A-shares evening hot topics | The central bank's latest statement! Reiterating the unchanged stance of moderate easing

1. The central bank: continue to implement a moderately loose monetary policy Importance: On March 12th, the Governor of the People's Bank of China, Pan Gongsheng, presided over an economic and financial expert symposium. Pan Gongsheng stated that in the next stage, the People's Bank of China will build a scientifically sound monetary policy system, continue to implement a moderately loose monetary policy, increase counter-cyclical and cross-cycle adjustment efforts, and create a suitable monetary and financial environment for the economy to continue to improve and optimize. 2. Cambrian's revenue surged by over 450% last year, "Bullish" Zhang Jianping's holding amount is nearly 7.5 billion Importance: On March 12th, Cambrian released its 2025 annual report, with the company's operating income reaching 6.5 billion yuan, a year-on-year increase of 453.2%; its net profit attributable to the mother turned from a loss of 452 million yuan in the same period last year to a profit of 2.06 billion yuan. It's worth noting that the annual report showed that major shareholder Zhang Jianping increased his holdings by 408,400 shares to 6.8149 million shares, accounting for 1.62% of the circulating shares, at the closing price of 1099 yuan on the 12th, Zhang Jianping's holding amount is nearly 75 billion yuan. 3. Layout in 50 regions! Ministry of Industry and Information Technology launches city-scale "millisecond computing" special action Importance: The General Office of the Ministry of Industry and Information Technology recently released a notice on organizing the special action of city-scale "millisecond computing" in 2026. The Ministry of Industry and Information Technology plans to carry out the city-scale "millisecond computing" special action in 50 regions in 2026, to enhance computing power efficiency and promote the integration of computing and networks. 4. The third session of the "Minister's Corridor" responds to hot issues such as "overwork-style" competition Importance: On March 12th, the third session of the "Minister's Corridor" of the Fourth Session of the Fourteenth National People's Congress was held at the Great Hall of the People. Minister of Justice He Rong stated that this year's government legislation work will focus on optimizing the business environment, enacting national unified regulations for the construction of a large national market, addressing local protectionism, inappropriate entry conditions, and "overwork-style" competition. He Rong also mentioned that this year, efforts will be made to accelerate the legislation in the field of artificial intelligence, low-altitude economy, revise the Road Traffic Safety Law, and establish regulations on airspace management. 5. National Industrial Information Security Development Research Center reports on matters regarding "lobster" Importance: The National Industrial Information Security Development Research Center issued a Risk Warning Report on the application of OpenClaw in the industrial field: OpenClaw is currently accelerating its deployment in various industrial sectors such as research and design, production, and maintenance management. However, due to the characteristics of OpenClaw such as blurred trust boundaries, unified access through multiple channels, flexible invocation of large models, and dual-mode persistent memory, if effective authorization control strategies or security audit mechanisms are lacking, it may be maliciously hijacked due to instruction induction, supply chain poisoning, leading to control loss of industrial control systems, leakage of sensitive information, and other security risks. 6. The United States will initiate a 301 investigation against 16 trading partners including China, China responds Importance: On March 12th, at the routine press conference of the Ministry of Foreign Affairs, a journalist mentioned that the U.S. government stated that it will launch a new trade investigation on "excess industrial capacity" of 16 major trading partners including China, and the U.S. Trade Representative Office listed the Chinese automotive industry as a so-called "capacity excess" industry. In response, Foreign Ministry spokesperson Guo Jiakun stated that China has always been against all forms of unilateral tariff measures. The so-called capacity surplus is a false proposition, and China opposes the political manipulation based on this pretext. 7. In February, Guoxin Energy Corporation's auto retail sales volume dropped by 32% year-on-year On March 12th, data released by the China Association of Automobile Manufacturers showed that in February, Guoxin Energy Corporation's auto retail sales volume was 464,000 units, a 32% year-on-year decrease. The association believes that since the abolition of the new energy vehicle purchase tax exemption policy in September 2014, which officially ended on December 31, 2025, there has been a certain overdraft effect in January and February this year, representing a significant short-term fluctuation that cannot reflect the long-term market trend. 