Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The prices of coking coal and coke in the domestic market remained stable this week. Some steel mills in Hebei and Tianjin raised the coke price by 50 - 55 yuan/ton, effective at 0:00 on the 1st [1]. - The recent rise in the futures market improved market sentiment. Coking enterprises maintained normal production, with generally low inventory and smooth shipping, and their profits were basically flat or slightly profitable [1]. - Most domestic coal mines maintained normal production after resuming work, but some coal mines in Inner Mongolia and Shanxi had slightly restricted production due to issues such as changing working faces and underground resources, resulting in a slight decline in output. On the import side, the customs clearance of Mongolian coal remained high overall, and the external supply pressure remained [1]. - In the short term, the prices are likely to rise and difficult to fall. Attention should be paid to changes in geopolitical conflicts [1]. Group 3: Summary by Directory Market Review and Outlook - This week, the prices of coking coal and coke in the domestic market remained stable. Some steel mills in Hebei and Tianjin raised the coke price by 50 - 55 yuan/ton on the 1st [1]. - The futures market rose, and the market sentiment improved. Coking enterprises maintained normal production, with low inventory and smooth shipping, and their profits were basically flat or slightly profitable [1]. - Most domestic coal mines maintained normal production, but some in Inner Mongolia and Shanxi had restricted production, leading to a slight decline in output. The customs clearance of Mongolian coal remained high, and the external supply pressure remained [1]. - In the short term, prices are likely to rise and difficult to fall, and attention should be paid to geopolitical conflicts [1]. Fundamental Data Weekly Changes - The total coking coal inventory was 2099.39 million tons, a week - on - week increase of 55.48 million tons (2.71%) [3]. - The total coke inventory was 997.83 million tons, a week - on - week increase of 16.29 million tons (1.66%) [3]. - The daily average pig iron production of steel mills was 231.09 million tons, a week - on - week increase of 2.94 million tons (1.29%) [3]. - The profit per ton of coke for independent coking enterprises was 21 yuan/ton, a week - on - week decrease of 17 yuan/ton (-44.74%) [3]. Futures Market Review - The report shows the 5 - day intraday chart of the main contracts of coking coal and coke [4]. Spot Market Review - The report presents the aggregated average price of various coking coal types and the self - pick - up price of Mongolian main coking coal [6]. Fundamental Data - The report includes data such as the daily average output of clean coal from mines and coal washing plants, the customs clearance volume of Mongolian coal at the Ganqimaodu Port, the inventory of coking coal in steel mills, independent coking enterprises and ports, and the available days of coking coal inventory in steel mills and independent coking enterprises [12]. - It also shows data on the daily average output of coke from steel mills and independent coking enterprises, the daily average pig iron production of 247 steel mills, the coke inventory in steel mills, independent coking enterprises and ports, the available days of coke inventory in steel mills, the profit per ton of coke for independent coking enterprises, and the profitability rate of 247 steel mills [15][19].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights the company's focus on both organic and external growth, emphasizing its sustained investment value [1] - In 2025, the company reported a revenue of 144.933 billion yuan, a year-on-year decrease of 7.49%, and a net profit attributable to shareholders of 8.381 billion yuan, down 43.61% [1][3] - The company aims to enhance its coal production capacity and efficiency through lean management, with a target of producing 186-190 million tons of coal in 2026, an increase of 4-8 million tons year-on-year [3] Financial Performance Summary - In 2025, the company achieved a coal production of 182 million tons, up 6.28% year-on-year, and coal sales of 171 million tons, up 3.74% [3] - The average selling price of coal in 2025 was 517.83 yuan per ton, a decrease of 20.2% year-on-year [3] - The company plans to reduce its coal sales cost by an additional 3% in 2026 [3] - The chemical segment produced 9.775 million tons of products in 2025, an increase of 8.47% year-on-year, with a gross margin improvement of 5.15 percentage points to 26.29% [3] - The company forecasts a total revenue of 155.9 billion yuan in 2026, with a net profit of 14.7 billion yuan, reflecting a recovery trend [5] Shareholder Returns - The company plans to distribute a total dividend of 0.50 yuan per share for 2025, amounting to 5.02 billion yuan, which represents 60% of the net profit [6] - A share buyback plan of 200-500 million yuan is also in place, indicating confidence in the company's long-term value [6] Growth Potential - The company is set to expand its coal production capacity significantly, with new mining projects expected to add approximately 7 million tons of coal capacity by the end of the 14th Five-Year Plan [3] - The chemical sector is also expected to grow, with new projects in the pipeline aiming to increase production capacity by 1.6 million tons of olefins by the end of the 14th Five-Year Plan [4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 144.93 billion yuan in 2025, a decrease of 7.49% year-on-year, and a net profit attributable to shareholders of 8.38 billion yuan, down 43.61% year-on-year [1] - The company aims to enhance its coal production capacity and efficiency through lean management, with a target of producing 186-190 million tons of coal in 2026, an increase of 4-8 million tons year-on-year [3] - The chemical segment is expected to improve profitability, with plans to produce 9.5-11 million tons of chemical products in 2026, focusing on cost reduction [3] - The company is committed to a growth strategy that includes both internal and external development, with significant potential for future growth in both mining and chemical sectors [3][4] Financial Summary - In 2025, the company achieved a gross profit margin of 29.3%, with a projected recovery to 35.5% in 2026 [5] - The forecasted net profit for 2026 is 14.7 billion yuan, with an expected EPS of 1.47 yuan per share [6] - The company plans to distribute a total dividend of 0.50 yuan per share for 2025, representing 60% of the net profit [6]

Investment Insights - The article discusses the current volatility in the financial markets due to geopolitical tensions, particularly the ongoing conflict involving Iran and the U.S., which is expected to lead to fluctuations in market conditions until at least April 6 [1][5] - Asian countries are gradually receiving permission for their vessels to pass through the Strait of Hormuz, leading to a decrease in oil prices from a peak of $170 to around $120, which may reduce the direct economic impact on Asia [5] - The article suggests focusing on three main investment themes: sectors benefiting from domestic policy support and upward industrial cycles, long-term growth sectors with relatively low valuations in technology, and undervalued sectors such as coal, chemicals, and finance [1][5] Equity Market Review - The A-share market faced short-term pressure due to external disturbances, with the Shanghai Composite Index briefly falling below 3,800 points, but showed resilience as market sentiment improved later in the week [4] - Average daily trading volume in the A-share market was 21,093 billion, reflecting a decrease compared to the previous week [4] - Key sectors that performed well included basic chemicals, non-ferrous metals, public utilities, and biopharmaceuticals, driven by improvements in fundamentals and external events [4][5] Fixed Income Market Review - The bond market experienced a corrective phase, with 1-year government bond yields decreasing by 0.50 basis points to 1.25%, 10-year yields down by 1.27 basis points to 1.82%, and 30-year yields down by 3.84 basis points to 2.35% [2][6] - The bond market's safe-haven appeal has gained traction amid ongoing geopolitical tensions and high oil prices, leading to a slight recovery in investor sentiment [6] - The article notes that the expectation of continued loose domestic monetary policy remains, with increasing market interest in whether the reserve requirement ratio will breach the 5% lower limit [2][6] U.S. Treasury Market Insights - The U.S. Treasury yield curve steepened, with the 10-year yield rising by 5 basis points to 4.44%, while the 1-year yield fell by 3 basis points to 3.77% [7] - Market focus remains on the Middle East conflict, with traders growing weary of the ongoing situation and increasing risk aversion, leading to expectations of potential interest rate hikes within 2026 [7] REITs Performance - The China Securities REITs total return index fell by 0.83% to 1,013.34 points, with declines in sectors such as warehousing and logistics [7]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 23.71 CNY [6][12]. Core Insights - The company is expected to benefit from increased production and sales in 2025, despite a decline in coal prices leading to a drop in performance. The company is projected to gain from rising overseas coal prices in 2026, which will enhance profit elasticity [2][12]. - The coal chemical segment is anticipated to recover profitability in 2025 due to falling coal prices, contributing positively to performance in 2026 [12]. Financial Summary - Total revenue for 2025 is projected at 144.93 billion CNY, a decrease of 7.5% from 2024. Net profit attributable to shareholders is expected to be 8.38 billion CNY, down 43.6% [4][12]. - The company plans to distribute a total dividend of 0.50 CNY per share for the year, with a dividend payout ratio of 60% [12]. - The forecasted earnings per share (EPS) for 2026 and 2027 are 1.56 CNY and 1.61 CNY, respectively, with an additional EPS of 1.70 CNY for 2028 [12]. Production and Sales Outlook - In 2025, the company anticipates a coal production of 182 million tons, an increase of 6.28%, and a self-produced coal sales volume of 165 million tons, up 4.33% [12]. - The company has a robust project reserve and aims to achieve a raw coal production target of 300 million tons by 2030 [12]. Coal Price and Profitability - The average self-produced coal price for 2025 is expected to be 513 CNY per ton, a decrease of 122 CNY per ton year-on-year. The cost of self-produced coal is projected at 321.09 CNY per ton, down 14.43% [12]. - The company has a low proportion of long-term coal contracts, resulting in high price elasticity. The significant drop in market coal prices in 2025 is expected to adversely affect performance [12]. Chemical Production and Profitability - The company plans to produce 977.5 million tons of coal chemical products in 2025, reflecting an 8.5% year-on-year increase. The revenue from the coal chemical segment is projected at 24.29 billion CNY, down 5.84% [12]. - The chemical segment's gross margin is expected to improve due to lower sales costs, with a gross margin rate of 26.29%, an increase of 5.15 percentage points year-on-year [12].

