**Market Data** As of the close on March 24, the Shanghai Composite Index rose 1.78% to 3,881.28 points. The STAR 50 Index gained 2.33% to close at 1,290.79 points. The Shenzhen Component Index increased by 1.43% to 13,536.56 points, while the ChiNext Index edged up 0.5% to 3,251.55 points.

In the US, the three major stock indices closed lower on March 24. The S&P 500 fell 0.37% to 6,556.37 points. The Nasdaq Composite dropped 0.84% to 21,761.89 points. The Dow Jones Industrial Average declined 0.18% to 46,124.06 points.

International oil prices saw significant gains on March 24. At the close, the May delivery light sweet crude oil futures on the New York Mercantile Exchange rose by $4.22 to settle at $92.35 per barrel, a gain of 4.79%. The May delivery Brent crude futures on the ICE Futures Europe exchange increased by $4.55 to close at $104.49 per barrel, up 4.55%.

**Financial News** 1. On March 24, Wang Yi, Member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, held a telephone conversation with Iranian Foreign Minister Hossein Amir-Abdollahian at the latter's request. Amir-Abdollahian provided an update on the latest developments in the regional situation and expressed gratitude for China's emergency humanitarian assistance. He stated that the Iranian people are more united in resisting acts of foreign aggression and safeguarding national sovereignty and independence. Iran is committed to achieving a comprehensive cessation of hostilities, not merely a temporary ceasefire. The Strait of Hormuz is open to all, and vessels can pass safely, with the exception of nations currently engaged in conflict. He expressed hope that actions taken by all parties would help de-escalate the situation rather than intensify conflict, and looked forward to China continuing to play a positive role in promoting peace. Wang Yi reiterated China's principled stance, emphasizing that all hotspot issues should be resolved through dialogue and negotiation, not the use of force. He stated that talking is always better than fighting, which aligns with the interests of Iran and its people and echoes the widespread aspirations of the international community. He urged all parties to seize every opportunity for peace and to initiate peace talks as soon as possible. China will continue to maintain an objective and impartial stance, oppose violations of other countries' sovereignty, actively promote peace, and remain committed to regional peace and stability.

2. On March 24, the People's Bank of China announced a Medium-term Lending Facility (MLF) operation for March. To maintain ample liquidity in the banking system, the central bank will conduct a 500 billion yuan MLF operation on March 25, 2026, using a fixed amount, interest rate tender, and multiple-price winning method, with a maturity of one year. Considering that 450 billion yuan in MLF matured in March, the PBOC's net injection via MLF in March was 50 billion yuan, marking the 13th consecutive month of increased MLF operations.

3. On March 24, the State Council Information Office held a press conference regarding the 9th Digital China Summit. Liu Liehong, Member of the National Development and Reform Commission party leadership and Administrator of the National Data Administration, responded to a question about further unleashing the potential of data elements this year. Liu stated that after more than two years of effort, a "5+3+1" work system for the market-oriented allocation reform of data elements has been explored and established. The "5" refers to improving the fundamental data system, constructing and operating data infrastructure, cultivating application scenarios and promoting data integration, building a nationally integrated data market, and strengthening the data industry. The "3" refers to three foundational areas: strengthening core technological breakthroughs in the data field, data standards, and digital talent cultivation. The "1" refers to one key focus: empowering the innovative development of artificial intelligence with data.

4. A national work forum on price supervision, anti-unfair competition, and anti-monopoly enforcement was held in Beijing on March 24. The meeting noted that in 2025, targeted campaigns against corruption in sectors such as water, electricity, and gas charges, medical insurance fund management, medicines and health products for the elderly, and funeral services were effective, with 33,800 cases handled and 1.075 billion yuan in fees refunded. The protection of trade secrets was continuously strengthened, with 46 pilot regions releasing 434 institutional outcomes. Market regulatory authorities at all levels investigated and handled 12,700 cases of unfair competition, with fines and confiscations totaling 513 million yuan. They also handled 3,921 cases related to pyramid selling and direct selling, with fines and confiscations amounting to 260 million yuan.

