【Financial News Broadcast】Southbound funds net sold approximately HKD 21 billion! U.S. oil prices have risen for 20 consecutive days, with a total increase of 30%!

Macroeconomic Dynamics

Ministry of Commerce: Gradually expand the scope of unilaterally visa-free countries and continuously optimize the transit visa-free policy

On March 20, the Ministry of Commerce released the “Policy Measures for Promoting Travel Service Exports and Expanding Inbound Consumption.” It proposed to continuously improve visa policies, gradually expand the scope of unilaterally visa-free countries, and continuously optimize the transit visa-free policy. It plans to research and introduce electronic visas, pilot online applications, and shorten processing times. The online filling of foreigner entry cards will be promoted. The approval process for foreigners coming to China to participate in exhibitions, sports events, and other activities will be simplified, and the requirement for the inviting party to provide a commitment letter will be waived.

Ministry of Commerce: National foreign investment absorption reached 161.45 billion RMB from January to February

According to the Ministry of Commerce, in January and February 2026, 8,631 new foreign-invested enterprises were established nationwide, an increase of 14% year-on-year; the actual utilized foreign investment amounted to 161.45 billion RMB, a decrease of 5.7% year-on-year. By industry, the actual utilized foreign investment in manufacturing was 47.52 billion RMB, while in the service sector it was 111.22 billion RMB. The actual utilized foreign investment in high-tech industries was 63.21 billion RMB, a year-on-year increase of 20.4%, accounting for 39.2% of the national total, an increase of 8.5 percentage points from the same period last year. Among them, the actual utilized foreign investment in research and design services, computer and office equipment manufacturing, and electronic and communication equipment manufacturing grew by 171.8%, 84.1%, and 35.5%, respectively. In terms of source countries, actual investments from Canada, Switzerland, and France to China increased by 210%, 41.3%, and 3%, respectively (including data from free port investments).

National Medical Insurance Administration: Version 3.0 of the disease-based payment grouping plan is expected to be released in July this year

According to the latest news from the National Medical Insurance Administration, version 3.0 of the disease-based payment grouping plan is expected to be released in July this year and is planned to be officially implemented in January 2027. The disease-based payment refers to grouping or converting values based on disease diagnosis and treatment, implementing “packaged payment” from medical insurance to medical institutions. Among them, the grouping plan is the technical core of disease-based payment. This adjustment will focus on age, complications, and other influencing factors that are clinically concentrated, specifically improving age sub-grouping, unilateral/bilateral/multi-site surgeries, obstetric grouping, malignant tumor radiotherapy and chemotherapy, and combined surgery grouping rules, mainly adjusting core and sub-groups according to disease groups (DRG) and adjusting the core disease library according to disease value (DIP), while also focusing on the future integrated development of DRG/DIP and coordinating relevant technical foundations.

CFFEX: New contracts for stock index futures and stock index options are scheduled to be listed on March 23

On March 20, CFFEX announced the listing notice for new contracts of stock index futures and stock index options: the CSI 300 stock index futures contract IF2605 is scheduled to be listed for trading on March 23, 2026, with a listing benchmark price of 4558.4 points. The CSI 500 stock index futures contract IC2605 is scheduled to be listed for trading on March 23, 2026, with a listing benchmark price of 7744.2 points. The CSI 1000 stock index futures contract IM2605 is scheduled to be listed for trading on March 23, 2026, with a listing benchmark price of 7774.8 points. The SSE 50 stock index futures contract IH2605 is scheduled to be listed for trading on March 23, 2026, with a listing benchmark price of 2888.8 points. The CSI 300 stock index options contract IO2703 is scheduled to be listed for trading on March 23, 2026. The CSI 1000 stock index options contract MO2703 is scheduled to be listed for trading on March 23, 2026. The SSE 50 stock index options contract HO2703 is scheduled to be listed for trading on March 23, 2026.

Financial Institutions

Postal Savings Bank: China Postal Investment approved to commence operations

On March 20, Postal Savings Bank announced that it recently received the “Approval from the National Financial Regulatory Administration for the commencement of operations of China Postal Financial Asset Investment Co., Ltd.” According to the approval, China Postal Financial Asset Investment Co., Ltd. (referred to as China Postal Investment), established by Postal Savings Bank, has been approved to commence operations, with a registered capital of 10 billion RMB, headquartered in Beijing.

