GMT EIGHT - OPPORTUNITIES IN CHINA

US Stock Market Move | Concept stocks of chip companies fell across the board, with Intel Corporation (INTC.US) falling more than 6%.

On Tuesday, chip stocks fell across the board, with Intel (INTC.US) dropping more than 6%.

Wang Yi talks on the phone with Israeli Foreign Minister Saar.

On March 3, 2026, Wang Yi, member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, had a phone conversation with Israeli Foreign Minister Saar. After listening to Saar's introduction of Israel's current stance, Wang Yi stated that China has always advocated for resolving international and regional hot-spot issues through dialogue and consultation. All parties should abide by the purposes and principles of the UN Charter and refrain from using or threatening to use force in international relations, which is also in the fundamental interests of all parties including Israel. Over the years, China has been committed to promoting a political solution to the Iran nuclear issue, and the recent Iran-US negotiations have made significant progress, including addressing Israel's security concerns. Unfortunately, this process has been interrupted by gunfire. China opposes any military strikes by Israel and the US against Iran. The use of force cannot truly solve problems, but instead will bring new issues and serious consequences. The true value of military strength lies not in the battlefield, but in preventing war. China calls for an immediate cessation of military actions to prevent the further spread and escalation of conflicts. China has always maintained a just position on Middle East issues and will continue to play a constructive role in easing tensions. Wang Yi requested that Israel take concrete measures to ensure the safety of Chinese personnel and institutions, to which Saar expressed Israel's high regard and commitment to protecting the safety of Chinese personnel and institutions.

Before people arrive, the road is already difficult! Jerome Powell's path to cutting interest rates at the Federal Reserve encounters multiple headwinds - colleagues questioning, data diverging, and balance sheet reduction being blocked.

Kevin Warsh is a few months away from officially taking the helm of the Federal Reserve, but his ability to fulfill President Trump's promise of interest rate cuts is already facing significant obstacles.

XTALPI (02228) announces a happy profit forecast. It is expected that the after-tax profit and profit attributable to company equity holders in 2025 will be no less than 1 billion yuan, and the company will achieve a full-year profit for the first time.

Kingboard Holdings (02228) announced that the group expects its net profit and profit attributable to equity holders in 2025 to be no less than RMB 100 million, turning losses into profits year-on-year, achieving annual profitability for the first time.

The central bank releases the January 2026 operating conditions of the financial market.

The Central Bank released the financial market operation situation in January 2026. In January 2026, net financing of government bonds was 976.39 billion yuan, an increase of 283.13 billion yuan year-on-year; net financing of corporate bonds was 503.26 billion yuan, an increase of 57.90 billion yuan year-on-year. At the end of January 2026, the custody balance of the bond market was 19.77 trillion yuan. In January 2026, the transaction volume of treasury futures market was 6.9 trillion yuan, an increase of 1.74% year-on-year. At the end of January 2026, the open interest of treasury futures was 748,000 contracts, an increase of 36.3% year-on-year; the closing price of the 10-year treasury futures main contract was 108.3 yuan, an increase of 0.42% month-on-month. At the end of January 2026, the Shanghai Gold Exchange Au contract closed at 1,164.0 yuan per gram, an increase of 19.5% month-on-month. In January 2026, the Shanghai Gold Exchange gold trading volume was 5970.2 tons, an increase of 18.6% year-on-year; the gold trading volume on the Shanghai Futures Exchange was 18,000 tons, an increase of 52.2% year-on-year.

Southbound capital saw a net inflow of 6.081 billion yuan today. In terms of the Shanghai-Hong Kong Stock Connect, Yingfu Fund and Tencent Holdings received net purchases of 2.343 billion Hong Kong dollars and 1.09 billion Hong Kong dollars respectively; Alibaba-W had the largest net selling amount of 977 million Hong Kong dollars; as for the Shenzhen-Hong Kong Stock Connect, Tencent Holdings and Southbound Hengsheng Technology received net purchases of 1.468 billion Hong Kong dollars and 1.413 billion Hong Kong dollars respectively; Chao Fei Fiber Optic Cable had the largest net selling amount of 293 million Hong Kong dollars.

In just three hours early on the morning of the 3rd of Eastern Time, the US State Department issued a total of 6 evacuation orders, requiring non-essential government personnel in Jordan, Bahrain, Iraq, Kuwait, Qatar, and the UAE to evacuate.

