Eastmoney Financial Breakfast Wednesday, March 11

Daily Highlights

The Fourth Session of the 14th National Committee of the Chinese People’s Political Consultative Conference will close on the morning of March 11:

On the morning of the 11th, all delegations of the Fourth Session of the 14th National People’s Congress will hold plenary meetings to review reports from the Standing Committee of the National People’s Congress, the Supreme People’s Court, and the Supreme People’s Procuratorate. In the afternoon, delegations will hold group meetings to discuss four draft resolutions on the government work report, the “14th Five-Year” plan outline, annual plans, and budgets; and hold the third Presidium meeting. The closing ceremony of the Fourth Session of the 14th CPPCC will be held at the Great Hall of the People on the morning of the 11th.

Trump suggests possible conditional negotiations with Iran:

According to Fox News on the 10th, U.S. President Trump said there might be conditions for negotiations with Iran. When asked if he was willing to talk with Iranian leaders, Trump said, “I hear they really want to negotiate.” “It’s possible, depending on the conditions, but only possible.” Trump reiterated his dissatisfaction with Iran’s new Supreme Leader, Khamenei, and said, “I don’t believe he can live peacefully.”

National Internet Emergency Center warns about lobster risks:

The National Internet Emergency Center issued a risk alert regarding the OpenClaw security application. Recently, the OpenClaw (“Lobster”) app has seen explosive downloads and usage, with major domestic cloud platforms offering one-click deployment services. This intelligent agent software has high system permissions, including access to local files, reading environment variables, calling external APIs, and installing extensions. However, due to its default security settings being extremely weak, attackers can easily gain full control of the system if they find a vulnerability. Users and organizations are advised to take security precautions when deploying and using OpenClaw.

Multiple countries increase oil production cuts:

Latest reports on Tuesday afternoon show that, as shipping through the Strait of Hormuz nearly stalls, Middle Eastern oil producers are intensifying production cuts. Sources reveal that the four major Gulf oil exporters—Saudi Arabia, Iraq, UAE, and Kuwait—have reduced output by 6.7 million barrels per day due to shipping disruptions. This represents over one-third of their total production, reducing global oil supply by about 6%. Specifically, Saudi Arabia has cut 2 to 2.5 million barrels per day, UAE 0.5 to 0.8 million, Kuwait about 0.5 million, and Iraq about 2.9 million.

Multiple regions support “lobster farming” policies:

Recently, OpenClaw has sparked a “lobster craze,” with cities like Shenzhen, Foshan, Wuxi, and Changshu introducing supportive policies and financial incentives to promote lobster farming. On the 10th, Foshan’s Chancheng District government announced a partnership with China Telecom Foshan to offer free deployment of OpenClaw. Similarly, Hangzhou Xiaoshan issued measures supporting OpenClaw and OPC-STC development, and Hefei High-tech Zone released a plan to build an AI-driven OPC entrepreneurial ecosystem.

Iranian Parliament Speaker’s statement:

On March 10, Iran’s Parliament Speaker, Ali Larijani, stated via social media, “We will never seek a ceasefire. We believe that the invaders must be struck hard to teach them a lesson and prevent them from invading Iran again. Israel’s existence is built on a cycle of war-negotiation-ceasefire-war again, consolidating its dominance. We will break this cycle.”

China’s defense budget for 2026:

The draft budget report for 2026 clarifies the total defense expenditure. Zhang Xiaogang explained this year’s defense spending arrangements. Considering national security and development needs, ensuring the modernization of the military aligns with national modernization, and enhancing strategic capabilities to defend sovereignty, security, and development interests, the 2026 national general public budget allocates 1.94 trillion yuan for defense, a 6.9% increase from the previous year, with central government spending at 1.91 trillion yuan, up 7%.

Shanghai Stock Exchange supports technological innovation:

The government work report emphasizes promoting deep integration of technological and industrial innovation. For key core technology enterprises, a “green channel” mechanism for listing, financing, mergers, and acquisitions will be implemented regularly. On March 10, the SSE stated it will fully implement relevant policies, strengthen institutional support for breakthrough tech companies, expand diverse equity financing channels, and support regular financing and M&A activities for tech and upgrading enterprises.

Ingram Micro performance announcement:

Ingram Micro (601138.SH) released its 2025 annual report, with revenue of 902.887 billion yuan, up 48.22%; net profit attributable to shareholders was 35.286 billion yuan, up 51.99%. The company plans to distribute a cash dividend of 6.5 yuan per 10 shares (tax included), totaling 12.901 billion yuan. The total cash dividend for the year accounts for 55.12% of net profit attributable to shareholders.

Mediterranean Shipping Company and Maersk Group:

Recently, the National Development and Reform Commission’s foreign investment division held meetings with representatives from MSC and Maersk. On March 9, the Ministry of Transport separately held discussions with responsible persons from Maersk and MSC regarding international shipping operations.

