GMT EIGHT - OPPORTUNITIES IN CHINA

HAITIAN INT'L (01882) released its performance for the year 2025, with a net profit attributable to shareholders of 3.301 billion yuan, an increase of 7.2% year-on-year.

Haitian International (01882) released its annual performance for the year ending December 31, 2025, with a revenue of 17.733 billion yuan (RMB, the same below), a year-on-year increase of 10%; the company's attributable profit to shareholders was 3.301 billion yuan, a year-on-year increase of 7.2%; basic earnings per share was 2.07 yuan, and it proposes to distribute a second interim dividend of 0.80 Hong Kong dollars per share for the year 2025.

US Stock Market Move | Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose more than 2%, establishing the Alibaba Token Hub business unit.

On Monday, Alibaba (BABA.US) rose over 2%, closing at $138.12.

New Stock News | Fourier Semiconductor successfully passed the hearing of the Hong Kong Stock Exchange, sprinting to become the first stock of "AI audio chips"

Hong Kong Exchange disclosed on March 15th that Shanghai Fourier Semiconductor Co., Ltd. has successfully passed the listing hearing on the Main Board of the Hong Kong Exchange, officially entering the critical stage of the Hong Kong IPO, aiming to become the "first stock of AI audio chips".

SINOPEC SSC (01033) announced that its net profit attributable to shareholders for the year 2025 is approximately 659 million yuan, an increase of 4.3% year-on-year.

Sinopec Yizheng (01033) released its 2025 performance, with operating revenue of approximately 80.712 billion yuan, a decrease of 0.5% year-on-year; net profit attributable to shareholders of the listed company was around 659 million yuan, an increase of 4.3% year-on-year; net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was about 451 million yuan, an increase of 237.9% year-on-year; basic earnings per share were 0.035 yuan.

Li Qiang presided over the 11th full meeting of the State Council.

Li Qiang presided over the eleventh plenary meeting of the State Council.

Market news: Alibaba will establish a Token Hub business group to strengthen the strategic coordination of its various artificial intelligence businesses.

LEAPMOTOR (09863) net profit is expected to reach 540 million yuan in 2025, with sales doubling for two consecutive years.

Zero Run Auto (09863) released its performance for 2025, with a revenue of 64.73 billion yuan, a year-on-year increase of 101.3%.

BEKE-W (02423) released its annual performance, with a net income of 94.6 billion yuan, an increase of 1.2% year-on-year.

Beike Group (02423.W) released its financial performance for the fiscal year 2025, with a net income of RMB 94.6 billion, representing an increase of 1.2% year-on-year. Net profit was RMB 2.991 billion, down 26.7% year-on-year, and adjusted net profit was RMB 5.017 billion, down 30.4% year-on-year.

State Administration of Foreign Exchange: Bank settlement of 1.4338 trillion yuan in February, foreign exchange sales of 1.1362 trillion yuan.

According to statistics from the State Administration of Foreign Exchange, in February 2026, banks sold 143.38 billion yuan in foreign exchange and bought 113.62 billion yuan in foreign exchange.

Maotai Chenhua, Guizhou: By 2025, the sales volume of Maotai in the Southeast Asian market will increase by more than 4 times.

On March 16th, at the 2026 International Distributor Gala of Guizhou Maotai, the Secretary of the Party Committee and Chairman of Maotai Group, Chen Hua, stated that in 2025, facing the difficulties and challenges of the domestic and international liquor industry market, Maotai and its distributors have worked together fearlessly, forging ahead and achieving significant results. Faced with a complex international market environment, Maotai Import and Export Company has taken the initiative and made precise efforts, steadily expanding into key markets. The sales volume through duty-free channels has doubled, sales volume in Southeast Asia has increased by over 4 times, and sales of Maotai Zodiac Liquor have increased by 135.5% year-on-year, effectively maintaining the stability of Maotai's international market.

Fun-CineForge is a multimodal large model that supports multi-scene dubbing for film and television, which has been released and open-sourced.

The Tongyi Laboratory has released and open-sourced the first multimodal large model Fun-CineForge that supports multi-scene dubbing at the film level. In addition, it has also made available the construction method for high-quality datasets. Through the integrated design of "data + model", Fun-CineForge is trying to solve the key issues faced by film-level AI dubbing in the long term.

Financial Report Outlook | Can IT consulting giant Accenture Plc Class A (ACN.US) overcome doubts amid the AI disruption that is battering software stocks?

Since February, the pessimistic market expectations of "AI revolutionizing everything" have been impacting various traditional industry sectors like a domino effect, from SaaS, software, PE to insurance, traditional investment banks, wealth management, real estate and property management, and even logistics sectors taking turns in experiencing a downturn.