The ChiNext index fell by 2.00% to 3228.138 points; the Shanghai Composite Index fell by 1.28% to 4128.848 points; and the Shenzhen Component Index fell by 2.64% to 14084.119 points.

The Hang Seng Index fell more than 1%, now trading at 25797.410 points; the Hang Seng Technology Index is currently down 2.233%.

The Hang Seng Technology Index fell more than 2%, now standing at 4889.140 points; the Hang Seng Index is currently down 0.804%.

JP Morgan raises COSCO Shipping Energy Transportation's target price to 24 Hong Kong dollars in one move, "Black Swan overlapping" boosting the profitability of ultra-large oil tankers.

The line points out that Venezuelan crude oil has returned to compliant trading channels, tightening the supply of mainstream oil tankers, but has not increased the total global capacity.

Methanol continuous main contract rose by 11% intraday, currently trading at 2557.00 yuan.

A new giant worth 12 billion U.S. dollars is born: Thoma Bravo intends to merge its subsidiaries Auctane and WWEX, aiming to create a new "Toras" in shipping technology.

Thoma Bravo is finalizing a major deal to merge its e-commerce logistics software giant Auctane with the soon-to-be-acquired third-party logistics platform WWEX Group.

The Hang Seng Technology Index has fallen by over 1%, now trading at 4938.720 points; The Hang Seng Index is currently down 0.462%.

The lithium carbonate continuous main contract fell 12% intraday and is now trading at 152,540.00 yuan.

HK Stock Market Move | JIAXIN INTL RES(03858) rose more than 7% in trading "war metal" tungsten product prices started strong in March

Intraday, Jiashin International Resources (03858) rose by over 7%, rising by 5.81% as of the latest report, reaching 127.5 Hong Kong dollars, with a turnover of 1.59 billion Hong Kong dollars.

Less than a day has doubled! LNG shipping rates are now "violently soaring" with daily rates surpassing $200,000.

According to informed sources, the daily rental rate of liquefied natural gas (LNG) transport ships in the Atlantic Basin has been raised by ship owners and brokers to over $200,000, nearly doubling the price quoted less than a day ago.

Kholemuz is crucial! If oil prices break through the $100 mark, the US stock bull market may face a "major retreat crisis".

The strategy of buying into US stocks on dips becomes dangerous under the macro threat of oil prices rising above $100. When the $100 oil price alarm goes off, the old Wall Street script of buying low may need to be rewritten.

The financing balance of the two cities increased by 4.577 billion yuan compared to the previous day.

As of March 2, the balance of financing on the Shanghai Stock Exchange was reported at 1,3436.87 billion yuan, an increase of 28.14 billion yuan from the previous trading day; the balance of financing on the Shenzhen Stock Exchange was reported at 1,3041.46 billion yuan, an increase of 17.63 billion yuan from the previous trading day; the combined balance of the two exchanges was 26,478.33 billion yuan, an increase of 45.77 billion yuan from the previous trading day.

Spot silver breaks through $91 per ounce, rising 1.90% intraday.

Five consecutive quarters of profits breaking through! Agora, Inc. Sponsored ADR Class A (API.US) Q4 revenue exceeds guidance upper limit, conversational AI becomes a new growth engine.

The global leading real-time interactive technology service provider Agora (API.US) released its unaudited financial results for the fourth quarter and full year of 2025 on March 3rd (Tuesday).

Wall Street warns that the market will experience a "painful path"! Under the geopolitical storm, the US stock market may first experience a pullback before rallying to new highs.

In the eyes of top Wall Street investment firms such as Goldman Sachs, the current market appears to be in a high probability stage of "first experiencing a round of consolidation/pullback, then attempting to effectively break through 7000 points, and then realizing a new round of bull market".

JIANGXI COPPER(00358): Wholly owned subsidiary acquires SolGold plc approved by the UK court.

Jiangxi Copper Corporation (00358) announced that on December 24, 2025 (London local time), the company, through its wholly-owned subsidiary Jiangxi Copper (Hong Kong) Investment Limited, launched a formal offer to acquire all issued and to be issued shares of SolGold plc (the target company) at 28 pence per share in cash. The court meeting and the target company's shareholder meeting held on February 23, 2026 (London local time) voted in favor of the acquisition scheme. On March 2, 2026 (London local time), the acquisition scheme was approved by the UK court ruling, and it is expected to become effective on March 4, 2026 (London local time).

