Morning News

Source: Wall Street News

Geopolitical conflicts have driven up oil prices, stoking investor concerns about inflation. Markets are awaiting non-farm payroll data. U.S. stocks fell across the board, but losses narrowed from intraday levels.

Chip stocks led the decline in U.S. equities, with the semiconductor sector closing down 1.2% after slumping more than 3% at one point during the session. Nvidia staged a V-shaped recovery to erase losses, ending the day with a narrow gain of 0.16% in late trading. Software stocks extended their recent rebound, with the North American Tech Software ETF rising 2.27%. Broadcom jumped 4.8% following its earnings report.

WTI crude oil surged as much as 8%, breaking above $82 and hitting its highest level since July 2024. It pulled back late in the session after the Trump administration signaled plans to address oil prices, but still closed 3% higher at $79.

The 10-year U.S. Treasury yield rose 4.2 basis points, marking its fourth consecutive daily increase. The U.S. dollar briefly gained 0.6%.

Bitcoin dropped nearly 3% to around $71,000, weighed down by both risk aversion and liquidity tightening. Gold closed 1% lower, while silver fell 1.58%.

During Asian trading hours, China's three major stock indexes all rose, with Micro LED and smart grid stocks seeing a wave of limit-up moves. Crude oil suddenly plunged in late trading. The Hang Seng Tech Index fell more than 1% in the afternoon, with Alibaba dropping nearly 3%.

# Key News

## China

Li Qiang delivered the Government Work Report: China sets its 2026 economic growth target at 4.5%-5% and its deficit-to-GDP ratio at around 4%.

JD.com's Q4 net revenue rose 1.5% year-on-year to 352.3 billion yuan, but the company posted a net loss of 2.7 billion yuan for the quarter due to investments in new businesses. During the earnings call, JD.com said its food delivery spending will be lower than last year, and the usage of its Yanxi large language model has surged a hundredfold.

Bilibili's Q4 revenue increased 8% year-on-year, with adjusted net profit surging 94%. The company achieved full-year profitability for the first time.

## Overseas

Iran rejected claims that it would block the Strait of Hormuz, stating it is prepared for potential U.S. ground operations and refusing to negotiate with the United States. Lloyd's of London said insurers are still providing coverage for shipping through the Strait of Hormuz and are in talks with the U.S. International Development Finance Corporation (DFC) on trade insurance solutions. France, Italy, and Greece have joined forces to coordinate military deployments to safeguard freedom of navigation in the Red Sea. Fuel supplies in Asia have tightened.

The surge in oil prices has dampened expectations for interest rate cuts, with U.S. bond traders increasing bets that the Federal Reserve will not cut rates at all this year.

Spot gold plunged $70 in short order amid reports that Poland plans to sell part of its gold reserves to finance defense spending.

CME Group lowered margin requirements for gold and silver. Gold margins were cut from 9% to 7%, while silver margins fell from 18% to 14%.

South Korea has warned that the chip supply chain faces "disruption" risks due to threats from the Middle East conflict.

Reports indicate Nvidia will launch new inference chips at its GTC conference, which could impact demand for HBM and DRAM. The company is undergoing a major production shift, with H200 production giving way to its next-generation Vera Rubin chip.

OpenAI released GPT-5.4, its most powerful professional model to date, which can automatically operate computers. Its plugin support enables AI-powered Excel manipulation and financial analysis.

# Market Closing Summary

## U.S. & European Equities

- S&P 500: -0.57% to 6,830.56 points

- Dow Jones Industrial Average: -1.61% to 47,954.74 points

- Nasdaq Composite: -0.26% to 22,748.99 points

- European STOXX 600: -1.29% to 604.83 points

## A-Shares

- Shanghai Composite Index: +0.64% to 4,108.57 points

- Shenzhen Component Index: +1.23% to 14,088.84 points

- ChiNext Index: +1.66% to 3,216.94 points

## Bond Market

- U.S. 10-year Treasury yield: +3.08 bps to 4.127%, up nearly 18 bps over the past four trading days

