Key developments impacting stock market sentiment.

**Macro News** 1. A spokesperson for the Ministry of Foreign Affairs, Lin Jian, presided over a regular press conference yesterday. When asked about media reports suggesting former President Trump had stated he might postpone a visit to China if assistance was not provided regarding escort missions in the Strait of Hormuz, Lin Jian responded that China noted the U.S. side had publicly clarified the inaccurate media reports, emphasizing the reports were completely erroneous and that the visit was unrelated to navigation issues in the Strait of Hormuz. 2. At the same press conference, Lin Jian was questioned about the European Union's announcement of sanctions against two Chinese companies and one Iranian company for allegedly launching cyber attacks against EU member states. Lin Jian emphasized China's firm opposition to the EU's illegal unilateral sanctions against Chinese entities and urged the EU to correct its erroneous actions, adopting a responsible and constructive approach to jointly maintain peace, stability, and prosperity in cyberspace. 3. The President of Iran issued a statement confirming the death of Ali Larijani, Secretary of Iran's Supreme National Security Council. The Islamic Revolutionary Guard Corps of Iran confirmed on the evening of March 17 local time that Gholam-Reza Soleimani, head of the Basij militia, had also been killed. 4. Former U.S. President Donald Trump expressed dissatisfaction with NATO during remarks at the White House on March 17 local time. Trump stated that whether the U.S. should withdraw from NATO is "certainly something we should think about."

**Industry News** 1. In response to inconsistent service quality and a lack of industry standards in the Generative Engine Optimization (GEO) field, which have led to various issues and potential risks, the China Advertising Association, in early March, initiated comprehensive standardization efforts by collaborating with industry experts, academic institutions, brand enterprises, legal service agencies, and other professional stakeholders. 2. Nvidia CEO Jensen Huang stated at the GTC conference on March 16 local time that an inflection point has arrived for the AI inference market. He indicated that AI is transitioning fully from the training phase to the inference and execution phase, with demand for inference computing power experiencing exponential growth. Nvidia will collaborate with the inference-focused startup "Grock" to launch an AI server system, thereby expanding its presence in the low-cost, low-latency inference computing sector to support a trillion-dollar computing market. 3. A fire broke out at the Shah natural gas field in the UAE on March 16 local time following a drone attack. According to the media office in the UAE capital, operations at the field have been suspended for safety reasons, and officials are assessing the damage. 4. The Civil Aviation Administration of China held its March Safety Committee plenary (expanded) meeting on March 17. The meeting emphasized that airlines must dynamically adjust capacity deployment to ensure aircraft remain in good airworthy condition. 5. The inversion in spot memory prices has intensified. Prices for low-capacity SSDs, memory modules, and LPDDR4X products increased this week. 6. According to the Center for Excellence in Molecular Cell Science, Chinese Academy of Sciences, a research team led by Cheng Xin, in collaboration with Professor Yin Hao's team from Shanghai Changzheng Hospital, has successfully achieved islet function reconstruction and autonomous blood glucose regulation in Type 1 diabetes patients. This was accomplished through minimally invasive transplantation of regenerative islets derived from both autologous and allogeneic stem cells, marking an international first. 7. At the Yabuli Forum, Wang Xingxing, a newly elected council member and founder of Yushu Technology, mentioned in a speech that while robots currently cannot outrun humans in a 100-meter race, it is expected that by mid-year, robots globally, particularly in China, will run faster than humans, "even faster than Usain Bolt." 8. Industry insiders recently revealed that city commercial banks previously required to clear their wealth management products by the end of 2026 may now operate these products normally, but must control their scale. Some regions require that the year-end balance not exceed the beginning-of-year balance. Insiders indicated that the parent bank's qualifications and the scale of wealth management business are two key aspects reviewed by financial regulators, with parent bank qualifications being critical for approval of wealth management subsidiaries. 9. The technology innovation sector is set to receive fresh capital inflows. It was reported that the China Securities Regulatory Commission recently approved a new batch of hard-tech themed fund products. A total of 15 products were approved on the same day, including 7 passive funds tracking the STAR-CHINEXT AI Index and 8 active funds benchmarked against the China Strategic Emerging Industries Index. 10. The China Satellite Navigation Office recently announced that the BeiDou Navigation Satellite System will undergo an in-orbit upgrade in the near future to optimize the working status of some satellites and provide better service. As BeiDou applications continue to expand, its high-precision spatiotemporal services are moving from "satellites in the sky" into everyday life scenarios. The National Development and Reform Commission stated that during the "16th Five-Year Plan" period, China will continue to implement the BeiDou large-scale application project, aiming to grow the BeiDou industry scale to over 10 trillion yuan within five years.

