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Multiple Rounds Of Price Increases For Various Passive Components Will Begin In The Second Half Of 2025, And The MLCC Price Increase Cycle May Extend To 2026.

According to media reports, passive components, as the "industrial rice" of the electronic information industry, are the core foundation for ensuring signal transmission, energy storage and circuit protection of electronic equipment. Starting from the second half of 2025, a variety of passive components, including MLCC, resistors, inductors, tantalum capacitors, magnetic beads and other products, have experienced multiple rounds of price increases driven by different reasons, with price increases generally ranging from 5% to 30%.

Aijian Securities research report pointed out that the component price increase cycle driven by AI has extended from storage to core passive components. According to media reports on February 24, Samsung Electro-Mechanics, a major global MLCC (multilayer ceramic capacitor) manufacturer, is evaluating plans to increase the pricing of its products. MLCC is the core basic component responsible for filtering, voltage stabilization, and energy storage in electronic circuits. Korean media analysis pointed out that the structural high demand brought by the iteration of AI servers is the core support for this round of MLCC price increase expectations. The power consumption of AI servers is much higher than that of traditional servers. The demand for high-capacity and high-temperature-resistant MLCCs has surged, and the consumption of single-machine MLCCs has increased by more than three times compared with ordinary servers. Aijian Securities believes that the global MLCC price increase cycle is expected to continue until 2026.

According to the Finance Association’s theme database, among the relevant listed companies:

China Ceramics Materials is the world's leading manufacturer of MLCC dielectric powders, with a full range of products covering all types of basic powders and formula powders.

Hongda Electronics has carried out a total of 11 independent research and development projects in 2025, including completing the standard implementation expansion of CTK41B multilayer chip ceramic capacitors and chip thin (thick) film fixed resistors, and launching highly reliable multilayer ceramic and chip resistors.

(Financial Associated Press)

Famous Historian Liu Minghan Passed Away At The Age Of 94, Looking Back On His Brilliant Academic Career

The Paper reporter learned from Hunan Normal University that Mr. Liu Minghan, a retired professor at the School of History and Culture of Hunan Normal University and a famous historian, passed away on March 3, 2026 at the age of 94.

_Mr. Liu Ming's personal homepage_Dr. Liu Minghan

Liu Minghan was born in Suifenhe City, Heilongjiang Province in April 1932. From September 1949, he studied undergraduate and postgraduate studies in the History Department of Northeastern University (later renamed Northeast Normal University). After graduating in August 1954, he stayed at the school and served successively as a teaching assistant, lecturer, and concurrently as the director of the reference room. In 1958, he was transferred to the Department of History of Shandong University. In 1979, he served as a member of the academic committee of the school and deputy leader of the Shandong Provincial Social Science Discipline Review and History Discipline Review Group. He was named associate professor in 1979 and promoted to professor in 1983. In 1987, he was transferred to the China Youth University for Political Science in Beijing, where he served as director of the Cultural Foundation Department, director of the school library, etc., and as a member of the Senior Professional Title Evaluation Committee of the Central Committee of the Communist Youth League. Joined the Communist Party of China in December 1988. In 1992, he was hired by Capital Normal University as a tutor for doctoral students in world medieval history. In 1993, he was introduced to Hunan Normal University as an expert and retired honorably in April 1998. In July 2008, he was appointed by the Institute of World History of the Chinese Academy of Social Sciences as the director of the European Renaissance Research Center of the China International Cultural Academy. He was employed as a part-time professor at Shandong University in 1994 and 2013. In 2013, he was appointed as the current Distinguished Professor of Project 985 by Beijing Normal University. In 2017, he was appointed as the Distinguished Professor of "World-Class Universities and First-Class Disciplines" of the School of History of Beijing Normal University.

Liu Minghan is a well-known expert on world history in my country and the founder of the disciplines of world medieval history and European Renaissance history. He has made outstanding achievements and written extensively. Hosted and completed the National Social Science Fund projects "Research on the History of the European Renaissance" and "Research on Social and People's Livelihood Changes during the European Religious Reform Period", etc.; authored "Biographies of the Roman Popes", "Diversified Spiritual Civilization in the Feudal Era", "Biography of the Japanese Empress Takaken", "History of the European Religious Reform", etc.; co-authored "A Brief Overview of the Development of Christianity in Beijing", "The Fire of Human Civilization", "Educational Thinkers in the Renaissance Era", etc.; the "History of the European Renaissance" (12 volumes) edited by the Ministry of Education of China won the first prize of the 6th National Humanities and Social Sciences University Outstanding Book Award by the Chinese Ministry of Education in 2013, and "World History Medieval History" " was the unified textbook compiled by colleges and universities across the country in the 1980s. "History of the Development of Human Spiritual Civilization" (4 volumes) was included in the national "Tenth Five-Year Plan" key publishing planning projects. It also edited "Review of Foreign Historical Masterpieces" (5 volumes), "American Civilization", "World History Brief", "World Antiquity" "Civilization Miracle Series" and "European Renaissance Famous Masters Series" (6 volumes) and 20 other books; published more than 120 articles in "Historical Research", "World History" and other publications, building a world history research system with Chinese characteristics and having a major impact in the field of history.

Liu Minghan has served successively as secretary-general, vice-president, and president of the Chinese World Medieval History Research Association, and vice-president of the Chinese German History Research Association. In 2004, he was elected as the honorary chairman of the Chinese World Ancient Medieval History. He has been successively elected as the executive director of the Chinese Society for the Study of Japanese History, the executive director of the Chinese Society for Ethnic Studies, and the academic member of the Chinese Society for the History of Sino-Foreign Relations. In 2017, he was appointed as the vice president of the China Association for the Promotion of Peaceful Reunification (Japan). In 1988, he was appointed as a chair professor at the University of Freiburg, Germany. In addition, he participated in the 16th and 22nd International Historical Science Congress, gave lectures at the University of Stuttgart, the University of Bremen, the Chinese University of Hong Kong, and Yokohama University in Japan, and went to the United States, Canada, South Korea, and Switzerland to attend academic conferences or give lectures. Actively promoting academic exchanges between China and foreign countries has laid a solid foundation for the development of China's world history discipline, expanded its international horizons, and enjoyed high prestige in the domestic and foreign history circles.

Domestic Fantasy Micro-short Dramas Will Explode In 2026, And Large-scale Plots Will Attract Attention

It’s been a long time since I’ve seen such a pure lust-filled scene from a domestic fantasy drama.