- U.S. 2-year Treasury yield: +3.31 bps to 3.574%

## Commodities

- WTI crude oil: +7% intraday to $81.50/bbl

- Spot gold: -1.11% to $5,083

- Spot silver: -1.37% to $82.25

# News Details

## Global Highlights

### China

Li Qiang Delivers Government Work Report: 2026 Economic Growth Target Set at 4.5%-5%, Deficit Ratio Around 4%. The Government Work Report lays out the main projected development targets for 2026: economic growth of 4.5%-5%, with efforts to strive for better results in actual work. When referring to continuing to implement a more proactive fiscal policy, the report states that this year’s deficit ratio is planned to be set at around 4%. Governments at all levels must better "manage state finances," establish and improve mechanisms for increasing revenue and reducing expenditures, and focus on stabilizing the real estate market. City-specific policies will be adopted to control new housing supply, reduce inventory, optimize supply, and explore multiple channels to revitalize existing commercial housing.

### Simplified Version of the Government Work Report

Overall Requirements and Policy Orientations for Economic and Social Development in 2026: Economic growth of 4.5%-5%; more than 12 million new urban jobs created; consumer price index increase of around 2%; deficit ratio planned at around 4%. Partial Work Tasks: Cultivate emerging pillar industries such as integrated circuits, aerospace, biomedicine, and low-altitude economy; adopt city-specific policies to control new housing supply, reduce inventory, optimize supply, and explore multiple channels to revitalize existing commercial housing.

### Interpretation of the Government Work Report by the State Council Research Office

This year’s economic growth target is proactive and pragmatic, and expanding domestic demand has been the top work task for two consecutive years. Monetary policy maintains an appropriately accommodative stance, emphasizing the use of multiple policy tools such as reserve requirement ratio cuts and interest rate cuts to maintain ample liquidity. Total central government investment funds will exceed 5 trillion yuan this year. The Report has placed expanding domestic demand as the top work task for two consecutive years, especially highlighting the "implementation of special actions to boost consumption." A new 100-billion-yuan special fund for fiscal and financial coordination to boost domestic demand has been created this year, a major new policy.

### Why Continue to Implement More Proactive and Effective Macro Policies?

According to CCTV News, Chen Changsheng, member of the drafting team of the Government Work Report and Deputy Director of the State Council Research Office, stated that there is great uncertainty in the external environment this year, and the domestic pattern of strong supply and weak demand continues, with a certain aggregate demand gap. Therefore, it is necessary to intensify policy regulation and use the certainty of macro policies to cope with the uncertainty of the situation. Internationally, China’s government debt ratio, especially that of the central government, remains relatively low, and there is still room for reserve requirement ratio and interest rate cuts. In addition, there is room for innovation in policy mix. At the same time, this policy orientation is also intended to convey the continuity of macro policy regulation to the whole society.

### Two Sessions Schedule Preview for March 6: Review and Discussion of the Draft Outline of the 15th Five-Year Plan

On the morning of March 6, delegations to the Fourth Session of the 14th National People’s Congress held plenary meetings to review the draft outline of the 15th Five-Year Plan. In the afternoon, delegations held group meetings to deliberate on the Government Work Report and review the draft outline of the 15th Five-Year Plan.

### Highlights of the Draft Outline of the 15th Five-Year Plan!

According to Xinhua News Agency, efforts will be made to strengthen original innovation and achieve breakthroughs in core technologies in key fields. We will adhere to the combination of technology-driven and demand-pulled development, and of strengthening strengths and addressing weaknesses, improve the new system for mobilizing resources nationwide, and promote the production of more landmark original achievements. We will comprehensively promote the empowerment of digital intelligence technologies. We will fully implement the "Artificial Intelligence Plus" initiative, strengthen the integration of artificial intelligence with scientific and technological innovation, industrial development, cultural advancement, livelihood security, and social governance, seize the commanding heights of AI industry applications, and empower all industries comprehensively.

### JD.com

JD.com’s Q4 Net Revenue Rose 1.5% YoY to 352.3 Billion Yuan; New Business Investments Led to a Quarterly Net Loss of 2.7 Billion Yuan. Earnings Call: Food Delivery Investment to Be Lower Than Last Year; Yanxi Large Model Usage Surges 100-Fold.

