Summary of the front-page headlines of the four major securities newspapers_ March 30, 2026_ Financial News

Topic: Highlights from the Four Major Securities News Papers

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March 30 (Monday). The main highlights from today’s newspaper front-page coverage are as follows:

China Securities Journal

Shanghai Stock Exchange: Advancing institutional reforms through an integrated approach to investment and financing to make the system more inclusive and better tailored

Qi Yong, Chairman of the Board of the Shanghai Stock Exchange, said recently at the 2026 North Bund Wealth and Culture Forum that, standing at a new starting point as the “15th Five-Year Plan” gets underway, the Shanghai Stock Exchange will always adhere to the development direction of market-oriented, rule-of-law, and internationalization. By using the integrated reform of capital markets for investment and financing as the driving force, it will promote a system that is more inclusive and better adapted, listed companies with higher quality and stronger performance, more stable and resilient market operations, and deeper integration between finance and culture.

Sustained IPO momentum in Hong Kong; the tech sector becomes the “new favorite” for capital

On March 30, new shares including Huaweiian Robotics, Jushijiao, Hantiancheng, Dexi-B, and others listed on the Hong Kong Exchanges and Clearing the same day, and momentum in Hong Kong’s IPO market continued to release. According to Wind data, as of March 29, this year saw a total of 34 companies listed in Hong Kong, raising HK$104.492 billion; both the number of financings and the amount raised are significantly higher than the same period last year.

A-share ESG mandatory disclosures: “First exam” in progress; data quality becomes an important “scoring point”

2026 will be the first year for A-share listed companies to make mandatory ESG disclosures. As of the time China Securities Journal reporter released the story on March 29, at least 257 A-share listed companies had disclosed their 2025 ESG reports (or sustainability reports). Among them, the medical and biological and electronics sectors led in the number of companies disclosing.

First-line research on the hydrogen energy industry: Breakthroughs in technology improve efficiency; large-scale initiatives begin

Multiple industry insiders told the reporter that the industry is focusing on technical upgrades of core materials and equipment. As the self-sufficiency rates of key components such as diaphragms, membrane electrodes, and bipolar plates gradually rise, together with the ongoing decline in costs of renewable energy sources such as solar PV and wind power, the economics of green hydrogen are improving rapidly, laying the foundation for large-scale commercialization and rollout in this industry.

Shanghai Securities News

SSE: The “three-pronged focus” to strengthen capital market functions that coordinate investment and financing

“Standing at the new starting point as the ‘15th Five-Year Plan’ begins, we will always adhere to the development direction of market-oriented, rule-of-law, and internationalization. Guided by the integrated reform of investment and financing in the capital market, we will promote a system that is more inclusive and better adapted, listed companies with higher quality and stronger performance, more stable and resilient market operations, and deeper integration between finance and culture.” On March 28, Qi Yong, Party Secretary of the Shanghai Stock Exchange and Chairman of the Board, attended the 2026 North Bund Wealth and Culture Forum and introduced, from three aspects, the SSE’s efforts to deepen the integrated reform of capital market investment and financing and to cultivate a financial culture with Chinese characteristics.

Policy support; clear main line; public funds conduct deep analysis of A-share Q2 investment strategy

As the second quarter is about to begin, Shanghai Securities News reporter interviewed Tang Xiaodong, Co-General Manager of the Macroeconomic Strategy Department at Southern Fund; Li Zhan, Chief Economist of the Research Department at China Merchants Fund; Wei Fengchun, Chief Economist at Pioneer and Jinchen Asset Management; and Wang Li, Senior Researcher in Advanced Macroeconomic Strategy at Great Wall Fund. They held in-depth discussions on hot topics such as the main logical line for A-shares next, policy measures, market contradictions, and investment directions.

A-share asset resilience is strong; April allocation further focuses on certainty

Over the past week, the three major A-share indexes showed a volatile pattern with weakness first and strength afterward. The rotation pace across sectors accelerated, and the characteristics of games among existing funds were evident. In response, this week, broker research outlook reports analyzed that Middle East geopolitical conflict remains the core disruptive factor for the global market in the near term. In the short run, spillover effects have not been fully eliminated, so the market tone will mainly remain one of volatility digestion. But in the long run, adjustments in the A-share market have already been relatively sufficient. Moreover, underlying certainty in China’s economy and China’s manufacturing is increasingly evident, which is expected to support resilient performance in the A-share market.

AI-driven new growth cycle; cloud service providers see a performance inflection point

Demand growth brought by AI is gradually turning around China’s cloud service providers’ long-standing situation of losses. Recently, the latest financial report released by Kingsoft Cloud shows that in Q4 2025, the company achieved revenue of RMB 2.76 billion, up 23.7% year over year, and it delivered an adjusted operating profit returning to positive for two consecutive quarters. Tencent’s disclosed financials show that after many years of losses, Tencent Cloud achieved large-scale profitability for the first time.

