Valuation Insights - The Hang Seng Index is trading at a P/E of 13.5x, which is over 40% cheaper than the S&P 500, Nikkei 225, and KOSPI[3] - The Hang Seng TECH Index has a P/E of 24.2x, representing a 46% discount to ChiNext and a 37% discount to the Nasdaq[3] - The valuation percentile for the Hang Seng TECH Index is only 24% over the past five years, indicating significant valuation compression[3] Market Dynamics - The recent correction in Hong Kong equities is attributed to "AI anxiety," capital outflows to Japan and Korea, and geopolitical risks in the Persian Gulf[2] - Local funds have maintained a high short-selling turnover of around 20% due to uncertainties surrounding profitability and policy[2] - The market's expectations for stabilization in China's property sector and recovery in domestic demand remain low and underpriced[4] Investment Opportunities - "Hardcore assets" in Hong Kong, particularly in low-valued upstream and midstream industries, are becoming increasingly attractive, with energy dividend yields at 5.2%[4] - The property sector is expected to stabilize structurally, providing alpha opportunities in related sectors such as base metals, steel, and construction machinery[4] - New technology assets benefiting from the AI wave are also seen as scarce growth opportunities, with improved valuation appeal following recent market corrections[4]

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。 董事會認為融資協議及擔保之條款乃經協議各方公平磋商確定，屬公平合理並符合 本公司及其股東的整體利益。 經董事作出一切合理查詢後所深知、全悉及確信，該銀行及其最終實益擁有人均為 獨立於本公司及其關連人士（定義見香港聯合交易所有限公司證券上市規則）的第三 方。 Zhonggan Communication (Group) Holdings Limited 中 贛 通 信（ 集 團 ）控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2545） 自願公告 就附屬公司之銀行授信提供擔保 本公告乃由中贛通信（集團）控股有限公司（「本公司」，連同其附屬公司統稱為「本集 團」）自願作出。 本公司之董事（「董事」）會（「董事會」）欣然宣佈，本公司已向贛州銀行股份有限公司 青山湖支行（「該銀行」）提供一筆最多金額為人民幣250,000,000元之擔保（「擔保」）。 此項擔保旨在保證本公司全資附屬公司中 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The capital market in March 2026 is expected to be relatively loose, but attention should be paid to the asset - liability situation of banks. Factors such as high maturity volume of inter - bank certificates of deposit, possible "rushing for volume" of bank credit at the end of the quarter, demand for improving liquidity regulatory indicators, impact of foreign exchange settlement and sales surplus on bank asset - liability behavior, and potential regulatory control over bank inter - bank liability behavior need to be monitored [7]. 3. Summary by Directory 3.1 Funding Situation - **Central Bank Operations**: From February 24 - 28, 2026, the central bank's short - term reverse repurchase had a net withdrawal of 61.14 billion yuan, and the treasury time deposit matured at 15 billion yuan. On February 25, the central bank's medium - term lending facility (MLF) had a net injection of 30 billion yuan. From March 2 - 6, 2026, 152.5 billion yuan of open - market reverse repurchases will mature. In March, the maturity amounts of 3M and 6M repurchase agreements are 100 billion yuan and 60 billion yuan respectively, and the MLF maturity amount is 45 billion yuan [2][6]. - **Funding Rates**: From February 24 - 27, 2026, the average values of DR001 and R001 were 1.37% and 1.43% respectively, up 3.9 and 2.4 basis points compared with February 9 - 13, 2026. The average values of DR007 and R007 were 1.51% and 1.57% respectively, down 1.1 and 1.0 basis points compared with February 9 - 13, 2026 [6]. - **Government Bond Net Financing**: From February 23 - March 1, 2026, the government bond net financing was about 19.036 billion yuan, 52.33 billion yuan less than that from February 9 - 15, 2026. From March 2 - 8, 2026, the government bond net financing is expected to be about 21.2 billion yuan, with the net financing of national bonds at about - 10.5 billion yuan and that of local government bonds at about 31.7 billion yuan [7]. 3.2 Inter - bank Certificates of Deposit - **Yield**: As of February 27, 2026, the 1M and 3M inter - bank certificate of deposit yields were 1.4891% and 1.5550% respectively, down 6.6 basis points and basically unchanged compared with February 13, 2026. The 1Y yield was 1.5775%, basically unchanged compared with February 13, 2026 [8]. - **Net Financing**: From February 23 - March 1, 2026, the net financing of inter - bank certificates of deposit was about - 212.4 billion yuan. From March 2 - 8, 2026, the maturity repayment amount is expected to be 58.8 billion yuan, with a slightly lower maturity renewal pressure. The maturity scale in March is about 3.59 trillion yuan, an increase of about 0.64 trillion yuan year - on - year and about 1.73 trillion yuan month - on - month [8]. 