Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 6.613 billion yuan for 2025, with a year-on-year growth of 1.1%, and a net profit attributable to shareholders of 854 million yuan, reflecting a year-on-year increase of 15.5% [4] - The company is experiencing strong growth in its B-end and overseas markets, with significant expansion in direct sales channels [5] - The company has adjusted its revenue forecasts slightly downward while increasing profit estimates for 2026, projecting revenues of 70.60 billion yuan, 74.47 billion yuan, and 78.02 billion yuan for 2026, 2027, and 2028 respectively, with corresponding net profits of 9.32 billion yuan, 10.06 billion yuan, and 10.78 billion yuan [5] Financial Performance Summary - For 2025, the company achieved a gross margin of 32.7%, an increase of 1.4 percentage points, driven by lower raw material costs and improved production efficiency [5] - The company's net profit margin improved to 13.7%, up by 1.4 percentage points [5] - The earnings per share (EPS) for 2026 is projected to be 0.90 yuan, with a price-to-earnings (P/E) ratio of 14.7 [3][5] Revenue Breakdown - The third-party revenue for 2025 reached 4.782 billion yuan, with a year-on-year growth of 4.7% [5] - The revenue from third-party hot pot condiments was 2.477 billion yuan, growing by 6.2% year-on-year [5] - The company’s direct sales channel generated 5.59 billion yuan in revenue, reflecting the success of its direct management strategy [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved record high performance in 2025, with revenue reaching 18.945 billion yuan, a year-on-year increase of 42%, and net profit attributable to shareholders at 3.822 billion yuan, up 47.74% year-on-year [3][4] - The strong demand for the company's core PCB products in AI servers, high-performance computers, high-speed network switches, routers, and smart vehicles has significantly contributed to its revenue and profit growth [4][5] - The company is expected to benefit from the ongoing AI boom, with projected net profits for 2026, 2027, and 2028 at 5.745 billion yuan, 9.067 billion yuan, and 13.091 billion yuan respectively [7] Financial Summary - Revenue projections for the company are as follows: 2024A: 13.342 billion yuan, 2025A: 18.945 billion yuan, 2026E: 25.492 billion yuan, 2027E: 38.824 billion yuan, 2028E: 54.509 billion yuan, with growth rates of 49%, 42%, 35%, 52%, and 40% respectively [2] - Net profit attributable to shareholders is projected to grow from 2.587 billion yuan in 2024A to 13.091 billion yuan in 2028E, with year-on-year growth rates of 71%, 48%, 50%, 58%, and 44% [2] - The company's gross margin for 2025 is reported at 35.48%, with a net profit margin of 20.16% [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company achieved record high revenue and profit in 2025, with revenue reaching 18.945 billion yuan, a year-on-year increase of 42%, and net profit attributable to shareholders at 3.822 billion yuan, up 47.74% year-on-year [3][4] - The strong performance is attributed to high demand in AI applications, particularly in AI servers, high-performance computers, and smart automotive sectors, alongside an optimized product structure that enhanced profitability [4][5] - The company is expected to continue its growth trajectory, with projected net profits of 5.745 billion yuan in 2026, 9.067 billion yuan in 2027, and 13.091 billion yuan in 2028, reflecting a robust growth outlook [7] Financial Performance Summary - In 2025, the company reported a revenue of 18.945 billion yuan, with a gross margin of 35.48% and a net margin of 20.16% [3] - The fourth quarter of 2025 saw revenue of 5.433 billion yuan, a year-on-year increase of 25.45%, and a net profit of 1.105 billion yuan, up 49.52% year-on-year [3] - The company’s earnings per share (EPS) are projected to be 1.99 yuan in 2026, increasing to 4.71 yuan by 2027 and 6.80 yuan by 2028 [2][10] Growth Drivers - The company is benefiting from the rapid growth in the data communication sector, with a revenue increase of 45.21% year-on-year, particularly in high-speed network switches and AI servers [6] - The automotive sector also showed significant growth, with revenue reaching approximately 30.45 billion yuan, a year-on-year increase of 26.41% [6] - The company is focusing on expanding production capacity, particularly in high-end PCB products, and has successfully transitioned its Thailand facility to efficient large-scale operations [6][10]

