Financial Morning Report: Crude Oil Surges as Major News Emerges from Strait of Hormuz, Stock Private Equity Position Index Continues to Rise | March 16, 2026

Special Topic: Short-term A-shares Still Mainly Volatile, Focusing on “Physical Assets + Certainty of Growth”

【Focus on March 15】
A comprehensive overview | CCTV 3.15 hits with seven revelations! Exposes bleaching chicken feet, stock recommendation scams, AI poisoning, and lists companies like Shu Fu Xiang, Hello Electric Scooter Rentals, etc.

This year’s “3.15” mainly exposed the following issues:

1. Revolting production conditions in influencer chicken feet workshops
2. The so-called “miracle drug” exosome products are all unapproved, no-name products
3. Height increase scams, height clinics aggressively profiteering
4. Private domain marketing with 5x high profits targeting the elderly
5. The skyrocketing rental electric bikes
6. AI poisoning industry chain has formed
7. Stock recommendation agencies sharing commissions have become scam hubs for forced selling

In response to illegal activities such as “bleached chicken feet” and “height increase marketing tricks” exposed during CCTV’s “3.15” evening show, the Market Supervision Administration quickly activated emergency response mechanisms, deployed law enforcement actions, and will promptly disclose the investigation results to the public.

CCTV’s 3.15 revealed seven major industry chaos, involving these A-share companies! The Market Supervision Administration acts swiftly.

After being named on the 3.15 show, multiple regions issued overnight notices.

【Headline News】
The Ministry of Commerce responds to “US initiating Section 301 investigation on 60 economies including China”: Severely disrupts international trade order.

The US previously fabricated facts, imposing a series of trade restrictions on China under the pretext of “forced labor.” China has repeatedly expressed firm opposition. China has always opposed forced labor, is a founding member of the International Labour Organization, has ratified 28 international labor conventions, and established a comprehensive legal framework to prevent and combat forced labor.

The US has yet to ratify the 1930 Forced Labour Convention, refusing to be bound by international rules, yet has long manipulated the “forced labor” issue. The recent Section 301 investigation against China and related economies aims to build trade barriers, exhibiting unilateral, arbitrary, and discriminatory characteristics—classic protectionism. WTO experts have already ruled that US tariffs under Section 301 violate WTO rules. The US’s misuse of the Section 301 process, placing domestic law above international rules, is a serious mistake that damages global supply chains and disrupts international trade order.

Energy crisis intensifies! The US plans to form the Hormuz “Escort Alliance,” Iran warns against striking the “Ford” carrier logistics.

According to an exclusive report by The Wall Street Journal on the 15th, the US government plans to announce the formation of the so-called Hormuz Strait “Escort Alliance” soon. Informed officials say some countries have agreed to escort ships passing through this critical international oil shipping route.

These officials indicate discussions are ongoing about whether escort operations will begin before the US and Israel cease large-scale military actions against Iran.

This week, 6 new stocks are available for subscription, with high success rates for new listings.

According to current arrangements, 6 new stocks can be subscribed this week. The one scheduled for Monday (March 16), Hongming Electronics, is a core supplier of defense electronic components in China, especially leading in high-reliability MLCC and other niche markets. It supplies Apple, Lenovo, Motorola, and other well-known brands’ tablets, laptops, and smartphones, becoming an important supplier in Apple’s supply chain. The offering price is 69.66 yuan per share, ranking second among new stocks this year.

The China Internet Finance Association warns of four major risks in the application of OpenClaw in the fintech industry.

On March 15, the China Internet Finance Association issued a risk alert regarding OpenClaw’s application security, noting that the open-source AI agent OpenClaw (“Lobster”) is increasingly popular. It typically defaults to high system permissions, allowing direct control of computers and terminals via natural language commands. Given the high degree of online and digital transformation in fintech, handling sensitive customer data, assets, accounts, and personal financial information, OpenClaw’s high permissions and weak security configurations pose significant risks of data theft and illegal transaction manipulation.

Just now! Gold and silver prices plummeted sharply! Oil surged, with major news from the Hormuz Strait!

Iran’s Islamic Revolutionary Guard Corps spokesperson stated that most of Iran’s missiles launched are over 10 years old, and many produced after the “12 Days of War” last June remain unused. Many missile stocks have not moved. Additionally, Supreme Leader Khamenei posted late on social media, reaffirming Iran’s stance to seek compensation from enemies—if refused, Iran will seize assets of equivalent value or destroy assets if they cannot be seized.

