Trading Must-Read: Positive or Negative News Affecting the Stock Market_March 25, 2026_Financial News

Topic: External uncertainties expected to become clearer; A-shares are poised to shift from defense to offense

Market-moving bullish and bearish news

Macro news

1. On the 24th, Wang Yi, a member of the Political Bureau of the CPC Central Committee and Minister of Foreign Affairs, held a phone call with Iran’s Foreign Minister Aragchi as scheduled. Aragchi said the Strait of Hormuz is open to everyone, and ships can pass safely, but countries currently engaged in fighting are not under consideration. He hoped that steps taken by all sides would help cool down the situation rather than escalate the conflict. He expected China to continue playing a positive role in promoting peace and stopping the war. Wang Yi reiterated China’s principled position, stressing that all hot-button issues should be resolved through dialogue and negotiation, not through the use of force. He hoped that all sides would seize every peaceful opportunity and window, and initiate peace talks as soon as possible. China will continue to uphold an objective and impartial stance, oppose violations of other countries’ sovereignty, actively urge peace and stop the war, and work toward regional peace and stability.

2. Yesterday, Lin Jian, spokesperson of the Ministry of Foreign Affairs, presided over a regular press conference. A reporter asked that, according to information that the media obtained from Japan’s drafting of a diplomatic “blue book” draft, Japan plans to downgrade China–Japan relations from one of the most important bilateral relationships. Lin Jian said that if Japan genuinely wants to improve and develop China–Japan relations, it should adhere to the four political documents between China and Japan and to its own commitments, withdraw the erroneous Taiwan-related remarks at an early date, and seriously reflect and correct course, so as to maintain the political foundation of China–Japan relations with practical actions.

3. In a segment of an interview broadcast on March 23 by Iran’s national television, Mohammad Rezaei, the newly appointed senior military adviser to Iran’s Supreme Leader, emphasized that Iran will not stop the war until Iran receives all compensations, all economic sanctions are lifted, and Iran obtains international legal guarantees that the United States will not interfere in Iran’s affairs.

4. The central bank announced that, to keep ample liquidity in the banking system, on March 25, 2026, the People’s Bank of China will conduct an MLF operation totaling 500 billion yuan using a tendering process with a fixed quantity, an interest rate tender, and a multiple-price winning method, with a term of one year.

5. On March 24, Zheng Shanjie, director of the National Development and Reform Commission, met Lee Jae-yong, chairman of Samsung Electronics of South Korea. Zheng Shanjie said that the NDRC welcomes Samsung in seizing the opportunities arising from China’s continued expansion of opening up, and in strengthening its confidence and determination to develop in China. He added that Samsung should further expand investment and cooperation in China, actively safeguard the stability of the global semiconductor production and supply chain, and achieve mutual benefit and win-win results.

6. On March 23, Wang Wentao, Minister of Commerce, met the chairman of the board of the U.S.–China Business Council, Ryspeberg, and a delegation of member enterprises led by the association’s president, Tansom. Wang Wentao emphasized that China’s “15th Five-Year Plan” outline is not only a “new blueprint” for China’s development, but also “new opportunities” for world development. He welcomed U.S. companies to continue to deepen their efforts in the Chinese market, developing and progressing together with China. Representatives of the U.S. business community attending the meeting said that they view China as a strategic market and a long-term partner that cannot be replaced, and will actively align with China’s development plans, further deepen cooperation with China, and achieve mutual benefit and win-win results.

7. Zhou Liang, a Party committee member and deputy director of the State Administration of Financial Regulation, is suspected of serious violations of discipline and law. He is currently undergoing disciplinary review and supervisory investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.

8. Yesterday, Lin Jian, spokesperson of the Ministry of Foreign Affairs, presided over a regular press conference. In response to a question from a reporter, Lin Jian said that U.S. President Trump stated that, to leave room for negotiations, he would postpone the strikes on Iran’s power generation facilities by five days. Lin Jian said that the prolongation of hostilities does not serve the interests of any party; a ceasefire and dialogue is the only way out. China is deeply concerned that the current situation is continuously escalating and spilling over, impacting regional and international peace and stability. China calls on the relevant parties to immediately stop the fighting and stop the war, and to return to the track of peaceful dialogue as soon as possible.

9. According to reports by Israeli media, the United States intends to propose a one-month ceasefire plan so as to discuss an agreement with Iran containing 15 points and aimed at ending the war. The United States has proposed a negotiation plan to Iran including “15 conditions,” such as Iran’s解除 of existing nuclear capabilities, a commitment not to develop nuclear weapons, and a ban on uranium enrichment on its own territory. As a quid pro quo, Iran may receive comprehensive lifting of international sanctions and U.S. support for its development of civilian nuclear projects.

10. Trump said that Iran has agreed to “never possess nuclear weapons.” The U.S. side has “achieved victory” in its actions against Iran, and Iran has already been “fully defeated.” The United States is communicating with “the right people,” and Iran “hopes to reach an agreement.”