Internal Stability - The demand for stability in China can be traced back to the "20th National Congress" in 2022, which emphasized the coexistence of strategic opportunities and risks in development[3] - The "14th Five-Year Plan" indicated a shift in the assessment of the external environment, moving from a "strategic opportunity period" to a phase characterized by increased uncertainty and challenges[7] - The core task of economic work is to ensure stability, as highlighted in recent meetings, with a focus on stabilizing employment, enterprises, markets, and expectations[6] External Instability - Since 2025, geopolitical events have been frequent, categorized into "hot wars" and "non-military manifestations of geopolitical conflict" across various regions including South Asia, Southeast Asia, the Americas, and Africa[12] - The geopolitical landscape is influenced by multiple factors, including the failure of global governance systems, collisions of major power intentions, and the rightward shift in domestic politics, which reduces geopolitical stability[18] - The ongoing U.S.-Iran conflict is viewed as part of a broader pattern of major power competition, with implications for global energy flow and strategic control[24] Economic Outlook for China - The internal demand for stability and the external geopolitical landscape provide a foundation for a bullish outlook on the Chinese economy[25] - The perspective on China's economy should shift from absolute to relative comparisons, focusing on stability as a growth premium amid global geopolitical turmoil[26] - There is a need to transition from a domestic focus to a global perspective, considering the global rebalancing of capital and trade in light of geopolitical dynamics[26] - Emphasis should be placed on self-reliance and technological advancement, particularly in overcoming critical technology bottlenecks while promoting widespread technological application[26] Risk Considerations - Potential risks include policy risks, geopolitical risks, and the possibility of outdated or unupdated information in the research report[27]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [24]. Core Insights - The company is projected to achieve significant revenue growth, with expected revenues of CNY 30.2 billion in 2025, representing a year-on-year increase of 25.9%. The net profit attributable to the parent company is forecasted to reach CNY 1.82 billion, a 103.8% increase year-on-year [3][15]. - The company is experiencing a recovery in its glass fiber business, with a revenue increase of 15% in 2025, and a notable improvement in profit margins due to a higher proportion of high-value products [6][7]. - The company is expanding its capacity in the special electronic fabric sector, with expectations for a dual explosion in capacity and output value in 2026 [6][7]. Financial Projections - Revenue and profit forecasts for the company are as follows: - Revenue (CNY million): 2024A: 23,984; 2025A: 30,195; 2026E: 35,392; 2027E: 41,229; 2028E: 46,104 [2]. - Net profit (CNY million): 2024A: 892; 2025A: 1,818; 2026E: 3,102; 2027E: 4,360; 2028E: 5,366 [2]. - Earnings per share (CNY): 2024A: 0.53; 2025A: 1.08; 2026E: 1.85; 2027E: 2.60; 2028E: 3.20 [2]. Business Segments Performance - The glass fiber segment achieved a revenue of CNY 8.9 billion in 2025, with a gross margin of 26.5%, reflecting an increase of 8.82 percentage points year-on-year [6]. - The wind power blade business generated CNY 12.59 billion in revenue, a 47% increase year-on-year, with a net profit of CNY 620 million, up 81% [6]. - The lithium battery separator business saw revenues of CNY 2.4 billion, a 63% increase, with a significant volume increase of 76% year-on-year [6]. Market Position and Strategy - The company has established a strong position in the high-end materials sector, with a focus on AI electronic fabrics and a robust global supply chain [6][7]. - The company is also expanding its international footprint, with new production lines in Brazil and a project in Uzbekistan, enhancing its global supply capabilities [6].