_Play costume dramas_Play costume drama videos

On a full moon night, in a ruined temple.

In order to cure the cold poison, Liang Jiangzhu (played by Zhao Qing), a jade waist slave who was looking for Yulang on a full moon night, accidentally planted the poison into the brow of Shen Miu (played by Zheng Yecheng), the king of Yan who was chasing him.

Play costume drama videos_Play costume drama videos_

From then on, as long as Jiang Zhu snaps his fingers, Shen Miu will suffer from the lovesickness poison and can't help himself.

Play costume drama videos__Play costume dramas

Don’t believe it? The sound of finger snapping was heard, and Shen Miu couldn't control himself for a moment, rubbing his hair with the enchanting crimson eared man in red and looking at each other ambiguously.

Play costume drama videos_Play costume drama videos_

In an instant, Shen Mi felt hot all over his body, but the cold poison in Jiangzhu broke out and the cold air dissipated.

Play costume drama videos_Play costume dramas_

The next second, Shen Mi's sweat dripped on Liang Jiangzhu's shoulders. The clouds and rain fell, the cold poison was broken, and the lovesickness was relieved.

And the bond between the two was planted.

I was also surprised when I saw this: Has the scale of costume fantasy Chinese dramas evolved to this level?

Play costume drama videos__Play costume dramas

Abandoning the long foreshadowing of a long drama, the show starts with a strong dose of drugs, and the plot is both crazy and exciting. I thought it was a dinner drama, but it turned out to be a drama.

The fairy version of "Mr. and Mrs. Smith"? It seems it's not that simple.

The peak of the micro-short drama market in 2026 will come earlier than in previous years.

Throughout the Spring Festival, although there were many excellent long-form dramas, there were almost none that could be called blockbuster dramas. In the movie market, there is only one hit, "Flying Life 3", and "The Man" is a surprise.

On the contrary, the short drama market has a unique scene. "Grandma 4" set a new record when it was released, continuing the pattern of short dramas becoming popular during the Spring Festival since "I Was a Stepmother in the 1980s".

Play costume drama videos_Play costume dramas_

And the trend of screen short dramas during this year’s Spring Festival has not stopped yet.

Just at noon today, the "Nian Nian Wu Ming" team took action. The 24-episode costume fantasy Chinese drama "Planting Red Beans on Your Eyebrows" led by Zheng Yecheng and Zhao Qing was launched on Mango TV.

Play costume drama videos__Play costume dramas

The series was a hit right from the start, with 8 million views on the platform within 3 hours of its launch, not losing to long-running dramas at all.

I finished 6 episodes at the first time and found that the story settings are full: poison + conspiracy, the ambiguity between powerful ministers and seductresses is thoroughly played out in it, and it can be called a textbook of pure desire.

Let’s talk to you about the actors in the plot. How does a costume fantasy short drama plant red beans in the hearts of the audience?

1. Planting poisons, luring hooks, and killing traps, "Planting Red Beans on Your Eyebrows" firmly caught my attention at the beginning

Compared with long-form dramas, are costume fantasy micro-short dramas better to watch? Plot is the key.

The story of "Planting Red Beans on Your Eyebrows" begins with the love-hungry relationship between Jiang Zhu, the "jade-waisted slave" in a fantasy world, and Shen Mi, a powerful minister, and introduces three major fantasy elements.

Play costume dramas_Play costume drama videos_

Not only does it captivate the audience, but it also makes the atmosphere of fantasy and pure love so rich that it almost overflows the screen.

First: "Seed Gu".

The story begins with a seeding of poison.

The "jade-waist slave" was wronged due to a turmoil many years ago and became the prey of strangulation by the court.

Play costume drama videos__Play costume dramas

King Shen Mi of Yan was ordered to pursue and kill him.

Play costume drama videos_Play costume drama videos_

Any woman from the "Jade Waist Slave" tribe who suffers from cold bone disease must find a "Yulang" on the night of the full moon after she reaches adulthood, and absorb Yuanyang through dual cultivation in order to continue her life.

Play costume drama videos_Play costume drama videos_

As a result, Liang Jiangzhu used the red thread to get Yu Lang, who happened to be Shen Miu who was ordered to hunt her down.

_Play costume dramas_Play costume drama videos

Shen Miu, who had just won a duel with Fan Bang, found that one of his generals was missing for no reason. He suspected that he had been abducted by the "Jade Waist Slaves", so he divided his troops into several groups, looking for people while looking for opportunities to eliminate the remaining "Jade Waist Slaves".

Just before the ruined temple, she met Jiang Zhu who was waiting for her Yu Lang.

Play costume drama videos_Play costume dramas_

Shen Miu originally wanted to capture Jiangzhu, but he didn't expect that he, who was invincible on the battlefield, would fall for this beautiful girl.

Play costume dramas_Play costume drama videos_

The full moon is approaching, and without Yulang to cure herself of the cold poison, Jiangzhu will be in danger of losing her life.

Time is tight and the task is heavy, so Jiang Zhu can only use the lovesickness poison planted on this cold-faced prince to detoxify himself, and thus the opening scene takes place.

Play costume dramas_Play costume drama videos_

Still want to pick up the knife? Hug it directly.

And as Liang Jiangzhu accidentally planted the poison in Shen Miao's brow, the two went from being hostile and alert at the beginning, to being forced to bind and coexist, to testing each other and redeeming each other in the whirlpool of power.

Destiny has been entangled ever since.

Second: lure hook.

At this time, Shen Miao was encountering a fire in the backyard.

Play costume dramas_Play costume drama videos_

Qin Zhaohua, a famous medical girl he is about to marry, has just moved into the palace to treat the disabled prince Shen Yuheng (played by Deng Xiaoci) who is in a wheelchair.

_Play costume drama_Play costume drama video

But the sickly prince became obsessed with this "royal sister-in-law".

After saying "Not only the emperor's uncle can marry you, but also me," he directly took the emperor's sister-in-law into his arms, which instantly heightened the tension of the plot.

Play costume drama videos_Play costume drama videos_

But behind this forbidden love, there is not only a fight for love, but also a fight for power. '

Rather than temptation, this is more like a power conspiracy in which those who are willing take the bait.

Shen Yuheng, who is increasingly mad because of his physical disability, wants not just the emperor's wife, but the military power in the hands of the emperor's uncle Shen Mi, and even the life of the emperor's uncle Shen Mi who is dedicated to his recovery.

Play costume drama videos__Play costume dramas

But at this time, Shen Mi himself gave Shen Yuheng the flaw that he wanted most: the Lovesickness Gu of the Jade Waist Slave.

