【Two Sessions Focus】 The schedule for the Two Sessions today includes deliberations and discussions on the government work report, as well as the review and discussion of the draft outline for the 15th Five-Year Plan. On the morning of the 6th, all delegations of the 14th National People's Congress (NPC) Fourth Session held plenary meetings to review the draft outline for the 15th Five-Year Plan. In the afternoon, delegations held group meetings for representatives to deliberate on the government work report and review the draft outline. The 14th National Committee of the Chinese People's Political Consultative Conference (CPPCC) Fourth Session held joint group meetings by sector and group meetings throughout the day on the 6th. The morning session involved discussions on the government work report and deliberations on the CPPCC Standing Committee work report. The afternoon session involved discussions on the draft outline for the 15th Five-Year Plan and deliberations on the CPPCC Standing Committee work report. A press conference on economic topics is scheduled for 3:00 PM on the 6th, featuring Zheng Shanjie, Lan Fo'an, Wang Wentao, Pan Gongsheng, and Wu Qing responding to media inquiries. The 14th NPC Fourth Session will hold a press conference at 3:00 PM on Friday, March 6, 2026, at the Media Center press hall. Officials including the Minister of National Development and Reform Commission Zheng Shanjie, Minister of Finance Lan Fo'an, Minister of Commerce Wang Wentao, Governor of the People's Bank of China Pan Gongsheng, and Chairman of the China Securities Regulatory Commission Wu Qing will answer questions from domestic and foreign journalists regarding development and reform, fiscal budgets, commerce, finance, and securities.
【Top News】 Middle East conflict continues to escalate! Crude oil prices surge, Dow Jones plunges over 1,100 points. Iran refutes claims of blocking the Strait of Hormuz, prepares for potential US ground operations, and refuses further negotiations with the US. Iran claims its drones hit the US aircraft carrier USS Lincoln and its missiles struck a US oil tanker. The Iranian Foreign Minister stated they are waiting for a potential US ground invasion, expressing confidence in their defense capabilities and warning it would be a disaster for the US, seeing no reason for further talks. Iran's permanent mission to the UN called statements about blocking the Strait of Hormuz baseless and absurd. The Israeli military stated it is entering the next phase of operations, aiming to increase damage to the foundations of the Iranian regime and its military capabilities. The US is reportedly allocating additional resources to support the war effort for "at least 100 days, possibly until September." Former US President Donald Trump stated he must be involved in determining Iran's next Supreme Leader, with reports suggesting he seeks Kurdish assistance for operations in Iran. Italy stated it does not plan to participate in the war, while the UK is assisting Gulf states in defending against Iran; Qatar reported being attacked by Iran. Trump stated he would not accept the son of Khamenei as Iran's new leader, insisting, "I must be personally involved in the appointment." Trump also warned that if Iran produces a new leader who "continues Khamenei's policies," it would force the US to "return to war within 5 years." According to a report from Iran's Tasnim News Agency on the 5th, Iran's Deputy Foreign Minister Ravangchi stated in an interview with US media that following the death of Khamenei in an attack, Iran has established a new three-person body responsible for state affairs until a new Supreme Leader is elected. The election will follow Iran's constitutional procedures. Separately, reports from multiple media outlets including the Islamic Republic News Agency on the 4th indicated that Iran has identified several candidates for Supreme Leader and will soon select one from among them.
Chinese airlines have resumed some flights to the Middle East. Due to the impact of military strikes by the US and Israel against Iran, flight operations in many Middle Eastern countries have been severely affected. It was learned from the Civil Aviation Administration that, based on safety assessments, Chinese airlines have now resumed some flights between China and the Middle East. On March 2nd and 4th, Hainan Airlines successfully operated two round-trip flights between Haikou and Jeddah, Saudi Arabia.