Active equity funds set subscription records, with the fourth-generation fund managers stepping onto the stage.

On March 13, GF Growth Selection raised funds from 149,200 households; on March 10, Yongying Rui Jian Growth Hybrid attracted 230,400 subscriptions, breaking the record for active equity fund subscriptions since October 2021. From 2025 onward, active equity funds are gradually emerging from a slump, initially driven by scale, with successive breakthroughs in fundraising amounts exceeding 2 billion, 3 billion, even 5 billion yuan, and record-high subscription numbers.

“Smart electricity and computing synergy” opens up green energy growth space, with smart funds rushing into related thematic funds.

This year’s government work report first proposed the concept of “future energy,” elevating it to a strategic level alongside quantum technology and 6G, attracting broad market attention. Future energy refers to new energy forms aimed at green, low-carbon, sustainable development, including wind, solar, and their derivatives. The government plans to establish a national low-carbon transformation fund, foster new growth points like hydrogen and green fuels, and accelerate new energy storage and green electricity applications.

“Introducing the core concept of future energy for the first time and including ‘computing and electricity collaboration’ in the government work report signifies placing energy transformation at the core of national strategy, with green electricity as the foundation and hydrogen as a breakthrough,” said Huaxia Fund.

Stock private equity positions continue to rise, with leading institutions strongly willing to increase holdings.

Recently, the stock private equity position index has been climbing. As of March 6, 2026 (data lag due to disclosure compliance), the index reached 82.64, surpassing 80% for the first time in three weeks and hitting a near 10-week high, approaching the 83.59% high of the past year.

In terms of distribution, private equity holdings are increasingly concentrated at high levels. Over 80% position private equity accounts for 66.34%, a significant increase, driving the overall index higher; those with 50-80% positions account for 21.81%. Conversely, those with 20-50% and below 20% positions have decreased, reflecting a bullish and active re-accumulation trend among private funds.

Oil prices surge over 3%, gold rises, and Trump claims he might strike Iran’s oil hubs again just for fun.

On March 16, after US attacks on Iran’s main export hubs, oil prices initially jumped over 3%. Brent crude has risen over 40% in two weeks, trading near $105, while WTI is about $101 per barrel.

98 A-share companies have disclosed their 2025 annual reports; 70 listed companies plan to pay a total cash dividend of 70.5 billion yuan.

Among these, 54 companies reported net profits attributable to parent company shareholders increasing year-over-year, accounting for 55.10%. Industry leaders performed well. For example, CATL, a top power battery company, achieved revenue of 423.702 billion yuan in 2025, up 17.04%, with net profit of 72.201 billion yuan, up 42.28%, averaging about 1.98 billion yuan daily.

The reasons behind Hengke’s continued adjustment are revealed! When will it stabilize? Likely highly related to this feature.

Why has the Hang Seng Tech Index continued to decline? Is it a common correction for global tech stocks or a value trap? Since October 2025, why has there been a large outflow of funds? Multi-dimensional analysis shows three main reasons:

1. Prior high gains led to profit-taking; from early 2025 to Q3, the index rose nearly 45%, ranking top among major global indices, far surpassing US and Japanese indices. Nearly two-thirds of constituent stocks gained over 30%, and one-third over 100%.
2. Market focus shifted from internet platforms, semiconductors, and new energy vehicle chains to sectors like commercial aerospace and precious metals since Q4 2025.

Dong Chengfei, latest statement! This year’s market will be very “chaotic,” also discussing real estate stocks.

Dong Chengfei, Partner and Chief Researcher at Ruijun Asset Management, shared his latest investment thoughts. He summarized the market outlook as “chaotic,” analyzing the smart car and real estate sectors. He believes smart cars are likely to become good businesses, while risks in real estate have been fully released, making real estate stocks high-risk, high-return investments.

The next round of state-owned enterprise reform clarifies key points, potentially creating new M&A opportunities in A-shares.

With the release of the next phase of deepening SOE reform plans, high-quality market-oriented M&A by state-owned enterprises is expected to become routine: focusing on acquiring key technologies, core resources, high-end talent, or market channels, with increased frequency and scale, especially targeting innovative SMEs and tech “unicorns” to quickly enter and develop strategic emerging industries.