Third: kill the game.

Under the undercurrent of the struggle for imperial power, the bond between Shen Miu and Liang Jiangzhu deepened, and the other party even put himself in danger, just to prevent him from being affected by the love poison.

But Shen Miao gradually lost control and became the person he once hated most, who was fascinated by the Acacia Gu.

Play costume drama videos_Play costume dramas_

At the same time, Shen Yuheng tried to seduce Shen Mi's fiancée to become his secret chess piece, and at the same time used Shen Mi's lovesickness poison to secretly plan and send the imperial army to the outside of Prince Yan's palace where the poison was taking effect.

_Play costume dramas_Play costume drama videos

Once Shen Miu is seen to be poisoned, he will surely die.

A killing spree is quietly approaching.

I have to say that "Planting Red Beans on Your Eyebrows" really brought the audience an immersive and exciting costume fantasy drama.

The male and female protagonists at the beginning bring the audience into the drama, and at the same time build up suspense, firmly attracting the audience's attention.

Play costume drama videos_Play costume drama videos_

The so-called "Jade Waist Slave" murder case back then was simply an unjust case. Who caused this unjust case?

When Shen Miu is trapped by the Lovesickness Gu, Shen Yuheng's murderous situation is getting closer and closer. How can Shen Miu break the situation with Jiang Zhu's help?

Play costume drama videos_Play costume drama videos_

How can Shen Miu uncover the conspiracy behind the unjust case of the "Jade Waist Slave" and vindicate the Jiangzhu clan?

Will the male and female protagonists, who are attracted to each other by the love charm, eventually fall in love and kill each other because of the fate of the tribe?

Entering the drama.

2. Perception: Refreshing, pure, and sweet, this costume fantasy micro-short drama made me addicted.

After watching 6 episodes, if you ask me what I think, I will describe it in 6 words: refreshing, pure desire, and sweet.

First, the story is refreshing.

Compared with long dramas, this drama obviously focuses on being short and concise, with a crisp rhythm and strong emotions.

_Play costume dramas_Play costume drama videos

The whole drama maintains a capable plot rhythm. It starts with the opening of the meeting between the male and female protagonists, and then it is not sloppy at all, and the subplot of the male and female villains is also rapidly advanced.

Play costume drama videos_Play costume drama videos_

From the rising relationship between the male and female protagonists to the unjust case of the jade-waisted slave, the rhythm of the story does not give you any time to breathe. One conflict follows another, which seems refreshing enough.

Second, pure desire comes first.

Pure desire is not simple and crude on a large scale. But it is reflected in the details that are still lingering.

This is the opening scene of the play.

The heroine is enchanting in red and binds the hero with a lovesickness charm, and a dangerous and sweet confrontation begins.

_Play costume drama_Play costume drama video

The two started fighting each other with fists and kicks, and then "Jiang Zhu" attacked Shen Miu who had been poisoned step by step. The male protagonist tried to escape but was caught. In the blink of an eye, the two people's noses were touching.

Play costume drama videos_Play costume drama videos_

But here the plot takes an unexpected and hilarious turn: Shen Miu, a powerful official with unparalleled martial arts skills, lacks relevant professional knowledge and is forced to make up for it on the spot.

_Play costume dramas_Play costume drama videos

In another seduction scene involving two men and two women, Shen Yuheng, the prince, and his wife-in-law looked at each other through the veil.

Play costume drama videos_Play costume dramas_

There was not a word of love between them, not a kiss, but the atmosphere was filled with tension.

Play costume dramas_Play costume drama videos_

Both sides go back and forth, their hearts are burning, and they are filled with a sense of restraint and taboo.

Each other has to suppress their love, but they can't stop it from growing wildly.

Play costume drama videos_Play costume dramas_

The yandere prince falls in love with the emperor's sister-in-law, who is not yet married to his uncle, which adds a sense of taboo to the relationship, making people unable to help but fall into it.

Third, fight against Lu Gaotian

Besides pure desire, there is also sweetness.

Today, love brain is no longer popular. It is not easy to create something new in a costume fantasy drama.

The approach of this drama is to treat love as a plot.

Play costume dramas_Play costume drama videos_

The male and female protagonists use the poison as a thread to fall in love and kill each other. The female protagonist casts the poison for the male protagonist. The male protagonist is resistant on the surface and cannot control it. However, as the two get closer, a massacre plot against the Jade Waist Slave puts the two people in love at the forefront.

The lovers fighting on the road, sweetness and abuse intertwined, become more and more exciting.

Play costume drama videos_Play costume dramas_

In dangerous encounters and repeated pushes and pulls.

The sadistic love between the two is like the red beans of the South, gently sweetening the hearts of the audience.

3. Actors such as Zheng Yecheng and Zhao Qing brought out the "charm" of the fantasy drama as soon as they appeared on the stage.

As a costume fantasy Chinese drama, the cast of "Growing Red Beans on Your Eyebrows" is not as gorgeous as the long-running dramas blessed by top-notch ancient puppets.

But every actor in the play performs online, which can keep the audience from being distracted.

What amazes me the most is the male and female protagonists in the drama. The "charm" of a costume fantasy drama comes out as soon as they appear.

For example, the heroine Zhao Qing. The best thing is the contrast.

In the past, from Mo Caihuan in "The Legend of Mortal Cultivating Immortality" to Wu Ren, the heroine's personal bodyguard in "The Strange Case of Tang Palace", Zhao Qing has played mostly innocent girls or sassy heroine-style characters.

In this play, she directly challenges the jade-waisted slave. She is dressed in red and sits sideways on a stone statue. She is as beautiful as jade and has enchanting long fingers. As the male protagonist describes it, she "looks like a beast and a demon". Her appearance alone amazes the audience.

_Play costume drama_Play costume drama video

Zhao Qing's performance for such a contrasting character is also online, performing different temperaments of the character in different plots.

When she first appeared, she looked cold and charming, with a hint of cuteness in her beauty.

_Play costume drama_Play costume drama video

Facing the male protagonist, she is agile and cunning, and has a bit of cuteness that teases the male protagonist.

But when her tribe was massacred, her face became covered with bloodstains, her skills were agile, and her aura was so powerful that people unconsciously felt suffocated.

Play costume drama videos_Play costume drama videos_

Zhao Qing performed the role with multiple faces. No wonder netizens praised her for finding a suitable track. The pure and charming succubus is really charming.

Zheng Yecheng also interprets the contrast of the characters very well.

