Core Viewpoint - The automotive industry in China is experiencing a decline in production and sales due to multiple factors including policy adjustments, pre-released demand, the timing of the Spring Festival holiday, insufficient consumer willingness, and a high base from the previous year. The passenger car market and new energy vehicles (NEVs) are both seeing year-on-year declines, while the commercial vehicle market remains strong and exports are growing rapidly [1]. Group 1: Overall Automotive Production and Sales - In February 2026, automotive production and sales reached 1.672 million and 1.805 million units respectively, with month-on-month declines of 31.7% and 23.1%, and year-on-year declines of 20.5% and 15.2% [3]. - From January to February 2026, automotive production and sales totaled 4.122 million and 4.152 million units, reflecting year-on-year declines of 9.5% and 8.8% [5]. Group 2: Passenger Vehicle Market - In February 2026, passenger vehicle production and sales were 1.4 million and 1.536 million units respectively, with month-on-month declines of 32.1% and 22.7%, and year-on-year declines of 21.6% and 15.4% [4]. - From January to February 2026, passenger vehicle production and sales amounted to 3.462 million and 3.524 million units, showing year-on-year declines of 12% and 10.7% [6]. Group 3: New Energy Vehicles (NEVs) - In February 2026, NEV production and sales were 694,000 and 765,000 units respectively, with year-on-year declines of 21.8% and 14.2% [7]. - From January to February 2026, NEV production and sales totaled 1.735 million and 1.71 million units, reflecting year-on-year declines of 8.8% and 6.9% [8]. Group 4: Commercial Vehicle Market - In February 2026, commercial vehicle production and sales reached 273,000 and 269,000 units respectively, with month-on-month declines of 29.7% and 24.9%, and year-on-year declines of 14.1% and 14% [9]. - From January to February 2026, commercial vehicle production and sales were 660,000 and 627,000 units, indicating year-on-year growth of 7% and 3.9% [10]. Group 5: Domestic Sales and Exports - In January to February 2026, domestic automotive sales totaled 2.799 million units, reflecting a year-on-year decline of 23.1% [11]. - In February 2026, automotive exports reached 672,000 units, with a month-on-month decline of 1.4% but a year-on-year increase of 52.4% [12]. - From January to February 2026, automotive exports totaled 1.352 million units, showing a year-on-year growth of 48.4% [13]. - In February 2026, domestic automotive sales were 1.133 million units, with both month-on-month and year-on-year declines of 32% and 32.9% respectively [14].

Core Viewpoint - The report from Daiwa highlights significant market volatility due to the Middle East conflict and frequent policy changes by related leaders, suggesting investors avoid stocks affected by this tension and instead focus on undervalued stocks [1] Group 1: Market Conditions - The overall market has experienced severe fluctuations recently due to the ongoing Middle East war [1] - Investors are advised to steer clear of stocks impacted by the Middle East tensions, particularly in the shipping and airline sectors [1] Group 2: Investment Recommendations - Daiwa recommends taking advantage of the current situation to buy undervalued stocks [1] - Specific stock recommendations include BYD, Weichai Power, Minth Group, JD Logistics, and Zoomlion [1]

1. Report Industry Investment Rating No relevant content provided in the given text. 2. Core Viewpoints of the Report - Through macro - fundamental and technical analysis, the report predicts the trend, resistance, and support levels of various futures contracts on March 13, 2026, and the trend of continuous contracts in March 2026 [2][4]. - It also provides information on macro - news, trading tips, and commodity futures - related information that may affect the futures market [5][9]. 