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* U.S. stocks fell across the board, with the Dow falling more than 400 points;

* The sell-off in U.S. Treasuries continues, with the 10-year U.S. Treasury yield approaching 4.40%;

*The S&P 500 energy sector index closed higher for the 13th consecutive week, the longest streak in history.

U.S. stocks fell across the board on Friday, with heavyweights such as Nvidia and Microsoft dragging down the market. As the U.S.-Israeli war against Iran enters its fourth week, market concerns about the risks of rising inflation and interest rate hikes have further intensified. The Nasdaq and the Dow both fell into correction territory during the session, and their declines narrowed before the close.

As of the close, the Dow Jones Industrial Average fell 443.96 points, or 0.96%, to 45577.47 points, the Nasdaq fell 2.01% to 21647.61 points, and the S&P 500 Index fell 1.51% to 6506.48 points. The S&P 500 has fallen for four consecutive weeks, its longest weekly losing streak since March 2025. The Dow Jones Industrial Average has fallen for four consecutive weeks, setting a record for its longest weekly losing streak since February 2023.

Friday coincides with the quarterly "Triple Witching Day", when stocks, stock index options and futures derivatives contracts expire simultaneously, amplifying trading volume and exacerbating market volatility. All three major U.S. stock indexes fell below their 200-day moving averages, highlighting the continued deterioration of market sentiment on Wall Street. The Russell 2000 index of small-cap stocks fell 1.6%, retracing more than 10% from its all-time closing high set on January 22.

[Performance of popular stocks]

Star technology stocks performed poorly, with Apple falling 0.39%, Microsoft falling 1.84%, and Meta, Google, Nvidia and Tesla falling more than 2%.

Amazon fell 1.62%. According to reports, the technology giant launched its first smartphone, aiming to compete with Apple and Samsung.

Energy stocks performed strongly, with the S&P 500 energy sector index closing up for the 13th consecutive week, setting a record for the longest time in history. This was mainly affected by geopolitical events in Venezuela and the Middle East that dominated the market in the first quarter.

The Nasdaq China Golden Dragon Index fell 2.92%, Baidu fell 3.99%, and Alibaba, NetEase, and JD.com fell more than 2%.

【Market Overview】

The conflict in the Middle East shows no signs of easing. According to CCTV News, U.S. Department of Defense officials have formulated detailed preparation plans for the deployment of U.S. ground troops to Iran. However, the situation changed after the market closed. According to Xinhua News Agency, U.S. President Trump posted on social media on the 20th that "we are very close to achieving our goal" and that the United States is considering gradually downgrading military operations against Iran.

Jack Dolarhyde, chief executive of Longbow Asset Management, said: "The market finally recognized that this conflict may last much longer than originally expected, which is why the stock market sold off. The war may not only last a few weeks, but even last for months."

Fed officials also acknowledged that the conflict complicates policymaking. Federal Reserve Governor Christopher Waller said he was originally prepared to vote for an interest rate cut at the Fed meeting due to an unexpected decline in employment data, but the escalating oil shock pushed up the risk of inflation, causing him to change his stance. Although U.S. policymakers still expect to cut interest rates by at least 25 basis points this year, the market is less confident about this.

U.S. bond yields rose further. The 2-year U.S. bond, which is closely related to interest rate expectations, rose 9.7 basis points to 3.893%, and the benchmark 10-year U.S. bond rose 13.5 basis points to 4.390%. The conflict in the Middle East has supported high oil prices and further intensified the market's concerns about inflation. The Chicago Mercantile Exchange's Fed Watch tool shows that U.S. interest rate futures pricing shows that by the end of 2026, the probability of the Fed raising interest rates is higher than the probability of cutting interest rates.

Patrick Garvey, head of global interest rate and debt strategy at ING, said: "The current environment is a typical upward interest rate environment, and the core driving force is oil prices pushing up inflation expectations. And the war has entered its fourth week, which means that this kind of market pressure is difficult to dissipate in the short term."

Robert Pavlik, senior portfolio manager at Dakota Wealth Management, said: "Many people believe that rising inflationary pressure will force the Federal Reserve to raise interest rates, but I think this is unlikely because this round of inflation is not a demand-side problem. It is a supply problem… Only by reopening the Strait of Hormuz and restoring the flow of crude oil can the upward pressure on oil prices be alleviated."

As the first quarter draws to a close, investors are assessing the impact of higher oil prices on corporate earnings. "The longer this continues, the more companies will begin to disclose cost pressures in their financial reports, and this pressure may be transmitted to the entire industry chain," said Joe Saluzzi, co-head of equity trading at Themes Trading Company.

In terms of other stocks, FedEx, which is regarded as an economic barometer, issued an optimistic performance outlook, saying that despite geopolitical tensions, global demand remained solid, pushing its stock price up 0.77%.

【Bulk Performance】

Crude oil continued its gains. The price of light crude oil futures for April delivery on the New York Mercantile Exchange rose by US$2.18 to close at US$98.32 per barrel, an increase of 2.27%; the price of London Brent crude oil futures for May delivery rose by US$3.54 to close at US$112.19 per barrel, an increase of 3.26%.

Expectations of interest rate hikes continue to weigh on the precious metals market. COMEX gold futures for May delivery on the New York Mercantile Exchange fell below $4,500 in late trading, down 2.5%. They fell nearly 11% this week and entered a technical bear market. COMEX silver futures fell 4.7% and were trading around $67.80.

On March 19 (Thursday) local time, the leaders of the 27 EU countries held a summit in Brussels. The initial core issue of the summit was to resolve Hungary's opposition to Ukraine's huge loan. However, the conflict between Iran and Lebanon continued to ferment, and the global oil and gas prices caused by the superimposed war soared, making Middle East-related issues quickly occupy the core of the summit.

Belgian Prime Minister Balte de Wever expressed his views on the energy crisis on the eve of the summit. He said: "Energy prices were already at high levels before the war broke out, and this conflict has ushered in a new round of skyrocketing prices. If this kind of increase becomes the norm, we will be in trouble."

