Market Performance - US stock markets opened higher on March 23, with the Dow Jones Industrial Average rising by 2.09% to 46,531.75, the Nasdaq Composite increasing by 2.08% to 22,098.96, and the S&P 500 up by 1.86% to 6,627.79 [1][2] - European stock markets also saw gains, with the FTSE 100 up by 0.67%, CAC 40 rising by 1.44%, DAX increasing by 1.95%, FTSE MIB up by 1.96%, and the Eurozone STOXX 50 rising by 2.35% [2][3] - The Nasdaq China Golden Dragon Index increased by 1.25% [3] Commodity Market - Gold prices saw a decrease, with London gold down by 0.54% to 4,467.210 and COMEX gold down by 2.86% to 4,443.9 [5] - Silver prices, however, turned positive, with London silver up by 1.98% to 69.238 [5] Oil Market - Oil prices shifted from gains to losses, with both WTI and Brent crude oil experiencing declines of over 13% at one point, but the losses have since narrowed [7] - Brent crude oil was reported at 96.68, down by 9.14%, while WTI was at 88.66, down by 9.74% [8] Geopolitical Developments - US President Trump indicated that the US and Iran had engaged in "strong dialogue" and were close to reaching an agreement, which could significantly impact the region [8] - Trump mentioned that discussions were not with Iran's supreme leader but involved US officials and that a potential agreement could be reached within days [8] - However, Iranian officials denied any direct or indirect contact with the US, stating that no negotiations had taken place [10][11]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Macroeconomic data shows a mixed picture, with GDP growth slowing, manufacturing and non - manufacturing PMIs in contraction, but export and import growth accelerating [1]. - Geopolitical tensions in the Middle East (US - Israel - Iran conflict) are escalating, impacting commodity prices and global markets [2][19]. - The central banks of various countries are maintaining interest rates for now but may raise them due to inflation concerns [4][19]. - The commodity market is experiencing significant price fluctuations, with gold prices dropping and energy prices rising [5][9]. - The bond market is showing a mixed performance, with some bonds rising and others falling, and the overall market is influenced by inflation expectations and geopolitical factors [22]. - The stock market in both A - shares and Hong Kong stocks is in a downward adjustment, with different sectors performing differently [31]. 3. Summary by Directory 3.1 Macro Data - GDP growth in Q4 2025 was 4.5% year - on - year, down from 4.8% in the previous quarter and 5.4% in the same period last year [1]. - In February 2026, the manufacturing PMI was 49.0%, non - manufacturing PMI for business activities was 49.5%, both in contraction territory [1]. - Social financing scale 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 [1]. - CPI in February 2026 was 1.3% year - on - year, up from 0.7% in the previous month, and PPI was - 0.9% year - on - year, an improvement from - 2.2% [1]. - Export and import growth in February 2026 were 39.6% and 13.8% respectively, showing strong growth [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - The US - Israel - Iran conflict is intensifying, with Iran using upgraded missiles and hitting Israeli targets and a US fighter jet [2]. - The People's Bank of China will continue a moderately loose monetary policy to maintain market stability [2]. - The Shanghai International Energy Exchange is soliciting opinions on risk control rules [3]. - Some US actions aim to stabilize oil prices, including potentially lifting sanctions on Iranian oil and releasing strategic reserves [3][9]. - Central banks in Europe, Japan, the UK, Switzerland, and Sweden maintained interest rates but may raise them due to inflation concerns [4]. 3.2.2 Metals - Gold prices dropped sharply on March 19, with a cumulative decline of over 15% since the US - Iran conflict [5]. - Some banks are adjusting their gold trading business [5]. - Metal inventories in the London Metal Exchange showed different trends, with aluminum inventories at an 8 - month low and copper inventories at a 6 - year - 6 - month high [6]. - The holdings of major gold and silver ETFs decreased [6]. 3.2.3 Coal, Coke, Steel, and Minerals - Indonesia will increase coal production and impose export taxes [7]. - The US and Japan will discuss trade measures for key minerals, and the US is promoting the permanent exemption of e - transmission tariffs [8]. - Guinea will limit bauxite exports to stabilize prices [8]. 3.2.4 Energy and Chemicals - International crude oil prices are at a high level, driving up the cost of the chemical industry and leading to price adjustments by domestic chemical companies [9]. - Airlines are raising fuel surcharges due to rising oil prices [9]. - The US will take measures to maintain oil price stability and may lift sanctions on Iranian oil [9]. - European natural gas prices soared due to the Middle East conflict [10]. - The International Energy Agency will release 4.26 billion barrels of oil, with the US contributing 1.72 billion barrels [11]. - Iran's attack on Qatar's LNG facilities will have a long - term impact on global gas supply [11]. 3.2.5 Agricultural Products - Pig enterprises are required to adjust production targets, and the pig industry is facing a severe price slump [12]. - US agricultural product exports showed certain sales volumes [12]. - Ukraine may increase rapeseed planting area if the Iran conflict continues [12]. 3.3 Financial News Compilation 3.3.1 Open Market - The central bank conducted 130 billion yuan of 7 - day reverse repurchase operations on March 19, with a net withdrawal of 115 billion yuan [13]. - The Ministry of Finance and the central bank conducted treasury cash management commercial bank time - deposit tenders, with a total of 250 billion yuan [14]. - The LPR data for March 2026 will be announced on March 20, and it has remained unchanged for 9 consecutive months [14]. 3.3.2 Key News - The People's Bank of China will actively resolve financial risks and maintain market stability [15]. - China and the US had constructive trade consultations and will continue to communicate [17]. - The capital market held a symposium to discuss investment - end reform [17]. - Some local governments are taking measures to prevent and resolve financial risks [17]. - Some bond - related events include company credit rating changes and bond early redemption [21]. 3.3.3 Bond Market Summary - The inter - bank bond market was relatively strong, with most interest - rate bond yields rising first and then falling [22]. - Exchange - traded bonds showed mixed performance, with some rising and some falling [23]. - Convertible bond indices declined, with some bonds having significant price changes [23]. - Money market interest rates showed different trends, with some rising and some falling [24]. - European and US bond yields also showed different trends [26]. 3.3.4 Foreign Exchange Market - The on - shore RMB depreciated against the US dollar, and the US dollar index declined [28]. 3.3.5 Research Report Highlights - The Fed is expected to keep rates unchanged in April and may cut rates once in the second half of the year [29]. - The ABS supply is expected to continue to expand moderately in 2026 [29]. 3.4 Stock Market News - A - shares and Hong Kong stocks both adjusted downward, with different sectors performing differently [31].

