★ Macro Developments ★ The Ministry of Finance plans to conduct the first re-issuance of the 2026 book-entry interest-bearing (Phase IV) treasury bonds, with a total competitive bidding value of 175 billion yuan. These re-issued bonds are 3-year fixed-rate interest-bearing securities. The coupon rate remains consistent with previously issued bonds of the same term at 1.32%. No additional bidding will be opened for Class A members. The interest accrual date and repayment schedule align with earlier issuances: interest accrues from February 25, 2026, with annual interest payments on February 25 (adjusted for holidays), and principal repayment along with the final interest payment on February 29, 2029. Bidding will take place from 10:35 to 11:35 on March 20, 2026.
Two government departments have emphasized strengthening the management of basic service fees for inclusive childcare providers and gradually implementing free preschool education. The National Development and Reform Commission and the State Council Working Committee on Children issued guidelines to enhance child-friendly initiatives, proposing continued improvements in public service benefits for children. Measures include incorporating HPV vaccines into the national immunization program, offering free vaccination for girls aged 13 and above, promoting child-friendly hospital standards, and establishing 24-hour emergency channels for critically ill children aged 0–3 in medical institutions. Schools are encouraged to prioritize children’s access to sports facilities during holidays, while scenic spots are urged to offer price reductions for minors and raise height/age limits for free admission. Public transport hubs are directed to facilitate child travel, with support for school shuttle buses and priority services for families traveling with infants on railways and airlines.
In a world-first achievement, Chinese researchers have successfully performed regenerative islet transplants using both autologous and allogeneic stem cell-derived islets (E-islets) in patients with type 1 diabetes, restoring insulin function and enabling autonomous blood glucose regulation. The breakthrough, led by teams from the Chinese Academy of Sciences and Shanghai Changzheng Hospital, was published in The Lancet Diabetes & Endocrinology.
Bauxite prices have halved since early 2025, prompting Guinea, the world’s largest exporter, to engage mining companies in discussions about controlling supply to stabilize prices. Guinea accounts for approximately 70% of global bauxite supply, with exports reaching 183 million tons in 2025, a 25% year-on-year increase. The price decline is largely attributed to oversupply outpacing demand.
Iran’s Foreign Minister reiterated that any blockade of the Strait of Hormuz would target only "enemy nations" and those involved in "unjust aggression" against Iran, emphasizing that Tehran has not communicated with the U.S. since hostilities began.
★ Financial Institutions ★ In the first two months of the year, the China Development Bank reported a 23% year-on-year increase in loans directed toward advanced manufacturing and strategic emerging industries, totaling 75.8 billion yuan. Funding prioritized major projects in integrated circuits, new materials, new energy vehicles, and high-end equipment manufacturing.
JPMorgan announced the appointment of Liu Bowei as Vice Chairman of Investment Banking for Asia Pacific and Zhang Yi as Co-Head of Investment Banking for China. Liu previously served on the HKEX Listing Committee and played key roles in major Chinese IPOs, while Zhang brings over two decades of investment banking experience, including prior roles at Goldman Sachs.
★ Market Data ★
China’s A-share markets retreated, with the ChiNext Index falling 2.29%, the Shanghai Composite declining 0.85%, and the Shenzhen Component Index dropping 1.87%. Financial sectors outperformed, with
Hong Kong’s Hang Seng Index edged up 0.13%, though the Hang Seng Tech Index dipped 0.08%. Semiconductor and energy chemical stocks were among the decliners. Bright Smart Securities surged 46.7% upon resuming trading after Ant Group’s takeover offer was approved.
Margin trading balances rose by 9.72 billion yuan, with the Shanghai exchange’s balance reaching 1.34 trillion yuan and the Shenzhen exchange’s at 1.29 trillion yuan.
★ Corporate Updates ★ Hong Kong Airlines raised international fuel surcharges for the second time this month, increasing short-haul Asia flights to 290 HKD and long-haul routes to 1,164 HKD. China Eastern and China Southern airlines also notified agents of adjustments.
Huawei launched a new AI data infrastructure suite targeting inference scenarios, including a central training-inference platform and the FusionCube A1000 hyper-converged appliance. The solutions aim to improve inference accuracy by 30%, reduce deployment cycles by 80%, and boost computational efficiency by 30%.
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