GMT EIGHT - OPPORTUNITIES IN CHINA

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.

CITIC BANK (00998) announced its performance in 2025, with a net profit attributable to shareholders of approximately RMB 70.618 billion, a year-on-year increase of 2.98%.

China CITIC Bank (00998) announced its performance in 2025, with operating income of approximately 212.636 billion yuan, a decrease of 0.28% year-on-year; among which, interest net income reached 144.469 billion yuan, a decrease of 1.51% from the previous year, and non-interest net income reached 68.167 billion yuan, an increase of 2.44% from the previous year. Net profit attributable to the bank's shareholders is approximately 70.618 billion yuan, an increase of 2.98% year-on-year; basic earnings per share is 1.2 yuan, and the bank plans to distribute a cash dividend of 1.93 yuan for every 10 shares.

Li Qiang made important instructions on national spring agricultural production work, emphasizing the high-level guarantee of stable and secure supply of important agricultural products such as food, providing strong support for a good start to the "Fifteenth Five-Year Plan".

The National Spring Agricultural Production Work Conference was held in Zhoukou City, Henan Province on March 20. Li Keqiang, member of the Political Bureau of the CPC Central Committee and Premier of the State Council, recently issued important instructions on the spring agricultural production work. The instructions pointed out that this year is the first year of the "14th Five-Year Plan," and it is of great significance to do a good job in the work related to agriculture, rural areas, and farmers to ensure a bumper harvest of grain and agricultural products for the whole year. Regions and departments should adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, resolutely implement the decisions and arrangements of the Party Central Committee, fully implement the spirit of the National Two Sessions, not slack off in ensuring grain production, implement the new round of action to increase grain production capacity by a hundred billion catties, ensure the stable and safe supply of important agricultural products such as food, and implement targeted assistance as a regular practice, continuously consolidate and expand the achievements in poverty alleviation, improve the effectiveness of policies benefiting and supporting agriculture and farmers, and solidly promote the comprehensive revitalization of rural areas. As it is currently a critical period for spring agricultural production, regions and departments must resolutely shoulder the responsibility of ensuring national food security, meticulously carry out spring management and spring plowing, strengthen the guarantee of agricultural inputs, stabilize the sown area of grain, promote the growth of wheat seedlings, improve the yield and quality of grains and oil crops, strengthen agricultural disaster prevention, reduction, and relief, strive for another bumper harvest of grains and oil in the summer, consolidate the foundation for grain production for the whole year, and provide strong support for a good start to the "14th Five-Year Plan".

Chifeng Jilong Gold Mining (06693) achieved significant improvement in all core performance indicators in 2025, with a year-on-year increase of 74.7% in net profit attributable to parent company shareholders to 3.082 billion yuan.

Chifeng Gold (06693) announced its performance in 2025, with operating income of approximately 12.6385 billion yuan, a year-on-year increase of 40.03%; net profit attributable to shareholders of the listed company was approximately 3.082 billion yuan, a year-on-year increase of 74.7%; basic earnings per share were 1.69 yuan. The net cash flow generated from operating activities was 5.556 billion yuan, a year-on-year increase of 69.97%, with all core performance indicators achieving significant improvement. As of the end of the reporting period, the company's asset-liability ratio was 33.91%, a decrease of 13.34 percentage points from the beginning of the year; the balance of interest-bearing debt was approximately 878 million yuan, a decrease of 67.45% from the beginning of the year, indicating a continuous optimization of the financial structure.

Huang Renxun discusses space data centers: Processing data directly in space is logical, and cooling is one of the biggest challenges.

NVIDIA CEO Huang Renxun acknowledged the long-term potential of orbital computing in a podcast. Huang Renxun stated that processing data directly in space is the logical next step. At the same time, he also hinted that establishing AI data centers in space may be more difficult than imagined, pointing out that cooling is one of the biggest challenges. "Space cooling can only use radiation heat dissipation," Huang Renxun said. "This method requires a very large area of heat dissipation devices, which makes the system complex and costly." He stated that the company has deployed CUDA-based systems on satellites for imaging and AI processing tasks.

