March 10th: Highlights and summaries of the front-page headlines from the four major domestic securities newspapers and important financial media

March 10 (Tuesday), the main highlights of today’s headlines are as follows:

China Securities Journal

Starting with “New” | Banks Inject “Patience” into “Hard Technology” Vitality

The “14th Five-Year Plan” recommends “accelerate high-level technological self-reliance and self-strengthening, leading the development of new quality productivity.” Technology finance is an important support for promoting mutual advancement of technology and finance. It is necessary to accelerate the construction of a technology finance system compatible with technological innovation. As a financial institution deeply rooted in the fertile ground of scientific innovation, Beijing Bank has systematically built a financial service ecosystem covering the entire lifecycle of tech startups—from “first loans” to growth support, and then to mature-stage comprehensive services. It acts not only as a professional fund provider but also as a guardian nurturing tech innovation, fostering the birth and growth of hard tech companies.

Proposed 10-for-69.57 Yuan! Large Dividend Payouts Coming

On the evening of March 9, CATL released its 2025 annual report. The report shows that in 2025, the company achieved revenue of approximately 423.7 billion yuan, up 17.04% year-on-year; net profit attributable to shareholders was about 72.2 billion yuan, up 42.28%. The company also disclosed its 2025 profit distribution plan, proposing to distribute a cash dividend of 69.57 yuan (tax included) per 10 shares to all shareholders, totaling about 31.5 billion yuan. Including the interim dividend already paid in 2025, the total annual dividend payout ratio reaches 50%.

CPPCC Member and Baiyun Electric Group Chairman Hu Dezhao: Accelerate Building a New Power System to Support a Strong Energy Nation

Hu Dezhao, CPPCC member and chairman of Baiyun Electric Group, recently told China Securities Journal that during this year’s two sessions, he focused on advising policies to accelerate the update and renovation of power equipment, promote the development of direct current distribution industry, and support high-quality “going global” of China’s new energy companies.

Li Auto Releases “Soft-Hard Co-Design Law” for Large-Scale On-Device Models to Optimize Assisted Driving Technology

The race to implement intelligent vehicle large models is in full swing. Recently, Li Auto, in collaboration with the National Innovation Decision Intelligence Technology Research Institute, announced the “Soft-Hard Co-Design Law” for on-device large models. This achievement breaks through fundamental AI theories and provides solutions to the core contradiction of limited onboard chip resources and large model algorithms, maximizing the intelligent performance of chips and significantly enhancing the vehicle’s assisted driving experience.

Shanghai Securities News

Inclusive Reforms in Capital Markets Activate the Entire Chain of Tech Innovation

“Enhancing the inclusiveness and adaptability of the capital market system” is a clear requirement in the draft outline of the “14th Five-Year Plan.” Wu Qing, Chair of the China Securities Regulatory Commission, recently stated at the Fourth Session of the 14th National People’s Congress that two new measures—deepening the reform of the Growth Enterprise Market (GEM) and optimizing refinancing mechanisms—will be introduced to further promote the concentration of factors and resources into the field of new quality productivity.

Social Hot Topics Addressed in the Third “Minister’s Channel” Including Transportation, Seed Industry Tech, and Sports Consumption

During the second “Minister’s Channel” interview session of the Fourth Session of the 14th National People’s Congress on March 9, officials from the Ministry of Transport, Ministry of Agriculture and Rural Affairs, and the General Administration of Sport responded to social hot topics.

300 Billion Yuan Special National Bonds to Be Issued; ICBC Expected to Receive Higher Capital Injection

Market consensus suggests that ICBC and Agricultural Bank of China will be the main recipients of this round of capital injection. Additionally, signals from this year’s two sessions indicate that the channels for bank capital replenishment are likely to expand.

February CPI Rises 1.3% YoY; Experts Expect Positive Price Trends

Supported by more proactive macro policies and anti-inflation measures, along with the turning point in the pig cycle and global commodity prices, a moderate rise in CPI and a narrowing, then positive, PPI decline are highly probable. Data released by the National Bureau of Statistics on March 9 show that in February, CPI increased by 1.3% year-on-year—the highest in nearly three years; month-on-month, CPI rose 1%, the highest in nearly two years; core CPI (excluding food and energy) increased 1.8% YoY. Looking ahead, experts believe that with more proactive macro policies, CPI is expected to gradually rise, and PPI will narrow its decline and turn positive.

Securities Times

February CPI Up 1.3% YoY, Near Three-Year High

On March 9, the National Bureau of Statistics announced that in February, driven by concentrated consumption during the Spring Festival, the Consumer Price Index (CPI) rose 1.0% month-on-month and 1.3% year-on-year, reaching the highest levels in nearly two and three years respectively. Core CPI increased 1.8% YoY. Service prices rebounded significantly, becoming the main driver of CPI growth. Meanwhile, influenced by rising international commodity prices, rapid demand growth in some domestic industries, and effective macro policies, the Producer Price Index (PPI) increased for five consecutive months month-on-month, with the YoY decline narrowing for three months. CPI and PPI are key indicators of price changes, and the data indicate an overall warming trend in prices.

Resilience of Chinese Assets: Record Net Buying in Southbound Hong Kong Stock Connect

Despite turbulence in Asia-Pacific markets due to geopolitical tensions in the Middle East, Chinese equities, including A-shares and Hong Kong stocks, showed strong resilience. On that day, Japan’s Nikkei 225 fell over 5%, South Korea’s Kospi declined nearly 6%, but the Shanghai Composite Index, after a significant initial drop, rebounded with some capital inflows, closing only down 0.67%. Many sectors like coal, computers, and power equipment performed well.

