Morning News

# Source: Wall Street见闻 (Wall Street CN)

## Market Overview

U.S. stocks extended overnight losses in early trading, but **positive remarks from Israel regarding the Strait of Hormuz** and the U.S. easing crude oil supply policies triggered a drop in oil prices. U.S. equities recovered most of their intraday losses in the final hour of trading, as markets awaited Friday's **Triple Witching Day**.

- The Dow Jones Industrial Average fell 0.44%, while the Nasdaq Composite lost 0.28%.

- The Russell 2000 small-cap index outperformed the broader market, closing up 0.65%, driven primarily by massive **short covering**, analysts said.

- Tesla slumped more than 3%, leading losses among the Magnificent Seven tech giants.

- Most chip stocks rose, but Nvidia fell over 1%, and Micron Technology dropped about 3.7% following earnings.

- Alibaba's U.S.-listed shares closed down more than 7%.

The bond market stabilized. The yield on the 10-year U.S. Treasury note edged down 1.7 basis points, while the 2-year yield was largely flat at 3.784%.

The U.S. dollar fell 0.7%. The European Central Bank and the Bank of England both sent **hawkish signals**, sending the euro surging 1.2%, the pound up 1.3%, and the Japanese yen rising more than 1.3%. Bitcoin fell 1.1%, briefly dropping below $70,000 before rebounding; Ethereum lost 2%.

Despite the weaker dollar, metals were hammered by hawkish central bank expectations. Gold plunged as much as 6% to near $4,500, while silver crashed 12% intraday before paring losses sharply to end down 3.3% in late New York trading. LME aluminum saw its biggest one-day drop since 2018. WTI crude briefly topped $100 a barrel before plunging more than 8% from its session high. Brent crude fell over 3%.

During Asian trading hours, China's three major stock indexes all fell more than 1%. CPO-related stocks bucked the trend, while non-ferrous metals plunged. The Hang Seng Index slumped 2% on heavy volume; Tencent fell nearly 7%, while Xiaomi rose more than 3%.

## Key News

### China

- **Ministry of Commerce**: Will continue to leverage the China-U.S. economic and trade consultation mechanism to strengthen dialogue and communication.

- **People's Bank of China**: Firmly committed to maintaining the stable operation of financial markets, including stocks, bonds, and foreign exchange.

- **Alibaba**: Q4 revenue rose 2% YoY; AI-related revenue posted triple-digit growth for 10 consecutive quarters. During the earnings call, the company announced a target of annual cloud and AI revenue exceeding $100 billion within five years, with MaaS becoming Alibaba Cloud's largest revenue-generating product.

- **Xiaomi Spring Festival Launch Event**: The new SU7 starts at 219,900 yuan, with LiDAR standard across all trims. The company's first "Lobster" phone has officially entered closed beta testing. Xiaomi also unveiled its trillion-parameter large model, MiMo-V2-Pro.

### Overseas

- **Besaant**: Has allowed Iranian oil to continue flowing from the Gulf region and may lift sanctions on Iranian oil at sea. Iran warned it would no longer show restraint if its infrastructure is attacked again, claiming to have shot down a U.S. F-35 fighter jet. The U.S. military may seize islands to force Iran to open the Strait of Hormuz. Israeli Prime Minister announced a pause in airstrikes on Iran's energy facilities. Qatar stated that Iranian attacks damaged 17% of its LNG production capacity. Reports: Iran plans to impose a "security toll" on ships passing through the Strait of Hormuz, leading to a pullback in Brent crude. Reports: White House officials say the administration is not currently considering banning oil and gas exports.

- **Bank of Japan**: Kept policy unchanged as expected, but warned "we must be vigilant about the impact of rising oil prices on inflation." BoJ Governor: Surging oil prices complicate policy decisions; will continue to raise rates if economic outlook materializes.

- **European Central Bank**: Held rates steady for the sixth consecutive meeting. The Middle East conflict has created high uncertainty for the eurozone outlook. ECB President Lagarde warned that the Iran conflict poses a substantial risk to inflation and urged governments not to overreact to the energy crisis.

- **Bank of England**: Maintained interest rates unchanged, removed language referencing "rate cuts," and stated it is "ready to act" on inflation, triggering a surge in government bond yields.

- **U.S. Initial Jobless Claims**: Unexpectedly plummeted to 205,000 last week, the lowest level this year.

