Wall Street Insights Breakfast FM-Radio | March 31, 2026

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Huajian Morning Voice

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Market Overview

Fed Chair Powell issued dovish signals, providing support for the recently battered bond market. However, ongoing escalation in the Middle East, combined with previous impacts from Google’s new storage technology, pushed US stocks to open high and close low. The Nasdaq fell about 1.2% intraday, ending down 0.73%.

The Philadelphia Semiconductor Index fell nearly 5% at one point. Memory stocks: Micron plunged almost 10%, Western Digital dropped 8.6%. Coherent slumped 9.8%. Financial index rose by 1.1%. Asset management firm shares climbed: Blackstone up 3.3%, KKR up 2.1%. Bill Ackman shouted “tenfold opportunity,” sending Fannie Mae and Freddie Mac up about 50%. 

Powell’s dovish stance prompted markets to re-bet on possible interest rate cuts this year. 10-year US Treasury yields fell nearly 8 basis points, 2-year yields dropped 8.6 basis points.

Signs of global US dollar shortage persisted, pushing the dollar index up 0.34%, its fifth consecutive day of gains.

Cryptocurrencies rose. Gold prices rose as much as 3.6% from the daily low, then pulled back to close flat with Friday’s last price. WTI crude futures rose more than 3% to near $103, closing above $100 for the first time since July 2022. Brent crude lagged WTI but also closed higher.

In Asia, Shanghai Composite recovered from lows to end up 0.2%. Nonferrous aluminum surged collectively; innovative drugs active. Hang Seng Tech Index fell nearly 2%, internet tech stocks broadly weak.

Key News

China

State Administration for Market Regulation: Focus on preventing excessive competition (“involution”) in key sectors including platform economy and new energy vehicles.

InnoLight expects 2025 revenue to soar 60%, net profit to double, plans to pay RMB 10 for every 10 shares.

AI server demand surges. Montage Tech’s 2025 net profit increases 58% YoY, H-share listing oversubscribed 60 times.

VeriSilicon reaches record revenue in 2025, net loss narrows to RMB 528 million, AI computing power revenue’s share rises to 64%.

Lithium price recovery and non-recurring gains drive Ganfeng Lithium to turn profitable in 2025, net profit surges 178%.

Red line of RMB 1499 becomes history; Moutai starts “double price hikes” after eight years.

Three satellites with one launch! CAS Space’s “Lijian 2” debut succeeds; unit cost approaches SpaceX.

Memory module prices plunge, suspected cause is suppressed demand from individual consumers.

Overseas

Powell: Fed interest rates in “favorable position,” can ignore Iran-related oil price shocks, but must be alert to inflation expectations. Powell reverses traders’ bets, expects rate cuts possible this year, US Treasuries rally further, again decoupled from oil prices.

White House says Trump hopes for a deal before April 6, wants Arab countries to pay, US-Iran dialog progressing well; Iran denies negotiations. Trump: If deal fails, will “destroy all power plants, oil wells, and Khark Island in Iran”; Iran responds: If attacked, will cut power to the entire region! G7 prepares to stabilize energy markets. US Treasury Secretary optimistic on easing oil pressure, says US will regain control of Strait of Hormuz. Iran’s parliament passes bill to charge ships passing through Strait of Hormuz. Iran says no direct talks with US; acting defense minister: Will continue to “punish aggressors with full force”!

Hedge fund tycoon shouts “tenfold opportunity”; Fannie Mae and Freddie Mac soar 41% and 34% intraday.

Market Closing Reports

US/European stock markets: S&P 500 down 0.39% at 6343.72 points, generally opened high and closed low. Dow up 0.11% at 45216.14 points. Nasdaq down 0.73% at 20794.641 points. Europe’s STOXX 600 index up 0.94% at 580.73 points.

A-shares: Shanghai Composite ended at 3923.29 points, up 0.24%. Shenzhen Component at 13726.19 points, down 0.25%. ChiNext at 3273.36 points, down 0.68%.

