【Morning Report】Iranian President: Willing to end the war once demands are met; U.S. stocks surge, with technology stocks and Chinese concept stocks significantly outperforming

Macroeconomic News

1. China and Pakistan have put forward a five-point proposal on restoring peace and stability in the Gulf and the Middle East: (1) immediately stop hostilities; (2) open negotiations for talks as soon as possible; (3) ensure the safety of non-military targets; (4) ensure the safety of shipping lanes; (5) ensure the primacy of the UN Charter.

2. The Monetary Policy Commission of the People’s Bank of China (PBOC) held its regular meeting for the first quarter of 2026. The meeting proposed that policymakers should give full play to the integrated effects of incremental policies and stock policies, and make comprehensive use of various tools to strengthen monetary policy control and management. The meeting also proposed that China should continue implementing a moderately accommodative monetary policy, increase efforts in counter-cyclical and cross-cyclical adjustments, better leverage the monetary policy tools’ dual functions in both total quantity and structure, strengthen coordination between monetary and fiscal policies, and promote stable economic growth and a reasonable rebound in prices.

3. In response to questions at a regular press conference on the 31st, Foreign Ministry spokesperson Mao Ning said that after coordination with relevant parties, recently three Chinese vessels transited through the Strait of Hormuz. We express our gratitude to the relevant parties for the assistance provided. The Strait of Hormuz and waters in the vicinity are important international routes for cargo and energy trade. China calls on all parties to stop fighting and hostilities as soon as possible and restore peace and stability in the Gulf region.

4. According to data from the Ministry of Finance, in January and February, the total operating revenue of state-owned and state-controlled enterprises nationwide was 125655.0 billion yuan, up 0.2% year on year; total profits were 6266.2 billion yuan, down 2.0% year on year. At the end of February, the asset-liability ratio of state-owned enterprises was 65.4%, up 0.5 percentage points year on year.

5. On March 31, U.S. President Trump posted on social media saying that allied countries would either buy aviation fuel from the United States or “snatch oil” in the Strait of Hormuz.

6. Iranian President Pezeshkian stated that Iran is willing to end the war, but on the condition that its demands are met, especially with assurances that it will not be subjected to aggression again. Iran’s Foreign Minister Aragchi said that Iran is still receiving messages from the U.S. representative Weitko(f) [Weitkov], but that does not mean negotiations have started; the related exchanges are mainly “warnings or exchanging views.”

7. Trump said that the United States will end its war with Iran within “two to three weeks,” and an agreement with Iran could be reached before then.

8. An Iranian Islamic Revolutionary Guard Corps warning said it will strike companies in the Middle East related to U.S. high-tech companies, including: Cisco, Hewlett-Packard, Intel, Oracle, Microsoft, Apple, Google, Meta, IBM, Dell, Palantir Technologies, NVIDIA, JPMorgan Chase, Tesla, General Electric, and Boeing.

Industry News

1. Caixin/China Finance and Securities reporter statistics based on released annual reports of public mutual funds show that in 2025, there are already 7 fund companies that have generated profits for investors exceeding 1 trillion yuan. Among them, GF Fund ranks first in profit-making ability for investors, at 3156.75 billion yuan; Huaxia Fund ranks second, at 2488.99 billion yuan; and Southern Fund ranks third with 1304.37 billion yuan.

2. On March 30, Moutai officially adjusted its prices. The contract price for a bottle of 53-degree Feitian Moutai increased by 100 yuan. After visiting multiple offline stores in Shenzhen, it was found that some distributors have temporarily delayed shipments, and some products ordered from manufacturers the day before have not arrived at the stores yet. Several merchants said that Moutai’s prices are fluctuating frequently at present, with market conditions changing almost day to day, and nobody dares to stockpile products easily. Meanwhile, at the offline retail end, some stores have raised the prices of related products by nearly 100 yuan.

3. Warren Buffett said the stock market’s valuations still lack attractiveness; if the market experiences a major decline, Berkshire will use cash. Apple is still Berkshire’s largest single investment project, and selling Apple stock is too early.

