GMT EIGHT - OPPORTUNITIES IN CHINA

"Hot Lobsters" Sweeps the Globe, Huang Renxun Launches Open Source Model to Dominate! NVIDIA Corporation (NVDA.US) Ambitious Full-Stack Supports "AI Bull Market Narrative"

The heavy release of Nemotron 3 Super has made the market more optimistic about NVIDIA's narrative of transitioning from a GPU leader to a full-stack AI super platform.

Spot silver breaks through $87 per ounce, up 1.52% intraday.

Hong Kong Independent Commission Against Corruption: Working with the Securities and Futures Commission to combat insider trading and corruption, 8 individuals have been arrested.

The Hong Kong Independent Commission Against Corruption (ICAC) announced today that, in a joint operation with the Hong Kong Securities and Futures Commission on March 10th and 11th codenamed "Fuse", they have cracked down on suspected insider trading and corruption activities. Two securities firms, a hedge fund management company, and senior executives are all persons of interest in this case. During the joint operation, law enforcement officers conducted searches at 14 locations, including the offices and residences of the two securities firms and the hedge fund management company, resulting in the arrest of six men and two women aged between 35 and 60. Investigations revealed that a senior executive of one of the involved securities firms allegedly accepted over 4 million US dollars in bribes from the head of the hedge fund management company in exchange for leaking confidential information about the stock placements of multiple Hong Kong-listed companies. The hedge fund then established short positions in the relevant stocks, profiting from short selling and entering into short stock swap contracts. When the placement information was eventually made public, the stock prices dropped, allowing the hedge fund to make approximately 315 million US dollars in profits. This morning, Guotai Junan International announced that one of their employees has been detained by the ICAC, and the employee was taken away from their home.

Some bank members participated in the meeting on the market interest rate pricing self-discipline mechanism and were asked to strengthen the self-discipline management of interbank deposit rates.

According to multiple sources from banks, recently, some member banks participated in a meeting on market interest rate pricing self-discipline mechanism, and were required to enhance self-discipline management. The proportion of interbank demand deposits that exceed the policy rate of OMO reverse repurchase with a maturity of more than 7 days should not exceed 10% to 20% at the end of each quarter. Industry insiders expect that interbank deposits exceeding 10 trillion yuan may face interest rate cuts. This upgrade of self-discipline management is an expansion and strengthening of the self-discipline management at the end of 2024. In November 2024, the market interest rate pricing self-discipline mechanism issued a "Initiative on Optimizing the Self-Discipline Management of Non-Bank Interbank Deposits Rates", which for the first time included non-bank interbank demand deposits into the self-discipline management framework. It clarified that financial infrastructure institutions should price their demand deposits at a premium deposit reserve rate of 0.35%, while other non-bank demand deposits should reference the 7-day OMO reverse repurchase rate of 1.4%.

BMW Group's net profit in 2025 decreased by 3% year-on-year.

On March 12, BMW Group disclosed its performance for 2025, delivering a total of approximately 2.4637 million BMW, MINI and Rolls-Royce vehicles to global customers, representing a 0.5% increase compared to the previous year. The group's total revenue reached 133.453 billion euros, a decrease of 6.3% year-on-year, with pre-tax profit at 10.236 billion euros, a decline of 6.7% year-on-year, and net profit at 7.451 billion euros, a decrease of 3.0% year-on-year.

Huang Renxun personally tested the NVIDIA autonomous driving platform with no manual intervention throughout the entire journey.

NVIDIA released a 22-minute video in which NVIDIA CEO Huang Renxun and NVIDIA Vice President of Automotive Business Wu Xinzhou ride in a self-driving car to San Francisco. During this process, the NVIDIA full-stack self-driving software platform DRIVE AV was used, with no manual intervention required.

Goldman Sachs predicts that the Federal Reserve will cut interest rates by 25 basis points in September and December 2026, compared to the previous forecast of rate cuts in June and September.