3.3 Institutional Behavior - **Bond Market Leverage**: From February 24 - 27, 2026, the average leverage ratio of the inter - bank bond market was 107.49%, slightly lower than the average of 107.79% from February 9 - 14, 2026 [9]. - **Pure Bond Fund Duration**: On February 27, 2026, the median duration of medium - and long - term interest - rate style pure bond funds (MA5) was 4.47 years, up 0.07 years from February 13, 2026, at the 80.7% quantile since the beginning of 2022. The median duration of short - term interest - rate style pure bond funds (MA5) was 2.06 years, up 0.40 years from February 13, 2026, at the 80.9% quantile since the beginning of 2022 [9].

Summary of Conference Call Records Industry Overview - The records primarily discuss the bond market and banking sector dynamics in China, focusing on the phenomenon of "deposit migration" where residents shift their deposits from banks to non-bank financial institutions. Key Points and Arguments Deposit Migration - "Deposit migration" is a real phenomenon, evidenced by a year-on-year decrease of 3.4 trillion yuan in resident deposits and an increase of 2.8 trillion yuan in corporate deposits in January. This indicates a shift of funds towards non-bank deposits, which is not easily identifiable in total volume data [1][4]. - During the "opening red" period, banks attempted to cover the shortfall in resident deposits by increasing non-bank deposits through methods like wealth management products, leading to a misleading conclusion that deposits were better than expected [1][4]. Market Dynamics Post-Festival - After the festival, the process of deposit migration is expected to stabilize rather than accelerate, with a high likelihood that the deposit growth rate will not sustain the high levels seen in January. This will gradually impact the overall liability conditions of banks [1][5]. - The ability of banks to actively allocate bonds in the secondary market is constrained by liquidity, capital, and interest rate conditions. The current environment is less favorable for such allocations compared to earlier in the year [1][5][6]. Bond Market Observations - The ten-year government bond yield is expected to stabilize around 1.80, with a fluctuation range of approximately ±4 basis points. A breach above 1.84 could enhance the attractiveness of bond allocations [3][9]. - The 30-year government bond yield is anticipated to have a clearer fluctuation range of 2.25 ±5 basis points, with potential upward pressure if it surpasses 2.3 [3][10]. Key Monitoring Indicators - The transformation of general deposits into wealth management liabilities is a critical indicator to monitor for signs of accelerating deposit migration. This transition is expected to take time and will not result in immediate changes in bank behavior [7]. - The trading behavior of different types of 30-year bonds is influenced by their liquidity and market activity, with distinctions made between active, semi-active, and non-active bonds [7][8]. Macroeconomic Influences - Upcoming macroeconomic events, particularly the GDP growth target and fiscal issuance scale during the National People's Congress, are crucial for bond market expectations. A GDP target of "4.5" would signal a significant shift in economic outlook and could trigger bullish trading [3][13]. - The bond market is also sensitive to international events, particularly conflicts that may influence the strength of the US dollar and, consequently, the behavior of global capital flows [14]. Trading Strategies - The trading strategy for the five-year secondary capital bonds is influenced by their relative yield advantages and liquidity. Rapid declines in yield may trigger profit-taking behaviors among public funds, impacting market dynamics [11]. - The one-year deposit certificate is projected to peak around 1.6 in March, with significant issuance expected to address the "retail gap" during this period [12]. Additional Important Insights - The records highlight the complexity of the banking sector's response to deposit migration and the nuanced understanding required to interpret market signals accurately. The interplay between deposit growth, loan demand, and interbank liabilities is critical for assessing banks' bond allocation strategies [6][7]. - The potential for a decrease in fiscal issuance could signal a shift in economic policy and market expectations, warranting close attention from investors [13].

