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On March 11, the crime movie "The End of the Night" directed by Wang Tong and starring Wan Qian and Rao Xiaozhi, with a special appearance by Qu Chuxiao and a friendly appearance by Huang Xiaolei, released a finalized poster and trailer. It was officially announced that it will be released on March 21 through the All-China Federation of Art Federation special line.

It is understood that this film is the first film starring the well-known director Rao Xiaozhi. "The End of the Night" focuses on the aging society. It tells the story of the killer nanny Ye Xiaolin (played by Wan Qian) who pretends to enter the elderly's home to carry out murders. During the encounter, she meets the breeder Ma Deyong (played by Rao Xiaozhi), which breaks the original balance of life. The police officer Zhou Ping (played by Qu Chuxiao) is intertwined with their fate in the process of tracing the case… The film arouses the audience's attention and thinking about life and death issues by exploring issues such as the dignity of the elderly, family relationships, and death education.

The first impression given by Ye Xiaolin in the trailer is: meticulous, patient and professional. She wiped the bedridden old man's body gently and perfectly, and she could keep smiling in the face of the old man's unreasonable troubles. The old man's son Ma Deyong saw this and his affection for her grew day by day. But when the camera turned, it was still the same face, the same hands, but holding the knife, and the look in his eyes was so calm that it sent chills down the back, a full sense of contrast.

Rao Xiaozhi also serves as the producer and star of this film. The director's "personal exit" was due to Wan Qian's help. It is reported that she liked the script very much after reading it and asked Rao Xiaozhi to be the producer. After the latter joined, he gave a lot of modification suggestions during the script polishing stage and smoothed out the character logic of the male protagonist Ma Deyong. Wan Qian thought of the stage play "Hello, Madman!" she collaborated with ten years ago. ", Rao Xiaozhi was very talented in acting when he told the actors, so he proposed to director Wang Tong, "Why don't you let Zhi Ge act it himself?" Rao Xiaozhi refused at first, but finally agreed after many persuasion.

Ma Deyong is a zookeeper and the son of an old man. Rao Xiaozhi uses "bluff" to describe him – a middle-aged man who has accomplished nothing, can't find his place in the family and society, and has low self-esteem, so he uses "bluff" to arm himself. When he met Ye Xiaolin, he thought he met Spring, but it was actually a misunderstanding. This tragic color and state of being out of tune with the world make Rao Xiaozhi very interesting.

Director Wang Tong revealed that he has lived with his grandparents since he was a child. In recent years, watching them age and pass away has made him think a lot about life and death. "The End of the Night" wants to explore not only the living conditions of the elderly, but also "how to grow old with dignity" that everyone will eventually face. Judging from the trailer, there are many unbearable scenes in the movie: the old man's festering bedsores, moaning in pain late at night. But the source of this "discomfort" actually comes from reality. Just like Ye Xiaolin's memories: Most of the family members only want to laugh with the old man and are not willing to listen to the old man cry. At the same time, the narrative structure is also very ingenious. The fate of the lion in his twilight years, the sick old man and the "marginal people" forms an intertextuality. The closed space of the zoo and the unfinished building where the old people live form a mirror image. The lion's perspective illuminates the human heart like a "god".

According to observations from Nandu reporters, "The End of the Night" has won many awards at multiple Chinese and foreign film festivals. At the 27th Shanghai International Film Festival Golden Goblet Award, the film won the Jury Award in the main competition unit, and Wan Qian also won the best actress in the main competition unit. At the 19th FIRST Youth Film Festival, the film was not only shortlisted for the feature film section of the main competition, Rao Xiaozhi also won the Best Actor Award, and Wang Tong, Yao Rui, and Shi Yifan won the Best Screenplay Award. At the 20th Rome International Film Festival, Wang Tong also won the best director honor for this film. In addition, "The End of the Night" was selected as the opening film of the "Golden Rooster Domestic Film Exhibition" of the 2025 Golden Rooster and Hundred Flowers Film Festival.

Interview and writing: Nandu N video reporter Chen Zeran

As of the close on March 12, 2026, *ST Huke (600608) closed at 3.13 yuan, down 1.57%, with a turnover rate of 1.11%, a trading volume of 35,300 hands, and a turnover of 11.334 million yuan.

Focus of the day

Transaction information summary fund flow

On March 12, the net inflow of main funds was 1.0085 million yuan, accounting for 8.9% of the total transaction volume; the net outflow of hot money funds was 321,600 yuan, accounting for 2.84% of the total transaction volume; the net outflow of retail funds was 686,900 yuan, accounting for 6.06% of the total transaction volume.

Summary of company announcements

*ST Huke’s Risk Warning Announcement on Stock Trading

Shanghai Broadband Technology Co., Ltd.'s stocks have been subject to delisting risk warnings and other risk warnings. The company will be subject to a delisting risk warning from April 30, 2025. If the audited net profit in 2025, whichever is lower, is negative and the revenue is less than 300 million yuan, the stock will be terminated from listing. The annual audit accountant has not been able to confirm that the company's non-net profit deduction is positive, and the commercial substance of the flower business still needs to be verified. The company has been put on file by the China Securities Regulatory Commission for suspected violations of information disclosure laws and regulations, and may face administrative penalties. It has not yet accrued estimated liabilities, and any additional provision may result in negative net profits. 89.9% of the prepaid payment for Hong Kong Petrochemical has been provided for bad debts, and there is a risk of further impairment in the future. The problem of capital occupation by the original controlling shareholder has not yet been resolved, and there are still other risk warning situations in the stock.

The above content is compiled by Securities Star based on public information and generated by an AI algorithm (Network Information No. 310104345710301240019) and does not constitute investment advice.

According to an exclusive disclosure by Radar Online: During his lifetime, the notorious financial tycoon Jeffrey Epstein tried to recruit Paul Burrell, the former confidant of the late Princess Diana, to his staff at all costs, and planned to make him a so-called "senior butler trainer."

Among the millions of confidential Epstein case files officially released by the U.S. Department of Justice in January this year, an email that had long been sealed revealed this secret trend. Burrell, 67, was spotted by Epstein and regarded as an ideal employee because of his outstanding professionalism in a speech at an internal meeting.

