Morning News

# Source: Wallstreetcn

## Market Overview

A false "escort" news triggered a wild roller-coaster ride in crude oil prices, while U.S. stocks surged then retreated during the session. WTI crude oil futures plunged nearly 20% at one point intraday, marking the largest single-day drop since 2022. U.S. equities and oil prices are negatively correlated; a late-session rebound in oil prices dragged U.S. stocks into negative territory. The S&P 500 closed down 0.2%, and the Nasdaq was nearly flat. Oracle rose as much as 10% following its earnings report.

U.S. Treasury yields rose, with the 10-year yield climbing 6 basis points. The U.S. dollar traded in a V-shape and finished flat, having fallen as much as 0.54% during the day. The MSCI Emerging Markets Currency Index rose 0.9%, its best daily performance since December 2023, and was up 1.1% at one point.

Spot gold rose 1.2%, trading around $5,200, while silver gained 1.68%. Bitcoin surged then pulled back, briefly topping $70,000.

During Asian trading hours, China's ChiNext Index jumped more than 3%, with computing power hardware stocks surging across the board. The Hang Seng Tech Index rose over 2%, Tencent surged 7%, and the Chinese yuan strengthened by more than 400 pips.

## Key News

### China

China's February exports in USD terms rose 39.6% year-on-year, and imports increased 13.8% year-on-year, with growth rates returning to double digits. Crude oil imports from January to February hit a record high for the same period, while copper and steel imports fell sharply, and rare earth exports surged 23%.

An expert from the Ministry of Industry and Information Technology: Party and government organs, public institutions, and individual users should use "Longxia" with caution! "Longxia subsidies" have been rolled out intensively in Longgang, Hefei, Changshu, Wuxi, etc., with a maximum of 10 million yuan! "Raising Longxia" operates Xiaohongshu, letting AI work and earn money? Xiaohongshu: Crack down on AI托管 accounts, and ban serious offenders.

Targeting Alibaba and ByteDance! Reports: Tencent is secretly developing WeChat AI agents, which may be open to all users within the year.

Foxconn Industrial Internet posted its strongest-ever performance: Both revenue and net profit hit record highs in 2025, with AI server revenue surging more than 3 times. It plans to distribute 12.9 billion yuan in dividends.

NIO achieved its first quarterly profit, posting an operating profit of 1.25 billion yuan in Q4. Deliveries soared 71.7%, and Q1 revenue guidance is for a year-on-year increase of 103.4% to 109.2%.

### Overseas

Iran says it will not trust any U.S. promises and that "military operations have entered a new phase." The U.S. deleted posts after floating escort plans, and Trump warned Iran not to lay mines. Trump: Conditional talks with Iran are possible! U.S. Defense Secretary says "maximum intensity" strikes have been launched! Iranian Parliament Speaker: Will never seek a ceasefire. Four Middle Eastern countries cut crude oil production by 6.7 million barrels per day, and Iraq's daily output plummeted by 2.9 million barrels. Saudi Aramco CEO: If shipping through the Strait of Hormuz resumes, production capacity can be fully restored "within days".

Samsung and SK Hynix will cancel more than $14 billion worth of treasury stock, one of the largest stock cancellations in South Korea's history.

Driven by strong AI orders, Oracle's revenue and profit both beat expectations by more than 20% last quarter, and it raised its guidance for the next fiscal year. The stock rose as much as 10% in after-hours trading.

SpaceX is leaning toward an IPO on the Nasdaq, with the condition of being included in the Nasdaq 100 Index in advance.

Anthropic is disrupting the $50 billion industry, and the era of code audit doomsday has arrived.

