【Morning Report】Hamaney injured, Ministry of Foreign Affairs responds; National Development and Reform Commission responds to rising storage chip prices

Today, no new stock listings or subscriptions.

Macro News

1. On the afternoon of February 28 Beijing time, Israel launched a preemptive strike against Iran to eliminate threats to Israel. The operation was codenamed “Roaring Lion.” Iran confirmed on March 1 that Iran’s Supreme Leader Khamenei was killed in the US and Israel attacks on Iran.

2. The 15th Standing Committee of the 14th National Committee of the Chinese People’s Political Consultative Conference (CPPCC) held its 15th meeting on March 1, deciding that the 4th session of the 14th National Committee of the CPPCC will be held in Beijing on March 4, 2026. The main agenda includes: listening to and reviewing the work report of the Standing Committee of the National Committee of the CPPCC and the proposal work since the 3rd session; attending the 4th session of the 14th National People’s Congress (NPC), listening to and discussing the government work report and other relevant reports, and reviewing the draft outline of the 15th Five-Year Plan for national economic and social development.

3. The Customs Tariff Commission announced that from March 1, 2026, to December 31, 2026, it will adjust the tariffs imposed by the “Announcement on Additional Tariffs on Certain Imported Goods Originating from Canada” (Tariff Commission Announcement No. 2025-3). The additional tariffs on Canadian oilcake and peas will not be imposed, and the 25% tariffs on Canadian lobsters and crabs will remain.

4. The Ministry of Foreign Affairs spokesperson stated that the attack and killing of Iran’s Supreme Leader Khamenei severely infringes on Iran’s sovereignty and security, tramples on the purposes and principles of the UN Charter and basic norms of international relations. China firmly opposes and strongly condemns this. We urge an immediate halt to military actions to prevent further escalation and to jointly maintain peace and stability in the Middle East and the world.

5. On February 28, the US and Israel launched military actions against Iran. The Chinese Foreign Ministry and Chinese embassies in Iran remind Chinese citizens in Iran to closely monitor the situation, strengthen safety precautions, and evacuate to safe areas as soon as possible through appropriate channels.

Industry News

1. On February 27, Wu Qing, Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission (CSRC), held a symposium in Beijing with representatives from eight foreign securities, fund, and futures institutions in China, listening to their opinions and suggestions. Wu Qing stated that efforts will continue to deepen comprehensive reform of investment and financing, improve the system, products, and services of the capital market, enhance inclusiveness, adaptability, attractiveness, and competitiveness, and better serve technological innovation and the development of new productive forces.

2. The Middle East conflict escalates, blocking logistics through the Strait of Hormuz, raising concerns over sulfur supply. According to downstream industry chain sources, rubber and other chemical companies are currently under control, but phosphate fertilizer companies face significant cost pressures. Industry insiders told Caixin that as spring planting approaches, phosphate fertilizers have rigid demand for sulfur. Market expectations of shipping disruptions and rising freight rates may rekindle bullish sentiment in the sulfur market.

3. The Price Monitoring Center of the National Development and Reform Commission (NDRC) stated that since September 2025, due to explosive demand growth and capacity shortages, the global memory chip market gap has widened, with prices continuing to rise. Over the past month, the increase has accelerated, and attention should be paid to the impact on downstream prices.

4. The CSRC issued the “Measures for the Supervision and Administration of Private Equity Fund Information Disclosure,” which will come into effect on September 1, 2026. It clearly prohibits behaviors such as predicting investment performance, promising investors that their principal will not be lost or promising minimum returns, and public or disguised disclosure of such information.

5. Reports indicate that eight OPEC+ countries have reached a preliminary agreement to increase daily oil production by 206,000 barrels.

6. Industry insiders told media that suppliers of aerospace and semiconductor companies in the US are facing increasingly severe shortages of rare earth elements, mainly yttrium and scandium. Since November last year, yttrium prices in the international market have risen by about 60%, currently about 69 times higher than a year ago.

7. According to real-time data from the International Oil Tanker Flow Monitoring System, ships in the waters around the Strait of Hormuz are generally moving at zero speed, indicating that shipping in the area has come to a halt.

8. The Standardization Annual Conference on Humanoid Robots and Embodied Intelligence was held in Beijing. The “Standard System for Humanoid Robots and Embodied Intelligence (2026 Edition)” was officially released. This is China’s first top-level standard design covering the entire industry chain and lifecycle of humanoid robots, marking a new stage of standardized development in the industry.

9. Maersk announced on March 1 that due to escalating military conflicts in the Middle East and worsening security conditions, after close coordination with security partners, it has decided to temporarily suspend the Suez Canal route via the Cape of Good Hope. All ME11 and MECL routes will be rerouted around the Cape of Good Hope.

