Wall Street News Breakfast FM-Radio | March 6, 2026

Wall Street News Breakfast FM-Radio | March 6, 2026

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Huajian Good Morning Voice

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Market Overview

Geopolitical conflicts have driven up oil prices and sparked investor concerns about inflation. The market is waiting for nonfarm payroll data. U.S. stocks fell across the board, but losses narrowed toward the close.

Chip stocks led U.S. stocks lower; the semiconductor sector closed down 1.2%, having dropped over 3% intraday. Nvidia posted a V-shaped recovery during the day, closing up a surprising 0.16%. Software stocks continued their recent rebound; the North American Tech Software ETF closed up 2.27%. Broadcom surged 4.8% after earnings.
WTI crude oil at one point soared 8%, breaking $82 and reaching a new high since July 2024. It pulled back at the close after the Trump administration hinted at resolving oil price issues, but still rose 3%, closing at $79.

The 10-year U.S. Treasury yield rose 4.2 basis points, up for the fourth consecutive day. The dollar rose as much as 0.6% intraday.

Bitcoin fell nearly 3% to around $71,000, suppressed by both risk aversion and liquidity contraction. Gold closed down 1%, silver fell 1.58%.

During the Asian session, the three major A-shares indices rose together. Micro LED and smart grid stocks surged to trading limits. Crude oil suddenly dropped at the close; Hang Seng Tech Index fell over 1% in the afternoon, Alibaba dropped nearly 3%.

Key News

China

Li Qiang delivers government work report: 2026 economic growth target at 4.5%-5%, deficit ratio around 4%.

JD Q4 net revenue up 1.5% YoY to RMB 352.3B; new business investment leads to net quarterly loss of RMB 2.7B. On call: food delivery investment will be lower than last year; Yanxi large model usage surges by 100 times.

Bilibili Q4 revenue up 8% YoY, adjusted net profit up 94%, first full-year profit achieved.

Overseas

Iran refutes talk of Hormuz blockade, prepares for U.S. ground action, refuses negotiations with U.S. Lloyd’s: insurance firms still quoting for Hormuz transit, communicating with DFC on trade insurance plans. France, Italy, and Greece coordinate military deployment to ensure Red Sea freedom of navigation. Asian fuel supply tightens.

Surge in oil prices impacts rate-cut expectations; U.S. bond traders raise expectations that the Fed may not cut rates this year.

Gold spot price dropped $70 intraday; report: Poland plans to sell gold reserves to finance defense.

CME lowers gold/silver margins: gold from 9% to 7%, silver from 18% to 14%.

Middle East conflict threatens; South Korea warns of “disruption” risks to chip supply chain.

Report: Nvidia GTC conference to launch new inference chip, may impact HBM and DRAM demand. Nvidia production adjustment: H200 yields to next-gen chip Vera Rubin.

OpenAI releases strongest professional model GPT-5.4; operates computers automatically, plugins enable AI for Excel and financial analysis.

Market Closing Report

European and American stock markets: S&P 500 down 0.57%, at 6830.56. Dow down 1.61%, at 47954.74. Nasdaq down 0.26%, at 22748.99. European STOXX 600 index down 1.29%, at 604.83.

A-shares: Shanghai Index closed at 4108.57, up 0.64%. Shenzhen Component closed at 14088.84, up 1.23%. ChiNext Index closed at 3216.94, up 1.66%.

Bonds: U.S. 10-year Treasury yield up 3.08 basis points to 4.127%, up nearly 18 basis points in last four sessions. 2-year U.S. Treasury yield up 3.31 basis points to 3.574%.

Commodities: WTI crude oil rose as much as 7% to $81.50/barrel. Spot gold down 1.11% to $5083. Spot silver down 1.37% to $82.25.

Key News Details

Global Highlights

China

Li Qiang’s government work report: 2026 economic growth target at 4.5%-5%, deficit ratio around 4%. The report sets the main expected goals for 2026: economic growth 4.5%-5%, striving for better results in practice; continued implementation of a more active fiscal policy, deficit ratio set at around 4%; governments at all levels encouraged to better "manage finances", establishing improved revenue increase and expenditure reduction mechanisms. Focus on stabilizing real estate market, controlling new supply, reducing inventory, optimizing supply, and exploring ways to activate existing commercial housing.

