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Reserve Bank of New Zealand: While the recruitment process continues, the leadership position in financial stability and the Reserve Bank of New Zealand’s financial stability functions will continue to operate normally and without disruption.

HSBC Global Research: Lowered its target price for Xiaomi Group (01810.HK) from HK$58.50 to HK$53.40.

Citigroup lowered its target price for Hesai Technology's H shares from HK$296.90 to HK$257.50.

Bernstein: Lowered its target price for Hesai Technology's H shares from HK$253.00 to HK$249.00.

The White House announced that the Federal Emergency Management Agency (FEMA) review board will continue operating for another 10 days, or until May 29, 2026, whichever is earlier, after submitting the required report to the President.

A White House executive order extends the operating period of the Federal Emergency Management Agency (FEMA) review board.

On March 25th, Goldman Sachs issued a report stating that Tongcheng Travel (00780.HK)'s fourth-quarter results met expectations. The group's adjusted net profit increased by 18% year-on-year to RMB 780 million, in line with the bank's and market expectations, with the net profit margin expanding by 0.5% year-on-year. The report mentioned that the group's management remains optimistic about the business outlook for fiscal year 2026, expecting strong growth in leisure travel demand driven by the increasing popularity of experiential tourism and government support policies (such as spring and autumn holidays). The bank slightly adjusted its adjusted earnings per share forecasts for the group for this year and next by 1% to 4%, and introduced a 2028 forecast, raising the target price from HKD 28.8 to HKD 29, maintaining a buy rating. The bank believes that although the market is concerned about antitrust investigations and the threat of AI, resulting in a 17% drop in the share price over the past three months, the latest results and management comments indicate a limited impact. The group expects its core OTA business revenue to achieve mid-double-digit growth in the first quarter and full year of this year.

On March 25, the State Council Taiwan Affairs Office held a regular press conference. In response to a recent report by the US intelligence community assessing that China currently has no plans to "use force to attack Taiwan" in 2027, spokesperson Zhu Fenglian stated that Taiwan is China's Taiwan, and resolving the Taiwan issue is a matter for the Chinese people themselves, which brooks no interference from any outsiders. The US should adhere to the one-China principle and the three Sino-US joint communiqués, and exercise caution in its words and actions on the Taiwan issue. "Peaceful reunification and one country, two systems" is our basic policy for resolving the Taiwan issue. Resolving the Taiwan issue and achieving national reunification is an inevitable requirement for the great rejuvenation of the Chinese nation. We are willing to create broad space for peaceful reunification and strive for the prospect of peaceful reunification with the utmost sincerity and effort, but we will never allow national sovereignty and territorial integrity to be undermined, will never promise to renounce the use of force, and reserve the option to take all necessary measures.

On March 25th, Daiwa Securities issued a research report stating that although Tingyi (00322.HK) saw a 2% year-on-year decline in revenue last year, its core net profit increased by 14%, mainly benefiting from a 1.7% expansion in gross margin driven by cost advantages. While the situation in the Middle East has increased PET costs, management stated that the company still has sufficient inventory to sustain operations until the end of the second quarter of this year. Based on a solid start in the first two months of this year, management guided for low to mid-single-digit year-on-year revenue growth in 2026, with high visibility for first-half profit growth. Management reiterated its target of RMB 6.2 billion in net profit by 2028, implying a CAGR of 11% from 2025 to 2028. Furthermore, the new management aims to regain market share through more precise marketing, digital tools, and new products. The bank reiterated its "Outperform" rating and raised its target price from HK$13 to HK$14.

SK Hynix CEO: HBM3E is still the dominant product, and HBM4 is expected to start mass production in the second half of this year.

SK Hynix: HBM's total shipments will remain stable this year.

On March 25th, Moody's analyst Sunny Nguyen stated that the Reserve Bank of Australia (RBA) may have "not many reasons" to ease its hawkish monetary policy stance. She pointed out that Australia's non-tradable inflation rate remains around 5%, rents have risen slightly, and the oil shock triggered by the Middle East conflict has not yet affected March's inflation data. Furthermore, she noted that the Australian Bureau of Statistics unusually explicitly stated that fuel prices had already fallen "before the Middle East conflict." "This wording is deliberate," Nguyen said. "The situation in March will be very different." She indicated that Australia's overall inflation rate could surge to around 4.5%.

SK Hynix CEO: The goal is to list American Depositary Receipts (ADRs) in the second half of 2026.

March 25 - Oil prices fell sharply as the US pushed for an end to the war with Iran. Ajay Parmar, head of oil markets at ICIS, a commodities research firm, said, "Oil prices will continue to fluctuate because the market is influenced by both fundamental factors and rhetoric. The fundamentals haven't changed – there are still nearly 10 million barrels per day of oil supply disruptions in the Middle East, and we expect oil prices to remain high until this war ends."

March 25th - It has been reported that Momenta, a provider of intelligent driving solutions, has secretly submitted its IPO prospectus to the Hong Kong Stock Exchange. Multiple sources familiar with the matter revealed that Momenta's IPO valuation is expected to exceed HK$100 billion, and the company is actively pushing forward with the listing process, planning to list on the Hong Kong Stock Exchange by the end of 2026.

Fitch Ratings: Major Australian banks will maintain solid ratings; Commonwealth Bank of Australia is performing exceptionally well.

The Central Bank of Sri Lanka kept its overnight policy rate unchanged at 7.75%.

March 25th - Since the Spring Festival this year, the daily average cloud-based large-scale model calls of ByteDance's cloud computing business, Volcano Engine, have exceeded 100 trillion tokens, an increase of over 60% in less than two months. Token consumption from individual users has also increased significantly recently. It is understood that only three companies globally currently have token consumption exceeding 100 trillion: OpenAI, Google, and ByteDance. However, ByteDance's token consumption mainly comes from the Chinese market, while overseas markets are in a phase of rapid growth. A Volcano Engine insider stated that Volcano's current growth is still achieved under certain constraints—ByteDance's Seedance 2.0 video generation model API has not yet been officially launched overseas.

S&P Global Market Intelligence: Alibaba's (09988.HK) market share battle will impact EBITDA.