A-share pre-market report | Negotiations Deadlocked! Trump Says Delaying 10 Days to Strike Iranian Nuclear Facilities

Pre-market news 1. Trump postpones strike on Iranian power plant for 10 days! Oil prices shake, US-Japan-South Korea plunge, gold and silver rise Type: Market Emotional impact: Neutral Affected by the stalemate in the US-Iran ceasefire negotiations, risk aversion has resurfaced. The three major indexes in the US plummeted, with the Nasdaq down 2.38%, confirming entry into the adjustment range. The Nasdaq and S&P both recorded their largest single-day declines since the US-Iran war on February 28. The stock markets in Japan and South Korea opened low in the morning, with the South Korean stock market falling by about 3%. After Trump announced a further 10-day delay in striking the Iranian power plant, international oil prices shook dramatically, with Brent crude futures falling by 1% after a previous increase of over 5%. Spot gold and silver prices rose. 2. Minister of Commerce Wang Wentao meets with US Trade Representative Grier Type: Macro Emotional impact: Positive On March 26, Minister of Commerce Wang Wentao met with US Trade Representative Grier in Yaound, Cameroon during the 14th Ministerial Conference of the World Trade Organization. The two sides exchanged views in depth on issues related to China-US economic and trade relations, multilateral and regional economic and trade cooperation. Wang Wentao expressed strong concerns about the US initiating a 301 investigation against multiple economies, including China, under the pretext of "overcapacity" and "not prohibiting the import of forced labor products." 3. Market Supervision Administration convenes a symposium on fair competition for enterprises, with Contemporary Amperex Technology, BYD Company Limited in attendance Type: Macro Emotional impact: Positive On March 26, the Market Supervision Administration held the first symposium on fair competition for enterprises in 2026, with relevant officials from China Minmetals Group, China State Construction Engineering, Contemporary Amperex Technology, BYD Company Limited, CHERY AUTO, Didi, Meituan, and other enterprises in attendance. The meeting emphasized that the Administration will strengthen antitrust law enforcement, enhance compliance guidance for enterprises, tackle "zero-sum competition," deepen institutional opening in the competition field, and support enterprises in expanding international markets and achieving high-quality development. 4. Leading companies in five major industries release annual reports, with Semiconductor Manufacturing International Corporation achieving record revenue and net profit Type: Company Emotional impact: Positive The window for the disclosure of A-share 2025 annual reports has opened. On the evening of March 26, Ping An Insurance, CITIC SEC, China Mobile Limited, and other leading companies in five major industries released their annual reports. Only China Mobile Limited's annual report was slightly below expectations, with the other four exceeding expectations. CITIC SEC's 2025 revenue increased by 28.79% year-on-year, Semiconductor Manufacturing International Corporation achieved a revenue of $9.327 billion in 2025, with a profit of $685 million, both reaching historical highs. Ping An Insurance's net profit in 2025 increased by 22.5% year-on-year. Investment Calendar Forum on the Innovative Development of Brain-Computer Interfaces held Investment tip If the buying decision is correct, the right time to sell will almost never come. - Philip Fisher, "How to Choose Growth Stocks" Institutional opinions 1. Industrial: Strategically, A-shares should not be overly pessimistic. It is necessary to face the intensified market volatility and adhere to a contrarian operating mindset. 2. Huaan: The external disturbances facing the market are ongoing, and it is expected that the market will continue to maintain a weak and volatile trend. 3. Orient: The market's consolidation on low volume constitutes a secondary bottoming out, with the Shanghai Composite Index likely to see a small-scale rebound around 3850 points. Positive and Negative Prospects 1. The Chinese Academy of Sciences launches research and development of next-generation open-source chips and systems, with Alibaba, Tencent, and others collaborating Type: Market hot topic Ping An Securities: The storage industry is currently at a critical upgrade node, with overseas cloud computing companies increasingly investing in AI infrastructure construction. The expansion of AI training and inference scale is expected to lead to growth in absolute shipments, and the strength and sustainability of this storage cycle are expected to exceed the previous one. 2. China's global explosion in fiber optic cable orders, rapid growth in global investment in computing infrastructure Type: Institutional analysis Galaxy Securities: The demand for fiber optic cables has shown significant growth, with industry prices being raised significantly: operators' joint procurement has seen consecutive instances of no bids and price increases. Combined with previous tenders that were temporarily suspended due to project changes, the shortage of fiber optic cables appears to be becoming widespread. 3. Continued Middle East conflict fuels methanol market, institutions optimistic about the trend of green methanol development Type: Market hot topic CICC: The development of green fuels represented by green methanol in China helps promote the utilization of new energy other than electricity and ensures energy security. The outlook for China's development of green methanol as a carbon reduction fuel for shipping is promising, and green methanol may continue to be in short supply in the next 1-2 years. Announcement Express Positive announcements 1. Ping An Insurance: Non-GAAP net profit in 2025 was 143.773 billion yuan, an increase of 22.5% year-on-year. 2. Semiconductor Manufacturing International Corporation: Net profit in 2025 was 5.041 billion yuan, an increase of 36.29% year-on-year. 3. Jiangsu Skyray Instrument: Withdrawal of other risk warnings from March 30th, change of securities abbreviation to "Skyray Instruments" Negative announcements 1. Liaoning Energy Industry: Shareholder Shenzhen Xianglong plans to reduce its stake in the company by no more than 1%. 2. Huadian Liaoning Energy Development: Main business is thermal power generation, not involved in synergy projects with electricity. 3. CNOOC Limited: Net profit in 2025 was 122.082 billion yuan, a decrease of 11.5% year-on-year. Overseas Markets Market panic reignites due to negotiation stalemate, US stocks fall, Nasdaq down nearly 2.4% from historical highs. As of the closing, Nvidia fell by 4.16%, TSMC fell by 6.22%; Chinese stocks index dropped by over 2.5%, Alibaba fell by 3.43%. This article is reposted from "Tencent Stock Selection". Edited by GMTEight: Xu Wenqiang.