Market Overview - The domestic market enters the earnings season in April, with ongoing overseas disturbances potentially balancing market styles[3] - Key focus areas include Middle Eastern geopolitical disturbances affecting oil prices and fluctuating inflation expectations[3] Investment Strategy - The strategy emphasizes three main lines: 1. Energy security, focusing on traditional energy price increases and new energy directions due to potential replenishment demand[3] 2. Technology, particularly AI infrastructure, including power, storage, and computing sectors[3] 3. Rebound of previously oversold sectors such as precious metals and commercial aerospace[3] Recommended Stocks - Key recommended sectors and stocks include: - Metals: Zijin Mining - Chemicals: Yara International - Petrochemicals: Shouhua Gas - Power: Longyuan Power H - Coal: Yancoal Energy - New Energy: Jiayuan Technology - Banking: Hangzhou Bank - Agriculture: Dekang Agriculture - Electronics: Zhaoyi Innovation - Communication: Zhongji Xuchuang[6] Risk Factors - Economic recovery may fall short of expectations, with potential slow job growth and reduced market demand[34] - Significant changes in individual stock fundamentals could impact performance[34] Earnings Forecasts - Forecasted earnings per share (EPS) and price-to-earnings (PE) ratios for key stocks: - Zijin Mining: EPS of 3.10 in 2026, PE of 10.5[28] - Yara International: EPS of 4.24 in 2026, PE of 15.2[28] - Shouhua Gas: EPS of 1.42 in 2026, PE of 16.7[28] - Longyuan Power H: EPS of 0.72 in 2026, PE of 9.5[28] - Yancoal Energy: EPS of 1.23 in 2026, PE of 16.5[28] - Jiayuan Technology: EPS of 1.90 in 2026, PE of 21.9[28] - Hangzhou Bank: EPS of 2.84 in 2026, PE of 5.8[28] - Dekang Agriculture: EPS of 2.89 in 2026, PE of 20.3[28] - Zhaoyi Innovation: EPS of 8.62 in 2026, PE of 30.0[28] - Zhongji Xuchuang: EPS of 17.40 in 2026, PE of 34.4[28]

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 部份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。 CIG SHANGHAI CO., LTD. 上海劍橋科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6166） 海外監管公告 2025年年度報告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 上 海 劍 橋 科 技 股 份 有 限 公 司（「 本 公 司 」）在 上 海 證 券 交 易 所 網 站(www.sse.com.cn)刊登的本公司2025年年度報告，僅供參閱。 承董事會命 上海劍橋科技股份有限公司 Gerald G Wong先生 董事長、執行董事及總經理（首席執行官） 上海，2026年3月30日 於本公告日期，本公司董事會包括：(i)執行董事Gerald G Wong先生、趙海波先 生、趙宏偉先生及張傑先生；(ii)獨立非執行董事秦桂森先生、姚明龍先生及袁淑儀 女士。 上海剑桥科技股份有限公司2025 年年度报告 公司代码： ...

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 或完整性亦不作任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 Montage Technology Co., Ltd. 瀾 起 科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6809） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲載列瀾起科技股份有限公司在上海證券交易所網站（www.sse.com.cn）刊登的 《2025年度審計報告》《2025年度內部控制審計報告》《安永華明會計師事務所 （特殊普通合夥）關於瀾起科技股份有限公司2025年度非經營性資金佔用及其他關 聯資金往來情況的專項說明》，僅供參閱。 承董事會命 瀾起科技股份有限公司 董事長 楊崇和博士 香港，2026年3月30日 於本公告日期，本公司董事為： (i) 執行董事楊崇和博士及 Stephen Kuong-Io Tai 先 生； (ii) 非執行董事 Wang Rui 博士及方周婕女士；及 (iii) 獨立非執行 ...