1. Report Industry Investment Rating There is no information provided in the text regarding the report's industry investment rating. 2. Core View of the Report - Overseas mainstream iron ore mine shipments have significantly declined due to factors such as weather, but the arrival volume has temporarily increased. Iron ore demand shows that hot metal production continues to rise, while the port clearance volume has decreased. Although the supply contraction supports the iron ore price, the high port inventory limits its upward space. [3] - The supply of coking coal and coke is sufficient, with the overall coking coal mine operating rate rising and high Mongolian coal customs clearance. The demand side shows an increase in both supply and demand, and the downstream coking enterprise profits have shrunk. There is still rigid demand support for coking coal and coke, and the first - round price increase of coke is expected to be implemented soon, but the upward momentum is insufficient. In the short term, coking coal and coke are expected to fluctuate within a limited range. [4] 3. Summary by Directory 3.1 Market Review - With the easing of the geopolitical situation, the crude oil price has fallen after a sharp rise, weakening the support for coking coal and coke. The futures market faces pressure, but the spot market has a strong willingness to hold prices. The price of prime coking coal has been raised, and iron ore has been oscillating at a high level. [8] 3.2 Iron Ore Supply and Demand Analysis Supply - The iron ore price index is 109.8 (down 1.36% month - on - month, up 5.13% year - on - year). The shipments from Australia and Brazil are 1875.1 tons (down 26.7% month - on - month, down 27.3% year - on - year), and the arrival volume at 45 ports is 2426.3 tons (up 6.81% month - on - month, up 8.14% year - on - year). [15] Demand - The daily hot metal production is 231.09 tons (up 2.94 tons month - on - month, down 6.19 tons year - on - year). The port clearance volume at 45 ports is 313.17 tons (down 2.43% month - on - month, down 0.01% year - on - year). The inventory - sales ratio of 247 steel enterprises is 31.55 days (down 1.81% month - on - month, up 1.64% year - on - year). [20] Inventory - The inventory at 45 ports is 17000.31 tons (down 0.57% month - on - month, up 17.50% year - on - year). The imported iron ore inventory of 247 steel enterprises is 8978.56 tons (down 0.61% month - on - month, down 1.45% year - on - year). The average available days of iron ore for 114 steel enterprises is 24.04 days (up 0.67% month - on - month, down 1.15% year - on - year). [25] 3.3 Coking Coal and Coke Supply and Demand Analysis Supply - The operating rate of coking coal mines is 89.16% (up 0.64% month - on - month, up 2.29% year - on - year). The capacity utilization rate of coal washing plants is 34.78% (up 5.36% month - on - month, down 0.17% year - on - year). The average daily Mongolian coal customs clearance volume is 17.94 tons (up 5.88% month - on - month, up 90.40% year - on - year). [30] Coking Enterprises - The profit per ton of coke for independent coking plants is +21 yuan/ton (down 17 yuan/ton month - on - month, up 74 yuan/ton year - on - year). The capacity utilization rate of independent coking plants is 74.86% (up 0.74% month - on - month, up 4.12% year - on - year). The capacity utilization rate of steel mill coke is 86.4% (down 0.07% month - on - month, down 1.44% year - on - year). [37] Coking Coal Inventory - The coking coal inventory of independent coking plants is 885.12 tons (up 4.47% month - on - month, up 21.26% year - on - year). The coking coal inventory of steel mills is 782.23 tons (up 1.05% month - on - month, up 2.59% year - on - year). The coking coal inventory at ports is 269.44 tons (up 1.69% month - on - month, down 25.70% year - on - year). [43] Coke Inventory - The coke inventory of independent coking plants is 49.78 tons (down 5.09% month - on - month, down 28.57% year - on - year). The coke inventory of steel mills is 691.67 tons (up 0.51% month - on - month, up 3.52% year - on - year). The coke inventory at ports is 216.11 tons (up 8.53% month - on - month, up 0.46% year - on - year). [49] Spot Price - The ex - factory price of quasi - first - grade metallurgical coke is 1340 yuan/ton (stable month - on - month, up 80 yuan/ton year - on - year). The price of low - sulfur prime coking coal in Shanxi is 1580 yuan/ton (up 90 yuan/ton week - on - week, up 310 yuan/ton year - on - year). [52] 3.4 Spread Analysis - The spread between hot - rolled coils and rebar is oscillating at a high level, and the spread between iron ore contracts 5 - 9 is narrowing. [54]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 13.68 CNY [6]. Core Insights - The