Bonds: US 10-year Treasury yield down 8.95 basis points at 4.3383%. 2-year Treasury yield down 9.22 basis points at 3.8197%, trading between 3.8955%-3.8054% intraday.

Commodities: WTI May crude oil futures up 3.25% at $102.88/barrel, first close above $100 since July 2022. Brent May crude up 0.18% at $112.78/barrel. Spot gold up 0.22% at $4503.88/oz. Spot silver up 0.36% at $70.0212/oz.

Details on Key News

Global Highlights

China

State Administration for Market Regulation: Focus on preventing excessive competition (“involution”) in platform economy, new energy vehicles and other key sectors. Precise identification and legal action against platform companies unjustifiably using search rankings, business reviews, algorithmic manipulation, traffic restrictions, product removal, increased fees, delayed payment, suspended transactions, internal penalties, or in subsidies, discounts, red packets, promotional activities, forcing or covertly forcing platform merchants to sell below cost, disrupting market competition order.

InnoLight 2025 revenue up 60%, net profit doubles, plans RMB 10 dividend per 10 shares. Full-year revenue exceeded RMB 38.24 billion, up 60.25% YoY; parent net profit RMB 10.797 billion, up 108.78%. Optical modules take the lead, annual revenue RMB 37.457 billion, up 63.67%, 97.95% of total revenue. Product structure continues shifting to high-end, shipments of 800G, 1.6T high-margin optical modules increase.

AI server demand surge, Montage Tech’s 2025 net profit up 58% YoY, H-share listing oversubscribed 60 times. Revenue and net profit hit record highs, up 49.9% and 58.4%. AI server demand drives explosive growth, 36.8% market share to stay No. 1 globally in memory interconnect chips. PCIe Retimer ranked second globally; HK listing oversubscribed 60X, over $30 billion orderbook; dual A+H capital platform formed.

VeriSilicon 2025 revenue at record high, net loss narrows to RMB 528 million, AI computing power revenue share up to 64%. Revenue RMB 3.152 billion, up 35.77%; net profit -RMB 528 million, loss narrowed by 12.1%. Order surge to RMB 5.96 billion, up 103.41%. Data processing sector >50% of orders, mainly cloud AI ASIC/IP business. AI-related revenue as percent of total up to 64.43%. R&D intensity 42.78%. Nearly 200 million NPU IP chips shipped worldwide.

Lithium price recovery & non-recurring income combine; Ganfeng Lithium 2025 turns profit, net profit up 178%. Revenue RMB 23.082 billion up 22.08%; parent net profit RMB 1.613 billion, returns to profit. Reversal mainly from strong second-half lithium price rally and subsidiary disposal plus PLS share price gains contributing nearly RMB 2 billion non-recurring. Ex-non-recurring, still a loss of RMB 385 million. Lithium series gross margin up 15.52%, battery business up 39.63%, solid-state battery achieves breakthroughs in low-altitude economy.

RMB 1499 price floor becomes history, Moutai resumes “double price hikes” after 8 years. From March 31, 2026: Feitian 53%vol 500ml Moutai (2026) contract sales price goes from RMB 1169 to 1269; direct retail price from RMB 1499 to 1539, up RMB 100 and RMB 40 respectively.

Three satellites/one launch! CAS Space’s “Lijian 2” debut succeeds; per-unit cost rivals SpaceX. Launch director said Lijian 2’s non-recovery unit cost now equals SpaceX Falcon 9’s recovery mode. Future cluster recovery could halve costs vs SpaceX.

Memory prices plunge, memory stocks tumble, is the memory super cycle over? Spot prices on memory modules plunge, Micron shares drop sharply. Analyst Dan Nystedt says this is traditional cycle peak, as phone makers reject high DDR4 prices. Analyst Jukan disagrees, says price resistance only for older memory, DDR5/HBM demand still strong, memory firms no longer “cyclical.” HSBC thinks current worries overdone, AI-driven memory super cycle only halfway, shortage may persist 1-2 years.

• Memory module prices plunge, suspected cause is suppressed demand from individual consumers. More upstream dealers are eager to sell, but lower prices aren’t stimulating market. Since last year’s Q4 price hike, personal consumers’ demand suppressed, many choose smaller capacity or secondhand, somewhat dampening shipments.