1. The 27 EU countries refuse to be involved in military operations in the Middle East

As a key waterway for global energy transportation, the Strait of Hormuz carries about 20% of the world's oil and liquefied natural gas trade and is also an important channel for European energy imports.

In response to U.S. President Trump's request for the EU to send military forces to help ensure security in the Strait of Hormuz, the leaders of the 27 EU countries are generally critical of Iran, but they are not willing to immediately provide military support to the United States.

European Commission Vice President and EU High Representative for Foreign Affairs and Security Policy Kaya Callas pointed out that leaders of various countries have no intention to expand Europe's naval power in the Red Sea. Whether it is to help ensure the security of the Strait of Hormuz or to be involved in war in other ways, it will be difficult to gain consensus within the EU.

2. Statements from all parties

According to confirmation by the Associated Press and Agence France-Presse, the United Kingdom clearly refused to be dragged into this dispute, while France stated that it would consider it after the war subsided.

Austrian Chancellor Christian Stockel took a tough stance, saying at the meeting: "Europe, including Austria, will never be coerced into joining the military operations of the United States and Israel in the Middle East. Military intervention in the Strait of Hormuz is not within the scope of Austria's considerations."

German Chancellor Friedrich Mertz made it clear that Germany would only consider assisting in maintaining smooth waterways and other related matters after the war is over.

He said: "We will only commit to providing support when the guns have subsided and the weapons have been stockpiled. At that time, we can provide a lot of help, including opening and maintaining the safety of shipping lanes, but we will never take any action while the war continues."

He added that such assistance requires first obtaining international authorization and completing a series of complex processes.

Although Dutch Prime Minister Rob Yetten understood the original intention of the United States and Israel to launch military operations against Iran, he did not express support. Instead, he called on the European Union to increase sanctions on Iran and strengthen support for Iranian opposition groups.

Spanish Prime Minister Pedro Sánchez clearly opposed the war, saying it violated international law.

He said: "We oppose this war because it is illegal. The war not only brings serious disasters to civilians and triggers a flow of refugees, but its economic impact also sweeps the world, especially countries in the global South."

Latvian Prime Minister Evica Silinja revealed that Trump has mentioned that he hopes NATO will support the cleanup of the Strait of Hormuz, but has not yet made a formal request to the EU.

Silenya said if a formal request is received, it will be fully evaluated.

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On September 28, 2020, Amic was listed on the GEM with a market value of 40.8 billion yuan. In the following nine months, the stock price soared 4 times. In March 2021, it became the third thousand-yuan stock after Moutai, with a peak market value exceeding 170 billion. This company, dubbed "Moutai for Medical Aesthetics", wrote a legend in the capital market during the golden age of medical aesthetics with its ultra-high gross profit margin of 94.85% and net profit margin of 60%.

The core secret of Amic's success lies in the moat built by the registration certificate of Class III medical devices. Its signature product "HiTi", as the first neck wrinkle repair injection in China, has monopolized the market for a long time since it was approved in 2016. Between 2017 and 2020, revenue from solution products soared from 34 million to 447 million, with an average annual compound growth rate of 129%. This "exclusive market + pricing power" model perfectly replicates Moutai's core logic. However, with the continuous emergence of similar competing products, Amic’s high-growth myth is gradually reaching its final chapter.

The myth of high growth is no longer the revenue and net profit growth rate dropped to single digits for the first time

The annual report disclosed on March 19 shows that Amic will achieve operating income of 3.026 billion yuan in 2024, with the year-on-year growth rate plummeting from 47.99% in 2023 to 5.45%; net profit attributable to the parent company is 1.958 billion yuan, with the growth rate slipping from 47.08% to 5.33%. This is the first time since 2016 that the company's annual revenue and net profit growth has dropped to single digits.

What is particularly noteworthy is that in the fourth quarter, the company's single-quarter revenue was 650 million yuan and net profit was 372 million yuan, a year-on-year decrease of 7% and 15.47% respectively, setting a quarterly double decline record for the first time since its listing. Judging from previous quarterly data, Amic’s growth stall has actually been evident for a long time. In the first quarter of 2024, the company's revenue growth rate was 28.24%, and the net profit growth rate was 27.38%; in the second quarter, the company's revenue growth rate was 2.35%, and the net profit growth rate was 8.03%; in the third quarter, the company's revenue growth rate was 1.10%, and the net profit growth rate was 2.13%. In 2024, the growth rate last year showed a trend of declining quarter by quarter.

Judging from the cash flow situation, the company's net cash flow from operating activities in 2024 will be 1.927 billion yuan, a year-on-year decrease of 1.38%, which is the first year-on-year decline in history. The reasons behind this include a significant increase in period expenses and an increase in inventory. In terms of period expenses, the company's sales expenses and R&D expenses in 2024 will be 277 million yuan and 304 million yuan respectively, both reaching record highs. However, from the perspective of results, the marginal effect of sales expenses driving revenue growth is weakening, and the growth rate of sales expenses in 2023 and 2024 is higher than the revenue growth rate.

Research and development expenses have maintained a year-on-year double-digit growth rate in the past three years, but new products have not yet formed large-scale revenue, and it may be difficult to bring substantial benefits in the short term. In terms of inventory, the company's inventory at the end of 2024 was 72.843 million yuan, accounting for an increase of 0.14% to 0.87% of total assets. Among them, the ending inventory of goods was 32.0488 million yuan, a year-on-year increase of about 45%. Display terminal sales have slowed down.

"High Body" cannot reverse its decline by exchanging price for volume. "Wet Day Angel" has weak growth

Judging from the products, as the first neck wrinkle repair product in China, Amic’s “HiTi” was once the company’s “cash cow”. After being launched in 2017, its sales soared from 119,700 units to 5.14 million units in 2023, accounting for more than 70% of revenue at one time. However, the 2024 annual report data disclosed that the annual sales volume of solution injection products with "Hi Body" as the core was 6.3463 million units, a year-on-year increase of 24.44%, but the revenue only increased by 4.4% to 1.744 billion yuan.

The converted average ex-factory price dropped to 275 yuan/piece from 325 yuan/piece in 2023, a decrease of 15.4%. During the same period, inventory increased significantly by 91.40%. It can be seen that since Huaxi Biotechnology’s neck wrinkle repair product “Runzhi·Gege” was approved in July 2024, the market competition landscape has been facing reshaping, and Amic’s price-for-volume strategy has had very limited results.