Market Data

A-share closing review: Shanghai Composite Index down 1.24%, concepts like computing power leasing, cloud computing, and chemical fibers weaken

On March 20, the three major A-share indices showed mixed results. By the close, the Shanghai Composite Index fell by 1.24%, the Shenzhen Component Index fell by 0.25%, and the ChiNext Index rose by 1.3%; the North China 50 Index fell by 1.01%. The trading volume in the Shanghai and Shenzhen markets was approximately 228.6859 billion RMB, an increase of about 17.589 billion RMB compared to the previous trading day. A total of 662 stocks rose, while 4,786 stocks fell, with 39 hitting the daily limit up and 23 hitting the daily limit down. In terms of sectors, industries and concepts such as photovoltaic equipment, batteries, electricity, and energy metals showed gains; while sectors such as computing power leasing, cloud computing, chemical fibers, chemical raw materials, internet finance, military equipment, and online games showed declines.

Hong Kong Stock Closing Review: Hang Seng Index down 0.88%, Hang Seng Tech Index down 2.48%

On March 20, Hong Kong stocks closed, with the Hang Seng Index down 0.88% and the Hang Seng Tech Index down 2.48%. Tech stocks broadly declined, with Xiaomi Group down over 8%, Alibaba down over 6%, and Meituan down over 2%. Lithium battery stocks strengthened, with CATL rising over 8%, and Zhongchuangxin Hang and Ganfeng Lithium rising over 5%.

Southbound funds net sold about 21 billion HKD

On March 20, southbound funds net sold 21.005 billion HKD, marking a new single-day net sell high since March 6. Among them, the Tracker Fund and Hang Seng China Enterprises faced net sales of 13.382 billion HKD and 4.175 billion HKD, respectively; Xiaomi Group-W received a net purchase of about 2.459 billion HKD.

U.S. oil prices rise for 20 consecutive days, cumulative increase reaches 30%

Recently, oil prices across the United States have continued to rise, with the national average price of regular gasoline increasing for 20 consecutive days since the outbreak of the conflict in the Middle East, with a cumulative increase of 30%. According to data from the American Automobile Association, the average price of regular gasoline in the U.S. on the 19th has jumped from 2.98 USD per gallon before the outbreak of the conflict to 3.88 USD per gallon, a 30% increase, the highest level since September 2023, with California having the highest average gasoline price, exceeding 5.56 USD per gallon (approximately 10 RMB per liter). Data from the U.S. Energy Information Administration shows that U.S. citizens consume about 375 million gallons of gasoline daily, meaning that for every 1 cent increase in oil prices, the daily total expenditure on gasoline by U.S. citizens will increase by 3.75 million USD.

Company Dynamics

China Duty Free Group Earnings Report: 2025 net profit attributable to the parent company 3.586 billion RMB, a year-on-year decrease of 15.97%

On March 20, China Duty Free Group released its earnings report for the 2025 fiscal year, showing that the company achieved operating income of 53.694 billion RMB during the reporting period, a year-on-year decrease of 4.92%; the net profit attributable to the shareholders of the listed company was 3.586 billion RMB, a year-on-year decrease of 15.97%; the basic earnings per share were 1.7332 RMB.

ByteDance sells Moonton Technology for over 6 billion USD, further focusing on AI strategy

According to Interface News, ByteDance announced that it has reached a final agreement to sell Moonton Technology to Savvy Games Group, a subsidiary of the Saudi Public Investment Fund (PIF), for over 6 billion USD. Moonton Technology is the developer and publisher of the well-known Southeast Asian MOBA mobile game Mobile Legends: Bang Bang (MLBB), which was acquired by ByteDance in 2021. It is reported that ByteDance has made substantial investments in AI, and the overall profit decreased in the fourth quarter of 2025, with the sale of Moonton seen as a signal of ByteDance’s strategic further focus on AI.

Litong Electronics: Rumors about Liao smuggling NVIDIA AI servers for sale to the company are untrue

On March 20, in response to market rumors about Liao smuggling NVIDIA AI servers for sale to Litong Electronics, a reporter contacted Litong Electronics for verification. Relevant personnel responded, “After the company’s investigation, the rumor is untrue. The company’s procurement and project delivery are all normal, and there are no significant unusual circumstances that need to be disclosed.”

Proofreader: Wang Wei

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