- The report introduces the **RSI (Relative Strength Index)** as a factor, which is calculated using the formula: $ RSI = 100 - \frac{100}{1 + RS} $ where RS represents the ratio of the average gain to the average loss over a 12-day period. RSI values above 70 indicate an overbought market, while values below 30 indicate an oversold market[2] - The report also calculates **Net Purchase (NETBUY)** as a factor, using the formula: $ NETBUY(T) = NAV(T) - NAV(T-1) \times (1 + R(T)) $ where NETBUY(T) is the net purchase amount, NAV(T-1) is the ETF's net asset value from the previous trading day, and R(T) is the return on the current day[2] - The report tracks **ETF performance metrics** such as daily price changes, RSI values, net purchases, and trading volumes for various ETFs, categorized into "broad-based" and "thematic" indices. Examples include ETFs tracking indices like CSI 300, CSI 500, and sector-specific indices such as non-bank financials and dividends[2][4] - The report provides detailed **RSI values** for various ETFs, such as: - CSI 300 ETFs: RSI values range from 40.03 to 41.72 - CSI 500 ETFs: RSI values range from 38.32 to 40.20 - CSI 1000 ETFs: RSI values range from 39.63 to 40.21 - Thematic ETFs (e.g., Semiconductor, Renewable Energy): RSI values range from 30.34 to 52.96[4][6] - The report evaluates **net purchase amounts** for ETFs, with examples including: - CSI 300 ETFs: Net purchases range from -20.87 billion to 1.15 billion - CSI 500 ETFs: Net purchases range from -4.85 billion to 1.01 billion - CSI 1000 ETFs: Net purchases range from -12.83 billion to 0.02 billion - Thematic ETFs: Net purchases range from -16.49 billion to 62.07 billion[4][6] - The report highlights **trading volumes** for ETFs, with examples including: - CSI 300 ETFs: Trading volumes range from 0.29 billion to 39.32 billion - CSI 500 ETFs: Trading volumes range from 1.03 billion to 45.84 billion - CSI 1000 ETFs: Trading volumes range from 0.35 billion to 35.07 billion - Thematic ETFs: Trading volumes range from 0.04 billion to 75.07 billion[4][6] - The report provides **qualitative evaluations** of the RSI and NETBUY factors, noting their utility in identifying overbought/oversold conditions and tracking fund flows, respectively[2]

2026.03. 25 本文字数：2213，阅读时长大约4分钟 作者 | 第一财经 郭霁莹 3月24日拍摄的行驶在博鳌零碳示范区的新能源汽车。新华社 外资为何青睐投资中国 在全球地缘局势持续震荡的当下，中国正以稳定的经济增速预期、超大规模市场需求、以发展新质生 产力为抓手的创新生态、完整的全球产业链网络体系，为全球经济持续发展注入信心与动能。 随着中国从"世界工厂"转型升级为"全球创新中心"，如何深度参与中国经济高质量发展，共享投资机 遇，并通过在华布局增强企业全球供应链稳定性与产业链韧性，成为今年博鳌亚洲论坛上外资重点关 注的议题。 "要想在国际市场具备竞争力，须得在中国市场发挥影响力。"3月25日，加中贸易理事会北京代表处 首席代表裴大卫在博鳌亚洲论坛2026年年会上指出，中国汇聚了本土有很强竞争力的企业，以及来 自世界各地的多元跨国公司，是全球最具活力的市场之一。投资中国，意味着成为全球经济最具活力 的一部分。 同时，中国也以更高水平的对外开放拥抱世界。原中国对外贸易经济合作部副部长龙永图表示，中国 政府多次承诺给予外资企业完全平等的非歧视待遇，这完全符合世贸组织国民待遇原则。 "外资企业在华注册、纳税 ...