The US plans to extend AI chip export controls globally, requiring licenses for exports from companies like Nvidia and AMD. Citing informed sources, media reports indicate that US officials have drafted regulatory proposals aimed at restricting global shipments of AI chips without US approval. The legislation would grant Washington broad authority to determine whether, and under what conditions, other countries can build facilities for training and running AI models. The proposed regulations would require companies to apply for US licenses to export almost all AI accelerators produced by companies like Nvidia and AMD. This would extend current control measures, which cover approximately 40 countries, to a global scope.
CME Group lowers margin requirements for gold and silver futures. CME Group reduced the initial margin for its COMEX 100 gold futures from 9% to 7%, and lowered the initial margin for its COMEX 5000 silver futures from 18% to 14%.
Incremental funds pour into equity ETFs, with nearly 38 billion yuan in net inflows over two days. Amid recent market volatility, significant capital has entered the market through equity ETFs. In just two trading days, equity ETFs saw net inflows of nearly 38 billion yuan, with the share volumes of multiple ETFs hitting record highs since their listing. Simultaneously, new ETFs continue to be launched密集, and foreign capital also showed a net inflow trend. In the view of many institutions, the long-term allocation value of Chinese equity assets is becoming apparent.
"Optics replacing copper" in data centers? Multiple listed companies布局 Micro LED optical connectivity, industry calls it a "critical path." Market reaction is related to the new "possibilities" brought by AI's further development for MicroLED. The aforementioned report stated, "According to the latest survey by TrendForce, with the rise of generative AI, data centers' demand for high-speed transmission continues to increase. The copper cable solution originally used for short-distance transmission within racks faces severe challenges in terms of transmission density and energy efficiency. In contrast, the Micro LED CPO solution has lower energy consumption per unit of transmission, potentially reducing overall energy consumption to 5% of that of copper cable solutions, and is expected to become a replacement optical interconnection solution leveraging its energy efficiency advantage."
People's Daily: Perspectives on this year's economic growth target. "Maintaining within a reasonable range" and良性 growth are precisely necessary for healthy development. Economic growth is a fundamental, comprehensive indicator with strong correlations. Everything from employment opportunities to education funding and social security expenditures is related to it. A certain rate of economic growth is both a prerequisite for high-quality development and the foundation for improving people's livelihoods. From a current perspective, it must be able to support goals such as stabilizing employment, stabilizing markets, and benefiting livelihoods. From a long-term perspective, it must align with medium-to-long-term goals and远景 targets. This year marks the beginning of the 15th Five-Year Plan period.推算 based on the goal of "reaching the level of a moderately developed country in terms of per capita GDP by 2035," the average annual growth rate needed for the next 10 years is approximately 4.17%. This year's target being set above this level demonstrates proactiveness and initiative in striving forward.
Oil and gas themed funds step hard on the "accelerator," risk warnings urgently apply the "brakes" to cool down. Affected by the escalation of the Middle East situation over the weekend, international oil prices surged significantly. The A-share market's oil and gas sector also experienced collective sharp gains in the past two days. On March 2nd, the CSI Oil & Gas Industry Index, CSI Oil & Gas Resources Index, and SZSE Oil & Gas Index opened high and moved higher, closing up 7.63%, 9.18%, and 8.30% respectively by the end of the day. Multiple oil and gas themed ETFs traded on the market, such as the Fullgoal S&P Oil & Gas Exploration & Production Select Industry ETF (QDII) and the Harvest S&P Oil & Gas Exploration & Production Select Industry ETF (QDII), saw collective daily limit gains.
Sudden plunge! Major news from the Strait of Hormuz! The Europe route containerized freight index experiences a sharp decline. Just before the A-share market close, positive news emerged from the Strait of Hormuz: On the morning of the 5th local time, Amir Heidari, Deputy Commander of Iran's Khatam al-Anbiya Central Headquarters, stated in an interview that Iran has not blocked the Strait of Hormuz. Heidari said that Iran is currently handling ships passing through the strait according to international rules and established agreements. Additionally, the Islamic Revolutionary Guard Corps of Iran stated that military and commercial vessels belonging to the US, Israel, European countries, and their supporters are strictly prohibited from passing through the Hormuz sea area. If discovered, they will be attacked.