Epstein dossier mentions Princess Diana's former butler

The internal document, dated March 2001, was full of praise for the senior valet, praising him as an "absolute role model" in related activities and highlighting his distinguished qualifications for serving the British royal family for 21 years. The document ends with an unquestionable recommendation to senior management: "We hereby strongly recommend that the potential for systematic training for our internal employees must be investigated and evaluated as soon as possible."

Since he began working for the British royal family in the late 1980s, Burrell has been widely hailed as the strongest "emotional rock" around Princess Diana for his unquestionable loyalty and professionalism.

Burrell himself expressed extremely strong anger and condemnation for being accidentally involved in the leak of Epstein's confidential documents. He publicly responded: "The current objective facts have fully proven that it was a mysterious person whose name was deliberately blacked out in the document who mentioned my name without authorization to senior officials of other agencies through internal emails."

“This baseless implication is simply disgusting,” he added emotionally. "Obviously, I have no interaction with this dirty circle in any way – they have never contacted me, and I have never had any verbal conversations with Epstein, let alone a private meeting. But like all ordinary people who pay attention to this matter, when I heard that these fragmented documents full of crimes were made public, I was also extremely eager to know why the names of so many key figures were deliberately blacked out by relevant departments."

Burrell further sternly denounced this practice of concealing the truth: "After such a serious and appalling transnational sexual accusation incident, some people involved in the case who have good hands and eyes are still able to receive strict institutional protection. This is simply ridiculous in terms of logic and law."

Epstein allegedly viewed Burrell as valuable asset to royal network

Multiple insider sources revealed to the media that Epstein, the 66-year-old financial tycoon who died of suspected suicide while awaiting trial in New York in 2019, had regarded Burrell as a rare "precious personal network asset" during his lifetime.

The source further delved into the motivations behind this: "In Jeffrey's calculating eyes, this senior butler is undoubtedly another extremely secret channel for him to further penetrate and gain access to the inner circle of the British royal family."

Epstein was also well aware of Burrell's unique social value. He knew that the butler could not only add a touch of nobility to the many extravagant parties he held with his elegant British style, but was also a key figure in possession of many core secrets of the royal family.

"He was deliberately trying to get Burrell to join his core team, but thankfully, Paul was not eventually recruited and swallowed up by this dark network."

It is known that Epstein had a close relationship for several years with Andrew Windsor, 66, who was involved in many scandals. Just last year, in view of Andrew’s scandalous secret relationship with his abuser, the 77-year-old King Charles III of England took decisive action and ruthlessly stripped him of all his distinguished royal titles.

Windsor is currently being arrested by the police on suspicion of serious public misconduct and is currently on bail "during the investigation." There have been multiple serious accusations that he allegedly illegally leaked extremely sensitive state secrets to his close friend Epstein while serving as the UK's special representative for international trade.

Former royal bodyguard calls Andrew Windsor 'arrogant'

In addition to Epstein's shadow, Andrew's reputation within the royal family has already hit rock bottom. Princess Diana's most trusted former bodyguard recently publicly attacked the former Duke of York, mercilessly denouncing him as "one of the most arrogant and arrogant people on the entire planet."

Ken Wolfe, who served as a senior inspector of Scotland Yard and received extremely rigorous military training from the British Special Air Service Regiment, was responsible for protecting Princess Diana from 1988 to 1993. Recently, he unreservedly made the above-mentioned extremely damaging negative remarks on a popular podcast.

Wolff maintained an extremely close working relationship with Princess Diana until the eve of her tragic death in 1997. He admitted that during his long years of dedicated service to the British royal family, he had numerous opportunities to have close contact with the 66-year-old Andrew Windsor (the then Duke of York), and he had an extremely strong negative impression of him when they first met.

The blunt remarks come as Windsor is mired in a legal turmoil over alleged misconduct in public office. Although he has not yet been formally charged with a crime, he has previously firmly denied any form of wrongdoing.

Wolf said frankly that all his experiences with this royal family member who has now completely lost power have made him feel a deep sense of disgust from the bottom of his heart.

He said very frankly in the program: "I have had many unavoidable work negotiations with him in my extremely professional security capacity. The results are deeply regrettable. I desperately found that he is definitely one of the most arrogant and defiant people I have ever encountered in my life."

Royal scandal continues to engulf the monarchy

Wolf also explained to the audience why he chose to break his silence at this time. He admitted that in the past few months, he had tried his best to avoid speaking publicly about the controversies surrounding the Windsor family, but the situation continued to deteriorate like a snowball, making it impossible to remain silent.

He pointed out profoundly: "Since the shock wave of Epstein's bombshell swept the British royal family, I have always maintained an extremely sober personal position on this matter; the serial scandals involved in the Duke of York and the entire Mountbatten-Windsor family behind him have a very devastating poison, and this poison is still spreading everywhere today and is far from dissipating."

The experienced former bodyguard added that the ongoing scandal between Windsor and Epstein has not only dominated the front pages of major media all year round, but has also triggered a serious crisis of public trust in the royal family's crisis public relations and incident handling mechanisms on a global scale.

"For the past six months, the outside world has been exposed to lengthy reports almost every day about the secret relationship between the Duke of York, the Windsor family and Epstein. Now even his ex-wife Sarah Ferguson has been implicated in this fire."

As the outside world knows, Windsor was arrested on February 19th – which happened to be his 66th birthday – on suspicion of serious disciplinary violations. The core accusation points directly to his alleged illegal transfer of core confidential information to Epstein during his sensitive period as Britain's special representative for international trade.

Currently, various investigators are working intensively to verify the details of the relevant accusations, especially trying to find out whether these shady exchanges of information and benefits accurately occurred during the critical period when Epstein was trying to wildly build personal influence and a huge network of contacts among the world's top powerful circles. Although the Duke of Windsor has strenuously denied any form of wrongdoing throughout and has not yet faced formal legal charges, his reputation has been tarnished.

Wolf pointedly pointed out that this seemingly endless ongoing controversy has cast an extremely thick shadow on the entire British royal family, which is particularly detrimental to the current King Charles. The elderly monarch not only has to deal with the catastrophic chain reaction caused by his brother's never-ending legal disputes, but also has to push forward the difficult structural reform of the royal family's modernization. At the same time, he also has to fight against his own cancer disease that ordinary people cannot imagine.

