Market tensions intensified as former U.S. President Donald Trump issued a 48-hour ultimatum to Iran, demanding the reopening of the Strait of Hormuz and threatening to destroy Iranian power plants. Iran responded with four countermeasures, including a complete closure of the strait and strikes on Israeli power, energy, and IT infrastructure. This escalation fueled risk-off sentiment, triggering a global asset sell-off in early Monday trading. Brent crude fell 0.43%, while gold and silver prices declined. Futures for the three major U.S. indices dropped, with South Korea's KOSPI index down 5% and Japan's Nikkei 225 falling approximately 4%.
In corporate news, Unitree Technology's IPO application to list on Shanghai's STAR Market has been accepted, with the company seeking to raise 4.202 billion yuan. The firm has shown steady operational growth in recent years, achieving the global top spot in humanoid robot shipments in 2025 while rapidly increasing its non-GAAP net profit. According to its prospectus, the company reported a net profit of 600.1047 million yuan for 2025, a surge of 674.29% year-on-year.
On the macroeconomic front, People's Bank of China Governor Pan Gongsheng stated at the China Development Forum 2026 that the central bank will continue to implement appropriately accommodative monetary policy. He emphasized that China's social financing conditions are currently loose, with reasonable growth in financial aggregates. The PBOC will utilize various tools, including reserve requirement ratios, policy rates, and open market operations, to maintain ample liquidity.
At the recent Huawei China Partners Conference 2026, Huawei launched its new Atlas 350 AI training and inference accelerator card, powered by the Ascend 950PR processor. The new chip shows significant improvements in low-precision data formats, vector computing power, interconnect bandwidth, and self-developed HBM compared to its predecessor. Guojin Securities noted that the performance and ecosystem development of domestic computing chips have passed the inflection point from "usable" to "easy to use."
Investment Calendar: Huawei Spring Full-Scenario New Product Launch.
Investment Insight: The path of value investing is far from crowded, as most cannot endure its hardships and solitude, nor resist the lure of short-term speculation—this恰恰 leaves ample opportunity for the disciplined investor. — Li Lu, "Civilization, Modernization, Value Investing, and China."
Institutional Views: 1. CITIC Securities: Investors should remain patient and calm amidst price fluctuations; the decisive period will be April-May. 2. Huaxi Securities: The U.S.-Iran conflict and delayed overseas rate cut expectations continue to suppress global market risk appetite in the short term. 3. Oriental Securities: Concerns over global economic slowdown and rising "stagflation" trades may lead to further adjustments in A-shares.
Market Outlook: Positive: Tesla announced plans to build the world's largest chip plant, targeting an annual capacity of 1 terawatt of computing power, with 80% allocated for space use. CITIC Securities highlighted that exploding AI computing demand is driving upgrades in the optical communication industry, with robust capital expenditure from overseas cloud providers confirming strong infrastructure needs. Positive: The Ministry of Commerce issued 16 measures to promote travel service exports and expand inbound consumption. Jianghai Securities recommended focusing on listed companies in catering, hotels, and scenic spots, citing improved policy expectations and accelerated implementation. Positive: WeChat launched an official lobster plugin, further advancing AI application落地. Guosheng Securities noted that AI Agents are moving from pilot to large-scale deployment, with explosive penetration validating commercial viability and driving surging token consumption and rigid computing demand.
Corporate Announcements: Positive: Zhejiang Huaye plans to invest 1.094 billion yuan in the second phase of its Mu'ao production base. Positive: New Hope Dairy reported a 35.98% year-on-year increase in 2025 net profit and proposed a dividend of 3.8 yuan per 10 shares. Positive: Xuefeng Technology's controlling shareholder plans to increase its stake by 150-300 million yuan. Negative: San'an光电's actual controller is subject to detention and investigation. Negative: Minde Bio may face delisting risk warnings. Negative: Sinopec's 2025 net profit fell 36.8% year-on-year, with a proposed annual dividend of 0.2 yuan per share.
Overseas Markets: Last Friday, the three major U.S. indices closed lower amid Middle East tensions, with the Nasdaq dropping over 2%. The "Magnificent Seven" all declined, led by Nvidia's 3.28% fall. Most popular Chinese ADRs also fell, with Kingsoft Cloud down 9.11% and XPeng dropping 8.36%.
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