Core Viewpoint - The article discusses the "2026 Action Plan for Promoting the Coordinated Development of Manufacturing and Service Industries in Guangdong Province," which aims to enhance the integration of manufacturing and service sectors through various initiatives and policies [2][4]. Group 1: Key Policies and Initiatives - The action plan outlines 21 specific policy measures across six areas to promote the service-oriented manufacturing and manufacturing-oriented services [2]. - It emphasizes the importance of technological innovation, focusing on key core technology breakthroughs and the establishment of a "first-use, then-transfer" service platform to facilitate the transfer and transformation of technological achievements [4][5]. - The plan aims to establish over 200 smart factories and intelligent body factories by the end of 2026, enhancing the manufacturing sector's capabilities [6][7]. Group 2: Financial Support and Innovation - The action plan encourages financial institutions to leverage policies for technological innovation and increase credit support in the tech sector, including the development of specialized financial products [5]. - It aims to enhance industrial design levels by promoting collaboration between design hubs and industrial clusters, and by hosting international design competitions to attract global design resources [4][5]. Group 3: Focus on Emerging Industries - The plan targets emerging industries such as new-generation electronic information, smart connected vehicles, intelligent robotics, integrated circuits, and renewable energy, aiming to implement industrial innovation projects [6][7]. - It highlights the need for advanced technology innovation in future industries, including quantum technology, hydrogen energy, and deep-sea exploration [6]. Group 4: Application Scenarios and Cross-Industry Integration - The action plan promotes the creation of diverse application scenarios through initiatives like "AI + Manufacturing" and the establishment of innovation centers in the Guangdong-Hong Kong-Macao Greater Bay Area [7]. - It encourages the integration of various industries, such as marine equipment with marine ranching and tourism, to foster innovative application scenarios [7].

Core Insights - The report highlights a cautious sentiment in the US stock market, with the Dow Jones experiencing a decline of 289 points, indicating a decrease in risk appetite among investors [9][11] - The International Energy Agency (IEA) announced a historic release of 400 million barrels of emergency oil reserves, which has not yet alleviated concerns over transportation bottlenecks and high oil prices [9][11] - The report emphasizes the explosive growth in electricity demand driven by AI computing power, impacting sectors such as gas turbine supply chains, solar energy, and offshore wind power [9] Market Focus and Strategy - The US stock market showed mixed performance, with the Dow Jones down 0.61% and the S&P 500 down 0.08%, while the Nasdaq saw a slight increase of 0.08% [11][15] - The report suggests a defensive investment strategy, recommending an increase in cash holdings and high-quality short-term US dollar bonds to mitigate portfolio duration and volatility risks [9] - The report notes that energy and upstream resource stocks are recommended for strategic allocation due to high oil prices [9] Key Economic Data - The US fiscal deficit surpassed $1 trillion as of February, although it represents a significant decrease compared to the same period last year [11] - The Consumer Price Index (CPI) for February showed a monthly increase of 0.3% and an annual increase of 2.4%, aligning with expectations [11][20] Company-Specific Insights - Oracle Corporation reported a significant increase in revenue and EPS, both exceeding 20% year-on-year for the first time in 15 years, driven by a 44% increase in cloud revenue [23] - Vertiv Holdings Co experienced a 23% year-on-year revenue growth in Q4 2025, with management projecting revenues of $13.25 to $13.75 billion for 2026, indicating strong demand for AI data center power and cooling solutions [24] - Cathay Pacific announced a 9.5% increase in net profit to HK$10.83 billion for the previous year, exceeding market expectations, and plans to raise fuel surcharges due to soaring fuel prices [12][21]

Group 1 - The article discusses the end of the "takeout war," emphasizing that price wars in the food delivery industry not only affect restaurant owners but also impact the livelihoods of ordinary people. It advocates for healthy competition based on technological innovation, efficiency improvement, and service optimization rather than capital-intensive cash-burning games [2] - Five express delivery companies, including YTO Express and Jitu Express, have jointly announced a price adjustment due to rising transportation costs from increased oil prices. In Guizhou, the minimum delivery fee has been raised to 1.2 yuan per ticket, with a 0.05 yuan increase per ticket [3] Group 2 - Pinduoduo reported a total revenue of 431.8 billion yuan for the year, marking a 10% year-on-year increase, although net profit declined. This is the first financial report since the implementation of a co-chairman system [3] - Pop Mart International Group projected a revenue of 37.12 billion yuan for 2025, with a year-on-year growth of 184.7%. The company reported significant growth across all major markets, including a 748.4% increase in the Americas [3] - Haidilao announced a revenue of 43.225 billion yuan for 2025, with a 1.1% year-on-year increase. The company's takeaway business revenue grew by 111.9% [3] Group 3 - Momenta, a smart driving solution provider, has secretly submitted its IPO application to the Hong Kong Stock Exchange, with an expected valuation exceeding 100 billion yuan [8] - SpaceX is reportedly planning to raise up to 75 billion dollars in its IPO, with discussions indicating a potential valuation of over 1.75 trillion dollars [12] - Japan's average monthly salary for full-time employees reached 340,600 yen in 2025, marking a 3.1% increase from the previous year, with the gender pay gap narrowing to the smallest level on record [17]