US permits Russian oil company transactions in Germany, despite sanctions on Russia. The US issued a "general license" on Thursday, exempting transactions related to the German subsidiary of a Russian oil company from US sanctions. The US Treasury Department announced it would impose sanctions on the Russian oil company. This will provide Berlin with the clarity needed regarding the future of these operations. The license has no expiration date, replacing a license originally set to expire on April 29th. The extension of the existing US sanctions exemption reduces the risk of disruption to German refining operations amid escalating Middle East conflicts that are disrupting global energy markets. After the Russia-Ukraine conflict shattered Berlin's decades-long energy relationship with Russia, Germany placed the local subsidiary of the Russian oil company under trusteeship in 2022. These assets include shares in the PCK Schwedt refinery, a major fuel supplier to the capital region. According to letters seen, the refinery's management privately warned the German government in January that US sanctions were affecting its business.
【Featured Companies】 BYD launches second-generation Blade Battery: 5 minutes to "charge ready," 9 minutes to "charge full." Wang Chuanfu, Chairman and President of BYD, stated at the launch event for BYD's second-generation Blade Battery and flash charging technology that the second-generation Blade Battery can charge from 10% to 70% in just 5 minutes, and from 10% to 97% in just 9 minutes. In an environment of -20°C, charging from 20% to 97% takes less than 12 minutes.
Alibaba denies rumors of core large model team collectively resigning: Team is stable, services normal, no commercialization KPIs set. On March 5th, regarding recent online rumors about Alibaba's "Qwen model core team collectively resigning" and "adjustments to open-source strategy," Alibaba Group stated to the press: 1. Currently, the Qwen model team is stable; there has been no "collective resignation," and all products and services are operating normally. 2. Qwen will adhere to its open-source strategy. The fundamental model team has never been set commercialization KPIs like DAU; the goal of the Qwen large model is to continuously pursue the upper limit of model intelligence and achieve AGI. 3. Alibaba sincerely welcomes top global AI talent to join and jointly build world-class large model technology and an open-source ecosystem. Alibaba will continue to increase investment, provide solid support for the Qwen team, and courageously climb the peaks of technology.
ENN Natural Gas adjusts two LNG long-term purchase and sale agreements: one terminated, one "discounted." After market hours on March 5th, ENN Natural Gas disclosed new developments regarding two liquefied natural gas (LNG) long-term purchase agreements signed by its subsidiaries with Energy Transfer LNG Export, LLC and Cheniere Marketing, LLC. One purchase contract was terminated as it failed to meet生效 conditions. An LNG purchase contract for 1.8 million tons/year was adjusted to 900,000 tons/year, to be executed starting from 2026 for a term of 20 years. This development marks a key step for ENN Natural Gas in optimizing its overseas LNG resource layout and also reflects changes in the current global LNG supply and demand landscape.
【Industry Hotspots】 Government work report首次 mentions computing-power coordination; why is this "new infrastructure" important? Guosheng Securities: EIC (Electrical-to-Optical? Note: Likely refers to Electro-Optical or related chip) is the core hub of optical communication, domestic share expected to increase. MIIT will vigorously promote "AI + manufacturing" this year, industrial intelligence赛道迎来 strong catalyst. Commodities summary: Oil prices surge, copper and gold prices fall. Rapid AI development boosts demand; institutions say MLCC price increase cycle有望延续至 2026.