Key Points - The article discusses various important news and developments in the investment and business sectors, including stock offerings, government initiatives, and market trends. Group 1: Stock Offerings and Corporate Actions - Morning Light Electric will open for subscription on March 25, with an issue price of 15.50 yuan and a price-to-earnings ratio of 14.96 times, allowing a single account to subscribe up to 930,000 shares [2] - Ningbo Energy's stock price has shown unusual fluctuations, but its main business remains unchanged [11] - Xiamen Tungsten plans to acquire 69% of Jiujiang Dadi Mining for 295 million yuan [11] - Biwen Storage signed a procurement contract worth 1.5 billion USD with a storage manufacturer [14] - Companies like New Link Electronics and Sanquan Foods announced significant profit growth and share repurchase plans [14] Group 2: Government Initiatives and Economic Policies - The State-owned Assets Supervision and Administration Commission emphasized accelerating the layout of high-tech industries and guiding central enterprises to establish research institutions and high-tech companies in Xiong'an New Area [3] - The People's Bank of China will conduct a 500 billion yuan MLF operation on March 25 to maintain liquidity in the banking system [4] - Shanghai signed a strategic cooperation framework agreement with the National Social Security Fund Council to enhance collaboration in equity investment funds and major strategic projects [6] - The market regulatory authority held a meeting to focus on price supervision and anti-unfair competition, aiming to enhance the domestic market and promote high-quality development [8] Group 3: Market Trends and Industry Developments - Recent surges in oil prices have led to significant cost pressures on downstream paint companies, with over 20 major companies announcing price increases across various categories [9] - The first industry standard for embodied intelligent engineering robots was initiated in Chengdu, aiming to establish unified standards for product evaluation and safety [7]

成都宏明电子股份有限公司 首次公开发行股票并在创业板上市之 上市公告书提示性公告 保荐人（主承销商）：申万宏源证券承销保荐有限责任公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，成都宏明电子股份有限公司（以下简称"本公 司"）发行的人民币普通股股票将于 2026 年 3 月 25 日在深圳证券交易所创业板 上市。上市公告书全文和首次公开发行股票的招股说明书全文披露于中国证监会 指定网站（巨潮资讯网，网址 www.cninfo.com.cn；中证网，网址 www.cs.com.cn； 中国证券网，网址 www.cnstock.com；证券时报网，网址 www.stcn.com；证券日 报网，网址 www.zqrb.cn；经济参考网，网址 www.jjckb.cn；中国金融新闻网，网 址 www.financialnews.com.cn；中国日报网，网址 www.chinadaily.com.cn），供投 资者查阅。 所属网页二维码：巨潮资讯网 一、上市概况 1 1、股票简称：宏明电子 2、股票代码：301682 3、首次公开发行后 ...

视涯科技股份有限公司 首次公开发行股票科创板 上市公告书提示性公告 保荐人（联席主承销商）：国泰海通证券股份有限公司 联席主承销商：中国国际金融股份有限公司 扫描二维码查阅公告全文 本公司及全体董事、高级管理人员保证信息披露的内容真实、准确、完整、 及时，没有虚假记载、误导性陈述或重大遗漏。 经上海证券交易所（以下简称"上交所"）审核同意，视涯科技股份有限公 司（以下简称"视涯科技""发行人"或"公司"）发行的人民币普通股股票将 于 2026 年 3 月 25 日在上海证券交易所科创板上市，上市公告书全文和首次公开 发行股票的招股说明书全文在上交所网站（http://www.sse.com.cn）和符合中国 证券监督管理委员会规定条件的网站（中证网，网址 www.cs.com.cn；中国证券 网，网址 www.cnstock.com；证券时报网，网址 www.stcn.com；证券日报网， 网址 www.zqrb.cn；经济参考网，网址 www.jjckb.cn）披露，并置备于发行人、 上交所、本次发行保荐人（联席主承销商）国泰海通证券股份有限公司和联席主 承销商中国国际金融股份有限公司的住所，供公众查阅。 ...

