Financial Morning Report: Global Central Banks Slow Gold Purchases, Some Central Banks Decide to Sell | March 13, 2026

Special Topic: The Two Sessions Conclude with “14th Five-Year Plan” Setting the Tone for a New Start; Institutional Recommendations for Policy-Driven Opportunities in Five Major Sectors

【Focus on the Two Sessions】

The Fourth Session of the 14th National People’s Congress adopts a resolution on the 15th Five-Year Plan for National Economic and Social Development.

Coordinate the advancement of the “Four Comprehensives” strategic layout, balance domestic and international situations, fully and accurately implement new development concepts, accelerate the formation of a new development pattern, adhere to the general work tone of seeking progress while maintaining stability, focus on economic development, promote high-quality growth, rely on reform and innovation as fundamental drivers, aim to meet the growing needs of the people for a better life, ensure comprehensive strict governance of the Party as a fundamental guarantee, and strive to achieve qualitative improvements and reasonable quantitative growth in the economy. Promote comprehensive human development and solid steps toward common prosperity for all people, ensuring decisive progress in achieving socialist modernization.

【Headline News】

Escalating Conflict! Iran Declares Strait of Hormuz Must Be Closed, Oil Prices Surge, Brent Crude Breaks $100

Iran’s new Supreme Leader, Ayatollah Ali Khamenei, stated Thursday that the Strait of Hormuz must remain closed to pressure the U.S., signaling a potential long-term supply disruption. Oil prices closed at $100 per barrel afterward. Brent crude futures rose by $8.48, up 9.22%, closing at $100.46. U.S. West Texas Intermediate (WTI) crude futures increased by $8.48, up 9.72%, ending at $95.73.

Energy Secretary Chris Wray earlier told the media that the U.S. Navy is not yet ready to escort tankers through the strait. Wray emphasized that U.S. military assets in the region focus on destroying Iran’s offensive capabilities.

A-shares Market Shows “Ice and Fire” Massive Reallocation! 6.7 Billion Yuan Shift: Power Grid Equipment ETFs Attract Funds, Oil & Gas Sector Faces Sell-off

Amid a global upgrade cycle for power grids and AI computing power explosion, funds flooded into power grid equipment sectors. As of March 12, 12 ETFs related to power grid equipment saw net inflows exceeding 6.7 billion yuan over the past week. Conversely, 10 ETFs related to oil and gas experienced net outflows of about 6.7 billion yuan.

A trader commented that the market is not experiencing a full-scale capital exit but rather structural rebalancing and multi-directional deployment, reflecting a style-shift adjustment phase. Investors should focus on the order fulfillment capacity of power grid equipment and whether oil and gas sectors will present medium-term value after correction.

More Investment Banks Involved? Hong Kong ICAC’s Fuset Operation Unveils Details

The investigation into Chinese investment banks in Hong Kong intensifies. The ICAC’s latest statement reveals more details about the joint operation codenamed “Fuse” on March 10-11, targeting insider trading and corruption. The operation involved searches of offices and residences of licensed brokerages, hedge funds, and intermediaries, and the detention of eight individuals aged 35-60, including senior executives and intermediaries.

China Successfully Launches 20 Low-Earth Orbit Satellite Internet Satellites to Build Global Broadband Network

At 3:48 a.m. today, China used the Long March 8 (CZ-8) rocket from Hainan Commercial Launch Site to successfully deploy 20 low-earth orbit satellite internet satellites into orbit, completing the mission successfully.

Global Central Banks Slow Gold Purchases: Tactical Adjustment or Reversal of Allocation?

Emerging market central banks have been major gold buyers in recent years, but some are now selling. Poland’s central bank governor Adam Glapinski proposed on March 4 to sell part of its gold reserves to raise about 48 billion zloty (~$13 billion) for defense spending, then buy back gold later.

According to the World Gold Council’s January data, Russia was the largest net seller in January, offloading 9 tons of gold. Kazakhstan and Kyrgyzstan also reduced their gold reserves by 1 ton each in January 2026.