When he appears, he is a warrior on the battlefield who rides his horse, whips his whip, bends his bow and shoots on horseback.

Play costume drama videos_Play costume dramas_

After being poisoned, he became painful and struggling, but ultimately found it difficult to control himself.

When facing the heroine, he turns into a gentle "gold man" who talks about being a "monster" but actually places her firmly on the windowsill.

Play costume dramas_Play costume drama videos_

Particularly worth mentioning are Zheng Yecheng's fighting scenes. Although the several fighting scenes involving knife dancing, archery, and flying down from the sky are only glimpses, every frame appears powerful, smooth and beautiful.

Play costume dramas_Play costume drama videos_

What Zheng Yecheng lacks is always a good role that can fulfill him, and I hope it will be this time.

In addition, Shen Yuheng, played by Deng Xiaoci, the male protagonist of "Midnight Snow", and Qin Zhaohua played by Fu Dongnuan are equally wonderful.

A sickly prince plays a role that makes the series full of black epilepsy.

_Play costume dramas_Play costume drama videos

Another royal wife gives the series a sense of pure whiteness and taboo.

Play costume drama videos_Play costume drama videos_

It is precisely because of the brilliance of these characters that this costume fantasy drama has more colors and highlights.

4. Actors from long dramas such as Zheng Yecheng and Zhao Qing have entered the game, and short dramas are about to be dark horses again.

Finally, I would like to talk about domestic micro-short dramas.

As we all know, with the decline of long-form dramas, short dramas have increasingly become the new main force in the Chinese drama market.

Moreover, as short dramas become more and more popular, the audience of short dramas do not only eat "coarse grains", but increasingly like fine grains that are refreshing and refined.

Therefore, in the past two years, we have also seen innovation and changes in short dramas.

"Summer Findela" cuts through with movie-level images.

Play costume drama videos__Play costume dramas

A large number of beautiful images with symmetrical compositions pull together the love between the urban male and female protagonists.

"Nian Nian Wu Ming" can be called a costume version of Mr. and Mrs. Smith.

Play costume drama videos__Play costume dramas

The strong plot, fast-paced narrative style and the emotional pull between the top female killer and the court commander all enhance the story's visibility and topicality.

And this "Planting Red Beans on Your Eyebrows" also opens up a new perspective: a beautiful succubus and an immediately powerful minister stage an anti-conventional fairy-tale romance of "lovesickness."

Play costume drama videos_Play costume dramas_

Although after six episodes, there are still short drama flaws such as blunt lines, excessive filters, and even overly ambiguous plots.

But the novel setting and world-class appearance still surprise the audience.

Especially the strong emotional pull between the male and female protagonists is even better than many ancient puppet dramas.

The most critical thing is the push and pull between the two.

Play costume drama videos_Play costume drama videos_

The scenes of teasing each other were staged in turn, making the play enjoyable enough.

It is not like many ancient puppet dramas, which look very sweet, but are actually the kind of industrial saccharine that the audience has to be raped on the head.

As the number of long-form dramas is decreasing day by day, instead of filming some long-form ancient puppet dramas, it would be better to film some Chinese dramas with interesting plots and good productions.

_Play costume dramas_Play costume drama videos

The successive failures of major platforms such as CCTV and Mango TV also show that domestic micro-short dramas are still working hard to break through and develop in a good direction.

In fact, no matter whether it is a long play or a short play, what the audience wants to see is a fresh and good story – one that does not rely on gimmicks or topicality to gain popularity. Rather, it is a solid portrayal of the warmth between humans and monsters.

Play costume drama videos_Play costume dramas_

Although it is a fantasy romance drama, it still has to serve love in the end.

But he is able to develop his own style in a down-to-earth manner and capture pure desire that truly makes people's hearts beat.

Rather than being like many ancient puppet dramas, the leading actors seem to be forced to fall in love. There is no passion for love, only the stiffness of going to work after the Spring Festival.

That’s the victory of micro-short drama.

The Pet Dog Brought Back By A Dalian Man From Hangzhou Was Lost In Dalian And A Reward Of 10,000 Yuan Was Offered To Find The Dog.

After Xiao Li, a young man from Dalian, worked and settled in Hangzhou, Zhejiang, he raised a black pine dog named "Hei Dou". Unexpectedly, during the Chinese New Year this year, Xiao Li brought his pet dog back to Dalian for the first time. "Hei Dou" accidentally got lost while out for a walk. According to Xiao Li, "Heidou" is a male dog about 1 year old. He was lost near the intersection of Jinshi Road and Jinyun Street in Shahekou District. If anyone can find his dog, he is willing to reward him with 10,000 yuan.

My pet dog accidentally got lost when I returned to Dalian for the first time.

Xiao Li, a young man from Dalian, has lived in Hangzhou, Zhejiang Province all year round due to work. In June last year, in order to relieve his loneliness, he bought a black pine dog and named it "Heidou". During the Chinese New Year this year, Xiao Li drove his pet dog back to Dalian and stayed with relatives. Unexpectedly, an accident occurred. "At around 4 p.m. on February 24, a relative took Black Dou for a walk, but without a leash. Hei Dou was originally a very close relative, but he was startled by a vehicle while crossing the road. In addition, it was his first time in Dalian and he was in an unfamiliar environment. He ran away and disappeared," Xiao Li said.

It is understood that "Black Bean" is a male dog about 1 year old. His most conspicuous feature is that his tail is extremely thick and rolled up. The location when "Heidou" disappeared was near the intersection of Jinshi Road and Jinyun Street in Shahekou District. There was no marker on his body. As of March 6, "Heidou" had been missing for more than 10 days.

Lost old man in Dalian_Has the lost boy in Dalian been found?

Owner offers reward of 10,000 yuan to find dog

Xiao Li said that during the days when "Black Bean" was missing, he would search near the place where it was lost every day. However, despite trying his best to search by posting flyers, asking passers-by, and asking for help online, Xiao Li has yet to obtain any valuable clues. "After more than half a year of getting along with 'Black Bean', it has become an indispensable part of my life." Therefore, Xiao Li solemnly promised that if a kind person can find "Black Bean" and return his pet dog to him, he is willing to reward him with 10,000 yuan.

If you have seen "Black Beans" or have any clues, please contact Mr. Li at 18667162627.

Source: Peninsula Morning News, 39 Degrees Video Reporter Bi Chonglai

Guo Jiajun, The First Foreigner In Fujian, Donated His Organs To Save Five Patients, And His Family Endured The Pain To Fulfill Their Great Love.

