Morning News

# Source: Wall Street见闻

## Market Overview

During U.S. stock trading on Friday, reports emerged that the Pentagon was preparing to deploy ground troops to Iran, with the U.S. considering occupying or blockading **Kharg Island**. The probability of a Federal Reserve interest rate hike in October rose to 50%. All three major U.S. stock indexes fell sharply, marking their fourth consecutive weekly decline—the longest losing streak in a year. The Nasdaq Composite dropped 2% during the session.

After U.S. stock markets closed on Friday, former President Trump stated he was considering scaling back military operations against Iran gradually. The S&P 500 ETF, which had closed down over 1%, briefly rose 1% in after-hours trading.

Global bond markets were **bloodied**. On Friday, the U.S. 10-year Treasury yield surged 13.4 basis points; the 5-year yield broke above 4% for the first time since July, flattening the yield curve sharply. The UK 10-year gilt yield hit 5% for the first time since 2008, while the German 10-year Bund yield reached its highest level since 2011.

The U.S. dollar rose as much as 0.5%. The Japanese yen fell nearly 1%.

Bitcoin edged down 0.6%, posting a small weekly loss of 1% and outperforming gold for three consecutive weeks. Ethereum rose 2% for the week.

Gold’s rebound was short-lived, forming an **inverted V-shape** on Friday. It plunged more than 5% from its intraday high, breaking below the key support level of $4,500. For the week, gold plummeted over 10%—its largest weekly drop since March 1983—and has fallen for three straight weeks since the outbreak of the Iran war. Silver crashed 6.7% intraday, losing more than 15% for the week.

Brent crude rose over 4%, hovering near $110 per barrel. WTI crude gained 3.6% on Friday. Dubai crude futures soared 16.48%, rising 26% for the week.

In early Asian trading on Monday, S&P 500 futures fell 0.8%, while Brent crude futures rose 1.6% to $114 per barrel. Cryptocurrencies declined over the weekend, with Bitcoin trading around $68,000.

## Key News

### China

- Li Qiang attended the opening ceremony of the **China Development Forum 2026 Annual Meeting** and delivered a keynote speech.

- Han Wenxiu: Expanding consumption will be both the top priority and the most difficult task in the coming period.

- PBOC Governor Pan Gongsheng: China will continue to implement a **moderately loose monetary policy** and use various tools to maintain ample liquidity.

- The Ministry of Finance will allocate **250 billion yuan** to support the trade-in of consumer goods and step up inclusive policies directly benefiting consumers.

- Huawei launched a new-generation computing chip, with single-card computing power reaching **2.87 times that of the H20**—the only domestic product supporting **FP4 inference**.

- Japanese media: Chinese automakers’ global sales surpassed Japan’s for the first time in over 20 years, claiming the top spot.

### Overseas

- Trump’s tone shifted again, giving Iran a **48-hour ultimatum** to reopen the Strait of Hormuz and threatening to destroy its power plants. Sources say the U.S. is planning to seize Iran’s “nuclear stockpile.” Israel’s **Dimona** was “directly hit” by Iranian missiles, near sensitive nuclear facilities.

- As U.S. troops deploy and Trump issues an ultimatum, Iran says its ground forces are at “peak combat readiness,” may counterattack three types of facilities, shifting from defense to offense. It has developed advanced new weapons that are “low-cost, more destructive, and can be mass-produced quickly.”

- U.S. media: The Trump team has begun planning “peace talks” with Iran. Iranian media reported that Iranian officials put forward six conditions for a ceasefire, including establishing a new legal framework for the Strait of Hormuz.

- Following India, reports say Iran is considering “temporarily” allowing Japanese vessels to pass through the Strait of Hormuz.

- The last LNG tanker from the Persian Gulf is due to arrive soon, bringing the global natural gas supply to the brink of a cliff.

- Major cloud providers including Microsoft are signing **mandatory long-term storage procurement contracts**, set to reshape the “storage cycle.”

- Elon Musk officially announced the construction of the **world’s largest chip factory**, with an annual production target **50 times the current global capacity**—80% of which will directly serve space missions.

## Market Closing

### U.S. & European Stocks

- S&P 500: **-1.51%** to 6,506.48 points; weekly loss **1.90%**; cumulative pullback **6.77%** since Jan 27 close.

- Dow Jones Industrial Average: **-0.96%** to 45,577.47 points; weekly loss **2.11%**; cumulative pullback **9.18%** since Feb 10 close.

