GMT EIGHT - OPPORTUNITIES IN CHINA

Air China Limited (00753) released its financial performance for the year 2025, with a net loss attributable to shareholders of 1.788 billion yuan, an increase of 668.8% year-on-year.

Air China (00753) released its annual results for the year ending December 31, 2025, with revenue of 171.485 billion yuan, a year-on-year increase of 2.9%; the company's attributable net loss to shareholders was 1.788 billion yuan, a year-on-year increase of 668.8%; basic loss per share was 0.11 yuan.

Shandong Gold Mining (01787) announced its performance for 2025, with a net profit attributable to owners of approximately 4.739 billion yuan, an increase of about 60.57% year-on-year.

Shandong Gold (01787) announced its performance for 2025, with revenue of approximately 104.287 billion yuan, an increase of about 26.38% year-on-year; net profit attributable to shareholders of the parent company was approximately 4.739 billion yuan, an increase of about 60.57% year-on-year; basic earnings per share was 0.94 yuan, and the final dividend was 1.80 yuan per 10 shares (including tax).

AKESO (09926) released its annual performance, with revenue increasing by 43.9% year-on-year to 3.056 billion yuan.

Kangfang Biotech (09926) announced its annual performance for the year ending December 31, 2025. The group achieved a revenue of RMB 3.056 billion (units the same), an increase of 43.9% year-on-year; gross profit of RMB 2.404 billion, an increase of 31.01% year-on-year; research and development expenses of RMB 1.575 billion, an increase of 32.61% year-on-year; and a loss of RMB 1.141 billion for the year, with a loss per share of RMB 1.23.

BLUE MOON GROUP (06993) reported a profit of HK$8.409 billion for the fiscal year 2025, with a year-end dividend of 10 Hong Kong cents per share.

Blue Moon Group (06993) announced its annual performance for the year ending December 31, 2025. The operating results for 2025 have shown significant improvement, with revenue of HK$8.409 billion, gross profit of HK$5.021 billion, and a net loss of HK$329 million, a 56.1% decrease compared to the previous year. It is proposed to pay a final dividend of 10.0 HK cents per share.

TSINGTAO BREW (00168) announced its 2025 performance, with a net profit attributable to shareholders of 4.59 billion yuan, a year-on-year increase of 5.6%. It plans to distribute a dividend of 2.35 yuan per share.

Tsingtao Brewery Co., Ltd. (00168) announced its performance in 2025, with product sales reaching 7.648 million kiloliters, a year-on-year increase of 1.5%; achieving operating income of RMB 32.47 billion, a year-on-year increase of 1%; and achieving a net profit attributable to shareholders of the listed company of RMB 4.59 billion, a year-on-year increase of 5.6%. The basic earnings per share is RMB 3.363, and the proposed cash dividend per share is RMB 2.35 (including tax).

YH ENT (02306) releases its annual performance, with a net profit attributable to shareholders of 64.168 million yuan, a year-on-year increase of 36.7%.

China Joy Entertainment (02306) released its annual performance as of December 31, 2025. The group achieved a revenue of 907 million yuan, an increase of 18.63% year-on-year; the profit attributable to the owners of the company was 64.168 million yuan, an increase of 36.7% year-on-year; and the earnings per share were 0.08 yuan.

JF SMARTINVEST (09636) releases annual performance with a net profit attributable to shareholders of 922 million yuan, an increase of 238.5% year-on-year.

Ninebot Smart Finance Holdings (09636) has released its annual performance for the year ending December 31, 2025, with a revenue of 3.43 billion yuan, an increase of 48.75% year-on-year. Equity shareholders' net profit was 922 million yuan, an increase of 238.5% year-on-year. Basic earnings per share were 2.05 yuan. It is proposed to distribute a final dividend of 0.36 Hong Kong dollars per share.

The Dow Jones Industrial Average fell by 0.5% at the opening, the S&P 500 fell by 0.8%, and the Nasdaq fell by 1.1%.

SanDisk fell 3.5%, Micron Technology fell 2.4%, Google launched a compression algorithm, claiming it can achieve 6 times memory savings. Mining stocks declined, with First Majestic Silver down 4.1%, Coeur Mining down 4.3%, and Hecla Mining down 4.3%. ASML fell 2.8%, and there was a large-scale strike at its headquarters in the Netherlands. Furniture company MillerKnoll fell 22.9%, with Q3 earnings below expectations. Tourism software company Navan rose 21.6%, turning a loss into profit in Q4.

