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【Two Sessions Special Report】 A look ahead to the National Two Sessions: How will the economic growth target be set?

【Top Headlines】 Video summary of the 40-hour Middle East crisis. International oil prices surged and gold/silver opened higher on Monday. Latest statements from Trump and Netanyahu. Approximately 40 hours have passed since the morning of February 28 local time, when Israel and the United States began military strikes against Iran. As late as March 1, explosions were still occasionally heard in Tehran, Iran's capital. In response, Iran launched large-scale counterattacks. The Islamic Revolutionary Guard Corps of Iran announced on March 1 that it would carry out the "most intense offensive operation in history" against US and Israeli military bases. As of now, Iran's strikes have reached the ninth round, with at least 27 US military bases in the Middle East and surrounding areas attacked. The conflict is gradually spreading to multiple countries in the Middle East.

Middle East conflict disrupts markets, strong consensus for "rising oil and gold" The geopolitical "powder keg" of the Middle East has been ignited again. On February 28 local time, the US and Israel launched attacks on multiple targets within Iran, reigniting the Iran-Israel conflict. According to Xinhua News Agency, multiple Iranian media outlets confirmed on March 1 that Iran's Supreme Leader Khamenei was killed in the US and Israeli attacks on Iran. The Iranian government announced a 40-day period of national mourning. US President Trump stated on social media on February 28 that US and Israeli bombing of Iran would continue.

Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman announce production increases. Eight major oil-producing countries decided to increase daily production by 206,000 barrels in April. Representatives from Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman held an online meeting that day to discuss the international oil market situation and prospects.

Central Bank acts to release stabilizing signal for the exchange rate; Renminbi to continue two-way fluctuation. The People's Bank of China announced on February 27 that, effective March 2, 2026, it would lower the foreign exchange risk reserve ratio for forward FX sales from 20% to 0%. This marks the first use of this tool in nearly three and a half years. In September 2022, facing a consecutive decline in the RMB against the USD, the PBOC had raised the reserve ratio for forward FX sales from 0% to 20%.

Market analysis suggests this move aims to reduce corporate hedging costs for future foreign exchange purchases, support real economic exchange rate risk management, while also signaling counter-cyclical adjustment to moderate the recent rapid appreciation trend of the RMB, stabilize foreign exchange market expectations, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.

Top returns exceed 57%; Nearly 90% of active equity funds profitable year-to-date. Market sentiment in the A-share market has continued to warm up after the Spring Festival, with active equity fund net values generally rising. Wind data shows that 1,009 active equity funds reached new all-time net value highs in the first trading week after the holiday, demonstrating strong recovery capability and profitability. As of February 27, out of 4,781 active equity products in the entire market, 4,299 achieved positive returns year-to-date, accounting for nearly 90%. Among them, 50 funds achieved year-to-date returns exceeding 30%, and 295 funds achieved returns exceeding 20%.

In terms of performance rankings, China Western Lead Strategy Preferred A, managed by He Qi, led the market with a 57.83% year-to-date return. China Western Lead New Power A and China Western Lead Industry Theme Preferred A, also managed by He Qi, achieved returns of 57.31% and 51.43% respectively. Additionally, products like GF Vision Select A, Yinhua Domestic Demand Select A, Yinhua TONG LI Select A, Ping An Xin An A, Tongtai Huiying A, Yinhua Growth Pioneer, and China Life Security Industry Upgrade A also ranked high in returns.

Large financings frequent for robotics companies; Industrialization process accelerates comprehensively. As the humanoid robot sector heats up, the capitalization process and investment/ financing pace of related companies are accelerating. Zhi Ping Fang (Shenzhen) Technology Co., Ltd. completed a Series B financing exceeding 10 billion yuan on February 23. Qian Xun Intelligent (Hangzhou) Technology Co., Ltd. announced on February 24 two consecutive rounds of financing totaling nearly 20 billion yuan, with investors including Yunfeng Fund, Hundun Investment, and Sequoia China. Beijing Yinshi Robot Technology Co., Ltd., a benchmark domestic dexterous hand company, announced on February 24 the completion of Series C1 and C2 financing rounds, totaling several hundred million yuan.

