Morning News

# Market Overview

Source: Wall Street见闻 (Wall Street CN)

Last Friday,

Fears that a surge in oil prices driven by escalating Iran-related military conflicts would severely damage the global economy intensified sell-offs in U.S. stocks. The Dow Jones Industrial Average and the Nasdaq 100 fell into correction territory. The S&P 500 and the Nasdaq Composite closed at their lowest levels in nearly eight months, with the Nasdaq dropping more than 2% for a second consecutive day. U.S. stocks have posted weekly losses since the outbreak of the U.S.-Iran conflict, with all three major indices falling for five straight weeks. The S&P 500 and the Dow recorded their longest weekly losing streaks in nearly four years, while the Nasdaq plummeted over 3% for the week, its worst weekly performance in nearly a year.

Meta fell 4%, continuing to lead declines among tech giants, and lost over 10% for the week. Security risks were exposed in Anthropic's models, triggering a sharp sell-off in cybersecurity stocks: Tenable tumbled nearly 10%, and related ETFs dropped 4.5%. The energy sector surged over 6% for the week.

U.S. Treasuries extended losses for a fourth consecutive week. The yield on the 10-year U.S. Treasury note briefly hit 4.49%, an eight-month high.

The U.S. Dollar Index rose for a fourth straight session. The Japanese yen fell to a nearly two-year low, with USD/JPY breaking above 160 intraday for the first time in nearly two years. The offshore Chinese yuan briefly fell below 6.92, hitting a more than two-week low, before staging a dramatic rebound. Bitcoin dropped below $66,000 intraday, falling more than 5% from its daily high.

Crude oil prices soared for two consecutive days, reaching their highest levels since the 2022 Russia-Ukraine conflict. Brent crude closed up over 4%, rising for six straight weeks, while WTI crude jumped more than 6% intraday. Gold rebounded, with spot gold rising over 4% at one point, but gold futures extended losses for a fourth week, marking their longest weekly losing streak in nearly three years. London tin rebounded nearly 4% to a more than one-week high, and both London tin and copper posted their first weekly gains since the U.S.-Iran conflict began.

During the Asian session, the Shanghai Composite opened lower but moved higher, reclaiming the 3,900-point level. Pharmaceutical stocks surged, and lithium battery stocks saw a wave of limit-up moves. The Hang Seng Index fluctuated and closed 0.4% higher, with biotech stocks soaring.

In early Asian trading on Monday, U.S. stock futures declined, with S&P 500 futures down 0.6%. Brent crude opened more than 3% higher.

# Key News

## China

- China's Ministry of Commerce: Launched two trade barrier investigations against the United States.

- People's Bank of China: Will continue to improve the system for preventing and resolving systemic financial risks, deepen reforms of key financial institutions, and promote multiple channels to increase capital replenishment.

- BYD: Annual revenue exceeded 800 billion yuan in 2025. Vehicle exports doubled, surpassing 1 million units for the first time. The company became a "safe haven" amid the Iran war, with its stock price surging in March. High oil prices have boosted electric vehicle sales, and Chinese automakers have returned to growth in Europe.

## Overseas

### Last Friday

- Iran: Claimed its steel mills and nuclear facilities were attacked, and a drone swarm targeted Israel's largest transportation hub. Warned that U.S. ground operations would face reciprocal countermeasures and considered withdrawing from the Treaty on the Non-Proliferation of Nuclear Weapons.

- U.S. Secretary of State: The Iran conflict will last 2 to 4 weeks, and no ground troops are needed to achieve U.S. operational objectives.

- U.S. Vice President: Stated no intention to stay in Iran and that U.S. forces will withdraw soon.

- U.S. media: The USS George H.W. Bush aircraft carrier is expected to deploy to the Middle East or nearby regions.

### Weekend

- Pentagon: Reportedly planning a "weeks-long ground operation." The USS Tripoli amphibious assault ship and 3,500 troops have arrived in the Middle East theater.

- Iran: Claimed to be monitoring the USS Abraham Lincoln aircraft carrier in real time and will launch missiles if it enters range. Accused the U.S. of pretending to negotiate while plotting an attack, calling proposals through mediators "extreme and unreasonable."

- Pakistan's Foreign Minister: Both the U.S. and Iran have expressed confidence in Pakistan's role in facilitating negotiations.