Report Summary 1. Report Investment Rating No information provided regarding the industry investment rating. 2. Core View Last week, the ChinaBond New Composite Index rose 0.02% throughout the week. Short - term and medium - to - long - term pure bond funds increased by 0.05% and 0.07% respectively. The ChinaBond AAA Sci - tech Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - making Corporate Bond Index rose 0.06% and 0.07% respectively. Bond - type ETFs had a net outflow of 804 million yuan in the past week, with different trends among different types of ETFs [3]. 3. Summary by Related Catalogs 3.1. Fund Flows - As of March 20, 2026, bond - type ETFs had a net outflow of 804 million yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 1.577 billion yuan, a net inflow of 5.35 billion yuan, and a net outflow of 4.577 billion yuan respectively. In credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 5.262 billion yuan, 158 million yuan, and 1.574 billion yuan respectively, while market - making credit bonds and sci - tech innovation bonds had net outflows of 535 million yuan and 1.11 billion yuan respectively. Since 2025, interest - rate, credit, and convertible - bond ETFs have had cumulative net inflows of 50.908 billion yuan, 470.265 billion yuan, and 30.175 billion yuan respectively, totaling 551.349 billion yuan [5]. 3.2. Net Value Performance - As of March 20, 2026, the net value trends of various types of bond ETF products were divergent. The 30 - year Treasury Bond ETF performed weakly, falling 0.28% throughout the week, while the China Development Bank Bond ETF and the Treasury Bond ETF Orient Fortune rose 0.08% and 0.07% respectively. The convertible - bond ETF and the Shanghai Stock Exchange Convertible - Bond ETF fell 3.06% and 2.96% respectively last week [6]. 3.3. Credit - Bond ETF and Sci - Tech Innovation Bond ETF Performance - As of March 20, 2026, the median net asset values per unit of credit - bond ETFs and sci - tech innovation bond ETFs were 1.0184 and 1.0060 respectively, both rising 0.06% throughout the week. Among credit - bond ETFs, the E Fund Corporate Bond ETF performed relatively well, rising 0.08% throughout the week. Among sci - tech innovation bond ETFs, the ICBC Sci - Tech Innovation Bond ETF and the Yongying Sci - Tech Innovation Bond ETF performed relatively well. As of March 20, 2026, the median discount rate of credit - bond ETFs was 7 basis points, and that of sci - tech innovation bond ETFs was 9 basis points [7]. 3.4. Credit - Type ETF Duration Tracking - As of March 20, 2026, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.29 years, 2.02 years, and 2.06 years respectively. Among market - making credit - bond ETFs, the median holding durations of products tracking the Shanghai Market - making Corporate Bond Index and the Shenzhen Market - making Corporate Bond Index were 3.45 years and 2.81 years respectively. Among sci - tech innovation bond ETFs, the median holding durations of products tracking the AAA Sci - Tech Innovation Bond Index, the Shanghai AAA Sci - Tech Innovation Bond Index, and the Shenzhen AAA Sci - Tech Innovation Bond Index were 3.26 years, 3.21 years, and 3.10 years respectively [8].

Core Insights - The report indicates a downward shift in the certificate of deposit (CD) yield curve, with major brokerages continuing to sell bonds, reflecting liquidity and institutional behavior trends [3][5][6] - The average daily lending by large banks decreased slightly, with a total lending scale of 27.84 trillion yuan from March 16 to March 20, showing a week-on-week decline of 0.37 trillion yuan [4] - The issuance of interbank certificates decreased, with a total issuance of 758.69 billion yuan, down by 87.2 billion yuan from the previous week, resulting in a net financing amount of -404.17 billion yuan [4][5] Liquidity and Institutional Behavior - The liquidity situation showed a net withdrawal of 34.2 billion yuan over the week, with the People's Bank of China conducting reverse repos totaling 2.423 trillion yuan [3][4] - The average leverage ratios for banks, securities, insurance, and broad funds were reported at 103.6%, 200.1%, 130.4%, and 104% respectively, indicating slight changes in institutional leverage behavior [6] - The weighted average duration of net purchases by funds decreased to -1.23 years, reflecting a shift in investment strategy among institutional investors [6] Interest Rate Trends - The yield curve for CDs has shifted downward, with AAA-rated commercial bank CDs showing yields of 1.46%, 1.47%, 1.47%, 1.5%, and 1.52% for 1M, 3M, 6M, 9M, and 1Y respectively, indicating a general decline in interest rates [5] - The report notes a decrease in bill rates, with 3M and 6M government bond rates also showing downward trends, suggesting a broader decline in market interest rates [5]

