1 overnight market

The three major U.S. stock indexes collectively closed down, with the Nasdaq down 2.04%, the biggest one-day drop since March 11, the S&P 500 down 1.12%, and the Dow down 0.31%. Large technology stocks fell, Tesla, Nvidia fell more than 5%, Intel, Google fell more than 3%, Amazon, Meta, Netflix fell more than 2%, Microsoft fell more than 1%, and Apple fell slightly. Warren Buffett's Berkshire Hathaway Class B stock rose nearly 1%. The Nasdaq Golden Dragon China Index closed up 0.72%, with most of the popular Chinese concept stocks closing up, Lianzhang Portal up more than 30%, VNET up nearly 5%, Qifu Technology up more than 4%, Good Future up more than 3%, and MINISO up nearly 3%. Pony.ai fell more than 9%, Bit Deer fell more than 7%, and NIO fell more than 3%.

WTI crude oil futures for May delivery closed up $0.65, or 0.94%, at $69.65 a barrel. Brent crude futures for May delivery closed up $0.77, or 1.04%, at $73.79 a barrel.

COMEX gold futures fell 0.02% to $3,025.4 an ounce. COMEX silver futures fell 0.09% to $34.155 an ounce.

Most of Europe's major stock indexes closed lower, with Germany's DAX 30 down 1.16%, Britain's FTSE 100 up 0.34%, France's CAC 40 down 0.96%, and Euro Stoxx 50 down 1.14%.

2. He Lifeng held a video call with U.S. Trade Representative Greer

On March 26, Vice Premier He Lifeng, China-US Economic and Trade Leader, held a video call with U.S. Trade Representative Greer. The two sides had a frank and in-depth exchange of views on important issues in the bilateral economic and trade fields around the implementation of the important consensus reached by the heads of state of China and the United States on January 17 this year. China expresses its grave concern over the US tariffs imposed on China on the grounds of fentanyl, the Section 301 investigation, and the proposed "reciprocal" tariffs. The two sides believe that maintaining stable China-US economic and trade relations is in the interests of both countries and agree to continue to maintain communication on issues of mutual concern. (Xinhua News Agency).

3 U.S. Adds Multiple Chinese Entities to Export Control "Entity List" MOFCOM responds

According to the website of the Ministry of Commerce, on March 26, the spokesperson of the Ministry of Commerce answered reporters' questions on the inclusion of a number of Chinese entities in the "Entity List" of export control by the United States. The spokesperson of the Ministry of Commerce said that the Chinese side has taken note of the relevant situation. China firmly opposes the continued broadening of the concept of national security by the United States, the abuse of export control measures, and the inclusion of a number of Chinese entities on the "entity list" for export control. This move by the US is intended to suppress and contain entities in other countries and deprive them of their development rights, which will seriously damage the legitimate rights and interests of relevant entities and undermine the security and stability of global industrial and supply chains. This move by the US side is not conducive to creating an atmosphere for the two sides to resolve issues through dialogue and cooperation. China urges the US to immediately stop its erroneous practices and will take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese entities.

Heavy! The Ministry of Commerce issued a document related to the construction of an international consumption center city

On the evening of March 26, according to the Chinese government website, the General Office of the State Council forwarded the notice of the Ministry of Commerce on several measures to support the cultivation and construction of international consumption center cities. In order to support Shanghai, Beijing, Guangzhou, Tianjin, and Chongqing (hereinafter collectively referred to as the relevant cities) to accelerate the cultivation and construction of international consumption center cities, create a globally attractive consumption environment, expand domestic demand in an all-round way, and expand high-level opening up, eight policies and measures have been formulated, including "actively promoting the first-launch economy", "optimizing the entry policy and consumption environment", and "giving better play to the role of duty-free shops and departure tax refund policies".

4. Central Bank: Strengthen audit supervision around key tasks such as deepening reform in the financial sector

According to the central bank's website on March 26, on March 14, the People's Bank of China held the 2025 internal audit work conference. The meeting required that in 2025, the internal audit work of the People's Bank of China should thoroughly implement the important arrangements of the Party Central Committee on auditing work, conscientiously implement the requirements of the People's Bank of China meeting, strengthen audit supervision around key tasks such as deepening reform in the financial field, the implementation of central inspection and rectification, the deployment of institutional reform, and the standardized management of subordinate units, and give full play to the positive role of auditing in promoting reform, promoting rectification, preventing risks, and standardizing the performance of duties.