Securities Times

Asking prices keep rising; premium bidding to snap up old shares; all kinds of capital are疯狂抢购 brain-machine interface projects

“Recently, about 10 funds that proactively approached us seeking to acquire Force Brain Technology’s old shares—these are all top-tier institutions, and we politely declined many of them.” Liu Dan, one of Force Brain Technology’s early investors and a well-known investor in the life science industry, said in an interview with the Securities Times reporter, “Moreover, the asking prices kept rising, even with some intentions higher than the prices for newly added capital.”

Rebalancing power and computation supply-demand; Token goes overseas to open a new path for green power consumption

Behind Token (word token) becoming a hot market buzzword, a technological transformation of infrastructure is brewing at the intersection of computing power and electricity. “Computing-power and power coordination” was written into this year’s government work report for the first time, and together with “ultra-large-scale intelligent computing clusters,” it was listed as a key new infrastructure project to build a “new form of intelligent economy.” Against the backdrop of rapid development of AI large models and the digital economy, demand for computing power has exploded exponentially. Electricity demand from data centers has surged as well. The deep integration of electricity and computing power has hit the accelerator.

March: New fund issuance exceeds one trillion; “hard technology” products become the absolute main force

In March, the issuance market for China’s public funds continues to see an increase in “tech content.” Driven by multiple factors—including structural rallies in technology stocks lifting the performance of related theme funds, and concentrated approvals of new products by regulators—“hard technology” theme funds represented by artificial intelligence (AI), new energy, and information technology have become the absolute main line for fund issuance in March. From battery industry chains to Hong Kong-listed tech leaders; from index instruments to active management—many technology-themed products led by experienced fund managers have been launched in quick succession.

In Q1, public fund research reflects the market’s coolness and warmth; it spawns multiple doubled “bull stocks” in the technology manufacturing sector

As the end of Q1 2026 approaches, the research footprints of public funds clearly reflect the split between cool and warm conditions in the market. Institutional investors are flowing in batches into technology manufacturing fields such as industrial machinery, semiconductors, and artificial intelligence (AI). Relevant companies have had their doors effectively “broken through,” and the surge in research heat has resonated with rising stock prices, resulting in multiple doubled “bull stocks.” Meanwhile, traditional consumer sectors such as food and textiles have appeared comparatively neglected.

Securities Daily

Fragility in the global helium supply chain is highlighted; domestic companies are laying out plans around helium resource acquisition and more

Affected by factors such as supply disruptions overseas, helium prices have continued to rise in recent days, quickly drawing heightened market attention. According to the latest data from LONGBY Information, the latest domestic piped-bottled helium market price increased by more than 35% month-over-month compared with the previous month. Compared with near-term price fluctuations, what deserves more attention now is that, under the backdrop of increasing external supply uncertainty, domestic companies are accelerating their plans around helium resource acquisition, expanding helium production capacity, supporting storage and transportation equipment, and ensuring supply capability for electronic-grade helium. A Securities Daily reporter learned that multiple listed companies—including Jiangxi Jofn Energy Co., Ltd. (hereinafter referred to as “Jofn Energy”), JinHong Gases Co., Ltd. (hereinafter referred to as “JinHong Gases”), and Hangyang Group Co., Ltd. (hereinafter referred to as “Hangyang Shares”)—are increasing investment.

Strong performance of leading public funds in 2025

As 2025 annual reports of listed companies enter a dense disclosure period, the annual operating results of the public fund industry are gradually becoming visible. As of March 29, multiple bank-affiliated fund companies such as Industrial Bank Wealth Management and Jianxin Fund, as well as securities-affiliated public fund institutions such as Huaxia Fund and Fuguo Fund, have released their full-year operating data for 2025.

Two new self-regulatory rules in the asset management field will produce three major impacts

On March 27, the China Banking and Insurance Asset Management Association released the “Self-Regulatory Standards for Appropriateness Management of Products of Wealth Management Companies” and the “Self-Regulatory Standards for Appropriateness Management of Insurance Asset Management Products.” The two new rules will take effect on July 1, 2026. Wealth management and insurance asset management products are vast in terms of outstanding size, and once the new rules are released, they immediately attracted significant market attention. Data show that as of end-2025, the outstanding size of the wealth management market reached RMB 3.329 trillion; as of end-2024, the outstanding balance of insurance asset management products reached RMB 0.807 trillion.

“Going overseas” in volume and improved performance; innovative drug industry enters the commercial realization phase

On March 28, the latest data released externally by the National Medical Products Administration (NMPA) showed that in the first three months of this year, the total value of external licensing transactions for China’s innovative drugs exceeded $60 billion, approaching half of the total for 2025. The NMPA’s latest statistics show that as of March 27, China’s 2026 has approved 10 innovative drugs, including 2 imported and 8 domestic. China’s innovative drugs have achieved a historic breakthrough and maintained a strong development momentum.

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责任编辑：石秀珍 SF183