4. Confirmed by Yadea’s distributors, Yadea has decided to uniformly adjust the ex-factory prices for all-category products starting from 00:00 on April 1, 2026, with an increase of more than 300 yuan per unit.

5. Recently, the nano-level micro-vibration laboratory under China Electronics Engineering Design Institute Co., Ltd. of SDIC Group was officially put into operation in the Xiong’an New Area, providing key support for the independent development of China’s high-end manufacturing industry.

6. Yesterday at ICMA China’s 2026 annual meeting of the debt capital markets, Zhang Yongyi, senior vice president of the development department for fixed income and currency products at HKEX, said that currently the transaction amount of “Swap Connect” continues to grow, with more than 100 domestic and overseas institutions already participating. “Swap Connect” helps further increase the weight of Chinese assets in global markets and improve China’s market attractiveness to overseas investors.

7. Shanghai’s first “housing acquisition and replacement” model was officially signed in Jing’an District. This signing marks a breakthrough progress in Jing’an District in market-oriented revitalization of existing housing and efficient raising of guaranteed-rental housing, providing a replicable and scalable pilot practice for Shanghai’s citywide efforts to raise guaranteed-rental housing resources and improve housing conditions.

8. According to TrendForce’s latest storage price survey, in the second quarter of 2026, due to DRAM original manufacturers actively shifting production capacity to HBM and server applications and adopting a “price catch-up” strategy to narrow price gaps among different products, despite risks of downside revisions in end-market shipments, the overall contract price for generic DRAM is still expected to increase by 58–63% quarter-on-quarter.

Company News

1. CATL announced that its controlling shareholder plans to donate 5 million shares of the company’s stock for free. Based on the closing price yesterday, the corresponding market value is about 2 billion yuan.

2. According to information on the SSE website, the审核 status of the STAR Market IPO of China’s DRAM giant CXMT—Shanghai—has changed to “suspended.” People close to CXMT revealed that this “suspension” is a technical pause during the IPO review process, not a termination of the review.

3. Demingli announced that it expects net profit in the first quarter to be 3.15 billion yuan–3.65 billion yuan, with storage prices continuing to rise.

4. Jiahuaf Shares announced that the actual controller is planning a change in control, and trading will be suspended from today.

5. Huaxin Building Materials announced that net profit in the first quarter is expected to increase year on year by 126%–213%.

6. Zhongli Group announced that disclosures of revenue in its 2024 Q1 report, interim report, and Q3 report were inaccurate, and it has been issued a warning letter.

7. Huawei released its annual report: in 2025, sales revenue was 880.9 billion yuan, and net profit was 68.0 billion yuan RMB.

8. Hongchang Technology announced that the company’s co-investment fund holds 5.5046% equity in Zhang Xue’s motorcycle project; this investment is a financial investment and has a minimal impact on the company.

9. BOE A announced that it plans to repurchase shares worth 3.6 billion yuan–6.3 billion yuan for equity incentives, and plans to repurchase 0.5 billion yuan–1.0 billion yuan of A-share stock for cancellation.

10. Taishen Pharmaceutical announced that multiple R&D projects under development belong to innovative biological products and face numerous risks, such as the possibility that clinical trial progress may not meet expectations.

11. Galaxy Electronics announced that a subsidiary Tongzhi Electromechanical committed the crime of bribery by non-state employees, and was sentenced to a fine of 3 million yuan.

12. Hailiang Shares announced that its controlling subsidiary plans to invest 5.05 billion yuan to build an annual 67,500-ton copper foil production line project.

13. China Satcom announced that in 2025, net profit was 441 million yuan, down 2.92% year on year.

14. Liangmian针 announced that its actual controller will be changed to the State-owned Assets Supervision and Administration Commission of the Guangxi Zhuang Autonomous Region, and it will resume trading from today.

15. ShengTun Mining announced that net profit in the first quarter is expected to increase year on year by 226%–295%, mainly driven by growth in the quantity and prices of its main copper products.