  • Government Work Report: Simplified Version. 2026 overall requirements and policy direction: economic growth 4.5%-5%, over 12 million new urban jobs, consumer price increase around 2%, deficit ratio arranged at around 4%. Some work tasks: build emerging pillar industries like integrated circuits, aerospace, biomedicine, low-altitude economy, control new supply, optimize supply, activate existing commercial housing through multiple channels.
  • State Council Research Office interprets government work report: this year’s economic growth goal is proactive and pragmatic; expanding domestic demand remains top task for two consecutive years. Monetary policy continues moderately loose stance, emphasizing use of tools like RRR/interest rate cuts to keep ample liquidity. Central investments will exceed RMB 5T this year. The report puts “expanding domestic demand” at the top of work tasks for two consecutive years, highlights “special action to boost consumption.” This year a new RMB 100B fund launched to coordinate fiscal and financial support for domestic demand – an innovative new policy.
  • Government Work Report: Why continue more active macro policy? According to CCTV News, Chen Changsheng, deputy director of State Council Research Office and member of report drafting team, says external environment uncertainty is high this year; domestic supply remains strong but demand weak, with a demand gap, requiring stronger policy adjustment and macro certainty to counter uncertainties. By international comparison, government debt especially central government is still low, there is room for RRR/interest rate cuts. Policy mix also allows for innovation. At the same time, this stance also conveys continuity in macro policy regulation to society.

March 6 Two Sessions Agenda Preview: Review and discuss the 15th Five-Year Plan Outline. On March 6, the fourth session of the 14th National People's Congress will hold a morning plenary meeting to review the 15th Five-Year Plan Outline draft. In the afternoon, delegations will hold group meetings to review the government work report and discuss the plan outline.

15th Five-Year Plan Outline Draft: Summary is here! According to Xinhua, strengthen original innovation and tackle key core technologies. Combine tech-driven and demand-driven approaches, strengthen strengths and remedy weaknesses, improve new nationwide system, deliver more landmark original achievements. Promote full-scale digital intelligence empowerment. Implement “AI+” action comprehensively, strengthen AI integration with tech innovation, industrial growth, cultural construction, livelihood security, social governance, seize high ground in AI industrial applications, empower all industries.

JD Q4 net revenue up 1.5% YoY to RMB 352.3B; new business investment causes quarterly net loss of RMB 2.7B. On call: food delivery investment lower than last year, Yanxi large model usage surges 100x

JD’s annual total revenue surpassed RMB 1.3T for the first time, up 13% YoY, growth at highest recent pace. Core retail business profitability improved; operating margin rose to 4.6%; service income grew 23.6%, main growth engine. Q4 revenue RMB 352.3B, up 1.5% YoY, slightly beating expectations, but new business investment led to net loss of RMB 2.7B. Profitability pressured, annual net profit RMB 19.6B, halved YoY. New business loss for year reached RMB 46.6B, core drag on overall profitability.

Bilibili Q4 revenue up 8% YoY, adjusted net profit up 94%, first full-year profit achieved. Bilibili annual revenue RMB 30.35B, up 13% YoY; ad revenue RMB 10.06B, up 23% YoY; annual net profit RMB 1.19B, first annual profit under U.S. GAAP. Q4 revenue RMB 8.32B, up 8.0% YoY; net profit RMB 514M, up 478% YoY. Q4 DAU hit 113M, up 10%; monthly paid users at record high.

Overseas

Iran refutes Hormuz Strait blockade talk, prepares for U.S. ground action, refuses negotiation. Iran claims UAV hit U.S. Lincoln aircraft carrier, missile hit U.S. oil tanker; Iranian FM says awaits U.S. ground invasion, confident in resistance, would be major disaster for U.S., no reason for further negotiations. Iran’s UN mission says blockade talk groundless, extremely absurd. Israeli military says entering next phase to increase disruption of Iran regime roots and military capacity. U.S. reportedly adding resources to sustain war for “at least 100 days, even until September.” Trump says he must participate in selecting Iran’s Supreme Leader, reportedly seeks Kurdish help. Italy not participating in war, UK assists Gulf states defending against Iran; Qatar claims attack by Iran.

