Market Overview - The equity market saw most major indices decline, with only the Wind Micro Index rising by 1.54% during the week. The North Securities 50 index fell by 3.40%, while the ChiNext Index and the Shanghai Composite Index decreased by 1.68% and 1.09%, respectively [4][5] - In the bond market, both short and long-term interest rates declined, with the 10-year government bond yield falling by 1.27 basis points to 1.817%. The credit spreads for both short and long-term bonds also narrowed [7][8] Equity Product Allocation Strategy - Event-driven strategy highlights include: - China's innovative drug licensing transactions exceeding $60 billion, with recommended funds such as Harvest Mutual Selection A (006603), ICBC Health A (006002), and Penghua Medical Technology A (001230) [12][13] - Attacks on two major aluminum plants in the Middle East, suggesting a focus on funds like Harvest Resource Selection A (005660) and Huaxia Prosperity Driven A (017598) [13] - The official naming of "Token" as "词元," indicating potential investment opportunities in computing power and chip sectors, with recommended funds including Nord New Life A (006887) and Harvest Frontier Innovation (009993) [14] - Asset allocation strategy recommends a balanced core with a barbell strategy, focusing on dividend and technology/high-end manufacturing sectors. Suggested funds include Anxin Dividend Selection A (018381) and Harvest Military Industry Theme A (004698) [16][17] Stable Product Allocation Strategy - Market analysis indicates a net injection of 281.9 billion yuan by the central bank, maintaining a balanced and loose funding environment. The 2025 China International Balance of Payments Report shows a current account surplus of $735 billion, representing 3.7% of GDP [20][22] - Industrial profits for large-scale enterprises grew by 15.2% in the first two months of 2026, indicating a positive economic outlook [22] - Recommended products include short-term bond funds like Nord Short Bond A (005350) and Guotai Lian A (016947), with a focus on maintaining liquidity while managing risk [23][24]

Macro Strategy - The market style may adjust based on the supply-demand pattern brought by the oil price central [1] - The ongoing conflict between the US and Iran has not shown effective signs of easing, maintaining high volatility in global assets, with US stocks declining and oil prices remaining elevated [1] - Analysts have significantly raised the Q1 2026 US growth forecast while lowering the Q2 growth forecast, and have also increased inflation expectations for the coming quarters [1] Market Outlook - The macro monthly timing model for March 2026 scored -2, indicating a 30.77% probability of the A-share index rising in the following month, suggesting a potential adjustment in the A-share market [2] - The ETF fund flow data indicates a significant increase in innovative drug ETFs, suggesting heightened interest in the pharmaceutical sector, while broad-based ETFs have seen a decrease in scale [2] - The A-share market experienced increased volatility, heavily influenced by overseas events, with trading volume decreasing from 2.30 trillion yuan to 1.86 trillion yuan [2] Fiscal Policy - If the fiscal revenue and expenditure for 2026 are completed as budgeted, the year-on-year growth rate of physical broad fiscal expenditure is expected to reach its highest level in nearly four years, indicating significant fiscal stimulus [3][4] - The year-on-year growth rate of narrow fiscal expenditure is projected to be 4.6%, up from 3.7% the previous year, while the broad fiscal expenditure growth rate is expected to be 5.3%, an increase from 4.5% [4] Inflation Indicators - The PCE inflation indicator has recently shown a positive divergence from the CPI, with PCE growth expected to remain higher than CPI throughout the year, influenced by rising prices in computer components and declining housing inflation [5] - The ongoing divergence between PCE and CPI may pose a tail risk for the Federal Reserve's monetary policy, as PCE is the inflation measure referenced by the Taylor rule [5] Fixed Income Market - The domestic bond market has shown limited reaction to overseas conflicts and strong early-year economic performance, with the 10-year government bond yield experiencing slight fluctuations [6] - The market is currently characterized by a lack of clear long-term logic, with a consensus on the steepening of the yield curve and short-term rates supported by central bank liquidity [6] Company-Specific Insights - The solid waste sector is expected to see increased dividends and improved return on equity (ROE), with net profit forecasts for 2026-2027 adjusted upwards to 7.62 billion and 8.05 billion yuan respectively [9] - China National Materials is projected to maintain rapid growth in new orders, with net profit forecasts for 2026-2028 adjusted to 30.63 billion, 35.81 billion, and 41.96 billion yuan [10] - The jewelry brand Chaohongji is expected to see significant growth driven by product upgrades and rapid expansion of franchise channels, with net profit forecasts for 2026-2028 set at 6.7 billion, 8.1 billion, and 9.7 billion yuan [11] - Dongshan Precision is anticipated to benefit from dual drivers in optical modules and high-end PCBs, with revenue forecasts for 2025-2027 set at 417.42 billion, 720.62 billion, and 951.33 billion yuan [12]