- Iran: Announced the closure of the Strait of Hormuz and has turned back three container ships. Saudi Arabia's key east-west oil pipeline bypassing the Strait is operating at full capacity of 7 million barrels per day, with oil exports from Yanbu port surging to a historic peak. Only "four vessels" transited the Strait via the "Iranian corridor" on Saturday, two bound for India. Thailand reached an agreement with Iran on the passage of its oil tankers through the Strait. Malaysia stated Iran has allowed its stranded oil tankers to pass. Russia plans to impose a temporary ban on gasoline exports.

- Yemen's Houthi rebels: Joined the conflict, claiming to have struck "important military targets" in Israel. Risk of attacks on the Bab el-Mandeb Strait, the "second-largest energy artery," has surged.

- Two major aluminum producers in the Middle East were attacked. Emirates Global Aluminum did not disclose whether production has halted, putting 6% of global aluminum capacity at risk. Citigroup warned aluminum prices could surge to $4,000 per ton.

- U.S. Secretary of State and EU officials: Reportedly clashed fiercely over Ukraine. The U.S. denied the claims, but Ukrainian President Zelenskyy stated the U.S. is pressuring Ukraine to withdraw from the Donbas region. He also announced a diesel supply agreement in the Middle East to secure Ukraine's needs for at least one year.

- Federal Reserve Governor Michelle Bowman: The Fed's "$7 trillion balance sheet" can be reduced by $2 trillion without triggering market turmoil.

- ECB officials: If the Iran war drags on until June, interest rate hikes may become unavoidable.

- Anthropic: Its most powerful model was unveiled, achieving a "generational leap" in performance and comprehensively outperforming Opus. The new model sparked panic, leading to a collective plunge in cybersecurity stocks.

# Market Closing Data

## U.S. and European Stock Markets

- S&P 500: Fell 1.67% to 6,368.85 points, down 2.12% for the week.

- Dow Jones Industrial Average: Fell 1.73% to 45,166.64 points, down 0.9% for the week.

- Nasdaq Composite: Fell 2.15% to 20,948.357 points, down 3.23% for the week.

- European STOXX 600: Fell 0.95% to 575.30 points, up 0.35% for the week.

## A-Shares

- Shanghai Composite: Rose 0.63% to 3,913.72 points.

- Shenzhen Component: Rose 1.13% to 13,760.37 points.

- ChiNext Index: Rose 0.71% to 3,295.88 points.

## Bond Market

- 10-year U.S. Treasury yield: ~4.43% at market close, up ~2 bps intraday and ~5 bps for the week.

- 2-year U.S. Treasury yield: ~3.91% at market close, down ~8 bps intraday and up ~1 bp for the week.

## Commodities

- WTI Crude Oil (May): Rose 5.46% to $99.64/barrel, up ~1.3% for the week.

- Brent Crude Oil (May): Rose 4.22% to $112.57/barrel, up ~0.3% for the week.

- COMEX Gold (March): Rose 2.66% to $4,492/ounce, down ~1.7% for the week.

- COMEX Silver (March): Rose 2.77% to $69.545/ounce, up ~0.3% for the week.

- LME Tin: Rose nearly 3.8% to $45,788/ton, up 5.8% for the week.

- LME Copper: Rose nearly 0.4% to $12,195/ton, up ~2.2% for the week.

- LME Aluminum: Rose ~0.8% to $3,296/ton, up ~2.5% for the week.

# Detailed News Highlights

## Global Headlines

### China

- **China’s Ministry of Commerce (MOFCOM): Launches two reciprocal trade barrier investigations against the US**. A MOFCOM spokesperson stated that the Office of the US Trade Representative (USTR) initiated two Section 301 investigations: one on March 12 (Beijing time) targeting China and 15 other economies over alleged “overcapacity,” and another on March 13 targeting China and 59 other economies over alleged “failure to effectively ban imports of forced labor products.” China expresses strong dissatisfaction and firm opposition. In response, MOFCOM issued two announcements on March 27, launching reciprocal trade barrier investigations into US practices and measures that disrupt global supply chains and hinder green product trade, respectively.

- **People’s Bank of China (PBOC): Continuously improve the system for preventing and resolving systemic financial risks, deepen reforms of key financial institutions, and promote multi-channel capital replenishment**. At the 2026 Financial Stability Work Conference, the PBOC also mandated deepening technology-enabled financial services, strengthening financial risk monitoring, assessment, early warning, and early correction, and curbing incremental risks. Adhering to market-oriented and rule-of-law principles, it will actively and prudently handle financial risks in key areas and orderly reduce existing risks.