AI trading panic spreads in US stocks; Market enters fundamental verification phase. The narrative in the artificial intelligence (AI) market has undergone a sharp shift. Entering 2026, the once-hot "AI gold rush" suddenly faced a downturn. In January, the argument that "AI burns money but shows no return" gained traction, exacerbating concerns in US stocks about excessively long AI investment return cycles. In February, the "AI disruption theory" dominated market sentiment, triggering panic selling in US stocks.

Within just one month, panic spread from the software industry to sectors including finance, law, consulting, commercial real estate, logistics, and media. Investors flocked to sectors perceived as having "AI-resistant" attributes. Is this sell-off merely emotional venting or a rational warning? How long will the adjustment last? These have become key questions for investors.

Latest holdings of global asset management giants exposed; Divergence in AI investment views emerges. With the completion of US 13F filings, the portfolio adjustment paths of global asset management giants in the fourth quarter of last year have been revealed. Facing highly valued tech stocks and market concerns about AI investment prospects, the operations of major institutions showed significant divergence. Institutions like UBS and Goldman Sachs reduced their holdings in tech leaders including NVIDIA and Microsoft. The fund under "VC godfather" Peter Thiel even liquidated its holdings in Apple, Microsoft, and Tesla. Meanwhile, BlackRock and Vanguard chose to continue increasing their stakes in several tech stocks.

US 13F filings show that in Q4 last year, UBS Group reduced its holdings of NVIDIA by 10.042 million shares (11.47%); Microsoft by 2.32 million shares (7.64%); Apple by 5.267 million shares (10.57%); Amazon by 1.658 million shares (4.57%); and Google by 2.2 million shares (9.05%). Goldman Sachs reduced its holdings of Microsoft by 3.197 million shares (5.86%); Tesla by 2.47 million shares (8.27%); Broadcom by 3.433 million shares (9.33%); and META by 2.414 million shares (13.51%).

US-Iran tensions escalate; Brokerages and fund managers urgently analyze: Crude oil, precious metals volatility increases. Following US and Israeli military strikes against Iran, Iran retaliated against Israel and launched missile attacks on some US military bases in the Middle East. As of March 1, the Middle East situation persists, keeping global investors on edge. Against this backdrop, multiple brokerages urgently held conference calls and released research reports analyzing the impact of the situation on various assets. Influenced by the international situation, prices of international crude oil, gold, and silver have continued to fluctuate. On February 27 alone, Brent crude rose 3.35%, spot London gold rose 1.88%, and spot London silver rose 6.21%. Industry insiders point out that if the geopolitical situation worsens further, price volatility for crude oil, gold, and silver, as well as adjustment pressure on global stock markets, will intensify.

Berkshire's "new king" states: These four stocks are "permanent," hinting at no further Apple sales? In his first shareholder letter, Berkshire Hathaway's new CEO, Greg Abel, outlined the investment blueprint for the post-Buffett era for the first time. He characterized Apple, American Express, Coca-Cola, and Moody's as the company's "core holdings," implying these positions will remain stable long-term and are unlikely to be reduced easily.

Abel stated in the letter that these four companies are targets that Berkshire "understands thoroughly, highly approves of their management, and expects to deliver compound growth over decades," and explicitly stated that related holdings would see "limited activity." Data shows these four stocks collectively account for over half of Berkshire's approximately $300 billion stock portfolio; adding the roughly $35 billion holdings in five Japanese trading companies brings the total of nine core stocks to two-thirds of the overall portfolio.

【Featured Companies】 Securing 7 consecutive limit-ups! YUNENG Holdings states it may apply for trading suspension review if stock price rises further. Trading data shows that from February 11 to 27, over 7 trading days, YUNENG Holdings secured 7 consecutive daily limit-up gains, with its stock price accumulating a 94.74% increase during the period. As of the close on February 27, the company's stock price was at the limit-up price of 13.34 yuan per share, with a total market capitalization of 20.35 billion yuan.