- **Bond Market**: A historic shift in expectations for the Federal Reserve's policy path, from rate cuts to rate hikes.

- **Kevin Warsh's Fed Chair Nomination**: Faces a complicated path. Reports: Trump suggested the U.S. Department of Justice should continue investigating Powell. U.S. Senator Elizabeth Warren questioned Warsh over his mention in the Epstein files, demanding a response.

- **Jensen Huang**: AI leaders should avoid spreading fear; optimistic that Anthropic's revenue will exceed $1 trillion by 2030.

## Market Closing Levels

### U.S. & European Equities

- S&P 500: -0.27% to 6,606.49

- Dow Jones Industrial Average: -0.44% to 46,021.43

- Nasdaq Composite: -0.28% to 22,090.69

- Europe STOXX 600: -2.39% to 583.64

### A-Shares

- Shanghai Composite: -1.39% to 4,006.55

- Shenzhen Component: -2.02% to 13,901.57

- ChiNext Index: -1.11% to 3,309.10

### Bond Market

- U.S. 10-year Treasury yield: -1.57 bps to 4.2493%

- U.S. 2-year Treasury yield: +1.74 bps to 3.7924%

### Commodities

- WTI Crude Oil (April): -0.18% to $96.14/barrel

- Brent Crude Oil (May): +1.18% to $108.65/barrel

- Spot Gold: -3.42% to $4,653.01/ounce

- Spot Silver: -3.33% to $72.85/ounce

# Detailed News Highlights

## Global Headlines

### China

- **Ministry of Commerce**: Continue to leverage the China-U.S. economic and trade consultation mechanism to strengthen dialogue and communication. The two sides have agreed to explore the establishment of a working mechanism to expand economic and trade cooperation, continue to make good use of the China-U.S. economic and trade consultation mechanism, strengthen dialogue and communication, properly manage differences, expand practical cooperation, and promote the sustained, stable and sound development of bilateral economic and trade relations.

- **People's Bank of China**: Firmly safeguard the stable operation of financial markets including stocks, bonds and foreign exchange. On March 18, the Party Committee of the People's Bank of China held an enlarged meeting, clarifying that it will continue to implement a **moderately loose monetary policy**, comprehensively use tools such as reserve requirement ratio cuts and government bond trading to maintain ample liquidity, and guide financing costs to run at a low level. In addition, the meeting proposed for the first time to study the establishment of a **liquidity support mechanism for non-bank financial institutions**, fully safeguarding the stable operation of the economy and financial markets.

- **Alibaba**: Q4 revenue rose 2% YoY; AI-related revenue posted triple-digit growth for 10 consecutive quarters; Earnings call: Annual cloud and AI revenue to exceed $100 billion in five years, MaaS to become Alibaba Cloud's largest revenue product.

 The brightest incremental growth in this performance came from cloud and AI. Alibaba Cloud's revenue rose 36% YoY to 43.284 billion yuan this quarter, and AI-related product revenue maintained triple-digit YoY growth for the 10th consecutive quarter. Affected by investments in instant retail, the group's operating profit plummeted 74% YoY to 10.645 billion yuan, and non-GAAP net profit fell 67% YoY to 16.71 billion yuan, compared with market expectations of 31.6 billion yuan.

 Pingtouge has shipped more than 470,000 AI chips to actual business deployments, with an annualized revenue scale reaching the 10-billion-yuan level, and an IPO is not ruled out in the future. The instant retail business targets a transaction volume of over 1 trillion yuan in fiscal 2028 and overall profitability in fiscal 2029.

 Alibaba and Baidu both raised prices, has China's cloud market entered a "price hike cycle"? Catalyzed by the explosion of AI demand and rising hardware costs, the "price hike wave" in China's cloud service market has spread from small and medium-sized vendors to leading players. Morgan Stanley believes that China's cloud infrastructure services have officially reached an inflection point from price cuts to price hikes, and leading cloud vendors with pricing power are expected to benefit first, with expectations for margin recovery also strengthening.

- **Xiaomi Spring Festival Launch Event**: New SU7 starts at 219,900 yuan with LiDAR standard across all trims, first "Lobster" phone officially enters closed beta. The new-generation SU7 comes standard with LiDAR, 700TOPS ADAS computing power and Xiaomi HAD end-to-end ADAS system across all trims, with a pre-sale price range of 229,900 to 309,900 yuan. Lei Jun emphasized that Xiaomi plans to invest more than 60 billion yuan in the AI field in the next three years, striving to take a leading position in this cutting-edge track.

