Financial Morning Report: Over 70% of A-Share Companies Report Profits in Annual Reports | March 17, 2026

Special Topic: Energy Cycle Disruptions Do Not Change the “Transition Bull” Tech Mainline and Value Revaluation Resonance

【Top News】

China-U.S. held economic and trade consultations in Paris, France | Both sides study establishing a cooperation mechanism to promote bilateral trade and investment

He Lifeng stated that under the strategic guidance of the important consensus between the two heads of state, after five rounds of economic and trade consultations last year, China and the U.S. reached a series of results in the trade and economic fields, injecting more certainty and stability into their economic and trade relations and the global economy. Recently, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act were illegal. Subsequently, the U.S. imposed a 10% import surcharge on all trading partners under the Trade Act of 1974, and also introduced negative measures related to China such as the Section 301 investigation, corporate sanctions, and market access restrictions. China opposes the U.S. unilateral tariffs consistently, urges the U.S. to fully cancel such restrictions, and will take necessary measures to firmly defend its legitimate rights and interests. It hopes that the U.S. and China will work together to implement the important consensus of the two heads of state, continuously expand the cooperation list, reduce the issues list, and promote the healthy, stable, and sustainable development of China-U.S. economic and trade relations.

Oil prices “flash crash” and collapse the dollar! Chinese assets surge, safe-haven assets falter, gold drops below $5,000

International oil prices plummeted on the 16th, with WTI crude futures closing at $93.50 per barrel, down 5.28%; Brent crude futures closed at $100.21 per barrel, down 2.84%. Cryptocurrencies strengthened, with Bitcoin surpassing $74,000, up 3.63% intraday; Ethereum rose over 9%, trading at $2,361 per coin; SOL and Dogecoin rose over 6%.

The world’s largest bauxite exporter considers export controls

Guinea, the largest producer of bauxite, is discussing with miners about controlling the amount of ore released to curb the downward trend in raw material prices. As a raw material for producing alumina, bauxite prices have nearly halved since early 2025. Last year, Guinea’s bauxite exports increased by over a quarter year-on-year to 183 million tons. Bouna Sylla, Minister of Mining and Geology, said to the media: “This policy aims to regulate bauxite production to prevent further price drops, thereby avoiding reductions in corporate income and government tax revenue.”

Multiple countries say they will not participate in the Hormuz Strait escort; Trump complains that allies “don’t help”

Since the U.S. and Israel launched military strikes against Iran, shipping through the Strait of Hormuz has been nearly completely halted. President Trump plans to announce the formation of the so-called “Hormuz Alliance” to control the strait and pressure European, Asian, and Gulf countries to send warships. However, so far, many countries have been cautious or explicitly refused, with no public response to U.S. calls.

5-minute overview of Jensen Huang’s GTC speech: trillion-dollar revenue, LPU, space chips, one-click “shrimp farming”!

At GTC, Jensen Huang predicted that NVIDIA’s flagship computing chips could generate $1 trillion in revenue by 2027; he also showcased the Vera Rubin AI factory platform, LPU inference architecture, CPO switches, and space data center modules, and launched NemoClaw AI infrastructure, aiming to build a full-stack AI ecosystem from edge, data centers, to orbital computing. Early Tuesday Beijing time, Huang delivered a two-and-a-half-hour speech, bombarding the industry with concepts of AI hardware and software.

For capital markets, today is also a fruitful day—most of the pre-anticipated hype concepts have been realized, and Huang’s latest explosive financial outlook for computing chips’ revenue surprised many.

A-share 2025 annual reports released: over 70% profit growth, leading companies show resilience

Data shows that as of 8 p.m. on March 16, 100 A-share listed companies had disclosed their 2025 annual reports, with over 70% achieving year-on-year performance growth. Many industry leaders performed well. From a dividend perspective, 76 companies plan to pay cash dividends, with 61 companies paying over 1 yuan (tax included) per 10 shares.

A-share new consumer IPO set to reopen; who will get the “first bite”?

After nearly three years, the A-share market is reopening its doors to consumer companies.

