Coke prices are scheduled to increase in several Chinese regions including Shandong. Markets such as Weifang, Binzhou, Dezhou, Jining, Zaozhuang, Heze, Rizhao, Tai'an, and Linyi will see wet-quench coke prices rise by 50 yuan per ton and dry-quench coke by 55 yuan per ton. Similar adjustments are planned in Xingtai and Yuncheng, effective from March 25. GF Securities noted that expectations of tighter coal exports from Indonesia, combined with Middle East geopolitical risks, are driving international coal prices upward. If crude oil and natural gas prices continue to climb due to ongoing conflicts, global coal demand could rise through coal chemical and coal power pathways, widening the price gap between domestic and international coal. Higher international coal prices are expected to provide strong support for domestic coal markets, creating an environment where prices are more likely to increase than decrease.

In market trends, WTI crude futures fell 9.53% to $88.87 per barrel. U.S. stocks closed higher with the Dow Jones Industrial Average up 1.38%, the S&P 500 rising 1.15%, and the Nasdaq Composite gaining 1.38%. Tech stocks broadly advanced, with Broadcom up over 4%, and Oracle and Tesla rising more than 3%. Memory chip maker Micron Technology dropped over 4%. Most popular U.S.-listed Chinese stocks closed higher, with the Nasdaq Golden Dragon China Index up 0.86%. XPeng and NIO both gained over 7%. The Hang Seng Index ADR rose 2.54% to 25,001.99 points. COMEX gold futures fell 3.60% to $4,410.4 per ounce.

In corporate highlights, CMAB-B (02162) announced that its portfolio company Ouro Medicines was acquired by Gilead, potentially generating up to $320 million in proceeds. ZA (01538) issued a profit alert, expecting FY2025 net profit attributable to shareholders to increase over 9% to between 97 million and 100 million yuan. Rongchang Biotechnology (09995) received NMPA approval for its drug RC48 for a new breast cancer indication, marking its fourth approved indication in China. BOE Varitronix (00710) reported 2025 revenue of approximately 13.96 billion港元, up about 4%, but net profit attributable to shareholders fell about 12% to 345 million港元, with a final dividend of 15.3港仙 per share. NagaCorp (03918) announced 2025 results with net profit surging approximately 183% to about $310 million and a final dividend of 1.09 US cents per share. China Oriental (00581) expects 2025 net profit to increase 20%-40% to 270-315 million yuan, despite weak downstream demand, due to falling raw material costs and improved operations. Kelun-BT Biopharma (06990) reported annual revenue of 2.06 billion yuan, up 6.46%, with several products receiving marketing approval and three included in the National Reimbursement Drug List. YSB (09885) posted annual revenue of 20.97 billion yuan, up 17.13%, with net profit attributable to shareholders soaring 409.66% to 153 million yuan. WuXi AppTec (02359) reported 2025 revenue of 45.46 billion yuan, up 15.8%, with net profit attributable to shareholders jumping 105.2% to 19.2 billion yuan and a proposed dividend of 1.57927 yuan per 10 shares.

In IPO gray market trading, Zejing (02632) closed up 1.04% at 44.66港元 per share, while Galaxy Technology (02729) surged over 82% to 30.42港元 per share.

CALB (03931) is positioned to benefit from steady growth in global energy storage demand. Morgan Stanley recently highlighted that the real bottleneck in AI development is shifting from computing power to electricity, with energy storage systems becoming critical infrastructure. CALB has made significant progress on two major energy storage battery projects, which upon completion will add 86GWh of annual production capacity for power and storage batteries, with total investment exceeding 22 billion yuan. With the energy storage industry experiencing strong growth and new energy storage being designated a national emerging pillar industry, 2026 is expected to be a major year for CALB's capacity expansion.