Top News Highlights
Trump stated that the military operation against Iran is 'about to end.'
U.S. President Trump stated on March 11 local time that there were "almost no targets left to strike" within Iran, and that the U.S. military operation against Iran was "about to conclude." However, U.S. and Israeli officials indicated that no internal directive to halt military operations has been received so far. Israeli Defense Minister Katz stated on the same day that the joint U.S.-Israel military operation against Iran "has no time limit until all our objectives are achieved."
The United States will release 172 million barrels of oil from its Strategic Petroleum Reserve.
The Trump administration in the United States plans to release 172 million barrels from the country's emergency oil reserves. The war with Iran has caused crude oil and gasoline prices to soar, prompting a coordinated global response to mitigate the situation. Energy Secretary Chris Wright announced the move in a statement, noting that it would take approximately 120 days to fully complete the release. The oil will come from the Strategic Petroleum Reserve managed by the U.S. Department of Energy. Member countries of the International Energy Agency (IEA) plan to release a total of 400 million barrels globally.
Since the United States and Israel began attacking Iran on February 28, crude oil and gasoline prices have surged significantly. The conflict has nearly paralyzed shipping through the Strait of Hormuz, through which about one-fifth of the world’s oil is transported.
IEA Member Countries to Release 400 Million Barrels of Emergency Oil Reserves in Largest-Ever Operation
The 32 member countries of the International Energy Agency (IEA) unanimously agreed to release 400 million barrels of oil from their emergency reserves into the market to address disruptions in the petroleum market caused by conflicts in the Middle East. IEA members hold more than 1.2 billion barrels of emergency stockpiles, with an additional 600 million barrels of industrial reserves held under government obligations. This coordinated release marks the sixth such action in the history of the IEA, which was founded in 1974. Previous collective actions occurred in 1991, 2005, 2011, and twice in 2022.
Iran fires at commercial vessels, warning the world: oil prices could surge to $200 per barrel.
According to a Reuters report, Iran stated that as its military attacked merchant ships on Wednesday, the world should prepare for oil prices to reach $200 per barrel. The International Energy Agency (IEA) recommended a large-scale release of strategic reserves to alleviate one of the most severe oil shocks since the 1970s. Nearly two weeks after the U.S.-Israel joint airstrikes triggered this war, approximately 2,000 people have died, the majority being Iranians and Lebanese. As the conflict spreads to Lebanon, global energy markets and transportation have fallen into chaos.
Despite the Pentagon describing it as the most intense airstrikes since the beginning of the conflict, Iran fired at targets in Israel and across the Middle East on Wednesday, signaling its continued ability to retaliate. On the same day, three vessels were reported to have been attacked in Gulf waters. The Iranian Revolutionary Guard stated that its forces had fired upon non-compliant vessels in the Gulf region. International oil prices rebounded significantly; as of this writing, WTI crude oil surpassed $94 per barrel, while Brent crude oil broke above $98 per barrel, with both benchmarks posting intraday gains exceeding 8%. Major U.S. stock index futures extended their declines, with Nasdaq futures falling nearly 1%.
The United States initiates Section 301 investigations against 16 trading partners, including the EU
According to Jinshi Data on March 12, the Trump administration launched a new round of Section 301 trade investigations on Wednesday targeting industrial overcapacity among 16 major trading partners in an effort to reimpose tariff pressure. The U.S. Supreme Court overturned a key component of Trump’s global tariff plan last month. U.S. Trade Representative Greer stated that the investigation covers some of America’s largest trading partners, including the EU, India, Japan, and South Korea, among 16 trading partners. However, Canada was not listed as an investigation target.
It is reported that the Trump administration also plans to launch another independent investigation as early as Thursday, involving regulations prohibiting the import of goods produced using forced labor. This investigation is expected to cover at least 60 countries. Greer stated that more investigations will be carried out in the future. He did not specify which industries or countries might be affected but hinted that the investigations could target digital service taxes, drug pricing, and other trade issues in some countries.