## Market Closing

### U.S. & European Equities

- S&P 500: -0.21% to 6,781.48

- Dow Jones Industrial Average: -0.07% to 47,706.51

- Nasdaq Composite: +0.01% to 22,697.104

- Europe STOXX 600: +1.88% to 606.12

### A-Shares

- Shanghai Composite Index: +0.65% to 4,123.14

- Shenzhen Component Index: +2.04% to 14,354.07

- ChiNext Index: +3.04% to 3,306.14

### Bond Market

- U.S. 10-year Treasury yield: +6.18 bps to 4.1576% (intraday high)

- U.S. 2-year Treasury yield: +5.41 bps to 3.59% (intraday high)

### Commodities

- Spot gold: +1.10% to $5,194.85/oz

- Spot silver: +1.79% to $88.5168/oz

- WTI April crude oil futures: -11.94% to $83.45/bbl

# Detailed News

## Global Highlights

### China

China's February exports in USD terms rose **39.6% YoY**, while imports increased **13.8% YoY**, returning to double-digit growth. Crude oil imports from January to February hit a record high for the period; copper and steel imports fell sharply, and rare earth exports surged **23%**.

China's foreign trade growth fully returned to double digits in February, marking a strong start to the year. Exports in USD terms jumped **21.8% YoY** in the first two months, with imports rising **19.8% YoY**. China exported 2.89 trillion yuan of mechanical and electrical products in Jan-Feb, up **24.3%**; imported 210 million tons of iron ore, up **10%**; and imported 96.934 million tons of crude oil, up **15.8%**. Cumulative rare earth exports reached 10,468.3 tons in Jan-Feb, up **23% YoY**.

Crude oil imports hit a record high in the first two months, and refined oil imports surged **43%**. Meanwhile, rare earth exports jumped **23%**, and iron ore imports rose **10% YoY** in the first two months. However, copper imports plummeted **25%** in February due to high prices.

According to Tao Chuan's team at Guolian Minsheng Securities, China's exports grew **21.8% YoY** in Jan-Feb, reaching a near-decade seasonal high. Beyond the Lunar New Year calendar shift effect, three additional drivers supported growth: a recovery in overseas capital expenditure cycles, expansion into emerging markets like Africa, and "rush exports" amid expectations of photovoltaic tax rebates. The synchronized recovery in imports reflects improving domestic demand, though import growth slightly lagged exports. A high trade surplus is expected to persist, supporting economic growth and the RMB exchange rate.

**MIIT Expert: Party and government organs, public institutions, and individual users should use "Longxia" with caution!** The National Computer Network Emergency Response Technical Team/Coordination Center of China (CNCERT/CC) warns of four severe security risks. CNCERT/CC stated that OpenClaw has high system privileges but extremely vulnerable default security configurations. Once attackers find a breach, they can easily gain full control of the system. It recommends strengthening network access control, enhancing credential management, strictly vetting plugin sources, and continuously monitoring patches and security updates when deploying OpenClaw.

**"Longxia Subsidies" Roll Out Intensively:** Longgang, Hefei, Changshu, Wuxi… up to **10 million yuan**! "Raising Longxia" has gone viral, with multiple regions launching policy races between government and industry. Shenzhen Longgang promises up to **10 million yuan** in equity investment and free computing power; Hefei High-Tech Zone offers tens of millions in computing power vouchers and startup funding; Wuxi released "12 Rules for Raising Longxia" to prioritize industrial model support, with subsidies up to **5 million yuan**; Changshu focuses on building distinctive communities; and governments in Hangzhou Xiaoshan, Nanjing Qixia, Jiangning, and other areas have rolled out targeted support policies covering computing power subsidies, capital support, talent recruitment, and other full-chain measures.

**"Raising Longxia" to Operate Xiaohongshu, Let AI Work and Earn Money?** Xiaohongshu: Crack down on AI托管 accounts, ban serious offenders. The recently popular AI Agent **OpenClaw ("Longxia")** enables automated content generation, publishing, and interaction on Xiaohongshu. On March 10, Xiaohongshu issued a governance announcement explicitly banning the use of AI托管 technology to simulate real humans for content creation and fake interactions. The platform will take action against violating accounts, including warnings, traffic restrictions, and permanent bans, to maintain the community's authentic nature.

