March 27: Highlights and summaries of the front-page headlines from the four major domestic securities newspapers and key financial media outlets

Friday, March 27th, the main headlines and highlights from today’s newspapers are as follows:

China Securities Journal

Proposed 10-for-70 Dividend! A-shares Show Large-Scale Profit Sharing Again

On the evening of March 26, several leading listed companies in A-shares disclosed their annual reports. China Mobile, Ping An Insurance, Semiconductor Manufacturing International Corporation, CITIC Securities, China National Offshore Oil Corporation, and others presented their 2025 “performance reports,” with some companies planning substantial dividends. Notably, Jibitex plans to distribute a cash dividend of 70 yuan per 10 shares (tax included), with an estimated payout of 502 million yuan.

Loss of 23.4 Billion Yuan! Meituan Reports Results After “Food Delivery War”

On March 26, Meituan released its Q4 and full-year 2025 performance. In 2025, Meituan achieved revenue of 364.9 billion yuan, up 8.1% year-over-year. Due to industry competition and other factors, Meituan reported a loss of 23.4 billion yuan in 2025, compared to a profit of 35.8 billion yuan in 2024.

Revenue Doubled! Muxi Co. Presents Its First Post-Listing Annual Report

On the evening of March 26, domestic GPU leader Muxi Co. published its first annual report after listing. The report shows that in 2025, Muxi’s operating revenue increased by 121.26% year-over-year, with a narrowed loss. The company continued R&D investments, and driven by market demand, GPU product sales exceeded 55,000 units.

Increasing Allocation to Chinese Assets Is Highly Probable! Global Capital Allocation Logic Is Changing

On March 26, the “Value Rebuilding and Future Intelligence” 2026 Global Southern Asset Management Forum was held in Beijing, hosted by China Securities Journal. Participants included Liu Gangling, Vice President of Tianjin Bank; Hu Yanru, General Manager of Kaisi Fund; Ru Ping, Managing Director of Lubomai Overseas Investment Fund; He Li, Chairman of Beijing Zhiyuzhishan Private Equity; and Nie Xianchao, Vice President of ISI Markets Greater China. They believe that global capital allocation is undergoing a fundamental shift, with structural changes in global funds. Increasing allocation to Chinese assets is highly likely. In the long term, assets with low correlation to the dollar and safety cushions will be more favored.

Shanghai Securities News

A Single Paper “Knocks Over” Many Bull Stocks: Does Higher Efficiency Mean Greater Demand?

On March 26, a scholarly paper triggered panic in the global storage chip market. Stock prices of storage chip companies came under pressure. At the close of A-shares on March 26, Hengshuo Co. fell over 6%, GigaDevice, Biview Storage, Langke Technology dropped over 5%, with others like Jiangbolong and Beijing Junzheng also declining. In the US market open on March 26, the storage chip sector broadly declined; as of 10:30 pm Beijing time, SanDisk fell over 6%, Micron Technology and Western Digital dropped over 4%, Seagate Technology fell over 3%.

603843 Suspended for Investigation, Ten Risks Highlighted

On the evening of March 26, *ST Zhengping (603843) announced that its stock had risen by 57.56% from March 10 to March 26, with 10 trading days of limit-ups and three instances of abnormal trading fluctuations, including two consecutive similar abnormal movements, increasing trading risks. To protect investors’ interests, the company will conduct an investigation into trading activities. The stock will suspend trading from the market open on March 27 and will resume after the investigation announcement, with an expected suspension not exceeding five trading days.

Mass Delisting Causes Supply-Demand Imbalance; Convertible Bond Market Urgently Needs “Thirst Quenching”

Since March, the convertible bond market has experienced a wave of delistings. Preliminary statistics by Shanghai Securities News show over 20 delistings in March, with this trend expected to continue into April. Meanwhile, new issuance of convertible bonds has accelerated again, with four companies—Shenneng Co., Stada Semiconductor, and others—receiving registration approvals for their bond issuance plans.

Three Major Telecom Operators Maintain Steady Performance in 2025; Investment Focus in 2026 on Computing Power Track

As of March 26, China Mobile, China Telecom, and China Unicom have all disclosed their 2025 annual reports. In 2025, their revenues remained stable: China Mobile achieved 1.0502 trillion yuan, up 0.9%; China Telecom’s operating income was 529.6 billion yuan, with slight growth; China Unicom’s revenue was 392.2 billion yuan, up 0.7%.

Securities Times

Oil Price Shock Transmission Investigation: Dongguan Plastic City Once Experienced a Rush for Goods; Market Returns to Calm After the Clamor

“Recently, I’ve been somewhat distracted, spending all my time tracking price fluctuations and ineffective negotiations with clients, rather than focusing on production and business,” said Xu Gaofeng, head of Shenzhen Yinhua Technology, regarding the recent surge in crude oil prices causing chaos in downstream raw material markets.

Social Security “Sixth Insurance” Fully Promoted: No Uniform Approach or “One-Size-Fits-All”

The long-term care insurance, dubbed the “sixth insurance” of social security, has reached a key stage in system construction. Zhou Jin, partner at Tianzhi International Financial Consulting, said that with accelerating aging, the number of disabled and semi-disabled elderly is increasing, and the demand for long-term care is becoming more prominent. The policy is a major institutional arrangement to improve the social security system under this trend.

