March 12 Oriental Fortune Finance Evening Report (with News Broadcast)

Hot Topics

Ministry of Foreign Affairs Response:

On March 12, spokesperson Guo Jiakun held a routine press conference. A Reuters reporter asked: On Wednesday, the U.S. government led by President Trump announced the launch of two new trade investigations into “excess industrial capacity” among 16 major trading partners, including China. According to officials from the Office of the U.S. Trade Representative, this could lead to new tariffs. What is China’s comment on this investigation and the U.S. Trade Representative’s designation of China’s auto industry as a “capacity surplus” sector? “The so-called capacity surplus is a false proposition. China opposes using it as an excuse for political manipulation,” Guo Jiakun said.

Pan Gongsheng Speaks:

On March 12, People’s Bank of China Governor Pan Gongsheng chaired a symposium with economic and financial experts. Pan Gongsheng stated that many constructive suggestions were raised. In the next phase, the People’s Bank of China will fully implement the spirit of the 20th CPC Central Committee Fourth Plenary Session, the Central Economic Work Conference, and the deployment of the Government Work Report, to build a scientific and prudent monetary policy system, continue to implement a moderately relaxed monetary policy, and increase countercyclical and cross-cycle adjustments, creating a suitable monetary and financial environment for sustained economic growth and improvement.

StepStar Launches Cloud AI Assistant StepClaw:

On March 12, StepStar launched the cloud-based AI assistant StepClaw, built on OpenClaw, and opened 50,000 experience slots for one-click deployment and use of “Little Lobster,” free for one month. The experience slots support deploying “Little Lobster” via the StepStar AI app with one click, and include a full package of 50 million model tokens, servers, and storage for free. It is also reported that on March 13, this feature will be available on the StepStar AI web platform for deployment and use.

CAAM Announcement:

The China Association of Automobile Manufacturers announced that in February, retail sales of passenger cars in China totaled 1.043 million units, down 25.9% year-on-year and 33.1% month-on-month. From January to February, the total retail sales of passenger cars in China reached 2.602 million units, down 19.1% year-on-year. In February, retail sales of new energy vehicles in China were 464,000 units, down 32% year-on-year and 22.1% month-on-month. From January to February, the cumulative retail sales of new energy passenger vehicles in China were 1.06 million units, down 25.7% year-on-year.

Ministry of Justice Statement:

On March 12, Minister He Rong stated at the third “Minister Channel” of the Fourth Session of the 14th National People’s Congress that this year’s government legislative work will focus on several areas, including optimizing the business environment, drafting regulations for the construction of a unified national market, addressing issues such as local protectionism, improper access conditions, and “involution” competition. He Rong also noted that artificial intelligence is a “high-frequency word” at this year’s two sessions. Legislation in fields like artificial intelligence and low-altitude economy will be accelerated this year, including revisions to the Road Traffic Safety Law and the formulation of airspace management regulations.

Risk Warning on OpenClaw Applications in Industrial Sector:

The National Industrial Information Security Development Research Center issued a warning about OpenClaw applications in industry: OpenClaw is rapidly being deployed in industrial design, manufacturing, and operations. However, due to features like blurred trust boundaries, multi-channel unified access, flexible large model invocation, and dual-mode persistent memory, without effective permission control or security audit mechanisms, it may be maliciously hijacked through command induction or supply chain poisoning, leading to control system failures, sensitive data leaks, and other security risks.

Cambricon Performance Announcement:

Cambricon (688256.SH) released its 2025 annual report, achieving revenue of 6.497 billion yuan, up 453.21% year-on-year; net profit attributable to shareholders was 2.059 billion yuan, turning from loss to profit. The company plans to distribute a cash dividend of 15.00 yuan per 10 shares (tax included) and convert capital reserve into 4.9 new shares per 10 shares. The annual report shows that compared to Q3, the fifth-largest shareholder Zhang Jianping increased holdings to 6.8149 million shares, accounting for 1.62% of total share capital. Based on today’s closing price of 1,099 yuan per share, Zhang Jianping’s holdings are valued at nearly 7.5 billion yuan.

China Power Construction Announces Large Photovoltaic and Storage Orders:

China Power Construction (601669.SH) announced that its Abu Dhabi branch and its subsidiary China Power Construction Group East China Survey and Design Institute formed a consortium and signed an EPC contract for the UAE Abu Dhabi RTC 2.1GW + 7.75GWh solar storage project with Future Energy Company of Abu Dhabi. The contract is approximately 13.962 billion RMB. The project is located in the Mshayrif area of Abu Dhabi, with a 2.1GWp photovoltaic direct current capacity and 7.75GWh energy storage. The total construction period is NTP (Notice to Proceed) + 21 months, with a 24-month warranty.