**Targeting Alibaba and ByteDance!** Reports: Tencent is secretly developing WeChat AI agents, which may open to all users this year. According to The Information, Tencent is secretly building an AI agent for WeChat, planning to launch gray-box testing in mid-2026 and roll it out to all users in Q3. The agent will be embedded in WeChat, connecting millions of mini-programs via conversational interfaces to perform tasks like ride-hailing and food delivery on users' behalf, directly challenging the first-mover advantages of Alibaba and ByteDance. Tencent faces challenges: its standalone app Yuanbao has far lower monthly active users than rivals, and its in-house Hunyuan model is not yet top-tier; the WeChat team is testing multiple external models. WeChat's eight-year-old mini-program ecosystem may be Tencent's biggest trump card for a comeback.

**Record-Breaking Performance!** Foxconn Industrial Internet (FII) posts all-time highs in 2025 revenue and net profit; AI server revenue surges over **3x**, plans **12.9 billion yuan** dividend. In 2025, FII achieved operating revenue of **902.887 billion yuan**, a robust **48.22% YoY** increase, breaking through the 900-billion-yuan mark; net profit attributable to shareholders reached **35.286 billion yuan**, up **51.99% YoY**. The core driver was explosive growth in AI computing infrastructure. FII's cloud computing segment generated **602.679 billion yuan** in annual revenue, surging **88.70% YoY**; among this, AI server revenue for cloud service providers rose over **3x**, and high-speed switch revenue (800G+) skyrocketed **13x**.

**NIO Reports First Quarterly Profit:** Operating profit of **1.25 billion yuan** in Q4; deliveries soar **71.7%**; Q1 revenue guidance points to **103.4%–109.2% YoY** growth. NIO achieved a historic breakthrough in Q4 2025, turning profitable for the first time. Q4 revenue reached **34.65 billion yuan**.

### Overseas

Iran says it will not trust any U.S. promises and that "military operations have entered a new phase." The U.S. deleted posts after floating escort plans, and Trump warned Iran not to lay mines. Trump: Conditional talks with Iran are possible! U.S. Defense Secretary says "maximum intensity" strikes have been launched! Iranian Parliament Speaker: Will never seek a ceasefire. Four Middle Eastern countries cut crude oil production by **6.7 million barrels per day**, and Iraq's daily output plummeted by **2.9 million barrels**. Saudi Aramco CEO: If shipping through the Strait of Hormuz resumes, production capacity can be fully restored "within days."

Samsung and SK Hynix will cancel more than **$14 billion** worth of treasury stock, one of the largest stock cancellations in South Korea's history.

Driven by strong AI orders, Oracle's revenue and profit both beat expectations by more than **20%** last quarter, and it raised its guidance for the next fiscal year. The stock rose as much as **10%** in after-hours trading.

SpaceX is leaning toward an IPO on the Nasdaq, with the condition of being included in the Nasdaq 100 Index in advance.

Anthropic is disrupting the **$50 billion** industry, and the era of code audit doomsday has arrived.

**Deutsche Bank:** Oil prices above **$100/bbl** price in over a month of Strait disruption; **$130–150/bbl** implies a three-month closure. SPR releases and Russian oil exemptions are negligible—daily release capacity of **3 million barrels** pales against a **17–20 million barrel** daily gap. Trump made clear oil prices will not constrain military decisions; the Strait reopening timeline holds the key.

**Beyond the Oil Crisis, a Copper Shortage Looms!** S&P: Global deficit could reach **10 million tons by 2040**. Tightening supply stems from frequent mine accidents, long construction cycles, and "artificial tightness" from tariffs; demand surges driven by AI infrastructure and electrification. S&P Global forecasts the global copper supply gap will widen to **10 million tons by 2040**, a **50%** surge from current levels; ING predicts a **600,000-ton** refined copper deficit in 2026. The global copper market faces deep structural challenges.

**Citi:** Tencent WorkBuddy drastically lowers adoption barriers, potentially a turning point for Chinese AI agents! The domestic AI paradigm is shifting from "conversational AI" to "executive AI." Citi believes WorkBuddy significantly simplifies user access to AI agents, potentially driving broader adoption in China.