Recently, Wu Qing, Chairman of the China Securities Regulatory Commission, stated that a more precise and inclusive listing standard will be added to the ChiNext to support high-quality innovative and entrepreneurial enterprises in new consumption and modern service industries to list on the ChiNext. This has been widely interpreted as a clear signal of the “new consumption IPOs reopening.” Since the “8.27 New Policy” in 2023, many consumer companies have shifted to Hong Kong stocks due to tightened listing channels in A-shares. Now, with the reform plan for the ChiNext about to be implemented, the market is eager to see which new consumer companies will be the first to land on A-shares.

“Introducing new listing standards is a phased response to China’s economic restructuring,” said Liu Shengyu, partner at Gaohe Investment Management. Essentially, this is also an important signal that the capital market is actively adapting to the “new economic structure.”

Mobile phones: multiple manufacturers announce price adjustments; some models surged by 1,000 yuan overnight

Previously, several mobile phone manufacturers’ leaders publicly stated that memory price increases have pressured related businesses. OPPO, vivo, and others announced mid-March price hikes for some models. Driven by explosive demand and capacity shortages, storage chip prices have continued rising since September 2025.

Banks face mass redemption of high-yield preferred shares; institutional asset management faces “replacement” challenges

In a low-interest-rate environment, more listed banks are redeeming preferred shares. Recently, China Merchants Bank announced plans to redeem 27.5 billion yuan of “CMB Preferred 1” in April, making it the third bank this year after China Everbright Bank and Ping An Bank to announce preferred share redemptions. Since last year, with declining yields on Tier 2 capital bonds and perpetual bonds, more banks have chosen to proactively redeem high-yield preferred shares, further shrinking the market size.

Experts say this is a practical move by commercial banks to optimize capital structure and reduce financial costs.

Financial management companies: rating supervision promotes industry shift toward “quality first”

The Financial Regulatory Authority recently issued the “Interim Measures for the Supervision and Rating of Wealth Management Companies,” which classifies firms into grades 1-6 and S-level, with different risk characteristics and regulatory measures for each. Different grades will face tailored supervision. Zeng Gang, director of the Shanghai Financial and Development Laboratory, said this will significantly impact the development of wealth management firms.

The measures specify: Grades 1-2 are stable and low-risk, mainly supervised remotely and routinely, with support for innovative pilot businesses like pension wealth management; Grades 3-4 have certain or many risk issues, requiring strengthened supervision and corrective measures; Grades 5-6 have serious risks, requiring real-time risk tracking and strict restrictions; S-level firms are undergoing restructuring, takeover, or market exit, and do not participate in the current year’s rating.

Hydrogen energy comprehensive application pilot work launched to promote large-scale development across multiple fields

On March 16, the Ministry of Industry and Information Technology, the Ministry of Finance, and the National Development and Reform Commission jointly issued the “Notice on Conducting Hydrogen Energy Comprehensive Application Pilot Work.” The goal is that by 2030, hydrogen energy in urban clusters will be widely applied across various fields, with the terminal hydrogen price dropping below 25 yuan per kilogram on average, and some regions reaching around 15 yuan; the national fuel cell vehicle fleet will double compared to 2025, reaching 100,000 units. The aim is to promote technological, process, and equipment breakthroughs, making hydrogen a new economic growth point.

Alert on AI intrinsic risks: Ministry of State Security issues OpenClaw “Lobster” safety farming manual

The Ministry of State Security pointed out that the rapid popularity of “Lobster” stems from its unique production features. Unlike traditional large models, “Lobster” no longer just provides advisory solutions but can execute user commands remotely via chat programs, autonomously completing tasks from file management, email drafting, calendar scheduling, to web browsing. It has many skill plugins, allowing users to assemble toolchains like Lego for various scenarios. Crucially, “Lobster” has “self-evolution” capabilities, with long-term memory of user records, continuously understanding behavior preferences, becoming “more understanding the more it is used,” hence the nickname “raising lobsters.” It can also proactively perceive external conditions based on user needs, enabling “night commands and morning results.”

February sees more cities with rising home prices; market signals recovery

The real estate market shows signs of recovery. Data from the National Bureau of Statistics on March 16 indicates that in February, the decline in home prices in 70 large and medium-sized cities continued to narrow. The number of cities with month-on-month price increases for new homes increased by 5 compared to the previous month. First-tier cities’ new home prices stabilized after a 0.3% decline last month. Industry insiders believe that the continued narrowing of price declines and the stabilization of new home prices in first-tier cities are direct signs of market warming, and the increasing number of rising cities further confirms the recovery trend.