1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Views of the Report - Since the beginning of the year, inflation has shown the characteristics of "CPI increase under the influence of the Spring Festival effect and PPI price increase accelerated by imported inflation". The government work report during the Two Sessions maintained the target of the consumer price increase at 2%, and pointed out that promoting stable economic growth and reasonable price recovery should be important considerations for monetary policy. With the repeated geopolitical conflicts and high oil prices recently, the market sentiment remains cautious under the expectation of inflation turning positive. Looking forward, inflation is mainly affected by two factors: on one hand, the domestic supply is abundant, and the consumer price trend is relatively stable; on the other hand, affected by the intensifying geopolitical risks in the Middle East, the global inflation rate may rise significantly, increasing the risk of imported inflation in the later stage. Coupled with the relatively low base in 2025, it is expected that the CPI growth rate will continue a moderate recovery, and the turning point of the PPI year - on - year growth rate to positive will be advanced. The cost - performance of bonds has increased, and it is difficult for the 10 - year Treasury bond yield to break through the previous high, and it may maintain a volatile trend [6]. - The impact of the base period rotation on the CPI year - on - year index is limited, and the CPI is expected to have a moderate recovery, with the annual central value at about 0.8% [6]. - The turning point of the PPI year - on - year growth rate to positive may be advanced under the impact of oil prices. If the oil price drops to $65 per barrel and remains stable, the PPI is likely to turn positive in the second half of Q2; if the oil price remains at about $80 per barrel or rises to $108 per barrel, the PPI may turn positive rapidly in Q2, or even in March. Based on the EIA assumption, the PPI may turn positive in March, and the central value of the PPI in 2026 will be about 1.07% [7]. - When the inflation center rises, the interest rate center does not necessarily rise, and the monetary policy does not necessarily tighten. This round of inflation recovery is mainly driven by the cost side, and the probability of monetary policy tightening is low. The cost - performance of bonds has increased, and it is difficult for the 10 - year Treasury bond yield to break through the previous high, and it may maintain a volatile trend. It is recommended to moderately participate in long - term bonds during the adjustment. With the continuous loosening of the capital side, the short - end is more certain, and at the same time, pay attention to the opportunities for spread compression, such as the spread between China Development Bank bonds and Treasury bonds, and the spread between local government bonds and Treasury bonds [8]. 3. Summary by Directory 3.1. The Impact of Base Period Rotation on CPI Is Limited, and CPI Shows a Moderate Recovery - **Base Period Rotation and Classification Adjustment**: China conducts a base period rotation for CPI and PPI every five years. On February 11, 2026, the National Bureau of Statistics released CPI data based on the 2025 base period. The number of major categories and basic classifications remains unchanged, with 8 major categories and 268 basic classifications. New commodity and service classifications reflecting new consumption content have been added, and some category names have been modified. A travel service price index has been newly calculated [14]. - **Weight Changes**: Compared with the 2020 base period, the overall weight changes of each CPI classification in this base period are not significant. Structurally, the weight of services in CPI has increased, while the weight of consumer goods has decreased. In terms of classification, the weights of five major categories, including food, tobacco, alcohol and dining out, transportation and communication, education, culture and entertainment, medical care, and other supplies and services, have increased. In the category of food, tobacco, alcohol and dining out, the weight of food has decreased, while the weight of dining out has increased. The weights of three major categories, including clothing, housing, and household goods and services, have decreased [16][18]. - **Impact on CPI Year - on - Year Index**: The National Bureau of Statistics pointed out that the average impact of this base period rotation on the monthly year - on - year index of CPI and PPI is about 0.06 and 0.08 percentage points respectively, which is relatively small. The calculation shows that the impact of CPI weight changes on the monthly CPI year - on - year index is about 0.04 percentage points, which is highly consistent with the data released by the National Bureau of Statistics in terms of direction and order of magnitude, indicating that the impact of CPI weight adjustment on the CPI year - on - year trend is limited and controllable [20]. - **CPI Recovery Trend**: From January to February 2026, the average CPI year - on - year increase was 0.75%, showing a moderate recovery trend. Affected by the Spring Festival misalignment effect, consumer demand pulsed in February, pushing the CPI up from 0.2% in January to 1.3%. The core CPI also showed a significant upward trend. Overall, CPI operation is mainly dominated by historical seasonal laws. With the marginal improvement of food and energy prices and the high - level volatility of international oil prices, CPI is expected to continue the recovery trend. In 2026, the CPI center is expected to rise moderately compared with 2025, with the annual central value at about 0.8% [23]. 