1. Hot News - Trump said that there are "almost no targets left to strike" in Iran and the US military action against Iran is "coming to an end", but US and Israeli officials said they haven't received any internal instructions to stop the military action. The US Central Command warned of possible attacks on Iranian civilian ports, and an Iranian military spokesman said they would strike all ports and terminals in the region if their ports are threatened [2] - The International Energy Agency (IEA) agreed to release 400 million barrels of strategic oil reserves. The G7 energy ministers supported using strategic reserves to stabilize the energy market if necessary. Trump said the US will "slightly" cut its strategic oil reserves, Japan will release about 80 million barrels starting March 16, and Germany will release 2.4 million tons [2] - In February, China's auto sales were 1.805 million, a 15.2% year - on - year decrease. New energy vehicle sales were 765,000, a 14.2% year - on - year decrease, while auto exports were 672,000, a 52.4% year - on - year increase [2] - Iranian President Pezeshkian reiterated Iran's commitment to regional peace in calls with Russian and Pakistani leaders, stating that the "only way" to end the war is to recognize Iran's legitimate rights, pay war reparations, and have international guarantees against future aggression [3] - Starting from the settlement on March 16, 2026, the trading margin for apple futures contracts 2604 and 2605 will be adjusted to 15%, and the daily limit will be adjusted to 13% [3] 2. Sector Performance Key Focus - Urea, Shanghai copper, p - xylene, crude oil, PP [4] Night - session Performance - Non - metallic building materials rose 2.25%, precious metals rose 30.75%, energy rose 6.91%, chemicals rose 12.92%, grains rose 1.02%, agricultural and sideline products rose 2.64%, oilseeds and fats rose 8.32%, non - ferrous metals rose 23.99%, soft commodities rose 2.53%, and coal, coking, steel and minerals rose 8.68% [4][5] 3. Sector Positions - The document shows the changes in commodity futures sector positions in the past five days, including Wind agricultural and sideline products, Wind grains, Wind chemicals, Wind energy, Wind coal, coking, steel and minerals, Wind non - ferrous metals, Wind comprehensive commodities, Wind soft commodities, Wind oilseeds and fats, Wind precious metals, and Wind non - metallic building materials [6] 4. Performance of Major Asset Classes Equity - The Shanghai Composite Index rose 0.25% daily, - 0.71% monthly, and 4.15% annually; the Shanghai 50 rose 0.12% daily, - 1.78% monthly, and - 1.51% annually; the CSI 300 rose 0.64% daily, - 0.13% monthly, and 1.61% annually; the CSI 500 fell 0.08% daily, - 2.95% monthly, and rose 12.56% annually; the S&P 500 fell 0.08% daily, - 1.50% monthly, and - 1.02% annually; the Hang Seng Index fell 0.24% daily, - 2.75% monthly, and rose 1.05% annually; the German DAX fell 1.37% daily, - 6.50% monthly, and - 3.47% annually; the Nikkei 225 rose 1.43% daily, - 6.50% monthly, and 9.31% annually; the UK FTSE 100 fell 0.56% daily, - 5.10% monthly, and rose 4.25% annually [7] Fixed - income - The 10 - year Treasury bond futures fell 0.04% daily, - 0.12% monthly, and rose 0.37% annually; the 5 - year Treasury bond futures fell 0.03% daily, - 0.06% monthly, and rose 0.17% annually; the 2 - year Treasury bond futures fell 0.01% daily, - 0.01% monthly, and 0% annually [7] Commodities - The CRB commodity index rose 1.99% daily, 13.53% monthly, and 18.81% annually; WTI crude oil rose 6.52% daily, 32.22% monthly, and 54.59% annually; London spot gold fell 0.14% daily, - 1.81% monthly, and rose 20.02% annually; LME copper fell 0.69% daily, - 1.86% monthly, and rose 4.42% annually; the Wind commodity index fell 1.38% daily, - 4.64% monthly, and rose 15.81% annually [7] Others - The US dollar index rose 0.32% daily, 1.66% monthly, and 1.01% annually; the CBOE volatility index fell 2.81% daily, rose 22.00% monthly, and 62.07% annually [7] 5. Stock Market Risk Preference and Major Commodity Trends - The document shows the trends of the Baltic Dry Index (BDI), CRB spot index, WTI crude oil, London spot gold, London spot silver, LME 3 - month copper, gold - oil ratio, copper - gold ratio, risk premium, CBOT soybeans, CBOT corn, and Wind All - A (ex - financials and oil & petrochemicals) [8]

