Market Overview - The A-share market experienced a collective rebound, with the Shanghai Composite Index rising by 1.78% to close at 3881.28 points, the Shenzhen Component Index increasing by 1.43% to 13536.56 points, and the ChiNext Index up by 0.50% to 3251.55 points [2] - The total trading volume in the Shanghai and Shenzhen markets was 20.962 trillion, a decrease of 352.3 billion compared to the previous day [2] External Influences - Former President Trump, known for his understanding of investor sentiment, released news aimed at alleviating market fears, which resulted in a significant drop in oil prices by 15% and volatility in U.S. stock index futures [3] - The overall market sentiment improved as the U.S. stock indices, despite closing down approximately 1.38%, showed signs of recovery, indicating a potential stabilization in global economic conditions [3] A-share Market Dynamics - The A-share market showed signs of internal adjustment pressure, having risen from 3000 to 4200 points without significant corrections, with recent external events acting as a stress test [4] - The market exhibited a high open followed by a decline, reflecting investor uncertainty, but rebounded in the afternoon as external markets stabilized [4] - A total of 4943 stocks rose during the day, with only about 300 stocks declining, indicating a broadly positive market sentiment [4] Sector Performance - The banking sector provided strong support to the Shanghai Composite Index, while technology stocks also contributed positively [5] - The Shenzhen Component Index showed relatively weaker performance due to declines in key stocks such as Ningde Times and BYD, which pressured the ChiNext Index [5] - The oil and gas sector was the only one to experience significant declines, while military and power sectors showed notable gains [5] Capital Flow - The Hong Kong stock market indices outperformed the Shanghai Composite and Shenzhen Component indices, with the Hang Seng Index and Hang Seng Tech Index rising by approximately 2.79% and 2.55%, respectively [5] - There was a notable shift in capital flow in the Hong Kong Stock Connect, with a net outflow of 27.3 billion, contrasting with the previous day's inflow of 28 to 29 billion [5] Trading Volume Insights - The overall trading volume decreased by about 300 billion compared to previous levels, raising questions about the involvement of stabilizing funds [6] - The trading volume for the CSI 300 ETF and the SSE 50 ETF showed increased activity towards the end of the trading day, supporting the upward movement of related indices [6]

Group 1 - The core point of the article is that China Construction Bank has obtained a patent for a method and related products for remote house viewing based on digital twins, with the patent granted under announcement number CN116050753B and the application date being December 2022 [1] Group 2 - China Construction Bank was established in 2004 and is located in Beijing, primarily engaged in monetary financial services [1] - The registered capital of China Construction Bank is approximately 26.16 billion RMB [1] - The bank has made investments in 37 companies and participated in 45,010 bidding projects [1] - The bank holds 1,895 trademark information entries and 5,000 patent information entries, along with 149 administrative licenses [1]

Group 1: Market Positioning - The Shanghai Composite Index has returned to 3800 points after a recent geopolitical conflict-induced pullback, indicating a potential phase bottom with limited downside space[3] - Strong sectors at the beginning of the year have mostly retreated to the 3800-4000 point range, including cyclical products (non-ferrous metals, steel) and technology themes (electronics, media, military, machinery)[4] - Some real estate and consumer sectors have returned to the 3300-3600 point range, while food and personal care sectors have dropped to around 3000 points, reflecting significant declines[4] Group 2: Valuation Insights - The current PE ratio of the Shanghai Composite Index has decreased from 17.2x in early March to 16.3x, with the 20-year percentile dropping from 77% to 68%[7] - Technology manufacturing sectors remain overvalued, with communication at a PE of 53x (85th percentile), electronics at 64x (77th percentile), and machinery at 39x (76th percentile)[7] - Cyclical products have seen a significant drop in valuation, with non-ferrous metals at a PB of 3.4x (67th percentile), coal at 1.6x (54th percentile), and steel at 1.2x (47th percentile)[7] Group 3: Investment Focus - Emphasis on high dividend yield stocks for safety, with banks at 4.6%, coal at 4.4%, home appliances at 4.1%, and food and beverage at 3.8%[7] - Investment opportunities identified in sectors with low valuations and strong earnings potential, such as agriculture, cyclical products, and electronics[10] - Attention to sectors with low PB-ROE ratios and strong profitability, including food and beverage, home appliances, non-bank financials, and basic chemicals[10]