3. Summary by Related Catalogs 3.1 Futures Market Forecast 3.1.1 March 13, 2026 Forecast - **Stock Index Futures**: Expected to be weakly volatile. For example, IF2603 has resistance at 4659 and 4687 points, and support at 4627 and 4605 points [16]. - **Precious Metals Futures**: Gold and silver futures are expected to be weakly volatile. AU2604 has resistance at 1152.0 and 1162.0 yuan/gram, support at 1132.0 and 1129.2 yuan/gram; AG2606 has resistance at 22400 and 22625 yuan/kilogram, support at 21547 and 21100 yuan/kilogram [2][33]. - **Base Metals Futures**: Copper is expected to fluctuate and consolidate; aluminum, nickel, and others are expected to be strongly volatile [2][41]. - **Energy Futures**: Crude oil, fuel oil, etc. are expected to be strongly volatile [2][85]. - **Agricultural Futures**: Some agricultural products like soybean meal and palm oil are expected to be strongly volatile [2][108]. 3.1.2 March 2026 Forecast for Continuous Contracts - **Stock Index Futures**: IF, IH, IC, and IM continuous contracts are expected to be weakly and widely volatile [4]. - **Precious Metals Futures**: Gold and silver continuous contracts are expected to have wide - range fluctuations [4]. - **Base Metals Futures**: Copper continuous contracts are expected to be weakly volatile; aluminum continuous contracts are expected to be strongly volatile [4][41]. - **Energy Futures**: Crude oil and fuel oil continuous contracts are expected to be strongly volatile [4][86]. 3.2 Macro - news and Trading Tips - The Fourth Session of the 14th National People's Congress closed in Beijing on March 12, 2026, approving a series of reports and passing relevant laws [5]. - The central bank will continue to implement a moderately loose monetary policy [5]. - The Ministry of Justice will focus on optimizing the business environment and accelerating legislation in certain fields [5]. - The U.S. will launch trade investigations on 16 major trading partners, which may lead to new tariffs [6]. - Iran's statements on revenge and the situation in the Strait of Hormuz have affected the international oil price [7]. 3.3 Commodity Futures - related Information - On March 12, 2026, U.S. and Brent crude oil futures rose significantly, while international precious metals futures generally fell [9]. - London base metals showed mixed trends on March 12, 2026 [10]. - Fitch raised the target prices of 14 metals and minerals in 2026 [10]. - The IEA significantly lowered the global crude oil supply and demand growth forecasts for this year [10]. - Ping An Bank will gradually close its agency business of personal precious metals trading on the Shanghai Gold Exchange [10].

Group 1: Company Performance - The company Hanwha achieved an annual revenue of 6.497 billion yuan in 2025, a significant increase of 453.21% compared to 1.174 billion yuan in 2024. The overall gross profit margin was 55.15%, with R&D investment of 1.169 billion yuan, up 9% year-on-year, and a net profit attributable to shareholders of 2.059 billion yuan, marking a turnaround from losses [3] - The inventory of the company increased from 2.69 billion yuan in the first half of 2025 to 4.944 billion yuan by the end of the year, nearly doubling within six months, primarily due to raw materials and entrusted processing materials [3] - The company is expected to exceed 10 billion yuan in revenue in 2026, indicating a high probability of continued doubling of net profit [3] Group 2: Industry Insights - Jilin Chemical Fiber Group announced a price increase of 5,000 yuan per ton for its wet-process carbon fiber products due to rapid growth in orders from sectors like wind power and military trade, indicating a supply-demand imbalance [4] - Domestic carbon fiber production grew over 50% in 2025, yet prices did not decline, with major global suppliers raising prices, reflecting a restoration of market balance [4] - The demand for carbon fiber is expected to increase in 2026 due to rising oil prices affecting costs and ongoing growth in the wind power sector, alongside geopolitical tensions driving military demand [4] Group 3: Automotive Sector - In January and February 2026, domestic passenger car sales were approximately 2.6 million units, showing a year-on-year decline of 19.1%, while exports were strong, with a total of 1.144 million units exported, up 54.1% [5] - The sales of new energy passenger vehicles saw a decline of 25.7%, but exports increased by 114.7%, indicating a mixed performance in the sector [5] - The heavy truck market showed a cumulative sales increase of 17% in the same period, suggesting a positive outlook for the commercial vehicle segment [5] Group 4: Consumer Sector - Quzi Group reported a stable performance in 2025, achieving revenue of 1.663 billion yuan, a year-on-year increase of 24.2%, and a net profit of 290 million yuan, successfully turning around from losses [8] - The core marketing services business saw significant growth, with revenue of 1.402 billion yuan, up 27.8%, and high-margin value-added marketing services growing by 32.9% [8] - The company increased R&D expenses by 75% to 160 million yuan, reflecting proactive investment in market expansion and technology barriers [8] Group 5: Food and Beverage Sector - Guoquan reported a strong performance in 2025, with revenue of 7.810 billion yuan, a year-on-year increase of 20.7%, and a net profit of 433 million yuan, up 87.8% [9] - The growth was driven by store expansion and efficiency improvements, with a net increase of 1,416 stores, reaching a total of 11,566 stores [9] - The company’s supply chain and scale effects began to materialize, with administrative expenses growing at a much slower rate than revenue, enhancing profitability [9]

Market Overview - A-shares fell on geopolitical tensions, with the coal sector leading gains, while the Hang Seng Index and European markets also declined[3][4] - Brent crude oil prices surpassed $100 per barrel for the first time since August 2022, contributing to inflation concerns[3][24] - The U.S. stock market experienced a three-day decline, with the S&P 500 down 1.5% and the Nasdaq down 1.8%[6][7] Fixed Income - U.S. Treasury bonds faced significant selling pressure, with the 2-year yield rising by 8.8 basis points to 3.74%[27] - Market expectations for a rate cut in 2026 have decreased from 45 basis points to about 20 basis points due to rising oil prices and geopolitical tensions[27] Currency and Commodities - The U.S. dollar index rebounded, while non-U.S. currencies weakened, influenced by geopolitical risks and rising energy prices[4] - Gold prices fell by 1.88% to $5,079.21 per ounce, driven by a stronger dollar and rising oil prices[24] Sector Performance - In the Hong Kong market, the energy sector rose by 3.1%, while real estate and healthcare sectors saw declines of 1.7% and 1.4%, respectively[10][9] - In the A-share market, the coal sector surged, with Zhengzhou Coal Power rising to its daily limit, while defense and technology sectors faced significant declines[14] Key Developments - Iran's new leadership vowed to continue blocking the Strait of Hormuz, escalating geopolitical tensions in the region[4] - The U.S. trade deficit narrowed more than expected in January, indicating potential economic resilience[4]

Report Industry Investment Rating No relevant information provided. Core Viewpoint The report presents a comprehensive overview of the financial and commodity markets, including overnight market trends, important news, and future events. It highlights the impact of geopolitical tensions, such as the situation in the Middle East, on various markets, particularly the oil market. Key factors influencing market movements include supply disruptions, changes in demand forecasts, and regulatory actions. Summary by Directory Overnight Night Market Trends - **Crude Oil**: US crude oil futures rose 10.48% to $96.39 per barrel, and Brent crude rose 10.62% to $101.75 per barrel. Supply concerns due to the closure of the Strait of Hormuz and shipping attacks, along with upward price revisions by institutions, supported the price increase [5][46][51]. - **Precious Metals**: COMEX gold futures fell 1.83% to $5084.10 per ounce, and COMEX silver futures fell 1.85% to $83.95 per ounce. Geopolitical tensions increased demand for safe - havens, but reduced Fed rate - cut expectations and uncertain monetary policies pressured prices [5][47][52]. - **London Base Metals**: LME aluminum, nickel, and zinc rose, while lead, copper, and tin fell [5][47][53]. - **Domestic Futures**: At 23:00, most domestic futures contracts rose, with rapeseed meal and fuel oil up over 3%. At 2:30, SHFE gold and silver futures fell, while SC crude