Hot Topics

Computing hardware:

NVIDIA GTC Conference will be held from March 16-19, 2026. As a global benchmark in AI computing, this event will unveil new GPU cores like Rubin and Fiman, showcasing breakthroughs in infrastructure such as CPO switches, power architectures, and liquid cooling, along with commercialization progress.

Commercial space:

Commercial space launches will intensify. From late March to April, models like Tianbing Tianlong-3, Xingji Rongyao-3, Blue Arrow Zhuque-3, Deep Blue Xingyun-1, and CAS Space’s Li Jian-2 will enter orbit or undergo recovery tests. Ping An Securities notes that global commercial space is entering a phase of scaled deployment, deep commercialization, and accelerated competition.

Brain-computer interfaces:

Nine departments, including Jiangsu Provincial Department of Industry and Information Technology, issued the “Jiangsu Brain-Computer Interface Industry Innovation Development Action Plan,” aiming to cultivate at least 30 typical applications combining brain-computer interfaces with consumer scenarios by 2030.

Optical fiber and cables:

The 2026 Optical Fiber Communications Conference and Exhibition (OFC) will be held from March 15-19 at the Los Angeles Convention Center. The event will focus on three frontiers: AI-driven gigabit data center network architectures, ultra-low latency space-air optical fiber systems, and inter-satellite laser communication systems. Major companies like Huawei, ZTE, and NVIDIA will participate.

Green power:

The recent OpenClaw craze has swept the internet, with giants like Tencent, ByteDance, and Xiaomi rushing to deploy. OpenClaw has driven token consumption and computing power demand surge. Behind this growth is the support of electricity. According to the “Data Center Green and Low-Carbon Development Action Plan,” new data centers at key nodes will source over 80% green electricity, making renewable energy the most direct power supply for data centers.

Cultivating synthetic diamonds:

Research from Kaiyuan Securities indicates that AI computing power revolution is driving a comprehensive upgrade of underlying hardware systems. Heat dissipation and high-end PCB manufacturing are key bottlenecks. In this context, synthetic diamonds, with excellent thermal conductivity, ultra-high hardness, and material stability, are entering the heat management and high-end manufacturing segments of computing systems. The industry is shifting from “traditional industrial consumables and substitutes” to “high-end manufacturing materials for the AI era.”

PCB:

Recently, two major international companies announced price hikes, confirming the “price increase” trend. Japan’s Resonac, a semiconductor material giant, raised prices of copper-clad laminates (CCL) and adhesive films by over 30% starting March 1. Mitsubishi Gas Chemical, another Japanese electronics materials leader, also announced price increases across all electronic materials, including CCL, Prepreg, and CRS, with a 30% rise effective from April 1, 2026.

Company News

UCloud: The lightweight cloud hosting products based on OpenClaw images have not yet formed a large-scale product system. Technology iteration and commercialization may fall short of expectations.

SpaceX: Insiders say Elon Musk’s SpaceX prefers to list on NASDAQ, requiring early inclusion in the NASDAQ-100 index as a listing condition.

Dawei Co.: Plans to raise no more than 109 million yuan through private placement for embedded memory R&D and industrialization projects.

Boorui Data: Mainly provides application performance management and observability solutions for enterprise IT operations. OpenClaw is an open-source AI agent framework; the company currently has no monitoring solutions or products for this technology, no commercialization or revenue yet, so it does not impact current business.

Wuhan Tianyuan: The company’s subsidiary Wuhan Tianyuan Energy signed an investment agreement with the government of Xiushui County, Jiujiang City, Jiangxi Province, to build an “independent shared energy storage station” with a total investment of 560 million yuan.

Hengguang Co.: Recently, the “Annual 300,000-ton Chemical Construction Project” completed main construction and equipment installation for the 100,000-ton phosphorus chemical product line, entering trial production.

Fulin Jinggong: The subsidiary Jiangxi Shenghua’s existing high-pressure dense lithium iron phosphate cathode material capacity of 300,000 tons is operational, with new projects underway to build 350,000 tons of high-pressure dense lithium iron phosphate cathode materials and 500,000 tons of high-end energy storage lithium iron phosphate capacity. Current capacity is fully operational and sold out.

Zhongjie Resources: Mainly engaged in R&D, manufacturing, and sales of industrial sewing machines. The company and its wholly owned subsidiary Zhejiang Zhongjie Sewing Technology Co., Ltd. are not involved in lithium copper foil business.

Changying Precision: The company is planning to issue H-shares abroad and list on the Hong Kong Main Board. As of the announcement date, discussions are ongoing with intermediaries; details are yet to be finalized.

Lingwei Technology: The company’s acquisition of Jiangsu Huimai Powder Technology Co., Ltd. (Jiangsu Huimai) shows that its 2025 revenue accounts for about 5% of the company’s total (unaudited). Huimai’s spherical silicon micropowder is in the pilot stage for M9-grade copper-clad laminates, not yet in mass production or orders.