Core Viewpoint - UBS reports that the Hang Seng Index and CSI 300 Index both fell over 3% on March 23, indicating a state of indiscriminate selling in the market. This period is noted as one of the worst 30 days in the past decade for sell-offs. The key question for investors is whether it is the right time to buy the dip. The report concludes that while there are signs of disorderly selling, the market is not yet at an extreme pessimistic level. Given the geopolitical uncertainties, UBS continues to prefer A-shares and believes a balanced investment portfolio remains the most viable strategy [1]. Group 1 - The current market situation is compared to historical extreme sell-off events, indicating that while there are signs of disorderly selling, the market is not at an extreme pessimistic level [1]. - UBS prefers A-shares due to potential government fund support, low correlation with global indices, ample liquidity, and policy support [1]. - Certain sectors are identified as defensive against potential oil price increases due to Middle East tensions, including new energy (electric vehicles and batteries), shipbuilding, oil and gas, certain chemical companies, pig farming, and aluminum mining [1]. Group 2 - Stocks related to artificial intelligence, such as semiconductor equipment and leading internet companies, have long-term fundamental advantages but may face selling pressure if market risk aversion increases due to crowded positions [1]. - A list of Chinese stocks predicted to outperform during rising oil prices includes PetroChina, CNOOC, Dongfang Electric, BYD, Li Auto, China Mobile, CITIC Bank, Construction Bank, Bank of China, and Industrial and Commercial Bank of China [1].

Group 1 - The core point of the article is that China Construction Bank has obtained a patent for a "data processing method, device, electronic equipment, and storage medium," with the authorization announcement number CN115439205B, and the application date being September 2022 [1] Group 2 - China Construction Bank, established in 2004 and located in Beijing, primarily engages in monetary financial services, with a registered capital of 26,160,038.1459 thousand RMB [1] - The bank has invested in 37 companies, participated in 45,009 bidding projects, and holds 1,895 trademark records and 5,000 patent records, along with 149 administrative licenses [1] Group 3 - Jianxin Financial Technology Co., Ltd., established in 2018 and located in Shanghai, focuses on software and information technology services, with a registered capital of 172,972.9729 thousand RMB [1] - The company has invested in 6 enterprises, participated in 4,502 bidding projects, and holds 294 trademark records and 5,000 patent records, along with 10 administrative licenses [1]

Core Viewpoint - The gold market is experiencing significant price increases, with spot gold surpassing $4600 per ounce, reflecting a year-to-date increase of 6.15% as of March 25 [1][4]. Group 1: Gold and Silver Prices - Spot gold reached approximately $4590 per ounce after a nearly 3% increase, having crossed the $4500 and $4600 thresholds during trading [1][4]. - Spot silver also saw a rise of 3.44%, reaching $73.729 per ounce [1][4]. Group 2: Impact on A-shares and Jewelry Prices - A-shares related to gold stocks experienced significant gains, with companies like Xiaocheng Technology rising over 9% and Chifeng Jilong Gold and Zhongjin Gold both increasing over 6% [1][6]. - Domestic gold jewelry prices have been adjusted upwards, with brands like Chow Sang Sang pricing their gold jewelry at ¥1418 per gram, an increase of ¥68 in a single day, and Lao Feng Xiang at ¥1408 per gram, up by ¥63 [7][8]. Group 3: Market Volatility and Investment Recommendations - Major banks in China, including Bank of China and Industrial and Commercial Bank of China, have issued risk warnings regarding the volatility in the precious metals market, advising clients to enhance risk awareness and invest rationally based on their financial situation [2][5]. - Financial experts suggest that the current volatility in the precious metals market has exceeded normal fluctuations, entering a phase of high intensity and uncertainty, recommending long-term investment strategies such as accumulating gold or investing in gold ETFs without leverage [3][9].