oil futures rose 8.07% to 770 yuan per barrel [7]. Important News Macro News - The Trump administration launched a new 301 trade investigation into 16 major trading partners' industrial over - capacity [9]. - China's foreign ministry stated that China and the US are communicating about the US president's planned visit to China [9]. - Iran's new supreme leader said Iran will continue to block the Strait of Hormuz and may open new fronts [9]. - US initial jobless claims for the week ending March 7 were 213,000, lower than expected [10]. Energy and Chemical Futures - Two foreign oil tankers were attacked in Iraqi waters, causing the oil port to shut down [13]. - The trading rules of 20 - rubber NR2703 contracts were adjusted [13]. - South Korea set fuel price caps [14]. - The IEA lowered its oil supply growth forecast due to the Middle East conflict [14]. - National float glass inventory decreased, while domestic soda ash inventory increased slightly [14]. - Sinochem Fertilizer called on customers to maintain market order [15]. - Singapore fuel oil inventory reached a 5 - week high [17]. - Malaysia's natural rubber production decreased slightly in January, while exports increased significantly [17]. - Iran allowed Indian tankers to pass through the Strait of Hormuz [18]. - Goldman Sachs and Citi adjusted their oil price forecasts [18]. - The Trump administration planned to issue a temporary exemption to the Jones Act to ease the oil supply [18]. Metal Futures - The trading rules of gold AU2704 and silver AG2703 contracts were adjusted [20]. - Lithium ore inventory decreased, while available inventory increased [21]. - A Norwegian aluminum smelter maintained its production capacity at about 60% [21]. - China's power and energy - storage battery production and sales decreased in February but increased year - on - year [21]. Black - Series Futures - Rebar production, factory inventory, social inventory, and apparent demand all increased [23]. - The average profit per ton of coke in independent coking plants was - 3 yuan/ton, with regional differences [23]. Agricultural Futures - Malaysia's palm oil exports from March 1 - 10 increased by 26.54% compared to the same period in February [25]. - India's palm oil imports in February increased by about 11% [27]. - Malaysia set the reference price and export tariff for April's crude palm oil [28]. - Indonesia's palm oil production increased in 2025, and inventory decreased at the end of the year [28]. - The completion of B50 biodiesel road tests in Indonesia will be delayed [28]. - US soybean and corn export net sales met market expectations [28]. Financial Market Financial - A - shares declined, with wind power, energy storage, and other sectors rising, while military, precious metals, and semiconductors falling [30]. - Hong Kong stocks fluctuated with low volume. Southbound funds net - bought nearly HK$11.3 billion [32]. - Hong Kong listed companies showed high enthusiasm for share repurchases [32]. - The Hong Kong Securities and Futures Commission and the ICAC cracked down on an insider - trading case [32]. - Six companies in the Sci - tech Growth Layer will remove the "U" symbol [33]. - Institutions believe that the 2026 market will shift from liquidity - driven to profit - driven [33]. - Li Auto's Q4 2025 revenue and adjusted net profit decreased, and it expects a decline in Q1 2026 [33]. Industry - There were 82 OpenClaw vulnerabilities from January to March 9, and relevant institutions will take measures [34]. - Global semiconductor companies plan to raise prices [35]. - Some airlines canceled flights to Dubai [35]. - The Ministry of Industry and Information Technology will carry out a "millisecond computing" action [36]. - The retail sales of passenger cars and new - energy passenger cars in February decreased year - on - year [37]. Overseas - Iran warned of "devastating" retaliation against attacks on its energy facilities [38]. - Trump called on the Fed to cut interest rates immediately [39]. - The Fed will announce new bank capital proposals [40]. - A fire broke out on the USS Ford, but it can still operate [40]. - US initial jobless claims decreased slightly, and the trade deficit narrowed