Core Viewpoint - The article highlights the transition of public funds from passive shareholders to active governance participants, as evidenced by Wan Jia Fund's disclosure of its voting results for the 2025 fiscal year, marking a significant step in the implementation of governance rules for public companies [1][6][8]. Group 1: Voting Participation and Results - Wan Jia Fund participated in 41 shareholder meetings in 2025, including 15 annual and 26 extraordinary meetings, covering over 552 voting proposals related to profit distribution, guarantee credit, and asset restructuring [3][5]. - Out of the 552 votes cast, Wan Jia Fund voted against 27 proposals, primarily concerning China Merchants Energy's low-price private placement plan, citing concerns over shareholder dilution and insufficient dividends [5][6]. Group 2: Regulatory Framework and Implementation - The disclosure of voting results is part of a broader initiative following the release of the "Rules for Public Fund Managers' Participation in Corporate Governance," which aims to establish a systematic approach for fund managers to engage in governance [7][9]. - The new regulations, effective from 2026, require public funds to disclose their voting results annually, enhancing transparency and encouraging funds to act as active shareholders [8][9]. Group 3: Institutional Environment and Trends - The evolving regulatory environment, including the reduction of shareholder proposal thresholds from 3% to 1%, has lowered the cost of participation for shareholders, facilitating greater involvement in corporate governance [9][10]. - Fund companies are increasingly adopting structured management systems to ensure responsible governance participation, with South Fund establishing a comprehensive process for managing investment responsibilities [9][10].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - This week (20260316 - 20260320), 28 new green bonds were issued in the inter - bank and exchange markets, with a total issuance scale of about 1.7129 billion yuan, a decrease of 1.1476 billion yuan from last week. The issuance period is mainly short - to medium - term (less than 5 years). The issuers include local state - owned enterprises, central enterprise subsidiaries, central financial enterprises, Sino - foreign joint - ventures, and private enterprises. The issuer regions are in multiple provinces in China and overseas. The bond types are diverse [1]. - This week, the total turnover of green bonds was 7.04 billion yuan, an increase of 1.06 billion yuan from last week. Non - financial corporate credit bonds, financial institutional bonds, and interest - rate bonds had the highest trading volumes. Green bonds with a maturity of less than 3 years had the highest trading volume, accounting for about 86.70%. The top three industries in terms of trading volume are finance, public utilities, and transportation equipment. The top three regions in terms of trading volume are Beijing, Guangdong, and Shanghai [2]. - This week, the overall deviation of the weekly average trading price valuation of green bonds was not large. The discount trading amplitude was greater than the premium trading, and the discount trading ratio was less than the premium trading. The top three discount bonds and premium bonds are listed, along with their subject industries, implicit ratings, and regional distributions [3]. 3. Summary by Relevant Catalogs 3.1 Primary Market Issuance - 28 new green bonds were issued, with a total scale of about 1.7129 billion yuan, a decrease of 1.1476 billion yuan from last week [1]. - The issuance period is mainly short - to medium - term (less than 5 years) [1]. - Issuers include local state - owned enterprises, central enterprise subsidiaries, central financial enterprises, Sino - foreign joint - ventures, and private enterprises [1]. - The issuer regions are Anhui, Beijing, Guangdong, Tianjin, Henan, Hubei, Jiangsu, Jiangxi, Shandong, Zhejiang, Sichuan, and overseas [1]. - Bond types include ultra - short - term financing bills, directional instruments, short - term financing bills, ABNs of the NAFMII, enterprise ABS, general corporate bonds, China Agricultural Development Bank bonds, and medium - term notes [1]. 3.2 Secondary Market Transaction - The total turnover of green bonds was 7.04 billion yuan, an increase of 1.06 billion yuan from last week [2]. - By bond type, non - financial corporate credit bonds, financial institutional bonds, and interest - rate bonds had the highest trading volumes, which were 3.25 billion yuan, 2.95 billion yuan, and 0.62 billion yuan respectively [2]. - By issuance period, green bonds with a maturity of less than 3 years had the highest trading volume, accounting for about 86.70% [2]. - By issuer industry, the top three industries in terms of trading volume are finance (3.26 billion yuan), public utilities (1.2 billion yuan), and transportation equipment (0.24 billion yuan) [2]. - By issuer region, the top three regions in terms of trading volume are Beijing (2.37 billion yuan), Guangdong (0.76 billion yuan), and Shanghai (0.57 billion yuan) [2]. 3.3 Valuation Deviation of the Top 30 Individual Bonds - **Discount Bonds**: The top three discount bonds are 25 Jishui 1B (- 1.0091%), 25 Puzhi G3 (- 0.8010%), and 26LXGK1 (- 0.7724%). The subject industries are mainly construction, real estate, and finance. The implicit ratings are mainly AA +, AA, and AA-. The regions are mainly Guangdong, Henan, and Shandong [3]. - **Premium Bonds**: The top three premium bonds are 23 Bank of Communications Green Bond 01 (0.5717%), 23 Industrial and Commercial Bank of China Green Bond 03 (0.5589%), and 23 Industrial and Commercial Bank of China Green Financial Bond 02 (0.5584%). The subject industries are mainly finance, energy, and public utilities. The implicit ratings are mainly AAA, AAA-, and AA +. The regions are mainly Beijing, Shanghai, and Jiangsu [3].

