BILIBILI(US:BILI) Bank of China Securities·2026-03-06 07:07Market Performance - The Hang Seng Index (HSI) closed at 25,321, down 0.3% for the day and down 1.2% year-to-date (YTD) [2] - The CSI 300 index increased by 1.0% for the day and is up 0.4% YTD, indicating some resilience in the Chinese market [2] - The KOSPI index showed significant growth, up 9.6% for the day and 32.5% YTD, reflecting strong performance in South Korea [2] Commodity Prices - Brent Crude oil prices rose to US$84 per barrel, up 2.8% for the day and up 38.7% YTD, indicating a strong recovery in energy prices [3] - Gold prices decreased to US$5,082 per ounce, down 1.1% for the day but still up 17.7% YTD, showing volatility in precious metals [3] - Copper prices increased to US$13,058 per ton, up 0.8% for the day and up 5.1% YTD, suggesting steady demand in industrial sectors [3] Economic Indicators - The U.S. nonfarm payrolls increased by 130,000, significantly above the consensus estimate of 57,000, indicating stronger-than-expected job growth [4] - The unemployment rate in the U.S. remained stable at 4.3%, aligning with expectations [4] - China's new yuan loans for the year-to-date reached CNY 4,710 billion, below the consensus of CNY 5,610 billion, indicating potential tightening in credit conditions [4] Government Policy and Economic Outlook - The 2026 growth target for China has been adjusted to 4.5%-5%, down from 5% in 2025, focusing on quality over quantity in economic growth [8] - New government bonds in China are projected at RMB 11.89 trillion for 2026, slightly higher than the previous year's RMB 11.86 trillion, but the bond-to-GDP ratio is expected to decrease from 8.5% to 8.1% [10] - The emphasis on turning the GDP deflator from negative to positive suggests proactive measures to regulate supply and demand in the economy [9]