Macroeconomy
1. General Office of the Communist Party of China Central Committee and the State Council: Issued the Special Action Plan for Boosting Consumption. Strengthen support for childbirth and parenting. Study the establishment of a parenting subsidy system. Guide qualified localities to include flexible employees, migrant workers, and individuals in new forms of employment participating in the basic medical insurance for employees into maternity insurance. Implement a pediatric service initiative to increase pediatric service supply.
2. China News Service: The 2025 China Sleep Health Survey Report released at the China Sleep Big Data Center Conference shows that the average sleep duration for people aged 18 and above in China is 7.06–7.18 hours. Conducted by the Chinese Center for Disease Control and Prevention, the report reveals the sleep health status of Chinese residents and its impact on quality of life.
3. Paul Chan, Financial Secretary of Hong Kong: The Cyberport will host an AI-focused recruitment fair for two consecutive days starting next Friday, with over 580 enterprises and institutions offering more than 2,000 positions, approximately 60% of which are related to AI.
4. China Securities Journal: Recently, major foreign institutions such as Goldman Sachs, UBS, and Citigroup have repeatedly expressed optimism about Chinese assets. Wang Yajun, Co-Head of Equity Capital Markets for Asia (ex-Japan) at Goldman Sachs, stated in a media interview that China’s low valuation levels provide attractive investment opportunities for international long-term investors.
5. Xinhua News Agency: A multi-functional lunar surface operation robot and mobile charging station, led by the Hong Kong University of Science and Technology, will contribute to the Chang’e-8 mission. Equipped with dual robotic arms, the robot can deploy and install instruments, collect lunar samples, and charge other lunar devices as a mobile charging station.
Real Estate Trends
1. General Office of the Communist Party of China Central Committee and the State Council: Issued the Special Action Plan for Boosting Consumption. Better meet housing consumption needs. Continue efforts to stabilize the real estate market, accelerate urban village and dilapidated housing renovations, and fully unleash the potential of rigid and improvement-oriented housing demand. Allow special bonds to support city governments in acquiring existing commercial housing for affordable housing.
2. Shenzhen, Guangdong Province: To address public concerns and consider the liquidity of housing provident funds in Shenzhen, the maximum loan amount for housing provident funds has been increased from 14 times the account balance to 16 times, with no exceeding the upper limit. Residency and first-home restrictions for inter-provincial housing provident fund loans are lifted.
3. Hangzhou Release: Further clarified standards for "good house" construction. Requirements include a minimum floor height of 3 meters for residential buildings. For units ≥160㎡ with floor heating, piped fresh air, or centralized air conditioning, the floor height must be ≥3.15 meters.
Stock Market Review
1. Last Friday: Shanghai Composite Index rose 1.81% to 3,419.56 (weekly +1.39%); Shenzhen Component Index rose 2.26% to 10,978.30 (weekly +1.24%); ChiNext Index rose 2.80% to 2,226.72 (weekly +0.97%).
2. Last Friday: Hang Seng Index rose 2.12% to 23,959.98 (weekly -1.12%); Hang Seng Tech Index rose 2.31% to 5,880.78 (weekly -2.59%); H-share Index rose 2.75% to 8,877.99 (weekly -0.40%).
3. Yonganxing: Controlling shareholder Sun Jisheng is planning a share transfer that may change the company’s control.
4. Huawen Group: Stock suspended trading on March 17; resumes trading on March 18 with name changed to "ST Huawen" and daily price limit reduced to 5%.
5. Jiuding Investment: Clarified media reports linking it to JieDaiBao’s "electronic signature" issue are false. JieDaiBao is owned by Chengdu Jiebao Technology, with no equity relationship to Jiuding.
6. Zhongqingbao: Stock renamed to "ST Zhongqingbao" with 20% daily price limit maintained.
7. Langsha Group: Denied cooperation with Henan Jianzhichu Medical Devices, whose "Langsha" products were exposed in the 3.15 Gala.
8. Guolian Aquatic: Confirmed no involvement in 3.15 Gala issues; defended "0-additive" claims for its platinum shrimp products.
9. Xiangxin Technology: Signed strategic cooperation agreements with Sandu Intelligence (humanoid robot components) and Wudi Electronics (new energy vehicle components).
10. Dongfang Group: Stock suspended trading on March 17; resumes as "ST Dongfang" with 5% daily price limit.
11. Valin Steel: Subsidiary Liugang Electromagnetic Materials plans to raise up to 1.5 billion yuan via external investment for silicon steel project.
12. Shanghai Yahong: Shareholder Xie Yaming plans to reduce holdings by up to 3% (4.2 million shares).
13. Haimo Technology: Chairman Du Qinjie’s spouse Kang Ning and VP Zhang Lei plan to increase holdings worth 10–20 million yuan and 1–2 million yuan, respectively.
14. Fuda Co., Ltd.: To acquire 35% stake in Changban (Yangzhou) Robotics via staged investments totaling 105 million yuan.