TUYA-W (02391) announced its performance for 2025, with a net profit of 57.89 million US dollars, an increase of 1058.5% year-on-year.

Graffiti Intelligence-W (02391) announced that in the fourth quarter of 2025, total revenue was 84.5 million US dollars, an increase of approximately 3.0% compared to the same period last year; overall gross profit margin was 47.6%, a decrease of 0.2 percentage points year-on-year; net profit was 19.3 million US dollars (compared to 9.8 million US dollars in the fourth quarter of 2024).

The profit of the Baltic Exchange's benchmark oil tanker reaches $424,000 per day.

ABBISKO-B (02256) released its annual performance report. The revenue increased by 21.45% year-on-year to 612 million yuan.

Hu Yu-B (02256) announced its annual performance for the year ending December 31, 2025. The group achieved a revenue of 612 million yuan, representing a year-on-year growth of 21.45%. The total comprehensive income attributable to the owners of the parent company was 23.698 million yuan, a decrease of 53.46% compared to the previous year. The basic earnings per share were 0.09 yuan.

Apple: The new iPad Air 11-inch version starts at $599, and the 13-inch version starts at $799.

The short-term CPI swap rate in the United States surged, while 1-year Treasury bond futures rose 11 basis points to 2.62%.

Due to the suspension of the Qatar liquefied natural gas project, the increase in Europe's benchmark natural gas prices has expanded to over 30%.

Central Bank: Proceeding with orderly financial high-level opening up to the outside world.

The People's Bank of China issued a proposal for the high-quality completion of the "Two Sessions" in 2025, highlighting the orderly promotion of high-level financial opening to the outside world. In 2025, representatives and members combined their practical duties to put forward a series of policy proposals related to expanding high-level financial opening to the outside world, promoting the internationalization of the renminbi, and deepening international financial cooperation. They called for deepening institutional opening in the financial field to the outside world. Improving the connectivity between domestic and foreign markets, facilitating more investors to invest in China's financial markets, supporting the construction of the Shanghai International Financial Center, and consolidating and enhancing the status of the Hong Kong International Financial Center. Enhancing the policy arrangements for the cross-border use of the renminbi. By comprehensively utilizing currency swap arrangements, clearing banks, financial markets, and other channels to provide renminbi funds of different maturities, creating a better environment for domestic and foreign entities to hold and use renminbi, and steadily promoting the internationalization of the renminbi. Actively participating in international financial governance and cooperation. Continuing to deepen cooperation with international organizations such as the International Monetary Fund and multilateral development institutions, actively participating in global macroeconomic policy coordination and the formulation of international financial regulatory rules. Continuing to promote reforms of the international monetary system. Continuing to push for reforms of the International Monetary Fund's quotas, enhancing the voice and representation of developing economies.

Legion Holding expects the net profit attributable to shareholders to increase by no less than 900 million yuan in 2025.

Lenovo Holdings (03396) announced that it expects the net profit attributable to equity holders of the company for the current year (ending December 31, 2025) to be no less than 900 million yuan ( net profit attributable to equity holders of the company for the year 2024 was 133 million yuan). According to the directors, the improvement in performance for the current year compared to 2024 is mainly due to the company's industrial incubation and investment sector benefiting from the recovery of the capital market, leading to a decrease in business losses compared to the previous year.

MINIMAX-WP(00100) released its annual performance, with total revenue increasing by 158.9% year-on-year to reach $79 million.

MINIMAX-WP (00100) announced its annual performance for the year ending December 31, 2025. The group generated a revenue of $79.038 million, an increase of 158.9% compared to the previous year. Adjusted net loss was $251 million, a 2.7% increase year-on-year, while the annual net loss was $1.872 billion, showing a substantial increase of 302.29% compared to the previous year.

China Eb Ltd (00165): Law Shun resigned as Chairman of the Board and Non-Executive Director.

China Everbright Holdings (00165) announced that, effective from March 2, 2026, Mr. Fa Chang has resigned as Chairman of the Board and Non-executive Director due to work changes, as well as a member of the Nomination Committee, Remuneration Committee, and Strategy Committee. Mr. Lin Chun has been appointed as Chairman of the Board, along with being appointed as a member of the Nomination Committee and the Remuneration Committee. In addition, Mr. Pan Jianyun, the current executive director and vice president, will assume the responsibilities of the Group President.

The Hong Kong Monetary Authority, Shanghai Municipal Data Bureau, and National Blockchain Technology Innovation Center signed a memorandum of cooperation.