The trading volume of the two cities of Shanghai and Shenzhen exceeded 2 trillion yuan, an increase of 291 billion yuan compared to the same time the previous day.

Q TECH (01478) announced its annual performance, with a net profit attributable to shareholders of 1.494 billion yuan, representing a year-on-year increase of 435.22%.

Hillstone Technology (01478) announced its annual performance as of December 31, 2025. The group's revenue for the year was 20.877 billion yuan, an increase of 29.26% compared to the previous year. The company's shareholders' attributable net profit was 1.494 billion yuan, an increase of 435.22% year-on-year. Earnings per share were 1.257 yuan. It is proposed to distribute a final dividend of 0.40 Hong Kong cents per share.

CHINA LILANG (01234) has released its annual performance report, showing a net profit of 502 million yuan for the shareholders, an increase of 9% compared to the previous year.

China Lilang (01234) announced its annual performance as of December 31, 2025. The group achieved a revenue of 4.07 billion yuan, an increase of 11.5% year-on-year. Net profit attributable to equity shareholders was 502 million yuan, up 9% year-on-year. Basic earnings per share were 41.96 cents. The company plans to distribute a final dividend of 0.13 Hong Kong dollars per share and a special dividend of 0.03 Hong Kong dollars per share.

HBM demand continues to explode! Micron (MU.US) is building a new chip factory to accelerate production.

Micron plans to build a second large chip factory at the recently acquired semiconductor wafer fab site in Taiwan, China.

Futures early morning closing prices.

Asphalt rose continuously by 9.96%, silver fell continuously by 6.89%, plastic rose continuously by 6.85%, platinum fell continuously by 4.18%, and palladium fell continuously by 3.92%.

BRIGHT SMART (01428) will be temporarily suspended from trading starting from March 16th, pending the release of insider information.

Yao Tse Securities and Finance (01428) announced that trading of its shares on the Stock Exchange of Hong Kong will be temporarily suspended starting from 9:00 am on Monday, March 16, 2026, pending the publication of an announcement regarding insider information of the company in accordance with the Hong Kong Code on Takeovers and Mergers.

Hang Seng Technology Index rose more than 1%, now trading at 5029.450 points; Hang Seng Index is up 0.478% now.

National Bureau of Statistics: The month-on-month decline in the sales prices of residential properties in February continued to narrow.

In February, the sales prices of newly built commercial housing in first-tier cities remained flat compared to the previous month, after dropping by 0.3%. Among them, Beijing and Shanghai both rose by 0.2%, Guangzhou remained flat, and Shenzhen dropped by 0.3%.

Preparing for more intense volatility? Markets focus on Sino-US relations, Middle East conflict escalating during "Super Central Bank Week"! "AI Faith" also faces a major test.

Under the disruption of the substantial blockade in the Strait of Hormuz, global stock markets are experiencing increasingly violent fluctuations, and the "chain reaction of sharp rises and falls" type of volatility is escalating.

Brent stabilizes at $103, WTI approaches $100! The US strikes Iranian oil hubs, igniting a new round of price increases in the global oil market.

After the United States launched an attack on Iran's key crude oil export hub Kharg Island, international oil prices surged by 3.3% in intraday trading.

The spokesperson of the Ministry of Commerce responded to questions from journalists regarding the announcement by the U.S. Trade Representative's Office to launch a Section 301 investigation into 60 economies, including China, citing "failure to prohibit import of products made with forced labor."

Currently, China and the United States are holding a new round of economic and trade negotiations in Paris, France, and China has already raised concerns with the United States.

Zejing Corporation (02632) will be making a global offering of 16.2265 million H shares from March 16th to March 19th, introducing Ying Ke One and Hong Kong High Tech as cornerstone investors.

Zejing Group (02632) will be conducting its initial public offering from March 16, 2026 to March 19, 2026. They plan to globally issue 16.2265 million H shares, with 10% of the shares being offered in Hong Kong and 90% internationally. The offering price is set at 42 Hong Kong dollars to 48 Hong Kong dollars per share, with each lot consisting of 50 H shares. It is expected that trading of the H shares will commence on March 24, 2026 (Tuesday) at 9:00 AM on the Hong Kong Stock Exchange.

Brent crude oil fell below $105 per barrel, with an intraday increase of 2.58%.

The Market Supervision Administration thoroughly investigates the relevant illegal activities exposed in the "3.15" evening party to fully protect consumer rights and interests.

