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HuaCan Optoelectronics aims to achieve an operating revenue of 5.408 billion yuan in 2025, with a net loss attributable to the parent company of 438 million yuan, representing a reduction in losses compared to the previous year. The company is accelerating its operational improvements, with the gross profit margin on LED chip sales increasing, but it still faces challenges such as weak market demand and intensified price competition. The top ten shareholders have actively increased their holdings, and the stock price has risen approximately 37% in total. Looking ahead to 2026, HuaCan Optoelectronics will optimize its production capacity structure, focus on emerging markets, and improve profitability.

*ST Busen announced that its controlling shareholder Fangwei Tongchuang will transfer its shares to Yanfeng Digital, with the latter becoming the new controlling shareholder. The company clarified that Yanfeng Digital has no business relationship with AoFei Data. *ST Busen is currently facing declining performance and is actively working to maintain its listing status, planning to continue strengthening its core business.

China Securities (CITIC Securities): Key Decision Point in April
The trajectory of the Iran conflict and its market impact show massive divergence in expectations. Behind different judgments, there are three core questions that currently cannot be verified and have no clear answers: First, to what extent can shipping channels be restored after the conflict's intensity decreases; Second, does the Federal Reserve place more emphasis on indicators reflecting inflation or actual employment situations; Third, does China face a cost shock or an opportunity for supply chain order shifting. These questions may only gradually become clearer by April. Facing such enormous uncertainty, the market has shown some position-reducing behavior in the short term, with previously high-performing assets declining more significantly recently.
However, looking at the overall picture, most performance-driven and narrative-driven story lines have seen their year-to-date returns basically return to

Zhongwei Semiconductor has decided to invest an additional 160 million yuan in Zhuhai Boya, increasing its stake to 20% in order to accelerate the development of its storage chip business. Zhuhai Boya specializes in NOR Flash chips. Although its performance is relatively weak at present, Zhongwei Semiconductor is optimistic about its future growth potential. Furthermore, Zhongwei Semiconductor anticipates that with ongoing research and development and product updates, both revenue and net profit will see significant increases by 2025.

Unitree Robotics Co., Ltd. has applied for an IPO on the STAR Market, aiming to raise 4.202 billion yuan. Its robot production and sales rate exceeds 95%, with a planned annual output of 190,000 units, but only over 5,000 units were sold in 2025. Its main customer is JD.com, and it has developed a companion robot dog that runs alongside users. The founder has grand ambitions for AGI.

Pan Gongsheng emphasized at the China Development Forum that China will continue to implement a moderately relaxed monetary policy and maintain ample liquidity. Experts point out that monetary and fiscal policies need to work together to support technological innovation and consumption, ensuring high-quality economic development. Structural policies will direct financial resources toward key areas.

Sanan Optoelectronics announced that its actual controller Lin Xiucheng is not serving in the company due to being under investigation, while production and operations remain normal. The company operates in accordance with the law and is not expected to be materially affected. The Lin family holds a controlling stake of 71.832%, and its 2025 performance may record its first loss.

The Australian government stated that despite the Iran conflict affecting fuel imports, domestic supply remains sufficient with no rationing plans in place. Officials called on the public to refuel rationally, emphasizing that refineries are operating normally, and established a task force to address fuel shortages in some regions.

As listed companies disclose their 2025 annual reports, the investment paths of foreign institutions such as QFII in A-shares are becoming increasingly clear. Their major holdings are concentrated in sectors like pharmaceuticals and biotech, semiconductors, and equipment manufacturing, indicating a focused deployment in specific market segments. At the same time, there are multiple foreign institutions holding overlapping positions. Overall, foreign investors are paying more attention to non-traditional blue-chip stocks, showing a trend of structural adjustment and rebalancing.

China Merchants Bank has adjusted the bid-ask spread for its gold account business to 5 yuan/gram effective March 23rd due to increased volatility in the gold market, aimed at reducing risk and enhancing yield protection. Other banks have also taken similar measures, and investors should pay attention to trading costs and long-term investment logic.

This year, 30 new stocks have been listed on the Hong Kong stock market, raising over HK$100 billion. Despite strengthened regulation and improved quality of IPO filings, the number of submissions has not decreased, with as many as 164 main board applications in January and February alone. Red chip companies seeking to list in Hong Kong face approval difficulties, and so far, only one has been approved. The Hong Kong Stock Exchange will optimize listing rules, but "red chip structure" has not yet been included in the reform considerations.

Iran's armed forces warned that if the United States attacks its power plants, Iran will take four punitive measures, including a complete closure of the Strait of Hormuz, to ensure that the country's interests are not harmed. Trump previously threatened to strike Iran's power facilities within 48 hours.

Iranian officials stated that Iran has proposed six ceasefire conditions, including guarantees against future war, closure of U.S. military bases, and payment of compensation. Based on the current situation, Iran believes a ceasefire is unlikely in the near term, and military operations will continue. Iran has adjusted its tactics, shifting from defense to offense.

Vice Premier He Lifeng of the CPC Central Committee met with representatives from the National Committee on U.S.-China Business, emphasizing the importance of U.S.-China relations and expressing hopes for both sides to deepen friendly exchanges and economic and trade cooperation. The American side expressed continued optimism about the Chinese market and willingness to deepen cooperation.

On the evening of March 22, multiple listed companies in Shanghai and Shenzhen released important announcements: Zhongwei Semiconductor plans to increase capital by 160 million yuan to hold 20% stake in Zhuhai Boya; Tenya Precision Engineering plans to raise 120 million yuan through private placement for projects in Vietnam and other locations; Zhejiang Huaye invests 1.094 billion yuan to build the second phase of Mu'ao production base; Shandang Group actively expands into mining products and prepares larger-tonnage excavators; Xuefeng Technology's controlling shareholder plans to increase holdings of 150 million to 300 million shares.

Recently, Unitree Robotics Co., Ltd. submitted a Science and Technology Innovation Board IPO application to the Shanghai Stock Exchange, planning to raise 4.202 billion yuan. Nineteen A-share listed companies have expressed their intention to invest in the company, including Shiyida and others.