# Four Major Securities Newspapers Front Page Headlines Summary_March 20, 2026_Financial News

Special Topic: Highlights from the Four Major Securities Newspapers

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On Friday, March 20, here are the main highlights from today’s headlines:

China Securities Journal

Public Funds Analyze Hong Kong Stocks: Three Major Directions Reach Consensus

“After such a long adjustment, Hong Kong stocks’ overall valuation is indeed no longer expensive, but it doesn’t seem particularly cheap either.” “It’s hard to tell in the short term whether we’ve fully bottomed out.” Recently, as market attention to Hong Kong stocks has increased significantly and many public fund institutions have begun promoting Hong Kong stock investments, many investors are troubled by similar doubts.

Holding Steady with a “Hawk” Voice—How the Fed’s Decision Will Disrupt Asset Allocation

The highly anticipated Fed March interest rate decision has recently been announced. In the early hours of March 19, Beijing time, the Federal Reserve announced that the federal funds rate target range would remain unchanged at 3.5% to 3.75%. However, whether it’s Fed Chair Powell repeatedly emphasizing a wait-and-see stance or the Fed raising its inflation forecast for 2026, these factors add uncertainty to this year’s rate cut path and have caused a collective decline in US stocks and a notable adjustment in international gold prices.

CITIC Securities 2026 Spring Capital Market Forum: Focus on New Quality Productivity, Anchor in Leading Manufacturing Sectors

Held in Beijing from March 19 to 20, the CITIC Securities 2026 Spring Capital Market Forum analyzed that China’s economy is steadily recovering amid volatility, with new quality productivity represented by AI, commercial aerospace, and biotech accelerating from concept to industry implementation, continuously reshaping the main growth drivers. The capital market ecosystem is being optimized, with institutional reforms precisely supporting new industries, pushing A-shares toward a new stage of incremental allocation. The market is focusing on undervaluation and pricing power, anchoring in advantageous manufacturing layouts, with new quality productivity empowering the capital market, injecting strong momentum into the revaluation of Chinese assets and increasing global attractiveness.

Reforming Consumption Tax and Improving Local Tax Systems

The “14th Five-Year Plan” outlines a clear path for high-quality development. Starting today, this newspaper launches a series titled “Advancing the ‘14th Five-Year’ Plan: New Goals and New Journey,” focusing on strategic new proposals, reform progress, and industry practices, exploring vivid cases and fully demonstrating China’s solid steps toward high-quality economic development.

Shanghai Securities News

People’s Bank of China: Firmly Maintain Stable Operation of Stock, Bond, and Forex Markets

On March 18, the PBOC Party Committee held an expanded meeting to thoroughly study the spirit of the two sessions, implement the requirements of the State Council’s 11th plenary session, and deploy specific measures. PBOC Governor Pan Gongsheng presided over the meeting and delivered a speech. The meeting emphasized that the PBOC should conscientiously implement the government work report and the “14th Five-Year” plan, create a good monetary and financial environment for stable economic growth and high-quality development, and provide strong support for a good start and progress of the “14th Five-Year” plan.

State Administration of Foreign Exchange Holds Expanded Party Group Meeting to Clarify Next Phase Key Tasks, Improve Cross-Border Capital Flow Monitoring and Early Warning, Maintain Stable Forex Market Operation

On March 17, Zhu Hexin, Secretary of the Party Group and Director of SAFE, chaired an expanded Party group meeting to convey the spirit of the two sessions and plan the implementation work. The meeting stressed that the foreign exchange management system should focus on risk prevention, strengthened regulation, and high-quality development, proactively enhance efficiency, and implement practical policies to accelerate task completion, supporting a good start for the “14th Five-Year” plan.

In the First Two Months, Securities Transaction Stamp Duty Income Reached 49.9 Billion Yuan, Up 1.1 Times Year-on-Year

Data released by the Ministry of Finance on March 19 shows that in the first two months of this year, the national general public budget revenue was 4.42 trillion yuan, up 0.7% year-on-year, marking a steady start; public budget expenditure was 4.67 trillion yuan, up 3.6%. Key sector expenditures were effectively guaranteed. The data also shows that in the first two months, tax revenue from securities transactions was 49.9 billion yuan, up 1.1 times year-on-year, mainly due to active stock market trading and increased transaction volume.

