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**Top Headlines** Iran has responded to a 15-point US ceasefire proposal, with the US Secretary of State reporting progress in negotiations, although former President Trump denied any rush to reach an agreement. Trump also revealed what he referred to as a "major gift" from Iran, mentioned two days prior: permission for ten oil tankers to transit the Strait of Hormuz. Reports indicate these tankers were flying the Pakistani flag. Trump claimed this gesture demonstrated Iran's sincerity in negotiations, proving the US was "talking to the right people." Neither he nor the White House provided detailed explanations regarding the vessels. Iran has previously emphasized that the Strait of Hormuz is closed only to the US and its allies, allowing safe passage for ships from friendly nations. When questioned by reporters about potential US actions to control Iranian uranium enrichment, Trump declined to comment, calling the question "ridiculous." He also stated that controlling Iranian oil exports was "an option," but detailed discussion was not appropriate at the current time.

**Uncertain US-Iran Talks Weigh on Markets; S&P and Nasdaq Post Largest Single-Day Drops Since Conflict Began** Due to uncertainties surrounding the prospects of US-Iran negotiations, international crude oil futures surged significantly on the 26th, while the three major US stock indices in New York fell sharply. Influenced by market concerns about inflation, international gold and silver prices declined substantially. At the close, the Dow Jones Industrial Average was down 1.01%, the S&P 500 index fell 1.74%, and the Nasdaq Composite dropped 2.38%. The May delivery light crude oil futures contract on the New York Mercantile Exchange settled at $94.48 per barrel, up 4.61%. The May delivery London Brent crude oil futures contract settled at $108.01 per barrel, up 5.66%.

**Chinese Academy of Sciences Launches R&D for Next-Gen Open-Source Chips and Systems** The Chinese Academy of Sciences officially announced a series of key achievements in RISC-V technological breakthroughs, industrial collaborative innovation, and talent cultivation. It集中 released two major outcomes: the "Xiangshan" open-source processor and the "Ruyi" native operating system, and formally initiated joint research and development for the next generation of chips and operating systems. Experts explained that RISC-V is a globally free and open chip instruction set architecture, akin to a "universal standard" in the chip industry. It does not require royalty payments, can be modified independently, and is a crucial pathway for China to break through existing chip ecosystems and develop controllable computing power.

**Social Security Fund's 31.5 Billion Yuan Holdings Revealed; Top 10 Companies by Market Value Disclosed (List)** Among the 419 listed companies that have disclosed their annual reports, the Social Security Fund (including basic pension fund investment portfolios) appeared in the top ten circulating shareholders of 77 companies, holding a combined 193 million shares with a total market value of 31.54 billion yuan.

**Google Paper Triggers Storage Chip Sell-off! AI Memory Demand Plummets 6x, Inference Soars 8x** A Google research paper reportedly caused major storage chip makers to 'collectively lose sleep,' wiping hundreds of billions from their market value overnight! A recent official blog announced the TurboQuant algorithm, which directly compresses cache to 3-bit, reducing memory usage to just one-sixth. A single paper has stirred a trillion-dollar market, causing upheaval in the storage chip sector... Few anticipated that at the opening of US markets this Wednesday, the storage chip segment would experience a 'dark moment,' with major stocks all declining—at the close, Micron Technology was down 4%, Western Digital fell 4.4%, Seagate dropped 5.6%, and SanDisk plunged 6.5%. The trigger for this selling earthquake was precisely the TurboQuant compression algorithm released by Google.

**Multiple Leading Companies Release Annual Reports; A-Shares See Large Dividends Again, Proposing 70 Yuan per 10 Shares!** Meituan-W's (03690.HK) 2025 annual report shows the company achieved operating revenue of 364.9 billion yuan, an increase of 8% year-on-year; however, it reported a net loss of 23.4 billion yuan for the year, turning from a profit of 35.8 billion yuan in 2024 to a loss. The core local commerce segment reported an operating loss of 6.9 billion yuan. The food delivery battle that began in the second quarter of 2025 not only reversed Meituan's profitability curve but also reshaped the competitive landscape of the domestic local life services sector. The once stable duopoly in food delivery was disrupted as Alibaba and JD.com entered the fray with their e-commerce ecosystem resources, plunging the industry into a costly, close-quarters battle.

