Pre-market report on A-shares: Ministry of Finance plans to invest 500 billion to increase capital for the four major banks. The first operating certificate in low-altitude economy has been issued.

Pre-Market News 1. The Ministry of Finance injects 500 billion yuan, and four state-owned banks announce plans to supplement core Tier 1 capital Type: Macro Emotional Impact: Positive China Construction Bank Corporation, Bank Of China, BANKCOMM, and Postal Savings Bank Of China have announced plans to raise funds through issuing A-shares to specific entities to supplement core Tier 1 capital. The total amount of funds proposed for subscription by the Ministry of Finance is 500 billion yuan. After the implementation of this capital supplement, it will substantially strengthen the capital strength and risk mitigation capability of large state-owned banks. 2. The world's first operational certificate for low-altitude economy is issued, indicating the industry officially entering the commercialization era Type: Industry Emotional Impact: Positive EHang and HeYi Aviation have received the Civil Unmanned Aerial Vehicle Operation Certificate issued by the Civil Aviation Administration of China. The former is a wholly-owned subsidiary of EHang Intelligent, and the latter is its joint venture company. This is the world's first batch of civil unmanned aerial vehicle operation certificates, indicating that China's low-altitude economy will move from trial operation to commercialization. 3. SASAC: Will strategically restructure the central SOEs in the automotive industry to create a world-class automotive group Type: Industry Emotional Impact: Positive The relevant person in charge of the State-owned Assets Supervision and Administration Commission of the State Council stated that the next step will be to strategically restructure the central SOEs in the automotive industry to increase industry concentration. At the same time, SASAC has also launched the implementation of a plan for revitalizing central SOEs, as well as a development action plan for new energy vehicles. It will focus on the layout of power batteries, automotive chips, intelligent driving systems, using complete vehicles as a breakthrough and core carrier. 4. CSRC issues new regulations: prohibiting strategic allocation investors from participating in IPOs and lending shares during the lock-up period Type: Market Emotional Impact: Positive The CSRC issued a decision on amending the "Regulations on the Issuance and Underwriting of Securities." The amendments focus on four main aspects: including bank wealth management and insurance asset management in the IPO priority allocation system, empowering securities exchanges to formulate rules on classified allocations, completely blocking the path for strategic lock-up shares to be lent out, and achieving comprehensive integration with the new "Company Law." Investment Calendar China's official manufacturing PMI for March will be announced today Investment Tips Investment Tips: In reality, there is a strange but absolutely true phenomenon that the closer you get to the market, the harder it is to see its stupidity. Book Recommendation "The Big Short" by Michael Lewis Editor's Viewpoint Editor's Viewpoint: Last Friday, the three major indexes all fell, with continued low trading volume, and pharmaceutical stocks were active against the trend; BOC International believes that the focus of the earnings season should be on the certainty of performance. Institutional Views 1. BOC International: Focus on the certainty of performance during the earnings season, pay attention to emerging consumption, pig cycle, and the improving medical industry. 2. CITIC SEC: The tariff storm is expected to land in early April, and A-shares are expected to rebound, with the opportunity for positioning core assets on the left side. 3. Orient: Market sentiment has cooled recently, with low trading volume, and the structural rally will not change in the short term. Positive and Negative Outlook 1. The Central Committee and the State Council issued a plan to gradually turn permanent basic farmland into high-standard farmland Type: Policy Focus China Aviation Securities: Under the goal of building a strong agricultural country, Jiangsu Nonghua Intelligent Agriculture Technology will undoubtedly be a key area for support and development. The new generation of large models will delve into various aspects of the agricultural industry chain such as planting decisions, intelligent breeding, Shenzhen Agricultural Power Group e-commerce, and smart water and fertilization. 2. Ministry of Industry and Information Technology accelerates the planning of intelligent connected vehicles, with industry infrastructure construction and commercialization reaching key stages Type: Market Hot Topic CITIC SEC: The upgrade of autonomous driving technology will drive the industry to a volume turning point, with rapid growth expected in the software and hardware markets. Companies with strong technological innovation capabilities, leading sales, and strong vertical integration capabilities are expected to benefit first and drive component companies to benefit as well. 3. Spot gold opened at a new high on Monday, with the historical high refreshed to $3,090 per ounce Type: Market Hot Topic Announcement Digest Positive Announcements 1. PetroChina: Net profit for 2024 is 183.755 billion yuan, proposing a dividend of 0.25 yuan per share 2. Zhangjiagang Guangda Special Material: Net profit for the first quarter of 2025 is expected to increase by 1505% year-on-year 3. Jiangsu Hengrui Pharmaceuticals: Net profit for 2024 increased by 47.28% year-on-year, proposing a dividend of 2 yuan per 10 shares Negative Announcements 1. Maxscend Microelectronics: Net profit for 2024 decreased by 64.20% year-on-year 2. SGSG Science & Technology: The company and related personnel received a warning letter from the Guangdong Securities Regulatory Bureau 3. Shenzhen Jianyi Decoration Group: Fined 1.5 million yuan for failing to disclose debt restructuring information in a timely manner Overseas Markets Self-selected Brother's Reminder: Due to the imminent Trump tariff storm, combined with the collapse of consumer confidence in the United States, all three major U.S. stock indexes fell last Friday, with Tesla dropping more than 3%. Most popular Chinese concept stocks declined, with Alibaba falling more than 2%. This article is a translation from "Tencent Self-selected Stocks." Editor: Jiang Yuanhua.