Oriental Fortune Financial Morning Briefing March 23 Monday

Daily Highlights

China Development Forum 2026:

Premier Li Qiang attended the opening ceremony of the 2026 Annual Meeting of the China Development Forum in Beijing and delivered a keynote speech. Li Qiang stated, “The 14th Five-Year Plan is not only China’s new blueprint for development but also a new opportunity for the world.” China will focus on promoting high-quality development, striving to maintain stable economic growth, and continue creating a favorable business environment, fully implementing the national treatment for foreign-funded enterprises, allowing companies from all countries to develop confidently and realize their ambitions in China.

People’s Bank of China Governor Pan Gongsheng said at the 2026 Annual Meeting of the China Development Forum that China will continue to implement a moderately relaxed monetary policy. By comprehensively using tools such as reserve requirement ratios, policy interest rates, and open market operations, maintain ample liquidity.

Financial Law Draft:

The Ministry of Justice and other departments published the “Financial Law of the People’s Republic of China (Draft)” on their official websites, seeking public comments. The draft emphasizes that the state will strengthen risk monitoring in financial markets, establish and improve rapid response mechanisms for financial market risks, and prudently address major risks such as market abnormal fluctuations, panic, and liquidity shortages. Financial regulatory authorities and other relevant departments should strengthen expectation management and policy coordination, conduct impact assessments of major financial policies, coordinate major information releases, and lawfully handle false or misleading information.

Overseas Loan Limit Increase:

The People’s Bank of China and the State Administration of Foreign Exchange jointly issued the “Measures for the Administration of Domestic Enterprises’ Outbound Loans,” further supporting and regulating domestic enterprises’ outbound lending activities. It mentions that the macro-prudential adjustment coefficient for outbound loans by domestic enterprises has been raised from 0.5 to 0.6, increasing the overall cap on outbound loan balances to better meet enterprises’ cross-border operational funding needs.

Consumption:

Ministry of Commerce releases “Policy Measures to Promote the Expansion of Inbound Tourism and Consumption”: The policy includes 16 specific measures across seven areas: expanding inbound tourism, facilitating inbound business activities, activating inbound event consumption, prospering inbound entertainment, expanding inbound health consumption, developing inbound education and training, and improving supporting measures.

Middle East Situation:

U.S. President Trump issued a threat to Iran on the 21st, stating that if Iran does not fully open the Strait of Hormuz within 48 hours, the U.S. will strike and destroy all its power plants. Trump said on social media: “If Iran fails to fully open the Strait of Hormuz without threats within 48 hours from now, the U.S. will strike and destroy Iran’s various power plants, starting with the largest one!”

According to Iran’s Mehr News Agency on March 22, Iran’s representative to the International Maritime Organization stated that Iran allows non-hostile ships to pass through the Strait of Hormuz, but coordination and arrangements on security issues are required. Iran will cooperate with the IMO to improve navigation safety and protect seafarers.

Iranian media reported on the 22nd that the Islamic Revolutionary Guard Corps (IRGC) stated that if U.S. President Trump’s threat to attack Iran’s power plants is carried out, Iran will immediately take four measures, including completely closing the Strait of Hormuz, attacking all Israeli power plants, energy, and information technology facilities, thoroughly destroying all U.S.-owned companies in the Middle East, and striking power plants in Middle Eastern countries with U.S. military bases.

Hot Topics

Domestic Computing Power:

At Huawei’s China Partner Conference 2026, Huawei announced and showcased the Atlas 350 AI training inference acceleration card equipped with the new Ascend 950PR processor. Core Huawei partners including Kunlun, Huawei Kunpeng, Shenzhou Kuntai, Yangtze Computing, Baode, Ruantong Huafang, and Baixin released server products based on Atlas 350, marking the commercial phase of the Ascend 950 inference computing power. The Atlas 350’s single-card computing power reaches 2.87 times that of Nvidia’s H20, and it is currently the only domestically supported FP4 low-precision inference product.

AI Agents:

The National Internet Emergency Center and others jointly released the “OpenClaw Security Practice Guidelines,” offering safety advice for general users, enterprises, cloud service providers, and developers. Recommendations for ordinary users include using dedicated devices, virtual machines, or containers to install OpenClaw; for cloud providers, ensuring supply chain and data security protections.

Real Estate:

Since the implementation of Shanghai’s “Seven Policies” for the property market, nearly a month has passed. Recent surveys show that second-hand home transactions have surged, reaching new highs in several indicators, while the new home market has also seen a mild recovery, with some projects announcing price increases, reflecting optimistic market expectations. All signs indicate that under the precise support of the “Seven Policies,” Shanghai’s real estate market is showing a trend of “increased volume and stable prices,” with the “small spring market” in March becoming increasingly clear.