**'Token' Ignites Capital Enthusiasm; Brokers Explore 'Token Economy' Investment Theme** With "Token" officially receiving its Chinese name "词元" (Cíyuán), the capital market has seen a surge of interest in "Token Economy" investments. At the recently held China Development Forum 2026, National Data Bureau Director Liu Liehong used "词元" as the Chinese translation for Token in his speech. According to Liu Liehong, in early 2024, China's average daily Token calls were 100 billion; by the end of 2025, this figure jumped to 100 trillion; and in March of this year, it exceeded 140 trillion, representing growth of over a thousand times in two years. Liu stated that Token "词元" is not only a value anchor in the intelligent era but also a "settlement unit" connecting technological supply and commercial demand, providing a quantifiable possibility for business model implementation. The industry has also released strong signals. Just last week, NVIDIA CEO Jensen Huang introduced the concept of "Token Factory Economics" at the GTC conference, stating that Tokens will be the new commodity of the AI era, future data centers will become factories producing Tokens, and performance-per-watt will become the core competitiveness for commercial monetization.

**Public Fund Scale Exceeds 38 Trillion Yuan for First Time; Where is the Money Flowing?** The latest data from the Asset Management Association of China shows that as of the end of February 2026, the total scale of public funds in China exceeded 38 trillion yuan for the first time, reaching 38.61 trillion yuan. This marks the 11th consecutive month that public fund scale has hit a record high. In just one month, the scale of public funds grew by over 800 billion yuan, a month-on-month increase of 2.2%. However, behind this impressive report card, profound changes are quietly occurring in the structural flow of funds. On one hand, steady products continue to "attract money," with fixed-income funds and "fixed-income plus" funds being the main drivers of growth; on the other hand, equity funds have seen a rare decline in scale. Additionally, the scale of Fund of Funds (FOF) grew by 12.28% month-on-month, far exceeding the growth rate of other fund types and continuing to lead.

**Surge Over 75%! Supply Disruption Risk Sends Chemical Product Price Soaring** The continuous rise in bromine prices is mainly influenced by multiple factors including domestic supply contraction,受阻 international imports, cost pass-through, and demand support. As a widely used downstream chemical, bromine is primarily produced from seawater and underground brine. Domestic bromine production capacity is highly concentrated in the Bohai Rim region, with Shandong province accounting for over 80% of capacity. However, affected by declining brine resources, capacity utilization has long been insufficient. Brine reserves in Laizhou Bay, Shandong, have decreased by 70% from their peak, and bromine production plummeted from 135,500 tons in 2014 to 63,500 tons in 2025, a drop of over 53%. Simultaneously, environmental policies and seasonal controls have further tightened supply. Major production areas like Weifang, Shandong, implemented mandatory winter production stoppages and restrictions, leading to full or partial shutdowns of bromine producers in the region. Although production gradually resumed after the restriction period, the bromine content in the brine has not returned to normal levels, resulting in persistently low output and generally low inventory levels for companies.

**Guangzhou & Shenzhen Luxury Homes Over 30 Million Yuan See Transaction Growth Exceed 100%, Surpassing Beijing & Shanghai** As the first quarter of 2026 draws to a close, the luxury residential markets in the four first-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen) are experiencing a significant reshuffle, with market divergence becoming increasingly apparent. According to CRIC data, as of March 22, the net signings for high-end residential properties with a total price exceeding 30 million yuan in first-tier cities increased by 14% year-on-year, showing an independent trend against the broader market. In contrast, transactions for commodity residential properties over 10 million yuan (excluding serviced apartments) fell by 37% year-on-year, indicating opposite trajectories for the mid-to-high-end and ultra-luxury markets. Among them, the luxury markets in Guangzhou and Shenzhen experienced explosive growth, with year-on-year transaction growth rates both exceeding 100%, significantly surpassing the growth rates of Beijing and Shanghai. As of March 22, Shenzhen recorded 12 transactions for luxury homes valued over 100 million yuan, already approaching the total of 13 transactions for the entire previous year. Guangzhou even saw a luxury property sold at a unit price of 280,000 yuan per square meter and a total price of 187 million yuan,刷新 the record for the unit price of a new ultra-luxury property in Guangzhou in nearly two years.