Industry news

1. Yesterday, Philippine President Marcos announced that the country has entered a national energy emergency state to address energy issues caused by the conflict in the Middle East. Marcos announced the launch of a “whole-of-government” coordinated response to ensure stable energy supply and to support key sectors such as transportation, agriculture, and small and medium-sized enterprises, protecting the public from the impacts of potential disruptions in oil supply.

2. On March 24, the Party committee of the State-owned Assets Supervision and Administration Commission of the State Council held an expanded meeting. The meeting stressed that efforts should focus on accelerating the layout of high-tech industries, guiding central enterprises to move more eligible research institutions, high-tech enterprises, and pilot testing bases to Xiong’an New Area. It also called for encouraging central enterprises to carry out independent innovation, speed up efforts to tackle key core technologies, and promote the transformation and application of relevant results in Xiong’an New Area.

3. On March 24, Liu Jinyin, chief China stock strategy analyst at Goldman Sachs, said that amid increasingly tense geopolitical conditions in the Middle East and soaring energy prices, Goldman Sachs maintains its overweight recommendation for China’s stocks (A-shares and H-shares) and believes that in the short term, the Sharpe ratio for A-shares is higher.

4. Affected by a pullback in international gold prices from high levels, prices of branded gold jewelry have continued to slide. Market information suggests that the oscillating decline in gold prices disrupted some brands’ price-increase plans, and Chow Tai Fook’s “one price” product repricing plan has been postponed multiple times. In response, multiple Chow Tai Fook stores in the Beijing area said that the repricing plan indeed has been delayed.

5. International oil prices surged sharply recently, putting cost pressure on downstream paint companies. Since crude oil accounts for more than 40% of paint costs, paint prices and oil prices are highly correlated. When crude oil prices rise, it quickly drives up the prices of oil-derivative solvents, resins, additives, and so on.

6. Since March, in places including Xinjiang, Yunnan, and Shanghai, small and medium-sized banks have frequently cut interest rates on time deposits, covering multiple types such as city commercial banks, rural commercial banks, town and village banks, and private banks. The cut幅 ranges from 5 basis points to 80 basis points. This adjustment features full-tenor coverage and some banks with notably larger rate cuts. As a result, interest rates for medium- and long-term time deposits such as two-year, three-year, and five-year terms have generally fallen below “2,” entering the “1” range.

7. A analyst at Wedbush Securities said that the current sell-off in technology stocks represents a buying opportunity in the AI revolution, especially in the areas of cybersecurity and software—areas that have suffered from the market’s “unfair treatment.” The core logic behind technology stocks remains intact, and this kind of volatility may only last for weeks rather than months.

Company news

1. Xiaomi Group announced that its full-year 2025 adjusted net profit was 39.17 billion yuan, up 44% year over year.

2. Source: U. Technology announced that its 2025 net profit was 191 million yuan; it turned a loss into a profit year over year, and it plans to distribute 7 yuan for every 10 shares and transfer 4.5 shares.

3. Ideal Automobile announced a $1 billion stock buyback plan.

4. 3. Storage announced that it signed a $1.5 billion contract for the procurement of storage wafers.

5. CNOOC Services announced that its 2025 net profit was 3.84B yuan, up 23% year over year.

6. Tianfu Communications said on an interactive platform that its 1.6T optical engine products are being delivered normally, and some materials are facing phased supply tightness.

7. China Telecom disclosed its annual report: 2025 net profit was 1.6T yuan, up 0.5% year over year.

8. Haitian Shares announced that there are uncertainties regarding matters including developing perovskite slurry materials and other cooperation under a strategic cooperation agreement with Tongwei Solar.

9. Hubian Shares announced that its 2025 net profit increased 47.74% year over year, and it plans to distribute cash of 5 yuan for every 10 shares.

10. Genner Communications announced that it is planning to acquire Hangsheng Electronics’ controlling rights, which is expected to constitute a major asset restructuring.

Global markets

With the outlook for reopening the Strait of Hormuz still unclear, international crude oil prices once surged significantly. The settlement price for WTI May crude oil futures was 92.35 USD per barrel, up 4.79%; the settlement price for Brent May crude oil futures was 104.49 USD per barrel, up 4.55%. However, after reports that the U.S. is seeking a one-month ceasefire to advance negotiations with Iran, both U.S. oil and Brent crude prices plunged in a straight line and erased the gains made earlier.

Influenced by news released by Israeli media that the U.S. is seeking a one-month ceasefire, international precious metals rallied into the close. Spot gold finished up 1.48%, closing at 4,473.25 USD per ounce; spot silver rose 3.08%, closing at 71.29 USD per ounce.

The three major U.S. stock indexes all closed lower. The Dow Jones fell 0.18%, the S&P 500 fell 0.37%, and the Nasdaq Composite fell 0.84%. Signs emerged of a rotation into small-cap stocks, with the Russell 2000 rising 0.5%. Reports said that Amazon is developing a new type of AI agent to replace part of the functions of certain departments, reigniting market fears about AI’s disruptive impact. U.S. software stocks fell sharply: Salesforce fell more than 6%, AppLovin fell more than 5%, Adobe fell more than 3%, and Microsoft fell more than 2%.