“Lobster Fever” Activates Entire Industry Chain; Domestic Large-Model Enterprises Accelerate Commercialization

The popularity of the “Lobster” AI intelligent agent (open-source AI framework “OpenClaw,” nicknamed “Lobster” in Chinese) has sparked a nationwide “shrimp farming” industry boom. Tech giants like Baidu, ByteDance, Tencent have launched various “Lobster” intelligent agents. As the hype subsides, the AI industry, especially large-model enterprises’ commercialization prospects, are becoming clearer. Companies like MiniMax, Zhipu, and Dipu Technology, listed in Hong Kong, are expected to see performance inflection points.

Haite Group’s Related M&A Faces “Four-Year Tug-of-War”: Repeatedly Changing Plans, Valuation Halved

Since May 2022, Haite Group’s related-party asset acquisition has been announced repeatedly, with ongoing restructuring over a year and a half. The major asset restructuring faces obstacles, and its final implementation remains uncertain. The plan has undergone three major revisions, with the valuation halved, key terms scaled back, payment methods changed, and stability lost, yet the timeline for completion remains unclear.

Securities Daily

Over 50 Localities Optimized Housing Provident Fund Loan Policies This Year

On March 25, Foshan Housing Provident Fund Management Center announced a public consultation on the draft “Foshan Housing Provident Fund Personal Housing Loan Management Measures.” The day before, Chengdu Housing Provident Fund Management Center held a press conference releasing policies including “Further Optimization of Housing Provident Fund Policies” and “Adjustment of Housing Provident Fund Loan Policies.”

Public Funds Allocated Over 1.5 Billion Yuan in New Stock Subscriptions This Month

Public fund institutions have been key participants in offline allotments of new stock offerings. Data from Paimai shows that as of March 26, 101 public fund institutions participated in the offline allotments of three newly listed stocks this month, with a total of 44.5412 million shares allocated, amounting to 1.56 billion yuan, averaging about 26.96% of the total financing of these three stocks, dominating the offline allotment market.

Let Capital “Long-Distance Run” Accompany the Growth of Humanoid Robots

At Boao Asia Forum 2026, held as scheduled on the shores of Nanhai and Wanquan River, humanoid robots were the stars—at the “Advancement and Leap of Humanoid Robots” sub-forum, robots like Embodied Tiangong 3.0 and Starry Epoch Q5 interacted with guests; throughout the venue, robots assisted in hosting, service, sanitation, and other tasks.

High-Voltage Transmission Construction Booms; Listed Companies Busy with Layouts

Driven by energy transition and computing power demand, China’s ultra-high-voltage projects have accelerated, with line scale steadily expanding. According to the “2025–2030 China Ultra-High Voltage Power Grid Market Demand Forecast and Development Trend Outlook” report by China Business Industry Research Institute, by the end of 2025, China’s ultra-high voltage line length will exceed 62,000 km, and is expected to surpass 70,000 km in 2026.

China National Radio

*ST Panda’s Annual Report “Non-Standard” Risks of Delisting Remain High

On the evening of March 26, *ST Panda (600599.SH) announced that it had applied for suspension for investigation after its stock hit the limit-up for eight consecutive trading days. The investigation has been completed, and the company applied to the Shanghai Stock Exchange for resumption of trading starting March 27, 2026.

China Life’s 2025 Net Profit Up 40%; Executives Respond to Investment Strategies and Performance Fluctuations

On March 26, China Life Insurance Co., Ltd. held simultaneous annual performance briefings in Beijing and Hong Kong, with several executives present, addressing performance and investment strategies.

21st Century Business Herald

German Chemical Giant Invests 70 Billion Yuan in China

At the start of 2026, a chemical plant in Zhanjiang, Guangdong, is about to fully commence operations. This is BASF’s third-largest integrated production base globally, located on Donghai Island, covering 4 square kilometers.

Sold Water Resources Worth 52.5 Billion Yuan; Zhong’s Richest Accelerates Expansion of Water Sources

Nongfu Spring, thriving. On March 24, the beverage giant announced its 2025 results: revenue of 52.55 billion yuan, net profit of 15.868 billion yuan.

Yicai Global

Meituan CEO Wang Xing: The Company Won’t Blindly Pursue Becoming a “Token Factory”

On March 26, Meituan released its full-year 2025 financial report. During the subsequent earnings call, CEO Wang Xing discussed development plans for overseas markets and AI. He provided profit expectations, saying “Keeta in Saudi Arabia is expected to achieve monthly UE positive by the end of 2026.” If achieved, Keeta’s profitability in Saudi will surpass Hong Kong. In October last year, Keeta’s Hong Kong operations became profitable after only 29 months, reaching monthly UE positive. Wang Xing stated that considering Saudi’s favorable market characteristics and higher overall profitability in the food delivery industry, Meituan expects Keeta to reach UE positive faster in Saudi than in Hong Kong.

“Long-Standing Lack of Top Financial Influencers”! Fake Experts and Disorganized Traffic Need Urgent Rectification

Regularly browsing video platforms, do you often encounter self-proclaimed “industry insiders” or “senior financial industry figures” hinting at or claiming certain stocks or funds will rise or fall, sometimes with “inside information” or “exclusive leaks”? After joining fan groups, you realize many irregularities? Such chaos needs further regulation by video platforms!