Core Viewpoint - The A-share market showed overall weakness on March 19, with major indices declining, while the coal and CPO concept sectors experienced significant gains, indicating a divergence in market performance [1][5][8]. A-share Market Performance - The A-share market exhibited a lackluster performance, with the Shanghai Composite Index down by 0.95% to 4024.23, and the Shenzhen Component Index down by 1.11% to 14030.34, with nearly 4700 stocks declining [5][6]. - The overall trading volume in the A-share market reached 1.31 trillion [6]. Sector Performance - The coal sector emerged as one of the strongest performers, with stocks like Shaanxi Black Cat hitting the daily limit up, and other coal stocks such as Daya Energy and Shaanxi Coal also showing gains [8][9]. - The CPO concept sector saw a significant rise, with the CPO concept index increasing by over 3%, and individual stocks like Changguang Huaxin rising by over 15% [9][10]. Futures Market - In the domestic futures market, liquefied gas futures surged by 10.99%, reaching a new high for the year [3][17]. - Low-sulfur oil futures also experienced a substantial increase, with intraday gains exceeding 14% before narrowing [18]. Hong Kong Market Performance - The Hong Kong market displayed overall weakness, with the Hang Seng Index dropping by over 2%, led by declines in stocks like Zijin Mining and Tencent Holdings [2][12]. - However, Chery Automobile saw a significant increase of over 9% following its earnings announcement, projecting a revenue increase from RMB 269.9 billion to RMB 300.3 billion for 2025, representing an 11.3% growth [12]. Notable Stock Movements - Eden Software experienced a dramatic rise, with intraday gains exceeding 50% following the announcement of a strategic cooperation agreement with Super Fusion Digital Technology [11][15].

Market Overview - The Shanghai Composite index lost 1% to 4,024.23 points, nearing its lowest level since February 3 [5] - The blue-chip CSI300 index also dipped 1% [5] - MSCI's Asia ex-Japan stock index weakened by 2.1% [5] Risk Sentiment - Global risk sentiment was negatively impacted after Tehran fired missiles at oil and gas targets, leading to a sharp increase in oil prices [5] - Stock market volatility is expected to remain elevated with little visibility on the unfolding conflicts, dampening investors' willingness to deploy capital [5] Sector Performance - The CSI SWS Non-Ferrous Metal Index and the CSI SH-SZ-HK Gold Industry Index both lost nearly 5%, ranking among the biggest losers following a plunge in gold prices [2][5] - Conversely, the CSI 300 Energy Index increased by 2.5% and the CSI Marine Index rose by 1.6% [4][5] Company Specifics - Tencent experienced a significant decline of nearly 6%, marking its worst single-day drop since April of the previous year, following an announcement of increased AI investment in 2026 due to chip curbs affecting capital expenditure plans [5] Investment Outlook - Despite the current market conditions, the firm continues to favor Chinese equities due to their lower correlation with global markets, presenting an attractive diversification opportunity [2][5]

Core Viewpoint - The article discusses the recent performance of the Hang Seng Technology Index, highlighting significant adjustments and the potential for investment opportunities amidst market volatility [2][4]. Group 1: Recent Adjustments - The Hang Seng Technology Index has experienced two major adjustments since October 2025, with a maximum cumulative drawdown exceeding 25% [2][8]. - The first adjustment occurred from October 2, 2025, to November 21, 2025, driven by factors such as the U.S. government shutdown, hawkish signals from the Federal Reserve, and concerns over the profitability of AI cloud services [8]. - The second adjustment in February 2026 was attributed to intensified competition in internet consumption and regulatory pressures, impacting major tech platforms [8]. Group 2: Valuation Insights - As of March 17, 2026, the rolling price-to-earnings ratio (PE-TTM) of the Hang Seng Technology Index has dropped to approximately 20.93 times, indicating it is cheaper than 85% of the time since its inception [11][12]. - Comparatively, the dynamic PE of the ChiNext Index is around 41 times, and the NASDAQ is about 39 times, showing that the Hang Seng Technology Index is significantly undervalued [12]. - Michael Burry, known as the "big short" investor, suggests that the index's decline is more a result of sentiment and valuation compression rather than a collapse in the underlying fundamentals [14]. Group 3: Capital Flows - Domestic investors have been increasingly buying into the Hong Kong stock market, with net inflows from mainland investors reaching 1,298.6 billion RMB in 2025, significantly higher than the 747 billion RMB in 2024 [16][18]. - Since the October 2025 adjustment, mainland funds have predominantly been net buyers, with a record single-day net purchase of over 32.8 billion RMB on March 9, 2026 [18]. - International investors, influenced by geopolitical tensions, are also seeking refuge in Hong Kong stocks, enhancing market liquidity [20]. Group 4: AI Narrative - The Hang Seng Technology Index comprises 30 stocks across various sectors, including semiconductors, electric vehicles, and internet giants, which are facing both risks and opportunities from the AI narrative [22][25]. - Recent advancements in AI applications are prompting a reassessment of traditional internet companies, as they transition from high spending to monetization of AI technologies [25]. Group 5: Market Concerns - Despite positive indicators, there are concerns regarding profit pressures on companies like Meituan and Alibaba due to competition, which may impact their earnings [26]. - The rise of non-index giants like ByteDance is diverting user engagement and advertising revenue from traditional internet companies, posing growth challenges [27]. - Geopolitical issues, particularly in the Middle East, could affect global liquidity and inflation, impacting the performance of Hong Kong stocks [28]. Group 6: Investment Strategies - Given the current valuation, capital flow dynamics, and industry expectations, the Hang Seng Technology Index presents a favorable risk-reward profile for investors [29]. - For those unfamiliar with the Hong Kong market, investing through mutual funds that focus on Hong Kong stocks may be a viable strategy [29][30].