1. Report Industry Investment Rating - The report does not provide a specific industry investment rating. 2. Core Viewpoints of the Report - This week (March 16 - March 20), most of the funding rates declined, the average daily lending of large - scale banks decreased slightly, and funds slightly de - leveraged. The maturity of certificates of deposit (CDs) increased, and most of the CD maturity yields declined. In the cash bond trading, the main buyers were other institutions and funds, with funds still mainly increasing short - term credit holdings, large - scale banks increasing CD holdings, securities firms being the main sellers and selling 5 - 10Y interest - rate bonds, and insurance companies increasing 20 - 30Y interest - rate bond holdings [5]. 3. Summary by Directory 3.1 Monetary Fundamentals - This week, there were 17.65 billion yuan of reverse repurchase maturities. The central bank respectively injected 137.3 billion, 51 billion, 20.5 billion, 13 billion, and 20.5 billion yuan of reverse repurchases from Monday to Friday, with a total injection of 242.3 billion yuan. There were 500 billion yuan of outright reverse repurchase injections and 600 billion yuan of maturities on Monday. The net liquidity withdrawal for the whole week was 3.42 billion yuan. There will be 45 billion yuan of MLF maturing next Wednesday [5][8]. - As of March 20, R001, R007, DR001, and DR007 were 1.4%, 1.48%, 1.32%, and 1.42% respectively, with changes of 0.45BP, - 2.64BP, - 0.09BP, and - 4.07BP compared to March 13, and were at the 19%, 8%, 15%, and 2% historical quantiles respectively [5][11]. - From March 16 to March 20, the total lending scale of large - scale banks was 27.84 trillion yuan, with a daily maximum lending scale of 5.7 trillion yuan and an average daily lending scale of 5.6 trillion yuan, a decrease of 0.37 trillion yuan compared to the previous week's daily average [5][15]. - The trading volume of pledged repurchase decreased. The average daily trading volume was 8.37 trillion yuan, with a daily maximum of 8.50 trillion yuan, a 2.29% decrease compared to the previous week's daily average. The proportion of overnight repurchase transactions increased. The average daily proportion was 91.3%, with a daily maximum of 92.1%, an increase of 0.18 percentage points compared to the previous week's daily average, and was at the 97.6% quantile as of March 20 [5][17]. 3.2 Certificates of Deposit and Bills - This week (March 16 - March 22), the issuance scale of CDs decreased compared to the previous week, and the net financing was negative. The total issuance was 758.69 billion yuan, a decrease of 87.2 billion yuan compared to last week; the total maturity was 1162.86 billion yuan, an increase of 154.66 billion yuan compared to the previous week. The net financing was - 404.17 billion yuan, a decrease of 241.86 billion yuan compared to last week [5][20]. - By bank type, city commercial banks had the highest issuance scale. The issuance scales of state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were 124.57 billion yuan, 236.04 billion yuan, 338.59 billion yuan, and 32.77 billion yuan respectively, with changes of 5.8 billion yuan, - 109.61 billion yuan, 17.51 billion yuan, and - 11.21 billion yuan compared to the previous week [20]. - By term type, the 1 - year issuance scale was the highest. The issuance scales of 1M, 3M, 6M, 9M, and 1Y CDs were 54.32 billion yuan, 86.99 billion yuan, 202.37 billion yuan, 151.85 billion yuan, and 263.16 billion yuan respectively, with changes of - 5.38 billion yuan, - 30.22 billion yuan, 47.2 billion yuan, - 