 Lei Jun officially announced the "mysterious model" that has sparked heated discussions among global developers, and Xiaomi's "AI roadmap" is gradually becoming clear. Xiaomi unveiled its trillion-parameter large model MiMo-V2-Pro, which ranks eighth globally in performance and has significant cost advantages. Goldman Sachs released a research report strongly supporting Xiaomi, stating that the company has officially entered the period of AI achievement realization, consolidating its position as a **leader in Physical AI**. Although tens of billions of yuan in R&D investment may put short-term profit pressure, ecosystem implementation will drive long-term value reshaping, and Goldman Sachs maintained its "Buy" rating with a target price of HK$41.

### Overseas

- **Bessent**: Has allowed Iranian oil to continue flowing from the Gulf region and may lift sanctions on Iranian oil at sea. Bessent said on the 19th that the United States has not attacked Iran's energy infrastructure, has allowed Iranian oil to continue to be transported through the Gulf region, and may lift sanctions on Iranian oil at sea in the next few days. In addition, the United States may release the **Strategic Petroleum Reserve (SPR)** again to curb oil prices.

- **Iran**: Will no longer show restraint if its infrastructure is attacked again, claims to have shot down a U.S. F-35 fighter jet; U.S. military may seize islands to force Iran to open the **Strait of Hormuz**. Iran stated that the 64th wave of attacks targeted Israeli refineries in the Haifa area and troop assembly points, and its missiles also precisely struck the U.S. Navy's Fifth Fleet; it has only used "a small part of its capabilities" in response to Israeli attacks on Iranian infrastructure so far. Reports said a 2,200-strong U.S. Marine Expeditionary Unit has been deployed to the Middle East, possibly to seize Kharg Island and islands near the Strait of Hormuz. The U.S. military said an F-35 fighter jet performing a mission over Iran made an emergency landing. The Israeli military launched airstrikes on Bandar Anzali, a port city on Iran's Caspian Sea coast, for the first time, destroying several naval vessels. The Israeli prime minister said military operations against Iran will continue as long as necessary, and the war will end much faster than people expect. The Israeli military chief of staff said Israel's military operations against Iran are "not even halfway done". The U.S. defense secretary said he has requested the White House to approve more than $200 billion in funding for operations against Iran.

- **Responding to Trump's call, Israeli prime minister announces pause in airstrikes on Iran's energy facilities; Qatar says Iranian attacks damaged 17% of LNG production capacity**. After Netanyahu's speech, Brent crude, which had risen more than 10% intraday, once fell more than 3%. Trump said on Wednesday he knew nothing about Israel's attack on Iranian gas fields and that Qatar was absolutely not involved; on Thursday he said he would not deploy troops anywhere and the United States will take all upward actions; coupled with the unexpected drop in weekly initial jobless claims released on Thursday, this further weakened the basis for the Fed to maintain an accommodative stance. Expectations for Fed rate cuts have been completely erased, and the market narrative has quickly reversed from "when to cut rates" to "whether to hike rates".

- **Metals plunge across the board! Gold falls over 4% to below 4,600, silver crashes 12%, LME aluminum posts biggest drop since 2018**. Escalating Middle East conflicts have pushed up energy prices and inflation expectations, narrowing room for rate cuts, leading to simultaneous sharp declines in gold, silver and industrial metals. Gold fell for seven consecutive days, once dropping below $4,600; silver plummeted more than 12% at one point; industrial metals such as LME aluminum also saw their biggest declines in years; coupled with continuous capital outflows from gold ETFs, market safe-haven demand weakened, and commodities generally came under downward pressure.

- **Kevin Warsh's path to Fed chair nomination complicated! Reports: Trump hints DOJ should continue investigating Powell**. U.S. President Trump said on Thursday he still supports the U.S. Department of Justice's investigation into Fed Chair Powell. He also said Powell should cut rates immediately but won't do so because he is a stubborn, incompetent person, which is terrible. Trump's stance means Warsh's prospects for confirmation as Fed chair are complicated. A source familiar with the matter said a previous judge's ruling had originally provided the Trump administration with an "off-ramp" to end the investigation into Powell and let the controversy die down. But if the legal battle continues, Trump may have to wait longer for his hand-picked Fed chair nominee Warsh to take office.