CITIC SEC (06030) announced its annual performance for 2025, with a net profit attributable to shareholders of 30.076 billion yuan, a year-on-year increase of 38.57%.

CITIC Securities (06030) released its annual performance forecast for the year 2025, with the group achieving a total operating income and other income of RMB 104.682 billion, a year-on-year increase of 21.88%; achieving a net profit attributable to the shareholders of the parent company of RMB 30.076 billion, a year-on-year increase of 38.57%; achieving a basic earnings per share of RMB 1.96, a year-on-year increase of 39.01%; a weighted average return on equity of 10.59%, a year-on-year increase of 2.50 percentage points. It plans to distribute a cash dividend of RMB 4.10 (including tax) for every 10 shares.

COSCO Shipping Energy Transportation (01138) announced its annual performance for 2025, with a net profit attributable to shareholders of 4.037 billion yuan, a decrease of 0.2% year-on-year.

China COSCO Shipping Energy Transportation Co., Ltd. (01138) released its annual performance for the year ending December 31, 2025, with a revenue of 23.701 billion yuan, a year-on-year increase of 2.3%; the net profit attributable to equity holders of the company was 4.037 billion yuan, a year-on-year decrease of 0.2%; the basic earnings per share was 82.62 cents, and a final dividend of 38 cents per share is proposed.

China International Marine Containers (02039) released its annual performance, with a net profit attributable to shareholders of 2.21 billion yuan, while continuing to focus on its core business of container manufacturing.

China Merchants Group (02039) released its annual results for the year ending December 31, 2025. The group achieved a revenue of RMB 156.611 billion, a decrease of 11.85% compared to the previous year. The net profit attributable to the parent company's shareholders and other equity holders was RMB 0.221 billion, a decrease of 92.57% year-on-year. The basic earnings per share were RMB 0.03. The proposed dividend per share is RMB 0.179.

FOSUN INTL (00656) plans to split and independently list the Sanya Atlantis project on the Shanghai Stock Exchange through the China Commercial Real Estate Securities Investment Fund.

Fosun International (00656) announced that on March 26, 2026, the group has submitted application materials to the China Securities Regulatory Commission and the Stock Exchange for the registration and listing of funds, as well as the listing of fund shares.

US stock index futures extended losses; S&P 500 e-mini futures fell by 0.96%, Nasdaq 100 futures fell by 1.14%, and Dow Jones futures fell by 0.93%.

NAYUKI (02150) announces annual performance with a profit of 4.31 billion yuan.

Nai Xue Tea (02150) released its annual performance as of December 31, 2025, with the group's revenue reaching 4.331 billion yuan; the company's equity shareholders suffered a loss of 2.391 billion yuan; basic loss per share was 0.14 yuan.

Brent crude oil rose by 4% intraday and is now trading at $101.15 per barrel.

Semiconductor Manufacturing International Corporation (00981) announced annual performance with a net profit attributable to shareholders of $685 million, an increase of 39% year-on-year.

SMIC (00981) released its 2025 annual performance. The group achieved a revenue of $9.327 billion, an increase of 16.2% year-on-year; the annual profit attributable to the owners of the company was $685 million, an increase of 39% year-on-year; and the basic earnings per share was $0.09.

Shanghai International Energy Trading Center: The daily price limit for the EC2703 contract of the freight index is 20%, the margin requirement ratio for hedging position trading is 22%, and the margin requirement ratio for regular position trading is also 22%.

Guangzhou: Key breakthrough in domestic AI computing power chip adaptation and heterogeneous computing power dynamic scheduling technology.

The General Office of the People's Government of Guangzhou Municipality issued the Implementation Plan for Promoting the High-Quality Development of the Artificial Intelligence Industry in Guangzhou. It proposes to support key technology breakthroughs. By methods such as "competition and appointment of chief scientists", it supports various innovative entities to focus on key technology breakthroughs in all aspects of the industry chain such as basic theory, computing power, data, algorithms, and applications. It emphasizes breakthroughs in domestic AI computing power chip adaptation, heterogeneous computing power dynamic scheduling technology, and the construction of an independent and controllable intelligent computing center architecture. It focuses on multi-modal data fusion modeling technology in industries such as medical care, transportation, manufacturing, energy, and education, conducts research on technologies such as blockchain and privacy computing, and promotes the establishment of automated annotation toolchains in areas such as industrial quality inspection and financial risk control. It promotes the development of key technologies for specific categories of large models, accelerates breakthroughs in key technologies such as multimodal perception of robots and bionics agile hands, supports the development of intelligent sensors and EDA design simulation tools, core materials, advanced processes, key equipment, and other technologies research and product development.