Iran: Not blocking Hormuz Strait, but passage rules controlled by Iran. Iran says it is treating passing ships per international rules and agreements. In wartime, passage rules will be controlled by Iran. Military and commercial vessels belonging to U.S., Israel, Europe, and their supporters are strictly prohibited from passing; violators will be attacked.

Is this America’s “ground forces”? Kurdish armed groups start ground activity inside Iran. Xinhua reports that anti-government Kurdish militants in Iraq have launched ground attacks inside Iran. U.S. plans to provide weapons and intelligence to contain Iranian military. Analysts warn Iran’s vast territory, complex geography and large population, plus Kurdish lack of resources and limited trust in U.S., risk lengthy quagmire for any ground action. Kurdish forces have cooperated with U.S. but often been “abandoned.”

Lloyd’s: Insurers still quoting for Hormuz transit, talking to DFC about trade insurance solutions. LMA CEO says market is offering insurance quotes to ships wishing to transit, will continue offering quotes when shipowners deem it safe enough for vessels and crew. Lloyd’s also says it is actively communicating with U.S. International Development Finance Corp (DFC) on political risk insurance and guarantees for sea trade in the Persian Gulf.

France, Italy, Greece cooperate on military deployment to ensure Red Sea navigation freedom. French President Macron held calls with Italian and Greek PMs Thursday morning. Leaders agreed to coordinate military supplies shipment to Cyprus and jointly maintain Red Sea freedom of navigation. With Hormuz blocked, several oil-producing countries forced to cut output due to full tanks; Saudi Arabia has accelerated exports through Red Sea.

Oil hoarding and price surge leads to tight Asian fuel supply. Hormuz shutdown sparks Asian energy crisis. Singapore marine fuel orders reduced; South Korea issues top-level energy alert, cracking down on price gouging; Japanese refiners seek to release strategic oil reserves; Bangladesh cuts refined oil deliveries to stations, curbing consumption.

Oil price surge impacts rate-cut expectations; U.S. bond traders raise odds Fed won’t cut rates this year. As of Wednesday, traders put 25% odds on the Fed keeping current rate range through December—up from 17% last Friday, before Iran war broke out. “No rate cut all year” has become highest single probability scenario. Other options: 24% odds for one 25bp cut, 12% odds for two cuts, traders even predict a 16% probability of a rate hike.

Spot gold drops $70 intraday; Poland reportedly to sell gold reserves to finance defense. Poland’s central bank head proposes selling gold reserves to raise ~$13B for defense spending, causing a $70 drop in gold price. The plan is supported by president, aims to supplement EU funding projects to strengthen Polish-U.S. defense cooperation. Despite significant gold appreciation, the plan faces legal bans and political differences with PM, feasibility uncertain.

CME lowers gold/silver margins: Gold 9%→7%, Silver 18%→14%. CME announces initial margin for COMEX 100 gold futures cut from 9% to 7%; COMEX 5000 silver futures from 18% to 14%. Standards effective after March 6, 2026 close.

Middle East tensions: Korea warns chip supply chain faces “disruption” risk! South Korean ruling party MP warns prolonged Middle East geopolitical tension poses substantial threat to semiconductor sector. Rising oil prices will push up domestic electricity costs, weaken chip price competitiveness, and supply/logistics disruptions are major risks.

Report: Nvidia GTC conference to launch new inference chip, may impact HBM/DRAM demand. Nvidia reportedly developing a new inference chip based on Groq on-chip SRAM architecture—investors worry SRAM use will cut main memory demand, including HBM. KIS analysis says market misunderstandings: SRAM is not a HBM/DRAM substitute, but a differentiated choice for ultra-low-latency scenarios; memory hierarchy segmentation will ultimately expand total industry scale.