Storage chips: AI-driven demand surges; price hikes expected throughout the year

Several industry insiders told reporters that in the spot market, some storage products have already increased in price by nearly 20% since February; in the futures market, led by Samsung and SK Hynix, global storage prices are set to rise in Q2, with a capacity gap for high-bandwidth memory (HBM) expected to reach 50-60%, making price increases the main trend.

【Stock Trading APP?】 Sina Finance APP collaborates deeply with over a dozen securities firms, offering convenient stock account opening functions, direct access to brokers’ managers, real-time response services. It features millisecond-level real-time quotes, smart alerts for key price levels, and comprehensive coverage of global financial markets 24/7, including free Level-2 data, multiple technical analysis tools, and main fund monitoring services.

【Topic Companies】

Suda Shares Chairman Li Xiyuan under detention; listed only for a year and a half, received warning letter from CSRC in early March

Suda announced that as of the disclosure date, other directors and senior management are performing their duties normally, ownership remains unchanged, operations are normal, and Li Xiyuan’s detention does not significantly impact daily operations. No investigations or related documents have been received from authorities. The company will monitor developments and fulfill disclosure obligations promptly.

Yonghui Supermarket’s private brand calls on Sam’s: Don’t force suppliers to choose

Yonghui’s private brand “Yonghui Quality” issued an open letter to Sam’s, urging “no, six musts.” The letter emphasizes opposing unfair competition, especially not forcing suppliers to choose sides, and calls for maintaining integrity and focus on quality.

Alibaba assembles AI team, establishes Token Hub, with mysterious “Wukong Division” targeting B-end applications

This organizational adjustment marks Alibaba’s strategic move into the AI agent era, centered on Token Hub, strengthening AI strategic coordination, and advancing AI deployment. The Alibaba Token Hub includes Tongyi Labs, MaaS, Qianwen Division, Wukong Division, and AI Innovation Division, covering foundational model research, model service platforms, and AI applications for individuals and enterprises. The Wukong Division, appearing publicly for the first time, is positioned as a “B-end AI native work platform,” integrating model capabilities into enterprise workflows, signaling Alibaba’s focus on B-end AI markets beyond consumer apps.

【Industry Hotspots】

Semiconductor sector rebounds strongly; industry believes exponential growth still awaits

“End of the 14th Five-Year Plan” sees offshore wind power installed capacity doubling; leading companies have full order books

“Black gold” renews; emerging sectors open growth space for carbon fiber

Computing infrastructure heats up; listed companies rush into Micro LED new blue ocean

Cement industry expected to see profit recovery

【Market Strategies】

From the themes of various brokerage spring strategy conferences, we can glimpse their core views and deployment directions. For example, Huatai Securities’ theme is “Start·Explore·Plan Ahead”; CICC’s is “Riding the Wind”; Guojin Securities’ is “Spring Begins a New Journey, Steady Growth”; GF Securities’ spring capital forum theme is “New Growth Opportunities·New Asset Narratives”; Kaiyuan Securities’ theme is “Spring Forward.” These themes reflect confidence in the market outlook.

Notably, this year’s brokerage spring strategy conferences feature more specialized sub-forums covering cutting-edge topics. For instance, Guojin Securities has AI, cycle, aerospace sub-forums; CITIC Securities has commercial real estate, commodities, AI education; Kaiyuan Securities has forums on humanoid robots, autonomous driving, and more.

Zheng Zhigang, professor at Renmin University of China, said: “Adding more niche forums shows a profound shift in brokerage research institutes’ business models. Under pressure from traditional revenue sources like mutual fund commissions, research institutes are seeking differentiation by providing in-depth insights into specific fields, meeting institutional clients’ needs, and creating value through industry-finance integration, thereby enhancing core competitiveness.”

Looking ahead, brokerages are generally optimistic about tech growth and resource-related sectors. Liang Hong, head of Huatai Securities’ institutional business, predicts that China’s asset revaluation will deepen by 2026, with continued optimism for sectors like technology, power, chemicals, and rare metals.

