Morning News

# Source: Wall Street见闻 (Wall Street CN)

## Market Overview

Last Friday,

Rising risks of an expanded conflict in the Middle East weighed on U.S. stocks. The three major indices opened higher but turned lower during trading, hitting fresh three-month lows and falling for a third consecutive week. The S&P 500 posted its longest weekly losing streak in a year. Meta fell nearly 4%, leading losses among the "Magnificent Seven" (Mag 7), whose index entered correction territory. Memory chip stocks supported a rebound in chip indices against the broader market; SanDisk surged nearly 7%, while NVIDIA dropped over 1%. Adobe plummeted 7.6% after announcing its long-serving CEO would step down. Bank indices fell for a seventh straight session. Fertilizer stocks rallied sharply for the week amid supply fears from the Strait of Hormuz blockade, with CF Industries gaining over 10%.

Since the outbreak of U.S.-Iran tensions, U.S. Treasuries have fallen for two consecutive weeks, the dollar has risen for two straight weeks, and Brent crude has posted double-digit weekly gains. U.S. Treasury yields rose more than 10 basis points for the week. The U.S. Dollar Index broke above the 100 level intraday, hitting a 10-month high.

The Japanese yen fell for a fourth consecutive session to its lowest level in over a year and a half, dropping 2% for the week. Offshore yuan approached 6.91 intraday, falling more than 300 pips from its daily high. Bitcoin neared $74,000 intraday, rising over 5% from its daily low.

As risks of an expanded U.S.-Iran conflict intensified, crude oil turned higher during trading, surging at least 3% at one point, and closed at a fresh three-plus-year high. Brent crude closed above $100 for two consecutive days. Gold and silver fell for three straight sessions to three-week lows, with gold futures dropping over 2% and silver futures over 6% intraday. LME tin fell nearly 5%, copper nearly 2% to a three-week low, and aluminum retreated over 2%, ending a three-week winning streak.

During Asian trading hours, the Shanghai Composite fell below 4,100 points. Chemicals were active, lithium batteries surged, the Hang Seng Tech Index fell 1%, semiconductors plunged, and the yuan broke below 6.9.

In early Monday Asian trading, Brent crude rose over 3% to above $106 per barrel. Futures on the S&P 500 and Nasdaq 100 edged lower.

## Key News

### China

- **Ministry of Commerce**: China-U.S. economic and trade consultations will be held from March 14-17, and the 301 investigation is being analyzed and evaluated. The consultations began in Paris, France on March 15. *People's Daily* commentary: The world expects the consultations to kick off positive China-U.S. economic and trade interactions this year.

- The Outline of the 15th Five-Year Plan for National Economic and Social Development of the People's Republic of China was released.

- **State Council Executive Meeting**: Studied the establishment of a negative list management mechanism for local fiscal subsidies.

- **CSRC**: Crack down severely on illegal activities including financial fraud, market manipulation, insider trading, and false statements.

- China's new social financing in February was 2.38 trillion yuan, new RMB loans 900 billion yuan, and M2 grew 9% year-on-year.

- CCTV's "3·15" Gala exposed AI large models being "poisoned," with AI poisoning becoming an industrial chain; exposed stock recommendation scams with profit-sharing schemes; named Hello Bike for violating new national standards for electric scooters; exposed the popular "miracle drug" exosomes as unqualified products with no production license, no quality certificate, and no safety guarantee; exposed companies illegally bleaching chicken feet. Chongqing's market regulator said the involved company has been placed under investigation, and Do-Fluoride was caught in the scandal.

### Overseas

- U.S. core PCE prices rose 3.1% year-on-year in January, the fastest pace in two years, with a 0.4% month-on-month increase. Q4 GDP was sharply revised down to 0.7%, dragged by a government shutdown. January JOLTS job openings exceeded expectations, layoffs fell, and hiring remained stable. January durable goods orders unexpectedly stagnated month-on-month. March University of Michigan consumer confidence hit a three-month low amid concerns over oil prices.

- Cuba has held talks with the U.S., "still in the early stages." Trump previously threatened: first end the Iran war, then Cuba is next.