【Market Strategy】 Li Zhan, Chief Economist of the Research Department at China Merchants Fund, recently shared market views, stating that standing at the beginning of the "15th Five-Year Plan" period, economic growth in 2026 is expected to show a trend of "stability with improvement, structural optimization." Under the current macroeconomic backdrop, the A-share market is also supported by core factors such as steady economic recovery, improving corporate profits, and ample liquidity. Market investment may revolve around three main themes: technological innovation, strategic emerging industries & green transformation, and domestic demand recovery. Regarding the macroeconomy, Li Zhan believes that 2026 economic growth is expected to achieve a steady start, presenting a trend of "stability with improvement, structural optimization." Benefiting from the发力 of the strategy to expand domestic demand, precise policy滴灌, the协同发力 of consumption recovery and effective investment, and the continuous empowerment of technological innovation and industrial upgrading, the annual economic growth rate is expected to remain within a reasonable range. Although challenges such as external environment uncertainty and uneven domestic demand recovery remain, the policy dividends and industrial dividends of the "15th Five-Year Plan"开局 will be gradually released, and the endogenous momentum of economic development will continue to strengthen. Notably, when discussing expectations for subsequent economic development, Li Zhan stated that, standing at the beginning of the "15th Five-Year Plan," the core expectation is to achieve "effective qualitative improvement and reasonable quantitative growth." It is hoped that through the "15th Five-Year Plan," the economy will be propelled from high-speed growth to high-quality development, structural contradictions will be resolved, with a key focus期待 on the deep integration of technological innovation and industrial upgrading, the accelerated cultivation of strategic emerging industries and future industries, while simultaneously strengthening the bottom line of livelihood security, achieving the协同推进 of economic growth, employment improvement, and green transformation, and enhancing the resilience and sustainability of economic development. In 2025, China's stock market明显回暖, with A-share market valuations overall抬升. Since entering 2026, the A-share market has also shown a震荡向上 trend overall. In Li Zhan's view, current overall A-share valuations are within a reasonable range and possess certain investment value, with the core support being steady economic recovery, improving corporate profits, and ample liquidity. From a medium-to-long-term perspective, A-shares will present a trend of "primarily结构性行情, long-term upward." As the "15th Five-Year Plan" advances, targets related to technological innovation and industrial upgrading will continuously release value, market valuation structures will further optimize, and the entry of long-term funds will also enhance market stability. Simultaneously, Li Zhan stated that the 2026 A-share market investment主线 will revolve around the guidance of the "15th Five-Year Plan" and industrial trends, focusing on three major areas: First, the technological innovation主线, including AI applications, semiconductors, commercial aerospace, etc., benefiting from policy support and technological breakthroughs; Second, the strategic emerging industries and green transformation主线, covering new energy, energy storage, environmental protection, etc., aligning with the "dual carbon" goals and industrial upgrading needs; Third, the domestic demand recovery主线, including consumption upgrading, high-end manufacturing going global, etc., relying on the dividends of economic recovery to achieve valuation repair. These areas will be key investment opportunities to focus on throughout the year.
【Announcements Digest】 【Trading Halt】 None 【Trading Resumption】 None 【Major Events】 China Merchants Energy Shipping: New-generation energy-saving and environmentally friendly AFRAMAX tanker "Kai Po" delivered. China Merchants Energy Shipping announced that the new-generation energy-saving and environmentally friendly AFRAMAX tanker "Kai Po," ordered by the company from Dalian Shipbuilding Industry Co., Ltd., was delivered in Qinhuangdao, Hebei on March 5, 2026. This is the second of two such tankers approved for construction in May 2023. The delivery of the "Kai Po" will optimize the structure of the company's tanker fleet, enhance the scale of its AFRAMAX fleet and customer service capabilities, and strengthen synergy with the VLCC fleet, promoting continuous improvement in energy-saving and carbon reduction indicators. As of the announcement date, the company has 14+1 tanker orders on hand, scheduled for delivery between 2027 and 2028.
Tongguang Cable (2 consecutive limit-ups): Current operating conditions and internal/external operating environment have not undergone major changes; no major undisclosed matters exist. Tongguang Cable issued a volatility announcement stating that the cumulative deviation of the company's stock closing price over two consecutive trading days reached 30%, constituting a stock trading异常波动. The company's current operating conditions and internal/external operating environment have not undergone major changes. Upon verification, the company, its controlling shareholder, and actual controller have no major undisclosed matters concerning the company, or matters in the planning stage. The controlling shareholder and actual controller did not trade the company's stock during the异常波动 period.