The central bank: Deepening the integration of industry and technology, actively, steadily, and safely advancing the application of artificial intelligence in the financial sector
On March 11, the People's Bank of China held its 2026 Technology Work Conference. The conference concluded that in 2025, the technology divisions of the People's Bank of China thoroughly implemented the political and people-oriented nature of financial work. Significant progress was made in the construction of a digital central bank, important advances were achieved in the reform of the science and technology system, and capabilities in financial cybersecurity and data security governance continued to improve. Financial technology innovation reached new heights, and the guiding role of financial standards and regulations continued to be exerted. Notable achievements were realized across all areas of work. The conference emphasized that the 2026 technology work should closely align with the main objectives of risk prevention, strengthened supervision, and promotion of high-quality development. It called for upholding Party leadership, consolidating and expanding the outcomes of central inspections and audit rectifications, and persistently advancing comprehensive strict governance of the Party. Priority should be given to planning ahead, balancing short-, medium-, and long-term goals, and thoroughly strategizing technology work for the '15th Five-Year Plan' period. A systems-based approach should be reinforced to steadily advance the implementation of key projects. Bottom-line thinking must be upheld to continuously improve institutional frameworks and further enhance resilience in cybersecurity and data security. The integration of business and technology should be deepened, and artificial intelligence applications in the financial sector should be promoted in a proactive, stable, and secure manner to unleash the momentum of digital and intelligent development. Efforts should also be made to deepen bilateral empowerment of domestic and international financial standards and continuously enhance the service support capacity of standards.
Iranian President Proposes Three Necessary Conditions for Ending War, Demands Compensation from the US and Israel
Iranian President Pezeshkian posted on his social media platform on the evening of March 11 local time, stating that during his calls with the leaders of Russia and Pakistan, he reiterated Iran's commitment to regional peace. Pezeshkian stated that the 'only way' to end the current war instigated by the United States and Israel is to recognize Iran's legitimate rights, pay war reparations, and provide firm guarantees from the international community to prevent future acts of aggression.
The US Spent Over $113 Billion in the First Six Days of Attacks on Iran
According to a report by The New York Times on March 11, US Department of Defense officials told members of Congress at a closed-door briefing that in the first six days of the large-scale military operation against Iran, the US military expenditure exceeded $113 billion. The report noted that this estimate did not include many costs associated with the operation, such as the buildup of military equipment and personnel prior to the initial airstrikes. Therefore, as the Pentagon continues its accounting, lawmakers expect this figure to rise significantly. (Xinhua)
The US CPI data met expectations, with the annual core CPI rate for February dropping to a five-year low.
Based on the latest released data, the US Consumer Price Index (CPI) for February showed a steady cooling trend, with all core indicators precisely meeting market expectations. The US Labor Department reported on Wednesday that the CPI rose 2.4% year-over-year in February, unchanged from January and in line with surveyed economists' forecasts. Core prices, excluding volatile food and energy items, increased 2.5% year-over-year, also matching expectations.
The UN Security Council resolution calls on Iran to halt attacks on Gulf states.
At 3 PM local time on March 11, or in the early hours of March 12 Beijing time, the United Nations Security Council adopted a draft resolution submitted by Bahrain on behalf of the member states of the Gulf Cooperation Council and Jordan, supported by 135 UN member states, as Resolution 2817 with 13 votes in favor and 2 abstentions. Russia and China abstained.
The resolution condemns Iran’s attacks on multiple Gulf countries, deeming these actions violations of international law and a threat to international peace and security. The resolution expresses regret over attacks on civilian targets and resulting civilian casualties. It demands that Iran immediately cease its attacks on these countries and fully comply with its obligations under international law. The resolution also condemns any Iranian attempts to close or obstruct international shipping through the Strait of Hormuz.
US Regulatory Agencies Plan to Ease Some Capital Requirements for Wall Street Banks
According to reports, US regulatory agencies are proposing a package of new capital requirements aimed at encouraging some Wall Street banks and their mid-sized competitors to expand credit issuance. Informed sources indicated that officials from the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) will announce relevant proposals as early as next week. The proposal will include three key measures related to capital. One of the plans is a revised version of the significant US banking capital proposal known as 'Basel III.' Michelle Bowman, Vice Chair for Supervision at the Federal Reserve, stated last month that the revised version would be introduced before the end of March.
