【Today's Headlines】
JP Morgan: The amount of currency exchanged for Hong Kong dollars and Renminbi has reached a record, indicating capital inflow into the local stock market
JP Morgan stated that as the U.S. economy's exceptional performance gradually fades and the dollar weakens, global funds are showing signs of flowing into emerging market stocks and bonds. The Wall Street firm has recently processed a record amount of currency exchanged for Hong Kong dollars and Renminbi, indicating capital inflow into the local stock market, according to Serene Chen, head of credit, foreign exchange, and emerging market sales at JP Morgan. This is because traders are betting that the Federal Reserve will further cut interest rates due to the aggressive policy agenda of the Trump administration, while the dollar declines amid concerns about the health of the U.S. economy. &#34;You will see emerging markets become net beneficiaries of the Fed's potential inclination to slightly lower interest rates,&#34; she said.
【Market Outlook】
Nasdaq China Golden Dragon Index fell 1.2%
The 25% steel and aluminum import tariffs in the U.S. took effect, causing the Dow to decline for the third consecutive day. Overnight, the Dow fell 82.55 points, or 0.20%, to close at 41,350.93; the Nasdaq rose 212.35 points, or 1.22%, to close at 17,648.45; the S&amp;P 500 index rose 27.23 points, or 0.49%, to close at 5,599.30. Nvidia (NVDA.US) rose 6.4%, Tesla (TSLA.US) rose 7.5%, Walmart (WMT.US) fell 2.6%, and Apple (AAPL.US) fell 1.7%.
The Nasdaq China Golden Dragon Index fell 1.2%, Alibaba (BABA.US) fell over 1%, and XPeng (XPEV.US) fell 6%. The Hang Seng Index ADR declined, closing at 23,586.69, down 13.62 points or 0.06% compared to the Hong Kong close.
【Hot Topics Ahead】
Guangdong's electric vehicle exports more than doubled in the first two months of 2025
According to the Guangdong branch of the General Administration of Customs, in the first two months of 2025, Guangdong's foreign trade import and export totaled 1.35 trillion yuan, a decrease of 0.8% compared to the same period last year, while the national decline was 1.2%, accounting for 20.6% of the national total foreign trade value, an increase of 0.1%. Among them, exports were 855.22 billion yuan, down 4.3%; imports were 490.08 billion yuan, up 6.1%. The reporter noted that in terms of export products, Guangdong's exports of electromechanical products increased, while labor-intensive products decreased. In the first two months, Guangdong exported electromechanical products worth 572.42 billion yuan, an increase of 1.5%, accounting for 66.9% of Guangdong's total exports. Among them, major export items such as automatic data processing equipment and its components, electrical equipment, and household appliances grew by 17%, 5%, and 3.2%, respectively; exports of electric vehicles, motorcycles, containers, and drones grew rapidly, increasing by 119.5%, 40.3%, 34.3%, and 30.7%, respectively.
GGII: Global shipments of lithium batteries for embodied intelligent robots will reach 2.2GWh by 2025
GGII predicts that with the large-scale commercialization of embodied robots, there will be a huge demand for lithium batteries. Referring to Tesla's Optimus single unit power capacity, if each embodied intelligent robot is equipped with an average of 2kWh battery capacity, GGII estimates that global shipments of lithium batteries for embodied intelligent robots will reach 2.2GWh by 2025
By 2030, demand will exceed 100 GWh, with a compound annual growth rate of over 100% from 2025 to 2030.
Surge in Gold Prices Triggers Consumption &#34;Cold Wave,&#34; Jewelry Companies Face Revenue and Profit Pressure
In 2024, international gold prices hit new highs, with an annual increase of over 20%. The domestic gold retail price rose from 620 yuan per gram at the beginning of the year to 750 yuan per gram. Since 2025, gold prices have continued to rise, breaking through 880 yuan per gram. High gold prices have suppressed end-consumer demand. According to statistics from the China Gold Association, in 2024, China's gold jewelry consumption was 532.02 tons, a year-on-year decrease of 24.69%. Lao Feng Xiang disclosed in its performance report that in 2024, the company's total operating revenue was 56.79 billion yuan, a year-on-year decrease of 20.5%; net profit was 1.95 billion yuan, a year-on-year decrease of 11.95%. Additionally, industry giants such as Chow Tai Fook and Chow Sang Sang also faced performance pressure.