company reported a total revenue of 12.28 billion CNY for 2025, a slight decrease of 3.51% year-on-year, and a net profit attributable to shareholders of 2.14 billion CNY, down 10.73% year-on-year. The company plans to distribute a cash dividend of 1.20 CNY per 10 shares, resulting in a dividend payout ratio of 20.6% [13]. - The coal production for 2025 reached 19.76 million tons, an increase of 3.69% year-on-year, while coal sales were 19.69 million tons, up 4.35% year-on-year. In Q4, coal production was 5.08 million tons, a 7.17% increase quarter-on-quarter, and sales were 5.22 million tons, a 3.78% increase quarter-on-quarter [13]. - The company’s electricity generation for 2025 was 142.23 billion kWh, a 10.40% increase year-on-year, with sales of 134.46 billion kWh, up 10.06% year-on-year. The average selling price of electricity was 0.3767 CNY per kWh, down 7.64% year-on-year [13]. Financial Summary - The financial summary indicates that the company's total revenue is projected to grow to 14.04 billion CNY by 2028, with a net profit expected to reach 2.54 billion CNY in the same year. The earnings per share (EPS) is forecasted to be 0.98 CNY by 2028 [4][14]. - The company’s return on equity (ROE) is expected to decline from 12.6% in 2025 to 10.9% in 2028, reflecting a decrease in profitability over the forecast period [4][14]. - The net debt ratio stands at 111.20%, indicating a high level of leverage [8].

Investment Rating - The investment rating for the company is "Buy" [2][5] Core Views - The company demonstrates resilience in coal business profitability, effective cost management, and ongoing projects in coal mining, power generation, and new coal chemical projects, which are expected to enhance performance stability and growth potential in the medium to long term [5] - The company aims to maintain coal production and sales above 131 million tons in 2026, with a focus on cost control and stable pricing [4][5] - The coal chemical segment is anticipated to release significant profit elasticity this year, despite limited cost reductions due to maintenance [4][5] Financial Summary - In 2025, the company achieved revenue of 148.06 billion yuan and a net profit attributable to shareholders of 17.88 billion yuan, reflecting a year-on-year decline of 21.8% and 7.3% respectively [4][6] - The company plans capital expenditures of 213 billion yuan in 2026, a 7% increase from 2025, focusing on the "coal-electricity-chemical-new" industry chain [4][5] - The projected net profits for 2026, 2027, and 2028 are 21.11 billion yuan, 23.41 billion yuan, and 25.83 billion yuan respectively, with corresponding EPS of 1.59 yuan, 1.77 yuan, and 1.95 yuan [5][6]

Investment Rating - The investment rating for the company is maintained at "Buy" [1] - The target price is set at RMB 9.02 [1] Core Insights - The company's performance exceeded expectations due to a year-on-year decrease in coal sales costs, which improved profitability in the coal segment [5] - The company is expected to benefit from the gradual commissioning of new coal-fired power capacity, enhancing the "coal-electricity joint operation" effect [5][7] - Despite a decline in market coal prices, the company's internal coal sales volume increased, offsetting some of the negative impacts on profitability [6] Financial Performance Summary - In 2025, the company achieved a revenue of RMB 12,280 million, a year-on-year decrease of 3.51% [4] - The net profit attributable to the parent company was RMB 2,136 million, down 10.73% year-on-year [4] - The company’s coal sales volume increased by 4.35% year-on-year to 19.69 million tons, driven by higher demand from controlled power plants [6] - The average selling price of external coal sales decreased by 8.29% to RMB 518 per ton, while internal sales prices only slightly decreased by 2.20% to RMB 560 per ton [6] Earnings Forecast - The forecast for 2026 and 2027 net profit attributable to the parent company has been adjusted downwards by 12.3% and 9.1% to RMB 1,947 million and RMB 2,042 million, respectively [8] - The expected EPS for 2026 is RMB 0.75, with a slight increase to RMB 0.79 in 2027 and 2028 [8] - The company’s PE ratio is projected to be 10.63 for 2026, with a target PE of 12.0x based on the coal segment's contribution to profits [8]