First Full-Year Profit! Cambrian’s 2025 Revenue Surges 453%, Zhang Jianping Continues to Increase Holdings as Fifth Largest Shareholder

Cambrian believes that large models like ChatGPT and DeepSeek require immense computing power from training to inference. As models grow more complex, demand for computing power rises, potentially creating new incremental needs in the AI chip market. With emerging tech like IoT, cloud computing, and big data maturing, the number of devices equipped with AI chips will continue to grow rapidly, whether stored in the cloud or at the edge. The company plans to distribute a cash dividend of 15 yuan per 10 shares (tax included) and convert 4.9 shares per 10 shares from capital reserves. In 2025, it aims to pay a cash dividend of 632 million yuan (tax included), accounting for 30.71% of net profit attributable to shareholders.

After Buying MiniMax, Korean Investors Turn Their Eyes Back to Chinese Innovative Drug ETFs

Following the early-year frenzy over Chinese large-model leader MiniMax-WP (00100.HK), Korean investors are again actively allocating into Chinese ETFs. According to SEIbro data from the Korea Securities Depository (KSD), in the past month, three ETFs were among the top net purchases by Korean investors: Yinhua CSI Innovation Drug Industry ETF, Harvest CSI STAR Market Chip ETF, and E Fund CSI Artificial Intelligence Theme ETF.

As of March 11, Yinhua CSI Innovation Drug Industry ETF was the most net-bought ETF by Korean investors, with a net purchase of $1.48 million. The development of innovative drugs has attracted market attention. The 2026 government work report first designated biomedicine as a “new pillar industry,” emphasizing high-quality development of innovative drugs and medical devices, and accelerating the development of commercial health insurance.

Central Bank, Major Meeting! Continue to Implement Moderate Easing Monetary Policy, Increase Countercyclical and Cross-Cycle Adjustments

Pan Gongsheng stated that many constructive suggestions have been proposed. Since the beginning of the year, the People’s Bank of China (PBOC) has resolutely implemented the decisions of the Party Central Committee and the State Council, continuing to leverage existing policies while introducing structural monetary policy adjustments. Moderate easing has yielded positive results, boosting market confidence and stabilizing expectations. The next step is to fully implement the spirit of the Fourth Plenary Session of the 20th CPC Central Committee, the Central Economic Work Conference, and the Government Work Report, to build a scientific and prudent monetary policy system, continue moderate easing, and strengthen countercyclical and cross-cycle regulation to create a favorable monetary and financial environment for sustained economic growth.

Continuous Inflow of Funds, Batch of Popular Funds Emerging

The pace of capital entering the market via funds continues to accelerate. For the first time in over three years, active equity funds with over 200,000 subscribers reappear, some even adopting proportional allotments. For example, on March 11, Yongying Ruijian Growth Hybrid Fund announced the effective date of its fund contract, with an issuance scale of 5.867 billion yuan and 230,427 subscribers. Data shows that the Quanguo Xuyuan Three-Year Holding Hybrid Fund, established in October 2022 with 204,875 subscribers, is another active equity fund with over 200,000 subscribers, the largest in recent years.

Nvidia Enters AI Large Model Development

If asked who the biggest winner in the AI era is, the answer is almost certainly Nvidia. With its demand-supply imbalance for H100 chips, Nvidia resembles the “shovel sellers” during the gold rush, profiting quietly while AI companies worldwide compete fiercely, causing its market value to soar. Recent financial disclosures reveal Nvidia plans to invest a total of $26 billion over the next five years to develop open-source AI large models, signaling a shift from merely selling chips to actively mining gold.

EU Considers Loosening Carbon Quota Rules and Expanding State Aid to Curb Electricity Price Surge

Sources say the EU Commission is considering relaxing carbon emission quota supply rules and allowing more state aid as emergency measures to curb soaring electricity prices. They are also studying whether to temporarily ease rules on free emission allowances for companies, and to reduce grid fees and energy taxes.

The EU summit in Brussels on March 19 will review these options, which are still subject to adjustments. The agenda is dominated by the ongoing Iran conflict, which has disrupted oil and gas transportation and driven energy prices higher.