Judging from the revenue structure of Amic, in 2024, the company's solution injection products with "High Body" as the core and gel injection products with "Moisturizing Angel" as the core will achieve revenue of 1.743 billion yuan and 1.216 billion yuan respectively, accounting for 57.64% and 40.18% of total revenue respectively, which are the company's pillar businesses.

Among them, "Moistening Angel" (cross-linked sodium hyaluronate gel containing L-lactic acid-ethylene glycol copolymer microspheres) obtained the Class III medical device registration certificate in June 2021. In the following years, product revenue showed a rapid growth trend and is regarded as the company's second growth curve. However, "Soaking Angel" also experienced sluggish growth in 2024. The sales volume of gel injection products in 2024 was only 893,600 units, a year-on-year decrease of 11.24%, and the revenue growth rate also plummeted from 81.43% in 2023 to 5.01%.

From an industry perspective, the pressure on Amic's two core products is a concentrated reflection of the increasing market competition, slowing industry expansion, and tightening supervision. Hyaluronic acid was once the "golden track" of the medical aesthetics industry, but now it has fallen into serious involution. As of 2024, more than 50 hyaluronic acid Class III medical device certificates have been approved domestically, and there are more than 400 circulating brands. This has also led to an increase in the choice of medical aesthetics institutions, and the bargaining power of upstream manufacturers has continued to weaken.

From the perspective of industry growth, a review of the medical aesthetics industry in 2024 shows that affected by the macro environment, the overall growth rate of the industry has slowed down significantly. According to estimates by Allergan and Deloitte, the overall growth rate of the medical aesthetics market in 2024 is about 10%. Although it still maintains double-digit growth, it has dropped significantly compared with the 20% growth rate in 2023. At the regulatory level, in 2024, the State Food and Drug Administration will strengthen the approval of the "Three Device Certificates" to crack down on illegal medical beauty institutions, and the pressure on upstream manufacturers to rectify channels will increase significantly.

The plight of Aimeike is essentially the epitome of the medical beauty industry entering its mature stage from the outbreak period. As the medical beauty industry enters the second half of its journey, the era of "making money while lying down" will be gone forever. At present, about 98% of Amic's revenue still relies on hyaluronic acid products. Among the 10 products under development mentioned in the annual report, only Bonida 2.0 for chin filling will be approved at the end of 2024. However, this product is essentially an expansion of the indications of existing products and is not a revolutionary innovation.

Among the company's reserve products, botulinum toxin, collagen and other products are facing fierce competition, making it difficult to cultivate popular varieties similar to "High Body". It is still doubtful whether the acquisition of 85% equity of South Korea's REGEN company at a high premium of 1.386 billion can open a new growth curve. Under the new market competition landscape, Amic still faces many challenges if it wants to maintain its leading position in the industry.

56 countries have joined forces to hunt Russia in the dark. This is not alarmist talk, but the cruel truth revealed by the former Russian Defense Minister and current Security Council Secretary Shoigu himself.

On March 17, Shoigu dropped a bombshell to the world at the security conference in Yekaterinburg. He made it clear that Russia was facing an "undeclared war." A total of 56 countries formed a huge and secret destruction system. They used the long-term experience of special forces in infiltration, sabotage and terrorist attacks to target Russia's core interests and critical infrastructure.

How brutal was this invisible "shadow war"? The data revealed by Shoigu is spine-chilling: attacks on Russian facilities quadrupled in 2025, reaching 23,000! He made it clear that Ukraine's intelligence network is the biggest driver of the instability. Not only do they rely on remote information warfare to carry out ideological brainwashing, they even engage in extremely despicable "fraud schemes."

Ukrainian agents will first use online fraud to empty the wallets of vulnerable Russian groups. When these people are desperate, they will throw out the bait: as long as you do things for Kiev and cause sabotage, the money will be returned to you. What’s even more cruel is that this is often a one-way ticket. Russia's Federal Security Service has confirmed that Ukrainian operators often secretly design "suicide" missions. Once the sabotage operation is successful, the person who performed the task will also be silenced, leaving no evidence.

It's hard to defend internally, and there are overt and covert attacks on the outside. As the Ukrainian army frantically increases its attacks with long-range weapons, especially the increasingly complex and bizarre deployment of drone swarms, the air defense network is being stretched to its limits. Shoigu even admitted that even the Ural Heavy Industrial Zone is no longer safe. This is almost a declaration that there is no absolute rear in Russia.

Coupled with the ongoing undercurrent of conflicts in the Middle East, Moscow's security barrier is facing unprecedented multi-line high pressure. Shoigu has sounded the highest level of alarm internally: any slightest underestimate of the threat, any slightest laxity in defense may lead to an irreversible tragedy. The battlefield outside the smoke of gunfire is often more deadly than the front line. Facing this intelligence network jointly created by 56 countries, can Russia still be able to defend itself?

On March 20, the People's Bank of China authorized the National Interbank Funding Center to announce the new loan market quoted interest rate (LPR), which remained unchanged from the previous period. The 1-year LPR was 3.0% and the 5-year and above LPR was 3.5%. At present, the LPR quotation has remained unchanged for 10 consecutive months.

From the perspective of economic fundamentals, my country's economic performance has been generally stable since the beginning of the year, and foreign trade import and export data have performed better than expected. In January this year, the central bank issued a package of monetary and financial policy measures, including lowering interest rates on various structural monetary policy tools by 0.25 percentage points. Market institutions generally believe that there is little urgency in adjusting policy interest rates and LPR quotations in the short term, and there is a high probability that they will continue to remain stable.

From the perspective of interest rates, current social financing costs remain low. In February this year, the weighted average interest rate of new corporate loans was about 3.1%, about 20 basis points lower than the same period last year; the weighted average interest rate of new personal housing loans was about 3.1%, about 10 basis points lower than the same period last year.