Hong Kong Stock Market Midday Review: Hang Seng Index falls 1.23%, Hang Seng Technology Index falls 1.21%

Hong Kong stocks closed at noon, with the Hang Seng Index falling by 1.23% and the Hang Seng Technology Index dropping by 1.21%. The Hang Seng Mainland Clearing ETF fell by 1.18%, while the Hong Kong Science and Technology ETF Penghua dropped by 1.16%. In terms of sectors, the container and packaging and oil and natural gas sectors saw the largest increases, while hotel and resort REITs and automotive parts sectors experienced the biggest declines. In terms of individual stocks, China Xuyang Group surged by 18.31%, Light & Health rose by 12.1%, Yankuang Energy rose by 8.52%, Innovative Industry rose by 8.35%, and CNOOC Chemical rose by 8.28%. On the other hand, DPTech fell by 10.52%, Quantitative Pioneers fell by 10.26%, Changfeng Pharmaceutical fell by 9.66%, Haixi Pharmaceuticals fell by 9.64%, and Zhonghui Biotechnology-B fell by 8.89%.

The yen has fallen below 159, approaching its lowest point of the year! However, under the pressure of the fundamental factors, the threshold for intervention by the Japanese authorities has quietly increased, and the "last line of defense" may rise to 162.

Although the exchange rate of the Japanese Yen against the US Dollar is hovering near its lowest level of the year, traders believe that the threshold for intervention by the Japanese authorities has become higher.

Exposing a thousand questions, Yu Bowen joins ByteDance.

According to media reports, Yu Bowen, former head of training of the Qwen large model at Alibaba's Tongyisi Lab, has officially joined ByteDance as the head of training for the Seed team's visual models and multimodal interaction team. This is the first clear career move for Yu Bowen since he left Alibaba in early March this year. Sina Technology has sought confirmation from the official on the above information, but as of the deadline, ByteDance has not responded. Public records show that Yu Bowen graduated from Zhongnan University with a bachelor's degree, later enrolled in the Institute of Information Engineering of the Chinese Academy of Sciences for graduate studies, and obtained a Ph.D. from the University of Chinese Academy of Sciences in 2022. During his studies, he focused on research in the field of natural language processing and information extraction, published multiple papers at international top academic conferences such as ACL and EMNLP, and proposed innovative ideas for transforming information extraction tasks into graph structure problems, effectively solving recognition difficulties in complex scenarios such as entity overlap and nesting. With outstanding academic performance, he has been awarded the President's Award of the Chinese Academy of Sciences.

The storage chip industry bids farewell to the "boom-bust" curse! HBM is in short supply and price hikes have become the "new normal."

The AI spending boom is driving the storage chip industry into a new rhythm. Industry executives say that AI has structurally broken the old cycles and prices show no signs of decrease.

The EU sounds the alarm: Middle East war may cause Eurozone inflation rate to rise above 3%! The European Central Bank may be forced to raise interest rates.

The EU warns that if the Middle East war leads to Brent crude oil prices remaining at around $100 per barrel, and natural gas prices remain high for a long period of time, inflation in the region may exceed 3% this year.

New stock information | Guangdong CHJ Industry's (002345.SZ) Hong Kong stock IPO prospectus invalid

The Hong Kong IPO prospectus submitted by Guangdong Chaohongji Industrial Co., Ltd. (referred to as Chaohongji (002345.SZ)) on September 12, 2025, will expire after 6 months on March 12, 2026.

HK Bull/Bear Outstanding Qty Ratio(57:43) | March 12th

As of March 12, the latest bull-bear ratio of the Hang Seng Index is 57:43.

Tariff revenue significantly increased to support the government's finances. The US budget deficit in February was basically the same as the same period last year.

Supported by a significant increase in tariff revenue, the US federal government's budget deficit in February was essentially the same as the same period last year.

The main contract for continuous futures of xylene rose by 13% intraday, now trading at 10218.00 yuan.

Germany will partially release its national oil reserves.

Scams, malicious traffic redirection, TikTok warns of "lobster" related security issues.