- Nasdaq Composite: **-2.01%** to 21,647.611 points; weekly loss **2.07%**; cumulative pullback **9.64%** since Oct 29 close.

- Europe STOXX 600: **-1.78%** to 573.28 points.

### A-Shares

- Shanghai Composite: **-1.24%** to 3,957.05 points.

- Shenzhen Component: **-0.25%** to 13,866.20 points.

- ChiNext Index: **+1.30%** to 3,352.10 points.

### Bond Market

- U.S. 10-year Treasury yield: **+13.03 bps** to 4.3796%; weekly gain **10.29 bps**.

- U.S. 2-year Treasury yield: **+10.77 bps** to 3.9001%; weekly gain **18.33 bps**.

### Commodities

- WTI April crude futures: **+2.90%** to $98.32/bbl; weekly gain **1.53%**.

- Brent May crude futures: **+3.26%** ($3.54) to $112.19/bbl; weekly gain **8.77%**.

- Spot gold: **-3.25%** to $4,499.36/oz; weekly loss **10.37%**.

- Spot silver: **-6.49%** to $68.0995/oz; weekly loss **15.55%**.

# Detailed News

## Global Highlights

### China

Li Qiang attended the opening ceremony of the **China Development Forum 2026 Annual Meeting** and delivered a keynote speech. Li stated that China’s competitive advantages in relevant industries are not achieved through subsidies or protectionism, but from unremitting deepening of reforms and vigorous promotion of innovation-driven development. Most crucially, they stem from the hard work of the Chinese people and enterprises. We oppose disorderly, irrational, and cutthroat competition, but under a market economy, healthy competition can unleash greater development momentum. China will continue its efforts to safeguard a fair and competitive market order and stands ready to strengthen communication and cooperation with all parties to jointly promote the stability and security of global industrial and supply chains.

Han Wenxiu: Expanding consumption will be both the top priority and the most difficult task in the coming period. Han noted that in the period ahead, one of the most important and challenging tasks for promoting coordinated and balanced economic development is to steadily increase consumption’s contribution to economic growth, and foster more economic development models driven by domestic demand, consumption, and endogenous growth. Currently, China’s advantage of an ultra-large market has not been fully realized. There is enormous potential for expanding consumption, especially service consumption, and vast investment space in urban renewal, upgrading of traditional infrastructure, and construction of new-type infrastructure.

Pan Gongsheng, Governor of the People’s Bank of China: Continue to implement a moderately loose monetary policy and use various tools to maintain ample liquidity. Pan said that China will continue to implement a moderately loose monetary policy, and comprehensively employ multiple monetary policy tools such as the reserve requirement ratio, policy interest rates, and open market operations to keep liquidity abundant.

**250 billion yuan** to support trade-in of consumer goods; China’s Ministry of Finance to step up inclusive policies directly benefiting consumers. At the China Development Forum 2026 Annual Meeting held on March 22, Finance Minister Lan Fo’an stated that in response to the prominent contradiction of strong supply and weak demand in the current economic operation, the government will comprehensively use policy tools such as deficits, special bonds, and loan interest subsidies to build a strong domestic market. Lan added that efforts will be intensified to boost consumption and scale up inclusive policies directly reaching consumers. This year, over 250 billion yuan from ultra-long special treasury bonds will be allocated to support the trade-in of consumer goods, and a 100-billion-yuan special fund for fiscal and financial coordination to boost domestic demand will be established, with more “real money” used to stimulate consumption. Meanwhile, long-term consumption capacity will be enhanced by strengthening employment support, improving the social security system, reinforcing regulatory roles of taxation and transfer payments, and increasing household incomes through multiple channels.

Huawei launches a new-generation computing chip with single-card computing power **2.87 times that of the H20**, the only domestic product supporting FP4 inference. Huawei officially released and exhibited the Atlas 350 AI training and inference accelerator card equipped with the brand-new **Ascend 950PR** processor. According to Zhang Dixuan, President of Huawei’s Ascend Computing Business, the single-card computing power of the Atlas 350 reaches 2.87 times that of NVIDIA’s H20, making it the only domestic inference product supporting FP4 low-precision computing. Its HBM (High Bandwidth Memory) capacity is 1.16 times that of the H20, reaching 112GB, boosting multimodal generation speed by 60%. The memory access granularity has been reduced from 512 bytes to 128 bytes, improving the memory access efficiency of small operators by 4 times.

