# March 25 Domestic Four Major Securities Newspapers and Important Financial Media Front Page Headlines Content Summary

Wednesday, March 25th, highlights of today’s headlines:

China Securities Journal

Increasing Volume Continues: PBOC Conducts 500 Billion Yuan MLF Today

On March 24, the People’s Bank of China announced that on March 25, it will conduct a 500 billion yuan Medium-term Lending Facility (MLF) operation with a fixed amount, rate-based bidding, and multiple bid levels, with a one-year maturity. The 450 billion yuan MLF due on March 25 will be rolled over, resulting in a net injection of 50 billion yuan. This marks the 13th consecutive month of increased MLF operations by the central bank. In March, combined with other liquidity measures, 3-month and 6-month reverse repos netly withdrew 300 billion yuan, while MLF injections totaled 2.5 trillion yuan, leading to a net liquidity withdrawal of 2.5 trillion yuan this month.

Spring Strategy Meetings for Funds Held Intensively; Public Fund Managers Discuss New Market Opportunities

Recently, public fund managers from companies like GF Fund, Everbright Prudence Fund, and Changxin Fund held their spring strategy meetings. They analyzed the equity market from various angles, including macroeconomic changes and sector trends. Overall, public fund managers are optimistic about the economy’s steady performance and see this year as a key period for structural opportunities, especially with the start of the 14th Five-Year Plan, which is expected to bring policy-driven sector growth. Based on multiple factors, public fund managers remain positive about the A-share equity market this year.

Securities Firms’ “Five Major Articles” Undergo Revision; Evaluation Methods Guide Precise Service of National Strategies

With the release of the 14th Five-Year Plan, which emphasizes developing financial sectors like tech finance, green finance, inclusive finance, pension finance, and digital finance, the assessment mechanisms for securities firms’ service to national strategies are being revised.

Securities Firms’ March Research Map Shows Tech and High-End Manufacturing as Key Focus

Since March, as A-share companies release annual reports, securities firms’ research activity has surged. Data from Choice shows that by 5 pm on March 24, CITIC Securities, Changjiang Securities, and Kaiyuan Securities each conducted 83 research visits, tying for first. The focus sectors include electronics, pharmaceuticals, electrical equipment, and machinery, with niche areas like storage chips, AI computing power, and robotics standing out as top priorities for securities firms.

Shanghai Securities News

PBOC: Conducts 500 Billion Yuan MLF Operation, Net Injection of 50 Billion Yuan

On March 24, the People’s Bank of China announced that on March 25, it will conduct a 500 billion yuan MLF operation with a fixed amount, rate-based bidding, and multiple bid levels, with a one-year maturity. This operation is a rollover, resulting in a net injection of 50 billion yuan. Dong Ximiao, chief economist at UnionPay, noted that after two reductions in reverse repos in March, this larger MLF operation signals a clear message, helping to ease market concerns about liquidity tightening.

Vibrant Primary Market Financing; Hard Tech Projects Highly Favored by Capital

Since the start of the year, primary market financing has been hot, with many hard tech companies attracting capital and achieving multiple rounds of funding within a short period, with post-investment valuations exceeding 10 billion yuan. Several billion-yuan unicorns have emerged.

Xiaomi Group’s 2025 Profits to Grow Over 40% Year-on-Year; At Least 60 Billion Yuan to Be Invested in AI Over Next Three Years

On March 24, Xiaomi released its 2025 annual and Q4 results. The company reported full-year revenue of 457.3 billion yuan, up 25%, and adjusted net profit of 39.2 billion yuan, up 43.8%. Revenue from smart electric vehicles and AI-related businesses exceeded 100 billion yuan, reaching 106.1 billion yuan. Xiaomi also announced plans to invest at least 60 billion yuan in AI over the next three years.

Innovation and Globalization Drive Fosun Pharma to Over 20% YoY Growth in 2025

On the evening of March 24, Fosun Pharma released its 2025 annual report. During the period, revenue reached 41.662 billion yuan, up 1.45%; net profit attributable to shareholders was 3.371 billion yuan, up 21.69%; operating cash flow was 5.213 billion yuan, up 16.45%. The company plans to pay a cash dividend of 0.39 yuan per 10 shares.

Securities Times

Securities Firms’ Special Evaluation Methods for the “Five Major Articles” Expected to Be Implemented Soon

On March 24, Securities Times learned that the China Securities Industry Association is revising the “Special Evaluation Methods for Securities Firms’ Work on the ‘Five Major Articles’” and seeking industry feedback. Several indicators and calculation standards are being adjusted.

Market Regulation Deploys Price Supervision and Anti-Unfair Competition Work for 2026; Focus on Deepening “Involution” Competition and Full-Chain Governance of Enterprise Charges

On March 24, a national meeting on price supervision and anti-unfair competition was held in Beijing. The meeting highlighted efforts to address issues like water, electricity, and gas charges, medical insurance fund management, and elderly health products, along with achievements in anti-unfair competition enforcement. The plan for 2026 includes price regulation, tackling “involution” competition, and improving livelihood protection.

Express Companies Announce Price Adjustments to Offset Rising Fuel Costs

Amid ongoing conflicts in the Middle East impacting global shipping, oil prices have surged past $100 per barrel. On March 23, at 24:00, domestic fuel prices were adjusted for the sixth time this year, returning to the “9-yuan era.” Market expectations suggest further increases are likely.

Institutions Favor Market Allocation Opportunities; AI Sector Attracts Capital Focus

On March 24, major A-share indices rebounded sharply, with the Shanghai Composite up 1.78% near 3,900 points, and the STAR 50 up 2.33% near 1,300 points. After recent declines, the market shows strong recovery. Industry analysts believe that a new trend could start with three key elements: an oversold environment, ample capital inflow, and reasonable valuation levels.

China National Radio

“Three Domestic GPU Giants” See Stock Price Surge as China’s Chip Industry Chain Enters Explosive Growth Period

The so-called “Three Domestic GPU Giants”—Cambricon (688256.SH), Muoxi Co., Ltd. (688802.SH), and Moore Threads (688795.SH)—all saw their stock prices rise. As of March 24 close, Cambricon increased 5.89%, Muoxi up 13.49%, and Moore Threads up 8.64%.

A-Share Ground Equipment Sector Rises 7.86% in a Single Day; How Far Can the Rebound Go?

On March 24, the A-share market rebounded, with the ground equipment sector leading with a 7.86% increase, according to Tonghuashun data. However, over the past five days, this sector has declined 4.7%, showing a pattern of sharp short-term rebounds amid overall correction, reflecting intense capital competition and the complex interplay of valuation recovery, event catalysts, and short-term volatility.

Yicai Global

China’s Daily Token Calls Increase 40% in Three Months; Building a National Data Market

In March, China’s daily token calls exceeded 140 trillion, a 1,000-fold increase from early 2024’s 100 billion, and up over 40% from the end of 2025’s 100 trillion within three months. Liu Lihong, head of the National Data Bureau, announced this at a press conference. Tokens are the smallest units of information processed by large models, with features of measurability, pricing, and tradability in the AI era. A new value system centered on token calls, distribution, and settlement is rapidly evolving, becoming a key path for AI commercialization.

Will the US-Mexico-Canada Agreement (USMCA), Considered for Withdrawal by Trump, Be Renewed? Who Will Be Most Affected? | Global Trade Watch

Amid Middle East turmoil, negotiations on the USMCA have quietly resumed in North America. Mexico’s Ministry of Economy and the U.S. Trade Representative’s Office are officially initiating talks that could reshape North American trade for years, with Canada expected to join by May.