Market Performance - The Hang Seng Index closed at 26,059.85, down 2.1%, while the Hang Seng China Enterprises Index fell 1.8% to 8,701.91[1] - Total turnover in Hong Kong stocks was HKD 3,577 million, a decrease of 24.0% from HKD 2,884 million last Friday[1] - Energy, materials, and utilities sectors rose by 4.0%, 3.1%, and 0.1% respectively, while healthcare, financials, and consumer discretionary sectors fell by 3.4%, 3.3%, and 3.1% respectively[1] Stock Highlights - Xinyi Glass (868 HK) and China Hongqiao (1378 HK) led the gainers, rising by 12.4% and 7.2% respectively[1] - JD Health (6618 HK) and HSBC Holdings (5 HK) were the biggest losers, both down by 5.2%[1] Geopolitical Impact - Recent attacks by the US and Israel on Iran have heightened geopolitical tensions, affecting traditional energy supplies[2] - WTI crude oil prices rose to nearly USD 70, still below the USD 100-115 range seen during the 2022 Russia-Ukraine conflict[2] - Gold prices increased to USD 5,300, reflecting market reactions to the geopolitical situation[2] Sector Analysis - The "Big Three" oil companies saw stock increases between 2.6% and 5.6%, while gold mining stocks like Zhaojin Mining (1818 HK) rose by 6.0%[2] - Airline stocks, including Cathay Pacific (293 HK) and Air China (753 HK), declined by 4.1% to 5.3%[2] Economic Indicators - The US ISM Manufacturing PMI for February was reported at 52.4, slightly down from January's 52.6 but above the market expectation of 51.8[3] Automotive Sector - BYD (1211 HK) reported a 35.8% year-on-year decline in sales for the first two months of 2026, while its stock rose by 4.4%[4] - Geely (175 HK) saw a 1% increase in sales but its stock fell by 2.4%[4] Healthcare Sector - The Hang Seng Healthcare Index dropped by 3.4%, with Hansoh Pharmaceutical (3692 HK) only declining by 1.7%[5] - A clinical study confirmed Hansoh's core product, Fulaimei, showed significant improvements in blood sugar levels and weight loss in patients with severe obesity and type 2 diabetes[5]

Group 1: Macroeconomic Data Overview - GDP growth rate in Q4 2025 was 4.5% year-on-year, down from 4.8% in the previous quarter and 5.4% in the same period last year [1] - Manufacturing PMI in January 2026 was 49.3%, up from 49.0% in the previous month and 49.1% in the same period last year [1] - Non-manufacturing PMI in January 2026 was 49.4%, down from 50.1% in the previous month and 50.2% in the same period last year [1] - Social financing scale in January 2026 was 722.08 billion yuan, up from 81.78 billion yuan in the previous month and 705.46 billion yuan in the same period last year [1] - M0 growth rate in January 2026 was 2.7% year-on-year, down from 10.6% in the previous month and 17.2% in the same period last year [1] - M1 growth rate in January 2026 was 4.9% year-on-year, down from 6.2% in the previous month and up from 0.4% in the same period last year [1] - M2 growth rate in January 2026 was 9.0% year-on-year, up from 8.2% in the previous month and 7.0% in the same period last year [1] - New RMB loans in January 2026 were 471 billion yuan, up from 22 billion yuan in the previous month and down from 513 billion yuan in the same period last year [1] - CPI growth rate in January 2026 was 0.2% year-on-year, the same as in the previous month and down from 0.5% in the same period last year [1] - PPI growth rate in January 2026 was -1.4% year-on-year, up from -2.1% in the previous month and -2.3% in the same period last year [1] - Fixed asset investment in December 2025 decreased by 3.8% year-on-year, down from a 0.5% decline in the previous month and a 3.2% increase in the same period last year [1] - Total retail sales of consumer goods in December 2025 increased by 3.7% year-on-year, down from 4.5% in the previous month and up from 3.5% in the same period last year [1] - Exports in December 2025 increased by 6.60% year-on-year, down from 8.20% in the previous month and 10.67% in the same period last year [1] - Imports in December 2025 increased by 5.70% year-on-year, down from 7.40% in the previous month and up from 0.84% in the same period last year [1] Group 2: Commodity Investment Reference Comprehensive - On March 2, due to the escalating Iran situation, 12 domestic futures varieties' main contracts hit the daily limit, and precious metals such as gold and silver rose sharply. Exchanges and banks issued