3.2. The Turning Point of PPI Year - on - Year Growth Rate to Positive May Be Advanced under the Impact of Oil Prices - **PPI Industry Weights**: PPI is calculated by the weighted average of 40 industry prices. Using the average operating income share of corresponding industries from 2017 to 2025 as a substitute for weights, it is found that industries such as computer, communication and other electronic equipment manufacturing (11.1%), automobile manufacturing (7.5%), electrical machinery and equipment manufacturing (7.2%), and chemical raw materials and chemical products manufacturing (6.6%) have relatively high weights. Since 2021, the weights of electrical machinery and equipment manufacturing, computer, communication and other electronic equipment manufacturing, and power and heat production and supply industries have increased significantly [27]. - **PPI Industry Contribution**: The contribution of high - weight industries to PPI is not necessarily large. The top 7 industries with high contribution rates to PPI fluctuations, including oil, coal and other fuel processing, ferrous metal smelting and rolling processing, chemical raw materials and chemical products manufacturing, coal mining and washing, non - ferrous metal smelting and rolling processing, non - metallic mineral products, and oil and gas extraction, contribute about 80% of the total fluctuations [29][31]. - **Core Influencing Factors of PPI**: Crude oil, coal, ferrous metals, and non - ferrous metals are the core influencing factors of PPI. They are widely used in the upstream, mid - stream, and downstream industrial chains. The top 10 industries with high contribution rates to PPI fluctuations are mostly directly related to these four factors, and the relevant industries with high correlations to them contribute about 90% of the PPI fluctuations [32][36]. - **Analysis of Crude Oil Price Trends**: Affected by the continuous geopolitical conflicts in the Middle East, international oil prices have continued to rise. In March 2026, oil prices experienced a roller - coaster trend of "soaring - plummeting - rebounding". Although the International Energy Agency coordinated the release of strategic petroleum reserves, the market still worried that the scale and rhythm of the release might not be able to make up for the supply gap in the Middle East, so international oil prices continued to rise [41][44]. - **Impact of Crude Oil Prices on PPI**: Crude oil is widely used in the upstream, mid - stream, and downstream industrial chains, and the relevant industries account for about 12.4% of PPI. A 10% increase in oil prices may push up PPI by about 0.4 percentage points. The actual impact of oil prices on China's inflation depends on the subsequent development of the conflict. Different scenarios of oil price changes have different impacts on China's PPI, and the EIA predicts that the PPI may turn positive in March, with the central value in 2026 at about 1.07% [47][50][53]. 3.3. The Impact of Inflation Center Rise on the Bond Market - **Fundamental Reasons for Interest Rate Center Rise**: According to the causes, inflation can be divided into demand - pull inflation, cost - push inflation, and structural inflation. Since the 21st century, there have been six obvious inflation processes in China. When the inflation center rises, the interest rate center does not necessarily rise, and the monetary policy does not necessarily tighten. Demand - pull inflation often drives the interest rate center up, while cost - type and structural inflation do not necessarily [58]. - **Analysis of Previous Inflation Rounds**: The first four rounds of inflation were mostly demand - pull inflation, accompanied by rising interest rates. The central bank tightened the money supply through measures such as raising the reserve requirement ratio and interest rates. The last two rounds of inflation were more in line with cost - push inflation, and interest rates remained flat or declined. The central bank implemented a relatively loose monetary policy to maintain economic growth [59][70]. - **Analysis of the Current Round of Inflation**: This round of inflation recovery is mainly driven by the cost side. Affected by geopolitical factors, the prices of commodities such as crude oil have risen significantly, pushing the PPI year - on - year to recover rapidly. The government work report in 2026 clearly stated to continue implementing a moderately loose monetary policy, so the probability of monetary policy tightening is low. The cost - performance of bonds has increased, and it is difficult for the 10 - year Treasury bond yield to break through the previous high, and it may maintain a volatile trend. It is recommended to moderately participate in long - term bonds during the adjustment, pay attention to the short - end with higher certainty, and also pay attention to the opportunities for spread compression [74].