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The global economic and political situation is complex, with the ongoing conflict between the US, Israel, and Iran having a significant impact on the energy market, leading to increased fuel costs in the shipping industry and potential disruptions to the supply chain [10][16]. - The Chinese economy shows a mixed picture, with some positive signs in industrial profits but also challenges in areas such as manufacturing PMI and consumer spending [2][19]. - The financial market is experiencing volatility, with bond ETFs becoming a safe - haven due to rising risk aversion, and the stock and bond markets being affected by energy price increases and inflation expectations [21][22]. 3. Summary by Directory Macro Data - GDP growth in Q4 2025 was 4.5% year - on - year, lower than the previous quarter and the same period last year [1]. - The manufacturing PMI in February 2026 was 49.0%, down from the previous month and the same period last year, indicating a contraction in the manufacturing sector [1]. - The non - manufacturing PMI in February 2026 was 49.5%, remaining the same as the previous month but lower than the same period last year [1]. - Social financing in February 2026 was 2385.5 billion yuan, slightly lower than the previous month but higher than the same period last year [1]. - M0, M1, and M2 growth rates in February 2026 were 14.1%, 5.9%, and 9.0% respectively, showing an upward trend compared to the previous month and the same period last year [1]. - New RMB loans in February 2026 were 900 billion yuan, higher than the previous month but lower than the same period last year [1]. - CPI in February 2026 was 1.3% year - on - year, up from the previous month and a significant improvement from the same period last year [1]. - PPI in February 2026 was - 0.9% year - on - year, an improvement from the previous month and the same period last year [1]. - Fixed - asset investment in the first two months of 2026 increased by 1.8% year - on - year, a significant improvement from the previous year [1]. - Retail sales of consumer goods in the first two months of 2026 increased by 2.8% year - on - year, lower than the previous year [1]. - Exports in February 2026 increased by 39.6% year - on - year, a significant improvement from the previous month and the same period last year [1]. - Imports in February 2026 increased by 13.8% year - on - year, also showing an upward trend [1]. Commodity Investment Comprehensive - From January to February, the total profit of industrial enterprises above designated size increased by 15.2% year - on - year, and the growth rate of operating income improved significantly [2]. - China's Ministry of Commerce launched two trade barrier investigations against the US in response to the latter's 301 investigations [2]. - From April 22, QFIIs and RQFIIs can trade 20 - rubber and international copper option contracts [3]. - On March 27, 31 domestic commodity varieties had positive basis, and 38 had negative basis [3]. - The conflict between the US, Israel, and Iran continues, with Iran increasing its attacks on the US and Israel, and the US claiming to control the Strait of Hormuz [3][4]. - The Fed Vice - Chair expects the US economy to expand at about 2% or slightly faster in 2026, with stable unemployment [4]. Metals - Since late March, international gold prices have experienced a "historic" shock, and after a sharp decline, there is a mixed reaction in the market [5]. - Since March, the domestic non - ferrous futures sector has shown a downward trend, especially copper futures, which have fallen by more than 8% this month [5]. - Two large aluminum plants in Bahrain and the UAE were attacked by Iran, which may impact the market [6][7]. Coal, Coke, Steel and Minerals - A new rare earth - niobate mineral, Xianhuaite - (La), was discovered in the Bayan Obo deposit, which is of great value for the study of the deposit's formation [8]. - Due to the obstruction of shipping in the Strait of Hormuz, some Asian countries are increasing coal production and use [9]. - Indonesia has no plan to levy windfall taxes on coal and nickel exports on April 1 [9]. - Bauxite shipments increased by 16% year - on - year, but experts are cautious about the market outlook [9]. Energy and Chemicals - The conflict between the US, Israel, and Iran has led to a significant increase in the fuel cost of the global shipping industry, and the industry is facing pressure but also has an opportunity for energy transformation [10]. - Russia will ban gasoline exports from April 1 to July 31 to stabilize prices and ensure domestic supply [10]. - India has imposed windfall taxes on diesel and aviation turbine fuel exports [10]. - Saudi Arabia's key oil pipeline is operating at full capacity, but the Red Sea may become a new conflict front [11]. - The US allows Cuba to receive a large - scale oil shipment from Russia, breaking the oil blockade [11]. Agricultural Products - On March 29, the national pig market showed a widespread upward trend, but the increase was regional and phased [12]. - In the third week of March, the average price of pigs in 30 monitored provinces decreased by 28% year - on - year, reaching