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People's Finance News, March 18 — Tianrun Dairy (600419) announced on March 18 that its subsidiaries Aral Xinnong Dairy Co., Ltd. and Xinjiang Tuofeng Glacier Animal Husbandry Co., Ltd. collectively received government subsidies of 8.772 million yuan in total, all of which are government subsidies related to income, accounting for 20.09% of the company's 2024 audited net profit attributable to shareholders of the listed company.

The Russia-Ukraine situation remains deadlocked.
According to the latest reports, Moscow, the capital of Russia, has experienced the largest-scale drone attack this year. Moscow Mayor Sobyanin stated that more than 20 drones have been shot down since midnight on March 17. Additionally, according to a notification from the Russian Ministry of Defense on March 16, between 23:00 Moscow time on the 15th and 8:00 on the 16th, Russian air defense systems intercepted and destroyed 145 Ukrainian drones.
At the same time, the new round of Russia-Ukraine peace talks has encountered major changes. According to Russian sources, Russian Presidential Press Secretary Peskov recently stated that negotiations regarding the Ukraine issue have been suspended due to the United States needing to prioritize Middle East affairs. Some analysts believe that if the conflict in the Middle East continues to maintain considerable intensity, Russia-Ukraine negotiations will likely be difficult to restart in the short term.
Moscow Suffers Large-Scale Drone Attack

Renmin Finance News on March 19, according to Jianfa Group, on March 18, Jianfa Light Industry, a subsidiary under the Consumer Goods Group of Jianfa Group, formally signed a strategic cooperation agreement with JD.com Technology at JD.com Group's global headquarters in Beijing. According to the agreement, both parties will strengthen cooperation in the home appliances, consumer electronics, coffee and other fields around new consumption scenarios.

The Civil Aviation Administration held a Safety Committee meeting on March 17th, emphasizing the production organization of seasonal flight schedule changes. It required all parties to actively respond to complex weather conditions, provide early warnings and optimize capacity allocation, ensure aircraft airworthiness, strengthen airport security inspections and air traffic management services, and enhance overall safety supervision and management.

With the development of the digital economy, online consumption has gradually become the primary consumption method. The Supreme People's Court released typical cases on consumer rights protection, focusing on auto-renewal and "limited-time cancellation" issues. In the cases, a video platform was ordered to compensate interest for failing to adequately remind consumers of renewal; a hotel booking was required to refund part of the room fee after a guest applied for early cancellation that caused no loss to the hotel. This action helps balance the rights and interests of consumers and operators, and promotes improvements in the booking and consumption model.

The auto title loan market is promoted as convenient and efficient, but in practice, it involves hidden fees and industry traps. Consumers often bear substantial costs without full awareness and even face risks of vehicle ownership transfer. Despite strengthened regulatory oversight, the market still requires standardization. It is recommended that consumers carefully review fee schedules and contract terms before signing any agreements.

As of early March, the Wande Micro-cap Index rose approximately 80%, with related funds performing well. Wang Ying, analyst at CITIC Prudential Fund, stated that the characteristics of micro-cap stocks lie in low institutional participation, low turnover, but high stock price elasticity, which makes their market performance significantly affected by liquidity. Wang Ying's team employs quantitative methods for investment to control risk and enhance returns, emphasizing the unique value of micro-cap strategies in asset allocation, which can effectively reduce portfolio volatility.

CITIC Securities points out that Sinokor's capacity expansion and the "quasi-alliance" formed with MSC and Trafigura will significantly impact the VLCC market, potentially leading to a reshaping of freight rate mechanisms. Historical experience shows that capacity expansion can drive profit growth, and future profits of leading tanker operators are expected to reach new highs. Pay attention to potential impacts of changes in Strait of Hormuz transit capacity and inventory replenishment demand on the market.

CITIC Securities pointed out that Arista's XPO white paper introduced a new pluggable optical module standard with 12.8Tbps bandwidth and 204.8Tbps switching capacity, marking AI data centers entering an ultra-high-density phase, and recommends paying attention to relevant manufacturers.