5. Ministry of Public Security: "Zero tolerance" to crack down on counterfeit and shoddy food and drugs, elderly women and children's hygiene products and other frequent crimes

According to the official website of the Ministry of Public Security on March 26, the Intellectual Property Crime Investigation Bureau of the Ministry of Public Security recently issued a notice to deploy the intellectual property crime investigation department of the public security organ to severely crack down on counterfeit and shoddy crimes in the consumer field in accordance with the law, effectively maintain the consumption order and the consumption safety of the people, and make every effort to serve and guarantee the special action to boost consumption. Among them, it is necessary to focus on the action of improving the quality of service consumption and benefiting the people, and adhere to the "zero tolerance" attitude to severely crack down on counterfeit and shoddy food and drugs, cosmetics, elderly and child health products, cables, gas products, electric bicycles, fire-fighting equipment and other frequent crimes; It is necessary to focus on the fields of debut, ice and snow, silver economy and digital, green, and healthy consumption, highlighting key products such as outdoor equipment, sports facilities, cultural and creative products, green food, and regional characteristic agricultural products, and severely cracking down on the crime of counterfeiting well-known brands and famous and high-quality goods in accordance with the law.

6. The Ministry of Education issued a blockbuster! Advance fees for off-campus education and training should be included in the supervision of the platform

According to the website of the Ministry of Education on March 26, the Ministry of Education recently issued the "National Management Measures for the Application of the Comprehensive Platform for Supervision and Service of Extracurricular Education and Training". It is proposed that off-campus education and training institutions should directly settle in or access the national platform in accordance with policy requirements and technical standards, fill in the information truthfully, accurately and comprehensively, and update it in a timely manner. The full amount of the prepaid fee should be actively included in the supervision, and relevant courses and services should be introduced, displayed, and sold through the national platform, and the compliance code plate certified by the national platform should be obtained, and the relevant data should be consulted and used as required, and the corresponding rights and interests stipulated by laws, regulations and policies should be enjoyed.

7. Wang Changlin served as deputy director of the National Development and Reform Commission

According to the official website of the Ministry of Human Resources and Social Security, the State Council appoints and dismisses state workers. Wang Changlin was appointed as Deputy Director of the National Development and Reform Commission (part-time); Liu Bin was appointed deputy director of the State Administration of Foreign Exchange. dismissed Wang Changlin from his post as vice president of the Chinese Academy of Social Sciences; Tan Guangming was dismissed from his post as deputy director of the National Forestry and Grassland Administration (National Park Administration).

8. China Securities Association: Smooth the chief economist's special report submission mechanism

According to the official website of the China Securities Association on March 26, on March 19, the meeting of the chairman of the Securities Analyst and Investment Advisory Professional Committee of the Securities Association of China was held in Beijing in a combination of offline and online forms. The meeting proposed to further improve the regular meeting system of the chief economist, optimize the topic setting, and smooth the chief economist's special report submission mechanism. Strengthen the communication between chief economists and securities analysts and the investment advisory professional committee, and jointly carry out research on scientific and technological innovation and industrial innovation.

9 Shanghai increases the intelligent computing cloud industry! The scale strives to exceed 200 billion in three years

On March 26, the Shanghai Municipal Commission of Economy and Information Technology issued the "Implementation Opinions of Shanghai Municipality on Promoting the Innovation and Development of the Intelligent Computing Cloud Industry (2025-2027)" (hereinafter referred to as the "Opinions"), proposing that by 2027, the scale of the city's intelligent computing cloud industry will strive to exceed 200 billion yuan, and an ecosystem with cloud-edge-end collaboration and a complete industrial chain will be basically formed. In terms of the scale of intelligent computing, the opinion stated that it will strive to reach 200EFLOPS, of which independent and controllable computing power accounts for more than 70%. To this end, its first major task is to upgrade and expand its intelligent computing infrastructure. The opinions pointed out that around Pudong, Jinshan, Songjiang, Lingang and Qingpu and other key areas, we will actively deploy intelligent computing power, improve the scale of clusters, encourage intelligent computing cloud enterprises to deeply connect with intelligent computing centers, integrate existing intelligent computing chips, and upgrade resource management capabilities.