- On Friday, the U.S. reportedly deployed additional Marines and warships to the Middle East. Trump said "heavy airstrikes" on Iran would occur this week. U.S. forces launched "heavy airstrikes" on Iran's Kharg Island, a key oil export hub, with Iran "completely defeated." Iran wants a ceasefire but "conditions are not good enough." The U.S. and Israel admitted differing goals for ending the war. Iran claimed it attacked the USS *Abraham Lincoln* carrier, rendering it combat-incapable and forcing it to return to the U.S.

- Over the weekend, the U.S. military said it "successfully struck" over 90 military targets on Kharg Island. Iranian media reported no damage to oil facilities on the island. Iran's foreign minister said Iran has never proposed a ceasefire or negotiations. After Iran vowed to "hunt down" Israeli Prime Minister Netanyahu, he released a video proving he is "still alive." Trump reportedly refused to initiate ceasefire talks, saying he would send warships with multiple countries to ensure navigation safety in the Strait of Hormuz, and may bomb Kharg Island again "just for fun." The U.S. is reportedly planning to announce a "naval escort coalition" for the Strait of Hormuz. A White House adviser said the Pentagon expects the Iran war to last four to six weeks. Two Indian cargo ships reportedly successfully passed through the Strait of Hormuz.

- Reports: Saudi Arabia will cut production by 2 million barrels per day. The U.S. temporarily eased sanctions on some Russian oil. Oman's Sohar Port suspended operations out of caution. A major oil hub in the UAE was hit by a drone attack and caught fire on Saturday, with all loading and unloading operations suspended.

- A U.S. judge rejected the Trump administration's subpoena for Jerome Powell. The Justice Department said it would appeal. A key lawmaker said the appeal would only delay the confirmation of Powell's successor. Court documents: Powell "threatened" to remain a Fed governor until January 2028 if the investigation continues.

- Regulatory uncertainty for the Trump administration: It suddenly withdrew the draft "AI chip export license" rules.

- Reports: Meta plans to cut 20% of its workforce, potentially laying off over 15,000 employees. Its core AI model Avocado lags behind Gemini 3.0 in internal testing, with its launch delayed to May.

## Market Closing

### U.S. & European Stocks

- S&P 500: -0.61% to 6,632.19; weekly loss 1.60%

- Dow Jones: -0.26% to 46,558.47; weekly loss 1.99%

- Nasdaq: -0.93% to 22,105.359; weekly loss 1.26%

- Euro Stoxx 600: -0.50% to 595.85; weekly loss 0.47%

### A-Shares

- Shanghai Composite: -0.82% to 4,095.45

- Shenzhen Component: -0.65% to 14,280.78

- ChiNext: -0.22% to 3,310.28

### Bond Market

- U.S. 10-year Treasury yield: ~4.28% (up ~2 bps intraday; up ~14 bps weekly)

- U.S. 2-year Treasury yield: ~3.72% (down ~2 bps intraday; up ~16 bps weekly)

### Commodities

- WTI Crude (April): +3.11% to $98.71/bbl; weekly gain ~8.6%

- Brent Crude (May): +2.67% to $103.14/bbl; weekly gain ~11.3%

- COMEX Gold (April): -1.25% to $5,061.7/oz; weekly loss ~1.9%

- COMEX Silver (May): -4.43% to $81.343/oz; weekly loss ~3.5%

- LME Tin: -4.7% to $47,059/ton; weekly loss 6%

- LME Copper: -1.78% to $12,780/ton; weekly loss ~0.6%

- LME Aluminum: -2.2% to $3,440/ton; weekly loss ~0.2%

# Detailed News Highlights

## Global Headlines

### China

- **Ministry of Commerce**: China-U.S. economic and trade consultations will be held from March 14 to 17, and the Section 301 investigation is under analysis and evaluation. As agreed by both sides, He Lifeng, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, will lead a delegation to France for economic and trade consultations with the U.S. side during March 14–17. Guided by the important consensus reached during the two heads of state’s meeting in Busan and their previous phone calls, the two sides will discuss economic and trade issues of mutual concern. Regarding the U.S. so-called “overcapacity theory,” China stated that the U.S. has no right to unilaterally determine whether trading partners have “overcapacity” through Section 301 investigations or impose unilateral restrictive measures.