**Will the US-Iran War End Soon? Oil Market in 'Backwardation' - Analyzing the Signals** Backwardation, also known as现货升水, refers to a market condition where spot prices are higher than futures prices, or near-month contract prices are higher than far-month contract prices. It is one of the two basic market structures, opposite to Contango. On Wednesday, oil prices fell sharply following reports that the White House had presented a 15-point peace plan to Iran. However, conflicting statements from both sides regarding the negotiations, ongoing missile attacks in the Middle East, and continued disruptions to shipping in the Strait of Hormuz are all factors supporting oil prices to remain at elevated levels. The global benchmark Brent crude near-month contract is still hovering around $99 per barrel, nearly 36% higher than its price before the US and Israel launched attacks on Iran on February 28. Meanwhile, the latest trading price for the April delivery West Texas Intermediate (WTI) futures contract was approximately $87.76—about 30% higher than pre-conflict levels.

**Japan Reportedly Considering Shorting Crude to Rescue Yen; Global Analysts Raise Eyebrows** As background, rumors emerged early this week that Japan, finding conventional intervention tools less effective against stubborn inflationary pressures, is weighing the direct use of its foreign exchange reserves to short the crude oil market, aiming to indirectly alleviate pressure on the depreciating yen. Subsequent comments on Tuesday by Japan's Finance Minister, prompting market speculation that Japan is seriously considering this move. The minister expressed concern that "speculative trading" in the crude oil futures market is impacting the foreign exchange market and stated the Japanese government is prepared to "take all possible measures in all areas." Furthermore, according to informed sources, Japan's Ministry of Finance has contacted major banks engaged in oil trading in Tokyo to solicit their views on intervening in crude oil futures.

**81 Products Conclude Fundraising Early; Newly Established Funds Show 'Accelerated Portfolio Deployment'** As of February 6th, among the 282 funds established this year, 81 have announced an early end to their fundraising periods. Moreover, a large number of these newly established funds have rapidly increased their equity positions shortly after inception. Judging from net value fluctuations, fund managers are swiftly converting raised capital into actual holdings, seizing the window for portfolio deployment during the spring rally and structural opportunities. Several actively managed equity funds established within the year have shown significant net value fluctuations in just a few weeks. For example, Guotai Haitong Low-Carbon Economy Select Fund A, established on January 20th, had achieved a return of 1.46% by February 6th since its inception; Ping An Hong Kong Stock Connect Balanced Allocation Fund A, established on January 13th, also achieved a return of nearly 1.15% over the same period. This indicates that within less than a month of establishment, the fund managers of the aforementioned funds have completed the construction of their core positions and begun capturing market returns. Huabao Advantage Industry Mixed Fund A, with an issuance scale of 4.916 billion yuan, achieved a positive net value growth of 0.26% by January 30th after its establishment on January 27th.

**Featured Companies** **Behind Five Limit-Ups: Zhejiang Great Shengda Packaging Co.,Ltd.'s 988 Million Yuan Deal Remains a Mystery** With five trading limit-ups in seven days, Zhejiang Great Shengda Packaging Co.,Ltd. (603687.SH), primarily engaged in paper packaging, became a market highlight after announcing plans to cross-over invest in a GPU company. The company plans to invest 550 million yuan in a stake in a semiconductor firm. As part of this 988 million yuan "major project," the controlling shareholder intends to transfer an 8% stake in the listed company to strategic investors, cashing out 438 million yuan. Driven by this deal, Great Shengda's stock price surged consecutively against the market trend. However, its simultaneous volatility/risk提示公告 contained the statement: "There is no information previously disclosed by the company that requires correction or supplementation."