8. "Buy More as It Falls" Hong Kong stocks have repurchased over 20 billion Hong Kong dollars this year Despite the ups and downs in the Hong Kong stock market this year and significant volatility, listed companies in the Hong Kong stock market have maintained a high enthusiasm for share repurchases. Data shows that since 2026, the total amount of share repurchases in the Hong Kong stock market has exceeded 20 billion Hong Kong dollars, involving over 130 listed companies. When looking at the amount of share repurchases by individual listed companies, the industry-leading companies continue to lead the way, with TENCENT, Xiaomi Group, ZTO Express, GEELY AUTO, SUNNY OPTICAL all having repurchased amounts exceeding 1 billion Hong Kong dollars. Furthermore, GMTEight suggests focusing on investment opportunities in the market such as commercial aerospace. 1. Interstellar Glory Double Parabola 3 reusable launch rocket is expected to make its first flight by the end of the year in 2026. GMTEight believes that although the commercial aerospace sector has experienced short-term fluctuations, industrial technological breakthroughs and commercialization processes are still accelerating. Therefore, investment strategies should be focused on key value chains in the industry, and it is recommended to pay attention to four main investment themes: 1) Rockets and upstream industry chains: Overcoming cost constraints, aiming to lower the key bottleneck of launch costs, focusing on breakthroughs and industrialization of core technologies such as reusable rocket engines, lightweight high-temperature materials, and 3D printing; 2) Satellite manufacturing and core components: Meeting the direct demand of satellite constellation deployment, seizing the clear market opportunities brought by large-scale satellite production, key layouts include phased array TR components, laser communication payloads, space energy, and other critical subsystems; 3) Satellite communication applications and services: Realizing the value of the industry's end scenes; 4) Overseas advanced industry chains: By participating in SpaceX's supply chain, sharing technology spillovers and market growth dividends, priority should be given to upstream suppliers that have provided stable support to top global customers. In addition, the following sectors are worth paying attention to: 2. Film and Television Media | Total box office revenue in 2026 exceeds 11 billion. 3. AI Glasses | Boe Technology Group WE will debut the AI+AR cycling sports glasses in 2026, and is expected to jointly release them with car manufacturers in June. 4. Smart Home | The "Roadmap for the Standardization of the Smart Home Industry" is released. Regarding the slightly positive and negative announcements, GMTEight recommends watching Power Construction Corporation of China, Ltd's (POWERCHINA's signing of a large 13.9 billion yuan photovoltaic project contract, among others; for slightly negative announcements, be aware of Jiangxi Wannianqing Cement Co., Ltd's reduction of its shareholding, among others. Slightly Positive Announcements 1. Power Construction Corporation of China, Ltd (POWERCHINA): Signed a 13.962 billion yuan EPC contract for a photovoltaic project in Abu Dhabi, UAE 2. Kingnet Network: The controlling shareholder intends to increase holdings of the company's shares by no less than 1.5 billion yuan, and all senior executives of the company plan to increase holdings by no less than 9.5 million yuan of the company's shares 3. China Oil Hbp Science & Technology: Executive Zhang Zhongwei and his spouse intend to increase holdings by 2 to 4 million shares 4. Titan Wind Energy: Awarded a 700 million yuan offshore wind power project monopile order 5. Zhejiang Weiming Environment Protection: Consortium wins bid for Indonesia Moowo waste incineration power generation project Slightly Negative Announcements 1. Jiangxi Wannianqing Cement: Shareholders plan to reduce shareholding by not more than 2.88% 2. ENERGY: Multiple shareholders reduced their holdings by 1.1927% 3. Feilong Auto Components: Controlling shareholder reduced holdings by 1.14% 4. Zhuhai Raysharp Technology: Director and General Manager Li Zhiyang plans to reduce shareholdings by not more than 0.42% 5. Changjiang Pharmaceutical Group: Received a delisting decision for its stock, will enter the delisting consolidation period on March 20 Summary of Important Company Performance 1. Avary Holding released its performance report: a net profit of 3.738 billion yuan in 2025, a year-on-year increase of 3.25% 2. Shennan Circuits: A net profit of 3.276 billion yuan in 2025, a year-on-year increase of 74.47%; plans to distribute 2.4 yuan per share This article is a reprint from "Tencent My Stock", GMTEight Editor: Li Fo.