15. ArcSoft: Shareholder RuiLian New Industry plans to reduce holdings by up to 3% (12.0351 million shares).
16. Shengde Xintai: Controlling shareholder’s concerted action parties plan to reduce holdings by up to 1% (1.0931 million shares).
17. New Share Subscription: 2 new shares available: Zhejiang Huaye (Growth Enterprise Market) and Kaifa Technology (Beijing Stock Exchange).
18. Unlocking of Restricted Shares: 38 companies with 6.7 billion shares worth 123.07 billion yuan to be unlocked. Guotai Junan leads with 109.841 billion yuan.
Wealth Focus
1. General Office of the Communist Party of China Central Committee and the State Council: Issued the Special Action Plan for Boosting Consumption. Protect rest and vacation rights. Strictly implement paid annual leave systems, with enforcement monitored by labor unions. Local authorities will strengthen regulation and prioritize paid leave compliance.
2. 新京报: Telecom companies face scrutiny over misleading marketing practices. China Mobile, China Telecom, and China Unicom pledged comprehensive self-inspections on March 16.
Industry Observation
1. General Office of the Communist Party of China Central Committee and the State Council: Support new consumption growth. Deepen digital consumption initiatives, cultivate quality e-commerce, and promote "AI+" applications in autonomous driving, smart wearables, UHD video, brain-computer interfaces, robotics, and additive manufacturing.
2. General Office of the Communist Party of China Central Committee and the State Council: Promote ice and snow consumption. Launch ice and snow tourism improvement plans, organize consumption seasons, and build high-quality ice and snow destinations.
3. China Academy of Aerospace Propulsion Technology: A reusable launch vehicle developed by China Aerospace Science and Technology Corporation’s commercial rocket arm successfully completed a second-stage engine test on March 15.
4. 证券时报: Fujian Province plans to strengthen marine industry projects and attract global innovation resources.
5. 上证报: Bahrain’s first satellite, "Munthir," entered orbit on March 15.
6. 界面新闻: Smart drying equipment market penetration may exceed 40% by 2025, enabling energy optimization and user behavior analysis.
7. 央视新闻客户端: UAE’s Etihad-SAT, a synthetic aperture radar satellite, launched successfully from California.
Company News
1. Baidu: Released Wenxin Model 4.5 and X1 on March 16, offering free trials on Wenxin Yiyan. Model 4.5 is priced at 0.004 yuan/1,000 tokens on Baidu Smart Cloud.
2. China Optics Valley: Butterfly Effect, developer of the viral AI agent Manus, is hiring to expand its Wuhan team.
3. Great Wall Motor: Launched "fixed-price" promotions for Haval models, offering discounts up to 40,000 yuan until April 30.
Global Perspective
1. Xinhua News Agency: Two international cruise ships, AIDA Cosmo and Spectrum of the Seas, brought nearly 4,800 foreign tourists to Shanghai’s Wusongkou International Cruise Port on March 16, setting a new record.
2. Germany: Unveiled a draft €500 billion infrastructure fund to boost transportation, climate protection, and defense, relaxing debt limits.
Financial Data
1. New Third Board: 4 new listings, trading volume of 1.338 billion yuan (weekly +8.65%); total listings: 6,084.
2. Last Friday: Onshore RMB closed at 7.2288 (weekly +0.1299%); mid-price: 7.1738 (weekly -0.0460%).
3. Shanghai Environment and Energy Exchange: Carbon trading volume: 124,300 tons; turnover: 10.8284 million yuan; closing price: 88.54 yuan/ton (weekly -1.21%).
4. US Stocks: Dow +1.65% to 41,488.19 (weekly -3.07%); S&P 500 +2.13% to 5,638.94 (weekly -2.27%); Nasdaq +2.61% to 17,754.09 (weekly -2.43%).
5. Europe: DAX +1.86% to 22,986.82 (weekly -0.10%); CAC 40 +1.13% to 8,028.28 (weekly -1.14%); FTSE 100 +1.05% to 8,632.33 (weekly -0.55%).
6. Gold: COMEX futures +0.08% to $2,993.6/oz (weekly +2.6%).
7. Crude Oil: WTI +0.94% to $67.18/bbl (weekly +0.2%); Brent +1% to $70.58/bbl (weekly +0.31%).
Financial Secretary's Tracking: PV "Rush to Install" Sweeps Industry, but Risks Linger?
► 证券日报: New policies on distributed PV and electricity pricing have spurred a "430/531 rush" to complete projects before deadlines. Strong demand for components has led to tight supply and price hikes, with limited price transmission to silicon material due to high inventories.
► Silicon Industry Branch: Rapid demand recovery has reduced silicon wafer and cell inventories, while silicon material prices remain stable. Silicon wafer supply is tight, with inventory at ~10 days.
► InfoLink Consulting: Distributed PV projects are driving price increases. Silicon material prices may stabilize at 39,000–42,000 yuan/ton in March, depending on overseas demand post-domestic rush.