Overseas

Powell: Fed rates in “favorable position,” can ignore Iran oil price shock, but must watch inflation expectations. Powell: Not time to judge Iran war’s impact, energy shocks usually brief, monetary policy transmission too slow for supply price shocks—typical response is to ignore, but must monitor inflation expectations closely. Long-term inflation expectations remain stable. Tariffs have one-time inflation effect. Reiterates commitment to 2% inflation; supports QE, says research shows buying long-term assets lowers rates. Fed watching private credit, no systemic risk yet. Large language models will replace many automatable jobs, current youth face tough labor markets but outlook positive. Message to nominee Waller: Must avoid using monetary policy tools for other purposes. “New Fed News Service” says Powell: Fed can ignore oil price shock, but warns patience wears thin.

• Powell reverses traders' bets, expects possible rate cut this year; US Treasuries rally further, again decoupled from oil. Powell’s speech eased worries about Fed being forced to tighten to curb rising inflation. Traders now betting on small probability of rate cut this year. Sharp shift in rate expectations briefly sent short-term Treasury yields down over 10 basis points, later narrowing. Monday’s Treasury rebound marks second day “oil up, US yields down”—analysts say this signals major shift in US bond market.

White House: Trump hopes for deal before April 6, wants Arab states to pay, US-Iran talks progressing well; Iran denies talks. White House reaffirms Pentagon expects war duration of about 4-6 weeks, Iran in off-record talks already agrees some US points. US Secretary of State aims for military targets in weeks, not months. Trump prefers diplomacy; negotiations at early stages, including indirect contacts; post-war may reassess NATO ties. Iran says still no direct talks, only indirect; US-proposed ceasefire plan excessive/unreasonable; will continue defense ops; strikes on Israeli military facilities; US-Israeli attacks on Iranian steel plants called state terrorism; US “packs wishes as news”; accuses Ukraine of involvement.

Trump: If deal fails, will “destroy all Iran's power plants, oil wells and Khark Island”; Iran: If attacked, will cut power across region! President Trump said US is in serious discussion with a “more rational new regime”; if no deal, will “destroy all Iran power plants, oil wells, Khark Island.” Iranian officials said if power plants attacked, will cut power for whole region.

Trump: Iran agrees to “most of the 15-point plan,” mainly wants Iranian oil. US media: US troops in Mideast now exceed 50,000! Trump said indirect US-Iran talks “going well," Iran agreed to most points of the ceasefire plan, will deliver 20 ships of oil as “goodwill.” He said main goal is “get Iran oil," may occupy Khark Island (Iran’s main oil export hub). Iran called it a “political show.” US media: US special ops reinforcements mean over 50,000 US troops now in the Middle East.

G7 preparing to stabilize energy markets. US Treasury optimistic oil price pressure will ease, says US will take control of Hormuz Strait. G7 statement: Ready to coordinate, take all necessary steps, including stabilizing energy markets. Central banks committed to price stability and financial resilience. Besant: About 30 vessels passed through Hormuz past two days; traffic rising. Global oil market still has enough supply, current shortage 10-12 million barrels, governments actively offsetting.

Ignoring US threats, Iran's parliament approves charging ships passing Hormuz Strait. Iran will introduce domestic currency financial arrangement/charging system, ban US/Israel and sanctioning countries' ships from passage. Iranian officials say charging is “international practice,” Iran has given discounts for years. US Secretary of State said US will never allow Iran permanent control or charging system; if Iran blocks the strait after war, there will be “serious consequences.”

Iran: No direct talks with US, acting Defense Minister: will continue “punishing aggressors with full force”! On March 30, Iranian Foreign Ministry spokesman Baghaei said no direct talks, only third-party messages. Acting Defense Minister said will continue "punishing aggressors, deterrence, prevent repeat of war/aggression." First VP said "Our enemies are begging us to negotiate."