On March 11th, the Douyin Blackboard released a statement saying that recently, the popularity of intelligent entities such as OpenClaw on the platform has been steadily increasing, leading to a large number of users flocking to the "raising crayfish" community. Some illegal elements have taken advantage of this trend to carry out scams, malicious traffic redirection, and other illegal activities. These perpetrators use headlines such as "Raise crayfish for free" and "If you don't learn to raise crayfish, you will be eliminated by the times" to mass-produce fake tutorials and hands-on teaching materials, engaging in unauthorized marketing content to stir up anxiety and attract user attention. They maliciously take advantage of platform traffic and disrupt the normal content ecosystem, becoming a breeding ground for various illegal activities. The platform reminds users to increase their awareness of security precautions and crack down severely on illegal activities such as scams, traffic redirection, and implantation of malicious programs using hot topics.

Supercomputer Internet will distribute 10 million Tokens to each OpenClaw user for free.

On March 11th, National Supercomputing Internet announced that all OpenClaw platform users will receive a total of 10 million Tokens per person for a limited time of 2 weeks for free. On the same day, the Supercomputing Internet also announced the repurchase price of OpenClaw's Tokens: 0.1 yuan per million Tokens, which is lower than the market average.

International oil prices rebound, with WTI crude oil rising by 4.07%.

International oil prices rebounded, with WTI crude oil rising by 4.07% to $85.443 per barrel and Brent crude oil rising by 3.37% to $90.759 per barrel.

Spot silver lost the 87 USD/ounce mark and fell 1.51% on the day.

G7 Statement: Support the implementation of proactive measures to address the current situation, including using strategic reserves.

According to data from the China Association of Automobile Manufacturers, in February, the export of cars was 672,000 vehicles, a month-on-month decrease of 1.4% and a year-on-year increase of 52.4%.

The total trading volume of the Shanghai and Shenzhen stock markets has exceeded 2 trillion yuan, an increase of 115 billion yuan compared to the same time the previous day.

Baidu Intelligent Cloud releases zero-deployment service DuClaw

Baidu Intelligent Cloud has released the zero-deployment service DuClaw, further simplifying the previous "one-click deployment" mode to "zero deployment". Users do not need to choose the OpenClaw image to deploy cloud servers, nor do they need to configure the API Key for large model inference services, achieving zero-threshold "shrimp farming". Currently, users can directly use this service through the web. In the future, it will gradually support mainstream communication applications such as Enterprise WeChat, DingTalk, and Feishu. According to reports, users do not need to touch any cloud console operations through DuClaw, do not need to understand professional concepts such as images, servers, API Key, etc., and can directly use the complete OpenClaw service after subscribing. DuClaw deeply integrates Baidu's advantageous skills such as Baidu search, Baike, and academic search, and fully supports mainstream large models such as DeepSeek, Kimi-K2.5, GLM-5, and MiniMax-M2.5. Users can flexibly choose and easily complete complex tasks.

Cathay Pacific Airways (00293) releases 2025 annual performance. Shareholders' net profit is 10.828 billion Hong Kong dollars, a year-on-year growth of 9.51%.

Cathay Pacific Airways (00293) announced its full-year performance for 2025, with the group achieving a profit of HK$116.766 billion, an increase of 11.88% year-on-year; the group's attributable profit to shareholders was HK$10.828 billion, an increase of 9.51% year-on-year; and the basic earnings per share were HK$1.655. The group plans to distribute a second interim dividend of HK$0.64 per ordinary share for the year ending December 31, 2025.

Hong Kong stock market midday review: Hang Seng Index rose by 0.08%, Hang Seng Technology Index rose by 0.26%.