- **People’s Daily Commentary (Zhong Sheng)**: The world expects the China-U.S. economic and trade consultations to kick off positive interactions between the two economies this year. On March 13, China’s Ministry of Commerce announced that the sixth round of China-U.S. economic and trade consultations will be held in France. This year is a “crucial year” for China-U.S. relations, and whether bilateral economic and trade relations can maintain stability as the world hopes hinges significantly on this round of consultations. According to Xinhua News Agency, the consultations began in Paris, France, on the morning of Saturday, March 15, local time.

- **Outline of the 15th Five-Year Plan for National Economic and Social Development of the People’s Republic of China**: The 15th Five-Year Plan period (2026–2030) occupies an important position in the process of basically realizing socialist modernization, serving as a key phase for laying a solid foundation and making comprehensive efforts. Unremitting efforts and sustained struggle are required to achieve major breakthroughs in strategic tasks concerning the overall situation of Chinese-style modernization, laying a more solid foundation for basically realizing socialist modernization.

- **State Council Executive Meeting**: Studied the establishment of a negative list management mechanism for local fiscal subsidies. The meeting noted that standardizing local fiscal subsidy policies is of great significance for maintaining a fair and competitive market order and advancing the development of a unified national market. Building on preliminary work, a negative list management approach will be implemented for local fiscal subsidies, with a unified national negative list formulated to further clarify specific scenarios where local governments are prohibited from providing fiscal subsidies.

- **CSRC**: Severely crack down on illegal activities such as financial fraud, market manipulation, insider trading, and false statements. The meeting emphasized strengthening regulatory enforcement, focusing on “targeting major, malicious, and key violations,” and severely cracking down on illegal activities including financial fraud, market manipulation, and insider trading. It will improve the regulatory system for private equity funds, enhance investor protection mechanisms, and effectively strengthen regulatory deterrence to maintain the healthy and stable development of the capital market. Focusing on serving the development of new productive forces, the CSRC will continue to promote the effective implementation of policies such as the STAR Market’s “1+6” framework and “Six Measures for M&A,” further expand exit channels for private equity and venture capital funds, guide more social capital to invest in early-stage, small-scale, long-term, and hard-tech projects, and better stimulate innovation vitality.

- **China’s February Financial Data**: New social financing reached 2.38 trillion yuan, new RMB loans 900 billion yuan, and M2 grew 9% year-on-year. In the first two months of 2026, the cumulative increment in social financing reached 9.6 trillion yuan, an increase of 316.2 billion yuan year-on-year. As of the end of February 2026, the stock of social financing stood at 451.4 trillion yuan, up 8.2% year-on-year. The M2-M1 growth gap narrowed to 3.1 percentage points, further shrinking from January.

- **CCTV “3·15” Gala Exposés**:

 - **AI Model Poisoning**: Exposed that large AI models are being “poisoned,” with AI poisoning evolving into an industrial chain. Service providers on online platforms claim that users can pay fees to have their products rank highly in searches across major mainstream AI models.

 - **Stock Recommendation Scams**: Exposed “profit-sharing stock recommendation” scams, where such institutions operate as fraud rings. Professionals from legitimate investment institutions note that many online “profit-sharing stock recommendation” advisory services are scams run by criminals posing as legitimate financial institutions.

 - **Illegal E-Bike Rentals**: Exposed rampant violations of new national standards by rental electric bicycles, naming Hello Bike and others.

 - **Fake “Exosome” Miracle Drugs**: Exposed that the viral “miracle drug” exosomes, claimed to cure epilepsy and diabetes, are actually unqualified products with no production license, no quality certificate, and no safety guarantee.

 - **Illegal Bleaching of Chicken Feet**: Exposed companies illegally bleaching chicken feet. Chongqing’s market regulator stated that the involved company has been placed under investigation; A-share listed company Do-Fluoride was implicated, as Yifeng Electronics, named in the exposé, is a controlling subsidiary acquired by Do-Fluoride over a year ago.