Unitree Robotics’ IPO application accepted; Meituan is the second-largest shareholder; 2025 revenue surges 335.4% YoY, net profit up 204%. Unitree Robotics is pursuing a STAR Market IPO to raise 4.2 billion yuan, focusing on embodied intelligence. In 2025, its revenue exceeded 1.7 billion yuan, tripling year-on-year; net profit reached 288 million yuan, doubling; and adjusted net profit hit 600 million yuan, surging nearly 7 times (with a one-time equity payment expense of 349 million yuan). Its humanoid robot shipments topped the global rankings, becoming the largest growth driver.

Japanese media: Chinese automakers’ global sales surpass Japan for the first time in over 20 years to claim top spot. According to a March 21 report on the website of *Nikkei*, Japanese automakers’ cumulative global vehicle sales in 2025 fell slightly to about 25 million units, dropping from the top spot for the first time since 2000. Chinese automakers recorded nearly 27 million units in cumulative global sales last year, surpassing Japan to rank first in the world for the first time.

### Overseas

Trump shifts tone again, giving Iran a **48-hour ultimatum** to reopen the Strait of Hormuz and threatening to destroy its power plants; Iran responds: may target three types of facilities in counterattacks. In the early hours of March 22 local time, the Central Command of the Islamic Revolutionary Guard Corps of Iran warned that, based on previous warnings, if Iran’s fuel and energy infrastructure is attacked, all energy infrastructure, information technology systems, and desalination facilities of the U.S. and its allies in the region will become targets.

Sources: U.S. planning to seize Iran’s “nuclear stockpile.” On March 20, U.S. sources said the U.S. is developing strategic plans to seize Iran’s “nuclear stockpile.”

U.S. military eyes seizing **Kharg Island**; military experts simulate three scenarios. U.S. military experts pointed out three possible options for the U.S. military; gold prices plummeted by more than $100 within days.

How to interpret this week’s sharp slump in precious metals? Zhongtai Securities believes that the plunge in gold and surge in crude oil—an abnormal divergence—reveal a quiet shift in the pricing logic of precious metals: they have evolved from safe-haven assets to “trading risk assets.” The U.S.-Iran conflict has caused short-term overheating in oil shipping ports, with declining risk-reward ratios. Truly undervalued structural opportunities may lie in new energy and global manufacturing restructuring: the medium- to long-term demand centers for photovoltaics, energy storage, and non-ferrous metals are systematically rising.

Major cloud providers including Microsoft begin signing **mandatory long-term storage procurement contracts**, set to reshape the “storage cycle.” Cloud vendors have shifted their stance from “rejecting long-term contracts” to “proactively locking in” due to accelerated expansion of AI data centers and rising priority of supply security. New agreements introduce advance payment default mechanisms and link pricing to spot markets. If long-term contracts are widely adopted, the historical cyclical pattern of “supply-demand mismatches and violent price fluctuations” in the storage industry may face structural reshaping, but the buffer effect of price downturns on the consumer side will also weaken accordingly.

Musk announces construction of the **world’s largest chip factory**: annual capacity target 50 times current global output, 80% to directly serve space missions. Musk launched the TERAFAB super chip factory project, targeting an annual capacity of 1 terawatt—about 50 times the current global total—with 80% directly allocated to space missions. Jointly led by Tesla, SpaceX, and xAI, this is the largest manufacturing project in human history and is seen by analysts as an industrial endorsement for SpaceX’s planned summer IPO targeting a $1.75 trillion valuation.

## Selected Research Reports

The past week was a reckoning, as global markets began to face the reality that “the Iran war will not end soon.” Global bond markets were “bloodied”; gold posted its largest weekly drop since 1983; U.S. stocks fell for a fourth consecutive week, marking the longest losing streak in a year. Every corner of the market has finally woken up to the reality: this conflict is not only a protracted war with an uncertain outcome but has also evolved into the worst-case scenario. Wall Street is accelerating defensive adjustments, reducing equity holdings and increasing cash positions to cope with the ongoing crisis.

This time is different! Stock markets are slow to react; central banks will eventually launch QE, and gold will fail as a hedge. Strait blockades are triggering an epic supply crisis—a “mirror image of COVID-19”—yet stock markets are on the brink of a cliff trapped in collective denial. What defies conventional wisdom is: before crises force central banks to restart QE, gold will face selling pressure rather than serve as a safe haven! It is recommended to go long on crude oil and copper, short airline stocks, and embrace the new era of physical asset restructuring.