Domestic Macro Policy - The growth target for 2026 is set at 4.5%-5%, with an aim to create over 12 million new urban jobs and maintain a CPI increase of around 2%[9] - The "14th Five-Year Plan" outlines 109 major projects across six key areas, including 28 projects focused on advanced technology and productivity, and 25 projects aimed at improving people's livelihoods[10] - Infrastructure investment is estimated to exceed 7 trillion yuan in 2026, focusing on the "six networks" and key sectors[13] Monetary and Fiscal Policy - The monetary policy will remain moderately loose, utilizing various tools such as reserve requirement ratio cuts and interest rate reductions to support domestic demand and innovation[18] - The fiscal policy aims for a deficit rate of around 4%, with a deficit scale of 5.89 trillion yuan, including the issuance of 1.3 trillion yuan in special bonds and 4.4 trillion yuan in local government bonds[20] Real Estate and Financial Regulation - Real estate policies will focus on supporting housing needs for newly married families and multi-child families, while controlling inventory and optimizing supply through various channels[22] - Financial regulation will deepen reforms in the ChiNext board, introducing more inclusive listing standards to support innovative enterprises[26] International Relations and Risks - The ongoing U.S.-Iran conflict has led to significant volatility in global energy markets, with domestic fuel prices experiencing the largest increase in four years[29] - There is a risk of continued divergence in domestic and international monetary policies, with domestic policy execution potentially falling short of expectations[34]

Core Viewpoint - The National Energy Administration emphasizes the importance of safety production in the energy sector, aligning with national policies and directives to ensure a stable and secure energy environment for the construction of a strong energy nation [2]. Group 1 - The meeting held on March 6 focused on implementing the State Council's safety production committee's requirements and responsibilities for 2026 [2]. - The National Energy Administration aims to integrate safety production requirements into key policy documents, including the energy strong nation construction plan and the new energy system construction "14th Five-Year" plan [2]. - The meeting highlighted the need to prevent and mitigate major safety risks and accidents in the energy and electricity sectors to maintain a stable safety production situation [2].