Industry Overview - As of the end of February, the total installed power generation capacity in the country reached 3.95 billion kilowatts, representing a year-on-year increase of 15.9%. Solar power capacity reached 1.23 billion kilowatts, up 33.2%, while wind power capacity reached 650 million kilowatts, increasing by 22.8% [2] Domestic News - The National Mine Safety Supervision Bureau announced a list of 19 coal mines that have achieved the first-level standard of safety production standardization management system, which will be publicly disclosed for social supervision [3] Technological Advancements - A significant breakthrough in the field of new thin-film photovoltaics has been achieved, with the photoelectric conversion efficiency of copper-zinc-tin-sulfur-selenium batteries certified at 16.6%, marking the 10th world record in this field [5] - The first dual-power intelligent tamping machine for railway tunnels in the country has been launched, featuring a dual-power system that allows seamless switching based on operational scenarios [6] - The first "all-round" flash welding rail machine in the country has been officially put into use, integrating new energy power and all-scenario operations [6] Corporate News - Huaneng International Power Co., Ltd. reported a net profit of 14.41 billion yuan for 2025, a year-on-year increase of 42.17%. The company's revenue was 229.288 billion yuan, a decrease of 6.62% [8] - The first successful ignition of the 630℃ national power demonstration project boiler at Datang Yuncheng marks the start of the dynamic trial operation phase [8]

承董事會命 新天綠色能源股份有限公司 譚建鑫 （於中華人民共和國註冊成立的股份有限公司） （股份代號：00956） 海外監管公告 本公告乃由新天綠色能源股份有限公司（「本公司」）根據《香港聯合交易所有限公司證券上市規則》第 13.10B條作出。 茲載列本公司於上海證券交易所網站刊發之《新天綠色能源股份有限公司2025年年度報告摘要》《新 天綠色能源股份有限公司2025年年度報告》及《新天綠色能源股份有限公司2025年度已審財務報 表》，僅供參閱。 執行董事及總裁 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分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。 公司代码：600956 公司简称：新天绿能 新天绿色能源股份有限公司 2025 年年度报告摘要 新天绿色能源股份有限公司2025 年年度报告摘要 第一节 重要提示 1、 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 中國河北省石家莊市，2026年3月25日 於本公告日期，本公司非執行董事為曹欣博士、李連平博士 ...

Core Insights - The current A-share market is facing two significant underlying logical changes: structural imbalance in internal positions and substantial macroeconomic changes [1] - The report emphasizes the importance of determining whether the current situation is more comparable to early 2021 or early 2022, as historical pricing reviews indicate essential differences between the two periods [1][10] Historical Pricing Review - In March 2021, the core essence of the decline was structural adjustment rather than the onset of a systemic downturn. The decline was triggered by a rapid rise in U.S. Treasury yields and deteriorating micro trading structures, leading to a significant correction in previously favored "Mao Index" core assets [2] - The Shanghai Composite Index fell by 8.1%, while the ChiNext Index dropped nearly 21.6%. However, the market did not enter a full bear market but instead completed a clear shift in main lines, with the "Ning Combination" replacing the "Mao Index" as the core trading focus [2][11] - In February 2022, the decline was characterized as a defensive reduction rather than a simple style rebalancing, driven by weakening risk appetite, declining incremental funds, and profit expectations. The decline was triggered by inflation expectations stemming from the Russia-Ukraine conflict, with the total A-share market dropping 9.46% in January 2022 [3][11] Current Market Analysis - Based on the historical scenarios, two core scenarios are projected for the current market: 1. If the macro environment shows moderate inflation and resilient global economic characteristics, the current market is more likely to resemble March 2021, with the Shanghai Composite Index's performance aligning with this scenario [4][12] 2. If clear stagflation and a pause in the global rate cut cycle occur, the current market will resemble early 2022, necessitating a comprehensive reduction in positions and a shift towards defensive strategies [4][12] Sector Positioning - The report highlights that as of Q4 2025, domestic institutions have a significant allocation in the pan-technology sector, exceeding 50%, with the total allocation in overseas sectors approaching 70%. This indicates a structural imbalance that necessitates a rebalancing strategy moving forward [7][33] - The report suggests a focus on "new and old coexisting" strategies, emphasizing the selection of representative structural directions within technology, overseas, and resource sectors for effective portfolio management [7][8] Investment Themes - The report identifies four key rebalancing themes: 1. New and old rebalancing 2. Internal rebalancing within resource sectors 3. Internal rebalancing within technology sectors 4. Internal rebalancing within overseas sectors [8] - The emphasis is on identifying low-positioned value stocks and adjusting to the changing macroeconomic landscape, particularly in light of rising oil prices and a strengthening dollar [33][29]