1. Report Industry Investment Rating No information provided. 2. Core Views - A-share market rebounded strongly with over 5100 stocks rising, and the market turnover reached 2.1 trillion yuan. Military stocks soared, while the oil and gas sector pulled back [28]. - The bond market had a generally strong and volatile performance. Treasury bond futures rose, and the yield of long-term bonds declined. The money market remained stable and loose [17]. - The exchange rate of the onshore RMB against the US dollar rose, while the US dollar index also increased slightly [21]. 3. Summary by Directory 3.1 Macro Data Overview - GDP growth rate in Q4 2025 was 4.5%, lower than the previous quarter and the same period last year [1]. - In February 2026, the manufacturing PMI was 49.0%, and the non-manufacturing PMI for business activities was 49.5%, both lower than the same period last year [1]. - The social financing scale in February 2026 was 2385.5 billion yuan, slightly lower than the previous month but higher than the same period last year [1]. - The year-on-year growth rates of M0, M1, and M2 in February 2026 were 14.1%, 5.9%, and 9.0% respectively, all higher than the previous month and the same period last year [1]. - The new RMB loans in February 2026 were 900 billion yuan, higher than the previous month but lower than the same period last year [1]. - The CPI in February 2026 increased by 1.3% year-on-year, and the PPI decreased by 0.9% year-on-year [1]. - The cumulative year-on-year growth rate of fixed asset investment in February 2026 was 1.8%, and the cumulative year-on-year growth rate of total retail sales of consumer goods was 2.8% [1]. - The year-on-year growth rates of export and import amounts in February 2026 were 39.60% and 13.80% respectively, showing significant growth [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The US government proposed a 15 - point plan to end the conflict with Iran through Pakistan, covering nuclear programs, missile capabilities, and regional issues. Iran may get sanctions lifted in exchange [2][12]. - Trump said the US was in talks with Iran, and an agreement might be close, but he was not satisfied with the current arrangement [3][13]. - Iran started charging tolls for ships passing through the Strait of Hormuz, and the number of ships decreased by 95% compared to before the conflict [3]. - The EU postponed the proposal to permanently ban the import of Russian oil [3]. - The central bank will conduct a 500 - billion - yuan MLF operation on March 25, with a net increase of 50 billion yuan [4]. 3.2.2 Metals - A large light rare - earth mine was discovered in Mianning County, Sichuan, with an additional resource of 9.6656 million tons of rare - earth oxides [5]. - More central banks are expected to buy gold in 2026 [5]. - Many banks issued risk warnings for precious metals [5]. - Turkey is considering using its $135 - billion gold reserve to support the lira [5]. - India extended the validity of the gold import tariff quota under the India - UAE Comprehensive Economic Partnership Agreement until June 30 [5]. 3.2.3 Energy and Chemicals - The US proposed a peace plan to Iran, and Qatar Energy declared force majeure on some LNG supply contracts due to missile attacks [6]. - Japan will start releasing its national oil reserve on March 26 [7]. 3.2.4 Agricultural Products - As of mid - March, most agricultural product prices in the national circulation field increased. Bean粕 had the highest increase of 6.82%, while live pigs decreased by 2.88% [8]. 3.3 Financial News Compilation 3.3.1 Open Market - On March 24, the central bank conducted a 17.5 - billion - yuan 7 - day reverse repurchase operation, with a net withdrawal of 3.35 billion yuan. On March 25, it will conduct a 500 - billion - yuan MLF operation, with a net injection of 50 billion yuan [9]. 3.3.2 Key News - The central bank governor met with the CEO of DBS Group, and DBS will be the second RMB clearing bank in Singapore [11]. - The State - owned Assets Supervision and Administration Commission emphasized promoting the relocation of central enterprises to Xiongan New Area [11]. - The US proposed a peace plan to Iran, and diplomatic efforts are underway to promote peace [12][13][14]. - The market supervision department will strengthen price supervision and anti - unfair competition work [14]. - The US private credit market shows risk signals, and the debt rating of a private credit fund was downgraded [14]. - The Ministry of Foreign Affairs called for an immediate cease - fire and peace talks in the Iran - related situation [15]. - Japan's finance minister will hold a bond issuance hearing in June [15]. - There were some bond - related events, including non - effective bondholder meetings and credit rating adjustments [15]. 3.3.3 Bond Market Summary - The inter - bank bond market was generally strong and volatile. Treasury bond futures rose, and the yield of long - term bonds declined. The money market remained stable and loose [17]. - The exchange - traded bond market had mixed performances, with some bonds rising and some falling [17]. - The convertible bond index rose, and the short - term Shibor rates mostly declined [18]. - The central bank and policy banks conducted bond issuance operations, and the yields and multiples were announced [19][20]. - European and US bond yields generally rose [20]. 3.3.4 Foreign Exchange Market - The onshore RMB against the US dollar rose, and the US dollar index also increased slightly [21]. 3.3.5 Research Report Highlights - The issuance of panda bonds has increased significantly this year, providing more investment options, but most have no obvious premium [22]. - Credit bonds may face short - term fluctuations, but demand may be supported in April. It is advisable to buy on dips and moderately extend the duration [22][23]. - The new regulatory rating method for wealth management companies is beneficial to the industry, and the bank sector may be favored by low - risk - tolerance funds [23]. - There may be a liquidity gap of about 450 billion yuan in April, and the central bank is expected to use quantitative tools to address it [24]. - The market is currently trading inflation - induced liquidity tightening expectations. It is advisable to reduce positions and make strategic adjustments [24]. - It is recommended to participate in long - term bonds during adjustments, focus on short - term bonds, and pay attention to the narrowing of interest rate spreads [24]. - In the current environment, the bond supply has room to expand, and it is advisable to moderately extend the duration and diversify the portfolio [25][26]. 3.3.6 Today's Reminder - On March 25, 184 bonds will be listed, 218 bonds will be issued, 143 bonds will make payments, and 300 bonds will pay principal and interest [27]. 3.4 Stock Market Key News - A - shares rebounded strongly, with over 5100 stocks rising. Military stocks, green power, and other sectors led the gains, while the oil and gas sector pulled back [28].