Hong Kong ICAC Announcement:

The Hong Kong Independent Commission Against Corruption announced that it conducted a joint operation codenamed “Fuse” with the Hong Kong Securities and Futures Commission on March 10 and 11 to combat insider trading and corruption. Two securities firms and one hedge fund management company and its executives are involved. Investigations show that a senior executive at a securities firm allegedly received over $4 million in bribes from a hedge fund manager, leaking confidential information about Hong Kong-listed companies’ share placements. Cathay Securities announced this morning that an employee was detained by ICAC and taken from home.

Iran Situation:

Iranian Foreign Ministry spokesperson Baghayi said on March 12 in an interview with Italy’s La Stampa that Iran’s Supreme Leader Khamenei is “injured but in good condition”. He also said the timing of Khamenei’s first speech is uncertain. Additionally, Iran reported that on March 12, IRGC Air Force Commander Sardar Esmail Degan, his wife, and two children were killed in an attack in Arak, central Iran.

Polypropylene Price Increase:

Sources from the industry chain report that today, several refining and chemical companies including Baofeng Energy, Donghua Energy, and subsidiaries of PetroChina and Sinopec collectively raised polypropylene (PP) prices. Baofeng Energy’s various PP products have been increasing for two consecutive days, with a total increase of about 600 yuan/ton. “The sharp rise in international oil prices caused by geopolitical conflicts strongly supports PP costs, and as downstream companies resume work, the spring peak demand for PP is gradually releasing, fueling market optimism,” industry insiders said. “Different raw material routes for PP, with coal-based PP benefiting from relatively stable coal prices, have seen significant profit growth as PP prices rise.”

Wind Power:

In the afternoon today, the wind power sector surged, becoming the market’s highlight. According to an announcement on the UK Department of Business and Trade’s website on March 10, the UK will eliminate 33 tariffs on wind turbine components starting April 1, with core parts like blades and cables seeing tariffs drop from 6% and 2% to 0%, aiming to unlock 22 billion pounds (about 202.4 billion RMB) in investment.

Theme Opportunities

Green Power:

“Computing Power Collaboration” has risen from local pilot projects and departmental policies to a national top-level design: This year’s government work report proposes implementing large-scale intelligent computing clusters and computing-power synergy as new infrastructure projects. In the AI era, computing-power synergy is becoming a key driver and competitive edge in global technological competition. “Who has cheap electricity, stable power supply, and quick grid adjustments, holds the cost advantage in the AI era,” as People’s Daily commentary states. The essence of going global with tokens is transforming electricity into computing power, and then into intelligence. “The end of AI is electricity, and the end of electricity is China.”

Furthermore, according to the “Data Center Green and Low-Carbon Development Special Action Plan,” new data centers in key national hubs must source over 80% of their electricity from renewable energy, making renewable energy utilization a key part of energy-saving reviews. Green electricity is the most direct energy supply for data centers. Institutions note that downstream demand and new sectors for green electricity are emerging continuously. After peaking in 2021, the green energy sector’s valuation is currently at a historical low, suggesting investment opportunities in the green power sector.

In A-shares, data shows that the green power concept has performed strongly this year. As of midday March 12, among 155 constituent stocks, 138 stocks have risen this year, with a median increase of 18.66%. Four stocks have doubled, with Yunnan Energy Holding up over 220%, Xiaocheng Technology, Southern Power Grid Energy, and GCL New Energy all up over 110%.

Carbon Fiber:

According to China National Radio on March 12, China National Building Material Group held a global launch of the SYT80 (T1200 grade) ultra-high-strength carbon fiber at its Beijing headquarters and JEC World exhibition in Paris on March 11, officially announcing that its subsidiary Zhongfu Shenying has achieved industrial mass production of this product, becoming the world’s first to do so for T1200 grade carbon fiber.

Due to its combination of rigidity and flexibility, carbon fiber is as fine as hair but harder than steel. It also has high temperature resistance and corrosion resistance, earning titles like “Black Gold,” “King of New Materials,” and “Super-Strong Material on Earth.” It is a preferred material in wind power, aerospace, and other fields. China Metal Industry Trust estimates that the global carbon fiber market will reach $5.8 billion in 2025 and $11.5 billion by 2030, with an annual compound growth rate of about 14.9%.

In stocks, current focus areas include carbon fiber production (Zhongfu Shenying, Guangwei Composites, Zhongjian Technology), raw filament manufacturing (Jilin Chemical Fiber, Jilin Carbon Valley), and equipment and auxiliary materials (Jinggong Technology, Shanggong Shenbei, Shenkai Shares).