External Turmoil Causes Short-Term Sentiment to React; Long-Term Uptrend Remains

Due to escalating Middle East tensions, risk appetite in external markets declined sharply, increasing volatility in A-shares. On March 9, the main indices fluctuated widely, with the Shanghai Composite dropping nearly 2% intraday, and the Shenzhen and ChiNext indices falling over 3%. However, declines narrowed later. By close, the Shanghai index was down 0.67%, with Shenzhen and ChiNext down 0.74% and 0.64%, respectively.

“Goods Rush” Continues; Oil Prices Surge and Spillover Effects Evident

Ongoing disruptions in the Strait of Hormuz, urgent oil storage, and expanded production cuts by Middle Eastern oil producers caused international oil prices to soar over 30% last week. On March 9, oil prices remained strong, surging over 30% intraday to nearly $120 per barrel, the highest since 2022. However, news of the International Energy Agency (IEA) releasing strategic reserves caused prices to dip below $100 per barrel again.

Securities Daily

Accelerated Issuance of Special Bonds; Fiscal Policy Takes Lead to Start Strong

“How to understand this year’s more proactive fiscal policy? In summary: it is reflected both in the scale of funds and in policy coordination, amplifying effects.” Minister of Finance Lan Fu’an said at the Fourth Session of the 14th National People’s Congress that this year, three aspects reached new highs, including a record high in the issuance of new government bonds, with a focus on expanding domestic demand, stabilizing growth, and promoting transformation. Specifically, local government special bonds issued totaled 4.4 trillion yuan.

Oil and Gas ETFs Attract Over 20 Billion Yuan; Premium Risks Highlighted

Recently, domestic oil and gas-themed funds have attracted significant attention, with large inflows via related products. While net asset values and trading prices soared, secondary market premiums also increased. Fund companies issued risk warnings and imposed purchase restrictions to cool overheated market sentiment.

February CPI Up 1.3% YoY; PPI Narrowing Decline

On March 9, the National Bureau of Statistics reported that in February, CPI rose 1.0% month-on-month and 1.3% YoY, with core CPI up 1.8%. PPI increased 0.4% month-on-month and declined 0.9% YoY, with the decline narrowing for three consecutive months.

Dongfeng Motor’s Capital Restructuring Approved; Lantu to List in Hong Kong via Introduction

On the evening of March 9, Dongfeng Motor Group announced that proposals for privatization and for Lantu Auto to list in Hong Kong via introduction received high votes at the special and H-share shareholder meetings. Lantu Auto is expected to complete its Hong Kong listing through share distribution, after which Dongfeng Group will delist and deregister its legal entity.

China National Radio

Deepening Capital Markets | OpenClaw Gains Momentum: Accelerated Industry Deployment, Multiple Challenges Remain

On March 9, the OpenClaw concept sector in A-shares showed counter-trend activity, with stocks like UCloud-W (688158.SH) and Qingyun Technology-U (688316.SH) surging. As a flagship product in open-source AI agents, OpenClaw benefits from autonomous execution, local deployment, and local policies, with commercialization accelerating. Listed companies are expanding in computing power, scenarios, and security. However, industry still faces challenges such as permission governance, data security, and compliance, with a gap between hype and actual performance. Industry insiders advise investors to view industry trends and short-term fluctuations rationally.

Consumer Alert on Blind Box Purchases: Beware of Mismatched Goods and Secondary Sales

On March 9, China Consumers Association issued a consumer warning regarding “blind box” purchases, urging caution against probability traps and encouraging rational consumption. While popular among young consumers for “unknown surprises,” disputes are rising. According to complaints received via the “National Consumer Association Wisdom 315” platform, the average complaint amount is 4,427 yuan, with the highest individual complaint reaching 300,000 yuan.

21st Century Business Herald

560 Billion Yuan Dairy Giant Dumps 2.2 Billion Yuan Burden

Dairy giant Mengtian announced on March 9 that its board will approve the full-year 2025 results on March 25, signaling a move towards leaner operations.

Dongfeng Capital Restructuring Passes with High Vote; Lantu to List in Hong Kong Soon

On March 9, Dongfeng Motor Group (0489.HK) announced that proposals for Lantu Auto to list in Hong Kong via introduction received strong support at the special and H-share shareholder meetings. It is expected that by March 19, Lantu will become an independent high-end new energy vehicle company listed in Hong Kong, marking the “first high-end state-owned enterprise new energy stock.”

Yicai Global

Zhu Xiaohu Turns to “Crayfish Farming”: The Operating System of the AI Era Is Coming

“Incredible ecosystem, crazy speed.” In Shenzhen this March, not only Tencent headquarters was lively. Yicai reporters learned that during a recent OpenClaw crayfish game, Zhu Xiaohu, managing partner of GSR Ventures, expressed amazement. He said “crayfish” is a clear starting point, essentially confirming the OS (operating system) of the AI era.

Pursuit of 6G Commercialization by 2030: Global Standards to Unify, Industry Looks for Precise Capital Support

The industry envisions “one phone per person, capable of flying to the sky and diving into the sea” for 6G. However, when will standards unify, when will commercialization happen, and how to secure capital support remain key concerns. (Source: Dongfang Caifu Research Center)