Bull Market Morning Report | Trump Says Airstrike on Iran's Energy Facilities Delayed by Another 10 Days

Topic: The Security Attributes of Chinese Assets Are Highlighted, A-Share Long-term Bull Market Expected

【Market Data】

As of the market close on March 26, the Shanghai Composite Index fell by 1.09%, closing at 3889.08 points; the Sci-Tech Innovation 50 Index dropped by 2.02%, closing at 1288.81 points; the Shenzhen Component Index declined by 1.41%, closing at 13606.44 points; the ChiNext Index fell by 1.34%, closing at 3272.49 points. The total turnover of the Shanghai and Shenzhen stock markets was 1.9436 trillion yuan.

In the U.S. stock market, all three major indices closed lower, with the Dow Jones falling by 1.01% to 45960.11 points, the S&P 500 Index dropping by 1.74% to 6477.16 points, and the Nasdaq declining by 2.38% to 21408.08 points.

International oil prices saw a significant increase on March 26. By the close of the day, the price of light crude oil futures for May delivery on the New York Mercantile Exchange rose by $4.16, closing at $94.48 per barrel, an increase of 4.61%; the price of Brent crude oil futures for May delivery rose by $5.79, closing at $108.01 per barrel, an increase of 5.66%.

【Financial News】

1. According to The Paper, on March 26, Foreign Ministry spokesman Lin Jian hosted a regular press conference. A reporter from Kyodo News asked whether the Foreign Ministry could confirm that U.S. President Trump will visit China from May 14 to 15 and meet with Chinese leaders in Beijing. In response, Lin Jian stated, “Head of state diplomacy plays an irreplaceable strategic guiding role in China-U.S. relations. Both sides are maintaining communication regarding President Trump’s visit to China.”

2. According to the State Administration for Market Regulation’s website, on March 26, the State Administration for Market Regulation held its first enterprise fair competition symposium for 2026, focusing on the theme of “regulating corporate competition behavior and building a healthy competition ecology for enterprises going abroad.” Responsible persons from companies such as China Minmetals Corporation, China State Construction, CATL, BYD, Chery Automobile, Didi, and Meituan engaged in in-depth exchanges and provided suggestions. Meng Yang, a member of the administration’s Party leadership group and deputy director, attended the meeting and spoke. Meng Yang introduced the work the administration has undertaken to maintain fair market competition and support enterprises in cultivating new competitive advantages. He emphasized that the administration will firmly implement the decisions and deployments of the Party Central Committee and the State Council, strengthen antitrust regulatory enforcement, enhance corporate compliance guidance, deeply rectify “involution-style” competition, deepen institutional opening in the field of competition, and provide greater support for enterprises to explore international markets and achieve high-quality development.

3. According to the Ministry of Commerce’s official website on March 27, Commerce Minister Wang Wentao met with U.S. Trade Representative Katherine Tai during the 14th WTO Ministerial Conference in Yaoundé, Cameroon, on March 26. Both sides exchanged in-depth opinions on China-U.S. economic and trade relations as well as multilateral and regional economic and trade cooperation. Wang Wentao emphasized that China is willing to strengthen multilateral and regional economic and trade cooperation with the U.S., jointly promote WTO reform, and push for practical outcomes from the 14th WTO Ministerial Conference, supporting positive results from the APEC and G20 meetings. Wang Wentao also expressed serious concerns regarding the U.S. initiating Section 301 investigations against several economies, including China, based on the so-called “overcapacity” and “forced labor products not banned for import” reasons. Tai stated that over the past year, there have been constructive economic and trade consultations between the U.S. and China, maintaining close communication and cooperation. The U.S. is willing to work with China, guided by the consensus of the two heads of state, to enhance dialogue, promote sustainable stability in U.S.-China economic and trade relations, and achieve mutual benefits in the economic and trade fields. The U.S. is also willing to strengthen communication and exchanges under the WTO and regional frameworks with China.