Core Viewpoint - The 2026 national automotive subsidy policy has been fully implemented, marking a shift towards "precise regulation and quality improvement" to stimulate automotive consumption and promote industry upgrades [1] Group 1: Subsidy Structure - The most significant change in the 2026 automotive subsidy policy is the transition from a fixed amount subsidy model to a proportional subsidy model linked to the new car price, divided into scrapping and replacement categories [2] - The national subsidy standard will be uniformly executed throughout the year 2026, limited to individual consumers, with a cap of one subsidy per person per year, and scrapping and replacement subsidies cannot be combined [2] Group 2: Specific Subsidy Details - For scrapping subsidies, consumers can receive 12% of the new car price (up to 20,000 yuan) for purchasing eligible new energy vehicles after scrapping old vehicles registered before specified dates [5] - For replacement subsidies, consumers can receive 8% of the new car price (up to 15,000 yuan) for purchasing eligible new energy vehicles after transferring old vehicles [5] - Additional benefits include a 50% reduction in purchase tax for eligible new energy vehicles (up to 15,000 yuan) and exemptions from vehicle and vessel tax for compliant new energy vehicles [5] Group 3: Consumer Eligibility and Application - Consumers must meet specific criteria for their old vehicles and new purchases to qualify for the subsidies, ensuring clarity and reducing potential misuse of funds [8] Group 4: Industry Response - Major automotive companies are launching complementary subsidy policies that enhance the national subsidy, creating a favorable consumption environment and stimulating the automotive market [9] - Companies like BYD, Tesla, and Geely are offering additional cash subsidies, low-interest financing options, and promotional events to attract consumers [11][12][14]

Group 1 - BYD has launched a large-scale recruitment drive at its Deep Shantou Ebu and Xiaomo parks, with over 1,000 positions for operators and more than 1,100 positions for technical workers [1] - The salary range for operators is between 5,500 to 6,500 yuan per month, while technical workers can earn up to 10,000 yuan per month [1] - BYD's Xi'an factory is also hiring over a hundred people, and the company's global spring campus recruitment for 2026 began in early March [1] Group 2 - The total number of employees at BYD has surpassed 900,000, making it the company with the largest workforce among A-share listed companies [1]

3月12日，比亚迪深汕鹅埠园区、小漠园区联合启动大规模招聘，其中操作工招聘需求超1000人，月 薪资范围5500元～6500元；技术工招聘需求超过1100人，学历要求初中及以上，月薪资最高可达1 万元。 与此同时，比亚迪西安工厂也在同步招聘百余人，比亚迪2026全球春季校园招聘也已于3月初开启。 据悉，目前比亚迪集团员工人数已突破90万人，是A股上市公司中员工数量最多的公司。 记者｜黄琳 编辑 ｜瑜见 ...

MACD金叉信号形成，这些股涨势不错！ 格隆汇3月12日｜据一财，3月12日，比亚迪深汕鹅埠园区、小漠园区联合启动大规模招聘，其中操作工 招聘需求超1000人，月薪资范围5500元~6500元；技术工招聘需求超过1100人，学历要求初中及以上， 月薪资最高可达1万元。与此同时，比亚迪西安工厂也在同步招聘百余人，比亚迪2026全球春季校园招 聘也已于3月初开启。据悉，目前比亚迪集团员工人数已突破90万人，是A股上市公司中员工数量最多 的公司。 ...

3月12日，比亚迪深汕鹅埠园区、小漠园区联合启动大规模招聘，其中操作工招聘需求超1000人，月薪 资范围5500元～6500元；技术工招聘需求超过1100人，学历要求初中及以上，月薪资最高可达1万元。 与此同时，比亚迪西安工厂也在同步招聘百余人，比亚迪2026全球春季校园招聘也已于3月初开启。据 悉，目前比亚迪集团员工人数已突破90万人，是A股上市公司中员工数量最多的公司。（第一财经） ...

