GMT EIGHT - OPPORTUNITIES IN CHINA

US January core PCE price index annual rate 3.1%, expected 3.1%, previous value 3.00%. US January core PCE price index monthly rate 0.4%, expected 0.40%, previous value 0.40%. US January PCE price index annual rate 2.8%, expected 2.9%, previous value 2.90%. US January PCE price index monthly rate 0.3%, expected 0.30%, previous value 0.40%.

Brent crude oil fell below $99 per barrel, dropping 1.52% intraday.

SUNSHINE PHARMA (06887) announces a profitable result, with an expected net profit attributable to shareholders of approximately 270 million yuan for the year 2025, turning from a loss to a profit year-on-year.

Dongyang Pharmaceutical (06887) announced that for the year ending December 31, 2025, the Group is expected to achieve a net profit attributable to owners of approximately RMB 270 million, compared to a net loss attributable to owners of approximately RMB 210 million in the same period last year, an increase of approximately 228.57%.

The central bank: Broad money (M2) balance reached 34.922 trillion yuan at the end of February, a year-on-year increase of 9%.

At the end of February, the broad money supply (M2) balance was 349.22 trillion yuan, a year-on-year increase of 9%. The narrow money supply (M1) balance was 115.93 trillion yuan, a year-on-year increase of 5.9%.

Skyrocketing oil prices welcomed supply easing! Under the "Hormuz blockade", Russian oil comes to the rescue.

The United States has granted Russia temporary waivers on energy, allowing the purchase of goods that are already at sea, meaning that Russian crude oil and fuel from around 30 oil tankers in Asian waters are available for global buyers. These ships are carrying at least 19 million barrels of Russian crude oil and 310,000 tons of refined oil.

TD Cowen covers the networking and communication sector for the first time: Arista (ANET.US) and two others receive a "buy" rating. Lumentum (LITE.US) receives a "hold" rating.

T.D. Cowen recently initiated coverage of several stocks in the network communications sector, giving "Buy" ratings to Arista Networks, Coherent, and Ciena, and a "Hold" rating to Lumentum Holdings.

The Spring Festival travel season of 2026 ended with a record high number of travelers.

The 40-day Spring Festival travel rush of 2026 will officially end today, with the travel scale during this period reaching a historic high. Statistics show that on the sixth day of the first month of the Horse year, the total number of cross-regional travelers and the traffic volume on highways reached 380 million and 71.43 million respectively, setting new historical records for daily peaks. In the 2026 Spring Festival travel rush, the passenger volume of railways, highways, waterways, and civil aviation also exceeded the historical levels of the same period.

Ministry of Commerce spokesperson answers questions from reporters on Sino-US economic and trade negotiations.

A reporter asked: We have noticed that the Chinese side previously stated that China and the US will hold the 6th round of China-US economic and trade consultations in the near future. Does the Ministry of Commerce have any latest news? As agreed by both China and the US, Vice Premier of the State Council and Member of the Political Bureau of the CPC Central Committee, He Lifeng, will lead a delegation to France to hold economic and trade consultations with the US from March 14 to 17. The two sides will take the important consensus reached at the Busan meeting between the two heads of state and previous phone calls as guidance, and conduct consultations on economic and trade issues of mutual concern.

The Hong Kong Stock Exchange has issued a consultation on the review of listing competitiveness.

According to reports, artificial intelligence pharmaceutical research and development company EARENDIL is considering going public in Hong Kong.

Hong Kong stock Bright Smart Securities and Finance Ltd continues to rise with an increase of 30%, reaching 9.01 Hong Kong dollars.

The report states that Samsung has secured a panel order for Apple's first foldable smartphone, iPhone Fold, for up to 20 million units, with production expected to begin in May 2026.

The Nikkei 225 index opened at 53,587.30 points in the morning, down 1.59%.

Performance exceeding expectations fails to hide AI anxiety: Adobe CEO resigns after 18 years at the helm, stock price drops over 7% in after-hours trading.