The spokesperson of the Ministry of Commerce answers questions from reporters regarding the statements made by senior officials of the Mexican Ministry of Economy.

A reporter asked: According to local media reports in Mexico, a senior official from the Mexican Ministry of Economy stated in an interview that the United States had accused Mexico of being used as a "springboard" for Asian goods to enter the U.S., and welcomed Mexico to impose tariffs on cars, steel, and other products imported from non-free trade partners. Mexico is considering conducting an "economic security review" of Chinese investments. What is the Ministry of Commerce's comment on this? China has taken note of the relevant statements made by the senior official from the Mexican Ministry of Economy. China consistently opposes all forms of unilateralism and protectionist measures, and opposes politicizing, weaponizing, and instrumentalizing economic and trade issues. China has repeatedly urged Mexico to correct its incorrect practice of unilaterally imposing tariffs and expresses serious concerns about Mexico's possible so-called "economic security review" of Chinese investments. The Ministry of Commerce initiated a trade and investment barrier investigation in relation to Mexico's restrictions on China on September 25, 2025, and will soon announce the final conclusion of the investigation and take corresponding measures in a timely manner to resolutely safeguard China's legitimate rights and interests. Mutual respect and mutual benefit are valuable experiences for the development of the China-Mexico economic and trade relationship. Normal development of bilateral economic and trade relations requires both sides to move forward in the same direction. China is willing to strengthen communication and exchange with Mexico, properly manage differences, and jointly maintain the overall situation of bilateral economic and trade relations. It is hoped that Mexico will have a rational, objective, and comprehensive view of economic and trade cooperation with China, respect market rules and the principle of fair competition, and provide an open, fair, and predictable environment for enterprises from all countries, including Chinese enterprises.

The IPO application of Siasun Robot & Automation on the ChiNext board has been accepted, aiming to become the first stock on the A-shares market.

On March 20th, Yushu Technology Co., Ltd. (referred to as Yushu Technology) has had its IPO application accepted by the Shanghai Stock Exchange's Science and Technology Innovation Board.

CHINAHONGQIAO (01378) announces that the net profit attributable to shareholders for the year 2025 is expected to increase by approximately 1.2% to 22.636 billion yuan. The final dividend per share is 165 Hong Kong cents.

China Hongqiao Group (01378) announced its performance for 2025, with revenue increasing by approximately 4.0% compared to the same period last year, reaching approximately 1623.54 billion yuan; gross profit decreasing by about 1.6% compared to the same period last year, reaching approximately 415.05 billion yuan; the net profit attributable to shareholders of the company increased by about 1.2% compared to the same period last year, reaching approximately 226.36 billion yuan; basic earnings per share were 2.3842 yuan, with a recommended final dividend of 165 Hong Kong cents per share.

HENLIUS (02696) released its annual performance, with revenue of 6.67 billion yuan, a year-on-year increase of 16.46%.

Fosun Pharma (02696) announced its performance for the year ending on December 31, 2025. The group achieved a revenue of 6.67 billion yuan, an increase of 16.46% year-on-year. The attributable profit to the owners of the parent company reached 827 million yuan, an increase of 0.8% year-on-year. The basic earnings per share were 1.52 yuan.

China Tourism Group Duty Free Corporation (01880) released its annual performance report, with a net profit attributable to parent company of 3.586 billion yuan, a year-on-year decrease of 15.97%.

China CNSC (01880) released its 2025 annual performance report. The company achieved total revenue of RMB 53.694 billion, a decrease of 4.92% year-on-year; net profit attributable to equity shareholders of the listed company was RMB 3.586 billion, a decrease of 15.97% year-on-year; basic earnings per share was RMB 1.7332.

In February, the passenger transportation volume of civil aviation increased by 11% year-on-year.