Xuyang Group (01907) Plans Asset + Cash Transaction to Potentially Control Yihuatong (688339.SH, 02402) and Expand Hydrogen Industry Chain Layout
On the evening of March 12, China Xuyang Group (01907) and Yihuatong (688339.SH, 02402) both announced the progress regarding Xuyang Group's plan to subscribe for Yihuatong's A-share shares through its subsidiary Dingzhou Xuyang Hydrogen Energy Co., Ltd. (hereinafter referred to as &#34;Dingzhou Xuyang Hydrogen Energy&#34;). The latest announcement shows that Xuyang Group and Yihuatong signed a &#34;Framework Agreement for Issuing Shares to Purchase Assets and Raising Matching Funds&#34; on March 12. According to the framework agreement, Xuyang Group plans to exchange all the equity of Dingzhou Xuyang Hydrogen Energy for Yihuatong's A-share shares, with the consideration set at 18.53 yuan (RMB) per share. At the same time, Xuyang Group plans to invest no more than 550 million yuan to subscribe for Yihuatong's A-share shares, also at the aforementioned price. According to the current transaction plan, upon completion of this transaction, Xuyang Group will become the controlling shareholder of Yihuatong, and the actual controller of Xuyang Group will also become the actual controller of Yihuatong.
UBTECH (09880) Partners with Beijing Humanoid Robot Innovation Center to Launch Research Humanoid Robot Tianwen Walker
UBTECH has partnered with the Beijing Humanoid Robot Innovation Center to jointly launch the full-size humanoid robot Tianwen Walker, which is human-height and high-performance, priced at 299,000 yuan, and is planned to be launched in the second quarter of this year.
Black Sesame Intelligence (02533) Empowering Wuhan University’s &#34;Tianwen&#34; Humanoid Robot Mass Production with Big and Small Brain Platform Solutions
Black Sesame Intelligence has officially reached a strategic cooperation with Academician Liu Sheng's team at Wuhan University. This cooperation focuses on Wuhan University's independently developed first humanoid robot &#34;Tianwen&#34; as the core carrier, based on Black Sesame Intelligence's chip and algorithm solutions, aiming to endow &#34;Tianwen&#34; with a more powerful intelligent &#34;big brain&#34; and &#34;small brain&#34; platform solutions. It is reported that this cooperation will bring significant improvements to &#34;Tianwen&#34; in motion control, environmental perception, and human-computer interaction, further expanding its application scenarios and practical value. Both parties are also conducting in-depth cooperation on chip solutions for the mass production of humanoid robots
Jiangxi Copper (00358): Wholly-owned subsidiary acquires approximately 5.24% stake in SolGold Plc
Jiangxi Copper announced that on March 12, 2025, its wholly-owned subsidiary Jiangxi Copper Investment Co., Ltd. signed a share purchase agreement with SolGold Canada Inc. to purchase 157 million shares of SolGold Plc, accounting for approximately 5.24% of its issued shares, with a transaction price of USD 18.0712 million. Before this transaction, Jiangxi Copper Hong Kong Investment held 209 million shares of SolGold; after the transaction is completed, it will hold a total of 366 million shares of SolGold, accounting for approximately 12.19% of its issued shares. SolGold is a mineral exploration and development company headquartered in Perth, Australia, with its core asset being 100% ownership of the Cascabel project located in Ecuador.
China Mobile (00941) builds the first vertical large model in the domestic engineering audit field
According to China Mobile, based on the &#34;Jiutian&#34; foundational large model, it has developed the &#34;Jianshen Qianxun&#34; vertical large model, focusing on solving issues such as long business processes, diverse business types, and low levels of information technology in construction project auditing. Currently, the &#34;Jianshen Qianxun&#34; trademark has been registered, making it the first vertical large model in the domestic engineering audit field.
NetEase Cloud Music (09899) will fully integrate DeepSeek capabilities
NetEase Cloud Music announced that it will fully integrate DeepSeek capabilities to enhance the experience in song searching, interactive communication, and creator services, providing users with better music services.