Core Viewpoint - The National Energy Administration (NEA) has effectively transformed 741 proposals from the 2025 National People's Congress and the Chinese People's Political Consultative Conference into 24 policy measures, aiming to accelerate the planning and construction of a new energy system and promote high-quality energy development [2][3][4]. Group 1: Proposal Handling Efficiency - The NEA has adopted a "three ones" work mechanism to enhance the efficiency and quality of proposal handling, ensuring that each proposal is managed by designated personnel and monitored through an electronic ledger [5]. - By July 15, 2025, all proposals from National People's Congress representatives were completed, and by August 21, all proposals from the Chinese People's Political Consultative Conference were successfully concluded [5]. - The NEA conducted over 420 phone communications and three special research discussions to ensure 100% face-to-face interaction with proposal sponsors, emphasizing detailed communication and feedback [6]. Group 2: New Energy System Development - The NEA is focusing on accelerating the planning and construction of a new energy system, which is a core task of the energy revolution, by addressing key proposals and conducting in-depth research on related issues [8]. - The NEA has revised the "Energy Planning Management Measures" in collaboration with the National Development and Reform Commission to establish a solid legal foundation for energy development [8]. - The implementation of the "Energy Law" on January 1, 2025, and the ongoing revisions of renewable energy and electricity laws are part of a comprehensive legal framework to support energy transition [8]. Group 3: Green Development Initiatives - The NEA is promoting large-scale and intensive development of renewable energy, utilizing a nationwide integrated computing network to connect clean energy bases with computing hubs [9]. - The NEA is implementing a system to enhance the responsibility and minimum ratio for energy consumption, driving low-carbon transformation at the end-user level [9]. - The NEA is focusing on technological innovation to address key challenges in energy transition, facilitating the integration of research and application in the energy sector [9]. Group 4: Benefits to Public and Rural Development - The NEA is committed to ensuring that energy development translates into tangible benefits for the public, integrating proposals into energy policy design and practical implementation [11]. - The NEA is advancing the "14th Five-Year" electricity planning and has approved several high-voltage transmission projects to deliver clean energy to key regions [11]. - Initiatives such as the "three-year doubling" action plan for charging facilities aim to address the challenges of electric vehicle charging, with a target of 20.092 million charging facilities by the end of 2025 [12]. Group 5: Rural Energy Development - The NEA is promoting clean energy as a driving force for rural revitalization, implementing projects that allow rural communities to benefit economically from solar energy [12]. - The NEA's efforts include enhancing distributed photovoltaic integration and construction standards to utilize idle rural land for solar power generation [12]. - Pilot projects in various counties are demonstrating how solar initiatives can lead to increased income for both village collectives and individual farmers [12].

Core Viewpoint - Mongolian Energy (00276) is involved in a tax dispute with the Mongolian tax authority, with a recent court ruling favoring the tax authority and dismissing MoEnCo's claims [1] Group 1: Court Ruling and Appeals - On February 24, 2026, MoEnCo received a written judgment from the Mongolian Administrative Court regarding its claim against the tax authority, which aligns with a previous oral ruling from January 2026 [1] - The judgment is favorable to the tax authority and dismisses MoEnCo's claims, allowing MoEnCo to appeal within fourteen days from the date of the written judgment, specifically by March 10, 2026 [1] - The company is seeking legal advice and preparing to appeal the ruling to the Mongolian Supreme Court [1] Group 2: Tax Assessment and Financial Implications - On February 27, 2026, MoEnCo received a tax assessment notice from the tax authority, dated February 10, 2026, requiring payment of additional taxes and penalties for the tax periods from 2021 to 2023 [2] - The total amount of the reassessment is 512.2 billion Mongolian Tugrik, approximately 1.12 billion Hong Kong dollars [1] - The company is consulting with its Mongolian tax and legal advisors for an independent assessment and has the right to appeal the reassessment within 30 days of receiving the notice [2]