5. On March 24, the Boao Forum for Asia 2026 Annual Conference held a press conference and released its flagship report, the "Asian Economic Outlook and Integration Process 2026 Annual Report." The report indicated that the share of Asian economies' GDP in the world economy will continue to rise, and Asia remains the primary growth engine of the global economy. Specifically, due to factors such as increased uncertainty in the international trade environment, growing global debt pressures, and rising geopolitical risks, global economic growth is expected to slow in 2026. Against this backdrop, Asian economic growth may also slow slightly, with a projected growth rate of 4.5% in 2026, down from 4.7% in 2025. Looking ahead to 2026, influenced by multiple factors including the macroeconomic situation, the Federal Reserve's initiation of an interest rate cut cycle, US government foreign policy, and geopolitical risks, financial markets in Asian economies will face significant uncertainty. However, most stock indices are still expected to maintain an upward trend. Currencies of most economies are likely to continue appreciating. Ten-year government bond yields are expected to show significant divergence. The banking sector is projected to operate relatively steadily, with risks generally under control.

6. Recently, some Android users reported receiving prompts about abnormal deletion of images and videos while using the Meituan app. On March 24, Meituan's official customer service responded, stating that the issue was primarily caused by a conflict with a third-party SDK during automatic cache cleaning by the app in rare instances on the Android system. Since the problem occurred, over 180 users have contacted customer service, with an estimated potential impact on several hundred users. The company stated that it initiated emergency repairs immediately upon discovering the issue.

7. On March 24, Xiaomi Corporation (1810.HK) released its full-year 2025 results. Total revenue for 2025 reached 457.3 billion yuan, a year-on-year increase of 25.0%. Adjusted net profit was 39.2 billion yuan, surging 43.8% year-on-year, both setting new historical records. In the fourth quarter of 2025, Xiaomi's total revenue was 116.9 billion yuan, a record high, representing a 7.3% increase year-on-year. This marked the fifth consecutive quarter with revenue exceeding 100 billion yuan. Adjusted net profit for the quarter was 6.3 billion yuan, a decrease of 23.7% year-on-year.

8. On March 24, MIXUE GROUP (02097.HK) released its 2025 annual results. During the reporting period, the company achieved revenue of 33.56 billion yuan, a year-on-year increase of 35.2%. Gross profit was 10.45 billion yuan, up 29.7% year-on-year. Net profit attributable to owners of the parent company was 5.88 billion yuan, an increase of 32.7% year-on-year. On the same day as the results announcement, MIXUE GROUP issued an announcement regarding adjustments to the board of directors, board of supervisors, and senior management. The announcement stated that to coordinate resource allocation at a higher level, the original CEO, Zhang Hongfu, was appointed as a Co-Chairman of the group and will continue to serve as an executive director. To devote more time to focusing on the group's long-term sustainable development strategy, Zhang Hongfu has stepped down as CEO but will continue to participate in major group decisions. Zhang Yuan, the former Executive Vice President and Chief Financial Officer of the group, has succeeded as the group's CEO.

9. On March 24, Haidilao (6862.HK) announced its full-year 2025 results. Full-year revenue reached 43.225 billion yuan, a slight increase of 1.1% year-on-year. Affected by changes in table turnover rate and adjustments in product and service innovation models, Haidilao's annual profit, core operating profit, table turnover rate, and number of customers served fluctuated compared to the previous year. The announcement showed that Haidilao's core operating profit for the year was 5.403 billion yuan, down 13.3% year-on-year. Net profit was 4.042 billion yuan, a decrease of 14.0% year-on-year. Profit attributable to owners of the company was 4.05 billion yuan, calculated to be a decrease of approximately 14% year-on-year. The overall table turnover rate for self-operated Haidilao restaurants was 3.9 times per day. The company served over 380 million customers throughout the year, with average customer spending of 97.7 yuan.

10. On March 24, Nongfu Spring Co., Ltd. (Nongfu Spring, 9633.HK) released its 2025 fiscal year results. During the reporting period, Nongfu Spring's revenue reached 52.553 billion yuan, a year-on-year increase of 22.5%, surpassing the 500 billion yuan mark for the first time. Net profit attributable to owners of the parent company was 15.868 billion yuan, up 30.9% year-on-year, with both revenue and net profit exceeding expectations. Nongfu Spring proposed a final dividend of 0.99 yuan per share, totaling approximately 11.134 billion yuan.

11. On March 24 local time, it was reported that the US government, via Pakistan, presented Iran with a proposal containing 15 conditions for ending the conflict, covering nuclear programs, missile capabilities, and regional issues. It is understood that the US is considering pushing for a one-month ceasefire to facilitate further negotiations on these terms. The proposal is reportedly being advanced by advisors including Jared Kushner and Steve Witkoff.