China National Building Material (03323): Offer completed and cancellation of 842 million repurchased H shares
According to Zhitong Finance APP, China National Building Material (03323) announced that the offer has been completed and the cancellation of 842 million repurchased H shares was completed on March 12, 2025 (Wednesday). Therefore, immediately after completion, the total number of issued shares decreased from 8.435 billion shares to 7.593 billion shares, and the total number of issued H shares decreased from 4.558 billion shares to 3.716 billion H shares, while the equity total of the concerted action group of China National Building Material increased from approximately 45.02% to approximately 50.01% of the issued shares.
China Resources Pharmaceutical (03320): China Resources Sanjiu's net profit attributable to parent company for 2024 is approximately RMB 3.368 billion, a year-on-year increase of 18.05%
According to Zhitong Finance APP, China Resources Pharmaceutical (03320) announced the performance of China Resources Sanjiu for 2024, with total operating revenue of approximately RMB 27.617 billion, a year-on-year increase of 11.63%; net profit attributable to shareholders of the listed company is approximately RMB 3.368 billion, a year-on-year increase of 18.05%; basic earnings per share is RMB 2.63, and it plans to distribute a cash dividend of RMB 3.20 per 10 shares (including tax) to all shareholders of China Resources Sanjiu, and to transfer 3 shares for every 10 shares from the capital reserve to all shareholders of China Resources Sanjiu.
Ping An Good Doctor (01833) achieves comprehensive profitability for the first time, with adjusted net profit of approximately RMB 158 million for 2024
According to the Zhitong Finance APP, Ping An Good Doctor (01833) announced its 2024 performance, with revenue of approximately 4.808 billion yuan, a year-on-year increase of 2.9%; gross profit of approximately 1.523 billion yuan, a year-on-year increase of 1%; profit attributable to owners of the company of 81.428 million yuan, turning from loss to profit year-on-year; adjusted net profit of approximately 158 million yuan, turning from loss to profit year-on-year; basic earnings per share of 0.08 yuan.
【Stock Highlights】
Chongqing Machinery and Electric (02722): Cummins generators benefit from accelerated AIDC construction
Chongqing Machinery and Electric announced that the group expects its annual profit attributable to shareholders in 2024 to increase by approximately 40% to 45% compared to the same period in 2023. This is mainly due to the group's large horsepower engine business actively seizing market opportunities, fully releasing the production capacity of new production lines, and significantly increasing investment income; as well as the company's industrial pumps and other main businesses strengthening market development, increasing market share, while enhancing internal management, reducing costs and increasing efficiency, further improving operational quality.
Guotai Junan previously released a research report stating that the demand for high-end diesel generators has increased significantly due to the sustained high prosperity of domestic AIDC and data center construction. The report pointed out that overseas manufacturers such as Cummins have seen continuous high growth in revenue and profit margins in their power system businesses due to the explosive demand from data centers. It is worth noting that the cooperation between Chongqing Machinery and Electric and Cummins began in 1981. As the cooperation deepened, in October 1995, both parties invested equally at 50% to jointly establish Chongqing Cummins Engine Co., Ltd. Currently, Chongqing Cummins has become a leading manufacturer of large horsepower engines in China.
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JPMorgan Chase pointed out that as the advantages of the U.S. economy weaken and the dollar depreciates, global funds are flowing into emerging market stocks and bonds. Recently, the amount exchanged for Hong Kong dollars and Renminbi reached a record high, indicating a capital inflow into the local stock market. Emerging markets are expected to benefit from the Federal Reserve's potential interest rate cuts. Meanwhile, electric vehicle exports from Guangdong have more than doubled in the first two months of 2025

- Morgan Stanley reports record currency exchanges into Hong Kong dollars and renminbi, indicating significant capital inflow into local stock markets.  
- This trend is attributed to global funds shifting towards emerging markets as the U.S. economy's advantages wane and the dollar weakens, with expectations of further Federal Reserve rate cuts.  
- The Nasdaq China Golden Dragon Index fell by 1.2%, reflecting broader market volatility amid ongoing trade tensions and economic adjustments.

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Zhitong Hong Kong Stock Early Insights | JPMorgan Chase sees signs of recovery in emerging markets, Guangdong's electric vehicle exports doubled in the past two months