Goldman Sachs interprets “how long the Iran war will last”: markets have only priced in “inflation,” not “recession.” The core variable of this epic crisis is no longer the U.S. military’s firepower but the timeline for resuming navigation through the Strait of Hormuz. Despite Trump and his cabinet officials repeatedly sending optimistic signals to the market that the war will end “within a few weeks,” Goldman Sachs believes that Iran’s survival logic, the U.S.’s political dilemma over strait control, the natural ceiling of escort capabilities, and the absence of mediation conditions all point to one possibility: the disruption will last longer than the “few weeks” implied by current market pricing.

Goldman Sachs macro traders warn: central banks have missed the chance to stabilize markets; “energy is driving everything.” Iran’s attack on the world’s largest LNG facility will create a supply gap that is hard to bridge for 3–5 years. The Federal Reserve, European Central Bank, and Bank of England have not only failed to stabilize markets but have also tightly tied interest rates to energy prices with hawkish stances. Goldman Sachs warns that hopes for a rapid reopening of the Strait of Hormuz are slim, energy convexity continues to rise, and without fiscal rescue, policy tightening will directly crash economic growth.

Are U.S. Treasuries pricing in “rate hikes”? To be precise, the market is pricing in “QE!” Faced with escalating Middle East geopolitical conflicts and soaring oil prices, the U.S. interest rate market has seen eerie rate-hike pricing. Morgan Stanley believes that while U.S. Treasury markets appear to be pricing in Fed rate hikes by year-end, they are actually pre-pricing massive upcoming U.S. government “fiscal stimulus.” In the post-pandemic era, investors’ expectations of policy responses to crises have fundamentally shifted: no longer waiting for central banks to cut rates to rescue markets, but betting on direct government “fiscal bailouts.”

Divergences and scenarios of the Middle East conflict. CITIC Securities believes that there are huge expectation gaps regarding the trajectory of the Iran conflict and its market impact, with three core unconfirmed questions: First, to what extent can navigation resume after the conflict intensity eases? Second, will the Fed prioritize headline inflation indicators or actual employment conditions? Third, is China facing cost shocks or opportunities from supply chain relocation? These questions may only become clearer in April.

Andrej Karpathy’s 10,000-word in-depth interview: I’m anxious to the point of AI addiction; all verifiable domains will ultimately belong to machines. AI is taking over coding and experiments around the clock! Leading AI expert Andrej Karpathy admits he has largely stopped writing code by hand and is trying to use AI to remove humans from the R&D loop. He makes a startling assertion: all verifiable domains will ultimately belong to machines, leaving only unverifiable domains to humans. Before being swallowed by automation, redefine your value boundaries.

# Domestic Macro

CNCERT and others release Practical Guidelines for the Secure Use of OpenClaw.

To help users safely use OpenClaw, the National Computer Network Emergency Response Technical Team/Coordination Center of China (CNCERT) and the Cyberspace Security Association of China jointly issued the *Practical Guidelines for the Secure Use of OpenClaw* on March 22. The guidelines put forward security protection recommendations for individual users, enterprise users, cloud service providers, and technical developers.

For individual users, suggestions include:

- Installing OpenClaw on dedicated devices, virtual machines, or containers with proper environment isolation; avoiding installation on daily office computers

- Not running OpenClaw with administrator or superuser privileges

- Not storing or processing private data in the OpenClaw environment

- Updating to the latest version of OpenClaw in a timely manner

For cloud service providers, recommendations include:

- Conducting security assessment and hardening at the basic security level of cloud hosts

- Deploying and integrating security protection capabilities

- Strengthening supply chain and data security protection

WeChat launches official Claw plugin.

WeChat has officially released the "ClawBot" plugin, supporting integration with OpenClaw. Users can connect OpenClaw to WeChat by scanning a QR code or copying a command. Once linked, users can quickly invoke their "Claw" for efficient interaction via WeChat chat.

# Domestic Companies & Industries

Beyond the U.S.-Iran conflict and high oil prices, which industries can maintain independent high prosperity?

GF Securities believes that the visibility of overseas AI chains such as optical communications has improved for 2027, remaining a clear growth direction, though short-term volatility remains hard to control. From the perspective of portfolio volatility control and hedging, it recommends focusing on beta sectors with improving fundamentals and low sensitivity to oil prices:

- Energy storage chain (inverters / lithium battery chain)

- Domestic AIDC chain (especially the ByteDance ecosystem)

Lin Xiucheng, the "LED King", placed under retention and investigation by the National Supervisory Commission; his company’s market cap exceeds 80 billion yuan.

