March 3 Morning News Summary

【Morning News Highlights】 [Taoguba]

1. On the 2nd, Wang Yi had a phone call with Iranian Foreign Minister Alaghazzi. Wang Yi reiterated China’s principled position on the current Iran situation, emphasizing China’s appreciation for traditional Iran-China friendship, supporting Iran in safeguarding sovereignty, security, territorial integrity, and national dignity, and supporting Iran in defending its legitimate rights and interests.

2. Is China close to reaching a supersonic missile procurement agreement with Iran? In response, Foreign Ministry spokesperson Mao Ning stated on the 2nd that the reports are not true. Mao Ning emphasized that as a responsible major country, China consistently fulfills its international obligations. China opposes malicious speculation and hopes relevant parties do more to ease tensions.

3. Iran’s Hatam Anbia Central Command announced that three US military fighters were shot down by Iran’s air defense systems. The US stated that three US F-15E fighters crashed during operations in Kuwait, suspected of being “friendly fire.”

4. The China Travel Service Association issued a proposal urging all travel groups and customized tour tourists in the Middle East to contact them as soon as possible to confirm their safety and proper arrangements. Regarding order cancellations and changes, they will fully assist tourists in canceling or rescheduling to minimize losses.

5. It is understood that this year, the PVC general-purpose plastic industry has turned a corner, with prices continuing to rise since the beginning of the year. As of March 2, domestic PVC spot prices remained between 4,550 and 4,600 yuan/ton, with a cumulative increase of over 7% since the start of the year.

6. The Oil Fund LOF announced that trading will be suspended from the market opening on March 3 until 10:30 AM on the same day. The fund hit the daily limit up yesterday with a 10% increase.

7. Sinopec’s stock price hit the daily limit during the closing auction yesterday, with over 7.4 billion yuan in transactions. Previously, China National Offshore Oil Corporation (CNOOC) and China National Petroleum Corporation (CNPC) also hit the daily limit, marking the first time the “Three Big Oil” stocks all closed at the daily limit.

8. MINI MAX announced that for fiscal year 2025, revenue will be $79 million, with an annual loss of $1.87 billion, and an adjusted net loss of $250 million.

9. Jemei Technology announced plans to acquire 100% equity of EFOUS, with the stock suspended today. Ruilike Mi announced plans to issue shares to purchase a 16% stake in Wuhan Kodes, with trading resumed.

10. Yongtai Technology announced the cancellation of the Shaowu Yongtai 200,000-ton electrolytic solution project and signed a new project for 200,000 tons of lithium battery electrolytes in Binhai Development Zone, Jiangsu. Taitian Technology, which hit two consecutive daily limit-ups, announced that quartz crystal resonators and oscillators can be used in humanoid robots and optical modules, but related businesses are still in the market promotion stage.

11. Litong Electronics, which also hit two consecutive daily limit-ups, stated that there are no recent investment plans involving military enterprises. Zhongke Shuguang announced that the second-largest shareholder, Li Jun, along with executives Li Jingyang and Weng Qinan, plans to reduce holdings by no more than 6.874 million shares collectively.

12. Changan Automobile announced plans to buy back A-shares worth between 700 million and 1.4 billion yuan.

13. Sunflower announced receiving an administrative penalty notice from Zhejiang Regulatory Bureau, proposing a fine of 3 million yuan for suspected information disclosure violations.

14. The three major US stock indices closed mixed: Dow down 0.15%, S&P 500 up 0.04%, Nasdaq up 0.36%. The Livermore Chinese concept stock leader index fell 0.95%.

15. Trump said that military actions against Iran could last 4 to 5 weeks, but he is prepared for “a much longer” operation. He also claimed that the US aims to completely destroy Iran’s navy and has already sunk 10 of its ships.

16. An American appellate court has remanded several lawsuits that previously invalidated President Trump’s large-scale tariffs back to the US International Trade Court.

17. Iran announced that the Strait of Hormuz has been closed and will target all ships attempting to pass through.

18. The Baltic Exchange reported that due to Middle East conflicts, oil tanker freight rates have surged to record levels, with benchmark tanker daily earnings reaching $424,000.

19. Israeli Transport Minister Meri Regev stated on March 2 that Israeli airspace remains closed but plans to gradually reopen it starting next week, depending on security developments.

20. International crude oil futures settlement prices surged over 6%. WTI April futures rose 6.28%, Brent May futures rose 6.68%.

21. COMEX gold futures increased 1.81%, closing at $5,342.8 per ounce; COMEX silver futures fell 3.83%, closing at $89.725 per ounce.

22. Reports indicate that SpaceX plans to prepare for launching the new Starlink satellites around mid-2027.

【Major Reminders】

① No new stock offerings today.
② The 4th session of the 14th National Committee of the Chinese People’s Political Consultative Conference will hold a press conference on March 3.
③ The AI Special Committee of the World Internet Conference will hold a themed forum titled “Embodied Intelligence: Leading a New Paradigm in AI Development” on March 3.
④ China Unicom will hold the “Digital Intelligence Renewal, Practical Action” Innovation Conference with Huawei on March 3.
⑤ Kutaike will hold new product activities on March 3, with the pre-event slogan “New Player Enters.”
⑥ 526 billion yuan in 7-day reverse repos will mature today.
⑦ Data for the Eurozone February CPI monthly rate will be released today.

【Overnight Global News】

1. Trump said that military actions against Iran could last 4 to 5 weeks, but he is prepared for “a much longer” operation. He also claimed that the US aims to destroy Iran’s navy and has already sunk 10 ships.
2. Iran announced that the Strait of Hormuz has been closed and will target all ships attempting passage.
3. The US Central Command stated that as of 4 PM Eastern Time on the 2nd, six US soldiers had been killed in operations against Iran.
4. An American appellate court has remanded several lawsuits that previously invalidated President Trump’s large-scale tariffs back to the US International Trade Court.
5. The Baltic Exchange reported that due to Middle East conflicts, oil tanker freight rates have surged to record levels, with benchmark tanker daily earnings reaching $424,000.
6. The Israeli Transport Minister plans to gradually reopen airspace starting next week.
7. French President Macron announced that he has ordered an increase in France’s nuclear warhead stockpiles.
8. Former US Treasury Secretary Yellen stated that the risk of Middle East conflict makes the Federal Reserve more inclined to hold steady.
9. International crude oil futures settlement prices surged over 6%. WTI April futures rose 6.28%, Brent May futures rose 6.68%.
10. COMEX gold futures increased 1.81%, closing at $5,342.8 per ounce; COMEX silver futures fell 3.83%, closing at $89.725 per ounce.
11. US stock indices closed mixed: Dow down 0.15%, S&P 500 up 0.04%, Nasdaq up 0.36%. Major European indices all declined, with Germany’s DAX down 2.7%.
12. Nvidia agreed to invest a total of $4 billion in two companies developing data center optical technologies.
13. Apple launched a new iPad Air powered by the M4 chip, starting at $599, with pre-orders beginning March 4.
14. Elon Musk’s xAI plans to buy back $3 billion in debt before its IPO.
15. SpaceX plans to prepare for launching the new Starlink satellites around mid-2027.
16. AI startup Reflection AI is seeking to raise at least $2 billion in a new funding round.
17. PayPay and SoftBank Group are seeking to raise up to $1.1 billion through an IPO in the US.

This information involves data and news from public sources and is for reference only, not investment advice.