Regarding the illegal activities in the field of market regulation exposed during the CCTV "3.15" evening gala, such as "bleached chicken feet" and "height-increasing marketing tricks", the State Administration for Market Regulation promptly initiated emergency response mechanisms, deployed enforcement actions, and will timely disclose the investigation results to the public.

The General Administration of Market Supervision has deployed strict governance of prominent issues with alcoholic products across the country.

Recently, the State Administration for Market Regulation has deployed local market supervision departments to carry out comprehensive governance of prominent issues in the alcohol industry, cracking down on illegal and irregular behaviors in order to effectively protect the food safety and consumer rights of the people. This comprehensive governance will focus on five key areas of concern. Local market supervision departments will comprehensively strengthen supervision and law enforcement in all aspects of the production and processing, food sales, catering services, and promotional marketing of alcohol products. They will comprehensively use administrative licensing, supervision inspections, random monitoring, and law enforcement inspections to strictly handle a number of key cases, clean up illegal black dens and workshops, punish criminals, and expose typical cases. At the same time, they will strengthen standard guidance and technical support, guide enterprises to improve product quality, and promote the high-quality development of the alcohol industry.

The 315 Gala exposes a stock recommendation scam, with 12.08% of financial consumer-related companies having been involved in legal disputes.

The 315 evening party exposed the stock recommendation scam, where many institutions use the lure of a "50-50 profit sharing" scheme, but in reality it is fraudulent. Reporters found that following the recommendations of Tian Shun Investment's customer service to buy stocks led to losses, and discovered that behind it, Xinxin Ke has no financial qualifications. The company relies on the boss's arbitrary stock recommendations to entice customers to trade, with profit sharing and losses disappearing, in order to make a stable profit without loss. Data from the professional version of Tian Eye Check shows that up to now, China has over 410,000 financial consumer-related enterprises. In terms of regional distribution, Guangdong, Shandong, and Zhejiang are the top three in the number of financial consumer-related enterprises, with over 58,000, over 51,000, and over 37,000 respectively. Tian Eye Check's risk eye displays that among enterprises engaged in financial consumer-related businesses, 12.08% have had legal disputes, 4.75% have had operating abnormalities, and 1.58% have been subject to administrative penalties. According to Tian Eye Check's deep risk data, financial consumer-related enterprises have generated over 2,000 pieces of information on individuals who have been executed. According to Tian Eye Check's judicial case data, cases involving disputes over financial loan contracts account for 45.46%, cases related to loan contract disputes account for 21.26%, and cases related to credit card disputes account for 8.7%.

Hello electric vehicle rental company multiple branches have been deregistered

CCTV's 315 Evening Gala exposed the rampant renting of electric bicycles, with Shanghai Jun Ha Network Technology Co., Ltd. and Shanghai Jun Feng Network Technology Co., Ltd. being named. According to the TianyanCha App, the affiliated company "Hello Electric Bike Rental" Shanghai Jun Ha Network Technology Co., Ltd. was established in August 2018, with Che Xingde as the legal representative and a registered capital of 2.05 billion RMB. Its business scope includes the rental of machinery, bicycles, electric bicycles, cars, and electric motorcycles, and it is fully owned by the affiliated company Shanghai Jun Feng Network Technology Co., Ltd. Branch office information shows that the company currently has 8 branch offices, with 5 already being cancelled. Administrative penalty information indicates that the company has multiple records of administrative penalties, with reasons for penalty including using unqualified products as qualified products, and the penalty units include the Market Supervision Administration of Minhang District, Shanghai and the People's Government of Sanlin Town, Pudong New Area, Shanghai.

315 Evening Gala exposes increasing scams, with nearly 2% of health-related enterprises having experienced abnormal operations.

The evening party exposed multiple cases of consumers complaining about height increase scams. The investigation by reporters found that many institutions such as "Anli Shen Teenage Physical Growth" attract parents with contracts and guarantees of refunds if the treatment is ineffective, but actually deceive consumers by exploiting children's natural growth patterns. Derui not only deceives teenagers, but also claims to be able to increase the height of adults by closing the epiphyseal lines. The owner of Yingrui claims to be able to "increase height by closing" and includes metaphysical elements in the plan, but there is no scientific basis or medical support. Currently, this type of height increase store continues to join and open branches, relying on false rhetoric to deceive consumers and make huge profits. Tianyancha's risk assessment shows that among companies engaged in the health industry, 0.84% have been involved in legal disputes, nearly 2% have had abnormal operations, and 0.58% have been subject to administrative penalties.