Recently, the Party Committee of the People's Bank of China held an enlarged meeting and made it clear that it will guide and regulate interest rate levels based on changes in the economic and financial situation and macroeconomic operations. "The central bank will strengthen the implementation and supervision of interest rate policies, standardize financing intermediate fees, and ultimately achieve the goal of promoting the low operation of comprehensive social financing costs." Dong Ximiao, chief economist of China Merchants Union, told the Securities Times reporter that if the economic operation faces new downward pressure or changes in the external environment, comprehensive interest rate cuts and reserve requirement ratios may still be implemented, but RRR cuts should precede interest rate cuts. It is expected that the LPR will not decrease significantly during the year, perhaps 5 to 10 basis points.

Since the beginning of this year, the enthusiasm of public equity institutions to participate in private placement (hereinafter referred to as "private placement") projects in the A-share market has continued to rise. According to the latest statistics from the Public Offering Network, as of March 18, the products of 17 public offering institutions have participated in the private placement of 26 A-share listed companies during the year, with a total allocation amount of 11.493 billion yuan. Calculated based on the closing price on March 18, the total floating profit of public equity institutions participating in the private placement projects was approximately 2.184 billion yuan, and the overall floating profit ratio (floating profit amount / allocated amount) was 19.00%, demonstrating strong investment income capabilities.

Talking about why private placement projects in the A-share market attract public institutions, Li Chunyu, FOF fund manager of Shenzhen Rongzhi Private Securities Investment Fund Management Co., Ltd., told a reporter from Securities Daily that public funds actively participate in private placements. First, they benefit from the continuous optimization of the policy environment, which improves the transparency and asset quality of the private placement market and enhances its attractiveness as a long-term allocation asset. Second, current private placement projects are mostly concentrated in high-prosperity areas that are in line with national strategies, providing public institutions with opportunities to lay out core tracks at reasonable costs. Third, in the context of increasing market volatility, the "price safety cushion" effect brought by fixed-increase projects also helps smooth net worth fluctuations.

Judging from the current performance of individual stocks, as of March 18, more than 90% of the private placement projects participated by public equity institutions were in a floating profit state. Among them, Kexiang shares in the electronics industry performed the most outstandingly. The proportion of public institutions participating in fixed placement and floating profits was as high as 170.73%. Nord Fund and Cinda Australia and Asia Fund received allocation amounts of 57.4957 million yuan and 17.22 million yuan respectively. Honghe Technology in the building materials industry followed closely behind. Caitong Fund and Nord Fund participated in the private placement and received a total allocation amount of more than 270 million yuan, with a floating profit ratio of 73.21%. In addition, the market performance of stocks such as Allied, Changhua Chemical, Zhongbei Communications, Lyle Technology and Beite Technology has brought floating profit ratios of more than 30% to public equity institutions participating in the private placement, highlighting the high-yield potential of the private placement market.

From the perspective of industry distribution, the private placement projects participated by public equity institutions cover 12 Shenwan first-level industries. Among them, the automotive industry is the most popular. Public equity institutions participated in the private placement of four stocks, including Beite Technology, Fengshen, BAIC Blue Valley and JAC Automobile, with a total allocation amount of 3.489 billion yuan. In addition, public equity institutions participated in the private placement of individual stocks in industries such as electric power equipment and basic chemicals and received the largest amount of allocations. From the perspective of profitability, 11 industry private placement projects achieved an overall floating profit, among which the electronics industry's fixed placement projects had the highest overall floating profit ratio, reaching 56.84%; the building materials and communications industries' fixed placement projects' overall floating profits exceeded 45%.

In this regard, Chen Xingwen, chief strategy officer of Zhuhai Kurosaki Capital Investment Management Partnership (Limited Partnership), analyzed to a reporter from Securities Daily that this year's private placement of public funds will focus on sectors such as automobiles and power equipment, which is a choice based on the resonance of multiple strategic logics. Currently, with the advantages of a complete new energy industry chain, our country is accelerating its transformation into an "intelligent manufacturing power", and public fundraising institutions have keenly captured this opportunity. At the same time, private placement projects have shifted from “discount arbitrage” to “premium financing”, reflecting that the investment logic of public equity institutions has shifted from institutional dividends to value cultivation. In addition, the automobile and power equipment sectors carry the core connotation of new productivity, and related private placement projects accurately cut into key nodes of industrial upgrading. From a global perspective, China's manufacturing industry has advantages in technology, cost, scale and other aspects. Public equity institutions deploy relevant sectors through private placement, which is essentially sharing the dividends of the era of improved global competitiveness of China's manufacturing industry. Therefore, the layout of public equity institutions is not a short-term game, but a long-term strategic configuration based on industry trends, policy orientation and global competitiveness.

In addition, among the 17 public-funded institutions participating in the private placement project, 7 institutions received allocation amounts exceeding 100 million yuan, and 3 of them exceeded 3 billion yuan. E Fund participated in 4 private placement projects, with a total allocation amount of 3.974 billion yuan; Caitong Fund participated in 25 private placement projects, with a total allocation amount of 3.277 billion yuan; Nord Fund participated in 24 private placement projects, with a total allocation amount of 3.261 billion yuan.

① The three major U.S. stock indexes all closed lower, with the Dow Jones Industrial Average falling 0.96% to 45577.47 points, the S&P 500 Index falling 1.51% to 6506.48 points, and the Nasdaq Composite falling 2.01% to 21647.61 points;

② Large technology stocks fell collectively, with Tesla and Nvidia falling by more than 3%, Google and Facebook falling by about 2%, Amazon and Microsoft falling by more than 1%, and Apple falling by 0.39%;

③ Chinese concept stocks generally fell, with Kingsoft Cloud falling by more than 9%, Xpeng Motors falling by more than 8%, NIO falling by more than 7%, GDS falling by more than 7%, Lukong falling by nearly 7%, Tuya Smart rising by more than 7%, Qifu Technology rising by more than 1%, and BOSS Zhipin rising by more than 1%;

④The three major European stock indexes closed down across the board, with the German DAX index falling 2.01% to 22380.19 points, the French CAC40 index falling 1.82% to 7665.62 points, and the British FTSE 100 index falling 1.44% to 9918.33 points;