- **Global “Transformer Shortage”! China’s exports surge 61% in two months; exports to the US jump 182%; US shortage may persist until 2028**. The global transformer supply-demand imbalance is worsening, and Chinese manufacturers are seizing the opportunity. A recent Goldman Sachs report shows that China’s high-power transformer exports surged 61% YoY in January–February 2026, with exports to the US soaring 182%. Meanwhile, Goldman Sachs raised its forecast for US import dependence on transformers to 60%, with the supply-demand gap lasting longer than previously expected—meaning China’s current 4% US market share hides massive penetration potential.

- **BYD: 2025 revenue exceeds RMB 800 billion; vehicle exports double to over 1 million units for the first time**. Full-year revenue reached a record RMB 803.965 billion, up 3.46% YoY; net profit attributable to shareholders was RMB 32.619 billion, down 18.97% YoY. New energy vehicle sales hit 4.6 million units, ranking first globally for four consecutive years. Vehicle exports exceeded 1 million units for the first time, surging 140% YoY.

- **BYD: A “safe haven” amid the Iran war; EV stocks among Hang Seng Tech’s best performers in March**. Surging oil prices unexpectedly boosted China’s EV sector: BYD’s Hong Kong-listed shares rose 8% in March, their best monthly performance in over a year. The Iran conflict has driven up oil prices, with consumers in the Philippines and Indonesia queuing to buy EVs. Overseas sales jumped 50% YoY in the first two months, reshaping valuation upside for export-driven logic.

 **High oil prices ignite EV boom! Chinese automakers return to growth in Europe**. Chinese automakers are launching a new offensive in global markets. Their European market share nearly doubled to 8% in February YoY, led by BYD and Leapmotor. In Southeast Asia, BYD’s sales grew 95% last year. Surging oil prices in the Middle East have provided an unexpected boost, accelerating consumer adoption of electric and hybrid vehicles.

### Overseas (Friday, March 27)

- **Iran**: Claims steel mills and nuclear facilities were attacked; drone swarms target Israel’s largest transport hub. Warns US ground operations will face reciprocal countermeasures and considers withdrawing from the Treaty on the Non-Proliferation of Nuclear Weapons (NPT). Iran lists domestic steel mills and regional industrial facilities as new retaliatory targets, warning personnel of US and Israeli industrial firms in the region to evacuate immediately. Any hostile military action in the Strait of Hormuz could lead to its full closure; the military says it is drafting war termination conditions. Iran’s foreign minister: The Israeli prime minister is gambling with American money and lives; Israel will “pay a heavy price” for attacking Iran’s infrastructure. Iran’s parliament speaker claims the US is spreading false information to suppress oil prices, but markets are numb and no longer buy it.

- **Israel**: Defense minister vows to escalate strikes on Iran; military claims attacks targeted “Iran’s major missile and naval mine production facilities” and ballistic missile/air defense system bases. Approximately 15,000 missiles and bombs have been fired at Iran since the conflict began. US Secretary of State Mike Pompeo reportedly criticized the Israeli prime minister for overly optimistic conflict forecasts; US officials say 303 US military personnel have been injured since the attacks.

- **US Secretary of State**: The Iran conflict will last 2–4 weeks; no ground troops needed to achieve objectives; no Ukraine-Russia peace talks scheduled. This is the first senior US official hinting the conflict will last longer than the 4–6 weeks planned by former President Trump. Reports say Senator Marco Rubio expects US military action against Iran to end in “weeks, not months.” The US is communicating with Iran via intermediaries (not direct channels) and has received signals of Iran’s willingness to discuss specific issues. The US is close to substantive negotiations, awaiting clarity on Iran’s negotiating team.

- **US Presidential Envoy**: Expects talks with Iran last week. Special Envoy Witkof also said a response from Iran to the US 15-point ceasefire proposal is expected soon. If progress is made, the US could step back. After the exchange, several European officials interjected, stating they still want the US to advance diplomatic dialogue between Ukraine and Russia.

- **Zelenskyy: US pressuring Ukraine to withdraw from Donbas**. While Rubio called claims that the US is demanding Ukraine cede the Donbas for security guarantees a “lie” on Friday, Ukrainian President Volodymyr Zelenskyy said Saturday all signals during negotiations indicate Ukraine will only receive US security guarantees after withdrawing from Donbas. Zelenskyy announced a diesel supply deal in the Middle East, securing Ukraine’s needs for at least one year.

