Eastmoney Financial Breakfast March 10th Tuesday

Daily Highlights

Trump Says Iran Conflict “Basically Over”:

CCTV reporters learned on March 9 local time that U.S. President Trump stated that the war with Iran could end very soon. During a phone interview, Trump said, “I think this war is basically over, almost. They (Iran) have no navy, no communication systems, and no air force.” He also mentioned that this progress is much faster than his initial estimate of 4 to 5 weeks. When asked about Iran’s new Supreme Leader, Muqtada Khamenei, Trump said, “I have nothing to say about him, absolutely nothing.” Trump claimed to have a candidate in mind to succeed Khamenei but did not elaborate further.

Domestic Oil Prices Rise Again:

Domestic refined oil prices have increased for four consecutive times. On March 9, the National Development and Reform Commission announced that starting at 24:00, domestic gasoline and diesel prices increased by 695 yuan/ton and 670 yuan/ton respectively. Equivalent to about 0.55 yuan, 0.58 yuan, and 0.57 yuan per liter for 92-octane gasoline, 95-octane gasoline, and No. 0 diesel. Filling a 50-liter tank with 92-octane gasoline will cost 27.5 yuan more. Agencies predict that due to the sharp rise in international oil prices after last Friday’s close and Monday’s open, even if prices stabilize or slightly decrease, the next price adjustment window on March 23 will see continued increases, with expected rises between 0.5 to 1 yuan per liter.

Saudi Arabia Cuts Oil Production:

According to multiple sources, Saudi Arabia has begun reducing oil output amid near-blockage of the Strait of Hormuz and rapidly filling storage tanks. This move by the world’s largest oil exporter follows actions by the UAE, Kuwait, and Iraq. It is unclear which fields are affected or how much output has been cut. Saudi’s daily oil production is about 10 million barrels, with exports around 7 million barrels.

G7 Ready to Release Strategic Oil Reserves if Necessary:

G7 finance ministers stated they are prepared to take any necessary measures to support global energy supply, including releasing strategic oil reserves. In a statement, they said, “We will continue to monitor energy markets closely and hold meetings as needed to share information and coordinate among G7 members and international partners. We are ready to act, including supporting global energy supply through reserve releases.” The ministers held a video conference on Monday to discuss Middle East conflicts, regional stability, the global economy, financial markets, and securing trade routes. Leaders from the IMF, World Bank, OECD, and IEA participated. It is reported that G7 energy ministers will hold a video meeting Tuesday morning (Eastern Time). The U.S. believes that a joint release of 300 to 400 million barrels of oil is appropriate.

CATL Earnings Announcement:

Contemporary Amperex Technology Co. Ltd. (300750.SZ) announced that in 2025, revenue will reach 423.702 billion yuan, up 17.04% year-over-year, with net profit of 72.201 billion yuan, up 42.28%. The company plans to distribute a cash dividend of 69.57 yuan per 10 shares (tax included). Note: Q3 net profit was 18.549 billion yuan; based on this, Q4 net profit is estimated at 23.167 billion yuan, a 24% quarter-over-quarter increase. Analysts’ consensus forecast for Q4 net profit was 18.1 billion yuan, but actual performance exceeded expectations.

Iranian Parliament Speaker Comments:

According to CCTV News, on March 9, Iran’s Parliament Speaker, Khalilabadi, said that if the current conflict further expands to infrastructure, its economic impact will last a long time regionally and globally. He stated that, under such circumstances, international oil prices could remain in triple digits for a considerable period.

Southbound Funds Hit Record Net Buying:

On March 9, southbound Hong Kong Stock Connect funds recorded a net purchase of about HKD 37.2 billion, setting a new record for single-day net inflow. Due to international tensions and other factors, recent southbound trading has been volatile. Since 2026, the net inflow of southbound funds has exceeded HKD 180 billion for the year.