- **Milestone in China’s Brain-Computer Interface (BCI)**: The first invasive BCI medical device approved for marketing, indicated for spinal cord injury. The National Medical Products Administration approved the world’s first invasive BCI medical device for market launch on Friday, marking China’s global debut in related clinical applications. The device is indicated for quadriplegic patients with spinal cord injury, assisting them in achieving hand-grip functions.

### Overseas

- **Trump Urges Tankers to “Show Some Guts”** through the Strait of Hormuz last Thursday. On Friday, March 13:

 - The U.S. reportedly deployed additional Marines and warships to the Middle East, with Trump promising “heavy airstrikes” on Iran this week.

 - U.S. Defense Secretary stated the largest-scale strikes to date were launched on Friday to destroy Iran’s entire military capabilities. U.S. media reported the Pentagon is considering deploying more destroyers to the Strait of Hormuz. Saudi Arabia will cut production by 2 million barrels per day (bpd), further tightening global supply expectations. The cuts focus on heavy and medium-heavy crude; Saudi Arabia currently relies mainly on land pipelines to the Red Sea for oil transport, which primarily carry light crude. The IEA noted on Thursday that total production cuts by Gulf producers have reached at least 10 million bpd.

 - The U.S. temporarily eased sanctions on some Russian oil. The U.S. Treasury issued a 30-day license, temporarily lifting sanctions on some Russian oil stranded at sea, causing Brent crude to briefly drop to $100.45/bbl. However, with the Strait of Hormuz still blocked and Iraqi oil ports fully suspended, analysts called the move a mere “painkiller”—as long as the vital chokepoint remains closed, the global energy market will remain in turmoil.

 - **Middle Eastern Ports Suspended**: Oman’s Sohar Port suspended operations out of caution. Sohar and Salalah Ports in Oman, along with all Iraqi oil terminals, have suspended operations amid repeated drone attacks. Iran previously warned that any attack on its energy infrastructure and ports will trigger “devastating” retaliation.

 - A major oil hub in the UAE was hit by a drone attack and caught fire on Saturday, with all loading and unloading operations fully suspended.

- **U.S. Judge Rejects Trump Admin Subpoena for Powell**: The Justice Department vowed to appeal, with a key lawmaker stating the appeal will only delay the confirmation of Powell’s successor. The judge ruled that “substantial evidence shows” the subpoena’s primary purpose was to harass and pressure Powell to comply with Trump or resign; the government “provided no evidence” that Powell committed any crimes other than displeasing Trump.

 - Court documents: Powell “threatened” the Trump administration that he will remain a Fed governor until January 2028 if the investigation continues. The “New Fed News Service” noted this would weaken Trump’s ability to reshape the Fed. TD Cowen analysts said the probability of Powell staying on as a governor after his term as Fed Chair expires has increased significantly due to this development.

- **Regulatory Uncertainty for Trump Admin**: Suddenly withdrew the draft “AI Chip Export License” rules. The draft originally involved a case-by-case review mechanism for chip giants like NVIDIA and AMD, serving as an alternative to the Biden administration’s AI Diffusion Framework after its repeal. No reason was given for the withdrawal, with officials stating discussions remain preliminary.

- **Meta Plans 20% Layoffs**: Potentially cutting over 15,000 jobs to offset massive AI infrastructure investments and prepare for efficiency gains from AI-assisted work. Zuckerberg previously stated AI efficiency means “one person can do the work of a team.”

 - **AI “Chasers” Face Setbacks**: Zuckerberg delays new model launch; Musk reorganizes xAI “from scratch.” Reports state Meta’s core AI model Avocado lags behind Google’s Gemini 3.0 in internal testing, with its launch delayed to May; internal discussions even considered temporarily licensing competitors’ models.