JD.com’s Full-Year Total Revenue Exceeds 1.3 Trillion Yuan for the First Time, Up 13% YoY, Hitting a Recent High. Profitability of the core retail business continued to improve, with operating margin rising to 4.6%; service revenue became the main growth engine with a 23.6% YoY increase. Q4 revenue reached 352.3 billion yuan, up 1.5% YoY, slightly exceeding expectations. However, due to increased strategic investments in new businesses, the company turned from profit to loss, recording a net loss of 2.7 billion yuan. Overall profitability was under significant pressure, with full-year net profit attributable to shareholders plummeting 50% YoY to 19.6 billion yuan. New businesses incurred an operating loss of 46.6 billion yuan for the year, becoming the core factor dragging down overall profitability.

### Bilibili

Bilibili’s Q4 Revenue Rose 8% YoY; Adjusted Net Profit Jumped 94%; Achieved Full-Year Profitability for the First Time. Bilibili’s full-year revenue reached 30.35 billion yuan, up 13% YoY; advertising revenue hit 10.06 billion yuan, up 23% YoY. The company achieved a net profit of 1.19 billion yuan attributable to shareholders for the full year, marking its first full-year profitability under US GAAP. Q4 revenue was 8.32 billion yuan, up 8.0% YoY; net profit attributable to shareholders was 514 million yuan, surging 478% YoY. Q4 DAU reached 113 million, up 10% YoY; monthly paying users hit a record high.

### Overseas

Iran Rejects Claims of Blocking the Strait of Hormuz, Prepares for U.S. Ground Operations, and Refuses Negotiations with the U.S. Iran claims its drones struck the U.S. aircraft carrier USS Abraham Lincoln and its missile fuel depots, compressing consumer demand.

### Oil Price Surge Hits Rate Cut Expectations; U.S. Bond Traders Raise Bets on No Fed Rate Cuts This Year

As of Wednesday, traders priced in a 25% probability that the Fed will keep its current interest rate range unchanged through December. This is up from 17% last Friday, the last trading day before the outbreak of the Iran conflict. Among all scenarios, "no rate cuts for the full year" has become the single most probable outcome. Other scenarios include a 24% probability of one 25-basis-point cut, a 12% probability of two cuts, and traders even priced in a 16% probability of a rate hike.

### Spot Gold Plunges $70 in Short Term; Report: Poland Plans to Sell Gold Reserves to Finance Defense

Poland’s central bank governor proposed selling part of the country’s gold reserves to raise about $13 billion to fund defense spending, triggering a $70 plunge in gold prices. The plan, backed by the president, aims to replace EU funding to strengthen Polish-U.S. defense cooperation. Despite significant gold appreciation, the plan faces legal bans and political divisions with the prime minister, leaving its feasibility highly uncertain.

### CME Group Cuts Gold and Silver Margins; Gold from 9% to 7%, Silver from 18% to 14%

CME Group announced it will lower the initial margin for COMEX 100 Gold futures from 9% to 7%, and for COMEX 5000 Silver futures from 18% to 14%. The new margin standards will take effect after the close on March 6, 2026.

### Middle East Conflict Threatens Chip Supply Chain; South Korea Warns of "Disruption" Risk

A lawmaker from South Korea’s ruling party stated that if geopolitical tensions in the Middle East continue to spread, they will pose a substantial threat to South Korea’s semiconductor industry. He noted that rising oil prices will push up domestic power costs, eroding the price competitiveness of South Korean chips. Meanwhile, disruptions to key raw material supplies and soaring logistics costs are also major risks facing the industry.

### Report: NVIDIA to Unveil New Inference Chip at GTC; May Impact HBM, DRAM Demand

NVIDIA is reportedly developing a new inference chip based on Groq’s on-chip SRAM architecture. Investors worry that the use of SRAM will reduce demand for main memory including HBM. However, KIS analysis directly points to market misinterpretation: SRAM is not a substitute for HBM/DRAM but a differentiated choice for ultra-low-latency scenarios. The segmentation of memory hierarchy will ultimately expand the total market size of the entire industry.