He explained sympathetically: "The king himself is currently going through the most difficult and darkest moment in his long life. He must do his best to make up for the big mistake caused by his younger brother; and in his original grand plan, Prince William and Prince Harry – especially the charismatic Harry – should have become the absolute core force supporting the grand plan of the future royal family."

Wolf finally added regretfully that the decisive absence of Prince Harry, 41, has made the entire monarchy restructuring plan extremely complicated. This rebellious royal member, who in 2020 made a high-profile announcement with his 44-year-old wife Meghan Markle to withdraw from the royal family's core official duties and settle in the United States, was originally the most critical strategic piece in Charles's hands when he intended to restructure the future monarchy.

"This is undoubtedly a huge historical regret. Charles has permanently lost Harry, a key role that could have played a huge role. I always firmly believe that he was an extremely important pillar that could support the future modernization and reconstruction of the entire monarchy." Wolf issued such a profound historical sigh at the end of the interview.

Little Monster had something to do at home and went back to Hunan, so she was two days late. After editing late last night, she went to Shanghai to watch F1.

The Middle East has become a mess again. This time, the United States and Israel killed Iran's number one leader Ayatollah Ali Khamenei. The hatred was so great that even if there were pro-surrender factions in the country, they did not dare to say anything and started fighting.

This time I selected a war movie, the 2001 "Black Hawk Down" directed by Ridley Scott and starring George Hartnett and other Hollywood actors. There was no female character in the all-male cast. At that time, there were no female soldiers participating in the Mogadishu operation, and the screenwriter did not impose anything on it. At that time, political correctness was not very popular, but now it is 80% likely to be criticized.

Halfway through writing the manuscript, I felt a little regretful. It wasn’t that it was difficult to interpret, but that the faces were too difficult to recognize! ! ! ! ! ! !

There are 39 named characters in the film, and they all look the same from a distance even if they are wearing helmets. When I was writing, I had Google, Wikipedia, and IMDB open at the same time, and each face was right for each other. Moreover, it was too easy for the audience to remember their full names. I had to think over which surname and first name to use, and my mind was blown.

The 1993 battle in Mogadishu, Somalia, can be said to be a turning point in the U.S. military's foreign policy. It lasted for 15 hours and nearly a hundred casualties were suffered. The Somali militiamen suffered even more heavy casualties. However, they could not handle the large number of people and consumed the U.S. military to death. From then on, the U.S. military tried not to intervene on the ground, and the trend shifted to the war on terrorism.

The original author Mark Bowden reviewed all the text and video materials he could find, wrote more than 20 detailed reports and compiled them into a book. In addition to battlefield documentaries, it can be said that "Black Hawk Down" is the closest to real war film in film history.

War is a cruel game that is difficult to stop once it is started. No one can predict the direction in advance. War is a monster that inspires the lowest evil and good in human nature.

It is extremely difficult to coordinate so many characters. Lei Gong is really a god. Even the small roles that only show his face are flesh and blood. There are almost no people with such ability in the current film industry.

To serve:

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As of press time on March 11, the total box office of "The Wind Rises in the Desert" (hereinafter referred to as "The Wind") has reached US$193 million, ranking second in the box office of global martial arts films!

Classic martial arts films such as "Crouching Tiger, Hidden Dragon" and "The Grandmaster" were once the shining business cards of Chinese-language films. However, in recent years, martial arts films have gradually declined, and there are only a few outstanding works. It wasn't until the release of "The Bodyguard" this year that the flame of martial arts films was rekindled.

As we enter March, the popularity of Spring Festival movies has not diminished.

"Flying Life 3" firmly holds the crown of the day, but the runner-up position has quietly changed hands. "The Bodyguard", which has been taking the long-term reputation route, continues to work hard. At present, the domestic box office total has surpassed "The Silence of the Insect". Together with the overseas box office, it has become the runner-up in the global martial arts film box office, second only to the legendary "Crouching Tiger, Hidden Dragon" (US$214 million).

What is worth looking forward to is that the second part of "The Bodyguard" has been officially approved, and may focus on the story of "Shu" (played by Yu Shi) and start a sequel.

The bodyguard Daoma was entrusted by his benefactor, Patriarch Mo, to escort the god Chishiro back to Chang'an and embark on a dangerous journey. Everyone in the world is looking for profit, and all forces have gotten involved in the situation. Famous scenes of fighting for escorts and fighting have been staged one after another.

"The Bodyguard" outlines a picture of the world of pleasure and hatred. Its stamina is so strong that it has achieved the best performance of martial arts movies in recent years, both in terms of reputation and box office.

"The Bodyguard" did not have an advantage in the film schedule when it was first released, but as word-of-mouth fermented, it gradually became favored, and step by step it made a counterattack at the box office.

The significance behind its ability to finally stand out is not only to let the industry see that martial arts movies still have box office potential, but also to let the audience see that the martial arts genre is still full of hope. In other words, there is a successor to martial arts films.

The most surprising thing about the film is the appearance of the new generation of "chivalrous heroine" Chen Lijun.

Chinese-language films have never lacked images of chivalrous heroines. Lin Qingxia's Dongfang Bubai, who is indistinguishable from male to female and whose appearance is "drunk in the world of mortals", has become an eternal classic; Maggie Cheung's Jin Xiangyu is charming and chivalrous, and the dealings in the Longmen Inn show the wisdom of the world;

Yu Jiaolong, played by Zhang Ziyi, is rebellious, aloof, and fierce, hiding the struggle and perseverance of children in the world; even the cold and decisive Nie Yinniang in "The Assassin Nie Yinniang" also interprets another look of chivalry with her chivalrous temperament that hides from the world.

These chivalrous women may be bright, aloof, or free and easy, and each shines with a unique light. However, with the decline of martial arts movies, the classic image of chivalrous heroines has gradually broken down, and it is difficult to see chivalrous heroine characters with both strength and aura on the screen.

Nowadays, Ayuya, played by Chen Lijun, makes a stunning appearance and is eye-catching again.

Ayuya, the daughter of Lao Mo, the leader of the Turkic Mo family in the Western Regions, has been skilled in horse riding and shooting since childhood and has a strong personality. As a Shaoxing opera actor, Chen Lijun has a sense of heroism, which fits Ayuya's setting quite well.

With a solid foundation in Yue opera, she incorporated the body and rhythm of opera into her action scenes. She had a strong posture when galloping a horse, and her bow and arrow movements were done in one go, as if she was Ayuya who grew up on the grassland and was proficient in riding and archery.