- **U.S. Senator Warren questions Warsh over mention in Epstein files, demands response**. U.S. Senate Democrat Warren sent a letter to Trump's Fed chair nominee Kevin Warsh: "Your name appears to be mentioned in the Epstein files". Warren demanded Warsh respond to the Epstein files by March 31. In the letter, Warren asked if Warsh had ever attended any gatherings where Epstein was present.

- **Jensen Huang: AI leaders should avoid spreading fear, optimistic about Anthropic's revenue exceeding $1 trillion by 2030**. NVIDIA CEO Jensen Huang warned that AI industry leaders must exercise discretion when articulating technology risks, "Reminders are beneficial, fear-mongering is harmful". He believes the biggest AI risk to U.S. national security is society slowing technology adoption due to fear. Despite Anthropic being embroiled in a contract dispute with the U.S. Department of Defense, Huang remains bullish on its commercial prospects, forecasting the company's annual revenue could exceed $1 trillion by 2030.

## Selected Research Reports

- **Major upgrade! Energy facilities drawn into conflict, Wall Street "reassesses" Iran war timeline, revisits "2022 scenario"**. With core Middle East energy facilities drawn into the war, the likelihood of the conflict ending in April, the Strait reopening and oil prices falling is declining. The escalating situation is changing Wall Street's judgment on the duration of the conflict. Analysts warn that if the conflict fails to end before April, oil prices could surge to $150 per barrel, and some even warn the conflict could evolve into an energy shock similar to the 2022 Russia-Ukraine conflict. Trump's strategy of seeking an early exit risks failure.

- **Will the Iran war trigger a "U.S. financial crisis"?**. A blockade of the Strait of Hormuz would cut off the petrodollar cycle, with hundreds of billions of dollars in Middle Eastern capital potentially withdrawing from the AI industry chain each year. Meanwhile, the $1.8 trillion U.S. private credit powder keg has ignited from within—BlackRock has frozen redemptions, and Apollo executives admit loans "are lucky to recover 20 cents on the dollar". As the war drags on from a "four-week quick victory" into its fifth month, three crises are racing toward the same tipping point.

- **The Fed's "new chairman" recognized by the market: Oil**. Prominent investor Boockvar warned: Surging oil prices are taking over the baton of monetary policy, and rate cut expectations are dead. The S&P 500's P/E ratio is as high as 21 times, U.S. stocks have no safety margin, the world is sliding into the abyss of **stagflation**, and the commodity super bull market has only just begun.

- **Carlyle's Jeff Currie: Current supply shock is almost equivalent to that during the COVID-19 pandemic. Epic energy supply crisis strikes!**. Jeff Currie warned: Oman crude spot prices soared to $173 yesterday, with a severe disconnect between futures and spot prices. He pointed out that during the COVID period, crude oil needed to fall to -$37 per barrel to balance supply and demand, while currently, once inventories are exhausted, extremely high prices must be used to force demand down. "The scale of this supply shock is almost equal to the demand shock during the COVID period".

- **"Lobster" gives "memory" a major "lifeline"?**. A Morgan Stanley report believes that agent AI represented by OpenClaw will shift demand from "generating answers" to "completing tasks". Frequent tool calls and multi-step orchestration in workflows have caused a surge in CPU computing volume, contributing to major delays. Meanwhile, due to the need for frequent context sharing and KV cache offloading, DRAM has replaced HBM as a hard constraint bottleneck. This has triggered a sharp rise in memory prices in Q2 2026, and Morgan Stanley has raised earnings forecasts for SK Hynix and Samsung.

# Domestic Macro

China's general public budget revenue rose **0.7% YoY** in the first two months, with stamp duty on securities transactions surging 1.1 times; budget expenditure increased 3.6%.

From January to February, national general public budget revenue reached **4.4154 trillion yuan**, up 0.7% year on year; general public budget expenditure totalled **4.6706 trillion yuan**, up 3.6% year on year.

National government-managed fund budget revenue stood at **536.3 billion yuan**, down 16% year on year; related expenditure reached **1.3174 trillion yuan**, up 16% year on year.

Stamp duty on securities transactions jumped 1.1 times year on year, while local government land transfer income fell 25% year on year.

CSRC held a symposium on institutional investors for the capital market 15th Five-Year Plan.