Wuxi Supports OpenClaw Policy:

On March 9, Wuxi High-tech Zone released a draft of “Several Measures to Support the Integration and Development of OpenClaw and OPC Open Source Communities” (seeking opinions). The 12 policies range from basic support to industry implementation, talent recruitment, and security compliance, with individual support up to 5 million yuan. The draft proposes that local cloud platforms providing free deployment and development toolkits will receive up to 1 million yuan in full subsidies. For OPC projects using local intelligent computing platforms, subsidies will be provided based on actual costs, up to 300,000 yuan annually per company.

Hot Topics

OpenClaw:

Recently, a wave of “crab farming” has swept the AI field. “Crab farming” refers to deploying, training, and using local AI agents represented by OpenClaw (formerly Clawdbot, Moltbot). The official icon of OpenClaw is a red lobster. It is an open-source AI agent that integrates multi-channel communication and large language models to build customized AI assistants with persistent memory and proactive capabilities, deployable locally.

Power:

The demand for electricity is boosted by the export of tokens. According to Changjiang Securities, if the annual call volume of domestic large models expands to 1×10^5 trillion tokens, the annual power consumption would be about 87.5 billion kWh, accounting for approximately 0.84% of 2025’s total social electricity consumption. The emergence of new electricity demand forms from AI data centers is expected to support steady growth in China’s overall electricity needs.

Computing Power:

Guosheng Securities reports that the explosive penetration of OpenClaw validates its business feasibility. Rising agent penetration and complexity drive rapid token consumption, creating rigid demand for computing power. Major vendors are experiencing “card shortages” and “restricted sales,” intensifying supply-demand mismatches. Driven by technological and economic factors, the industry chain is upgrading. As domestic token consumption surges, domestic computing power is expected to gradually dominate due to cost advantages and ecosystem development.

Energy Storage:

The expansion of AI computing power ignites the power market. Industry consensus states that “the second half of AI is energy.” Guojin Securities’ recent 2026 industry strategy for energy storage and lithium batteries shows that the global energy storage industry is entering a new growth cycle, with projected new installed capacity reaching 438 GWh in 2026, up 62%. The growth is driven by three factors: from single renewable energy absorption to “AI computing infrastructure + energy transition needs + grid congestion.” Industry supply and demand are improving, shifting from inventory reduction to inventory replenishment, with some segments experiencing price and volume increases.

Green Energy:

Media reports that the EU plans to launch a new investment fund to help finance the tens of trillions of euros needed for the region’s green energy transition over the next 15 years. The upcoming “Clean Energy Investment Strategy” draft estimates that from 2031 onward, the cost of energy transition will rise to 695 billion euros annually over the next decade.

Autonomous Driving:

Xiaomi founder, chairman, and CEO Lei Jun made two predictions in an interview: 2026 will be the year of L3/L4 autonomous driving; and it will also be the year of embodied intelligent large models, attracting broad industry attention. Lei said that the smart vehicle sector will see key breakthroughs, with high-level autonomous driving (L3, L4) accelerating and scaling up, moving beyond labs and test sites into consumer markets, transforming travel.

Dairy Industry:

On March 9, Han Jun, Minister of Agriculture and Rural Affairs, said during the “Minister’s Passage” at the 14th National People’s Congress that Chinese residents consume too much oil and too little beans and dairy. Per capita cooking oil exceeds dietary recommendations by 40%, and dairy consumption is only one-third of the world average. Soybeans and soy products are below 60% of recommended intake. He suggested reducing oil, increasing beans, and adding dairy.

Company News

Guangyang Co.: Recently, the company signed a “Strategic Cooperation Agreement” with Shenzhen Zhujiji Power Technology Co., Ltd. (Zhujiji Power). They aim to leverage resource integration and complementary advantages to develop standardized joint modules for jointed robotic arms, enhancing core competitiveness.

Bohai Chemical: Due to recent military conflicts involving the U.S., Israel, and Iran, raw material supply sustainability has been severely impacted. To ensure the safety and efficiency of subsequent production facilities, the company has decided to extend the scheduled maintenance period for the PDH unit.