Hedge fund tycoon shouts “tenfold opportunity”; Fannie Mae/Freddie Mac soar 41% and 34% intraday. Driven by Bill Ackman’s public bullish call, both Fannie Mae and Freddie Mac posted their largest single-day gains since May 2025 (up 41% and 34%). Ackman said these provide “best asymmetric opportunity,” forecasts tenfold returns. Nevertheless, both stocks still down about 60% from last September’s highs. Uncertainty over government bailout exit plans keeps valuations suppressed, policy outcome remains core variable.

Featured Research

Iran War changes “energy landscape”: Oil and gas clients shift to “coal and new energy”. Persian Gulf conflict triggers second global energy supply crisis, undermining gas’s “transition fuel” story. Asia/Europe major economies revert to coal; European coal power may surge 20% this summer; India, Japan, Bangladesh rush to restart coal units. Capital markets bet on new energy: CATL, BYD shares up >15%.

S&P 500 valuation multiples already “peaked” and retreated; Goldman: Market nearing “growth shock” scenario. Oil price, rates, geopolitics combine to push S&P 500 forward PE from 22x to 19x in one month, down 14%. Goldman warns current market track closely matches its “growth shock” scenario—if conflict escalates, US stocks face more downside. Based on past severe oil supply shocks, S&P may drop as low as 5400, about 15% below current level.

US stock net selling pressure near Covid crash peak; Goldman: CTA to turn fully net buyer next month. Goldman analysts say trend-following CTAs have sold $190bn equities last month, now net short $50bn globally; selling momentum waning, CTAs will become net buyers next month regardless of direction. Pension rebalancing expected, options market’s negative gamma ($7bn) set to expire, easing technical pressures.

Morgan Stanley's Wilson: S&P 500 correction is near its end, market fully priced in US recession risk. MS chief US equity strategist says probability Hormuz Strait oil resumes transit is much higher than recession. Current valuation compression matches corrections without recession or rate hikes. But warns rate sensitivity hasn't been this high in years, 10Y US yield near 4.5%—rate hikes remain core market risk.

Market/central banks “turn hawkish,” Goldman explores how to hedge. Energy price shocks and central bank hawkishness mean rates markets being repriced aggressively. Goldman warns reprice is overdone—policymakers overcompare current inflation to 2022. Clear asymmetric opportunity in short-term rates; US equities and credit haven’t priced enough tail risks.

Even “ceasefire” doesn’t equal “normalization”—2026 global environment to be more “stagflationary” than expected. Nomura warns even if US/Iran ceasefire, energy trade won’t normalize immediately. Ceasefire/normalization lag may bring stagflation in 2026: inflation/rates up, growth/stock valuations pressured. During this, USD and US assets retain relative advantage; shorting USD too soon is ill-advised.

From high-yield myth to liquidity crisis—how big is the risk in private capital? The $22tn global private capital empire faces toughest test since 2008: $4tn transactions stuck in exit dilemmas, “semi-liquid” funds trigger redemption gates, AI drives asset markdowns in software sector. As high-yield myth breaks down, millions of ordinary savers’ pensions are now caught in a liquidity gamble.

China Macro

China to build high-speed rail under Yangtze River! World’s largest diameter high-speed tunnel boring machine “Navigator” completes 11.18 km underwater drilling. Used for Changtai Yangtze River tunnel construction, “Navigator” finishes underwater section. Changtai tunnel is China’s highest-standard, longest, largest high-speed railway across the Yangtze. Major “15th Five-Year” project—Yangtze High-Speed Rail—being expedited, linking Shanghai to Chengdu, connecting three major urban clusters, spanning ~2000 km.

When will Hong Kong stocks bottom? CICC says short-term Hong Kong stocks will swing with geopolitics but negative expectations fully priced in. Medium term, US-Iran conflict likely to deescalate, market liquidity tightening over-priced; panic selling may present opportunity for rebound. Sustained uptrend needs anti-involution signals, large model catalysts, fundamentals. Best strategy: “Watch and wait.” If US military surprises, causing panic selloff, that may be real opportunity for TACO and bounce.