⑤International precious metal futures generally closed lower, with COMEX gold futures falling 2.47% to US$4,492.00 per ounce, and COMEX silver futures falling 4.78% to US$67.81 per ounce;

⑥The main U.S. oil contract closed up 2.66% at $98.09/barrel, and the main Brent oil contract rose 0.61% at $104.41/barrel;

⑦ In late trading in New York, the U.S. dollar index rose 0.32% to 99.51, and the offshore RMB fell 237 basis points to 6.9062 against the U.S. dollar;

⑧Most basic metals in London fell. LME lead futures rose 0.08% to US$1,889.0/ton, and LME zinc futures fell 0.50% to US$3,056.0/ton;

⑨ U.S. bond yields rose collectively. The 2-year U.S. bond yield rose 11.83 basis points to 3.902%, the 3-year U.S. bond yield rose 13.31 basis points to 3.918%, and the 5-year U.S. bond yield rose 13.31 basis points to 3.918%. It rose 13.03 basis points to 4.006%, the 10-year U.S. Treasury yield rose 13.23 basis points to 4.380%, and the 30-year U.S. Treasury yield rose 10.26 basis points to 4.941%;

⑩European bond yields rose across the board, with the UK 10-year government bond yield rising 14.8 basis points to 4.988%, the French 10-year government bond yield rising 11.6 basis points to 3.753%, and the German 10-year government bond yield rising 11.6 basis points to 3.753%. Yields rose 8.5 basis points to 3.038%, Italy's 10-year government bond yields rose 18.6 basis points to 3.961%, and Spain's 10-year government bond yields rose 11.5 basis points to 3.576%.

Editor: Shi Jian | Reviewer: Li Zhen | Supervisor: Gu Zheng

In the fourth quarter of 2025, the Social Security Fund purchased 11 new shares.

As the 2025 annual reports of A-share listed companies are successively disclosed, the social security fund, as a "ballast" fund with both safety and long-term nature in the capital market, has gradually revealed its shareholding trends in the fourth quarter of 2025.

Securities Times·Databao only based on the statistics of the top ten tradable shares of listed companies, as of March 19, there were 28 top ten tradable shareholders with social security funds (including "basic pensions", the same below), holding a total of 880 million shares, and the market value of the shares as of the end of the fourth quarter of 2025 exceeded 13.2 billion yuan.

4 shares held more than 1 billion yuan

According to shareholding statistics, the social security funds of China Merchants Shekou, Nanshan Aluminum, and Nanjing Iron and Steel Co., Ltd. held more than 100 million shares, 222 million shares, 164 million shares, and 108 million shares respectively. At the end of the year, there were 4 stocks with a market value of more than 1 billion yuan, namely China Merchants Shekou, Zangge Mining, Shanjin International, and Shantui Shares.

The market value of China Merchants Shekou's social security fund holdings at the end of 2025 reached 1.921 billion yuan. The two social security funds ranked the fifth and sixth largest tradable shareholders respectively, and one of them increased its position in the fourth quarter by 11.2 million shares. Judging from the number of consecutive holding periods, the Social Security Fund has held the stock for 14 consecutive quarters starting from the third quarter of 2022. The company will achieve operating income of approximately 154.727 billion yuan in 2025, a year-on-year decrease of 13.53%; net profit attributable to the parent company will be approximately 1.024 billion yuan, a year-on-year decrease of 74.65%.

The market value of Zangge Mining’s social security fund holdings is 1.646 billion yuan. The National Social Security Fund 103 portfolio holds 19.5 million shares and increased its holdings by 1.5 million shares in the fourth quarter. The company will achieve operating income of 3.577 billion yuan in 2025, a year-on-year increase of 10.03%; net profit attributable to the parent company will be 3.852 billion yuan, a year-on-year increase of 49.32%; it plans to distribute a cash dividend of 15 yuan (tax included) to all shareholders for every 10 shares.

Shanjin International’s social security fund holdings have a market value of 1.253 billion yuan. National Social Security Fund Portfolio 112 and Portfolio 106 are the fourth and ninth largest circulating shareholders respectively, holding a total of 51.5058 million shares. Starting from the second quarter of 2024, the Social Security Fund has held this stock for 7 consecutive quarters. Benefiting from the surge in international gold prices, Shanjin International will achieve total operating income of 17.099 billion yuan in 2025, a year-on-year increase of 25.86%; net profit attributable to the parent company will be 2.972 billion yuan, a year-on-year increase of 36.75%.

Shantui Shares' social security fund holdings have a market value of 1.165 billion yuan, and there are 5 social security funds among the top ten circulating shareholders, totaling 97.3012 million shares. The company will achieve net profit attributable to shareholders of 1.211 billion yuan in 2025, a year-on-year increase of 9.86%, and plans to distribute cash of 1 yuan (including tax) to all shareholders for every 10 shares.

11 new stocks were added in the fourth quarter

Considering only the top ten tradable shareholders, 11 stocks were newly added by the Social Security Fund in the fourth quarter of 2025. Among them, 7 new stocks, including Kelun Pharmaceutical, Putilai, Xinnuowei, AVIC Hi-Tech, and High Energy Environment, all had a stock market value of more than 100 million yuan at the end of the year.

Kelun Pharmaceutical received a new holding of 13.9445 million shares from the National Social Security Fund 416 Portfolio, with a shareholding value of 409 million yuan. The company has not yet disclosed its annual report. When it released the repurchase report in January, it disclosed the top ten shareholders at the end of the year. The company planned to repurchase shares worth 50 million yuan to 100 million yuan.

Putilai obtained a new holding of 13.6693 million shares from the National Social Security Fund 502 Portfolio, with a market value of 374 million yuan. The company will achieve net profit attributable to parent companies of 2.359 billion yuan in 2025, a year-on-year increase of 98.14%. Recently, Putilai announced that it plans to invest in the construction of a lithium-ion battery anode material construction project in Malaysia with an annual output of 50,000 tons, with a total planned investment of US$297 million.

