March 25 Pre-Market Morning Report: Key Highlights

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No.1 Pre-market Hot Topics

1. Yesterday’s Hot Topics
   Electric Power Collaboration: Xineng Taishan, Huadian Liaoning
   Photovoltaics: Zhongli Group
   Q1 Earnings: Fuxiang Pharmaceutical

2. The U.S. Intends to Cease Fire for One Month and Discuss 15 Negotiation Plans with Iran
   On March 25, the U.S. government proposed a conflict-ending plan with 15 conditions to Iran through Pakistan. It is understood that the U.S. is considering pushing for a one-month ceasefire to facilitate further negotiations on these terms. On Wednesday morning in Asia-Pacific, oil prices plummeted.
   On March 24, the foreign ministers of China and Iran had a phone call.
   On March 24, Pakistani Prime Minister Shabaz Sharif stated he is ready to host talks between the U.S. and Iran to resolve ongoing conflicts.
   Post-war Reconstruction: North International, China Engineering International
   North Exchange + Post-war Reconstruction: Tietuo Machinery

3. U.S. Stock Market Led by Optical Communications Concepts
   U.S. stocks in the optical communications sector led gains, with Lumentum up 10%, hitting a record high during the session, and Coherent up 6.78%.
   Optical Communications: RiseSun, Mingpu Optoelectronics, Changguang Huaxin, Yuanjie Technology, Guangku Technology

4. Media Reports Japan Plans to Downgrade China-Japan Relations
   According to the Ministry of Foreign Affairs website, on March 24, spokesperson Lin Jian held a routine press conference. A reporter asked: Japan’s draft annual diplomatic report under review plans to downgrade China-Japan relations from one of the most important bilateral relationships to an important neighbor.
   Fisheries: China Water Fisheries
   Photoresists: Guofeng New Materials, Tongcheng New Materials, Nanda Optoelectronics

5. Token Gets a Chinese Name—“Ciyuan”
   At the China Development Forum 2026, Liu Liehong, Director of the National Data Bureau, provided a clear positioning: Token “Ciyuan” is not only a value anchor in the era of intelligence but also a “settlement unit” connecting technological supply and business demand, providing a quantifiable basis for the implementation of business models. This officially translates Token as “Ciyuan.” By March this year, China’s daily Token (Ciyuan) calls exceeded 140 trillion, over 1,000 times the amount at the start of 2024, and a 40% increase over the 100 trillion at the end of 2025 within three months.
   Computing Power: Aoruite, Meiliyun, Guanghuan Xinwang, UCloud, Qingyun Technology, Shunwang Technology

6. Industry News

7. Furuide: Subsidiary raises industrial coating prices by 10%-25%.

8. SK Hynix submits Form F-1 to the U.S. SEC, applying for U.S. listing, potentially raising up to $10 billion. (Taiji Industry)

9. South Korea may implement naphtha export controls this week; South Korea, Russia, and UAE are core suppliers, collectively accounting for about 63.1% of China’s total imports. (Huajin Shares)

10. National Energy Administration: Hydrogen and green fuels included as key focus areas for 2026 energy industry standards. (Jingcheng Shares)

11. China breaks optical communication transmission record, achieving 2.5 Pb/s real-time bidirectional transmission over 10.3 km of 24-core single-mode fiber. (Changfei Fiber, FiberHome)

12. Nomura Securities: Expect significant increase in memory prices in Q2, with DRAM prices projected to rise 51% month-over-month, NAND flash up 50%, far exceeding previous expectations of 6% and 20%. (Buwei Storage, Puran Shares, Shannon Chip)

13. Zhang Xuefeng, who suffered sudden cardiac death, passed away after futile rescue efforts, aged 41. (Pharmaceuticals)

14. On March 25, the People’s Bank of China will conduct a 500 billion yuan MLF operation with fixed amount, rate bidding, and multiple price points, for a one-year term.

No.2 Selected Announcements

1. Daily Announcements
   Guanghe Tong: Planning to acquire Hangsheng Electronics control, expected to constitute a major asset restructuring
   Guofa Shares: 3.4% of the company’s shares held by major shareholder to be auctioned by judicial authorities, possibly leading to a change in actual control
   Dongwei Semiconductor: Planning to acquire 53.09% of Huineng Tai Semiconductor for 408 million yuan
   Buwei Storage: Signed a $1.5 billion wafer procurement contract
   Nakonor: Signed a 341 million yuan roll-to-cut integrated machine contract
   Huaneng Science & Industry: Signed an EPC contract worth 827 million yuan for Inner Mongolia Tengerli coal power project
   Mingpu Optoelectronics: 800G LPO optical modules shipped in small batches; 1.6T development with customer JDM

2. Trading Halt and Resumption
   *ST Jingfeng: Halted for one day, no delisting, *ST Jingfeng

3. Mines and Risks
   Jingneng Thermal: Shareholder plans to reduce holdings by 4.00%
   Taijia Shares: Shareholder plans to reduce holdings by 3.00%
   Daqian Ecology: Shareholder plans to reduce holdings by 3.00%
   Jujuo Shares: Shareholder plans to reduce holdings by 3.00%
   Guoyi Bidding: Shareholder plans to reduce holdings by 1.89%
   Keta Power: Shareholder plans to reduce holdings by 1.00%
   Jingsong Intelligence: Shareholder plans to reduce holdings by 1.00%
   Xiangyuan New Materials: Shareholder plans to reduce holdings by 0.87%
   Guanglian Aviation: Shareholder plans to reduce holdings by 0.66%

4. Abnormal Movements
   Huaneng Liaoning: Stock shows severe abnormal fluctuations, with short-term risk of sharp decline
   Haitian Shares: Uncertainty in strategic cooperation with Tongwei Solar on perovskite slurry development

5. Dynamic Updates

No.3 Global Markets

1. Global Markets
   U.S. stock three major indices all closed lower, but after-hours surged on news of a one-month ceasefire.
   Popular Chinese concept stocks showed mixed gains and losses; A50 index rose 0.24%.

2. Popular U.S. and Chinese Concept Stocks

3. Commodities (Night Trading Varieties)