Midday closing of Hong Kong stocks, the Hang Seng Index rose by 0.08%, and the Hang Seng Tech Index rose by 0.26%. The Hang Seng Connect ETF Yinhua rose by 0.15%, and the Hong Kong Tech ETF Penghua rose by 0.42%. In terms of sectors, the automobile and personal care products sectors performed well. In terms of individual stocks, Wuyi Vision rose by 22.03%, Tudatong rose by 21.41%, Health 160 rose by 17.25%, Zhonghui Bio-B rose by 16.92%, and Weilai-SW rose by 16.1%; Botai Vehicle Alliance fell by 9.7%, Ruifeng Power fell by 9.7%, Zhaowei Electromechanical fell by 7.61%, Ying En Bio-B fell by 7.42%, and Dipu Technology fell by 6.69%.

The Suzhou Artificial Intelligence Association releases the OpenClaw Rational Application Initiative: calling for not creating anxiety and not advocating myths.

The Suzhou Artificial Intelligence Industry Association, in conjunction with related enterprises and institutions, issues a call to developers, application companies, entrepreneurs, and relevant organizations in the city to promote the professionalization of OpenClaw. Professional organizations will provide secure deployment, training, and trusted delivery services to ensure that intelligent agents are truly embedded in business processes and become reliable productivity tools. They will strictly implement security configuration baselines, adhere to the principle of least privilege, establish data isolation and audit log mechanisms, regularly conduct vulnerability scans and risk assessments, and enhance developer security literacy training. This will ensure that technological innovation and security governance advance in harmony, achieving standardized and orderly development. Industry media, platform companies, and training institutions will rationally guide expectations, objectively demonstrate technological capabilities and limitations, avoid creating anxiety, and not promote myths, collectively creating a practical, rational, and healthy environment for industrial development.

In comparison to Amazon.com, Inc., OpenAI, and Alphabet Inc. Class C (GOOGL.US), a series of AI tools have recently been launched including the multimodal model Gemini Embedding 2.

Google has launched its first multimodal artificial intelligence (AI) model, Gemini Embedding 2, the latest model released by the tech giant that can map text, images, videos, audio, and documents to a unified embedding space.

The crude oil market is trading in a "fog": the US government is frequently sending out mixed messages, causing oil prices to fluctuate and rise.

Traders are working hard to deal with the ambiguous information issued by the United States about the issue of the Strait of Hormuz, causing oil prices to rise.

Shenzhen Stock Exchange: The list of securities for Hong Kong Stock Connect is adjusted, and Dongfeng Group's shares will be removed starting from March 11th.

China Shipowners' Association: By 2025, the total export value of national ship products is expected to reach $55.08 billion, a year-on-year increase of 26.7%.

On March 11, according to the China Association of Shipbuilding Industry, the total export amount of ship products in the country is expected to reach $55.08 billion in 2025, representing a year-on-year increase of 26.7%. Among them, the total export amount of bulk carriers, oil tankers, and container ships, the three main mainstream ship types, is $30.46 billion, accounting for 55.3% of the total export amount.

After meeting with key Republican Senator Tillis, he praised Powell but still refused to lift the personnel blockade on the Federal Reserve.

The nominee of the Federal Reserve Chairman nominated by President Trump, Kevin Warsh, has won praise from a key Republican senator who is currently obstructing his confirmation, but at the end of the meeting, he still failed to obtain a clear path for his nomination. Senator Thom Tillis called it a "good meeting," but he reiterated his intent: unless the Justice Department completes its investigation into Federal Reserve Chairman Jerome Powell, he will block the Senate Banking Committee from advancing any Federal Reserve nominations. This investigation stems from Powell's testimony last year before the committee on renovation issues at the Federal Reserve office. "I think he has the right mindset as he enters the role. That's why I hope to resolve my objections to that 'false investigation' so that we can have him take office before the term begins in May," Tillis told reporters.

Apple's first foldable screen phone is coming. Industry chain stocks are moving in response to the news.

On March 10, individual stocks in the Apple supply chain rose significantly, with companies such as Dongshan Precision, Ao Hai Technology, and Yuhuan CNC all hitting their daily limit. Companies like Lante Optics, Beibang Technology, and Guangda Tongchuang also saw their stock prices increase by over 10%. Recently, the 3D CAD rendering of Apple's first foldable screen iPhone Fold was exposed online, attracting widespread market attention. There are more than 110 concept stocks related to foldable screens in the A-share market, with companies like Lingyi Smart Manufacturing, Meigemite, and Jingce Electronics all predicted by institutions to have a net profit growth rate of over 30% in the next two years.