OpenAI launches strongest professional model GPT-5.4; auto computer operation, plugins help AI excel at Excel and finance analysis. OpenAI natively empowers computer operation in general model. GPT-5.4 operates software, browses web, controls mouse/keyboard, integrates deeply with spreadsheets and finance tools; desktop navigation score exceeds human, web search score hits new high, professional knowledge score at or above expert. Tool search mechanism sharply reduces token consumption. GPT-5.4 comes in Thinking (complex reasoning) and Pro (high-performance) versions, up to 1M token context window, priced above 5.2. Finance suite launches at same time.

  • GPT-5.4 core bombshell leaked: may have permanent memory, extreme reasoning boost. Multiple sources confirm OpenAI is intensively testing GPT-5.4. Compared to prior models, major upgrades: context window doubles to 1M tokens, extreme reasoning mode introduced for complex tasks, long-term task execution greatly improved. The most explosive rumor: GPT-5.4 may have permanent memory—AI with sustained memory capability. If true, this will be a key leap toward autonomous agents.

Research Report Highlights

Hang Seng Tech evaporates $600B; what is the market afraid of?. Hang Seng Tech Index has dropped 28% since last October's high, erasing nearly $600B in market cap. Though valuations have fallen below historical averages, core worries about “spending to gain users, questionable returns” persist. Giants spent $1.1B fighting for users over Spring Festival; upcoming earnings will be a key test.

Power consumption drops 95%, solves optoelectronic dilemma: is Micro LED CPO the endgame? Micro LED CPO, using co-packaged optics and parallel low-speed channels, can cut data center energy per bit to 1–2 pJ/bit, greatly lowering power and boosting interconnect density. With Microsoft MOSAIC and other projects verifying feasibility, Micro LED optical interconnect is attracting capital market attention; industry opportunities focused on epitaxial chips, massive transfer, advanced packaging.

Domestic Companies

AI demand strong; Hon Hai revenue up 21.6% in first two months, sets all-time high. Hon Hai February revenue NT$59.58B, record for same period, up 8.06% YoY. Cloud network products benefited from AI demand, only major product line with YoY growth, showing resilience in Spring lull. First two months cumulative revenue NT$132B, up 21.63%. Despite declines in PC/consumer smart, cloud network gains drove overall growth. Company expects Q1 performance to beat past five-year average.

BYD CEO Wang Chuanfu: second-gen blade battery fully charges in 9 minutes, 20,000 flash-charge stations built by year-end. Debut of second-gen blade battery means BYD officially responds to competitive pressure with a mass-market product.

Lei Jun talks memory price surge again: mobile business under pressure. Since Redmi K90 series price hike last October, Lei Jun has repeatedly said memory price surge pressures mobile business, latest statement on March 5. Industry insiders say phones launched after March will see bigger price hikes, minimum increase at RMB 1,000, mid/high-end flagships may rise RMB 2,000–3,000.

Overseas Macro

Report: Bank of Japan likely keeps March rate unchanged, April hike still considered. Sources say BOJ officials will keep normalizing rates, see low probability for March hike, but path has not shifted. As long as outlook proceeds as expected, tightening will continue. Decisions will be made meeting by meeting; April hike remains possible.

Crypto finally sees Korean stock meltdown. Korean stocks plunged ~20% in two days, breaking AI tech stock speculation fever, causing retail funds to quickly rotate into crypto. Crypto trading volume rises, but “kimchi premium” shows only mild recovery in demand, not extreme speculation levels yet.

Overseas Companies

Berkshire restarts buybacks, new CEO invests $15M personally, promises 20 years of continued buying. First buyback in 18 months. Abel says buyback decision made after evaluating intrinsic value, discussed with chairman Buffett; buyback does not mean giving up acquisitions; during CEO tenure will buy Berkshire shares yearly.

OpenAI hires Cooley, Wachtell to prep IPO, earliest launch this year. OpenAI hired Cooley and Wachtell for IPO, possibly listing in Q4 this year. Current valuation at $730B; if listed, would be one of largest IPOs ever. Jensen Huang confirms OpenAI's listing plan, adjusts investment expectations. Rival Anthropic also actively prepping for IPO.

