GMT EIGHT - OPPORTUNITIES IN CHINA

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.

The country's first 550 megawatt F-class gas turbine unit was put into operation today, marking a new breakthrough in large capacity clean energy equipment.

This milestone event marks an important breakthrough for our country in the application of large-capacity, high-efficiency, and clean energy equipment.

A no escape reckoning is unfolding! Soaring oil prices shatter interest rate cut fantasies, cross-asset sell-off sweeps the world.

From the start of the "epic rage action" nearly three weeks ago, the market has generally held optimistic expectations: the interruptions in oil supply will be short-lived, the Strait of Hormuz will reopen, and the Fed's loose monetary policy cycle will resume. However, on Friday, these expectations began to unravel.

Risk aversion returns, combined with expectations of interest rate cuts reversing. Traders shift their focus to buying the US dollar for the first time this year.

Traders have turned bullish on the US dollar for the first time this year, as changes in demand for safe havens and interest rate expectations are driving this trend shift.

DEKON AGR (02419) releases annual performance, with operating income of 23.159 billion yuan, a year-on-year increase of 3.09%.

Deken Agriculture and Animal Husbandry (02419) released its annual performance as of December 31, 2025, with the group achieving operating revenue of 23.159 billion yuan, an increase of 3.09% year-on-year; net profit of 1.422 billion yuan, a decrease of 56.51% year-on-year; and earnings per share of 3.69 yuan.

Zijin Mining Group (02899) announced that its net profit attributable to shareholders for the year 2025 is expected to be approximately 51.777 billion yuan, a year-on-year increase of 61.55%.

Zijin Mining (02899) announced its performance in 2025, with operating income of approximately RMB 349.079 billion, a year-on-year increase of 14.96%; net profit attributable to shareholders of the listed company was approximately RMB 51.777 billion, a year-on-year increase of 61.55%; basic earnings per share was RMB 1.95, and it is planned to distribute a cash dividend of RMB 3.8 (including tax) per 10 shares.

Guangzhou Baiyunshan Pharmaceutical Holdings (00874) published its annual performance with a net profit attributable to shareholders of 2.983 billion yuan, an increase of 5.21% year-on-year.

Baiyunshan (00874) announced its annual performance as of December 31, 2025. The group achieved revenue of 77.656 billion yuan, an increase of 3.55% year on year; net profit attributable to shareholders of the company was 2.983 billion yuan, an increase of 5.21% year on year; basic earnings per share were 1.835 yuan, with a proposed cash dividend of 0.45 yuan per share.

US Stock Market Move | XPeng, Inc. ADR Sponsored Class A (XPEV.US) fell more than 6%, with first-quarter car delivery volume expected to drop significantly year-on-year.

On Friday, XPeng Inc. (XPEV.US) fell over 6%, closing at $17.93.

US Stock Market Move | Super Micro Computer, Inc. (SMCI.US) plummeted over 28% as co-founder faces illegal export charges.

On Friday, Super Micro Computer (SMCI.US) plummeted by more than 28% to $22.12.

Zhou Liufu (06168) released its 2025 annual performance with a net profit attributable to shareholders of RMB 770 million, representing a year-on-year growth of 9.1%.

Chow Tai Fook (06168) announced its annual performance for the year ended December 31, 2025, with revenue of 5.834 billion yuan, a year-on-year increase of 2%. The profit attributable to the owners of the parent company was 770 million yuan, a year-on-year increase of 9.1%. Earnings per share were 1.88 yuan, and a final dividend of 0.45 yuan per share (including tax) is proposed to be paid.

The Dow Jones opened down 0.1%, the S&P 500 fell 0.3%, and the Nasdaq dropped 0.5%.

Supermicro plunges 27% for smuggling AI servers, co-founder arrested. FedEx rises 7.0% as Q3 results exceed expectations and raise full-year profit guidance. Firefly Aerospace surges 10.1% with Q4 revenue soaring and losses narrowing. Planet Labs rises 19.7% with quarterly performance and guidance both exceeding expectations. XPeng Motors drops 4.0% as it turns its first profit from a loss.

Tencent revokes AI Lab

On March 20th, Tencent issued an internal notice stating that AILab will be disbanded, and the relevant personnel from AILab will be reassigned to the Big Language Model Department and the Industry-University-Research Cooperation Center. Tencent's Vice President Jiang Jie will no longer serve as the head of AILab, but his other positions remain unchanged. He is also the Vice President of Tencent's Enterprise Development Group and Technology Engineering Group. AILab was established in 2016 as Tencent's corporate AI lab, focusing on basic research in the field of AI, including areas such as vision, language, natural processing, and machine learning. AILab also participated in the development of Tencent's Mix Driver Model. There has been no response from Tencent officials regarding the adjustment of AILab.

