Summary of Key Points from the Conference Call on China Consumer Staples: Spirits/F&B Industry Overview - The call focused on the spirits and food & beverage (F&B) industry in China, particularly the dynamics post-Lunar New Year (LNY) and the outlook for 2026. Core Insights 1. **Spirits Market Recovery**: - The expert observed a decline of approximately 15%+ in spirits sales post-LNY, with a sequential narrowing of this decline in March. This was attributed to the lingering effects of the anti-graft policy, but there was no significant drop in mass consumption or banquets after the LNY peak season [1][2][5]. - Improvement in catering demand has been noted since October 25, 2025, with fewer restaurant closures and transfers in 2026 [1]. 2. **Moutai's Market Position**: - Moutai is leading the recovery due to market-oriented reforms, leveraging direct-sales through the i-Moutai platform, which is expected to generate around Rmb20 billion in sales in Q1 2026 [1][5]. - The company is prioritizing retail turnover and destocking of non-standard Moutai SKUs to stabilize pricing, with recent price hikes for Feitian Moutai announced on March 30 [1][5]. 3. **Wuliangye's Strategy**: - Wuliangye is suspending shipments starting in April to clean up channel inventory and support wholesale prices, which may pressure reported financials in the short term but is expected to lead to a healthier trajectory post-cleanup [1][5]. - The expert noted a 20-30% sell-through growth in strong regions like Chengdu during LNY, with overall national sell-through expected to grow at a similar rate year-over-year in Q1 2026 [1][7]. 4. **Cautious Outlook for Other Brands**: - The expert expressed caution regarding Laojiao and Fen Wine, which are still pushing channel inventories for some SKUs, potentially prolonging their recovery path [1][5]. 5. **Beverage Sector Dynamics**: - Nongfu's new product strategies include iced tea and electrolyte water, with the latter positioned as a defensive SKU rather than a core growth driver. The rollout will focus on selective high-quality channels [1][8]. - The expert expects solid sales from the i-Moutai app, with transaction users reaching approximately 3.98 million, implying around Rmb19 billion in sales based on average purchases [1][7]. Additional Important Insights - The expert highlighted that the consignment policy for Moutai is aimed at identifying successful distributors for non-standard SKUs, with a rebate model in place [1][7]. - The overall spirits market is expected to see a wider divergence among players, with Moutai and Wuliangye positioned to recover more effectively than others [1][5]. This summary encapsulates the key points discussed during the conference call, providing insights into the current state and future outlook of the spirits and F&B industry in China.

Market Overview - On April 1, 2026, both stock indices closed lower with a trading volume of 2 trillion, an increase of approximately 70 billion from the previous trading day[1] - The Shanghai Composite Index fell by 6.51% in March, losing the 3900-point mark after initially breaking a high point on January 14[3] - Major sectors such as coal, power equipment, chemicals, and agriculture saw significant declines, while banking, home appliances, and food and beverage sectors experienced slight gains[1] Capital Flow - On March 31, net outflows from the Shanghai Stock Exchange amounted to 19.423 billion, while the Shenzhen Stock Exchange saw net outflows of 17.918 billion[4] - The top three sectors for capital inflow were plastics, rail transit equipment, and large state-owned banks, while the top outflow sectors included semiconductors, batteries, and communication equipment[4] Industry Dynamics - The commercial aerospace sector has seen a notable increase in activity, with the successful launch of the Lijian-2 rocket, which aims to match SpaceX's cost efficiency[2] - The Chinese automotive dealer inventory warning index for March stood at 57.5%, reflecting a year-on-year increase of 2.9 percentage points and a month-on-month increase of 1.3 percentage points[8] Economic Indicators - In February, the China Council for the Promotion of International Trade reported a 72.38% year-on-year increase in the issuance of various certificates, indicating a strong start for foreign trade in 2026[5] - The Ministry of Industry and Information Technology reported that integrated circuit design revenue reached 63.6 billion, a year-on-year growth of 15.7% in the first two months of 2026[9] Investment Insights - Long-term funds are increasingly entering the market, with 156 companies showing involvement from social security funds and 123 from Qualified Foreign Institutional Investors (QFII)[10] - The total trading volume of ETFs reached 453.854 billion, with stock ETFs accounting for 15.961 billion and bond ETFs for 18.852 billion[12]