INNOVENT BIO (01801) releases its performance in 2025, with a net profit of 813.6 million yuan, achieving its first full-year profit.

Sinotrans Life Sciences (01801) released its annual performance ending on December 31, 2025, with total revenue of RMB 13.0415 billion, a year-on-year growth of 38.4%; since the launch of its first product in 2019, the commercial scale has expanded rapidly, fully reflecting the company's forward-looking strategic layout and efficient commercial execution capabilities. The company achieved its first full year of profitability. Under IFRS measurement, net profit reached RMB 813.6 million.

The Ministry of Commerce releases information on the implementation of beef security measures for the year 2026.

According to Announcement No. 87 of the Ministry of Commerce, as of March 25, 2026, the imported beef from Australia has reached 50% of the specified quantity in Annex 2 of the announcement for the year. Starting from the 3rd day after the imported beef reaches the specified quantity for the year in Annex 2 of the announcement, an additional 55% tariff will be imposed on the existing applicable tariff rate.

XIABUXIABU (00520) released its annual performance report, with a net loss of 301 million yuan attributable to shareholders, a year-on-year decrease of 24.99%.

Dico (00520) announced its annual performance for the year ending December 31, 2025. The group achieved a revenue of 3.789 billion yuan, a decrease of 20.32% year-on-year. The company's attributable net loss for the year was 301 million yuan, a decrease of 24.99% year-on-year. The loss per share was 28.56 cents RMB.

"Under the war in the Middle East, the investment theme of 'hard logic' emerges! Fund managers who outperformed 96% of their peers bet on Asian chip stocks."

Top emerging market fund managers believe that semiconductor stocks are the best tools to hedge against war risks. The Robeco Emerging Stars Equities stock fund will allocate over 40% of its assets to chip giants in the South Korean and Taiwanese markets.

TrendForce: Global OLED display shipments will reach 2.735 million units in 2025, with a significant year-on-year growth of 92%.

In 2025, the global shipment of OLED displays reached 2.735 million units, with an annual growth rate as high as 92%. Looking ahead to 2026, with brands strengthening innovation and marketing strategies continuing to ferment, it is expected to achieve a 51% annual growth in shipment volume.

BEIJING ENT(00392) announced its annual performance with a net profit attributable to shareholders of 5.56 billion yuan, a decrease of 1.31% year-on-year. The core business maintains a leading position in the industry.

Beijing Holdings (00392) released its annual performance as of December 31, 2025. The company achieved a revenue of 87.228 billion RMB, an increase of 3.76% year-on-year; net profit attributable to shareholders was 5.056 billion RMB, a decrease of 1.31% year-on-year; basic earnings per share were 4.02 RMB. It is proposed to distribute a final dividend of 77 Hong Kong cents per share.

CHINA OVS PPT (02669) announces annual performance with a net profit attributable to shareholders of 1.367 billion yuan, a decrease of 9.74% year-on-year.

Cheung Kong Property Holdings Limited (02669) announced its annual performance ending on December 31, 2025. The Group achieved a revenue of 14.96 billion yuan, an increase of 6% compared to the previous year. The net profit attributable to ordinary equity holders of the company was 1.367 billion yuan, a decrease of 9.74% year-on-year. Basic earnings per share were 41.62 cents. It is proposed to distribute a final dividend of 10 Hong Kong cents per share.

Spot silver fell by 4% intraday, currently trading at $68.35 per ounce.

Brent crude oil breaks through $100 per barrel, rising 2.82% in a single day.

Hong Kong advertising platform supplier APAT.US applies for IPO on US stock market, aiming to raise up to $25 million.

AsiaPac AdTechinno Group, a Hong Kong-based advertising technology platform provider, submitted an application to the U.S. Securities and Exchange Commission (SEC) on Wednesday to conduct an initial public offering (IPO).

ZHONGSHENG HLDG(00881) released its annual performance report. Total revenue reached 164.03 billion Yuan, with sales of 497,000 new cars, an increase of 2.5% year-on-year.

Zhong Sheng Holdings (00881) released its annual performance for the year ending on December 31, 2025, with a total revenue of RMB 1644.03 billion, a total gross profit of RMB 88.38 billion, and a net loss attributable to shareholders of RMB 16.73 billion.

Shenzhen International (00152) releases annual performance, with shareholders' net profit of HK$2.249 billion, a decrease of 21.69% year-on-year.

