GMT EIGHT - OPPORTUNITIES IN CHINA

In February, the retail sales month-on-month rate in the United States was 0.6%, exceeding the expected 0.5%. The previous value was revised from -0.2% to -0.1%.

Qianli Technology is expected to have a Hong Kong stock IPO in Q2, with plans to raise 1 billion US dollars.

It is reported that Qianli Technology, a technology company positioning itself in the field of "AI + cars", is expected to go public on the Hong Kong Stock Exchange in the second quarter of this year, planning to raise 1 billion US dollars. "It has progressed to the inquiry stage, and if all goes well, the next step will be to start the roadshow stage," said an informed source.

Southbound funds sold a net of 12.694 billion yuan today. In terms of Stock Connect (Shanghai), Yingfu Fund and CNOOC respectively had net sales of 2.628 billion Hong Kong dollars and 1.195 billion Hong Kong dollars; Tencent Holdings had the highest net purchase amount of 683 million Hong Kong dollars. In terms of Stock Connect (Shenzhen), CNOOC and Meituan-W had net sales of 1.686 billion Hong Kong dollars and 493 million Hong Kong dollars respectively; Tencent Holdings had the highest net purchase amount of 380 million Hong Kong dollars.

Tesla officially stops production of Model S and Model X.

On April 1st, Musk posted on X platform, announcing that Tesla officially ceased production of Model S and Model X. Currently, new custom orders are no longer accepted, and consumers can only purchase existing inventory cars. Previously, Musk stated that the production lines for Model S and Model X will be canceled to manufacture the Optimus humanoid robot at the Fremont factory. Data shows that by 2025, global deliveries of Model 3 and Model Y will reach 1.6 million units, while the total number of "other models" including Model S and Model X is only about 50,000 units. In addition, according to media reports, Musk also posted on social media that FSD 14.3 version is currently being tested among Tesla employees and is expected to be widely released to the public this weekend.

Eurozone unemployment rate in February was 6.2%, higher than the expected 6.1% but unchanged from the revised previous value of 6.1%.

Iran Foreign Minister: Received "private letter" from US President's special envoy, but does not mean negotiations.

Alaqqi said that Iran has never had a "pleasant experience" negotiating with the United States.

The US manipulates the "general license" to limit cooperation with China. The Ministry of Foreign Affairs: resolutely opposes.

On April 1st, Foreign Ministry spokesperson Mao Ning presided over a regular press conference. A reporter asked about recent reports that the U.S. Treasury Department issued a "General License" authorizing investment and operation contracts in the mining sector in Venezuela. The Department stated that this move will help the Venezuelan economy return to normal and benefit the people of the U.S. and Venezuela. The "General License" excludes China, Russia, North Korea, Cuba, and Iran. What is China's comment on this? Mao Ning stated that China firmly opposes the U.S. manipulating the so-called "General License" to limit cooperation between China and Venezuela. China's legitimate interests in Venezuela must be protected, and the U.S. should immediately lift its illegal unilateral sanctions on Venezuela instead of using the so-called "General License" to whitewash actions that harm the legitimate rights and interests of all parties, including Venezuela.

Alibaba Unified Model Wan2.7-Image for Image Generation and Editing Released

On April 1st, Alibaba's unified model for image generation and editing Wan2.7-Image was officially released. In response to the current pain points in AI-generated images such as aesthetic fatigue and color loss of control, Wan2.7-Image brings more "lifelike" character generation, precise color control, and the ability to render long texts accurately.

Canada's Minister of Finance, Sean Tan, will visit China.

According to an agreement between China and Canada, the Minister of Finance of Canada and the co-chair of the China-Canada Economic and Financial Strategic Dialogue, Sean Spear, will visit China from April 1 to April 4.

Musk: Version 14.3 of Full Self-Driving (FSD) software is now being tested among Tesla employees and is expected to be widely released to the public this weekend.

Ceasefire dawn ignites "Hallyu"! Leading the surge are the two giants in storage chips, causing the South Korean stock index to skyrocket nearly 10% and triggering a circuit breaker.

Chip manufacturers are driving the rebound of the South Korean stock market, as hopes of the Iran war nearing its end have reignited risk appetite.

The MSCI Asia Pacific index rose 5% to 237.81 points.

The Shanghai crude oil main contract fell 11% intraday, now trading at 666.10 yuan.

The Nikkei 225 index rose by 5.0% to 53629.69 points.

The shipping index European futures continuous main contract fell 10% intraday, now at 2180.10 points.

The Growth Enterprise Market Index rose by 2.00%, now at 3248.710 points; the Shanghai Composite Index rose by 1.56%, now at 3952.680 points; the Shenzhen Component Index rose by 1.81%, now at 13721.746 points.

The AI computing power craze does not only belong to the chip leader! Beating 99% of peers, fund managers are betting on small and medium-sized companies in the PCB, packaging board, and testing industry.

A fund focusing on small and medium-sized enterprises in the artificial intelligence (AI) supply chain in Taiwan, with a diversified investment strategy, has stood out and achieved outstanding performance in the past year amid industry volatility.

Midday Report: Shanghai Composite Index opened high with a 1.36% increase, with over 4300 individual stocks in the entire market also rising.