risk warnings [2] - The Chinese Foreign Ministry urged all parties to stop military actions and avoid further escalation of tensions [2] - Due to the recent rise in international oil prices, the premium rates of many on - site crude oil theme funds soared, and some funds issued risk warnings. Two funds will be suspended from trading on March 3 [2] - Affected by multiple factors, the A - share resource sector continued to strengthen, and the configuration value of cyclical varieties was prominent [3] - On March 2, 26 domestic commodity varieties had positive basis, and 41 had negative basis [3] - The China Phosphate Fertilizer Industry Association and other associations called on the industry to ensure supply and stabilize prices [4] Metals - As international gold prices rose, domestic gold stores suspended selling investment gold bars and switched to selling craft gold bars, which are 200 - 300 yuan more expensive per gram [5] - The Hong Kong MPF Authority is considering allowing MPF to invest in gold ETFs and will review the investment scope this year [5] - On February 27, copper inventory reached a new high in over 11 months, while tin, zinc, aluminum, lead, and nickel inventories decreased [6] - As of March 2, the silver ETF's holdings decreased, and the gold ETF's holdings remained unchanged [6] - Rio Tinto suspended aluminum supply negotiations with Japanese customers due to the Middle East conflict [7] - The Central Bank of Uganda plans to buy 100 kg of gold from March to June [7] - Floods cut off the main copper export channel in the Democratic Republic of the Congo [7] Energy and Chemicals - Japan's economy minister said there was no immediate impact on Japan's power and gas supply from the suspension of Qatar's LNG production [8] - Iran closed the Strait of Hormuz. Goldman Sachs estimated that European natural gas prices could rise by 130% and oil prices by $18 per barrel [8] - Qatar's LNG production suspension caused a significant shock to the European natural gas market, with futures prices rising by up to 50% [8] - Thailand banned oil product exports, launched an energy monitoring center, and took measures to ensure fuel reserves and protect consumers [9] - Russia's LNG exports increased by 5.8% from January to February [10] - The daily crude oil exports through the Strait of Hormuz dropped to 4 million barrels [11] - Brazil's oil production in January increased by 14.6% year - on - year [11] Agricultural Products - Argentina's agricultural product export revenue in February decreased by 41% year - on - year [12] - Indonesia raised the export tariff on crude palm oil to 12.5% from March 1 [12] Group 3: Financial News Compilation Open Market - On March 2, the central bank conducted 19 billion yuan of 7 - day reverse repurchase operations, with a net injection of 19 billion yuan [13] Important News - The Chinese Foreign Ministry responded to issues such as the closure of the Strait of Hormuz and the so - called missile purchase agreement [14] - Chinese Foreign Minister Wang Yi had phone calls with foreign ministers of Iran, Oman, and France, urging to stop military actions [14] - US President Trump said military actions against Iran might last 4 - 5 weeks, and Iran's top security official refused to negotiate [15] - The 14th National People's Congress Fourth Session will hold a press conference on March 4 [15] - The National Development and Reform Commission will strengthen communication with private enterprises [16] - China opposed the UK's sanctions on Chinese enterprises [16] - In 2025, the inter - provincial trade sales in China increased by 4.5% year - on - year [16] - Economists expect China's GDP growth target in 2026 to be around 5%, the deficit rate around 4%, and CPI growth around 2% [17] - Sichuan issued a document to promote rural revitalization [17] - The pilot of local government special bonds' "self - review and self - issuance" advanced steadily [18] - The China Inter - bank Market Dealers Association optimized the issuance process of science and technology innovation bonds [18] - As of the end of February, there were 1446 ETFs in the domestic market [18] - The US government lost a lawsuit, and over $175 billion in illegal tariffs will be refunded [20] - There were bond - related events such as bond suspension, debt restructuring, and redemption [20] - There were overseas