## Selected Research Reports

- **Trump’s Calculus in Bombing Kharg Island**: Willing to let oil prices surge to $200/bbl next week to create a price-correction window before the midterm elections. Veteran Wall Street macro strategist Jim Bianco speculates the U.S. assesses reopening the Strait of Hormuz via conventional military means could take weeks or months, potentially pushing oil to $200/bbl and devastating the global economy. Thus, the U.S. prefers to let prices spike early to allow a six-month correction window ahead of the midterms.

- **Oil Price Surge + Shadow Banking Crisis**: Is the Current Situation Echoing the Pre-2008 Financial Crisis? Bank of America’s Hartnett argues that the current oil price surge and credit crisis risks in shadow banking are mirroring asset trends ahead of the global financial crisis: oil has surged 69.2% year-to-date, commodities 40.8%, and large bank stocks have broken support. This means the biggest risk has shifted from inflation to corporate earnings and financial system stability. BofA’s Bull & Bear Indicator has fallen from 9.2 to 8.7, issuing a clear “sell” signal.

- **History Repeating? The 1980s “Tanker War” as the Best Market Reference for Current Iran Tensions**. Citi notes that during the Tanker War, tanker traffic fell 20%, the U.S. Navy deployed escorts, oil prices peaked after a U.S. vessel hit a mine, and the S&P 500 trended upward throughout—similar to current conditions. It recommends overweighting large-cap tech in U.S. stocks and avoiding small caps, adding that investors should wait for volatility to decline before increasing positions. Barclays warns that if the Strait of Hormuz remains blocked, market confidence in Trump ending the conflict quickly to stabilize stocks may fade.

- **U.S. Private Credit: Storm in a Teacup or the Financial System’s Canary?** A Huatai Securities report states the $2.3 trillion+ U.S. private credit market faces multiple shocks from high interest rates, default waves, AI valuation reshaping, and retail redemptions, with vulnerability rising significantly. Current risks remain in the “clearing phase,” with systemic spillovers controllable under a soft-landing baseline—more like a “storm in a teacup.” However, if the economy enters stagflation or the AI bubble bursts, the canary’s alarm will amplify sharply, potentially evolving into systemic risk.

# Domestic Macro

Qiushi Journal published an important article by the General Secretary of the CPC Central Committee titled *Promoting High-Quality Development of the Marine Economy*.

The National Internet Finance Association of China issued the *Risk Warning on the Application Security of OpenClaw in the Internet Finance Industry*, urging high vigilance against financial fraud activities under the guise of “shrimp farming wealth management.” The association pointed out that the application of the open-source AI agent OpenClaw (“Lobster”) in the financial sector poses four major risks: capital loss, transaction liability, data compliance, and new types of fraud. It advised consumers to install it cautiously and recommended that industry institutions refrain from installing it on terminals involved in financial business such as customer information processing, fund operations, risk control review, and transaction execution.

The Hong Kong Stock Exchange (HKEX) plans to relax listing rules for dual-class share structures, strengthen the “rejection” mechanism, and optimize the listing regime! The Stock Exchange of Hong Kong (SEHK) intends to lower the listing threshold for “weighted voting rights (WVR)” and relax the upper limit on voting power ratios. For overseas-listed issuers, it plans to simultaneously lower the financial qualification threshold for secondary listings. It also plans to expand the scope of confidential IPO applications from biotech and specialist tech companies to all new applicants. Additionally, it intends to strengthen the rejection mechanism: when rejecting a listing application, it will disclose the identities and roles of all professional institutions responsible for preparing the application materials.

# Domestic Companies/Industries

Apple’s “Apple Tax” on China’s App Store has been historically cut from 30% to 25%! Apple announced that the standard commission rate for in-app purchases and paid apps on the Apple App Store will be reduced to 25%. For small and medium developers with annual revenue below $1 million and eligible in-app purchases under the “Mini Apps Partner Program,” as well as auto-renewing subscriptions after the first year, the commission rate will be further reduced from the current 15% to 12%. The adjustment takes effect on March 15.