Journalists learned from the Civil Aviation Administration of China on the 20th that in February this year, the passenger transportation volume of civil aviation was 683.05 million, an increase of 11% year-on-year. The Civil Aviation Administration of China announced the main production indicators for civil aviation in February on that day. The data showed that in February, the passenger transportation volume of domestic air routes was 614.42 million, an increase of 10.5% year-on-year; the passenger transportation volume of international air routes was 6.863 million, an increase of 15.6% year-on-year. In terms of cargo and mail transportation, in February, the cargo and mail transportation volume of civil aviation was 740,000 tons, an increase of 22.3% year-on-year. Among them, the cargo and mail transportation volume of domestic air routes was 408,000 tons, an increase of 21.2% year-on-year; the cargo and mail transportation volume of international air routes was 332,000 tons, an increase of 23.8% year-on-year.

US Treasury Secretary: or relax sanctions on Iranian oil to increase supply, and partially lifted sanctions on Russian oil

On March 19th, US Treasury Secretary Bernard stated in an interview with the media that the US government may lift sanctions on Iranian oil already at sea to increase market supply. Bernard said that the US has begun to lift sanctions on around 130 million barrels of Russian oil already shipped or stored at sea, and may take similar measures on around 140 million barrels of Iranian oil already shipped or stored at sea. Bernard also said that in addition to coordinating with the International Energy Agency to release strategic oil reserves, the US may also unilaterally release strategic oil reserves. He emphasized that the US government will not intervene in the oil futures market, but will increase supply in the spot market.

Today, southbound funds have net sold 21.05 billion Hong Kong dollars.

In terms of the Shanghai-Hong Kong Stock Connect, Xiaomi Group-W and Alibaba-W received net purchases of 18.61 billion Hong Kong dollars and 18.59 billion Hong Kong dollars, respectively; Ying Fu Fund had the highest net selling amount at 10.24 billion Hong Kong dollars. As for the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W and Geely Automobile received net purchases of 5.98 billion Hong Kong dollars and 2.48 billion Hong Kong dollars, respectively; Ying Fu Fund had the highest net selling amount at 33.58 billion Hong Kong dollars.

Four departments propose that breakthroughs in key materials and components for energy-saving equipment will be achieved by 2028.

The "Implementation Plan for the High-Quality Development of Energy-saving Equipment" issued by the Ministry of Industry and Information Technology and other four departments was announced to the public on the 20th, proposing that by 2028, breakthroughs should be made in key materials and components for energy-saving equipment, the matching of energy systems in key industries should continuously improve, the actual operating efficiency should improve, and the energy efficiency level of energy-saving equipment such as motors and transformers should reach the international leading level, and the market share of energy-saving equipment should be further increased. Wang Peng, director of the Energy Conservation and Comprehensive Utilization Department of the Ministry of Industry and Information Technology, introduced that the energy efficiency level of various types of energy-saving equipment in China continues to improve, and the industrial scale, technological level, and market competitiveness are all internationally leading. However, there are still some equipment in service that have not reached the energy efficiency standard limit, some key materials and components need to be tackled, and the level of intelligence needs to be improved. It is urgent to strengthen top-level design, coordinate efforts from both the supply and application ends, and promote the high-quality development of energy-saving equipment. The implementation plan makes a series of deployments around accelerating the research and development and promotion of advanced energy-saving equipment, expanding the green and low-carbon supply of energy-saving equipment, strengthening the coupling and matching of energy-saving equipment systems, and promoting the digital enhancement of energy-saving equipment. This includes speeding up the research and development of new materials, components, and products that meet market demands and have outstanding energy-saving effects for energy-saving motors, transformers, industrial heat pumps, industrial refrigeration and heating equipment, water electrolysis hydrogen production equipment, and information communication equipment; integrating technologies such as artificial intelligence, 5G, and industrial internet, and promoting the joint optimization of energy-saving equipment systems.

The Shanghai Stock Exchange has accepted Yushu Technology Co., Ltd.'s application for an IPO on the Science and Technology Innovation Board.

XPENG-W(09868) expects a net loss attributable to shareholders of 1.14 billion yuan in 2025, a year-on-year decrease of 80.3%

Xiaopeng Motors-W (09868) announced that in the fourth quarter of 2025, total revenue was 22.25 billion yuan, up 38.2% from the same period in 2024, and up 9.2% from the third quarter of 2025.