“Asset allocation strategies favor physical assets with strategic resource value, such as crude oil, copper, aluminum, rare earths, coal, and rubber,” said Mou Yiling, chief strategist at Guojin Securities. “Also, focus on Chinese manufacturing stocks with global leadership or accelerated overseas expansion, and structural opportunities in consumer sectors.”

Wèi Jixing, chief analyst at Kaiyuan Securities, recommends focusing on these main investment themes this year: 1) AI technology, with industries like computing power and power infrastructure benefiting; 2) assets with stable “price increase” ability, such as non-ferrous metals, insurance, building materials; 3) dividend styles.

【Announcement Highlights】

【Suspensions】

300142 Watson Bio

300385 Snow Wave Environment

688175 Gaoling Information

【Resumption】

002859 Jemei Technology

【Major Events】

De Mingli: Progressing orderly on targeted share issuance and 2026 stock option plan

De Mingli announced no corrections needed for previously disclosed information, no major undisclosed issues, normal operations, and ongoing projects including targeted share issuance and stock options.

Gao Ling Information: Plans to acquire Kairui Xing Tong control; trading halted from tomorrow

Gao Ling announced plans to acquire control of Kairui Xing Tong via share issuance and cash, with planned fundraising. The transaction is expected to constitute a major asset reorganization but will not change the actual control. Trading will be suspended from March 17 for up to 10 days. Kairui Xing Tong’s scope includes satellite communication terminals.

Sanfangxiang: affected by geopolitical and energy prices, major chemical products and company products fluctuate significantly

The company’s stock has risen more than 20% in three consecutive days, indicating abnormal trading. Despite large fluctuations in chemical and product prices due to geopolitical and energy factors, core business remains stable with no significant impact on profitability or gross margins.

Shanghai Airport: plans to invest 1.469 billion yuan in Pudong International Airport operation support base

Shanghai Airport announced a 1.469 billion yuan investment in the project, with a loan application of up to 1.1 billion yuan. The project is located in the fourth phase of Pudong Airport, with construction scheduled from October 2026 to 2028.

Suda Shares: actual controller Li Xiyuan detained

Suda announced that Li Xiyuan was detained by the Bengbu City Bengshan District Supervisory Committee on March 13. The company’s other directors and management are functioning normally, and ownership remains unchanged. No investigation documents have been received yet; the impact on operations is minimal.

Southern Power Grid Energy Storage: plans to invest 7.379 billion yuan in Guangdong Xinfeng Pumped Storage Power Station

The project is part of national planning, located in Shaoguan, Guangdong, with a capacity of 1.2 GW, 20% equity, 80% bank loans. The project is expected to be completed early in the 14th Five-Year Plan.

Watson Bio: planning control rights change, trading halted from tomorrow

The company is planning to issue A-shares to specific targets, which may lead to control change. Trading will be suspended from March 17 for up to 2 days.

Besm: actual controller Chen Feng fined 4.5 million yuan for failing to fulfill mandatory tender offer obligations and concealing shareholding changes

Chen Feng received a notice from CSRC Zhejiang Bureau for not fulfilling tender obligations and hiding shareholding info, with a fine of 4.5 million yuan.

【Performance Reports】

Wanhua Chemical: 2025 net profit of 12.527 billion yuan, down 3.88% YoY

Qingdao Port: 2025 net profit of 5.272 billion yuan, up 0.7% YoY

Nangang Steel: 2025 net profit of 2.867 billion yuan, up 26.83% YoY

【Shareholding Changes】

Dingxin Communications: shareholder Wang Tianyu reduced 6.1434 million shares from Jan 20 to Mar 16

Laimu Co.: controlling shareholder Fang Peijiao plans to reduce holdings by up to 3%

Koyuan Pharmaceutical: shareholder Jinan Dingyou plans to reduce holdings by up to 3%

Huiyu Pharmaceutical: shareholder Wang Xiaopeng plans to reduce holdings by up to 3%

【Major Bids】

Jianghe Group: awarded approximately 274 million yuan project

Anhui Construction: subsidiaries awarded projects totaling 1.442 billion yuan

Sinochem Geotechnical: subsidiary awarded 62.3955 million yuan infrastructure repair contract at Shanghai Airport

Jingce Electronics: subsidiary signed 288 million yuan general contracting agreement with Shanghai Baoye