Shenzhen International (00152) announced its annual performance as of December 31, 2025. The group's revenue was 16.345 billion Hong Kong dollars, representing a year-on-year increase of 4.98%. The net profit attributable to shareholders was 2.249 billion Hong Kong dollars, a decrease of 21.69% compared to the previous year. The basic earnings per share were 0.93 Hong Kong dollars, with a final dividend of 0.46 Hong Kong dollars.

Hong Kong stocks midday trading: Hang Seng Index falls 1.37% again below 25000 points, technology and finance stocks decline, while oil stocks rise against the trend.

The situation in the Middle East continues to escalate, with the three main stock indexes in Hong Kong showing a downward trend in the morning session. The Hang Seng Index fell by 1.37%, once again failing to hold above 25,000 points. The state-owned enterprise index and the Hang Seng Technology Index fell by 1.52% and 2.15% respectively. Most technology stocks declined, with Kuaishou performing the worst after a post-results drop of over 13%. Alibaba and Meituan both fell by over 3%, while major financial stocks, semiconductor stocks, gold stocks, and lithium battery stocks all slumped. In addition, oil stocks rose, with China National Offshore Oil Corporation up by 2.5%. Biopharmaceutical stocks were generally up, with traditional Chinese medicine stocks leading the gains.

Alphabet Inc. Class C (GOOGL.US) Compression technology triggers storage chip "earthquake", Analysts wield Jacobs paradox: don't panic, demand will only increase

After Google (GOOGL.US) researchers promoted a new compression technology, market concerns about demand caused a sharp drop in the stock prices of computer memory and storage products. However, this impact may only be a short-term disruption, rather than a threat to survival.

High oil prices and strong inflation persist, with analysts on Wall Street increasing the probability of a recession: Ernst & Young now sees it at 40%, while Goldman Sachs has raised it to 30%

Wall Street analysts say that with the ongoing high volatility of oil prices due to conflicts in the Middle East, the risk of a recession in the United States is increasing.

The domestic flight fuel surcharge will increase on April 5th.

Spring Airlines issued a notice stating that, starting from April 5, 2026, the fuel surcharge for domestic flights will be increased for tickets sold, and the specific adjustment details will be subject to subsequent notices.

MEITU (01357) clarifies inside information regarding performance rumors, shares halted pending publication of performance announcement.

Meitu Inc. (01357) issued a notice. The company has noticed that some posts on internet forums have mentioned unpublished information related to the company's annual performance ending on December 31, 2025, which constitutes insider information. The company hereby clarifies that the annual performance for that period still needs to be approved by the company's board of directors at the board meeting to be held on March 27, 2026.

Officials from the Ministry of Finance answering questions from reporters about the 2026 central budget being made public.

Officials from the Ministry of Finance recently explained the relevant situation of the central budget disclosure for the year 2026. This year marks the beginning of the "14th Five-Year Plan," with the central budget including four main budgets, regional budgets for central transfers to local areas, and the addition of 49 specific projects. The transparency of departmental budgets continues to be strengthened, covering fiscal appropriations, expenses for official activities, budget performance, and 9 other reports, all of which are prominently displayed on the financial portal website for public supervision. In addition, there has been an increase in the disclosure of budget performance objectives, with all departments required to disclose at least 60% of their performance goals. In recent years, there has been a continuous expansion in the depth and breadth of budget disclosure, with the budget disclosure rate for all levels of government reaching 100%, significantly enhancing financial transparency.

$1.75 trillion! Valuation Myth or Capital Black Hole? A comprehensive guide to understanding SpaceX's epic IPO.

The key issues facing the IPO of SpaceX, with a valuation of up to $1.75 trillion.

"AI Apocalypse" author issues another warning: Don't give up on betting on interest rate cuts! The Federal Reserve will ignore the impact of oil prices.

Fan Jilun expressed that the sharp rise in oil prices is likely to bring new and serious impacts to the economy, thereby preventing the Federal Reserve from raising interest rates.

Negotiations for a ceasefire between the US and Iran are showing signs of progress, causing gold to rebound for two consecutive days. The market is betting on the future "exit path."

As traders weigh the prospects of a ceasefire negotiation between the US and Iran, the price of gold has risen for the second consecutive trading day.

Our country successfully launched the 4D high-resolution satellites Gaofen-2 05 and 06.

At 6:51 on March 26, 2026, Beijing time, China successfully launched the Four-dimensional High-sense 2-05 and 2-06 satellites into orbit using the Long March 2D carrier rocket at the Taiyuan Satellite Launch Center. The satellites entered their designated orbits smoothly, and the launch mission was a complete success. This mission marked the 634th flight of the Long March series carrier rockets.