"He always had long hair;

I just hope that when the time is right, I can donate to a charity organization.

Making wigs for cancer patients. "

recently

This foreign man with long hair

Passed away unexpectedly while traveling in Fujian

His family chose to donate organs to save the lives of others

This is also the first foreign organ donor in Fujian Province.

Diving instructor income __ The highest level of diving instructor

Guo Jiajun, a Chinese young man from Kuala Lumpur, Malaysia, completed organ donation in Fuzhou

On March 6, Guo Jiajun, a Chinese young man from Kuala Lumpur, Malaysia, completed organ donation in Fuzhou and became the first foreign organ donor in Fujian Province. The liver, kidney and cornea tissue he donated were successfully matched through the system to save five Chinese patients, completing a cross-border love relay with his life.

It is reported that at the end of February this year, Guo Jiajun had an accident while traveling in Fujian. Although he was rescued with all his strength, his injuries were too severe and he was unfortunately judged to be brain dead. "He was still celebrating the Lunar New Year with us, but something unexpected happened in just a few days…" Although they were extremely sad and reluctant, Guo Jiajun's family still made a decision – to donate organs to save the lives of others.

The highest level of diving instructor __ Diving instructor income

Guo Jiajun is a Chinese diving instructor (Source: Fuzhou Evening News)

Guo Jiajun, 34 years old, is a Chinese diving instructor who loves life and grew up in Kuala Lumpur. "He is a sunny, independent and caring child." Guo Jiajun's mother's words were full of reluctance. She respects her son's wish: to donate organs to save other people's lives. "He has always grown his hair long, hoping that when the time is right, he can donate it to a charity organization to make wigs for cancer patients."

With the help of Fuzhou Red Cross Organ Donation Coordinator Chen Yili, Guo Jiajun’s family learned in detail about China’s laws, regulations and donation procedures, and then signed the legal document for voluntary registration of human organ donation.

On March 6, under the joint witness of the Red Cross Society and the OPO Human Organ Donation Coordinator, the OPO Organization of Mengchao Hepatobiliary Hospital of Fujian Medical University successfully obtained the liver, kidney and cornea tissue donated by Guo Jiajun, and successfully matched them to five Chinese patients through the China Computer System for Organ Distribution and Sharing (COTRS).

"The pain of losing a loved one has not yet subsided, but we decided to let love continue. This humanitarian spirit that crosses borders deeply admires us." said Si Jing, director of the Joint OPO of Mengchao Hepatobiliary Hospital of Fujian Medical University.

Source: N Haidu All-Media Reporter Lin Juan Correspondent Zhang Ruobing Lin Xiaojuan Text/Photo

Head Coach Of The Chinese Women's Football Team: Most Of The Team's Players Appeared In The Group Stage, And The Coaching Staff Trusts Everyone

Chinese women’s football coach: The coaching staff trusts every player

On the 6th, after leading the Chinese women's football team to the quarterfinals of the Asian Cup, Ante Milicic, the head coach of the Chinese women's football team, said that the vast majority of the team's players had already appeared in the group stage, which made the entire team cohesive and fully prepared for the next game.

Women's football coach election_Chinese women's football coach selection_

On March 6, Chinese team players greeted the audience after the game. Published by Xinhua News Agency (Photo by Hu Jingchen)

That night, the Chinese team defeated Uzbekistan 3-0 in the second round of Group B of the Asian Cup, thus locking in the top eight with two consecutive victories. During the game, Shao Ziqin hit a penalty kick and Li Qingtong made two contributions.

Compared with the first game, Milicic made 9 adjustments to the starting 11 players, retaining only center back Wang Linlin and goalkeeper Chen Chen.

He said after the game that after playing two games, all of the 26 players on the team, except for the two substitute goalkeepers, have played and played their roles. Among them, three players who returned from the European League, namely Li Mengwen of Scotland's Glasgow Rangers, and the attacking combination of Wu Chengshu and Wang Yanwen of French Dijon Club, all started on the 6th according to his plan after adapting to the Sydney climate and time difference. Although the team rotated players on a large scale, it was still able to control the situation and the rhythm in the 6th game. This is not easy and reflects the effect of the previous training camp.

Women's football coach election__Chinese women's football coach selection

On March 6, Chinese team head coach Ante Milicic gave instructions from the sidelines. Published by Xinhua News Agency (Photo by Hu Jingchen)

"Every player is important to the team. They understand that everyone has the trust of the coaching staff and has the ability to appear in a competition of this level." He said.

In another match in Group B, the North Korean team defeated the Bangladesh team 5:0 and also achieved two consecutive victories. The North Korean team and the Chinese team are tied with 6 points. The two teams locked in the top two in the group in advance and both advanced to the quarterfinals. On the 9th, the Chinese team will face the North Korean team to compete for the top spot in this group.

Right back Li Mengwen said after the game that the head coach rotated players in the group stage, which was actually very good for each player and gave everyone a chance to show themselves.

Talking about the North Korean team, the strongest opponent in the group stage, she said: "The North Korean team has always been a strong team, including their wing, as well as their abilities and playing style in all aspects. We will also make targeted preparations on the wing."

Chinese women's football coach selection__Women's football coach election

Must-know Overnight Global News On Friday: Iran Situation, US Personnel Changes And Economic Trends