Core Viewpoint - Tencent is accelerating its AI industry iteration with the launch of "OpenClaw" applications, creating new decentralized entry points for both ordinary users and professionals, integrating its PC products with Tencent Cloud offerings [2][3] Group 1: AI Development and Product Launches - The "OpenClaw" applications do not require users to wait for results and possess memory and personality, functioning more like an assistant [2] - Tencent has rapidly launched dozens of products and security solutions, such as WorkBuddy and QClaw, to meet diverse needs of individuals, developers, and enterprises [2] Group 2: Financial Performance - Tencent reported a revenue of 751.766 billion yuan for 2025, a year-on-year increase of 14%, with a net profit attributable to equity holders of 224.842 billion yuan, up 16% [3] - The company's gross profit for 2025 increased by 21% to 422.593 billion yuan, driven by high-margin contributions from self-developed games, video accounts, and WeChat marketing services [3] - Tencent's gross margin improved from 53% in 2024 to 56% in 2025, reflecting enhanced cost efficiency in financial technology and cloud services [3] Group 3: Investment in AI - Tencent plans to invest heavily in AI, with capital expenditures reaching 79.2 billion yuan and R&D expenditures at 85.75 billion yuan for 2025, both setting historical highs for the company [3]

Summary of Key Points from Conference Call Records Industry Overview - **Investment Funds**: On March 18, seven actively managed equity funds were established, with five exceeding a fundraising scale of 1 billion yuan. Since 2026, nearly 40 actively managed equity funds have raised over 1 billion yuan each [1][1][1]. Key Insights - **Middle East Tensions**: Iranian petrochemical facilities in South Pars were attacked by the US and Israel, leading to retaliatory strikes on Riyadh's oil refinery and Qatar's Ras Laffan industrial city [2][4][4]. - **Chemical Price Surge**: BASF announced price increases of up to 30% for various chemical products in Europe, following earlier price hikes for plastic additives [5][5][5]. - **US Stock Market Decline**: Major US indices fell collectively, with the Dow Jones down 1.64%, Nasdaq down 1.46%, and S&P 500 down 1.36% [5][5][5]. - **Oil Price Increase**: WTI crude oil futures closed at $96.32 per barrel, up 0.11%, while Brent crude oil futures rose to $107.38 per barrel, an increase of 3.83% [5][5][5]. - **Gold Price Drop**: Spot gold fell by 3.67% to $4822.05 per ounce, and COMEX gold futures dropped by 3.72% to $4821.90 per ounce [5][5][5]. Notable Company Developments - **Watson Bio**: The actual controller will change to Huang Tao, and the stock will resume trading [6][6][6]. - **Heshun Petroleum**: Plans to acquire 51.11% voting rights in Kuixin Technology for 540 million yuan, gaining control over the company [6][6][6]. - **Dazhengda**: Plans to invest 550 million yuan in high-performance graphics processor company Chipton Semiconductor [6][6][6]. - **Victory Technology**: Completed electrical and thermal performance verification for M7 and M8 materials, actively pursuing M9/M10 material certification [6][6][6]. AI Computing Power - **Tencent Holdings**: Plans to spend 22.4 billion yuan on capital expenditures in Q4 2025 to support AI business development, with AI investments expected to double this year [6][6][6]. - **Alibaba Cloud**: Announced price increases of up to 34% for AI computing power and storage products, driven by a surge in token usage [6][6][6]. - **Baidu Smart Cloud**: Released a price adjustment announcement for AI computing power and storage products, with increases up to 30% [6][6][6]. Storage