The Hong Kong Monetary Authority, the Shanghai Municipal Bureau of Data, and the National Blockchain Technology Innovation Center jointly announced today that they have signed a Memorandum of Understanding on digital cooperation in freight trade and finance between Shanghai and Hong Kong. This is to further promote deep cooperation between the two cities in digitizing freight trade and finance, leveraging Hong Kong's unique advantages as a "superconnector" and "super value-adding person" to facilitate internal and external connectivity, and support Shanghai in connecting with the international data ecosystem through Hong Kong.

Closing Review: The Shanghai Composite Index opened lower and closed higher, up 0.47%. The total market turnover exceeded 3 trillion yuan, and the "Big Three Oil" companies all hit the daily limit of price increases.

The three major A-share indexes rose and fell differently today. As of the close, the Shanghai Composite Index rose by 0.47%, the Shenzhen Component Index fell by 0.2%, the ChiNext Index fell by 0.49%, and the SSE 50 Index fell by 3.99%. The total turnover of the Shanghai and Shenzhen markets reached 3.0458 trillion yuan, an increase of 540.3 billion yuan from the previous day, with over 4200 stocks in the three markets declining. In terms of sector themes, stocks related to oil and gas exploration and services, port shipping, precious metals, military equipment, coal mining and processing, chemical raw materials, fertilizers, soybeans, and CPO concepts led the gains; while stocks related to gaming, media, AI applications, cloud computing, tourism and hotels, weight loss drugs, and retail sectors led the declines. On the market, the U.S. attacking Iran sparked a market rally, with sectors such as oil and natural gas, precious metals, port shipping, military industry, and chemicals all experiencing significant increases. Stocks such as CNOOC, PetroChina, Hunan Gold, China Merchants Energy, and Northern Navigation all hit their daily limit up. BYD, a car manufacturer, surged by 8% after announcing a groundbreaking technology release conference on March 5. In addition, power hardware stocks such as CPO and fiber optics saw increases, with companies like Zhongji Xuchuang rising by over 8% and Cambridge Technology hitting the daily limit up. On the other hand, the AI application sector collectively trended downwards, with gaming and media companies leading the declines, with CITIC Publishing and Flowtech leading the losses. Biomedical stocks also performed poorly, with companies like Junshi Bio and Changchun High-tech seeing declines.

Midday Report: Shanghai Composite Index closed flat at noon, with the oil and natural gas, and port and shipping sectors all rallying.

In the morning session, the performance of the three major indexes diverged. By noon, the Shanghai Composite Index was flat, the Shenzhen Component Index fell by 0.75%, the ChiNext Index fell by 0.78%, and the BeiGene 50 Index fell by 4.17%. The total turnover of Shanghai, Shenzhen and Hong Kong markets in the first half of the day was 2.09 trillion yuan, an increase of 493.6 billion yuan from the previous day. Over 4300 stocks in the entire market fell. In terms of sectors, stocks related to oil and gas exploration and services, shale gas, precious metals, port shipping, banks, chemical raw materials, coal mining and processing, corn, and fiber optic concepts performed well. On the other hand, stocks in the gaming, cultural media, education, cloud computing, solar equipment, and CRO sectors saw the biggest declines. Last weekend, the sharp escalation of the conflict in the Middle East and the substantial blockade of the Hormuz Strait led to a collective surge in the oil and natural gas, shipping, and gold sectors. Stocks such as Tongyuan Petroleum, CNOOC, China Oil, Nanjing Port, and CNOOC South China Sea all hit the limit up. The chemical sector also benefited from the expected price increases, with Red Star Development and Jinniu Chemicals among the stocks hitting the limit up. The retail prices of optical fiber cables continue to rise, leading to strong performance of optical fiber concept stocks, with Changfei Fiber Optics hitting the limit up again during the session. In addition, sectors such as food, electricity, and banks experienced surges at one point. On the other hand, stocks in AI application sectors like gaming, media, and cloud computing mostly weakened, with companies like Century Huatong, Kunlun Wanwei, and CITIC Publishing leading the decline. Similarly, CRO concept stocks also performed poorly, with Haoyuan Pharma, Boton Stock, and Pharmstone Technology experiencing the biggest declines.

The trading volume of the Shanghai and Shenzhen stock markets exceeded 2 trillion yuan, an increase of 478.9 billion yuan compared to the previous day at this time.