Lei Jun announced: The new-generation SU7 will be launched, and prices will definitely rise as costs have increased significantly! Previously, it was stated that the new SU7 is equipped with mechanical door handles that can be opened mechanically both inside and outside the vehicle. The new-generation SU7 will be officially launched this month, with 9 color options announced in advance. Pre-orders have started, with a starting pre-sale price of 229,900 yuan. The new SU7 has been comprehensively upgraded in safety, driving control, and other aspects, with LiDAR as standard across all trims and triple-redundant mechanical door handles. The first-generation SU7 has been discontinued.

Automotive giant Stellantis is reportedly seeking investments from Xiaomi and XPeng, including equity stakes in brands such as Maserati! According to reports, Stellantis is in talks with Xiaomi, XPeng, and others to secure investments from Chinese automakers in its European business. Cooperation plans include taking stakes in brands like Maserati and opening up European production capacity. The company aims to introduce Chinese capital and technology to ease pressure on its European operations and shift its investment focus to the U.S. market.

Gold Sachs is fully bullish on China’s “Three Oil Majors”: a valuation re-rating wave “catching up with global peers” is coming! Long-term oil prices are supported, demand is not peaking quickly, and oil and gas giants may welcome a value re-rating. Goldman Sachs pointed out that with strong cash flow and free cash flow yields exceeding 10%, CNOOC and PetroChina are breaking their severe valuation discount. CNOOC has a leading global cost advantage, with its target price raised by a substantial 47%; PetroChina continues to reduce costs through green power substitution and AI digitalization, with its target price raised by 33%.

# Overseas Macro

The U.S.-Iran conflict has ended the “buy the dip” mentality; U.S. retail investors have stopped “bottom-fishing” for the first time in over a year! According to JPMorgan, retail investors’ weekly purchases plummeted by about 30% in the week of March 5–11, with weekly net inflows into retail ETFs falling by 22% and individual stock buying shrinking sharply. In terms of positioning, retail investors continued to increase AI-related positions while selling energy, financial, and healthcare sectors. Meanwhile, crude oil options trading volume surged, and fixed-income and low-volatility ETFs saw increased retail buying.

The market is at a “breaking point!” Goldman Sachs revealed: institutional selling and shorting of U.S. stocks reached “historic levels” last week. Goldman Sachs data shows that S&P 500 futures saw net selling of $36.2 billion, a record in over a decade; meanwhile, ETF short exposure surged to a three-year high. This unprecedented extreme de-risking has put the market at a dangerous tipping point: if there is no turnaround in the geopolitical situation within two weeks, the stock market will face a crash; conversely, the massive short positions could trigger an extremely violent short squeeze.

The market speculates that the U.S. Treasury has intervened. The CME Group President warned: if the U.S. intervenes in crude oil futures, it will lead to “catastrophic consequences.” The extreme volatility in oil prices in recent days has led energy traders to speculate that the Treasury may have intervened in the futures market. Tim Skirrow, Head of Derivatives at Energy Aspects, said the firm has received continuous client inquiries this week asking whether the U.S. government was behind a series of recent large, abnormal orders. “The market speculates that the seller may be the U.S. Treasury.”

Since the outbreak of the Iran war, the U.S. has depleted “years’ worth” of ammunition stockpiles. In just over 100 hours of the U.S.-Iran conflict, the U.S. military has consumed 168 Tomahawk missiles, each costing $3.6 million. Combined with previous operations, critical ammunition stockpiles accumulated over “years” are now in urgent need. The Pentagon is about to submit a $50 billion supplementary military funding request, but cost-cutting measures are also being implemented, including requiring vice presidents and below to fly economy class on overseas business trips and considering expanding voluntary separation programs with increased compensation. Although Samsung’s overall Q1 profit is expected to hit a record high, the strong figures are mainly driven by memory semiconductors, and the mobile division may post its first operating loss since the company’s founding.

Amazon deploys Cerebras chips, valuing its “ultra-fast inference solutions.” Amazon Web Services (AWS) has reached a multi-year partnership with chip startup Cerebras to jointly deploy Cerebras and in-house Trainium chips in data centers, providing high-speed AI inference services. Cerebras chips claim to be 25 times faster than NVIDIA GPUs for inference, and this partnership will help them reach a large number of cloud customers.