10. Under the dual impact of the Spring Festival holiday and slowing consumption, the delivery performance of domestic new car brands in February showed divergence. Leapmotor, Li Auto, and NIO returned to monthly deliveries of around 20,000 units, while Xpeng experienced a significant year-on-year decline.

Company News

1. Cambricon released its earnings report, with a net profit of 2.059 billion yuan in 2025, turning from loss to profit year-over-year.

2. China Resources (Group) Co., Ltd. Party Committee Member and Vice President Han Song voluntarily turned himself in for serious disciplinary violations and is currently under disciplinary review and supervisory investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.

3. Wuliangye announced that Chairman Zeng Congqin has been detained.

4. Zhongji Xuchuang announced a net profit of 10.799 billion yuan in 2025, a year-on-year increase of 109%.

5. Muxi Co., Ltd. released its earnings report, with a net loss of 781 million yuan in 2025.

6. Shuangliang Eco-Energy announced that it has been filed by the CSRC for suspected misleading disclosures and other illegal activities.

7. Haitai Development announced that it has been filed by the CSRC for suspected illegal disclosure of information.

8. Jierong Technology announced that it has been filed by the CSRC for suspected illegal disclosure of information, involving the company, Jierong Group, and the actual controller Zhao Xiaoqun.

9. Huashengchang announced plans to acquire 100% of Galiante for 460 million yuan, a company focused on optical communication modules and optical chip testing.

10. Yunnan Energy Investment announced that if its stock price continues to rise, it may apply for trading suspension for investigation.

11. Bawei Storage released its earnings report, with a net profit of 866 million yuan in 2025, up 438% year-over-year.

12. Lankeng Technology announced a net profit of 2.236 billion yuan in 2025, up 58% year-over-year.

Global Markets

1. The three major US stock indices all declined last Friday. The Dow fell 1.05%, down 1.31% for February, with a 10-month winning streak; the Nasdaq dropped 0.92%, down 0.95% last week, down 3.38% in February; the S&P 500 declined 0.43%, down 0.44% last week, down 0.87% in February. The KBW Bank Index fell nearly 5%, the largest single-day drop since April last year. Most large tech stocks declined, with Nvidia down over 4%, Apple down over 3%, Microsoft down over 2%, Tesla and Meta down over 1%.

2. OpenAI announced a new $110 billion investment at a valuation of $730 billion, including SoftBank investing $30 billion, Nvidia $30 billion, and Amazon $50 billion.

3. Reports indicate that Elon Musk’s space exploration company SpaceX is considering submitting a confidential IPO application to the US as early as March, potentially seeking a valuation exceeding $1.75 trillion.

Investment Opportunities Reference

1. One of the main directions for battery performance upgrades is the approaching inflection point of silicon-based anode industrialization.

Samsung Electronics Executive Vice President Moon Sung-Hoon, head of the smartphone R&D team, stated at the Galaxy Unpacked 2026 pre-event media roundtable that Samsung is preparing silicon-carbon anode batteries for smartphones and will launch them at the appropriate time.

Current mainstream graphite anodes are nearing their performance limits, directly constraining the energy density breakthroughs of lithium batteries, and have become a key bottleneck in new battery technology development. In this context, developing high-capacity anode materials suitable for high-capacity batteries is an inevitable trend. Silicon-based anodes, with high specific capacity and excellent fast-charging performance, are seen as a major direction to break through existing energy density limits and enable leapfrog improvements in battery performance. Dongguan Securities pointed out that breakthroughs have been made in CVD silicon-carbon processes, with clear paths for cost reduction through raw material and equipment localization, and the industry is approaching an inflection point. High-performance silicon-carbon anodes are expected to accelerate penetration and become mainstream.

2. The quantum computing industry is experiencing dual policy and technological catalysis.

Recently, the Tianhe District of Guangzhou held a high-quality development conference. Academician Guo Guangcan of the Chinese Academy of Sciences stated via video that the national “14th Five-Year Plan” explicitly lists quantum technology as a leading future industry, positioning it as a new growth point. Quantum computing, as an important part of quantum technology, has achieved industrialization and large-scale development.

CITIC Securities noted that since February, quantum technology has received dual policy and technological boosts. Northeast Securities research reports indicate that quantum computing, based on superposition and entanglement, can achieve exponential speedups over classical computing, serving as an important supplement to address the slowdown of Moore’s Law and meet the explosive growth in computing power needed for AI. Under the resonance of national strategic guidance and industry capital investment, the industry is rapidly moving from laboratory validation to industrialization.