Nationstar Opto: Passes re-certification as a High-Tech Enterprise. Nationstar Opto announced that it recently received the "High-Tech Enterprise Certificate" jointly issued by the Guangdong Provincial Department of Science and Technology, the Guangdong Provincial Department of Finance, and the State Taxation Administration Guangdong Provincial Tax Service. The certificate number is GR202544003922, issued on December 19, 2025, valid for three years. Following this re-certification, the company can continue to enjoy relevant national preferential tax policies for high-tech enterprises for three consecutive years (i.e., 2025-2027), meaning it will pay enterprise income tax at a reduced rate of 15%.
Sino Gas & Energy Intends to use up to 800 million yuan in idle own funds for entrusted wealth management. Sino Gas & Energy announced that at the 17th meeting of its 6th Board of Directors held on March 5, 2026, it reviewed and passed a proposal to use up to 800 million yuan of idle own funds for entrusted wealth management. The funds can be used滚动循环, with the quota valid for 12 months from the date of board approval. The investment method involves purchasing various wealth management products with high safety and good liquidity issued by financial institutions such as banks, securities companies, trust companies, and fund management companies.
【Performance Review】 Zhongke Environmental Protection: 2025 net profit 382 million yuan, up 19.04% year-on-year. Zhongke Environmental Protection released an earnings快报. The company achieved operating revenue of 1.873 billion yuan in 2025, a year-on-year increase of 12.62%; net profit attributable to shareholders of the listed company was 382 million yuan, a year-on-year increase of 19.04%.
Fujian Castech Crystals (Crystal-optech?): 2025 net profit 262 million yuan, up 19.88% year-on-year. Fujian Castech Crystals released an earnings快报. In 2025, the company achieved operating revenue of 1.156 billion yuan, a year-on-year increase of 32.05%; net profit attributable to shareholders of the listed company was 262 million yuan, a year-on-year increase of 19.88%; basic earnings per share were 0.56 yuan. During the reporting period, the company continuously optimized its product structure, improved production efficiency, actively expanded domestic and international markets, and secured high-quality orders. The ultra-precision optical components business achieved rapid growth, with business scale and profitability continuing to improve.
Gehua Cable: Achieved turnaround to profitability in 2025 with net profit of 34.3131 million yuan. Gehua Cable announced that it achieved operating revenue of 2.220 billion yuan in 2025, a decrease of 4.08% compared to the same period last year; it achieved a net profit attributable to shareholders of the listed company of 34.3131 million yuan. Although main business revenue declined, the company最终 achieved a turnaround to profitability through increased co-construction and sharing efforts, increased network resource leasing revenue, and growth in investment income and gains from asset disposal.
【Share Repurchases】 Hainan Huatie: Cancels 7.88598 million repurchased shares on March 6. Hainan Huatie announced that on March 6, 2026, it canceled 7.88598 million repurchased shares held in the special securities account for repurchases, accounting for 0.39% of the total share capital before cancellation. After cancellation, the company's total share capital will decrease from 2.002 billion shares to 1.995 billion shares. The shares repurchased by the company in 2022 were originally intended for employee持股 plans or equity incentives but were later changed to cancellation and reduction of registered capital. This cancellation will not have a major impact on the company's finances or operations, nor will it lead to changes in the controlling shareholder, actual controller, or shareholding distribution.
Donghong股份: Conducts first share repurchase of 0.14% of company shares, total transaction amount 5.3669 million yuan. Donghong股份 announced that on March 5, 2026, the company repurchased 400,000 of its own shares for the first time via集中竞价交易, accounting for 0.14% of the total share capital. The highest repurchase price was 13.5 yuan/share, the lowest was 13.31 yuan/share, and the total transaction amount was 5.3669 million yuan (excluding transaction fees).