Chips - **Samsung Electronics**: The union announced a collective action with a 93.1% approval rate, planning a general strike in May [7][7][7]. - **SK Group**: Chairman predicts global memory chip shortages may last until 2030, with prices for DRAM, NAND, and HBM chips expected to continue rising [7][7][7]. Light Communication - **NVIDIA**: Released the Feynman chip, integrating light communication to reduce AI data center communication energy consumption by over 70% [8][8][8]. PCB Developments - **GTC Conference**: Announced that a single LPU server consists of 32 trays, significantly increasing the number of trays compared to previous cabinet architectures, indicating new demand in the PCB sector [9][9][9]. Liquid Cooling Servers - **Google**: Sent a team to China to investigate liquid cooling equipment crucial for the development of AI technology in data centers [10][10][10]. Gas Turbines - **Global Supply Chain**: The aviation engine and gas turbine supply chain is experiencing a high prosperity cycle due to recovery in civil aviation, defense demand, and AI data center power shortages [11][11][11]. Commercial Aerospace - **Blue Arrow Aerospace**: Plans to launch the Zhuque-2 rocket on March 19 [13][13][13]. - **CASIC**: Plans to conduct the maiden flight of the reusable liquid launch vehicle, Lijian-2, later this month [13][13][13]. 3D Printing - **Huawei**: Invested in consumer-grade 3D printing developer Magic Core Technology [14][14][14]. Innovative Drugs/Healthcare - **China**: Achieved the world's first islet transplantation for diabetes treatment, opening new pathways for therapy [15][15][15]. Shipping Industry - **Oil Transportation**: Demand for oil transportation is expected to rise significantly due to inventory safety thresholds and seasonal factors [17][17][17].

Core Viewpoint - The Chinese cloud computing industry is experiencing a rare pricing reversal, marking the end of a two-decade trend of continuous price declines, with major players like Alibaba Cloud and Baidu Intelligent Cloud announcing price increases due to surging AI demand and rising supply chain costs [3][6][13]. Group 1: Price Increases - Alibaba Cloud announced price adjustments for AI computing and storage products, with increases of up to 34% due to global AI demand and supply chain price hikes [3][6]. - Baidu Intelligent Cloud also raised prices for AI computing services by approximately 5%-30% and for parallel file storage by about 30% [3][6]. - Tencent Cloud previously announced a significant price increase for its intelligent development platform, with some model input prices rising by 463.13% [6]. Group 2: Market Dynamics - The rapid growth in Token consumption, driven by AI applications, is changing internal resource allocation priorities within cloud service providers [6][10]. - The global AI model's weekly Token usage has reached approximately 16 trillion, nearly tripling since January 2026 [10]. - Supply constraints from chip production and increased operational costs for new data centers are contributing to a cost-push inflation environment in cloud infrastructure [11][10]. Group 3: Future Projections - Morgan Stanley predicts a compound annual growth rate of 72% for the Chinese AI cloud market from 2024 to 2029, with market size expected to grow from 15 billion RMB in 2024 to 218 billion RMB in 2029 [13]. - The share of GenAI in China's IaaS and PaaS market is projected to increase from 6% in 2024 to 39% in 2029, indicating a shift in AI cloud from a marginal role to a core growth engine [13]. - A 1% price increase could enhance Alibaba Cloud's EBITA margin by 1 percentage point, potentially raising EBITA forecasts by 11% [13].