### NVIDIA Makes Major Production Adjustment: H200 Gives Way to Next-Gen Vera Rubin Chip

NVIDIA has partially halted H200 chip production, shifting TSMC’s related capacity to the next-generation Vera Rubin architecture. This is a pragmatic compromise amid delays in U.S. export approvals.

### OpenAI Unveils GPT-5.4, Its Most Powerful Professional Model; Automates Computer Operations, Plugins Enable AI to Master Excel and Financial Analysis

OpenAI has built native computer control capabilities into a general-purpose model for the first time. GPT-5.4 can directly operate software, browse the web, and control the mouse and keyboard to complete tasks, deeply integrating with enterprise applications such as spreadsheets and financial analysis tools. Its desktop navigation score surpasses human benchmarks; it sets a new high in web search tests; and its professional knowledge test scores match or exceed those of experts. A tool search mechanism has been introduced to significantly reduce token consumption. GPT-5.4 comes in two versions: Thinking for complex reasoning and Pro for high performance, with a maximum context window of 1 million tokens and pricing higher than GPT-5.2. A financial services suite is launched simultaneously.

### Explosive Insider Spoilers on GPT-5.4! May Feature Permanent Memory, Extreme Reasoning Surge

Multiple sources confirm OpenAI is intensively testing GPT-5.4. Compared with its predecessor, the model may see several major upgrades: context window doubled to 1 million tokens; new extreme reasoning mode for complex problems; significantly improved long-term task execution. The most explosive rumor is that GPT-5.4 may introduce permanent memory, giving AI true continuous memory capabilities. If true, this would be a critical leap toward autonomous agents.

## Selected Research Reports

### Hang Seng Tech Index Erases $600 Billion; What Is the Market Afraid Of?

The Hang Seng Tech Index has fallen 28% from its peak in October last year, erasing nearly $600 billion in market value. Despite valuations falling below historical averages, the core concern of "burning cash for market share with questionable returns" remains unresolved. Major tech giants spent $1.1 billion during the Spring Festival to grab users, and upcoming earnings reports will be the next key test.

### Power Consumption Plunges 95%, Breaking the Optical-Copper Trade-off Dilemma; Is Micro LED CPO the Ultimate Solution?

Micro LED CPO, through co-packaged optics and parallel low-speed channel architecture, can reduce unit transmission energy consumption to 1–2 pJ/bit, significantly lowering data center power consumption and increasing interconnect density. With Microsoft’s MOSAIC and other solutions verifying its feasibility, Micro LED optical interconnects are emerging as a potential technology route attracting capital market attention. Industrial chain opportunities focus on epitaxial chips, mass transfer, and advanced packaging.

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# Domestic Companies

Strong demand for AI has driven Hon Hai Precision Industry’s revenue to surge 21.6% in the first two months of this year, hitting a record high for the same period. Hon Hai’s February revenue reachedNT$595.8 billion, a new high for the month, up 8.06% year-on-year. Benefiting from strong AI-driven demand, cloud and network products were the only segment among the four major product lines to post year-on-year growth, showing resilience during the seasonal slowdown around the Lunar New Year. Cumulative revenue for the first two months totaledNT$1.32 trillion, rising 21.63% year-on-year. Despite year-on-year declines in PC terminals and consumer smart devices, incremental contributions from cloud and network businesses still drove overall revenue to grow against the trend. The company expects its seasonal performance in Q1 to be better than the average of the past five years.

BYD’s Wang Chuanfu: Second-generation Blade Battery can “charge to full” in 9 minutes; 20,000 ultra-fast charging stations to be built by the end of the year. The launch of the second-generation Blade Battery means BYD is officially responding directly to competitive pressure with a mass-produced product.

Lei Jun revisits surging memory prices: Mobile phone business under significant pressure. Since the price hike of the Redmi K90 series last October, Lei Jun has repeatedly stated that rising memory costs have pressured the mobile business, with his latest comment on the morning of March 5. Many industry insiders say new phone models launched after March will see noticeably larger price increases, with a minimum rise of no less than 1,000 yuan, and mid-to-high-end flagship models potentially increasing by 2,000–3,000 yuan.