WTI crude oil rose 5% intraday, now trading at $86.22 per barrel.

The Middle East situation is expected to ease, international oil prices saw a sharp decline, with both American and Brent crude oil dropping by over 11%.

Amid the ongoing tension in the Middle East and high global energy market attention on the security of shipping in the Strait of Hormuz, international oil prices fell sharply on Tuesday.

AI orders drive Oracle Corporation (ORCL.US) Q3 performance surpassing expectations, with cloud infrastructure revenue increasing by 84% year-on-year.

The financial report for Q3 of the 2026 fiscal year released by Oracle Corporation shows that its cloud business growth significantly exceeded market expectations.

On Tuesday, Oracle (ORCL.N) revealed better-than-expected earnings and made optimistic long-term revenue forecasts (due to its strong focus on investing in the artificial intelligence data center field), causing its stock price to rise by 7.8% after hours. The data released showed that Oracle's revenue for the third quarter of fiscal year 2026 grew by 22% year-on-year to reach $17.2 billion, surpassing market expectations of $16.9 billion. Additionally, the company has raised its revenue forecast for fiscal year 2027 to $90 billion, higher than market expectations. Oracle has launched a strong offensive aimed at competing with larger rivals such as Amazon and Microsoft in providing computing resources for artificial intelligence companies.

US Stock Market Move | Income guidance for 2026 lower than expected BioNTech (BNTX.US) plunges more than 20%

On Tuesday, BioNTech (BNTX.US) plunged more than 20% at the opening, marking the biggest drop since April 25th, and is currently trading at $80.20.

US Stock Market Move | First quarterly profit achieved, NIO Inc. Sponsored ADR Class A (NIO.US) increases by 10%.

On Tuesday, Nio (NIO.US) extended gains to 10%, closing at $5.45.

Due to safety concerns, the Ruwais refinery in the UAE has been shut down after a drone attack.

In 2025, NIO-SW (09866) achieved a total income of 87.4875 billion yuan, an increase of 33.1% year-on-year.

NIO-SW (09866) announced that in the fourth quarter of 2025, the automotive sales revenue was RMB 31.6062 billion (USD 4.5196 billion), an increase of 80.9% compared to the fourth quarter of 2024 and an increase of 64.6% compared to the third quarter of 2025. The total revenue was RMB 34.6502 billion (USD 4.9549 billion), an increase of 75.9% compared to the fourth quarter of 2024 and an increase of 59.0% compared to the third quarter of 2025. Gross profit was RMB 6.0741 billion (USD 0.8686 billion), an increase of 163.1% compared to the fourth quarter of 2024 and an increase of 100.8% compared to the third quarter of 2025.

Today's net outflow of funds southbound amounted to HK$ 17.953 billion.

Regarding the Hong Kong Stock Connect (Shanghai), Tencent Holdings and Alibaba-W received net purchases of 2.923 billion Hong Kong dollars and 699 million Hong Kong dollars respectively; Ying Fu Fund had the highest net selling amount at 11.144 billion Hong Kong dollars. In terms of the Hong Kong Stock Connect (Shenzhen), Tencent Holdings and Alibaba-W received net purchases of 725 million Hong Kong dollars and 633 million Hong Kong dollars respectively; Ying Fu Fund had the highest net selling amount at 2.412 billion Hong Kong dollars.

Wuling Motors (00305) announces that it is expected that the shareholders' net profit for the year 2025 will increase by approximately 54% year-on-year.

Wuling Motors (00305) issued an announcement, expecting that the Group will achieve a net profit of approximately RMB 170 million for the year ending December 31, 2025, an increase of about 53% compared to the previous year; and that the company will achieve a profit attributable to owners of approximately RMB 78 million for the year 2025, an increase of about 54% compared to the previous year.