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Global Markets

US-Russia-Ukraine talks postponed: U.S. special envoy Vitkoff said in an interview on the 10th that trilateral talks will be delayed to some time next week. Ukrainian President Zelensky also announced that the new tripartite meeting scheduled for March 10-11 has been postponed by a week at the U.S. proposal. Additionally, Vitkoff mentioned that the U.S. has nearly destroyed Iran’s uranium enrichment capacity and may visit Israel next week.

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Bond Market Overview

Shibor: On March 10, overnight Shibor was 1.3180%, down 0.40 basis points; 7-day was 1.4320%, up 0.90 basis points; 14-day was 1.4920%, up 1.70 basis points; 1-month was 1.5359%, down 0.33 basis points; 3-month was 1.5492%, down 0.23 basis points.

Euro Bonds: In European markets, German 10-year yields fell 2.2 basis points to 2.836%, trading between 2.879% and 2.812%. The 2-year German bond yield dropped 6.4 basis points to 2.253%. The 30-year yield rose 1.6 basis points to 3.443%. The 2/10-year spread widened by 4.52 basis points to +57.879. UK 10-year yields fell 9.3 basis points to 4.554%, after opening lower, fluctuating at low levels, briefly rising to 4.611. The 2-year UK yield dropped 12.5 basis points to 3.864%. The 30-year UK yield fell 6.7 basis points, and the 50-year yield fell 5.4 basis points. The 2/10-year spread widened by 3.279 basis points to +68.753. French 10-year yields declined 6.7 basis points to 3.442%. The 2-year French yield fell 10.7 basis points to 2.390%, and the 30-year yield dropped 2.3 basis points to 4.328%. Italian 10-year yields decreased 8.7 basis points to 3.525%. Spanish 10-year yields fell 5.2 basis points to 3.293%. Greek 10-year yields declined 7.4 basis points to 3.522%.

Commodity Futures

Domestic Futures: On March 10, most futures declined. Baltic Dry Index dropped nearly 14%, crude oil fell over 10%, methanol over 7%, ethylene glycol and caustic soda over 5%, asphalt, soda ash, glass, coke, and liquefied gas over 4%, with coal, urea, rubber, PVC, and alumina down over 3%. Gains included Shanghai silver up over 7%, platinum, lithium carbonate, and palladium up over 4%, styrene up over 3%.

International Crude Oil: On March 10, international oil prices declined. WTI crude futures fell $8.38 to close at $86.39 per barrel, down 8.84%.

International Gold and Silver: COMEX gold futures rose $95.00, up 1.86%, to $5,198.7 per ounce. COMEX silver futures increased $4.05, up 4.79%, to $88.57 per ounce. Spot gold rose $56.11, up 1.09%, to $5,192.92 per ounce. Spot silver increased $1.32, up 1.52%, to $88.28 per ounce.

International Metals: LME copper rose $186 to $13,140 per ton. Aluminum up $20 to $3,406. Nickel up $19 to $17,488. Lead up $7 to $1,944. Zinc up $17 to $3,346. Tin down $246 to $50,439. Cobalt unchanged at $56,290.

International Agricultural Products: NY Bloomberg grain index fell 0.55% to 31.5367 points, rebounded after USDA’s monthly inventory report, then dropped to 31.2202. CBOT corn steady at $4.5375/bushel. Wheat down 1.70% at $5.93. Soybeans up 0.59% at $12.0325. Soymeal up 0.35%, soybean oil down 0.33%. Lean hogs up 1.48%, live cattle up 0.95%, feeder cattle up 0.83%. ICE raw sugar down 1.85%, white sugar down 0.67%. Arabica coffee down 0.88%, “C” coffee down 0.74%. Robusta coffee down 2.12%. NY cocoa up 4.13% at $3,425/ton. London cocoa up 4.88%. Chicago WCE rapeseed down 0.61%. ICE cotton up 0.99%.

Foreign Exchange Market

Renminbi: On March 10, onshore RMB closed at 6.87180 at 16:30 Beijing time, up 465 points. Offshore RMB at 18:00 was 6.87590, up 478 points. The onshore/offshore spread at 18:00 was -26.

RMB Foreign Exchange Swaps: As of 16:30 Beijing time, USD/CNY 6-month swap was -748.5 points; 1-year swap was -1370 points.

US Dollar: The dollar index declined on the 10th. It fell 0.36% to 98.823 at market close. EUR/USD was 1.1644, up from 1.1578. GBP/USD was 1.3460, up from 1.3388. USD/JPY was 157.63, down from 158.33. USD/CHF was 0.7770, down from 0.7799. USD/CAD was 1.3570, down from 1.3591. USD/SEK was 9.1371, down from 9.2100.