[Overnight global news you need to know on Friday: Iran denies blocking the Strait of Hormuz, the U.S. Department of Homeland Security Secretary will be replaced, and the Chicago Mercantile Exchange lowers the margin ratio of gold and silver futures] 1. The Permanent Mission of Iran to the United Nations stated that the so-called claim that Iran blocked the Strait of Hormuz is baseless and ridiculous. Iran has always abided by international law and safeguarded freedom of navigation. 2. Secretary of Iran’s Supreme National Security Council Larijani said that Iran is ready to respond to US ground operations. 3. The Iranian military said it used a drone to hit the USS Lincoln aircraft carrier. 4. U.S. President Trump nominated U.S. Senator Markwayne Mullin to replace Kristi Noem as U.S. Secretary of Homeland Security. 5. Oregon, together with 23 other states, filed a lawsuit with the U.S. Court of International Trade, requesting to block the new tariff measures recently announced by the Trump administration. 6. The United States and Mexico have launched a joint review process for the U.S.-Mexico-Canada Agreement, and U.S.-Mexico negotiators will begin holding bilateral talks the week of March 16. 7. The U.S. Treasury Department is expected to announce measures to deal with soaring energy prices as soon as Thursday, senior White House officials said, including using the oil futures market. 8. According to official news from Bahrain, a facility at the Bahrain National Oil Company's main refinery was hit by an Iranian missile on the 5th, causing a fire. 9. According to ICI, U.S. money market fund assets rose to a record $7.82 trillion. 10. European Central Bank President Lagarde said that monetary policy will be decided on a meeting-by-meeting basis based on data and there is no preset position. 11. Traders have increased their bets on the European Central Bank to raise interest rates, predicting a 75% chance of raising interest rates this year. 12. CME Group lowered the initial margin for its COMEX 100 gold futures from 9% to 7%, and lowered the initial margin for its COMEX 5000 silver futures from 18% to 14%. 13. The settlement price of international crude oil futures closed sharply higher. WTI crude oil futures April contract closed up 8.51%, Brent crude oil futures May contract rose 4.93%. 14. The three major U.S. stock indexes collectively closed down, with the Dow Jones Industrial Average falling 1.61%, the S&P 500 Index falling 0.57%, and the Nasdaq Composite Index falling 0.26%. Major European stock indexes closed down collectively, with Germany's DAX30 index falling 1.72%. 15. OpenAI releases GPT-5.4 and GPT-5.4 Pro models, supporting context windows of up to 1 million tokens. 16. Google has committed to investing US$50 million by 2030 to take action to combat powerful greenhouse gases. 17. Paramount CEO confirmed that HBO MAX and PARAMOUNT+ will be merged.

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

macro news

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

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

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

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

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

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

Industry news

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

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

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

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

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

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

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

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

Company news

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

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

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

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

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

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

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

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

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

global market

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

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

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

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

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

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

Investment opportunity reference

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

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

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

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

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

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

(Financial Associated Press)

The Three Major A-share Indexes Pulled Back On March 4 And Have Performed Poorly In The Past Two Days. What Is The Direction Of Allocation In The Market Outlook?

The three major A-share indexes collectively made a correction today (March 4). As of the close, the Shanghai Composite Index fell 0.98%, losing 4,100 points, the Shenzhen Component Index fell 0.75%, and the ChiNext Index fell 1.41%. The turnover of Shanghai, Shenzhen and Beijing was 2.39 trillion yuan, a decrease of nearly 770 billion yuan from yesterday.

On the market, the agricultural concept is active, with many stocks in the seed industry sector hitting the daily limit. The only agriculture, animal husbandry and fishery ETF (159275) in the market bucked the trend and rose 1.81%; the military industry quickly counterattacked, with military industry ETF Warbao (512810) and general aviation ETF Warbao (1 59231) both rose by more than 1% on the market; AI computing power detonated the demand for electricity, and the power grid sector continued to be active. The core asset of "HALO"-power ETF Huabao (159146) closed up nearly 1% on the market, hitting a new listing closing high. In terms of decline, brokerage stocks fell across a large area, and the price of brokerage ETF (512000) fell by more than 2%.

In the past two days, A shares have performed poorly. China Galaxy Securities stated that the violent fluctuations in A-shares are not a trend change, but a concentrated release of short-term emotions under the superposition of external pressures. The mid- to long-term market's upward trend has not changed. It will gradually return from "emotion-driven" to "fundamental-driven", showing an operating pattern of "shock digestion, momentum improvement, and structural focus." The current valuation of A-shares is still at a reasonable level, long-term funds are gradually entering the market, and the market's mid- to long-term positive trend is clear. *

Regarding the specific allocation direction of the market outlook, Ping An Securities pointed out that the impact of macro events and fundamentals in March will increase (important meetings, economic data, Trump's planned visit to China, the approaching financial reporting season, etc.), combined with the recent increase in geopolitical risks, and market fluctuations are expected to be amplified. It is recommended to continue to grasp the two main lines of cyclical price increases and technology manufacturing that are supported by the prosperity. *

[Review of all-knowing ETF hot spots] Focus on the transactions and fundamentals of ETFs in industries such as agriculture, animal husbandry, fishery, military industry, and securities companies.

1. Favorable policies have been introduced intensively! The seed industry set off a rising trend, and the Agriculture, Animal Husbandry and Fishery ETF (159275) bucked the trend and rose 1.81%! Institutions: The value of sector allocation has increased significantly

The agriculture, animal husbandry and fishery sector bucked the market trend today (March 4). The only agriculture, animal husbandry and fishery ETF (159275) in the market rose rapidly after opening, and then continued to fluctuate at high levels. As of the close, the price on the market rose by 1.81%.

In terms of component stocks, the seed industry has made a large-scale rally. As of the close, Nongfa Seed Industry and Yasheng Group both hit their daily limit, and Shennong Seed Industry soared 11.19%. Tsuen Yin Hi-Tech, Long Ping Hi-Tech, Denghai Seed Industry and other stocks rose more than 7%.

In terms of news, agricultural support policies have been introduced intensively in many places! On March 3, Fujian issued implementation opinions anchoring agricultural and rural modernization and solidly promoting comprehensive rural revitalization, proposing to improve the quality and efficiency of characteristic modern agriculture development, focusing on grain production and circulation reserves, ensuring the supply of important agricultural products, cultivating tens of billions of characteristic agricultural industry clusters, and improving agricultural product cold chain logistics systems. On March 2, Sichuan issued the No. 1 Provincial Party Committee Document for 2026, clarifying that the annual grain sown area will be stable at more than 96 million acres, and the output will be stable at more than 73 billion kilograms.

Some analysts pointed out that from the perspective of variety fundamentals, the current upward trend in grain prices has been established, the fundamentals of the planting & seed industry are good, and large-scale planting investment opportunities are highlighted.

From a valuation perspective, the current valuation level of the agriculture, animal husbandry and fishery sector is still at a relatively low level, and this may be a good opportunity for sector allocation. Data show that as of the close of yesterday (March 3), the market-wide market's only agriculture, animal husbandry and fishery ETF (159275) underlying index CSI All-Agriculture, Animal Husbandry and Fishery Index had a price-to-book ratio of 2.55 times, which is at the low of the 31.96% quantile in the past five years, highlighting the cost-effectiveness of medium- and long-term allocations.