As of midday, the Shanghai Composite Index rose by 1.36%, the Shenzhen Component Index rose by 1.2%, the ChiNext Index rose by 1.18%, and the SSE 50 Index rose by 1.99%. The total market turnover was 1.336 trillion yuan, a decrease of 59 billion yuan compared to the previous day. In terms of sector themes, the pharmaceutical innovation, component, and photovoltaic equipment sectors performed well, while the rail transit equipment sector saw declines. On the market, the pharmaceutical innovation sector continued to strengthen, with Guangshengtang and Ruizhi Pharmaceuticals both hitting the daily limit up, and stocks such as Adi Pharmaceuticals and Chengda Pharmaceuticals rose by over 10%, with Beida Pharmaceuticals and Yibai Pharmaceuticals hitting the daily limit up. The component sector performed strongly, with Benchuan Intelligent, Jinsai Technology rising by over 10%, and Zhongjing Electronics hit the daily limit up. The photovoltaic equipment sector saw abnormal price increases, with Laplace 20CM hitting the daily limit up and Guosheng Technology hitting the daily limit up. The rail transit equipment sector opened high and then declined, with CRRC falling by over 8%, while Tongye Technology and Riyueming fell by over 7%.

Half a year spent on throwing $18 billion! NVIDIA's investment map reveals the trend of AI investment - optical interconnection and computing power rental.

In the past six months, NVIDIA (NVDA.US) has invested a total of at least $18 billion in strategic investments in publicly traded companies.

The Hang Seng Technology Index rose more than 3%, now at 4790.440 points; The Hang Seng Index is currently up 2.337%.

Brent crude oil rises above $105 per barrel, up 0.99% during the day.

Silver continuous main contract rose 6% intraday, now reported at 19105.00 yuan.

The financing balance of the two markets decreased by 8.58 billion yuan compared to the previous day.

As of March 31, the financing balance of the Shanghai Stock Exchange was 1,316.14 billion yuan, a decrease of 28.54 billion yuan compared to the previous trading day; the financing balance of the Shenzhen Stock Exchange was 1,265.23 billion yuan, a decrease of 53.04 billion yuan compared to the previous trading day; the total financing balance of the two exchanges was 2,5823.37 billion yuan, a decrease of 81.58 billion yuan compared to the previous trading day.

At the end of artificial intelligence is really electricity! Microsoft Corporation (MSFT.US) made a bold bet of 70 billion dollars, heralding the "self-powering age".

Microsoft is currently negotiating a $7 billion Texas power plant project with ExxonMobil and Engine No. 1. Microsoft is in exclusive talks with ExxonMobil and investment fund Engine No. 1 on a long-term agreement that involves building a massive energy complex in western Texas to provide power for large data center campuses.

The MSCI Asia-Pacific index rose 2% to 231.03 points.

Rate cut expectations are resurging! U.S. bond traders are no longer betting on inflation, but instead are betting that oil prices will drag down the economy.

With the tense situation in the Middle East pushing oil prices to multi-year highs, the trading logic in the US bond market is undergoing a fundamental shift.

Trump's withdrawal of troops signals optimism! The three major US stock indexes recorded their largest single-day increase in nearly a year, with Wall Street betting on an early end to the Middle East conflict.

Propelled by the latest expectations of the market that tensions in the Middle East may ease, all three major US stock indexes surged on Tuesday, marking the largest single-day gain in nearly a year.

New Stock News | Jingyin Pharmaceuticals submitted a second application to the Hong Kong Stock Exchange. Its core product, SRSD107, is currently undergoing Phase II multi-regional clinical trials in Europe and China.

According to the disclosure of the Hong Kong Stock Exchange on March 31, Jingyin Pharmaceutical (also known as Sirius Therapeutics) submitted its listing application to the main board of the Hong Kong Stock Exchange, with Goldman Sachs, Haitong International, and HSBC as its joint sponsors. This is the company's second time applying to the Hong Kong Stock Exchange.

New Stock News | Jingyin Pharmaceutical submits second filling to Hong Kong Stock Exchange

According to the disclosure of the Hong Kong Stock Exchange on March 31st, Jingyin Pharmaceuticals (also known as Sirius Therapeutics) has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with Goldman Sachs, Haitong International, and HSBC as its joint sponsors.

FTSE A50 futures rose by 1.23% in continuous night trading, closing at 14,715 points.

The Dow rose 2.49%, the Nasdaq rose 3.83%, and the S&P 500 rose 2.91%. Among the top trading stocks, Nvidia rose 5.59%, Tesla rose 4.64%, Micron Technology rose 4.98%, and Meta Platforms rose 6.67%.

OpenAI completes the largest financing in Silicon Valley history with a valuation of $85.2 billion.

OpenAI has completed a round of financing of $122 billion, setting a record in Silicon Valley history with a valuation of $852 billion. The company is expected to have a major IPO by the end of the year. This deal also brings an additional benefit: expanding channels for retail investors. As part of this financing, OpenAI raised over $3 billion from high net worth investors through banks. The company also stated that its stock will be included in multiple exchange traded funds managed by the investment company ARK Invest, led by tech stock enthusiast Cathie Wood. Amazon, NVIDIA, and SoftBank have committed to invest $110 billion in this round of financing, with the remaining funds coming from investment companies in Silicon Valley and Wall Street.

International oil prices fluctuated on March 31st.

International oil prices fluctuated on March 31. As of the close of the day, the price of light crude oil futures for delivery in May on the New York Mercantile Exchange fell by $1.50 to $101.38 per barrel, a decrease of 1.46%; while the price of Brent crude oil futures for delivery in May on the London Brent rose by $5.57 to $118.35 per barrel, an increase of 4.94%.

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

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

Huawei's revenue in 2025 is 880.9 billion yuan.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The strongest restoration line emerges after the accidental killing in the war! Led by NVIDIA, the "AI computing power team" is preparing for a fierce attack.

When global stock markets enter an oversold rebound window, or when there are clear signs of easing in the Middle East geopolitical situation, chip stocks that have the potential to outperform the market year after year and have been largely underestimated by the market are likely to become one of the core forces leading the counterattack.

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

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

Nasdaq 100 index futures rose by 1%.

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