4. According to CCTV News, on the morning of March 26, the State Council Information Office held a press conference to introduce the acceleration of the establishment of a long-term care insurance system. According to preliminary statistics from the medical insurance department, since the pilot program began in 2016, long-term care insurance has attracted social capital investment of over 60 billion yuan in related industries. Additionally, according to Xinhua News Agency, Wang Wenjun, deputy director of the National Healthcare Security Administration, introduced that since the pilot program began in 2016, the construction of the long-term care insurance system has gone through the phases of “pilot, evaluation, expansion of the pilot, re-evaluation, and initiation of comprehensive establishment.” The number of pilot areas has increased from the initial 15 to 92 by the end of last year, covering 308 million insured individuals and benefiting over 3.3 million disabled persons, reducing the care cost burden for the public by over 100 billion yuan.

5. According to CCTV News, the first industry standard in the field of embodied intelligence, drafted by the China Academy of Information and Communications Technology in collaboration with over 40 units, was officially released on March 26. This standard establishes a unified benchmark testing framework for the field of embodied intelligence, marking the entry of embodied intelligence evaluation into a new stage of “having standards to rely on.” It is understood that this standard focuses on key foundational technologies for artificial intelligence and benchmark testing methods for embodied intelligence, while also clarifying the system framework and capability requirements for embodied intelligence systems, and will officially implement on June 1, 2026.

6. According to Xinhua International, the Organisation for Economic Co-operation and Development (OECD) released its latest economic outlook report on March 26, predicting that global economic growth will be 2.9% in 2026, with a slight recovery to 3.0% in 2027.

7. On March 26, Meituan (03690.HK) released its financial results for the fourth quarter and the full year of 2025. Meituan achieved revenue of 364.9 billion yuan in 2025, a year-on-year increase of 8%. Affected by “involution-style” competition in the instant retail industry, Meituan’s performance turned from profit to loss, with a net loss of 23.4 billion yuan for the year and an operating loss of 17 billion yuan. Among them, the core local business segment reported an operating loss of 6.9 billion yuan. In the fourth quarter of last year, Meituan’s revenue was 92.1 billion yuan, a year-on-year increase of 4.1%; the adjusted net loss was 15.08 billion yuan, compared to a profit of 9.8 billion yuan in the same period last year.

8. According to CCTV News, on March 26 local time, U.S. President Trump stated on his social media platform “Truth Social” that at the request of the Iranian government, he would suspend strikes on Iranian energy facilities for 10 days, resuming at 8 PM Eastern Time on April 6. He noted that the relevant negotiations are “progressing smoothly” and denied media reports suggesting that the negotiations are not going well.

9. According to Xinhua News Agency, U.S. Secretary of State Rubio stated on March 26 that negotiations between the U.S. and Iran have made progress, but he would not disclose relevant details. Rubio spoke to reporters at the airport before heading to France to attend a G7 foreign ministers’ meeting, saying that some countries are acting as intermediaries to help relay information, and there has indeed been some progress in information exchange, but it remains “a continuous and variable process,” so he would not publicly discuss or disclose specific details of the negotiations. Iranian Foreign Minister Araqchi stated on March 25 that in recent days, the U.S. has conveyed information to Iran through several friendly countries, while Iran has sent warnings or expressed its position to the U.S. through these mediators. “This is not negotiation or dialogue, but information exchange.” Iranian state television quoted a senior official as saying that Iran rejected the U.S. proposed ceasefire plan and presented five conditions regarding the ceasefire.

10. According to @Xinhua International news on March 26, the Iranian Tasnim News Agency quoted informed sources saying that Iran has formally responded to the 15 points of the ceasefire agreement proposed by the U.S. Additionally, according to CCTV News, Iran has formally responded through intermediaries regarding the 15-point ceasefire proposal made by the U.S. Informed sources revealed that Iran clearly stated in its response that the aggressor’s invasion and terrorist acts must cease; objective conditions must be created to ensure that war does not reoccur; a clear commitment to compensate for war losses must be made and implemented; and all resistance organizations involved in the conflict across all fronts and regions must be urged to cease their actions.

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A wealth of information and precise interpretations can be found on the Sina Finance APP.

Editor: Jiang Yuhan