On March 22, Sanan Optoelectronics announced that on March 21, 2026, it received a notice from its controlling shareholder Fujian Sanan Group Co., Ltd. that Lin Xiucheng, the company’s actual controller, had been placed under retention and case-filing investigation by the National Supervisory Commission. Lin has not held any position at the company since July 10, 2017.

The company stated that its production, operation and management are currently normal with a sound corporate governance structure, and the above matter will not have a material impact on its business operations. It will continue to monitor developments and fulfill information disclosure obligations.

# Overseas Macro

Three weeks into the Iran war, the U.S. has nearly exhausted its tools to "stabilize oil prices", and the crude oil spot-futures spread is widening sharply.

Goldman Sachs and Citigroup warn that if the conflict persists, futures prices could break the all-time high of $147.50 per barrel set in 2008 in the coming weeks.

The failure of futures to fully reflect spot gains is largely due to a series of aggressive policy tools deployed by the U.S. to suppress oil prices. However, these tools are being rapidly depleted.

U.S. private credit faces cascading risks: subprime-like structured finance techniques absorbing $1 trillion in U.S. pension funds.

A specter, a "subprime-like" specter, is haunting the U.S. insurance industry: high-risk assets packaged as "top-tier bonds" have heavily penetrated U.S. pension savings. Insurers have become "new shadow banks" engaged in massive arbitrage, while underlying assets resemble blind boxes. With crises brewing, the fragmented regulatory system is facing a severe test.

# Overseas Companies

ChatGPT’s first major advertiser: the process is "very un-AI", with no data provided.

Executives at two agencies serving early ChatGPT advertisers stated they cannot prove any measurable commercial outcomes for clients. The core issue behind unverifiable advertising effectiveness is a lack of data.

OpenAI currently only provides basic metrics such as impressions and clicks to advertisers, while mature platforms like Meta and Google offer far richer performance data including audience profiling and conversion tracking.

Beyond his keynote at the blockbuster GTC, key takeaways from Jensen Huang’s messages to Wall Street and the tech industry.

Jensen Huang dropped a bombshell at GTC 2026: NVIDIA’s order visibility has surpassed $1 trillion, with growth still accelerating.

He declared that AI has entered its third inflection point — the era of AI agents: "Every engineer will manage 100 agents." Tokens will become a new form of compensation, and engineers who do not consume tokens will waste productivity. A $50 trillion blue ocean of physical AI is waiting to be unlocked.

Barclays makes "super-doubled" forecast: Micron’s 2027 EPS to exceed $100, far above the consensus of $54.

Micron’s earnings guidance crushed expectations, triggering an epic re-rating of the "memory cycle". AI-driven HBM demand coupled with extreme supply shortages has sent gross margins and cash flows surging.

Barclays sharply raised its price target to $675, projecting earnings per share to surpass $100 by 2027. The earnings model has been "super-doubled", with explosive long-term certainty.

# Industries & Concepts

## 1. Photovoltaic Equipment

On March 21 local time, Musk officially announced that SpaceX and Tesla would jointly launch the TERAFAB project, targeting an annual production capacity of over 1 terawatt of computing power (logic + memory + packaging), with 80% for space use and 20% for ground applications.

The mega-facility, dubbed the "world’s largest 2nm advanced chip factory", will be located in Austin, Texas, marking a new milestone in the history of human computing power.

**Comment**:

The core goal of the TERAFAB project is to achieve an annual computing power capacity of over 1 terawatt, sufficient to support massive data processing demands. The project will cover the manufacturing of logic and memory chips as well as packaging, forming a complete industrial chain.

Analysts believe TERAFAB will push the U.S. to global leadership in self-sufficiency of core industrial chain links. Meanwhile, the dual-driven model of space + photovoltaics will reshape the global AI computing and energy industrial landscape, generating strong equipment demand during construction. Domestic photovoltaic equipment makers will directly benefit from overseas expansion.

## 2. Domestic Computing Power

At the recently concluded Huawei China Partners Conference 2026, Huawei officially launched and exhibited the Atlas 350 AI training and inference accelerator card equipped with the new Ascend 950PR processor.

Seven core Huawei partners — Kunlun, Huakun Zhenyu, Shenzhou Kuntai, Yangtze Computing, Baode, Softcom Huafang, and Baixin — released full-server products based on the Atlas 350, marking the official commercialization of Ascend 950-generation inference computing power.