People's Finance News, March 19 — CITIC Securities points out that the Federal Reserve maintained its policy rate unchanged at the March 2026 interest rate decision meeting, in line with market expectations. The latest dot plot shows the target rate midpoint for this year at 3.4%, consistent with December 2025, while raising this year's inflation forecast and slightly raising the economic growth forecast, maintaining the unemployment rate forecast unchanged. Powell did not make judgments on the Iran situation and oil prices as expected, with notably weakened confidence compared to January regarding disinflation from tariffs. It is expected that the Fed will not cut rates in April, and under Waller's tenure as chair, the baseline scenario anticipates one 25bps rate cut in the second half of the year.

People Finance News March 19 — CITIC Securities points out that following each Middle East conflict in history, the medium-term trend of gold prices is still determined by US dollar credit and liquidity factors. Looking ahead to this round of conflict, it is expected that the continuation of two major trends—loose liquidity and weakening US dollar credit—will continue to push up gold prices. Historically, valuation or stock price percentile advantages will strengthen the upside potential of the gold sector. Currently, the PE valuation levels of leading companies have fallen back to the historical low of 15-20x. Meanwhile, considering the high synchronization between recent stock price highs and gold price highs, we are optimistic about new stock price highs driven by new gold price highs.

Huaxin Trust released an announcement stating that its shareholding in Datong Securities is about to enter the disposal process. The relevant creditor meeting resolution has been passed, marking that Huaxin Trust, due to its own operational difficulties and bankruptcy restructuring, has decided to dispose of its 28.26% equity stake as the largest shareholder. Huaxin Trust hopes to improve its debt crisis and enterprise operations through restructuring.

The State Administration of Foreign Exchange emphasized risk prevention, strengthened supervision, and promoting high-quality development within the foreign exchange management system. The conference proposed deepening reform and innovation, advancing high-level opening-up, responding to external challenges, improving supervision, and promoting comprehensive and strict Party governance to support stable economic development and policy implementation.

Since March, multiple small and medium-sized banks have lowered their fixed-term deposit rates to below 2%, entering the "1% era," reflecting the refinement of liability management in the banking sector and acceleration of deposit marketization. Analysis indicates that continuous downward pressure on deposit rates will become a trend going forward, the proportion of short-term products may increase, and interest rate differentiation among banks could intensify.

Over the past year, A-share listed companies have faced significant foreign exchange volatility risks, particularly with the appreciation of the Chinese yuan against the US dollar. Enterprises have intensified their use of foreign exchange derivatives for hedging, with a substantial increase in the release of exchange rate hedging announcements. In particular, trading volumes in USD/CNY options have surged, as companies lock in profits to cope with exchange rate fluctuations, while the appeal of dollar deposits has weakened due to declining interest rates.

People's Finance News, March 19 — Japan and South Korea stock markets opened lower across the board. The Nikkei 225 Index opened down 1.72%, closing at 54,290.10 points; the Korean KOSPI Index fell 2.8%, closing at 5,759.08 points.

People's Finance News on March 19 reported that the Nikkei 225 Index expanded its decline to 2.67%, currently trading at 53763.51 points.

People Finance News March 19 — According to China Railway Industry Co., Ltd. news, on March 18, China Railway Industry Co., Ltd. and Pansteel Group signed a strategic cooperation agreement. Both parties conducted in-depth exchanges on jointly expanding overseas high-end markets, strengthening technical joint research, and upgrading the strategic cooperation mechanism. The two parties will jointly build a high-performance materials research and development platform, focus on cutting-edge directions and vanadium-titanium deep processing fields, and jointly carry out technical research, standard development, and high-value achievement transformation around China's new rail transit demands and new maritime economy scenarios, consolidate core technological advantages, and cultivate new growth drivers.

Galaxy Securities points out that Hong Kong stocks' low valuations attract safe-haven funds, with foreign capital inflows driven by valuation discrepancies compared to global major markets. Over the next six months, discretionary consumer and financial sectors offer both growth potential and safety margins, while the technology sector demonstrates dual characteristics.