Professional integration will be the main theme: including horizontal integration (eliminating homogeneous competition and duplication among central enterprises in the same field), vertical integration (upstream and downstream reorganization along the industrial chain to build full-chain competitive advantages), and promoting “two non-two capital” companies to focus on main businesses or exit via market mechanisms.

FOF issuance continues to heat up, surpassing 300 billion yuan in scale.

From one-day sell-outs to multiple products raising over 4 billion yuan, FOF, once criticized, has exploded this year, becoming the most watched category in the public fund industry. Its issuance popularity, channel structure, and industry scale have achieved historic breakthroughs, igniting market enthusiasm and reshaping competition in the public fund FOF sector.

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【Featured Companies】
Suspended review! Xiangcai Shares merges with Dazhihui, just announced!

On March 15, Xiangcai Shares and Dazhihui announced that due to the expiration of valuation reports and financial data, the review process has been suspended by the Shanghai Stock Exchange. The companies stated that this suspension does not have a significant adverse impact, and they are actively updating relevant materials to resume review promptly.

In the context of policy encouragement for industry mergers and acquisitions, M&A cases in securities are increasing. In early March, Dongwu Securities announced plans to acquire Donghai Securities, marking the first M&A in 2026; meanwhile, Xiangcai Shares and Dazhihui’s “financial + tech” integration continues.

GAC Group responds to regulatory letter: last year’s vehicle gross profit margin was -7.35%.

Regarding whether the 2025 gross profit margin was negative, GAC replied that due to industry price competition, sales decline, increased promotional costs, and business imbalance, the full-year gross profit margin was negative. The 2025 gross profit margin was -7.35%. The main reasons include:

1. Revenue decline: sales of自主品牌乘用车 fell 22.83%, combined with increased promotional expenses, shrinking overall revenue and compressing profit margins.
2. Profit reduction: to counteract sales decline, increased promotional efforts, but without sales recovery, further squeezing profit margins.

CCTV 3.15 exposed GEO poisoning, and we tested Doubao Qianwen Yuanbao and DeepSeek.

DeepSeek reports no such product. In instant evaluations of four AI assistants, Doubao and DeepSeek scored full marks, while Qianwen and Yuanbao received negative scores.

Below is the full transcript of CCTV’s 3.15 exposure of GEO: As generative AI gradually becomes a new information gateway, a new promotional business called GEO (Generative Engine Optimization) is rapidly emerging on online platforms. Industry insiders say some service providers claim that this technology can enhance product exposure in mainstream AI models’ responses, even making related products appear as recommended answers by AI.

【Industry Hotspots】
Deepening tech sector investment opportunities, public funds intensively research liquid cooling industry chain.
Construction machinery “enter” AI track, theme ETFs attract over 4 billion yuan.
HALO trading platform on the rise, institutions seek certainty opportunities in A-shares.
Multiple home appliance companies cross into “car-making,” expanding the smart new energy vehicle sector.

【Market Strategy】
Top 10 institutions’ outlook: Middle East situation has far-reaching impact, China faces strategic opportunities, A-shares advance along their own path.

The US-Iran conflict has entered a standoff, causing volatile oil prices. China’s diversified oil imports, energy transition, and strategic petroleum reserves will provide buffers. However, under global risk appetite disturbances and domestic liquidity constraints, A-shares may remain volatile short-term. If the US-Iran conflict prolongs, three main impacts could occur:

1. Oil prices rise, global inflation heats up, Fed rate cuts disrupted;
2. The petrodollar system loosens, China may become a global safe haven, benefiting RMB assets;
3. It could create strategic opportunities for China, leveraging a “coal + new energy” dual energy base to ensure energy security and lead global energy transition. Key sectors: coal, coal chemicals, power equipment, utilities, oil & petrochemicals, AI industry chain. Focus themes: lithium batteries, nuclear power, energy storage, wind power.

【Announcement Highlights】
【Suspensions】
688693 Kaiweit
002569 *ST Bosen

【Resumption】
601555 Dongwu Securities

【Major Events】
Gaojin Heavy Industry: UK government’s recent tariff adjustments do not affect the company’s export products’ tariffs.