in January [40]. - UK regulators asked social media platforms to verify user ages [41]. - India plans to launch a semiconductor fund, and its CPI rose in February [41]. International Stock Markets - US stocks fell, with the Dow Jones Industrial Average hitting a new low for the year [42]. - European stocks closed lower due to geopolitical tensions [43]. - Asia - Pacific stocks also declined [44]. - Adobe's Q1 revenue and adjusted EPS exceeded expectations, and it gave forecasts for Q2 [45]. Commodities - Crude oil prices rose due to supply concerns and institutional price revisions [46][51]. - Precious metals prices fell due to reduced Fed rate - cut expectations [47][52]. - London base metals showed mixed performance [47][53]. - Fitch raised the target prices of 14 metals and minerals [49][54]. - The IEA lowered global oil supply and demand growth forecasts [49][54]. - Ping An Bank will gradually close its individual precious - metal trading business [49][54]. - Oil tankers were attacked in Iraq, and oil terminals suspended operations [50][55]. Bonds - Similar to the commodity section, crude oil prices rose, precious metals fell, base metals were mixed, Fitch raised metal prices, the IEA adjusted oil forecasts, and Ping An Bank will close its business [51][52][53]. Foreign Exchange - The on - shore RMB against the US dollar fell, and the dollar index rose, with most non - US currencies falling [56]. Future Events - At 09:20, 44.8 billion yuan of reverse repurchases of the People's Bank of China will expire. The National Energy Administration will announce electricity consumption data, and ASEAN economic ministers will hold a closed - door meeting. The Sci - tech Innovation 50 and 100 indices will undergo quarterly sample adjustments after the market closes on March 13 [59].

Market Overview - The A-share market experienced a collective decline, with the Shanghai Composite Index down by 0.10% to 4,1229.10 points, the Shenzhen Component Index down by 0.63% to 14,374.87 points, and the ChiNext Index down by 0.96% to 3,317.52 points. The total market turnover was approximately 2.44 trillion yuan [6]. - In the Asia-Pacific region, the Hang Seng Index fell by 0.70% to 25,716.76 points, the Hang Seng Tech Index decreased by 0.54% to 5,027.64 points, and the Korean Composite Index closed down by 0.48% to 5,583.25 points. The Nikkei 225 Index dropped by 1.04% to 54,452.96 points [6]. - European markets also saw declines, with the FTSE 100 Index down by 0.47% to 10,305.15 points, the DAX 30 Index down by 0.21% to 23,589.65 points, and the CAC 40 Index down by 0.71% to 7,984.44 points [6]. - In the US market, the Dow Jones Industrial Average fell by 1.56% to 46,677.85 points, the Nasdaq Composite dropped by 1.78% to 22,311.98 points, and the S&P 500 Index decreased by 1.52% to 6,672.62 points [6]. International News - The US government plans to initiate a 301 investigation into "excess industrial capacity" affecting 16 trade partners, including China [6]. - The US government is expected to issue a temporary exemption for the Jones Act to alleviate domestic fuel supply pressures and curb rising oil prices [6]. - Iran's Supreme Leader issued his first statement since taking office, addressing various national issues [6]. - Tesla has received approval from the US Federal Trade Commission to convert its investment in xAI into shares of SpaceX [6]. Domestic News - The 14th National People's Congress concluded on March 12, with a focus on optimizing the business environment [6]. - The Ministry of Justice announced that this year's legislative work will prioritize enhancing the business environment [6]. - The National Industrial Information Security Development Research Center issued a risk warning regarding the application of OpenClaw in the industrial sector [6]. - China Power Construction Corporation signed an EPC contract for a solar-storage project worth 13.962 billion yuan [6]. - Zhaochi Co., Ltd. announced the completion and full operation of its high-speed optical module project [6]. - Cambricon Technologies officially removed its "U" label for unprofitable companies, becoming the first "graduated" enterprise in the Sci-Tech Innovation Board [6].