The local market supervision bureau has responded to the illegal bleaching of chicken feet by companies: an investigation has been conducted and evidence has been collected, and the handling of the situation will be disclosed publicly.

On March 15th, the CCTV "3.15" Evening Gala exposed bleached chicken feet. That evening, the Market Supervision Bureau of Hechuan District in Chongqing announced that they are aware of and highly value the issues exposed by the CCTV "3.15" Evening Gala regarding Chongqing Zengqiao Food Co., Ltd. They have organized enforcement personnel to rush to the scene, conduct inspections and investigations in accordance with the law, and gather evidence. The results of the subsequent investigation and handling will be promptly disclosed to the public.

New stock announcement | Hope Sea submits listing application to Hong Kong Stock Exchange for the second time

According to the disclosure by the Hong Kong Stock Exchange on March 15th, Hope Sea Inc. has once again submitted its application for listing on the main board of the Hong Kong Stock Exchange, with ICBC International as the exclusive sponsor.

CITIC SEC: Global petrochemical supply chain disruption prompts revaluation of pricing power for China's dominant manufacturing industry.

The disruptive innovation acceleration of AI and the disruption of the global energy supply chain are both strengthening the rise of China's pricing power in the manufacturing sector. In terms of allocation, we will firmly focus on the revaluation layout around China's advantageous manufacturing pricing power (chemical industry, non-ferrous metals, power equipment, new energy), while increasing exposure to undervalued factors (insurance, securities, power).

SINOPEC SEG (02386) released its annual performance, with a net profit attributable to shareholders of 1.798 billion yuan, a decrease of 27.1% year-on-year.

Sinopec Engineering (02386) released its annual performance for the year ending December 31, 2025. The group achieved a revenue of 70.074 billion yuan, an increase of 9.2% year-on-year. The profit attributable to equity holders of the company was 1.798 billion yuan, a decrease of 27.1% year-on-year. Basic earnings per share were 0.41 yuan; proposed final dividend of 0.104 yuan per share.

Oil prices surge, many countries implement countermeasures. Middle Eastern countries open new trade routes as an alternative to the Strait of Hormuz.

The US-Iran military conflict has now lasted for more than two weeks, and its impact has spread to the daily lives of people in European and American countries. European Commission President von der Leyen recently stated that in the first 10 days of the conflict, European taxpayers have spent an additional 3 billion euros on importing energy. Faced with skyrocketing oil prices, several European and American countries have initiated various measures. Member countries of the International Energy Agency such as the UK, Germany, and Austria have stated that they will cooperate with the IEA to release 400 million barrels of strategic petroleum reserves. On the 12th, the US Treasury announced a temporary relaxation of some sanctions on Russian oil, allowing for the sale, delivery, and unloading of 124 million barrels of Russian crude oil or petroleum products that have already been loaded onto ships. Meanwhile, several oil-producing countries in the Middle East have taken actions to replace the closed Hormuz shipping route. Saudi Arabia announced the launch of the "Integrated Logistics Corridor" plan this week, while the UAE is diverting goods to the ports of Fujairah and Jebel Ali along the Arabian Sea coast, and the Dubai Ports World Group allows for final customs clearance at the Jebel Ali port through the bonded highway. However, the capacity corresponding to the emergency measures still falls far short of compensating for the immense losses caused by the closure of the Hormuz Strait.

Trump threatens to bomb Iran's Halhk Island again.

President Trump said on the 14th that the US strike on Iran's Kharg Island "completely destroyed" most of the island, but "we may bomb it a few more times, just for fun". Trump confirmed in a phone interview with NBC that the US military had launched an attack on Kharg Island. "We have completely destroyed it. But, as you know, I didn't touch anything related to the energy pipelines because rebuilding them would take years." Kharg Island is a strategic island off the coast of Iran, with a port responsible for a large portion of Iran's oil exports. Regarding military actions against Iran, Trump also said, "We have destroyed most of their missiles. Destroyed most of their drones. Essentially destroyed their missile and drone manufacturing capabilities. Within two days, we will completely destroy them."

The annual "3.15" gala will be broadcast tonight, continuing to focus on four areas including food safety.

The 2026 "3.15" evening gala of China Central Television will be broadcast live on the CCTV Finance Channel at 20:00 today. Currently, the evening gala is ready. This year's "3.15" evening gala focuses on the theme of "reassuring consumption, quality life", and will address illegal activities that infringe on consumer rights in areas such as food safety, public safety, financial security, and the advertising market. Zhang Qiang, the chief director of the 36th "3.15" evening gala of China Central Television, introduced that this year's evening gala will continue to focus on the topic of food safety, exposing individual unscrupulous businesses that evade supervision and harm consumer rights; closely monitoring new digital consumption scenarios, and timely warning of potential consumer traps; revealing illegal activities that endanger public safety; and showcasing scams that violate the financial investment security of the people. The "3.15" evening gala will continue to expose consumer traps and illegal infringement behaviors in related industries, strengthen consumer rights protection, vigorously promote consumption, drive quality improvement, and protect consumer rights.