YUNENG Holdings indicated that its stock saw cumulative closing price deviations exceeding 20% over three consecutive trading days on February 25, 26, and 27. Furthermore, from February 9, over 9 consecutive trading days (February 9 to 27, 2026), the cumulative closing price increase reached 100.61%. The company stated its stock price fluctuations severely deviate from market trends and are seriously detached from its fundamentals, constituting a severe abnormal trading situation. The company's P/E and P/B ratios differ significantly from industry peers, indicating severe market overheating and irrational speculation, with risks of a rapid decline in the future.

HONOR's first humanoid robot HONOR ROBOT dance video released, performing the moonwalk. Also unveiled was the robot phone, Robot Phone, created by HONOR. The most prominent feature of the new phone is a large motorized flip camera, touted as a new form of embodied AI terminal. Functionally, the three-axis gimbal camera on top of the phone is equipped with a 200-megapixel sensor and can flip forward and backward.

OpenAI signs contract with Pentagon; US accelerates militarization of AI applications. US company OpenAI stated on February 28 that it had reached an agreement with the US Department of Defense to deploy its AI models on the Pentagon's classified networks. Just a day earlier, another US company parted ways with the Pentagon due to significant disagreements over the scope of AI technology application. OpenAI CEO Sam Altman posted on social media platform X that the cooperation with the Pentagon adheres to the company's principles, namely that AI must not be used for "large-scale domestic surveillance," and the use of force, including autonomous weapon systems, must be human-controlled. He said the company has established "safety guards."

According to Bloomberg, Altman did not prohibit the use of AI tools for fully autonomous weapon systems.

NVIDIA CEO Jensen Huang: Telecommunications industry will become the main battlefield for AI. Like all major tech gatherings, AI is taking center stage. And when discussing AI, one company is unavoidable: the world's largest by market capitalization, NVIDIA.

Indeed, NVIDIA is targeting the telecommunications and systems equipment industry as its next growth area. As NVIDIA founder and CEO Jensen Huang stated: "AI is redefining computing, driving the largest infrastructure construction wave in human history, and the telecommunications industry will become the next main battlefield."

Earning 40 billion less in a year; Mercedes-Benz sales slump. The century-old luxury car brand Mercedes-Benz is experiencing an unprecedented winter.

The full-year 2025 results released by Mercedes-Benz Group show group revenue of 132.214 billion euros, down 9.2% year-on-year; net profit of 5.331 billion euros, a decrease of 48.8%, nearly halved; adjusted EBIT of 8.2 billion euros, down approximately 40%; free cash flow from industrial business of 5.4 billion euros, remaining positive but far below the previous year's nearly 9.2 billion euros.

The last time Mercedes profits were this low was in 2019, when its predecessor, Daimler Group, achieved a net profit of only 2.709 billion euros from selling passenger cars and vans, a plunge of 64%. The situation improved in 2020, with group net profit reaching 4.009 billion euros. From 2021 to 2024, group net profit consistently reached tens of billions of euros.

【Industry Hotspots】 Memory chip industry experiences "explosive" demand growth. Tungsten prices surge over 4 times in more than a year; industry chain faces critical transformation period. Strict supervision continues! 7 A-share companies face investigations or penalties on the same day; Shuangliang节能 etc. involved in disclosure issues. Middle East conflict sparks supply concerns; chemical industry price increase logic expected to strengthen. Minor metals receive bullish views and buying; why are public funds rediscovering their "old favorites"? Green hydrogen-ammonia-methanol industry receives subsidies again.

【Market Strategy】 Various signs indicate that the A-share market will also be difficult to avoid being shrouded in strong risk-off sentiment after opening.