Alibaba’s 2026 “Plan A”: Cloud and AI Commercial Revenue Breaks 100 Billion USD Annually

On March 19, Alibaba Group announced its Q3 FY2026 (Q4 FY2025) results. Revenue from AI-related products has achieved triple-digit year-over-year growth for ten consecutive quarters. The self-developed GPU “Pingtouge” achieved large-scale mass production and successful commercialization for the first time. The “Qianwen” and “Wukong” dual initiatives demonstrate the latest results of Alibaba’s AI investments.

Securities Times

Three Departments Deploy Further Regulation of New Energy Vehicle Industry Competition

The Ministry of Industry and Information Technology, the National Development and Reform Commission, and the State Administration for Market Regulation recently held a symposium with industry companies, focusing on regulating competition, enhancing innovation, expanding auto consumption, and optimizing industry management. Leaders from the China Association of Automobile Manufacturers and 17 key auto companies attended.

Spring Strategy Meetings of Securities Firms Reach Consensus: External Shocks Do Not Change Market Fundamentals

Currently, global capital markets are intertwined with geopolitical tensions and AI industry transformation. On one hand, tensions in the Middle East increase market risk premiums and disrupt global supply chains; on the other, disruptive AI innovations continue to reshape market perceptions. Under this background, the focus of subsequent A-share market strategies by securities firms remains on these developments.

Securities Firms’ Research List Released: Wind Power, Photovoltaics, and Storage Chips Are Hot Topics

Since the beginning of the year, securities firms have researched over 940 A-share listed companies, mainly in electronics, machinery, electrical equipment, and chemicals. Among these, 25 companies have been researched by securities firms at least 30 times. Notably, wind power and photovoltaics are among the hottest sectors, and with recent storage price hikes, research on storage chip-related companies remains high.

Doubao Launches AI Shopping Beta Platform, Enhancing “One-Sentence Shopping”

Open Doubao, state your needs: “Budget around 100 yuan, recommend a good office mouse,” and Doubao will immediately match products, generate shopping suggestions, and provide links for direct purchase, making the shopping process simple and clear. This is part of Doubao’s ongoing beta testing of its AI e-commerce feature, called “One-Sentence Shopping.” Major platforms like Alibaba, JD.com, Meituan, and Pinduoduo have also increased AI shopping investments, continuously building ecosystems and deploying scenarios.

Securities Daily

Multiple Regions Introduce Policies to Promote Innovation and Development

On March 18, Beijing issued the “Measures to Promote Steady Economic Growth in 2026,” encouraging government-backed financing guarantee institutions to support tech companies’ financing. The same day, Hangzhou’s Science and Technology Bureau and Finance Bureau jointly announced that starting April 1, they will distribute 50 million yuan in bank loan subsidies to local tech startups.

Continuous Support for Hard Technology in Capital Markets

Recently, the CSRC approved a batch of hard-tech themed funds, with 15 products approved simultaneously. These include passive funds tracking the “Innovation and Entrepreneurship AI Index” and active funds based on the “China Strategic Emerging Industries Index,” focusing on core technology and strategic emerging industry growth.

In the First Two Months, Securities Transaction Stamp Duty Increased 1.1 Times Year-on-Year

Data from the Ministry of Finance on March 19 shows that fiscal revenue in the first two months grew slightly, marking a stable start.

Geely Auto’s Total Sales in 2025 Surpass 3 Million Vehicles

As sales increased, operational efficiency also improved. On March 18, Geely Auto Holdings announced its 2025 full-year results. The company achieved a total sales volume of 3.025 million units, up 39%, breaking the 3 million mark for the first time; total revenue was 345.2 billion yuan, up 25%; net profit attributable to shareholders was 14.41 billion yuan, up 36%; new energy vehicle sales reached 1.688 million units, up 90%, with the annual penetration rate of new energy vehicles exceeding 50% for the first time. Meanwhile, fuel vehicle sales were 1.337 million units, up 4%.