Participants agreed that in recent years, amid a complex and challenging environment, under the strong leadership of the Party Central Committee and the State Council, the CSRC, together with relevant parties, has achieved important breakthroughs in building a market stabilization mechanism with Chinese characteristics, attracting medium and long-term funds into the market, and improving investor returns, strengthening the resilience and risk resistance of the capital market.

At the meeting, participants put forward specific opinions and suggestions on further deepening investment-side reforms, enhancing institutional inclusiveness and adaptability, and strengthening the inherent stability of the capital market.

# Domestic Companies

Is Hong Kong’s Cheng family empire set to change hands?

New World Development, a time-honored Hong Kong real estate giant, is mired in a deep debt crisis and recorded its first default since listing in 2025, with its net gearing ratio far exceeding the safety threshold.

The crisis stemmed from aggressive expansion into mainland China’s premium land projects and K11 developments after Adrian Cheng took over the family business.

Currently, the Cheng family is deadlocked with Blackstone over a **$2.5 billion** capital injection plan, with the core dispute centering on whether the family will retain control.

East Money Information: 2025 revenue up 38.5% YoY, net profit up 25.7% YoY; proposes a cash dividend of **1 yuan per 10 shares**.

China Unicom: 2025 revenue and profit grew moderately; AI revenue surged 140%, with a notable improvement in free cash flow.

# Overseas Macro

U.S. new home sales plunged unexpectedly in January to the lowest level since 2022, with median prices down 6.8% YoY.

U.S. new home sales fell to their lowest point since 2022 in January, reflecting shrinking demand from homebuyers nationwide.

Sales of new single-family houses dropped 17.6% month-on-month in January to a seasonally adjusted annual rate of 587,000 units.

The median sales price of new homes fell 6.8% year on year to **$400,500**.

Sales plummeted nearly 45% in the Northeast and about 34% in the Midwest.

Yen nears 160; Japan’s finance minister warns of readiness to intervene anytime.

The yen is approaching the key 160 level against the U.S. dollar, as the Bank of Japan keeps interest rates unchanged and markets focus on Governor Kazuo Ueda’s policy remarks.

Against the backdrop of a hawkish Federal Reserve and rising oil prices driven by Middle East tensions, the yen faces structural depreciation and stagflation risks.

Although the Ministry of Finance issued a tough intervention warning to deter speculative forces, the yen may struggle to hold the key psychological level if the central bank’s stance is less hawkish than expected.

# Overseas Companies

While everyone focuses on Nvidia’s chips, Jensen Huang has built a “second pillar”.

Nvidia’s networking business has quietly become the company’s second-largest revenue source, behind only its computing business.

In the latest fiscal quarter, the segment generated **$11 billion** in revenue, up 267% year on year, with full-year revenue exceeding **$31 billion**.

Analysts noted that Nvidia’s quarterly networking revenue has surpassed the estimated full-year networking revenue of legacy networking giant Cisco.

Micron earnings call: AI reshapes memory into a “strategic asset”; to tackle shortages, it will spend heavily on fabs, sign first 5-year long-term supply deal, and supply HBM4 directly to Nvidia.

Micron Technology posted strong results in its latest earnings report, but a massive capital expenditure plan of over **$25 billion** sparked market concerns over costs, sending its stock lower in after-hours trading.

To address structural shortages and lock in demand, Micron broke from its traditional one-year agreement practice and signed its first five-year strategic supply deal, confirming HBM4 is in mass production for Nvidia.

Driven by AI demand, the company expects a gross margin as high as 81% in the third fiscal quarter, emphasizing that memory chips have become the “defining strategic asset of the AI era”.

Why did Micron drop sharply despite “blowout earnings”?

Analysts believe the post-earnings pullback mostly reflects the market’s reassessment of earnings sustainability amid high valuations and heavy capital spending.

In addition, the extent to which Nvidia will rely on Micron for HBM4 supply will be a key focus for the market going forward.

# Industries & Concepts

## 1. Dyes

On March 19, an explosion occurred in the nitration workshop of Liyuan Technology Co., Ltd. in Alxa League, Inner Mongolia Autonomous Region, according to Jiemian News.

Preliminary verification showed two people were missing and three sustained minor injuries; the cause is under further investigation.

Public information shows the company completed a technical renovation project for continuous nitration of 4,500 tonnes/year of H-acid in 2024.

As of March 2026, China’s effective annual H-acid capacity stands at less than 60,000 tonnes.

**Comment**: SDIC Securities noted H-acid is essential for producing reactive dyes, facing high environmental and production safety pressures.