Yang Delong, Chief Economist of Qianhai开源 Fund, stated that the US announcement of large-scale military action against Iran, and Israel's potential strikes on Iranian targets, significantly boosted market risk aversion, which will in turn drive sharp increases in prices of precious metals like gold and silver. Iran is an important global oil producer, and attacks on it could lead to imbalances in international oil supply and demand, potentially causing international oil prices to rise significantly. Rising oil prices directly increase production costs for industries using oil as raw material, such as chemicals, while also compressing profit margins for industries with high oil consumption due to rising costs. The international aviation industry will also be significantly affected. Currently, Israel has closed its airspace, and Iran may follow suit, further impacting international aviation.

Yang Delong said the renewed escalation of Middle East conflict would also negatively affect investor sentiment, potentially impacting global stock markets. Subsequent developments need continuous monitoring; if the situation worsens further, volatility in crude oil, gold, and silver prices, as well as adjustment pressure on global stock markets, will intensify.

Li Daxiao, former chief economist at a securities firm, stated that sudden events negatively impact global stock markets and indirectly affect A-shares. However, it should be noted that since the beginning of the year, A-shares have seen over 700 billion yuan in ETF redemptions. In case of significant fluctuations, there is potential capital for market stabilization, and public offering funds and insurance funds also have the potential to enter the market. "We call for stabilization funds, social security funds, insurance capital, public funds, etc., to increase efforts to stabilize the market. Listed companies should also seize opportunities to increase buybacks to stabilize the market."

Li Daxiao stated that for investors, facing volatility requires shifting from offense to defense. There is no need to panic with surplus money and good stocks, but caution is needed with urgent money and poor stocks, and leverage requires extra care.

【Announcements Summary】 【Major Events】 Chinese Online: Submitted application to the Hong Kong Stock Exchange for issuance and listing of overseas listed shares (H shares). 心脉医疗: Thoracic multi-branch stent received Breakthrough Device designation from US FDA. 中源协和: Subsidiary obtained medical device registration certificate; product is the first domestic time-of-flight mass spectrometry companion diagnostic kit for tumors. 乐普医疗: Controlled subsidiary's MWX401 injection received clinical trial approval for treating primary hypertension. 天宜新材: Pre-restructuring industrial investor selection completed; Unisplendour Communication consortium selected as primary candidate. 溢多利: Subsidiary's phytase product approved for registration in the EU. 杭州银行: President Zhang Jingke's appointment qualification approved by regulators. 华夏幸福: Interim administrator publicly recruiting restructuring investors.

【M&A and Restructuring】 中英科技: Plans to acquire no less than 51% equity in Yingzhong Electric; expected to constitute a major asset reorganization. 狮头股份: SSE suspended review of company's major asset reorganization due to expired financial materials.

【Contracts and Orders】 康弘药业: Eight products selected in the national centralized procurement continuation; procurement cycle until end of 2028. 恒华科技: Pre-won 630 million yuan wind power EPC project.

【Share Increases/Decreases】 华安证券: Controlling shareholder Anhui State-owned Assets Holding Group plans to increase holdings by purchasing convertible bonds and converting them into shares, investing 150 million to 300 million yuan cumulatively. 艾迪药业: Actual controller之一, Chairman Fu Heliang, plans to increase holdings by 10-15 million yuan.

【Performance】 上汽集团: Vehicle sales in the first two months were 596,900 units, up 6.76% year-on-year. 北汽蓝谷: New energy vehicle production in February was 7,631 units, up 16.43% year-on-year; sales were 7,364 units, up 18.26% year-on-year. 长城汽车: Sold 12,744 new energy vehicles in February. 汇宇制药: Revised 2025 performance forecast, confirming fair value change income of -173 million yuan.

【Risk Warnings】 启迪环境: Expects year-end 2025 net assets may be negative. 中钨高新: Main risks faced during operation and development include risk of tungsten prices peaking and falling, and risk of受阻 cost transmission. 泰嘉股份: Data center power supply business revenue accounted for a relatively small proportion in 2025, and does not involve AI chip business.

【Investor Interaction Platform】 中际旭创: Currently, the company has full order books, sufficient capacity utilization, and actively arranged compliant and reasonable production during the Spring Festival to ensure customer delivery.