Core Viewpoint - The signing of a significant sales contract worth 660 million yuan by Moer Technology marks a crucial development for the company, highlighting its core product, the KUAE intelligent computing cluster, and its position in the domestic GPU market [1][3]. Group 1: Contract Details - The contract amount is 660 million yuan, and it pertains to the KUAE intelligent computing cluster, which is one of the company's core products [1]. - The payment for the contract will be executed in three phases, ensuring stable cash flow for the company and reflecting customer recognition of its products [3]. - The contract is a routine business operation, has completed internal approval, and does not involve related party transactions, as the customer is of good credit standing [3]. Group 2: Financial Performance - Moer Technology's revenue for 2025 is projected to be 1.505 billion yuan, representing a 243.37% increase compared to the same period in 2024 [3]. - The net profit attributable to the parent company is expected to be -1.024 billion yuan, with a 36.70% reduction in losses compared to the previous year [3]. - Successful completion of the contract could further enhance the company's performance and bring it closer to profitability [3]. Group 3: Market Context - The intelligent computing infrastructure is undergoing a critical upgrade, with the smart computing market expected to reach 19 billion USD in 2024, reflecting an 86.9% year-on-year growth [4]. - The penetration rate of domestic chips is continuously increasing, with domestic GPU server shipments expected to exceed 30% by 2026 [4]. - Moer Technology is gradually capturing market share due to its differentiated advantages in full-function GPUs, supported by both policy incentives and market demand [4]. Group 4: Competitive Advantage - The KUAE intelligent computing cluster supports large-scale clusters and is positioned to strengthen Moer Technology's market position in the intelligent computing infrastructure sector [5]. - The successful commercial deployment of the cluster is expected to provide a new practical example for the large-scale implementation of domestic AI computing [5]. - The core competitiveness of the cluster lies not only in computing power but also in system stability, continuous training capability, and overall operational efficiency [4].

Financial Insights - The bond market overview indicates a decline in yields, with the 1-year government bond yield down by 4.06 basis points to 1.21% and the 10-year yield down by 1.09 basis points to 1.81% [12] - The People's Bank of China conducted a 7-day reverse repurchase operation of 269.5 billion yuan, resulting in a net injection of 261.5 billion yuan for the day [16] Industry Dynamics - The robotics industry saw a significant milestone with the launch of the 10,000th general-purpose embodied robot by Zhiyuan Robotics, marking a transition from early-stage production to industrial standards [23] - The transportation sector is advancing with the release of the "Smart Shipping 2030 Action Plan," aiming for deep integration of AI technology in shipping by 2027 [18] Company Performance - Hualu Hengsheng (600426.SH) reported a revenue decline of 9.52% to 30.969 billion yuan and a net profit drop of 15.04% to 3.315 billion yuan for 2025, impacted by industry downturns [24] - Huatai Securities (601688.SH) achieved a net profit of 1.638 billion yuan, a 6.72% increase year-on-year, with total assets rising by 32.31% to 107.735 billion yuan [25][26] - EVE Energy (300014.SZ) reported a net profit of 4.134 billion yuan, a 1.44% increase, with total revenue reaching 61.470 billion yuan, up 26.44% [28][30] - Keda Li (002850.SZ) achieved a net profit of 1.764 billion yuan, a 19.87% increase, driven by strong demand in the new energy vehicle sector [31][32] - Youyou Food (603697.SH) reported a revenue increase of 34.39% to 1.589 billion yuan, with a net profit growth of 17.94% to 186 million yuan [33] - Lingyi Technology (002600.SZ) saw a net profit increase of 30.47% to 2.288 billion yuan, supported by growth in AI-related hardware products [35] - Sanhuan Group (300408.SZ) reported a net profit of 2.618 billion yuan, a 19.54% increase, with revenue growth of 22.13% to 9.007 billion yuan [38] - Fala Electronics (600563.SH) achieved a net profit of 1.192 billion yuan, a 14.72% increase, with total revenue of 5.327 billion yuan, up 11.64% [41]

Group 1 - The core viewpoint is that Nvidia's stock price is under pressure due to concerns over war, inflation, and skepticism regarding AI spending, leading to a decline in its expected price-to-earnings (P/E) ratio to the lowest level since early 2019 [2] - Nvidia's current expected P/E ratio is approximately 19.6, which is lower than the S&P 500 index's P/E ratio of about 20 [2] - On Monday, Nvidia's stock fell by 1.40%, closing at $165.17, which is nearly a 20% drop from its historical closing high in October 2025, approaching a technical bear market, with a cumulative decline of about 10% in the first quarter of this year [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CIG SHANGHAI CO., LTD. 上海劍橋科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6166） 海外監管公告 2025年年度報告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 上 海 劍 橋 科 技 股 份 有 限 公 司（「 本 公 司 」）在 上 海 證 券 交 易 所 網 站(www.sse.com.cn)刊登的本公司2025年年度報告，僅供參閱。 承董事會命 上海劍橋科技股份有限公司 Gerald G Wong先生 董事長、執行董事及總經理（首席執行官） 上海，2026年3月30日 於本公告日期，本公司董事會包括：(i)執行董事Gerald G Wong先生、趙海波先 生、趙宏偉先生及張傑先生；(ii)獨立非執行董事秦桂森先生、姚明龍先生及袁淑儀 女士。 上海剑桥科技股份有限公司2025 年年度报告 公司代码： ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CIG SHANGHAI CO., LTD. 上海劍橋科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6166） 海外監管公告 2025年年度報告摘要 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 上 海 劍 橋 科 技 股 份 有 限 公 司（「 本 公 司 」）在 上 海 證 券 交 易 所 網 站(www.sse.com.cn)刊登的本公司2025年年度報告摘要，僅供參閱。 承董事會命 上海劍橋科技股份有限公司 Gerald G Wong先生 董事長、執行董事及總經理（首席執行官） 上海，2026年3月30日 於本公告日期，本公司董事會包括：(i)執行董事Gerald G Wong先生、趙海波先 生、趙宏偉先生及張傑先生；(ii)獨立非執行董事秦桂森先生、姚明龍先生及袁淑儀 女士。 上海剑桥科技股份有限公司2025 年年度报告摘要 ...

