adjusted net profit attributable to Autohome was approximately 304 million yuan; and the basic earnings per share was 0.48 yuan.

BILIBILI-W (09626) releases annual performance, with adjusted net profit of 2.59 billion yuan, turning a loss into a profit year-on-year.

Bilibili-W (09626) released its financial performance for the year 2025, with the group achieving a total net revenue of 30.35 billion yuan (same unit), an increase of 13% compared to the previous year. The net profit was 1.19 billion yuan, compared to a net loss of 1.36 billion yuan in the same period last year. Adjusted net profit was 2.59 billion yuan, compared to an adjusted net loss of 39 million yuan in the same period last year. Basic earnings per share were 2.85 yuan.

The economic-themed press conference will be held at 3:00 p.m. on March 6th.

The fourth session of the 14th National People's Congress will hold a press conference at 3:00 p.m. on March 6, 2026, in the Meiya Center Press Conference Hall, inviting director of the National Development and Reform Commission Zheng Zhajie, Minister of Finance Lan Fo'an, Minister of Commerce Wang Wentao, Governor of the People's Bank of China Pan Gongsheng, and Chairman of the China Securities Regulatory Commission Wu Qing to answer questions from Chinese and foreign journalists on issues related to development and reform, fiscal budget, commerce, finance, and securities.

Chairman of the China Securities Regulatory Commission (CSRC) Wu Qing: Tomorrow's response to issues related to capital market reforms and development.

On the afternoon of March 5th, the Chairman of the China Securities Regulatory Commission, Wu Qing, visited the residence of the Hong Kong delegation and listened to the opinions of the Hong Kong delegation at the plenary meeting. Prior to the meeting, when asked by a reporter from Shanghai Securities News about the consideration of relevant work to increase the proportion of equity financing, he said, "There will be a meeting tomorrow where we will report to you." According to the agenda information released by the "NPC Conference News Center" WeChat public account, on the afternoon of March 6th, there will be a national two sessions economic theme press conference.

Google DeepMind extends an olive branch to a thousand Ask me anything (AMA) participants.

After Alibaba approved the resignation application of Lin Junyang, the core person in charge of Thousand Whys, on the afternoon of March 5th, Omar Sanseviero, the relevant person in charge of Google DeepMind development team, called out to the Thousand Whys team on social media platforms.

The situation in Iran has reversed the flow of funds: investors are shifting from "buying into Asia" to "escaping back to the United States".

The trading pattern of "selling America and buying Asia" has reached a crucial turning point.

Cui Dongshu: Disruptions in the Middle Eastern market will not change the overall trend of growth in Chinese automobile exports.

Chenglian Branch Cui Dongshu stated in an article that in recent years, the overall growth trend of China's automobile exports has remained strong, and the regional pattern of automobile exports has been optimized in stages. The Middle East, Africa, and Oceania have jointly become the core driving force for export growth. Although there have been continuous conflicts in the Middle East in recent years, with escalating conflicts between Israel and neighboring countries, China has achieved steady growth in car exports to the Middle East by relying on regional market dividends. In terms of export structure, new energy layout, and market competition, development characteristics that adapt to local demands have been formed, and car companies have also completed the transition from product export to brand deepening. The current situation in Iran is complex, and although the disruption of logistics in the Strait of Hormuz brings short-term cost pressures, I believe that it is difficult to shake China's core advantage in the supply chain. I believe that the diversified response measures of car companies can achieve better results than other international car companies. I still maintain an optimistic outlook on exports, and the short-term disturbances in the Middle East market have not changed the overall trend of China's automobile exports' growth.

Magic Atom founder and CEO Wu Changzheng resigns to start a business.

According to informed sources, Wu Changzheng, the founder and former CEO of the humanoid robot company Magic Atom, has resigned from the company and has now started his own business. In response to this news, Magic Atom stated to reporters that they have not received this information. As of March 5th, Wu Changzheng still holds the positions of legal representative, director, and manager of Magic Atom Robot Technology Company, as well as legal representative, chairman, director, and manager of Magic Workshop Company. Insiders said, "The humanoid robot industry has bid farewell to the early stages of rapid growth. 2026 is considered a critical year for industry selection and elimination, and many companies lacking core competitiveness will face market consolidation, making it significantly more difficult to start over."

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Analysis report on passenger flow of Shanghai rail transit in 2025 released.

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Refresh record: China's Spallation Neutron Source achieves stable 185kW beam supply.

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