Ayuya never backed down, and Chen Lijun also had her own unyielding energy, which supported Ayuya's dominance as the young leader of the tribe. Acting in a movie for the first time, she has already made the audience see her potential as an actor.

It is commendable that "The Daredevil" depicts female characters with great tension. At first, Ayuya, who was protected by the tribe, was filled with the innocence of a girl and yearned for the prosperity of Chang'an in the Central Plains.

Until the four major families in the Western Regions colluded with Yi Xuan and raided the Mojiaji. Lao Mo was brutally killed. This dramatic change completely awakened her to let go of her weakness and dependence and embark on the road of revenge alone.

In the original work, the scene of Ayuya's revenge after kissing Daoma goodbye was adapted into a more shocking scene in the movie. When the two said goodbye, the kissing scene was deleted, and Ayuya cut off the reins and rushed straight into the sandstorm, roaring with all her strength. The adaptation weakens the love line and makes the character more heroine-like.

She was born into the family and was born to be the leader. Revenge is not a momentary impulse, but a bloody drive in her bones. After taking revenge, she gave up the idea of ​​going to the Central Plains and chose to stay in the desert to rebuild the tribe. She shouldered the responsibility of the young master and showed her heroic spirit as a chivalrous woman.

With a total box office of over 193 million U.S. dollars, "The Bodyguard" rose to the second place in the global martial arts film box office, second only to "Crouching Tiger, Hidden Dragon." Last year's "Nezha 2" was a global hit, and this year's "The Bodyguard" achieved another success overseas. Facts have once again proved that cartoons and martial arts films seem to have certain advantages across language and cultural barriers.

"The Bodyguard" is adapted from the comic book of the same name. During the adaptation, some characters and clues were simplified, such as the past grievances between Daoma and Diting, the history of the five major families in the Western Regions, etc., and they are all presented in a more concise way.

The film focuses its creation on "real kung fu", which is also the most competitive part of Chinese martial arts films.

Yuen Woo-Ping personally performed, Jet Li, Tony Leung Ka Fai, Hui Yinghong came out to support, Wu Jing, Nicholas Tse, and Zhang Jin took the lead, plus the new generation of actors, "four generations of martial arts people" gathered together. It can be said that for this movie, Ba Ye tried his best to call in those who can fight, no matter old or new.

Punching to the flesh is standard, and all the actors put in all their efforts just to "make the fight look better."

The escort Dao Ma played by Wu Jing is like "walking hormones".

At the beginning of the movie, Wu Jing, holding a short sword, confronts Jet Li's long sword. The short sword attacks quickly and violently, the wind of the sword whizzes, and the long sword is agile and changeable, shuttling between attacks like a swimming dragon.

The two masters plus the "two-headed snake" Zhang Jin, the three heroes fought fiercely, and a thrilling showdown began in the small space of the Chisha Town Inn. The surrounding furnishings were overturned in the fierce fighting, and the debris flew everywhere. The opening chapter is gripping.

Di Ting, played by Wu Jing and Nicholas Tse, also contributed famous scenes in close combat. During the battle on the sand, the figures of the two people flickered and appeared. Wu Jing's sword was cold when he spun around and stabbed, while Nicholas Tse's double-whip counterattack was not inferior. The moment the sand wall collapsed, the camera filled the scene with a sense of suffocation.

Yu Shi, who came out of the "Fengshen" series, played a young escort this time.

Known as the "Jade-faced Ghost", Shu has a lonely and cold personality. In order to shape his cold martial arts style, he specialized in cold weapon fighting.

During the battle in the sea of ​​​​fire at Heiniutan, he held a knife in his left hand to create a cold light, and held a torch in his right hand to ignite the flames. His eyes were as cold as ice as he attacked the sword and horse from both sides. The moment the sword and horse used fire to counterattack, the two men's flame blades clashed and sparks flew out. The light of the sword in the fire wave reflected the ruthlessness of the young escort.

This sand, who is also well-known through the "Fengshen" series, plays the villainous young master this time. He entered the martial arts school at the age of 12 and had martial arts skills. In order to meet the director's requirement of "real riding and real fighting", he practiced equestrian skills hard. In the end, he galloped on horseback and drew his sword and put it away in one scene.

New-generation actors such as Liu Yaowen, Wen Junhui, Dong Sicheng, and Lin Qiunan also conducted a lot of routine training, learned unarmed combat skills, and also practiced in complex terrain such as sand and mountain roads, just to make every collision in front of the camera full of texture.

Near the end of the movie, Dao Ma and Ju Cema ran toward Chang'an. Yuan Heping, Zhang Xinyan, and Wu Bin, the three martial arts masters, were rarely in the same frame. They sighed at the notice posted on the wall, "When will we see such good skills?" Then they smiled lightly and said, "That's a matter for young people."

The poetic ending implies the inheritance of martial arts spirit from generation to generation. To take a step back, "The Bodyguard" is also like a "training ground" for new action actors, successfully launching a new generation of action actors.

Yang Zi, the director of "Chasing the Wind and Catching Shadows", is also one of the screenwriters of "The Bodyguard". After the production of "The Bodyguard" was completed at the end of 2024, Yang Zi worked non-stop to prepare for his new film "The Wind and Shadows", and once again worked with Shi Sha, Wen Junhui, Lin Qiunan and others to collaborate on his film. These young actors with solid action skills have joined action movies again after experiencing the training of "The Bodyguard". This is the most valuable thing.

Now, Zisha has joined the crime action movie "Rage Spreads", and Man Junhui will star in the crime action movie "Rebirth 2". The rise of a new generation of action movies is expected to take over the baton from their predecessors and inject new vitality into the future of Chinese-language movies.

The realistic fighting scenes with punches to the flesh and the smooth action design are the world's language that does not require translation. The success of "The Bodyguard" once again confirmed the global appeal of martial arts movies. What’s more worth looking forward to is that the story is not over yet.

As early as July last year, the project for the pre-historical film "The Bodyguard: The Battle of Jiangdu" has been approved and will continue to be developed by Ba Ye's company (Xiamen Yuan Heping Pictures Co., Ltd.). The screenwriter has been replaced by Song Linjie. The story is independent of Daoma's main plot, focusing on the secrets of Shu's life experience, telling his experience as an orphan in the Western Region who lost his memory and went into exile, went through hardships to seek revenge in the Fiery Echoing Temple, and finally transformed into a young bodyguard.