**Musk Disrupts Wall Street Norms? SpaceX Reportedly Plans to Allocate Up to 30% of New Shares to Retail Investors** World's richest person Elon Musk, known for breaking conventions, appears poised to make Wall Street drastically break its own rules regarding the SpaceX listing. According to the latest news early Friday Beijing time, Musk is discussing allocating up to 30% of SpaceX's new shares to individual investors, relying on his fan base to help stabilize the stock price after the IPO. Under typical US IPO practices, listed companies usually allocate only 5% to 10% of shares to retail investors without lock-up restrictions. Based on previous disclosures, the fundraising scale for the SpaceX IPO could reach $700-750 billion, targeting a valuation of $1.75 trillion. The previous global IPO fundraising record was set by Saudi Aramco in its 2019 local market listing at $29 billion.

**Industry Hotspots** * Ultra-High Voltage Construction Heats Up, Listed Companies Busy with Layouts * 'Lobster Fever' Activates Entire Industry Chain; Domestic Large Model Companies Accelerate Commercialization * Cement Prices See Phased Increase; Industry Profit Recovery Limited * Over 50 Policies Optimizing Provident Fund Loans Issued Across Regions This Year * Nearly 40 Sci-Tech Innovation Board 'Hard Tech' Companies Appear at Global Semiconductor Industry Annual Event

**Market Strategy** **Western Securities: 4000 Points Could Mark the Start of a Long Bull Market; A-Shares May Welcome a 20-Year 'Epic Bull Run'** Since the US-Iran conflict erupted in early March, oil prices have surged significantly, leading investors to worry that persistently high oil prices could trigger stagflation similar to the 1970s, thereby hampering Chinese exports. Under the shadow of overseas 'stagflation trading,' A-shares experienced a significant correction, with the Shanghai Composite Index falling below the 120-day moving average, raising concerns that the upward trend might end. However, we believe excessive担忧 regarding A-shares and China's fundamentals is unnecessary. The 4000-point level might merely be the starting point for a long-term bull market in A-shares, and now is the time to position for four types of 'call options.'

**Today's IPOs** New IPO Note: Red Board Technology, Sanrui Intelligent Open for Subscription Today.

**Announcements Roundup** **Major Events** * Jiangnan High Fiber: Issues volatility announcement stating that due to the Middle East situation and international energy prices, prices of main raw materials and products have seen varying degrees of increase, but the company's main business, profitability, and product毛利率 have not undergone major changes. * Shougang Shares: Planning issuance of convertible bonds and cash payment to acquire subsidiary equity and raise funds; trading halt starting tomorrow. * Jinneng Holding Power: Main business is primarily thermal power generation; heat supply revenue accounts for 7.73%. * Zhifei Biological: Adsorbed Tetanus Vaccine enters Phase I/III Clinical Trials. * Changfei Optical Fiber: New optical fiber products related to data center internal and interconnects currently account for a small proportion of global market demand. * Menova (3 consecutive limit-ups): JH389 is currently in the European safety trial stage; trial data has not yet been submitted to relevant regulatory authorities. * Zaisheng Technology: Currently has no orders on hand for "High Silicon Oxygen Fiber Products." * Fuxiang Pharma: Subsidiary obtains US invention patent, advancing international layout for microbial protein.

**Financial Results** * Tianyuan Co., Ltd.: 2025 net profit 87.7825 million yuan, turning profitable year-on-year. * Xinqianglian: 2025 net profit 818 million yuan, up 1151.44% year-on-year. * Guodian Nanjing Automation: 2025 net profit up 40.95% YoY; proposes dividend of 2 yuan per 10 shares. * G-bits Network Technology: 2025 net profit up 89.82% YoY; proposes dividend of 70 yuan per 10 shares. * China Mobile: 2025 profit attributable to shareholders 137.1 billion yuan, down 0.9% YoY. * CNOOC: 2025 net profit 122.1 billion yuan. * Jinhui Minerals: 2025 net profit up 15.29% YoY; proposes dividend of 2.30 yuan per 10 shares.

**Share Buybacks** * Guangyuyuan: Plans to repurchase shares with 30-50 million yuan.

**Shareholding Changes** * SuoTong Development: Shareholder Wang Ping plans to reduce holding by no more than 1% of company shares.

**Major Contracts** * Wasion Group: Pre-winning bid for State Grid 70.9454 million yuan metering equipment project. * China Tianying: Signs 98.928 million yuan environmental sanitation service contract.