**Company News** 1. Fasten Group announced that if its stock price rises further, the company may apply to the Shenzhen Stock Exchange for a trading suspension and verification. 2. Injoinic announced that it faces a fine of 4 million yuan due to misleading statements about brain-computer interface chips made on an interactive platform on January 6. 3. YHLO announced it was fined 4 million yuan for involvement in information disclosure violations. 4. Fuyao Glass announced a net profit of 9.312 billion yuan for 2025, a year-on-year increase of 24%. 5. Joinn Laboratories announced that shareholders plan to adjust their combined reduction ratio from 4.1% to 3%. 6. Createk Information announced that the company was warned and fined 1.5 million yuan by the CSRC Hunan Bureau for inflating operating revenue in its 2023 interim report, among other issues. 7. Robotec announced that its subsidiary signed a mass production order for double-sided wafer testing equipment and services worth approximately 48 million yuan. 9. Sanfame announced that costs for existing orders have increased due to rising raw material prices, and rapid product price increases have somewhat weakened downstream customers' purchasing willingness. 10. Shijiazhuang Square Circuit stated on an interactive platform that it is currently experiencing rapid growth in shipments of PCB products related to Nvidia servers. 11. Avary Holding announced that its wholly-owned subsidiary plans to invest 11 billion yuan to build a high-end PCB project production base. 12. Qualcomm approved a $20 billion stock repurchase plan and will increase its dividend level.

**Global Markets** The three major U.S. stock indices closed collectively higher. The Dow Jones rose 0.1%, the Nasdaq gained 0.47%, and the S&P 500 increased by 0.25%. Major European stock indices also closed higher, with Germany's DAX 30 index rising 0.68%. International oil prices climbed. WTI crude futures settled at $96.21 per barrel, up 2.90%; Brent crude futures settled at $103.42 per barrel, up 3.20%.

**Investment Reference** 1. Institutions state that AI ASIC demand for HBM memory surges 35-fold in four years. According to media reports, Counterpoint Research predicts that AI server computing ASIC demand for HBM memory will reach 35 times the 2024 level by 2028, with the average HBM memory capacity also growing nearly fivefold during this period. Guosheng Securities stated that HBM, by breaking through the memory wall bottleneck, has become a major driver of growth in the DRAM market. Solving issues like bandwidth bottlenecks, high power consumption, and capacity limitations, HBM has become the mainstream choice for current AI chips. Yole expects the global HBM market size to grow from $17 billion in 2024 to $98 billion in 2030, representing a CAGR of 33%.

2. Japan's Mitsui Kinzoku plans to raise prices for ultra-thin copper foil for semiconductors. Mitsui Kinzoku recently announced that it has begun price negotiations with customers, intending to increase the price of its ultra-thin copper foil product MicroThin, used in AI servers and other applications, though the specific increase was not disclosed. Mitsui Kinzoku stated that in response to strong customer demand, it has begun increasing production of MicroThin, aiming to raise monthly capacity by 6% to 5.2 million square meters by fiscal year 2027, and further expand to 5.6 million square meters by fiscal year 2029. In 2025, Mitsui Kinzoku raised prices for its high-end copper foil by an average of about 15%, with other manufacturers also proposing increases, reflecting a supply-demand imbalance for high-end copper foil. Chen Xin of GF Securities believes that, considering the current tight supply and demand, domestic manufacturers are also expected to follow suit with price hikes. In terms of the products affected, it is anticipated that low HVLP yields and strong demand will squeeze capacity for RTF and HTE, which may also see price increases following HVLP, though the magnitude might be slightly lower than for HVLP.