Federal Reserve Chairman Powell: if the labor market weakens, we will support cutting interest rates again later this year.

Shanghai Stock Exchange: Nations Technologies Inc. (02701) will be added to the list of stocks eligible under the Shanghai-Hong Kong Stock Connect scheme.

On March 20, the Shanghai Stock Exchange issued a notice regarding the adjustment of eligible securities for the Shanghai-Hong Kong Stock Connect.

He Xiaopeng: Xiaopeng Turing chip has shipped more than 200,000 units, with a target annual shipment of nearly 1 million units.

On the evening of March 20th, Xiaopeng Motors announced its financial data for the fourth quarter and full year ending December 31, 2025. In the fourth quarter of 2025, Xiaopeng Motors achieved a revenue of 22.25 billion yuan, a year-on-year increase of 38.2%; net profit reached 380 million yuan, achieving profitability for the quarter. He Xiaopeng, Chairman and CEO of Xiaopeng Motors, stated during a conference call that the Turing chip has now shipped over 200,000 units, and it is expected that all models will complete the switch starting from the second quarter of this year, with a target of nearly 1 million units for the entire year. The chip, jointly optimized with large models and compilers, achieves an effective computing power increase of about 10 times, and is expected to become the top AI chip for large computing power in China. Volkswagen is one of the first batch of partners to collaborate on the Turing chip and the second generation VLA.

WYNN MACAU (01128) announces annual performance, with a net profit attributable to shareholders decrease by 49.05% to HK$1.63 billion. Final dividend is HK$0.223.

Wynn Macau (01128) released its annual results for the year ending December 31, 2025. The revenue from entertainment facilities was 24.418 billion Hong Kong dollars, a year-on-year increase of 3.39%. The net profit attributable to owners was 1.63 billion Hong Kong dollars, a year-on-year decrease of 49.05%. The basic earnings per share was 0.31 Hong Kong dollars, and the final dividend was 0.223 Hong Kong dollars.

The National Development and Reform Commission and the Ministry of Agriculture and Rural Affairs held a symposium for pig farming enterprises.

On March 20th, according to the futures information from Jinshi, recently, the National Development and Reform Commission and the Ministry of Agriculture and Rural Affairs organized a symposium for pig farming enterprises to analyze and judge the price situation and arrange for market regulation work. The meeting pointed out that affected by factors such as the decline in post-holiday consumer demand, pig prices have fallen and have entered the first-level warning zone of excessive decline. The country has started the centralized collection and storage of frozen pork reserves, and is guiding localities to increase the intensity of collection and storage in a synchronized manner to form a joint regulation force. The meeting requires all pig farming enterprises to strictly implement production capacity control measures, scientifically arrange production and operation, orderly reduce the inventory of breeding sows, reasonably control the number of pigs slaughtered, and promote better matching of supply and demand. In the next step, the National Development and Reform Commission and the Ministry of Agriculture and Rural Affairs will closely monitor the supply and demand and price situation of the pig market, promptly carry out reserve regulation, continuously strengthen comprehensive control of pig production capacity, and promote the stable operation of the pig market.

Latest

18 m ago

WTI May crude oil futures closed at $88.13 per barrel. NYMEX April natural gas futures closed at $2.8910 per million British thermal units. NYMEX April gasoline futures closed at $2.9749 per gallon, and NYMEX March heating oil futures closed at $4.0560 per gallon.

19 m ago

The night trading session of crude oil futures on the Shanghai Futures Exchange closed down by 7.81%, at 742.20 yuan/ton. Gold futures on the Shanghai Futures Exchange closed down by 1.00%, while silver futures closed up by 3.47%.

31 m ago

Market news: Just five minutes before Trump announced the cessation of the attack on Iran, there were huge trades in the market. One of the trades bought $15 billion in S&P 500 futures and sold $1.92 billion in crude oil futures. These orders were 4 to 6 times larger than any other trades at the time. The trader obviously made a huge profit.

38 m ago

U.S. natural gas futures fell more than 6.00%, now trading at $2.880 per million British thermal units.

39 m ago

JPMorgan Chase launched a credit default swap index composed of Alphabet Inc., Amazon.com Inc., Meta Platforms Inc., Microsoft Corp., and Oracle Corp. last month.

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