Core Viewpoint - The article discusses the escalating tensions between Iran and the U.S., particularly focusing on military actions and their implications for global markets, especially oil prices and the S&P 500 index. Group 1: Iran's Military Actions - Iran's armed forces have announced significant actions in the Strait of Hormuz, warning that any attack on its infrastructure will lead to retaliation against critical U.S. and Israeli facilities [1][2] - Following an attack on Iran's Natanz nuclear facility by the U.S. and Israel, Iran emphasized its right to self-defense and maintaining regional security [2] Group 2: Market Reactions and Predictions - JPMorgan has lowered its S&P 500 index target from 7500 to 7200 points due to uncertainties stemming from the Iran conflict, predicting that disruptions in oil transport through the Strait of Hormuz could compress corporate profits and slow economic growth [4] - The S&P 500 index has experienced a decline of 1.51%, reaching its lowest level in six months, marking the longest consecutive weekly drop in over a year [4] Group 3: Oil Price Implications - The ongoing conflict has led to a significant increase in oil prices, with Brent crude rising over 50% this month, and the price of Abu Dhabi's Murban crude doubling [5] - JPMorgan analysts predict that if oil prices remain around $110 per barrel, the consensus earnings expectations for the S&P 500 could be adjusted down by 2% to 5% [5] - Concerns about rising oil prices are compounded by the potential for long-term disruptions in the Strait of Hormuz, which typically handles 20% of global oil transport [5][6] Group 4: Political and Economic Impact - Rising fuel prices due to the conflict are putting pressure on the U.S. administration and the Republican Party ahead of the midterm elections, potentially affecting their control in Congress [6] - Analysts warn that prolonged disruptions could push oil prices to $200 per barrel, exacerbating recession risks and tightening global energy supplies [6]

Macro Dynamics - The Central Cyberspace Administration of China is guiding platforms to standardize short video content labeling to prevent misinformation and maintain social order [2] Financial Institutions - Changxin Fund has appointed Xiao Jian as the new chairman, succeeding Liu Yuanrui, who will continue as a board member. This change is part of a normal personnel adjustment and reflects a strategic focus on asset management [6] - Gansu Rural Commercial Bank has officially opened, marking the first provincial-level rural commercial bank established this year, with a registered capital of 44.9 billion yuan. This development is seen as a significant breakthrough in rural credit cooperative reform [7] Market Data - U.S. stock markets experienced a collective decline, with the Dow Jones down 0.96%, the Nasdaq down 2.01%, and the S&P 500 down 1.51%. This marks the longest consecutive weekly decline since February 2023 [8] - Gold prices have dropped significantly, with spot gold falling 3.42% to $4,491.67 per ounce, marking a cumulative decline of approximately 10.49% this week [12] Company Dynamics - Several airlines, including United Airlines, are reducing scheduled flights by 5% in response to rising fuel costs due to geopolitical tensions in the Middle East [11] - WeChat has introduced new features in its desktop version, including voice input, bulk message recall, and video playback speed options, aimed at enhancing user efficiency [10]

Market Overview - The U.S. stock market experienced significant declines, with the Dow Jones falling by 0.96% and the S&P 500 dropping by 1.51%, marking the longest consecutive weekly decline since February 2023, with a total drop of 2.11% for the week [2][3] - The technology sector was particularly hard hit, with major tech companies collectively losing over $400 billion in market value in a single day [6] Key Stock Movements - Notable declines included Nvidia down 3.12%, Tesla down 3.08%, and both Google and Meta down over 2% [6][8] - The market capitalization of major tech companies such as Nvidia and Google was reported at $4.2 trillion and $3.64 trillion respectively [8] Gold and Bond Market Reactions - COMEX gold futures fell by 2.47% to $4492 per ounce, with a weekly decline of 11.26%, the largest since 1981 [8] - U.S. Treasury bonds also saw a significant drop, with yields rising over 10 basis points across various maturities, indicating a severe sell-off in the market [9] Market Sentiment and External Factors - The ongoing conflict in the Middle East has been identified as a key trigger for the market turmoil, with escalating tensions leading to fears of higher oil prices [12][15] - Goldman Sachs warned that if the conflict persists, oil