- **Anthropic’s most powerful model exposed: “generational leap” in performance, fully outperforms Opus**. A low-level configuration error at Anthropic accidentally exposed top-secret information: nearly 3,000 internal documents were made publicly searchable, revealing the flagship new model **Claude Mythos (codenamed “Capybara”)** has completed training. Internally deemed a “generational leap,” it comprehensively outperforms the current strongest version, Opus 4.6, but has been delayed due to cyberattack capabilities “far exceeding any existing AI”.

- **AI “backlash” against cybersecurity? Anthropic’s new model sparks panic; cybersecurity stocks plunge**. From software development and search engines to cybersecurity, market pricing of AI is shifting—any signs of potential “disruption,” “weakening,” or “reconstruction” quickly reflect in stock prices. For cybersecurity, the real test may have just begun: when AI empowers both offense and defense, speed will determine long-term winners.

- **All co-founders depart; Musk “completely restructures” xAI**. xAI undergoes a major shakeup: media reported Saturday Ross Nordeen left last week, meaning all 11 original founding team members (excluding Musk) have exited. The AI startup, valued at ~$250 billion, officially enters a rebuilding phase. Musk admitted this month xAI is “rebuilding from the ground up”.

## Selected Research Reports

- **Goldman Sachs**: Rate-hike pricing is overdone; markets are trading with the “2022 playbook” while underestimating recession risk. Compared to 2022, fiscal stimulus is weaker and labor markets softer; both central banks and markets risk overreacting. Equities severely underestimate recession tail risks, with put volatility far below historical panic levels.

- **Bank of America (Hartnett)**: US stocks haven’t “fully corrected”; Trump may be forced to roll out a “policy emergency package.” Market sentiment is cooling, sell signals have ended, but broad capitulation and macro panic are absent; buy signals haven’t triggered. Recent heavy selling in stocks and gold; capital flows into short-dated bonds for safety. BofA expects policymakers to act to avoid recession, triggering “panic policy easing.” Watch oversold assets like gold and software.

- **UBS (extreme scenario)**: If the Middle East conflict drags on for months, S&P 500 falls to 5,350; Fed cuts rates sharply to zero. Markets currently price in a “quick resolution.” If the conflict persists through Q3, Brent crude holds ~$150/bbl for a year; global growth slides ~100 bps; S&P 500 drops to 5,350 in Q2. If the US enters recession, the federal funds rate could hit the zero lower bound in Q3 2027.

- **Barclays: Five key factors to predict “when Trump will end the war”**. Military progress, congressional funding battles, US military casualties, retail gasoline prices, and Trump’s personal judgment are the top high-frequency tracking metrics for energy markets. War duration will directly determine whether crude returns to $85/bbl or breaks $110/bbl.

- **Goldman Sachs Nuclear Seminar (five takeaways)**: Uranium prices set to rise; supply gap widens. Surging AI data center power demand, manufacturing reshoring, and electrification drive long-term nuclear demand. Goldman’s uranium supply-demand model shows a cumulative net deficit of 211 million pounds (2025–2045), revised upward—long-term supply pressure is significant.

- **Huatai Securities Fixed Income: Prolonged Iran war triggers sequential supply-chain shocks**. Phase 1 (ongoing): Commodity premiums, broad rises in energy, chemicals, and fertilizers. Phase 2 (likely): Partial production halts, Asian refinery/chemical plant curtailments, inventory drawdowns. Phase 3 (1–3 months of supply disruption): Industry-wide pressure (e.g., spring farming damage, tight semiconductor feedstocks, chemical output declines). Phase 4 (3–6 months of disruption): Systemic risks (global food crisis, advanced chip capacity losses, permanent oil/gas production cuts).

# Domestic Macro

- **Profits of China’s industrial enterprises above designated size rose 15.2% YoY in Jan–Feb; profits in computer, communication and other electronic equipment manufacturing surged 200% YoY**. The National Bureau of Statistics (NBS) stated that in the first two months, all regions and departments stepped up implementation of more proactive macro policies, focusing on leveraging the combined effects of existing and incremental policies. Profit growth of industrial enterprises above designated size accelerated, profits rebounded in most industries, and profits in equipment manufacturing and high-tech manufacturing grew rapidly, indicating a continued recovery in industrial enterprise performance.

- **China Securities Regulatory Commission (CSRC): To study and formulate a capital market rule‑of‑law development plan in 2026 and accelerate legislation and revision in key areas**.

- **Minister of Commerce Wang Wentao meets Indian Minister of Commerce and Industry Piyush Goyal**. Minister Wang said the Ministry of Commerce is ready to follow the strategic guidance of the leaders of the two countries, give full play to the role of bilateral economic and trade cooperation as a “ballast stone,” welcome India’s active participation in a series of activities such as “Share the Big Market · Export to China,” and make good use of platforms including the China International Import Expo and the China‑South Asia Expo to expand exports to China.