Core Viewpoint - Tencent is entering a new strategic cycle driven by AI investments, prioritizing long-term AI infrastructure over short-term profit growth [3][5] Investment Strategy - Tencent plans to double its investment in AI products, including the "Hunyuan" model, by 2026, while reducing share buybacks this year [3][6] - The shift from share repurchase to increased AI investment has led to market volatility, with Tencent's ADR dropping 4% and its major shareholder Prosus falling 8% [3][6] Profit Expectations - Goldman Sachs has lowered Tencent's net profit growth forecast for 2026 to 7%, down from a previous estimate of 10%, due to increased operational costs associated with AI [6][7] - The operating profit margin is expected to narrow by 65 basis points in the 2026 fiscal year due to rising AI-related expenses [6][7] Valuation Multiples - Despite the downward revision in profit expectations, Goldman Sachs maintains a "Buy" rating on Tencent, citing potential for valuation multiple recovery [9] - Tencent's forward P/E ratio is currently around 16 times, lower than the 18 times at the beginning of the year and below international peers like META and Alphabet [9][13] Core Business Performance - Tencent's total revenue grew by 13% year-on-year in Q4 2025, with the gaming business increasing by 22% driven by AI efficiencies [10][11] - Marketing services revenue is expected to grow by 19% year-on-year, supported by enhanced AI advertising models [10][11] Future Focus - The recovery in valuation will depend on the successful integration of AI into core businesses and the commercial performance of new AI products like Hunyuan 3.0 and WeChat AI Assistant in the next 3 to 6 months [12][13]

Summary of Tencent Holdings (0700.HK) Conference Call Company Overview - **Company**: Tencent Holdings (0700.HK) - **Market Cap**: HK$5,013,049 million (US$639,726 million) [6][10] Key Industry Insights - **AI Investment**: Tencent plans to double its investment in new AI products to Rmb36 billion by 2026, with Rmb18 billion expected in 2025 [2][26] - **Profit Growth**: Management anticipates that revenue growth may outpace profit growth in the short term due to increased AI investments [2][27] - **Core Business Resilience**: Tencent's core franchises in communication, gaming, and fintech are expected to remain resilient against AI threats due to network effects and regulatory environments [3][14] Financial Performance - **Earnings Summary**: - **2024A**: Net Profit: Rmb222,703 million, Diluted EPS: Rmb23.672, EPS Growth: 44.3% [5] - **2025A**: Net Profit: Rmb259,626 million, Diluted EPS: Rmb28.086, EPS Growth: 18.6% [5] - **2026E**: Net Profit: Rmb281,464 million, Diluted EPS: Rmb30.479, EPS Growth: 8.5% [5] - **4Q25 Results**: Total revenues were Rmb194.4 billion, up 13% year-on-year, exceeding consensus estimates [11] AI Strategy and Product Development - **AI Integration**: Tencent is leveraging AI to enhance its core businesses, particularly in gaming and marketing services, which have shown accelerated growth [4][15] - **New AI Products**: Upcoming releases include the HY3.0 model and next-gen agentic services in WeChat, expected to enhance user engagement and revenue [4][19] - **Foundation Models**: Tencent is developing strong foundation models for various applications, including chatbots and multimodal capabilities [20] Business Segment Updates - **Online Games**: Domestic game revenues grew by 15% year-on-year to Rmb38.2 billion, while international game revenues increased by 32% to Rmb21.1 billion [32][33] - **Marketing Services**: Revenue grew 17% year-on-year to Rmb41 billion, driven by AI-powered adtech improvements [38] - **Fintech and Business Services**: Revenue increased by 8% year-on-year to Rmb61 billion, with business services growing at 22% [39] Future Outlook - **Revenue Projections**: For 2026, revenue is expected to grow by 8.6%, with adjusted operating profit growth of 4.3% [2][40] - **Investment in AI**: Management views the substantial front-loaded investments in AI as essential for future monetization and growth [26][27] - **Cloud Services**: Tencent Cloud is expected to achieve breakeven in 2024, with robust growth anticipated in 2026 due to strong AI demand [28][29] Additional Insights - **Market Position**: Tencent's unique value proposition positions it well for the decentralized AI ecosystem, leveraging its Mini Program platform [22] - **Talent Acquisition**: The company is aggressively hiring talent to support its AI initiatives [25] This summary encapsulates the key points from Tencent's conference call, highlighting its strategic focus on AI, financial performance, and future growth prospects.