prices could exceed $180 per barrel, which would increase inflationary pressures on consumers and businesses [14][15] Federal Reserve Policy Impact - The Federal Reserve's recent shift in policy expectations, including an increase in inflation forecasts and a delay in anticipated interest rate cuts, has contributed to market panic [15][20] - The market is now pricing in a 50% chance of rate hikes by 2026, reversing previous expectations of rate cuts [15] Technical Market Dynamics - The "Quadruple Witching" event, where multiple derivatives expire simultaneously, exacerbated market volatility, with a record nominal value of $5.7 trillion in options expiring [17] - The S&P 500 index is approaching critical support levels, and a breach could trigger further selling pressure from various funds [19] Institutional Outlook - Analysts from Goldman Sachs and JPMorgan have expressed concerns that the current market volatility may not be over, particularly if geopolitical tensions and high oil prices persist [18][20] - Despite the current turmoil, the underlying fundamentals of the U.S. economy remain resilient, suggesting that the market adjustment may be a correction rather than a fundamental shift [21][23]

Group 1: A-share Market Valuation - The current PE (TTM) for the A-share market is 16.59, with a median of 13.61 and a maximum of 30.60[10] - The PE (TTM) for the Shanghai Composite Index is 14.50, while the Shenzhen Component Index is at 24.33[10] - The PE (TTM) for the ChiNext Index is 41.18, with a maximum value of 137.86[10] Group 2: Hong Kong Market Valuation - The current PE (TTM) for the Hang Seng Index is 12.38, with a median of 10.35 and a maximum of 22.67[58] - The Hang Seng Technology Index has a current PE (TTM) of 21.42, with a maximum of 65.18[62] - The Hang Seng China Enterprises Index shows a current PE (TTM) of 10.41, with a maximum of 29.92[62] Group 3: US Market Valuation - The current PE (TTM) for the S&P 500 is 26.84, with a median of 21.27 and a maximum of 41.99[81] - The NASDAQ Index has a current PE (TTM) of 37.34, with a maximum of 75.53[89] - The Dow Jones Industrial Average shows a current PE (TTM) of 26.33, with a maximum of 34.70[93] Group 4: Sector Valuation Insights - Non-bank financials, food and beverage, and home appliances sectors have lower PE ratios, indicating historical low valuations[25] - The computer and electronics sectors are currently at higher PE ratios, suggesting historical high valuations[25] - The pharmaceutical and food and beverage sectors have lower PB ratios, while electronics and non-ferrous metals sectors are at higher PB ratios[25]

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - There was no new issuance of secondary capital bonds in the inter - bank market and the exchange market from March 16 to March 20, 2026 [1]. - From March 16 to March 20, 2026, the total weekly trading volume of secondary capital bonds was approximately 188.4 billion yuan, a decrease of 29.9 billion yuan compared to the previous week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 02BC, 25 Agricultural Bank of China Secondary Capital Bond 02A(BC), and 25 Bank of China Secondary Capital Bond 03A(BC) [2]. - By the region of the issuer, the top three regions in terms of trading volume were Guangdong Province, Guizhou Province, and Heilongjiang Province, with approximately 141.4 billion yuan, 11.7 billion yuan, and 10.3 billion yuan respectively. - As of March 20, the changes in the yields to maturity of 5Y, 7Y, and 10Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to the previous week were - 1.71BP, - 0.64BP, - 1.64BP; - 1.07BP, - 1.07BP, - 1.07BP; and - 1.89BP, - 2.79BP, - 2.79BP respectively [2]. - From March 16 to March 20, 2026, the overall deviation of the weekly average trading price valuation of secondary capital bonds was not large. The proportion and amplitude of discount transactions were greater than those of premium transactions. The top three discount - rate bonds were 24 Jining Bank Secondary Capital Bond 01, 25 Shanghai Pufa Bank Secondary Capital Bond 01B, and 22 Shengjing Bank Secondary Capital Bond 01. The top three premium - rate bonds were 21 Huishang Bank Secondary Bond 01, 22 Industrial and Commercial Bank of China Secondary Capital Bond 05B, and 24 Industrial and Commercial Bank of China Secondary Capital Bond 01B(BC) [3]. 3. Summary by Relevant Catalog 3.1 Primary Market Issuance - From March 16 to March 20, 2026, there was no new issuance of secondary capital bonds in the inter - bank market and the exchange market [1]. 