Core Viewpoint - China Construction Bank (CCB) has demonstrated strong performance in 2025, achieving significant growth in total assets and net profit despite a challenging banking environment, with a focus on sustainable development and quality improvement [1][2]. Financial Performance - Total assets reached 45.63 trillion yuan, an increase of 12.47% - Net profit was 339.79 billion yuan, up by 1.04% - Non-performing loan ratio improved to 1.31%, down by 0.03 percentage points from the previous year [1][2][3]. Capital and Profitability - Core Tier 1 capital net amount reached 3.46 trillion yuan, increasing by 9.46% - Operating income for the year was 740.87 billion yuan, a rise of 1.69% - Non-interest income increased, with net fee and commission income growing by 5.13% [2][3]. Asset Quality - Provision coverage ratio stood at 233.15%, indicating strong risk mitigation capabilities - Key regulatory indicators include a return on average assets of 0.79% and a capital adequacy ratio of 19.69% [3]. Customer Base and Shareholder Returns - CCB served 12.73 million corporate clients and 785 million individual customers - Proposed cash dividend for 2025 is 2.029 yuan per 10 shares, with a total cash dividend of approximately 101.68 billion yuan, maintaining a payout ratio of 30% [3]. Strategic Focus - CCB emphasizes serving the real economy, with a focus on optimizing credit structure to support high-quality development - Domestic corporate loans reached 15.69 trillion yuan, with significant growth in loans to manufacturing and strategic emerging industries [4][5]. Regional and International Expansion - Increased loan proportions in key regions such as the Beijing-Tianjin-Hebei area and the Greater Bay Area - International business credit balance reached 1.45 trillion yuan, with a cross-border RMB settlement volume of 6.50 trillion yuan [5][6]. Financial Innovation and Sustainability - CCB is advancing in five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance - Green loan balance reached 6 trillion yuan, supporting carbon neutrality goals [7][8]. Risk Management and Operational Efficiency - CCB is transitioning to a light asset model and enhancing integrated financial services - Focus on comprehensive cost management and risk prevention strategies to ensure sustainable growth [9][10]. Future Outlook - CCB aims to continue its high-quality development path, aligning with national strategies and enhancing its role in modernizing the economy [11].

Group 1 - The Chinese Nationalist Party (KMT) Chairman Zheng Liwen accepted the invitation from the Central Committee and General Secretary Xi Jinping to visit the mainland from April 7 to 12, aiming to promote peaceful development of cross-strait relations and enhance exchanges and cooperation [4][6] - The U.S. President Trump announced that Iran agreed to most of the "15-point plan" for a ceasefire, with serious negotiations ongoing to end military actions in Iran. Trump threatened to destroy Iran's power plants and oil wells if an agreement is not reached soon [4][6] - Iran's parliament approved a bill to charge fees for ships passing through the Strait of Hormuz, aiming to maintain Iran's dominance and prohibit vessels from countries that impose unilateral sanctions on Iran [5][6] Group 2 - Guizhou Moutai announced a price increase for its liquor, with the contract price for its 500ml Flying Moutai rising from 1169 yuan to 1269 yuan, effective March 31 [5][6] - The sixth China International Consumer Products Expo will be held from April 13 to 18 in Hainan, featuring over 3400 brands from more than 60 countries and regions, with international exhibits accounting for 65% of the total [7] - The Guangdong Financial Regulatory Bureau introduced 16 measures to support the optimization and upgrading of traditional industries, aiming to enhance quality advantages [8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 一、2025年度董事会主要工作 （在中華人民共和國註冊成立的股份有限公司） （股份代號： 1055） 於其他市場發佈的公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列中國南方航空股份有限公司在上海證券交易所網站刊登的《中國南方航空股 份有限公司2025年度董事會工作報告》、《中國南方航空股份有限公司2025年審計 報告》、《中國南方航空股份有限公司2025年度獨立董事述職報告（何超瓊）》、 《中國南方航空股份有限公司2025年度獨立董事述職報告（郭為）》、《中國南方 航空股份有限公司2025年度獨立董事述職報告（張俊生）》、《中國南方航空股份 有限公司2025年度獨立董事述職報告（祝海平）》、《中國南方航空股份有限公司 董事會關於獨立董事獨立性情況的評估專項意見》、《中國南方航空股份有限公司 董事會審計與風險管理委員會對2025年度會計師事務所履行監督職責情況報告 ...