Popular Chinese concept stocks closed mixed. The Nasdaq Golden Dragon China Index fell 0.43%, while the Leverage-lesser Chinese concept stock leaders index rose 0.2%. Bilibili fell more than 3%, while Baidu and Netease fell more than 1%. Li Auto rose more than 3%, and PDD Holdings rose 1.9%.

Reference for investment opportunities

1. The storage gap is huge! The CEO of Phison says 70% of demand cannot be met

据 media reports, Pan Jiancheng, CEO of Phison, a major NAND flash controller manufacturer, said that Phison can currently meet only 30% of customer demand, leaving as much as 70% of the gap that cannot be handled. Pan Jiancheng analyzed that this round of the storage supercycle differs from past consumer electronics favorable cycles. The current storage market is very strong primarily driven by the building and deployment of AI data centers, showing structural growth.

CITIC Securities said that AI large-model technology is iterating and upgrading beyond expectations, with a surge in global Token consumption. This brings massive demand for data storage, processing, and retrieval, ushering in a super bullish cycle for the storage industry.

2. The National Data Bureau says it will work with relevant departments to vigorously push the computing-power-and-electricity coordination project

据 media reports, Liu Lihong, director of the National Data Bureau, said on March 23 at the 2026 annual conference of the China Development High-level Forum that, in the next step, the bureau will work with relevant departments to vigorously push the computing-power-and-electricity coordination project. This is to ensure that the share of grid electricity/green power applications in newly built computing-power facilities at hub nodes reaches more than 80%, maximizing the support role of green electricity.

Green power companies are direct beneficiaries of computing-power-and-electricity coordination. As policy requirements raise the share of green power in data centers, market demand for green power companies such as wind and solar will continue to expand. A research report by Huachuang Securities pointed out that electricity costs have already accounted for 56.7% of operating costs for data centers and are the primary expense item. Meanwhile, driven by AI, data center scale will continue to expand. It is expected that in 2026, the total computing power scale in China will reach 767 EFlops, with the share of intelligent computing power reaching 73%. This will directly drive a surge in power demand.

Trading halt and resumption

【Trading halt】

000908 *ST Jingfeng

【Resumption】

None

Company announcements—highlights

【Highlights】

Guofa Shares: A judicial auction will dispose of 3.4% of the company held by its controlling shareholder, which may lead to a change in the actual controller.

*ST Jingfeng: Withdraw the risk warning for delisting risk and continue implementing other risk warnings; the stock will be halted for one day on the 25th.

Phison Storage: Signed a $1.5 billion storage wafer procurement contract to lock in part of the quantity for the next 24 months in advance.

Dongwei Semiconductor: Plans to acquire 53.09% of the equity of Huinengtai Semiconductor for 408 million yuan, and also plans to transfer the remaining 5.32% equity.

Xiamen Tungsten Industry: Plans to acquire 69% equity of Jiujiang Dadi Mining for 295 million yuan.

Ningbo Energy: Recently, there have been unusual movements in the share price; the company’s primary business has not changed.

【Operating performance】

Liscan Biopharma: 2025 net profit up 125.59% year over year; plans to do 10-for-2 bonus shares and distribute 6 yuan per share.

Xinel Electronics: 2025 net profit up 116.86% year over year; plans to distribute 1.2 yuan per 10 shares.

Source: U. Technology: 2025 net profit of 191 million yuan, turned a loss into a profit year over year; plans to do 10-for-4.5 bonus shares and distribute 7 yuan per share.

Chinese Enterprise: 2025 net profit of 119 million yuan, turned a loss into a profit.

Lizhu Group: 2025 net profit down 1.84% year over year; plans to distribute 14.3 yuan per 10 shares.

【Insider share increases/decreases & buybacks】

Bainiful: Director Shen Jindong plans to increase holdings of the company by 50 million to 100 million yuan.

Juli Special Materials: Plans to repurchase company shares of 150 million to 200 million yuan.

Three Squirrels: Plans to repurchase company shares of 100 million to 200 million yuan.

Sanquan Foods: Plans to repurchase company shares of 75 million to 150 million yuan.

Ningbo Dongli: Plans to repurchase company shares of 60 million to 120 million yuan.

Jingneng Heat: Specific shareholders plan to reduce their holdings in total by no more than 4% of the company’s shares.

Taijia Shares: Zoomlion plans to reduce its holdings in the company by no more than 3% of the company’s shares.

Qianqian Ecology: Suoyuan Technology plans to reduce its holdings in the company by no more than 3% of the company’s shares.

Jujiao Shares: Shareholder Zheng Chaoyang plans to reduce its holdings in the company by no more than 3% of the company’s shares.

【Other】

Fanfan Shares: Plans to list and transfer 60% equity of Jingying Optoelectronics.

Bori Pharmaceutical (rights protection): BGM0504 film tablet phase I clinical trial for the reduced weight adaptation indication has achieved positive results.

Endless information and precise analysis—on the Sina Finance app

责任编辑：郭栩彤