Reactive dyes are used for dyeing cotton, linen, wool, silk and other fabrics.

Industry data shows 65% of the world’s cotton clothing and home textile products rely on reactive dyes.

H-acid is a key intermediate for reactive, acid and direct dyes, covering more than 90 varieties.

However, due to difficult wastewater treatment and high-risk nitration reactions in production, the industry has long faced strict environmental and safety rules, leading to the phase-out of many small and outdated capacities.

Since 2025, plant maintenance and fire accidents at major H-acid producers have intensified supply tightness.

## 2. Natural Gas

European natural gas prices surged on March 19 after Iran escalated attacks on energy infrastructure in the Gulf region, damaging the world’s largest LNG export complex.

Benchmark natural gas futures jumped as much as 35% on Thursday, hitting a high since December 2022.

**Comment**: Galaxy Futures stated oil and gas tankers cannot pass due to the Strait of Hormuz disruption, hitting global natural gas supply.

Lingering winter demand will also support prices.

Global LNG supply was expected to rise sharply in 2026 with weak demand growth.

If Qatari LNG exports are disrupted, the market will tighten significantly; lost Middle Eastern supply will trigger competition between Europe and Asia, pushing prices higher rapidly.

## 3. Stem Cells

The 3rd Boao Lecheng Stem Cell Conference will be held in Boao Lecheng, Hainan from March 20 to 22.

Under the theme *“Cell Therapy Leading the Third Medical Revolution”*, the conference will release a list of immune cell charging items and industry evaluation standards, building a high-end whole-chain platform covering “academics, clinical practice, industry and regulation” to boost global cell therapy technology translation and industrial upgrading.

**Comment**: Research institutions believe stem cells, with their multidirectional differentiation and self-renewal capabilities, show therapeutic potential in regenerative medicine and disease treatment, offering new hope for incurable conditions such as immune diseases, cardiovascular and cerebrovascular diseases, and neurodegenerative disorders, making them a key growth area in biomedicine.

The global market is projected to grow from **$17 billion in 2025 to $33 billion by 2030** (CAGR 14%).

## 4. Beidou System

China Satellite Navigation System Administration Office recently announced that the Beidou Navigation Satellite System will carry out an in-orbit upgrade in the near future.

During the upgrade, the system will strengthen joint testing and commissioning of in-orbit satellites, as well as monitoring and maintenance of service performance to fully ensure user experience.

Industry insiders said the upgrade marks Beidou’s shift from “usable” to “excellent”.

**Comment**: As a critical national spatiotemporal infrastructure providing all-weather, all-time, high-precision positioning, navigation and timing services, Beidou has been widely used in transportation, agriculture, forestry, fisheries, hydrology monitoring, weather forecasting, communication timing, power dispatching, disaster relief, public security and other fields.

Navigation services based on Beidou have been adopted by e-commerce, mobile smart terminal manufacturing and location service providers, penetrating mass consumption, the sharing economy and livelihood sectors.

With continuous optimization, Beidou’s service value is shifting from “tool empowerment” to “ecosystem restructuring”.

Data from the National Development and Reform Commission shows China’s Beidou industry scale is expected to reach **620 billion yuan in 2025**.

During the 15th Five-Year Plan period, the country will continue the Beidou large-scale application project, aiming to push the industry scale above **1 trillion yuan** in five years and expand applications in emerging sectors.

## 5. AI Chips

Alibaba announced that its chip design subsidiary T-Head has achieved mass production of its self-developed GPUs, supporting end-to-end AI workloads from training and fine-tuning to inference.

The product is compatible with mainstream AI frameworks, strengthens long-term computing power supply, and provides cost-effective AI services combined with Tongyi models and cloud computing.

The business has expanded rapidly and now contributes substantially to cloud infrastructure supply.

On March 19, during Alibaba Group’s Q3 fiscal 2026 earnings analyst call, CEO Wu Yongming stated T-Head has achieved commercial success, with chip shipments exceeding **470,000 units** and annualized revenue surpassing **10 billion yuan**.

He added that an IPO for T-Head is not ruled out in the future, though no timetable has been set.

# Today’s News Preview

- China’s 1-year and 5-year Loan Prime Rate (LPR) for March

- Germany’s February PPI

- U.S. stock market Triple Witching Day

- Huawei to launch new data storage products

- XPeng Motors to release financial results

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