Performance of holdings generally increased

From the performance point of view, the overall performance of the social security fund holdings is relatively good. 18 stocks will achieve year-on-year growth in net profit attributable to the parent company in 2025, and only 7 stocks will have a decline in performance. *ST Songfa, Daikin Heavy Industries, Putilai, Baofeng Energy, Shennan Circuit, High Energy Environment, Shanghai Xinyang (rights protection) and other annual report net profit increases have exceeded 70%.

*ST Songfa’s net profit attributable to its parent company ranks first in growth. The company will achieve a net profit attributable to its parent company of 2.655 billion yuan in 2025, a year-on-year increase of 1083.05%; it has obtained a total of 2 social security fund positions, with a stock market value of 303 million yuan.

*ST Songfa's performance increased significantly, mainly due to the completion of asset injection by Hengli Heavy Industry, and the company's successful transformation into the shipbuilding industry. At present, the company has applied to the exchange to cancel the delisting risk warning. Benefiting from the completion of asset restructuring, *ST Songfa's cumulative increase will exceed 110% in 2025, and its increase will exceed 45% since 2026.

Daikin Heavy Industries will achieve a net profit attributable to the parent company of 1.103 billion yuan in 2025, a record high and a year-on-year increase of 132.82%. At the end of the fourth quarter of 2025, two basic pension funds appeared on the list of the top ten tradable stocks, with a total stock market value of 535 million yuan.

In recent years, wind power companies have gained momentum in preparing to go offshore. Daikin Heavy Industries recently said in a interview with a researcher that about 16GW of offshore wind power projects in Germany are currently in the advancement stage, and some projects will gradually release the winning results this year.

Judging from the market situation, most of the stocks held by social security funds have risen this year (as of March 19). Among them, Yaxiang Integrated and High Energy Environment have increased by more than 80% during the year, Baofeng Energy has increased by more than 60%, and *ST Songfa, Daikin Heavy Industries, Jiaze New Energy, Jiansheng Group, Shanghai Xinyang, Shanjin International, etc. have all increased by more than 20%.

The recommendation level of CSCO (Chinese Society of Clinical Oncology) guidelines is a bridge between high-level medical evidence and complex clinical decision-making. It is not just a simple grading, but a comprehensive consideration of the strength of evidence, drug availability, and expert consensus. It directly determines what kind of treatment options will be seen in clinical practice and the priority of adoption of these options.

The CSCO guideline mainly divides the recommendation levels into three levels. Level I recommendation is the standard treatment option that patients should give priority to under current conditions, and represents a mature solution that has proven efficacy and is affordable and accessible to most patients. Level II recommendation indicates a high level of evidence, but slightly poor accessibility, or a slightly lower level of evidence, but a high degree of expert consensus. Level III recommendation indicates a lower level of evidence, but is commonly used in clinical practice or has exploratory value, and is considered acceptable by experts.

In the era of cancer diagnosis and treatment dominated by evidence-based medicine, CSCO guidelines are not only a pocket book for clinicians, but also a touchstone for measuring the value of innovative drugs. Recently, with the readout of Phase II clinical data of Zejing Pharmaceutical's trispecific antibody ZG006 as a monotherapy for patients with refractory advanced small cell lung cancer, we dismantled the diagnosis and treatment path based on CSCO guidelines and tried to analyze the drug's future clinical positioning, market access potential and its path to breakout in market competition.

Lung cancer is a malignant tumor with high morbidity and mortality rates in China and around the world, among which small cell lung cancer accounts for approximately 13%-17% of lung cancers. Although the proportion is low, due to the large overall base of lung cancer, its impact cannot be ignored. The treatment plan for small cell lung cancer is strictly based on the stage at diagnosis. About 30% of patients are in the localized stage, and 70% of the patients are in the extensive stage, that is, the tumor has spread beyond the chest.

The treatment options for limited-stage small cell lung cancer are mainly surgery, chemotherapy and radiotherapy. Immune checkpoint inhibitors combined with chemotherapy are mainly used in the first-line treatment of extensive-stage small cell lung cancer. Although small cell lung cancer is very sensitive to initial treatment, most patients develop relapse and drug resistance after initial treatment.

Existing second-line treatment drugs mainly include topotecan, rubitidine, irinotecan and other chemotherapy drugs, and their efficacy is generally limited. Third-line and above treatment options are even rarer. Only one drug, anlotinib, is recommended by CSCO for third-line and above treatment of small cell lung cancer (category 2A).

Data show that anlotinib is a new type of small molecule multi-target tyrosine kinase inhibitor independently developed in my country. It can effectively inhibit VEGFR, PDGFR, FGFR, c-Kit and other kinases, and has the effect of anti-tumor angiogenesis and inhibiting tumor growth. The results of the phase II study (ALTER1202) of anlotinib compared with placebo in the third-line and above treatment of small cell lung cancer conducted by Chinese researchers showed that the progression-free survival time of patients after anlotinib treatment reached 4.1 months, which was 3.4 months longer than that of the placebo group; the survival time reached 6.3 months, which was 3.7 months longer than that of the placebo group.

Let’s look at the data performance of Zejing Pharmaceutical ZG006. Clinical data shows that as of September 30, 2025, a total of 60 patients with third-line and above small cell lung cancer were randomly assigned 1:1 to receive 10 mg Q2W or 30 mg Q2W treatment and were included in the analysis. The results based on IRC evaluation showed that the median progression-free survival (mPFS) of the 10 mg Q2W group (30 cases) and the 30 mg Q2W group (30 cases) were 7.03 months and 5.59 months respectively; the median survival time (mOS) of both groups was immature, with 6-month OS rates of 83.2% and 76.7%, and 12-month OS rates of 69.1% and 58.2%, respectively.

Judging from the existing data, ZG006 has demonstrated clinically significant anti-tumor activity in patients with refractory advanced small cell lung cancer, and the data performance is better than existing standard treatments. In addition, the 6-month and 12-month OS rates were 83.2% and 69.1% respectively, which is also a positive signal among the end-of-line treatment population.

However, the current median overall survival data are not yet mature, and the long-term survival benefit still needs to be further confirmed by follow-up data. In the oncology drug evaluation system, OS is still the core endpoint that determines clinical value and guideline recommendation level. If follow-up data can maintain the current trend, ZG006 is expected to become an important supplement for the later-line treatment of small cell lung cancer.