1 million context windows fully launched! Two Claude 4.6 models eliminate long-text premiums and support direct input of 600 images. Opus 4.6 ranked first among peer models in the MRCR v2 benchmark with a score of 78.3%. Developers can now directly process entire codebases, long contracts, and agent runtime trajectories.

# Industries/Concepts

1. **Brain-Computer Interface (BCI)** | According to China Business News, the “Implantable BCI Hand Function Compensation System” jointly developed by Borui Kang Technology (Shanghai) Co., Ltd. and the Department of Biomedical Engineering at Tsinghua University was recently approved for marketing by the National Medical Products Administration (NMPA). After seven years of technical research and 32 cases of multi-center clinical verification, this system has become the first BCI device approved through the NMPA’s “Green Channel” for innovative medical devices, potentially benefiting millions of spinal cord injury patients.

2. **Perovskite** | According to China Science and Technology Network, recently, Zhongke Tiansuan and Yanhe Technology jointly announced the official launch of a space supercomputing prototype system and the successful completion of full-process joint debugging and verification between the space computing system and the perovskite energy system. This major breakthrough marks China’s leapfrog development from 0 to 1 in two key fields: core space supercomputing technology and space-based energy supply, taking the lead in opening up the entire innovation chain of “advanced computing + space energy” integration.

3. **Controlled Nuclear Fusion** | According to China News Service, at the 2nd Nuclear Energy Summit held recently in Paris, France, China announced its accession to the *Triple Nuclear Energy Declaration*. Its core goal is to triple global nuclear power installed capacity by 2050 compared to 2020, helping achieve global net-zero emissions around the middle of the century and the temperature control targets of the Paris Agreement. The declaration puts forward 11 joint actions covering nuclear power operation safety and spent fuel management, nuclear energy project financing, diversified nuclear energy utilization, resilience of the nuclear industry chain and supply chain, and life extension of operating nuclear power units. With the accession of China, Brazil, Belgium, and other countries, a total of 38 countries have joined the declaration.

4. **Battery Swapping** | To accelerate the补齐 of shortcomings in public charging and swapping facilities in rural areas and further unlock the consumption potential of new energy vehicles, the General Offices of the Ministry of Finance, the Ministry of Industry and Information Technology, and the Ministry of Transport recently jointly issued the *Notice on Carrying out the Pilot Application for Making Up Shortcomings in County-Level Charging and Swapping Facilities in 2026*. The notice clarifies that in 2026, the three ministries will support two or more counties to jointly apply for pilots (hereinafter referred to as joint pilot counties), with a total plan to support 59 joint pilot counties. To encourage green power applications, for charging and swapping stations powered by photovoltaic (PV) generation, if the “self-generated and self-consumed” electricity exceeds 40% of the total charging volume, the annual total “self-generated and self-consumed” charging volume can be converted at a factor of 1.2.

5. **Gaming** | Apple’s official developer WeChat public account issued a notice: starting March 15, the commission rate for China’s App Store will be adjusted, with the standard rate changed from 30% to 25%, and eligible in-app purchases and renewal subscriptions from 15% to 12%. Huaxin Securities believes that Apple’s adjustment of the commission split ratio will improve the survival environment for content innovators. For developers highly reliant on in-app purchases and digital subscriptions, this means an increase in revenue share. Content applications such as games, knowledge payment, audio and video membership subscriptions, and live streaming rewards are expected to benefit.

# Today’s News Preview

- China’s January–February retail sales of consumer goods, January–February value-added of industrial enterprises above designated size, and January–February national real estate development investment.

- Housing prices in 70 large and medium-sized cities in China.

- Leapmotor’s financial report.

- Japan announces the release of part of its oil reserves starting March 16.

- EU Foreign Affairs Council meeting.

- China-U.S. economic and trade consultations held from March 14 to 17.

- Optical Fiber Communication Conference (OFC) held from March 15 to 19.

- NVIDIA GTC Conference held from March 16 to 19.

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# Risk Warning and Disclaimer

The market is risky, and investment requires caution. This article does not constitute personal investment advice and does not 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 are suitable for their specific circumstances. Investment based on this is at your own risk.