（文章来源：第一财经） 比亚迪深汕鹅埠园区、小漠园区联合启动大规模招聘，其中操作工招聘需求超1000人，月薪资范围5500 元～6500元；技术工招聘需求超过1100人，学历要求初中及以上，月薪资最高可达1万元。与此同时， 比亚迪西安工厂也在同步招聘百余人，比亚迪2026全球春季校园招聘也已于3月初开启。据悉，目前比 亚迪集团员工人数已突破90万人，是A股上市公司中员工数量最多的公司。 ...

Market Overview - Hong Kong stocks opened high but closed lower, with the Hang Seng Index, the China Enterprises Index, and the Hang Seng Tech Index falling by 0.1% to 0.2%[1] - Major tech stocks like Alibaba (9988 HK), NetEase (9999 HK), and Meituan (3690 HK) declined, while NIO (09866) saw a significant rise of 14.1% after reporting a profitable quarter[1] - The Dow Jones and S&P 500 in the US fell by 0.6% and 0.1%, respectively, while the Nasdaq rose by 0.1%[2] Economic Indicators - The US February CPI rose by 2.4%, aligning with Bloomberg's forecast and previous values[3] - US crude oil inventories were reported at 3.824 million barrels, exceeding the forecast of 2.8 million barrels and higher than the previous value of 3.475 million barrels[3] Sector Performance - The healthcare sector in Hong Kong saw a decline of 1.1%, but companies like Qianxin Biotech (2509 HK) and Junshi Biosciences (1877 HK) experienced stock price increases of 4.9% and 0.2%, respectively, due to positive news on product approvals[4] - The renewable energy and utilities sector performed well, with stocks like Xinyi Solar (968 HK) and Longyuan Power (916 HK) rising between 3.7% and 6.8%[5] - The automotive sector was led by CATL (3750 HK), which rose by 9% following strong earnings, and Geely (175 HK), which increased by 8.2% ahead of a technology launch[5]

行 业 及 产 业 证券分析师 行 业 研 究 / 行 业 点 评 相关研究 《详解"里程费"——一周一刻钟，大事 快评（W145）》 2026/03/03 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 邵翼 A0230524120001 shaoyi@swsresearch.com 2026 年 03 月 12 日 比亚迪闪充 2.0 影响推演及推荐； 银轮、恒勃、福达更新 看好 ——一周一刻钟，大事快评（W146） 本期投资提示： ⚫ 核心风险：原材料价格波动风险，地缘政治风险，行业复苏不及预期 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 汽车 ⚫ 比亚迪闪充 2.0 影响推演及推荐：比亚迪闪充 2.0 本质是车-桩-储能协同的电混联系统， 通过储能柜实现电网低功率接入、高功率输出。闪充站配备储能系统，搭配光伏补电， 可实现车端 1500kW 大功率充电，既平抑电网波动，又大幅降低基建配电压力。成本 端，随着该系统规 ...

Group 1: NIO Inc. (蔚来汽车) - NIO's 4Q25 performance exceeded expectations with revenue of 34.7 billion HKD, a year-on-year increase of 75.9%, and vehicle deliveries of 124,800 units, achieving a gross margin of 18.1% [1] - The company reported its first quarterly GAAP and Non-GAAP operating profit, with cash reserves increasing to 45.9 billion HKD [1] - For 1Q26, despite being a seasonal low period, NIO guided for deliveries of 80,000 to 83,000 units and expects to maintain high gross margins, with a target of 40%-50% sales growth for 2026 [1][2] Group 2: New World Development (新世界发展) - New World Development's first half of the fiscal year 2026 met expectations, with revenue declining by 50% year-on-year to 8.391 billion HKD due to reduced construction income and property delivery volumes [3] - The company reported a narrowed loss attributable to shareholders of 3.73 billion HKD, reflecting a 43.8% decrease, while core operating profit fell by 17.7% to 3.636 billion HKD [3] - The company completed 13.8 billion HKD in attributable contract sales in the first half, exceeding half of the annual target, with strong performance in Hong Kong property sales [4] Group 3: Real Estate Industry Insights - The real estate sector experienced a traditional sales lull in February, with total sales for the top 100 developers dropping by 31.3% month-on-month to 125.2 billion HKD [7] - The average price index for new residential properties in 70 major cities fell by 3.3% year-on-year in January, while second-hand residential prices dropped by 6.2% [7] - The government emphasized stabilizing the real estate market in the 2026 work report, indicating potential for demand recovery in the secondary market [7]