【Financial News Broadcast】Stock price hits 8 consecutive limit-up boards, this company suspends trading for investigation starting tomorrow! U.S. National Debt Breaks 39 Trillion Dollars for the First Time

Macroeconomic Developments

Central Bank: Firmly Maintain Stable Operation of Stock, Bond, and Foreign Exchange Markets

On March 18, the Party Committee of the People’s Bank of China held an expanded meeting. The meeting emphasized actively and prudently resolving financial risks in key areas. It called for maintaining a dynamic balance between economic growth, structural adjustments, and financial risk prevention at the macro level. Continued efforts to resolve debt risks of financing platforms were highlighted. Adhering to market-oriented and rule-of-law principles, the meeting stressed prudent handling of risks in small and medium-sized financial institutions. The central bank’s macroprudential management and financial stability functions should be fully leveraged to ensure the smooth operation of stock, bond, and foreign exchange markets. The establishment of liquidity support mechanisms for non-bank financial institutions under specific scenarios was also discussed. Relevant departments will continue to crack down on illegal financial activities with high pressure.

Market Regulation Administration: Strengthen Efforts to Break Down Local Protectionism and Market Segmentation; Deepen Crackdown on “Involution” Competition

According to the Market Regulation Administration, on March 19, the 2026 Anti-Monopoly Work Conference was held in Xiamen, Fujian. The conference emphasized that 2026 marks the beginning of the “14th Five-Year Plan” period. To do a good job in anti-monopoly efforts, focus on advancing the construction of a unified national market, deepen fair competition governance, break down local protectionism and market segmentation, regulate market competition order, and thoroughly rectify “involution” competition. It also called for deepening international exchanges, improving institutional mechanisms, and continuously enhancing regulatory effectiveness. The goal is to demonstrate new responsibilities in serving national strategies, take new actions in grasping international competition, and contribute positively to high-quality development and a good start for the “14th Five-Year Plan.”

Ministry of Industry and Information Technology: Focus on Critical Materials and Weak Links in Industrial Chains to Improve Self-Sufficiency in Key Fields

On March 19, Li Lecheng, Secretary of the Party Leadership Group and Minister of the Ministry of Industry and Information Technology, chaired the 14th SME Roundtable. Li emphasized that entrepreneurs should cultivate a strong sense of patriotism, actively integrate corporate development into national strategies, and accelerate the development of new materials industries around the manufacturing sector. They should target urgently needed critical materials and weak links in industrial chains, take on responsibilities bravely, and improve self-sufficiency in key materials. Innovation-led development should be strengthened, R&D investment increased, and participation in major national science and technology projects intensified. The goal is to accelerate the creation of more landmark original achievements. Forward-looking planning should be enhanced by monitoring international technological frontiers, grasping trends in new material transformations, and exploring applications of AI in material R&D, pilot testing, and production to accelerate the development and application of cutting-edge new materials, creating new competitive advantages.

Ministry of Commerce: Sales of Embodied Intelligence Robots in China Increase by 13% Year-on-Year in January–February 2026

The Commerce Department’s Consumer Promotion Division discussed China’s consumer market in January–February 2026: demand for smart and green products remains strong. Policies promoting replacement of old products with new ones have significantly boosted sales of smart and green products, with retail sales of communication devices, cultural and office supplies, and home appliances increasing by 17.8%, 5.8%, and 3.3%, respectively. Data from major platforms show that sales of smart glasses increased 1.8 times, embodied intelligence robots grew by 13%, and first-tier energy-efficient refrigerators rose by 8.1%.

U.S. National Debt Breaks $39 Trillion, Expected to Surpass $40 Trillion Within the Year

According to Xinhua News Agency, the U.S. Department of the Treasury announced on March 18 that the total U.S. national debt has exceeded $39 trillion for the first time. Analysts expect it to surpass $40 trillion by this fall. The Associated Press reports that the main drivers of the recent rise in U.S. national debt include military spending, large-scale fiscal expenditures during the pandemic, and tax cuts. White House National Economic Council Director Kevin Hassett said on March 15 that, based on estimates, the U.S. has spent over $12 billion on military actions against Iran starting from February 28.

Financial Institutions

Bank of China Leads First Panda Bond Issuance for Société Générale

Recently, Bank of China, as the lead underwriter, assisted Société Générale in issuing its first Panda bonds in China’s interbank market, totaling 5 billion yuan, with maturities of three and five years. Bank of China contributed the highest bid orders, demonstrating its strong channel advantages and market leadership. As the most globalized and comprehensive Chinese bank, Bank of China has long served as a key bridge connecting China’s bond market with international issuers. In the Panda bond market, it is not only an innovator but also the most trusted long-term partner for foreign issuers.

ZhongAn Online: Adjusted Net Profit Attributable to Parent Reaches 1.8 Billion Yuan in 2025, Up 42.5% Year-on-Year

On March 19, ZhongAn Online released its 2025 annual results, showing total premiums of 35.735 billion yuan, up 6.9%, and insurance service revenue of 33.485 billion yuan, up 5.5%. The adjusted net profit attributable to the parent was 1.8 billion yuan, a 198.3% increase. The insurance segment achieved underwriting profit of 1.412 billion yuan, up 42.5%.