Artificial Intelligence Industry Development Alliance: Monitoring OpenClaw and Similar AI Agents’ Security Risks

Recently, the Ministry of Industry and Information Technology’s cybersecurity threat and vulnerability sharing platform (NVDB) issued a warning on OpenClaw (formerly Clawdbot, Moltbot), highlighting multiple high-level security vulnerabilities and recommending “Six Do’s and Six Don’ts” to enhance security during deployment and use. The China AI Industry Development Alliance, serving as a platform for AI industry collaboration, aims to ensure member compliance and promote safe, healthy AI development. To help members identify risks and prevent losses from improper application, a security alert has been issued.

2-Year U.S. Treasury Yield Soars; Trump Urges Powell to Cut Rates Immediately: Don’t Wait for the Next Fed Meeting!

On Thursday, Trump posted on social media: “Where is Fed Chair Powell, always too late? He should cut rates immediately, not wait until the next meeting!” His criticism comes amid pressure from the economic fallout of Middle East conflicts, which have pushed oil prices higher and threatened global supply chains. U.S. public discontent over living costs is rising, which is unfavorable for Republicans maintaining control of Congress in the November midterms.

Cycle Bottom, Industry Transformation, Strategic Reassessment of Nonferrous Metals’ Value Leap

Since the beginning of the year, the nonferrous metals sector has continued its high-growth trend from 2025, staging a “big rally” in the capital markets. Copper prices have broken through 100,000 yuan/ton, tungsten remains high, and gold and silver hit record highs. A deeper industry narrative is emerging: nonferrous metals are transforming from cyclical commodities following macroeconomic fluctuations into strategic, scarce assets supporting energy transition and national security. The 2023 government work report emphasizes developing emerging pillar industries like integrated circuits, aerospace, biomedicine, and low-altitude economy. These sectors rely heavily on copper, aluminum, lithium, nickel, and rare earths, directly boosting demand for high-end, high-performance nonferrous metal materials and creating structural growth opportunities.

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【Featured Companies】

CSRC and ICAC “Fuse” Operation Targets Insider Trading and Corruption: CITIC Securities, Guotai Junan International, and Eight Executives and Intermediaries of Hedge Fund Wuji Capital Detained

On March 12, the Hong Kong Securities and Futures Commission (SFC) and the ICAC announced a joint operation codenamed “Fuse” on March 10-11, investigating insider trading and corruption involving two licensed brokerages and one licensed hedge fund.

The authorities searched 14 locations, including offices and residences of the involved entities, and detained eight individuals aged 35-60, including senior executives and intermediaries. They suspect that senior managers at two brokerages accepted bribes exceeding HKD 4 million from hedge fund owners, leaked confidential share placement information before public announcement, and profited approximately HKD 315 million by short-selling related stocks and entering into short equity swaps after the information was disclosed.

Suning’s Zhang Jindong Clears Assets, 238.7 Billion Yuan Debt Shocks the Entire Network!

Early 2026 marks a heavy ending for China’s business scene. Zhang Jindong, who led Suning for 30 years, officially concludes with personal assets wiped out.

Once Jiangsu’s richest man and a billionaire founder, he now transfers all equity free of charge into restructuring trusts, with his personal wealth serving as a subordinate guarantee for 238.7 billion yuan in debt.

Nvidia Rarely Enters Memory R&D: Collaborates with Samsung to Promote Ferroelectric NAND Commercialization

Driven by AI demand, storage chips like HBM and NAND flash are in widespread shortage. Nvidia is strengthening strategic R&D partnerships, not just supply relationships.

According to Seoul Economic Daily, Nvidia has joined Samsung Electronics’ R&D team to develop new AI technologies and co-develop ferroelectric NAND flash memory. Nvidia’s direct involvement in memory R&D, especially for future tech like ferroelectric NAND, is rare.

【Industry Hotspots】

Breakthrough in 14-inch Chips! Domestic Semiconductor Companies Bring Good News! Major Moves in Chip Cooling

Global aluminum supply faces uncertainties! Middle East conflicts heat up aluminum prices—just the beginning?

Middle East conflicts impact global fertilizer supply chain, CF Industry hits record high

High-performance computing infrastructure heats up; listed companies rush into Micro LED new blue ocean

Leverage rental market heats up; listed companies accelerate deployment

【Market Strategies】

Since March, geopolitical conflicts have caused intense volatility in the international crude oil market. On March 9, Brent crude futures surged near $120/barrel, WTI also hit high levels. But prices quickly retreated within two trading days, with intraday swings exceeding 40%.