Facing deep concerns from the market about its ability to remain a leader in the era of artificial intelligence, Adobe CEO Shantanu Narayen will step down from his helm at this creative software giant.

MacBook Neo can have the keyboard replaced individually.

Technology media MacRumors released a blog post, reporting that based on the repair manual displayed on Apple's official website, the MacBook Neo confirms support for separately replacing the keyboard component. This design breaks the long-standing hardware bundling repair practice of Apple, greatly increasing the repairability of the device. In the past years, if users needed to replace the MacBook keyboard, Apple required them to replace the entire aluminum top case together.

Hong Kong stock concept tracking | Soaring oil prices highlight the energy substitution effect, the timing of layout in the coal sector has arrived (with concept stocks)

Goldman Sachs warned that the potential scale of the supply shock this time could be 17 times that of the 2022 Russia-Ukraine conflict period. If the bottleneck continues, oil prices may challenge the historical high of $150 per barrel by the end of the month.

Nations Technologies Inc. (02701) launched its IPO from March 13 to March 18, introducing cornerstone investors such as Guohua Life Insurance.

Guomin Technology (02701) will launch its IPO from March 13 to March 18, 2026, aiming to globally sell 95 million H shares, with 10% of the shares being offered in Hong Kong and 90% internationally. The offer price will not exceed HK$10.80 per share. Trading of H shares is expected to begin on the Hong Kong Stock Exchange at 9:00 am on March 23, 2026 (Monday).

Supply chain begins to fluctuate, South Korea's chip giant urgently checks helium inventory.

The Korea Times reported on the 11th that with the increasing risks in shipping through the Hormuz Strait, the supply chain of key raw materials such as helium is beginning to fluctuate. As a core industrial gas needed for semiconductor manufacturing, helium is mainly extracted from liquefied natural gas. In order to prevent risks from spreading, major chip companies in South Korea such as Samsung Electronics and SK Hynix have conducted a comprehensive inspection of their helium inventory. Industry insiders in South Korea pointed out that finding alternative sources of helium in the short term is not easy, and expensive American natural gas may become a backup option.

Feisu Innovation (03355) started its IPO from March 13 to March 18, planning to globally issue 40 million H shares.

Speedy Innovation Limited (03355) will be listed on March 13-18, 2026, with a plan to globally issue 40 million H shares, of which 10% will be offered for public sale in Hong Kong and 90% will be offered for international sale. The offering price per share is between 35.2 and 41.6 Hong Kong dollars. Each board lot consists of 100 shares, and the H shares will start trading on the Hong Kong Stock Exchange at 9am on March 23, 2026.

"Shrimp Fever" Drives up Demand for Mac Mini: Difficult to Find in Huaqiangbei, Prices Increase by Several Hundred Yuan Generally

The "craze for raising shrimp" has ignited the sales market for Apple's hardware Mac mini. Due to security considerations, many people have chosen not to deploy "small lobsters" OpenClaw on personal or office computers, but have instead chosen a Mac mini that is better suited for OpenClaw and comes with macOS system installed. This has led to a shortage of Mac minis in many online and offline stores. Recently, reporters visited the largest electronic market in Shenzhen, Huaqiangbei, and found that several sales stalls had run out of stock, while some stalls were still selling but had no inventory. At the same time, the phenomenon of price gouging was significant, with some stalls even increasing prices by hundreds of yuan per day.

Oil prices breaking through $100, the market expects the Federal Reserve to cut interest rates only once this year.

With the rise in energy prices and escalating inflation concerns, market expectations for the Federal Reserve to cut interest rates are clearly cooling off.

A staff member of Guotai Junan, a subsidiary of Guotai Haitong (02611), was taken away by the Independent Commission Against Corruption for investigation. The company's operations are normal.

