March 10 Investment Safety Tip: Trump Says the War Is Basically Over, WTI Crude Oil Opens Down Over 10% in Asia

Guide: Caixin on March 10th reports potential risk events in the A-shares and overseas markets as follows. Domestic economic information includes: 1) Cui Dongshu from the Passenger Car Association wrote that the development of fuel cell vehicles is slow due to overlapping bottlenecks in technology, costs, supporting facilities, and markets; 2) Polycrystalline silicon prices remained stable over the weekend, but component shipment difficulties increased. Company focus includes: 1) Bohai Chemical decided to extend the scheduled shutdown and maintenance of its PDH plant due to recent military conflicts in the US, Israel, and Iran regions; 2) *ST Jinlun’s stock may be delisted due to market value falling below 500 million yuan; overseas market focus includes: 1) Trump stated that the war has basically ended; 2) WTI crude oil opened in Asia with a drop of over 10% at one point.

Economic Information

1. Cui Dongshu from the Passenger Car Association stated that the slow development of fuel cell vehicles is mainly due to four overlapping bottlenecks: technology, costs, supporting infrastructure, and market demand. First, core raw materials and component technologies, as well as vehicle durability, lag behind international standards, with global technological breakthroughs progressing slowly over decades, relying more on storytelling. Second, hydrogen production and refueling costs are high, making the vehicles less economical despite lower purchase prices compared to fuel and electric vehicles. Third, high land costs in major cities make hydrogen station site selection and construction difficult, with small supporting facilities and poor profitability. Fourth, development heavily depends on policy subsidies, with insufficient endogenous market demand; passenger cars lack competitiveness, and commercial vehicles are only demonstrated in operation, lacking market-driven promotion support.

2. Over the weekend, N-type polysilicon re-investment material prices ranged from 45-53 yuan/kg, with the N-type polysilicon price index at 48.21 yuan/kg, and granular silicon prices at 43-45 yuan/kg. Polysilicon prices remained stable over the weekend, but market sentiment was bearish, with limited transactions. Market attention is on subsequent order signing and the operational status of leading companies. Last week’s inventory remained basically unchanged. Shipment difficulties increased due to the Middle East conflict causing shipping disruptions and rising shipping costs. (Shanghai Nonferrous Metals Network)

Company Warnings

1. Bohai Chemical: Due to recent military conflicts in the US, Israel, and Iran regions, the company has decided to extend the scheduled shutdown and maintenance of its PDH plant.

2. *ST Jinlun: The company’s stock may be delisted due to market value falling below 500 million yuan.

3. COFCO Tech: Shengliang Investment and its concerted parties plan to reduce their holdings by no more than 3%.

4. Shangda Shares: Shareholders plan to reduce holdings by no more than 1.28%.

5. Ningbo Construction: The current main business of Zhongjing Cloud is only leasing cabinet positions, which is not included in the company’s consolidated financial statements.

6. Jinneng New Energy: The company’s stock has hit four consecutive limit-ups in seven days. Trading risks are high, and net profit attributable to parent in 2025 is expected to decrease by 145.19% year-on-year after deducting non-recurring gains and losses.

7. Nanyao Food: Net profit in 2025 is expected to decrease by 79.81% year-on-year, with a proposed dividend of 0.30 yuan per 10 shares.

8. Poly Developments: Signed area in February was 454,800 square meters, a decrease of 41.91% year-on-year.

9. Hexin Instruments: The company’s stock experienced abnormal fluctuations and may be subject to delisting risk warning.

10. Huanxu Electronics: Consolidated operating revenue in February 2026 was 3.739 billion yuan, down 4.72% year-on-year.

Overseas Warnings

1. According to CBS White House correspondent who posted on social media on the afternoon of March 9th local time, during a phone interview, U.S. President Trump said the war might end soon. Trump reportedly said, “I think this war is basically over, almost. They (Iran) have no navy, no communication systems, and no air force.” He also said this progress is “much faster” than his initial estimate of 4 to 5 weeks. When asked about Iran’s new Supreme Leader Moojta Tabar Khamenei, Trump reportedly said, “I have nothing to say about him, absolutely nothing.” Trump claimed to have a candidate in mind to succeed Khamenei but did not elaborate further.

2. It is reported that the G7 energy ministers will hold a video conference on Tuesday morning Eastern Time. The US believes that jointly releasing 300 to 400 million barrels of crude oil is appropriate.

3. U.S. President Trump stated at a press conference on the 9th that due to market turmoil caused by U.S. and Israel attacks on Iran, he will cancel some oil sanctions to stabilize oil prices. Trump also said that the war with Iran will end “soon,” but “not” within this week.

4. WTI crude oil opened in Asia with a drop of over 10% at one point, reaching $85.02 per barrel.