3.2 Secondary Market Transactions - **Trading Volume**: The total weekly trading volume was approximately 188.4 billion yuan, a decrease of 29.9 billion yuan compared to the previous week. The top three bonds in terms of trading volume were 25 Bank of China Secondary Capital Bond 02BC (13.203 billion yuan), 25 Agricultural Bank of China Secondary Capital Bond 02A(BC) (11.921 billion yuan), and 25 Bank of China Secondary Capital Bond 03A(BC) (10.865 billion yuan) [2]. - **Regional Distribution**: By the region of the issuer, the top three regions in terms of trading volume were Guangdong Province (approximately 141.4 billion yuan), Guizhou Province (approximately 11.7 billion yuan), and Heilongjiang Province (approximately 10.3 billion yuan) [2]. - **Yield to Maturity**: As of March 20, the changes in the yields to maturity of 5Y secondary capital bonds with ratings of AAA -, AA +, and AA compared to the previous week were - 1.71BP, - 0.64BP, - 1.64BP respectively. For 7Y secondary capital bonds, the changes were - 1.07BP for all three ratings. For 10Y secondary capital bonds, the changes were - 1.89BP, - 2.79BP, - 2.79BP respectively [2][8]. 3.3 Top Thirty Bonds in Terms of Valuation Deviation - **Discount Bonds**: The top three discount - rate bonds were 24 Jining Bank Secondary Capital Bond 01 (- 1.3469%), 25 Shanghai Pufa Bank Secondary Capital Bond 01B (- 0.4665%), and 22 Shengjing Bank Secondary Capital Bond 01 (- 0.3742%). The Zhongzhai implicit ratings were mainly AAA -, AA -, and AA +, and the bonds were mostly distributed in Beijing, Shanghai, and Guangdong [3]. - **Premium Bonds**: The top three premium - rate bonds were 21 Huishang Bank Secondary Bond 01 (0.1403%), 22 Industrial and Commercial Bank of China Secondary Capital Bond 05B (0.1244%), and 24 Industrial and Commercial Bank of China Secondary Capital Bond 01B(BC) (0.1104%). The Zhongzhai implicit ratings were mainly AAA -, AA +, and AA, and the bonds were mostly distributed in Beijing, Fujian, and Shanghai [3].

Core Viewpoint - The establishment of China Post Financial Asset Investment Co., Ltd. (referred to as "China Post Investment") marks the completion of the sixth state-owned bank's financial asset investment company, enhancing the overall capabilities of state-owned banks in supporting technology innovation and private enterprises [1][2]. Group 1: Establishment and Purpose - China Post Investment has been approved with a registered capital of RMB 10 billion and is located in Beijing, aiming to integrate into the comprehensive service matrix of the entire bank [1]. - The company will focus on market-oriented debt-to-equity swaps and equity investment pilot projects, supporting technology innovation and the development of new productive forces [2]. Group 2: Collaboration and Strategic Goals - On its establishment day, China Post Investment signed business cooperation framework agreements with 14 entities in fields such as integrated circuits, clean energy, and advanced manufacturing [2]. - The strategic plan includes creating four major platforms: an innovative platform for investment and loans, a long-term capital platform for technology innovation, a structural reform debt-to-equity swap platform, and an equity investment management platform [2]. Group 3: Industry Expansion and Trends - With the opening of China Post Investment, the number of bank-affiliated financial asset investment companies (AICs) has expanded to nine, with six being state-owned and three being joint-stock banks, indicating a significant advancement in the industry [4]. - AICs are becoming crucial in addressing the financing challenges faced by technology enterprises and fostering new productive forces, with investment pilot programs covering 18 regions nationwide [4]. Group 4: Investment Dynamics and Future Outlook - The AIC sector is experiencing rapid growth, with a notable increase in registered funds, from 59 in 2024 to 131 by 2025, indicating a surge in investment activity [5]. - The focus of investments includes sectors like semiconductors, new energy, and advanced materials, with significant capital allocations already made by various AICs [6]. Group 5: Implications for Banking Sector - The expansion of AICs is expected to open new business opportunities for banks, allowing them to invest in non-listed companies and enhance the value of their financial licenses [7]. - This shift is seen as a necessary response to the narrowing profit margins in traditional lending, enabling banks to explore high-potential sectors and leverage their existing corporate resources for better project identification [7]. Group 6: Challenges and Structural Issues - Despite the strong growth of AICs, there are structural bottlenecks in their operational mechanisms, including misalignment with the inherent nature of equity investments and challenges in balancing flexibility and efficiency in business processes [8].