The original author of the comic, Xu Xianzhe, has begun drawing the Chang'an chapter, which also marks that the adventure from the desert to Chang'an is still continuing.

Martial arts movies may go through ups and downs, but true chivalry will never go out of style, and will only leave new imprints on the world through the perseverance of generations of filmmakers.

I look forward to the filming of "The Daredevil" into a series, the return of the original cast, and the new martial arts legend.

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On the evening of March 12, local time, Israeli Prime Minister Benjamin Netanyahu held his first press conference since launching a large-scale air strike against Iran. Almost at the same time as he spoke, air defense sirens sounded in many places, including Tel Aviv in central Israel, and a new round of Iranian missiles struck. However, it is unclear where exactly Netanyahu held the press conference.

Netanyahu used the occasion to defend his joint military strike with the United States against Iran, making a veiled threat to assassinate Iran's new Supreme Leader Mujtaba Khamenei and acknowledging that joint Israeli-U.S. airstrikes would not necessarily lead to the collapse of the Iranian regime.

Netanyahu said that after nearly two weeks of US-Israeli air strikes, Iran is "not what it used to be" and that both the Iranian Islamic Revolutionary Guard Corps and the Basij militia "have suffered heavy losses."

Asked what action Israel might take against Mujtaba Khamenei and Hezbollah leader Naim Qasim, Netanyahu said he would not "issue life insurance policies" to them and said he "does not intend to detail plans or actions to be taken here."

Asked whether Israel was arming the Iranian opposition and whether the collapse of the Iranian regime might not be achieved, Netanyahu said, "If not, it will be in a weakened state." He said: "I will not go into detail about the actions we are taking. We are creating favorable conditions for the overthrow of the regime, but I will not deny… The collapse of the regime has to come from within, and we can help."

Netanyahu claims that Iran and Hezbollah no longer pose the threat they once were. He also revealed that he and U.S. President Trump "talk to each other every day" and the communication between the two parties is "frank and open."

Source: CCTV International News

As of the close on March 12, 2026, Jiansheng Group (603558) closed at 11.81 yuan, down 2.48%, with a turnover rate of 1.5%, a trading volume of 51,300 hands, and a transaction volume of 61.2233 million yuan.

Focus of the day

Transaction information summary

On March 12, the net outflow of main funds was 65,600 yuan, accounting for 0.11% of the total turnover; the net inflow of hot money was 5.4183 million yuan, accounting for 8.85% of the total turnover; the net outflow of retail funds was 5.3526 million yuan, accounting for 8.74% of the total turnover.

Summary of company announcements

Zhejiang Jiansheng Group Co., Ltd. plans to implement the 2025 annual profit distribution plan, distributing a cash dividend of 0.35 yuan (tax included) per share, not giving out bonus shares, and not converting capital reserve funds into share capital. This profit distribution is based on the total share capital registered on the equity registration date for equity distribution minus the number of shares in the special securities account for repurchase. If the share capital changes, the distribution ratio per share will remain unchanged, and the total distribution amount will be adjusted accordingly. The plan has been reviewed and approved by the board of directors and still needs to be submitted to the company's 2025 annual shareholders' meeting for review. Combined with the cash dividends implemented in the first half of 2025, the cumulative cash dividend amount this year totaled 202,205,786.90 yuan, accounting for 49.94% of the net profit attributable to shareholders of listed companies in 2025.

The 25th meeting of the sixth board of directors reviewed and approved the "Company's 2025 Board of Directors Work Report", "The Company's 2025 Annual Report Full Text and Summary", "The Company's 2025 Financial Final Accounts Report", "The Company's 2025 Profit Distribution Proposal" and other proposals. In 2025, the company will achieve a net profit of 404,921,600.55 yuan attributable to shareholders of the listed company, and plans to distribute a cash dividend of 3.5 yuan (tax included) to all shareholders for every 10 shares, for a total cash dividend of 115,359,124.65 yuan (tax included). The meeting also reviewed and approved matters such as renewing the appointment of Tianjian Accounting Firm as the audit agency for 2026, applying for comprehensive credit of no more than 3 billion yuan, carrying out foreign exchange hedging business, anticipating a guarantee limit of no more than 2.6 billion yuan, and using no more than 100 million yuan of its own funds for short-term financial management. Some proposals still need to be submitted to the shareholders' meeting for review.

The company will hold the 2025 annual shareholders' meeting on April 3, 2026. The meeting will use a combination of on-site voting and online voting. Online voting will be conducted through the Shanghai Stock Exchange system. The equity registration date is March 27, 2026, and all A-share shareholders can participate in the meeting. The meeting reviewed proposals including the 2025 board of directors work report, annual report, financial final accounts, profit distribution, renewal of accounting firm, bank credit, foreign exchange hedging, guarantee limit, director and executive remuneration system, self-owned fund financial management and other proposals. The votes of small and medium investors on proposals 4 to 11 will be counted separately.

The Audit Committee of the Board of Directors held a total of 4 meetings in 2025, and reviewed the company's 2024 annual report, financial final accounts report, internal control evaluation report, renewal of the audit agency, foreign exchange hedging business, guarantee limit estimates, accounting policy changes and other matters, and reviewed each quarterly and semi-annual financial statements. The committee supervised and evaluated the work of the external audit agency, guided the internal audit, and reviewed the effectiveness of internal controls. It believed that the company's financial reports truly and accurately reflected operating results and that the internal control system was sound and effective. The committee recommended that Tianjian Accounting Firm be re-appointed as the audit agency in 2025.

The board of directors evaluated the independence of the current independent directors Xie Shilei, Besai, and Chen Weiguo. After verification, the above-mentioned persons did not hold any position in the company other than independent directors, nor did they hold any position in the company's major shareholder company. They did not have any interest relationships such as relatives, shareholdings, major business dealings, or other relationships with the company, its major shareholders, and actual controllers, or other relationships that might hinder their independent and objective judgment. They were in compliance with the requirements for the independence of independent directors under relevant laws and regulations.