credit rating changes for some Chinese enterprises [20] Bond Market Summary - The inter - bank bond market was strong, with most bond yields falling, and bond futures rising [21] - In the exchange bond market, some bonds rose and some fell, and the real - estate bond index and high - yield urban investment bond index had different performances [21] - The convertible bond index fell, and some convertible bonds had significant gains or losses [22] - Most money market interest rates showed different trends, and some bond issuance had specific yields and multiples [23][24] - European and US bond yields rose [25] Foreign Exchange Market - The on - shore RMB depreciated against the US dollar, and the US dollar index rose [27] Research Report Highlights - According to a survey, investors' focus in the bond market is on inflation, AI, and real estate, and the bond market is expected to be volatile [28] - CITIC Construction Investment is bullish on US bonds in the medium - term [28] - Shenwan Hongyuan believes that the downward space of certificate of deposit rates is limited, and long - term bond rates may have limited downward space [29] - Huatai Securities believes that the A - share market may be volatile in the short - term but will be determined by policies and industry trends in the medium - term. It gives suggestions on stock and convertible bond investment [29][30] Today's Reminders - Many bonds will be listed, issued, paid, and have principal and interest repaid on March 3 [31] Group 4: Stock Market News - On Monday, the Shanghai Composite Index rose 0.47%, while the Shenzhen Component Index and ChiNext Index fell. A - share trading volume reached a one - month high. Resource - related sectors rose, while AI - related and consumer sectors fell [32] - The A - share resource sector continued to strengthen, and the resource price increase trend may continue in March [33] - The Hang Seng Index and related indexes fell, with some sectors performing differently. Southbound funds had net purchases [33]

Core Viewpoint - The rising risk of conflict in Iran is reshaping the global landscape of safe-haven assets, with institutional investors prioritizing gold and the US dollar over traditional government bonds, indicating a significant re-evaluation of what constitutes a "safe asset" in the current market environment [3][5][11]. Group 1: Market Reactions to Conflict - The price of gold surged by 2.6% to over $5,400 per ounce, nearing historical highs, driven by concerns over a new energy crisis following drone attacks on Qatari gas facilities [3]. - European natural gas prices spiked over 30% in a single day, leading to heightened inflation expectations and rising global bond yields, with the two-year German government bond yield increasing by 8 basis points to 2.09% [5][8]. - The traditional safe-haven function of bonds has failed, as highlighted by hedge fund strategist Seb Barker, who noted that bonds did not provide protection during this risk event, while gold did [6]. Group 2: Institutional Adjustments - Major asset management firms are reducing equity exposure, increasing cash holdings, and purchasing put options on the S&P 500 to hedge against market risks [5][9]. - Carmignac is cutting stock exposure, particularly in Japan, and reallocating funds to cash to mitigate risks from rising inflation impacting government bonds [9]. - Citigroup has downgraded its rating on Japanese stocks due to their vulnerability to rising oil prices while upgrading UK stocks due to their strong positions in defense and energy sectors [9]. Group 3: Inflation and Interest Rate Expectations - The surge in energy prices is forcing markets to significantly reduce expectations for interest rate cuts by central banks, with the probability of the Bank of England completing two 25 basis point cuts this year dropping to around 60% [8][9]. - In the Eurozone, the probability of another 25 basis point cut has plummeted from approximately 55% to about 15% [9]. Group 4: Focus on Geopolitical Risks - Investors are particularly concerned about the duration of high oil and gas prices and the potential obstruction of the Strait of Hormuz, a critical chokepoint for global commodity shipping [10]. - The US dollar rose by 0.9% against a basket of currencies, reinforcing its traditional role as a safe haven amid geopolitical tensions [11].