Gaojin Heavy Industry issued an abnormal trading fluctuation announcement, stating that its stock price has deviated by over 20% for two consecutive days. The UK’s recent tariff policy change does not impact tariffs on the company’s exported wind turbine towers and piles.

*ST Bosen: Controlling shareholder plans to transfer control, trading suspension from March 16.

The company received notice that its controlling shareholder, Fang Weitongchuang, is planning to transfer control, which may lead to a change in control. Trading will be suspended for up to 2 days starting March 16.

Jingtou Development: intends to transfer real estate assets and liabilities to its controlling shareholder, Jingtou.

The transfer will be paid in cash, not involving share issuance, and will not affect the company’s ownership structure or control. It is expected to constitute a major asset reorganization.

Zhaochi: MicroLED applications in optical communications are currently in sample verification testing.

Zhaochi issued an abnormal trading fluctuation notice, with a 20%+ deviation over three days. The company’s main business remains unchanged; MicroLED applications are in testing, with no immediate impact on performance.

Farsight: No equity relations with Jiangsu Farsight Optical Communication Technology Co., Ltd. and Jiangsu Farsight Optoelectronics Technology Co., Ltd.

Farsight announced that its stock price increased by 22.62% over two days and by 107.68% since February 6, 2026. The stock has experienced excessive volatility, risking irrational speculation. If prices continue to rise, the company may request a trading halt for investigation. The company’s business does not involve “special optical fibers” or “restructuring” or “backdoor listings.” The mentioned subsidiaries are under the control of the company’s major shareholders and have no business or ownership ties with the listed company. No restructuring plans for these subsidiaries are in place.

Futian Auto: Adjusts directors and general manager.

Futian Auto received a letter from its controlling shareholder, BAIC Group, recommending Lu Zhenghua as director and general manager, replacing Wu Xibin, who will no longer serve as director or general manager.

China High Tech: Subsidiary receives termination notice from Ping An Real Estate.

China High Tech’s wholly owned subsidiary, Beijing Gaoke Guorong Asset Management, received a termination letter from related party Ping An Real Estate on March 12, 2026. The two parties had signed agreements in 2024, which are now officially terminated. Assets and management services will be arranged separately. The impact on operations is limited, with no significant adverse effects.

Aidi Pharmaceuticals: Multiple Tetraviravir Sodium Tablets approved.

Aidi Pharmaceuticals announced that the National Medical Products Administration approved the registration of Tetraviravir Sodium Tablets on March 10, 2026, for use in combination with other antiretroviral drugs to treat HIV-infected adults and children over 12.

Dazhihui: Merger via share exchange suspended by SSE due to expired data.

Dazhihui announced that the Shanghai Stock Exchange suspended review because the valuation data submitted for the merger with Xiangcai Shares has expired. The company is actively updating valuation and financial data. Once completed, it will resubmit and seek to resume review.

【Performance Highlights】
Shantui: 2025 net profit up 9.86%, proposes 10-for-1 dividend.

Shantui released its 2025 annual report, showing revenue of 14.62 billion yuan, up 2.82%; net profit of 1.211 billion yuan, up 9.86%; EPS of 0.81 yuan. It proposes a cash dividend of 1 yuan per 10 shares.

Lutianhua: 2025 net profit up 50.23%.

Lutianhua’s annual report shows revenue of 4.495 billion yuan, down 11.34%; net profit of 31.78 million yuan, up 50.23%; EPS of 0.02 yuan.

【Share Repurchase】
Qingniao Firefighting plans to repurchase 2.5%-5% of shares.

Qingniao Firefighting announced plans to use funds to repurchase shares at no more than 16 yuan per share, with a minimum of 2.5% of total shares (about 21.99 million shares) and a maximum of 5% (about 43.99 million shares). Shares will be used for employee stock ownership plans or equity incentives.

【Major Contracts】
Zhefu Holding wins 412 million yuan water turbine generator set project.

Zhefu Holding announced it was awarded the bid for the water turbine generator set and auxiliary equipment for the Shangbopo Hydropower Station on the upper reaches of the Jinsha River, with a bid amount of 412 million yuan, about 1.97% of 2024 revenue. Delivery is scheduled over 27 months, averaging 0.73% of 2024 revenue per month, which will boost sales and profits from 2027 to 2029.

Past Highlights

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责任编辑：张恒星