Investment Rating - The report indicates a negative outlook for Indorama, with a significant net loss reported for Q4 2025, amounting to 4.7 billion THB (loss of 0.88 THB per share), which is an increase from the previous quarter's loss of 818 million THB [5][6]. Core Insights - Indorama's Q4 2025 net loss was primarily driven by a decline in sales and inventory losses, exacerbated by an oversupply in the industry and delays in deleveraging plans, which may further pressure net profits this year [5][9]. - The company's sales volume decreased by 4% quarter-on-quarter (9% year-on-year) to 3.1 million tons, leading to a reduction in overall operating rates to 72% [6]. - The report highlights that the Asian PET price spread slightly increased to USD 116 per ton, while the Western price spread decreased to USD 337 per ton [6]. - The EBITDA adjusted for the company fell by 21% quarter-on-quarter to USD 221 million, with significant declines in contributions from various business segments [6]. Summary by Sections Financial Performance - Indorama reported a net loss of 4.7 billion THB for Q4 2025, compared to a loss of 818 million THB in Q3 2025, leading to an annual loss of 7.4 billion THB for 2025 [6]. - The company confirmed inventory losses of 974 million THB in Q4, up from 432 million THB in Q3 [6]. Business Segments - The company operates in three main segments: Composite/Integrated PET (CPET), Indovinya, and Fibers, with a total PET production capacity of 6.3 million tons [13]. - Revenue breakdown shows that Composite PET accounts for 63.0%, Fibers for 20.9%, and Indovinya for 16.1% of total revenue [14]. Market Conditions - The report notes that the oil price increase will compress profit margins but may provide some buffer through inventory gains [8]. - The delay in the deleveraging process is expected to suppress net profits, with the plan potentially implemented in the second half of 2026 [9]. Catalysts - Key catalysts for potential recovery include a rebound in Chinese consumption and the successful spin-off of the packaging and Indovinya businesses [11].

Core Viewpoint - The company has announced its guarantee implementation progress for January 2026, detailing the expected guarantee amounts and the actual guarantees provided to subsidiaries and associated companies [2][3]. Group 1: Guarantee Overview - The total expected guarantee amount for 2026 is capped at 17.5 billion yuan, with a net increase of 4.6 billion yuan, including 4.25 billion yuan for subsidiaries and 350 million yuan for associated companies [2]. - The company plans to provide a net increase of 290 million yuan in guarantees for companies with an asset-liability ratio above 70%, and 4.31 billion yuan for those below 70% [2]. Group 2: January Guarantee Implementation - In January 2026, the company increased its guarantee amount by 874.68 million yuan and reduced it by 665.74 million yuan, resulting in a net increase [3]. - As of January 31, 2026, the company provided guarantees of 97.90 billion yuan for companies with an asset-liability ratio below 70% and 28.45 billion yuan for those above 70% [3]. Group 3: Financial Health of Guaranteed Companies - All companies within the guarantee scope have stable financial conditions and good creditworthiness, with no instances of dishonesty reported [5]. - The total outstanding guarantee balance as of January 31, 2026, is 126.35 billion yuan, accounting for 46.81% of the company's latest audited equity attributable to shareholders [6]. Group 4: Necessity and Compliance of Guarantees - The guarantees are deemed necessary and reasonable to ensure the normal operation of subsidiaries and associated companies, with no adverse effects on the company's operations or minority shareholders [5]. - All guarantee agreements have been signed and comply with internal approval procedures, ensuring legal and regulatory adherence [5].

Group 1 - Guanghui Energy announced a guarantee balance of 1,263,469.84 million RMB as of January 31, which is an unverified figure and will be subject to audited data [2] - The guarantee balance accounts for 46.81% of the company's most recent audited equity attributable to shareholders of the parent company for the year 2024 [2] - There are no overdue guarantees reported by the company [2]

Group 1 - The meeting between the Governor of Shaanxi Province, Zhao Gang, and Shell Group's Executive Vice President, Qu Xuemei, highlights the importance of Shell's contributions to the economic and energy sector development in Shaanxi [1] - Shaanxi is focusing on high-end, diversified, and low-carbon development of the energy industry, aiming to create a trillion-level modern energy industry cluster and accelerate the establishment of a new energy system [1] - Shell Group is recognized for its unique advantages in the energy sector, and there is a strong foundation and broad prospects for cooperation between Shell and Shaanxi [1] Group 2 - The Governor expressed hope that Shell would strengthen its investment confidence in Shaanxi and expand the depth and breadth of cooperation to create a win-win development scenario [1] - Shaanxi Province is committed to maintaining an open cooperation philosophy and continuously optimizing the business environment to provide high-quality and efficient services for Shell's development in the region [1] - Qu Xuemei expressed gratitude for the support from Shaanxi and emphasized the intention to enhance practical cooperation to assist in Shaanxi's high-quality development [1]