Hong Kong Airlines (02611) issues a notice that, recently, the company has noticed reports in some media regarding its subsidiary, Guotai Junan International Holdings Limited (Guotai Junan International) (listed on the main board of the Hong Kong Stock Exchange, 01788), being investigated by the Securities and Futures Commission of Hong Kong (SFC) and the Independent Commission Against Corruption (ICAC). According to the company's knowledge, on March 10, 2026, the SFC and ICAC visited Guotai Junan International's business premises with a search warrant, taking away some documents, and one employee of Guotai Junan International was taken away by ICAC for investigation. The company attaches great importance to this matter and will continue to closely monitor the progress of the investigation.

US Stock Market Move | Oil stocks rise. Battalion Oil (BATL.US) soars over 20%.

On Thursday, oil stocks rose.

The three major US stock indexes all fell more than 1%.

The Dow fell 1.28% to 46811.871 points; the Nasdaq fell 1.12% to 22461.087 points; the S&P 500 index fell 1.04% to 6705.370 points.

Saudi shipping giant spares no expense to grab ships! Paying astronomical freight rates, opening a new route in the Red Sea to transport crude oil.

Saudi Arabia's largest oil transporter, Bahri Company, has been booking oil tankers at high prices to load crude oil from the Red Sea as an alternative measure to the stalled shipping through the Hormuz Strait.

FIT HON TENG (06088) announces annual performance, with a profit attributable to shareholders of 156 million US dollars, a year-on-year increase of 1.51%.

FIT HON TENG (06088) announced its full-year performance for the year ending on December 31, 2025. The company achieved a revenue of 5.03 billion US dollars, an increase of 12.39% compared to the previous year; the net profit attributable to owners of the company was 156 million US dollars, an increase of 1.51% year-on-year; earnings per share were 2.20 cents.

High volatility sweeps global stock markets! Rapid rises and falls are playing out in succession, kicking off the hardest-to-bear roller coaster drama on Wall Street.

Options market traders are beginning to bet that the stock market's intense volatility will continue for another week or even around a month. After the official meeting of the leaders of the world's two largest economies, the market will then return to relatively calm and normalized trading patterns.

A Hong Kong subsidiary of CITIC SEC(06030) is being investigated by the Hong Kong Securities and Futures Commission and the Independent Commission Against Corruption. All business operations of the company are continuing as normal.

CITIC Securities (06030) announced that the Board of Directors has noticed reports from some media in the past two days regarding investigations by the Securities and Futures Commission and the Independent Commission Against Corruption of a Hong Kong subsidiary of the company, as well as fluctuations in the trading price and volume of the company's H shares on the Hong Kong Stock Exchange on March 12, 2026. The Board of Directors hereby clarifies as follows: The company has learned that on March 10, 2026, the Securities and Futures Commission and the Independent Commission Against Corruption visited the business premises of the subsidiary company with search warrants and took away some documents. An employee of the subsidiary company was interviewed by the Independent Commission Against Corruption. The company takes this matter very seriously and will continue to closely monitor the progress of this matter.

The four-week moving average of initial jobless claims in the United States for the week ending March 7th was revised from 215,750 to 216,000.

The Shanghai Futures Exchange adjusts the daily price limits and trading margins for gold and other related futures contracts.

Shanghai Futures Exchange announced that the daily price limit for the gold AU2704 contract is 17%, with a margin ratio of 18% for hedged positions and 19% for general positions; the daily price limit for the silver AG2703 contract is 20%, with a margin ratio of 21% for hedged positions and 22% for general positions; the daily limit for the nickel NI2703 and tin SN2703 contracts is 12%, with a margin ratio of 13% for hedged positions and 14% for general positions; the daily limit for the natural rubber RU2703 contract is 9%, with a margin ratio of 10% for hedged positions and 11% for general positions; the daily limit for the pulp SP2703 and offset paper OP2703 contracts is 7%, with a margin ratio of 8% for hedged positions and 9% for general positions.