Morgan Stanley fund research head Sun Renjie believes geopolitical conflicts amplify structural supply-side tensions in oil markets. Even if conflicts ease due to various constraints, geopolitical risk premiums will not dissipate quickly. Under the long-term trend of restrained upstream oil and gas capital expenditure and declining supply elasticity of traditional fossil fuels, asset revaluation in the oil sector is likely.

He suggests that upstream oil and gas producers with abundant reserves benefit directly from rising oil prices; integrated refining and chemical giants with cost advantages are also worth关注.

Overall, escalating conflicts reduce global risk appetite, shifting funds from high-valuation growth stocks to high-dividend, cash-flow-stable sectors like utilities and power. Meanwhile, increased Middle East tensions heighten energy security concerns, prompting countries to accelerate energy independence and boosting domestic power grid, ultra-high voltage, and renewable energy sectors.

【Announcement Highlights】

【Operational Data】

Cambrian: 2025 net profit of 2.059 billion yuan, turning profitable from loss; plans to pay 1.5 yuan per 10 shares and convert 4.9 shares per 10 from reserves

Li Auto: Q4 2025 revenue of 28.8 billion yuan, down 35% YoY

Shennan Circuit: 2025 net profit up 74.47%, proposes 10-for-24 dividend

Baofeng Energy: 2025 net profit up 79.09%, plans to distribute 3.055 billion yuan in cash dividends

Gao Neng Environment: 2025 net profit up 73.94%

Shanghai Sunway: 2025 net profit up 71.12%, proposes 4.8 yuan dividend per 10 shares

Yaxiang Integration: 2025 net profit up 40.3%, plans 16.5 yuan per 10 shares dividend

Loyang Electronics: 2025 net profit of 104 million yuan, up 26.02%

Jiansheng Group: 2025 net profit up 24.62%, proposes 0.35 yuan per share dividend

Tubo: 2025 net profit of 722 million yuan, up 23.29%

【Hot Topics】

CITIC Securities: HK SFC and ICAC seized some documents under search warrants; operations and subsidiaries remain normal

Everbright Tech: False claims about large orders and related info

Zhenai Meijia: No involvement in AI business; core operations unchanged

Dayuan Pump: Stock price risks after rapid rise and fall

GCL New Energy: Market overheat, irrational speculation, and potential correction risks

Ningbo Construction: Neither the company nor Zhongjing Cloud currently engaged in compute leasing

【Contract Awards】

PowerChina: Signed 13.962 billion yuan EPC contract for UAE Abu Dhabi solar and storage project

TianShun Wind: Won 700 million yuan offshore wind turbine jacket order

Weiming Environmental: Jointly awarded Indonesian Moluccas waste-to-energy project

【Equity Changes】

Nandu Power: Plans to transfer its wholly owned lead recycling subsidiary Huabo Recycle

Fenglong: Controlling shareholder changed to UBest

Buchang Pharma: Subsidiary to transfer 60% of Zhongce in Hunan at 1 yuan

【Shareholding Adjustments and Buybacks】

Kaiying Network: Actual controller plans to increase holdings by at least 150 million yuan

HuiBoPu: Director Zhang Zhongwei and spouse to increase holdings

Kaimete Gas: Caixin Assets and associates to reduce holdings by no more than 3%

【Major Investments】

GF Securities: Planning to increase capital in GF Hong Kong by up to 6.101 billion HKD

Feikai Materials: Planning to invest 1 billion yuan in Feikai (Chizhou) production base

Chaoxun Communications: Planning to establish a holding subsidiary to expand computing power business

Shanxi Securities: Planning to increase capital in Shanxi Securities Asset Management by 200 million yuan

【Other News】

Hengtian Hailong: Planning to acquire at least 40% of Qunjian Aviation

Deguan New Materials: Production of functional films and masterbatch expansion project completed

Quzhou Development: Secured up to 180 million yuan in share repurchase financing

*ST Changyao: Received delisting decision

Linzhou Heavy Machinery: Terminated 2025 non-public share issuance

Galaxy Magnet: Terminated acquisition of Kyoto Longtai 100% stake

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