Chinese Companies

Unitree CEO: Arbitrary robot motion generation, autonomous fight moves possible in six months. CEO Wang Xingxing says arbitrary motion generation possible in ~6 months, richness directly determines intelligence. Now robot mobility/basic moves solved, tactile tech key bottleneck for large-scale rollout. Siemens China President Xiao Song says humanoid robots for simple factory tasks in 1-2 years, deep integration in core manufacturing still 5-10 years.

Chinese “world model” tops global list—far ahead of Google/Nvidia, near-perfect 3D accuracy. China’s GigaWorld-1 ranks No. 1 on WorldArena, only general score above 60, far ahead in physical accuracy, 3D, vision vs Google/Nvidia. Core merges explicit action modeling/differentiable physics engine. Over 16,000 downloads in two weeks since open-sourcing.

Using AI “lobster” for stock trading—some claim “90% monthly return,” but one lost RMB 80,000 out of RMB 200,000! AI “lobster” trading stirs debate: “90% monthly gain” is due to simulated US market + leverage; human sets basic framework, AI writes trading strategy, “lobster” just executes. Experts warn: don’t let lobsters make all live trades; core value is as decision aid, can’t replace human judgment.

Bank of China 2025 annual report: Revenue/profit both increase; “going global” advantage grows.

ABC 2025 report: Total assets near RMB 49tn, county finance accelerates.

China Minsheng Bank 2025 report released, rare rise in net interest margin; profit turning point still awaited.

AMEC 2025 revenue up 36.6% YoY, net profit up 30.7%. Plans RMB 3.5 dividend, 4.9-share bonus per 10 shares. Annual revenue RMB 12.385bn, up 36.62%; net profit RMB 2.111bn, up 30.69%. Growth engine is etching equipment (RMB 9.832bn sales, up 35.12%), thin film equipment sales take off—LPCVD at RMB 506mn, up 224.23%. Plans RMB 3.5/10 shares dividend, ~RMB 219mn payout; 4.9 new shares/10, capital rises from 626mn to 933mn shares.

AI-driven semiconductor recovery, GigaDevice 2025 revenue up 25%, net profit up 49%. Annual revenue RMB 9.203bn, up 25.12%; net profit RMB 1.648bn, up 49.47%, profitability improves. Specialty memory drives growth, niche DRAM and SLC NAND Flash prices jumped during report period.

Biren Tech 2025 revenue up 207%, adjusted loss expands.

Seres 2025 parent net profit barely up, Aito delivered 426,000 cars, plans RMB 1-2bn share buyback.

International business booms for SF Express: 2025 revenue surpasses RMB 300bn, net profit rises.

Mindray Medical 2025 revenue down 9.4%, net profit down 30.3%, emerging business up 30%.

China Shenhua 2025 revenue down 13.2%, net profit down 5.3%, dividend payout ratio 79%.

Overseas Macro

Fed Governor Milan says will stay pending Waller’s confirmation, supports 1-point rate cut this year. Milan says will remain until Trump-nominated Fed chair Kevin Waller confirmed and may attend one more FOMC meeting. Milan’s term is up. Milan backs ~1 percentage point rate cut this year to support cooling US labor market.

Private credit turmoil, US government plans to let it into 401(k) pensions. US Labor Dept plans “safe harbor” rules to reduce litigation risk, helping private credit/alt investments enter $14.2tn 401(k) market, breaking rich-only barrier. Analysts: given slow change in 401(k), real penetration will take time.

Nasdaq rule overhaul! Big companies can enter “index in 15 days,” new rule starts May 1. Nasdaq announced a major reform to Nasdaq 100 inclusion: “fast-track” mechanism, valuations begin on 7th trading day, eligible for index inclusion as soon as day 15 (vs previous up to 1 year wait). Seen as preparation for SpaceX, OpenAI “super unicorn” IPOs.

Germany March CPI up 2.8% YoY, hits 1-year high; energy main driver. Middle East conflict pushes up energy prices; March inflation rises to 2.8%, 1-year high; energy up 7.2% YoY. Data confirms Eurozone price pressure, market expects headline inflation = 2.6%. Businesses/consumers inflation expectations climb, risk of “de-anchoring.” ECB officials pledge decisive action, market bets on April rate hike, three expected this year.

