Real-time News

On March 25th, the Beijing Municipal Commission of Planning and Natural Resources released its second round of proposed residential land supply list for 2026, involving four plots with a total area of approximately 22 hectares and a building area of approximately 380,000 square meters. These plots are planned for supply in the near future. All plots offered in this round are located in areas with strong market demand and well-developed infrastructure and public services. In terms of regional distribution, one plot is located in the central urban area (Fengtai District), two plots are located in the sub-center and multiple plain areas (Tongzhou District), and one plot is located in the ecological conservation area (Huairou District).

On March 25, Assistant Minister of Commerce Yuan Xiaoming and Secretary for Economy and Finance of the Macao Special Administrative Region Government Tai Kin Ip co-chaired the eighth meeting of the Mainland-Macao Economic and Trade Cooperation Committee. Yuan Xiaoming stated that 2026 marks the start of the 15th Five-Year Plan. Macao is currently drafting its 3rd Five-Year Plan. Holding this meeting of the Mainland-Macao Economic and Trade Cooperation Committee at this time is of great significance for supporting Macao's proactive alignment with the 15th Five-Year Plan and deepening bilateral economic and trade relations. The Ministry of Commerce will further promote the expansion and implementation of CEPA, support Macao's participation in the Belt and Road Initiative, assist Macao in building a platform between China and Portuguese-speaking countries, and promote the moderate diversification of Macao's economy.

French Finance Minister: The situation in the French energy market is not as dire as in some other European countries.

On March 25th, Gu Jinxu, Deputy Director of the Beijing Municipal Bureau of Economy and Information Technology, stated at the "2026 Investment Beijing Conference" that the bureau will issue and implement a development plan for high-tech and cutting-edge industries, aiming to make Beijing a globally influential emerging industry hub. Regarding comprehensive industrial support, Gu Jinxu stated that the bureau will improve industrial investment, encouraging various funds and investment institutions to invest early, in small-scale, long-term, and in core technologies. The bureau will also coordinate and utilize eight government investment funds totaling hundreds of billions of yuan to guide and drive social capital investment in high-tech and cutting-edge industries. Furthermore, the bureau will support financial institutions in innovating financial products, deepening industry-finance cooperation, and implementing an investment institution partnership program.

On March 25th, Scotiabank stated that while Canada's economic growth has slowed in the short term, this is likely temporary, and therefore the Bank of Canada will not react. The bank also anticipates that even if changes in the balance of inflation risks do require caution, the central bank will not respond to the direct impact of rising oil prices on inflation. Therefore, Scotiabank's analysis suggests that the Bank of Canada will begin a gradual exit from monetary stimulus and shift to a more neutral stance by the end of the year. This implies that the bank will maintain interest rates unchanged in the short term until the renegotiation of the USMCA is finalized.

Market news: India's Adani Group is seeking partnerships with Meta and Google amid the data center boom.

On March 25, law enforcement agencies from China and the Philippines recently cooperated to repatriate Zheng, suspected of organizing others to illegally cross the border. An investigation revealed that Zheng, for personal gain, organized citizens of the Philippines and other countries to illegally enter China to provide domestic services through smuggling and visa fraud, leading to problems such as illegal residence and employment, seriously endangering social order. The embassy reminds intermediary agencies and individuals to regulate their professional and employment practices and not to embark on a path of illegality and crime in pursuit of profit.

U.S. Department of Defense: Lockheed Martin will place the delivery of Presys strike missiles under wartime conditions.

The MBA 30-year fixed mortgage rate in the U.S. for the week ending March 20 was 6.43%, unchanged from the previous week.

On March 25th, the first Joint Meeting of Financial Regulatory Authorities of Guangdong, Hong Kong, Macao, and Shenzhen was held in Nansha, Guangzhou, from March 23rd to 24th. The meeting was hosted by the Guangdong Provincial Financial Regulatory Bureau, with representatives from the Hong Kong Monetary Authority, the Hong Kong Insurance Authority, the Monetary Authority of Macao, and the Shenzhen Financial Regulatory Bureau in attendance. Representatives from relevant departments of the State Monetary Regulatory Commission, as well as local governments of Guangdong Province and Guangzhou City, were also invited to participate. During the meeting, participants engaged in in-depth exchanges on industry development, regulatory work, and the latest market developments. Other key topics included the banking sector's support for the construction of the Greater Bay Area International Science and Technology Innovation Center, the regulation of the safe development and application of artificial intelligence; the insurance industry's role in high-quality urban governance development, the facilitation of insurance services in cross-border medical scenarios, and consumer protection. The meeting aimed to deepen financial regulatory cooperation among Guangdong, Hong Kong, Macao, and Shenzhen, build consensus, actively promote the high-quality development of the banking and insurance industries, and jointly advance the sound development of the financial market and consumer protection.

On March 25th, Pinduoduo Group officially announced the formation of "New Pinmu," launching its own brand operation and continuing its heavy investment in the Chinese supply chain. Zhao Jiazhen, Co-Chairman and Co-CEO of Pinduoduo Group, announced the group's next-stage strategy, proposing to "strive to recreate another Pinduoduo in three years." According to reports, "New Pinmu" has established a new dedicated company in Shanghai, with an initial cash injection of 15 billion yuan. Over the next three years, it plans to invest a total of 100 billion yuan to integrate the supply chain resources of "Pinduoduo + Temu," launching a self-operated brand model with a focus on the global market.

Pinduoduo (PDD.O): Plans to increase investment in the supply chain to benefit the entire ecosystem.

Pinduoduo (PDD.O): Firmly committed to the strategic focus on high-quality development by 2025.

Pinduoduo (PDD.O) reported online marketing services and other revenue of $8.58 billion in the fourth quarter, a 5% year-over-year increase.

Market news: The European Union plans to establish a €115 million defense technology funding program called "AGILE".

On March 25, Russian Presidential Press Secretary Dmitry Peskov stated at a briefing that each round of negotiations on the Ukraine crisis brings a solution closer. He added that Russia's contact with the United States regarding Ukraine continues, and that Russia has received information from the US regarding the negotiation process with Ukraine. Peskov pointed out that mediation in the Ukraine crisis must take Russia's interests into account, and Russia expects the US to continue playing a mediating role. He emphasized that Russia welcomes the resumption of any form of dialogue between Russia and the US, including at the parliamentary level, as this is in the interests of both countries. Peskov also stated that Russia continues to inform Turkey of all information regarding threats to the TurkStream and Blue Stream gas pipeline infrastructure. Russia believes Turkey can influence the Ukrainian regime and remains vigilant against any reckless actions by Ukraine.

According to US financial media Semafor: The US Senate has reached an agreement to cap the cost of insulin at $35.

On March 25th, CGN Power (01816.HK) announced that its revenue for 2025 is approximately RMB 75.697 billion, a decrease of 4.1% compared to 2024 (restated). Net profit attributable to shareholders of the parent company is approximately RMB 9.765 billion, a decrease of 9.9% compared to 2024 (restated). Excluding the impact of non-recurring gains and losses, net profit attributable to shareholders of the parent company is approximately RMB 9.113 billion, a decrease of 15.1% compared to 2024 (restated). The Board of Directors recommends a final cash dividend of RMB 0.086 per share (inclusive of tax).