16. Sungrow Power Supply announced its annual report: in 2025, net profit was 13.5 billion yuan, up 22% year on year; it plans to pay a dividend of 6.9 yuan for every 10 shares.

Global Markets

The three major U.S. stock indexes surged higher sharply on Tuesday and posted their largest single-day gain since May last year. The Nasdaq rose 3.83%, the S&P 500 gained 2.91%, and the Dow Jones rose 2.49%. The Nasdaq is still down 4.75% for the month, the S&P 500 is down 5.09% cumulatively, and the Dow Jones is down 5.38% cumulatively. Tech stocks rebounded: Western Digital and Intel rose more than 7%, Oracle rose 6%, and Nvidia, Broadcom, and Google rose more than 5%. Popular Chinese concept stocks rose collectively: the Libby-Lim (Livermore) Chinese-concept stock leading index rose more than 3%, NIO rose more than 9%, iQIYI rose more than 6%, Baidu and Bilibili rose more than 4%, and Alibaba, XPeng, and JD.com rose more than 2%.

Because Iran and the United States have released signals indicating willingness to promote resolution of the conflict, international oil prices fell on Tuesday. The May WTI dropped 1.5%, with a settlement price of $101.38 per barrel. The May Brent contract that expired on Tuesday rose 4.9%, settling at $118.35 per barrel. The more actively traded June Brent contract fell, with a settlement price of $103.97 per barrel.

International precious metals rose for the third consecutive trading day. Spot gold closed up 3.5% at $4,669.22 per ounce; spot silver rose 7.18% to $75.12 per ounce.

LME aluminum prices neared $3,500 per metric ton, rising 10.4% cumulatively in March and posting the largest monthly gain in nearly two years. LME copper rose 0.9% on Tuesday, but fell more than 7% in March cumulatively, the largest monthly decline since June 2022.

Reference for Investment Opportunities

1. Unitree Technology says that within about the next six months it can achieve any-action generation for robots

According to media reports, “The one thing we are most worth pushing forward right now, and that also shows results relatively quickly, is optimizing robot actions. In about the next six months, we will be able to generate any robot actions.” At the Siemens RXD Conference held in Beijing recently, Unitree Technology’s founder, chairman and CEO Wang Xingxing (Edward Wang) discussed with Siemens’ global CEO Roland Busch.

GGII predicts that China’s humanoid robot market size will reach nearly 38 billion yuan by 2030, and the CAGR from 2024 to 2030 will exceed 61%. Huayuan Securities said that the humanoid robot industry in 2026 is entering the key leap from “1 to 10.” Expectations for mass production and improved shipments may lead the upstream core components of the industrial chain to benefit deeply. In the next stage, leading turnkey system manufacturers will sprint into the capital market, and related companies are expected to enter a new round of re-pricing window.

2. After the first flight of iSpace’s Zhuque-2 (Yihuan) mission, it will advance R&D and verification related to reusable technology

Recently, iSpace’s Zhuque-2 Yao-1 (No. 1) launch vehicle (Yao-1) and the international fabric (shining) cargo—Hain Tian)— was successfully launched at the Dongfeng commercial aerospace innovation test area. It is understood that after the Zhuque-2’s first flight, iSpace will advance R&D and verification related to reusable technology. The company has already completed full verification of core technologies such as reentry-atmosphere deceleration and recovery with the Feihong-1 (Li Hong) and is planning to conduct a recovery test at a hundred-kilometer level this year.

Reusable rockets achieve significant cost reductions through the repeated reuse of key components such as first-stage boosters, payload fairings, and other parts. The cost-saving effect is particularly evident in the practices of industry benchmark companies. Zongjianshu of Changjiang Securities pointed out that if China achieves rocket recovery and reuse, it can effectively reduce 70% of launch costs—bringing the rocket launch price from around 100,000 yuan per kilogram to around 20,000 yuan per kilogram—thereby gradually turning rockets from “disposable products” into conventional transport tools, greatly reducing launch costs and accelerating the construction of the national low-orbit internet satellite constellation.