Strait of Hormuz, big news! CSRC, latest deployment! Central bank speaks out! Solar photovoltaic export tax rebates canceled, countdown! Top 10 news impacting the market for a week

01. The Central Bank Holds a Financial Stability Work Meeting

Recently, the People’s Bank of China held a financial stability work meeting for 2026. The meeting required that in 2026, financial stability work should adhere to political leadership, strengthen theoretical armament, establish and practice a correct performance view, deeply integrate party building with business operations, and ensure that financial stability work during the “14th Five-Year Plan” period starts at a high standard and progresses with high quality. Continuously improve the systemic financial risk prevention and resolution system, promote the deep and practical implementation of technology empowerment work, strengthen financial risk monitoring, assessment, early warning, and early correction, and continuously curb incremental risks. Adhere to market-based and rule-of-law principles, actively and prudently handle financial risks in key areas, and orderly reduce existing risks. Deepen the reform of key financial institutions and promote multi-channel capital replenishment efforts. Enhance the ability to prevent and control financial risks within an open framework and safeguard national financial security. Strengthen the financial stability guarantee system, enrich risk disposal resources and methods, and firmly uphold the bottom line of not allowing systemic financial risks to occur.

02. CSRC: Strengthening Protection for Small Investors in the Capital Market to Enhance Investor Satisfaction

On March 27, the CSRC announced the status of the rule of law government construction for 2025 and arranged for the rule of law government construction for 2026. In 2026, the CSRC will thoroughly study and implement the spirit of the Central Committee’s work meeting on comprehensively governing the country by law and the Central Economic Work Conference, adhere to seeking progress while maintaining stability, improving quality and efficiency, closely focus on risk prevention, strengthening regulation, and promoting high-quality development as the main line of work, enhance regulatory efficiency, protect the legitimate rights and interests of investors, and advance the modernization of the capital market governance system and governance capabilities on the rule of law track. Research and formulate plans for the rule of law construction in the capital market, accelerate legislation and amendments in key areas, and improve the inclusiveness, adaptability, competitiveness, and attractiveness of the system. Fully implement the work requirements for severely cracking down on securities violations in accordance with the law, adhere to regulatory enforcement that is “sharp and pointed,” and severely punish various illegal activities in securities and futures. Strengthen the protection of small investors in the capital market, promote more representative litigation cases and advance compensation cases to take root, and effectively enhance investor satisfaction. Research and formulate plans for integrity construction, promote the implementation of credit regulation, continuously create a market ecology that respects the law and upholds integrity, promote high-quality development of the capital market to a new level, and help achieve a good start for the “14th Five-Year Plan.”

03. Ministry of Commerce: Investigation of U.S. Trade Barriers Initiated

On March 27, a spokesperson for the Ministry of Commerce answered reporters’ questions regarding the initiation of investigations into two trade barriers by the U.S.

Question: We noticed that the Ministry of Commerce released two announcements initiating investigations into trade barriers related to the U.S. Can you provide relevant information?

Answer: The U.S. Trade Representative’s Office initiated Section 301 investigations against China and 16 other economies on March 12, citing “overcapacity,” and again on March 13, citing “failure to effectively ban the importation of products made with forced labor,” against China and 60 other economies. China expresses strong dissatisfaction and resolutely opposes this.

To firmly safeguard the interests of relevant Chinese industries, based on the “Foreign Trade Law of the People’s Republic of China” and the relevant provisions of the “Rules for Investigation of Trade Barriers,” the Ministry of Commerce announced two investigations on March 27 regarding the U.S. practices and measures that undermine global production and supply chains and hinder trade in green products, respectively, in a reciprocal manner.

In the next step, the Ministry of Commerce will advance the investigation of U.S. trade barriers in accordance with the relevant provisions of the “Foreign Trade Law” and the “Rules for Investigation of Trade Barriers,” and take corresponding measures based on the investigation results to firmly defend its legitimate rights and interests.

04. Thailand, Pakistan, Malaysia Reach Agreement with Iran

On the 28th local time, the governments of Thailand, Pakistan, and Malaysia announced that they have reached an agreement with Iran, allowing certain vessels from the three countries to pass through the Strait of Hormuz.

On the 28th local time, Thai Prime Minister Anutin stated that in response to the crisis triggered by rising domestic oil prices due to the situation in the Middle East, the Thai Ministry of Foreign Affairs has been actively communicating with relevant countries. According to the current agreement reached with Iran, Thai oil tankers can safely pass through the Strait of Hormuz.

Additionally, on the 28th, Pakistan’s Deputy Prime Minister and Foreign Minister Dar also announced on social media that Iran has agreed to allow an additional 20 Pakistani-flagged vessels to pass, with two vessels expected to transit the strait daily.

On the same day, Malaysia’s Foreign Minister Muhammad also stated that the Iranian government has allowed several Malaysian oil tankers stranded in the Strait of Hormuz to pass. However, due to the current tense situation in the Middle East, even though the relevant oil tankers have been granted passage, they must still wait for an appropriate “window for transit.”

UN Secretary-General spokesperson Dujarric stated on the 27th that Guterres has established a specialized working group regarding the situation in the Strait of Hormuz to develop and propose actionable, concrete plans to alleviate the impact of the shipping crisis on humanitarian needs and agricultural production. In response, Iran stated that at the request of the UN, it has decided to promote and further accelerate the safe passage of humanitarian cargo ships in the Strait of Hormuz, with operational arrangements to be determined in due course with the UN. Iran is firmly committed to ensuring, maintaining, and safeguarding the security and stability of the Strait of Hormuz for all non-hostile countries.