Tianjian Accounting Firm audited the effectiveness of the internal control over financial reporting of Zhejiang Jiansheng Group Co., Ltd. as of December 31, 2025. The audit results showed that the company maintained effective internal control over financial reporting in all major aspects in accordance with the "Basic Standards for Enterprise Internal Control" and relevant regulations on that date.

The company plans to continue to appoint Tianjian Accounting Firm (Special General Partnership) as the company's audit agency and internal control audit agency in 2026. Tianjian Accounting Firm was established in 2011 and is qualified for securities services. In 2024, it provided audit services to 756 listed companies, with a total audit fee of 735 million yuan. Project partner Liu Jiangjie, signing certified public accountant Gong Fangsen, and quality control reviewer Wei Biaowen all have corresponding qualifications. They have not been subject to criminal punishment in the past three years, and some personnel have been subject to supervisory and management measures. The audit fees will be determined by the company's management and the accounting firm based on actual conditions.

The company evaluated the performance of Tianjian Accounting Firm's annual audit in 2025. The report shows that Tianjian Accounting Firm's qualifications are in compliance with regulations, its practitioners have professional qualifications, and project team members have not found any circumstances that affect their independence. Although there was one supervisory and management measure recorded in the past three years, there were no major violations. During the audit process, the firm implemented quality control review procedures, formulated a reasonable work plan, equipped with sufficient human resources, and had strong risk-taking capabilities. It has fulfilled relevant civil litigation judgments on schedule, without affecting its ability to practice.

The Audit Committee of the Board of Directors reports on the company's performance of supervisory responsibilities by the accounting firm for the 2025 annual audit. Tianjian Accounting Firm is qualified to audit securities services. At the end of 2025, it had 250 partners and 2,363 certified public accountants, 954 of whom had signed securities service business audit reports. Total business income in 2024 will be 2.969 billion yuan, auditing business income will be 2.563 billion yuan, and securities business income will be 1.465 billion yuan. The firm provides audit services to 756 listed companies, involving manufacturing and other industries, including 578 manufacturing clients. The company held the board of directors and shareholders' meetings respectively on March 24 and April 15, 2025, and reviewed and approved the renewal of Tianjian Accounting Firm as the company's 2025 audit agency and internal control audit agency. The Audit Committee maintained communication with the accounting firm during the annual report audit, reviewed its professional ability, and believed that it completed the audit work independently, objectively and fairly.

Tianjian Accounting Firm audited the summary table of non-operating fund occupation and other related fund transactions of Zhejiang Jiansheng Group Co., Ltd. in 2025 and believed that the summary table complied with relevant regulations in all major aspects and truthfully reflected the company's non-operating fund occupation and other related fund transactions in 2025. This report is for annual report disclosure only and may not be used for other purposes.

The company plans to use its idle self-owned funds not exceeding RMB 100 million to purchase fixed income or low-risk short-term financial products with high security and good liquidity, and the investment period shall not exceed 12 months. This matter has been reviewed and approved at the 25th meeting of the sixth board of directors and still needs to be submitted to the company's shareholders' meeting for review. The authorization period starts from the date of review and approval by the shareholders' meeting and ends on the date of the next annual shareholders' meeting, and the funds can be used on a rolling basis. The company has formulated risk control measures, and the independent directors also expressed their agreement.

Due to a high proportion of export business, the company and its subsidiaries mainly use foreign currencies such as US dollars for settlement. In order to reduce the adverse impact of exchange rate fluctuations on the company's operating performance and cost control, it plans to carry out foreign exchange hedging business. Transaction varieties include foreign currency exchange rates such as US dollars, and trading tools include forward foreign exchange purchase, forward settlement, foreign exchange swaps and other foreign exchange financial derivatives. The transaction amount does not exceed US$150 million or other foreign currencies, and the source of funds is the company's own funds. This matter has been reviewed and approved by the Audit Committee of the Board of Directors and the 25th Meeting of the Sixth Board of Directors, and still needs to be submitted to the 2025 Annual Shareholders Meeting for review. The company has formulated relevant risk control measures to prevent exchange rate fluctuations, transaction defaults and repayment forecast risks.

The company held the 25th meeting of the sixth board of directors on March 11, 2026, and reviewed and approved the "Proposal on the 2025 Incentive Fund Withdrawal Plan". According to the audit results of Tianjian Accounting Firm, the company's net profit after deducting non-recurring gains and losses attributable to shareholders of the listed company before the accrual of incentive funds in 2025 was 345,658,491.97 yuan. The audit opinion was a standard unqualified opinion and no administrative penalties were imposed, thus meeting the conditions for withdrawing the incentive fund. According to the "Incentive Fund Management Measures", the upper limit of incentive fund withdrawal in 2025 is 18.9083 million yuan. Considering the operating conditions and capital needs, the board of directors decided to actually withdraw 10.3996 million yuan. The incentive fund will be included in the current profit and loss in 2025, affecting the financial status of the year, but will not have a significant impact on subsequent years.

The company plans to provide a total guarantee line of no more than 2.6 billion yuan to its affiliated companies within the scope of consolidated statements to meet the funding needs for daily operations and business development. The guarantee amount can be adjusted among subordinate companies. The guarantee methods include guarantee, mortgage, pledge, etc., and the validity period is within 12 months from the date of review and approval by the shareholders' meeting. This matter still needs to be submitted to the company's shareholders' meeting for review. As of the announcement date, the total external guarantees provided by the company and its holding subsidiaries were 2.21 billion yuan, accounting for 94.22% of the latest audited net assets, and there were no overdue guarantees.

Key points of performance disclosure

Zhejiang Jiansheng Group Co., Ltd. will complete sales revenue of 2.589 billion yuan in 2025, a year-on-year increase of 0.59%; it will achieve a net profit of 405 million yuan, a year-on-year increase of 24.62%. After auditing, the company's financial report fairly reflects its operating results and financial status. Operating income was RMB 2,588,737,900, operating costs were RMB 1,807,067,000, net profit attributable to the parent was RMB 404,921,600, and net profit attributable to the parent after deducting non-compliance was RMB 334,877,700. Net cash flow from operating activities was 605.8304 million yuan, a year-on-year increase of 77.02%. The decrease in fixed assets was mainly due to the disposal of the assets of Jiangshan Knitting Company, and the increase in construction in progress was due to the investment in the Nam Dinh project in Vietnam. The company plans to review the final financial report.

