Three major aluminum plants in the Middle East have announced a combined production reduction of approximately 2.63 million tons. On March 29, the UAE's EGA aluminum plant was severely damaged by missile and drone attacks from Iran, prompting an immediate damage assessment. The facility is expected to experience significant output cuts, affecting a total production capacity of roughly 1.53 million tons. This follows production curtailments initiated earlier in the month by Alba and Qatalum aluminum plants. The collective reduction from these three facilities amounts to approximately 2.63 million tons. Following the attacks on the two major Gulf-based aluminum plants, both domestic and international aluminum prices surged significantly on Monday, March 30. Industry analysts suggest that while the full extent of the damage at the two Gulf plants remains unclear, the ongoing and escalating conflict has already delivered a substantial shock to aluminum supply. This is expected to push the price center of gravity for aluminum higher in the short term. CITIC Securities indicated that looking ahead to 2026, demand for aluminum in power grids and automobiles is projected to remain robust, while growth in aluminum's substitution for copper in energy storage and air conditioning applications is expected to accelerate, providing sustained momentum for primary aluminum demand growth. Concurrently, a slowdown in industry supply growth remains a prevailing trend, with signs of increasing disruptions becoming more apparent. The firm forecasts that the average aluminum price for 2026 will reach 23,000 yuan per ton and maintains a positive outlook for simultaneous improvements in both profitability and valuation within the aluminum sector.
U.S. stock markets closed mixed overnight, with major technology stocks mostly declining. At the close, the Dow Jones Industrial Average rose by 49.5 points to 45,216.14, a gain of 0.11%. The S&P 500 index fell by 25.13 points to 6,343.72, a decline of 0.39%. The Nasdaq Composite Index dropped by 153.72 points to 20,794.72, a decrease of 0.73%. Most large-cap tech stocks ended lower, with Intel down over 4% and TSMC falling more than 3%. Memory chip stocks saw widespread declines, with Micron Technology dropping nearly 10% and Western Digital down over 8%. Most popular Chinese ADRs closed lower, with the Nasdaq Golden Dragon China Index dipping 0.36%. The Hang Seng Index ADR rose proportionally, closing at 24,770.6 points, up 19.81 points or 0.08% from the Hong Kong market close. The front-month WTI crude oil futures contract on the New York Mercantile Exchange rose by $5.37 to settle at $105.01 per barrel, a gain of 5.39%. The front-month COMEX gold futures contract increased by $16.10, or 0.36%, to $4,540.4 per ounce.
Iran's parliament has approved a bill to impose tolls on vessels passing through the Strait of Hormuz. On March 30, the Iranian Parliament's National Security Committee passed the proposed legislation for charging ships transiting the Strait of Hormuz. The plan includes implementing financial arrangements and a fee system in Iranian Rials; prohibiting passage for vessels from the United States and Israel; maintaining the dominant position of Iran and its armed forces; banning passage for countries participating in unilateral sanctions against Iran; and collaborating with Oman to establish a relevant legal framework.
Shanghai Electric (02727) announced its 2025 annual results, reporting operating revenue of approximately 126.679 billion yuan, a year-on-year increase of 9%. Net profit attributable to shareholders of the listed company was about 1.206 billion yuan, surging 60.3% compared to the previous year. Basic earnings per share were 0.078 yuan, and the company proposed a cash dividend of 0.1425 yuan per 10 shares (tax inclusive).
Yao Cai Securities Financial (01428) announced that the offeror has completed the share purchase agreement. Zheng Yanlan, Head of the Ant Wealth Overseas Business Preparatory Group, has been appointed as an executive director. The offeror and the company announced the completion of the agreement, which was finalized on March 30, 2026, according to its terms and conditions. Under the share purchase agreement, the offeror acquired the sale shares from the seller for a total cash consideration of HK$2,814,174,400. Following completion, the offeror is required to make an unconditional mandatory cash offer for all issued shares.
Tianyuan Semiconductor (02658) released its annual results, reporting revenue of 709 million yuan, an increase of 36.49% year-on-year. The company has become one of China's major manufacturers with large-scale production capacity for both 6-inch and 8-inch epitaxial wafers. For the year ended December 31, 2025, the group recorded a loss attributable to equity shareholders of 55.605 million yuan, narrowing significantly by 88.71% compared to the previous year. Loss per share was 0.15 yuan.
Seres (09927) announced its 2025 annual results, reporting new energy vehicle sales of 472,300 units, a year-on-year increase of 10.63%. Revenue reached approximately 164.888 billion yuan, up 13.63% year-on-year. Gross profit was 44.324 billion yuan, an increase of 28.29%. Profit before tax was approximately 7.47 billion yuan, surging 50.86% year-on-year. Net profit attributable to owners of the company for the year was about 5.957 billion yuan, a slight increase of 0.18%. Basic earnings per share were 3.68 yuan, and the company proposed a cash dividend of 0.8 yuan per share (tax inclusive).