10 International News

U.S. President Donald Trump announced a 25% tariff on all imported cars

On March 26, local time, U.S. President Trump issued a statement announcing a 25% tariff on all imported cars. The tariffs will take effect on April 2. Trump said the auto tariffs would be permanent. He said that if a car is made in the United States, it is not subject to customs duties. Trump also said the United States would impose tariffs on lumber and medicines. (CCTV News).

Danish Prime Minister: Greenland "will not be sold".

Danish Prime Minister Fraser Ricksen reiterated on March 26 local time that Greenland "will not be sold" in response to US Vice President Vance's announcement that he will visit Greenland, and Greenlanders do not want to become Americans. (CCTV News).

Zelensky said that Russia and Ukraine did not attack each other's energy facilities in the early morning of the 26th

Ukrainian President Volodymyr Zelensky said in an interview with European media on March 26 local time that the Russian army dispatched hundreds of drones to carry out attacks in the early morning of the same day, although they attacked other civilian infrastructure on the Ukrainian side, but did not attack the Ukrainian energy system, and the Ukrainian side did not launch a counterattack on Russia's energy facilities. (CCTV News).

The Sudanese Armed Forces (SAF) declared full control of the capital region

On March 26, local time, the Chairman of the Sudanese Sovereign Council and Commander-in-Chief of the Armed Forces Burhan said that the Sudanese Armed Forces had taken full control of the capital Khartoum and cleared the Sudanese Rapid Support Forces out of this area, "Khartoum is free". (CCTV News).

Guterres: Welcome the agreement reached by the United States, Russia and Ukraine on the safety of navigation in the Black Sea

On March 26, local time, UN Secretary-General António Guterres issued a statement welcoming the discussions and commitments made by the United States, Russia and Ukraine in Saudi Arabia on ensuring safe navigation in the Black Sea. He stressed the importance of ensuring the security of civilian vessels and port infrastructure in the Black Sea for global food security and supply chain stability. (CCTV News).

White House: The "Leaked Group Chat" did not send any classified material

On March 26, local time, White House press secretary Carolyn Levitt said that Michael Waltz, assistant to the US president for national security affairs, has been responsible for the leakage of the battle plan against the Houthis in Yemen. Levitt alleges that no classified material was sent from the message chain. (CCTV News).

The White House said operations against the Houthis would continue

On March 26, local time, White House press secretary Carolyn Levitt said that the U.S. operation against the Houthis will continue. (CCTV News).

Macron announced an additional 2 billion euros in military aid to Ukraine

On March 26, local time, French President Emmanuel Macron and Ukrainian President Volodymyr Zelensky held a joint press conference after meeting at the Élysée Palace. Macron announced that he would provide an additional 2 billion euros in military aid to Ukraine, including armored vehicles, ammunition, drones, etc. (CCTV News).

NATO Secretary General: Any attack on Poland will face "devastating" consequences

On March 26, local time, NATO Secretary-General Rutte said during a visit to Warsaw, Poland, that any attack on Poland or other NATO allies would face "devastating" consequences. On the same day, Rutte visited Poland and held talks with Polish Prime Minister Donald Tusk. Rutte said NATO was ready to defend its allies and that any attack on Poland or other NATO allies would be met with an "all-out counterattack" from NATO. Tusk said NATO's security commitment to Poland is crucial and that no other country "deserves NATO's full support and full guarantees more than Poland." (CCTV News).

1. Huawei Technologies Co., Ltd. increased its capital to 40.94 billion yuan

Huawei: Tianyancha App shows that recently, Huawei Technologies Co., Ltd. has undergone industrial and commercial changes, and the registered capital has increased from about 40.84 billion yuan to about 40.94 billion yuan. The company was established in September 1987 and is wholly owned by Huawei Investment Holding Co., Ltd. The change record shows that the company has increased its capital three times in the past year, the first two of which occurred in April 2024 and June 2024 respectively.

Comments: Huawei's continuous capital increase shows that it has sufficient confidence in its future development, which will help improve the company's strength and competitiveness.