# Overseas Macro

Report: Bank of Japan likely to keep rates unchanged in March; April hike still on the table. Insiders reveal BoJ officials remain committed to ongoing interest rate normalization. Most assess a March hike as unlikely, but this does not signal a shift in the tightening path. Rates will continue to rise if the economic outlook evolves as expected. Officials stressed policy decisions will be made meeting by meeting, and a April hike is not ruled out.

Crypto markets finally see a sharp drop in South Korean stocks. The KOSPI has plunged roughly 20% in the past two trading days, cooling the AI tech stock speculation boom and pushing retail funds to quickly rotate into crypto markets. Crypto trading volumes have climbed, but the “kimchi premium” indicator shows only a mild recovery in demand, not yet reaching extreme speculative levels.

# Overseas Companies

Berkshire Hathaway resumes share repurchases; new CEO invests $15 million of his own money and pledges to keep buying for 20 years. This is Berkshire’s first repurchase in one and a half years. Abel said the repurchase decision was made after assessing intrinsic value and in consultation with Chairman Warren Buffett. The buyback does not mean abandoning other capital allocation opportunities such as acquisitions. He will increase his stake annually during his tenure as CEO.

OpenAI hires law firms Cooley and Wachtell for IPO preparation; listing could happen as soon as this year. OpenAI has hired Cooley and Wachtell to work on its IPO, which could take place as early as the fourth quarter of 2025. The company is currently valued at $730 billion, and a listing would be one of the largest in history. Jensen Huang confirmed OpenAI’s listing plan and adjusted investment expectations. Meanwhile, rival Anthropic is also actively preparing for a public offering.

Broadcom earnings call: AI chip revenue to exceed $100 billion by 2027; AI will not disrupt infrastructure software. Broadcom predicted on its earnings call that AI chip revenue alone will far surpass $100 billion by 2027, with total shipments approaching 10 gigawatts. The company believes infrastructure software such as VCF, as a permanent abstraction layer between AI software and physical silicon chips, cannot be replaced. Leveraging long-term deep customer partnerships, Broadcom has locked in key component capacity from 2026 to 2028, making it one of the first in the industry to secure 2028 capacity.

U.S. issues first nuclear power construction permit in a decade; Bill Gates-backed advanced reactor approved. TerraPower, supported by Bill Gates, received the U.S.’s first nuclear power construction permit in nearly a decade. Its sodium-cooled fast reactor breaks the 40-year monopoly of light-water reactors. It has also signed with Meta to build up to eight reactors dedicated to carbon-free power for AI data centers — the commercial wave of advanced nuclear power has officially broken the ice.

# Industries & Concepts

### 1. Aerospace

According to Securities Times, on March 5, the U.S. Senate Committee on Commerce, Science, and Transportation passed the **NASA Authorization Act of 2026** in a brief meeting, setting the tone for NASA’s space strategy over the next two years. Key points include adjusting the Artemis lunar program, extending the International Space Station, and strengthening commercial space and supply chain security. The bipartisan bill authorizes $24.7 billion for fiscal 2026 and $25.3 billion for fiscal 2027, a 2.5% increase year-on-year, providing clear guidance to maintain U.S. leadership in aviation, space exploration, Earth and space sciences, and aerospace technology.

**Comment**: The bill updates the 1958 U.S. National Aeronautics and Space Act, enshrining “space commercialization” and “sustainable human presence” into basic law. Measures to accelerate lunar deployment and promote commercial ecosystems show clear strategic competitive intent. China’s commercial space sector is transitioning from exploration and verification to a growth and outbreak phase, reaching a critical development inflection point. During the 15th Five-Year Plan period, with improving policies, a maturing industrial ecosystem, and targeted capital market support, China’s commercial space is expected to achieve dual breakthroughs in high-frequency rocket launch capacity and large-scale satellite production.

### 2. Green Fuels

This year’s Government Work Report proposed vigorously developing a green and low-carbon economy, improving policies for green and low-carbon development, carrying out campaigns to upgrade, reduce costs, and cut emissions in key industries, and further promote the construction of zero-carbon parks and factories. A national low-carbon transition fund will be established to foster new growth areas such as hydrogen energy and green fuels.