Broadcom conference call: AI chip revenue to top $100B in 2027; AI will not disrupt infrastructure software. Broadcom expects revenue from AI chips alone to exceed $100B in 2027, with shipments near 10GW. As a permanent abstraction layer between AI software and physical chips, infrastructure software like VCF cannot be replaced. With deep multi-year client partnerships, Broadcom has locked in key components capacity for 2026–2028, earliest in sector to secure 2028 capacity.

U.S. issues first nuclear construction permit in a decade; Bill Gates’ advanced reactor gets approval. TerraPower, backed by Bill Gates, received first new U.S. nuclear permit in almost a decade. Its sodium-cooled fast reactor breaks four-decade monopoly of light-water reactors, signed with Meta to build eight reactors for AI data centers’ carbon-free power—commercial wave of advanced nuclear officially begins.

Industry/Concepts

1. Aerospace | According to Securities Times, March 5: U.S. Senate Commerce, Science & Transportation Committee passed the 2026 NASA Authorization Act, setting strategy for NASA in next two years—core is adjusting Artemis Moon program, extending ISS, strengthening commercial space and supply chain security. Bipartisan law authorizes $24.7B for FY2026, $25.3B for FY2027, up 2.5%, guides U.S. leadership in aviation, space exploration, earth/space science and tech.

Comment: Act updates 1958 National Aeronautics and Space Act, adds “space commercialization” and “human permanent presence” into law, accelerating moon deployment, driving commercial ecosystem—obvious strategic competition. Currently, China’s commercial space is moving from “exploration validation” to “growth explosion”—critical turning point. Expected during 15th Five-Year Plan: as policy improves, ecosystem matures, capital empowers, China’s commercial space will achieve breakthrough in frequent rocket launches and scaled satellite production.

2. Green Fuel | This year’s government work report calls for vigorous development of green, low-carbon economy. Improve policies for green low-carbon growth, launch quality/cost/carbon reduction action in key sectors, advance zero-carbon parks/factories. Set up national low-carbon transformation fund, nurture new growth points like hydrogen and green fuels.

Comment: This is first time “green fuel” entered government work report, and hydrogen once again highlighted, upgraded from “frontier emerging industry” to “cultivating new growth point.” This signals transition from concept validation to scaled, commercial development. With green fuels as downstream hydrogen carrier in spotlight, now seen as national strategic priority. 2025 data: China’s hydrogen output exceeds 37M tons, green hydrogen capacity over 250K tons/year, electrolysis and key equipment capacity leads world. Recently, National Energy Administration’s green fuel industry meeting positioned green fuel as central strategy: core role in energy security, new energy non-electric consumption, and low-carbon energy structure. Amid global tension and oil price volatility, green fuel’s strategic value is clear.

3. Compute/Power Collaboration | March 5: Government Work Report drafting team member and State Council Research Office deputy director Chen Changsheng said at briefing: “Build AI foundational ‘base’. First, strengthen infrastructure; popular saying is ‘energy is the end of AI’. Leverage nation’s power grid advantages, build ultra-large intelligent compute clusters and compute/power collaborative infrastructure—this on hardware. On tech, further boost large model capacity and computing power; layout embodied intelligence, world models and more with openness and exploration.”

Comment: State Council Research Office positions compute/power collaboration as AI hardware base core—raising from industry consensus to national strategy. Leverages power grid to coordinate compute and power supply, addresses high AI energy use, balances compute supply and grid development; long-term positive for compute infrastructure, grid dispatch and supply chain.

4. Robotics | Spring Festival robot acts still hot; embodied intelligence sector sees new capital surge. March 4: global embodied intelligence infra platform company Reirman Intelligence completes nearly RMB 500M financing. March 5: “Tsinghua-affiliated” Xingtong Era completes RMB 1B strategic round, now valued over RMB 10B. Since February, multiple RMB 1B+ financing events landed consecutively. Xinghaitu, Zhifangfang, Qianxun Intelligence, Lingxin Craft, Galaxy Universal, Songyan Power—latest rounds all RMB 1B+, totaling RMB 10B if including Xingtong Era; these 7 startups together raised RMB 10B in latest rounds.