**Comment**:

The Atlas 350 delivers 2.87 times the single-card computing power of NVIDIA’s H20 and is currently the only domestic inference product supporting FP4 low-precision computing. The Ascend 950PR uses self-developed HBM technology for more efficient AI training and inference, especially for large language model scenarios.

As the flagship upgrade for AI computing power in 2026, the Ascend 950PR achieves a leapfrog upgrade, with interconnection bandwidth surging from 784GB/s on the 910C to 2TB/s, directly driving the mass deployment of a new generation of servers.

The trend of model makers "fully embracing domestic computing power" is strengthening. As a core theme for 2026, the 950 series is expected to accelerate breakthroughs in inference specialization and ecosystem adaptation, bringing opportunities to industrial chain companies.

## 3. Robotics

On March 20, the Shanghai Stock Exchange disclosed Unitree Robotics’ STAR Market IPO prospectus and responses to two rounds of preliminary review inquiries.

Unitree plans to issue no less than 40.4464 million new shares, raising 4.202 billion yuan, mainly for R&D in the general robot large model sector.

From 2023 to 2025, Unitree’s operating revenue was 150 million yuan, 390 million yuan, and 1.7 billion yuan respectively; net profit was -11.1451 million yuan, 94.5018 million yuan, and 600 million yuan.

**Comment**:

Market participants believe that with the support of the STAR Market, Unitree Robotics, with its full-stack self-developed core technology system and large-scale commercial capabilities, is expected to add a key pillar to China’s hard-tech landscape, further highlighting the STAR Market’s role in serving national strategies and empowering future industries.

As one of the world’s leading general robotics companies by shipment volume and brand recognition, Unitree can accelerate core technology breakthroughs, capacity expansion, and scenario implementation, laying a solid foundation for the industrialization and popularization of general robots and injecting new momentum into industrial innovation and upgrading.

## 4. Tourism

Nine ministries including the Ministry of Commerce issued *Policy Measures on Promoting the Export of Travel Services and Expanding Inbound Consumption* on March 20.

The document puts forward 16 specific policy measures across seven areas: expanding inbound tourism consumption, facilitating inbound business activities, stimulating inbound event consumption, boosting inbound cultural and entertainment consumption, expanding inbound health consumption, developing inbound education and training consumption, and improving supporting measures. It charts a clear path for upgrading and expanding inbound consumption and high-quality development of trade in travel services.

**Comment**:

Analysts note that inbound consumption is an important component of service exports and a key growth area for service consumption.

Data show that in 2025, China received 35.17 million inbound foreign tourists, up 30.5% year-on-year. Spending by inbound tourists on accommodation, food, transport, sightseeing, shopping and entertainment counts toward China’s travel service exports.

According to the Ministry of Commerce, the 2025 export value reached 393.98 billion yuan, up 49.5% year-on-year and 1.6 times the 2019 level.

GF Securities research believes China’s inbound consumption has large growth potential. In major economies, inbound consumption accounts for 1%–3% of GDP. A rough estimate based on China’s GDP suggests an increase of 1.5 percentage points would correspond to a potential market increment of 2 trillion yuan.

## 5. Strontium Carbonate

According to Baichuan Yingfu data, on March 19, the average market price of 98% strontium carbonate was 19,500 yuan per ton, up over 142% month-on-month, 152% from the start of the year, and 26% year-on-year.

Strontium carbonate is the most produced and widely used basic strontium salt, processed from celestite, and serves as the core intermediate raw material for the entire strontium industry chain. As an important raw material for high-end industrial manufacturing, it is a typical chemical product of "small volume, large impact".

- Industrial-grade strontium carbonate: mainly used in magnetic materials, electronic ceramics, metal smelting, fireworks, and deep processing of other strontium salts

- Electronic-grade strontium carbonate: mainly used in the production of LCD glass

**Comment**:

Analysts point out that Iran holds over 80% of the world’s proven high-grade celestite reserves, the core raw material for strontium carbonate. The main driver behind the surge in strontium carbonate and metallic strontium prices is the contraction in celestite supply.

Authoritative market forecasts expect strontium carbonate and metallic strontium prices to remain high in the short term.

# Forward-Looking Headlines Today

- China Development Forum 2026 Annual Meeting

- Huawei Spring Full-Scenario New Product Launch

- Google to launch Gemini-powered Google Marketing Platform

- CERAWeek, a major energy conference in Houston, USA

---

# Risk Warning & 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 situation, or needs of individual users.

Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Any investment made based on this article is at one’s own risk.