Looking forward to the market outlook, Huayuan Securities pointed out that agriculture, as the foundation of the country, is one of the few industries with "insufficient domestic supply, price decline in the past few years, asset prices at the bottom and capital withdrawal". Multiple attributes such as "confrontational asset premium" + "relatively independent and smooth industrial logic" + "protection of farmers' income needs" + "the overall sector valuation is at a historical low" have significantly increased the value of sector allocation. *

One-click layout for the reversal of the pig cycle, focusing on the only agriculture, animal husbandry and fishery ETF in the market (159275). According to statistics from the China Securities Index Company, the Agriculture, Animal Husbandry and Fishery ETF (159275) passively tracks the CSI All-Inclusive Agriculture, Animal Husbandry and Fishery Index. The heavyweight stocks include leading stocks in the pig breeding industry such as Muyuan Shares and Wen's Shares, and also cover major sub-sectors of the agriculture, animal husbandry and fishery industry chain such as feed, grain planting, and animal health. Off-market investors can also invest in the agriculture, animal husbandry and fishery sector through the Agriculture, Animal Husbandry and Fishery ETF Feeder Fund (Class A 013471/Class C 013472).

2. OpenAI joins hands with the Pentagon, military AI is booming! Military ETF Huabao (512810) bucked the trend and gained 2%! Aerospace Rainbow has 2 boards in 3 days, a record high for medium-sized UAVs

After the heavy setback, the military industry quickly counterattacked and returned to the top of the industry growth list! The main force took action upon hearing the news and made a large-scale return. The net purchase of the national defense and military industry exceeded 8.1 billion yuan throughout the day.

When will the agricultural sector rise __Agricultural Bank of China's daily limit

The core asset of the military industry – the military industry ETF Huabao (512810) opened low and moved high. It once bucked the trend and surged more than 2%, closing up 1.28% to regain its 20-day moving average. The amplitude exceeded 4.3% throughout the day, showing its high elasticity and high volatility. It is worth noting that in the past two days, a total of more than 94 million yuan was added to the position.

When will the agricultural sector rise __Agricultural Bank of China's daily limit

Aerospace, ground military equipment, and navigation equipment-related stocks were among the top gainers. China UAVs soared more than 18% during the session, hitting a record high. Aerospace Rainbow rose to its daily limit of 2 boards in 3 days, Guoke Military Industry rose 7.62%, and Zongshen Power, China Dynamics, Highlander and other stocks rose more than 5%.

In terms of news, international geopolitical conflicts have continued to escalate recently, and the military industry has continued to pay high attention. Analysts believe that intensified geopolitical risks will further strengthen expectations for military expenditure growth, and the certainty of procurement pace and scale will significantly increase. China's military trade may welcome opportunities for structural expansion.

According to media reports, OpenAI has reached an agreement with the U.S. Department of Defense to deploy its AI model on the Pentagon’s confidential network. The analysis pointed out that countries around the world are rushing to promote the application of AI in the military industry. AI has shown a revolutionary impact on national defense security, reshaping a new paradigm of national defense security, and the construction of systematic and intelligent equipment is expected to be strengthened.

[To invest in the military industry, choose "August 1"] The military ETF Huabao (512810) (formerly the National Defense and Military Industry ETF) with the code "August 1" brings together cutting-edge military technology in "sea, land, air and space" and comprehensively covers popular topics such as "commercial aerospace, large aircraft, low-altitude economy, satellite navigation, military informatization, controllable nuclear fusion". It is also the subject of margin financing and securities lending + interconnection, and is an efficient tool for one-click investment in core military assets.

3. Opportunities breed in dormancy! Brokerages hit a new low, institutions remind: It is necessary to seize the cost-effective layout window

The Shanghai Stock Exchange Index shrunk and closed below 4,100 points. The brokerage sector pulled back with the market, and individual stocks fell on a large scale. The price of the 38.5 billion top brokerage ETF (512000) fell by more than 2%, hitting a new low since July 2025.

As of the latest, the price-to-book ratio PB (LF) of the CSI Securities Company Index tracked by the brokerage ETF (512000) is only 1.4 times, falling back to the low range of 31.51% in the past 10 years. At the same time, funds are showing more obvious signs of "buying the dip". Data from the Shanghai Stock Exchange shows that the brokerage ETF (512000) has received a cumulative net inflow of 454 million yuan in the past five days.

_Agricultural Bank of China's daily limit_When will the agricultural sector rise

In fact, since the second half of 2025, the brokerage sector has shown a stagflation trend with a significant mismatch between performance growth and valuation. The influence of market theme preferences and financial constraints may be the main reasons. As the sector once again reaches a cost-effective range, institutions suggest that multiple factors are expected to support the upward momentum of securities firms.

① Performance has maintained high growth, and market transactions have remained high. In 2025, the net profits attributable to shareholders of many securities companies have reached a record high. Since the beginning of the year, various market indicators have grown strongly year-on-year. It is expected that the performance in the first quarter of 2026 will continue to show high flexibility.

② Industry integration is accelerating. Soochow Securities recently announced the integration of Donghai Securities, marking a new stage of securities mergers and acquisitions in the region. As the first year of the "15th Five-Year Plan", 2026 is expected to accelerate the integration process of the securities industry and promote high-quality development of the industry.

③ The valuations and positions of the brokerage sector are at historically low levels, and institutions’ allocation ratios to brokerages are mismatched with industry prosperity. In the future, driven by factors such as the continued implementation of public offering benchmarks, the sector is expected to gain upward elasticity.

At present, despite the rise in short-term geopolitical risks, supporting factors such as the domestic two sessions, loose liquidity, and profit restoration are still there, and the market may be gaming the expectations of easing policies. Great Wall Securities pointed out that the brokerage sector is in the stage of "high prosperity + low central valuation + marginal easing of capital suppression". In the short term, it is likely to fluctuate with high market fluctuations, but in the medium term, it is still on an upward channel of valuation repair, with high cost performance. *

If there is a market trend, buy a broker! The Brokerage ETF (512000) and its feeder funds (Class A 006098; Class C 007531) passively track the CSI All-Inclusive Securities Company Index, covering 49 listed brokerage stocks with one click. It is an efficient investment tool that concentrates on leading securities firms while also taking into account small and medium-sized securities firms. The latest fund size of the Securities ETF (512000) exceeds 38.5 billion yuan, and the average daily trading volume during the year exceeded 1.1 billion yuan. It is the top securities industry ETF with the largest A-share scale and liquidity.

Note 1: When investors subscribe and redeem fund shares, the subscription and redemption agent may charge a commission of no more than 0.5%, which includes relevant fees charged by stock exchanges, registration agencies, etc. Please refer to the legal documents of each fund for details of fund rates.