Group 1 - Shenzhen Suoweier Intelligent Equipment Co., Ltd. has been established with a registered capital of 10 million RMB, and the legal representative is Zhu Chuanbo [1] - The shareholders include Shenzhen Suoweier Digital Energy Technology Co., Ltd. (38%), Shandong Xingjiyuan Robot Technology Co., Ltd. (30%), Shenzhen Bingcheng Tianfu Biotechnology Co., Ltd. (20%), and Li Guangyuan (12%) [1] - The company's business scope includes the sale and manufacturing of industrial robots, smart robots, and service robots, as well as the development of artificial intelligence applications and software [1] Group 2 - The company is classified under the manufacturing industry, specifically in the sector of computer, communication, and other electronic device manufacturing [1] - The registered address is located at 3388 Binhai Avenue, Sanwo Wisdom Building, Nanshan District, Shenzhen [1] - The company is a limited liability company with an operational period until March 16, 2026, with no fixed term thereafter [1]

Core Viewpoint - The article discusses the IPOs of three companies: Vision Technology, Hongming Electronics, and Yuelong Technology, highlighting their market positions, financial metrics, and investment directions. Group 1: Vision Technology (688781.SH) - Vision Technology is a leading global provider of micro-display solutions, specializing in silicon-based OLED micro-displays and offering value-added services such as strategic product development and optical systems [1][6]. - The company has a market capitalization of 20.41 billion yuan and an issuance price of 22.68 yuan per share, with a projected issuance P/E ratio of 65.25 [3]. - Vision Technology plans to invest 16.09 billion yuan (79.86%) in expanding its ultra-high-resolution silicon-based OLED micro-display production line and 4.06 billion yuan (20.14%) in building a research and development center [5]. - The company is recognized as the second globally and the first domestically in micro-display solutions, having achieved significant market share in the XR device sector, with a 35.2% share of the global market [6][7]. Group 2: Hongming Electronics (301682.SZ) - Hongming Electronics focuses on the research, production, and sales of new electronic components, primarily resistive and capacitive components, with applications in various industries including aerospace and consumer electronics [8][12]. - The company has a market capitalization of 6.35 billion yuan and an issuance price of 69.66 yuan per share, with a projected issuance P/E ratio of 33.61 [8]. - Hongming Electronics plans to allocate 5.09 billion yuan (26.10%) for the industrialization of high-energy pulse capacitors and 3.94 billion yuan (20.19%) for new electronic components and integrated circuits production [10]. - The company has been recognized as a national high-tech enterprise and has a strong customer base, including major brands like Apple and Lenovo [11][12]. Group 3: Yuelong Technology (920188.BJ) - Yuelong Technology specializes in the research, production, and sales of flexible pipelines for fluid transport, including high-performance products for extreme conditions [13][15]. - The company plans to invest 1.42 billion yuan (48.72%) in a new self-floating rubber hose production project and 0.60 billion yuan (20.59%) in upgrading production facilities [15]. - Yuelong Technology has received numerous patents and awards, establishing itself as a leader in the oil and gas pipeline sector [15][16]. - The company has a diverse customer base, including major state-owned enterprises and has been involved in significant engineering projects [16][17].

Core Insights - The report discusses the potential for AI to repeat the patterns seen during the Kosovo War and the dot-com bubble, highlighting the interplay between geopolitical events, inflation, and market dynamics [3][7][46] - It emphasizes the importance of monitoring economic indicators and market reactions to interest rate changes, particularly in the context of historical precedents [13][18][20] Economic Context - Following the Kosovo War, oil prices surged from $10 to over $30 per barrel, leading to increased inflation and a subsequent interest rate hike by the Federal Reserve in June 1999 [3][21] - The report notes that the Nasdaq index rose by 91% after the Fed began raising rates in June 1999, indicating that market reactions can lag behind economic changes [22][23] Market Dynamics - The transition from the "Goldilocks" narrative to the "dot-com bubble" narrative was marked by rising inflation and tightening monetary policy, which ultimately led to the bubble's burst in March 2000 [6][21] - The report highlights that the tech sector consistently outperformed the market during the "Goldilocks" period, with Nasdaq annual gains of 21.6%, 39.6%, and 85.6% from 1997 to 1999 [24][32] Geopolitical Implications - The report suggests that geopolitical tensions, such as the ongoing conflict in the Middle East, could impact market stability and investor sentiment, particularly in the tech sector [46][48] - It posits that the current geopolitical landscape may not significantly alter the long-term bullish outlook for non-U.S. assets, especially as the market awaits a resolution to short-term uncertainties [48][50] Investment Opportunities - The report indicates that once short-term geopolitical risks are mitigated, there may be favorable conditions for bottom-fishing in the Chinese stock market, aligning with broader global market trends [46][48] - It suggests that the upcoming U.S. midterm elections in 2026 will focus on inflation and living costs, which could influence market dynamics and investor behavior [46][48]