From the competitive landscape, there has been a long-term lack of efficient therapies in the back-line treatment of small cell lung cancer. The current CSCO guidelines only recommend anlotinib (category 2A) in third-line and above treatments, and clinical options are extremely limited. As a trispecific antibody targeting DLL3, ZG006's mechanism involves T cell redirection and immune synapse enhancement. It has a differentiated action path from existing therapies. If its survival benefit can be further verified, it is expected to fill the gap in later-line treatments.

However, if ZG006 wants to maximize its clinical value, it still needs to face many challenges. The first is the risk of success or failure of the key confirmation trial. The current data comes from phase II clinical studies, the sample size is limited, and it is a non-randomized controlled design. Whether subsequent phase III confirmatory studies can replicate the current efficacy signal in a larger sample and randomized controlled population remains to be verified.

Secondly, ZG006 is currently positioned as a third-line treatment and above. Although it can quickly enter clinical unmet needs, from a commercial perspective, the limited patient base for late-line treatment, short treatment cycle, and short drug exposure time limit its market space. If it is unable to expand to more front lines through strategies such as combined treatment or adjuvant treatment in the future, its market ceiling may be significantly restricted.

Taken together, ZG006 has differentiated mechanism advantages and preliminary efficacy signals in the back-line treatment of small cell lung cancer, and has the potential to become a "back-line breakthrough". However, its final clinical positioning and market value will still depend on whether subsequent confirmatory studies can be translated into definite survival benefits, whether safety is controllable, and whether barriers to competition can be formed at the level of medical insurance and guidelines.

The 98th Oscars came to an end today, the list of winners️

"Battle Again" starring Leonardo DiCaprio won six awards and can be said to be the biggest winner this year

(Respectively: Best Picture, Best Director, Best Supporting Actor, Best Adapted Screenplay, Best Editing, and Best Casting)

But Leo is not the winner,

The winner was Michael B. Jordan, who played two roles in "The Sinner"

He also became the first black actor born in the 1980s to win an Oscar!

In addition to being happy for him to win the award, the first reaction of netizens was actually –

“Fortunately it’s not sweet tea”

His new film "Marty Supreme" scored 0 out of 9 nominations

It directly broke the tragedy record of last year's "The Unknown", which was rated 0 out of 8 times (Trivia: "The Unknown" also starred in him…),

Just force a smile like this

In fact, sweet tea has always been the favorite to win the Oscar this year.

This is the third time he has been nominated for an Oscar. This time he is somewhat aggressive.

Become the actor with the most earnings during the 2025 awards season

But in contrast, his reputation has hit rock bottom.

Tachibana has written about it before. In recent years, he has been surrounded by controversy.

Not long ago, he even made "wild remarks" in an interview, saying that no one cares about ballet and opera anymore.

It was so angry that officials from the world’s top opera houses and ballet theaters came out to attack

(Royal Opera and Ballet Theatre, Los Angeles Opera, Paris Opera, New York Metropolitan Opera…)

Directly causing his approval rating to plummet off a cliff

Even Oscar officials came out to "pour oil",

The host joked at the beginning that the security on site was very strict and there was no need to fear attacks from the opera and ballet circles.

Sweet Tea: Keep Smiling

There was a lot of fuss over the Best Actor award, but there was no suspense about the Best Actress award.

The winner of the Best Actress award was Irish actress Jessie Buckley, who starred in "Hamnet"

She is the first Irish-born Best Actress in Oscar history!

Why is there no suspense about her winning the Best Actress Award? Please see️

Golden Globe Award for Best Actress in a Drama Series

Critics Choice Award for Best Actress

British Academy Film Award for Best Actress

Screen Actors Guild Award for Best Actress

After six years, she became the tenth actress after Renée Zellweger to sweep the trend.

Trivia: The top nine players all successfully won the Olympics that year

In The Hollywood Reporter's Oscar predictions,

Sister is also far ahead with an absolute advantage

(cr. "The Hollywood Reporter")

Just… I don’t know how to lose at all!

But having said that, in addition to the voices of the public and the media,

Buckley's performance in "Hamnet" is definitely worthy of a statuette.

This film adapted from the novel of the same name reveals the story behind "Hamlet" from the perspective of Shakespeare's wife.

One of the producers is Spielberg, the famous director who has directed "Schindler's List" and "Jurassic Park"

The director is Chloé Zhao, who has been dubbed the "Light of the Chinese" in recent years.

Although many reports still give her the title "Song Dandan's stepdaughter" when referring to her

But her achievements go far beyond that,

Received two Golden Globe Awards in six years for his films "Nowhere" and "Hamnet"

He is the second Chinese director after Ang Lee to win the Oscar for Best Director.

She is also the second female director in film history to be nominated for two Oscars for Best Director, after Jane Campion.

Isn’t it an exaggeration to say that the glory of Chinese directors is great?

In her new film "Hamnet", Buckley plays Shakespeare's wife Agnes.

One is closely related to him,

But women who left almost no trace in history

But Buckley's performance made Agnes "seen" with great clarity——

A woman who was dismissed as a "forest witch" by the villagers,

Possessing the purest wild vitality

The depression of longing to go back to the woods to give birth but being trapped indoors

She will show the sharpness of a mother animal to those who sentence her daughter to death.

The joy and lingering fear when discovering that my daughter is still alive

The disbelief upon discovering that her son Hamnet was dead

Heart-rending howl

A void like losing everything

Under her interpretation, Agnes is no longer flat and silent.

No longer an existence attached to the literary giant,

But a real, living life that is allowed to express pain.

Let’s break down Buckley’s acting experience since his debut.

You will find a hidden clue——

She always seems to be attracted to female characters who are suppressed, marginalized, and silenced.

In other words, it is because of her performance that these female characters truly have souls.

The single mother Rose-Lynn in "Wild Rose",

Because he was imprisoned, he was deemed to have “bad conduct” and was not worthy of a dream.

But while raising her children, she worked hard to pursue her musical dream.

In "Daughter of the Dark", she plays the heroine Leda in her youth.

young scholar trapped in family

The constant torn between motherhood and self

He was also nominated for his first Oscar for this role.