According to informed sources, another measure will allow medium-sized banks to adopt a standardized approach when calculating capital levels, in response to concerns from smaller institutions that adopting the more complex methods used by Wall Street banks would lead to higher computational costs.
U.S. Stock Market Recap
US-Iran conflict rattles markets; three major indices show mixed performance as Oracle surges 9% after earnings.
On Wednesday Eastern Time, the three major indices showed mixed performance. By the close, the Dow Jones Industrial Average fell 0.61% to 47,417.27 points, the S&P 500 Index declined 0.08% to 6,775.80 points, and the Nasdaq Composite Index rose 0.08% to 22,716.13 points.
$Star Tech Stocks (LIST2518.US)$Most stocks rose, with NVIDIA up 0.68%, Apple down 0.01%, Google up 0.54%, Microsoft down 0.22%, Amazon down 0.78%, Meta Platforms up 0.12%, Tesla up 2.15%, Broadcom down 0.29%, Oracle up 9.18%, Netflix down 2.11%, and Micron Technology up 3.86%.
$Popular Chinese Concept Stocks (LIST2517.US)$Most stocks fell, with the Nasdaq Golden Dragon China Index down 0.77%. Alibaba dropped 0.41%, JD.com rose 1.37%, PDD Holdings fell 1.83%, Nio declined 4.04%, XPeng Motors gained 2.23%, Li Auto rose 2.98%, Bilibili fell 3.99%, Baidu dropped 0.28%, NetEase fell 2.11%, Tencent Music plunged 4.37%, Pony AI declined 2.71%, and Trip.com Group dropped 2.03%.
Gold stocks generally fell, with Harmony Gold plummeting 10.98% after earnings, Newmont down 2.26%, Barrick Mining falling 1.52%, Pan American Silver dropping 1.11%, Coeur Mining plunging 4.2%, and Kinross Gold declining 0.58%.
$Storage Concept Stocks (LIST23925.US)$ Collectively rising, Micron Technology gained 3.86%, SanDisk surged 5.9%, Western Digital rose 0.97%, and Seagate Technology increased by 0.44%.
Oil and gas stocks mostly rose, with Exxon Mobil gaining 2.33%, Chevron up 2.95%, Occidental Petroleum rising 4.63%, ConocoPhillips increasing by 2.52%, and Shell climbing 2.69%.
Individual stock information
AI orders ignite growth engine! Oracle soars over 9% post-earnings.
What impressed investors was not just that its performance exceeded analysts' expectations.While investors were undoubtedly impressed by Oracle's revenue of USD 17.2 billion for the third quarter of fiscal year 2026 (a year-over-year increase of 22% and higher than the analysts' expected USD 16.9 billion), the company’s profits came as an even bigger surprise. Analysts had generally anticipated earnings per share (EPS) of USD 1.23, but Oracle reported adjusted EPS of USD 1.79 for the third quarter of fiscal year 2026.
However, even more impressive than the headline numbers was Oracle’s reported remaining performance obligations. Oracle ended Q3 FY2026 with $553 billion in remaining performance obligations, up 325% from the same period last year and an increase of $29 billion quarter-over-quarter.
According to the company, the growth in artificial intelligence (AI) computing demand was the main driver behind the sharp increase in remaining performance obligations. In its third-quarter fiscal year 2026 earnings press release, Oracle stated: 'The increase in third-quarter remaining performance obligations is mainly related to large-scale AI contracts. Oracle expects no incremental funding will be required to support these contracts because most of the necessary equipment is either funded upfront through customer prepayments, allowing Oracle to purchase GPUs, or the customers buy the GPUs and supply them to Oracle.' Oracle's stock price surged over 9% on Wednesday.
Due to the low base effect, Tesla's sales of China-made electric vehicles surged 91% in February.
Tesla closed up 2.15% on Wednesday, at $407.82. According to the latest news from Tesla, its electric vehicles produced in China achieved a fourth consecutive month of sales growth in February, surpassing market expectations. The low sales base from the same period last year effectively offset the adverse effects brought by seasonal factors.