2CATL's Hong Kong IPO was filed with the China Securities Regulatory Commission (CSRC) and plans to issue no more than 220 million shares

CATL (SZ300750, share price 256.92 yuan, market value 1.13 trillion yuan): The Department of International Cooperation of the China Securities Regulatory Commission issued a notice on March 26 on the filing of CATL New Energy Technology Co., Ltd.'s overseas issuance and listing, the company intends to issue no more than 220,169,700 overseas listed ordinary shares and list on the Hong Kong Stock Exchange.

Comments: CATL's Hong Kong IPO filing will attract more investors' attention and provide financial support for the company's development.

3 GAC Group, refute rumors!

GAC Group (SH601238, share price 8.65 yuan, market value 88.205 billion yuan): On March 26, GAC Group's official Weibo issued a clarification statement. The statement said that today, GAC Group paid attention to false rumors on the Internet that "Huawang Automobile (GH Project) will acquire Evergrande Automobile's Nansha Plant". GAC Group clarified as follows: GAC Group and its subsidiary, Huawang Automobile (GH Project), have never had any form of contact with Evergrande Automobile or other entities regarding the acquisition of the Nansha plant.

Evergrande Auto responded to unusual stock price movements

Evergrande Auto (HK00708, share price HK$0.208, market capitalization HK$2.256 billion): On March 26, Evergrande Auto issued an announcement on unusual fluctuations in stock price and trading volume, and the Board confirmed that it was not aware of any reason for the increase or any information that had to be announced to avoid a false market for the Company's shares. Evergrande Auto Hong Kong shares closed up 74.79% on March 26, after soaring 236% at one point.

4. Pop Mart is expected to sell more than 20 billion yuan this year

Bubble Mart (HK09992, stock price HK$140.70, market capitalization HK$189 billion):On March 26, Wang Ning, the founder of Pop Mart, revealed at the 2024 annual performance meeting that it is expected to achieve sales of more than 20 billion yuan in 2025, and sales in overseas and Hong Kong, Macao and Taiwan regions will exceed 10 billion yuan. At the same time, Wang Ning said that the North American market is expected to reach the group's sales in 2020 in 2025. According to the financial report, in 2024, Pop Mart's overseas revenue will increase by 375.2% year-on-year to 5.07 billion yuan, and the North American market will contribute 720 million yuan with a growth rate of 556.9%.

Comments: This shows the strong market expansion potential of Pop Mart. Investors should pay attention to the implementation effect of their localization operation strategy.

5 "The average salary of China Merchants Bank has dropped to less than 600,000 yuan" rushed to the hot search

China Merchants Bank (SH600036, stock price 42.66 yuan, market value 1.08 trillion yuan):On March 26, China Merchants Bank disclosed its 2024 annual report, which became the focus of market attention. According to the annual report, the net profit of China Merchants Bank in 2024 will be 148.391 billion yuan, a year-on-year increase of 1.22%; operating income was 337.488 billion yuan, a year-on-year decrease of 0.48%; Total assets reached 12.15 trillion yuan, an increase of 10.19% over the end of the previous year. "The average salary of China Merchants Bank has dropped to less than 600,000 yuan" rushed to the hot search on Weibo. According to the financial report data, in 2024, China Merchants Bank will have 117,200 employees, with employee expenses of 68.09 billion yuan and per capita cost of 581,000 yuan. It is worth noting that this is the second consecutive year that China Merchants Bank's employee expenses have declined. (per synthesis).

Comments: China Merchants Bank's staff expenses have decreased, showing the bank's efforts in cost control.

6 China Mobile signed a strategic cooperation agreement with Alibaba to jointly build an AI data center

China Mobile (SH600941, share price 106.61 yuan, 2.30 trillion yuan), Alibaba (HK09988, stock price 129.50 Hong Kong dollars, market value 2.46 trillion Hong Kong dollars):On March 26, China Mobile and Alibaba held a signing ceremony for a strategic cooperation agreement in Beijing. The two parties will carry out in-depth cooperation in digital infrastructure, application ecology, scientific and technological innovation capabilities, and international business, jointly build and operate AI data centers, help both parties improve the scale and efficiency of cloud computing and AI services, deepen the technical exchange and ecological co-construction of China Mobile's "Jiutian" and Alibaba's "Tongyi Qianwen" AI model, promote the deep integration of AI with various industries, and create industrial value.

Comments: The progress made by China Mobile and Alibaba, as giants in China's communications and Internet industries, will have a significant impact on the promotion of the digital economy.