HK Stock Market Move | STANCHART (02888) falls by nearly 5%, JP Morgan expects escalating Middle East conflict may lead to significant pullback in group stock price

Standard Chartered Group (02888) dropped nearly 5%, as of the time of writing, down by 4.89%, to HK$188.8, with a turnover of HK$1.58 billion.

Focusing on the "Physical AI Era"! NVIDIA Corporation (NVDA.US) aims to reshape the communication ecosystem and work with telecom giants to build AI-native 6G.

One of the core features of the 6G plan is AI-native networks, which involves embedding AI capabilities into the basic communication architecture from the radio access network (RAN) to the core network. This allows the network to self-optimize, intelligently schedule spectrum, and respond in real-time to the complex demands of billions of terminals, rather than just adding AI applications.

Dahua Jixian: BIDU-SW (09888) beats expectations in last quarter performance, maintains "buy" rating.

The monetization visibility of Baidu's AI cloud business is increasing, and its portfolio of AI applications is among the most comprehensive in the industry.

HK Stock Market Move | Technology stocks came under pressure and fell, with the Hang Seng Tech Index dropping more than 3% at one point and dropping below the 5000-point mark.

Technology stocks are under pressure and falling, dragging the Hang Seng Technology Index down by over 3% and below the 5000 point mark, a 20% decrease from its high point in October of last year.

HK Stock Market Move | YOFC (06869) rose by more than 10% to a new high, with the stock price surging 210% from the beginning of the year.

Changfei Optoelectronics Fiber Optic Cable (06869) rose more than 10%, reaching a high of 164.7 Hong Kong dollars to once again set a new historical high. The stock price has surged more than 210% since the beginning of the year.

The trading volume in the Shanghai and Shenzhen stock markets exceeded 1 trillion yuan, an increase of 242.9 billion yuan compared to the previous day at this time.

The three major indexes of A-shares opened low and rose, with the Shanghai Composite Index and the Shenzhen Component Index turning positive.

The three major indices of A shares opened lower and then rose. The Shanghai Composite Index and the Shenzhen Component Index turned positive, while the ChiNext Index is close to turning positive.

HK Stock Market Move | Oil stocks all opened higher, the situation in Iran has pushed up the risk premium for crude oil, and Brent oil rose nearly 13% at one point.

Oil stocks all opened higher, CNOOC (02883) rose by 8.03% to 10.9 Hong Kong dollars; PetroChina (00857) rose by 5.87% to 10.1 Hong Kong dollars; Sinopec (00883) rose by 5.06% to 26.6 Hong Kong dollars; Sinopec (00386) rose by 2.39% to 5.58 Hong Kong dollars.

Suzhou Novosense Microelectronics (02676) suspended trading on the morning of March 2nd for unknown reasons.

Naxin Micro (02676) announced that trading of the company's shares has been temporarily suspended starting at 9:12 a.m. on March 2, 2026.

GD-HKGBA Holdings (01396) obtained the "entry ticket" from MSCI: AI computing power transformation endorsed by international capital

On February 27, the Hong Kong-listed company Yuegang Wan Holdings was officially included in the MSCI China Small Cap Index's constituent stocks.

CME: Triggered circuit breaker mechanism when opening crude oil futures on the New York Mercantile Exchange.

According to the Chicago Mercantile Exchange, the New York Mercantile Exchange triggered a circuit breaker mechanism at the opening of trading this week, causing a two-minute delay in the market opening. CME stated in a press release that the dynamic circuit breaker mechanism for WTI crude oil futures was triggered at 5:00 PM Central Time on Sunday. Trading resumed at 5:02 PM Central Time on Sunday.

Against the backdrop of escalating tensions in the Middle East, the US stock market enters a critical week: retail giants' financial reports will test American consumer strength, and whether non-farm data can ease the "red light" warning.

In the economic data calendar for the upcoming week, the highlight will be the February employment report released on Friday. In addition, the key financial report of chip manufacturer Broadcom will also be closely watched. Geopolitical uncertainty remains a focus of investor attention.

RIBOLIFE-B(06938): RBD7022 injection is about to start phase III clinical trials in China for the treatment of hyperlipidemia indications.

Ruibo Biology-B (06938) announced that the group's independently developed RBD7022 injection has been registered for public notification of phase III clinical trials by its partner Qilu Pharmaceutical Co., Ltd. (Qilu Pharmaceutical) and is about to start phase III clinical trials.

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