05. U.S. Vice President: The U.S. Has No Intention to Remain in Iran and Will Withdraw Soon

On March 27 local time, U.S. Vice President Pence stated in an interview regarding the Iranian issue that the U.S. has no intention to remain in Iran and will withdraw soon after handling current matters. He added that there is every reason to believe that the U.S. has completed all military objectives. The ongoing military action is due to U.S. President Trump wanting to ensure that Iran completely loses the ability to threaten the U.S. Regarding the current rise in domestic oil prices in the U.S., Pence stated that this is a very brief market reaction to the U.S.-Iran conflict, and oil prices will drop after the U.S. withdraws from Iran.

However, according to Iranian media reports on March 29, Iranian Speaker Ghalibaf pointed out that the U.S. talks about negotiations on the surface but secretly plans ground attacks. Ghalibaf stated that the Iranian armed forces are “waiting” for a ground attack by U.S. forces and will “punish” their regional allies.

06. Iran Attacks the Largest Aluminum Company in the Middle East

On the night of March 28 Beijing time, the largest aluminum producer in the Middle East, Emirates Global Aluminium (EGA), announced that earlier in the day, its Tawi’lah production facility in the Khalifa Economic Zone in Abu Dhabi was attacked by Iranian missiles and drones, resulting in severe damage. Emirates Global Aluminium is one of the largest aluminum producers in the Middle East and a key supplier in the global market. According to the company’s website, for every 25 tons of aluminum produced globally, 1 ton comes from Emirates Global Aluminium, which accounts for 4% of global capacity. The impact of this attack on production capacity is still unclear. The company stated that it has a substantial inventory of metals at sea and overseas warehouses, which it is currently utilizing to meet customer demand.

In addition to Emirates Global Aluminium, another large aluminum producer in the Middle East, Alba, also announced earlier this month that it had reduced production due to goods being unable to pass through the Strait of Hormuz. Norsk Hydro has also lowered production at its Qatalum aluminum smelter in Qatar.

07. Nasdaq Drops Over 2%, Gold, Silver, and Crude Oil Rise

All three major U.S. stock indexes closed lower on March 27. By the end of the trading day, the Dow Jones Industrial Average fell 1.73%; the S&P 500 index dropped 1.67%; and the Nasdaq fell 2.15%. Large technology stocks declined, with Meta and Amazon dropping nearly 4%, Tesla, Google, and Microsoft falling over 2%, Apple down over 1%, and Netflix slightly up. Chip stocks showed mixed performances, with memory stocks rebounding; SanDisk rose over 2%, while Western Digital, Micron Technology, and Seagate Technology saw slight gains; ARM fell nearly 7%, and Qualcomm, Broadcom, Intel, and NVIDIA all dropped over 2%. Most popular Chinese concept stocks fell, with the Nasdaq Golden Dragon China Index down 1.90%; WeRide down nearly 9%; Pony.ai down nearly 6%; and Kingsoft Cloud down over 5%.

At the close, WTI crude oil futures for the current month rose $6.70, settling at $101.18 per barrel, an increase of 7.09%. Spot gold rose $113.93, up 2.60%, reaching $4492.74 per ounce. Spot silver rose $1.74, up 2.56%, reaching $69.71 per ounce.

08. Preview: March PMI Data to Be Released; Export Tax Rebates for Photovoltaic Products to Be Fully Canceled from April 1

On March 31, the March PMI data will be released. From April 1, export tax rebates for photovoltaic products will be fully canceled. According to the announcement issued by the Ministry of Finance and the State Administration of Taxation, starting from April 1, 2026, the VAT export tax rebate for photovoltaic products will be canceled. It is understood that the phased withdrawal of export tax rebate policies for the photovoltaic industry began at the end of 2024, with the rebate rate reduced from 13% to 9%. This cancellation of the rebate has been anticipated by the industry.

Semiconductor manufacturers will raise prices on certain products starting April 1. The global semiconductor industry is brewing a new round of price increases, with Texas Instruments, NXP, and Infineon recently sending pricing notifications to customers, announcing price increases for certain products starting April 1. Among them, Texas Instruments’ price increases for some products could be as high as 85%. Infineon’s mainstream product increases are expected to be between 5% and 15%, while the adjustments for some high-end products may be even higher.

09. IPO Registration and New Stock Subscriptions

The CSRC approved the IPO registration for two companies. The CSRC approved the initial public offering registration of Ningbo Huikang Industrial Technology Co., Ltd. on the Shenzhen Stock Exchange. The CSRC approved the initial public offering registration of Shandong Chunguang Technology Group Co., Ltd. on the ChiNext.

This week (March 30 - April 3), three new stocks will be issued: on Monday, Saiying Electronics and Yuyuan Composites; on Friday, Dapu Micro.

10. More Than 29 Billion Yuan of Restricted Shares Released This Week

Data shows that this week (March 30 - April 3), a total of 32 companies will have their restricted shares released, totaling 1.26 billion shares, with a total market value calculated at the latest closing price of 29.479 billion yuan.

From the perspective of released market value, the top three are: Hongrida (10.846 billion yuan), Wanrun New Energy (4.897 billion yuan), and Shouhang New Energy (2.911 billion yuan).

From the perspective of release ratio, the top three are: Yihua New Materials (63.7%), Hongrida (61.92%), and Nearshore Protein (53.44%).

Editor: Yang Yucheng

Layout: Liu Junyu

Proofreading: Wang Chaoquan