Note 2: The only agriculture, animal husbandry and fishery ETF in the market (159275) refers to the only ETF that tracks the CSI All-Inclusive Agriculture, Animal Husbandry and Fishing Index.

Reminder: The market may be volatile in the near future, and short-term increases and decreases do not predict future performance. Investors are requested to invest rationally based on their own financial situation and risk tolerance, and pay close attention to position and risk management.

* Sources of reference materials for institutional views: ① Galaxy Securities' March 3, 2026 strategic research "The "positive and negative hands" of A-share market fluctuations and investment prospects"; ② Ping An Securities' March 3, 2026 strategic allocation research "Grasping the two main lines of cyclical price increases and technological manufacturing that are supported by the economy" ; ③ Huayuan Securities' regular report on the agriculture, forestry, animal husbandry and fishery industry on March 3, 2026 "Pork prices continue to decline, and cycle reversal can be expected"; ④ Great Wall Securities 20250303 "Accelerate the merger and acquisition of local state-owned assets and continue to build a first-class investment bank – Comments on Soochow Securities' proposed acquisition of Donghai Securities".

Risk warning: The general aviation ETF Warbao passively tracks the National Securities General Aviation Industry Index, the index's base day is 2012.6.29, and was released on 2012.12.28; the Agriculture, Animal Husbandry and Fishery ETF passively tracks the CSI All Agriculture, Animal Husbandry and Fishery Index, the index's base day is 2004.12.31, and was released on 2016.12.12; the military industry ETF Warbao passively tracks the CSI Military Industry Index, the index The base day is 2004.12.31 and was released on 2013.12.26; the power ETF Huabao passively tracks the CSI All-Share Electric Power Utilities Index, which has a base day of 2004.12.31 and was released on 2013.7.15; the brokerage ETF passively tracks the CSI All-Share Securities Company Index, which has a base day of 2007.6.29 and was released on 2013.7.15. The composition of index constituent stocks is adjusted in a timely manner according to the index compilation rules, and its backtested historical performance does not predict the future performance of the index. The individual stocks mentioned in the article are only an objective display of index constituent stocks and do not serve as recommendations for any individual stocks. They do not represent the investment direction of the fund manager or fund. Any information appearing in this article (including but not limited to individual stocks, comments, predictions, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors must be responsible for any independent investment decisions. In addition, any opinions, analyzes and predictions in this article do not constitute any form of investment advice to readers, and we are not responsible for any direct or indirect losses caused by the use of the content of this article. Investors should carefully read fund legal documents such as the "Fund Contract", "Prospectus", "Fund Product Information Summary", understand the risk and return characteristics of the fund, and choose products that are consistent with their own risk tolerance. The past performance of a fund does not predict its future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the fund's performance. According to the fund manager's assessment, the risk level of the military ETF Warburg, the general aviation ETF Warburg, the agriculture, animal husbandry and fishery ETF, the power ETF Warburg, and the brokerage ETF are R3-medium risk and are suitable for balanced (C3) and above investors. Please refer to the sales agency for suitability matching opinions. Sales agencies (including direct sales agencies of fund managers and other sales agencies) conduct risk assessments on the above funds in accordance with relevant laws and regulations. Investors should pay attention to the suitability opinions issued by the fund managers in a timely manner. The opinions on suitability of each sales agency are not necessarily consistent, and the fund product risk level evaluation results issued by the fund sales agencies must not be lower than the risk level evaluation results made by the fund manager. There are differences in the fund risk-return characteristics and fund risk levels in the fund contract due to different considerations. Investors should understand the risks and returns of funds, carefully select fund products based on their own investment purposes, duration, investment experience and risk tolerance, and bear their own risks. The registration of the above funds by the China Securities Regulatory Commission does not indicate that it has made a substantial judgment or guarantee on the investment value, market prospects and income of the fund. Fund investments must be made with caution.

Russia's New Regulations Have Caused A Wave Of Chinese Citizens Returning Home, Making Air Tickets Difficult To Buy And Prices Rising

Recently, Chinese citizens in Russia have clearly felt a "tide of returning home." Since late February, the price of air tickets from Moscow to major domestic cities such as Beijing and Shanghai has increased rapidly. Economy class has been frequently sold out during popular periods, and many flights have only high-priced business class or connecting tickets that require multiple transfers. Some international students and Chinese people who have been working and living in Russia for a long time said that ticket prices, which were relatively stable in previous years, have now almost doubled, and tickets need to be purchased more than half a month in advance.

_Flights between China and Russia will resume_When will international flights between China and Russia resume?

This change is closely related to a new regulation in Russia targeting foreigners’ long-term residence. On November 5, 2025, Russian President Vladimir Putin signed Presidential Decree No. 821 "Provisional Regulations on the Acceptance of Applications for Citizenship of the Russian Federation and the Issuance of Long-term Residence Permits in the Russian Federation."

According to the regulations, when eligible foreign men apply for a long-term residence permit in Russia, they need to choose between "signing a military service contract for at least one year" or "providing a certificate of exemption from service." Although the decree came into effect last year, after February 2026, the implementation has become significantly stricter in some areas. Applicants in the Far East have been asked to sign a service contract on the spot, and the impact of the policy has quickly emerged.

When international flights between China and Russia will resume_Flights between China and Russia will resume_

At the same time, on February 22, 2026, the Chinese Consulate General in Vladivostok issued a reminder and officially posted it on the official website on February 24, reminding Chinese citizens in the consular district to pay attention to relevant policy changes and make prudent decisions based on their own circumstances. The official reminder further amplified public attention and prompted some people who originally planned to stay for a long time to reassess their future arrangements and speed up their return trip.

It should be noted that this new regulation is not “one size fits all”. Those who have obtained a long-term residence permit or permanent residence status in Russia are not affected; Chinese citizens holding student visas, tourist visas or short-term business visas are also not within the scope of application. Those who are really affected are foreign male groups aged 18 to 65 who are applying for long-term residence permits. Public information shows that there are currently about 220,000 to 270,000 Chinese citizens in Russia, including about 110,000 to 135,000 men. However, those who actually need to choose between military service and residence are only some people who are applying for permanent residence.

_Flights between China and Russia will resume_When will international flights between China and Russia resume?

In the departure hall of Moscow Sheremetyevo Airport, the number of Chinese faces dragging suitcases increased significantly. Some people originally planned to settle down for a long time, but now they have changed their plans temporarily; some people stayed up late refreshing the ticket purchase page, just to get back home as soon as possible. "It doesn't matter if you spend more money, as long as you get home safely." This sentence expresses the true feelings of many people.

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