a new low since June 2018 [13]. - The State Council's Food Safety Office and the State Administration for Market Regulation have taken measures to address food safety issues exposed by the "3.15" Gala [13]. - China will implement zero - tariff measures for all African diplomatic countries starting from May 1, 2026 [13]. Financial News Open Market - This week, 474.2 billion yuan of reverse repurchases will mature in the central bank's open market. Last week, the central bank conducted 474.2 billion yuan of reverse repurchase operations, achieving a net injection of 231.9 billion yuan. Additionally, 450 billion yuan of MLF matured last week, and the central bank conducted 500 billion yuan of MLF operations [14]. - On March 27, the central bank conducted 146.2 billion yuan of 7 - day reverse repurchase operations, with a net injection of 125.7 billion yuan [14]. Key News - The US - Israel - Iran conflict continues, with the US claiming to control the Strait of Hormuz and Iran increasing its counter - attacks [16]. - The US is preparing for a ground operation in Iran, and there are large - scale protests against the Trump administration in the US [17]. - This week, there are many important events in the global market, including economic data releases, policy changes, and corporate earnings announcements [18]. - The State Council emphasizes the development of the service industry and the construction of a hierarchical diagnosis and treatment system [19]. - From January to February, the profits of industrial enterprises above designated size increased significantly, especially in the non - ferrous, chemical, and semiconductor industries [19]. - The People's Bank of China requires the improvement of the financial risk prevention and resolution system [20]. - China's foreign exchange market shows strong resilience, and the RMB exchange rate remains stable [20]. - China and the EU agree to set up a trade and investment working group and continue dialogue on export control [20]. - China's Ministry of Commerce launches two trade barrier investigations against the US [21]. - Some banks in China have lowered deposit interest rates, and bond ETFs have become a safe - haven for investors [21]. - Energy price increases have led to stagflation expectations, hitting the stock, bond, and gold markets, and investors are flocking to cash [22]. - Some companies have bond - related events, such as default and regulatory measures [22]. - Some companies' credit ratings have changed [23]. Bond Market - The inter - bank bond market is slightly bullish, with most yields of major interest - rate bonds declining, but the 30 - year treasury bond futures contract closed down [24]. - The exchange - traded bond market has mixed performance, with some bonds rising and some falling [24]. - The convertible bond index rose, with some bonds having significant gains and losses [25]. - Most money market interest rates declined, and Shibor short - term varieties also decreased [25][26]. - The winning bid rate of the Import - Export Bank's 3 - year fixed - rate bond was 1.5045% [26]. - European bond yields rose, while US bond yields showed mixed trends [26][27]. Foreign Exchange Market - The on - shore RMB against the US dollar closed down, and the US dollar index rose, with non - US currencies showing mixed performance [28]. Research Report Highlights - Citic Securities suggests focusing on countries with resource, geographical, and manufacturing advantages, and recommends sticking to China's advantageous manufacturing industries [29][30]. - Citic Securities believes that the long - term demand for bank self - operated funds in exchange - traded corporate bonds and ABS products is unlikely to change fundamentally [30]. - Citic Securities expects the Strait of Hormuz's passing capacity to partially recover, which may drive up oil shipping prices and increase the profits of oil shipping companies in 2026 [30]. - Tianfeng Fixed - Income believes that there is no need to overly worry about large banks selling ultra - long - term bonds in March, and their buying power may increase in April [30]. - Xingzheng Fixed - Income believes that the credit bond curve showed a bull - steep trend in March, and the end - of - quarter adjustment may be a good investment opportunity [30]. Stock Market - The Shanghai Stock Exchange will deepen the comprehensive reform of capital market investment and financing, focusing on serving new - quality productivity, building a "long - term investment" ecosystem, and cultivating Chinese - characteristic financial culture [33]. Today's Reminders - On March 30, 263 bonds will be listed, 60 bonds will be issued, 113 bonds will be paid, and 653 bonds will have principal and interest repaid [31][32].