Tiger International: Net Profit of $187 Million in 2025, Up 164.7%

The online brokerage Tiger International announced its unaudited financial results for Q4 2025 as of December 31. Revenue for 2025 reached $612 million, up 56.3%, setting a record high; non-GAAP net profit attributable to the parent was $187 million, up 164.7%, also a record high.

Market Data

Shanghai Composite Down 1.39%, Oil and Gas Sector Outperforms

On March 19, the three major A-share indices opened lower and traded in a volatile downward trend throughout the day. The Shanghai Composite fell 1.39%, the Shenzhen Component declined 2.02%, and the ChiNext index dropped 1.11%. Oil and gas stocks defied the trend, with Hongtong Gas, Blue Flame Holdings, and China New Energy hitting the daily limit. Power leasing concepts strengthened locally, with Lianhua Holdings, Meili Yun, and Guiguang Network hitting the limit. The diversified financial sector surged, with China Oil Capital hitting the limit. Green power stocks were active, including Dongfang New Energy, Jixin Technology, and China Power Liao Energy. Coal stocks rose, with Shaanxi Black Cat hitting the limit. Leading sectors included oil, coal, gas supply and heating, and electricity; sectors like non-ferrous metals, chemical fibers, mineral products, building materials, and steel declined.

Hang Seng Index fell 2.02%, Hang Seng Tech Index down 2.19%

On March 19, Hong Kong stocks closed: Hang Seng Index down 2.02%, Hang Seng Tech Index down 2.19%. Southbound funds net bought over HKD 26 billion. Declines were led by non-ferrous metals, internet technology stocks, real estate, and healthcare. Tencent Holdings dropped over 6% after earnings release. Lantu Auto’s first trading day closed down over 13%.

Hang Seng Index Launches Six New Indices

On March 19, Hang Seng Index Company announced the launch of six new indices: Hang Seng Hong Kong-US Mega Cap Index, Hang Seng Hong Kong-US Large Cap Index, Hang Seng US AI Technology Index, Hang Seng US Automotive Technology Index, Hang Seng Hong Kong-US Robotics Theme Index, and Hang Seng Asia Selected New Economy Index.

Market Financing Balances Increase by 2.574 Billion Yuan

As of March 18, the Shanghai Stock Exchange’s margin financing balance was 1.33785 trillion yuan, up 1.494 billion yuan from the previous trading day; the Shenzhen Stock Exchange’s margin financing balance was 1.29027 trillion yuan, up 1.08 billion yuan; total market financing balance reached 2.628124 trillion yuan, an increase of 2.574 billion yuan from the previous day.

Company News

EVE Energy: “Longquan No. 3” and “Longquan No. 4” Solid-State Batteries Successfully Launched

According to EVE Energy’s official WeChat, on March 17, the “Breakthrough in Core Technology, Securing the Future” ceremony for the launch of Longquan No. 3 and No. 4 solid-state batteries was held at the Chengdu plant. The successful launch marks a significant milestone in EVE Energy’s technological innovation, promoting higher safety standards and energy density in the industry.

*ST Panda: Stock Price Rises for 8 Consecutive Trading Days, Suspension for Investigation Starting Tomorrow

*ST Panda (600599.SH) announced that its stock price has hit the daily limit for 8 consecutive trading days since March 10, 2026, with two instances of abnormal trading fluctuations. To protect investors’ interests, the company will conduct an investigation into trading activities. The stock will be suspended from trading starting March 20, 2026, and will resume after the investigation, with an expected suspension not exceeding 5 trading days.

Alibaba Q3 Financial Report: Cloud Revenue Up 36%, AI Revenue Tripled

On March 19, Alibaba Group released its fiscal year 2026 Q3 financial report, showing revenue of 284.843 billion yuan, a 9% increase excluding the disposed businesses of Intime and Gaoxin Retail. Cloud revenue accelerated by 36%, and AI-related product revenue grew threefold for the tenth consecutive quarter.

Dinglong Co.: Production of 300 Tons of KrF/ArF Photoresist Industrialization Project Commences

Dinglong Co. (300054) announced on March 19 that its subsidiary Dinglong (Qianjiang) New Materials Co., Ltd. has completed construction of the “Annual Production of 300 Tons of KrF/ArF Photoresist Industrialization Project” in Jianghan Salt Chemical Industrial Park. After review by relevant authorities, it has recently started operation. The company has developed over 30 high-end wafer photoresists, including immersion ArF and KrF, meeting the urgent needs of domestic core wafer fabs. More than half of these products have been sampled for customer validation, with several products achieving stable mass supply and multiple orders in progress. The successful commissioning of this project marks a major breakthrough in high-end semiconductor materials, enabling full control over key materials and photoresist products, improving responsiveness and delivery quality, and opening new growth avenues.