Quantitative Models and Construction Methods - **Model Name**: "Preferred Gold Stock Portfolio" **Model Construction Idea**: The model leverages newly introduced gold stocks and incorporates the "SUE factor" (Surprise Earnings Factor) to identify stocks with superior performance potential [22] **Model Construction Process**: 1. Select newly introduced gold stocks as the sample pool [22] 2. Identify the top 30 stocks with the highest SUE factor values [22] 3. Weight the portfolio based on the number of recommendations from brokers [22] **Model Evaluation**: The model demonstrates superior performance compared to the "All Gold Stock Portfolio" and benchmark indices [22][24] Model Backtesting Results - **Preferred Gold Stock Portfolio**: - March Return: -9.1% [24] - 2026 YTD Return: 5.0% [24] - Annualized Return: 23.3% [24] - Annualized Volatility: 25.1% [24] - Sharpe Ratio: 0.93 [24] - Maximum Drawdown: 24.6% [24] - **All Gold Stock Portfolio**: - March Return: -8.4% [20] - 2026 YTD Return: 0.0% [20] - Annualized Return: 13.5% [20] - Annualized Volatility: 23.4% [20] - Sharpe Ratio: 0.58 [20] - Maximum Drawdown: 42.6% [20] - **Benchmark Indices**: - CSI 300: March Return: -5.5%, Annualized Return: 3.1%, Sharpe Ratio: 0.15 [20] - CSI 500: March Return: -12.0%, Annualized Return: 2.4%, Sharpe Ratio: 0.10 [20] Quantitative Factors and Construction Methods - **Factor Name**: SUE Factor (Surprise Earnings Factor) **Factor Construction Idea**: The factor captures stocks with earnings surprises, which are expected to outperform [22] **Factor Construction Process**: 1. Calculate earnings surprise for each stock based on quarterly financial reports [22] 2. Rank stocks by their SUE values [22] 3. Select the top-performing stocks based on SUE rankings for portfolio inclusion [22] **Factor Evaluation**: The SUE factor exhibits strong stock selection capabilities, particularly within newly introduced gold stocks [22] Factor Backtesting Results - **SUE Factor Performance**: - Demonstrates superior stock selection ability in the "Preferred Gold Stock Portfolio" [22] - Outperforms other factors in identifying high-return stocks [22] Additional Observations - **Gold Stock Characteristics**: - April gold stocks show increased market capitalization and decreased valuation, indicating a shift toward value-oriented stocks [17] - Industry distribution: Electric power equipment (11.8%), non-ferrous metals (9.1%), communication (7.3%), electronics (6.3%) [14][15] - Top recommended stocks include Ningde Times, Zijin Mining, Zhongji Xuchuang, and others [14][15][16] - **Performance of Gold Stocks**: - March top-performing stocks: Foshan Plastics Technology (43.5%), Yuanjie Technology (36.3%), Asia Integration (32.7%), BYD (21.6%), Ningde Times (21.1%) [20][21]

Core Insights - The report highlights the ongoing economic adjustments and the impact of geopolitical tensions on various sectors, particularly in energy and consumer goods [3][5][9] - It emphasizes the importance of monitoring inflation and commodity prices, especially in light of recent conflicts affecting oil prices and supply chains [7][8][9] Economic News - The People's Bank of China announced measures to regulate credit market operations and reduce financing costs to promote stable economic growth [3] - The U.S. President indicated a potential end to military actions in Iran within two to three weeks, which could influence global oil prices [3] - The report notes a significant increase in housing transactions in Shenzhen, with a 117% month-on-month rise in March 2026 [3] Company Insights - Haier Smart Home reported a record revenue exceeding 300 billion yuan for 2025, with a net profit of 19.55 billion yuan, and announced a share buyback plan [4] - China Pacific Insurance increased its stake in China Life by acquiring 3.1 million shares, raising its holding to 12.08% [4] - Huawei's 2025 annual report showed a revenue of 880.9 billion yuan and a net profit of 68 billion yuan, with R&D investment reaching 192.3 billion yuan [4] Sector Recommendations - The report recommends several stocks based on their growth potential and market conditions, including Jiangfeng Electronics, Dayun Technology, and Zhongmin Resources, highlighting their expected performance in 2026 [5][6] - The food and beverage sector is noted for its resilience, particularly in the snack and casual dining segments, with companies like Ganyuan Foods expected to benefit from new channels and products [11][12] Automotive Industry - The automotive sector