---
title: "Zhitong Decision Reference | Capital Shifts to Defense"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/280936166.md"
description: "Last week, U.S. stocks broke down, while Hong Kong stocks showed strong resilience. The escalation of the Middle East conflict raises questions about whether U.S. troops will be deployed on the ground. The U.S. non-farm payroll report will be released on April 3rd, and the market is filled with cautious sentiment. Funds are shifting towards defensive positions, with innovative drugs and technology stocks likely to become hotspots. Huawei's new AI chip customer testing is progressing smoothly, with an expected shipment of 750,000 units. InSilico Medicine has reached a cooperation agreement with Eli Lilly, with a total transaction value exceeding $2.75 billion"
datetime: "2026-03-30T01:31:23.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/280936166.md)
  - [en](https://longbridge.com/en/news/280936166.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/280936166.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/280936166.md) | [繁體中文](https://longbridge.com/zh-HK/news/280936166.md)


# Zhitong Decision Reference | Capital Shifts to Defense

**【Editor’s Market View】**

Last week, the US stock market also could not hold up and broke down, but the Hong Kong stock market showed strong resilience.

There are no signs of a pause in the Middle East conflict, which is instead escalating. The biggest suspense now is whether US troops will go to the ground; this news has been repeated. On March 27 local time, US Vice President Kamala Harris stated in an interview regarding Iran that the US has no intention of staying in Iran and will withdraw quickly after handling current affairs. However, US media reported that the US military is preparing for **"ground operations in Iran lasting several weeks."** It seems we have reached a critical juncture.

More seriously, with **the Houthis officially entering the war, the security risks in the Red Sea shipping lanes have surged**, and the Bab el-Mandeb Strait may also be blocked. The economy will be further impacted.

On April 3, the US will release the March non-farm payroll report. Whether the US job market can recover will be a major focus.

This week marks the Qingming Festival holiday, which is generally quiet, and overall sentiment is expected to be more cautious. **Last week, funds shifted towards defensive innovative drugs, which has already shown signs.**

**The combination of technology and energy lines may become a market hotspot.** Zhang Peng, CEO of Zhiyu, stated that the biggest challenge facing large models in the next 12 months may be computing power. The China Electricity Council: promoting the integrated development of "power-based computing" and "computing-driven power."

Media reports that Huawei's new AI chip customer testing is progressing smoothly, with tech giants including ByteDance and Alibaba planning to place orders. Huawei plans to ship about 750,000 950PR chips this year, **which is favorable for related tech stocks in Hong Kong.**

The semiconductor industry is experiencing a price surge: products from Infineon, Texas Instruments, NXP, and others have seen price increases take effect.

Apart from the Australian incident, the demand for lithium batteries is surging due to high oil prices, with global lithium battery orders flooding into China.

In terms of risk spillover, **the largest aluminum company in the Middle East: suffered missile and drone attacks from Iran, severely damaging its factory.**

**【This Week's Golden Stock】**

**InSilico Medicine (03696)**

**InSilico Medicine has reached a global rights pipeline licensing and AI drug development collaboration with Eli Lilly.** The upfront payment is $115 million, with a total transaction value exceeding $2.75 billion. Eli Lilly has obtained global exclusive licensing rights for potential first-in-class, novel oral clinical candidates targeting specific indications. They will collaborate on multiple research and development projects for targets designated by Eli Lilly.

In 2025, the company is expected to achieve revenue of $56.239 million (down 34.48% year-on-year), including drug discovery at $24.95 million (up 693.6% year-on-year), pipeline development at $23.89 million (down 68.8% year-on-year), software solutions at $4.91 million (up 23.8% year-on-year), and other income at $2.49 million (up 16.8% year-on-year).

**Company Technology Platform Development**

Biology42: Introduced four new scoring metrics (confidence, commercial viability, druggability, and mechanism clarity), significantly upgrading PandaOmics; the disease-specific predictive model TargetPro, and the industry's first standardized benchmark suite for drug target discovery, TargetBench 1.0, were also launched this year; 2) Chemistry42 + Nach01: Significant functional enhancements have been made in ADMET and off-target prediction capabilities; a multimodal foundational model Nach01 trained on billions of molecular and text data points has been released on AWS Marketplace for chemistry and drug discovery.

1.  Science42: To address the limitations of general artificial intelligence (especially foundational models) in drug research, Science MMAIGym (a multimodal AI training environment) has been developed.

**Company's Own Pipeline R&D Progress**

PCC: Six new AI-powered PCCs with distinct characteristics have been added, bringing the total to 28;

ISM001-055: Complete Phase IIa data has been released in 2025, and the Phase I IND for the inhalation formulation in China has been submitted;

ISM5411 (PHD182): The first patient has been dosed in the Phase IIa trial for IBD in China;

ISM3412 (MAT2A inhibitor): For advanced solid tumors, the first patient has been dosed in the global multicenter Phase I trial.

**【Industry Observation】**

Large models enhance Agent capabilities, with a cost-effective route domestically, leading to a surge in Tokens.

Anthropic: AI Agent capabilities have seen a concentrated explosion. On March 24, Computer Use was released, allowing Claude to directly operate users' Mac computers: opening files, using browsers, and running development tools. On March 25, Claude Code launched an "automatic mode" permission management feature.