Director Zheng Zhejie presided over the convening of a symposium for private enterprises.

On March 20, the director of the National Development and Reform Commission, Zheng Zhujie, presided over a forum for private enterprises, focusing on deepening the study and implementation of the spirit of the National Two Sessions, promoting the expansion and improvement of the service industry, and starting the "Fifteenth Five-Year Plan" on a good note. Leaders of enterprises from the fields of financial services, warehousing and logistics, elderly care and health, human resources, energy conservation, and environmental protection attended the forum. Zheng Zhujie stated that the future development of China's service industry has great potential in terms of scale growth, structural optimization, and innovation cultivation. It is a new growth point for the economy and a "reservoir" of employment. He encouraged everyone to continue to have confidence in development, cultivate patriotism, excel in their main businesses, and better support industrial upgrading, meet people's needs, and expand employment. The opinions and suggestions raised by the participating enterprises will be further studied in areas such as strengthening investment and financing services, reducing social logistics costs, supporting and guiding the high-quality and diversified development of lifestyle services, adapting to new forms of employment, and promoting energy conservation and carbon reduction.

CSRC and other five departments: continuously improve policies supporting small and micro enterprises, guide financial institutions to treat all types of businesses equally.

The China Securities Regulatory Commission and four other departments have publicly solicited opinions on the "Financial Law of the People's Republic of China". The opinions state that the country encourages the development of technology finance, green finance, inclusive finance, pension finance, and digital finance, guiding financial resources to major national strategies, key areas, and weak links to serve the high-quality development of the economy and society. Continuing to improve policies to support small and micro enterprises, guiding financial institutions to treat all types of business entities equally. Guiding financial institutions to optimize their structure, focus on their core business, standardize operations, establish correct business concepts, performance concepts, and risk concepts, improve competitiveness, and enhance the ability to serve the real economy.

ANTENGENE-B (06996) announced its annual performance, with a adjusted net loss of 233 million yuan in the year, a year-on-year decrease of 23.50%.

Decky Pharmaceuticals-B (06996) announced its annual performance as of December 31, 2025. The group achieved a revenue of RMB 105 million, an increase of 14.56% year-on-year; research and development expenses were RMB 169 million, a decrease of 34.69% year-on-year; a loss of RMB 239 million was incurred during the year, a decrease of 25.10% year-on-year; after adjustment, the loss for the year was RMB 233 million, a decrease of 23.50% year-on-year; loss per share was 0.38 yuan.

HK & CHINA GAS (00003) announces annual results, with a net profit attributable to shareholders of HKD 5.688 billion and a final dividend of 23 HK cents per share.

Hong Kong and China Gas (00003) released its full-year performance for 2025, with the group achieving a revenue of HKD 54.326 billion, a decrease of 2.07% compared to the previous year. Shareholders' net profit amounted to HKD 5.688 billion, a decrease of 0.42% year-on-year. Basic earnings per share were 30.5 HK cents, with a proposed final dividend of 23 HK cents per share.

China Duty Free Group: Net profit in 2025 is 3.586 billion yuan, a year-on-year decrease of 15.97%.

China Duty Free Group released its performance report, with a total revenue of 53.694 billion yuan in 2025, a year-on-year decrease of 4.92%. Net profit was 3.586 billion yuan, a year-on-year decrease of 15.97%. In the fourth quarter of 2025, the company achieved operating revenue of 13.831 billion yuan, a year-on-year increase of 2.81%; and a net profit attributable to the owner of the parent company of 534 million yuan, a year-on-year increase of 53.49%.

Byte sells Mouton Technology for over 6 billion dollars, further focusing on AI strategy.

ByteDance announced that it has reached a final agreement to sell Moonton Technology to Savvy Games Group, a subsidiary of the Saudi Public Investment Fund. The selling price exceeds 6 billion US dollars. Moonton Technology is the developer and publisher of the popular MOBA mobile game Mobile Legends: Bang Bang in Southeast Asia, which was acquired by ByteDance in 2021. It is reported that ByteDance has made huge investments in AI, and its overall profit in the fourth quarter of 25 decreased. The sale of Moonton is seen as a further signal of ByteDance's strategic focus on AI.