16.58 billion yuan, and - 82.22 billion yuan compared to the previous week. The 1 - year CD accounted for the highest proportion of the total issuance of CDs by different types of banks, at 34.69%, mainly due to more issuances by joint - stock banks; the 6 - month term accounted for 26.67%, mainly due to more issuances by city commercial banks [20]. - This week, the CD maturity volume increased. The total maturity was 1162.86 billion yuan, an increase of 154.66 billion yuan compared to last week. In the new week (March 22 - March 29), the CD maturity was 698.2 billion yuan [24]. - This week, the issuance interest rates of CDs of all banks and all terms decreased. By bank type, as of March 20, the issuance interest rates of one - year CDs of joint - stock banks, state - owned banks, city commercial banks, and rural commercial banks decreased by - 3.13BP, - 3.5BP, - 5.27BP, and - 3.62BP respectively compared to March 13, and were at the 0%, 2%, 0%, and 0% historical quantiles; by term, as of March 20, the issuance interest rates of 1M, 3M, and 6M CDs decreased by - 3.04BP, - 1.96BP, and - 1.16BP respectively compared to March 13, and were at the 2%, 0%, and 0% historical quantiles [28]. - This week, most of the Shibor rates declined. As of March 20, the overnight, 1 - week, 2 - week, 1M, and 3M Shibor rates changed by - 0.2BP, - 4BP, 2.8BP, - 1.9BP, and - 2BP respectively compared to March 13 to 1.32%, 1.42%, 1.52%, 1.51%, and 1.52% [30]. - This week, the CD maturity yield curve shifted downward as a whole. As of March 20, the 1M, 3M, 6M, 9M, and 1Y maturity yields of AAA - rated ChinaBond commercial bank CDs were 1.46%, 1.47%, 1.47%, 1.5%, and 1.52% respectively, with changes of - 4.5BP, - 3.5BP, - 4BP, - 1.75BP, and - 1.75BP compared to March 13 [32]. - This week, the bill interest rates declined. As of March 20, the 3 - month national stock direct discount rate, 3 - month national stock transfer discount rate, 6 - month national stock direct discount rate, and 6 - month national stock transfer discount rate were 1.58%, 1.48%, 1.23%, and 1.22% respectively, with changes of - 4BP, - 5BP, - 3BP, and - 6BP compared to March 13 [36]. 3.3 Institutional Behavior Tracking - The inter - bank leverage ratio decreased slightly compared to the previous week. As of March 20, the total inter - bank leverage ratio in the bond market decreased by 0.05 percentage points to 105.23% compared to March 13, and was at the 19.90% historical quantile level since 2021 [38]. - The leverage ratio of broad - based funds remained basically unchanged. As of March 20, the leverage ratios of banks, securities firms, insurance companies, and broad - based funds were 103.6%, 200.1%, 130.4%, and 104% respectively, with changes of - 0.05BP, - 10.64BP, - 0.15BP, and 0.01BP compared to March 13, and were at the 30%, 12%, 77%, and 1% historical quantile levels respectively [40]. - The weighted average net - buying duration of funds decreased compared to the previous week, and the duration of insurance companies decreased slightly. As of March 20, the weighted average net - buying duration (MA = 10) of funds was - 1.23 years, a decrease from 1.23 years on March 13, and was at the 15% historical quantile level; the weighted average net - buying duration (MA = 10) of wealth management products was - 0.08 years, a decrease compared to March 13, and was at the 38% historical quantile level; the weighted average net - buying duration (MA = 10) of securities firms was - 4.73 years, a decrease compared to March 13, and was at the 5% historical quantile level; the weighted average net - buying duration (MA = 10) of insurance companies was 15.72 years, a decrease compared to March 13, and was at the 99% historical quantile level [41]. - The duration of medium - and long - term pure - bond funds increased slightly compared to the previous week. As of March 20, the duration of medium - and long - term pure - bond funds increased by 0.01 years to 3.03 years compared to March 13, and was at the 11% historical quantile level since 2025; the duration of short - term pure - bond funds increased by 0.17 years to 1.48 years compared to March 13, and was at the 41% historical quantile level since 2025 [46].