# Domestic Companies

- **Lin Junyang speaks out for the first time since leaving Qianwen: Reflects on detours and points to a new path for AI**. In his first public remarks since departing Qianwen, Lin Junyang reflected on the misstep of rigidly merging “thinking” and “instruction” modes. He argued that the era of pure reasoning has passed, and the new path for AI lies in **Agentic Thinking**—shifting from “thinking longer” to “thinking for action.” Future competition will upgrade from training models to training agents and systems, with core competencies in environment design and multi‑agent orchestration.

- **Who is shorting Pop Mart? Market cap evaporates RMB 90 billion in two days**. Pop Mart’s share price tumbled nearly 33% on March 25–26, wiping out about RMB 90 billion in market value, with foreign institutions as the main sellers. On March 25, the top five sellers were Citibank, Shanghai‑Hong Kong Stock Connect (Shanghai), Standard Chartered Bank, BNP Paribas, and Guotai Junan. On March 26, the top five were Merrill Lynch, The Hongkong and Shanghai Banking Corporation, Morgan Stanley, Citibank, and Goldman Sachs.

- **China Merchants Bank releases 2025 annual report: Revenue and net profit both grow; retail AUM exceeds RMB 17 trillion**.

- **First annual report after Guotai‑Haitong merger: Revenue and net profit surge; total assets exceed RMB 2.1 trillion**.

- **New China Life Insurance releases annual report: Revenue exceeds RMB 157 billion; returns from stakes in RMB 100‑billion private equity funds revealed**.

- **Tianqi Lithium’s 2025 revenue falls over 20% YoY; net profit attributable to shareholders turns positive at RMB 460 million**.

- **Yangtze Optical Fibre and Cable’s 2025 non‑GAAP net profit rises 40.6% YoY; gross margin exceeds 30% for the first time**.

- **Pig prices hit six‑year low; Muyuan Foods’ 2025 revenue grows 4.5%, net profit falls 16.5%; slaughter business turns profitable for the first time**.

# Global Macro

- **Copper posts first weekly gain since U.S.–Iran conflict; gold rebounds 4% intraday**. A sharp drop in Chinese inventories boosted demand expectations, seen as the main driver of LME copper’s rally last week. Most LME industrial metals rose last week, with tin gaining nearly 6%.

- **Trump to submit fiscal 2027 budget proposal to Congress on April 3; national security spending in focus**. Media reports say Trump is seeking a significant increase in defense spending while continuing to downsize domestic agencies. Excluding the first‑year budget, this release outlining fiscal 2027 spending priorities will be the latest since 2013. The most closely watched item is likely Trump’s proposed national security spending of $1.5 trillion, a historic high.

- **Nearly a quarter of staff leave SEC’s private credit oversight division amid industry turmoil**. The U.S. Securities and Exchange Commission (SEC) division overseeing hedge funds, private credit firms, mutual funds and various investment products saw nearly a quarter of its employees depart last year. Some departures are linked to broader federal personnel changes driven by Musk’s “Department of Government Efficiency” initiative.

- **Japan’s finance minister hints at intervention if yen falls to 160**. As the yen again nears the 160 “line in the sand,” Finance Minister Shunichi Suzuki issued a stern warning that “bold measures” will be taken—a phrase used before past interventions. Previously, Japanese authorities also considered using foreign exchange reserves to directly short oil prices as an unconventional tool to stem yen weakness.

- **Middle East benchmark distorted? Asian refiners abandon Dubai oil pricing, switch to Brent for U.S. crude**. Dubai crude surged to nearly $170/bbl, a record high, far exceeding Brent’s $103/bbl, prompting Asian refiners to accelerate switching their U.S. crude procurement benchmark from Dubai to Brent. The Japanese government also intervened unusually, ordering domestic wholesalers to follow suit to cap fuel prices.

# Sector Highlights

1. **Healthcare**

  - Implement the hierarchical diagnosis and treatment system for Middle East benchmark derivatives and the project to strengthen primary healthcare. Focus on common and chronic diseases to guide patients to seek initial care at the community level. Optimize referral service management to enhance care continuity. Solidify family doctor contracting services and push healthcare services downward to improve grassroots capacity.