Investment Rating - The report assigns a cautious recommendation rating to Huayang Co., Ltd. [1] Core Viewpoints - Huayang Co., Ltd. is a leading producer of smokeless coal in China, with over 80% of its revenue and 94% of its gross profit derived from its coal business, which serves as the core pillar of its performance [1] - The company is transitioning towards new energy and materials, focusing on sodium batteries and carbon fiber to establish a second growth curve [2] - The company has a strong cost control mechanism, with coal gross margins maintained around 40%, showcasing resilience during market downturns [1][2] - The integration of coal and electricity operations has led to stable revenue growth in its power supply business, effectively countering coal price fluctuations [1] Company Overview - Huayang Co., Ltd. has a clear business structure with coal as its core and new energy materials as growth drivers, aiming for new energy and materials to account for 40% of revenue by the end of the 14th Five-Year Plan [13][14] - The company has a robust financial position with a high dividend payout ratio, expected to reach around 50% in 2023-2024, enhancing shareholder value [2] Coal Business - The coal business generated revenue of 201.54 billion yuan in 2024, contributing 81.06 billion yuan to gross profit, solidifying its role as the main profit contributor [20] - The company is actively increasing its coal production capacity, with a total approved capacity of 40.9 million tons per year by the end of 2025 [21] - Huayang Co., Ltd. has secured significant coal resources, including a recent acquisition of a coal exploration right with an estimated resource of 630 million tons [22] Power Supply Business - The power supply business has seen significant growth, with revenue reaching 20.11 billion yuan in 2024, a year-on-year increase of 295% [32] - The company operates a key low-heat value coal power project, which enhances its coal-electricity integration and reduces fuel costs [29] New Energy Transition - The sodium battery business is a core focus, with a complete industrial chain established, and commercial applications are accelerating [36] - The company is also developing high-performance carbon fiber, with plans to produce 1,000 tons by the end of 2025, targeting high-end markets [51] - The photovoltaic business is expanding steadily, although it faces challenges due to industry competition and has not yet achieved profitability [47]

Core Viewpoint - The transition from diesel to renewable energy in mining is driven by economic factors rather than just environmental concerns, marking a significant shift in the industry [6][34]. Group 1: Economic Benefits of Renewable Energy in Mining - The introduction of renewable energy in mining drastically reduces costs, with electricity prices dropping from $0.4 per kWh to $0.1 per kWh, attracting global mining giants [7][8]. - In the Kamoa-Kakula copper mine in the Democratic Republic of Congo, a solar power project is expected to reduce electricity costs from $0.35 to $0.12 per kWh, a decrease of over 60% [8][9]. - A medium-sized mine with an annual electricity consumption of 100 million kWh can save $23 million annually by switching to renewable energy [9]. Group 2: Technological Advancements and Market Dynamics - The cost of battery technology has significantly decreased, with lithium carbonate prices dropping from 600,000 yuan per ton to around 200,000-300,000 yuan for a 700 kWh electric mining truck battery [15][16]. - The market for electric mining trucks is projected to reach nearly 100 billion yuan by 2030, driven by increasing penetration rates and the need for sustainable mining solutions [21][23]. Group 3: Industry Collaborations and Strategic Moves - Strategic partnerships are forming, such as the collaboration between CATL and Rio Tinto, aimed at supporting the electrification of mining operations [18]. - Companies like BYD are also investing in technology for autonomous mining trucks, indicating a competitive landscape for electric mining solutions [21][27]. Group 4: Challenges and Future Outlook - Despite the economic advantages, challenges such as grid stability, battery safety, and initial investment costs remain significant hurdles for the transition to renewable energy in mining [29][30][31]. - The shift towards distributed energy systems is gaining traction, with off-grid mining solutions already being implemented in regions like Africa [33][38].