Mutual funds are analyzing the Hong Kong stock market, with three key investment directions reaching a consensus. After a prolonged period of adjustment, the overall valuation of Hong Kong stocks is no longer considered expensive, yet it does not appear exceptionally cheap either. Many investors are grappling with uncertainty, finding it difficult to determine if the market has definitively bottomed out in the short term. This sentiment arises as market attention on Hong Kong stocks increases and numerous mutual fund companies begin promoting Hong Kong stock investment opportunities.
The highly anticipated March interest rate decision from the Federal Reserve has been announced. On March 19, Beijing time, the Fed decided to maintain the federal funds rate target range between 3.5% and 3.75%. However, both the repeated emphasis on a wait-and-see stance by Fed Chair Jerome Powell and the upward revision of the 2026 inflation forecast have introduced significant uncertainty regarding the potential path of interest rate cuts this year. This uncertainty triggered a collective decline in U.S. stock markets and a noticeable correction in international gold prices.
The CITIC Securities 2026 Spring Capital Market Forum was held in Beijing from March 19 to 20. The CITIC Securities research team assesses that the Chinese economy is steadily recovering amidst fluctuations. New quality productive forces, represented by artificial intelligence, commercial aerospace, and biotechnology, are accelerating their transition from concept to industrial application, continuously reshaping the main drivers of economic growth. The capital market ecosystem is steadily improving, with systemic reforms precisely supporting the development of new industries and propelling the A-share market into a new phase of incremental allocation. The market is focusing on core factors of low valuation and pricing power, anchoring layouts in advanced manufacturing. New quality productive forces are comprehensively empowering the capital market, injecting strong momentum into the revaluation of Chinese assets and enhancing their global appeal.
The outline of the 15th Five-Year Plan charts a clear path for high-quality development. A series of reports will focus on new strategic proposals, progress in reforms, and new industrial practices, delving into vivid case studies to comprehensively demonstrate the solid strides of the Chinese economy towards high-quality development.
The People's Bank of China (PBOC) is committed to steadfastly maintaining the stable operation of financial markets including stocks, bonds, and foreign exchange. On March 18, the PBOC Party Committee held an enlarged meeting to deeply study the spirit of the National People's Congress and Chinese People's Political Consultative Conference sessions, implement the requirements of the State Council's 11th Plenary Meeting, and research and deploy specific implementation measures. PBOC Party Secretary and Governor Pan Gongsheng presided over the meeting and delivered a speech. The meeting emphasized that the PBOC must diligently implement the deployments outlined in the Government Work Report and the 15th Five-Year Plan outline, fostering a favorable monetary and financial environment for stable economic growth, high-quality development, and the smooth functioning of financial markets, thereby providing strong support for a successful start to the 15th Five-Year Plan period.
The State Administration of Foreign Exchange (SAFE) convened a Party Group (enlarged) meeting to define key work priorities for the next stage, focusing on improving the monitoring and early warning system for cross-border capital flows and safeguarding the sound operation of the foreign exchange market. On March 17, SAFE Party Secretary and Administrator Zhu Hexin chaired the meeting to convey and study the spirit of the national "Two Sessions" and arrange implementation work. The meeting stressed that the foreign exchange management system should center on the main tasks of preventing risks, strengthening supervision, and promoting high-quality development, acting proactively, improving quality and efficiency, and advancing the implementation of all tasks with practical and effective policy measures to provide robust support for a favorable beginning to the 15th Five-Year Plan.
Data released by the Ministry of Finance on March 19 shows that the revenue from the securities transaction stamp tax totaled 49.9 billion yuan in the first two months of the year, surging 110% year-on-year. In the January-February period, national general public budget revenue reached 4.42 trillion yuan, a slight increase of 0.7% year-on-year, indicating a stable start. National general public budget expenditure was 4.67 trillion yuan, up 3.6% year-on-year, ensuring strong support for expenditures in key areas. Within the general public budget revenue, national tax revenue was 3.6393 trillion yuan, edging up 0.1% year-on-year, while non-tax revenue was 776.1 billion yuan, increasing by 3.4% year-on-year. The Ministry of Finance attributed the significant rise in the securities transaction stamp tax primarily to active stock market trading and growth in transaction value.
