Core Viewpoint - Overseas investors have shown renewed interest in Japanese stocks, with significant net purchases observed in the third week of March, driven by positive market sentiment and notable investments from Berkshire Hathaway [1][2]. Group 1: Overseas Investor Activity - In the third week of March (17-21), overseas investors net purchased a total of 697.3 billion yen in Japanese stock spot and index futures, marking the highest level in approximately two months [1]. - The net purchases included 261.1 billion yen in stock spot and 436.2 billion yen in index futures, indicating a return to net buying after four weeks [2]. - The Nikkei average index rose by 623 points (2%) during this period, reflecting increased risk appetite among investors [2]. Group 2: Influencing Factors - The announcement of Berkshire Hathaway increasing its stake in five major Japanese trading companies has led to a surge in buying activity, particularly in undervalued stocks [2]. - There are indications of seasonal demand related to the fiscal year-end, with institutional investors engaging in "dividend reinvestment" ahead of expected future dividends [2]. - However, there are concerns that the buying momentum from foreign investors may not be sustained, especially following the announcement of a 25% tariff on imported cars by President Trump, which negatively impacted export-related stocks [2]. Group 3: Domestic Investor Behavior - Japanese corporations have continued to net purchase stock spots for 11 consecutive weeks, with a net purchase amount of 44.9 billion yen, reflecting ongoing stock buyback activities [3]. - Trust banks, which reflect the trading behavior of pension funds, have resumed net selling after two weeks, indicating a shift in institutional investor sentiment [3].

Core Insights - The global carbon market experienced a significant rebound in trading volume, increasing by 24% compared to the stagnation in 2023, although the transaction value only slightly rose by 0.3%, indicating a decoupling between trading volume and transaction prices [1]. Group 1: Market Overview - The EU carbon market remains dominant, accounting for 85% of the total transaction value in major global carbon markets, but its transaction value decreased by 2% year-on-year due to lower carbon prices influenced by falling natural gas prices [3]. - Geopolitical tensions in regions like Ukraine and the Middle East, along with increased winter risk premiums, led to heightened carbon price volatility in the fourth quarter of the previous year [3]. - In the U.S., the California-Quebec market initially performed well but later faced volatility due to policy uncertainties, while the Regional Greenhouse Gas Initiative (RGGI) saw rising auction demand and prices [3]. Group 2: Regional Highlights - New Zealand's carbon market saw a remarkable trading volume increase of over 300% year-on-year, attributed to the resumption of auctions and heightened market activity, with an average carbon price of approximately NZD 64 per ton [4]. - China's national carbon market entered its third compliance period in 2024, with increased market activity and improved policies, including the expansion of mandatory carbon markets to cover industries like steel and cement [6]. - Japan's Tokyo Stock Exchange carbon credit market experienced strong growth since its launch in October 2023, with plans to transition to a mandatory carbon market by April 2026 [6]. Group 3: Voluntary Carbon Market Challenges - The voluntary carbon market faced significant challenges in 2024, with both prices and trading volumes plummeting; GEO contracts fell by 75%, reaching a historical low price of 15 cents [7]. - Higher-quality emission reductions, such as those meeting CORSIA Phase 1 requirements, maintained relatively stable prices, averaging USD 15.50 per ton [7]. - The outlook for 2025 appears optimistic, contingent on governance reforms and enhanced connections with compliance markets, with efforts underway to improve the credibility of the voluntary carbon market [7].

Group 1: Nasdaq Trading Hours - Nasdaq plans to offer extended trading hours five days a week, pending regulatory approval, with a projected launch in the second half of 2026 [3] Group 2: Wanchen Group Investigation - Wanchen Group's chairman Wang Jiankun is under investigation, but the matters are unrelated to the company, which has not been asked to assist in the investigation [5] - Following the announcement, Wanchen Group's stock price dropped over 10%, closing at 88.43 yuan per share, a decline of 7.74%, with a total market value of 15.92 billion yuan [6] - Wanchen Group, founded in 2011, initially focused on edible fungi and has since expanded into the snack industry, acquiring brands like "Haoxianglai" and "Laiyoupin" [6] Group 3: US Stock Market Decline - On March 6, US stock indices fell collectively, with the Dow down 0.99%, Nasdaq down 2.61%, and S&P 500 down 1.78% [11] - Nvidia's market value decreased by approximately 164.2 billion USD (about 1.19 trillion yuan) in one night due to a drop of over 5% in its stock price [11] Group 4: SpaceX Starship Test Flight - SpaceX's Starship experienced a failure during its eighth test flight, losing contact approximately 20 seconds before ignition due to engine failure and loss of control [15] - The investigation into the incident will begin, as the failure mode is similar to a previous incident that occurred in January [15]