**Neuralink Co-Founder:** AI studies intelligence, brain-computer interfaces study consciousness; people alive today may live to **1,000 years**. Brain-computer interfaces (BCI) are moving from science fiction to reality. Max Hodak, co-founder of Neuralink and founder of Science, recently discussed the paradigm shift in BCI: from "drug discovery" to "neural engineering." Humanity is in a "takeoff era" of non-linear growth; AI and neuroscience are achieving a "grand unification," and the first humans who will live to **1,000 years** may already be born.

## Domestic Macro

**Report of the Financial and Economic Committee of the 14th National People's Congress on the Review of the Draft Outline of the 15th Five-Year Plan for National Economic and Social Development.** The 4th Session of the 14th NPC reviewed and approved the draft outline of the 15th Five-Year Plan. The report confirms the successful completion of the 14th Five-Year Plan's goals and tasks, deems the 15th Five-Year Plan draft generally feasible, and recommends its approval. It puts forward six suggestions: develop new quality productive forces, expand domestic demand, build a unified national market, deepen economic structural reform, improve population development strategies, ensure and improve people's livelihoods, and promote decisive progress in Chinese-style modernization.

**Report of the Financial and Economic Committee of the 14th National People's Congress on the Review of the 2025 Implementation of the National Economic and Social Development Plan and the 2026 Draft Plan.** The 2025 plan was generally well-implemented, with GDP growing **5.0%** and 12.67 million new urban jobs created, meeting key targets. The 2026 plan arrangement is generally feasible. The committee recommends approving relevant reports and drafts, and puts forward six implementation suggestions: strengthen counter-cyclical adjustment, expand domestic demand, drive innovation, deepen reform and opening-up, ensure people's livelihoods, and prevent and resolve risks in key areas to support a good start to the 15th Five-Year Plan.

**Report of the Financial and Economic Committee of the 14th National People's Congress on the Review of the 2025 Central and Local Budget Execution and the 2026 Draft Budget.** The 4th Session of the 14th NPC reviewed and approved the 2026 central and local budget draft. The 2025 budget was generally well-implemented, with a national fiscal deficit of **5.66 trillion yuan**, in line with the budget. The 2026 budget deficit ratio is set at around **4%**. The committee recommends approving the budget draft and puts forward specific suggestions in six areas: implementing proactive fiscal policy, optimizing expenditure structure, strengthening fiscal management, resolving debt risks, deepening fiscal and tax reforms, and enforcing fiscal discipline.

**Will China Ask the U.S. to Stop the War and Resume Dialogue?** Foreign Ministry Response. Foreign Ministry Spokesperson Guo Jiakun stated that China is deeply concerned about the escalating tensions in the Middle East. China's Special Envoy on the Middle East Issue Zhai Jun is conducting shuttle diplomacy in the region. Prolonged warfare and escalating conflict serve no one's interests. China will continue to communicate with all relevant parties, including the conflict parties, strengthen mediation, build consensus, and promote de-escalation.

**PBOC-Affiliated Media: How to Implement a Moderately Loose Monetary Policy?** PBOC Governor Pan Gongsheng stated at the Two Sessions that China will continue to implement a moderately loose monetary policy in 2026. Reserve requirement ratio cuts and interest rate cuts remain options, but decisions will be made "discretionarily" while balancing multiple objectives. During the 15th Five-Year Plan period, China will adhere to counter-cyclical and cross-cyclical adjustments, properly balancing short-term and long-term goals, growth stabilization and risk prevention, and internal and external relations.

# Domestic Companies

**TSMC**

TSMC’s revenue rose 30% in the first two months, with markets watching for Middle East tensions’ impact on AI investment willingness. February growth slowed to 22%, mainly due to seasonal disruptions from the Lunar New Year. The 30% year-to-date increase fell short of analysts’ average forecast of ~33% for the full first quarter; March performance will be critical to meeting market expectations. Markets are currently focused on whether the U.S.-Iran conflict will dampen corporate willingness to build data centers.

**CATL (Ning Wang)**

CATL’s stellar earnings win unanimous Wall Street optimism: lithium price gains have limited impact, with accelerated capacity expansion expected this year. The company’s Q4 net profit surged 57%, with full-year earnings hitting 72.2 billion yuan; capacity utilization reached an all-time high of 103%, and its European market share jumped from 37% to 43%. Amid market panic over a 26% lithium price spike, management’s comment that “unit net profit remains stable” fully dispelled concerns. Institutions including HSBC and Nomura collectively raised their target prices, implying up to 31% upside in A-shares. CATL’s 2026 growth story has only just begun.

