The Fourth Session Of The 14th National People's Congress Opens With A Summary Of Many Important Policies And International Developments

macro news

1. The Fourth Session of the 14th National People's Congress opened in the Great Hall of the People on the morning of the 5th. Xi Jinping and other party and state leaders attended the opening meeting. Premier Li Qiang of the State Council delivered a government work report to the conference. The government work report stated that the main expected development goals in 2026 are: economic growth of 4.5%-5%; the deficit rate in 2026 is planned to be around 4%, and it is planned to issue 1.3 trillion yuan of ultra-long-term special government bonds; continue to implement a moderately loose monetary policy.

2. The Fourth Session of the 14th National People's Congress will hold a press conference at 3 pm today in the Press Conference Hall of the Media Center. Director of the National Development and Reform Commission Zheng Shajie, Minister of Finance Lan Fo'an, Minister of Commerce Wang Wentao, Governor of the People's Bank of China Pan Gongsheng, and Chairman of the China Securities Regulatory Commission Wu Qing will answer questions from Chinese and foreign reporters on issues related to development and reform, fiscal budget, commerce, financial securities, etc.

3. At yesterday’s regular press conference of the Ministry of Foreign Affairs, spokesperson Mao Ning said that China will send the Chinese government’s special envoy for the Middle East issue Zhai Jun to visit the Middle East in the near future to make active efforts to reduce tensions.

4. The central bank announced that in order to maintain sufficient liquidity in the banking system, on March 6, 2026, the People's Bank of China will carry out an 800 billion yuan buyout reverse repurchase operation with a fixed quantity, interest rate bidding, and multiple price winning bids, with a period of 3 months (91 days).

5. Israeli Transportation Minister Miri Regev announced that Israel is preparing to reopen the country’s airspace on March 8 to allow outbound flights.

6. Amir Haidari, deputy commander of Iran’s Hatam Anbia Central Command, said in an interview on the morning of the 5th local time that Iran has not really closed the Strait of Hormuz. The Islamic Revolutionary Guard Corps stated in a statement that military and commercial ships belonging to the United States, Israel, European countries and their supporters are strictly prohibited from passing through the waters and will be attacked if discovered.

Industry news

1. The first "Ministerial Channel" concentrated interview event of the Fourth Session of the 14th National People's Congress was held on March 5. Li Lecheng, Minister of the Ministry of Industry and Information Technology, said that "artificial intelligence + manufacturing" is a must-answer question, not a multiple-choice question. This year, "artificial intelligence + manufacturing" will be vigorously promoted. All walks of life in the manufacturing industry must embrace artificial intelligence, deeply explore high-value application scenarios, cultivate a number of high-level typical applications, and create a number of characteristic intelligent agents.

2. Chen Changsheng, a member of the "Government Work Report" drafting team and deputy director of the Research Office of the State Council, said at a briefing of the State Council Information Office on March 5 that we must make full use of the advantages of our national power grid system to further implement new infrastructure construction such as the construction of ultra-large-scale intelligent computing clusters and computing and power collaboration; we must further support the improvement of large model capabilities and computing power, multi-path and multi-route layout of embodied intelligence, world models, etc., and be more open technically and explore in many aspects.

3. After being fully open sourced, the global popularity of Step 3.5 Flash, a new generation base model of Step Star, has further increased, and the number of model calls has quickly climbed to the first place in the world on OpenClaw (a world-renowned open source project called "Crayfish" by netizens).

4. BYD has released the "Flash Charging China" strategy and plans to build flash charging stations in batches across the country. It is expected to build 20,000 flash charging stations by the end of 2026, including 18,000 "flash charging stations within stations" and 2,000 "flash charging high-speed stations."

5. Five departments including the Fujian Provincial Department of Industry and Information Technology recently issued the "Fujian Provincial Electric Ship Industry Development Action Plan (2026-2028)". The plan proposes that by 2028, the annual manufacturing capacity of electric ships will reach 50. The plan also proposes to develop marine battery power technology.

6. On the 4th local time, representatives of seven companies: Microsoft, Google, OpenAI, Amazon, Meta, xAI and Oracle signed an independent power supply commitment at the White House. US President Trump said that many Americans are worried that data centers will drive up power demand, which may lead to rising electricity bills. With this document, the problem will be solved.

7. According to TrendForce’s latest mobile phone panel survey, shortages and rising prices of memory, which accounts for a very high cost of mobile phones, have impacted brands’ shipment plans for 2026 and further weakened panel shipment momentum. Global mobile phone panel shipments are estimated to be approximately 2.14 billion units in 2026, down approximately 7.3% from 2.31 billion units in 2025.

8. According to the Institute of Chemistry, Chinese Academy of Sciences, a team of academicians Zhu Daoben and researcher Di Chongan from the institute, together with domestic collaborators, successfully developed a plastic thermoelectric film with an irregular multi-level porous structure. Its core performance index thermoelectric figure of merit exceeded 1.64, setting a world record for the performance of flexible thermoelectric materials in the same temperature zone, and providing key material support for the development of wearable devices, attached refrigeration, Internet of Things sensors and other technologies.