Saudi Aramco CEO: It is expected that global oil demand will reach a record daily 107.3 million barrels by 2026.

The adjustment of the previous period's energy-related crude oil and low-sulfur fuel oil futures contracts, and the limits on price fluctuations and trading margins ratios.

Announcement from the Energy Exchange: Starting from the closing settlement on March 10, 2026, the adjusted daily price limit and trading margin ratios for the following contracts will be as follows: Crude oil futures contracts SC2604, SC2605, SC2606, SC2607, SC2608, SC2609, SC2610, SC2611, SC2612, and subsequent new contracts will have a daily price limit of 20%, with a margin ratio of 21% for hedged positions and 22% for non-hedged positions. Low sulfur fuel oil futures contracts LU2604, LU2605, LU2606, LU2607, LU2608, LU2609, LU2610, and subsequent new contracts will also have a daily price limit of 20%, with a margin ratio of 21% for hedged positions and 22% for non-hedged positions.

Jiangsu: By 2030, cultivate no less than 30 typical application scenarios of "brain-machine interface + consumption".

Jiangsu Provincial Department of Industry and Information Technology and nine other departments issued the "Jiangsu Province Brain-Computer Interface Industry Innovation and Development Action Plan". Among them, it is suggested to cultivate life and consumption application scenarios. Encourage companies to accelerate the integration of brain-computer interfaces with smart Internet of Things, virtual reality, embodied intelligence, and other technologies, innovate non-invasive brain-computer interface product forms such as patch-style, headset-style, ear patch-style, and hairclip-style. Integrate multimodal data such as brain electrical signals, brain infrared light, and electromyographic signals, develop intelligent, lightweight, wearable products and innovative application service solutions, accelerate application exploration and scenario cultivation in areas such as health care, traffic safety, education and training, sports training, entertainment games, and smart homes. Support eligible regions in building product experience and demonstration centers, and strengthen the promotion of brain-computer interface innovative product experiences through public welfare activities such as popular science promotion and health surveys. By 2030, cultivate at least 30 typical application scenarios of "brain-computer interface + consumption".

From HBM locks to endless demand for DRAM and NAND, Micron's "golden moment" is still ongoing.

The rapid rise in prices of DRAM/NAND series storage products is reshaping the long-term contract norms of the global storage industry, especially as the GPU/TPU systems become increasingly dependent on HBM, DRAM, and enterprise-grade SSDs, leading to long-term supply-demand imbalance.

Zhengzhou Commodity Exchange Announces Adjustments to Margin Requirements and Daily Price Limits for Some Futures Contracts Trading.

According to Zhengzhou Commodity Exchange, starting from the settlement on March 10, 2026, the trading margin standards for PTA futures contracts 2604 and 2605 are adjusted to 12%, and the daily price limit is adjusted to 10%; the trading margin standards for PTA futures contracts 2606, 2607, 2608, and 2609 are adjusted to 11%, and the daily price limit is adjusted to 9%; the trading margin standards for short fiber futures contracts 2604 and 2605 are adjusted to 12%, and the daily price limit is adjusted to 10%; starting from the settlement on March 11, 2026, the trading margin standards for PTA futures contracts 2604 and 2605 are adjusted to 15%, and the daily price limit is adjusted to 13%; the trading margin standards for PTA futures contracts 2606, 2607, 2608, and 2609 are adjusted to 13%, and the daily price limit is adjusted to 11%; the trading margin standards for short fiber futures contracts 2604 and 2605 are adjusted to 14%, and the daily price limit is adjusted to 12%; the trading margin standards for short fiber futures contracts 2606, 2607, 2608, and 2609 are adjusted to 13%, and the daily price limit is adjusted to 11%; the trading margin standards for xylene futures contracts 2604 and 2605 are adjusted to 15%, and the daily price limit is adjusted to 13%.

Hang Seng Index rises more than 2%, now trading at 25918.721 points; Hang Seng Tech Index is up 2.151% now.

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