【Morning Report】The Fourth Session of the 14th National People's Congress opens this morning; White House: The Federal Reserve Chair nomination has been submitted

Macro News

1. The Fourth Session of the 14th National People’s Congress held a press conference at the Great Hall of the People on March 4. Spokesperson Lou Qinjian answered questions from Chinese and foreign journalists regarding the agenda and work of the NPC. Lou introduced that the Fourth Session of the 14th NPC will open on the morning of March 5 and close on the afternoon of March 12, with a total of 8 days and 3 plenary meetings. The agenda includes eleven items.

2. The Information Office of the State Council will hold a briefing at 11:30 a.m. today. Shen Danyang, head of the drafting team of the Government Work Report and director of the Research Office of the State Council, and Chen Changsheng, member of the drafting team and deputy director of the Research Office, will interpret the report and answer questions from journalists.

3. Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, spoke with Saudi Foreign Minister Faisal via phone on the 4th. Wang Yi stated that China has always been a force for peace and is willing to continue playing a constructive role, including sending a special envoy on Middle East issues to mediate with regional countries. China strongly urges all parties to stop military actions, return to dialogue and negotiations as soon as possible, and prevent further escalation of tensions.

4. Wang Yi also spoke with UAE Deputy Prime Minister and Foreign Minister Abdullah via phone on the 4th. He reaffirmed China’s principled stance on the current Iran situation, emphasizing that spillover of war is against the interests of all parties, and only regional people will suffer. China will not give up hope for peace and will continue to play a constructive role, including dispatching a Middle East envoy to mediate and promote regional peace and stability. China hopes the UAE will continue to ensure the safety of Chinese citizens and institutions in the country.

5. Foreign Ministry spokesperson Mao Ning stated on the 4th that the Strait of Hormuz and nearby waters are vital international trade routes for goods and energy. Maintaining regional security and stability aligns with the common interests of the international community. China urges all parties to immediately cease military actions to prevent further escalation and avoid greater global economic impacts caused by instability.

6. The White House announced that it has submitted the nomination of Kevin Waugh as Federal Reserve Chair to the Senate.

Industry News

1. According to informed sources, more brands and models of vehicles in the Hongmeng Zhixing “Five Realms” and “Huaxi” series will be equipped with 896-line laser radars gradually. On March 4, Huawei Qian Kun announced the new generation dual optical path image-level laser radar with the highest production line count of 896 lines, first installed on the Zunjie S800 and Wenjie M9 flagship models.

2. Several brokerages are exploring the launch of 24/7 bank-to-securities transfer services, breaking traditional trading hours restrictions, allowing funds to be used immediately upon transfer. Some brokerages are making this a key point of competitive differentiation. Currently, 24/7 bank-securities transfer services have achieved certain coverage, with different brokerages focusing on different business layouts, but most are still in pilot stages.

3. As of yesterday’s close, China Petroleum reported a share price of 13.24 yuan, up 0.68%. Its market value exceeded 2.1438 trillion yuan, surpassing Agricultural Bank of China and returning to first place. Agricultural Bank’s A-shares closed at 6.68 yuan, down 0.74%, with a market value of 2.1325 trillion yuan, ranking second.

4. E Fund Management Co., Ltd. announced that its crude oil LOF fund, E Fund Oil, will suspend trading from market open until 10:30 a.m. today. China Universal Asset Management announced that its China Universal Silver LOF will also suspend trading during the same period.

5. Informed sources say Lenovo has issued a price adjustment letter to its channel partners, deciding to raise prices on some of its computer products. The signals of price increases have already appeared online.

6. According to Volcano Engine’s official website, the price of Seedance 2.0 has been announced: video input costs 28 yuan per million tokens, excluding video input costs 46 yuan per million tokens. Generating a 15-second video with Seedance 2.0 consumes about 308,880 tokens. At 46 yuan per million tokens, the cost per 15-second video is about 15 yuan, equivalent to 1 yuan per second.

7. Intelligence company IDTechEx predicts that by 2036, the global humanoid robot market will reach approximately $29.5 billion, initially popular in automotive manufacturing and logistics, then expanding into broader commercial and consumer markets.