霍尔木兹海峡传来最新动态。 该报道还说，3月5日曾有一艘悬挂巴拿马国旗的船向西通过霍尔木兹海峡进入波斯湾，不过那艘船以隐匿模式 航行，其AIS系统处于关闭状态。 伊朗伊斯兰共和国广播电视台转载上述报道时说，一旦同意支付200万美元通航费用，船只最好保持AIS应答 器开启，"这样（通过霍尔木兹海峡）更安全"。 今日，据新华社消息，一艘开启船舶自动识别系统（AIS）的希腊散货船正在经由霍尔木兹海峡进入波斯湾， 这将是3月2日以来首次有船只在可追踪状态下通过霍尔木兹海峡进入波斯湾。另据日本方面的消息，伊朗外长 阿拉格齐20日接受电话采访时表示，在与日方协商后，伊朗有意允许与日本相关的船只通行霍尔木兹海峡。 中东战事方面，据央视新闻，以色列国防军21日发表声明说，以军正在打击位于德黑兰的"伊朗政权目标"。与 此同时，伊朗方面发起的报复行动仍在继续。据美媒报道，伊朗向位于印度洋中部的"美英联合军事基地"迪戈 加西亚基地发射了两枚中程弹道导弹。 霍尔木兹海峡最新进展 3月21日，据新华社援引英国《劳埃德船舶日报》20日报道，一艘开启船舶自动识别系统（AIS）的希腊散货 船正在经由霍尔木兹海峡进入波斯湾。 据报道，这艘名为 ...

Market Overview - The A-share market experienced a significant pullback this week, with major indices declining. The Shanghai Composite Index fell by 3.38% to close at 3957.05, breaching the 4000-point mark [1][5] - Market sentiment has notably cooled, with a clear risk aversion trend as funds continue to flow out [2][4] Index Performance - The performance of indices showed a marked divergence, with large-cap blue chips like the Shanghai 50 Index declining by 2.47%, while mid and small-cap indices such as the CSI 500, CSI 1000, and CSI 2000 saw declines exceeding 5% [1][5] - The overall market is under pressure, reflecting a significant drop in risk appetite [1][2] Sector Analysis - In the context of a broad market decline, defensive sectors such as finance and consumer staples demonstrated strong resilience. The banking sector achieved a positive return of approximately 0.3%, making it the only sector to gain this week [9][30] - Conversely, the materials sector led the decline with a drop of over 10.44%, indicating a shift away from previous commodity-driven trading strategies [9][30] Individual Stock Performance - The electricity sector emerged as a structural highlight, with notable gains in specific stocks. For instance, Huadian Liao Energy surged by 61.34% [16] - The top decliners were concentrated in cyclical sectors, reflecting a trend of "high volatility, high elasticity stocks being prioritized for liquidation" [1][30] Trading Volume and Activity - Total trading volume decreased from 12.49 trillion yuan to 11.06 trillion yuan, a decline of 11.5%, indicating a drop in overall market trading enthusiasm [19][21] - Daily trading amounts fell from approximately 2.33 trillion yuan at the beginning of the week to around 2.06 trillion yuan midweek, despite a slight recovery on Friday [19][21] Fund Flow - Main funds saw a cumulative net outflow of 180.61 billion yuan this week, with significant outflows exceeding 600 billion yuan on multiple days [29][30] - The outflow trend was particularly pronounced in cyclical and technology sectors, while core assets in "computing power chains and new energy leaders" attracted some inflows, indicating a flight to certainty in a risk-averse environment [30][35] Market Sentiment - Market sentiment shifted from a previously active state to a more cautious approach, with the number of stocks hitting the daily limit down rising significantly [37][40] - Margin trading balances showed a slight decline, reflecting investors' tendencies to reduce leverage and risk exposure [42] Upcoming Focus - Attention will be on policy stabilization, changes in fund flows, and external disturbances, particularly regarding international oil price fluctuations and the upcoming release of locked shares [46][47]