National Industrial Information Security Development Research Center: Release Risk Warning Bulletin for Industrial Sector OpenClaw Applications

The National Industrial Information Security Development Research Center has issued a "Risk Warning Notice on the Application of OpenClaw in the Industrial Field": OpenClaw is currently accelerating its deployment in various stages such as research and design, production and manufacturing, and operations management in the industrial field. However, due to the characteristics of OpenClaw such as fuzzy trust boundaries, unified access through multiple channels, flexible invocation of large models, and dual-model persistent memory, once effective permission control strategies or security audit mechanisms are lacking, it may be maliciously taken over due to instruction induction, supply chain poisoning, etc., leading to a series of security risks such as loss of control of industrial control systems and leakage of sensitive information. Specific risks include unauthorized access to industrial hosts and loss of production control risks, risks of leakage of industrial sensitive information, and risks of expanding the attack surface and amplifying attack effects for industrial enterprises. Therefore, it is recommended that industrial enterprises refer to the "Industrial Control System Network Security Protection Guidelines" and the "Industrial Internet Security Classification and Grading Management Measures" and other relevant requirements, refer to the "Six Do's and Don'ts" suggestions already published on the Ministry of Industry and Information Technology's Network Security Threat and Vulnerability Information Sharing Platform, strengthen security protection measures when deploying and using OpenClaw, including strengthening control permission management, strengthening network boundary isolation, and carrying out vulnerability patch fixes.

MIIT launches the "millisecond computing" special action for urban areas in 2026

The General Office of the Ministry of Industry and Information Technology has issued a notice on organizing the special action of "millisecond computing" in urban areas in 2026. The special action of "millisecond computing" will be carried out in 50 regions in 2026 to enhance the efficient carrying capacity of computing power and promote the integrated development of computing networks.

IEA monthly report: reduces forecast for global oil demand growth in 2026 from 850,000 barrels per day to 640,000 barrels per day.

LI AUTO (02015) net profit for 2025 was 1.1 billion yuan, a year-on-year decrease of 85.8%

Ideal Car-W (02015) announced that in the fourth quarter of 2025, the vehicle sales revenue was 27.3 billion yuan, a decrease of 36.1% from 42.6 billion yuan in the fourth quarter of 2024, and an increase of 5.4% from 25.9 billion yuan in the third quarter of 2025. The total revenue was 28.8 billion yuan, a decrease of 35.0% from 44.3 billion yuan in the fourth quarter of 2024, and an increase of 5.2% from 27.4 billion yuan in the third quarter of 2025. Net profit was 202 million yuan, compared to a net profit of 3.5 billion yuan in the fourth quarter of 2024, and a net loss of 624.4 million yuan in the third quarter of 2025.

MTR Corporation (00066) announces annual performance, with a net profit attributable to shareholders of HK$14.677 billion, a decrease of 6.9% year-on-year, with a final dividend of HK$0.89 per share.

MTR Corporation (00066) released its audited annual performance ending on December 31, 2025. The group generated total revenue of HK$55.465 billion, a decrease of 7.6% year-on-year; the net profit attributable to shareholders was HK$14.677 billion, a decrease of 6.9% year-on-year; earnings per share were HK$2.36, with a proposed final dividend of HK$0.89 per share.

"At the time when 'Lobster Fever' sweeps the globe, Huang Renxun leads the open-source model to dominate the scene! NVIDIA Corporation (NVDA.US) has ambitious plans to support the '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.

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Afghanistan claims to have attacked a key military center in Pakistan, while Pakistan claims to have intercepted two Afghan drones.

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The night session of crude oil futures on the Shanghai Futures Exchange closed up 4.64% at 789.50 yuan/ barrel. Shanghai gold night session closed down 1.21%, while Shanghai silver closed down 4.59%.

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Qatari Minister of Interior: Strategic water resources reserves can last for four months, while food security reserves can last for 18 months.

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Total Energy Company: If the price of Brent crude oil rises by $8 per barrel, it will be enough to offset the operating cash flow from assets in Iraq, the UAE, and Qatar expected in 2026, based on a benchmark price of $60 per barrel.

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Mosaic's stock price decline has widened to 5.9%.

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