There is also Mariche in "Women's Talk" who was beaten by her husband and sexually assaulted by men in the village.

She is depressed, painful and sharp. She is a somewhat annoying "cold water" character.

Both against fighting men and against escaping

But it is actually a more secret kind of "loss of voice".

Resisting hope because of years of self-imprisonment.

Just like how she described Agnes as having a "fierce tenderness"

(cr. "Variety")

Gentle but fierce, soft but penetrating,

These are the female characters she plays.

Why did you choose to play them?

The answer to this question may be found in Buckley's own growth experience.

In 1989, she was born in Killarney, a small town in Ireland with a population of less than 20,000.

Great-grandmother Madge Clifford was once a core figure in the Irish Republican Party.

Tim's father is the manager of a local hotel

Buckley's education is very open-minded. When she mentioned Oscar,

Tim once said that he should stay calm about this

(cr. "Evoke")

Be her safety net and support her in times of setbacks

(cr. "Evoke")

Her mother, Marina, is a music psychotherapist.

Served as harpist and singer

Her mother had a great influence on her, not only teaching her to sing, but also

It also made her feel for the first time how to use the power of music to shock people.

At the age of 11, she entered a local girls' convent school.

But there, the most teaching she received was——

"Be careful", "Don't be too smart"

(cr. "British Vogue")

Therefore, she uses music as a way to release stress and fight against herself.

(cr. "British Vogue")

At the age of 17, she participated in the BBC reality show "I'd Do Anything"

The first stage is for the musical "Oliver!" in London's West End (tied with Broadway in New York, the United States, as the highest palace of commercial theater performances in the English-speaking world). 》A program looking for a new heroine,

But this experience was not pleasant for her.

She was sent to study "femininity" because of her posture problems

(cr. "British Vogue")

Said she was not "feminine"

(cr. "British Vogue")

This experience of being body shamed also early planted the fire of "resistance" in her heart.

(cr. "British Vogue")

She finished second and turned down an offer from Cameron Mackintosh to serve as an understudy.

(Cameron Mackintosh is one of the most influential musical theater producers in the world today and has produced famous musicals such as "Les Miserables", "Cats", and "Miss Saigon")

The trauma of "being stared at" has not faded over time.

Instead, it transformed into a deep awareness of how to “be truly seen”——

Shortly after the show ended, she entered the Royal Academy of Dramatic Art to study Shakespeare's plays.

In order to make ends meet, I have to go to school and work at the same time.

I was almost expelled from school

But with the encouragement of my tutor, I finally completed my studies.

Because "I don't want them to win"

After graduation, she has been working in the theater,

It wasn’t until he was 27 that he appeared on the screen for the first time.

But she never accepts commercial films that are more popular with the public.

Most of the actors he participated in were well-received and under-received literary films.

The roles that the public is more familiar with are her supporting roles in some TV series.

Marya in War and Peace

Lyudmila, the firefighter's wife in "Chernobyl"

And Oraetta from Fargo Season 4

The casting was uncompromising at all;

Off-screen she never tries to please, but she is extremely real.

When not acting, Buckley lives a life away from the spotlight.

Because I like music, I even formed a band.

He also released an album with Bernard Butler, the guitarist of the Suede Band.

Shortlisted for the Mercury Prize (one of the most influential music awards in the UK)

The contrast between singing and acting is quite big

Married life is also very low-key,

My husband, Freddie, is an outsider.

Working in mental health

(cr. "Elle")

The two knew each other on a blind date

(cr. "British Vogue")

Now the two "escaped" London,

Living in an old house in Norfolk

(cr. "Elle")

After filming "Hamnet", the two also welcomed their first daughter

She also said that becoming a mother also allowed her to enter the next chapter of her life.

(cr. "British Vogue")

Even though she was nominated for an Oscar and received global attention, she was still busy raising children.

(cr. "British Vogue")

It can be said to be low-key and happy.

Perhaps the most high-profile one was at the Golden Globe Awards ceremony in January.

Not only is her husband’s rare appearance,

Thanks to the organizer for allowing him to come and "eat and drink"

Her husband belike:

Just… quite outspoken~

But Buckley seems to have always been brave enough to speak out?

When a reporter mentioned that the royal family was his "fan" and whether he wanted them to watch the new movie,

No careful flattery, no pretense of "honor"

He just said "I dare you",

This is such a perfect feeling!

However, sometimes you will get into trouble because of your "unbridled speech".

Not long ago, when I was a guest on my blog, I said that I didn’t like cats.

Say to your husband "Choose one between the cat and me"

This description is also very funny.

Therefore, many people said that she was "competing" with cats, and even criticized her for "hating cats".

But it seems there is a reason?

This is also quite frustrating.

But it can be regarded as a rare moment when she triggered a heated discussion on the Internet.

After all, when everyone is managing their personality and creating topics on social platforms,

But she has never even opened Instagram.

I almost didn’t get the drama because there was no traffic.

(cr. "British Vogue")

Often dubbed as "Hollywood amateur"

But there is one phenomenon that stands out in her career:

She is always seen, chosen, and promoted by female directors——

The new film "Dark Bride!" "The director of "Maggie Gyllenhaal" after working with her on "Daughter of the Dark",

The heroine who insisted that she play the role of this movie,

How persistent are you?

He was tough with the production company and said, "I won't film without her."

(cr. "British Vogue")

Zhao Ting, who has already won the Oscar for the heroine Frances McDormand for her film "Nowhere",

Spot her at a star-studded party

(cr. "British Vogue")

She is the only heroine in her mind

What attracts them is her authenticity and lack of vanity and unflattering.

This firm choice of “you have to do it” is never one-way.

But when you "see" me,

I "saw" you too

Therefore, compared with unilateral support and support,

This is more like two-way running and walking side by side after "seeing each other"

From London's West End to Hollywood, from the theater stage to the big screen,

She seems to have been trying to make herself truly "seen",

Also stay sober in the entertainment industry full of glitz and fame,

Walking very slowly and not vigorous enough,

It’s not enough to meet anyone’s expectations,

But perhaps being yourself is the greatest victory.

last sentence

Congratulations to Queen Ba!