China Securities Co., Ltd.: Review of the five bull markets in A-shares and Hong Kong stocks.

Although the sustainability, resilience, and industry styles of each bull market are different, there are some similarities that exist in all bull markets.

"Reenactment of Liberation Day turmoil? Global markets hit by triple onslaught, cross-market volatility soaring"

Due to the Iran war, market pressures are accumulating at the fastest pace since last year's tariff shocks, pushing up oil prices and borrowing costs.

Stock market high volatility strangulation far from over? Middle East ceasefire bets on a major cool down in preparation for "chain reaction of sharp rises and falls".

The market is not currently in a stage of "waiting for repair after panic bottoming out", but in a pressure zone characterized by prolonged geopolitical conflicts, oil prices re-surpassing $100, and continuous erosion of asset pricing.

US January core PCE price index annual rate 3.1%, expected 3.1%, previous value 3.00%. US January core PCE price index monthly rate 0.4%, expected 0.40%, previous value 0.40%. US January PCE price index annual rate 2.8%, expected 2.9%, previous value 2.90%. US January PCE price index monthly rate 0.3%, expected 0.30%, previous value 0.40%.

Brent crude oil fell below $99 per barrel, dropping 1.52% intraday.

SUNSHINE PHARMA (06887) announces a profitable result, with an expected net profit attributable to shareholders of approximately 270 million yuan for the year 2025, turning from a loss to a profit year-on-year.

Dongyang Pharmaceutical (06887) announced that for the year ending December 31, 2025, the Group is expected to achieve a net profit attributable to owners of approximately RMB 270 million, compared to a net loss attributable to owners of approximately RMB 210 million in the same period last year, an increase of approximately 228.57%.

The central bank: Broad money (M2) balance reached 34.922 trillion yuan at the end of February, a year-on-year increase of 9%.

At the end of February, the broad money supply (M2) balance was 349.22 trillion yuan, a year-on-year increase of 9%. The narrow money supply (M1) balance was 115.93 trillion yuan, a year-on-year increase of 5.9%.

Skyrocketing oil prices welcomed supply easing! Under the "Hormuz blockade", Russian oil comes to the rescue.

The United States has granted Russia temporary waivers on energy, allowing the purchase of goods that are already at sea, meaning that Russian crude oil and fuel from around 30 oil tankers in Asian waters are available for global buyers. These ships are carrying at least 19 million barrels of Russian crude oil and 310,000 tons of refined oil.

TD Cowen covers the networking and communication sector for the first time: Arista (ANET.US) and two others receive a "buy" rating. Lumentum (LITE.US) receives a "hold" rating.

T.D. Cowen recently initiated coverage of several stocks in the network communications sector, giving "Buy" ratings to Arista Networks, Coherent, and Ciena, and a "Hold" rating to Lumentum Holdings.

The Spring Festival travel season of 2026 ended with a record high number of travelers.

The 40-day Spring Festival travel rush of 2026 will officially end today, with the travel scale during this period reaching a historic high. Statistics show that on the sixth day of the first month of the Horse year, the total number of cross-regional travelers and the traffic volume on highways reached 380 million and 71.43 million respectively, setting new historical records for daily peaks. In the 2026 Spring Festival travel rush, the passenger volume of railways, highways, waterways, and civil aviation also exceeded the historical levels of the same period.

Ministry of Commerce spokesperson answers questions from reporters on Sino-US economic and trade negotiations.

A reporter asked: We have noticed that the Chinese side previously stated that China and the US will hold the 6th round of China-US economic and trade consultations in the near future. Does the Ministry of Commerce have any latest news? As agreed by both China and the US, Vice Premier of the State Council and Member of the Political Bureau of the CPC Central Committee, He Lifeng, will lead a delegation to France to hold economic and trade consultations with the US from March 14 to 17. The two sides will take the important consensus reached at the Busan meeting between the two heads of state and previous phone calls as guidance, and conduct consultations on economic and trade issues of mutual concern.

The Hong Kong Stock Exchange has issued a consultation on the review of listing competitiveness.

According to reports, artificial intelligence pharmaceutical research and development company EARENDIL is considering going public in Hong Kong.

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