**Trading Halts/Resumptions** [Halts] None [Resumptions] None

**Announcements Digest**

[Major Events] Avary Holding: Wholly-owned subsidiary plans 11 billion yuan investment to build high-end PCB project production base. Fasten Group: May apply for trading suspension verification if stock price rises further. Zhongfu Shenying Carbon Fiber: New carbon fiber product not expected to impact 2026 operating performance. Bomin Electronics: Terminates investment in Bomin Ceramic Substrate and IC Packaging Substrate Industrial Base project. Siglent Technologies: Releases new 7.5-digit high-precision digital voltmeter and 6.5-digit digital multimeter. Huitian New Material: Wholly-owned subsidiary experiences fire accident, temporarily suspends production and business. Saurer Intelligent Technology: Current production and operations are normal, no major changes occurred. Hongxing Development: Current daily operations and external environment have not undergone major changes. Guosheng Technology: Current stock price severely deviates from fundamentals, future decline risk exists. YHLO: Fined 4 million yuan for suspected information disclosure violations. Ingenic: Currently, prices for DRAM chips, Flash chips, and some computing chips have been adjusted. Zhongli股份: Plans to invest 350 million yuan to build an annual production capacity of 50,000 intelligent robots and 100,000 sets of forklift component new technology project. Sanfame (4 consecutive limit-ups): Rapid product price increases lead to weakened downstream customer purchasing willingness. Jinli Permanent Magnet: Wholly-owned subsidiary plans to invest up to 20.8 million yuan in Tianjin Chuangneng Fund. Meirui New Material: Plans mid-April shutdown for maintenance of special isocyanate unit. Lidao New Material: Plans approximately 280 million yuan investment for new battery aluminum foil expansion project. Faithful Precision: Preliminary inquiry transfer price set at 79.03 yuan per share. HBIS Resources: South African subsidiary's underground copper mining Phase 1 resumes production. Shapuaisi: Plans 528 million yuan acquisition of 100% equity in Shanghai Qinli. Yongda股份: UK wind power equipment tariff reduction policy provides substantive benefit for expanding overseas wind power business. Haoneng股份: Plans 400 million yuan investment for second phase of automotive differential assembly production base project. Jinguan Electric: Semiconductor ceramic substrate completes small sample R&D. Yangdian Technology: Subsidiary's related computing power business is still in early exploratory stage. Zhonghong Medical: Rising raw material costs may lead to price increases for some protective glove products. ST Jinhong: May apply for trading suspension verification if stock price experiences further abnormal rises. *ST Jingfeng: Applies to revoke delisting risk warning due to restructuring; other risk warnings remain. Xingyun Technology: Shareholders receive prior notice of administrative penalty. Oriental Yuhong: Wholly-owned subsidiary plans to acquire 100% equity of The Universal Hardware & Plastic Factory Limited for approximately 164.1 million HKD. Rongda Photosensitive: First high-end photosensitive dry film photoresist production line expected to complete construction in second half of 2026. Huadian Liaoneng: Current production and operations are normal, no major changes in daily operations.

[Financial Results] Sanchao New Material: 2025 loss of approximately 159 million yuan. Wanchen Group: 2025 net profit up 358.09%, proposes dividend of 8.5 yuan per 10 shares. HOB: 2025 net profit down 36.96%, proposes dividend of 2 yuan per 10 shares. Century鼎利: 2025 net profit of 15.4991 million yuan, turns profitable year-on-year. Shengxing股份: 2025 net profit down 27.44%, proposes dividend of 1 yuan per 10 shares. Fuyao Glass: 2025 net profit up 24.2%, proposes dividend of 1.2 yuan per share. Yinlong股份 (Performance快报): 2025 net profit of 366 million yuan, up 54.59%. Huahaichengke: 2025 net profit down 39.47%, proposes dividend of 1 yuan per 10 shares and capital reserve转增 of 4.8 shares per 10 shares. Sinopharm一致 (Performance快报): 2025 net profit up 76.8%. Huahan Biology: 2025 net profit down 30.13%, proposes dividend of 0.16 yuan per share. Xinhan New Material: 2025 net profit up 19.02%, proposes dividend of 1 yuan per 10 shares and capital reserve转增 of 3 shares per 10 shares. Shimao Energy: 2025 net profit up 0.38%, proposes dividend of 6 yuan per 10 shares. Honghe Technology: 2025 net profit down 76.67%. Zhongxinsai克: 2025 net profit up 15.83%, proposes dividend of 4 yuan per 10 shares.

[Shareholding Changes] Jinhui银河: Shareholder Haihui Fortune plans to reduce holdings by up to 4.31%. Topstar: Shareholder plans to reduce holdings by up to 0.8913%. Hotata: Shareholder Hou Pengde plans to reduce holdings by up to 3%. Jiangsu Cable: Shareholder Shijingcheng Communication plans to reduce holdings by up to 8.7444 million shares. Vastitude智控: Controlling shareholder plans to reduce holdings by up to 2%. SonoScape: Plans 100 million to 200 million yuan share repurchase. Hualv Biology: Shareholder Suqian Huaxin plans to reduce holdings by up to 1%. Anfu Technology: Shareholder plans to reduce holdings by up to 2.5049 million shares. Wisdom Micro: Shareholder GZPA plans to reduce holdings by up to 1.25%. Bright Meat Industry: Controlling shareholder plans to reduce holdings by up to 1.99%. Huali股份: Shareholder plans to reduce holdings by up to 1%. Huadian Liaoneng: Shareholder Energy Investment Group plans to reduce holdings by up to 1%.

[Major Contracts] Tgood: Collectively pre-qualified for 121 million yuan in new energy projects. Haili Wind Power: Signs 1.085 billion yuan sales contract to supply wind turbine foundation jackets, ancillary components, and related services. Qinglong Pipe Industry: Signs 54.3586 million yuan contract. Robotec: Wholly-owned subsidiary signs 6.0809 million euro mass production order for double-sided wafer testing equipment and services.