8. FTSE Russell announced on March 4 that it will revise the FTSE China Index series, with adjustments taking effect after the close on March 20, 2026. The FTSE China A50 Index will include China State Shipbuilding Corporation, Tianfuhui Communication, and Wanhua Chemical, while removing China Everbright Bank, CRRC, and Shanxi Fenjiu.

Company News

1. Muxi Co., Ltd. announced that it expects a net loss of 90.76 million to 182 million yuan in the first quarter, narrowing losses year-on-year.

2. COSCO Shipping Logistics issued a notice that due to the ongoing escalation of conflict in the Middle East, it will suspend new booking services on relevant routes from today until further notice.

3. Deppon Logistics announced that the Shanghai Stock Exchange has accepted its application for voluntary delisting.

4. Kaisen New Materials announced that shareholder Kaisen Investment plans to reduce holdings by no more than 2.49%.

5. China National Offshore Oil Corporation (CNOOC) announced that its actual controller has increased holdings by a total of 403 million yuan.

6. Fasheng announced that it does not involve “special optical fiber,” “fiber optic sensing,” and related businesses. If the stock price continues to rise, it may apply for trading suspension for investigation.

7. Intercontinental Oil & Gas stated that recent fluctuations in international crude oil prices are influenced by geopolitical factors and other multiple factors, with significant short-term volatility and uncertainty.

8. Qiangyi Co., Ltd. announced that its consolidated operating revenue for January and February increased by 158% year-on-year, driven by explosive growth in high-end MEMS probe card business and AI computing power demand.

Global Markets

The three major US stock indices all closed higher: Nasdaq up 1.29%, S&P 500 up 0.78%, Dow Jones up 0.49%. US crypto-related stocks surged: Coinbase up over 14%, Strategy up over 10%, Figure up over 7%, Circle up over 5%. Major European stock indices also rose: Germany’s DAX 30 up 1.82%.

International crude oil futures prices nearly flatlined. WTI April futures closed up 0.13% at $74.66 per barrel. Brent May futures closed flat at $81.4 per barrel.

COMEX gold futures rose 0.5% to $5,149.20 per ounce; COMEX silver futures increased 0.15% to $83.60 per ounce.

Russian President Vladimir Putin, in an interview with Russian media on March 4, said that since the EU will eventually ban Russian gas imports, Russia might as well proactively cut off gas supplies to Europe and shift to emerging markets.

White House Press Secretary Karine Jean-Pierre said Spain has agreed to cooperate with US forces in military actions against Iran. Spain’s Foreign Minister José Manuel Albares later denied the report.

Intel’s CFO predicted that the server CPU market will see significant growth by 2026, and the shortage of storage chips will persist until 2027.

Investment Opportunities

1. NVIDIA GTC Conference to Showcase Breakthroughs in Computing Power

According to media reports, NVIDIA’s GTC conference will be held from March 16-19, 2026. As a global benchmark in AI computing power, the event will unveil new GPU cores like Rubin and Fiman, and showcase technological breakthroughs and commercialization progress in infrastructure such as CPO switches, power architectures, and liquid cooling.

Guojin Securities is optimistic about AI-PCB and core computing hardware, recommending continued focus on new technological innovations from GTC. The number of ASICs from Google, Amazon, Meta, OpenAI, and Microsoft is expected to explode in 2026-2027. Strong AI demand is driving PCB prices and volumes higher, with many AI-PCB companies experiencing robust orders, full production, and expansion, promising high growth. AI copper-clad boards are also in high demand; due to slow overseas capacity expansion, leading mainland manufacturers are expected to benefit.

2. Continuous Price Recovery in Wind Power Industry, Expecting New Boom in 2026

The 5th Wind Power Operation and Maintenance Technical Reform Seminar is scheduled for March 10-11, 2026, in Beijing.

Industrial Securities notes that prices across the wind power industry chain are steadily recovering, with a focus on offshore and overseas markets. Onshore wind turbine bid prices are rising, with orders for turbine price increases entering delivery. Larger turbines are slowing down, reducing costs and improving efficiency, which should continue to enhance gross margins. Looking ahead to 2026, high-value orders are expected to enter delivery, further boosting profitability. The “offshore + overseas” segment is particularly promising, with offshore wind performance entering a realization phase. Long-term growth prospects remain positive. The industry is expected to enter a new cycle of prosperity in 2026, with supply and demand both strong.