Company news

1. *ST Songfa announced that its affiliated companies signed construction contracts for four very large crude oil carriers, with a total amount of approximately US$400-600 million.

2. Jingdong Group announced that in the fourth quarter of 2025, Jingdong Group’s revenue was 352.3 billion yuan; the full-year revenue in 2025 was 1.3091 billion yuan, accelerating to double-digit growth compared with 2024.

3. Nanjing Julong announced that shareholder Jiangsu Soho Fashion Group plans to reduce its holdings by no more than 2.94% of its shares.

4. Jingpin Special Decoration announced that shareholders are planning to reduce their holdings by no more than 3.00% of their shares.

5. Zhenghong Technology announced that pig sales revenue in February decreased by 65.34% month-on-month.

6. Jufei Optoelectronics announced that the company’s MicroLED technology has not been used in the CPO field, nor has it generated revenue from CPO.

7. Hongsheng Huayuan announced that its subsidiary has won the bid for the China Southern Power Grid project worth 975 million yuan.

8. Daikin Heavy Industry announced that its net profit in 2025 will be 1.103 billion yuan, a year-on-year increase of 132.82%, and it is planned to pay 0.87 yuan per 10 units.

9. Shanjin International announced that its net profit in 2025 will be 2.972 billion yuan, a year-on-year increase of 36.75%, and it is planned to be 4.8 yuan per 10 pieces.

global market

The three major U.S. stock indexes collectively closed lower, with the Dow Jones Industrial Average falling 1.61%, the S&P 500 Index falling 0.57%, and the Nasdaq Composite Index falling 0.26%. U.S. cybersecurity stocks strengthened, with Okta up 11%, CrowdStrike up more than 4%, and Datadog up more than 3%. Major European stock indexes closed down collectively, with Germany's DAX30 index falling 1.72%.

COMEX gold futures fell 0.85% to US$5,090.9 per ounce; COMEX silver futures fell 1% to US$82.355 per ounce.

The settlement price of international crude oil futures closed sharply higher. WTI crude oil futures April contract closed up 8.51%, Brent crude oil futures May contract rose 4.93%.

CME Group lowered the initial margin for its COMEX 100 gold futures from 9% to 7% and the initial margin for its COMEX 5000 silver futures from 18% to 14%.

U.S. President Trump has nominated U.S. Senator Markwayne Mullin to replace Kristi Noem as U.S. Secretary of Homeland Security.

OpenAI releases GPT-5.4 and GPT-5.4 Pro models, supporting context windows of up to 1 million tokens.

Investment opportunity reference

1. Deepen and expand "artificial intelligence +", and my country's AI development has entered a new stage of comprehensively empowering the economy and society.

When introducing the government's work tasks in 2026, the government work report proposed to deepen and expand "artificial intelligence +", promote the accelerated promotion of new generation intelligent terminals and intelligent agents, promote the commercial and large-scale application of artificial intelligence in key industries, and cultivate new intelligent native new business formats and new models. Support the construction of artificial intelligence open source communities and promote the prosperity of the open source ecosystem.

Previously, the "Opinions on the Deep Implementation of the "Artificial Intelligence +" Action" issued by the State Council pointed out that by 2027, we will take the lead in realizing extensive and deep integration of artificial intelligence with six major key areas, the penetration rate of new generation intelligent terminals, intelligent agents and other applications will exceed 70%, the scale of core industries of the intelligent economy will grow rapidly, the role of artificial intelligence in public governance will be significantly enhanced, and the open cooperation system for artificial intelligence will continue to improve. The agency pointed out that with the official release of the State Council's "Opinions on Deeply Implementing the "Artificial Intelligence +" Action", China is entering a critical period of transition from "Internet +" to "Artificial Intelligence +", which means that my country's AI development has entered a new stage of comprehensively empowering the economy and society from the technological exploration stage.

2. 6G Robot” unveiled, expected to be commercialized in 2029

According to media reports, Zhiyuan Robot and China Telecom publicly demonstrated the joint innovation results of "6G+quadruped robot" for the first time. Relying on the synaesthesia integration and ubiquitous connection capabilities of the 6G network, the activity radius of the intelligent robot will expand from the ground to underground, no-man's land and other extremely complex environments. Qiu Heng, COO of Zhiyuan Kutuo, said that 6G+ Zhiyuan series quadruped robots are expected to catch up with the first wave of commercialization in 2029 or 2030. By then, not only will the intelligence of the robots have greatly improved, but the price will also drop a lot.

Aijian Securities stated that many humanoid robot complete machine manufacturers have increased capital expenditures and promoted the pace of mass production. At the same time, other intelligent terminal manufacturers are focusing on laying out the humanoid robot track. Industry competition entities have expanded, and the competition intensity on the complete machine side has increased. Industry profits may be more concentrated in links with scale and technical barriers. At the same time, relevant supply chain companies are accelerating the layout of production capacity overseas and strengthening large-scale manufacturing capabilities. It is recommended to pay attention to the supply chain companies of leading complete machine manufacturers with a relatively clear mass production rhythm and high order certainty.

(Financial Associated Press)