Alibaba Group has unveiled its 2026 "A-Plan," targeting annual commercial revenue from its cloud and AI businesses to exceed 100 billion U.S. dollars. On March 19, Alibaba released its financial results for the third quarter of fiscal year 2026. Revenue from AI-related products saw triple-digit year-on-year growth for the tenth consecutive quarter. The self-developed GPU by T-Head, making its debut in the financial report, has achieved mass production and successful commercialization. The dual thrust of "Qianwen" and "Wukong" highlights the latest results of its AI investments.
Three government departments have outlined measures to further standardize competition order within the new energy vehicle industry. The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the State Administration for Market Regulation recently held a symposium with new energy vehicle enterprises. The meeting focused on deploying efforts to regulate competition, enhance industrial innovation capability, expand automobile consumption, and optimize industry management. Representatives from the China Association of Automobile Manufacturers and 17 major automobile companies attended the meeting.
A consensus has been reached at brokerage spring strategy conferences: external shocks will not alter the fundamentally robust nature of the market. Global capital markets are currently navigating a phase intertwined with geopolitical tensions and transformative AI industry changes. On one hand, tensions in the Middle East are elevating market risk premiums and disrupting global supply chains. On the other hand, disruptive innovations driven by AI continue to reshape market perceptions. Against this backdrop, the subsequent trajectory of the A-share market has become a key focus at these brokerage strategy meetings.
The list of companies surveyed by brokerages has been released, showing high interest in wind power, photovoltaics, and memory chips. Since the beginning of the year, brokerages have conducted research on over 940 A-share listed companies, primarily concentrated in sectors like electronics, machinery, electrical equipment, and chemicals. Notably, 25 companies were surveyed by brokerages no less than 30 times each. Popular stocks in the wind power and photovoltaic sectors are among the most frequently researched. Furthermore, as the recent wave of memory price increases continues, research interest in companies related to memory chips remains exceptionally high.
Doubao has initiated an internal test for AI-powered shopping, with e-commerce platforms ramping up investments in "one-sentence shopping." Open Doubao, state your need—for example, "Recommend a good office mouse with a budget around 100 yuan"—and Doubao immediately matches products, generates purchase suggestions, and provides direct product links, leading you straight to the order page for a simple and clear shopping process. This is the Doubao AI e-commerce function currently undergoing灰度测试, referred to as "one-sentence shopping." In fact, leading platforms like Alibaba, JD.com, Meituan, and Pinduoduo have previously intensified their focus on AI shopping, continuously investing resources to advance ecosystem development and scenario implementation.
Multiple regions are intensively introducing new science and technology innovation policies to precisely empower innovative development. On March 18, the General Office of the Beijing Municipal People's Government released measures proposing to encourage government-backed financing guarantee institutions to provide credit enhancement for technology-based enterprises. On the same day, the Hangzhou Municipal Bureau of Science and Technology and the Hangzhou Municipal Finance Bureau jointly announced that, starting April 1, they will distribute loan subsidy vouchers totaling 500 million yuan to scientific and technological innovation enterprises citywide.
The capital market is vigorously supporting hardcore technology, persistently driving towards innovation. Recently, the China Securities Regulatory Commission approved a batch of hardcore technology-themed fund products, with 15 products approved on the same day. These products mainly include passive funds tracking the STAR and ChiNext AI index and active funds benchmarked against the China Strategic Emerging Industries Index, focusing on core technology and the growth direction of strategic emerging industries.
Data shows that the securities transaction stamp tax revenue in the first two months of this year increased by 110% compared to the same period last year. The fiscal revenue and expenditure report released by the Ministry of Finance on March 19 indicates that national general public budget revenue experienced slight growth, marking a stable start to the year.
Geely Auto's total sales volume surpassed 3 million units in 2025. Alongside sales growth, Geely Auto also demonstrated improved operational efficiency. On the evening of March 18, Geely Automobile Holdings Limited released its full-year 2025 results. The announcement showed that the company achieved a total annual sales volume of 3.025 million vehicles in 2025, a year-on-year increase of 39%, breaking the 3 million mark for the first time. Total revenue reached 345.2 billion yuan, up 25% year-on-year. Core net profit attributable to shareholders was 14.41 billion yuan, increasing by 36% year-on-year. Sales of new energy vehicles reached 1.688 million units, surging 90% year-on-year, with the annual new energy penetration rate exceeding 50% for the first time. Concurrently, sales of fuel vehicles were 1.337 million units, a 4% year-on-year increase.