Data shows that the deliveries of Model 3 and Model Y vehicles manufactured at Tesla's Shanghai Gigafactory (including vehicles exported to markets such as Europe) totaled 58,600 units in February, representing a significant year-on-year increase of 91%, compared to a 9.3% rise in January. However, February sales fell by 15.2% compared to January this year.
Meta is advancing its MTIA roadmap, developing four new-generation chips.
March 11th,$Meta Platforms(META.US)$announced that it has developed four new artificial intelligence chips, which are part of the company's Training and Inference Accelerator (MTIA) project and will support generative AI functions and content ranking systems in its applications. Meta stated that one of the chips, named MTIA 300, has entered production, while the other three chips—MTIA 400, 450, and 500—are expected to be launched in the near future through 2027.
Hims & Hers Health continues its upward trend after recruiting a top public relations executive from Eli Lilly and Co., aiming to expand into the new battleground of branded weight-loss drugs.
$Hims & Hers Health(HIMS.US)$The stock surged over 10%, accumulating approximately 64% gains over three trading days this week.$Novo-Nordisk A/S(NVO.US)$will collaborate with Hims & Hers to market obesity drugs. Novo-Nordisk A/S has agreed to sell its flagship drugs Ozempic and Wegovy on the Hims platform, including the highly anticipated oral version of Wegovy tablets. Citi highlighted this partnership in its latest research report, describing it as a pivotal turning point in the development history of Hims & Hers Health.
In addition, as Hims & Hers Health prepares to enter a new phase of selling branded weight-loss drugs, the company has appointed Kathryn Beiser, who managed corporate communications for five years at a major pharmaceutical firm. $Eli Lilly and Co(LLY.US)$ Chief Executive Officer Andrew Dudum stated in a press release: "She is exactly the communications leader we need at this critical juncture."
Amazon increased the size of its euro bond issuance to a record €14.5 billion (approximately $16.8 billion).
According to reports,$Amazon(AMZN.US)$increased the size of its euro bond issuance to a record €14.5 billion ($16.8 billion). Earlier reports indicated that Amazon was expected to raise €12.5 billion ($14.5 billion) through its inaugural eight-part euro bond offering. The company has already set spreads for these bonds, which have maturities ranging from two to thirty-eight years.
NVIDIA will invest $2 billion in NEBIUS.
March 11th,$NVIDIA(NVDA.US)$ followed by $NEBIUS(NBIS.US)$ announced the establishment of a strategic partnership to jointly develop and deploy next-generation hyperscale cloud platforms for the artificial intelligence market. NVIDIA will invest $2 billion in NEBIUS, supporting NEBIUS in deploying over 5 gigawatts of NVIDIA systems by the end of 2030. Boosted by the news, NEBIUS shares closed up more than 16% on Wednesday.
Uber Technologies partners with Zoox to deploy robotaxis on its ride-hailing platform
March 11th,Uber Technologies (UBER.US) announced a collaboration with $Amazon(AMZN.US)$ Zoox, an autonomous driving subsidiary under its umbrella, has reached a partnership to provide customized robotaxi services exclusively for its platform. This collaboration is set to launch in Las Vegas this summer and expand to Los Angeles by mid-2027. Uber Technologies closed up 3.61% on Wednesday, with its stock price at $74.97.
Top 20 turnover
Hong Kong Market Outlook
Mainland investors increased their positions in Hong Kong stocks by over HK$3.4 billion, net buying China National Offshore Oil Corporation (CNOOC) by over HK$1 billion and Alibaba by nearly HK$700 million.
On March 11 (Wednesday), southbound funds recorded a net purchase of HK$3.448 billion worth of Hong Kong stocks today.
CNOOC Limited (00883.HK)、Alibaba-W (09988.HK)、$Geely Auto (00175.HK)$Net purchases amounted to HK$1.039 billion, HK$698 million, and HK$532 million respectively.
$Tencent (00700.HK)$、$China Construction Bank (00939.HK)$、$ICBC (601398.SH)$were net sold at HK$2.435 billion, HK$826 million, and HK$185 million respectively.
Tencent Cloud officially announced a price increase for the HunYuan model tokens, driven by a surge in token consumption due to AI agents.