The company will achieve operating income of 2,588,737,915.46 yuan in 2025, a year-on-year increase of 0.59%; the net profit attributable to shareholders of listed companies is 404,921,600.55 yuan, a year-on-year increase of 24.62%. The net cash flow generated from operating activities was 605,830,361.99 yuan, a year-on-year increase of 77.02%. The company plans to distribute a cash dividend of 0.35 yuan (including tax) per share to all shareholders, without converting capital reserves into share capital and giving out bonus shares. The company's main business is the production and manufacturing of knitted sportswear. Its main products are cotton socks and seamless clothing. Its business model is mainly ODM and OEM. The company is headquartered in Hangzhou and has production bases in many places in China and Vietnam. Its customers include international brands such as UNIQLO, PUMA, and DECATHLON.

The above content is compiled by Securities Star based on public information and generated by an AI algorithm (Network Information No. 310104345710301240019) and does not constitute investment advice.

According to news on March 10, 2026, in order to alleviate the pressure of childcare and cope with the continued low fertility rate, Jeju Island, South Korea, has officially launched a grandparent care subsidy policy, which will provide a monthly subsidy of approximately US$200 (approximately 1,400 yuan) to eligible grandparents. The project will be launched in March and has been approved by the local council. It is a childcare support measure launched based on the successful experience of Seoul.

Seoul will launch the "Grandchild Care Subsidy" as early as 2023, requiring grandparents or relatives to provide at least 40 hours of childcare services per month to receive a subsidy of 300,000 won (approximately US$204, approximately 1,430 yuan). A survey in February 2026 showed that the satisfaction rate for this policy was as high as 99.2%, and 99.5% of the respondents were willing to recommend others to apply. By the end of 2025, 5,466 people had enjoyed the subsidy. The policy is mainly aimed at families with children aged 2 to 3 years old. The family income does not exceed 150% of the national median. It gives priority to families with dual incomes, single parents, and multiple children and other families with childcare difficulties. Dual-income families can enjoy a 25% deduction when calculating the income.

As dual-income families increase and childcare costs rise, grandparents have become an important support for childcare in Korean families. Data show that among the caregivers participating in the project, 54% are maternal grandmothers, 36.4% are paternal grandmothers, and less than 10% are grandfathers. There are various reasons why parents choose grandparent care. 48% do not have enough trust in professional childcare personnel, 46.4% lack emergency childcare channels, and 45.6% find it difficult to arrange childcare on their own. Many parents said that they originally wanted to financially subsidize their parents, and government subsidies have effectively reduced the family burden.

The person in charge of the Seoul Women and Family Foundation said that the subsidy can not only relieve family financial pressure, but also allow children to gain emotional stability in family companionship and help them grow up healthily. This policy is part of the childcare support system launched by the Mayor of Seoul in 2023. It also includes services such as parental leave subsidies, emergency childcare, and municipal children's cafes.

Childcare costs in South Korea continue to rise. The current average monthly childcare expenditure reaches 1.116 million won (approximately 758 US dollars, approximately 5,300 yuan), exceeding the one million won mark for the first time. Driven by a number of policies, South Korea will have 254,500 births in 2025, a year-on-year increase of 6.8%. The total fertility rate has rebounded from 0.75 to 0.8, returning to the 0.8 range for the first time in four years. Officials believe that government fertility incentives have played a positive role.

From Seoul to Jeju Island, providing subsidies to grandparents who take care of their grandchildren is becoming a mainstream approach in South Korea's response to the population crisis. It not only respects the traditional care model of the family, but also uses practical support to reduce the burden on young parents and explore feasible ways to increase the willingness to have children.

On the evening of February 24th, Eastern Time, Trump delivered his first State of the Union address in Congress during his second term. In front of all members of Congress and a global audience, he announced in a high-profile manner that the United States had received more than 80 million barrels of oil from its "new friend" Venezuela. This statement is not surprising. After all, it was only two months since the US military raided Caracas and took control of former President Maduro, and the trend in Venezuela has already changed. No one could have imagined that this resource harvest would come so quickly. As soon as the oil was shipped away, gold would follow.

On March 4, U.S. Secretary of the Interior Burgham led a team straight to Caracas, accompanied by representatives of more than 20 U.S. mining companies. To put it bluntly, they came for Venezuela’s mineral resources. Rodriguez, the acting president of Venezuela, received him warmly throughout the whole process, with a smile on his face. He also publicly promised to advance legislation at "Trump-like speed" and completely liberalize the mining rights of gold, diamonds and rare earths, allowing American companies to enter smoothly. This kind of gesture seems conservative even if it is said to be a proactive show of goodwill. It is clearly using the country's core resources as a bargaining chip to please the United States.

Just two days later, on March 6, Venezuelan gold worth US$100 million was successfully shipped to the United States. Burgum later publicly confirmed the news and specifically emphasized that the gold would be used for American industry and commercial purposes, making no attempt to conceal his plundering intentions. Even more blatantly, Burgum directly revealed in the interview that the total value of gold resources in Venezuela is as high as 500 billion U.S. dollars, as well as key minerals such as bauxite, and even involves China, claiming that controlling these resources can help the United States gain an advantage in the artificial intelligence arms race with China. This sounds ridiculous, but it is essentially a high-sounding excuse for plundering resources.

Many people wonder, does this series of operations in Venezuela mean that it has completely moved towards the United States? The answer actually lies in these details, we might as well dismantle them slowly. Let’s first look at the situation of the Rodriguez government. Maduro is still illegally controlled by the United States. The domestic economy has long collapsed, people’s livelihood is in decline, and social conflicts are so acute that they are difficult to reconcile. In this desperate situation, Rodriguez's compromise is more like a forced choice, trading resources for survival and sovereignty for breathing space, but this kind of compromise has always been a bottomless pit.

Trump has transported 80 million barrels of oil, worth more than $6 billion based on current oil prices. However, less than one-third of the funds actually received in Venezuela’s official account have been withheld by the United States in the name of “supervision” and “reconstruction.” Now that US$100 million in gold has been shipped away again, the United States will inevitably focus on those priceless rare earths and diamonds. This step-by-step plunder will only hollow out Venezuela's wealth little by little, making this once resource-rich country completely lose the possibility of independent development. The so-called "economic buffer" is nothing more than a pie created by the United States for the puppet government. Rodriguez seems to have stabilized the situation, but in fact he has pushed the country into a deeper abyss.