Domestically, cost-effective models continue to be released, with Minimax/Zhipu/Mimo/Kimi/Jieyue and others intensively launching large models since February. On March 27, Kunlun Wanwei released a series of products, including the game Matrix-Game 3.0, video SkyReels V4, music Mureka V9, and the Skywork Super Agent aimed at creators.

In April, focus will be on the release of Tencent's Hongyuan 3/Deepseek V4. Domestic large models are breaking through with cost-effectiveness and infrastructure advantages. The asset pricing of large models is influenced by factors such as the "scarcity of targets + the dawn of Agents + the optimistic expectations of domestic large models breaking through with cost-effectiveness + the small circulation of newly listed stocks." The industry landscape remains uncertain, and the Token explosion curve is key to maintaining confidence (National Bureau of Statistics: In March this year, China's daily Token call volume has exceeded 140 trillion, growing over a thousand times in two years).

In addition, the AI cloud is thriving, and self-developed chips are a focus for 2026. In Q4 2025, Kingsoft Cloud's AI cloud revenue grew by 95% year-on-year, raising its share of public cloud to 49%; this drove a 34.9% year-on-year growth in public cloud revenue. Xiaomi announced it will invest over 60 billion yuan in AI over the next three years and recently released MiMo-V2-Pro, with clear demand for AI cloud. Alibaba Cloud's XuanTie Ecological Conference released the flagship CPU C950, which natively supports large models with hundreds of billions of parameters such as Qwen3 and DeepSeek V3. Pingtouge has formed a "GPU (PPU) + CPU + DSA (AI inference)" full-stack AI chip system, and Alibaba Cloud's "chip-cloud-model." The closed loop has formed, and there is hope for long-term strengthening of cloud product capabilities and an increase in profit margins.

Key focus on Hong Kong stocks: Minimax (00100), Zhipu (02513), Xunce (03317), Haizhi (02706), Kingsoft Cloud (03896), Tencent Holdings (00700), Alibaba (09988), Baidu (09888), etc.

**【Data Monitoring】**

The Hong Kong Stock Exchange announced that the total number of open contracts for the Hang Seng Index futures (March) is 28,299, with a net open interest of 8,221. The settlement date for the Hang Seng Index futures is March 30, 2026. This period's index futures settlement.

The Hang Seng Index is at 24,952 points, with a dense area of bull certificates deviating from the central axis below, and a dense area of bear certificates close to the central axis above, indicating that the Hang Seng Index has the momentum for a bullish rebound. As annual reports are gradually released, the situation in the Middle East remains unstable. The Nasdaq 100 Index and the Dow Jones Index have cumulatively fallen over 10%, entering an adjustment period. Asian stock markets are following the decline, with the Korean and Japanese stock markets under pressure, and Hong Kong stocks are following the trend, with increased risk aversion among funds, leading to a bearish outlook for the Hang Seng Index this week.

![Hang Seng Index.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260330/1774833250483838.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

**【Editor's Remarks】**

The situation in the Middle East is still evolving, and high oil prices are raising global stagflation expectations. As an offshore market, Hong Kong stocks are highly sensitive to external liquidity, and risk appetite is unlikely to recover systematically in the short term.

Xingzheng Strategy has analyzed the data and found that **the recent inflow into Hong Kong stocks is not from long-term sovereign funds in the Middle East**, but rather flexible funds from the Asia-Pacific region are rotating momentum (shifting from South Korea and Taiwan to Hong Kong stocks, which have fully priced in pessimistic expectations). These types of funds come quickly and leave quickly, providing no sustained support.

Public QDII funds have actively changed their positions, with Pop Mart's performance growth of 284% still resulting in a 22% drop, and Tencent Music's profit increase of 66% leading to a 21% drop the next day, indicating that the market's pricing ability for long-term growth narratives has dulled. The signal for funds to switch from technology growth to undervalued, high-dividend, and strong cash flow dividend assets is very clear.

The PE of the Hang Seng Technology Index has fallen to 20.8 times, at the 12.9% historical percentile, with limited downward space in terms of valuation but a lack of catalysts, suggesting that it may still grind at the bottom in the short term. The Hong Kong stock market is likely to maintain a weak oscillating pattern in the coming week

### 相关股票

- [Invesco Semiconductors ETF (PSI.US)](https://longbridge.com/zh-CN/quote/PSI.US.md)
- [Direxion Semicon Bull 3X (SOXL.US)](https://longbridge.com/zh-CN/quote/SOXL.US.md)
- [VanEck Semiconductor ETF (SMH.US)](https://longbridge.com/zh-CN/quote/SMH.US.md)
- [Proshares Ultra Nasdaq Biotech (BIB.US)](https://longbridge.com/zh-CN/quote/BIB.US.md)
- [Eli Lilly (LLY.US)](https://longbridge.com/zh-CN/quote/LLY.US.md)
- [Ark Genomic Revolution ETF (ARKG.US)](https://longbridge.com/zh-CN/quote/ARKG.US.md)
- [SPDR S&P Biotech (XBI.US)](https://longbridge.com/zh-CN/quote/XBI.US.md)
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