Rare Earths:

Recently, the Ministry of Natural Resources released the latest mineral exploration results. The verified resource reserves of the rare earth mine in Ma’ning County, Sichuan, at the Maoniuping deposit, amount to 9.6656 million tons of rare earth oxides, along with large deposits of fluorite (27.1354 million tons) and barite (37.2277 million tons). Maoniuping rare earth mine is the second-largest in the world in terms of reserves, after Inner Mongolia’s Bayan Obo mine. Compared to the previously confirmed 3.16 million tons, Maoniuping’s reserves have increased by over 200%.

Weight Loss Drugs:

Recently, Novo Nordisk’s core compound patent for semaglutide in China expired. This means that the long-standing monopoly of this “world’s best-selling drug” has been broken. Over ten domestic pharmaceutical companies have begun generic production, leading to a reassessment of the GLP-1 industry chain, and industry development is entering a new phase.

Company News

Yushu Technology: Recently, the Shanghai Stock Exchange accepted Yushu Technology Co., Ltd.’s application for IPO on the STAR Market. The IPO is expected to raise 4.202 billion yuan, potentially making it the first “humanoid robot” stock in A-shares. The prospectus shows that in 2025, Yushu Technology achieved revenue of 1.708 billion yuan, a year-on-year increase of 335.36%; net profit attributable to shareholders exceeded 600 million yuan, up 674.29%, mainly due to rapid growth in product sales.

ByteDance: ByteDance announced it has reached a final agreement to sell Mouton Technology to Savvy Games Group, a subsidiary of the Saudi Public Investment Fund (PIF), for over $6 billion. Mouton is the developer and publisher of Southeast Asia’s popular MOBA game Mobile Legends: Bang Bang (MLBB), acquired by ByteDance in 2021. ByteDance has heavily invested in AI; in Q4 2025, overall profits declined, and the sale of Mouton is seen as a strategic move to further focus on AI.

Galaxy Aerospace: Recently, according to Qichacha, the well-known commercial aerospace company Galaxy Aerospace changed its registration. Its name changed from “Galaxy Aerospace (Beijing) Network Technology Co., Ltd.” to “Galaxy Aerospace (Beijing) Technology Group Co., Ltd.,” and its business entity type changed from other limited liability company to other joint-stock company (non-listed). This indicates Galaxy Aerospace has completed a share reform, adding another major player to China’s commercial aerospace “military.”

Zijin Mining: In 2025, revenue reached 349.079 billion yuan, up 14.96%; net profit attributable to shareholders was 51.777 billion yuan, up 61.55%. The company plans to distribute a cash dividend of 3.8 yuan (tax included) per 10 shares to all shareholders.

Hengli Hydraulic: The company recently received a notice from its actual controller and chairman Wang Liping’s family, indicating that Wang Liping has been placed under detention by the Jiangsu Provincial Supervision Commission, with a “Notice of Filing” and “Detention Notice” issued.

San’an Optoelectronics: The company received notice from its controlling shareholder, Fujian Sanan Group Co., Ltd., that its actual controller Lin Xiucheng has been detained and placed under investigation by the National Supervision Commission. Lin Xiucheng has not held any position in the company since July 10, 2017. The company states that operations are normal, governance is sound, and the incident will not significantly impact production or management. The company will continue to monitor the situation and fulfill disclosure obligations.

Mingde Bio: The company expects a total loss of 50 to 75 million yuan in 2025, with net loss of 15 to 25 million yuan, and non-recurring profit/loss of 100 to 140 million yuan. Revenue after deducting non-recurring items is estimated at 237 to 297 million yuan. Due to negative net profit and revenue below 300 million yuan after deductions, *the stock may be subject to delisting risk warning (ST) after the 2025 annual report is disclosed. The final data is subject to the audited annual report.

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Bond Market Overview

Shibor: On March 20, the overnight Shibor was 1.3190%, down 0.20 basis points; the 7-day was 1.4170%, down 0.60 basis points; the 14-day was 1.5230%, up 3.40 basis points; the 1-month was 1.5140%, down 0.40 basis points; the 3-month was 1.5220%, down 0.60 basis points.