**Comment**: This is the first time “green fuels” have been included in the Government Work Report. Hydrogen energy is mentioned again after 2024, with its status upgraded from a “cutting-edge emerging industry” to a “new growth area”. This marks the industry’s official transition beyond the concept-verification stage to a critical inflection point for large-scale commercialization. Meanwhile, green fuels, as an important downstream carrier of hydrogen energy, have risen to national strategic importance. Data show China’s hydrogen output exceeded 37 million tonnes in 2025, including green hydrogen capacity of over 250,000 tonnes per year, with core equipment such as electrolyzers ranking among the world’s top. The National Energy Administration recently held a symposium on the green fuel industry, clarifying green fuels as part of central-level strategic planning, positioned to ensure energy security, promote non-electrical consumption of new energy, and support the low-carbon transition of the energy structure. Amid complex global geopolitics and volatile traditional oil and gas prices, the strategic value of green fuels is emerging.

### 3. Computing-Power Synergy

On March 5, Chen Changsheng, Deputy Director of the State Council Research Office and member of the Government Work Report drafting team, said at a SCIO briefing that the foundation for AI development must be strengthened. First, the infrastructure foundation must be solidified. As a popular saying goes: “The end of AI is energy.” Leveraging the advantages of China’s power grid system, China will further build ultra-large intelligent computing clusters and new-type infrastructure for computing-power synergy. Technologically, China will further support improvements in large model and computing power capabilities, pursue multiple paths in embodied intelligence, world models, etc., with more open technology and diversified exploration.

**Comment**: The State Council Research Office has defined computing-power synergy as the core hardware foundation for AI, marking its elevation from industry consensus to national strategy. Computing-power synergy coordinates intelligent computing and power supply based on grid advantages, addressing the high energy consumption pain point of AI while balancing computing power supply and grid development. This is long-term positive for the industrial chain including computing infrastructure and power grid dispatching.

### 4. Robotics

The enthusiasm from the Year of the Horse Spring Festival Gala has not faded, and the embodied intelligence sector has welcomed a new round of capital boom. On March 4, Realman Intelligent, a global system-level infrastructure platform for the embodied intelligence era, officially announced nearly 500 million yuan in financing. On March 5, Tsinghua-linked embodied intelligence firm StarEpoch announced a 1 billion yuan strategic financing round, with valuation surpassing 10 billion yuan. Since February, multiple 1-billion-yuan financing deals have landed intensively. Six startups — XIngHaiTu, ZhiPingFang, QianXun Intelligence, LingXinQiaoShou, YinHeTongYong, SongYan Power — each raised 1 billion yuan or more in their latest rounds. Including StarEpoch, the seven firms have raised a combined 10 billion yuan.

**Comment**: Data show that since the start of 2026, more than 80 financing deals have been disclosed in China’s embodied intelligence sector, totaling over 20 billion yuan, highlighting strong recognition from industrial capital. The sector has entered an explosive period of resonance among technology, capital, policy, and application scenarios. 2026 is the first year of mass production, with high certainty and broad market space over the next five years, benefiting the industrial chain.

### 5. Energy

Sources say at least one Japanese refiner has started canceling March export plans for diesel, jet fuel, and gasoline. Thailand has also announced a suspension of fuel exports. Other Asian refiners are considering cutting operating rates, with facilities in China and Japan most likely to reduce output. Unless an immediate ceasefire takes hold in the Middle East, conditions in Asia are set to worsen further. Available oil tankers in the Gulf are rapidly depleting, which could force producers without storage capacity to halt operations. Geospatial analytics firm Kayrros noted Iraq has begun cutting output at its largest oil field, while major storage hubs in Saudi Arabia are quickly filling up.

**Comment**: Middle East conflicts have disrupted global supply chains for crude oil, refined fuels, and petrochemical feedstocks, tightening sentiment in Asian energy and chemical markets, significantly benefiting domestic coal and coal chemical sectors.