State Administration for Market Regulation: Actively promoting the investigation and assessment of market competition in the food delivery platform service industry.

On March 20, the State Administration for Market Regulation held a routine press conference for the first quarter of 2026. During the conference, the spokesperson and director of the News and Publicity Department of the State Administration for Market Regulation, Wang Qiuping, stated that they are closely progressing with the investigation and assessment of market competition in the food delivery platform service industry according to the established plan. "We are closely progressing with the investigation and assessment according to the established plan. Currently, we have conducted on-site investigations at relevant food delivery platforms in collaboration with members of the State Council Anti-Monopoly and Anti-Unfair Competition Committee, gathering comprehensive information. We have organized meetings with merchants, exchanged views with industry associations and platform operators, and conducted face-to-face interviews to understand the concerns and demands of various parties such as platform merchants, delivery riders, and consumers," Wang Qiuping said. Next, the State Administration for Market Regulation will continue to conduct further investigations into the competition behavior of food delivery platforms through on-site inspections, interviews, discussions, and surveys, to comprehensively listen to the opinions of platform operators, new employment groups, consumers, and others, systematically analyze the market competition situation, organize analysis and demonstration, convey regulatory pressure, and research and propose corresponding disposal measures.

Lilly's new drug for Alzheimer's disease successfully appealed, and the UK regulatory agency will reassess its medical insurance eligibility.

The UK drug pricing regulator will have to reconsider its decision to prohibit the use of Roche's Alzheimer's drug in the NHS.

Silver continuous main contract fell 6% intraday, now reporting 17670.00 yuan.

The Hang Seng Index fell more than 1%, now at 25245.379 points; the Hang Seng Technology Index is currently down 2.440%.

A seminar on the safety requirements of photovoltaic modules and two other mandatory national standards was held in Beijing.

On March 19, 2026, a symposium on the two mandatory national standards "Photovoltaic Module Safety Requirements" and "Photovoltaic Module Nameplate Identification Requirements" was held in Beijing. The meeting focused on promoting the formulation and implementation of the two mandatory national standards. Xiong Jijun, Deputy Minister of the Ministry of Industry and Information Technology, attended the meeting and delivered a speech. The meeting pointed out that China's photovoltaic industry is globally leading in terms of industrial scale, technological level, and market application. The current photovoltaic industry has entered a new stage of high-quality development, with accelerated technological iteration and continuously expanding application scenarios, posing higher requirements for product quality control and standard system construction. It is necessary to thoroughly implement the decision-making arrangements of the Party Central Committee and the State Council, and deeply understand that the formulation and implementation of the two mandatory national standards "Photovoltaic Module Safety Requirements" are important measures to coordinate development and safety, eliminate disorderly competition in the industry, and build a reliable safety defense line for people's livelihood and promote the high-quality development of the industry. The meeting emphasized that photovoltaic manufacturing enterprises should strengthen standard guidance and safety supervision among them; power generation central enterprises should actively optimize the bidding and procurement mechanism, conduct benchmarking in the procurement process, actively connect with standard requirements, and pay more attention to safety issues. All parties should work together, adhere to innovation leadership, promote the transformation of the photovoltaic industry from "scale leadership" to "value leadership," jointly build a safe and reliable benign competition pattern, and solidify the national energy security barrier with practical actions.

EB ENVIRONMENT (00257) released its annual performance, with a shareholder profit of HK$3.925 billion, an increase of 16% year-on-year.

Guangdong Everbright Environmental Protection (00257) released its annual performance as of December 31, 2025. The group's revenue for the period was 27.521 billion Hong Kong dollars, a 9% decrease compared to the previous year. The net profit attributable to equity holders was 3.925 billion Hong Kong dollars, a 16% increase year-on-year. Basic earnings per share were 63.9 Hong Kong cents. It is proposed to distribute a final dividend of 12 Hong Kong cents per share.