**Optical Fiber**

History rhymes: can the fiber optic supercycle continue? Capacity expansion is the biggest concern. Demand recovery is currently driving price increases. UBS notes the industry saw a similar scenario in 2017, when rising prices driven by stronger demand led to massive capacity expansions—but eventual demand fell short of expectations while supply came online as planned, triggering sharp declines in fiber and related company stock prices. Whether this cycle ends differently will largely depend on supply-side discipline.

# Overseas Macro

**Fed Nomination**

Key Republican Senator Tillis does not oppose launching Kevin Warsh’s Fed chair nomination process but will still block a vote. On Tuesday, Punchbowl News reported that U.S. Senator Thom Tillis (R-NC) said he could support starting the confirmation process for Kevin Warsh’s nomination as Federal Reserve Chair. However, Tillis added that Warsh’s nomination may “sit for a while” in the Senate committee, as he has previously vowed to block the nomination.

**Oil Market**

The U.S. Energy Information Administration (EIA) raised its 2027 U.S. oil production forecast, expecting global output to consistently outpace demand once the Strait of Hormuz reopens. Recent oil price surges due to supply disruptions in major Middle Eastern countries prompted the EIA to lift next year’s domestic production estimate by 220,000 bpd to 13.83 million bpd. The EIA also raised its 2026 oil price forecast and increased its 2026 U.S. retail gasoline price projection to an average $3.34 per gallon, 43 cents above its prior estimate. The agency expects global oil production to persistently exceed consumption once shipping through the Strait of Hormuz resumes.

# Overseas Companies

**Private Credit**

Private credit under continued pressure: $33B fund faces redemption requests potentially exceeding 7%. Cliffwater Corporate Lending Fund, with ~$33 billion in assets, is an interval fund that must repurchase 5% of shares quarterly if redemptions hit 5%; if requests exceed 5%, Cliffwater may redeem up to 7%. Media reports indicate the firm’s flagship private credit fund could face redemption requests above 7%.

**NVIDIA & Groq**

NVIDIA expands AI footprint; Groq’s Samsung AI chip orders may rise 70% to 15,000 wafers. Groq, an AI chip firm “indirectly acquired” by NVIDIA, has asked Samsung to boost AI chip output from 9,000 to 15,000 wafers, a ~70% increase. NVIDIA did not take direct management control but partnered via a non-exclusive technology license. Groq’s production at Samsung is moving from sampling to mass production, entering early large-scale commercialization this year. NVIDIA aims to extend its ecosystem into inference and plans to launch inference chips based on Groq’s design at GTC 2026.

**Musk & X**

Musk advances “super app” vision: X’s digital payment system X Money to begin early testing next month. On Tuesday, Musk announced that X Money, the social platform’s digital payment system, will enter early public testing in April. Since acquiring Twitter for $44 billion in 2022, Musk has sought to turn X into a “super app” offering streaming, messaging, photos, videos, and payments—mirroring WeChat’s all-in-one model.

**PC Market**

Goldman Sachs: memory supply shortages squeeze PC market; 2026 shipments may fall 12%, with Apple bucking the trend. The global PC market faces dual shocks from memory supply crises and price hikes. Goldman warns Dell and HP shipments may drop by high single-digit to low double-digit percentages YoY, while Apple is expected to post modest growth driven by new products including the entry-level MacBook Neo.

# Industries & Concepts

## 1. Brain-Computer Interface (BCI)

On March 9, nine departments including Jiangsu Provincial Department of Industry and Information Technology jointly issued the *Action Plan for the Innovative Development of the Brain-Computer Interface Industry in Jiangsu Province*, leading to supply contraction in conventional categories. Tight upstream core raw material supplies provide strong cost support; combined with limited new capacity for core materials like ordinary electronic cloth since 2021, sustained downstream demand may create supply gaps across multiple industry chain segments. Strong price transmission certainty amid high industry prosperity suggests domestic manufacturers will quickly follow with price adjustments, lifting the industry’s profit center and delivering a “Davis double play” of volume and price gains for leading firms.

