Energy Sector Takes Center Stage as Power and Computing Emerge as Key Investment Themes

Recent conflicts in the Middle East have triggered significant turbulence in global capital markets. Last week, South Korea's stock market experienced a temporary trading halt, while Hong Kong's market declined to near its annual support level. The likelihood of a short-term ceasefire appears low, as neither side holds a decisive advantage. Official Iranian sources have announced that a successor for the new Supreme Leader has been selected, though the name remains undisclosed. Without this disclosure, the possibility of peace talks remains unlikely. A spokesperson for Iran's Islamic Revolutionary Guard Corps stated on March 8th that Iran's armed forces are capable of sustaining the current intensity of conflict for at least six months. Coupled with the continued effective blockade of the Strait of Hormuz, global economic pressures are mounting.

US non-farm payrolls for February showed a loss of 92,000 jobs, significantly missing the expected gain of 59,000. However, average hourly earnings rose 0.4% month-over-month and 3.8% year-over-year, both exceeding expectations. Overall, expectations for a March interest rate cut by the Federal Reserve remain subdued, with market participants awaiting this week's inflation data for further clarity. The ongoing conflict continues to suppress overall market risk appetite, yet the resilience of the Chinese market is strengthening, supported by positive signals emerging from the recent "Two Sessions" legislative meetings. It is crucial to monitor any potential shifts in US strategy, including the deployment of ground troops, recent aircraft carrier movements, or a sudden unilateral withdrawal from the conflict—all possibilities remain on the table.

The energy sector is of paramount importance, with expectations for rising oil prices gaining momentum. Power and computing capacity are emerging as the preferred areas for strategic positioning. At a press conference on Friday, Zheng Shanjie, head of the National Development and Reform Commission, emphasized the focus on cultivating six emerging pillar industries and six future industries, including new energy storage, intelligent robotics, green hydrogen, and nuclear fusion.

Over the weekend, the open-source AI agent OpenClaw gained significant popularity, which is viewed positively for domestic open-source models such as the publicly listed MINIMAX and cloud service providers.