Core Insights - The report emphasizes that long-term equity investment returns primarily stem from EPS growth and dividends, rather than short-term valuation changes [3] - It highlights the impact of rebalancing mechanisms on index investment returns, particularly how the inclusion and exclusion of stocks can distort the tracking of corporate earnings growth [3][4] Summary by Sections Equity Investment Returns - Equity investment returns can be broken down into three components: EPS growth, valuation changes (PE), and dividends [3] - The report suggests that investors should focus on long-term EPS growth and dividend accumulation rather than short-term valuation fluctuations [3] Impact of Rebalancing on Index Investment - Using the CSI 300 index as an example, the report notes that the rebalancing mechanism can weaken investors' ability to track corporate earnings growth, often including stocks at high valuations and excluding them when prices fall [3][4] - Over the past decade, the average annualized EPS growth of the CSI 300 index was only 1.45%, significantly lower than the average annualized growth of China's GDP at 7.15% and the net profit growth of CSI 300 constituent stocks at approximately 5.02% [3] Historical Rebalancing Analysis - From 2016 to 2025, there were 219 complete rebalancing events in the CSI 300 index, with 92% of these events resulting in losses due to "buy high, sell low" scenarios [4] - Approximately 70.78% of constituent stocks were removed from the index at lower P/E ratios compared to when they were added [4] - Stocks added to the index often showed strong performance prior to inclusion but exhibited subdued performance afterward, while stocks removed from the index tended to stabilize post-exclusion [4] Causes of Low EPS Growth in Scale Indices - The report identifies several reasons for the low EPS growth in scale indices, including mismatches between growth and volatility, concentrated price discovery, and the transition between old and new economic drivers [5] - High volatility environments exacerbate the "buy high, sell low" effect, as stocks are often added to the index during periods of high valuation [5] - The transition phase in the Chinese economy may pressure EPS growth in the index as it shifts from low-valuation old economy stocks to high-valuation new economy leaders [5] Investment Strategies for Enhancing Long-Term Returns - The report suggests several strategies that could effectively enhance long-term returns, including: - Micro-cap stock strategies that achieve "buy low, sell high" outcomes, with the micro-cap index rising 552% from 2016 to 2025, yielding an annualized return of 20.62% [6] - Dividend and value strategies that leverage valuation constraints to achieve better performance than broad indices [6] - Low volatility and risk parity strategies that capitalize on the relationship between volatility and stock prices [6] - Growth sector allocations that avoid market capitalization sorting and focus on companies with sustainable earnings growth potential [6]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The pricing logic of gold is undergoing a phased transformation, evolving from a "safe - haven asset" to a "trading - type risk asset" [4]. - The market's expectation of the long - term nature of the conflict has been largely reflected in the price, and the marginal cost - effectiveness of continuing to bet on the escalation of the event is decreasing [4]. - In the medium - to - long - term, the new energy industry chain and global manufacturing reconstruction are worthy of attention [7]. 3. Summary by Relevant Catalogs Market Review - **Market Performance**: Most major market indices declined last week, with the CSI 500 having a relatively large decline. Among the major industries, the financial index and the daily consumption index performed relatively well, while the material index and the industrial index performed weakly. Among the 30 Shenwan primary industries, 2 industries rose (communications and banks), and the industries with large declines were non - ferrous metals, basic chemicals, and steel [11][13][14]. - **Trading Heat**: The average daily trading volume of the Wind All - A last week was 2.211117 trillion yuan (the previous value was 2.498707 trillion yuan), which was at a relatively high historical level (87.50% of the three - year historical quantile) [9][25]. - **Valuation Tracking**: As of March 20, 2026, the valuation (PE_TTM) of the Wind All - A was 22.59, a decrease of 0.74 from the previous week, and it was at the 95.60% quantile of the historical (nearly 5 - year) level. Among the 30 Shenwan primary industries, 4 industries' valuations (PE_TTM) showed improvement [12][28]. Market Observation - **Understanding the Sharp Drop in Precious Metals This Week**: The inverse correlation between gold and crude oil prices has significantly increased. Gold's pricing logic is changing, and it is more affected by capital and trading structure. The market's expectation of the long - term nature of the conflict is rising, and the cost - effectiveness of crude oil risk gambling is decreasing [4]. - **Which A - share Sectors May Continuously Benefit from the Long - term Geopolitical Conflict**: The long - term structural changes brought about by the increase in the oil price center have not been fully priced by the market. The external demand logic of the new energy industry chain may be continuously strengthened, and the demand for upstream resource products and mid - stream equipment manufacturing is expected to increase. It is recommended to reduce the participation in "conflict - trading" sectors in the short term and focus on new energy and global manufacturing reconstruction in the medium - to - long - term [7]. Economic Calendar - This week, attention should be paid to domestic economic data such as March fixed - asset investment, social retail sales, industrial added value, and unemployment rate, as well as overseas economic data such as the March euro - zone CPI year - on - year and month - on - month, the US federal funds rate forecast, and the US Federal Reserve bank reserve amount. There are also important events such as the March Fed interest rate decision, FOMC economic forecast, and FOMC monetary policy statement [33].