S.F. Holding (06936) released its annual results, with net profit of 11.685 billion yuan, a year-on-year increase of 14.35%. Operating revenue surpassed the 300 billion yuan mark for the first time. For the full year ended December 31, 2025, the group's operating revenue was 308.227 billion yuan, up 8.37% year-on-year. Gross profit was 40.284 billion yuan, an increase of 3.57%. A final dividend of 4.3 yuan per 10 shares was proposed.
S.F. City Express (09699) announced its annual results, with profit attributable to shareholders of 278 million yuan, a substantial increase of 109.66% year-on-year. All business lines achieved balanced, high-quality revenue growth. For the year ended December 31, 2025, the group recorded revenue of 22.899 billion yuan, an increase of 45.42% year-on-year. Basic earnings per share were 0.31 yuan.
Zoomlion (01157) announced its 2025 annual results. Net profit attributable to shareholders was approximately 4.779 billion yuan, an increase of 35.73% year-on-year. Revenue from continuing operations was 52.107 billion yuan, up 14.58% year-on-year. Basic earnings per share were 0.55 yuan, and a final dividend of 0.2 yuan per share was proposed.
J&T Express-W (01519) released its annual results, with net profit soaring 98.2% year-on-year to $225 million. The number of parcels handled exceeded 30 billion. For the full year ended December 31, 2025, the group's revenue was $12.158 billion, an increase of 18.5% year-on-year. Gross profit was $1.463 billion, up 35.7%. Adjusted net profit was $425 million, a significant increase of 112.3%. The company's express delivery business covers 13 countries, including seven in Southeast Asia, China, and five new markets. In 2025, the company handled 30.13 billion parcels, a year-on-year increase of 22.2%.
DZUG (01635) released its annual results. Profit attributable to shareholders was 415 million yuan, a sharp increase of 78.07% year-on-year. For the year ended December 31, 2025, the group recorded revenue of 6.054 billion yuan, a decrease of 3.66% year-on-year. Earnings per share were 0.14 yuan, and a cash dividend of 0.50 yuan per 10 shares was proposed.
GD-HKGBA HLDGS (01396) released its annual results, reporting a profit attributable to shareholders of 73.049 million yuan, turning a profit compared to a loss in the previous year. The company holds computing power orders totaling over 15 billion yuan. For the full year ended December 31, 2025, the group's revenue was 1.003 billion yuan. Basic earnings per share were 8.4 fen. In October 2025, the group successfully completed the full acquisition of a leading domestic computing power technology service provider, marking its official transition from a traditional industrial city developer and operator to an AI computing infrastructure operator.
ZENERGY (03677) released its annual results. Net profit surged 788.4% year-on-year to 809 million yuan. Revenue from the power battery business increased 64.7% year-on-year. For the year ended December 31, 2025, the group achieved revenue of 8.101 billion yuan, an increase of 57.9% year-on-year. Basic earnings per share were 0.33 yuan. In 2025, the group's power battery business generated sales revenue of 7.681 billion yuan, up 64.7% year-on-year.
Country Garden (02007) reported a profit attributable to shareholders of approximately 3.261 billion yuan for 2025, turning a profit compared to a loss in the previous year. The company achieved positive overall cash flow and profit. For 2025, total revenue was approximately 154.89 billion yuan, with net profit of about 1.62 billion yuan. During the year, the company completed the delivery of approximately 170,000 housing units, with a total delivered floor area of about 19.82 million square meters, spanning 204 cities across 28 provinces.
In grey market trading for new listings, Tong Shifu (00664) closed down 30%. The stock is scheduled to list in Hong Kong on Tuesday, March 31. At the close of grey market trading, the price was HK$42, down 30% from the offer price of HK$60. Based on a board lot of 100 shares, and excluding handling fees, each lot incurred a loss of HK$1,800.
In grey market trading for new listings, FOURSEMI (03625) performed strongly ahead of its listing. The stock, set to list on Tuesday, March 31, and known as the first AI audio chip stock on the Hong Kong market, closed its grey market session at HK$84.60, surging approximately 111.5%. FOURSEMI is a Chinese supplier of amplifier audio chips and haptic feedback chips. Operating on a fabless model, the company focuses on designing low-power and medium-to-high-power audio chips, as well as haptic feedback chips, providing a wide range of solutions for emerging application scenarios. According to public information, the global offering for FOURSEMI's IPO comprised only 12 million shares, with an initial public offering of just 600,000 shares, attracting intense demand from market funds. The margin subscription was significantly oversubscribed by 3,118 times, notably boosting activity in the Hong Kong IPO market.
Comments