Looking at the United States' calculations, this is not a simple resource transaction at all, but a substantial advancement of the "Trump version of the Monroe Doctrine," which can be said to kill two birds with one stone. Burgum himself admitted that there has been more progress between the United States and Venezuela in the past two months than in the past 20 years, and he cannot hide the pride in his words. Venezuela has the world's largest proven oil reserves, as well as huge amounts of gold and key minerals. With these resources in hand, the United States' energy security and supply chain resilience can be further guaranteed, and it will have more leverage in its strategic competition with China.

More importantly, American companies can seize the opportunity to enter Venezuela in a large scale, and pocket the profits of the entire industrial chain, from resource extraction to refining and processing. The more than 20 mining companies accompanying Bergham have been waiting for a piece of the pie. In terms of geopolitics, the United States has set a benchmark for the entire Latin American region. Those who follow it will prosper, and those who go against it will perish. Controlling Venezuela, a treasure house of resources, is equivalent to further consolidating its absolute dominance in the "backyard." Other Latin American countries will inevitably feel wary when they see this.

The most ironic thing is that on March 5, the United States and Venezuela simultaneously officially announced the restoration of diplomatic and consular relations, and this day happened to be the anniversary of the death of former Venezuelan President Hugo Chavez. In its statement, the Rodriguez administration also talked about "mutual respect and sovereign equality." However, with the former president controlled by the United States on one side and resources constantly being shipped to the United States on the other, this so-called "equality" was just a decent rhetoric after surrender, and even self-deception seemed reluctant. The reason why Trump praised Rodriguez on social media and even deliberately omitted the word "acting" in "acting president" and regarded her as the official president of Venezuela is that he is extremely satisfied with the performance of this puppet government.

There is another detail that deserves vigilance. Venezuelan Foreign Minister Ivan Gil previously issued a statement on the Iran war. He did not condemn the U.S. and Israeli bombings in a single sentence. Instead, he accused Iran of military retaliation that should be condemned. This statement is in sharp contrast to the Maduro government's firm support for Iran last year. Even though it later deleted the statement due to pressure, Venezuela has never publicly opposed the US-Israeli attack on Iran, nor has it made any statement on the death of Khamenei. This ambiguous stance is undoubtedly submitting a petition to the United States and completely abandoning its former allies.

Some people say that Venezuela is forced to do nothing, but no matter how helpless it is, it should not be at the expense of national sovereignty. Comparing Iran, which is also targeted by the United States, we can see the gap clearly. Even if Iran faced joint bombing by the United States and Israel, and even if its supreme leader was attacked, it would still endure to the end. With its geographical advantages in the Strait of Hormuz and domestic unity, it could stand firm in the cracks of sanctions and war. However, Venezuela chose to compromise and surrender, and what it gained in exchange was not stability, but systematic plunder, and the country's destiny was completely controlled by the United States.

In the final analysis, there is no need for unnecessary speculation as to whether Venezuela has completely moved towards the United States. 80 million barrels of oil, $100 million in gold, and rare earths and diamonds that will soon be controlled by American companies are the most direct evidence. The reason why the Trump administration is eager to withdraw from the Iran war is that it finds that resources in Latin America are easier to plunder, and Venezuela's compromise gives the United States an opportunity to take advantage of it.

This unarmed plunder has not only cost Venezuela a heavy price, but has also sounded a wake-up call to all developing countries. The "rules-based order" that the United States calls is essentially the hegemonic logic of the jungle and the strong. The so-called "new friends" are nothing but puppets it uses to plunder resources. Venezuela’s experience tells us that national sovereignty can never be traded. Once compromised, it will only be pushed further and everything will be lost. Now that the gold and oil have been shipped away, Venezuela's future is uncertain, and the United States' hegemonic plunder may continue to be staged in Latin America.

As of the close on March 12, 2026, ST Nachuan (300198) closed at 2.58 yuan, down 1.15%, with a turnover rate of 1.49%, a trading volume of 152,800 hands, and a transaction volume of 39.2907 million yuan.

Focus of the day

Transaction information summary fund flow

On March 12, the net outflow of main funds was 3.867 million yuan; the net outflow of hot money was 821,300 yuan; the net inflow of retail funds was 4.6882 million yuan.

Summary of company announcements Announcement on signing a restructuring investment agreement with financial investors

Fujian Nachuan Pipe Technology Co., Ltd. signed a "Reorganization Investment Agreement" with 13 financial investors on March 11, 2026, involving a total subscription of 194,532,706 shares, a total investment of approximately 278 million yuan, and a price of 1.29 yuan per share. Investors include Beijing Tongchuan Xuanyun, China Foreign Economic and Trade Trust, etc., and the funding sources are all self-owned funds. The agreement stipulates that the financial investor must pay a 15% performance bond within three working days after the agreement takes effect, and the reorganization investment will be paid after the court rules and approves the reorganization plan. The signing of this agreement will help promote the company's pre-reorganization process, but there is still significant uncertainty as to whether the company will enter the reorganization process.

Announcement on the signing of a restructuring investment agreement with industrial investors and the concerted actions of industrial investors

Fujian Nachuan Pipe Technology Co., Ltd. signed a "Reorganization Investment Agreement" with industrial investors on March 11, 2026, identifying Quanzhou Innovation Investment Development Partnership (Limited Partnership), Xiamen Zhongjing Huiyao Investment Partnership (Limited Partnership), Quanzhou Quangang District Industrial Equity Investment Fund Co., Ltd., etc. as reorganization investors. Industrial investors will subscribe for converted shares at a price of 1.29 yuan per share, with a total investment amount of approximately 358 million yuan. Quanfa Consortium needs to complete its capital reserve increase obligation before March 31, 2026. Quanzhou Innovation Investment Development Partnership (Limited Partnership) signed a concerted action agreement with Quanzhou Quangang District Industrial Equity Investment Fund Co., Ltd. to form a concerted action relationship. At present, the company has not received the legal documents from the court to formally accept the reorganization, and there is uncertainty as to whether it will enter the reorganization process.

The above content is compiled by Securities Star based on public information and generated by an AI algorithm (Network Information No. 310104345710301240019) and does not constitute investment advice.