is transitioning towards active suspension systems, with significant growth in air suspension systems expected, projected to reach a market size of 121 billion yuan by 2026 [14][16] - Companies like Baolong Technology and Top Group are identified as key players benefiting from this trend [17] Chemical Industry - Huafeng Chemical reported a revenue of 24.198 billion yuan for 2025, with a net profit of 1.858 billion yuan, facing short-term pressure due to product price declines [18][20] - The company is expanding its production capacity, particularly in polyurethane, to strengthen its market position [21] Metal and Mining Sector - Western Mining's revenue for 2025 was 61.687 billion yuan, with a net profit of 3.643 billion yuan, driven by increased multi-metal reserves and production [24][25] - The company is enhancing its resource potential through acquisitions and exploration, with significant increases in copper and gold reserves reported [25] Agriculture and Livestock - Muyuan Foods achieved a revenue of 144.145 billion yuan in 2025, with a net profit of 15.487 billion yuan, benefiting from a stable increase in pig sales [29][31] - The company is focusing on cost control and expanding its slaughtering business, which has become a new profit growth point [30]

Group 1 - The report emphasizes that the adjustment in the market presents an opportunity to invest in Chinese assets, highlighting the emergence of significant bottom points in the Chinese stock market after recent adjustments [11][12][14] - The report identifies that China's energy consumption has a low oil and gas proportion of less than 30%, which is below the global average, enhancing resilience against risks [11][12] - The report notes that China's relatively stable security situation, complete supply chain system, and proactive industrial development are unique advantages that can counteract the prevailing narrative of stagflation [11][12] Group 2 - The report suggests that the focus on domestic demand and expansionary fiscal policies in 2026 will support consumption and stabilize investment, which is expected to counterbalance the decline in global demand [12][13] - The report highlights the acceleration of capital expenditure in new economic sectors and the growth of global energy transition demands as key drivers for China's growth logic in 2026 [13][14] - The report recommends sectors such as finance, technology manufacturing, and stable domestic demand as primary investment targets, emphasizing the value of high dividend yield in financial and stable sectors [14] Group 3 - The report discusses the performance of Tencent Holdings, which is expected to see solid growth driven by AI investments, with projected revenues of 830.2 billion CNY in 2026 [21] - The report highlights the launch of Claude Cowork, which is anticipated to accelerate CPU demand due to its role in AI applications, suggesting a significant growth opportunity in the electronic sector [24][29] - The report mentions that the communication sector, particularly optical interconnection, is expected to experience high growth due to increasing demand in AI infrastructure [36][39]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The domestic manufacturing industry's prosperity has rebounded to the expansion range, providing some support for the market, and Chinese stock indices are relatively resistant to declines compared to other markets. However, the current market trading focus remains on geopolitical factors, fluctuating with changes in event expectations [3] 3. Summary by Relevant Catalogs 3.1 Market Analysis - **Macro Aspect**: In March, with the acceleration of resumption of work and production after the Spring Festival, both production and demand expanded simultaneously. China's manufacturing, non - manufacturing, and comprehensive PMI output indices all returned to the expansion range, reaching 50.4%, 50.1%, and 50.5% respectively, up 1.4, 0.6, and 1 percentage points from the previous month [1] - **Geopolitical Aspect**: Trump stated that he is willing to end military operations against Iran even if the Strait of Hormuz remains largely closed, believing that the war with Iran is likely to end soon. Iran's Foreign Minister Araqchi said that the current situation involves information exchange through direct channels or "regional friends", and Iran still receives information from US representative Witkoff, but this does not mean negotiations have started, and currently Iran is not in negotiations with any specific party [1] - **Index Adjustment**: In the spot market, the three major A - share indices adjusted. The Shanghai Composite Index fell 0.8% to close at 3891.86 points, and the