On March 11, Tencent Cloud announced that in order to continue providing stable and high-quality large model services, its intelligent agent development platform would optimize and adjust the pricing strategies for certain models. According to the announcement, these changes will take effect from 00:00 (Beijing Time) on March 13, 2026. The GLM 5, MiniMax 2.5, and Kimi 2.5 models will end their limited-time free public testing phase and transition to commercial service, with charges based on usage volume.
Another change involves raising the prices for the HunYuan series models Tencent HY2.0 Instruct and Tencent HY2.0 Think services. Tencent Cloud's price adjustment is not the first in the industry; since 2026, the global cloud computing sector has experienced a wave of price increases. Multiple domestic and international cloud platforms have broken the traditional pricing strategy of 'only decreasing, never increasing,' adjusting billing standards for AI-related services or entire product lines.
Tencent Lobster Data Security Protection Skill Now Available on ClawHub
$Tencent (00700.HK)$The Xuanwu Lab has officially launched HaS Anonymizer, aimed at protecting data security for Longxia. According to reports, HaS Anonymizer is a privacy protection skill operating on the client side, running entirely locally without uploading any private data to the cloud. Even when using Claude or GPT, there is no need to worry about compliance risks. Its main functions include: privacy scanning, privacy masking, document anonymization, image anonymization, and privacy restoration.
Guotai Junan International: An employee of the company was detained by the ICAC, while the group’s overall business and operations continue to function normally.
March 12th,Guotai Junan International (01788.HK)In an announcement on the Hong Kong Stock Exchange, it was disclosed that on March 10, the Securities and Futures Commission and the Independent Commission Against Corruption (ICAC) visited the company’s primary business location in Hong Kong to execute a search warrant and took away some documents. The company was also informed that one of its employees had been detained by the ICAC. The company takes this matter very seriously and will continue to closely monitor developments.
In light of the investigation, the company immediately suspended all operational duties and powers of the relevant employee on March 10, 2026, until further notice. The Board confirms that as of the date of this announcement, the group’s overall business and operations, including all business segments such as investment banking, continue to operate normally. The company’s financial position remains robust, with all operational activities proceeding in a compliant and orderly manner. Shareholders and potential investors of the company are advised to exercise caution when trading the company’s shares.
Q Technology: February camera module sales increased by 40.3% year-over-year, while fingerprint recognition module sales declined by 23.5%.
Q Technology (Group) Co., Ltd. (01478.HK)According to the announcement, in February 2026, the total number of camera modules sold reached 33.547 million units, representing a year-over-year increase of 40.3% and a month-over-month decrease of 23.9%. The month-over-month decline in camera module sales was mainly due to the Spring Festival holiday, while the year-over-year growth was primarily attributed to increased demand from overseas customers and rising supply share. Meanwhile, sales of camera modules for other applications continued to improve, with significant year-over-year growth in sales volumes for IoT and smart vehicle applications.
During the same period, the total number of fingerprint recognition modules sold was 10.502 million units, representing a year-over-year decrease of 23.5% and a month-over-month decrease of 46.8%. The year-over-year and month-over-month declines in fingerprint recognition module sales were mainly due to the Spring Festival holiday and the impact of customer project cycles.
Focus today
Key highlights: Li Auto earnings report, Adobe earnings report, U.S. initial jobless claims, closing of the National People's Congress session, and Japan's Prime Minister's talks with Middle East envoys
In terms of economic data, the U.S. will release the initial jobless claims for the week ending March 7 at 20:30, with the previous figure at 213,000 people.
In terms of financial events, Japanese Prime Minister Sanae Takachi will meet with Middle East envoys; the fourth session of the 14th National People’s Congress will adjourn in the afternoon.
In terms of performance, Hong Kong stocks$Swire Properties (01972.HK)$、$Li Auto-W(02015.HK)$ Li Auto (LI.US) Release of earnings reports; pre-market in the U.S., Dollar General (DG.US) 、 Futu Holdings Ltd (FUTU.US) 、 Aurora (JG.US) Released financial reports; after the U.S. stock market closed,$Adobe(ADBE.US)$、Lennar Corporation (LEN.US)、Rubrik (RBRK.US)、$SentinelOne (S.US)$Released financial reports.
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