【Shareholding Changes】 Shaanxi Blackcat: Actual controller's reduction of shareholding results in equity change reaching the 1% threshold. Shaanxi Blackcat announced that on March 4, 2026, the company's actual controller, Li Baoping, reduced his holding by 32.79227 million shares via大宗交易, a reduction ratio of 1.61%. The source of the shares was增持 through集中竞价 from August 2024 to January 2025. The combined shareholding ratio of Li Baoping and his一致行动人 decreased from 51.79% to 50.19%,触及 the 1% threshold. This reduction did not violate relevant commitments, does not trigger a mandatory offer, will not lead to changes in the controlling shareholder or actual controller, and has no major impact on corporate governance or operations.
Lijia Tech: Multiple shareholders intend to reduce their holdings. Lijia Tech announced that Yichang Tongchuang Asset Management Partnership intends to reduce its holding by no more than 863,900 shares (1.0000%); Gao Shuxun and 2 others each intend to reduce no more than 67,600 shares (0.0783%); Zhang Ji intends to reduce no more than 42,250 shares (0.0490%); Chen Ping and Ju Ming each intend to reduce no more than 21,125 shares (0.0245%); Yang Yang intends to reduce no more than 16,900 shares (0.0196%). Yichang Tongchuang and Gao Shuxun plan to reduce via集中竞价 or大宗交易 within 3 months after 30 trading days; other shareholders plan to reduce via集中竞价 within 3 months after 15 trading days.
【Major Contracts】 *ST JianYi: Controlled subsidiary wins 159 million yuan villa project bid. *ST JianYi announced that its controlled subsidiary, Guangdong Jianxing Construction Group Co., Ltd., won the bid for the Jiangnan An Suiyuan Villa Project. The tendering entity is Zhuhai Zhongliang Real Estate Investment Co., Ltd., with a winning bid amount of 159 million yuan.
JCHX Mining Management: Signs contract for underground copper system development project. JCHX Mining Management announced that it signed a contract with Jiangxi Copper Group Yinshan Mining Co., Ltd. for the development工程 of the -578m level and -678m level of the underground copper system (Lot 2). The contract amount is approximately 166 million yuan (excluding tax), with a total工期 of 1651 calendar days. This contract is part of the company's routine operations and will have a certain impact on performance, benefiting the company's future business development.
Samsung Medical: Subsidiary signs 949 million yuan transformer framework contract with Dutch utility Enexis. Samsung Medical announced that its wholly-owned subsidiary, Samsung Sweden, signed a transformer framework contract with Dutch utility Enexis to supply oil-immersed transformer products. The total contract amount is 117 million euros, approximately equivalent to 949 million RMB. This contract amount represents 6.50% of the company's audited operating revenue for 2024 and is expected to have a positive impact on operating performance. The contract履行 may face risks such as adjustments in international trade policies and monetary policies.
Hengshang Energy Saving: Wins 479 million yuan curtain wall subcontract project bid. Hengshang Energy Saving announced that it recently received a winning bid notice from Shanghai Nantan Urban Construction Development Co., Ltd. The project name is the South Bund Financial Center Curtain Wall Subcontract Project, with a winning bid amount of 478.7931 million yuan and a planned implementation period of approximately 623 calendar days. The contract amount for this curtain wall project represents about 22.17% of the company's 2024 operating revenue.
Yinlun: Secures international customer nomination, estimated annual sales of 131 million USD. Yinlun announced that its wholly-owned subsidiary, YINLUN TDI, LLC, received a nomination notice from a renowned international machinery and equipment company, securing a project for a gas generator exhaust emission treatment system. Supply is expected to begin in the fourth quarter of 2026, with estimated annual sales of approximately 131 million USD. The project will be implemented at the Monterrey plant in Mexico, which will enhance the company's competitiveness in the North American market and positively impact business expansion in the power energy sector. However, the actual sales amount is related to factors such as customer product output and carries uncertainty.
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