1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The economy is expected to have a "good start" in 2026, but in the short term, it needs to digest the impact brought by geopolitical fluctuations. The economic data from January to February 2026 shows positive trends in industrial production, fixed - asset investment, and social consumption. In the "fixed - income +" market, different asset prices are affected by geopolitical factors, and the market needs time to adjust [1][4]. 3. Summary by Directory 3.1 Event On March 16, 2026, the National Bureau of Statistics released the economic data for January - February 2026. The year - on - year growth rate of industrial added value above designated size was 6.3%, the cumulative year - on - year growth rate of fixed - asset investment was 1.8%, and the year - on - year growth rate of total retail sales of consumer goods was 2.8% [1][7]. 3.2 Comment - **Industrial Added Value**: The year - on - year growth rate of industrial added value above designated size from January to February 2026 was 6.3%, 1.1 percentage points higher than that in December 2025. The average monthly growth rate of the month - on - month growth rate was 0.61%, between the levels of the same period in 2024 and 2025. The year - on - year growth rates of the added values of the three major industries all increased compared with December 2025 [2][8]. - **Fixed - Asset Investment**: The cumulative year - on - year growth rate of fixed - asset investment from January to February 2026 was 1.8%, significantly higher than - 3.8% for the whole year of 2025. The average month - on - month growth rate was 0.86%, significantly higher than the same period in the past two years. The cumulative year - on - year growth rates of real estate, manufacturing, and general infrastructure investment all increased significantly compared with the whole year of 2025 [2][13]. - **Social Consumption**: The year - on - year growth rate of total retail sales of consumer goods from January to February 2026 was 2.8%, rising again after 9 consecutive months of decline. The average month - on - month growth rate was 0.76%, significantly higher than the same period in 2024 and 2025. Except for automobiles and communication equipment, the year - on - year growth rates of retail sales of major consumer goods increased significantly [3][14]. 3.3 "Fixed - Income +" View - **Current Situation**: Since the beginning of 2026, the yields of government bonds with different maturities have shown a differentiated trend, and the yield curve has steepened significantly. The CSI All - Share Index rose by 5.1%, the CSI Convertible Bond Index rose by 3.4%, the Shanghai - Shenzhen 300 Index rose by 0.8%, and the CSI 1000 Index rose by 8.1%, with small - cap stocks performing better [4][23]. - **Outlook**: Since the Iran conflict at the end of February, geopolitical turmoil has led to significant differentiation in the price trends of different assets. Non - energy and chemical equity asset prices have fluctuated significantly, and the bond market sentiment has been significantly suppressed. In the short term, the market needs to digest the impact of geopolitical fluctuations. The current capital market is relatively loose, and the overall risk of the bond market is not large. The equity and bond assets are still looking for a relatively balanced price - performance level [4][24].

Group 1 - International gold prices have been rising, prompting both domestic and foreign banks to launch gold-linked structured deposit products, which appeal to conservative investors due to their "capital protection" and yield flexibility [2] - Several banks have introduced related products since the beginning of 2026, with potential maximum annual yields reaching 4.5% [2] - Foreign banks' products have high entry thresholds and longer terms, such as DBS Bank requiring a minimum investment of $10,000 for a 12-month term, while HSBC China requires $20,000 for a 3-year term, and Standard Chartered Bank has a minimum subscription of $75,000 for an 18-month term [2] Group 2 - In contrast, domestic banks offer more accessible products with shorter terms and lower risks, with institutions like Jiangsu Bank, Shanghai Rural Commercial Bank, and China Merchants Bank having minimum investment amounts generally around $1,000 and terms ranging from 7 to 90 days [2] - Experts from the Beijing Wealth Management Industry Association indicate that the current trend of de-dollarization and geopolitical fluctuations are driving demand for gold, which remains strong in the market [2] - Companies are actively participating in the allocation of such products, although investors are advised to choose wisely, as structured deposits, while promising capital protection, have returns linked to market performance [2]