2. **Aluminum**

  - Two major aluminum smelters in Bahrain and the UAE confirmed attacks by Iran, Xinhua reported. Aluminum Bahrain (Alba) said on March 29 its plant was struck on March 28, leaving two workers slightly injured, and it is assessing property damage. The company and its parent previously declared force majeure due to shipping disruptions in the Strait of Hormuz, cutting output by about 20%. Emirates Global Aluminum (EGA), one of the world’s largest aluminum producers, also confirmed an attack on March 28, with major damage to a plant in Abu Dhabi’s industrial zone and injuries to several Indian and Pakistani workers.

3. **CCUS**

  - China’s first 100‑km CO₂ long‑distance pipeline—the Shengli Oilfield million‑ton CCUS CO₂ transmission pipeline—has operated safely and stably for 1,000 days, Xinhua reported. Connecting Qilu Petrochemical and the Gaoqing oilfield of Shengli Oilfield, it is a key part of China’s first million‑ton CCUS full‑chain demonstration project. Zhang Shiming, a CCUS expert at Shengli Oilfield, said the team has developed original theories and technologies for high‑pressure miscible CO₂ flooding and storage in continental deep low‑permeability reservoirs, raising oil recovery by over 15 percentage points and one‑time CO₂ sequestration efficiency by 20 percentage points. As of March 28, total CO₂ injection exceeded 1.3 billion cubic meters, leading large‑scale carbon emission reduction and green energy development in China.

4. **Nuclear Medicine**

  - A Chinese research team, relying on national major science and technology infrastructure, has achieved simultaneous millicurie‑scale extraction of three core medical alpha isotopes in a single batch, according to the Institute of High Energy Physics, Chinese Academy of Sciences. This not only overcomes mass production challenges but also breaks China’s long‑term dependence on imports for cutting‑edge nuclear medicine for cancer treatment.

5. **SST**

  - On March 28, Delta Electronics, together with Loongson Technology, Hanteng Technology and Taichu Yuanqi, officially launched the “Containerized SST DC Mobile Intelligent Computing Center” solution. In the coming days, Sifang Shares and Igor will also hold new SST product launches, with the sector set for intensive catalysts.

6. **Computing Power**

  - On March 29, the Shanghai AI Laboratory, together with relevant partners, launched the “Super‑Intelligent Converged Computing Power” platform and will simultaneously release a full‑modal, full‑life‑cycle “Scientific Data Base.” These two infrastructures address bottlenecks of fragmented computing resources and scattered scientific data, providing unified scheduling of computing power and ready‑to‑use AI training data as underlying support for original innovation. A batch of co‑construction plans focusing on computing power, data and scientific application scenarios will also be officially released.

7. **Vehicle‑Road‑Cloud Integration**

  - At the 2026 National Conference on New Quality Productive Forces and Intelligent Industry Development, 12 standards in two series—**Collaborative Intelligent Connected Vehicles Based on Advanced Mobile Communications** and **Intelligent Driving on Complex Roads**—were officially released. The Chinese Association of Automation, together with 11 universities and research institutes including Central South University, has translated achievements from national key R&D programs such as **vehicle‑infrastructure‑cloud integration** into a series of group standards, filling gaps in key areas including collaborative driving testing and complex road decision‑making.

8. **Optical Fiber Cable**

  - Exports of domestic optical fiber cable manufacturers are growing rapidly, CCTV.com reported. Companies are running at full capacity to seize global market share. A company staff member said overseas orders have increased significantly since late last year, with orders from South America, the Middle East, Africa and Southeast Asia, all requiring delivery within two weeks. In the first two months, the company’s fiber exports rose 51% YoY. Production lines are fully booked, and the company is accelerating plant expansion and line additions to boost capacity to meet market demand.

# Today’s News Preview

- **State Council Information Office** holds a press conference on the 6th China International Consumer Products Expo.

- **Earnings releases**: Biren Technology, Horizon Robotics, China Shenhua, Midea Group, InnoLight Technology, Sunny Optical, China Tourism Group Duty Free, Mindray Medical, Country Garden, SF City, AMEC, SF Holding, Seres, VeriSilicon.

- **Ant Group’s tender offer for Bright Smart Securities** is expected to be completed.

- **Germany March CPI** data release.

- **G7 Finance and Energy Ministers’ Meeting** to discuss releasing strategic petroleum reserves.

- **Fed Chair Powell** to speak at Harvard University’s *Principles of Economics* class.

- **Middle East updates**: U.S. Secretary of State says the conflict will last 2–4 weeks; U.S. and Iran are close to substantive negotiations.

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# Risk Warning & Disclaimer

The market is subject to risks; 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 article is at your own risk.