Houthi militants in Yemen claim they may block the Strait of Mandeb.

According to a report by Russian news agency on the 20th, Mohamed Buhaiti, a member of the political bureau of the Houthi armed group in Yemen, said that in order to support Iran, the organization may block the Bab el-Mandeb Strait. Buhaiti told the Russian news agency that the Houthi armed group in Yemen is considering all possible options to support Iran in resisting US and Israeli military strikes. If they have to close the Bab el-Mandeb Strait, the Houthi armed group in Yemen will only attack ships from countries involved in attacks on Iran, Iraq, Lebanon, and Palestine. The Bab el-Mandeb Strait is a strait connecting the Red Sea and the Gulf of Aden, serving as a vital communication route between the Atlantic, the Mediterranean, and the Indian Ocean, known as the "throat" connecting the three continents of Europe, Asia, and Africa by sea.

Deutsche Bank: a 4% drop in the S&P 500 is a historic signal, indicating that the bottom is near after geopolitical shocks.

Deutsche Bank recently released a research report stating that as the situation in Iran continues to deteriorate, global stock markets are entering the most challenging phase of geopolitical-driven selloff in history.

HK Stock Market Move | JIAXIN INTL RES (03858) surged more than 12% in early trading. Tungsten prices are expected to remain high throughout the year. The company recently entered the Hong Kong Stock Connect.

Jiaxin International Resources (03858) surged more than 12% in the morning session, increasing by 9.26% as of the time of submission, with a price of 118 HKD and a trading volume of 256 million HKD.

Will the high stakes of AI and prediction markets inevitably lead to a decline? Gemini (GEMI.US) layoffs of 30% still fail to prevent a single-quarter loss from expanding to 140 million US dollars.

As of the end of March 2026, the staff size of Gemini Space Station (GEMI.US) has been reduced by approximately 30% since the beginning of the year.

HK Stock Market Move | After the performance, LI NING (02331) opened nearly 8% higher. Revenue increased by 3.2% to 29.598 billion over the 25 years. The company continues to expand its brand influence.

Li Ning (02331) opened nearly 8% higher after its performance, with a 7.85% increase as of the time of publication, trading at 21.3 Hong Kong dollars with a turnover of 1351.49 million Hong Kong dollars.

March LPR quotation released: 5-year and 1-year interest rates remain unchanged.

The Loan Prime Rate (LPR) on March 20, 2026 is as follows: The 1-year LPR is 3.0%, which is the same as last month; The LPR for 5 years and above is 3.5%, which is also the same as last month. The above LPR is effective until the next release of LPR.

Bank of America warns: If the Strait of Hormuz cannot reopen within a few days, oil prices could soar to $200.

Blanchard pointed out that if the blockade of the strait continues for several months, the price of Brent crude and WTI crude is likely to soar to over $200 per barrel.

Record-breaking $5.7 trillion market pressure on US stocks on "quadruple witching day"! As tensions escalate in the Middle East, a storm of volatility is imminent.

On Friday, Wall Street will face a severe shock with a combined market cap of $5.7 trillion on the "quadruple witching day". This event comes at a particularly volatile time in the market, as the Iran conflict has caused a sharp increase in oil prices and concerns about inflation, leading investors to significantly reduce their expectations of a Fed rate cut.

AI merges with all things, Bezos plans to gamble a hundred billion dollars on "AI + manufacturing," the physical world welcomes the "AI reconstruction moment."

Bezos seeks to raise $100 billion to use artificial intelligence in large-scale manufacturing.

COSCO Shipping Holdings (01919) announced its annual performance, with a net profit attributable to shareholders of 30.86 billion yuan, a decrease of 37.24% year-on-year.

China Merchants Port Holdings (01919) announced its annual performance for the year ending December 31, 2025. The group achieved a revenue of RMB 219.504 billion, a decrease of 6.14% compared to the previous year. The profit attributable to equity holders of the company was RMB 30.86 billion, a decrease of 37.24% year-on-year. Earnings per share were RMB 1.99. The company plans to distribute a final dividend of RMB 0.44 per share.

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