War drags economy: Israel slashes growth forecast, doubles defense spending, deficit target 4.9%. Israel’s parliament passed NIS 699bn 2026 budget, defense up >120% vs prewar. Multi-front war causes deficit target raised to 4.9% of GDP, debt rises, sovereign rating outlook negative, stocks plunge. Central bank keeps 4% rate, seeks balance as inflation rises and growth falls.

Overseas Companies

HBM revenue triples; Samsung Electronics may set all-time profit record for Korea. AI wave spurs huge memory demand, Samsung’s Q1 HBM revenue triples YoY. DDR4 price up 10x YoY; next year’s orders sold out. Expected quarterly profit to surpass KRW 40T, record for Korean companies. Q1 results to be released next week.

Anthropic “Mythos” shakes cybersecurity sector—Bernstein: Don’t panic, you misread it. Anthropic’s “Mythos” model described as “cybersecurity breakthrough” causes sector-wide selloff. Bernstein clarifies: investors misread; it’s just routine code safety upgrades/anti-abuse improvements, Anthropic not entering security software market—AI-driven cybersecurity demand logic unchanged.

Anthropic’s biggest training leak, Ilya was wrong? CEO laments: Startups will be ruined. Three-week-old rumor becoming reality: Anthropic may have finished biggest training ever, new model performance double expectations, directly challenges Ilya’s “wall theory.” Worry: cutting-edge intelligence so expensive ordinary people can’t afford, thousands per month subscription will create class divides, elite owners will outcompete startups.

Industry/Concepts

1. Gas Turbine | China’s leading gas turbine supplier Jereh announces its subsidiary GenSystems PowerSolutions LLC signed a gas turbine generator set sales contract with a US client, worth $341 million (~RMB 2.359 billion), about 17.66% of audited 2024 revenue. It's the fifth such contract since November 2025; counterpart is Jereh's fourth US client.

Comment: Zhongtai Securities says global data centers keep expanding; US AI data centers will need extra 31GW power in next 5 years. Global gas turbine orders soaring since 2024, 2025 order volume to new high; OEMs boosting future capacity to catch up with backlogged orders, ensuring sector prosperity. North American demand is ~20% of global; average life of turbines worldwide 19.7 years, substantial after-sales market for repairs, parts, and overhauls.

2. Space Computing | According to Beijing E-Town official WeChat, afternoon of April 3, 2026 Space Computing Industry Conference will be held at National Xinchuang Park, hosted by Beijing Economic and Info Bureau, E-Town Management Committee, China Academy of Information and Communication, and others, inviting ~300 experts from computing, aerospace, satellites, communications, focusing on trends, innovation, ecosystem for space computing industry.

Comment: Dongwu Securities says space computing reconfigures energy supply and cooling, breaking ground-side data center growth bottleneck. Ground data centers face rising power usage, grid pressure, water limits. IEA expects global electricity use for this will hit 1000TWh by 2030. Global competition: SpaceX’s aggressive route tries to commercialize orbital computing via cheap launches; China’s path more cautious, emphasizing edge computing and core capabilities. Mature tech: space computing will power digital economy, and reshape global security/space order.

3. Data Element | World Data Organization founded March 30 in Beijing. It will promote global data cooperation/governance, explore efficient, compliant, secure data exchange/use, and support global digital economy.

Comment: Researchers say regulatory closure plus AI catalysis, 2026 data element value release and industry blossoming will accelerate. AI applications induce huge data market supply gap. National Data Bureau: China’s AI daily token usage jumped from 100 billion in early 2024 to over 30 trillion at end of June 2025—300x increase in just 18 months, mirroring explosive growth scale in AI apps, giving data market a massive supply deficit.

4. Sulfur | Securities Times: March 30, China’s granular sulfur prices break RMB 6,000/ton, a historic high. Dalian’s contract price at RMB 6,210/ton, up RMB 600; new record bid price since 2008. Zhenjiang Port: RMB 6,100/ton, up RMB 1,750 from start of month (+48%). Meanwhile, international futures all above RMB 6,000/ton, domestic and overseas markets surge, industry prosperity jumps.