### 6. AI Foundation Models

On March 5, foundation models from Chinese AI startups occupied more than half the seats on OpenClaw. StepFun’s Step3.5Flash model climbed to No. 1 globally in usage volume, followed by MiniMax M2.5, Trinity Large Preview (free), Kimi K2.5, and Claude Sonnet 4.6.

**Comment**: Huatai Securities believes the singularity for multimodal large model and application development is approaching. In technological progress, native multimodal architectures have gained industry recognition, with OpenAI and Google showing advantages in performance, latency, and deployment. Commercially, globally, apart from top players OpenAI and Anthropic monetizing through model “intelligence”, many AI application companies rely on multimodal capabilities. Domestically, Chinese firms have achieved mature globalization and commercialization in video generation. Multimodality is expected to bring opportunities in both computing power and applications.

### 7. New Energy

On March 5, Xinhua News Agency reported that the draft 15th Five-Year Plan outline, when accelerating the construction of new-type energy infrastructure, proposes: thoroughly implementing the new energy security strategy, accelerating the construction of a clean, low-carbon, safe, and efficient new energy system, and building a strong energy nation. Promote the safe, orderly, and reliable replacement of fossil fuels with non-fossil energy, adhere to the simultaneous development of wind, solar, hydro, nuclear, and other energy sources, and implement a 10-year doubling campaign for non-fossil energy.

**Comment**: Research institutions believe wind power’s stable generation curve and low output synchronization will make it more competitive in the electricity market era with more robust returns. Wind power installations face structural growth opportunities in the medium to long term. Looking to 2026, the delivery of price-hiked wind turbine orders is expected to support industrial chain profit recovery, while accelerated offshore wind project construction will lay the groundwork for continued installation growth. Policies also clearly promote the participation of all types of power sources in “desert, Gobi, and desert” new energy bases in the electricity market, support distributed new energy participation through aggregation and direct transactions, improve the national unified green certificate market, and promote long-term green power trading models, aiming to improve new energy consumption and revenue certainty. Large wind-solar bases and distributed PV are expected to enjoy long-term market-oriented dividends.

### 8. Low-Altitude Economy

On March 5, XPeng AeroHT’s Land Aircraft Carrier vehicles entered batch trial production and completed multi-aircraft test flights at its Guangzhou manufacturing plant. On the same day, AeroHT, together with Guangzhou City Construction Investment Group and MIIT Electronic No.5 Institute, launched the Guangzhou Haixin Sha All-Space Intelligent Experience Center to jointly explore low-altitude flight scenarios. At the Guangzhou Huangpu AeroHT factory, five Land Aircraft Carrier vehicles rolled off the production line and completed successful test flights on the same day. This not only verifies AeroHT’s large-scale manufacturing capability but also marks low-altitude mobility products moving from R&D verification to commercial mass production preparation.

**Comment**: Research institutions forecast five major development trends for the low-altitude industry in 2026: refined airspace management, intensive low-altitude infrastructure, rapid growth in low-altitude logistics, continuous technological upgrading, and commercial operation of eVTOL. The industry can focus on three directions:

1) Localization and mass production in core manufacturing, focusing on eVTOL original equipment manufacturers with airworthiness certification capabilities and high-barrier component suppliers;

2) Low-altitude new infrastructure and operation services, including vertiports, energy replenishment stations, 5G-A low-altitude intelligent networks, etc.;

3) Automated intelligent manufacturing and supply chain upgrading. With hundreds of eVTOL and drone orders and new factories coming online, automation equipment firms with flexible production lines, intelligent inspection, and efficient assembly will become key enablers for cost reduction and capacity expansion.

# Today’s Key News Preview

- Press conference on economic themes, with Pan Gongsheng and Wu Qing attending.

- U.S. February non-farm payrolls.

- U.S. January retail sales.

- Eurozone Q4 GDP.

- Fed 2025 voter Harker speaks on the U.S. dollar’s safe-haven status.

- NASA delays its planned March crewed lunar flyby mission again.

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# Risk Warning and Disclaimer

The market is subject to risks, and investment requires caution. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial situations, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article fit their specific circumstances. Investment based on this article is at your own risk.