ChiNext Index fell 2.7%. Most sector indices declined, with only household appliances, banking, and food and beverage industries rising. Coal, power equipment, electronics, and basic chemical industries led the decline. The daily market turnover was 2 trillion yuan. The central bank's Monetary Policy Committee held its first - quarter regular meeting to study the main ideas of monetary policy for the next stage, suggesting to give play to the integrated effect of incremental and existing policies, comprehensively use various tools, strengthen monetary policy regulation, and grasp the intensity, rhythm, and timing of policy implementation. Overseas, the three major US stock indices all closed higher, with the Nasdaq rising 3.83% to 21590.63 points [2] - **Basis Recovery**: In the futures market, the basis of stock index futures all recovered. In terms of trading volume and open interest, the trading volume and open interest of IF, IH, and IC increased simultaneously [2] 3.2 Strategy - The recovery of domestic manufacturing prosperity to the expansion range provides support for the market, and Chinese stock indices show relative resistance to declines compared to other markets. However, the current market trading focus is still on geopolitical factors, fluctuating with changes in event expectations [3] 3.3 Charts 3.3.1 Macro - economic Charts - Include charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rate and A - share trends, and US Treasury yields and A - share style trends [6][8][10] 3.3.2 Spot Market Tracking Charts - **Domestic Main Stock Index Daily Performance**: The Shanghai Composite Index closed at 3891.86, down 0.80%; the Shenzhen Component Index closed at 13478.06, down 1.81%; the ChiNext Index closed at 3184.95, down 2.70%; the CSI 300 Index closed at 4450.05, down 0.93%; the SSE 50 Index closed at 2826.12, down 0.25%; the CSI 500 Index closed at 7617.33, down 1.76%; the CSI 1000 Index closed at 7619.85, down 1.91% [13] - Also include charts of the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance [14] 3.3.3 Stock Index Futures Tracking Charts - **Trading Volume and Open Interest**: The trading volume of IF was 97664, an increase of 2925; the open interest was 257846, an increase of 4198. The trading volume of IH was 47813, an increase of 1832; the open interest was 101567, an increase of 55. The trading volume of IC was 166503, an increase of 6990; the open interest was 273460, an increase of 11361. The trading volume of IM was 233473, a decrease of 3452; the open interest was 393494, an increase of 6672 [15] - **Basis**: For IF, the basis of the current - month contract was - 16.25, an increase of 3.30; the basis of the next - month contract was - 36.65, an increase of 2.30; the basis of the current - quarter contract was - 74.25, an increase of 3.70; the basis of the next - quarter contract was - 156.65, an increase of 5.10. For IH, the basis of the current - month contract was - 1.72, an increase of 2.49; the basis of the next - month contract was - 4.72, an increase of 2.29; the basis of the current - quarter contract was - 22.12, a decrease of 1.31; the basis of the next - quarter contract was - 61.92, an increase of 0.49. For IC, the basis of the current - month contract was - 41.73, an increase of 5.19; the basis of the next - month contract was - 90.93, an increase of 8.19; the basis of the current - quarter contract was - 192.33, an increase of 0.79; the basis of the next - quarter contract was - 361.93, an increase of 4.59. For IM, the basis of the current - month contract was - 46.25, an increase of 25.88; the basis of the next - month contract was - 121.85, an increase of 22.28; the basis of the current - quarter contract was - 240.45, an increase of 18.08; the basis of the next - quarter contract was - 459.85, an increase of 25.48 [37][39] - **Inter - period Spread**: The inter - period spread data of different contracts (next - month minus current - month, next - quarter minus current - month, etc.) are provided, including the current values and changes [46][47]