Comment: China’s sulfur market is highly import-dependent (>65%), of which 56.2% imports from Middle East, Iran alone 31%—core supply source. Hormuz Strait geopolitics cause Iranian refineries shutdown, port loading halted, exports to China nearly zero, arrivals down >50% YoY, port stocks at 5-year low (~1.55-1.71 million tons), enough for just 1.2 months. Demand: spring phosphate fertilizer needs concentrated, phosphate industry operating rate 75-80%; new energy/sulfuric acid sector restocking, supply-demand mismatch intensifies.

5. Computing Power | People's Financial News: On March 26, Shenzhen commissioned 11,000P intelligent computing cluster, combined with earlier 3,000P, now totals 14,000P—first domestic all-advanced chip “ten-thousand-card level” full stack controllable smart computing cluster.

Comment: The cluster is China’s first “ten-thousand-card Ascend super-node for AI,” marking Shenzhen's breakthrough in building controlled compute infrastructure. Project uses only domestic chips, builds “Ascend+CAAN” native software/hardware ecosystem, guides AI tech innovation, propels tech localization. Cluster is a systematic, engineering demonstration of “full stack controllability,” drives national data/AI policy. This year’s government report highlights productive force, policy stresses innovation. Front-end layout and controllability pursued together.

6. Smart Ports | Ministry of Transport, Ministry of Industry & Info Tech, SASAC, and State Administration for Market Regulation jointly publish “Smart Shipping 2030 Action Plan.” Plan calls for deepening smart port construction, accelerating smart waterways. By 2027, AI and shipping elements widely integrated, key smart shipping tech breakthroughs. More than three integrated pilot regions, five pilot shipping routes, ten scalable smart shipping models, 100+ smart ships in operation, new aditional growth engine for shipping.

Comment: AI and new information tech’s deep fusion with shipping elements creates market value. Smart shipping will benefit the whole supply chain from equipment to services, spawning high-growth sectors. As tech matures/cost falls, commercial adoption of smart ships will accelerate, driving sensor, decision/control, remote navigation system markets. Not only new ports, but automation/intelligent upgrades for existing ports will be a huge market. Global “dual carbon” targets make smart shipping key for green transition, opening new value space.

7. CAR-T | Xinhua: Swedish Karolinska Institute-led international team develops new method for direct in vivo generation of CAR-T cells with tumor targeting/killing capability for immunotherapy. Delivers gene editing tools/genetic info for tumor targeting directly to T cells in blood for “reprogramming.” Tested in humanized immune system mice. Results: one injection, all detectable cancers in almost all mice cleared in two weeks.

Comment: CAR-T is a cutting-edge immune therapy for blood malignancies, reengineering patients' T cells to better attack tumor cells. CAR-T is “new favorite” in T cell cancer therapy, seen as ultimate tumor therapy. It’s now shifting from "personalized, expensive drugs" to "standardized, accessible drugs." Authoritative forecast: as stem cells, immune cells, other cell therapies achieve results unattainable by chemical/targeted drugs in regenerative medicine, cancer, rare diseases, aging, global cell therapy market may hit hundreds of billions in coming years.

Today's Key Previews

China March official manufacturing, non-manufacturing and composite PMI.

US February JOLTS job openings.

US January 20-city home price index.

US March Conference Board Consumer Confidence.

Eurozone March CPI.

UK Q4 GDP.

Japan March Tokyo CPI.

Fed Governor Bowman, Fed Governor Barr, Chicago Fed President Goolsbee to speak.

Nike earnings to be released.

French President Macron visits Japan.

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Risk Warning and DisclaimerThe market is risky; investment requires caution. This article does not constitute personal investment advice, nor does it take into account individual users' unique investment goals, financial situation, or needs. Users should consider whether any opinions, views, or conclusions in this article suit their specific circumstances. Investments based on this are at the user's own risk. ```