## 3. Data Centers

MIIT launches industrial data foundation initiative; industry chain growth outlook bright. On March 10, the Ministry of Industry and Information Technology released the *Notice on Launching the Industrial Data Foundation Initiative and Piloting High-Quality Industry Dataset Construction for AI Empowerment*. The plan aims to cultivate industry data cooperation consortia, build trusted interconnection platforms, aggregate data resources, breakthrough key technologies, develop industrial data standards, and create high-quality, standardized, tradable datasets by end-2026—empowering industries to improve quality, cut costs, and boost efficiency while exploring dataset construction and utilization models.

**Commentary**: Research institutions note AIDC construction drives demand for HVDC and SST. Data centers are core AI infrastructure; global new data center capacity reached ~14GW in 2024, with major cloud providers ramping capex. TSMC’s 2026 capex is projected at $52–56 billion, up ~30% YoY, supporting continued high growth in data center construction. Rising per-rack power density will likely accelerate HVDC and SST adoption to address energy and power challenges.

## 4. Energy Storage

On March 10, the General Office of the People’s Government of Guangdong Province issued the *Action Plan for Accelerating the Cultivation and Development of New Tracks to Lead the Construction of a Modern Industrial System (2026–2035)*. The plan calls for diversified technical routes for solid-state batteries (oxide, sulfide, polymer), R&D on high-conductivity/stability solid electrolytes, and key cathode/anode materials (lithium-rich manganese-based, high-nickel cathodes, silicon-carbon anodes) and specialized equipment. It also aims to expand application scenarios via partnerships with end-users in eVTOL, EVs, and energy storage stations, accelerating demonstration and commercialization.

**Commentary**: Soochow Securities notes national-level capacity compensation tariffs have been introduced, with provincial rules and lists forthcoming. U.S. data center storage demand remains strong, with many projects in Europe and the Middle East. The UK, Poland, and others are boosting residential storage subsidies, entering a new growth cycle; commercial and industrial storage continues expanding. Global energy storage installations are forecast to grow >60% in 2026, with 30–50% CAGR from 2027–2029; large-scale and residential storage leaders remain favored.

## 5. AI Agents

According to IT Home, NVIDIA will launch *NemoClaw*, an open-source AI agent platform (its version of “Longxia”), at the GTC 2026 developer conference in San Jose on March 16. The platform’s key technical breakthrough is breaking hardware lock-in: enterprises can seamlessly integrate it without NVIDIA’s proprietary chips and deploy AI agents to automate internal workflows. To promote the platform, NVIDIA has approached tech giants including Salesforce, Cisco, Google, Adobe, and CrowdStrike for partnerships. As an open-source project, partners can gain early access by contributing code.

**Commentary**: Analysts say the “Longxia” craze sweeping tech after OpenClaw’s breakout has drawn NVIDIA’s entry. Given agents’ high unpredictability and severe security risks, Meta and others have banned workplace use of OpenClaw; Chinese financial institutions and government agencies have also restricted it over safety concerns. NVIDIA’s NemoClaw addresses this pain point with enterprise-grade security, positioning it as a future industry standard.

# Today’s News Preview

- Morning of March 11: Closing meeting of the 4th Session of the 14th CPPCC National Committee at the Great Hall of the People.

- Speech by Federal Reserve Governor Bowman.

- U.S. February CPI.

- U.S. February government budget.

- Germany February CPI.

- Apple iPhone 17e and new iPad Air go on sale.

- OPEC releases monthly crude oil market report.

- U.S. EIA weekly crude oil inventory change.

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# Risk Warning & Disclaimer

The market involves risks, and investment requires caution. This article does not constitute personal investment advice and does not account for individual users’ specific investment objectives, financial situations, or needs. Users should assess whether any opinions, views, or conclusions herein align with their particular circumstances. Investment decisions based on this content are made at the user’s own risk.