Investment Rating - The report maintains an "Outperform" rating for Weilong Delicious Global Holdings [2][7]. Core Insights - The full-year 2025 performance met expectations, with a dividend payout ratio lowered to 61.4% from 99.0% in 2024 [3][10]. - In 2H25, Weilong recorded revenue of RMB 3.74 billion, representing a year-on-year increase of 18.5%, with a gross profit margin of 48.8% [10][11]. - The vegetable products category, particularly Konjac Snacks, achieved revenue of RMB 2.397 billion in 2H25, a 26% year-on-year growth, marking over 62.4% of total revenue for the first time [3][10]. - The company plans to focus on innovation and efficiency improvements, targeting a 15% revenue growth in 2026 [12][13]. Financial Performance Summary - Revenue projections for 2026-2028 are RMB 8.34 billion, RMB 9.52 billion, and RMB 10.72 billion, with year-on-year growth rates of 15.4%, 14.2%, and 12.6% respectively [13]. - Net profit attributable to the parent company is expected to be RMB 1.67 billion, RMB 1.89 billion, and RMB 2.20 billion for 2026-2028, reflecting growth rates of 17.5%, 12.9%, and 16.6% [13]. - The projected P/E ratios for 2026-2028 are 12.1X, 10.9X, and 9.5X [13]. Market Strategy and Operations - The company is advancing omnichannel integration, with offline revenue reaching RMB 3.33 billion in 2H25, a 12% year-on-year increase, while online revenue was RMB 411 million, also up 12% [11][12]. - Future strategies include localized operations in overseas markets, particularly in Southeast Asia and Japan, and capital expenditure focused on new product R&D and production capacity upgrades [12][13].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 11.00 CNY [5][11]. Core Insights - In 2025, the company achieved product structure upgrades and increased market share both domestically and in external markets despite weak demand for draft beer. The performance in terms of volume, price, and profit significantly outperformed the overall industry [2][11]. - The company reported a total revenue of 5.878 billion CNY in 2025, representing a year-on-year increase of 2.6%. The net profit attributable to shareholders was 904 million CNY, up 11.5% year-on-year [11]. - The company’s beer sales volume increased by 1.6% to 146.2 thousand tons, with an average price also rising by 1.6% to 3,889 CNY per ton [11]. - The gross profit margin improved by 2.0 percentage points to 48.3%, driven by increased unit prices and cost reductions [11]. Financial Summary - Total revenue for 2024A was 5,731 million CNY, projected to grow to 6,445 million CNY by 2028E, reflecting a compound annual growth rate [12]. - The net profit attributable to shareholders for 2024A was 810 million CNY, expected to reach 1,127 million CNY by 2028E [12]. - The earnings per share (EPS) for 2025A is projected at 0.41 CNY, with a target of 0.51 CNY by 2028E [12]. - The return on equity (ROE) is expected to improve from 8.2% in 2025A to 8.9% by 2028E [12]. Market Performance - The stock price has fluctuated between 9.00 CNY and 12.26 CNY over the past 52 weeks, with a current price of 9.37 CNY [6][11]. - The company has a total market capitalization of 20.85 billion CNY and a total share capital of 2,213 million shares [6][11]. Strategic Developments - The company has introduced new high-end beer products and flavor variations to meet the evolving consumer preferences, contributing to a 10.98% increase in revenue from high-end beer [11]. - The company’s revenue from e-commerce channels surged by 342.3%, indicating a strong growth potential in this segment [11].

Key Insights - The report highlights that the Hong Kong stock market experienced consolidation in March, primarily influenced by geopolitical uncertainties rather than fundamental factors [1] - The report anticipates a potential recovery in the market as geopolitical tensions ease and a meeting between the US and China leaders is expected to catalyze positive sentiment [2] - The report presents a selection of "golden stocks" for April, indicating a shift in investment focus towards defensive sectors such as energy and banking, with a preference for high dividend yields [1][2] Company Summaries 中创新航 (Zhongxin Innovation) - The company is expected to achieve a revenue of 44.4 billion yuan in 2025, representing a 60% year-on-year growth, with a net profit increase of 150% to 1.48 billion yuan [3] - The target price has been raised to 42.88 HKD, indicating a potential upside of 35.4% [3] 雅迪控股 (Yadea Group) - The company reported a strong recovery in two-wheeler sales, with a projected 25% year-on-year increase to 16.27 million units in 2025 [7] - The target price is set at 22.63 HKD, suggesting a potential upside of 70.8% [7][8] 赛力斯 (Seres) - The company expects a revenue growth of 13.7% to 165.05 billion yuan in 2025, with a net profit of 5.96 billion yuan [9] - The target price has been adjusted down to 135.20 RMB, reflecting a potential upside of 43.5% [9] 豪威集团 (OmniVision) - The company anticipates a revenue of 28.85 billion yuan in 2025, with a net profit of 4.04 billion yuan, which is below market expectations [10][11] - The target price has been lowered to 115 RMB, corresponding to a 33x 2026 P/E ratio [11] 翰森制药 (Hansoh Pharmaceutical) - The company achieved a revenue of 15.03 billion yuan in 2025, exceeding expectations, with