Core Viewpoint - The report highlights the growth potential of the Chinese automotive industry, particularly focusing on Jiangling Motors Corporation, which is projected to see significant increases in both production and sales of passenger vehicles by 2025 [1][2]. Group 1: Company Performance - Jiangling Motors is expected to produce 135,700 passenger vehicles in 2025, representing a year-on-year increase of 13% [1]. - The sales volume for passenger vehicles is projected to reach 135,100 units in 2025, with a year-on-year growth of 13.04% [1]. Group 2: Industry Insights - The data is sourced from the China Association of Automobile Manufacturers, indicating a robust growth trend in the automotive sector from 2020 to 2025 [1][2]. - The report by Zhiyan Consulting provides a comprehensive analysis of the market dynamics and investment potential in the Chinese automotive industry from 2026 to 2032 [1].

Core Viewpoint - BYD is actively considering building a manufacturing plant in Canada and is open to acquiring a traditional global automaker, reflecting its strategy to expand internationally and enhance competitiveness in the electric vehicle market [1][2]. Group 1: Canadian Market and Manufacturing Plans - BYD is researching the feasibility of establishing a manufacturing facility in Canada, with a preference for owning and operating the plant rather than forming a joint venture [1]. - The Canadian government is encouraging partnerships between Chinese automakers and local companies, having recently agreed to exempt up to 49,000 Chinese-made electric vehicles from a 100% tariff starting in 2024 [1]. Group 2: Acquisition Strategy - BYD is open to acquiring a traditional automaker as competitors struggle to maintain global competitiveness due to simultaneous investments in both internal combustion and electric vehicles [2]. - The company is evaluating potential acquisition targets but has not disclosed any specific candidates, indicating a strategic shift towards independence and efficiency through vertical integration [2]. Group 3: Market Challenges and Focus - BYD has paused its plans to enter the U.S. market, citing a "complex market environment" characterized by high tariffs and restrictions on connected vehicle technologies [3]. - Instead, BYD is focusing on replicating its successful "Brazil model" in other markets, including Europe, and is accelerating the establishment of its first passenger car center in Hungary [4]. Group 4: Sales Performance and Future Goals - In the first two months of the year, BYD's total sales decreased by 36% to 400,241 vehicles, although export momentum is increasing, with a target of selling 1.3 million vehicles overseas by 2026 [4]. - Recent product launches, including the latest generation of blade batteries and ultra-fast charging architecture, are expected to help reverse the sales decline [4]. Group 5: Investment in Infrastructure - In Brazil, BYD plans to invest over 500 million Brazilian Reais (approximately 97 million USD) to install 1,000 ultra-fast charging stations by the end of 2027 [5]. Group 6: Motorsport Exploration - BYD is exploring entry into competitive racing, including F1 and endurance racing, aligning with its technological priorities, although no final decision has been made yet [6].

市场研究部证券研究报告 2026 年 3 月 13 日 国内市场综述 缩量整理 探底回升 周四（3 月 12 日）大盘缩量整理，探底回升。截至收 盘，上证综指收于 4129.1 点，下跌 0.1%；深成指收 于 14374.87 点，下跌 0.63%；科创 50 下跌 1.24%；创 业板指下跌 0.96%，万得全 A 成交额共 24606 亿元， 较前一日略有下降。 行业方面，30 个中信一级行业有 10 个上涨 ，其中煤 炭、电力及公用事业、农林牧渔涨幅居前，而国防军 工、通信及机械则跌幅较大，概念方面，央企煤炭、 化学原料精选及风力发电等指数表现活跃。 海外市场综述 美国三大股指全线收跌，特斯拉跌超 3% 周四（3 月 12 日），美国三大股指全线收跌，道指跌 1.56%，标普 500 指数跌 1.52%，纳指跌 1.78%。高盛 集团、波音跌超 4%，领跌道指。万得美国科技七巨头 指数跌 1.74%，特斯拉跌超 3%，脸书跌逾 2%。纳斯达 克中国金龙指数跌 1.02%，禾赛科技跌超 5%。 新闻精要 3. 中国信通院启动智能助理智能体（Claw）系列标准 编制工作 4. 部分银行成员参与市场利率定价 ...