Group 1: Monetary Policy and Market Operations - The central bank conducted a 190 billion yuan reverse repurchase operation with a fixed rate of 1.40% on March 2, resulting in a net injection of 190 billion yuan for the day [3]. - The interbank market has returned to a loose liquidity state, with the DR001 weighted average rate slightly declining to around 1.31% [5]. - The latest one-year interbank certificates of deposit (CD) transactions are at 1.575%, showing a slight decrease from the previous day [9]. Group 2: Bond Market Performance - The closing prices for government bond futures showed increases: 30-year contracts rose by 0.55%, 10-year by 0.13%, 5-year by 0.09%, and 2-year by 0.02% [12]. - Recent trends in urban investment bonds (AAA) indicate varying yield spreads across different maturities [10]. Group 3: Key News and Developments - Iran announced the closure of the Strait of Hormuz, prompting calls for de-escalation to prevent further economic impacts [12]. - The Sichuan provincial government issued opinions to enhance financial support for rural revitalization, aiming for sustained growth in agricultural loans [13]. - The pilot program for local government special bonds has shown strong progress, with the ten trial provinces completing an average of 94% of their annual quota by the third quarter of 2025, exceeding non-trial provinces by 25 percentage points [13]. Group 4: Bond Issuance and Events - Agricultural Development Bank plans to issue up to 110 billion yuan in financial bonds and 80 billion yuan in 5-year fixed-rate bonds on March 3 [17]. - The Inner Mongolia Autonomous Region will issue 212.4204 billion yuan in 10-year refinancing general bonds on March 9 [17]. - There has been a notable widening of the spread for high-rated Asian dollar bonds, increasing by 4 basis points, marking the largest rise in seven months [17].

Market Reactions to Middle East Conflicts - Historical conflicts in the Middle East have shown that they typically do not end bull markets in stocks, with past events often leading to market recoveries rather than downturns [1][2] - The outbreak of hostilities, such as those in 1990 and 2003, have historically marked the end of bear markets and the beginning of upturns [2] Oil Price Impact - Short-term market reactions to Middle East turmoil are largely influenced by oil prices, which have seen a modest global increase of 7% due to concerns over potential disruptions in petroleum transport [3][4] - Despite the rise in oil prices, it is not expected to derail the U.S. economy [4] Current Economic Signals - The market is currently facing conflicting cyclical signals, with initial excitement about economic growth this year starting to soften [5] - Treasury yields have decreased, raising uncertainty about consumer strength, while issues in credit markets suggest a later cycle environment impacting bank stocks [6] Technology Stocks and Global Equities - Attention is on whether major tech stocks, which are less affected by oil prices and global trade, can provide support for market indices [7] - Global equities have outperformed U.S. stocks for over a year, but there are indications that this trend may reverse following recent events in Iran [7]

Core Viewpoint - The China Interbank Market Dealers Association announced the launch of technology innovation bonds on May 7, 2025, achieving significant progress in supporting non-financial enterprises and promoting technological innovation in the market [1][2]. Group 1: Market Support and Achievements - As of February 2026, the interbank market has supported 351 non-financial enterprises in issuing technology innovation bonds totaling 974.85 billion yuan, with 86 private enterprises accounting for 217 billion yuan, representing 90% of the total private enterprise bond issuance [1]. - The market has actively supported 16 companies listed on the Sci-Tech Innovation Board and the Growth Enterprise Market in issuing technology innovation bonds, introducing 52 first-time issuers across various sectors including venture capital, information technology, biomedicine, and high-end equipment manufacturing [1]. Group 2: Future Measures and Optimizations - The association plans to implement a series of optimization measures to further support the issuance of medium to long-term technology innovation bonds by growth and mature technology enterprises, aiming to increase investment in technological innovation [2]. - Key measures include refining the recognition standards for technology enterprises, linking R&D intensity to funding usage, encouraging the issuance of medium to long-term bonds, enhancing inclusivity for private enterprises, and continuously improving supporting mechanisms [2].