Investment Rating - The report maintains a BUY rating for Tencent with a target price of HK$750.00, down from the previous target of HK$760.00, indicating a potential upside of 36.2% from the current price of HK$550.50 [2][11]. Core Insights - Tencent reported in-line 4Q25 results with total revenue increasing by 13% YoY to RMB194.4 billion and non-IFRS operating income rising by 17% YoY to RMB69.5 billion, aligning with Bloomberg consensus estimates [1][2]. - The company is set to double its investment in new AI products in FY26 to over RMB36 billion, which is expected to strengthen its core businesses and capture emerging opportunities in AI, despite potential short-term earnings drag [1][7]. - Revenue growth is projected to be sustainable at 10%/7%/5% over FY26-28E, with adjusted net profit growth expected to decelerate to +6% YoY in FY26E before reaccelerating in FY27/28E [7][8]. Financial Performance - For FY25, Tencent's total revenue was RMB751.8 billion, with adjusted net profit at RMB259.6 billion, and EPS (Adjusted) at RMB28.55 [2][22]. - The company expects FY26 revenue to reach RMB823.5 billion, with adjusted net profit forecasted at RMB276.2 billion and adjusted EPS at RMB30.3 [2][8]. - The gross profit margin is projected to decline slightly to 56.8% in FY26E due to increased AI investments [8][9]. Business Segments - Games revenue grew by 21% YoY to RMB59.3 billion in 4Q25, driven by both domestic and international game sales [7]. - Marketing services revenue increased by 17% YoY to RMB41.1 billion, supported by AI-enhanced ad performance [7]. - Fintech and Business Services revenue rose by 8% YoY to RMB60.8 billion, with business services revenue growth accelerating to 22% YoY in 4Q25 [7]. Valuation Breakdown - The SOTP-derived target price of HK$750.0 includes HK$347.4 for the games business, HK$33.2 for the SNS business, HK$148.5 for marketing services, HK$105.8 for fintech, HK$33.4 for cloud services, and HK$72.7 for strategic investments [11][12][13][14][15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - China's asset revaluation will deepen in 2026, shifting from valuation - driven to profit - driven, with a more balanced market style. The market consensus for asset allocation is that stocks are stronger than bonds, and commodity allocation has more flexibility [14]. - The real - estate industry is entering a new stage characterized by high - quality development and stock optimization. During the "15th Five - Year Plan" period, real - estate sales are likely to stabilize, and the interest rate center may moderately rise. The real - estate market in first - tier cities has shown marginal improvement, and house prices in first - tier cities are expected to stabilize in 2027 [29]. 3. Summary by Directory 3.1 Macro Data Overview - GDP growth rate in Q4 2025 was 4.5% year - on - year, lower than the previous quarter (4.8%) and the same period last year (5.4%) [1]. - In February 2026, the manufacturing PMI was 49.0%, down from the previous month (49.2%) and the same period last year (50.2%); the non - manufacturing PMI for business activities was 49.5%, unchanged from the previous month but lower than the same period last year (50.4%) [1]. - In February 2026, the social financing scale was 238.55 billion yuan, down from the previous month (249.26 billion yuan) but higher than the same period last year (223.31 billion yuan) [1]. - In February 2026, the year - on - year growth rates of M0, M1, and M2 were 14.1%, 5.9%, and 9.0% respectively, all higher than the previous month and the same period last year [1]. - In February 2026, new RMB loans were 90 billion yuan, up from the previous month (39 billion yuan) but lower than the same period last year (101 billion yuan) [1]. - In February 2026, the CPI increased by 1.3% year - on - year, up from the previous month (0.7%) and the same period last year (- 0.7%); the PPI decreased by 0.9% year - on - year, an improvement from the previous month (- 2.2%) and the same period last year (- 2.2%) [1]. - In February 2026, the cumulative year - on - year growth rate of fixed - asset investment was 1.8%, up from the previous period (- 2.6%) but lower than the same period last year (4.1%); the cumulative year - on - year growth rate of total retail sales of consumer goods was 2.8%, down from the previous period (4.0%) and the same period last year (4.0%) [1]. - In February 2026, export and import amounts increased by 39.60% and 13.80% year - on - year respectively, both higher than the previous month and the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - China and the US will continue to communicate about President Trump's visit to China [2]. - Shanghai International Energy Exchange and Shanghai Futures Exchange adjusted the hedging position limits for some contracts [2][3]. - On March 18, 36 domestic commodity varieties had positive basis, and 32 had negative basis.沪镍, 郑棉, and 铸造铝合金 had the largest basis, while 苹果, 强麦, and 普麦 had the smallest [3]. - Iran launched a missile attack on US - related oil and energy facilities in the region in retaliation for the attack on its energy infrastructure [3]. - The Fed kept the federal funds rate target range at 3.50% - 3.75%, with a dovish interest - rate cut path [3][4]. - The Fed raised inflation and economic growth forecasts, and Fed Chairman Powell denied the US economy was in stagflation [4]. 