Core Viewpoint - Silver prices are projected to exceed $60 per ounce by 2025, driven by favorable monetary policy, market structure, and supply-demand dynamics, with a continued bullish outlook into 2026, although potential risks must be monitored [1] Group 1: Price Movement and Market Dynamics - As of the report, spot silver has risen approximately 0.3% to $61.03 per ounce, marking a year-to-date increase of 111%, contrasting with a 0.3% decline in spot gold to $4199.46 per ounce [1] - The surge in silver prices is attributed to supply tightness, insufficient price elasticity in industrial demand, and policy-driven market mismatches, leading to a price increase that exceeds what gold price movements alone can explain [1] Group 2: Supply and Demand Fundamentals - The current loose monetary policy cycle supports silver prices, while ongoing tightness in the spot market persists [1] - Increased demand from sectors such as electrification, solar energy, electric vehicles, and data centers has outpaced mining capacity, further highlighting the supply-demand imbalance [1] - The inclusion of silver in the U.S. critical minerals list underscores this supply-demand disparity [1] Group 3: Risks and Valuation Concerns - The high valuations in the artificial intelligence sector pose a risk; a potential valuation correction could significantly reduce silver demand from chip and data center infrastructure, impacting overall market risk appetite [1] - The gold-silver ratio has fallen to around 68, aligning with the 30-year historical average, indicating that silver has moved out of a significantly undervalued range [2] - In a normalized market environment where supply-demand constraints weaken, silver may enter a consolidation phase, with some funds potentially reallocating to gold, although both metals remain valuable for hedging against fiscal risks, inflation, and geopolitical volatility [2] Group 4: Technical Analysis - Market participants are closely monitoring whether silver can maintain a position within the $54-$55 range [2] - If silver prices can break above this range and hold, it would strengthen expectations for an upward shift in trading ranges for 2026, especially as gold prices are anticipated to approach $5000, which would also support silver prices [2]

Core Viewpoint - The financial performance of Gaoke Bridge (09963.HK) for the six months ending June 30, 2025, was disappointing, with significant revenue decline and continued losses [1] Financial Performance - Total revenue recorded was approximately HKD 38.7 million, representing a year-on-year decrease of about 46.9% [1] - Loss attributable to shareholders for the reporting period was approximately HKD 12.6 million, which is an 8.0% reduction compared to the previous period [1] - Basic loss per share was approximately HKD 0.049, compared to HKD 0.053 for the six months ending June 30, 2024 [1] Industry Context - The Chinese telecommunications industry is facing dual pressures of demand contraction and intensified competition due to global geopolitical fluctuations and a slowdown in domestic economic growth [1] - The challenges and uncertainties faced by fiber optic and cable companies in the current market environment remain significant [1] - The company is vigilant regarding these developments and is continuously assessing their impact while taking necessary measures to mitigate effects on its business [1]

Group 1: Export Performance - In the first half of the year, China's exports exceeded expectations, with private enterprises being the main contributors, showing a 7.0% growth compared to state-owned and foreign-invested enterprises at 3.2% and 4.7% respectively [1][4] - The overall trade volume increased by 2.9% year-on-year, with exports growing by 7.2%, indicating a recovery from the previous month's decline [1][3] - High-tech product exports rose by 9.2%, with significant growth in sectors like high-end machinery and marine engineering equipment, which saw over 20% growth [3] Group 2: Economic Resilience - China's economy demonstrated strong resilience amid external pressures, with macro policies and proactive responses from businesses playing a crucial role [2] - The industrial added value growth rate increased from 5.8% in May to 6.8% in June, marking the highest rate in three months [1] - The net export of goods and services contributed 1.7 percentage points to economic growth, highlighting its importance in the recovery [3] Group 3: Challenges and Outlook - Experts noted that the economic outlook remains uncertain, with potential challenges including export decline, policy effects, real estate adjustments, and low price levels [6] - The supply side indicators are outpacing demand indicators, indicating an imbalance in the economy [6] - Recommendations include enhancing domestic demand, particularly in consumption, and implementing structural reforms to balance supply and demand [6][7] Group 4: Policy Recommendations - Emphasis on ensuring that fiscal policy growth outpaces nominal economic growth, with a focus on effective implementation [7] - The need for a balanced approach in policy design, including growth-oriented, reform-oriented, and stability-oriented measures [8] - Suggestions for increasing support for employment and social security to maintain social stability and harmony [8]