Company News

Zhaochi Co., Ltd.: The company’s high-speed optical module project has completed nearly 50,000 square meters of clean manufacturing base and is fully operational. The Micro LED optical interconnect CPO (co-packaged optical) chip has completed R&D and is currently in sample verification testing.

Baichuan Co., Ltd.: Recently, due to market supply and demand factors, some chemical products’ prices have increased. However, the sustainability of these price fluctuations is uncertain, and the impact on the company’s performance cannot yet be estimated.

Pengding Holdings: In 2025, the company achieved revenue of 39.147 billion yuan, up 11.40% year-on-year, and net profit attributable to shareholders of 3.738 billion yuan, up 3.25%. Note: Pengding’s Q3 2025 net profit was 1.175 billion yuan; extrapolating Q4, net profit is estimated at 1.33 billion, a 13% increase quarter-over-quarter. Analysts’ consensus forecast for Q4 net profit is 1.858 billion, which is below expectations.

*ST Changyao: The company received the Shenzhen Stock Exchange’s decision on March 12, 2026, to terminate its stock listing. The stock will suspend trading from March 20, 2026, and enter delisting risk warning period, expected last trading date April 10, 2026.

ShuDian Co., Ltd.: The company plans to invest about 4.3 billion yuan in Q4 2024 to expand high-end PCB production supporting AI chips. Construction started in late June 2025, with trial production expected in the second half of 2026 and capacity gradually increasing.

Baofeng Energy: In 2025, revenue reached 48.038 billion yuan, up 45.64%; net profit attributable to shareholders was 11.35 billion yuan, up 79.09%. Note: Baofeng’s Q3 2025 net profit was 3.232 billion yuan; Q4 is estimated at 2.4 billion, down 25% quarter-over-quarter. The consensus forecast for Q4 net profit is 3.077 billion, below expectations.

Shennan Circuit: Revenue was 23.647 billion yuan, up 32.05%; net profit was 3.276 billion yuan, up 74.47%. The company plans to pay a cash dividend of 24 yuan per 10 shares (tax included). Note: Q3 net profit was 966 million yuan; Q4 is estimated at 950 million, a slight decrease. The forecast for Q4 net profit is 596 million, above expectations.

Zhongfu Shenying: On March 12, 2026, the company disclosed that it voluntarily released information about new products, which have begun market promotion and application evaluation but are not expected to significantly impact short-term performance. Investors are advised to invest rationally and be aware of risks.

Fenglong Co., Ltd.: The share transfer agreement has been completed, with the controlling shareholder changing to Ubitus and the actual controller to Zhou Jian. Within 36 months, Ubitus has no plans to inject assets into the listed company. Operations and core technology development remain independent.

China Energy Construction: The company’s A-share issuance to specific investors is still in progress, and further disclosures will be made as appropriate.

Guangxun Technology: Recently, the company has noticed false information circulating regarding sample deliveries, potential clients, large orders, revenue forecasts, technological breakthroughs, and capacity. All such information has been verified as false.

CCTV News Broadcast

The third meeting of the Standing Committee of the Fourth Session of the 14th National People’s Congress was held at the Great Hall of the People in Beijing on the morning of March 12. Zhao Leji, Chairman of the NPC Standing Committee, presided over the meeting.

The fourth meeting of the NPC Standing Committee of the 14th session was held at the Great Hall of the People in Beijing on the morning of March 12, with Zhao Leji presiding.

Today (March 12), the third “Deputy Minister Channel” of the Fourth Session of the 14th NPC opened, with six NPC deputies answering media questions.

Today (March 12), the third “Minister Channel” was held, with officials from the Ministry of Justice, Ministry of Natural Resources, and Ministry of Ecology and Environment answering questions.

The Office of the National Greening Committee released the “2025 China Land Greening Status Bulletin” today. In 2025, China will continue large-scale land greening projects, with a central government investment of 158.4 billion yuan, afforestation of 3.563 million hectares, degradation grassland restoration of 4.927 million hectares, forest coverage reaching 25.09%, and forest and grass coverage exceeding 56%, with forest stock volume reaching 20.988 billion cubic meters.

In the first two months of this year, the China-Europe Railway Express operated 3,501 trains, transporting 352,000 TEUs, up 32% and 25% respectively, effectively ensuring the stability and smooth operation of the international industrial and supply chains.

Today (March 12), the first “Hualong One” nuclear power unit in the Yangtze River Delta—Unit 1 of China General Nuclear’s San’ao Nuclear Power Project—successfully connected to the grid. The project plans to build six “Hualong One” units, with an annual power generation capacity expected to exceed 54 billion kWh once completed.

International media and observers highly focus on China’s two sessions, believing that China’s high-quality development provides stability and confidence to the world, and they look forward to sharing development opportunities.