3.2.2 Metals - The price of black tungsten concentrate soared, rising 124% from the beginning of 2026 and over 600% from the beginning of 2025 [5]. - The Shenzhen Gold and Jewelry Association called on enterprises to implement real - name registration for large - value transactions [5]. - Indonesia cut nickel ore production quotas, and Guinea planned to restrict bauxite exports, which will reshape the global base - metal supply pattern [6]. - As of March 18, 2026, the holdings of the world's largest silver ETF and gold ETF decreased [6][7]. - On March 17, the inventories of some metals on the London Metal Exchange changed, with tin and copper inventories reaching multi - year highs, and aluminum inventory reaching a multi - month low [7]. 3.2.3 Coal, Coke, Steel, and Minerals - Guinea may link bauxite exports to the production levels in mining feasibility studies [8]. 3.2.4 Energy and Chemicals - Middle - East energy facilities were at high risk of being attacked. Iran announced counter - attacks, and the US and Iran's actions affected global energy supply [9][10]. - US natural gas prices rose due to stronger oil prices and expected temperature drops, but high production and rising inventories were still risks [10]. - Middle - East oil exports dropped significantly due to the conflict [10]. - Russia was considering an early gas cut - off to Europe, and the EU issued guidelines to simplify non - Russian gas imports [10]. - The global was facing the most severe energy crisis in 40 years, and the blockade of the Strait of Hormuz would have a huge impact on global energy trade [10]. - Japan's national average gasoline retail price reached a record high [11]. - US EIA crude oil inventories increased more than expected [11]. 3.2.5 Agricultural Products - The price of live - hog futures has been falling this year, and the spot - market pig price has dropped below 10 yuan/kg, leading to industry - wide losses [12]. - In March, the price of piglets continued to decline, and the profit margin was significantly compressed [12]. - The Ministry of Agriculture and Rural Affairs emphasized promoting the seed - industry revitalization action [12]. 3.3 Financial News Compilation 3.3.1 Open Market - On March 18, the central bank conducted 20.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 6 billion yuan [13]. 3.3.2 Key News - Brokerage spring strategy meetings were held intensively. Institutions believed that China's asset revaluation would deepen in 2026, and the market style would be more balanced [14]. - The Fed kept the federal funds rate unchanged and predicted one interest - rate cut in 2026 [14]. - The China Securities Regulatory Commission emphasized anti - corruption and strengthening supervision in the capital market [15]. - China and the US will continue to communicate about President Trump's visit to China [15]. - Many small and medium - sized banks cut fixed - deposit interest rates in March [16]. - Henan and Hebei will issue government bonds in March [16][19]. - The Industrial and Commercial Bank of China supported the French bank BNP Paribas in issuing 5 billion yuan of panda bonds [17]. - The central government issued opinions on extending the second - round land - contract period by 30 years [17]. - Japan, China, and the UK increased their holdings of US Treasury bonds in January [18]. - Dubai's real - estate market was affected by the conflict, while Hong Kong became a preferred destination for capital flight [18][19]. - A Guizhou city - level urban investment company's debt was overdue [19]. - Tencent's Q4 2025 revenue and profit increased year - on - year, and it proposed a dividend [19]. - Some companies had major events such as lawsuits, asset freezes, and management changes [20]. - Some overseas credit ratings were adjusted [20]. 3.3.3 Bond Market Summary - The inter - bank bond market in China continued to be warm, with bond yields generally falling [21]. - Treasury - bond futures closed higher, and the money market was loose [22]. - Some bonds in the exchange - bond market rose or fell [22]. - The convertible - bond index rose, and some convertible bonds had significant price changes [23]. - Money - market interest rates showed mixed trends [23][24]. - The yields of some financial bonds and government bonds were determined through bidding [25]. - European and US bond yields rose [25][26]. 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar rose, and the RMB central parity rate was adjusted up [27]. - The US dollar index rose, and non - US currencies generally fell [27]. 3.3.5 Research Report Highlights - Dongwu Securities analyzed the constraints and impacts of the change in China's bond - supply structure [28]. - CITIC Securities believed that the real - estate industry was entering a new stage [29]. 3.3.6 Today's Reminders - On March 19, some bonds were listed, issued, paid, and had principal and interest repaid [30]. 3.4 Stock Market News - The A - share market rebounded after a decline, with the Shanghai Composite Index rising 0.32%, the Shenzhen Component Index rising 1.05%, and the ChiNext Index rising 2.02%. The AI computing - power industry chain was active, while cyclical stocks fell [31]. - The Hong Kong stock market rose, with the Hang Seng Index rising 0.61%. Big - model concept stocks and storage - semiconductor stocks were active, and southbound funds had net purchases [31][32].