a net profit growth of 27% [12][13] - The target price is adjusted to 44.50 HKD, indicating a potential upside of 25.4% [12] 三生制药 (3SBio) - The company reported a revenue of 8.01 billion yuan in 2025, with a projected recovery in sales in 2026 [14] - The target price is set at 32.40 HKD, suggesting a potential upside of 33.4% [14][15] 美的集团 (Midea Group) - The company achieved a total revenue of 458.5 billion yuan in 2025, with a net profit growth of 15.5% [16][17] - The target price is maintained at 96.20 RMB, indicating a potential upside of 26% [17] 申洲国际 (Shenzhou International) - The company reported a revenue growth of 8.1% to 31 billion yuan in 2025, but net profit decreased by 6.7% [18][19] - The target price is adjusted to 74.10 HKD, reflecting a potential upside of 54.2% [19] 京能清洁能源 (Jingneng Clean Energy) - The company experienced a 9.2% decline in profit in 2025, but announced a special dividend, maintaining an attractive yield [23][24] - The target price is set at 2.68 HKD, indicating a potential upside of 18.6% [24] 华润置地 (China Resources Land) - The company reported a slight revenue increase of 0.9% to 281.44 billion yuan in 2025, with a stable dividend payout [25][26] - The target price is maintained at 35.30 HKD, reflecting a significant discount to net asset value [26]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - China's manufacturing, non - manufacturing, and composite PMI output indices all returned to the expansion range in March 2026, with values of 50.4%, 50.1%, and 50.5% respectively, up 1.4, 0.6, and 1 percentage points from the previous month [2]. - The central bank's monetary policy committee held a quarterly meeting, suggesting to give play to the integrated effect of incremental and existing policies, use various tools comprehensively, and strengthen monetary policy regulation [2]. - Trump said he was willing to end military operations against Iran, and both the US and Iran expressed a willingness to end the war under certain conditions [2]. - On Tuesday, A - share major indices closed down across the board, with the ChiNext Index leading the decline at 2.7%, the STAR 50 down 2.59%, and the CSI 300 down 0.93%. The market turnover was 2.01 trillion yuan, an increase of 78.4 billion yuan from the previous trading day [3]. - The global market showed obvious differentiation. US stocks rebounded strongly, European markets rose slightly, and most Asia - Pacific markets fell [3]. - The US dollar index fell 0.62% to 99.88, and the US dollar against the offshore RMB fell 0.41% to 6.8879. The 10 - year Treasury bond yield rose slightly by 0.52BP to 1.812%, and the 7 - day pledged repo weighted interest rate dropped to 1.423%, a daily change of - 0.63BP [4]. 3. Summary by Related Catalogs A - share Market - A - share total market capitalization was 108.46 trillion yuan, a decrease of 0.29 trillion yuan from the beginning of the year. The cumulative turnover this year was 144.51 trillion yuan, with an average daily turnover of 25,805.28 billion yuan. The PE (TTM) was 22.42x, and the PB (MRQ) was 5.66x [10]. - Most A - share indices closed down on Tuesday. The Wanquan A fell 1.42%, the Shanghai Composite Index fell 0.80%, the Shenzhen Component Index fell 1.81%, etc. [10]. - The market turnover was 20,059 billion yuan, and the turnover rate was 3.79%. The market financing balance was 25,986 billion yuan as of March 30, 2026 [10][12][14]. Industry Performance - Among the Shenwan primary industries, household appliances (+1.57%), banks (+0.72%), and food and beverage (+0.23%) rose against the trend, while power equipment (-3.21%), coal (-3.67%), and electronics (-2.71%) led the decline [3]. - The top three industries in terms of daily net inflow of funds were public utilities, light manufacturing, and automobiles. The top three industries with net inflow of funds at the end of the day were non - ferrous metals, comprehensive, and beauty care [19]. - The top three themes in terms of increase were automobile whole - vehicle selection (+2.29%), CRO (+1.83%), and new energy vehicle whole - vehicle [19]. Global Important Markets - US stocks rebounded strongly, with the Nasdaq up 3.83%, the S&P 500 up 2.91%, and the Dow Jones up 2.49%. European markets rose slightly, with the French CAC40, German DAX, and UK FTSE 100 all up about 0.5%. Most Asia - Pacific markets fell, except for the Australian S&P 200 which rose slightly [3]. Interest Rates and Exchange Rates - The US dollar index fell 0.62% to 99.88, and the US dollar against the offshore RMB fell 0.41% to 6.8879. The 10 - year Treasury bond yield rose 0.52BP to 1.812%, and the 7 - day pledged repo weighted interest rate dropped 0.63BP to 1.423% [4][6].