Zhongbei Communications: On March 9, the company and its subsidiary Anhui Rongboda Cloud Computing Data Co., Ltd. signed a “Service Procurement Contract” with Party A (A Company). Party A will use the computing resources and related services provided by the company and its subsidiary as needed. The total contract value is 429 million yuan (tax included), with a service period of 3 years starting from activation.

Tengjing Technology: The company plans to invest 35 million yuan to establish a wholly owned subsidiary, Tengjing Optical Communications Technology (Zhengzhou) Co., Ltd., which will be responsible for implementing the “Optical/Electronic Components Manufacturing Base Project.” This investment aims to seize the strategic opportunity of rapid growth in the optical communications industry and improve the delivery capacity of passive optical components to meet demand for high-speed optical modules, OCS, CPO, and other optical interconnection products.

ST Jinlun: As of March 9, 2026, the stock closed at 1.01 yuan, with a total market value of 497 million yuan, falling below 500 million yuan for the first time. According to the Shanghai Stock Exchange Listing Rules, if the company’s total market value remains below 500 million yuan for 20 consecutive trading days, the exchange will decide to delist. The company also expects a net loss for 2025, and after excluding non-core business income, operating revenue will be below 300 million yuan, which will also trigger delisting rules after the annual report.

Hengrui Medicine: The subsidiary Fujian Shengdi Pharmaceutical Co., Ltd. received the “Drug Clinical Trial Approval Notice” for HRS9531 injection from the National Medical Products Administration and will soon begin clinical trials. To date, R&D investment in HRS9531 has totaled about 632 million yuan.

Chengdu Huawi: The company’s ultra-high-speed 10-bit 128GSPS A/D converter (analog-to-digital converter) was recently released. According to public information, this chip achieves leading international performance in sampling rate, signal bandwidth, and dynamic range. It can significantly improve radar detection, space measurement, and control systems, enabling high-end testing instruments to capture ultra-fast signals accurately. It has broad applications in inter-satellite communication, radar detection, electromagnetic suppression, commercial aerospace, and high-end instrumentation.

Jiaxian Co.: The second phase of the company’s photoresist project has started construction and is expected to be completed by the end of this year, depending on actual progress. The second phase involves two other monomers, mainly used for synthesizing photoresist, with applications in chip manufacturing and integrated circuits.

Jinrui Mining: On March 6, the company’s controlling shareholder, Yellow River Company, and its associates Qinghai Guotou and Qinghai Fatu signed an “Agreement of Concerted Action.” Under the agreement, the company’s control has shifted from no actual controller to state-controlled by China Power Investment Corporation.

Hongda Co.: The Shifang Nonferrous Metals Branch plans to invest approximately 228 million yuan to upgrade the electrolytic zinc smelting system. The project will be implemented by the Shifang Nonferrous Metals Branch.

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Global Markets

Anthropic Files Lawsuit Against Trump Administration: AI startup Anthropic announced Monday that it has filed a lawsuit against the Trump administration, which previously blacklisted the company and labeled it a threat to U.S. national security. In the complaint filed in the U.S. District Court in California, Anthropic said these actions are “unprecedented and illegal,” causing “irreparable harm” to the company.

U.S. Stock Market to Enter “Year-Round Trading” Era: Nasdaq announced Monday plans to introduce a new tokenized stock mechanism aimed at helping listed companies better control their tokenized shares. The framework is expected to launch in mid-2027, allowing token holders to have governance rights equivalent to traditional investors. For the U.S. stock market, the biggest change with “stocks on chain” is that “trading never stops”—similar to Bitcoin and Ethereum. Besides 24/7 trading, tokenization could enable near-instant settlement and potentially reduce intermediary costs. Nasdaq said all issuers interested can participate, including those not listed on Nasdaq.

Japan Earthquake: China Earthquake Networks Center officially reported a magnitude 5.9 earthquake at 23:45 on March 9 in Hokkaido, Japan (latitude 42.00°N, longitude 140.45°E), with a depth of 150 km.