Euro Bonds: In European trading, the German 10-year government bond yield rose 8.2 basis points to 3.043%, up 6.0 basis points weekly, trading in the 2.876%-3.049% range. The 2-year German bond yield increased 8.4 basis points to 2.672%, up 23.0 basis points weekly, in the 2.362%-2.683% range; the 30-year yield rose 7.4 basis points to 3.528%, down 0.4 basis points for the week. The 2/10-year spread widened by 0.166 basis points to +36.608 basis points, down 16.861 basis points weekly. The UK 10-year yield rose 16.2 basis points to 5.005%, up 17.7 basis points weekly, showing a V-shaped reversal. The 2-year UK yield increased 18.2 basis points to 4.577%, up 44.4 basis points this week. The 30-year yield rose 14.4 basis points to 5.578%, up 7.8 basis points; the 50-year yield increased 15.2 basis points to 5.146%, up 8.7 basis points weekly. The 2/10-year spread narrowed by 1.779 basis points to +41.953 basis points, down 27.157 basis points for the week. France’s 10-year yield rose 11.2 basis points to 3.755%, up 7.7 basis points weekly, showing a W-shaped pattern. The 2-year French yield increased 1.06 basis points to 2.853%, up 23.2 basis points; the 30-year yield rose 9.1 basis points to 4.500%, roughly flat for the week. Italy’s 10-year yield increased 17.7 basis points to 3.956%, up 16.3 basis points weekly. Spain’s 10-year yield rose 11.0 basis points to 3.576%, up 7.8 basis points; Greece’s 10-year yield increased 16.8 basis points to 3.944%, up 15.6 basis points.

U.S. Bonds: At New York’s close, the 10-year benchmark Treasury yield rose 13.03 basis points to 4.3796%, up 10.29 basis points weekly. The 2-year yield increased 10.77 basis points to 3.9001%, up 18.33 basis points. During the week, the 20-year yield rose 8.16 basis points to 4.9709%; the 30-year yield increased 3.38 basis points to 4.9377%. The 3-year yield rose 18.14 basis points to 3.9177%; the 5-year rose 15.03 basis points to 4.0081%; the 7-year rose 14.36 basis points to 4.1976%. The 2/10-year spread narrowed by 8.251 basis points to +47.522 basis points. The TIPS (Treasury Inflation-Protected Securities) 10-year yield rose 9.43 basis points to 1.9893%; the 2-year TIPS yield fell 0.83 basis points to 0.5195%, after dropping to 0.3253 before the U.S. stock market opened on March 18; the 30-year TIPS yield increased 4.43 basis points to 2.7080%.

Commodity Futures

Domestic Futures: On March 20, most domestic commodity futures declined. LU fuel oil fell over 8%, Shanghai silver and bottle chips dropped over 6%, PTA, para-xylene, and fuel oil fell over 4%, asphalt, Shanghai gold, crude oil, and Shanghai tin declined over 3%. Gains included liquefied gas (+8%), manganese silicon (+3%), starch, ethylene glycol, pulp, and caustic soda (over 2%).

International Gold and Silver: COMEX gold futures for the current month fell $113.70, a 2.47% decline, to $4,492.0 per ounce. COMEX silver futures declined $3.40, a 4.78% drop, to $67.81 per ounce. Spot gold fell $156.33, a 3.36% decrease, to $4,494.44 per ounce. Spot silver dropped $4.91, a 6.74% decline, to $67.9 per ounce.

International Crude Oil: On March 20, oil prices rose. NYMEX WTI crude futures for the current month increased $2.54 to $98.09 per barrel, a 2.66% rise.

International Metals: LME copper fell $217 to $11,930 per ton, approaching the December 22, 2025, close of $11,925 and the September 24 close of $9,927.50, down 6.65% weekly. LME aluminum declined $37 to $3,215 per ton, down 6.54%. LME zinc fell $4 to $3,067 per ton, down about 6.95%. LME lead rose $9 to $1,896 per ton, down about 6.29%. LME nickel increased $35 to $17,019 per ton, down 1.43%. LME tin dropped $261 to $43,279 per ton, down over 8.03%. LME cobalt remained flat at $56,290 per ton.

International Agricultural Products: NY Bloomberg grain index fell 1.33% to 31.4890 points, down 3.01% weekly. During the week, CBOT corn futures declined 0.21%, wheat futures fell 2.93%. CBOT soybeans dropped 0.68% to $11.6050 per bushel, down 5.28% weekly, with sharp declines on March 16 followed by narrow fluctuations; soybean meal futures rose 1.64%, soybean oil futures fell 2.83%.

Forex Market

Renminbi: On March 20, onshore RMB closed at 6.88170 at 16:30 Beijing time, up 196 points. Offshore RMB at 18:00 was 6.88924, up 78.1 points. The onshore/offshore RMB spread at 18:00 was -13.4.

RMB FX Swaps: As of 16:30 Beijing time on March 20, USD/CNY 6-month swap was -791 points; 1-year swap was -1524 points.

US Dollar: The dollar index rose on the 20th. It increased 0.42% to close at 99.641. At NY close, 1 euro was 1.1559 USD (below 1.1560), 1 GBP was 1.3337 USD (below 1.3404). USD/JPY was 159.22, above 157.83; USD/CHF was 0.7885, below 0.7905; USD/CAD was 1.3707, below 1.3727; USD/SEK was 9.3594, above 9.3180.

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