Comment: 2026 year-to-date, China’s embodied intelligence sector disclosed over 80 financing events, totaling RMB 20B+, showing high capital recognition. Sector now in explosive phase with tech, capital, policy, and scenario convergence; 2026 is mass production year, high certainty in next 5 years, wide market space, supply chain likely to benefit.

5. Energy | Insiders say at least one Japanese refiner has begun canceling March diesel, aviation fuel, gasoline exports. Thailand also suspending fuel exports. Other Asian processors considering reducing output, most likely in China/Japan. Unless Middle East ceases fire immediately, Asian situation will worsen. Gulf tankers fast depleting, producers without storage may shut down. Geospatial analysis firm Kayrros notes Iraq cutting output at largest oil field, Saudi’s main storage rapidly filling.

Comment: Middle East war disrupts crude, refined fuel and petrochemical supply chains; Asian energy/chemicals market sentiment tightens, domestic coal and coal chemical sectors benefit.

6. Large-scale AI Models | March 5, OpenClaw shows over half seats taken by Chinese foundation models. StepStar Step3.5Flash model usage surges to global No.1, followed by MiniMax M2.5, Trinity Large Preview (free), Kimi K2.5, and Claude Sonnet4.6.

Comment: Huatai Securities believes multimodal large models and applications are at a "singularity" moment. On tech: native multimodal model architecture accepted by industry, OpenAI and Google’s models now show advantage in performance, latency, and deployment. On commercialization: globally, top firms OpenAI and Anthropic rely on model “intelligence” for monetization; many AI app products depend on multimodal capability. In China, companies have matured global and commercial pathways for video generation. Multimodals will bring growth opportunities in compute and application.

7. New Energy | March 5, Xinhua reports draft 15th Five-Year Plan calls for accelerating new energy infrastructure: implement new energy security strategy, build clean, low-carbon, safe, efficient new energy system, energy powerhouse. Promote non-fossil energy as reliable alternative, pursue wind, solar, hydro, nuclear, launch ten-year non-fossil energy doubling action.

Comment: Research institutes say wind power’s even curve and low output synchronicity give it competitiveness and stable returns in power-market era. Wind install growth opportunity long-term; 2026 outlook sees wind turbine price hike orders delivered, industry profitability recovery; offshore wind project starts speeding up will lay foundation for growth. Policies encourage “desert/gobi wasteland” new energy bases to fully participate in power market, support distributed new energy via aggregator trading, direct trading, and roll out unified green certificate market and long-term green power trading, boosting consumption and revenue certainty. Large wind-solar bases and distributed PV segments will enjoy long-term market gains.

8. Low-Altitude Economy | March 5: XPeng Huitian land carrier aircraft batch trial production and multi-machine flight test at Guangzhou Huitian flying car factory. On same day, Huitian and Guangzhou City Investment, MIIT Electronic Fifth Institute launch Guangzhou Haixinsha all-space experience center, jointly explore low-altitude flight. At Guangzhou Huangpu factory, five land carrier craft finished production and successfully flight-tested same day. This demonstrates Huitian’s mass-production capabilities and means low-altitude travel products leave R&D and enter commercial mass production stage.

Comment: Research institutes foresee five trends for low-altitude industry in 2026: more refined airspace management, dense infrastructure rollout, fast logistics growth, tech capability upgrades, and eVTOL commercial operation. Focus on three main directions: 1) domestic production/mass-production capacity, especially eVTOL makers and high-barrier component suppliers; 2) new infrastructure and operational services—vertiports, energy stations, 5G-A low-altitude smart networks; 3) automated smart manufacturing/supply chain upgrades—hundreds-unit eVTOL/drone orders and new factories enable flexible lines, smart inspection, efficient assembly—automatic equipment makers key enablers for cost and production expansion.

Today's Key News Preview

Press conference on economy theme, Pan Gongsheng and Wu Qing attend.

U.S. February nonfarm payrolls.

U.S. January retail sales.

Eurozone Q4 GDP.

Fed FOMC voter Harker comments on dollar’s safe-haven role.

NASA again delays March lunar mission.

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