Alibaba released Qwen 2.5-Omni

Alibaba (HK09988, share price HK$129.50, market capitalization HK$2.46 trillion): Alibaba released Qwen2.5-Omni, a new generation of end-to-end multimodal flagship models in the Qwen model family. Designed for omnidirectional multimodal perception, the model can seamlessly process multiple input forms such as text, images, audio, and video, and generate both text and natural speech synthesis output through real-time streaming responses. The model is now open source on Hugging Face, ModelScope, DashScope, and GitHub.

7. NOVOSENSE: It plans to issue H shares and list them on the Hong Kong Stock Exchange

NOVOSENSE (SH688052, share price 146.25 yuan, market value 20.845 billion yuan):NOVOSENSE announced on the evening of March 26 that the company intends to issue shares (H shares) overseas and list on the main board of the Hong Kong Stock Exchange to improve the company's comprehensive competitiveness, further promote the internationalization strategy, and use the international capital market to diversify financing channels. The issuance and listing of H shares are subject to the approval of the company's general meeting of shareholders, and have been filed with the China Securities Regulatory Commission and approved by the Hong Kong Stock Exchange and the Hong Kong Securities and Futures Commission. At present, the company is actively discussing with relevant intermediaries, and other specific details have not yet been determined.

Comments: As an important enterprise in China's semiconductor industry, NOVOSENSE's H-share listing will provide support for the company's internationalization strategy and help improve the company's influence in the international market.

8 Sudden announcement, "post-80s" female vice president is suspected of committing a crime, and the company urgently reported the case

Jimin Health (SH603222, share price 6.70 yuan, market value 3.518 billion yuan): Another bizarre incident occurred in A-shares. On the evening of March 26, Jimin Health (SH603222) announced that the company received the "Notice of Case Filing" issued by the Huangyan Branch of the Taizhou Public Security Bureau on the 26th. According to the resume, He Qinghong was born in 1980 and joined Jimin Health as vice president in February 2022, and in 2023 and 2024, his pre-tax salary will be 662,000 yuan and 1,446,400 yuan respectively. (per synthesis).

Comments: This incident will have a negative impact on the company's internal management and reputation, and also remind other companies to strengthen internal supervision.

9 The former richest man in Hebei resigned

ENN shares (SH600803, share price 19.65 yuan, market value 60.858 billion yuan): On March 26, ENN shares announced its 2024 annual report, and the company's operating income was 135.84 billion yuan, a year-on-year decrease of 5.5%; the net profit attributable to the parent company was 4.49 billion yuan, a year-on-year decrease of 36.6%; The net profit after deducting non-attributable to the parent company was 3.71 billion yuan, an increase of 50.9% year-on-year. On the same day, ENN announced that Mr. Wang Yusuo recently submitted his resignation to the board of directors of the company, resigned as chairman of the company, and will continue to serve as a director of the company. The Board of Directors of the Company elected Mr. Jiang Chenghong as the Chairman of the Board of Directors of the Company. It is worth mentioning that Wang Yusuo and Zhao Baoju once ranked 50th in the "2020 Hurun Report" with a wealth of 70 billion yuan, becoming the richest man in Hebei. (per synthesis).

10 This company was placed under investigation! There are 0 people in many companies under the name of the founder

Xiaolu Mother: Recently, there are strict regulations such as "no fixed lunch break", "prohibiting the placement of personal belongings at the workstation", and "forcing employees to eat at the workstation", which has aroused heated public discussions. On March 26, the Labor and Social Security Supervision Brigade of Luyang District, Hefei City, told the media that after they paid attention to the media reports yesterday, they had already gone to Xiaolu's mother to investigate, "The case has been filed, and I will go today." According to the business resume information, Xia Quan, the founder of Xiaolu's mother, is associated with 18 companies, of which 14 are in existence. It is worth noting that the 2023 annual reports of many companies under Xia Quan's name, such as Anhui Xiaolu Times Business Management Co., Ltd., Anhui Jilu Intelligent Technology Co., Ltd., and Wuhu Lulong Biotechnology Co., Ltd., show that the number of insured people is 0. (per synthesis).

Comments: The company was placed on file for investigation, and the rights and interests of employees and the company's management were questioned. The results of the survey will affect the company's image and the reputation of its leaders, raising concerns among investors.

Data is as of 5 a.m. Beijing time