New stock news | Xinghuan Technology (688031.SH) once again submits documents to Hong Kong Exchange, becoming China's fifth largest AI infrastructure software provider.

According to the disclosure by the Hong Kong Stock Exchange on March 25, Xinghuan Information Technology (Shanghai) Co., Ltd. submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Haitong International being the exclusive sponsor.

The "hawkish dove" Milan of the Federal Reserve raised its expectations for year-end interest rates but still believes that there needs to be a rate cut this year.

Milan pointed out during an event in New York that due to the recent poor performance of inflation data, he has raised his year-end forecast for policy interest rates by 50 basis points.

Gold has fallen out of the "gold pit"? Institution: Market sentiment has reached extreme levels, high probability rebound opportunity is now available.

The gold price has recently experienced a significant pullback, but some organizations believe that market sentiment has reached extreme levels, providing conditions for a rebound in the future.

Federal Reserve Milan: The Federal Reserve should gradually cut interest rates to the neutral level within the year.

In 2025, Jiangsu Hengrui Pharmaceuticals (01276) achieved a double increase in revenue and net profit, with a net profit attributable to shareholders of approximately 7.711 billion yuan, a year-on-year increase of 21.69%.

Hengrui Medicine (01276) announced its performance for 2025, with operating income of approximately 31.629 billion yuan, a year-on-year increase of 13.02%; net profit attributable to shareholders of the listed company of approximately 7.711 billion yuan, a year-on-year increase of 21.69%; net cash flow generated from operating activities of approximately 11.235 billion yuan, a year-on-year increase of 51.36%; basic earnings per share of 1.19 yuan, proposing to distribute a cash dividend of 2.00 yuan (including tax) for every 10 shares. The company continues to increase its innovation efforts, maintaining a high level of research and development investment, with a cumulative research and development investment of 8.724 billion yuan during the reporting period, of which 6.961 billion yuan was expensed for research and development.

BAIC MOTOR (01958) announced its annual performance, with a net profit attributable to equity shareholders of 1.23 billion yuan, a decrease of 87.16% year-on-year.

Beijing Auto (01958) announced its annual performance for the year ending December 31, 2025. The group achieved a revenue of RMB 164.047 billion, a decrease of 14.78% year-on-year; the annual profit attributable to the owners of the parent company was RMB 1.23 billion, a decrease of 87.16% year-on-year; and earnings per share were RMB 0.02.

SUNAC SERVICES (01516) announces annual performance, with shareholders' net profit reaching 203 million yuan, turning losses into gains year-on-year.

Sunac Services (01516) released the annual performance for the period ending on December 31, 2025. The group achieved a revenue of 6.816 billion yuan, a decrease of 2.2% year-on-year. The net profit attributable to owners of the company was 203 million yuan, turning losses into profits year-on-year. The basic earnings per share were 0.07 yuan. It is proposed to distribute a final dividend of 0.01 yuan per share.

From GPU to green electricity, we want it all! Bruker Corporation's Field (BAM.US) throws 6.5 billion dollars to further expand, striving to build an "all-stack infrastructure empire" in the AI era.

From Ori to Boralex, Brookfield Asset Management is leading the AI infrastructure big M&A wave: One-stop positioning of "computing power + electricity" lifeline in the AI era.

S&P 500 profit expectations rise against the trend, Wall Street bets on US stocks to withstand the impact of geopolitical risks.

Despite the turmoil in the Middle East war this month, sell-side strategists have been continuously raising profit expectations, disregarding concerns about soaring oil prices and potential setbacks in consumer demand. Data compiled by Morgan Stanley shows that earnings expectations for S&P 500 index components in the next 12 months are projected to increase by 20%. Barclays strategists raised their year-end target and profit expectations for the S&P 500 index on Tuesday, citing strong performance in the US economy and technology blue-chip stocks.

DONGYUE GROUP (00189) announced its financial performance for the year 2025, with a net profit attributable to shareholders of 1.642 billion yuan, representing a year-on-year increase of 102.5%.

Dongyue Group (00189) announced its annual performance for the year ending December 31, 2025, with revenue of 14.355 billion yuan, an increase of 1.2% year-on-year. The attributable net profit to owners of the company was 1.642 billion yuan, an increase of 102.5% year-on-year. Basic earnings per share were 0.98 yuan, and a final dividend of 0.30 Hong Kong dollars per share is proposed.

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