Group 1 - The financial ETF Guotai (510230) opened at 1.287 yuan with a change of 0.00% on March 25 [1][2] - Major holdings in the financial ETF include China Ping An, which rose by 0.65%, and other banks such as China Merchants Bank (0.20%), Industrial Bank (0.32%), and CITIC Securities (0.16%) [1][2] - The performance benchmark for the financial ETF is the SSE 180 Financial Index, managed by Guotai Fund Management Co., Ltd., with a fund manager named Ai Xiaojun [1][2] Group 2 - Since its establishment on March 31, 2011, the financial ETF has achieved a return of 134.39%, while the return over the past month has been -3.80% [1][2]

Group 1 - The Shanghai 50 ETF (510050) opened at 2.911 yuan, with an increase of 0.38% on March 25 [1][2] - Major holdings in the Shanghai 50 ETF include Kweichow Moutai, which rose by 0.20%, Ping An Insurance up by 0.65%, Zijin Mining up by 4.04%, and others like China Merchants Bank and Industrial Bank showing slight increases [1][2] - The Shanghai 50 ETF has a performance benchmark of the Shanghai 50 Index, managed by Huaxia Fund Management Co., with a return of 397.48% since its inception on December 30, 2004, and a recent one-month return of -6.98% [1][2] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [3]

Market Sentiment - The current market sentiment score is 60, indicating a "relatively hot" market condition, which suggests strong investor confidence [6][10][21] Banking Sector - The banking sector is characterized by low valuations and high dividend yields, with half of the stocks offering yields over 4.5%. This makes banks a stable investment choice during economic slowdowns and increased market volatility [6] - Key stocks in this sector include Agricultural Bank of China (601288) and Bank of Ningbo (002142) [6] Electric Power Equipment Sector - The demand for high-power and high-stability transformers is increasing due to the significant energy consumption of global AI data centers. The supply-demand imbalance is severe, with delivery times in the U.S. extending to 127 weeks [6] - China's State Grid is set to invest 4 trillion yuan during the 14th Five-Year Plan, focusing on ultra-high voltage and smart distribution networks, providing long-term order support for the industry [6] - Relevant stocks include China XD Electric (601179) and TBEA Co., Ltd. (600089) [6] Brokerage Sector - Among the listed brokerages that have disclosed earnings forecasts, over half reported a year-on-year net profit increase exceeding 50%, indicating a comprehensive recovery in profitability [6] - The current price-to-book ratio for the sector is 1.37, which is historically low and contrasts sharply with the high growth fundamentals [6] - The draft of the Financial Law is expected to accelerate industry differentiation, benefiting leading brokerages [6] - Notable stocks in this sector include CITIC Securities (600030) and Guotai Junan Securities (601211) [6]